FINANCE AND TRADE.

Wairarapa Daily Times, Volume XVI, Issue 5102, 13 August 1895, Page 2

FINANCE AND TRADE.

A RICOSHVHVOTSD BAMK. Tlio suspension of the City of Mel. ■■ bourne Bank, in or.o of Use oW*C Qnnuoial events of the psst The efforts' of the Dim'tors, Hip reconstruct tho institution a.ssooaar time, hitvo proved abortive, and how anything u!ko could have been oxpected on the face of the wretchedly bad results of tho haH» yoarendiiig illst March, 1895, when tho balaueo-Hheet showed n, debit of £13,306, it i« difficult to perceive. What effect the suspension will have on the weaker reconstructed banks; remains to bo seen, bat if we accept the cable messages ob facte, it will haye no very important bearing. So far, it has caused very little disturbance, and there has been no unusual drain upon the other Banks. Much depends upon the view taken of what is usual and what is unusual. ITS HISTOItT. The Bank was registered in 1874, and stopped payment May 16,1893. Reconstruction then took place, and the Bank "was re-registered under the old title in June, 1893. The old Company had a subscribed capital of - £1,000,000 in shares of £5, with £j&> 10s paid up. The new CompaSpHj had an authorised capital £1,500,000 _in shares of £5, £1,000,000 in ordinary shares and £500,000 in preference shares. At the time of the first suspension, the • liability on current and deposit I accounts, was about £3,500,000, of j which £2,600,000 was owing in ; Great Britain. The then creditors received satisfaction of their claims to the extent of four-fifths, by the issue of 4J per cent, depositreceipts, repayable in equal amounts at the end of five, six, seven and . eight years from date of reconstruction, and f ally paid preference shares for the balance with tho option of accepting 4i per cent deposit receipts repayable in ten years. For the two half-years to March 3886, the dividend paid was 10 per cent per annum ; for the half year to Sepfcein- [ bcr, 1886, 12; for the three halfyears to March, 1888, 12£; to Sop- '. tember 1888, and March," 1889, 14; for the five half-years to September, l 1891,15 ; to March, 1892, 12i; to i September, 1892,10 ; and to March*. i 1893, 8, Since reconstruction the per cent, dividend on preference^ [ shares only bus bean paid. August 7, 1895—Bung a second time.

A NEW I'IIOOESS. From Sydney wo get the intelligence that an invention for preserving meat hns been perfected. It is claimed for this new process that 1000 carcases can be preserved for a few shillings, and further that the meat presoived by tliiß new process retains its appearance and quality. If this report proves to be true, then wo have got just the process that will revolutionise the meat export trade. Cheapness in the cost of preserving at the expense of appearance and quality, would be no good, but with cheapness, appearance and quality, we get the right thing. If this process realises expectation, it means a heayy loss to the existing freezing companies who will probably be called upon to write down their at present costly machinery as of n«L value and replace the same with tbjlL, requirements of the new There is thus a risk of these established companies standing in tha way of new inventions that are likely to cause their downfall. The failure of the Victorian Go'veftiraent to receive any tenders for their export carrying contract is admitted to be due to the powerful shipping ling that exist. The shipping companies are working under a mutual agreement as to the Australian prodacetrade. NewZcalandapparently is not in it. This is well for us, otherwise our meat shippers would never have obtained the concession of a farthing per lb which is to b« allowed on frozen meat shipped during the winter months. The reduced freight probably does not take effect till next winter and it is possible therefore to be revoked before any advantage can be taken of it. ?Iu the meantime it diverts any agitation for reduced freights. The dairy produce freight requires lowering and it -would be as well if attention were directed to it.

I wpnld like to know what- .. genius in the Agricultural 'p,B"-g||f£ partment conceived the idea ' qtv shipping 35 cases of Feildingjjrowik apples as ordinary cargo. Was hfl testing the puritiqe 'papkingf' thq quality of the fruit, or the suitability qf the steamer's batches fpr rotting apples, I was always under impression that ample testa in shipping/ apples had been made by Tasmania and Victoria. Tbe shipment by the Rimuiaka seems to have been a go-as-you-please experiment on the part of the Department of Agricalture, and the failure of the test is conveniently thrown upon those who picked the fruit. The apples were over-ripe when shipped, according to the cable report. What is the earthly use of the Department making these experiments unless soma attention is shown to details. The Agricultural Department is not upi to-date in its methods.

STOCKS. Government securities have all advanced. In the ipercents.'SoatK Australia shows a marked imp'roYerijent,havmg jumped up 35s since last quotations. Victoria's are not .Jk quoted. The table of comparison' asunder:—' '■ ■ '- ■■■■:■■• ■•■■<■< fP

...... Aug. litAug. Hots. (itli. awn!; gewgwjuu? ... 1939 YlJS 1I6| IPS" 113 - Bias '6s K.S. 1F»|«r Victoria " $. Australia Q'uwuriand W, Australia ... ISS3 .::• 1&0 UaJ Hide S* ... 1934 110* 110120 113 EipSg* 114» 22,1&' 120- _ T In the 3£ per cents.' Siere is fcqfc one disturbance in a downward' direction— TasmaniaR stocks hsva receded §s, JjTe.w Zealand's and Ykte tpria's have 20b each, iha others slapping sslfcht S« usidpF :— ■ mprpv^isenfc Aug, All*. Sfo*s, .. N.S. Waiea ... 1940 i. 1924 105 197i 8tii, aaat, "VI 19l| Kfceffe Victoria 3. Aaatrftti* ■ 1933 ... 1930 looj 105 Qaeenslmd .. 1824 JH M4* 3H» E« Twjaansa .. 1940 im| 1041 Sali St Psscr Psx&nr.