COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1652, 20 January 1913, Page 10

COMMERCIAL ITEMS.

. - .INVESTMENT SHARES < . The sales recorded on 'Eaturday were: Union-Steam at 46s 6d:, and Wellington Woollen, preference, at 575. 3d. The quotations wofe as under:— ; Buyers. Sellers. £.s. d. £ s. d National Bank 5 18 Oi — N.Z. Loan and Mercantile (10s.) 0 8 :6' - N.Z. Loan and Mercantile (305.) . 18 6 - N.Z. and llivor Plato — ' 2 19 Well. Investment ............ ■ — 011 6 Feilding Otas — l.i.i Well. Gas (third issue)ls 5 0 — National Insurance 2 2 0 — N.Z. Insurance ! 4 14- 6 — Standard Insuranco ....... — 1 •, 112 3 Meat Export (£4) • •— 419 0 Meat Export (525. 6d.) — 218 0 N.Z. Shipping ..; 14 I I . — Union StcamN... '. — 2 6 9 Kaiapoi Woollen — 5 5 0 Well. Woollen (ordinary) 3 15 0 — Westport Coal 11 0 17 6 Grown Brewery 1 15 0 — .Golden Bay Cement ....... — 10 6 N.Z. Drug — , 210 0 Sharland's ordinary ......' — , *110 COMMONWEALTH BANK. :. Tho Commonwealth' Bank of Australia will open for the conduct of all" general banking business to-day in all of the sii States of the Commonwealth, and also .in London, whero commodious premises specially built about three years ago for banking purposes, have beca leased at 36-38 New Broad Street. ■ Tho staff necessary to start have all been appointed, and have been drawn from practically all tho banks in the Commonwealth. As they arc all officers of experience, and liavo been carefully selected, it is thought, that from its beginning the bank, notwithstanding all tho difficulties attached to tho promotion of so huge an undertaking, should run smoothly. The bank will undertake oJI general banking business as is now conducted by the groat joint-stock banks in Australia. To enable tho bank to carry on such general banking business without branches established in every town of the Commonwealth, it has beon necessary to mako cla- 1 ■borate arrangements for the timo being with existing institutions, and tho Bank of IS'ew South Wales will act.-as general, aganta throughout Australia and Now Zealand, and tho Whole of its-foreign agency arragements throughout tho world have been in ado available to the Commonwealth Bank. In Queensland, the general collection agency will be undertaken, by tho Queensland National Bank, in South Australia by tho Bank of Adelaide, in Western Australia by tho Western Australia Bank, and in Tasmania by the Commercial Bank of Tasmania, Ltd. The Commonwealth Bank will also issue letters of credit. and be ablo to draw drafts on. any of tho branches of tho banks named.

Mcmoy will bo occoptod on flrst deposit for. six months at 2 per cent, per annum, for twclvo months at 3 per cent, per annum, and for two years and over, at 3S por cent, per annum. Ordinary current accounts will bo opened, and no chargo kill be mado for koopine same, unless the balanco at the crcdit of tho account falls below £50. When any balance falU below £50, the account will bo at onco charccd 59., and a, similar charge will bo made in each half-year. Overdrafts will be granted throughout the Commonwealth on Approved security at reasonable rates. The "smallest mm charged for keeping an overdraft account during », half-year will be ss. Tho hankinj business of the whole of the Commonwealth Government and tho various Departments in the cities where the btnlt ii openinf, will b« tranoferred to tho Commonwealth Bank, and will observe the ordinary offlce "hours adopted by tho other banka. -

ORIGIN OF PATENT MEDICINES. Makers of proprietary medicines just now are greatly cxerciEed because it is proposed by the Commonwealth that tho package containing such e. mcdicino should state it,' composition. Into tho same subject a select committee of the Houot of Commons is inniiiring, and at a recentsilting some inlcrec.ting facts were elicited Mr. John Charles Umney, lnanaßlnu director of Wright, Layman, and Umney, Ltd., told tho rtory of the origin of {pecocu-

anha oil. It first became known as early as 1685, he said. Tho eon of a Dutch quack who went to Paris Accidentally found that sonic oil sent from.Brazil had valuable medicinal properties. 1 Kxperiments proved -the value of the oil, and the young student placarded tho streets with tho announcement ■of tho remedy. Mr. Umney also roferrod to a, certain tincture used with succcsa in caero of heart affection. It was a poison ueed by savage tribes on tho point of their as?cgais. Dr. Frazcr, of Edinburgh, had experimented with tho poison, and had proved its value. Questioned with regard to tho advertising of patent medicines, witness said there itemed to.bo no objection to any]extension of tho law in preventing -peoplo -obtaining money by false pretences. Tho public, he believed, was not harmed by the present trade in proprietary medicines in to far as they wcro sold by reputable people. Mr. Urnney said that if it were possible to abolish all existing proprietary medicines tho' publio would suffer most, and tho medical profession would unquestionably benefit. In some ways tho medical profession would sutler if come of tho present remedies did not exist. Many of them were valuable as cures. Tho majority of the people who.bought patent mcdicincs would go to tho doctor if they were deprived ■of ■ them. Witness raid it must not be assumed that every person who read, a'pateiit medicine'advertisement was a fool. If the advertisements were only read by foola ■ tliero would not be many of them. Sir Philip Magnus thought this was .an optimistic view. The relation of the way in which new drugs wcro tested rather surprised the committee. Mr. Umney eaid: ."I make preparations of a new drug, and, try it on twenty or thirty of the people in ;py own place." A medical meimber of the committee (Dr. Chappie) interposed with the question, "Do > you mean to tell mo you would!take such a liberty with your employees?" to which the witness replied, "I should try it on myself first, and I should, proceed, carefully." Mr. Baihurst, another member, gave it as his opinion that the actual reason for the effect of most medical .drugs used by doctors was unknown to tho profession itself, and to this view witness assented. Mr. "Umney expressed the opinion that the sale of proprietary medicines to adults would probably bo considerably less with the lilsurancc Act in force. There wero no doubt some . oases where nction6 had been brought in-.which incorrect 'statements had l-ecn proved against tho proprietor of an articlo and tho article had not suffered loss to reputation In the eyes of-the public. He contended, however, that no proprietary ■ medicine could survive unless it had somo merit.; NOTES. Several 'unsuccessful attempts have been roado, in Germany during the past few years to form a gas-engine cartol. It ite now reported that an agreement has been arrived at, -and that tho new. organisation includes all the principal makers. Minimum prices and standard crpdit conditios will be fixed for large, gas engi'ntadeveloping 200 lwrse-powcr or more. At -present 6mall gas. engines do not appear, to come within tho scopo of the-cartel. A Canadian Chamber of Commerce has boen. formed in London, its chief objects being the encouragement. of the AntloCanadian trade and commerce, the develop, ment of Oanadian Industries by isritish capital, and generally th(S furtherance of Oaiiadian interests in the niled Kingdom.

The construction of railway, rolling stock, is a very fluctuating business in the United States. In . 19L'o, and again in_,l9C6, the orders for railway cars exceeded 3C0.K0; but in 1907 they, fell to, 151,CC0, and in 1908 to 62,700. In 1909 they revived to 193,000, only to go back to 115,000 in 1911. But in 1912 tho orders' .approximated, to 230,C00, and the present average car; built of steel, has a much greater capacity than oven in IWS. But businoss all round is reviving in the United States, and with considerable rapidity.

Messrs. Ncill Brothers estimate tho United States cotton crop for 1912-13 (co-called), at 14,500,CC0 bales, as. a minimum, against 16,138,000 last; year, and 13,525,0C0 bales in 1910-11. ' ■ This ' would bo a fair' average yield; while, last year was an exceedingly largo once. ■American calculations aro to tho effect that'34o,ooo motor-cars are being built-in tho Unitod States this year, as against 200,000 last year, 173,000 in 1910, in 19®, and only :50,C'00 in 19C8. There wero 993,718 cars registered there on October 1, with an aggregate valuation of £242,532,700. ' ' CUSTOMS. Customs duties collected at the port of Wellington on Saturday amounted to £6125 - total for tho week being £21,490 19a. 2d. This returns for each of the eight weeks, compared with tho figures for the corresponding periods of. last year,; show as under' 1912-13. 1911-12. November 30 .10,008 , 20,482, Decomber 7; 23,217 9,870. ' Decomber 14 12,621 18,858' December 21 26,501 •' 16,579 - December 28 5,968 1 2,635 1 January 4 18,051 15,434 January 11 ;.... 20,057 ' 24,024 January 18 ...; 21,491 13.E07 - , 1 ' ' •V- 130,114 130,585 Tho beer duty collected for' tho week totalled £285 10s. Gd., as against £222 65.. for tho corresponding week of . last year. . , SOOTH CANTERBURY GRAIN' MARKET. (By Telegraph.—Press . Association.).' ' J Oainaru,' Jannary 19. There is but little business doing in tho grain market. Millors are well supplied, and do not seem* disposed to buy. There is, however, an inquiry tor -velvety wheat, but growers are not disposed to accent tho price offered, namely, 3s. 7jd. to' 3s. Bd. net on trucks. Generally holders ask more than buyers will give, and this is the causo of a lessening of the businoss." Tho supply of oats is about exhausted, and the now season's grain is now being awaited. A quantity of Duns and' Algerians has been cut, but not threshed. Small lots of Cartons were obtained during tho weeknt "2s. Id. not for A' Grade, and 2s. net for B Grade. The. salo of ICO sacks A Grado Gartons is reported for shipment coast-wise, at 2s. Id. ex store. DT7NEDIN WOOL SALES. ) Dunodln, January 18. At 'Wednesday's wool sales, 27,813 balca will bo auctioned. Tlii's constitutes a record for the Dominion. Wright, Stephenson and Co. are submitting the top individual catalogue—S279 bales, which is' another record.

LONDON WOOL SALES. By Telegraph—Press Association—Copyright '> •' (Bee. January 19, 5.5 p.m.) London, January 18. -At the Bales merinos and crossbreds wore, firm, and mot with spirited competition. LONDON MARKETS. (Reo. January 19, 6.5 p.m.) • London, January. 18. Kauri Gum.—l 74 cases were. offered, and sold at full lato rates. ■ Copra.—Thero is a fair business doing. South Sea. bagged, £27 to £27 ss. per ton. Now Zealand Hemp.—The market is qnlet. January-March shipments are quoted at £33 15s. per ton.. / , Jute—Nativo first marks,' January-Febru-ary. shipments, £26 10s. per ton. Rubbor.—Fine hard Para rubber 'is quoted at 45., 63d. per lb. HIDES AND BASILS. Hides ajo firm, and thero I'a only small business doing. Leather is quiet, but very firm. Basils are firm. First Sydnoyo are quoted at lid. to 16id., and New Zealands, 16* d. to 22d. " SILVER.' Bar silver is quoted at 29d. per ounce standard. MANUFACTURED METALS. Fencing wiro is quoted at £8 ss. per ton. Iron' bar, £9 per ton. Tram rails, £s'l7s. per ton. Wire netting, 55 per oent. and 5 per cent off list price.