COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 779, 31 March 1910, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. The market was auiet yesterday, and thero 'yrero. very few .quotations.. This is the usual,state'of affairs after a.holiday, and it is probable that. the - dullness will bo maintained throuchout. tho week. National Bank, buyers £6 45.; Feildine Gas, buyers £1 Is. 6d.; Wellinirton Gas, £6 15a. paid, sellers £13 12s. 6d.; Wellington Mea? Export, £2 12s. . 6d;. paid. Eellers £2 165.: Union Steam, buyers'*l "Us.j Wellington Woollen, buyers, £3 j2s.; Wostport Coal, buyers £6 45., sellers £6'65.; Wstp-u'i-Stocliton, buyers..7a.. 3d., sellers ,7a. 9a.: Now Zealand Consolidated Dental, , buyers £1 Is. 6d., sellers £1, 4s. 6d.; New Zealand Paper Mills, buyers £1 Is.' 6d:; Sharland's ordinary, buyers' £1 Is. :6d.; preference, buyers £1 25.; Taranaki Petroleum,' sellers 93. : ,■ ■ . ■

THE PURCHASER'S DEPOSIT. ■ The last English files to hand, contain particulars 6£. a decision by the Oourt of Appeal which is'of the highest importance to the commercial world. The report is this:—Upon the authority oJ a case decided in 1842. asd acted UDOn ,a3 recently as 1900, it has been considered as established that an agent who has been in fact authorised by his principal, to carry ,out. a'transaction' or a scries of transactions.' and who has done so in bona-fidc -ienorance ol the determination- of hie agency by the death, bankruptcy, or insanity .of his principal, is not liabto in damages to the other party for breach of warranty of authority. Tho theory underlying this immunity was that the agent, ha,v.ing dono nothing wrong, ought not to be exposed to danger through tho .automatic determination of his agoncy by the occurrence of an event of which, he was entirely ignorant. This doctrine has,' however, been now completely exploded. The position, therefore, is that the other party can, in such circumstances, eay:—"You represented , that you had: the authority of so-and-so to enter into this transaction with me. On tho faith, of that representation I entered into a contract. It now turns, out that your authority had boon'-' previously determined by an event of which wo ware both isrnorant, and, consequently, you must pay me damaees." It will b? universally agreed that this is. very ..hard upon, the apent. ■ . . > . What. then, is tho practical remedy? - It is quite probable that the insurance companies will take' the matter up, and invent Fomo kind of policy of a- more or less satisfactory, nature. A safer coiirsa would be for an agent to expressly Qualify a. contract entered into by him on behalf of hia principal with the words. "Subject to mv princinM boinc neither dead. m.id. nor, bankrupt," dbreijardir.i entirely the feelings of the principal should he even get to hear of it, Possiblv, for the sake of brevity., the addition of two or three fetters' to tho contract, intending to notu the repudiation of the liability under notice would serve. . ■ At any rate, , : until s'ich .time at a custom aay grow, up reKevins, aser.t.s from this particular risk, some precaution must bo taken.

BRITISH SHIPPING. According to the for 1959 of the Liverpool Steamship Owners' Association, the . international.. depression in shipping lasted throughout the year; freights generally continuing unremuner.itive, much tcy-. nagc . being without' employment. ' . This long-continued and widespread depression, it was maintained, could only be attributable to the-existence of a j considerable and permanent exccsa of'tonnage over the requirements of the trade of the world. The report, .presented by the secretary contained an estimate of the deadweight cargo carrying capacity of British and foreign shipping engaged is the oversea trade of the world for .the fifteen years from 1894 ,to 1903, nnd a-'comparison of such carrying capacity with the employ-, raent-offering, a? shown by the entrances nnd clearances of shipping in the ports of the world.' These estimates confirmed the conclusions to be drawn from the state of the freight market— tlm t the i cargo-carrying capacity of the. shipping 1 afloat had, of recent years, and more particularly during the !n?t ten • years, increased at *a rate substantially in' excess

of tho increase in the employment to be had. Tho existence of this excess of tonnage is, ic the opinion of the association, a- matter of gravo concern to all shinowners. British and foreign, whilst the very rapid increase of foreign shipping in the international carrying trado of the world requires tho most serious consideration by all who are interested in British shipping. The report states that ia viewing the great progress made by foreign shipping during the last fifteen years. British shipowners have not to reproach themselves with want of energy or enterprise. They have during that period rebuilt the British mercantile, marine with larger, safer, and faster vessels, and they have nearly doubled its carrying capacity. They have made steady 'advance in the safety with ,which they have carried the lives and property entrusted to their care. The tonnage now at their command has never been more efficient to meet the competition for tho world's carrying. trado. But tho position is one calling for the excrciso of the greatest prurience on the part of both Parliament and the Government, and if the shipping industry is to be maintained and foreign competition met successfully, the- British shipowner must be allowed in his business to deal with its constantly growing and changing requirements free from all.unnecessary State interference. ■ ' :

Customs revenno collected at Wellington yesterday amounted to £3651 7s. 21, PEODTJOE MAEKET. Messrs. Leary and Co.. Ltd.,' Wellington, report wholesale prices ruling on the market:—Wheat, fowl, 4s. to 4s. Id • feed oats, 2s. sd. to 2s. 7d.; dun oats 2s' 6d. t-o 2s. Bd.; seed oats. 2s. 7d. to 2s. 9d • Algerian oats, 2s. sd. to 2?. 9d.; maize. 3s. lid. to As. Id.; crushed malt, 75.; fowl barley, 2n. 9d.; Cape barley seed, 35.; flour, New Zealand £10 15s. to £11 ss.,'Australian £11 10s.;. peas, Prussian blue, ss. 6d., split £17 I0s.; bonedust. ' £5 155.; superphosphates, £5 to £5 55.; pollard, £5 ss. to £5 155.; bran, £4 to £4 lCs.; pearl barley, 155.; basic slag, £4 10s.: chaff (oatensheaf), £4 to £4 10s.: oatmeal. £11 to £11 10s.: potatoes, table, £3 to £6 ton; onions, 3s. 6d. to 4s. 6d. cwt.; molasses fodder, £-5: bacon (factory), sides 63d., hams Brt.,' rolls 7>d.; butter, prime bull;, 9d. Poultry: Hens, ,35.; 'ducks. 3s. 6d. .to 4s. (jd. per pair: turkey.", cobblers, 18s. to 205., hens 10s. to 145.; fresh e?gs. Is. sd. to Is. 6d.; preserved eggs, If. 2d. dozen; cheese, 5Jd. per lb., loaf, 6!d.; Akaroa machine-dressed cocksfoot, fid. to 7d. per lb.; farmers' dressed cocksfoot,'4d. to sd. per lb.; ryegrass, 3s. 61 to 4s. 61'per-bushel; Italian ryegrass, 3s. 6d. to 4s. 6d. per bushel; white olovcr, 70s. to 755. per cwt. : •■.-'" SIIiTEK. ' .-; " ny Tolccropli-Press AsEociation-Conyrieht.. ■■ ■ -.' London, March 29. . Silver is cuoted at 24 l-16d. per ounce. ' DALGETT AND CO., LTD. By Telegraph—Press Association-Coo jrleßt. ' London,. March 29. Daleety and Co.'a debentures are anoted at 101 J. '