FINANCE AND TRADE.

New Zealand Times, Volume LXXII, Issue 4636, 15 April 1902, Page 6

FINANCE AND TRADE.

SOUTH AFRICAN AND AUSTRALASIAN COLD STORAGE. With the object of acquiring and extending to Australasia tbo business of the South African Supply and Cold Storage Company, Ltd., a company has been formed under the title of South African and Australasian Supply and Cold Storage Company, Ltd. The share capital is fixed at £1,150,000, in 150,000 7 per cent. cumulative preference and a million ordinary shares, both of £1 each, and there is 5 per cent, first mortgage debenture stock amounting to £350,000. Onethird of the debentures and ordinary shares and the whole of the preference shares are taken by the vendor company, the South African Cold Storage, which stipulates that its ordinary shareholders applying for ordinary shares shall have a preferential right of allotment to the extent of 309,000 shares. The company is to provide for the various centres throughout South Africa a direct and regular supply of fresh and frozen meat, foodstuffs, live stock tor breeding and slaughter and carry on the business of cold storage proprietors. The prospectus states that it is intended to immediately establish agencies or branches at Melbourne. Sydney, Brisbane, Wellington, Auckland and Canterbury, and the Australasian products will receive preferential treatment as regards imported supplies, on which the directors believe South Africa "will have to depend for many years to come, owing to the loss of cattle by the war and rinderpest. The South African Cold Storage Company was formed in 1899, and there are now comparatively few important centres, from Delagoa Bay to Capetown, where it has no established trade interests. The assets to be taken over by the new concern are valued at £750,000, and the goodwill and benefits of contracts are put at £250,000. It is certified that the profits of the year ended 30th Juno last, exclusive of War Office contracts and extraneous sources of income, were more than sufficient to pay the interest on the present issue of debenture stock, the*preference dividend, and 15 per cent, on the ordinary. The purchase price is £1,000,000. The Board consists of Sir Edwyn Dawes (chairman), Mr C. S. Dicken (formerly Acting Avent-General for Queensland), Lieut General Sir Forestier Walker and Mr Win. Weddel, of W. Weddel and Co., the well-known Australasian frozen meat and general produce importers. There is also an “Advisory Committee in Australia,” consisting of Mr John Cooke, of Cooke and Company and Mr J. H. McConnell of Crossbrook. Queensland. The o-eneral manager in South Africa is to be Mr J. K. Stephenson, at present general manager of the S.A.C.S. Co., and the vendors stipulate tjiat they shall have the right to, appoint to -the directorate Sir Peter Faure and Mr E, R Stephan, present directors of the S.A.C.S. Co. COMMERCIAL CABLES. PRESS ASSOCIATION. ' LONDON, April 13. Copper, on the spot and three months, both £53 12s 6d per ton. Silver, 2s 0 11-16 d per oz. Lead. —Imports last month, 18,426 tons, including 4906 Australian; exports, 2665 tons. Wheat. —Two Sydney cargoes have been sold at 29s and 29s 3d per quarter' respectively. Hemp—Steady. Fair Wellington, April-May shipment, £34 15s per ton. Hides, leather and basils unchanged. Frozen Meat.—Mutton Crossbred wethers and maiden ewes, Canterbury, 3 13-16 d per lb; Dunedin and Southland, 3|d; North- Island, 3’d. Lamb— Prime Canterbury, s|d per lb; fair average, unchanged. River Plate,' unchanged. New Zealand beef, scarce; nominally forequarters 4Jd per lb; hinds, 5Jd. No Australian beef offering. (These prices are the official quotations furnished by the Frozen Meat Trade Association. The basis of quotations is sales of lines of not less than 100 carcases of mutton or lamb' or 25 quarters of beef. All quotations for mutton are for fair average quality. The quotations for New Zealand lamb do not include sales of small lambs or heavies of inferior quality.) WESTPORT. April 14. The Westport Coal Company’s output last week was 5785 tons 7cwt.