The Sun.
London, England, 1866-10-26 00:00:00

SINGAPORE GAS (LIMITED).

The directors in their report referred to the con-
tinued progress in the lighting of Singapore. The
profits for the half-year ending June 30 amounted
to £BO3, which, together with £173 from the pre-
ceding year, made the available balance- £976, out
of which -the directors recommended the declaration
of a dividend at the rate of 7f per cent. per annum,
less income-tax, on the preference capital, and a
dividend at the rate of 3f per cent. per annum on
the original capital, free from income-tax—leaving
a balance of £25. Upon working out the coal stock
in June a deficiency was discovered, the value of
which was charged in the present accounts ; other-
wise the directors would have been prepared to re-
commend a larger dividend. Mr. E. J. Wells (the
manager) in his report stated that Singapore had
been passing through a commercial crisis, which had
materially affected the working of the concern.
There had been a considerable falling off in the con-
sumption of gas for the past three months. The
depression of trade and the scarcity of money had
caused the consumers to curtail their expenditure.
During the past month there had been an improve-
ment. The gas was still being used by the Chinese
for illuminations and wyongs. The increase in the
number of lights during the half-year was 1,020,
the total number of lights on June 30 being 4,432.
The receipts for the half-year ending June 30th
amounted to £3,966 and the expenditure to £2,990,
leaving a profit of £976.

Lancashire Cotton Spinners and Liverpool

Cotto a Merchants.

MANCHESTER, Oct. 24.

This morning the quarterly meeting of the Man
chester Chamber of Commerce took place here, when
an interesting conversation took place relative to a
proposed alteration in the terms of payment for cot-
ton, with a view to remedying certain evils which
had crept into the trade as conducted for some time
past.
Mr. M. Ross, the President, said that an inter-
view had taken place between sub-committees of
the American Chamber of Commerce at Liverpool,
the East India and China Association of Liverpool,
the Cottonspiuners' Association -at Manchester, and
of this Chamber, in reference to an alteration of the
terms of payment for cotton. The usual course in
buying cotton at Liverpool was for cash in ten
days, or a banker's bill at three months. These
bankers' bills had been sent to Liverpool when the
rates of interest had advanced above 5 per cent.,
though they were only chargeable by the practice of
trade at 5 per cent. During the recent panic parties
selling cotton refused to receive these bills except at
the current price, and thus in the same market on the
same day prices varied as much as id. to id. per lb.,
those having cash being able to buy so much cheaper.
It was felt that some arrangement should be made
by which prices would not fluctuate with the rate
of discount. A meeting of the representatives of the
different bodieshe had named accordingly took place
on the 18th inst., when the matter was discussed in
all its bearings. The Liverpool people wished to con-
vert all payments into cash payments. They said
c6tton was the only colonial produce imported that
was not paid for in cash, and they wished to place
cotton on the same footing as coffee, tea, sugar, and
other things. it was,however, represented that that
would be a direct interference with the customary
mode of dealing in the cotton trade, and, after a
long conversation, the following terms were agreed
to :—" That a discount of 11 per cent. be deducted
for cash, in ten days, buyers having the option of
paying in approved bankers' bills not exceeding three
months, such bills tobe received at theßank of Eng-
land rate of the date tender." He had since received
communications from the American Chamber of
Commerce and the East India and China Associa-
tion at Liverpool ratifying on their part the agree-
ment which their representatives had made. (Hear.)
Mr. FERGUSSON suggested that the terms of pay-
ment for yarn in the Manchester market should
also be considered. The practice in Manchester had
been consequent upon the practice which had ob-
tained in Liverpool, to accept these bankers' bills
' taking the rate of interest at 5 per cent., although
it might have been absolutely as high as 10 per cent.
If the arrangement described by the President was
to be carried out, it was only fair the spinner should
receive payment on similar terms. (Hear.)
Mr. W. TURNER, Mayor of Salford, endorsed the
sentiments of Mr. Fergusson. Under the new ar-
rangement the cotton broker and the manufacturer
would be safe, and nearly all the risk would fall
upon the spinner. If they could shorten the pre-
sent terms of payment, which was cash in a month,
to cash in 15 days, it would be some advantage.

The PRESIDENT observed that in the home trade
those bills were not recognised at all. They were
only used in the foreign trade. He thought the
moment was not opportune to reduce the present
term until it could be ascertained whether the whole
trade, including buyers and sellers, would be unani-
mous in agreeing to the change.
Mr. DORRINGTON (of Fraser and Co., merchants)
agreed with Mr. Fergusson that a similar alteration
should take place in the yarn trade. He thought
they had come to a valuable conclusion between I
spinners and sellers of cotton in placing cash and
bills on a fair relative footing, because it would tend
to destroy that spirit of speculation which had been
so very injurious to the interests of Manchester.t
He believed that a great many bills had beenticers
haedd
not for legitimate purposes, but that
made use of their credit to thheoiurgahtvPaahn
making those payments. otaLevcb.ry,
it would be premature to discuss sttnhte
etetsitni°gninoftahne
alteration in the terms at
at which the
been discussed at
a special meeting
yarn trade, until the Chamber,thematter had
°f and sellers of yarn could be
whole body of buyerspbraeds_e
present. He suggested that a special meeting should
be called for that P
Mr. HuattIVASON, cotton spinner, thought the first
step had now beecnottatkonens tpoinr
ane
nenrd manufacturer nes d
ayad grievancesellersof
ic sh
rested t
n
had
been
comparatively indifferent about receiving pays
en com
naicitciin°utici:s. ushtif'oe The spinnerrbills
bills, because it had been the rule
to receive bankers bills i n payment for cotton at Liver-
pool, and therefore she spinner had been enabled to
take a bill he had received at Manchester to Liverpool
next day and pay for his cotton with it, so that he
had not suffered, whatever might be the rate of dis-
count. Bat mider the new arrangement if he took
a bill to Liverpool which he had received in Man-
chester, at 5 per cent. when the Bank rate was at
10 per cent., he would suffer a loss of 5 per cent
No spinner henceforward, however, would be so
foolish as to do anything of the kind. He thought
spinners would be very much to blame for the griev-

ance under which their trade suffered in this respect
if it were not remedied. They had been divided by
petty jealousies, while the Liverpool merchants had