COMMERCIAL.

Press, Volume LX, Issue 18182, 19 September 1924, Page 10

COMMERCIAL.

ILLICIT TRADING. TOBACCONISTS COMPLAIN TO GOVERNMENT. (PBXSS ASSOCIATION TELEGBA3I.) WELUNGTON, September IS. A deputation of retailers and wholesalers in. the tobacco, industrj' waited on the Prime Minister (Mr W. F. Massey), and the Minister of Labour (Hon. G. J. Anderson) to-day "with a request that special legislation be enacted with reference to the sale of tobacco and cigarettes, etc. They urged that all tobacconists should be licensed, and that all shops dealing. in tobacco and cigarettes should be required to close at the same hour as tobacconists. The deputation did not ask for a monopoly, but for free competition upon equal terms. Tobacconists "w ore suffering from a distinct hardship through the illicit trading done by many who sold tobacco as a side-line Mr Anderson said that he thought it was possible that something could be done in the direction of licensing tobacconists. Mr Massey said that, without fully having considered the matter, it appeared to him that the tobacconists liad a grievance. Their requests seemed reasonable, and might be given effect to.

ENGLISH OIL COMPANY. BIG WORKS AT MIRAMAR. (PRESS ASSOCIATION -I*LSG*AV.) WELLINGTON, September 18. An English oil company, operating in New Zealand, has secured an area of 25 acres at Miramar on which it is erecting a plant, including a tank, for kerosene and motor spirit, and also canning works and tin and box-making factories. The expenditure will amount to £250,000, necessitating additional wharf accommodation, so that 'the total capital expenditure will probably reach £320,000. The whole of the firm's New Zealand business will be handled from Wellington. Oil will be brought in large tank steamers, pumped into the reservoirs at Miramar, and then cased and boxed for distribution. About 400. hands will be employed when the business is established at its full capacity.

SOUTHLAND WOOLLEN MILLS. The first meeting of . the provisional directors of the Southland Woollen Mills, Ltd., was held at Gore this week. The chairman (Mr P. Wall is, jun.) reported on the progress made by the company since the work of formation had comjnenced. He stated that 36,570 shares had ioen applied for to date, the number of subscribers being 560. This response, ho -thought, could be regarded as very satisfactory. Mr Wallis added that as the share list included between 200 and 300 farmers and wool-growers they could confidently expect further substantial support being accorded to the company. The question of registration was fully discussed, the opinion of the meeting beixg that the company should not commence ' .business until a substantial amount of capital had been subscribed. The meeting supported the statement of the chairman that the objective should bo the raising of £IOO,OOO in share capital. It' was resolved that the necessary steps be taken to register the company, and it was subsequently reported that registration had been duly effected. Mr P. H. L&batt, of Christchurch (chief broker), stated that he was prepared to give an assurance to the board that the ■work of organisation as uncletrtakeai (by him would be actively continued with the object of obtaining the amount of capital requited. Mr Labatt added that he had every confidence in the future of the woollen industry.

WANGANUI FREEZING COMPANY. In view of. the fact that the Wanganui Meat Free*ing Company made a loss of £B2Oi on its operations last year, together with £6OOO written "down for depreciation, it was only to Be expected that some criticism of the balance-sheet would take pkee at the annual meeting ofahairihol dere as it did this week. The net. debt,, after deducting the credit balance of, £2511 15b 7d "brought forward from last year, is £11,692 12s 2d. ' This company' has called up all the lower paid shares to £3 10s each in five quarterly csils of 10» ft ehaie. 3£our of those calls have .matured, and the next is due on October 16th. The total amount of caspita! reoerved during' the past, year ia £12,922. The company's liability to its frfrTiirftrj. is £91,120, and debentures, mortgages, *nd sundry creditors total £33,710. The 'assets are aet down at £253,203, including works, land, plant, and lighter £176,179, stock £79,786, and sundry debtors £5948. Mr Ewen A. Campbell, chairman of direc- . tors, explained that the company had had - bad year, but there was some consolation in the fact that other .freezing companies had experienced even & worse year. Competition was very' keen, he said, and the ■ bottom dropped out of the London market, meat was selling there at a -lower price tivrn, tlie company j*ai<l lor it f hen. He hoped far an improvement during the next year. * • Mr Hope Gibbons considered that the .*Wanganui Heat Company had done better than many. At the same time the result of the operations, it seemed to him, . -was conclusive proof that the freezing industry was overdone. The ' amalgamation ; of the companies was the only way to reduce the expense and ; make the position sound. It was, however, a difficult matter to accomplish. He • thought the company had done fairly well < when all the circumstances were considered. He gave instances "of the failures at Patea, Whakatane, «sd elsewhere. The Wanganui .company had-to carry,on and give the prices. It was all very well for critics to sav that farmers had not got the benefit. If the ocoppany did not pay the price it would have to give up. He instanced the loss in a (Sax company he was interested in of £SOOO last year, but it had to keep going and ■ take the bad times with the good. He advised ; drastic economy from within and to got activo young fellows to do the job and see it through. TALLOW. - Dalgety and Company, limited, have re- ' , ceived the following cablegram from their i London office, dated September 17th: — '"Tallow—At the weekly auction 960 casks , tallow were offered and 645 sold. Prices lor gut tallow ore 2s higher and other de- ' Ecriptione are on the average sixpence per : . cwt higher."

AUSTRALIAN MARKETS. (AUSTRALIAN A2TD X.Z. CABLE ASSOCIATIOS.) (Received September 18th, 9.45 pjn.) SYDNEY, September 18. Oats—Tasmanian Algerian 4s 4d to 4s 6d : * bashcl, white giants 4s 6d to 4s 9d. "Maize—Yellow 3s lOd to Ss lid, white . 4e 3d. Potatoes—Owing to heavy supplies, there « is a further decline to £4 to £6 a ton. » Oaioas are scarcer and rose to £22 a ton. ADELAIDE, September 18. 3d to 3a 3d.