COMMERCIAL

Evening Star, Issue 21966, 28 February 1935, Page 14

COMMERCIAL

QUILL, MORRIS, LTD. RECONSTRUCTION PROPOSALS The annual meeting of the shareholders of Messrs Quill, Morris Ltd. (in liquidation) was held in Christchurch on Tuesday. The trading operations of the company showed a profit for the year of £30,027 14s, with accumulated profit during the period of liquidation now amounting to £6,610 15s. The chairman (Mr H. J. Otley) commented favourably on the position disclosed, referring particularly to the bank overdraft, which now stood at £7,233, as compared with £41,896 at the time of liquidation. He commented also on the increased turnover, both in wines and spirits and in aerated waters and cordials. The adoption of the report was unanimously agreed to. The meeting then considered certain reconstruction proposals which were placed before the shareholders by the liquidators of the company, and on the motion of the chairman a sub-commit-tee, comprising Messrs J. S. Middleton, G. E. F. Kingscote, and A. Anderson, was set up to confer with the liquidators and report to a later meeting of shareholders. A motion of thanks to the liquidators was carried. AUSTRALIA’S DEBT LOCAL AND OVERSEAS A statement issued by the Federal Treasury shows that the Public Debt of the Commonwealth and States at December 31 last reached £1,237,122.393. Of this amount £394,492,806 was Commonwealth debt, made up of £278,695.941, representing war debt, and £lls- - the debt for works and other purposes. The total debt of the States was £842,629,587. An analysis of the Publib Debt; of Australia shows that £643.698,338 owed within the Commonwealth. £547.325,462 in London, and £45.898.592 in New York. The total annual interest liability on the debt of the Commonwealth and States is £48,965.229. Of this, £16,632.791 is payable by the Commonwealth—£ll,Bs7.222 in respect to war expenditure and £4,775.569 in respect to expenditure on works and services—and £32.332.438 is payable by the States. Of-the interest liability. £23,225.832 is to Australian bondholders. £23,436,887 is payable in London, and £2,302,510 is payable in New York. LONDON WHEAT MARKET. Press Association —By Telegraph—Copyright LONDON, February 27. (Received February 28, at 1.20 p.m.) Wheat cargoes are firm, responding to the good overnight _ trading. There was further business with the Far East in Australians and Plates. Sellers of Manitobas demand an advance, and Plates are occasionally 3d dearer. Australians are fully steady. West Australians, ex the Anglo Indian, 24s 6d; South Australian, ex the Padua, 24s 4Jd, ex Passat 24s 6d. Parcels are well supported, Manitobas being lid to 3d dearer. Plates had more attention, and are 3d up. Futures—London: February', 20s (J-Jd; April. 19s 10id; June, 20s 7Jd. Liverpool: March, 4s 8d; May, 4s llfd; July 5s l^d. GISBORNE’S LOAN CONVERSIONS(Pea Unhid Press Association.) GISBORNE, February 28. The Gisborne Borough Council has received Cabinet sanction to the conversion of loans domiciled in New Zealand, totalling £364,000. The conversion will ensure substantial relief of the interest burdens. NEW GUINEA GOLD SHARES. Press Association—By Telegraph—Copy) i«S» LONDON, February 27. (Received February 28, at 12.30 p.m.) New Guinea Gold shares are quoted at 4s 9d. SALES ON ’CHANGE: THIS DAY. Christchurch.—E.S. and A. Bank, £5; Mahakipawa, lOd; Mount Lyell, 17s 4d. Reported: Christchurch Gas (late sale yesterday), 355; Christchurch Gas, 355; Standard Insurance (cum div., late sale yesterday), 735. Auckland.—Mount Lyell, 17s 3d; Hill and Plummer, 17s 6d; Bank of New Zealand, 49s 3d; South British, 94s 3d; Woolworths Ltd., 91s 9d; Reserve Bank, £6 10s 6d; Bank of New South Wales, £29 17s 6d. Wellington.—4 per cent. Stock, 1940, £102; 1949, £IOB 10s, £IOB 12s 6d: E.S. and A. Bank, £5 Os 6d; British Tobacco, 38s; Rural Bonds, £lO5 ss; Mount Lyell, 17s 4d.