GENERAL TELEGRAMS.

Taranaki Daily News, Volume LV, Issue 93, 5 September 1912, Page 5

GENERAL TELEGRAMS.

'«a» FLOODS AT PAEROA. By Telegraph—Press Association. ■ Auckland, Last Night. A flood on a small scale was experienced In Paeroa "to-day. There waa a heavy downpour last night, accompanied by a high wind. This morning the weather had moderated somewhat, but the river had risen considerably, and when' the rain from up the country reached Paeroa the river overflowed 'its banks and broke over in several places. X considerable quantity of water found its way into the low-lying portions of the township and outlying districts. Just after the overflow, however, the river began to fall slowly. The flood does nob appear to have entered any of the residences, although several had a narrow escape. THE COMMERCIAL BANK OF AUSTRALIA. Wellington, Last Night. Wellington premises have been Laken for the Commercial Bank of Australia, which will shortly open in New Zealand. Young and Tripe's offices, at the angle of Featherstone adn Grey streets, have been secured for the purpose. Mr. H. 6. McKay, an inspector of the Commer-' cial Bank, is at present in Wellington arranging the preliminary details in connection with the extension of the Bank's interests to New Zealand. THE OTIRA TUNNEL. Christchurch, Last Night. A meeting of representatives of local authorities and other organisations in , North Canterbury, at a conference tonight discussed the position re the Otira tunnel, arising out of the contractors" petition to be" relieved of the wor£ and adopted unanimously a motion impressing upon the Government the enormous importance of the West Coast railway, and urging that there should be no delay in its completion. A representative deputation was appointed to present the resolution to the Government and urge the completion of the work. FARMERS' UNION AND LAND SELLING. Paihiatua, Yesterday. A special meeting of the Pahiatua central branch of the New Zealand Farmers' Union was held here yesterday for the purpose of considering the advisability of the sale and exchange, of farming properties being conducted, through the local branch of the union*. The meeting was largely attended, and! the proposal 'heartily endorsed. A committee was set up to draw up the scheme. It is proposed to extend thu movement by getting other branches to work in unison. The meeting crab demned the Land Agents Bill now be*, fore Parliament, holding that it would create a monopoly and that the Bill was simply in the interests of the big land agents. FLOODS IN' THE (NORTH. "' Auckland, Yesterday. Heavy rain flooded the Ohinenrari and Waihou rivers, whidh overflowed their banks at Paeroa. The lower portion of the township is flooded. The rain has ceased, but the rivers are still rising. WELLINGTON WOOLLEN MILLS. Wellington, Yesterday. ' 'At the annual meeting of the Wellington Woollen Company to-day, Mr. W. H. P. Barber, chairman of directors, in moving the adoption of the Teport and balance-sheet and the payment of a dividend of 7 per cent., said that the statement laid before the shareholders was the best yet published. The company was in a very strong financial position. Sales for the year constituted a record. The only drawback to operations was the perennial shortage of suitable workers. The woollen companies were now working under a Dominion award, with a currency of three years from May last, and the Wellington Company was now paying £SOO a year more in mill wages. On the liabilities side the reserves had been strengthened by £1550 and the indebtedness reduced by £7BOO. The expenditure for new machinery had been £3707, the sum of Cr>oo(> had been written off for depreciation, making the total writing off £58.344. -equal to 44 per cent, from the original value of the plant and building. Stock was" less by .CB2S2. and book debts higher by £2541. due to the larger turnover.