MONETARY AND COMMERCIAL

Lyttelton Times, Volume LXXX, Issue 10105, 2 August 1893, Page 5

MONETARY AND COMMERCIAL

[Special to Paisas Association.] LONDON. Jult 81. The Times thinks that the English bondholders will accept Sir G-. E. Dibbs’ scheme in its entirety, if it includes the appointment of a commission to administer the sinking fund. It suggests as members the Colonial Treasurer and the AuditorGeneral, with possibly a Governor of the Bank of England. At the annual meeting of the Union Bank of Australia, Mr A. Mower said that the Directors would always proudly remember the confidence shown in the Bank by the public during the recent crisis, and that fresh business was daily flowing in. The Hon Mr Mills was elected Director in place of Lord Hillingdon. The other Directors were re-elected.

A portion of the Duke of Westminster’s cargo is slightly damaged. Messrs Nelson Bros, have declared an interim dividend of 3 per cent. The City of Melbourne Bank reopens on Wednesday. August 1.

Mr Valentine, the butter expert who was appointed to report on the grading of New South Wales butter and the industry generally, suggests that New South "Wales should send butter of uniform quality, and appoint a permanent expert in London. He urges vessels being supplied with tell-tale thermometers, and that the Colony should send a consignment direct to English and northern consumers. Mr Valentine further suggests that a strong effort be made to reduce freights in produce from Australia.

MELBOURNE, August 1

At a meeting of the shareholders in Goldsbtough, Morfc and Co., it was pointed out that if the creditors' schema were adopted, fully 75 per cent of the shareholders would be unable to carry out their obligations, and it was decided to stand by the modified scheme in the hope that the British shareholders would do likewise.