COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1650, 17 January 1913, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. .. Thero were no transactions in investment shares yesterday. The quotations were as under:— I ' ■ • '■ Buyers. Sellers. £ s. d. £ s. dl Bank New Zealand ......... 110.0 — National Mortgage 3 17 6 — N.Z. Loan and Mercantile 0 8 4 — N.Z. and River Plato - 2 19 Feilding Gas •— 10 3 S.B. Insurance ....3 13 6 — Standard Insurance — 112 3 Meat Export (£4) .; „-. -4.19 0 Meat Export (525. 6d.). ,— 2 17 6 N.Z.-Shipping- » 00 ■.-".' Union Steam ' < — 2 7 3 Kaiapoi Woollen — 5 5 0 Well. Woollen (ordinary) 3 15 0 — Wentport Coal 1 6 10 .-, Taringamutu Totara .... 2 4 0 — • Golden Bay Cement 10 0. 110 N.Z.. Drug - 2 10 3 SKarlana's ordinary — 1 1- 0 Ward and Co. ' — 5 2 fi W.F.O.A. - 7 6 0 LONDON WOOL SALES. The London wool sales now current do not show values as favourable as they were in Dccombcr, when the manufacturers were caught short of supplies and were obliged to buy to tide them over n. period. Fino wools appear to bo as firm, but low crossbreds hardly hold their own, whilo coarse crossbreds declined 5 per cent. Ono authority, writing just a day or two, before tho opening of the November-Decem-ber sales, said: "In a paradoxical way tho best cure for dear wool is dear wool; and it has invariably happened in the, past that high prices for tho raw material do not last long." At that, time there was a lack of supplies, of colonial wool, but this has been remedied by the December sales, and further supplies arc now pouring into the consuming centres. Tho following is » summary of Australasian wool exports ■from-July 1 to December 31, 1912, compared with tho corresponding period of 1911, compiled by Dalgety and Co.:— /. 1912. 1911. State. Bales. Bales. Victoria 325,494 358,277 New South Wales ... 626.903 572.822 . Queensland 175,841 186,172; South Australia .... 145,460 150,595 West Australia 53,013 51,677 Australian 1,226,711 . 1,319,543. New Zealand ..: 131,285 128,996; 1,357,996 1,448,539 ' There is a net decrcaso of 90,543 bales, and New Zealand and West Australia are the only States to exhibit increases.

FROZEN MEAT. .' Tho relative merits of London and, Bristol as distributing centres for Now Zealand frozen meat arc likely to be much discussed during the next few days, and tho opinions of Messrs. Gilbert, Anderson and Co. arc therefore worth recording. Mr. Gilbert Anderson, it may bo mentioned, was at ono time managing director of the Christchurch Meat Company, and is now in business in London building up o, big frozen meat trade. In their annual review of tho trade, Messrs. Gilbert Andcrson and Co. state:—"There is no improvement at tho port of Bristol. It would appear that any attempt to make this port a. distributing ccntro is not likely to bo successful owing to the refusal of the trade generally to operate thore. The offer of the Port of London Authority to build sorting sheds and provldo increased storage nt tho Royal Albert Dock lias met with the approval of the trade generally. It has been announced that these will be of the most coinploU) character providing for the quick discharge of the steamers with the minimum of handling and ex-

pense. To obtain the full advantage of these improvements it will ho necessary that bills of lading authorise the shipping companies thai discharge will he coiuplctr ed at that point. The saving in insurance claims will be considerable, and .to the advantago of the growers." DAIRY PRODUCE. Mesas. Wcddell and Co., Ltd., in their dairy produce circular, dated London, November 22, offer the following comments:— Butter.—Tho mild and showery weather is maintaining for tho month of November abnormally great crops of grass both on the Continent and all over the United Kingdom; consequently, the production of Home-made butter is larger than usual. The market for Australian and New Zealand butter is dull and dragging. Very best quality of both varieties clears fairly well, but other descriptions arc very difficult to move notwithstanding the condderablc reduction in prices that has taken place. Those who have butter m cold store arc very nervous at this reduction and are withdrawing their stocks aa fast as they can for current consumption. This will ultimately bo beneficial and help' to improve the market, but in the mean: time it is doing just the opposite. Choicest Victorian raited i 3 to-day making 112s. per cwt., and unsalted 1145., with an occasional Is. or so more for Bpecinl brands. New South Wales and Queensland choicest bring 110s. and 11Z3. for both salted and unsalted. Second grades arc telling at 2s.' per cwt. loss. , New Zealand prices are disappointing. The competition of Australian is very severely felt, and prices of choicest salted Now Zealand are life, and llfss per cwt., with slightly more for unsalted. We aro able now to compare for tho years 1911-1912 the arrivals of Australasian butter from July 1 to date, as well as the quantity afloat due to arrive from now to tho end of December. These from Australia this year for the above periods show a decrease of 68,654cwt. to date, and afloat a decrease of 69,872cwt.; making for the halfyear a shortage of 138,526cwt. Now Zealand butter shows a surplus of 2699cwt. to date, and a decrease of 720cwt. afloat. Despite this shortage tho priooj to-day oomparcd with twelve months ago show a reduction in choicest Australian of 18s. per cwt.., for salt and 20s. for unsalted, ar,d in New Zealand salted of lfa. per cwt. Tho, European 6en«on makes all tho difference. ' .■ . •

Arrivals this week were 18,362 boxes of Australian, against 55,606 last year, and 22,054 boxes of New. Zealand, against none twelve months ago. . . '

Shipments, this week which arc due to arrive during the first week of the New Tear: are small, amounting, to only '32.825 boxes from Australia., being 11,950 less than last week, and 19,652 less than the eanio time in 1911. > ■ ' ,

Contrary to expectation, the Copenhagen Official Quotation has been raised, but by only 1 kroner, and it now stands at 110 kroner. Last year at this time it wis 115 kroner or ss. 9d. per cwt. more. On British markets Danish is Bs., and Siberian is 165., Argentine and French 20s. iwy f\vt. 10-s thnn at. this time ye. - "'. Arrivals of foreign butters continue to show large increases compared wltlh Inst year, especially Argentine, French, and Russian, The stocLs of cold-stored butter in tho United States are alr,o abovo last 'year. On November 1 they were greater by 3870 tons. -.■"...

ChocKC.—The demand for cheese Is, slow, both foT Canadian and New Zealand,: said prices, if ■ anything, are caster. Canadian ; white i* moving 63n.. and oloured 645. per ' cwt.', -'while New. Zealnjid brinpv 61s: ner cwt., ard coloured 61s. 6d. The cheese from New Zealand this year- shows Jtrcat improvement unon lost in terture eisuccialy.' Tho somewhat hard tight curd of Im*fc i year Is practically. absent and <i. .soft ! "meaty" wcll-nwtnTcd.cheese has takon its place. .The Oorinthic's ehefr-e is very fins quality for the opening of tM eeason. Shipments of' Canadian cheesothis season to this countT.v up to .Novemhnr 9 were 4960 tons less than in 1911. while receipts into Montreal wore only 2356 toni lens-. It. ! therefore, apnMTS that stocks in Cnnad* ; aro larger than Inst, year. Imports nf ' Now Zcntand into this country since July 1 1 wore 991 tons more than for tho .; period in 1911. while tho quantity, afloat ■ is only 190 ;ton;s more. t■■ ■ . I '' '' POWFTS.OF DITIFCTOItS.. There has been somo correspondence in "Tho Times" and tho "Financial News" regarding tho,powers of individual directors; At the request of a director, tho following questions were put to counsel:— 1. lias a director of a company an independent right of access to tho books of tho company for the purpose' of gaining information? '~ 2. lias a director of a company an independent right of access, to tho correspondence of the company for the purposo of supplying himself, with information? . Both the questions were anawcrcd : 'by. counsel in the negative. .He was of tho opinion that a single director, being l one of tho board of directors, had an individual right of access to'tho boohs.and ■ papers of tho company for'the purposo of obtaining information other than Information, which tho publio or: any shareholder is entitled to obtain, and he cited tho judgment Of Turner, J. J„ in Nicol'a case, in which that learned Judge laid it down that whatever authority is given by. shareholders to directors is given them as a body, and not to each of them individually. ■.•■''•■ Of course, tho director waß dlEeatisfied. He wrote:—"lf this, is good law I venture to think it cannot bo too generally known; for in my case it increases tho responsibility of directors to an extent which Is dangerous to themselves and to shareholders in depriving them of the experience to guide i them in tho sanction to figures, statements, and expenditure they would seem to have no right to verify except with tho consent of the board. But is it good law, and, if it is, ought.it not to bo a'tercd?" . Another correspondent, commenting, on this, concludes:— .' "In the ca6c cited, whero the director, desires to inquire into the expenses of one of the comjony's departments,, his first duty, surely, is to inform his co-directors what are his reasons for this proceeding. If he can satisfy them on that subject there can be littlo doubt that they would' allow him, as their representative (and pcihaps as ono of a committee of tho board, appointed for tho purpose), to mako tho investigation and report the results to them. On tho other hand, they might doclaro themselves unconvinced of the necessity of tho inquiry. In that event your correspondent must either bow ■ to tho authority of tho majority of tho board or bring' the whole matter before tho shareholders, and abide by their decision.' Tho essential elements of tho matter-are per-' fectly clear. Either. supTCmo authority in a company's alfairs (apart, of course, from the shareholders themselves) is vest-, . cd in tho board as an aggregato or it is i vested in the individual directors. If it is •rested in tho aggregate, then one of the . factors of that aggregate must yield I obedience to tho corporate decision. If it is vested in the individual directors and they consequently have authority, in their, individual capacity, to take whatever steps ' they may choose in the supposed interests i of tho company it is impossible to foreI cast the complication and litigation which would certainly follow. "E_ dunno. whero 'e are' would bo a mild picture of that bewilderment." ■ .

.NIPPON TTJSEN KAISHA. . The accounts of tho Nippon Yusen Ka.ielia (Japanese Mail. Steamship Company, Limited) ■ for tho half-year ended September 30. 1912, 6how gross profits £494,429, and after providing for depreciation £97,949, insurance fund £56,989, and ships' structural repair fund £59,184, and including £88 294 brought forward, ■■ tho balance! at credit Is £368,601. Tho dividend is at the' rate of 10 per cent, per annum,, and, after adding £14,000 to reserve fund, and £130.000 to tho extension and improvement fund and other appropriations, a, balanco of £81,372-is carried forward..' ' COMMONWEALTH BANK. On Monday, January 20, the Commonwealth Bank of Australia opens, in all the States for the conduct of general banking, as well as savings bank business. The start as regards general banking will bo in tho six capital cities, at Cambcrra, and liondon, and the business of the Common- ■ wealth Government will be taken over. As many as 127 officers of tho bank have been appointed—all experienced men from other banks. Tho ss. charge.for keeping accounts will not bo made so long as the minimum balanco is over £50. Money will be received on deposit at 2 per cent., for six montlM, 3 per cent, for 12 months, and 41 per cent, for two years, and overdrafts will bo granted on approved security. The statement gives the conditions upon which Stato savings' banks may bo' taken over. NOTES. According. to statistics published, . the Russian correspondent of the "Financier" writes, tho export movement of timber from Manchuria is a declining'ono. Iu the year 1911 the export of round wood foil away by something like 3,000,0C0ft. or more, as compared with the year 1910, whilst the export of Eawn wood increased by two and a half times. On tho other hand, there was a great change in the routes used for export. Whilst the Japanese increased their exports by wny of Andun. the-Russians on their part used Pogranischnuyu and Manchuria lc3s.extensively. There is a particularly large increase in the export of timber from, tho timber concessions on the Yalu Itiver, which raused the chief question for a. time in tho incidents that led up to the Russo-Japanese war. This timber goes through the port of Andnn, where tho increase in the timber export movement in tho year 1911, as compared with that of 1910, is called more thau three times. Where there is any decline to bo noted, says a Russian papor, which recapitulates the figures, such decline refers rather to Russian ports than to others. '■•'.'

A new law relative to'unfair competition and the placing before the public of untrue advertisements in Denmark came into effect on October 1. This law, which has called forth somo criticism by tho merchants, has n provision that forbids moro thau two "clearing" sales n. year, by any firm, Excoptlous arc :>.iadc in caso a bankrupt stack is to bo sold or tho death of a nartner or owner caiuos tho doting out

of tlic business "below cost," or if a bonaficlo winding up of t-lio business bo undertaken, or if tho placo of businoES be removed to another locality. If, however, uny of the above exceptions can bo shown not to have been true, a criminal proEceution is possible. The law furthermore contains penal clauses for persons who aro found guilty of using false descriptions of poods, or of employing false business names jn carrying on trade. It is a caf-o of compelling tradcrs-as far as it Is reasonably possible to resort to compulsion—to liccp faith with the public. ,

.It J8 proposed by 82 members ol the Hussion Duma to try and get a Bill pasEcd which will virtually create a Government monopoly in the grain trade, with a view of ensuring to the agriculturists the largest share of the profits, which at present are said to go.to the exporters and the banks. Under this Hill the mate would be the cole exporter, and would itself fix the prices. Iho project is viewed with great scepticism by the trade (writes "Bcerbohm"). It is true the Russian Government: has established a monopoly in ono ■ branch of the industry alliod to agriculture, namely, alcohol. The number of persons who find their occupation iii connection with the grain trade is, however, enormous, and to turn them all -virtually into Government servants would not be possible. It is difficult to see, too, how the Hussion Government could fix the price of tho grain, as it is contemplated by tho Bill. Price fluctuations are so considerable, both from day to day and between place and place, that any attempt to fix prices could not but result in unprofitable dealings and in the locking up of a large amount of capital.

The . competition by tinplato makers in the United States is being severaly felt by Welsh tinplato makers, the American Tinplato Company having secured orders for 150,000 boxes of plates for salmon packing in Vancouver. It is anticipated that the; Victorian fruit export business this season will exceed that of tho previous year by nearly 100,000 cases. Tho applo crop promises to be greater than it has been for some considerable time. ■ Customs duties collected at the port of Wcll'ngton yesterday amounted to £1483 2s. lid. . . ' LONDON MARKETS. The New Zealand Loan and Mercantile Agency Company. Ltd., and Reduced, have received tho following cablegram from their London house, under date, January 15:—Wheat.—We have sold an Australian parcel at 375. 9d„ c.i.f. The: morkct is' quiet but steady, and .the outlcoli is uncertain. We quote, per o.uarter, c.i.f., New Zealand wheat, long-berried 355., 6hortborriort 345. 6d. Oats— lj'e quote, Gartons 245., 6d. There is a fair, demand. WHEAT. By Telegraph—Press Association—Copyright (Reo. January 16,10.35 p.m.) London, January 16. The wheat market is steady, but with a limited demand; Tho American visible supply east of the Rockies is estimated by Bradstrect'6 at 122,643,000 .bushels. •

; tallow, Sales. ' London, January 15. : At'the tallow sales 931' casks wore offered and 728 sold. Prices were, unchanged. RABBIT SKINS; .'-.-'. ■ London, January 15. . The rabbit skins sales have clorcd. Prices were unchanged. The total offered was 2857, and the total sold ,1911. AUSTRALIAN PRODUCE MARKETS. (Rec. January.: 16,• 10.5 p.m.) Sydnoy, January 16. Wheat, for prompt delivery, 3s. 7d. to Is. 7Jd. Flour, £8 10a. Oats, Tasmanian. 3s. 7d. to 3s. 9d.: New Zealand Giants and "A" Gartonß. Js: 9d.i "B" Gartons, 3s. 7d. to 3s. 8d: Maize, 4s. 7d. to 4s. lid.- Bran, £4 15s. 'Pollard, £5, Potatoes, locals, w £6; Tasmania.™, £7' to, £9. Onions, Globes, £6. Butler, selected brands, lOOs.i choico, 925. to 965. Ohccse. 61d. Bacon, 7Jd. to Bd. '. Adelaide, January 16. Wheat, 3s. 6Jd. to 3s. 7d. Flour, £6 ss. to £8 IDs. Bran and pollard, Is,. Id. )ats, 2s. 4d. ' ■' MELBOURNE. HIDES, MARKET. . , (Rec. January 16, 10.5 p.m.) Melbourne, January 16. . Hides aToiin. moderate supplies, and there is an active demand. Prices , are very firm. . '' . ,