COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1442, 17 May 1912, Page 10

COMMERCIAL ITEMS.

. INVESTMENT SHAKES. There were no transactions in investment- shares yesterday. The buying and selling quotations were as under:— Buyers. Sellers. £ s. d. £ s. d National Bank — 6 2 6 Well. Trust and Loan .... 7 12 0 Uhnstchureh Gas 815 0 9 0 0 Wellington Gas (£10) ...... - IS 7 6 Union Steam 210 0 — Westport Coal — 11Q 0 Leylund-O'llricn — 18 6 Taringamutu Totara 2 7 6 — CM. Banks. Ltd — 0 19 6 Golden Bay Cement — 14 0 Manning and Co — 4 6 0 Shurlaud's ordinary — 1 .3 3 W.F.C.A - 7 5 0 THE BANK OF FRANCE AND AGKIGUL- ; TUBAL CREDIT. Tho Bank of France performs a very important service in the field of agriculture. Its action in behalf of agricultural credit is twofold. First, what we may call its indirect action consists in providing the State with the funds required for the suppott of the co-operative credit institutes, such as the regional and local agricultural credit banns; the law of 1697 obliged the bank to pay into the Treasury for this purpose -40 million francs as a. loan ■ with: ouf interest..to be repaid on the expiration ol its privilege.- that is, in. 1920,'. with ■an annual amount corresponding to the amount of its bills, etc., issued at interest, multiplied by they eighth of its rate of discount and never to be less than two m'liions. This contribution, indeed, has always exceeded what was anticipated, and in 1910 amounted to 5,733,368.28 Irs.: between 1897 and 1910 the bank has, in this way, paid 66,200,000 frs. to the Treasury.

Tho State uses those amounts for loans without interest to the regional banks, in order that they may in their turn open credits in favour of the local banks or of the agricultural co-operative societies for production and sale. Tho other action of the bank consists in doing direct agricultural credit business either • with individual farmers or with their organisations. From an inquiry carried out by M. Sagnier, it appears that in December 1900-1909 it had granted about 79 million loans to the regional agricultural credit banks and discounted bills. for them to the amount of 1.71 millions.

During tho same period the-bank gianted private farmers 159 millions in loans and discounted warrants for them to the amount of 73 millions and bills to that of 344 millions. Most of the discounting business was done in regions principally winemaking especially La Gironde; bills were discounted in largest quantity in the regions where live stock improvement is carried on. To sum up, the operations of the Bank of Franco with individual farmers exceeded half a. millard (576.C00.C00) during the period 1909-1910. If we odd to this the business done with the regional banks, we get a total of 826 millions. - It is well known that the bank can only discount at three months, and on three endorsements; yet to facilitate credit for its customers it has been able to evade the second ..condition, substituting for the third signature a denoslt of securities in a proportion fixed by the bank, in accordance with the good fame and the solvency of tho borrower. Bills with two endorsements an. thus discounted at the normal bank rn.tc.. which is always 3 per cent The great bank of issue thus completes live svstera of co-operative agricultural credit*that with 96 regional and 33C0 local hanks renders such eminent services to French agriculture.

• COMPANIES . REGISTERED. In the list of companies registered, published in the last issue of the "Mercantile Gazette," there appears the following:—

People's Palace Theatre Co., Ltd..: registered Mav 9. Office: Wellington. Capital, £11,5C0, divided into 11,500 shares of £1 each. Subscribers:—W. Jolliffe. E. J. Lelgrieve, R. M. • Griffiths. L. Cain, A. A. Evans, N. Hcrron; all 100 shares each; and G. W. Thirkell, 50.

His Majesty's Theatre, of Wanganui, Ltd.; registsred May 10. Capital, £7500, divided into 750 shares of £!0 each. Subscribers:-.!. D. YV. M'Beth, 20; .1. T. Muir, 20;.0. Spriggins. 20; J. G. Swan, 50; W. S. llustin, 20; YV. Lewis, 20; C. Crutch, 30;; alt of YVanganui. -NOTES. Artificial tobacco leaves are the novel product of a German inventor. In the preparation of cigar and 'srnokins tobacco the stems and. ribs of the haves fs,rm a considerable waste. According to "Capital," the idea is to soak this waste mat.tor in a solution of caustic soda, or pitash, thus separating the fibres. The mass is then ground and worked into a. soft pulp, which a- paper machine turiis into she2ts. Being ail tobacco, these sheets have all the properties to the natural leaf, .and by suitable impressions may be given a perfectly natural appearance. ... . The important of the fishing industry of the world is not generally realised. During recent years, with the ' improvements that have been made in trawling, fishing has advanced■to a remarkable extent. The annual aggregate it represents is enormous. From the value standpoint the United States leads, with an annual production of about £11,000,000 sterling. The Unitsd Kingdom follows with about £9,250,000. whilst Jiussia is third with about £7,250,000. The world's total is calculated at £60,000,000 per annum. Of this amount the United States and Gloat .Britain and her possessions contribute about one-half. There has been a. proposal in India to coin 10-nipee gold pieces, which would be worth csactlv 13s. 'hi., or two-thirds the sovereign. At present (he sovereign ia 15 rupee*, and the people have latterly shown an increasing partiality for the coin, and for gold. Of course, a 10-rupce piece would be a step in the direction of a ilecimal coinage. Hut the Indian coinage is not a decimal coinage. The pice is Sd. exactly, the anna of 4 pu-c is exactly Id., then thers are the J-rupce (4 annas), !- rupee (8 ainiasl. and rupee (16 annas, and the -same number of pence), 'lae sovereign or 15 rupees is a bit awkward. In:t i! is the coin of the British binpire, ami tils great bulk of the Indian payments must continue to be in silver. Llie.ii, India has the 10-rupee note, which •- fairly popular, and plavs the part of such a gold coin fairly-well. The Indian Finance Minister inferred to the matter in his Budget speech, and was apparently favourable to tliii 10-rupec gold coin, but he said the decision of the Secretary of State in London was awaited. It would, however, 1)2 butler if the India Office in London went slow in making any change, especially as sovereigns arc increasingly popular. How vast are monetary transactions compared with actual transactions in coin was graphically related by Mr. F. C. Morgan late president of the Central Association'of Accountants at a recent lecture before that body. He mentioned Hint a single ordinary bank in the City of London alone turnscl over m the course of a single day at least, eight to nine million-, whereas the amount of.metal money used would only be the insig-nlflrn-at nmount of /WOO- Thvy flmrcn wars citractcd from the boolm of a p«.

liculnr bank milv a. foriniKht ago. Another, inlcreslini! fact, was that the turnover of I In- Hankers' Clearing-house far last year was £14,613,1177.1(0, all of which was done without a sin|.-le penny piece In-ill'.' used. It would li? impassible tn {■(induct sni-li a vast linsiui'.-s in actual

.-ash. 'I'llr: highc.-l tola.! paid on one liny llimuirhiiiil thi! Haiiliei-s' Clearing-lions? was £115.176.000. The highest weekly total in 1908 wna £'.94,151.000. In dealing with Ihe imporiH mid cxportn of gold, be ,-uid that, Hhcrca., in 1903 Ihe I'nited Kingdom iuiporled 28 millions (mil exported 27 millioiiii, in 1910 it imported 57 million*, and exported 49 millions. In 1910 the Rolil coins issued from Ihe Mint amounted to 25 uiiilions. Ciiiiliiiiih duties ~,dlecled at the port of WclliUK ycslerdny amounlcd lo £5941 l.s. 2d. Mlllll I'OMMISSIONKII'K IIKl'Olt'l". The llepiii I nii'iil or Agriculture h(i« received lh" following cablegram from the lli;!li i:oiuuiissi.uier for New Zealand, dated Mind May 14. (Quotations, unless olherwl'c spccllicd, are averaße market prices oil spoil: Kri'k. The market in weaker and slightly lower. A moderal,' business, has been done, eipeelallv in cheaper grades. Per ISO Home. Us. I'd. to 9s. 3d.; Italian, Bs. lo ')« ill: Austrian. 6s. ful. to 7h. 9(1.; l-'r -h. 9s. ,lil. lo IDs. 6(1.; Moroccan, 6.H. 6il. In 6«.; loiiilbli. 7s. 6(i. to 9s. 6(1.; lliihhliiii. fis. 6il. lo 7s. , , . Poultry. The market is firm, with improved demand, especially for bout quality. Ohickrus- llonic, is. to Is. 3d. per lb.; Uusnin.fi. 9(1. In 10s.; American, 9(1. to lid. Kuckliiißs llf.nn>. In. per. lb.; Chinese, 6d. Turkeys- I'reuch. !oil. to lid. per lb.;

Italian, 9Jd. lo 10(1. Huron.- -'flip mnrlicl is llrm, but demand only moderate. Iluycrs arc holding back on'account or Die high prices. KldcsIrlsh, 67«. lo 755. ••.-?!■ cwt.; Danish, 6Ss. to 7f.5.: (liniailliin. 6f.s. to 725.; Swedish, 68s. tu 735.; Itnsslan, SC-s. t0.675. Ilcms.-Tiic market is firm, and n. good demand ronlinuci. Irish, 91-3. to 108s. per owl.; l-luglish. CGs. In 1025.; American, 6!b. lo CBs.; Canadian, 70s. to 765. LONDON MAHKKTS. The New '/.ealand Loan and Mercantile Aitenev Company. Limited, have ' received l.lvi rollowing' eiihlceram from their London house, under date May 15:— T:illow.-~We (|iiol6 present spot values for |.he following, descriptions:-Good mutton, 355. 6d. per ewt.; good beef. 345. 3d. pee <-\v!.; mixed, 31fl. 9d. per cwt. -The market is dull. Wlval.-Wc have, sold an Australian cargo nt 395. 6d.'c.i.f. There is very, little demand.' and the outlook is discouraging. AUSTRALIAN PRODUCE MARKETS. By Tolcgraph—Press Association— Copyrißht dice. May 16, 10.5 p.m.) Sydney, May 16. Wheat, 4s. 4*d. to 4s. 5Jd.; flour!" city £10, country £9 17s. 6d.; bran, £7; pollard, £7 55.; oats, Algerian feeding 3s. £d., seeding 3s. 9d., New Zealand whiles and giants 3«, 6d.; barley, nominal; maize, ss. to ss. 3d.; potatoes, Tasmanians, £10; onions, Spanish £12 10s., New Zealand £8 to £9; butter, select3(l 1205., prime 108s, to U6s.; cheese, 10Jd.j bacon, s>d. to 6Jd. Adelaide, May 16. Wheat, 4s. Id. to 4s. 2d.; flour. £8 17s. 6el. to £9 2s. 6(1.; bran and, pollard, Is. 6d. HIDES. (Rec. May 16, 10.5 p.m.) Melbourne, May 16. Average supplies were offered, and the ma.rk.2t was very firm for all classes. SILVER. London, May 15. Bar silver is quoted at 28d. per ounce standard. WHEAT. The American visible supply of wheat is 6,665,000 bushels. TALLOW SALES. At the tallow sales 987 casks were offered, and 346 sold. Prices realised: Mutton, fine 375... medium 345.; beef, fine 365. 6d„ medium -335. >.■...