MONETARY AND COMMERCIAL.

Lyttelton Times, Volume LXXX, Issue 10106, 3 August 1893, Page 5

MONETARY AND COMMERCIAL.

THE FROZEN MEAT TRADE. [Special to Press Association.] WASHINGTON, August 1. The run on the New York Savings Bank is subsiding. Three hundred thousand pounds in gold are expected at New York from London on Wednesday.

LONDON, August 1.

At the meeting of the Union Bank of Australia, a dividend of JBl per share for the half-year, equal to 8 per cent per annum, as recommended by the Directors, was agreed to. Mr A. Flower, Chairman, said that when the recent crisis began the Bank’s cash reserve was twenty-eight per cent of the total liabilities, and it never sank below twenty-four and a half per cent. It had now reached thirty per cent. He paid a high tribute to Mr Finlayson, the general manager, for hia action during the crisis, and announced that the Directors would shortly recognise hia services in a substantial shape. The Bank had acquired lately much fresh and valuable business.

A South Australian wheat cargo sold at 27s 9d. The wheat market is 6d per quarter lower this week. Indian 4 per cent rupee paper is quoted on the London Stock Exchange at .£6B 17s 6d per 1000 rupees. Three months’ bills are discounted at per cent, being an advance of i per cent. Colonial Government stocks are steadily rising. August 2. The Committee presided over by Lord Onslow, appointed to enquire into the question of marking frozen meat, has submitted its report. It finds that there has been much evasion of the Trades Marks Act, but that the offence is principally confined to the retail trade. It believes that in the event of imported meat being marked and recognised by the public, its popularity would increase to such an extent that it would displace second class home grown meat. The Committee recommends that butchers dealing in imported meat should he registered. NEW YORK, August 2. The Pork Corner in Chicago has collapsed. Many failures have resulted in consequence, and there is great excitement, aa the liabilities are said to be some millions sterling. The New Zealand Land Association, Limited, has received the following cable message, dated LONDON, August 1. Wheat. Foreign arrivals are heavy. The market is glutted and depressed. New Zealand f.a.q. new crop ia worth c.i.f. to arrive 26a 6d per 4801 - Spot quotations have declined Is per 4961 b since last report. The National Mortgage and Agency Company of New Zealand has received cable advice that the Arawa arrived at Plymouth on Monday evening, with her cargo of meat in good condition. [The Arawa left Lyttelton at noon on June 22, from which it will be seen that she has made a remarkably good run Home in thirty-nine days, including stoppage at Rio.]

SHIPPING-. LONDON, August 1. Arrived —Cordillera, from ' Lyttelton, sailed March 22; Himalaya, from Auckland, sailed March 14; SYDNEY, August 2, Wheat, chick 3s 3d, milling 3s 6d; oats quiet, firm, bright heavy feed 2s lOd, Tartarian 3s; maize, prime dry 3a 8d; barley. Cape 2s lOd to 3s; beans, 8d to 8-Id; pollard, Bld to Bjd; peas, Prussian Blue 4s 2d; potatoes, local 10s, New Zealand £S 15s, Circular Head £6 10s to £7 ; onions, <£6 5a to £8 10s; butter, dairy, lOd, actory Is; cheese, 3d to 5d j bacon, 4d to 7d, hams. New Zealand, Is. MELBOURNE, August 2. Wheat, 3s to 3s 0-Jd; flour, stone, £8 5s to <£6 15s, roller £8 17a 6d to £7 7b fid; oats, Algerian, Is lid to 2s OJd, stout 2s did, Tartarian 2s 3|d to 2a 4-J-d; maize 3s 2d; barley. Cape 2a Id; peas2s sd; bran, 8d; pollard 9d; potatoes, J£4 10a; butter, sdto lOd, cheese 5d tos Jd; flax, JSI7 to £l9. ADELAIDE, August 2. Wheat, 8s to 3s Ojd; flour, stone, £7 7s fid to £7 10s; roller, £7 12s fid to £7 17s fid; oats. New Zealand, 2s 7d; bran and pollard Sad. [Feb Pbsss Association.] DUNEDIN, August 2.

The annual meeting of the New Zealand Refrigerating Company, held to-day, was a little lively. The Chairman, Mr John Roberts, said that the unsatisfactory result of the operations was largely due to the prices for sheep in the Colony being relatively higher than in London. The Directors declined to risk shareholders’ money in speculation; 5000 sheep had been bought, on which lOd per head had been lost. They had seen buyers from Christchurch raiding North Otago (not, he hoped, to be shipped as prime North Canterbury) and buyers from Southland also giving tempting prices. He did not believe this could continue. People could not live on losses. Whoa a reasonable state of things prevailed the Company would be in a position to give the highest prices for prime mutton. Mr Borrie, Oamaru, declared that it was not creditable to the pioneer Company of Australasia to find it in the position it was. He declared that sheep went north and south because the charges were lower, and denounced the profit made by the Company on the harbour charges at Oamaru. The Chairman pointed out to Mr Borrie that if he and others got high prices irom buyers who sent north, they could not expect a dividend from the Company in which they were shareholders. The Chairman said they were prepared to freeze at fd, but they would shut down rather than freeze at a loss. Mr James Smith (Greenfield) and Mr J. T. Wright were elected Directors.

The New Zealand Land Association, Limited, Melbourne, writing under date July 25, reports as follows: —Our wheat market is more active, and a steady demaud has set in. Sellers, however, are very slow to take advantage, hence the offerings are not large by any means. We do not, however, any increase in values, except in case of a temporary pinch. We quote a firm market to-day at 3a. In feed stalls the demand is principally with oats. Good values have been ruling, and a further increase is not unlikely. We quote to-day—Stout up to 2s 4d, Danish 2s 2d to 2a 3d, Tartarian seed 2a 4d, Algerian feed Is lOdto Is lid, milling 2s to 2a Id. Maize has a moderate enquiry at 3s for new, and up to 3s 3d for oats. Early is steady, and prices remain unaltered; to-day 4s 5d to 4a 6d is the nominal value. Peas i'-T-ro less enquiry, 2a 5d now offered.