COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1672, 12 February 1913, Page 10

COMMERCIAL ITEMS.

j';.; "' ""'INVESTMENT SHARER Eoles of investment ehares recorded yesterday were National Bank at'£6 16., and New Zealand Driig at 49a. 9il. The quotations were as under :— ,:,.-:..; . .',■■». Buyers. Sellers. xi ■ '.' .. ' ■ •'■ ' . . £s. d. £s. d, -National Bank 6 DO. 62 0 Bank New. Zealand ~...; — 11 5 0 : J».Z.-Loan ;and Mercantile . : T ,(ios.). ...;....;:..:..........;..., o jj" -'■ N.Z. and River Plato ... ' — 2 0 6 Well. Trust and Loan ... — 7 4 0 Well. Gas (£10) ...'.....:..T... 16.10 0 - National Insurance 2 3 6 — N.Z. Insurance ..' 50 0 52 0 Ohvistchurch Meat ......... 15 0 0 —' Meat Export.(s2s. 6d.) .213 0 — N.Z. Shipping 14 17 6 - Union Steam ; -2 7 0 • ■ - — Well. .-Woollen (ord.) 313 0 • 315 0 westport Coal .....'. ~.-'— . 18 0 Golden Bay.Cement ......—. 1 0:6 N.Z.'Con. Dental ............ 10 3 '- ,N.Z.-Drug ~.'....'......... 2 9 6 '299 /':■■'< .-■-_. BANKING: IN AMERICA. - In- the United' States great strictness is '■now-shown in the' supervision exercised by tho. Government over, banldng institutions, •and the'results attained amply justify tha .mothods employed. Poriodical examinations. are hold by officials appointed by. tho con' troller, of tho currency, who inter alia discuss' with the directors tho policies and tendencies affecting' tho condition. The object in view is to place tho responsibility for the'standing of'the bank upon tho board of directors, and any members thereof who abrogate their functions are severely criticised. Directors who do not PSTforfii their duties as such aro evidently not wanted .'under tho now orders. A system has been devised for the.protection, of banks against borrowers, by making a simultaneous examination of all dnsUttutions located in certain : districts. During the year, in two of the largest cities in the West of Now York State this plan has been in operation, and in each Instance, states . "Brndstroot's," it has won the apEroval .of the local bankers. Over-extended orrowers;have been tho subject of investigation by the credit 1 bureau recently established, and . this section of customers certainly wanted looking after. By ita method of collecting information regarding such borrowers, the bureau is enabled to ■learn tho number of banks patronised and the aggregato of their advances. Where the abuse haa become flagrant, banks are advised, of the oondicion of these borrowers so that. fartlter extension may bo prevented. As illustrations of tho need of this kind of investigation, oho instance is mentioned ..whore a man was found to be borrowing In tha names of thirty different individuals and corporations. Another direction in which the investigation hns yielded fruit is in respeot to tho reflations of directors to ' banldng institutions. Instances havo been found in which directors appear to bo largo stockholders in their banks, whllo the majority of tho stock owned by them is hypothecated in other institutions, i-'fho method'.; of supervision and investigation above outlined certainly lend themeelveu to improved administration. , ■

.■..•':'',":■ peofit snAniNG. ', According to a return Teccntly issued by tho Labour Department of the British Board of Trode, thero are at present in operation in tho United Kingdom 133 profitsharing fchemes, theso being the survivors of 296 arrangement!! dovtecd at different times with the object indicated. Tho number of workers participating is given officially as 105,169, that total including .28,246 employed in.gas works, 17.336 in engineering and ship building. 15,649 in chemical, class and nottory works, and 4951 in textile trades. Four of tho schemes were started' ovor 40 years ago, and seven others between 30 and 39 years hack, whilst tho average. duration was about eight years, •although moro than e, third of the total rame to an end before the close «f th«lr fourth and mire than half before the eoventh year of the experiment. In 92 out of 155 instances the dircontimianco of the system w«a duo to,, various circumstances, none of which can well bo attributed- to the oparatipn of tho system. The number of cascn in which profit sharing was abandoned on the ground that the system had failed in producing the results hoped for was 63, or About two-fifths. The total nuniher'Of participants in the va.riou3■ schemes roso from 11,816 In 1901 to 51,443 in 1911, and the average ratio of bonus varied from 4,5

Per cent. In 1903 to 7.1 In 1906, the average lor tUo tea years being 5.5. The schemes Gliow great diversity as rcßards tho form of the bonus. In aboift thrce-nfths of tho schemes it 1s paid in cash; in others it is partly paid in cash, and tho remainder paid to «, provident fund. A more common type of tho newer schemes (especially the eas works schemes) is that in which the bonus is retained for investment in tho business. The employees are represented on the directorateo In nine instances, but there exist under a very large number of schemes joint committees possessing functions of a consultative character.

THE MOTOR INDUSTRY. Prosperity has accrued to the motor industry,, larjely «s a rojult of the tcneral and coitlnu«d improvement in trad-e the world «ver. Statistics relating to the business in tins most modern form of traction transacted in the United Kingdom ifford »n idea of its remarkable expansion. In 1!04 the exports comprised 77( cycles and 781 complete cars, whilst for the first eleven months of last year 4755 cars and 11,! M motor cycles v.-«re -shipped abroad. The valne9 of theso exports increased duri'nr> tho term indicated from £2M,CCO to £i,HJ,OCO for cars, and from £31,000 to £«I,CCO for cycles, in addition to which there were sent out. of tho country up to the end of November last year parts of cars representing £l/,92.CC0, as against £516.000 in 1904, and £171,0C0 worth of cycle parts, as compared with £7000 in tho earlier year mentioned. Tho companies operating in tho United Kingdom show increasing profits in tho lost few years, although in the aggrcgato tho amount for 1911-12 has undergone a, reverse movement when compared with 1910-11. Tho Birmingham Small Arms Co. headed tho list with a, net gain of £170,454 in the latter period, but tho total for that company was about £50.CC0 less than that for tho previous tradihK year. The Triumph 00. paid dividends representing ovor 50 per cent, on its paidup capital. Tho Darr.Tcq figures idqwed up somewhat unfavourably, owing.it is stated, to/the change to the valvcless engines. Tho 1 "Economist" concludes a review of tho British motor trade finances with a- statement that "tlio lesson to tho investor Is tho danser of investing in brolten-down concerns on tho strength of ,the boom," adding that "tho discriminating purchaser may, yet reach a handsome return on *ho ■njres of the co»pa»les which are to hold their position after the present heavy demand kas slackened."

TEADE IN ALLEN BTBEET. Potatoes—The market is being well supplied, std prices range from £6 10s. to £7 10s.

, Onions.-Consignments are being received from the Auckland and Canterbury districts. Prime tablo onions are realising 7s.- 6d. per cwt., aud pickling onions, Id. to lid. per lb. Flour is unchanged at £8 10s. to £8 15e. per toi, according to brand, f.o.b. south, less tho usual diecount. Pollard is in short supply, and is selling here at £6 ss. to £6 10s. per ton. ; ■Bran is in full supply, and is realising £5 to £5 ss. por ton. .' Maize has advanced 2d. per bushel in the north, and is quoted here at 4s. 9d. to 4s. lOd. per bushel. .Oatmeal is slow of sale at £13 to £13 10s. per ton.

Holies' oats, in 41b. bags, are quoted at ss.per dozen, and oatina at 9s.' 6d. o*ts.—New season's 'oats are now .available; good short feed oats are quoted at Js. 9d. to 2s. lid..per bushel; feed Algerian, 2s. 10d.; seed Algerian, 3s. to 3s. 3d.; Dun oats,' ta. lOd. to 3s,

Hay is slow of sale, at £4 10s. to £4 16a. per. ton.

Chaff.—New and old are both available, and,are auoted at £5 per ton, sacks in. Fowls' Wheat—Prime whole has good inquiry, at 4s. 3d, to fe. 4tl. per bushel. Fresh eggs are in heavier supply, and values have declined, tho current quotation being Is. 4d. to Is. .6d. per' dozen. '-, - Butter.-Prime milled, in bulk, ia bringing lOd. per lb.; good quality, 9d. ; Margarine, in 281b. tins, is selling at U. per lb.; and in 661b. boxes aWd. . Checise.—Best factory, medium size, 61d. to 63d.,: leaf,' 63d." to 7d. ; . Kicomeal is slow of eole, at £5 10s. per ton. v, • '■ '■

■ ,I'cameal has fair inquiry at £i per ton. ■ Split Peas—New Zealand, 17s. per cwt. Parto-ldgo pohs a.ro in fair demand,' at 3s. 9d. to 4s. 3d. per bushel. Prhsi-ian Blue season's are offering at ss.'9d. to'6s. per' buGhel. ' Whole linseed is. selling at 17s. per, cwt.- : .Vegetables-Heavy supplies of French dcmis aro coming, forward daily; and low, prices ha.vo to be accepted to make sales. Rod and table cabbages aro in fair supply. .Carrots, parsnips, and. cauliflowers aro in light supply, and consignments are recommended. ' '.•,.--.

• Tomatoes.—Consldcrablo quantities of outdoor grown tomatoos from tho Hutt and Nelson districts are available, and prices have cased. , - ■■ . ■

."■ Fruit.—The Navuo. Is due to-morrow with consignment* of lmuanas in caseß and .bunches from Fiji, alio TJlimaroa is due on: Friday with Victorian-grown pears.: TheMaungan-iil from Sydnoy,,.diio torday,. is bringing light Bhipmentn of grar.es, passion fruit, and Messina lemons.. Peachis, plums, and nectarines ha-vs been in heavy iiupply, and prices <vro low. The ecbpoii for- greengage/? and raspberries is now ■over. A (rood dcufand exists for dessert applf a, whilo cooking varieties arc in heavy supply. . Poultry.—Hens, 2s. 9d. to 3s. 6d. per pair; cockorels, 4s. to 55.; roosters, 2s. 6d. to 35."; ducklings, fa. to ducks, 3s. to 45,; turkey gobblers, I*. per lb. livo weight; turkoy hens, ?d. to ltd'.

Customs duties collected at the port of Wellington yesterday amounted ,to £2623 7a. Id.

' STANDARD'' INSURANCE CO. (By Telegraph—Press Association.) » WDunedln, February if. The annual report of the directors" of the Standard Insurance Company for the year ended December 31, 1912, states that tho income for the year, including the 'balance brought forward from last year', amounts to £155.934 lfe. 7d„ and the expenditure to £128,185 2s. 6d., leaving: a balance of £27,7«9 ,14a. Id. From this amount an interim dividend was paid in June, -amounting to £3CCO. The directors havo added to the reserve fund £2500, to tho reinsurance reserve fund £3000. and they recommend that tho balance be appropriated as follows:—To pay a dividend for tho half-year ended December 31 of 8 per tout, (making 12 per cent, per annnm), £6C0O: to carry formiTd to next year, £8249 Ka. Id.; total, £27,749 14s. Id.

• . CANTERBURY GRAIN MARKET. iChrlstchurch, February 11. There is no change to report in the local wheat market, tho principal business passing being in wheat grown in tho northern district, which is cbjanging hands in oases where the grower is willing to accept the 'ruling price. Oats am> easier, as there is no outlet at present. Tho outside price is Is. lid. for Cartons, though few growers who have any to sell aro willing to tako this figure. Other description*! are not as free of ealo as they were. The rates ruling locally, havo left little or no marpln of profit for shipment either to tho- North Island or to Australia. The bulk of the barley offering is very, light,' and malsters aro not. purchasing any but prime samples which still command 4s. No offers can be got for light Eampto. The barley this teason, though generally light, is in excellent condition and colour.

' BILYEH. By Tolegraph—Prces Association—Copyright London, February 10. Bar silver Is quoted at 28 7-16 d. per ounce standard. 1 . ADVANCE IN FLOUR. Sydney, February 10. The price of flour has advanced 63., to £8 15s.