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ANGLO-COLONIAL NOTES.

(vbom ora owx ooMuwomannr.} LONDON, December 19. An important meeting of the Gouncil of the British Empire League hae jo»t been held. Lord Onslow, who moved a resolution regarding with satisfaction toe outcome of the recent Conference between the Secretary of State for the Colonies and the Prime Ministers of the eeif-govermng colonies as a substantial and practical contribution toward the closer union of the [Empire. In particular, it recorded tae gratifying result that the five resolutions which were unanimously adopted at a> meeting of the Council on June 12th last, had been recogaiesd in principle by the Conference, or had already had effect. He pointed out that the British Bnpire League was the heir of the Imperial Federation, League, the original aim of which was to bring about the Federation of the Empire. Mr Chamberlain had never been behind in expressing his opinion that the federation of the i-Jmpire was not merely a dream, but might become a reality; and he never lost an opportunity of summoning together the representatives of the great responsible Governments of the colonies when they came to London for important national and Imperial evente, such as the recent Coronation. The result had been that, although they did not propose to arrive at conclusion) such as the nrnet eaiiguine of those who shared their views would wisb, they had at any rate travelled a long way on the I road. The doctrine had now been formally accepted that at intervals of not more than four years the germ, if he might call it so, of what might some day become a great Council of the Empire, was to be called on for deliberation, discussion, and, be hoped, agreement, in London. Lord Onelow spoke of what was being done to form colonial branches of the Royal Naval Keserve, and congratulated the memibere <jf the Council on the eucceeeful results of their efforts, pointing out that the eubjecte they had advocated had not only come within the range of practical politics, but that most of them were on the road to final accomplishment.

The motion was carried unanimously. It was then proposed by Sir Robert Herbert, seconded by Lord Charles Beresfwd, and unanimously carried, that "Thie Council invites hie Majesty's Government to consider the desirableness of an enquiry, by means of a Royal Commission or otherwise, into the question whether the best possible provision at present exists for eafeguarding the food supply of the United Kingdom in the event of war, a subject which the British Empire League desires see kept prominently in view." The butter brought from New Zealand by tne-Rimutaka arrived this week. The shipment consisted of 8123 cwt. Messrs Weddel report that prices are about 2s down on the week on "choicest" brands oi New Zealand butter, the quotation bean? 112s to 114 a.. The demand for New Zealand butter is B <gd to be not m brisk as waa anticipated. Up to date arrives of Australian butter are 2707 tone short of last year, and New Zealand 384 tons short, making a total shortage of 5091 tons. It js anticipated that arrivals up to the end of January will show on Australian shortage of 6330 tone, a New Zealand deficiency of 656 tone, or a total shortage of 6886 tone. After noting that the Danish Committee had lowered the Copenhagen official quotation by 4 kroner, it now standing at 98 against 100 last year, Meesw Weddel remark:—"The present lowest eince December,lß97. This foil Iβ a good testimonial to the quality of New Zealand butter, which for •ome tune has been retailing at the same price Oβ Danish, andi as it was selling wboleeale at a few shillings less, Danish wu becoming a drug on the market. The fall, however, will not calm the panicky merohantai in the North of England, nor will it steady the market. Alter the turn of the year values will be forced up again, and diuring the interval New Zealand butter will not suffer as most of the recent arrival has been sold, and the next arrival from that colony is not due for almost three weeks, and as there ta no amval Jrom Australia next week, and only about 2000 owte. for the next five weeks, the principal lose caused by the reduction will fall oo the Danish farmer." There is only one price at present for Canadian cheese, and that is 60s per owt, due to the fact that there' is only one quality, and both coloured and white are in equal demand and^upply. Some very favourable references are made to the New Zealand! Loan and Mercantile Agency Company and ite prospects, by a London financial paper, which says: i—"An attempt was made to arraign the directors of the New Zealand Loan and Mercantile Agency Company at the bar of public opinion, and it is needless to say they came out of the prdeal triumphantly as the verdict of Tiuraday's meeting proved. It m a point wMch cannot be too often staxxngly insisted oiFtbat the present directors are absolutely without responsibility for the disasters of the pact, and. that they have had a moat onerous task to discharge in steering the company into smooth water, which I heartily agree with Mr Pharazyn is on the eve of being reached. But for the drought it would have been reached long ago, and the dividendpayi&g stage would have been attained. There is no terrible mystery, as Dr. Moody seems to think, about the* company's connection with the New Zealand Land Association, nor in regard to the trustee certificates. On both these heads a little more definite information might have been afforded, but when a Board which ie doing its best, and doing that beet well, is unfairly challenged, there ie a natural tendency toward a reticence which would otherwise not have obtained." "The late Mr Edward Martin," continues this writer, "was an excellent chairmen of the reconstructed company, and when the concern realises the prosperity which. Mr Fharaayn prophesies for it his services in Che work of rehabilitation will be more widely recognised than is even the case at present. He has an excellent successor in Mr W. C. Dawe*. whose obvioue sincerity and bueinew capacity made a most favourable impression at Thursday's meeting. The Board, as at present constituted, is, as I have said, in no way responsible for past blunders, and has, therefore nothing whatever to hide. Ita interests and those of the shareholders are one, viz., to make the best possible out of the position, and to recommence dividend paying at the earliest feasible date, ft is, therefore, most unfair to hamper them with retrospective criticism, and to cavil at a remuneratipn which was fixed under th« liquidation, and which is the reverse of excessive, in view of, the constant personal solicitude which is demanded of the members of the Board, who have to give to their duties an amount of unremitting attention which is usually only demanded, or at any rate accorded by members of private firms whose livelihood and proapecte depend upon their exertions in the conservation of their.business. I am glad to bear that the New Zealand Loan and Mercantile Company is doing a most prosperous business, and that ite liquid cash assets are such a* will enable it to take every advantage of the brightening prospect* which the outlook in Australia everywhere prevents as the result of the break up of the drought." LONDON, December 27. It is announced that Queen Alexandra, in her choice of Christinas gifts, has bought largely of various colonial products, and tS» New Zealand greenstone, specimens of which were brought Home by the Princess of Wales, has been shaped into many dainty and useful objects. At the beginning of Hue week the new ' steamer lonic, 'chartered by the Shaw, ' Savill, end Albion Company irom the White J Star Line, for €heir direct service between \ England and New Zealand, arrived in London after a somewlrat lively passage from I Liverpool. On leaving the la*Ser port ehe encountered a very -heavy north-weeterly „ tprfe, winch continued until site wadwd * Barry, wb«re siite coaled. The lonic, which t is a sistCT boat to the CoriiAhic, leave* on t her maiden voyage to New Zealand early . next month. I bear that (the batter brought from New Zealand , by the «.». Rinrataka arrived I in •pkndid: condition, and from all parts, % of tfce country satisfactory npote con-] I

earning it <h*v» been received. Th» whole of the shipment has not. yet been sold, and prices are a little weaker than when the Aotea's batter came upon the market. The .pneerafc figure, however, itill keeps pretty close to Danish. When the Colonial Contingente were in this country, tv great, deal was done for them in the way of entertainment. As a sequel to the visit, Lord Onstavy a* the Colonial Office on Monday lost, in the absence of Mr Chamberlain, presented to Mr Oliver Williams, tihe hon. secretary of the Colonial Entertainments Committee

at the time of the Coronation, and upon whom at tihe time the greatest share o f the work fell, a silver salver, in recognition of his services. It vaa the original intention that, all the oversea soldiers who had fought for ttbas country should come here, and should be entertained in some way at the expense of the country, at the period of the Coronation. But, as early as January, 1902, if not before, colonial troops passed through London on t&eir way home, and the committee was able to do what was agreeable to the temporary visitors, largely because of the ihelp Mr Williams was good enough to give. He understood that, what wae done for the men had given tihe greatest satisfaction to them all, and the Secretary of State thought it only fitting that there should be some formal recognition of the excellent services which had produced Hub result. Oi» Saturday last, the report of the South African Supply and' Cold Storage Company was issued. The profits for the year ended June 30th resulting from the trading of the iiine nKHitlw ended the 31st March, 1902, and including dividends and interest, amount to £379,259, and the increase in the value of the company's assets, resulting from the formation of subsidiary companies and the sale to the South African and Australasian Supply and Cold Storage Company, amounted to £687,723, forming a total of £1,066,982. To this must be added £44,463 carried forward from last year's accounts, and also £1,000,000 previously standing to the credit of the reserve fund, making £2,111,445. From tiiis amount must be deducted —Interest on debenture stock, i>2617; dividends on prefer- I enoe shares, 1902, £10,500; interim dividend on the ordinary shares at the rate of 100 per cent, per annum for the halfyear ended 31st December, 1901, £154,500; first distribution of £2 per share on the ordinary sihares, £618,000; leaving & balance to be dealt with of £1,325,828. The diiectom recommend that a further distribution of £2 per share on the ordinary shares <be made on «-i* 30th inst., absorbing tihe sum of £618,000, and that the balance of £707,828 be carried forward.

On the 12t'hi May last, tlie report states, the directors registered the Cold Storage Trust, with a capital of £618,000, in 618,000 ordinary shares of £1 each, which capital it is now jroposecf to increase !o £768,000 by the creation of 150,000 7 per cent. cumulative preference shares of £1 each. T<he proposed agreement with the Cold Storage Uruet provides that the investments set out on this company's baJencesheet at June 30th, 1902, together with the shares and' debenture stock in the South African and Australasian Supply and OoH Storage shall •Dβ transferred to tihe Cold Storage Trust in exchange for 6\8,000 ordinary shares and 150.000 preference shares of Wat company. Negotiations have been some time in progrese, and are now approaching completion, for tihe amalgamation of tie '»- terests of the South African and Australasian Supply and Gold' Storage with tJhose of tihe Imperial Cold Storage and 1 Supply Company, and when these are complete the businesses of both oompuniee will in J future be carried on • under tie name of tihe Imperial Cold Storage and Supply uompany. When these operations detailed is tihe foregoing paregraphe have been aatiefaotorily concluded, tihe active existence of tihe company oeaees, and tihe shareholders will then be asked to ofuthoriee the liquidation of tine company, which will be fonthwitlh taken, in hand, and , the assets resulting therefrom distributed to the shareholder* with the kaab possible delay.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/CHP19030131.2.7

Bibliographic details
Ngā taipitopito pukapuka

Press, Volume LX, Issue 11496, 31 January 1903, Page 4

Word count
Tapeke kupu
2,090

ANGLO-COLONIAL NOTES. Press, Volume LX, Issue 11496, 31 January 1903, Page 4

ANGLO-COLONIAL NOTES. Press, Volume LX, Issue 11496, 31 January 1903, Page 4

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