COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1091, 1 April 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. A fair number of transactions in investment shares were reported yesterday. National Bank shares sold at £6 Is.. National Mortgago at £3 65., New Zealand Insurance at £4 95., and Ward and Co. at £5. The buying and selling prices were as under:— Buyers Keller.; £ a d. £ s. d National Bank 6 0 0 6 16. Wellington Investment ... 0 11 0 0 U 6 Christchureh Gas 9 15 0 - Feilding Gas ....v.. 12 0 12 6 Napier Gas ...:; ;•■• .2112 6- 25 0 0 Meat Export (£5) 6 8 0 - Meat Export (£4) 54 0 - Meat Export Cs2s. 6d.) ... 3 5 0 3 10 0 Union Steam 1 19 0 C ~Z\ Kaiapoi Woollen 5 5 0 5 10 0 Well. Woollen (pref.) 3 0 0 - Taupiri Coal 116 - Leyland-O'Bricn — 1 7 0 Manning and Co — 4 12 0 Miramar, Ltd .: — J Z 6 N.Z Con. Dental 12 6 13 6 N.Z. Drug 2.9 0 ~ N.Z. Paper Mil s - 1 « 0 Taranaki Petroleum — „ „ S Taringamutu Totara — ? ' ° Ward and Co. — 6 0 6 The courso of sales during the month of March was as under-.— • National Bank, £6 Is. Bank of New Zealand. £11 3s. Union -Bask, £66 2s. •Metropolitan Building. £12 10s. National Mortgage. £3 6s. N.Z. Loan and Mercantile, 10s. 3d. Wellington Trust and Loan, £7 135., £7 145.. £7 15s. ' Christchureh Gas, £9 17s. M., £9 17s. 6d.. £9 15s. Feilding Gas, £1 2s. Wellington Gas (£10). £19. Wellington Gas, new issue, £2 15s. 'N.Z. Insurance, £4 35.. £4 3s. 3d., £4 45.. £4 9s. : Christchureh Meat, £15 12s. 6d. Gear Meat (205.), £3 10s.. £3 10s. Union Steam, 375. 9d.. 375. 9d. Well. Woollen, ordinary. £4. £4 Is. 6d.. £4 2s. ' Well. Woollen, preference, £3, £3, £3. Taupiri Coal, £1 Is. 9d. Wcstport Coal, 265. 6d., 28s. 6d., 295. 3d., 295. 3d. Westport-Stoekton.. 6s. 6d. Leyland-O'Bricn Timber, 255. 9d., 265. 9d. N.Z. Paper Mills. 245.. 235. 9d. N.Z. Drug, £2 9s. 6d. N.Z. Consolidated Dental, 225. 6d. N.Z. Powell Wood Process. 19s. N.Z. Formers' Co-op.. £5 ss. Taranaki Petroleum, 13s. 3d. Taringamutu Totara, 48s. 6d., 485., 48s. 6d„ 48». 3d., 48s. 3d. Ward and Co., £5. Wilson's Portland Cement. 415.. 425. 3d. PIUVATE SAVINGS BANKS. Tho number of depositors, and the amount of the deposits as at December 31, 1910.. of tho private savings banks, show as under:— No. of Amount, depositors. £ Auckland 45.7,71 1,292X92 Dunedin 2.479 110.374 Hokitika 817 45,834 Invcrcargill - 41X92 New Plymouth 917 26,133 49,984 £1,515,525 ' AUDITORS' DUTIES DEFINED. The Lord Chief Justice of England In February last delivered a judgment in ' which he laid down the duties of auditors

from the judicial viewpoint. The fads of 1 the case are immaterial. Ilk; Lordship laid it down that they had to consider what was the duty of an accountant who was employed to make out a proper trade account, anil to adviso a. principal in such a transaction. He would not attach any importance to the amount of consideration which the auditor received for his work. Firstly, what was the duty of tho auditor with regard to stock sheets? Thev had to bear in mind that the business of a chemist was peculiar, and in this instance there was one wholesale house and nine retail branches. It was also common knowledge that a uliemist's shop contained an enormous number of items. It had been held over and over again that it was not the duty of an auditor to take stock, and that was not suggested by tho plaintiffs, who, however, contended that the stock-sheets were such that no reasonable auditor would have passed them, lie held that the auditors wcro not bound to take stock, and the highest that could bo put against them was that they were bound to make reasonable and proper investigation of the accounts and stocksheets, and if, as reasonable and prudent nien, they had come to the conclusion that something was wrong, then there was a duty upon them to call the attention of their clients to it. At the same time, they were entitled to take into consideration the fact that certain documents were vouched for by trusted servants, and they were also entitled to regard as honest, tenants of people whose accounts tney were auditing, and were not to be placed on inquiry, because a later examination showed that something had gone wrong. He ruled also that, with some slight exception where judgment and discretion came in, the skiU of the .clerk should be regarded as being tho same as tho skill of the principal; that was to say, that the principal could not hide himself behind his clerk. His Lordship said there was r.o doubt about it that tho auditors did-call the attention of tho directors to the great increase of stock as shown in the balance-sheet. It was.extremely easy after a mistake had been found out to ape the wise man. and say. "If I had seen this I should have done this and that, etc," but the question was. Could the audito'Ci bo expected, reasonably, to notice alterations on stock-sheets which had been vouched for by assumed responsible persons connected with tho company? He came to the conclusion that a reasonable man doing his duty properly might well have been led to the conclusion that there was nothing suspicious about the stock-sheets, and he, therefore, declined to find the defendants guilty of negligence. LONDON STATISTICS. The "Statistical Abstract for London. 1910," contains a mass of information concerning the metropolis. In tho Admistrative County there was a total of 634.110 rated houses in April, 1910. as compared with 632,976 in the corresponding month of the previous year, and 603,118 in April. 1901. The rateable value in April last was £44.873.510 .as compared with £49,623.989 in April, 1903. The birth-rate in 19G9 was 24.2, as against 25.2 in 1908, a.nd 28.8 in 1901. The death-rates per 10C0 living were, in ISC9, 14\l. as compared with 13.8 in 1908, and 17.1 in 1901. Tie loans outstanding on tho credit of the rates in 1909 amounted to £110,621.565. a percentage of 254 to rateable value, and etiual to 23.4 per head of the population. The area, of the Administrative County of London is 75,442 acres. Post office details are given, showing that of 2,482.6 .million letters delivered in England and; Wales in 1909. London's percentage was 31.6. or 784.1 millions. Of postcards delivered, the total for Eng. land and Wales reached 732.3 millions; tho percentage for London, 25.7, or 195.6 millions. Tho newspapers delivered numbered 157.2 millions for England and Wales, the proportion for London being 41.3 millions, or 26.3. Parcels delivered. 93.7 millions. London's percentage reaching 20.6, or 19.3 millions. There were 16,355.271 letters registered in 1909, London's sbaro being 6,939,. 643, or 42.4 per cent. CUSTOMS. Tho Customs revenue, collected at the port of Wellington during tho month of March totalled £69,760 ICs. 2d., as against £60,353 os. 3d. for the corresponding month of last year. The collections for the quarter totalled £208.467 15s. 10d., as compared -with £179,357 ss. Id., • the ir.cre.v.s beins .£29,110 10s. 9d. Tho Customs, revenue collected yesterday amounted to £912 6s. lOd. The beer duty for the past month was £1172 2s. 2d., as against £1109 Bs.'3d. for March. 1910, the figures for the Quarter being £3662 145. Bd.. against £3403 3s. 5d., an increase of £259 lis. 3d. WELLINGTON MARKETS. The New Zealand Farmers' Co-operative Distributing Co.. Ltd., report Quotations as follow:—Potatoes, prime, £4 to £5 10s. per ton; onions, Globes, £4 10s. to £5 per ton; cabbage, 2s. 6d. to 4s. per sack; green ,oeas, Hutt, Is. per peck; French beans, 2d. per lb.; carrots. 2s. 6d. per sack: swedes, Is. 6d. per sack; cauliflower. 6s. to 7s. per sack; marrows. Is. nor sack; turnips, white, 4d. to sd. dozen; lettuce. Is. per case; pumpkins, ss. to 3s 6d. per sack: rhubarb, Is. to Is: 6cl. dozen: blackberries. 25d. per lb.; cucumbers, 2s. 6d. per halfcas.3; Capo' gooseberries. 3d.' per lb.: peaches, 2s. to 4s. half caso; dessert apples. 5s 6d. to Bs. per case; cooking apples. 3s. 6d. to 4s. per case: tomatoes, 2s. to 4s. per half case; pears, dessert, ss. to 65.; cookers, 4s. to ss. per case; grapes, Bd. to 9d. per lb.; Quinces. 3s. 6d. per case; butter; separator, 9Sd. to 10(1.; dairy, 9d. to 9>d. per lb.; cheese, best factory mediums, 53d. per lb.: loaf. 7d. per lb.; dressed pork, 7C's to 90's. 4!d. to 4!. d.; 90 - s to 100's, 4d.: baconers, 33d.; choppers (Ueaw), 2id.: eggs, fresh. Is. 4d. to Is. sd. per dozen; bacon, factory sides 7d., rolls 9d.. hams 9'd. nor lb.; honey. 3d. per lb. (slow of sale); bep*wax. Is. 6d. per !b.: fungus. 4Jd. per lb.: walnuts, 6d. per lb.: tallow, tins, 2cf.. ewt.; poultry, cockerels, ss. 6d. for good birds; small, 35.; table roosters, 55.: table hens. 3s. to 3s. 6d.:. ducks, 4s. to ss. n?*r.air; turkey gobblers. lCd. per lb.: lira's, Bd. per lb.; maize. 3s. 6d. per' bushel: wheot, 4s. per bushel; barley (feed). 3-. per bushel; barley, Cape, 3s. led. p»r bushel; dun peas. 4s. per bushel: po'lard. £7 nor ton, £6 15s. in ton lots: oat pollard. i". 6d. sack of about 905.: bran, £5 ICs per ton; molasses fodder, £4 10s. per tonchaff, oatenshoaf, £5 ICs. per ton; hav' nrmie, £4 to £4 15s. per ton: oats, feed •J?- 5V Gh , e!; s9ei SparrowbiHs, Gortons' Duns, Black Tatars, 3s. 3d.; Algerians and storm Kings, as. 6d. per bushelcrushed, 3s. 3d. per bushel. u «-"". BANK OF ENGLAND RETURN. By Telegraph-Press Association-Copyright , (Rec. March 31, 9.10 p.m.) „, „ , ■ London, March 30. ino Bank of KnMnml return issued for the week ended Wednesday, March 29 16 as under:— - ' ' Issce Depabtjisxt Kote Issue... £56,931.000 Gov. debt ... £ii.0i 5 ,030 Other Eecuritj<» ... 7.434,000 Goi '-l ... 33.452.000 £50,031,000 -55,031,000. BIXKEJG DEPARTITEXI. Proprietors' Govt, securicapital £14,553,000 ties £1J,135,000 Public do- Other securiposits ... 23,3.15,000 ties 37,756,000 Other deposits ... 33,161,000 xotea „. 29.1C6.C00 Rest, 7-day wd other bills... „ 5,706,000 Coin 1,373X00 £53.107.000 £33.197,C00 The leading items of tho Bank ot England return afford tho following com. parison:— ' Thisweok. Lastweok. Last year £ £ £ Bullion 38,482.000 3!>.067,000 02,286,000 Reserve SO,301.(X)0 31,403X00 a3,259,c00 Note circulation 27.803.C03 27,367.000 23,740,000 Public Doposits 23,385X00 25,781,000 S,BMH)Oi OthorDoposits 89,461,003 41,451,(J0J 43.110,003 Proportion of .rcservo to liabilities ... 46.71 46.69 44.61 GOVERNMENT SECURITIES. The following aro tho latest quotation! for Government securities, with a comparison of those ruling last weelt:Variations •■« compared Trico, with __. last week. £ s. d. 25% Imperial Consols SI 15 0 .- S od lower 4 ~"N.8.W.1933Jan.-July 106 0 0 "in, higher 35 „N.S.\Y.WIB.Uar.-Sop. 03 10 0 Wlower 8 „N.S.YV.li)3sAi>l.-Oci. 67 10 0 lUs.bigh.or 4 „Vie. 1020 Jan.-July 104 10 0 Uncbange-l 34.. Vie. .la.n.-,Juli- 08 1U 0 Unchanged. 3 „Slc.rj-20-49Jan.-July t5 10 0 Unchanged 3J „S.A.l'JlßJan.-July 03 0 0 Unchanged 7 "?, , .pn„7 l ? J > " , !-- Jl, ' y £- 10 ° Unchanged 4 „<JTdl9la-24,!an.-Jiily 104 0 0 10s hi-'her '$ •'H'rnli.M^'" 1 -" 1 ! 1 " 1 ' ° S ° ° Unchained 3 ..(JldliUiliJau.-Jiily =0 U 0 10s higher !."vv'imM I " 1 '" Nov ' 10S10 0 Unchanged "v'v'Jo? J . an '.-, July U3 ° u Unchanged 3 „N.is.lU4..A|inl-oct. 86 10 0 10s lower 3S„W.A.loiq.iOMay-.Vov 08 U 0 Unchanged ?i"rn '„w^' lll ,'' - - Nov b7l ° " Unchanged 3- „ Tas. l'.UUJan.-July 07 10 u Unchanged 3 „Ta3.li«J-4U,fan.-)uly 65 10 u Unchanged BANK RATES OF DISCOUNT. The Bank of England rate was reduced on Jrnc 9 from 4 to 3 per cent.: on September 29 it was advanced to 4 per cent., and on October 20 to 5 per cent. On December 1 it was lowered to 45 per cent., on January 27 to 4 per cent., and on February 16 to 3J icr cent., and on March 9 to 3 per cent Tho Bank of Franco rate was reduced [rom 31 to 3 per cent, on January 2i, 1908, and remains at the latter figure. Tho Imperial Bank of Germany on January 21,1909, lowered its rate from 5 to 4J per cent., and on February 10 to 4 rcr cent. But on September 26 it was raised to 5 per cent., on February 6 it was reduced to 4J per cent., and on February 19 to 4 per cent.

MARKET RATES' OF DISCOUNT. The. following aro the market rates for best three months' bills:— London Paris Berlin rate. rato. rate. percent, percent, percent. This week 21-16 2t 35 Last week 25-16 2} 34 Last year 311-16 23 3J Short loans are quoted at 3 per cent., as compared with 3 per cent, last week, and 33 per cent, a year ago. COLONIAL AND OTHER PRODUCE. Wheat—Tho markets aro depressed, owing to the enormous quantity on passage, which is due to the opening of the ice-bound ports lately. Argentina and India aro pressing sales, and more Australian is offering. Two Australian cargoes sold at 345. and 335. 3d. per quarter respectively. The latter price is asked for sailer cargoes. February-March-April shipments. Stocks on spot are light, and meet with a small demand. Australian. 355. 6d. to 063. New Zealand is practically unobtainable. Flour is dull, and there is only a, small business doing in Australian at 245. 6d. to 255. for spot; 225. 6d. is bid for April shipment. Oats are cmict. Garlons, 19s. 6d. to 225.: Sparrow-bills. 19s. to 21s. 3d.; La. Plata. April-May shipment, 13s. 3d. Beans are dull. New Zealand, 345. 6d. to Butter.—Choicest is firm, and selling well; uusaltcd Australian, 1045.; occasionally 1063.; New Zealand. 110s.; secondaries are very flat. Danish is dull at 117s. Cheese is firm. New Zealand, 61s. to 625.: Canadian, 61s. to 635. Sugar-German beet, 88 per cent, net titrc, 4d. lower at 10s. sd. per cwt.: first mark granulated f.o.b. Hamburg, sd. lower at 12s. 4d. Bradford Tops—The market i 3 strong and active; sixty-fours, 253 d. per lb • cemmon sixties, 255 d.; fifty-sixes, 22d. : fifties, 19d.; forty-sixes, 15d.; and forties, 14d. . . THE METAL MARKETS. Copper, on spot. Bs. 9d. lower at £54 /s. 6d.; three months, 21s. 3d. lower at £54 6s 3d.; electrolytic, ss. lower-at £57. ■ Tin, on spot, £5 ss. higher at £187 ICs. per ton; three months, £5 higher at £186' Pig-iron, Middlcsboro' No. 3, 475. 4*d. per ton. Lead, soft foreign, Is. 3d. lower at £13 per ton. LONDON WOOL SALES. By Telegraph-Press Association-Copyright ~.. , , London, -March 30. At the wool sales prices were fully maintained, all sections of buyers- competing' animatedly. .. Messrs. Levin and Co.. Ltd.. have received by cable, tho following prices for wool sold at the sales now current, being-the average' price for tho fleece wool:—Weka I 3 - 16 c , "; Tc Eangitumau. Opalti'. 9Jd.; PC, Masterton, 9d.; W. M'L... Martin'orpugli. 10 13-16 d.; Kahumingi, Masterton 10|d.; To Kurou, Wanganui, 9 11-16 d .: EFM over M, Tenia, 7id. LONDON MARKETS. Messrs. Dalgety and Co., Ltd., ■ have received cable advice from their London office, dated March 30, in regard to tho following markets :-Frozen Me'at.-Lamb: Ihe demand is very limited, and a further decline probable in. consequence of heavy shipments afloat. Since our la<t cable prices are }d.' to 3d. lower. Bsef: Since our last cable quotations arc Jd. lower. Mutton: Poor demand,- and Quotations aro id. to Jd. lower. Tallow: Prices aro 3d. to 6d. per cwt. lower. The New Zealand Loan and Mercantile Agency Company, Ltd., have received tho following cablegram from their London house, under date March 29:—Tallow • Good mutton, 345. 9d. per cwt; good beef 335. 9d. per cwt,: mixed. 325. 6d. per cwt • market quiet. Wheat: 345. Id. c.i.f, Aus tralian cargo. There is very litt'e demand, and the outlook is discouraging. GRAIN AND PRODUCE., .'.. ■(By Te_leßrapli,-Prcs3'.'Association.):/ r ,1 /,' "'"'Oliristehiirch, March 31. Locally the wheat market shows little ifany change, and may bb with justice described as stagnant. The stocks held by millers appear fully adequate to meet tho quiromonts, and holders aro not keen on quitting at the prices offered, neither do these prices oher much inducement to shippers A sma.ll sale is recorded at 3s. OJd. per bushel, but it is not sufficient to Ee a ?,y cumulations as to an advance upon. There are very few oats offering, and.holdera aro declining to part, no doubt hoping that .the 'dry weather and lack of feed will cauae-.a 1 rise shortly The samo remarks apply-to' chaff.. Which chows signs of ' Transactions -in barley aro practically nqn-cxislaut, and the market is lifeless. Business.in potatoes is also qui=t. ■ Dairy produce shows a slight rise, but bacon and hams are weaker.' ' • , WOOL,' HIDE-AND TALLOW SALE.- .. Messrs Abraham and Williams. Ltd.. re-POI-l:-Wc held our monthly: salo of wool, hides, and tallow at Palmorsto'n yesterday and offered a fairly largo catalogue to a good attendance of buyers. . Competition was not brisk, except for wool, but wo eold the bulk 01 the entry under tho hammer. A few passed lots' were sold after the sale. Quotations: - Wool, crossbred,'sd. to 71d.; lambs. 6td. to 75d.; dead. 4d. to oid.; black, sid.; lambs ,aud pieces, 53d.; locks ana pieces, lJrl. to 3d. to 4Jd. Skin: Pieces, 2jtl.: crossbred, fine, 7Jd.; crossbred; medium, 51d, to.oid.; crossbred, inferior, '32d. to 5dV quarter to.half wools. 4ld. to 55d.; dead 43-1.-. lambs, 53d. to 6M.; lambs, uclte, 4id.; lambs, damaged, 4?d. ; oucrler to half wools, at each, 2s. 6d.; crossbred, at each, 2s. 3d., 3s. 3d. to 4s. 9d;;. salted skills, half-wool-s, 2s. 3d.; salted, crossbred'. 3s. to' 3s.'' 4d. to 3sr 7d.; lambs, Is. Id.-.calf skius, sound calf, 7d„ 7W. to 9d.; slippy, 4id.; cut, Sid.: half dry. id.; yearlings. 6d. to 61d. Hides: 5Jd., 6jd., 6id., 6Jd., to 7d.; cows, s>'d., 53d., 5 0 d.» to 6d.: cows, cut, 45d.: to Ed.slippy, 3Sd.; heifers and'steers, 5!d.; bulls. 5d.; horse, Bs. 9d. to 9s. 3d. Sundries: Tallow, cask 3, £26 15s. per ton; tins." 2Cs; to 245. 6d. per cwt.: bags, fat, 14s. 9d. per cwt.; horsehair. Is. 6d., Is. 6Jd., to Is. 3d. per lb.; rabbit skins, 5Jd. to 6Jd. per lb.; cow tails, Is. 4}d. per dozen.