COMMERCIAL.

Timaru Herald, Volume XCVIII, 11 May 1925, Page 7

COMMERCIAL.

'AMENDED EXCHANGE RATES

by Telegraph—Pre** Association. WELLINGTON, May 10

The Associated Banks report that the following exchange rates will operate on and after May 8: Buying rates.—Demand, 80s per cent, discount; 30 days 40s; 60 days 50s; 90 days 60s, 120 days 70s. Selling rates. —Demand, 15s per cent, discount; 30 days 255; 60 days 355; 90 days 455. Telegraph.—Transfers ss. TATTERSALL’S REPORT. The Canterbury Farmers’ Co-op. Association reports having held their weekly horse sale on Friday, when an entry of 23 head was yarded- The attendance was good, and practically tho whole yardiug changed hands. We quote some of the prices obtained: — Young draughts £l9 10s, £2O 10s, £25, £26, £2B, £3l, 2 at £35, £3B to £44; 8 to 10 years £lO, £l2 10s, £l6 to £lB 10s. Harness horses £4 10s, £6 10s to £8 10s. Stale and aged of all sorts were unsaleable. Harness and sundries sold well.

MERCANTILE FINANCE CORPORATION, LTD.

The statutory meeting of the Mercantile Finance Corporation, Ltd. was held at the Chamber of Commerce Hall, Christchurch on May 6. There was a largo attendance of shareholders, Mr. Robert Bell, chairman of provisional directors, presiding. The statutory report and statement of accounts was adopted. In moving the adoption, the chairman stated that the flotation of the company had been exceedingly successful, there being ,an over-subscription to the extent of nearly 10,000 shares in tho short period of three weeks from the issue of the prospectus. He also stated that the incorporation of the company had been effected, and its trading certificate received in an unusually short time. Within & week of the issue of the certificate business had been transacted by the company. Up to the time of the meeting a fair amount of business had been done, and a large amount of business was in prospect for immediate transaction. The following directors were appointed by ballot, there being eight nominations for tho seven seats on the directorate: —Messrs Robert Bell, A. F. Carev, Arnaud M’Kellar, A. D. Ford, P. Selig, W. F. Soper, grid W. U. Weblcy. Messrs Hoare and Kmgscote were appointed auditors for the ensuing vear. After tho general meeting of shareholders a meeting of the directors was held, and Mr Robert Bell was appointed chairman of the company. Messrs R. Bel!, A. M’Kellar and A. F. Carey wore appointed an executive committee.