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COMMERCIAL., Issue 15632, 24 October 1914
MONEY AND MARKETS. LONDON, October 23. —Bank Returns and Discounts.— Tho Bank of England returns show that the stock of gold coin and bullion is £59,498,000, tho reserve £43,714,000; proportion of reserve to liabilities, 27.52 per cent. The notes in circulation total £34,799,000; public deposits, £15,764,000; other deposits, £143,058,000; Government securities, £24,074,000; other securities, £103,788.000. Short loans are discounted at lj per cent.; three months’ bills, 3 1-16 per cent. —’Wheat, Flour, and Barley.— Wheat is firmer owing to the American recovery. Most descriptions are 3d dearer. Australian landed, 47s 6d and 48s. Flour is firm. Australian store, 35s to 565. Barley is steady and unchanged. —Oats, Peas, and Beans.— Oats are firm. New Zealand store, 29s to 325. Peas are firm. New Zealand maples, 55s to 625. Beans are steady. New Zealand, 40s to 425. —Butter and Cheese,— Butter. —Tho market is quiet, with a slight downward tendency. Choicest new Australian, 126s to 128s; exceptional, 130s. Cheese is quiet but firm. Canadian, 76s to 775. —Metals. — Pigiron, 49s 4d. Tin.—Tho market is strong. Straits, for cash, is quoted at £134 10s. American spelter, to arrive, £24 to £25. —Sugar.— Granulated sugar, 30s. —Wool.— The Bradford wool market is exceedingly strong, and prices are very stiff owing to the scarcity of raw material. Sixty-fours. 30jd; sixties, 29k1; common sixties, 28d ; fifty-sixes, 27d; fifties, 24Ad; forties, 19d. SOUTH OTAGO FREEZING COMPANY. The annual meeting of shareholders of the above company was held at Balclutha yesterday. The report for the year ended August 51 stated that the number of stock treated during the season was 10,909 sheep, 50,916 lambs, 682 cattle, and 9,118 crates of rabbits—a decrease on the figures for last season, but accounted for by the unfavorable season. During tho season slaughtering pens for cattle had to bo erected, and, judging by the late rush in cattle, the expense was amply justified. The Finogand works had been gazetted an abattoir for Balclutha and surrounding districts, and they expected to start operations on November 1. While there would not be much profit in this branch of the business, it would keen the permanent hands employed. The balance-sheet for tho year showed : Receipts, £21,621 3s 9d; expenditure (plus preliminary expenses), £21,385 3s 9d; credit balance, £236 3s 9d. In moving the. .adoption of the report and balance-sheet the Chairman said that the past season had been a very unfavorable one for fattening lambs, so that there was no need for discouragement over the fact that the output was somewhat less than that of the preceding season. In spite of that, however, they had managed to come out on the right side, and show a profit ox £527 9s Id. They had made a good start for the present season, as they had opened early in September, and had since put through 7,600 sheep .and 1.050 head of prime beef. When they started their works they did not provide for slaughtering cattle, as they thought—and everybody thought—that they could never compete with the North Island in beef; but, with the outbreak of war in tho Empire, things had taken a very sudden change, and it was hard to tell what might eventuate. Mr J. Crawford Anderson, in seconding the motion, which was carried, paid a high tribute to tho directors for their work on behalf of tho company.
Messrs J. A. Duthie and J. Smith, the retiring directors, were re-elected,. It was decided that the remuneration of the directors should he £2OO per annum, instead of £IOO as formerly. Messrs Ban - , Leary, and Co. were appointed auditors.
COMMERCIAL., Issue 15632, 24 October 1914
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