PORT GREYMOUTH.

Press, Volume LIX, Issue 17939, 6 December 1923, Page 10

PORT GREYMOUTH.

TUNNEL COMPETITION,

'.special to "nas. raass.") GREYMOUTH. December 5. Tbo Otira tunnel's effect on harbour trade was referred to by the Harbour Board last evening. The secretary (Mr Gilbert) said the timber trade to Canterbury had fallen off considerable since the tunnel was opened. There was a decided increase during that period in the exports te ports other than Canterbury ports. There was a total increase of over 9,000,000 superficial feet in the whole of the ports for the 11 months ended November 30th, as compared with the corresponding period in 1922. The total export of timber (superficial feet) from Greymouth from January to November, 1923, was as follows: Oversea 23,784,060 Canterbury ports ... 15,044,877 Other N.Z. ports ... 9,345,455 Total 48.174,392 The increases are : Oversea ... ... 4,477,431 Canterbury ports ... 863,488 Other N.Z. ports ... 4,124,107 The coal figures were also satisfactory. The average monthly export of coal during the ten months ended October was 21,821 tons, and the export for November was 1G,272 tons. In spite of the operations of the tunnel and the closing down of the Blackball and Paparoa mines, the total coal export for' the 11 months of 1923 was 235,074 tons 14cwt, as against 223,782 tons 2cwt for the corresponding period of 1922. The increase in exports of timber to New Zealand ports other than those in Canterbury is naturally regarded as a ,very hopeful sign. Timber so exported finds its way to "Wellington, Wanganui, New Plymouth, and other North Island markets, including Auckland. The increase is most marked in the Wellington market. Apparently West Coast timber is gaining a hold on North Island markets to a much greater extent than formerly. Only in such lines as general produce, oats, chaff, flour, etc., is any decrease noticeable.

WELLINGTON FARMERS' MEAT CO. UNUSUAL ALLEGATIONS. (PRESS .ASSOCIATION TELE-08.AH.) "WELLINGTON, December 5.

Allegations of an unusual nature were levelled at a former managingdirector and other directors of the Wellington Farmers' Meat Company during legal argument before the Chief Justice in Chambers, when a petition for an order for the compulsory wind-ing-up of the company was being heard.

It was stated by the petitioners that the company went into liquidation in August last, and since that date its freezing works had been sold by the Bank of New Zealand. The petitioners represented themselves and certain other persons who had lodged money on deposit for the Company, and they petitioned for an order for compulsory liquidation in lieu of voluntary liquidation on the grounds alleged in the petition.

The petition included a complaint that shortly before the commencement of the winding-up, there was an error of £26 000 in the balance-sheet of July, with the alleged result that the company's balance-sheet and profits were inflated by that amount. It was stated that, although the error was pointed out to the managing-director before the balance-sheet was publishd, nevertheless, the error was allowed to remain, and a dividend was declared on the balance-sheet.

Allegations were also made that an expensive motor-car was purchased for the use of the managing-director without the authority of the other directors, and that in 1919, the company launched a scheme for the erection of woollen mills, expending £40,561 on the plant arid building, but' subsequently abandoned the scheme, causing great loss. For the defendants, it was stated that they were opposed to the making of a compulsory order, and generally denied the allegations. In his affidavit, J. C. Cooper, former managing-director, admitted that there had been an error in the balance-sheet, but declared that it was not pointed out to him until September, two months after the balance-sheet had been published.

After.considerable legal argument as to the conflicting statements in the affidavits, Sir Robert Stout reserved his decision.

P. AND O. FINANCES. (BT CABLE—PRESS ASSOCIATION —COPYRIGHT-) (REUTER'S TBLZGBAUB..) LONDON, December 4. The annual report of the P. and O. Company shows that after providing for depreciation and adding £105)000 to the insurance fund, making £3,200,000, there is a credit balance of £BI7,(XX) on tile year's accounts, including £IOI,OOO brought forward. A dividend has been declared of five per eent. on preference shares and 12 per cent. on,, deferreds, tax free; £123,000 was carried to the reserve for the redemption of five and a-half per cent, debentures, and £IO,OOO was added to the provident fund; £IOI,OOO was carried forward. The report mentions that Messrs Harland and Wolff, and Messrs Hawthorn and Leslie are building four fast steamers, each of 16,(XX) tons, especially for the Indian mail service. BRISBANE WOOL SALES. BRISBANE, [December 5. At the wool saies, good clips were offered, but they showed signs of the droughty conditions. Prices ranged from five to seven and a half per cent, higher than in November. LINSEED MARKETS. (PHESS ASSOCIATION TELEGRAM.) WELLINGTON. December o. The Department of Agriculture has received the following cabled advice dated December Srd, from Calcutta, in regard to the market far lineeeci: "Linseed, £'2l b ton, cost and freight, December shipments, and £l9 is 6d, cost and freight, April-May shipments. Sydney market steady."

(BT CABLE—PRESS ASSOCIATION —COPYSIOHT.) (AT/3TB4JLUN AND K. 3. CABLE ASSOCIATION.) (Received December s£h, 11 p.m.) LONDON, December i. Wuhi—Buyers 29a 3d, sellers 235-6 d; P and O. (dei.L baser* £3OO. eelleuk £3lO.

LEATHER GOODS. ]Uiy from reliable maker and get satisfaction. Brief and Kit Bags, Suit and Attache Cases, Ladies' Bags, Purses, Gent's Wallets, etc. L. H. Drayton, 124 Armagh street. D 3515-2671-1