COMMERCIAL.

Otago Daily Times, Issue 17328, 30 May 1918, Page 4

COMMERCIAL.

THE MONET MARKET.

Tho Now Zealand Trade Review say?: " The since our last report. There is sufficient alteration Binoe our las treport. There is sufficient capital available for all ordinary business requirements, and the rates keep fairly steady and firm, but money for loan on mortgage is not plentiful, as many large lenders have put considerable sums into the war loans to avoid tho heavy income tax The vast accumulations of produce of all kinds held up hero lor want of shipping spaee means a very considerable locking up 'of capital. The fact that the Imperial Government has either paid for, or made advances against dairv produoe, wool, and some other lines, has saved a very considerable further looking up of capital and ha 3 been of most material benefit in this way to UIR money market. Had the banks b<xm called on to financc all this it wiuld have caused a very serious depletion of their funds and made o very material diflerence to the tone of the money market. As it is, however they .no saved tliat, and as stated above there is sufficient money arailablo for all legitimate .needs. The valne of wool awaiting shipment would run into over ten millions, nnd dairy produce to about three millions, while the meat in etoro which is not financed by the Imperial Authorities would be worth noarly five millions. These figures give a fair indication of the effect of lack of shipping on finance, and what we are indebted to the Imperial Government for."

PERPETUAL TRUSTEES, ESTATE, AND AGENCY COMPANY.

The thirty-fonrth annual report states that the profit lor the year amounts to £3335 Os 10d, whioh adti*d to £4578 !)s Id brought forward from the previous year, less the snras of £10 10s contributed to the Halifax Disaster Fund, £20 to the K-i.lvation Army war work, and £25 to the Y.M.C.A. Triangle Day Vunrl, amount paid for inoomc tax for t'je year ended April 30, 1!)17 (£553 lGs Id), and £3125 transferred to reserve fund to meet the special bonus dividend of 2s 6il per share in connection with the increase of

tho paid-up capital to 10s per sliarp, shows :m available balance of £UT!t :is lOil. Out. of this an interim dividend at Uic intc of 121 per cent, per annum on liu> i )u*n paid-up capital of was paid for the half-vear ondotl (U'i oiwr ;il, 1917, which absorbed .t. r >B. - , IBs fld; and the directors now recommend that tho balance, £3S!):i "is Id, Iw doalt with a$ follows::—To pavment of a dividend on paid-up capital, iI2,MK), at ]vr oent. Per annum for half-year ended April 30, 1918, £.781 ss; to bonus of per ccnt. on paidim capital, C 15,500, for vear ended April :10, 1918, £312 10s; io bonus to staff, r>s 6d; to depreciation, £. r >7 16b 3d; to carry forward to next year income tax for the year just wided), 42021 8s 4d. Messrs George I'enwiek und W. K. Reynolds, the retiring directors, offer themselves for re-election. Messts William Brown and f*o. and Mr G-corge Blytli, the auditors, also offer themselves for re-election.