COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1445, 21 May 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. Tho usual Monday ouieiness was expert-. enced yesterday, and there were only six Quotations, recorded as under: — Buyers. Sellers. £ s. d. £ s. d • Christehurch Meat 15 0 0 — Lnion Steam — 2 U 9 Leyland-O'iirien - 18 5 Tarinctamutu Tota.ra 2 8 0, — Golden Bay Cement — j.4 0 Saarland's ordinary — 13 5 THE MAYMOIiTJ ESTATES (NEW . ZEALAND), LTD. With respect to the above company, which; according to a cable message from London published yesterday, was. issuing 25,000 one pound shares and £45,000 tn 5j per cent, debentures a,t 95, Messrs. Meek and Von lla.ist write as follows:— "You me in error in supposing tills to, he an 'oil venture.' The company has been formed mainly for the purpose of milling the hash on a block of IMM acres, iyiiiß between the Hutt and Ota.ki .'livers,, and proposes to establish its headquarters »Ji the neighbourhood of the Mangaroa Itau--way Station. The managing director is Mr. Howard Butters. M.1.M.E.. formerly o! Napier, and the local adviser, in New Zealand is Mr. A. H. Miles, resident partner in Messrs. Murray, Roberts and Co. We are in receipt of cable advice that tho company has been floated. • "There is every reason to bcneve lh.it *he company will proceed at once with the erection of'its mill, and the formation cf tramway and other works."

COMMONWEALTH STATE BANK. The appointment of Mr. D. Miller as Governor sees the. first, step taken in the establishment of the Commonwealth State Bank. The Act provides for the appointment of a Governor and Deputy-Governor, and whose salaries arc to bo fixed for seven years. Tneir powers are somewha.t. autocratic, nntompered by any board of advice or directors. The appointment, of all such officers and servants as lltov may think necessary rests with them, also the establishment of branches a.nd agencies throughout. Australia, but ■they may not open outside the Commonwealth without tho sanction of the Treasurer.

The napital cf the bank is to be J31.K0.000. which is in bo borrowed on debentures, and to he repaid at a fixed date. Tho bank is to do every kind of business that is a.t present done by banks. The Act called for a, lot of adverse comment, and the "Financial News," London, had the following :-

Here, then, is a crude scheme, with some of the objectionable features of American hanking. ' It is a "paper" hank scheme pure and simple. Mr. Fisher has just proposed to reduce the Treasury gold reserve held against the now Federal notes from £4,750,000 to £2,500.000. and on top of snob a dangerous nronosal, leading to tho depletion of the stock of gold in Australia, comes this mad project for a National Bonk, whose basis and superstructure will bs flimsy paper! There has been no consultation with the.banks in any of the financial or eemmercio.! legislation of the Labour Government. Mr. Fisher did not consult with the banks when he swept away their note issues, nor when his Government impo-ed a confiscatory land tax. Now the Labour party goes a step furftier. and thrusts its imaginativeness and its ignorance into the heart of the most delicate oriranism in the country—its credit, on which is its business! Surely honking experts know she risks and dangers of finance belter than a Cabinet of labouring men! Banking in Australia has been developed cautiously and soundly, on Scotch lines, undfr natural conditions. It, is really "natural" banking of the best description. It has hitherto kept clear of politics and politicians. The Australian banking interests involved are enormous; for really upon the banking credit of Australia rests the whole of the business of the country. Active intcrfcreneo by the Commonwealth with banking will close unrest in commerce, and an upheaval in finance.

A Government fully occupied introducing experimental legislation in a new and undeveloped count-rv is undertaking a tremendous rcsoon-ibiiity in going lightly into banking business, because the result of national mismanagement of finance mcana national ruin. The Australian banking debacle of 1893 proved how even exnerieneed bankers can err in valuing securities and forecasting the future of a rountrv's commerce; and how can a safe and so"nd policy be exp"ct?d from a hank ostensibly designed by Labour to Injure capital?

MAGXITUDK OF niiITI.SH BANKS. The hanks nf the United Kingdom, with over £50.K0,0Cfl of deposit* are .-is i'u munher. I.lovds leading with £84.656.627; seeonil. the liondnn County and Westminster, with X 60.950.159: third. London Citv ant! Midland, £77.707,785; fourth. National Provincial Hank or Knslaml. .£62.891,548: llfth. Bank or Kiielnnd. X61.U2.tK8: and fixth, Unrein v and Company. £55.678.000. Together, these six banks hold £423.K8.rii0 deposits. The.-e cover t.hc hanks of first magnitude. The next bank in magnitude ha.s just -under JMO.MO.OOC. and between XiO.CCO.OOO nn<l £40,0Cfl,CC0 Kinrli'sli bank?: lmt between £20.000.CCO and £oO.(!C0,0M one only. All these arc Knsili-li banks; but with £15,C0Q,0C0 to £20,000.000 of deposits there arc five more Ihiitlish. two Scotch, and one Irish hank. There are in addition three Fnirlish. five Scotch, and one Irish bank with deposits in execs of JEIO.CCO.OOO and under JSIS.CCO.COO. Thus there arc 23 of the hanks in the United Kicdom wlm-h have depo-its fti excess of iIO.CCO.CCfI. ll may he added that there are six Australasian hanks with over JtICM/Cfl deposits, lour Canadian, two South African, and threu Indian bonks similarly endowed.

I'XIO.V STEAM SHIP CO. ■\fr. C". H. O'lnpctv-seoretary of the Union Sl'ea'm Ship Company of Now Zealand. Ltd.. in :i lelicr tn ilio "I-'imincial Times, dated April 4. writes: - -With reference '" a letter in tho rinani'in! Times' of April 3 from 'A Correspondent.' I nm authorised by tho Union Steam Ship Company of Now Zealand to say Iho.t. til'to i- n:i foundation for tho statement that negotiations arc in progress for thn acquisition l).v others of a euidnij; interest in lit? rompn.ii.vV affairs."

nOKITIKA GAS COMPANY. The balance-sheet of the lloliitilin- fias Comnanv. Uil.. for the year ended April 30. is now available. The surplus for the year is £610 7.-. 6(1. An interim dividend lit the 'nte of 4?. 6(1. per share was paid ill November last, and tile directors now recommend a, further divinenil of is. per share. The balance of £2!0 7s. Sil. is to be held available in view of considerable neewsarv outlay in the near future for repairs tn the property. The reserve fund stands at £3CO, and the whole amount is lodged on fixed deposit. Cn'toms duties collected at the port of Wellington yesterday amounted io £1946 3s. Ltd. WiUfiHT. STEPHENSON AND CO. (By Telegraph-Press Association.) Dtinodln, May 20. The sixth annual meeting of .shareholders in Wriirnt, Stcphen-Jiii, and Co. was held today. The not profit for flic year, togothor with the balance brought, forward (£11,1681, cave a- total of £41,771. The interim divinend in October absorbed £7183. Dividens on preference shares at Axed rates, ami on ordinary shares at the rate of 6 per cent., were declared. Six thousand pounds was added to the reserve fund, milking it ,£2S,CCO. and £17,508 was carried forward. The undivided profits of the company stand at £42,503. LONDON PRODUCE MARKET. HIGH COMMISSIONER'S CABLED REPORT. The Department of Agriculture, has received the following cablegram, from the High Commissioner for New Zealand, dated London May 13. (Quotations unless otherwise specified, are average market prices on .spot) :— Mutton.—The ' market is steady, with a very good demand. Canterbury, 4d. to 4jd. per lii.; North Island, 3M. to 4d. per lb. Lamb.—The. market is firm. There is a good demand for alb lamb. Canterbury, 6J,d. per lb.; other than Canterbury, 5Jd. per lb. Beef.—The market is firm; moderate suppiles coming forward. Now Zealand hinds, ©1, per lb.; New Zealand fores, 3gd. peril). Hiiiuter.—The market is firm. There is a good demand for all descriptions, and prices, are advancing. Choicest New Zealand, per c\vl„ !U.s: Australian, 108?.; T)aniftli, 12Cs.: Siberian. 1095.; Argentina, 107s.

Cheese.—The market is Arm. and (hero is a. good demand. Stos.k is moderate. New Zealand while, 725. 6d.; coloured, 735. (id. per cwl. Heron.—The market oniet and prices slightly weaker. Spot.: New Zealand (rood fair grade, per ton, £21 155.; fair erode, £20 10s. per ton. Forward shipment at tho panic price. Spot: Fair current Manila, £22 per ton. Forward shipment. £22 10s. The output from Manila, for the weak was 2WCO bales. Hops.—The market is firm with hardening tendency. There is great demand in the market. LONDON MARKETS. By Telegraph-Press Association—Copyright. (lice. May 20, 9.20 p.m.) London, May 19. Copra, is wea.k. South Sea in bags is quoted at £Z!> ncr ton. Hemp is steady. May-July shipment, £22 per ton, May-June shipment, £20 15s, Rubber is quoted at 4s. 72rf. per lb. Cotton.—May-June sliipment, 6.231 d. per ib.