COMMERCIAL.

Taranaki Daily News, 20 October 1922, Page 2

COMMERCIAL.

P. AND 0. COMPANY. DIVIDEND FROM INVESTMENTS, By Telegraph.— Press Assn.—Copyright. London. Oct. 18. At the meeting of the P. and O. Coimpany, Lord Inchcape, referring to the loss of the Egypt, said nothing would be wanting on the company’s part in the direction of taking every possible precaution to protect lives, organisation and discipline. The Peninsular ships were second to none,. but the human element was always present. The Egypt was properly manned and equipped in every respect. Owing to the expenses being far above those ruling before the war, the Insurance account was not so successful as in the previous .year, but it had been Increased by £94,242, despite the heavy payment on account of the Wiltshire. The conservative policy which the Peninsular and Associated Companies had always followed gave a handsome sum from Investments, which justified the payment of a similar dividend to that in 1921. Apparently the poor trade pe -iod would continue for a year or two. Unfortunately the branch liners were still filling only one-third of the space on the outward voyages. He hoped the Australian trade would soon revive. There riiust soon be a considerable further reduction In seamen's wages if the ships were to kept running. Lord Inchcape said he was glad the previous reductions were effected without lock-outs or strikes. The company held Government securities nominally valued at £7,500.000, which cost £6,893,000. These and all the other securities appeared in the. accounts at. much below the market value. The credit balance included a very small profit from running ships, the bulk being derived from Investments. The valuation of the company’s ships in the accounts worked out at >dtr £1 for twenty tons, despite the Inclusion of the newest large vessels.

ARMY BANK DISSOLVING. London, Oct. JB. The long-established London banking firm of Sir C. R. McGregor, Bnrt.. and Company, army agents, has suspended business. The 1 announcement was first made by the War Office in a notice regarding officers’ payments, and has created deep surprise. NEXT WOOL SALES. London, Oct. 18. The next wool have been fixed for November 21 to DCcomber 15. All free arrivals to September 29 will be Included In the catalogue,, making 153,000 bales of Australian, New Zealand and Cape Colony, 9000 Punfas, and 60,000 B.A.W.R.A.'s. LOCAL MARKET PRICES.

The present market prices are as follows (spot cash) :

Buying. Selling. Eggs 1 0 1 2 Hams 0 11 Bacon (sides) 0 10 Bacon (rolls) 1 1 Butter (creamery) pats ..-20 2 0 Butter (bulk) Ill Butter (separator) 1 6 1 8