FINANCE AND TRADE.

Wairarapa Daily Times, Volume XVI, Issue 5060, 25 June 1895, Page 2

FINANCE AND TRADE.

(Specially compiled for tho' Walmnipi Dally Times);

THE LOTTERY, ThelatesfcMOffeojjeraiich'offflnttinjj rid of assets that are good, Sand indifferent, is to be put in practice by i the Bank of New Zealand Estate* Company, that is, provided Parlia-' meat will its sanction to this form of gambling for such it-is. A private Bill is to be introduced thia session, and the required Gazette notice has been given signed by Messrs W. W. Johnston and Wm,

Booth, as attorneys for the company! It remains to be seen what kind of support will be accorded the scheme when it comes heforo the House.

The chances are that it will pass, for although the Government has not taken the direct responsibility, the measure will have the moral support of the Ministry, and their, followers must "whip in." It'is impossible for any fair-minded person to give encouragement to, or wish the measure success. Gambling is overdone in the colony,jindits evil effects are apparent on Aides. Furthermore this mode of selling assets is not honourable tothe company concerned, and the circumstances do not warrant any such violent departure from ordinary business methods. If by this means tho Bank of New Zealand Estates Company hopes to realise better prices than would otherwise he obtained, then, why should not tho OOicial Assignees of the Colony, who are daily called upon to realise on bankrupt's assets, be permitted this method of disposal by lottery. It is their boiimlon duty to obtain the best prices possible in the interest of creditors,and if by holding a lottery, this can be attained, there is no': valid reason why they should not be permitted to "adopt that course, What is good for an assets company must surely he good for Assignees. We must, boweWwait until the Bill is before Parliament to further discuss this matter.

COMPANY AFFAIRS. > There is every probability that company affairs will engage the attention of the House this session. Thecoircspondencebetwcentbeßank of New Zealand and tlieColonial Bank ■ relative to the proposed amalgamation is already called for by Dr. Newman, and is certain to excite ' comment. It is currently rumoured that the fusion of these two institutions is still in contemplation, and no one can object to it, providing the State is not asked to take up the position of" wet nurse" to the newborn bank. It is not improbable that the auditing of joint stock companics will receive attention. The present system is far from pcrfecl,on the contrary, auditors are so placed from being elected to the position year after year, as to get careless in their work, and to accept as facts the bare statements of secretaries, managers, and directors. ADVANCES TO SKiTI.EI!S.^|

From the nth Doc, 1894, to 31st March, 1595, n period of 116 days, the expenditure in connection with the Advances to Settlers Act was over £l2 a day, including Sundays, highdays, and holidays, while the amount advanced during that period amounted lo£iiO. It will be seen that the complaints of settlers as to inordinate delay have been well-founded. The Advances to Settlers Act has not been worked with that smoothness and promptness that should char- N acterisc (lie work of such a department, and the fault is to be found in incompetent management. Tho ollico must bo undermanned and the clorks overworked ; the applications for loans have poured in, but very little money has been lent, and the tardiness in this respect is inexplicable. ' The Department wante a "jjhako up " and this is promised by JBliament. w

riiOUUCE. There is a marked rovivnl in tho produce trade. Wool shows a splendid recovery ivith n recorded iitlvimco ( of a half-pauuy per po.uul in merino ' combings. Wheat mnintiins the Hppui- level it recently attaiued. The butter market has steadied and Danish has advanced. New Zealand licmpalsoshowsaslightiniprovement with business done at a fair price. The indications all round point to a, > revival in (ratio, and the utterances ofMrJiio. l)iitliiu,M.li,l{,, wliolms just returned from England via, America help to conlirnt this view. Mr Dutliiu is a level-huaded, shrewd mini of business, not likely to bo deceived by any spurious attempts at revival, lie declares that in k England, business is improving, while in New York the factories are haul at work, showing a Jftig recovery after prolonged stagirfflon. I Tho lifting of the depression will have a world-wide effect, and if tho Yankees recover, the European nations trading with thorn will fool '* the benefit, which must nitimatelycxtond to these Colonies,

CHIMED MEAT. The Gothic's chilled beef tots been cleared at an average of & 7d to 3s ad per stone, about Sid jiei- lb., and at this price it must bo regarded as an unqualified success. 'J'he depression in tho frozen meat trade, has practically opened up another branch of the business, which must sooner or later benefit our settlor* The _ low prices Imvo also forced lis into seeking fresh markets and extending those already existing. «o that the prospects are now decidedly better than they wore a year ago. Much is hoped * fromMaiiohcster.andtlißmerohanta '' of that city are doing their utmost tosecure a fair proportion of the' colonial produce trade. r/mmo«r standponit the prospect of % settler look brighter, and -dtW he present winter will be severeJv felt by the tlwusauds who ure unemPloyed, the coming spring ghonli see a wolcomo change all ronnl TUB TURfcK Kit CESTKII.

I 1J has men (o a premmmofS, that does not mean that there ar tok, but so,.£ suoret] h minimum fixed when the W w * loaed The prices proportionate atlo1 T . lho settling day to tihe 3 per cent, loauis about due an Art. NowZealanchMidlanda:;^ 0 liany is mpn g the Block exC e to withhold the settling until Z Government has equitably airanged ««e company's olaimg. Thisisthe second occasion the Stock Ex-chan™ f been appealed to, as against tho «. A Government The New Ply. mouth Bondholders sought Jo obstrncfc quotations until somethW was done for them, and they arbitration, it remains to ba seJft ;;;tjMidlancUlailwayGo: fi S af' Bdverhuog for New Zealand, but it, is not of a kind calculated to doped, K the Stock Exchange does-' bappen to side.with the Railway Company, ,t. w iH . make it '

awkward for tho New Zealand Government. STOCKS. 2| per cent. British Consols | (Goschen's) quoted at IOC}, show no " variation. In Colonial Government 4 per' cent, stocks there continues fluctuations that are unaccountable. Queenslauds have risen -10s, and West Australians have dropped 20, while South Australians again have advanced 355. The table of comparison is as follows : June June Move--13 '2O mint. New Zealand 1020 11U 111-J Jiisc os . a.S. Wales 111;);) 115 not quoted - Victoria IH2O 107 10?j Jiisolas S. Australia 1936 10!) IWJ-llise3ss Queensland 1021 lODj 1111 JiisclOs W. Australia lift! 120 ll!l'Fall 20s In tho 3j per cent stocks four of tho denominations show advances from 5s to 20s while the others have dropped 20s each, ns shown below: June June Moye--13 20 incut. » New Zealand ISUO 103.V 10-1}- Kise las .N.S Wales 11121 10li 10(11 J«sc 15s Victoria J023 103 102 Fall 20s S.Australia 1(130 103 103! Kise 10s Queensland 1(121 102 103 Disc 20s Tasmania lat'.l 105 101 Fall 20s Percy Pexiyx.