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COMMERCIAL., Issue 8001, 2 September 1889
«Jr. 'die amount of revenue collected at tho Cujtom-hotifio on goods beared today for con->-:niniMi"n was 186118s 9d At the meeting of the New Zealand Meat Fxport Company at Cbristchurch on Faturday tht: manager reported a very satisfactory disposal of shares amongst Canterbury farmcra. The company was now ready to make a commencement. 1* was decided not to confine operations to shipping beef alone, but also to send other produce to Australia, Tasmania, etc. Messrs James Hurse, K. M'lntoßh, G. Gould, R, Latter, and M. Macfarlano were elected directors. A thousand acres of land near Feilding have been purchased by a Christchurch man. CATTLE FOR INDIA. Wellington, September 2.—The s.s. Bothwell Castle (wires "Our Own"), with a shipment of horses for India, leaves to-night. The shipment numbers 332 horses—loo shipped by Mr John Grigg (Canterbury), 100 by a West Coast syndicate, and 130 by Mr John Stevens, of Kangitikei. Messrs Grigg's and Stevens's horses are an exceptionally fino and even lot, and iucludc several thoroughbreels. There are upwards of forty ponies on board, some of which have proved themselves undoubted clippers. ____ STATISTICAL. The Customs revenue for August amounted to L 142 68G, against L 136.625 for the same month of last year and L 120.015 for July last. The principal ports returned aa follows: Auckland, L 87.674: Wellington, L 23.560; Christ hurch, L 23.100 ; Dunedin, L 33.692. The beor duty for August was L4,O(W, against L 3.623 for tho samo month of last year, Auckland contributed L 855. Wellington L 491, Christchurch L 949, and Dunedin L 852. THE LONDON MARKETS. Tho New Zealand Loan and Mercantile Agency Company have received tho following cablegram from their London office, dated 30th August: —"The Antwerp wool sales are higher; Australian Ims advanced id per lb. New Zealand wheat (f.a.q , c.i.f,, off coa3t) has declined 61 per 4801bs since hst report. The weather is all that can be desired; market has a downward tendency. Frozen meat: There is little demand ; supplies fuller. Mutton market has a downward tendency. Canterbury mutton is worth fjg.l per lb; Wellington mutton, is worth rVJ.-l per lb Beef market depressed." THE LABOR MARKET. Mr Skene reports :—Spring orders have made a spurt at last. Wages: Marriol shepherds, L7O; farm couples, L6O, LOS, and L7O; ploughmen, 20s and 17s 6d; shepherds, L 55 and LOO; | cooks, 20* and 255; gardeners, 25* and 30 1 grooms, IHi and 20i; milkers, 10s, 12s, and 15s; store hands, 201 and 30.); farm boys, 5s and 10s; bullock drivers, 255. MINING NOTES, A Reefton telegram gives the following as the Reef ton battery returns for the week: -Keep-it-Dark, 3920z amalgam from 180 tons (cleaned up for the month with 4060z gold from 875 tons); Globe, 35Soz amalgam from 190 tons (cleaned up for the month with 318 z gold from 910 tons); Inkerman, 7150z amalgam from 50 tons; Inglewood, 760z amalgam from CO tons; Golden Treasure, 04oz from 100 tons; Progress, 352uz amalgam ; Nil Dosperandura, not crushing. Mr D. M, Speddiag held his fortnightly sale ' < f shares in Watson's largo commercial room on Saturday evening. Inkorrmns Bold at 28s 6d ; Homeward Bounds, G3; Welcomes, 10i 6d; Re wauls, 2j 9J ; Scotias. 17s; United Alpine, 20s Pel; All Nations, Is lid ; Jast-in-limes, 2s Id ; Sir F. Drakes, 2s 6d: Globes, 20s; Lone Stars, 2s; Wealth of Nations, sa; Nil Desperandums, 8s Cd; Promoters (Nenihoru), 2s 2d. Keep-lt-Darks &nd Lyell Creeks were passed without competition; 500 Hard to Finds were sold privately immediately before the palo at 4s. The ' Dunstan Times' says that the excitement over the prospects recently obtained from tho eleep shaft at Tinkers duiing the past week has been intense, and revives the memoiiea of lh* early days of gold digging. There is no doubt that prospects of a Jiwt to the dish, with 6ft of wash (as far as yet known), are something worth being excited about; but it would be too much to expect that ail tho claims now marked out will prove equally good, although somoof them are not unlikely to provo richer still, whilst it is impossible to foim a correct opinion as to the depth to which this wash may extend. The return of the khotover Big Beach Company is lOloz fidwt of retorted gold for the fortnight ended August 31. The yieM of the Auckland mines for the half year ended June 30 la»t was 9,7300z, valued at L38.6C6, against 18,0570z for the same period of 1888. An explanation of the marked decline in tho output is suggested in the fact that work has beeu practically suspended on the Te Aroha field, pending the completion of smelting works there. THE BLUE SPUR AXD GABRIELS GULLT t'OXSOtIDATED COMPANY, Wo have received by the last mail a copy of the balance-sheet showing tho position of the Blue Spur ai.d Gabriels Gully Consolidated Gold Company, Limited, up to the 31st M*rcb, 1889. The particulars of this document are not of the most reassuring charaoter ; and to men who have invested considerable sums under the belief that they wer9 to receive large and regular dividends the study of Buch a document is about the best cure for human confidence and credulity that could posiibly be conceived. Our sympathy, we must eay, is equally distributed between tho shareholders and the Home directors, What a mortifi :ation for gentlemen who had been accustomed to assoro large meetings of enthusiastic shareholders, amidst salvos of applause, that they were prepared to pay monthly dividends, at the iato of L 50,000 a year clear profit, from the Tailings Company's claim alone, to be brought down now to the humble admission that all tho money in hand is 5s 7d ! Here is what the balance-sheet says: "In hand at London office, 5s 7d." The directors' fees (whiih. we presume, cover the fees of tbe now defunct local board of directors) iun into tbe handsome sum of L 1.670 16s BJ, exclusive of a sum of L 36 14s 10d, "travelling expenses in Now Zealand." The "suspense account" amounts to 13,273 4s Id. What is meant by tho " suspense account" it is hardly necesfary to say, as the whole business right through has been an unbroken period of the most agonising suspense. The rep »ir and construction of water races, erecting new jsts, etc., have, according to the balance-sheet, cost the company L 2,002 4s 8d; while the expenditure on 'plant and machinery (including options, L3Ol ss)" runs into the enormous sum of L 4.550 15s. This is a point on which there has been a good deal of contention, much contradiction, and diversity of opinion, and on which the Home directors received a very large amount of abuse. It was repeatedly stated that much of the failure was due to the inability or disinclination of tho directors to supply money for working expenses. Here, however, is a complete n f atation of such allegations. . . . The conclusion one arrives at after reading this melancholy result of misplaced coafidf-nce is that there has been too much liberality, too much trustfulness, and not quite enough of rigid and independent inquiry. The best testimony of this is the fact that after all the thoiißonds subscribed under circumstances of the cruellest character, and dibbursed with a prefuseness inspired by unlimited hope in the future, the first balance-sheet issued by the company should contain such an item as " In hand at Lonebn office, 53 7d!"— 'Tuapeka Times.'
COMMERCIAL., Issue 8001, 2 September 1889
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