MONETARY AND COMMERCIAL.

Star (Christchurch), Issue 4713, 3 August 1893, Page 3

MONETARY AND COMMERCIAL.

[BPICIAL TO PBXSB ASSOCIATION.] LONDON, August 2. At the annual meeting of the Bank of New Zealand, Mr R. H. Glyn, Chairman, said that the deposits were increasing faster than the Bank could possibly employ them. The advances to the New Zealand Loan and Mercantile Agency Company were mainly secured. The report was adopted and the retiring Directors re-elected. An additional .£600,000 in gold has been sent to New York. The quantity of wheat and flour afloat for the United Kingdom is three million and eighty thousand quarters, and for the Continent one million five hundred thousand quaiters.

[Fsb Pbeßs Association. J DUNEDIN, August 2. The annual meeting of the New Zealand Refrigerating Company, held to-day, was a little lively. The Chairman, Mr John Roberts, said that the unsatisfactory result of the operations waa largely due to the prices for Bheep in the Colony being relatively higher than in London. The Directors declined to risk shareholders* money in speculatioa j 5000 Bheep had been bought, on which lOd per head had been loal. They had seen buyers from Christchurch raiding North Ofcago (not, he hope J, to be shipped as prime North Cantei ury) and buyers from Southland ' also giving tempting prices. He did not belli ye this could continue. People could I no- hve on losses. When a reasonable ' sta c of things prevailed the Company w uld be in a position to give the aigheet prices for prime mrvtton. Mr Borrie, Oamaru, declared that it was not creditable to the pioneer Company of Australasia to find it in the position it was. He declared that cheep went north and south because the charges were lower, and denounced the profit made by the Company on the harbour charges at Oamaru. The Chairman pointed out to Mr Borrie that if he and others got high prices from buyers who sent north, they could not expect a dividend from the Company in which they were shareholders. The Chairman said they were prepared to freeze at |d, but they would shut down rather than freeze at a loss. Mr James Smith (Greenfield) and Mr J. T. Wright were elected Directors.