ANGLO-COLONIAL NOTES

New Zealand Herald, Volume XLI, Issue 12190, 9 February 1903, Page 6

ANGLO-COLONIAL NOTES

[VEOM OCR OWN CORRESPONDENT.] Lonbok, January 3. NEW ZEALAND AND RIVER PLATE LAND MORTGAGE COMPANY. The directors of the Now Zealand ar River Plate Land Mortgage Company wi present tho following report to tho shar holders at tho nineteenth annual gener meeting, which is to be held on Tuesds next, the 6th hist. :—"The net profit for tl year ended October 31, 1902, exclusive of tl amount brought forward from the precedii vear, amounts to £32,196 5s 2d, and compart with £31.572 15s Id for the year ended Oct. ber 31, 1901. being an increase of £623 1! Id. Only the revenue actually received i cash during the year has been included. I tho addition of £704 16s 4d, brought fonvai from the preceding year, tho balance to tl credit of profit and loss account, amoui) to £32.801 Is 6d. Out of this sum an ii terim dividend of 2£ per cent, for tho hal year ended April 50, 1902, was paid, arnouu ing to £6993 14s, leaving a sum of £25,9( 7s 6d, which the directors recommend shoul be applied as follows:—To payment of dividend of 3£ per cent, on the £1 per shai paid up on 279,743 shares (making with tl interim dividend of 2£- per cent, a total di tribution of £16,784 17s 7d, being 6 per cen for the vear), £9791 3s 7d; to reserve'(ma) ing the reserve £175,000), £15,000; to be ca ried forward, £1116 3s lid: total, £25,907 ' 6d. The whole of the investments of tl company are in a thoroughly satisfactory coi dition. In accordance with the regulatioi of the articles of association, Mr. H. . Gibbs and Mr. L. A. Nathan retire from tl Board of Directors, but offer themselves ft re-election." COLONIAL AND INDIAN EXHIBITION I learn that a well-considered scheme on foot for organising a colonial and India exhibition, to bo held in May, 1904, mult the auspices of the British Empire Lengii' It will be much on the lines of tho exhibitio of 1886, and negotiations are in progress fc securing the grounds of the Royal Botan Society in Regent's Park, containing 1 acres, as a site for the necessary building; It would be premature at present to sa more about it, but by next San Francisc mail I may be able to give more detaile information. There can be no doubt thfi tho present is a most favourable time i every respect for such a movement, becaus tho minds of all thinking men are directe toward the colonial Empire and its futur possibilities. Speaking generally, the ide is the practical outcome of the Prince c Wales' suggestive tour of the King's Po; sessions Beyond the Seas. The scheme i being elaborated on a basis that seems t ensure a brilliant success. The benefit t the colonies represented will, it is behaved bo enormous, and such an exhibition wil accentuate more than anything else Hi Royal Highness' advice to the nation, in hi excellent speech at the Guildhall banquet to " wake up." The total number of visitor to the series of exhibitions at South Ken sington—the fisheries, the inventories, am the colinderies, as they were respectively dis tingjiished 16 million?, more than V millions of whom were registered at the Co lonial Exhibition, the last of the series. An other Wild West Show of the "Buffalo Bill' kind is being organised at Earl's Court fo the coming season, but that will he of tin spectaoular order, whereas this contemplate* by the British Empire League is. of course of an educational and commercial character THE IMPERIAL INSTITUTE. It is announced that " in accordance witl the Imperial Institute (Transfer) Act, 1902 the management of the Imperial Institute will bo vested in the Board of Trade fron: January 1, 1903. In carrying out those duties under the Act the Board of Trade wil bo assisted by an Advisory Committee, re presenting various Government departments and the Indian and colonial Governments The institute will be managed by the Boarc of Trade through their commercial, labour and statistical department, of which Sir Alfred Bateman, K.C.M.G., is comptroller treneral. The Board of Trade has appointee Professor Wyndham Dunstan, F.R.S. (now director of the scientific and technical department of the institute), to be director oi the Imperial Institute at South Kensineton. Professor Dunstan will continue in charge ol the scientific investigation of economic prowill supervise any other branches of work carried on by the Board of Trade in the building at South Kensington, deluding the collections of products of the Empire so far as they will be under the control of the Board. The work will l>c carried on by the commercial intelligence branch of the Board of Trade, which, subject to the comptrollergeneral, is under the direction of Mr. Thos. Worthincrton. The question of a citv office for this branch (which is now located s-t 50, Parliament-street. S.W.) is receiving the attention of the Board, and pending its establishment verbal : nquirics on commercial matters after January 1 must be addressed to the branch through the temporary inquiry office established in 49. Easteheap.' the city office of the Imperial Institute. Those arrangements do not affect the parts of the collections and the information offices under the special charge of representatives of the India Office and of certain colonial Governments." Interviewed by a London press representative on the subject of the new move, Mr. W. P. Reeves is reported as. saying: — " I have always believed, and still believe, that there is scope for the Imperial Institute —plenty for it to do. Some three years ago I visited Philadelphia, and saw the Commercial Museum and the Bureau of Manufactures which they have there. Their purpose is to exhibit products, circulate commercial information, and generally help to develop trade. Since then I have thought that something of the kind might be undertaken in this country by the Imperial Institute. My idea was that the Imperial Gjvernment should itself take a direct interest in the matter. Accordingly. I think the taking over of the Imperial Institute by the Government is a good step. The rest defends on what is done with it—what rigour Is put into it, and the extent to which i'ne sympathy of outlying parts of the Empire :an be enlisted." NEW ZEALAND FINANCE. Reminding its readers that some weeks ago i correspondent of the Financial .News called ittcntion to the reckless financial methods )f the New Zealand Government, and prelicted that unless more prudent courses were idoptod the colony would very shortly find tsclf in an extremely awkward finnnchl prner, the Financial News says: — "This aricle aroused some hostility at the time, and hough the writer's conclusions were serimsly criticised, his facts were not gainsaid, or the very good reason that they jould lot be. The following advertisement, rhich appeared in a recent issue of tho Sydley Morning _ Herald, throws some more ight on the situation." This advertisement. s, of course, the one offering New Zealand iovernment debentures at 4 per cent. The financial News proceeds: "In his recent Budget speech Sir Joseph Ward stated that he had discontinued the issue of 4 per cent, debentures, and was substituting 3& per cent. instead. If he made the experiment it was evidently not successful, and he very soon reverted to the 4 per cent. That *''s the rate the New Zealand Government have been paying for some time past. ... The last Budget shows over-the-counter sales to the extent of £1,629,150. for which the taxpayers of tho colony have to pay 4 per cent, interest, nndthe process is still "going on." In conclusion the same writer remarks:"The scheme, it will be noted, has not even 'he merit that the money is being raised in the colony, and the interest locally retained. At any rate, the issue has had to be widely advertised in Australia, which does not "look well. 'The present Government, during their term of office, have reduced the interest on Post Office Savings Bank deposits from 4 per cent, to 3 per cent. Seeing that the Government is the chief borrower of savings bank funds, the position is rather an anomalous one, for it works out at this—that the Radical-Socialist Cabinet pays its belo/ed working classes 3 per cent, for money and pays the hated capitalist 4 per cent. The public opinion of New Zealand is strangely apathetical to the financial doings of its "Government, but occasionally an Opposition journal indulges in some 'trenchant -riticlsm. WIT AND HUMOUR. In the course of an article on Wits and Humourists Among Colonial Legislators," the following passages occur with reference to incidents in the New Zealand Legislature: ~ The average colonial is good-natured. Ihe heavy and the wearv weight of all this unintelligible world' lies lightly on him. Not only does he lauerh heartily, but his 'iaugli is sometimes audible half-a-mile awav" and is '"a political weapon to disconcert opponents. The anti-socialist legislator wields the same arm. At a time when all trades are being controlled and inspected, he introduces a Bill to regulate the industry of washerwomen, so obviously designed in mockery that the Speaker promptly strangles it. ... A rival geologist (for our jester was an F.G.S.) had a theory—or the theory had him—that an indigerfbus dancer race had preceded the immigrant Maoris in New Zealand. In a cave near Christohuroh he un- j earthed a skeleton that he rashly assumed j to have belonged to one of thar"raco. Our jester was down on him like a tiger. From | his place in the Legislative Council he j_sked the Colonial Secretary whether he would have an inquest on the remains of the unfortunate man, etc., etc. The Colonial Secretary replied in the same Mephistophelean vein, and the bemocked geologist took his revenge by describing his satirist

in 'Nature' as ' the recognised jester of the Legislative Council.' Even where there is a strong Speaker, Horner sometimes nods. The accuracy of a citation „'rom one < ' Motherwell's songs was challenged. To sett the matter, New Zealand's only poet got v in the House and there, without let t < hindrance, sang the song through, 'To £i ■, me sae before folk!" u A HUNDRED PER CENT. DIVIDENI e . "One hundred per cent." is ail agreeab i dividend! Unfortunately it is not a con mon one. But it has come to the. luck »y shareholders of one company. A Lone!': lie paper, referring to the matter, might v.c , e remark: "Cold storage, as those who lim followed the fortunes of the South Africa * Supply and Cold Storage Company knov es was a very profitable business during the \va °" and, judging by the remarks of the chairms 03 at the third and last annual general meetiu; in held on Monday at Winchester House, it 5 ? likely to continue so in the future. It v-t, l 'd said Sir James Sievwright, in June, 1891 ie that the company was formed, and sine ts then it had been "able to distribute 109 pc n " cent. This was followed by £2 per shan M' and to-day they proposed to distribute ,r " further £2 more. This, with the skin 37 which the shareholders would receive in II Id new trust, gave them something between £' a and £12 per share, upon which he thouyrl r0 they could congratulate themselves. O ie February 27, 1902, the company sold its goo< ? " will as a going concern to the South Africa ,t: - and Australasian Supply and Cold Storag ' c " Company. Since March 31 the company r ' profit had only been £379,253. This \v£ ? s due to the rinderpest. However, as the ri le suit of forming subsidiary companies, an n " the sale to the South African and Aus..-a :1S asian Supply and Cold Storage Company J- there was a total of £1,066,982, to which wi ie to be added £44-,463 'carried forward,' an Jr £1,000,000 previously standing to the cred of the reserve fund, making a total ( S T . £2,113,445. Deducting the amounts oak ; s there was £1,325,828, out of which the dire< in tors recommended tho present dividend c er £2 per share." <?. A NEW COLD STORAGE COMPANY. 111 A competitor with the South African an ? r Australasian Cold Storage Company ha '° arisen. This week tho Federal Supply an "■" Cold Storage Company of South Africa wa s> registered at Somerset House, with a capitr i y of £500,000 in £1 shares. The object J *9 stated to be to acquire and amalgamate th '" undertakings of the Buffalo Supply and Col *' Storage Company, of Fast London (incrud 11 ing the business of James Adams, of Fas '1 London and King William's Town), tho Dm " ban Ice and Cold Storage Company, H. .1 ' e May and Son, of Durban; the Orange Rive '■* Colony Cold Storage Company, of Bloom } f fontein ; Angehrn and Peil, of Johannesburg ?" and W. S. Crart. of Pietermaritzburg, am IS to carry on the business of a supply and coli 0 storage company in nil its branches. Th' 0 subscribers are: Messrs. E. Nelson, M '• Bergh. R. Cooper, J. Conchie, R. W. Cooper " P. Holmes, and A. E. Blow. Tho minimun ; 5 cash subscription is 50 per cent, of the share 13 offered to the public. The number of dir?2 "> tors is to bo not less than three nor mon 's than five. The first are : Messrs. W. Neho.i i- 20, Castle-street, Liverpool; E. Nelson, £7 d Charterhouse-street, London; M. Bergh, 601 '- Central Meat Markets, London; R. Cooper 0 53, Coleman-street, London; and W. S '- Crart, Pietermaritzburg. Tho qualificatior [• is £500, and remuneration is put down &' £1000 per annum, divisible, i' Referring to the formation of the Federa e Cold Storage Company, a city writer says:— J "The subsidiary of the James Nelson Com '■, pauy is already squalling in the maric.t '• Yesterday there were sounds of 5-Bth pr--mium, and the christening seems to have i resulted in the name of the Federal 0-l.c ; Storage Company. Why it has been baxr ' is not exactly clear, but it certainly has meant an increased value of tho parent ir n the eyes of the market gamblers. The capi , tal of the subsidiary is said to be £160,000, but, the sponsors do not seem too willing to " tell the market much about it. It is obe hoped that there is to be a prospectus and ; full details to justify preliminary dealings. The why and wherefore of the offspring ' should be told, just, as some people w>uld like to know the exact why and wherefore ; of the full extent of the rise in James Nelsons." [ the king's colonials. f A handsome donation has been made to . the funds of the King's Colonials. Recently f Colonel Wallace stated that tho corps was . short of funds. He has since received , several contributions, including a cheque for , £5000 from a friend.