COMMERCIAL.

New Zealand Times, Volume XXX, Issue 4460, 6 July 1875, Page 2

COMMERCIAL.

The .Customs revenue collected at the port of ■Wellington yesterday was as follows : £ s. d. £ s. d. Spirits .. 122 5 11 Tea .. .. 55 10 3 Wine.. .. 24 15 5 Weight .. 287 18 0 Beer .. .. 27 12 6 Cigars .. ' 315 0 Total £549 18 7 CANTERBURY. (From the J/yttelton Times, July 3.) Gkais a>-d Peoduce.—The week has teen exceedingly dull so far as grain transactions are concerned, and we can hear of none of importance having taken place. Several coastal shipments of grain, flour, and farm produce have gone forward. Since our last report, quotations remain as follows: — Wheat, 3s. 6d.; oats, 2s. 9d. to 35.; barley, 4s. 6d. to • 4s. 9d.; potatoes, £3 10s.; cheese, BJd. to Bid. ; flour, in sacks, £lO, in 100's £lO 7s. Cd. ; in 50's £lO 15s. ; bran, £4 10s.; sharps, £slos.—los. extra f.o.b. Hams and bacon, bare, 10Jd. per lb. ; in cloth, lid. ; bacon (oniy), bare, 9£d. per lb.; in cloth, 10d.; hams (only), bare, 12dL; in cloth, 12M. Stock anb Statioss.—We are enabled on this occasion to give a little variety by reporting the sale of two stations, which has taken place during the last few days. One is that of Glendore, in the Malvern district, comprising 1000 acres, freehold, 3000 acres leasebold, and 5000 sheep, the price being £7OOO. The other is a McKenzie country run of 30,000 acres, which, with 10,000 sheep, has lieen sold for £9500. It is * rather singular that so little business is done in station properties in this province at ■ present, and the reason can only be found in the uncertainty which exists as to the change which will be made in the holding of the runs in 1880 —a datff which is now drawing near. We observe that the value of Mr. Tooth's runs are to be nested in the auction-room next month, and the result will be some criterion as to the public estimate of the value of such properties. Business, in all descriptions of stock, continues very active, and prices have not undergone any material change since the date of our last report. At the yards on Wednesday there was a large entry of sheep, notwithstanding the inclemency of the weather, and competition was brisk, every line being sold, with some trifling exceptions. Best crossbreds reached 17s. Cd. ; Merino wethers, 12s. Cd.; Merino ewes, good quality, 95.; and other pens in proportion to weight and quality, leaving our last quotation of 3d. per lb. to hold good. Half-bred lambs were in demand, and brought up to Bs. Cd. The number of cattle was not large, and former rates for both fat and stores were well maintained. Beef, 30s. per lOOlbs. for everything at all prime. McEWAN AND CC'.'S INSOLVENCY. The Age reports that a meeting of the creditors of Messrs. McEwan and Co., of Swanston-street,. was held on Friday afternoon, at the Duke of Rothsay Hotel, Elizabeth-street. There was a crowded attendance, from eighty to ninety persons being present. Mr. George Martin was voteil to the chair, and he at once called on Mr. H. Selwyn Smith, the accountant, who read a balance-sheet he had prepared, showing the approximate state of the affairs of the firm. The balance-sheet showed that there was due to general and unsecured creditors, £29,040 7s. 10(1.; to special and partially secured creditor (the Colonial Bank of Australasia) £09,931 6s. lid., from which was to bo deducted the value of certificates of goods in bond, £2702 135., and landed propertyj> £9200, together £ll 992 135., assigned to ihe bank as security, and leaving the net unsecured liability to the bank £57,938 13s lid The aggregate of liabilities unsecured was. therefore £80,979 Is. 9d. The assets consisted of book debts, good, £20,481 14s. Od.; doubtful debts, £2245 5s 5d., valued at £5(11 6s. 3d.: stock in hand, £20449 18a. M., an(l tendid property, £130; total, £4l'G22 19s. Cd.. equal to lis. 6jd. per pound on the amount due, and leaviag a deficiency of £15,350 2s. 3d or 10s. sgd, in the pound. M. H. S. Smith also read a long report on tho condition of the estate, which was generally favorabl e to tho firm, and ascribed the failure to all the earningshaving been absorbed by tbe bank charges for diacorat, -which he estimated M

£7OOO per annum. In concluding, he mentioned that there were no traces of improper or illegitimate trading and that the establishment had been economically conducted. A number of questions were then put to Mr. McEwan, the surviving partner, and replied to by him, in the course of which he stated that he had no books that had not been submitted to the accountant, and also that he did not know the state of his affairs until the bank dishonored his cheques on Monday last. Mr. Greenlaw, in reply to the chairman, declined to give further information than was contained in his letter to the accountant. It was proposed that the estate should be placed in the Insolvency Court, to which there was an amendment moved to assign the estate to Messrs. S. Joshua, of Joshua Brothers, and E. D. Greig, of Greig and Murray. Mr. Greenlaw stated that if he or another officer of the bank were appointed one of the trustees there would be no objection to an assignment. At this announcement general dissatisfaction was expressed and the amendment was withdrawn. ihe original motion to sequestrate the estate, and appoint Mr. H. S.Smith trade assignee, was then unanimously agreed to, and in reply to the chairman, Mr. W. McEwan said he was in the hands of his creditors, and would sequestrate the estate as they desired The meeting then closed. We learn upon good authority that the Colonial Bank can meet from their guarantee fund whatever loss they sustain on the account, without touching upon the reserve fund or the ordinary profits of the half-year.