MONETARY AND COMMERCIAL

Temuka Leader, Issue 2404, 27 September 1892, Page 4

MONETARY AND COMMERCIAL

Melbourne, Sept. 23. Sir Matthew Davies denies that he had made any private provision. He declares that he was worth a million four years ago, but at present every shilling is locked up in the companies in which he is interested. At a meeting of the creditors of B. J. Fink, the liabilities were stated at a million. The creditors accepted a composition of a halfpenny in the £. The failure is due to a depreciation in the value of land. September 24. There is widespread uneasiness occasioned by the discovery that the contingent liability for uncalled capital in some of the limited liability companies has been wiped off by the debtors for nominal payments. The practice is said to have attained large proportions. London, September 22. Mr F. Milledge, formerly manager of the Mercantile Bank of Australia, denies that he was guilty of juggling the finances, and states that he is convinced Sir Mathew Davies will be able to explain many of the things now apparently dark, especially if he removed the impression that the doings of the bwrd "'ere a secret Mr Milledge advises that the bank should be reconstructed on the of los in the £ by the issue of one ha|f in debentures and the other in preference shares. If this were done he considered that in a couple of years the bank ought to earn fi per cent. Mr Milledge had an exciting hye hours' interview with the official refers and the committee appointed by the stopholders of the Mercantile Bank, who examined him severely on the whole history of fhat institution, and rejected his scheme .of reconstruction. The committee assert that Mr Milledge made a sorry exhibition, ■Hid declare the business a swindle. It was resolved to hold a statutory meeting on October 19th andlt.was agreed that a dividend of about 2s 6d in the £ tfiuwld be declared on November 2nd. Mr Milledge says that the committee entertain the idea of criminal proceedings, but that they cannot succeed. Sir M. Davies always acted legally, and is not worth sixpence now, though he was a rich man when he went into the affair. Mr Henry Felter the well-known meat salesman, complains to Mr Perceval, the Agent-General, that a

large percentage of the frozen meat from New Zealand is delivered soft, owing to defective refrigeration, hence it compares badly with meat from the River Plate and Australia. The underwriters will pay for the Elginshire as a total loss. The estimated visible supply of American wheat is 52,000,000 bushels. The wool sales are spirited, and competition keen. For New Zealand scoured, prices are occasionally higher. September 23. The Plymouth Corporation 3 per cent, loan of £250,000 has been successfully floated at an average of £95 lis. The money was subscribed fourfold. New Zealand 4 per cent, inscribed stock. 105^; 8£ per cent, ditto, 95£. New Zealand long-berried wheat, ex warehouse, business restricted. For cargoes of New Zealand wheat on passage 27s is asked, but buyers offer 265. Canterbury frozen mutton, 4d per lb ; Wellington, 3|d ; Canterbury lamb. s£d. Beef, forequarters, 3£d; hindquarters, 4£d. At auction 2800 cases of kauri gum were offered : 1600 were sold at an advance of from 2s to ss. Fine pale gum averaged £ll : pale hard scraped. £6 10s; fair pickings, £2. Hemp is in good demand. Manilla has advanced £1 per ton, and New Zealand £1 10s. Fair to good quality from New Zealand realised £23 ss. South Australian wheat, ex warehouse, is quiet at 33s 6d ; Victorian wheat, ex warehouse, restricted at 335. There have been large withdrawals at the wool auctions owing to the owners' limit of prices not being obtained. September 24. At the wool auctions American buyers are actively competing. Prices for Victorian wool show an upward tendency for good sorts. The export trade to New Zealand is improving, especially in soft goods. New York, September 24. Jamaica is issuing inscribed stock, to the amount of £IBO,OOO, at 103. Calcutta, September 24. It is considered probable that the Indian deficit will amount to between 80 and 150 lacs of rupees.