COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1497, 20 July 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. A sale of National Insurance at 39?. was the only transaction recorded in investment shares yiiterday. The buying ajid selling duotations) were us under:— Buyers. Seller?. £ s. d. £ s. d. Bank New Zealand — 11 4 0 N.Z. and Biver Plato 119 6 — Well. Investment 0 11 9 — Well. Trust and Loam ... V 8 6 7 10 0 Christchurch Gas 8 15 1). ;. 9..,0 0 Fcildins Gas 10 6 . - Hokitika Gas — 515 0 Meat Expoct (52-j. 6d.) ... - 3 10 Union Steam — 2 6 0 MoEsiol Woollen 3 6 0 — Well. Woollen (ord.) 3 9 0 — Well. Woollen (pref.) ...... 2 18 0 - Hikuransti Coal 0 19 0 10 0 Leyland-O'Brien — 17 3 Tartngamutu Totara — 2 8' 3 Golden Bay Camenifc — 110 Sha-rlaiid's ordinary — 13 0 Ward and Co 5 2 6 5 4 0 MILLIONAIRE' ESTATES. The will of the late Si'r Julius Wcrnhcr was provisionally sworn at £S,CCO,COD, and the duties on the property, according to this valuation, will amount to £850,K0. According to the "Financial Times" this is the sixth millionaire estate of the current financial year, and the nintfc o£ the calendar year. Duriiic the past twenty years there have beau published the estates of no fewer than 120 millionaires, an. average of six per annum. It would appear that this year is likely to beat all records in this respect, for although their is no probability of the continuance of tho high rate of the last few weeks, there are several other very large estate "in sight." notably those of Sir Edward Sassoon and Sir John Jlurray Scott. It is interesting to recall the value of estates of South African magnates who have died in recent years. They are ae follow:—

Henry Isaac Barnato (provisional valuation) Z.500.C00 Alfred Beit (partner of Sir Julius Wcrliner) '8^49.6C0 Woolf Joe) (of Baraato Bros.) 1.226.6C0 INSTJEANOE BEOKEES. At the International Conercss of Insurance Brokers and Afcents, held in London early in June, Mr. E. Howard Wilki'us (London), who read a paper on "Insurance Brokers; their Duties, Difficulties, and Opportunities at tho Presont Time." pointed out that the foremost duty of the broker.-was to 6ee that the contract which he introduced to his client was a, fair. Bound, and reasonable one, both for tho underwriter and the insured—that, on the one hand, tho security was adequate.to meet any contingency likely to arise within the soopo of expected protection; and, on the other hand, that the nature of the risk was known to the underwriter. In support of his contention that the existence of tno broker was justified, >he pointed out that in London alone in 1854 there were 104 firms; in 1370 theTe were 158 firms; in 1890, 227 firms; and in 1915, 345 flnus. (Applause.) The increase in Hie provinces was even more striking., He thought that congress would mark the commencement of an epoch oE increased unity and irood feelinjr between the underwriter and broker.

SUEZ CANAL THAFFIC. British .shipping continues to' hold its own in the Suez Oanal traffic. The first three places in tonnage are for 1911 again held by British liues, tho nearest foreign companies falling a long way behind their totals. The figures for the first six comuanies are tabulated below, and it will •be noted that tho Peninsular and Oriental again heads tho list, with the Ellerman Lines close up as second, though as reBards the total number of voyages, tho latter company once more ranks first. The Holt Company comes third on tho record, followed at a considerable interval by the Hansa, Messagcrfos Maritimcs, and Norddeutoher Lloyd Lines:—

Suez Canal Traffic in 1911. No. of ToyNames of Owners. Tonnage, aces. Peninsular and Oriental '1,205,000 244 Ellerman Line 3 1,158,200 286 Alfred Holt and Co 1,002,800 224 Hansa Lino 847.6C0 215 Mossagcries Slnritimcs ... 603.4C0 172 Norddeutscher Lloyd 595.2C0 102 As compared with a yenr ago, the V. and 0. Company shows a. slichtly reduced tonnage, while the Holt Line only records a small improvement. On the other hand, the Ellennan Lines show an advance of 130,000 tons. Both the Mefisaßcriea Maritimes and the Norddeutscher Lloyd vccord moderate, improvements, but the IFnnsa has fallen' back a little. It is gratifying -to learn that tho ratio of proeress made ccnernlly in 1911 has been more Uian maintained during the opening three months of tho current year.

TEADE MARKS AXD TRICKS. The sixteenth, animal congress of the International Association for tho Protection of Industrial Property wae opened at tlie Connaught Rooms. Holburn, London, on Juno 4, when Lord Justice Fletcher Jloulton. president of the organising committee, delivered an interesting- address in welcoming the delegates, who came from nil parts of the Continent, from tho Ilritisji colonies, and from Brazil. Spca,kins with regard to trade marks, which he described as the curse of fraudulent traders and the- natural bond between character and euccess in trade, hia Lordship said they put a higher premium upon commercial bnncsty than a.n.yt.hinjr else they could think of, and there \u.< cominz a 'tint's when trade marks would have a still higher value. Some day tho naticmi would havo to face the nuestioii of adnllovation as contracted with technological .ivlvance. and it was ctoinc to be one of tho (treat questions of t,ho future that a manufacturer who wilfully adulterated and nold troocin for what titty wero not would bate w be NQognisod us liaTla£.j»aunlttfi(L

n, crime. On the other hand, tho idolatry of tho imperfect methods of olden times and the supposition that everything that was not made like their grandfathers made it was therefore a falsification would bar to the world the Ereat advances made in clicmiely and Ha allied sciences. Governments would liavo "to draw a li'ne between the proper uso of what was good and the dishonesty which used that which was not (rood, and when that Jino, difficult as it-was to draw, was established, in his opinion it would only be rendered effective by trade marks. Unlabellcd goodfi would bo driven out of tho market, and (toods of manufacturers who were willing to attach their names indelibly to them and accept the responsibility with knowledge that if they were adulterated they would bo punished, would monopolise the market. • They would look to trade marks not only as a mean* to securo to the honest trader the reward which his ability justified, but look to them as a (treat protection of the uninKtructed niiblic agninst the wiles of those who would deceive them.

nOULDEB LINE POSITION. At the annual general meeting of the Houlder Line, the chairman made a tta.temont of some importance regarding the large number of new vessels which have recently been ordered. It appears that these will be paid for, in part at any rate, put of Hie sum on deposit at lie bank in respect of debenture redemption; this the directors have full power to do. Tlie amount in question is, we believe, about £78,000, and although, it will only represont a portion of the cost of the new tonnage, it will form a useful contribution to the amount required. Tlio eum mentioned has, we believe, been earnine little more than a nominal ra-to of interest; It should, however, produce not less than 10 per cent., subject to depreciation charges, when employed in tlio form of new tonnasc, and the additional earnings must make a substantial difference to the revenue of the undertaking. Aβ the poftit is one on which there is, we believe, as general misapprehension, it is os well that the matter should be set riirlit. The Balance of the money required to pay for the new vessels will be provided out of the proceeds of the eale of tin steamers, mentioned in the recently issmed report, together with the company's loading business in Australia.'

CUSTOMS KEVEXUE. Customs duties collected at the port of Wellington yesterday amounted to £1420 14s. 9d". • . AN INTERESTING EXPERIMENT. (By Tclcsrapli-Press Association.^ Auckland, July 19. The "Star's" Kotorua correspondent telegraphs:—During the recent visit Uj liotorua Mr. S. .Woods, the well-known wool expert .expentnentod in scouring with hot mineral water before members of the liotorua Chamber of Commerce. A Romiwy crosssbred llcece was treated in rachel water without soap with gratifying results, the wool retaining 'Us lustre and washing out bright and clean. There is a possibility of the establishment of a local wool-scouring industry. With an almost exhaustless supply of mineral water, tho cost would be reduced by at least 60 per cent., with superior result. The matter is being actively pursued with a view to a fair trial. News of the Rotarua. experiment came as a surprises to some prominent wool merchants in Auckland. When seen this morning, they had not even heard it suggested that mineral waters might be successfully used for tho purpose of wool scouring. "There is .no reason," said one of tho number, "why mineral water, both Eoft and hot, should not act well in the treatment 'of greasy wools. It is a usual practice for sulphur to be ireed in the nrocess of bleaching woollen mats, etc.. and as Rotorua waters probably contain that constituent, they should serve a similar purpose." Some inouiries were' made as to the practicalability of the establishment, of the. wool-scouring Cndustry at liotorua, and roplice indicated that suoh could hardly bo expected to pay. In the first place, tho process of scourihg with soap was not to costly as to warrant the fending of wool from distant localities to Itotorua to he scoured. Freight to and from would 'prohibit it as a business proposition. Another important consideration, the toporter was informed, was that the tendoncy nowadays was for English and Continental buyoiu tb show' preforetme at local sclM for greasy lots, in order that they might ship them to Europe for scouring, in order to profit by the much lower rates o£ wag;s rulins there. While this was not the gonoral practice, it was a. growing one. Finally, it \va* slated that the scouring plants established at leading wonl-crowinj; centrc3 had proved both economical and satisfactory.

OKAIN AND PRODUCE. . Chrlstchur.ch, July 19 The week has been a very dull one in the grain trade, the general complaint, being that nothing Is doing. The con. tinned' wet weather has not tended to improve matters, but has interfered considerably wiUi deliveries, especially of chair arid potatoes. ' , For fowl wheat tharc is a. very goid inThe potato market has shown n. still firmer tendency, and the price paid for supplies for local coneumration and coastal shipment has advanced to £4>103. per ton at conn fry statlonss in 'New Zealand. n higher rate being given for certificated lot.; for shipment to A.ustr;ilia, for which up to SA 15s. liriiT been naid. There is a better local inquiry for oatBlioaf chaff, but no change in prices.

LONDON MARKETS. ■ Mossi's. DaJsety and Cbmpany. Ltft, Wellington, have received the following oableei'am from their London office, dated July IB:—"Frozen Meat: Market is weak. Since our last wire, lamb is lower by from 7d. to Ed., but prices for-mutton are unchanged. Beef: Owing to heavy arrivals of chilled beef, prices for frozen boef are }d. to }d. lower. Wool: Sales continue active. Competition ie brisk, and buying is general from all quarters." LONDON WOOL SALES.. By Telegraph—Press Association-Copyright London, July 18. There was animated bidding at the wool sales. Prices were unchanged. A fine selection of fine-haired ■ Tasmanian sorts wao offered, high values being realised. (Eec. July 19, ■ 7.50 p.m.) London, July 19. The following are the prices realised for tho fleece portion of the clips named:— "Waipaoa," top price lid., average 93d.; "Opou," top ll'd., a-yorace ICJd.-. "Annedale," top 12d., average 103 d.; "Walcio," ton 12Jd.; a-verage, IOJd. SYDNEY COMMERCIAL BANKING CO. (Bee. July 19. 10.20 p.m.) Sydney, July 19. Tho Commercial Banking Company of Sydney has declared a dividend at tho rate of 10 per cent., nnd has added £40.000 to the reserve, and carried a balance of £54,539 forward. SYDNEY WHEAT MARKET. (Reo. July 19, 10.10 p.m.) Sydney, July 19. In. sympathy with the London reports wheat has dropped to 4s. Otd. rind 4s. Id. Very little is doing, excepting in futurcsi Quotations are practically nominal. BANK OF ENGLAND RETORN. By Teieeraph— Press Association—Copyright (Eec. July 19, 9.35 p.m.). London, July 19. The Bauk of England return issued for t.he week ended Wednesday, July 1", is β-s under: — Issun Department Kotelßsue... ±'57,960,000 Gov.aobt... £11,0i5,0D3 Other Becuri tins ... «. 7,434,000 Goli 30.520,000 £57.669,000 £57,969.000 BiNKIKO DEPATITITEXT. Proprietors' Govt. seourlcapital 'H.-.M.000 ties 513,984,000 Public de- Other soeuriposits ... i 7,331.000 ties 32,936,00*' Other doposits ... 11.376.000 Netei ' ... 28.625.003 Rest, 7-day and other bilis 3,178,000 Coin... ~. 1,443,000 £76,033,00] £76.938.000 The leading items of the Bank ot England return afford the following comparison :— Tiisweok Last week. Last year £ £ £ Bullion 39.520,000 38,920,000 39,660.003 Ilescivo ...• ... 30.068.000 29.27-2.000 30.032.000 Note circulation W.3H.000 20.5b'6,000 '20.326.000 Public Deposits 17.661.000 17.892.030 9.331.000 OtUev Deposits 41,376.000 40,355,000 46,901,000 Proportion of reserve to/ ■ ' liabilities... 60.03 60.23 63.38 GOVERNMENT BEOURITIEB. Th« following are the lateet quotatloni tor Government tecurities. with a comparison ot those rulina last week:—

BANK KATES OF DISCOUNT. The Bank of England rato was, on Bscomber 1, 1910, lowered from 5 to 4i per cent.; on January 27 it was lowered to 4 per cent., on February 16 to 31 per cent., and on March 9 to 3 per cent. On September 21 it was advanced to 4, per cent., on February 8 it wns reduced to 3i per cent., and on May 9. to 3 per cent. The Bank of trance rate > was reduced from 3J to 3 per osnt. on January 23. 1908, and continued at tho latter figure until September 21, 1911. when it nas raised to 3j per cent. On Hay 17, 1912, it was reduced to 3 per cent. • The Imperial Bank of Germany .reduced its rate from 5 to 4$ per cent, on February 6, and on February 19 tho rato was iurther reduced to 4 per.cent. On September 19, the rate was raised to 5 per cent., and on June 11, 1912, it was reduced to 4j per cent. ■ MARKET RATES OF. DISCOUNT. ' The followinff aro the market rates for best three mouths' Uills:—

London l'aris : Berlin rato. rate. rate. percent, percent.'poreeut. This week 3 ' 2j -38 Last week 215-16 2* 31 Last loans 2 U 24 Short loans nrc '.quoted' at 2J to 21 per cent., as compared with 2i per cent, last week, and 1J per cent, last year.

COLONIAL AjSTD OTHER'' PRODUCE. Wheat.—The markets arc generally dull and inactive in view of the satisfactory reports and expectations o£ a largo llussian crop. The hob spell in Brita'ji and the brilliant weather in Europe are mo turning tho crops. A partial recovery was reported from New York on covering shorts. South Australian, per sailers, llarch shipment, are emoted at, 418.; April shipment, Ws. 3d. to Ws. 6d.; Hay-June, 395. C-d. Victor'an and Now South Wales April shipment, 40s. 3d.; March, 40e. 9d.; Australian new crop, January-February shipment, 375. 6d.; pafccla afloat, 38s. to 38s. 9d. Flour is inactive. Australian is quoted at 235., ex store, 27e. 3d. to arrive. Oats are quiet.' "A" Grade Gortons, July shipment, 22?.: Lα Plata, June-July. 16s. 6d. ' Barley and peas are quiet. Beans, 365. 6d. is offered. Sugar.—The market is i'rrcgular and speculative, owing to dry weather on the Coetinent, and continued bear coverings, and closed' flat. German beet. 88 per cent, net titre, Is. 7d. higher at 13s. Id. per cwt.; first mark granulated f.o.b. Hamburg, Is. 2d. higher at. lfe. ■ Butter is steady. Danish and Siberian are unchanged. Choicest Australian, 102s. to 1065.; unsalted, •in email supply, is quoted at 110s.. to 1135.; New Zealand, 114s. to 116s. ■• , ■ .: ■ . Cheese ie dull. New Zealand, 665. Bradford tops.—The marltct is quiet, but prices aro strongly maintained.

THE METAL MARKETS. Oopper, 18s. 9d. higher at £76 2s. 6d. per ton; three months, £2 13s. 9d. higher at £76 15s. Tin, on spot. £4 lfe. lower at £198 15b. per ton; three months, 4Cs. lower at £196 10s. Lead, soft foreign, ss. higher.at £18 10s. per ton. Pig-iron, sd. higher at 57«. 3d. per ton. Spelter, 7s. 6d; lower at £25 15s. per ton.

Variation '— ' compared Prion. witU . last week. £ 5. (1. 2J% ImverialCousols 71 13 0 17 S m i owcr 4 X.S.W.lS&Jan.-Jllly 102 0 0 .<n, lower 3h ..N.S.W.lDlSMar.-Sop. 08 id 0 Unchanged A N.S.\Y.l'J35Apl.-Oct. β-i 0 0 lOslowT i Vic. leSOJan.-July )U010 0 UncUoiiiictl 3J,,Vic.W/l-ejan.-,Tuly 'J4 15O 15, lower 3 ,.Vic. lCeSMMan.-July 62 0 0 uiiclinnecd ai , S.A. lOie.Taii.-.Tuly 0;, II 0 -io=; lower 0 ,S.A. Ulli ,Tan..July 7'J 0 0 Uncliiiiiucd 4 ..Q't'dlO15-t!4.laii.-Jiily 100 10 0 Unchancotl ■ih ,,CCrdU)J)-mrnu.-,Iuly U 10 0 HsBiI lower 3 ..Ci'l'U JiKiMTJau.-July! Bl 10 I)! lUs lower 1 ,s;/.. ma Jiay-sov. 111110 0 in'i lower 3i ...N.Z. WIO.Fnii.-Juiy ; 'M W o> Unohaii-td 3 , N.z. r.'i.". Amil-Oct, i tl ti u ! 1(15 lo\rc"r 31., \V.A.lM-)0Mny-.Nov : 0! 10 0'' ciichan-'ctl i ,,«.A,1!)J.>M.Uiij--Xov 1 t)5 0 0 linchanucd S«,,Tae, lM0J»n,.Juiv ■ V3 0 0 Upohinsort a ,.I»..10j0-<3Jan,.Julyi 6j 0 p UnohaMil