COMMERCIAL.

Timaru Herald, Volume LVIII, Issue 1831, 3 August 1895, Page 3

COMMERCIAL.

Pbr Electric Telegraph— Copyright.

Per Press Association

London, August 1,

The directors and the committee, of debenture holders m Goldsbrough and Co., have agreed upon a scheme. The committee will issue a circular urging holders to accept it as the best arrangement possible under the circumstances.

' The Gulf of Siain's horses and cattle died from congestion of the lungs, caused by intense cold during the first fortnight. The best horses died.

The underwriters have agreed to insure live cattle for ten guineas.

A cargo of Adelaide wheat, ex Cambrian Hills, sold for 24s 4id.

Fifty thousand pounds of capital of the Hauraki Goldmining Company have been subscribed.

Under Goldsbrough, Mort and Company's scheme, the debentures are to be divided equally— £l,6oo,ooo at 4 per cent, and £1,250.000 at 3 per cent, irredeemable. If shareholders pay £2 each share they extinguish future liability and obtain preference shares, and it also permits shareholders to convert any portion into preference shares. It proposes m the event of any shareholders .being unable to pay the balance of the old call to permit an extension of time for payment for five years.

The weekly returns of the Bank of England show the total reserve to be £28,102,000, and proportion of reserve to liabilities 57.76 per cent.

Three months' bills are discounted at | per cent.

Consols, 107

New South Wales 4 per cent., 1151, 3i do., 107 i; Victorian 4 per cent., 105 ; 3± do, lOOi ; South Australian, 4 per cent., 110*; 3£ do., 105 ; Queensland 4 per cent., 110 ; 3£ do, 10H ; New Zealand 4 per cent., Ill* ; 3* do., 105 ; Western Australian 4 per cent., 120 ; Tasraanian 3i per cent, 104$.

New Zealand long-berried wheat, ex warehouse, is quiet, 26s 6d ; Victorian ditto, 275 ; South Australian ditto, flat, 278. For an Australian off coast cargo, sellers ask 2ss 3d ; buyers offer 6d less.

New Zealand hemp is quiet, and the price is unchanged.

New Zealand frozen mutton, first quality, 3*d per lb; second quality, 3id : lamb, 4*d. Peas, 25s 9d. At the wool sales, Bradford is very firm with an upward tendency. Sugar, German beet, 9s lOd ; Java, 11s 10id. Melbourne, August 2. A meeting of the creditors and shareholders of the Standard .Bank of Australia adopted a scheme of compromise, fixing the interest at 2* per cent., with a provision that for the difference between th« rate fixed at the time of reconstruction and the new rate, deposit receipts not bearing interest shall be issued, payable m August 1903. It was also decided that no dividend shall be declared until the deferred interest is paid. The depositors were m favour of the proposals, though the directors opposed them.