WELLINGTON NOTES.

Hokitika Guardian, 26 September 1924, Page 1

WELLINGTON NOTES.

FROZEN .MEAT INSURANCE

(Special to “Guardian”.) AYKDLIXGTOX. Sept. 23. “Pro Itono Puliliei.” and •■Constant Iteader” are familiar lo most sludi'iit.s of new s] a; f:.s, for these set iles require the tlimsiest of exc uses for rushing info print. As a matter of fact few “letters to the editor" are worth loadin': hut now and again letters do appear that c laim elu.se attention. Somehow those good letters come in cycles, and just ltuw seems to lie a time when they are plentiful. .Recently members of I'ai'linment have ventured upi*:i criticising vniioii.s bttsiuvs interests and invarialdy their remurks .show n lamentable lack of knowledge of tlie .subject discussed. One member recently stated that he could not understand why frozen meat had lo pay a higher rate than butter and i hcese ami 'general meic liaiidise. and an underwriter sets out to enlighten him. It is explained that frozen meat | ays. roughly double the | reliiium per cent of that paid for other interests, and just hceati.su its "envor” is wcrtli at least double. Erozen meat is generally covered under marine policies against “all risks”, rigid fioiu tlie time the carcases are passed into the (ruling or freezing eham'crs at the works and remains covered till long alter tl'.e vessel reaches its terminal port in Eurpe. Aleut always contains I lie elements of “inherent vice” to a degree far above butler and cheese, and it is a very rare thing for a .shipment id meat to lie unloaded at the l.ondoli docks without .some claim being attachable to the insurance policies. And those losses are additional to any ri.sk of total loss of the vessel c r by breakdown of refrigerating machinery. Ernzen meat rates are based on the likelihood of many clangers of this iiatuie not being siillk it'lllly ovennine by its freezing and cold carriage and plus the a-Dial sea risk of the carrying vessel. Rutter and chce-e rales are similarly ha>ed. alt hough -I hey are much lower upon the cnniparative immunity from dangers similar to meat, and similaily lies the sea ink. Other cargo and mereliaudi.se are goiterdly insured merely against the perils of the sea. and tin* rates, quite naturally, vary. ‘•PixelllXC” THE PETTY CASH.

Another infrespondent refeis I i the pilfering of the jetty cadi, which be thinks is almst imarinMy the pre urser of embezzlement. atic! wonders whether it would uni lie well lor mine definite responsibility to be cast tl|>cui ■ •iii! lovers t i .see Unit the juniors are not given the opjnrtunity to juggle with the | city cash. 'I he law loqiiiros lint employers should take jireeatil ions to prevent phxsicel injury to einp'ovees. liv providing protecting screens lor machinery, restricting the hours of led of the young, and generally by taking all sort’s ef care I'm (heir bodily well being. I> it not equally incumbent ii; oii cm) lovers io put up morn! S re.-ns t'l I rot el the youth they eat- | 1 1 :v ! There are tlnse v.ho pi'ofe-s to l .'li -ve that it is I elter that the youth f the ' u'.llit I'.v should he expesed t" trill! tat inn. so that these who withstand il may claim virtue while those who are weaker go to the \\a'l. ihe i'ilTespnlldent maintains that employels are voiy largely io blame l'i r lie lav i ode that prevail' in Iminc- c in I ll.' ha edlin'/ "I c urt'ei" \ The ml re

.In, lien ~| I a 111 p 11. ;y mm Idc I'lll'iv 'I ilm lempt.'iti' II hum juniors t• • convert I .'stay , tamps into ciis.li lor tlmir own me, and that happen- t" he one c-l Ihe chief i ef'oinmelidat inlls of tlm stamping maehines. The | etty ea-li. however, is not gi- aided ii,v any machine and it itlie opinion of those in a position in judy that Ilm vianl of elo-e supervision i. f the i ash invite- tlm inhering whii'lt In 11 it' 111 1 y leads to enihez/.lelllent. The criminal calender at every sitting cf the Supreme Court is lertain to in i lii'le embezzlement as one is! the cl imes set down for heal in;.;. Misa :- propriations of fund; Inis heen mil T 100 eomnimi lately, and many are inclined l,i l:!anm file credit system. \\ In-re an employee is deiermiimd ui on einh-z./.'i-iin-nl lie can Generally d'le-.t his ] ur- | ,1-e w illioiil being iinnc'dialely dislovercd. although discovery is eci-tain I i conn* ultimately. N' t all the youths

V.ho i illei I la- Petty rush are brought p .fore many an- just quietly disuii-sed limy liinl "limr in! s. and slart again to piller, ami so petty l hiev tug Imeoiiu s a lnd.it and end el'.z.leit iu-l a bigger venture. TIIK .Ml ill ATI II! I I'M. These | leading for the continuance of tin- moratorium seem to think that enlit rads hel ween nh> rI; -;a * r and molt - trapse.* should In- treated as 'is raps of japi-r." Wlmii men v.e-e buying land at fancy Valin s. then- were not wauliii.q niauv people to warn tliem against the dangi-ls. 'llm Hank of New Zealand seal nut many warnings, still men , aleie 1 into i i.nt ra Is t i Inly and M-ll at hip | rim;, dm- i iirreqiinlt'iil. Mile. w. Ma k'-azie. .-ays. --Ii is not right that the farmer .sellers should he allowed lo lake the farms hack and a'.-.o pcei) He money pa.il i'll Uf.ollUt of piireha-!' im.-imy by tin- p:i -1-1 .1 hohiei.,." lie suggests that i lie land should valued, and the present |.older I e allowed to retain a | union of |he land on to the value ol ilm pai l purchase money. I hi* moratorium and the slicin'-lions of ct:rros':ondri!t.wiiieh are in most in-es d-'trinieiital in t lu* mortgage have ilest rnyei! ei.-nfnl-euce. It will ho a (liHii-nlt mailer I-: sell broad acres except mi icrms icqlliriug the hull; of lie- ] urdia-e money la he jai l ill rash.

LOAN TO TIIK GOVKItXMKXT. M'l-'.1.L1 NOTO.N. Sept. -Jl. The loan alleged to have heen mTered by the Haul; of New Zealand lo the (lovernnu ill is still being quietly discussed in business, and particularly among investors and shareholders. Il "ill lie lelimniherod that a London enhh- tt'CS.-agO reit-ivcl a lew weeks ago staled tiiat the New Zealand Govcrn-nii-ui was about lo i-site I rcasltry hills for a million and a halt sterling, nml Mr Massev slated in ilm House that he was lindiiip L' Kill. Old a nnuiili lor the Advances Dejiurlnmnt. and it was ovideut that the proceeds of the Treasury Hill- was for that purpose. Nothinp further has heen heard ol the London venture and it is thouplit that tlm rate lor tin- Mills was more than the Govermimnt was jircpared to pay, and they had to look :: lull in I for oilier lenders.' Tim linnk ol New Zealand was no doubt one of the parties appealed to for funds, and there is, in the opinion of some, no doubt whatever that some pressure was broupht to hear on the hank to find the money required. Tt is not quite fair to the ordinary shareholders of the Hank to he thus squeezed for tlm benefit of the Massey Government. Some shareholders think that jt per c eiit interest on the loan is too low. The minimum rate for overdrafts is (iV iter cent, and presumably if the Hank employed the now capital in the business it could have earned CL per

cent, consequently in lending to the Government tit, o', per cent there is a loss of 1J per cent. Ami Utipleads up to another interesting Witli llos smaller income Irom so tin] an amount cd' ca|>ital, XV i I folio t the dividend distrilmtion in the future he less 't This ]mint is of sjK'cial interes.t to shareholders and investors generally, and those who have troubled to go closely into the matter are inclined to think that dividends will he smaller than they are at present. A\ iLli the larger capital larger reserve will lie necessary and to jicrmit id the present dividetied of 10 pel* cent nil preference shares and 10 1-3 per cent, on ordinary shares the profits must approximate to L'fHJ! 1,(100 |ier annum. In the meanwhile those who fancy the shares, are offering L'3 for shares Cl paid up. STOCK EXCHANGE. HCSIXESS. There is a decided slackening in the business on the stock exchange, and lhero are now considerably more sellers than buyers anil money is scare. Sometime ago Government Stocks and bonds were in very active demand, and very high jirives were paid ; now there i.x com|>araticel.v little inquiry for these securities and prices are very much leaver. Hitherto the margin between buyer and seller was scarcely over more 11 1 nn :.hs (id now the difference amounts to 1 1 mil 7s till to Ills. About a mouth ago hank shares were being rushed, and besides the shares cd' the banks o|> rating in the Dominion, buyers were eager to take up the shares of purely Australian banks, now buyers tor bank shares are very scarce and sales are difficult to make. Sellers are of course very linn and are holding for full market rates, but whether they will get those rates is quite another thing. The debentures of local bodies are not being taken uj> as freely as in the l>ast and the general ojiiuion ap|iears that these debentures must in future carry at least (I per rent. The Advances uflicc will advance its minimum rale to o'. per cent, and that means dearer uioiiev all round. At this lime ol the year there is generally :t strong demand for itiniie.v and the demand will increase as the weeks I'cdl by and |>m,|,u,. s to the seaboard for shipment, and this demand in itself is suHicient to keep the money rate still. There is danger ton that money may become dearer in London in which ease we will leel the pinch out here. In the meanwhile the exchange problem continues to he a dillictill matter, and it "ill become' worse as the produce is sold and paid for in London. The accumulation of credits in Lmulntt will tend to stimulate imports, and ii burrowing in I.ondon c ease the exchange diHiculty should cease to lie troublesome. Rut there is no probability of borrowing ceasing unless rates in London advance and there K Mum. 1 probability ut that. STREET NAMES. The ('itv Council has started in 1° I'echrislell some of the city streets and the new naics are not giving satisfaction. Kor instance one street from which there is a full view of Karon cemetery has been rcelirislcncd "Gravesend", which mav be a very c lover choice, lull it certainly fails I" ~jv , . Mili-laotion to those living in the sdvot. The need l'..r renaming streets was due to the similarity of names in diU'ori'iit suburbs, and in some eases duplic ai ion. which has proved very disconcerting to the Eire Hriga.le when oalled out. The new names must have lie 1 approval ol the hire lliig*nb..