NOTES FROM WELLINGTON.

Press, Volume LX, Issue 17981, 26 January 1924, Page 10

NOTES FROM WELLINGTON.

(SPECIAL TO "THX PBESS."j WELLINGTON, January 25. About 500 quarters of chilled beef have been placed aboard the Kent, which leaves Wellington to-morrow for Napier and Auckland, sailing from, the latter port for Loudon about February 10th. The beef was prepared at Ngahauranga Works under the Linley process and under the supervision of the patentee, Mr J. A. Linley, who will keep a watch over the meat. This trial shipment is not intended as a commercial test, for it is expected that money will be lost. It is rather a test of the process. It is desired to ascertain whether beef prepared under the process will stand the long voyage. Unfortunately the Kent is fitted ior carrying frozen meat which is packed flat in the holds, while chilled beef is hung upon hooks. However, the best has been done, and the 500 quarters will be carried on hooks.

Nominations to fill the vacancy on the Board of Directors, Bank of New Zealand, caused by the death of the late .Mr R. AV. Kane, close on Thursday next. So far as is known at present there will be only two candidates, Mr J. H. Gunson, of Auckland, and Mr R-. AV. Gibbs, who has been connected with the bank for the past 47 years, the last four years as Government Auditor. Mr Gibbs resigned the auditors'nip some weeks ago, but <it is understood be will carry on until March 31st, the end of the bank's financial year, so as to be in a position to sign the balance-sheet. As soon as the nominations close, voting papers will be sent to shareholders who are scattered about New Zealand, Australia and the United Kingdom, and the results of the voting will not be known until about June, when the annual meeting is held.

DUMPING DENIED.

AN AUSTRALIAN. RUMOUR

The facts in regard to the allegation that nine textile mills in Australia have recently closed down because of dumping wero given to an Auckland "Star" representative on Wednesday by Mr Walter Leitch, one of the three members of the Commonwealth Tariff Board, who is at present in Auckland. "There is no justification," said Mr Leitch, "for' the statement that the mills closed down as a result of the dumping of a flood of textiles from Britain, but not of British origin." Ho pointed out that the matter had been thoroughly investigated by the Tariff Board, and had there been any evidence to enable the Australian Government to protect the textile industries a dumping duty wonld have been imposed long ago. It had been claimed that foreign yarns were being dumped into England .at sucli a low price that textile goods could be manufactured at a price with .which Australian manufacturers could not compete. . Investigation by the Tariff Board, by the Textile manufacturers in Australia, and by tfye importers of goods - in Britain, showed conclusively that the difference between foreign spun yarns and British spun yarns, was so small the cost price of the. finished fabric was not materially affected by the use of the former. The closing of the nine mills was brought about by competition, but on the other hand many firms were carrying on and had paid satisfactory dividends. If in spite of fair competition the industry or any other inustry could not carry on, then it would bo a matter for' investigation as to whether increased protection was necessary.

LONDON WOOL SALES.

The Department of Agriculture has received tho following cablegram, dated 23rd instant, from the High Commissioner for New Zealand, London:— "Wool: Sales opened yesterday, when approximately 13,000 bales, including 4328 from New Zealand, were offered. Total offerings of series amount to 170,000, of which 37,000 are New Zealand. Selection good, both merino and crossbred being well represented. Attendance ■ large, and good competition from Homo and Continental buyers. Compared with December closing rates, merino 5 per cent, to 7-J per cent., crossbred 10 per cent., medium coarse sorts 10 per cent, to 15 per cent, higher. Curtailment sales possible on account of strike.''

NORTHERN BUILDING SOCIETY.

ANNUAL MEETING

The forty-first annual meeting of the Northern Building and Loan Society (permanent) was held last evening,. Mir C. H. Wright presiding. The report recorded a satisfactory result of the operations •of the' Society for tho year, all moneys received having been invested in good securities and no losses had been sustained. Tho profits for the year, £317 2s 6d, enabled each account to be credited with the maximum amount of interest. Twenty-seven shares had matured. Two directors, Messrs Xi. B. Evens and H. Mcintosh, retired by rotation, but were eligible for re-.lection. The balance-sheet showed receipts amounting to £3333 9s Bd. The sum of £SOO wai advanced on mortgage, £503 123 6d paid on shares which had matuired, £714 6s 2d, doposits and interest repaid, and £G36 9s 9i paid on shares, etc. The management expenses were £99 19s lid, leaving a balance of £6Bl is 4d. The liabilities were: Investment shareholders £6157 7s lCd, deposits and interest £IB4O 19a Bd, profit, and 1033 £317 2s Ed. The' assets were. Balance on mortgages and loans £7619 7s sd, sundries £24 Is 3d, bank balance £6Bl Is id. The chairman, in rnonng tno adoption of the balance-sheet and report, (reviewed tho operations of the Socitly lor the year. The motion was seconded by llr A. Blakeley and carried. Messrs L. B. Evans and H. Mcintosh wers re-elected directors and Hessrs C. H. Wright and A. Blakeley auditors. Mir R. Wylie, who haa been a director of the Society since 1905, gave notice that he wished to retire. The chairman moved that appreciation of the long and valuable services rendered to the Society by Mr 'Wylie tie placed on record

Messrs L. B. Evans and H. "Wilson spok? in support of the motion and expressedthe regret all felt that Mr Wvlie "had decided to tretire after having hnld office for t>o many years. The motion was carried.

At a meeting of the Directors, Mr" T*. K. Leithead was re-elected chairman for th 3 ensuing year, and Mr C. H. "Wright wa3 elected deputy chairman. It was decided to pay jSISeS Os 9d to shareholders whose shares fiau matured.