COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1945, 31 December 1913, Page 10

COMMERCIAL ITEMS.

/ ——— WELLINGTON' WOOL SALES. The second of the scries of local wool «<ile£ for tho present season will be held ion Wednesday- next, in the Concert Chamber of tho lton Ho,ll, commencinK ot 9 ja.m.- A total of from 11,500 to 12.CC0 bales •.will be offered. DIBECTOIiS' m:s. 'A point ot interMt and importance to re-ffli-esentativo directors was settled in 1907 In tto liquidation- of the Dover Coalfields Extension, Ltd.. and may be stated thus:— -If tho A company holds shares in tho B company, and tho former company's di-i-ect.ord jiominate one of their number. C, !to go on tho board of tho B company to look after, their interests, providing him With tho .necessary qualification shares, is 'C entitled to retain the. fees paid by tho ,'B company? In tlio caso referred to. O executed a declaration of trust, undcrtali- . aa.Ef to account for oil "dividends, bonuses, and othor riffhts a.nd pri-rilcsee accruing in respect of tho said (qualification) .shares." It w«o held that O was enticed to his few because ha obtained them; not -by the use of tho shares." but for personal services rendered as director. To render him liablo to hand over the fees it should have been so ■ provided in tho . .agreement. A director cannot claim as a '.••preferential creditor for liis fees, as a . uoeretary can or an employee, since he ia rot a "clerk or servant." The only exception to this rule was noted recently in sre Heeton and Co., Ltd., where tho articles expressly permitted 1 a director to occuny mmtlier position in the eompany. and a ,lady director,' who was also dress editor of a paper run by Bectou and Co.. was allowicd to claim preferentially in respect of ifcalary. . At one time directors' proofa for palary wero. jjlways postponed to those of the outside creditors, but it is now well .established that a director can claim, for Jiis fec3 on an equal footing with, the ordinary creditor.

'SHORTAGE OF HEAT IN AMERICA. The shortage of moat in America. is flnfming the attention of the United States Uopartmeiit of Agriculture. That, there is o. decider! meat, shortage is explained by .fames 3f. Pickens, of the Bureau of Animal Industry, whilo George il. ttommel, chief of the animal husbandry division, ui-kot siinintenunce and increase in the meat supply by revival of beef cattle raisin? in the coin bolt, it? oxtension in tho eastern [States, (i.nd increasing tho, projection of beef cattle and hog 3 in the' south. "Tho hitrli cost of meat is a serious reality," ifr. Pickeri says, "r.ticL it is now obvious that the rise in prices in recont years is the natural result of mi nctual shortage in production. Tho condition is reflected in the per capita consumption of moat in the United States, which i 3 estimated to have fallen oIF 101b. in four years, or from 1621b. in 1909 to 162 in tho (Veal year 1913. It la evident that tho country is facing on era of short producv. tton of moat, und that some constructive moans must be adopted if the American e.pperito for thi3 clacs of food is to be supplied." t Customs duties collected at the port of WeUiujton yestorday amounted to JSWM If. Id. ___________