FINANCE AND COMMERCE.

Press, Volume LXVII, Issue 20170, 24 February 1931, Page 10

FINANCE AND COMMERCE.

1 BLUSTEALIAN BANK DIVIDENDS.

t ■■ . —j— . <i r ; REDUCTION OF EXCHANGE CifBISTCHURCH SHAREHOLDER! protest!'-'- ,'--y , • : ...» >■ ' t t . 1 V ■:. . I That; this mpeting • of Christchurcl shareholders of the Bapk of New Sout! \Vales .atrpngly • prategta against the,ac tkin pf the directors,ill their proposal t< pay futjxfe dividends v from Sydney ,01 the fpllpwing grounds:— , | "(I),That, the ,4 ee 4 9? settlemen provides'for payment of dividend, a the bffrco of. iho local register, wfiiel pro vision to the Ordinary stefcrehblde is' obviously' intended :to < ignore- ex change:difte?erices. . , f (S)Tfco .Bjink of New Soutl Wales if,, as -regards its ; New •Zep.lpm eapitaland businbns, really, domicile! ia New Zealand. "(3) The profits make ' from it New Zealand business would b< available for the payment of thi quarterly dividends without any de tactions. . "(4) The deduction of the presen arbitrary rate of exchange of £ll 12s 6d -would inflict on New Zealan< shareholders a grave injustice, in volving them' collectively in no les • penalty than £16,092 per annum baaed on a 9 per cent, dividend anc the present rate of exchange." This resolution was carried unani moasly by a meeting of shareholders o the Bank of New South Wales whicl M held, in the Chamber of Commerci yesterday afternoon. There was an at tendance of approximately 100, and i cozea apologies for absence were re h eeived, accompanied by letters indicat " 1 tegthq writers' willingness to suppor , mMJT,: action that might be eonsiderec y tutoimaey. by the "meeting. " \ « A farther resolution, that a commit *■' ' Iwq be appointed to draw np a reques to the Government that it consult th< ~ v Orown li&w officers with a view to in vestigating and.introducing a clause ii W V- the Companies Act compelling' any com l**/ y** 1 ** trading in New Zealand, am fl'T witJl a New Zealand register, to paj , dividends in New .Zealand currency .that the same coinmittee tak< further steps to .forward protest! passed at the .meeting, was' caniec without dissent. Ip;Alfred C. Sandsion (convener) KlvltßiftrSfobiM.^epyge^Oonld,. 1 T. 2&.IKbVt 0. Gv McKellar, anc J>. Hall were as the com elpctec ipicd ' i . Man] *>- * J&W Zealsnderi*; including myself, 'havi high premiums' 'for' the bank?) f!V «nd. while thus expressing ou: ?' ; fuwkidea&i' in the institution; vfel yfen fweswrea 'to sh^re' in its and dptfrns ; mW® iwrcr "imagined that* as New 2ea,Anders we "might have otir, interests ' ' tintfadlec&'in favour of the "bank as an . one. That our interests' are 'f. I a fact which we 'nfay ex-

1 paid in Australian currency also. ] • that sof The chairman: We" liave no definit : information on that "point, but I belie v that the answer ,to your question i . y GBt ■ ... Bank's Interests inßominion. • ''There are 1600 shareholders in "Nei Zealand, and the' total ofvNew<-Zealan s deposits inthe 'bank is about £.7,000 ' pop/' ,aai4 ,S.,Newburgh.- ''j J great injustice ' has been" done to' th j shareholders-by, the;deduction of 3s 2 ! in the'£, frojn their dividends. ' I-bav I ' always understood that the rates of ea I chango are basqef on ; the trade balanc i 'between thV.countries and by referenc ! ;,to .thb < official figures' complete up t i 'December ,31st, 1930,' it 'is < shown ■ tha j .Now Zealand,, exported to Austral! ] £ 1)506,000 sterling,, and imported frot I Australia, £3,700,000 sterling. That latte } 'figure 1 means that -that-amount has gon \ to (Australia, and should bo available- ' or-part of it-at least—to > pay share t holders.' There .is the net profit'of th t Bank' of New South Wales.in NewZos t land to We considered. We are tol< r that it is impossible to make availabl i that figure. However, as there is abou 1 £7>000,000 in deposit in the bank in-th j Dominion it may be assumed that it i j good profits in New Zealanc I And they are retained in Now Zcalan , 'I; suppose, 'and should be retained i: • 'New' Zealand to pay dividends, sine 3 profits are to pay dividends. Wh, J should not all the shareholders be on a: ] equal footing in any case? Wh, should £IOO in Australia be treated a £B4 6s in New Zealand? | "As to the position of the Englisi j shareholders that is not known at thi ' meeting, but if the same applies to ther as to the Now Zealand shareholders ? they will be even worse off as .the ,es » change rate .is ; about 30 per cent. ; < Custom, Equity, and Good Conscience ''lt. may be that five leading) qounse f have stated that as. a rule ,pf ,law th< i bank, is right in paying 3 shareholders their dividends," ', th - exchange' rates,' but I .knovV. that if. i went! to any. onele,aditfg counsel ' an> - asked if taking cxistornequit y\ an< - good 'conscience into account, the b'aAl t was wrong he would answer '*Yes-.' Thi I meeting has been called "to let • th directors. know that ..the • New >Zealan< . shareholders <do inot view t their a.ttitud t ,in, a. favourable light. • As,;long a , there bjjve been New 'Zealand <. share iry the Banlf.; of New. Soutl " Wajes f the - dividends-' hjjVe bepn-pai" free of exchange." The directorsMna; have, acted' in- a legal manner, 'but ter ' tainly 'notyin a wise manner,: and thp; should, be f urged ,to reconsider , thei i decision in an endeavour t° find, ' » rcaSotial>fef'6olution~ tt> tfafl' difficulty.' J (Applause.)' ' •_ ' ' Loss of Prestige Alleged. '■The bank is probably one of tSu , -institutions" .in- Australia ; an< I. New Zealand, and in these dayswhei so manv of the foundations of busines; are shifting, and after having estab lishcd such a splendid i is 'most>unfortunate that *it sh'ouh -•hav? become infected frith the gern which seems to be infecting New Soutl •1 ..stated.,Mr T, N? Gibbs. Mf 'Qihbg drew ' attention to thi clause relating to the deed of settle merit 1 pujd whn?h. was in r the documen local > .cludl^aJ^ > Mr Ol hhd Vocajfted un ; ■ excliangc,"'"said Mr*' MoJfeilar in supj XJorlhjg'Afr Gibbs'"Nor shoul< we be >eal an A(p6n 1 markets' f A sljareholdepji''Has itiftf tank cwj paid-.a-divicieqd: in ifiTgiftrZoaJana' whet of <x> " Ter^c^ and^deciaion ditt'qtan.'is ttiflt they ere abaiojiey, out of popkete of Rr Zeajancl investors and putting pbbscta. ! of tba* Australian reenwood wished it to lie .placed !,he meeting sfcat if\tbe diwsciorii did hot' make ahy compiunication in reply to tho protest from tho hharu'lenders 'at- the meeting the following steps'would. b0 supported by. himj », (1)' be if anything /ttrid by, sending proxies Lo j£uktraha td' eief votes on behalf ■ of siiareholders adoptinga, .coihnion 'policy of Belling ,out)an«F withdrawing all holdings from the''Bank .of' New South .Wales be' considered. ' He thought 'that those steps might 'have - to' bp., considered,, but ne hoped s£n<;erely adequate justice might be done before such ,would be'rendered flcocsssary. ' II ;The resolution pf protest, with Mr Gibbs'B addition incoippratea in clause 1, was then put to th© meeting and carried unanimously. !; "4jEr .Qeprga - Gould's Motion. ."I should like to go a step further," ipasd Mr George,jGK>uld. "We.should the Government to include in, ttio Companies Act a clause to force aUI comjiattiqs trading in New Zealand, wfl. with shares registered in New /ealani}, to pay diviaendis in the cur■jeflcyof New Zealand; I would prefer that someone who is more versed in ffcmpany taw. than myself put this -nrapaqal. forward, as J. have no knowJfioje of the difficulties in tho path of QfV&ting jpuch legislation, will WPMfI® 1 ' committee bo apbointad up' a request,to the ,that. it consult the Crown mtb a view to investigAfcW(f wiq introducing a clause in the ; "Act' /compelling any compani^ I .trading in New Zealand, and s?'j a f® ala register, to pay * 3 Zealand currency, ,'JW that the same committee take forward protests l passed > ' J. D. Hail seconded the resolutjijcifj iriuph was.oarried unanimously. , rnrtb«ir Action. - j | ; We must not leave the matter '£hm w i f"}'. f ,1

not only .to-day, but similar positions' may occur in the .future if action is delayed. We will have this committee lor the purpose, of investigating the position, and it can call a further meeting if it is thought necessary. " The committee as named- above, was appointed. . . . ~ , _, . A letter was read from , Mr. J. Dolph which suggested that the Prime Minister be approached to endeavour to obtain immunity from the unemployment tax imposed on dividends payable in New South Wales, and in the event of such; endeavours jbeing fruitless the Government be pressed to pass an equivalent tax on all New South Wales dividends or,payments made from New ■ Zealand. - • _ ' • ' ■ The suggestion was accepted, and it was pointed out by t-ho chairnian tnut such could ;be dealt with by the committee; ■ '• '• •.«' >

[s ;a e i is. w A ids A ■Q E] :e so. 0 it £ ALTERATIONS ANNOUNCE! if - 10 , ■ T " Important "alterations! in the exchaijg 'o rates.'between' Australia ,and New. Zea 11 land-were announced by the Associate 4 Banks yesterday. - . • ,Q v The rates to be adopted now are lt Buying: Per £IOO Wow Zealand, £ll 1. to £lO5 for genuine trade transaction! d Selling: Per £IOO New' Zealand, £'l.O n 10s, no concessions. , .... ® The list compiled by the Associate' n Banks upon which concessions will no _ be allowed is as follows: — Commonwealth notes. 1 Australian silver coin (parcels es h ceeding £2). Tourists' cheques. Trade transactions representing good! tlio ultimate destination of which is bt yond Australia. To those the full buying rate of £ll 12s Gd will apply. , ~ j. The manager of one of the banks, ii l' Christphur,ch'pointed; out yesterday tha the rates will not . mafco a vei;, J treat • amount of difference.; • The buj e ing rate, on, Saturday was £llß-2s 6 c 1 so' that the rate to-day. represents a cl increase* of'los.; MJost- of theb&nksi d Christchurch have been doing 1 sellin t business at par, and to itheir. best' cus s tomers have,been making'an;allowanc e of £5 per cent. On the new rate o d exchange that rate is 'novr slightly lowm e Ho added -.that the . concessions defii 8 itely do Hot apply, to any dealings i 5" shares' or .stocks. On, dividend warrant !} the rate is £llß 12s 6d. • Of the r sections imost likely; to benefi J by the concessions to' genuine trad „ transactions small ;seeds rand timbe j, could be expected ,to be moafc.promineni a but such is# not the case, according.,t " statements' made to * a ..reprt sentative of The Press.'. • ! ' t The Jhead on one of the- largest; see companies : in Christchurch, explaine e that Australia had- turned' more?, than t d season ago, to' Continental ; ,and. othe n oversea sources' to/ supply her -marketi 5 and forward business with those sam T sources to-day precludes her from takin £ advantage of the reduced rates offeree 1 Therefore no benefit to business fror ? New Zoaland to Australia can be antici pated. i. Much the same: position applies to th j?. -timber as was set out by Mr £ t .Qtley., He did- not expect that tijer .cJiaiKjo, of an immcdiat ' ; from New Zen ft ] lan#j k as -e, result. Aus elpsed with vcr, r " Oregon- timboi pi were, .reckoned t last,, undo ® . for up to thro ? 1 it would .be seen that An .imnSfedfaift hope .of a Jqvjval of tho Noi ! Zealand "jfcr4ao was Jtot .substantiated b '«<■•: ... , TBABE ■■A. : ivSTBALU \ C \ »,» ijp 3** * - * / 1 f /REVIEW BY BANK. fc 1 \ %, V „with. the.; Conditions whicl I- : Victoria,l Ban) in its Januan j siljatngp', 'states' the downwafe ,0. troutj ipi » ' P" espprl i' n tage«;■ , led, tty'/ oommoditjef / ' overseas. 11 f v i9\aMtoEiinfc'>™p^|V^ , P ol,te d goods - not yel \ 6uf bec6m< r it become ■ acute > to b< V d"ejai«id'r?Bore ( definitelj :> ire>sti!\ei!!^^a i -''3i^cessaCT,,'. consumptior I ssiness &ds£ .cwdiiitry centres in j. fQ^,M^M'is-%eiMg lJ fiiny ; well main* 1 'are isomewhat di£B--4 r l Jretßilxtrade' has -been r, i/averagalii dnd building 1 is v fpWßtioglly'' 'at-;« -standstill,' January tradtf' ip. West .Australia fell back to ; , tho yolunne -which' was apparent before /Christmas demands set, in:. ' ftUME PIPE CO. ' NO INTERIM DIVIDEND. (FSKSB - ASSOCIATION TEUSOBAK.) WELLINGTON, February 23.. * iho secretary of the .Stock Exchange Association report# having received the following cablegram frbm tho secretary of the Hum© Pipe Company (Australia), Lijnited:— ''Directors have decided not to pay interim dividend thirty-first March next." The interim dividend paid in March, I&3D, was 4 per cent., and the final dividend, in September, 2 per cent.-, making 6' per cent, for the year. The net' profits last year were £54,565. The dividends accounted for £30,000. ' i r MINING. ; * « I KING SOLOMON SHARES. 1 The secretary of the Dunedin Stock Exchange has received information "that the new issue of King Solomon shares at par 'has "'been heavily over-sub- ' scribed. , bit OUTPUT RESTRICTION. HUGE STOCKS' "HELD. The mineral oil industry of tho world was* facod With two'problems At the beginning: of J6SO. --'iStoekß of ,oil jia -storage stood , nt, an .enormous figure and crude oil was,being produced at a' rate far in excess- of demand. Considerable success, however, attended efforts toward the solving of the latter problem, butthe former still gives rise to great anxiety. 1 In spite of increased outputs from Venezuela and' .Russia! world production has now been brought- down to a level mora in accordance with demand, .chiefly owing . to, the \toluntary , conservation carried out- ia the Vaijadi 6tat«B.

EXCHANGE RATES.

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS. The recorded turnover on call - yeaterday was below" the average and dealings were confined to one or two stocks. Transactions, exclusive ©f'ye&- ; tibule business, r includedi 400 Goldsbrough, Morta, SOO Mt.-LyelL • ■ . -SO .Wliitcombe • and Tombs,. i 800 King Solomon Mining. , 600 Mahakipawa Goldfields. Commercial Bank of , Australia preference spates were stronger .with buyers lat £s'l2s 6d, sellers'at '£s' 14s 6d.; Goldsbrough, Morts jumped to dealings at 17s Cd, 17s lid, and 18s, market closing 17s-sd:buyers, 18s 7d sell- ; ers. The market for Shipping Com* pany shares was neglected. Buyers Christchurch :Gas snares' moved up a couple of points to 24s Bd, sellers at 255. Tooths- Brewery, snares were stronger on buyers' bids 19s lOd, sellers at : 22s 9d.: Mt. ' Lyells advanced to dealings at 19s 2d and thero ' were further buyers at 19s, sellers at 19s 6d.; Thero was a close market'for New Zealand Drug -Company shares whicli were quoted 49s lOd buyers,, 50s 3d sellers.- Taranaki Oilfields' shares were stronger with buyers at 2s lOd, at ss. Wliitcombe and Tombs shares had dealings at 535. market closing 51s buyers, no sellers. Buyers of Wilson's Cementt shares ; raised! their .bids to. 38s 3d, but sellers wanted 39s "9d. King S6lomon Gold Mining'shares recovered to dealings at Is lOd, Is lljd, 2s, and Is lljd< closing quotations 2s buyers, 2<? 2d sellers. Mahakipawa Goldfields shares remained unaltered with business and buyers at Bd, sellers at 81d.

YESTERDAY'S SALES.

SYDNEY WOOL SALES.

MARKET VERY FIRM. keen competition reported. (XTHITED FBISS 18SOCIA.TIOir—ST BUECTBIO , TELEOaiPH—COPTSIOHT.) , (Received February 23rd, 9.40 p.m.) SYDNEY, February 23. ' ' At the wool' sales ,the offerings to-; tailed 10,679 bales, of which. 10,537 i were sold, also 1127 which were posed of privately. - ; • The average price of wool sold' last week' was 9.6 d per 4b. There was keen. competition at today's auction, .especially from the, Continent, Japan, and Bradford. Tha market was very firm' in ( many' cases being in tlio sellers' favour. Greasy', merino fleece sold up to 23id. 1

OUTLOOK FOR WOOL.

: AN AUSTRALIAN VIEW. I ■ ■ 1 BETTER PRICES LIKELY. Up to the present the benefit of th oversea money exchange has not beei apparent in woolgrowers' results, re ports Winchoombe, Carson, Limited the well-known Sydney wool firm under a recent date. Failing market abroad have offset the advantage o £IOO transferred from overseas liavmi a purchasing power of £l3O hero. The: simply resulted in unchanged woo* prices locally against receding rate abroad. With a rise in the world par ity of values an advance, in Australii has. become an accomplished fact. Cotton prices have advanced. Apar frpm. wool, therefore, conditions 100 l .brighter, v In view of other experience* of.the past year, when the situatioi generally has temporarily brightened and, after a time,, lost, its healthie: t-one, it would be'unwise to become to< optimistic over-' recehfc 'developments But there is no doubt that a definitely favourable turn in the world's com* merce is long overdue. Hhimaniti tyas far fronp satisfied its-wants in th< past one or two years. Admittedly un employment and i . part-time workinf have diminished purchasing power, bu even those "who. could - buy have ; noi as a whole bought goods. They hav< postponed purchasing'. ' Once they fee that, the- future looks;, more secure, Shi that prices are not likely to reced< further, we are convinced that tul-n over in all. sorts of commodities wil expand. and wool values will benefit bj -that expansion! ■ Within reasonabl" limits; we are, therefore, hopeful o! better days for sheepmen in Com monwealth. But we do not expect t< see wool prices again quickly react the basis ruling from 1923 to 1928 and, consequently, are firmly convince?] that the burdens which growers- aw carrying must be reduced before th< industry is on a sound footing. <■%. EXPERT IN WELDED CONSTRUCTION. MAJOR JAMES CALDWELL IN NEW ZEALAND. <[THB ?EES£J SpcclH Serrlce.] '. Wellington,. Febrnary 23, Recognised/ as, an expert and pioneei electrical, welded construction ■ii Europe."^. the United States, Majol 'QaldweU, JJP., M. Inst. C.E., oi ' in Welling ton frodi W Ahe Mafcura to day.,'/-' ' JV ' %;-hkww, Mr Hugi CaldwpU, -MajorjCaldweU laboring th< , Emptte to ei?dy With', his'ow&Subject!, .and NdwJ&W are pßitxoh to make tion, at(d .J$ ?ed«co ,in this; of const plant, lairge apd hydro-electfic undertdkW : 'His! ,<pn experience* which include* much, pioneering /work on rivetless in \ the years since the war, eAded, f has lefl itp his recognition as a f world authority on the subject.; He was.responsible for/the construction ■ 6f' the lirss, sep-goirig'Vessel built entirely by eleottfc u arc ; welclinfc without rivets. It, Wda\built ffor''?tbe servicewheii 1 well was engaged by the Admiralty at the end of the war. Mr Hugh Caldwell, hist son, who accompanies him, was educated at Canford School, Dorset, ,and is touring the Empire before smarting, his; engineering training. > , . * ' DOMINION BUTTER. IMPORTS INTO CANADA. (raiTZD PBKSS ISSOdiTIOH—B* TKtEQBAJH—COPtBIOHT.) j (Received February 23rd, 7.50 p.m.) OTTAWA, February 22. Canadian importations of Australian butter in January totalled 432,7681b, apd were Valued at 129,940 dollars. .From New Zealand the totalled 17951b, and were valued at 416 dollars. 1 A year' ago last January the imports Amounted to 7,537,1921b, valued, at more than 2,600,000 dollars. BUTTER AND CHEESE. ~^ "Messrs Turnbull and Co. have received a cable from their principals, Messrs W. Weddel and Co., Ltd., dated February 20th, reading:— Batter. Danish hatter—l4Bs to 150s (last yreek 152s to 168s). New Zealand—Unsalted 126s to 180s (last week 1245, to 128s). New Zealand—Salted 121s to 124s (last week 120s to 1245). • ; Market steady. ■ ■ Cheese: New Zealand ' cheese—White 60s to 58s (last week 65s to 68s).— Now Zealand . cheese—Coloured 58s to S9t' (last week 50s to 58b). . Canadian cheeso—White 74s to 7.8s (last week 74s to 78s). Canadian cheese —Coloured 74s to 78s (last week 74s to 78s). Market> steady.

RATES PENALTY.

TIMARU BOROUGH COUNCIL. FIVE COUNCILLORS WALK OUT, i. ; : * (sracuii- TO THJI rasps.) f 0 • TIMART7, FeTmuufy>23. • When the Mayor" (Mr' W. Angland); persisted, with'j an;'; instruction ; at^- this j meeting.- of, the ,Tin:aru, i Borough Councilj "that,an .opinion, ob"i tained from the' Municipal Association solicitor asi to .the power of .the ' r : .Council, in altering* the > due ; date .in ' . res_pect >of the 10 per cent.-, penalty on rates, should b© read, .he precipitated j a r crisis which ended ;' sensationally in - five Councillors walking out of the 3 room, Tliey were Crs. :T. • W.j Safterihwaite, (J, Benstead, J. .Ri .Bart, W.i H.-Hunt, and F. iChittock. . * .. ■ Objection to the-reading of, the.legal ' opinion was made on■■ the ■ ground that it ...had ' not been - obtained - with the sanction of the Council. It was' moved; and seconded that the. Council should proceed with the next business, • but . the Mayor refused to accept the; motion,al though previously he had intimated' that it-would'* not be necessary for' the Council to discuss the opinion. There-; upon the five councillors tramped out of the - Council ' Chamber • protesting ; loudly at the "treatment'' meted ,out- . to* them by the Mayor.' ; The Council having < a ■ quorum,, pro-' 3 ceeded with the business of the meet--1 >g. Xhe Mayor in a statement handed to The Pbess represen- > tatiye pointed out. that legal , opinions from the Borough Solici--3 tor, the Municipal Association's solicif tor, and the Audit Department agreed t that the resolution passed at a special ' meeting of the Council, on January 13th* [ extending the time for payment of 3 borough rates was illegal and therefore . out of order. 1 i "This Council," declared the Mayor, "has no authority whatever to extend t the time of payment ghd the ten per i cent, which should have been added to 3 all rates outstanding on January 15th i becomes what is legally termed 'a , statutory debt' and a part of the "rate. " Such being the position lam afraid the * Audit Department will have something to say in regard to this matter as the 7 : Council is under a -legal obligation to J collect the Council's; revenue, of which } it is the statutory guardian." I A Point of Order. | Cr.; T. .WuSatterthwaite asked if the U Mayor were; in; order- in reopening a j matter that had/already been dealt with j by. the Council? ". ; j. The Mayor: It is quite in order and , I am going to ask the acting-Town - Clerk-, (Mr R. Jordan) to • read the I opinion of Mr John O'Shea, the Muni- [ cipal Asspdation's solicitor 5 '' ' Gr.' Satterthwaite : : You can't do 5 that ; the matter is not in order. * Cr. G. The question of the » rate penalty has already been 1 of by the Council. ; The Mayor: This opinion has been 1 asked for and I'm. going' to have it * read. ' Cr. Satterthwaite: Not by this Council. Cr. Bonstead suggested that the matter should be . deferred until such ■* time when the Council- should ""receive' a "blast" from the - Audit Department. He to refer to a recent' statement in #hich the Minister that he wis prepared to -introduca legis-1 lation during the coming 'session .'of Parliament validating the action of local bodies in expending the penalty Sate in connexion with the payment' of ratefe. i' The, Mayor: I ask the acting-Town Clerk to read tho opinion ;from the . Mmucipat'-Association. It need not be discussed by the Conncil. -; * Cr. Hunt: I' Object .to that: if the ■ opinion is not to be discussed*. 4 , [ Cr, Bonstead: I, move- that'the . Council 'should proceed witli the next business." * ' 1 > ■'V ' - ! Cr. Hart: ,l^wll,second'the motion. . . "Let the ''Mayor, apf , pealed.;' "ThisTopinton'. is- toft requests as- to .whether .Oir' not the Council has" the. power to" *extend the. i date for 'the paynfetat of- rates. It will i toremembejred that wa-.did'lriot accept , the- Borough' Solicitor." i « r yours elthrf^ ' Cr. !fiunt - ; Borough Solicitor-to come Were,' •" » v Cr. (to, th^ 1 Mayor): | You obtained the opinion fo& your own i so keep it.. Cr. Chitfcock :, I; protest against thereading .of this, ofiinito;. The mutter 1 has alrted# beeri, aecided by' the ciK* ? - f '•'« ' i *?' s itbe,' Maypr, that. t&w, mieht ~be jJome connicillots f who t woiild like', to havo the reiad, he satd, '•is ,Ihii , matter/'| j , The, Mayor it 'Ko'u- • ' The Mayor; ";No, I'wonH. 'f > » ; Cr.-' Benstead: The slnotion is saeondjsd- will, have ( 4o*put it 'to - the. mwting. - 3®ii :«an?tViTile.'fotheiv «'f ' \ ,' H Vf, Mayoi*:" - You; can f move/iKyott" ; like after the opinion has been read. , t i ' i # 11 . i. ■ t .. leaving the Boom. Cr. - Benstlad: That's not good en °ugja for ihe7 I'm leaving'the rooml The Mayor " (to the mi. that opinion. ■ ' ■ , r 1 There was a hurried consultation b©r 1 tween Crs, Satterthwaite and Hunt while Mr Jordan ' wfis reading the opinion of the Municipal Association's solicitor,-and then Crs. Satterthwaite, "sßstesd, Hart, Hunt, and Chittock walked oat of the' Council Chamber, protesting as , they went v about ,the , treatment", meted out to them', by .the Mayor. ~r ' o IT 0 ?, a. quorum now," Cr. Satterthwaite called to the.' Mayor from the doorway. Xhe Legal 'Opinion. ' , - k* a,summary attached to the opin;l?® prepared by him as to the Oouncil s power to • alter the due date in respect of the 10 per cent, penalty- on rates, the solicitor of l the Municipal Association held that the penalty, when fixed, attached to all rates unpaid at the expiration of six mbnths and fourteen days from the demand,' and was then payable .to tho corporation and ' recoverable -by 'the- Gouncih A' statudebt theriefore arose, and this could not be .waived by the Cbuncil, which xqust, as a trustee, recover thq amount. The Council was not bound to recover this -. amount immediately, but once it passed the; resolution the penalty attached to all rates-unpaid at the 1 expiration of six months ana fouT®®6n days 'from the date of demand, j What the Council proposed to do in this case was to make the penaltv attach to the 'rates' nnpaid. at a later r? ?* , This the Council could not do. It had been suggested that, the proposed action of the Countal was-mere- ' 'IT alteration of a resolution, and - that this alteration was within th& scope, of the Council's authority That was not the case. "This Council," Mr O'Shea added, "proposes to do something which in my. opinion it is tiot : authorised >to do. . and the,; resolution ; proposed for, the special meeting ■ of' January 13th, therefore; in my' Spin- - ion is out of - order," r ■' o • The Mayor said _ that the 'foregoing opinion would enlighten councillors as to the true position. It w«s,a' local opinion obtained on ' request/' and. lie considered that he had -every, right in ■ 1 bringing gie* mattec before she -Oonn- -i ' ' 5 «« j ' % I *\ ' / ' f f t j ' ■" T y

cil. "I have only done my duty as -Mayor of this town," Mr Atig|flnd continued, ."and 1 condemn, the action of certain ( councillors' in "walking "out of tho meeting. They injustice ~to the ratepayers.'" - Cr.- 'A. -Kennedy supported , tho Mayor. "Thoee Councillors who left the meeting have done' a svery childish •thing,", he said. "There ip-absolutely nothing to prevent a legal opinion such ' as .thajf of the - Municipal. Associations 1 solicitor being read. I, condemn the procedure that has been, adopted Tby certain Councillors in , Ipavinjf the room."** ' ' ''<> "It is a case of follow tfce'j&utar." said Cr.' M. N l . Richards. ~u Jed, tho way and J the otherp>ifiaJ(w6d like' sheep. The whole tMiief'^?,disgraceful. -, , J The Mayor pointed Council had t asked Jqr a in regard to tho «xtensioiL.o& <! w|i^te I - X'enalty date, .and it was rightrAnd, : proper that - this 'should be brought beforp tjhe .Council." / i i Protesting against the action, of,tlie Councillors who' had' left the meeting, Ci*. F. B. Hawkey said that itj&owefl ■ bad judgment in regard to somethings - which had been dpne to cafegniu^the 4 , interests' of the:, Council. - .opinion the Mayor was to ba.fccrmmended . for haymg hadthe -ipa&Maon investigated. After.describing! the action in-leav-inc the < room as "bladform," asked if those remaining (Grg." Kifchnrds, Hawbey, Kennedy, the Mayor) constituted ft "quorum. Th» acting-town clerk replied' in the Affirmative, quoting Part 7,* Section 68, of tho Municipal Act, ** 920. Acting on this information, thQ re-, maming Councillors proceeded -with ihe J business of iho meeting. - ' 'j. . ' ' T- ..

LATEST QUOTATIONS. •» Buyers. Sellers. £ ,e. d. £ e. d. 2T.Z. Government Debentures— 4ft per cent. Bonds, 1938 ... - •• 93 0 0 _« ■ 51 per cent.' Inscribed, 1932 6i per cent, Inscribed, ae 10 o • . 1933 ; . . ... 08 15 0 99 7 6 *5J" per cent.' Bonds, 99 0 0 •1933 - ■ '* — 5J .per cent. Inscribed, t 1951 ; •• , — , i, 99 6 tf Other Debentures— Wairaakariri . River Trust, BJ per cent.," 13G5 .. .. — . 92 0 0 . N.Z. Breweries," Bonds 118 — ■ '.j Glaxo, 01 ,per cent., ' 1945 .. •• 87 0 0 91 0 0 , Fullers' Pictures, 6J per , cent., 1949 . ; ! 90 0 0 Banks—./ ' Australasia .. 6'10" 0 " ." : i' Comm. of Aust. 0 13 2 0 13 8 Comm. of Mist, (prefi) 5 12 6 5 14 6 Comm. of Sydney •. — 15 0 0 National of N.Z.- » •<.?. 110 0 4 14 0 New South Wales (cum div.) .. • 25 0 0 26 10 0 New Zealand . - -i 2 C C 2'7 G . Now Zealand (D .Mort1 gage shares)."1 5. 1 • 6 11 8 •• ■ *' | ' pnioli -of Axist.; r . C 10 . 0 Insurance- 1 - National .. ... 0 12 6 0 13 8 Now Zoaland .. .. 1 15 9 1 17 0 Queensland .. 2 0 0 &outli Britich _ ... 2 9 9 2 15 0 Loan and Agency— Chrintcliurch Building • Society .. .. :— 13 10 0 " Dulge'tw and Co . . G 1 0 — ■ Go'.dsbrough, Mort ' .. 0 17 5 0 18 7 Jlutuai Bone fit ( — . 12 10 0 : N.S5. Guarantee Corpn.. . 0 6 7 0 5 11 Fetmanent Investment k -' "V.— ■ 10 10 0 : United Building Society 0 13 0 0 14 0 ' N.Z. Mortgage , ■ and , i - v J- Security ' ';!■ o o 1 8 q Frozen Meat —^ Canterbury (pro!)1 ff^O 3 IS 0 N.Z. Refrig. (■£'■ p,iid) 0 G'JO o a c N.Z. Refrijj. (10a paid) 0 15 0 1 11 Woollens— Kaiapoi (17a paid) "0 6 0 . ' Kaiapoi (7s jjaidJt .w. iVVV-'V 0 3 G Coal— . . *{ . Grey Valley .. v**' . .0 10, ,0 * 'w* i : . \Vcstport' . a *». -T-. . 15 0 ■ * j ChristcUurclv r - ■* >. 1, SO ChristcliurvU - (ICs paid) • 016' 0 'O 10 10 Titrwru' v • 1 w _ J 1-2 p Breweries— T \ s, .«, 1.> 1 ■;»» ■' f v \Ciflttfn • (dam ' div.) ■' 'l-X,; 1- *-© ll> ft 0 *: v *V>».. 0,_fi 6 •0 17 .*Xow,. Zealand u. • 1 1 H3 il 1 14 =7 .3 ll-'i 0 0 4 4 i-ia 6 i?J) -~(.Todth» 3 ' , •• .. > '0 19 10: U 2' 8 StocbU^eousr--1 . ' 'Allied "Motors .. -0 0 9 - '' Amalgamated. :' 'Wireless' r 1 '*'. (toritr.), ; _ • 0 10 0 10 0 ' Bcath and Co ' - .. —. 1 8 0 ' Bcatk and Co. (Is $4id) 0 12 0 1 G Electro. Zinc (j>ref\ v .. 0 14 9 0 17 6 Ilcyward'a . Pictures ' ., (Ml 0' Holden'e Motors 0 12, 0 Mt. Lyell 0 19 0 0 19 6. X.Z. Dxag Co. r'a 9 JO 210*8, ' N.Z.Farmers' ■ Co-op, ] ■ (£2 10a paid) 10 0 j N.Z. Farmers' Co-op. ; ' <"B" P rc|.) .. .1 10 0 • K.Z.. .Farmers' Co-op. - . 1 (GJ per. c'qnt. Stock, 4]L 0 p - 1940) ■. .. • .. r'.'.i .Si(. '" "i:' N.Z. .Farmers' > Co-op. ,(GJ por cost. StooK, . 1 j i i' 1945) • 40 0 0 1 ' ' North Canty. Co-op. Flour. ... 0 10 0 Quill, Mortis .. ' - .. 0-4,0 0 8 6 Taranaki Oil'",. ' o ','2 lo-; 0>5 0 Whitcombe and Tombt ait-o^ Wilson's , Cement . j 118 8 1 19 9 Wunderlich .. .. 0 9 0 Evans Atlas Flour .. 19 0 Mining— .Cornish'Point 0 0 : li . , Jvin» Solomon, .. 0 2 0' 0 2 2 Mahakipawa 0 d 8 0 0 8i Okarito ■■. .. .. 0 5 7 0 6 6 Stoney Creek (7Jd. paid) 0 0 2 Waihi 0 15 4 0 16 0 ' Waihi Grand Junction 0 2 1' Winding Creek (Is pd.) 0 0 1J 0 0 2} Winding Creek (9d pd.) 0 0 o£ North Broken Hill — 2 2 0'

CHRISTCHURCHi Sales on 'Change— £ b. d. GoMsbrotigh, Mort — ... 0 17 6 1 0 17 11 (2) 0 18 0 Mt. Lyell (o) "0 19 2 King Solomon ... ... 0 1 10 0 1 0 2 0 0 111} Muliakipawa ... ... 0 0 8 Sale Repotted— !WMtcombe and Tombs ... 2 13 0 AUCKLAND. Sales on 'Change— * £ s. a. War Bonds, 1939, 4£ per. cent. ... ...'9310-0 'Inscribed, Stocl# 1939, 4J percent. ' ... ... 93 10 0 Taupiri Coal ... ... 110 Auckland Gas (con.) ... 0 16 9 Moanataiari Mining ... 0 14 WELLINGTON. Sales Reported— 1 - £ 8. d. Commercial Bank of Aus- • tralia (ord.) ... 0 13 2 New Zealand Refrigerating Co. (10s) ... ' ... 0 1 6 Sales on — £ s. d. King Solomon ... ... 0 1 10J 0 1 11 ' - Safe Reported-— „ King Solomon - ... <2) 0 2 0