A SPECIAL RATE.

Star (Christchurch), Volume LXVI, Issue 20454, 6 November 1934, Page 9

A SPECIAL RATE.

Conversion Loan Interest Security.

A formal resolution providing for the levying of a special rate as security for the conversion loan interest, sinking fund and sundry charges, was passed at the meeting of the City Council last evening on the recommendation of the Finance Committee. The amount of the rate is Id and 3,265,951,12,500,000ths of a penny in the pound upon the unimproved ratable value of all ratable property within the city. The rate will be annually recurring during the currency of the securities comprised in the conversion loan. On the recommendation of the committee the appointment of Messrs M’Gregor B. Wright and W. V. Siddall as sinking fund commissioners in respect of loans raised by the old Woolston Borough Council, was revoked. a? the loans are now included in the city conversion scheme. It was also decided, on the re com* mendation of the committee, that the city sinking fund commissioners, Messrs Arnaud M’Kellar, William Hayward and John Samuel Neville, be appointed to act in a similar capacity in respect of the conversion loan of £1,010,115. CHANGE OF POLICY. Russia Pays Bills and Builds Up Reputation. United Press Assn.—Bv Electric Telegraphr— Copyrigh t. MOSCOW, November 4. The Moscow correspondent of the “Daily Telegraph” says that the payments under the Lena settlement will be £50,000 on ratification and twenty half-yearly payments of £92,500, beginning on May 1, 1935, to be followed by twenty further half-yearly payments of £55,000. It is believed in Moscow that the settlement will open the way for negotiations for an Anglo-Russian treaty.

The diplomatic correspondent of the “ Daily Telegraph ” says that the Soviet has shown anxiety to re-estab-lish her credit in the eyes of the Western Powers recently, and there is much evidence that her entry in the League of Nations was a symptom of that tendency. In the commercial field she is seeking a reputation for dependability by punctual observation of undertakings. Moscow has been increasingly in- r terested in cultivating the British market since the Hitler regime in Germany has virtually extinguished the formerly extensive Russo-German trade, a large portion of which is now coming to Great Britain. UNION COLD STORAGE. Slightly Reduced Profits for Year. The accounts of the Union Cold Storage Company, Limited, England, which has extensive cold storage, meat and shipping interests, show a net profit for 1933 of £820,059, compared with £826,530 earned in the previous year. Gross profits were £23,827 lower at £962,172, but a smaller sum was required to meet mortgage interest. Allowance for depreciation was unchanged at £125.000. The ordinary I dividend is maintained at 10 per cent, and £203.597 is carried forward, against | £203,538 brought into the accounts. w Recently a merger was announced between Weddel and Company and the Australian meat firm W. Angliss and Company (Aust.) Proprietary. Limited. Union Cold Storage has a paid capital of £12,000.000. It owns the share capital in the Blue Star Line, Limited, W. Weddel and Company, Limited, a no" •n a number of meat export companie: operating in Australia, Argentina and New Zealand, including Fletchers, Limited. COST OF LIVING. Index Numbers. The index number of export prices for the month of September was 1083 (on the base; average export prices ruling during 1909-13 equal 1000), an increase of 6 points or 0.6 per cent over the figure for the previous month and of 14.2 per cent over the index for September, 1933. A decrease of 5 points is shown in the index number of wholesale prices for the month of September, locally produced commodities and imported commodities included in the wholesale prices index both contributing to this slight fall. The level of wholesale prices has remained very steady during the past twelve month?, the general index fluctuating between 32 and 34 per cent above the 1909-13 level. Retail prices of food have declined slightly since August, the Dominion index number for the three food groups combined falling by 3 points, or slightly less than h per cent. The group index numbers for dairy products and groceries both fell, more than counterbalancing a further increase in the index number for the meat group.

CITY ABATTOIR

Returns for October

The following are the returns of stock slaughtered and condemned at the city abattoir last month, the figures for October last year being given in parentheses: Slaughtered—Cattle 1313 (1227), sheep 6754 (6915). lambs 1237 (1281). pigs 815 (778). calves 100 S (705). Condemned —Cattle 22 (22), sheep 12 (20'. pigs 6 (5). calves 10 (0).

With an average annual consumption of 15 gallons per head of population. Great Britain is the second largest beer-consuming country in the world: Belgium has an average of 27 gallons. Germany and Austria are in the third place with 11 gallons.