OUR LONDON LETTER.

Otago Witness, Issue 2301, 7 April 1898, Page 9

OUR LONDON LETTER.

(Fbom Our Own Correspondent.)

London, January 22.

In a recent issue of The Times there is a long review of the position of the frozen meat trade during 1897 and its prospects for 1898. It is remarked that, owing to the comparative cheapness of frozen meats, the annual consumption of animal food' of all kinds appears to have risen from 1121b per head in 1876-80, to 1221b per bead in 1891-95, and that this increase of 101b per head in animal meat consumption is practically the amount of frozen meat now annually imported into Great Britain. The Times thinks that with regard to the immediate future there may be some temporary falling off in the supplies from Australia, but th*t there is no indication of any shortcoming on tho part either of New Zealand or the River Plate ; also, that so far at the supply is concerned the outlook for the present year is fairly satisfactory. Ifc suggests that the expected early settlement of the labour difficulties, which for some months pafb have so adversely affected the retail consumption of frozen meats, may tend to raise the general level of values during the present year. ■There seems to- be some expectation at this end that New Zealand will export some wheat * to'-the motiier 'country during the,curreßt year. It is estimated that s,ooo,ooo.bushels will come frpm New Zealand and Australia together. I have no means of judging how far these anticipations., are, likely to be realised, but it may be interesting" to New Zealand farmers to know what is expected of them, V( Ou January 24- the sixteenth annual general meeting of Robert; Campbell and Sons will take place iri London. The directors in their report (whichia circulated, together with th§ accounts showing the working of the business in New Zealand for the year ending June 30 and the position of the company in London on December 31)_ state that they have pleasure in congratulating the shareholders on the improvement exhibited as the result of the year's operations. After providing for interest accrued on the debentures, there remains at the credit of profis and loss account an available balance oi £8845, out of which the directors recommend the payment of a dividend at the rate of 2s 6d per 9hare, free of tax, requiring £7500, and tbe carrying forward of the remaining £1345. The freehold and other properties of the company in New Zealand, including live stock, have been valued in tbe balance sheet on the basis of the revaluation of the assets made last year for the information of the High Court, j and the directors are of opinion that the ' amounts placed against the same accurately \ represent their present values. The directors have deemed it expedient to make certain changes in the management in New Zealand, ■which they believe will be found to result in the '' business of the colony being conducted in future ■with j greater efficiency and „ more* economy. ] Reductions have likewise been made in the ex- ] "penses of the London office. . The directors" are j pleased to inform the shareholders that the I

managers report favourably for the currant year. The live stock were all in good con_dijsion, and the lambing was expected to attain *.<M r average' " Tbe" weather Wsome~ of the stations had cot been favourable for the growth of pastures, but at Benoiore, tbe largest station, the grasses have much improved. The wool market in London continues firm, and there is a good prospect of prices beiDg maintained. Under all circumstances the directors look for satisfactory realisations during the approaching season.

Mr John Holmes, of Wellington, writing to the "Post Magazine and Insurance Monitor" on tbe advantages ' offered by New Zesl«nd as a field for investment, says : "Reading in your able and instructive magazine of the 18th ulfc. 1 was pleased to notice your kind reference to my visit to this country on behalf of New Zealand, more especially in regard to ibs hemp, frozen meat, dairy produce, kauri gum, and other exports. There is, however, another subje'cS which may perhaps be even more interesting to the majority of your readers. I refer to the exceptional advantages the ' Britain of the South ' offers for the safe investment of British capital. The special facilities extended by the Government for the acquisition of land in New Zealand has given a great impetus to bona fide settlement, resulting in the steady increase and development of our agricultural and pastoral industries. In "evidence of this I cannot do better than quote from the latest: Budget speech by the Right Hon. Dr, R. J. Seddon, delivered on the 12th October, 1897."

After quoting from Mr Seddon'e Financial

Statement, Mr Holmes continues : " The foregoing is, I venture to say, unmistakable evidence of the steady growth of the colony as & proaucing country. With the ever - increasing improvements of pastoral ' '»Dd agricultural farina there is a good outlet for the safe investment of large and small sums of money. The present rates of interest vary from 4 to 5£ per cent., according to amount of loan and length of time for -wbich the advance is made. As I understand there are large sums of money accumulated by British life offices seeking reliable investments, it will, I am sure, be of interest to know that

the chairman of the Australian Mutual Provi-

dent Society, in reviewing the history of the , society since its establishment in New Zealand, reported to the members that the society had invested £1,300,000 in mortgage securities, and that there was only £24 outstanding in interest on the 31st December, 189b, which was paid early in the following month. Such an experience is, I think, unique in the history of investments, and speaks volumes for the strength of securities offered in New Zealand."

In the leading columns of the same journal the editor comments in a highly favourable manner on '• Mr Holmes's exceedingly interesting letter." Referring to Mr Holmes's " large views of the future of New Zealand and of the potentialities of its trade developments " and also as "an outlet for British capital," it is remarked that Mr Holmes's statements as to

the present rate of interest being from 4 to 5£

per cent." on first-class securities are confirmed "by leading firms of solicitors in New Zealand. A moral is deduced, and it is as follows : — " The managers of the British insurance companies having funds to invest are confronted xvith no greater problem at the present time jbhan the difficult one of profitably and safely investing their funds, which are essentially trust funds. Experience has already been gained by several British companies who have safely invested large amounts in Australia ; and if Mr JHolmes'a letter serves to point the way to a similar course ia New Zealand some of our companies and the colony will have been mutually benefited. That the admirable Australian Mutual Provident Society should have already advanced £1,300,000 ia New Zealand mortgage securities is the evidence of the high estimate pub upon them. And we have the authority of Mr Teeee himself that the society has never lost a penny an any of its New Zea« land investments." A new pyet'im of disposing -jl oitj refuse— or,

rather, perhaps I should say, an improvement on certain existing methods of dealing with these encumbrances by meanß of a destructor,— j is to be inspected on Thursday next by Sir Douglas Galton, chairman of the Council of the Sanitary Institute. This improved apparatus, which is called the Beaman and Deaß | sludge and dust destructor, has been erected at ' the Leyfcon Sewage Works, ou the eastern side j of London, and has now beeu worked for some 1 little time. A special inspection has now been arranged for the purpose of showing those interested in sanitary science a combined system of sewage sludge and house refuse disposal, and which, it is contended, represents a practical solution of a difficult problem. Tha works commenced operations over a year ago, : but no inaugural ceremony was held, as, owing j to the exceptional nature of the work to ba j accomplished, it was considered that the de- . structor would possess far greater interest for I practical men after some period of continuous working. The whole of the sewage and house rsfuse of the Leyfcon - district, ( which contains a population of 90,000, ) ia entirely disposed of within a very limited ?res, and a no less interesting feature is the large amount of steam power generated from>such unpromising fuel. The same steam can of course be used in the production of electricity and otherwise. It is thought that this improved system might be introduced with advantage into New Zealand, and I have been 5 requested to be present at the inspection as | representing your colony. j A scheme has been started for holding " A -Greater Britain " exhibition next year, and it is to take place at the vast buildings at Earl's ' Court;; where the Victorian "Era Exhibition was carried out so successfully last year. The idea } i 3 that specimens of arts, manufactures, proI duebs, and inventions of Greater Britain, inJ eluding all the colonies possessing representative* institutions, should be held during the ) summer of 1899, beginning in May and ending iia October. It is thought that the success of 1 the last three exhibitions held at Earl's Court, J and that of the Indian and Colonial Exhibition i of 1886— which latter was visitsd by five and 1 a-half million persons — afford good ground for ; believing that such an enterprise would ba { very successful especially in view of the j advance made by the various colonies, and by ; the people of the mother country in their j knowledge of those colonies, and in their j recognition of their vast importance. It is proposed that all colonial products should be shown in the most advantageous way possible, and that in some degree the contemplated exhibir.ion of 1899 should act as a sort of prei liminary canter for the great international exhibition that is to bs held iv Paris in 1900. Ifc is virtually decided, I understand, that the exhibition shall be undertaken, and it is proposed to charge 2a per square foot for all space occupied by the Government of any Britisu colony. All the various colonial luminaries at ( present in London are being approached on the [ subject, and -a, celoaiftl board will be formed | consisting of the -Agents-general and all ex-Governors and ex-Agents-gener&l of the various colonies. One feature will be the opening of restaurants supplying only colonial meat and dairy produce. I, hear that Mr Thomaß Mackenzie has, been requested to take an active interest iv the 'matter, and that he will pro- [ bably do bo. At the next meeting of the council of the Royal Colonial iDstibute the Earl of Jersey will preside. It will bs held at the Whitehall Rooms, on Tuesday, February 8, when Mr Henry Birchenough, M.A. (vice-president of the Maccleefield Chamber of Commerce), will read a paper on "Some Aspects of our Impenal Trade.". Afternoon meetings will be held in the library of the institute at 4.30 on Tuesday, January 25, when Mr Lesley C. Probyn will road a paper entitled "A Gold Standard for the Empire," afc whioh Mr Nevile Lubbock will preside; and on Tuesday, February 1, when Mr Everard R. Caithorp, C.8., will read a paper on " Light Railways for the Colonies," at which Lient.-gemfral Sir J. Bevan Edwards, K.C.M.G., C.B , M.P., will take the chair. ♦"The New Zealand Official Year Book,' published at Wellington by the Government Printer and in London by Messrs Eyre and Spottiswoode, is," says the AthenEeum, "an improvement even upon the excellent iasuea of previous years. ... At the last general election it is curious to notice that in the principal cities, such as Chdatchurch andDunedio, more women voted than men, and yet this occurred without any remarkable effect upon candidates or upon lines of policy. Among odd points to note we observe that the so-called mimosa of the South of France, which is really an Australian wattle, and is planted in the primary rooks of the Riviera for the production of floweru for the Englisb market, is planted ill New Zealand for its bark and tanning purposes, although the species has been found less advantageous than another kind of acacia which is replacing it." On the 20th inst. a apecial'general meeting of the New Zealand and River Plate Land Mortgage' Agency Company was held at the offices of the company, 1 Leadenhall street. Mr A. M. Mitchison occupied the chair. The meeting Yras called for the purpose of confirming the resolution pasaed at the meeting of the company held on the 4th inst.— that the capital of the •company should be reduced from £1,800,000, divided into 200,000 shares of £9 each, to £1,000,000, divided into 200,000 shares of £5 each, and that such reduction ba effected by cancelling uncalled capital to the extent of £4 per share. This resolution was moved by the chairman, seconded by Mr H. J. Bristow, and carried unanimously. The proeeediegs then terminated. Owing to the large quantities of meat offering •for immediate shipment from New Zealand, the Shaw, Savill, and Albion Company have chartered the Federal line steamer Devon for this special purpose. An official intimation has been somewhat j tardily sent round to the effect tbat the annual I meeting of the Frozen Meat Trade Association wan held on the 4fch insb., when Mr George Goodßir resigned his position as president of the association, and declined to accept the position again for the current year, Mr W. Cook being elected as his successor. Mr Goodsir consented to act as vice-president, and so was duly elected. Ifc was resolved that the committee <jf the association for 1898 should consist of representatives of the following firms : The Colonial Consignment and Distributing Company, Eastmans, W. and R. Fletcher, National Mortgage and Agency Company of New Zealand, James Nelson and Sons, River Plate Fresh Meat Company, and G. S. Yuill and Co. And it was further resolved — " That it is most desirable that frozen meat be shipped as soon as possible after being frozen. In the opinion of this association long holding before shipment is a fruitful source of stale condition and consequent low prices."

The Government have decided to make a survey alternative route to Wairarapa, and have placed the work in the hands oi Mr Dobaon, one of the engineers engaged toy some tima ia tho Qtira section.