COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1344, 23 January 1912, Page 8

COMMERCIAL ITEMS.

BRITISH CO.MVAXJKS. According lo "Tlic Stock Exchange V-.M-Until;," tlitj total number of joint stock com(i;niio< actually oxi<litr-.- in Great Britain. in April. 1911, wns 6J,7!'7, and 1 V.-ir Iota! amount of ]u(id-np capital was £2.222-.-E96.CCO. This is iioi, to large an iiu-n-u-r on tlic figures of (hp previous year as has liecu recorded on pluvious ocra-ions. The number in existence in April, 1910, \va, 51,71)7, wit'll ,€2,178,619.700 capital. Om- thouMind nine hundred and twenty is thus the total ini-rcrt-e on balance for the year 1910-11, whereas that lor the previous year 19ii9-10, was 5313, to which, or course ' the rubber boom Notations had a Rood deal to say. Tim total number of companies registered iluriiiK 1910 was 7164, with a io-tnl uuthoviscd capital of £212,975,700. as against--6373 companies in 1939, with a total authorised capital of £141,030,300. New issues and new companies have not been so abundant as ill 1910 or 19C9. COMMERCIAL ARBITRATION. A recent circular of the Association of Chamber of Commerce of Great, Brit.iin announces that the Hoard of Trade has in hand the preparation of a Blue Book containing reports from British colonies and foreign countries on the subject of commercial arbitrations and the resulting awards Ihe a-ssoeiation desires that, international arrangements should be entered into, which would have the effect of permitting the enforec.mcnt of a.n a ward in all countries which become parties to the international agreement, wherever such award rni-ht be given. There are. however, great difficulties in the way. Eveii'Xlie judgment of fi tribunal of the State has no recojrnised autnority in another State. It is held" to be oui» of the jurisdiction." By degrees, perhaps, and by refraining from praspiiir* at. too much at once, the final poal may be readied. For example, a considerable step m advance will have been taken when all foreign courts of justicc can be got to as 'ho British courts do now as regards the enforcement of an arbitration award, to Great Britain, if a defendant is mulcted m damages bv an award and reiuses to pay he can be sued in the High Court on the award. The case is not tried over again. The Judge simply calls for the award, and if it is in order gives a verdict for the plaintiff, and recovery of the amount follows the usual rules of t.he High ?'K*" ~ could be done in any part ot tlic_ British Empire, wherever the award was given and wherever it was desired to enforce it, a great step forward would be taken, A resolution on the snbieet having this object- m view was adopted at the I.v-t meeting of the Imperial Conference, and this partly accounts for some delay in publishing the Blue Book. LI7E STOCK INSURANCE. .In Sweden, insurance of live stock is carried on by 46 societies extending their operations over the whole couutrv, bv 107 provincial and 552 cantonal or parochial societies. The premiums paid yearly by the Jv.vcrtirU farmers for live stock insurance come to about 5 million franc?, while the value of the cattle injured may be estimated art about 3CO million francs. The largest number are insured in the "Scandi"avian Insurance Society," with headquarters at .'tockholui. 111 1906, the amount of claims paid by this society was 1,636,17-1 l r -. 0 i!i C 'iU- a lTi°l' V-*, °,C 1,10 total amount PiMrt bj all Swedish live rtock societies. ~.A n with what is observed in seve--1 J'l otner countries, ns, for cx<viMt)lc and Italy, where local mutual societies are most prominent, in Sweden it is the National Insurance .Societies, whose sphere of action is the whole kingdom, that insure the greater number of live stock. Suffice it to say that they insure 72 per cent, of the horned cat-tie. Two causss have specially contributed to the development, or the large societies; the frequent lluctuations of mortality risks, the more dangerous for an insurance society in proportion as ita sphere of action is mora limited; and the increase in tie capital vahio represented by the live stock, by which the risk is increased and becomes less easy for local societies to support. CHEAPENING CABLE MESSAGES. _ Developments little short of marvellous in the direction of increasing the speed' and efficiency, and at the same time of materially cheapening the cost of cable messages and secret wireless telegrams, are accomplished by the Johnsou-Varley system of tuned typo cablegraphy, which is being taken up by the Universal Cheap Cables, Limited, in London. By this now system the flow Morse method is superseded by a series of tuned reeds representing Icttors and numerals dispatched from a type keyboard, which are received at the other end by a similarly tunert-up recorder. There are 49 differently tuned signals to each machine, and the work of dispatch performed, as it is, by the mere depression of the keys, is reduced to one-fourth of that required by the old method, while the speed is quadrupled. One distinct advantage possessed by the Johnson-Varlej system is that its cablegrams could not be tapped in times of war. Another is that several transmitters can work at the samttime over one cable in both directions; a third is the elimination of the need for the employment of skilled operators, and a fourth will bo the resultant diminution of chargcs to senders, and increased profits to the company. In wireless work with this system a triple receiver is used, having three different tunes. One of these receivers 13 for secret messages, one for semi-secret communications, one for th» "general tune." The three may be used without interference one with tlio other. Experts who have investigated the system agree that there are immense possibilities in the new invention. INVESTORS' SECOND THOUGHTS. A decision of considerable importance to shareholders in limited companies has been given by Mr. Justice Eve in Blair v. The Christinevillc lluhber Estates, Limited \ shareholder applied for a return of his application money 011 the ground of allced gross misrepresentation in the company's prospectus. The compa-ny urged ill defence that the aggrieved shareholder should have repudiated his liability as soon as the facts cume to his knowledge, instead of waititi" nearly six months before making up his mind. Mr. Justice Eve supported this contention, and dismissed tlic application, with costs. The moral is that if a shareholder suspects misrepresentation and wishes to have his money returned and to have 110thiiifr more to do with the companv lie must make up his mind, one way or' iMc other, at once. HIGH COMMISSIONER'S CABLEGRAM. The Commerce and Tourists' Division of the Department of Agriculture, Commerce and Tourists has received the followingcablegram from the High Commissioner for New Zealand, dated London, January 20. (Koto:—Quotations, unless otherwise specified, are average market priccs on spot):— Mutton.—The market is quiet. Trade for all classes has been very slow, and prices are barely maintained. Canterbury is not quoted. North Island, 4Jd. per lb. (a limited supply). Lamb.—The market is firmer. Thero is more demand. New Zealand, 5Jd. per lb. Beef.—The market remains firm. Thero are signs of improvement. New Zealand, hinds, 33d.; fores, 3d. per lb. Butter.—The market is quieter. High prices and anticipated labour troubles affect the market. Buyers arc holding back expecting priccs to go lower. The average price for the week' for choicest New Zealand btu.ter per cwt. is 1305.; Austarlia.7l, 1275.; Argentine, 1275.; Danish, 1345.; Siberian, 1295. per cwt. Cheese.—The market is quiet; prices are slightly weaker. The average price for the week for finest New Zealand cheosc is white, 375.; coloured, 725. per cwt. Ilemn.—The ma.rket is firm, but quiet at the advance at laist ('notations:-Spot New Zealand fair, .£22; fair. £21; Manila £22 per ton. Forward shipment. New Zealand good fair, .-622; fair, £21; Manila, £23 per ton. The output- from -Manila for the week was Z4.G00 bales. Wool.—The market sliov.o signs of strength. Americans are buying brcds freely. Hops—The market shows signs of strength, a small supply. There is a genoral and active demand. English, £13; Oa-li-fornian, £12. Kauri Gum.—The market is quiet. Dark brown, selected, rescra.ned, llf-s. to 140s ■ dark brown, three-quarter scraped, 85= to 905.; dark brown, chips, drossy. 30s. to 32s 6d.: rescraped pale amber, £11 to £12; threequarter pale ccraped, £7; diggers' chip* good, 455. LONDON MARKETS. Bt TclecriDh— Press A".-.-mi.ion-Ginvriehl London, January 21. Wlioat— I Two cajgoos of Australian sold at- 575. Ud., two others at 375. and 375. Ltd. respectively. Cotton. — January -February shipment. 5.21 d. J lite—February-March shipments are at £22 10s. Quiet. January-March shipment, Rubber is quoted at 4s. 53d. per lb. Copra.—Demand active. South Sea Island in bags, quoted at £24 10s. per ton. WHEAT AND FLOUR. London, January 21. The wheat and (lour afloat for the United Kingdom totals 2.555.0C3 quarters; for the Continent, 1,020.000 quarters. Atlantic ship, incuts, 219,000; Pacific shipments, 25.K0. The total shipments to Europe during the week amount to 775.CC0 cjuartere, including 2CO.CCO from Argentina, 90.CCQ from Russia, 110.CC0 from Danubian Provinces. E9.CCO from India and 1G3,0C0 from Australia. ' MKTAL .MARKETS. London, January 21. Copper.—On spot. £62 155.; three months, £6.) 10s. Tin.—On six>t, £190; three months, £187 ss. Lead, £15 lis. 3d. per ton. I .Sllvor ie quoted at Mid. per ounce itan-