COMMERCIAL.

Press, Volume LXVI, Issue 19889, 28 March 1930, Page 17

COMMERCIAL.

(CONTINUED.)

SALES OP CROWN LAND. (TBSSS assocutiox tilbsrah ) WELLINGTON, March 27. Sales of Crown lands in eastern Lower Hutt since August, 1926, hist night readied a total value of £600,000. Twenty-five sales have now taken place, and yesterday's was the last big sale.

Active building operations which have taken place as a result of tb<3se sales are rapidly transforming the lower part of the Hutt Valley into the resemblance of.a fair-sized city.

PRUDENTIAL BUILDING SOCIETY. ANNUAL MEETING. The fifth, annual meeting ©£ the Prudential Building and Investment Society of Can* terbury was hold last evening, the chairman of directors (Mr A. JXanhire) presiding over a small attendance. The directors' report stated that during the year £36,000 was allotted to members by ballot, and it was hoped during the present year to increase this amount considerably. In addition to thiß a large number of loans were arranged on first mortgage for members. The total loans arranged by the Society amounted to £90,160 2s lid. The number of shares on the books was 4368. The profit and loss' account showed the satisfactory profit of £1540 2s 4d. The directors had declared a dividend of 6 per cent, for the year on contributing shares, which had been added to the members' subscription accounts, and had carried to the reserve account £641 5s 4d. During the year the Society received the members' authority to issue A capital shares. Thß retiring directors were Messrs M. J. Doyle and P. Helmore. who did not offer themselves for re-election.

Mr Manhire said that they would agree that the year had been a very successful one. He impressed upon shareholders that when they got their ballotß now was the time to use them, because he was sure property was not going to get lower than it was today. At present the Society had only two properties on its hands, which spoke very well after bo many large deals in the past five years. He referred, also to the resignation of Mr M. J. Doyle, who had to retire on account of ill-health, and he was sure the meeting would express its sympathy with Mr Doyle. On the motion of the chairman the report and balance-sheet were adopted. The chairman announced that only one director would be elected, it having been decided to limit the directorate to four, Messrs T. Wallace and W. Thompson were the only nominees, and the ballot resulted in favour of Mr Thompson. Mr F. G. Dunn was re-elected auditor. On the motion of the chairman a> voto of sympathy with Mr Doyle in his illness was passed. The meeting unanimously decided to fix the directors' fees at 30s a .meeting for the twelve meetings during the year, and to increase the chairman's remuneration from £lO to £25.

It was stated that although the directors had been entitled to fees they had chosen to pay them into the Society, and it was felt now that the financial position .of the Society justified the payments being made. The meeting also expressed its appreciation of the work of the secretary (Mr Percy Helmore), and of the chairman during the year.

COUPONS WITH GOODS.

GOVERNMENT AND TRADING.

The South African Union Government is considering an unlawful trade scheme roeasure by which traders are to be prohibited from giving prizes, rewards, or anything of the kind with goods sold. Such gifts shall be deemed to be "a lottery,. notwithstanding that the prize reward or gain or grift purports to be, or is, made, given, or based wholly .or partly upon any skill shown in any competition held in connexion with any such sale or purchase." Gifts then are to be construed as lotteries, and therefore illegal, but rebates and discounts in the ordinary course of business aTe permissible. In Victoria, before the. defeat of the last Government, a Bill for the abolition of coupons used in selling goods had reached the Committee stage. The Government went out, and the Bill dropped out of sight. Now a number of large Australian tea firms operating in Victoria have decided to adopt the coupon system Jot the sale of their ■ goods. Teas are now on the market with coupons in their packets, entitling buyers who have collected a sufficient number to prizes of various kinds. The firms have decided upon this course because they have been suffering from the competition of a large organisation, which has built up an extensive business in tea, and has always offered coupons to householders. The grounds on which the Victorian Bill was introduced last year were that consumers were paying more than the real value for the goods they received in order to provide selling firms with money to pay for the prizes offered. Although this was considered to 'be justifiable, it was not considered to be in the best interests of the people, who were likely to be led astray by the offer of gifts which they might not require, and who might conceivably be induced to buy inferior goods on that account. If the system extends from the saW of tea to the distribution of other goods, it is expected that it will break down under its own weight.

THE HIDES MARKET, s

(Received March 27th, 9.20 p.m.) MELBOURNE, March 27. Values of hides aro unchanged, and there is a, firmer tone throughout.