COMMERCIAL.

Timaru Herald, Volume LVIII, Issue 1832, 6 August 1895, Page 3

COMMERCIAL.

!*■» Electric Telegraph— Copyright.

Per Press Association

London, August 4.

Shipping experts inform Mr Valentine that the cool storage space utilised last year for the conveyance of Auatralasian frozen meat and dairy produce, excepting poultry and rabbits, equalled 3,830,000 sheep, while the canying capacity of the vessels engaged m the trade amounted to 6,500,000 carcases 5 two and a half trips annually were reckoned for each vessel. The experts assert that if the meat and dairy producers unite for the better regulation of shipments, and insist that all vessels be fitted with modern machinery, reduced freights would soon follow.

Tallow, medium mutton, 21s 6d ; beef, 80s.

The English and Continental wheat markets are steady, and the American is changing a little for the worse.

At a sale of hides, New South Wales heavy ox brought 4£d.

At the kauri gum sales 3618 packages were offered, but there was little demand, and only 814 packages were sold. Three-quarter and half-scraped and uncleaned pickings, 29s 6d. The stock now consists of 2131 packages.

August 5

Barall and Hally, shippers, generally admit that a powerful ring exists and that the shipping companies are working under mutual agreement. The excuse put forward for not tendering for the Victorian frozen meat contracts was that the conditions would require weekly boats involving 29 m five months. They also objected to the power which was given to despatch a steamer empty at short notice. Nelsons and other importers regret the result, which they attribute partly to the conditions imposed and partly to shippers' fear of breaking up business relations. Simpson and Malthouse denounce che present monopoly and urge the colonies to cooperate. They suggest that the Government should give a snbsidy. It is reported that shippers consulted the mail companies before a decision was arrived at.

Home, August 4,

Birged Bros., bankers, of Genoa, have failed for 20,000,000 lire. Warrants have been issued for the arrest of the principals.

St. Johns. August 4,

Intense excitement has been caused m Newfoundland by the revelation that four directors of the Union Bauk overdrew 2,500,000, dollars, representing nearly the whole amount overdrawn.

Melbourne, August 5

At a meeting of shareholders of the Commercial Bank, the report was adopted.