COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1484, 5 July 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES ' Scales of investment shaves recorded yesterday were Wellington Investment, at 11s. 6d., and Wellington Meat Export, £5 paid, at '£6 ss. The buvlnir and selling Quotation; were as uiiiitn , :— Buyers. Sellers. £ s. A. £ s. A. National Bank — 6 4 (1 N.Z. Loan and Mercantile - 0 10 3 llokitih.i. Gas ', - 5 15 0 Well. Gas iprefercnce) — 110 National Insurance - 1 19 3 Standard Insurance - 111 3 Christchurch Meat 15 0 0 - Meat Export i£s) 6 4 6 — Meat Export (525. 6(1.) 3 0 0 3 2 6 Ka.ianoi Woollen 5 6 6 - Mos™iol Woollen - 3 7 6 •Well. Woollen lord.) 3 7 0 - Hikurangi Coal 0 18 6 — Wo«tport Coal 17 9 - ! Ijeyland-o'HricH — 17 6 Tarincnniutu Totara 2 6 6 — O. 11. Banks, Ltd — 10 0 Donachy Hope and Twine 14 9 — Golden Hay Cement — 12 0 N.Z. Oon. Dental 10 6 116 N.Z. Toper Mills - 12 0 F.ha.rlauds ordinary — 13 3 W.F.C.A - 7 6 0 INDIA AND GOLD. Mr. Gcorfrc E. Roberts (director of the lini'fd Slates Mint), in the course of a report dentins with cold production and distribution, states tliflt. during the 21 yen r<, 1890-19JD, India absorbed £86,000,0)0, and this increusine nhwirption by India is n. slrikiiiK feature. That- rountry, in the course of its relations with Europe, has always had a favourabl? , trade balance wliich UiuH to be settled in tlie precious melal-s, but unl.i , . recently the principal liioilium luis bcmi silvir. Of late t!ic tvane bolariten have been srrowini laruer, avs a re.-'iilt of incrca.'inK exporl? ond Hie hltrhcr prion- received from thi-ni. and while India continues to take about the same amount, ot silver as formerly, it. is alfo tnUins la mo funis in sold. For the ten-year period 1890-9. the not imports of gold into India, plus the country's own production, wero £27,160,000; for the 11 years. 1900-10, they awesated (as stated above* about .EB6.CCO- - for the nscnl year ended Mnrcli 31 last tile net imports amounted to .C 25.178.000. or over ono-ouarler of the world's production, after the industrial consumption Is provided for. In connection vfitH this the lonnrt calLs ntlcntion to the part that. Ine'ia. has played in the nnot in modifyiiiK Iho eilect n! sudilen iiillucncc- i>r l.lie previous metals upon the market-' of Kuropo. The development of IV.o eolilllrltls of California ami Anslriilin in (he early lifties created some al-irm i" nn-im-iil circles, and raiisrd fneril connirirs l» iMn»o t.'ioir mints In the fi-or- r-,inajrf of Bold. Hill nlimit- that t-iin« th? rtiiiMvu.--linn of Tnilin> fli-'i riiln-iy. ennsrd Hir t.ran'for of l-irire sum? nf llriti.-li •--■ipUn-1 to India, nnd. !nl«r. rnusod in iii-rpn-p in the. litter's nxport.=. so fhnl lartrr -um = o[ Mlv°.r worr nere;v.-irH>- irair-pontil to t.he.t countrr. The pr?rlou» m«t»l» Imported Into India wu..fnq?;if-is(ndcd,

KOVAIj IXSUUAXCK. 'Die iifcoiints or Hit- lioy.il Insiiriiiicc Company. hUL, for tin; year'l9ll .-how the folImviiiK ip-dlt,: -File premiums £5,953.<78. 10,--Ls £2.10-1.156, .slli-nliia on lire account i.415,027, which ha.-- been carried (o pruilt. and lot,--, from which the mm of .£2CO.CM has been iraiifferred to I In- lire fiinil. increasiuir the name to .EJ.COO.OM. In tli- life dcpartinciit the new bu'iiicr; w:i ; - X1.8E5.645. the total premiums «fior (lednctiiip ri-OF-surances, JC770,311, anil Hie life and annuity funds at tins end of the yi-ar £10.625,595. In the accident department the net premiums amount, to £<M.752. the claims paid and oiil.itaiidinir to .t157.558. and the funds to £i89,W6. In the iiiorin.-; department the net peniiiims tor tlio year 1911 amounted t-i £572,8.16. tin- (•'.-l-iiiis paid t-.i £157.576, nml a fund of £952.811 i- carried forward. The 1910 account h.i- l.cen clo.-ed and n liala lire of £f.8.0;r, carrifil to profit <iml 10.-s. In addition to the amount- transferred ii'oin til? "lire" iiii'i "nv.iriiH-" iU';-onn;s, profit, and !.>■,; has l>r-en credited with £276,23-1, int;'re.-t 'k-.-s in<-ome-taxi it it carried to otliei- accounts, .\rter i-liarßiiiu income-tax for the year siuri providuit: for iiiteifst on dt'liruluri: ft irk and for' the final dividend for 1911. a. balance of £1,022.795 U carried forward. A final dividend for the year 1911 of 12s. £d. per share, le=r* in-("jmo-ta.v. i.-i i-erommended, makinc, with the Us. £d. uaiil in December last. 245. tier fh.ire, loss income-tax, for the year, which compares w'ith 235. ner share, less incometax, in respect of 1910. It is the intention of the directors also to increasr the interim dividend payable in December next to 125. 6d. per share, less income-tax. In addition to the funds above mentioned, the. reserve fund amounts to £1.600,000. and the total funds at the end of the year, after making full provision for payment of debenture interest and dividend, amount to £18,167,251, boiiiK an increase of £733, 309 on the preceding year. BANKRUPTCY lUSFORII IN BRITAIN. A new Bankruptcy Bill is before the British ParllanKsnt, According to the "Law Journal," this Bill attempts no organic chanRCR-none was needed—in the positive law ,of bankruptcy, but 'it introduces a number of minor amendments which ought materially to improve the working of the system. To begin with, the Bill nmlies the punishment of bankruptcy offeures a much simpler matter. Without, .-.iboli.'hlnn the cumhrous method of proceeding by indictment at the suit of the Public Prosecutor, it supplements it by givinc Courts of summary .jurisdiction power to deal promptly with such offences at the instance of the noard of Trade. At the same time, it- brings into the category of criminal offences certnln common classes of offences, such as taihnq to keep trading accounts, failure to explain disappearance of assets and insolvency brought about by cimblins. At present those delinoucnc.ies are only visited, if visited at all, by suspension of discharge. Another beneficent reform ia tliut general assignments of book debts are to he void against the assignor's trustee in bankruntcy unless resistcrc.d. The after-nctiuired property of aii undischarged bankrupt is another matter tl»alt with. _ A whole chapter.of Judge-made iaw on this subject ha<= grown up—since Cohen v. Mitchell-embodying what hil3 been c.nllQii the common law of bankruptcy. - Tins is to recoiv; statutory sinctioii. and soms anomalies which have grown up with, it will lie removed. Jbrried women engaged in trade arc no longer to enjoy the immunity from proceedings under a bankruptcy notice which the form of judgment in Scott v. iforlcy has riven them. Landlords arc not to be allowed to distrain nfter bankruptcy for rent payable in ad-van.-e. Money-lenders are no longer to circumvent the provision restraining them from proving for interest at more than 5 per cent.. All this is commendable. The one canitnl defect of the Bill, the "Law Journal" considers, is that it does not require bankrupts to apply for t.bcir discharge within a pertain time. Why, it is impossible to understand. Without such compulsion experience shows that they will not face-tlie black sheep especially—the censorship of the Court, At present'there arc more than -80,000 undischarged bankrupts going about. This is enough to discredit anysvftem of bankruptcy, anil no reform can be considered complete which fails to provide for it.

GKHMANV'S SYSTEM OF CREDIT. In his report on the trade of DisFeldorf dunnsr the past year, tho Rritish Gencral, Dr. F. P. Koeniir. dates .that extensive credit u a matter of increasing important*... Tile b:»nl;s in this district co much further in Bivinir lontrer credit and ncli-!inciu!t hirge amounts th-iu in Ule united'liinsdnni. A cre.-it dc.il of fordo money, espci-hlly Frcnoli and American ripital. 13 invested in Qorm.in firn:.;. and last s-iimmur; when the foreisn banks bepan withdrawing their credit, it looked at ono liDic as if a finanrial crisis was nhont to Ijrr.ik out all over Germany. It will be a lima time bofo'-o Gcnrniny can disperse with foreien capital, niscoimt, amounts! to 4 to 5 per cent, in <9U. It. is 1 nr.r ceut- hmlior tlian the rtiscount of the Panli of Kmrlnnd and 1( vv cent, l'igher tl-aii Uwt of tk-! Bank of France. In order t-i prevent, ficrinau ilrm.V dependence en foreign rapital the Onvcnimcnt liavc of lain rpfu=ed tin issue of certain foreign loane 111 Germany. Tt is arsued tli.it German i-npital should find outlets at. home in lminufactures exported to foreign countries, nnd should pnnport flernun industries and rommorce. Tho tax on Sto"l! Kxrl-np"" transactions amounted to X1.250.CC0 in 19) l" and li3ri more than doubled Hum 1908. It i? remarkable tint tho n?e of hank clienues is nn the (lecrense owin- to the slnmp fluty l"vied. wlioreis rayments by post office clisnuo are (treath- on the inorr.ifc. The •n-stem of payii;'.: liil'.s by post offlrc cheque h.'ij iiou- be.f'l in e v istence thrc° yars. At the eii'l of its Rnt vcar the iininbev of accounts cnoned at tli» post office amounted to .16.427: at nresei't this number li.is more tV"i doiililctl. The nuioviit- Inrimil over in the nr.?t yer amounted In jCSOI).. Cro.nOO. in tl-i- Fwnnd yea'- li .f9CWiO(K"P and in the thinl year 'to -iI.fCO.OM.OCO. TI U , Oovoniment iiit-nd ox'eiuliiijr the number of pist r nilires at which the accounts rcay be opened.

WHEAT ANP OATR. The Xrw Zealand Loan and Morc.intilo Acrency Company, Ltd.. have received the following oaWenrnni from their London house, under date Jii'.y 3;— Whea- We quote 405.. c.i.f. Australian cargo. There h vory little rtcm.iml, ind the outlook is Onts.—We ouoto Onrtems ?2s. 6d.. gjiarrowhills Ms. 6il. The market is steady, but the outlook is uncertain." LONDON WOOL SALES. By TcieerapU-i'ress Assoetatlon-Copyrlcht London, July 3. Merinos are in brisk demand; crossbreds linn, Prices are unchanged. Messrs. Daleoty ajid Co.. Ltd.. have received the fullnivlne cablccram from their London oOice. dated July 3:—"Jterinos are 5 per cent, higher, and crossbreds are very firm." (Eec. July 4, 9.45 p.m.) London, July 4. The following are the prices realised at the woo! silos for th? fleece portions of the clips named:—Poporangi. top price lid.: n.veraso, 9?d. Westborne. 12d. and 10 3-8 i). Tuarua, 9Jd. to 9d. Kaputone, 19Jd. and 18d. TALLOW SALES. London, July J. At the tallow sales 555 casks were offered and 210 sold. Prices were unchanged. AUSTRALIAN PRODUCE JIABKETS. (l!ec. July 4, 9.45 p.m.) Sydney, July 4. Wheat, 4?. 2Jd. Flour, city brands, £10; country brands, £9 17s. 6d. Rran and po'lard. JE6. Oats, Algerian feeding. 3s. 6d. to 3s. 9d.: secdiiiK. 45.; Xow Zealand whites. J-. sd. to 5». 6d.: Giants. 3s. 6d. llaizo, 4s. lid. to ss. Barley quotatione are nominal. Potatoes, Tasmanian. £12 10.-.; New Zealand, £9 to £9 10s. Onion.?, Victorian, £14 10s. Butter, selected brands. 1405.; nrimo, 126s to loCs. OhcKD. 10d. to IOJd. Bacon, 5Jd. to 6'd.

Adelaide, July 4. Wheat, fe Hd. lo 4s, 2d. Flour. £8 17s, 6(1. to £9 2s. M. Bran and pollard, Is. sd. to Is. M. Oats. 3~s. 6d.

MELHOUENE HIDES JI.VRKET. (Hoc. July 4. 9.45 p.m.) Molbourno, July i. At the hides Pales kip= and floiipy-coudi-tioned were Jd. lower, but other lands wore firm.