FINANCE AND TRADE.

Wairarapa Daily Times, Volume XVI, Issue 4997, 9 April 1895, Page 2

FINANCE AND TRADE.

(Specially compiled for Ihe.'Walrarapa Dally Times.'J

M BANK SHAREHOLDERS AND MR. WARD. Ilk When the call of £3los on the shahsholders of the Bank of New Zealand was> made, there was a general disposition to kick against the impost. The English shareholders were very wrath, and on the 11th of December last, appointed a Committeo to deal with matters. It is this Committeo that lias just had an interview with Mr Ward, in London. The English shareholder! labourundcraconsidcrablcdisadvantage, as there is no one at Home who can undertake to reply authoritatively. Mr Glynn, one of the Directors of tho Bank would appear, under the circumstances, to bo a mere figure-head. Tho Committee, being unable to gain any information in London, cabled to the | Colonial Treasurer, in Wellington, asking jf any lurther call, ou the reserved capital, would be made to meet any further emergency, or lo add to tho working capital of the Bank. To this, an official reply was received by the Committee, through the Agent-General, as follows:—"Wellington) lSthiiLu. ary, 1895—Bank ohNcwZealanaKto lurther call contemplated. Ri&rro £1,000,000, nearly all invested in firifclass Jiquid securities, and balance he so invested shortly, Second £1,000,000 utilised in Bank's business." NOT LMBLE. In the report of the Committee above referred to, it is staled that a ease embodying all the points of the position, was carefully prepared under legal advice, and submitted to Mr Cozens Hardy, Q.C., M.ll, for his opinion, whichwas to the effect that the call was legal, and must lie paid, and that there was no liability for the note issue. If the shareholders of the Bank of New Zealand arc not liable for the note issue, it would be interesting to know who is liable. BLACKSMITH AND WItIEWHIOETi

It is impossible to do otherwise than commend the Directors of the Mastcrton Blacksmith and Wheelwright Manufacturing Company, for declining to pay a dividend. It has become toAiich the fashion for Directors to rccJHieud dividends, when the same have not been earned. The history of the past few years records many of these criminal practices, and it is time the Directors of Joint Stock Companies worked upon other lines. The Blacksmith. and Wheelwright Company did not make sufficient to pay a dividend, and the Directors haye acted rightly in passing the annual dividend. The courage of the Directors in taking to the straight path is a promising feature for the future of the Company, mid if they show the same dclci'iniuation and desire with regard to the internal management, there is no reason why the Company should not be a heavy dividend payer in a few years, The capital of the Company, however, wants increasing to makoit a thoroughly sound and progressive concern. VOTING .MONEY. The shareholders of the Manawatu Railway Coy. have thought it expedient and right to vote Mr James Wallace, the late general manager of the Railway, a retiring allowance of 4350 iu addition to the sum of £650, yoted by the Directors. Mr Wallace well deserved the money and the high compliments paid him for his services in collision with the railway, but there is tj|uier feature to the presentation which must not he overlooked. The shares held in the Colony amount to a third of tiro total number, the remainder being held in England.so that in voting Mr Wallace a gratuity, the Colonial shareholders were voting away the money of other people The English shareholders aro in effect asked to pay Mr Wallace about £250 for the benefits that have accrued to Colonial shareholders by the construction of the line, while the latter find the modest sum of £IQ The Colonials will spread the butter hut the English shareholders must pay for it, Mr Wallace, however, thoroughly deserves all that was given him, LONUONDEREV. The collapse of the great Loadondewy mine will effectually burst ttio Coolgardie boom. It was the richness of the specimens from this and other mines in Coolgardio that made foolhardy people rush into rash mining speculations. Tho capital of the companies lloated in London to exploit Coolgardie must bA|iormoiis, somewhere between twcldfynd fourteen millions, and the collapse ot the Londonderry will be a rude awakening, for most of the Westraliau mining companies lloated in London are barefaced swindles. The Coolgardie fever attacked the French to a certain extent, and it was only the other day a cablegram announced the fact that Paris speculators had taken (10,00;) ycudors shares in the Londonderry mine. How will Colonel A'orth, the famous nitrate king, conic out of the transaction 'i He was reputed to have paid .C180.0G3 for Londonderry, and the general opinion was that he had struck a bargain. The fall of the Londonderry is the collapse of Coolgardie and we may now expect to see the winding up of rotten mining companies, and a general stampede of miners, storekeepers and sharebrokers from the fever stricken hole.

HANK OF ESGIAND. The returns of the Bank of England show the totnl reserve of notes and coin, to stand at £28,420,000 as compared with £29,242,000 the previous week, a drop of £822,000. The proportion of Arre to liabilities stands at GSM. W STOCKS. British 2} per cent., Consols (Gosclien's), arc quoted at 101}, the same as the previous week. Colonial Government 1 per cents show very little activity. New South Wales have risen os, and West Australian 255, the othcre showing no variation, as the following tabic will show:— Mch. Apl. Move--28. 4. ment. N. Zealand 19211 1101 108J-* - N.S. Wales 1933 111' 111} KisoSs Victoria 1920 102} 102} - S. Australia 1930 107 107 Queensland 1924 107 107 - W,Austrnlial934 112 113}Iiiso25s *Ex interest.

The Hi per cents arc as lifeless as the others, and except for an advance in New South Wales and os in S. Australia, there is no movement. The tableof comparison is as follows :- Mch. Apl. More. , r ■ , , 28. 4 ment. N. Zealand 1940102 102 - N. S.Wales 1924102J- 102* EiselOs Victoria, 1923 99 •99•• ■• - S.Australia 1930103} 103.} 115. Queensland, 1924100J- 100.} V Tasmania 1940100} 100} X JBISH LOANS. West Australia is about to float a loan \ and its success is regarded as certain. The Coolgardic boom and the inrush of population has necessitated an increased public works expenditure, and the western colony can well layout several millions in roads, railways and water tanks. Queensland and New South Wales arc probable borrowers; New South Wales is certain to go to the mar' kct, it the Premier, Mr Boid, is able to carry through .his programme.. . PbbcvPjbniyh,