COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1232, 14 September 1911, Page 8

COMMERCIAL ITEMS.

I INVESTMENT SHARES. A salo of Wellington Gas Eights at 4d. was tho only transaction recorded in investment shares yesterday. The. quietness of the market is very depressing. Tho buying and selling quotations were as under:— Buyers. Sellorn. £ s d. £ s. d. National Bank 6 0 6 — Well Trust and Loan ... 7 9 0 — Christchurch Gas — 914 0 Foildins Gas 12 3 - Nanier Gas (£5) 12 0 0 - Well. Gas (£10) - ■ 19 0 0 Well. Gns (now issue) 2 15 0 — Well. Gas (rights) 0 0 3 0 0 6 N.Z. Insurance 4 11 9 - Christiilmrch Meat - 15 12 6 Meat Export (£5) 6 4 0 — Union Sfbara — 2 16 Taupiri Coal 11-6 — Westport Coal — • 16 9 Lcylnnd-O'Brjen 18 6 - Manning and Co 3 15 0 4 0 0 Mauriccvillc Lime - 017 0 N'.Z. Pajier Jlills -. 113 Kharlam'.'s ordinary — 14 9 Taranaki Petroleum — 0 18 6 Tardngamutu Totara. — 2 6 0

YOEKSHIIiE PENNY BASK. lieccntly were have been several lailurcs of JU'Uuui iKinluflb' concerns. Tuo uhlaptu oi mo uiftU'iiiK U'uis uauk was nut oi great mipa-tiuioe, ultiu/UEii k lusuiuu in bL-i'ioua to many (iopoL-itv;r£, uut we siiopeiiaiuii oi uie < Buiiut/jii uauii. together wiiii the £03i0 crewil by iue aiiuiiuu to iliglit of capital «ue to tno .-.-uijuiiiscic tunueucioi oi iiscoii'i iegisiuuoii luiiettlea L*jtii.v people, 'i'ne riui on tho BirUbetK bam; lea w extensive wiui-cra-wals from tne loriisliiro Penny liauu, anrl a crisis of some magnitudo was ouiy iiverti'd in Great uvitain in July by tna co-operation of the JJaiik of England and tno great London joint-stock bfiuKa. The deposits in tho iorKshire Penny Ban): aggregate £lS,i<,\i.CCO. arid theto deposits represent tho savings of ttio poorhas sought to protect tho investors by using tho funds entrusted to them for tho purchase of gilt-edged securities. Tlib weak spot in the unnour of tho Yorkshire Penny Bank was that it charced too little for its advances, and paid too much for its deposits. Tho Dank of England came to the assistance of tho institution, and the governor of the bank induced a group of eleven of the most powerful London and county banks to subscribe £2/jCO,CCO to form a now compaay, to be i called the Yorkshiro Penny Bank, Limited, with a. paid-up canital of £750.M0, a'reserve of £750,(00, Ki:d an uncalled capital of £SCO.CCO. This , new company takes over the liabilities and assets of tho old institution. More than that. Another group of London banks, including tho Bank of Encland, has given individual guarantees to the now company for a. substantial Ma\ to provide for the possible future' c'lprooiation of securities beyond an agreed amount. What is said of these arrangements' is that they constitute "tho Yorkshire Penny Bank ono of tho strongest institutions in the country." Apart from tho change in the constitution already indicated, tho new bank will be so controlled that it can earn profits—in other words, the inducement to work is provided for tho staff. The cooperation of tha joint-Etc.-:k banks with tho Bank of England in this trouble averted serious disturbance in financial circles in England-. The public spiritetrncEs of the heads of the banking institutions in n, great emergency has a earn been demonstrated. Not a. word leaked out of tho position of affairs until the whole scheme was arranged and safely enured.

.VICTORIAN CBEDIT FONCIEK. This department of the State was ostablished in 1696 by tfcc Act anialgamatiiiK the ■ l'o-it Office and CoiamiEfionors' tiavinjis Banks, for tho Durptwo of making advances to fanners, the amount of any suck advance not to bo less than £50, nor more than £2000. Fuach for this purpose are raked by sale of mortgage boncte for XZo each.-and of debentures in denominations of £100 and over, redeemable at flied dates not more than io years from date ?„ uo, Tko total issucs "P t0 40. 1910, amounted to £2,783,600, of which bonds and debentures for £1,128,775 have been redeemed or repurchased, leaving £1,634,615 outstanding. Of this amount £691,200 is hold by the public, and the balance by the Commissioners themselves in respect of money invested out of savings banks' funds. The sum advanced durintr the year 1509-10 waj £165,015, malting with the amounts previously advanced a total of £2,657,713; of which £1,333.849 has been repaid, leaving outstandins on' June 30 1910, an amount of £1.323.80-1. representing 3131 loans, which thus aversEed £<?23. As a measure of the safoty with which th" advance department has been conducted" it may be mentioned that the instalments of principal in arrcar amounted on June 30. 1910. to only £42, and the interest in arrear to £59.

■ U.S. WOOL DUTIES. The revised wool duties of tho United States tariff, which have been vetoed by President Taft, providod for a General ad valorem rate, estimated at 42.55 per* cent on manufacture of wool, as compared with one of Su.lo per cent, under the existiae tariff law, while the duty on raw wool was fixed at 20 per cent, ad valorem, as contrasted with an averaze rate of <<U1 TC r cent, ad valorem under the proseut law. Noils, waste, shoddies, inunio, flocks etc wera to pay 20 per cent., instead of 38 96 per cent.: combed wool or tops, 25 per ceiit instead of 105.19 per cent., and'yarn* made wholly or in part of wool were rated at 30 instead of 82.38 per rent. Cloths, Itnit fabrics, felts not woven, and all manufactures wholly or in part of wool not otherwise specially provided for in the Bill, were rated at 40 per cent, ad valorem instead of an avernzß of 97.11 per cent, under the present law. Blankets and flannel!) composed wholly or in par', of wool were to pay a. duty ranitinE from 30 to 45 per cent, ad valorem instead nf 95.67 un.d»r the present law. Women's and children's drc--5 (roods, coot lininc.s. Italian ninths, buntinir, and spot's of similar description, wero to usr 45 instead of an avornco of 102.85 per rent. A nmilar rale was imposed on rearty-mndi olotlnim and articles of wearip.e apparel, instead of an average of 81.31 per cent. Wcbbintr. Eorinns. braid.', ribbons, insertions, eritriiisrs. laces, embroideries, nettings, gimps. c-ortß .ind other !il:>j articles, were rated at 35 per cent, ad valorem instead of an averanc of 87.M per cent. The ratcj on carpets ranged from 25 to 50 per cent., =.ii" from' <9.9G to 76.29 under the "fxistint! tariff.

CnMoms duties collected at the port nf Wellington yesterday amounted to £2430 4e. Id. LONDON QUOTATION?. By Tclezraph-I'ress Association-Copjri-gM London, .Septomber 12. New Zealand I/oon and Mercantile debentures, £101 10b.

THE METAL MABKETS. By Tclceraph-Pross Association—Copyright London, September 12. Copper.—On the Ei:ot. £55 13s. 9d.; three months, £56 7s. 6d.; electrolytic, £57 Vis. 6d. Tin.—On the spot, £185; three mouths. .€lB2 10s. PROPERTY SALE. According to the "Bay of Pleuty Times." the following properties have just been sold:—"Briarlcy," comprising eight acrea and residence, on account of Mr. Bull, to Mr. I!. Kcenc. of Wellington; the Haehaenga Block of 10,000, between ItotoHi and Matata, on behalf of Messrs. Buddie, Hutton, and Co., to .1 Wellington syndicate: 9 acre?, in the ronjlieni part of the borough, on account of Jits. E. Wriglcy, to Mr. O. Deere and another, of Wellington.