COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1716, 5 April 1913, Page 8

COMMERCIAL ITEMS.

.INVESTMENT SHAKES. The sales recorded yesterday were National Bank-"rights at'l9a., Bank of New Zealand at £11 7s. 6d., TarJngamutu Totara c.t 4fe., Now Zealand Insurance at £5, and Saarland's ordinary at 21s. The quotations were as under:—

' SIGNING CHEQUES PER PRO. Oheques arc very often signed per pro by an agent or clerk of the' firm or company # who or© stated as the drawers, and this is a common business custom. But it must always bo remembered (says "Kemp's Gazette") that such a signature operates, of itself, as a notice to the payee, and , Jill persons who deal with the cheque, that it is only made under a limited authority. This is clear from Section £5 of the Bill 3 of Exchange Act, 1882 (Section SO of tho Australian Act), which provides, that a signature by procuration operates as a notice that the" agent has but a limited authority to sign, and the principal is only bound by such denature if the asent in so signing was acting within the actual 'limits of his authority. A .curious question in regard to tho cfFcct of ibis clause aroso in the recent care of Slorison v. Kemp, where the plaintiff, who was zin insurance broker, sued the defendant (a bookmaker) to recover £2-30, the amount of certain cheques which had been drawn and cashed in favour of the defendant for betting debts of his own by a manager signing per pro for the plaintiff. Tho crucial pojnt in this case, as in all similar cases, turned upon the onus of proof. Tho defence contended that it was for the plaintiff to show that the defendant knew* tho manager signing per prq ; xvas acting outside his authority. Mr.' Justice 1 Darling held that tho section above quoted made a signature fey procuration on a cheque operative as notice that it , was only done under a limited authority. It wvia, there-, fore, the duty of tho person taking that cheque to inquire into the actual 6Cope of that authority, or to take tho risk of having to refund the money. The Judge fur; tiher held that the defendant, being a bookmaker, and knowing-that his bets had been made with tho plaintiff's manager signing per pro, and not with the plaintiff himself, whose business was that of an insurance broker, and so would not include betting, must bo taken to have had express notice that these cheques were not signed for business purpose-, and'he accordingly gave judgment for the plaintiff: but there may yet be an appeal. It was true that those cheques seemed to have gone through the plaintiff's accounts, and to have been audited, but this did not affect tho legal aspect of the matter, as tho Act makes a /denature by procuration operate as a notice of the limited authority of the person bo sisninjr.

CANNED FRUITS IN INDIA. The American Consul at Madras is considerably alarmed at tho manner in which tho American tinned fruit trade is cut into by increasing imports from tho Commonwealth, and lio ia credited with urging American exporters to take serious steps to overcome competition from tho Antipodes. The reason why Australian firms are making: headway in India- is simply that the goods are much cheaper. A 2Jlb. tin of Australian peaches, for instance, can bo puirchasecCfor , 12 unnas (about la.) in tho bazaars" of tho Presidency towns, whereas the prico of a corresponding tin. of American peaches is 1 rupee 4 amnas (about Is. Bd.) or more. A difference of 8 annas (Bd.) on a tin of peaches is a considerable one, and more than ample to causo the tinned fruit lido to flow in favour of Australia. In a paragraph bearing on this subject, recently published in Calcutta "Capital," is is stated that thero can bo little doubt that, taken all round, American fruit is superior to that of Australian, both as regards quality, size, and perfection in packing. This journal further aescrt.3 that if American exporters, acting on tho suggestion of tho Consul at Madras, ship to India tinned fruits from the orchards of California at about tho samo price now charged for Australian fruits, they would meet with a ready demand.' o ■, CUSTOMS REVENUE. Tlie Customs • duties - collected at the. port of Wellington yesterday amounted to £1971 15s. sd. GEAIN AND PRODUCE. (By Telegraph.—Press Association.) Christchurch, April 4. Thero is a fair amount of wheat offering, and ealcs are taking place, though buyers are not particularly Keen-. The demand for Tuscan has eased off, and when offered alone this variety as now somewhat difficult to sell. A considerable quantity. of Tuscan has already been, placed on the market, a good proportion being solid straw. On- tho other hand, Pearl is slightly firmer. Thero ia a fairly strong demand for oats, but farmers aro holding firmly, and tho offerings. are not large. In addition to supplies being required for the North Island, there is' a speculative inquiry, and the bad weather-in Southland.lias tended to firm tlie market. There is no change, however, to be noted in quotations, tho top price being 2s. Id. for A-grade Gartons at country stations. There is very little business doing In barley. The potato market is Bomowha-t easier, as tho Auckland market is being well supplied from the south, and tho main crop is now being dug in tho Wellington province, eo that the demand from the North Island is not very active. Inquiries made regarding the probablo trade in. potatoes with Australia this season show that tho wants of- the Commonwealth aro not likely to he so laTgo as was recently thought. Tho Tasmanian and Victorian crops aro turning out better than- was expected, and tho early crop in Now South Wales is promising well. • LONDON MAEKETS. Messrs. Dalgety and Co., Ltd., Wellington, haye received tho following cablegram from their London office, dated April 3:—Frozen lamb: Prices aro id. to Id. per lb. higher. Mutton: Prices unchanged. Beef: Prices arc f,d. per lb. lower. Tallow: Fine mutton unchanged, fair to good mutton Is. per. cwt. higher. Beef, good to primo, par to 3d. higher. Medium and inferior, 3d. to 6d. per owt. higher. VICTOItIAN I'IiODUCE MARKET. By Telegraph— Press ,is?nni.iHmi~Cnnvrleht Melbourne, April 4. • Wheat, 3s. Gd. to 3s. 83.(1. Flour, £8 15s. Oats, Algerian feeding, 2s. 2d. to 2s. 4d.; milling, 2s. 5Jd. Barley, English. 3s. 9d. to 4s. 3d. Maize, 4s. 2d. Brail, £5 15s. Pollard, £5 10s. Potatoes, JM 10s. to ,€5. Onions, £6 to £7 ss. BANK OF ENGLAND KETIJRX. By Telegraph—Press Association—Copyright (Hoc. April' 4. 9.10 p.m.) London, April i. The Bank of England. return issued

for tlio v.-eok ended Wednesday, April 2, | is as underl

reserve La liability... 41.85 33.6G 30.71 ' GOVEBSMEKT SECURITIES. The following are the latest quotations for Government securities, with • a com' pari.-on of. those ruling last week:—" .

BANK HATES OF INTEREST. > The Dank of England rate was, on February 8, 1912, reduced from 4 to 3i per cent., and on May 9 it was further reduced to 3 per cent. Oy August 29 it was raised to 4 per cent., and on October 17 to 5 per cent. ' » ■ '. Tho Bank of Franco rate was. reduced from 3£ to 3 per cent, on January 23, .1908, and continued at the latter figure until September 12, 1911, when it was-raised to H per cent. On May 17, 1912, it was reduced to 3 per cent., on October. 17 it was raised to 3£ per ccnt., and on October 30 to 4 per cent. Tho Imperial Bank of Germany reduced Its rate from to 45 per cent, on June 11, 1912, on October 24 it was raised to 5 per cent., and on November 14 it wa-s further raised to 6 per cent. MARKET KATES OF DISCOUNT. Tho following are tho market rates for best three mouth*/ bills:— London Paris Berlin i rate, rate. rate. \ per per per ccnt. cent. cent. This weak 4 3-8 .33 43 Last week 43 32 53-8 La6t year 3J 33 411-16 Short ldans arc quoted at 41 per cont.,' os aprainst 43 per cent, last week, and 3j per cent, last year. COLONIAL AND OTHER PRODUCE. Wheat.—The market is steady and unchanged. Liverpool futures, May delivery, 7*3. 42d. per cental; July delivery, 7s. 3Jd.; October delivery,: 7s, • Australian,, on spot, i>3 quoted at 41s. to 41s. 6d. per quar- . tcr. Flour' is quiot. Australian is clearing at 285., cx st-ore. • * Oats—The market is quiet. La Plata, May-June shipment, 15s. 6d., • Butter.—Tho market i 6 dull. Danish, 1255. to 1275.; choicest colonial is scarce and unchanged; secondaries are irregular and tending easier. ' Choece.—Tho market is quiet. New Zca* land sorts are quoted at CCs. to 61s. Supar.—German be-st, 88 per cant, net titre, unchanged, 9s. lid. per cwt.; flr'Stmarks granulated, f.o.b. Hamburg, Id;'' 'higher, at J2g. 4d. Bradford Tops—The market is quiet, arid prices are unchanged. • ■ METAL MARKETS. Copper.—On spot. 355.. higher,, at £67.175. ,6d. per ton; threo months', 30s: lOd. higher,' at £67 17s. 6d.;. electrolytic, £71. Tin.—On spot, unchanged, at £218 nor ton; tlircc months, 10a. higher, at £214 53. Pig-iron.-7-Middlesboro' No. 3, &d, higher, j at 6Gs. 2d. per ton. i Lead, soft foreign, Is. 3d. higher, at £16 7s. 6d. per ton; Snelter, ss. higher, at £24 15s. per ton. Silver.—B.ir pilver is nuotcd at 263 d.. per ounce standard.

Buyers. Sellers. . £ d. £ s. d. National Bank ; 4 17 6 6 0 0 National Bank (riglrte) ... 0 19 0 Bank New Zealand 11 6 0 ' — N.Z. Loan and Mercantile 0 10 0 — N.Z. and llivcr Plate — 2 0 3 Well. Trust and Loan ... — 7 2 6 Napier Gas (£10) — 18 10 0 Napier Gas (£5) — 9 5 0 Well. Gas (pref.) 10 3. 1 .,0 9 N.Z. Insurance 4 19 6 5 1 0 Standard Insurance* — 112 0 Christ-church Meat 15 6 0 — Meat Export ... — 3 0 0 N.Z. Shipping .. 16 0 0 16 5 0 Kaiapoi Woollen (ord.) ... — 5 2 -6 Mosgiel Woollen — 3 12 0 Well. Woollen (ord.) 3 11 0 3 13 0 Well Woollen (prcf.) - ' 2 16 3 Wcstport Coal 17 0 Taringauiutu Totara — 2 6 0 Manning and Co 3 18 0 — N.Z. Drug (rights) — 0 0 6 N.Z. Portland Cement .... 0 17 6 — W.RC.A - 7 5 0

Issue Department Kolo Ibsu« £53,5SMXX) Gov.debb - £11,015,000 Other securilioi 7,434.000 GoU ... ... S5.135.OGO £53,584,003 JCo3.58J.000 Banking Proprietors' Govt, securicapital £14.253,000 ties £13,033,000 rubiic tie* ' Other tecuriposits ... £2,050.000 lies 41.09*2,000 Other deposits ... iO.371.COO Motes ... 21.557.003 Host, 7-day iiud other bills... ... 3.S35.C03 Coin... 1,170.000 £79,832,001 £79.852.000 The loading items of the Bank of.Ensland .return afford the following comparison This week Last ncek I»asfc year £ ■ £ £ Bullion 35.135,000 3o.2H-2.003 S4.547.003 Reserve 2f»,727.000 20.740,COO 24.860.000 Note circulation 29.0i7.000 28,252.000 29.559.003 Public Deposits 2J, 26.115.000 22.1&2.030 Other Deposits 40.374.000 41,291,000 40,504,030 Proportion of

Variation — compared Trie*. with , last week. ; £ i. a. : 25% Imperial Consols 74 5 0 2/G lower 4 N. S. W. 3933 J an. - J ul y 100 10 0 10s lowor 34 „N.S.W.1930 -50 Alr.-Sp 93 0 0 Unchanged 84 ■ M N.8.W.-19a0-50 90 0 0 Unchanged 3 „ N.S.'NV. 1925 Apl.-Oct 62. 0 0 Unchanged 4 „ Vic. 192U Jan.-July, 100 0 0 Unchanged 8$ „ Vic. 19-21-ti Jan.-July 94 0 0 -62/6'lowor 3i ,.Vic,491?J-49 . 01. 0 0 Unchanged 3 „Vie.l9*i9-49Jan.-JuIy 7ti 0 0 Unchanged 8i „S|A. 1916 Jan.-JuJy ,01 0 0 Unchanged 3 ,,S.A. li)lti Jan.-July 75 0 0 Unchanged 4 „QTdl915-94Jau.-July 100 .0 0 Unchanged b4 „ QTdl922-47Jan.-July. 94 0 0 Unchanged 3 „QTdl!>22-j7Jan.-July 77 0 0 Unchanged4 ,,N.Z. 1929 Jfdy-Nov. .09.10 0 10s lower 3J „N.Z, ll)12-40Jau.-July 80 0 0 Uncliangod 3 ,.N.Z. 1920 April-Oct. 78 0 0 Unchanged 3i „\V. A.1915-35 May-Nov 88 0 0 . 40a lowor 3 „W.A ,1915-35 May-Noy b'2 0 0 40s lower 34 ,,1'as. lO'iOJan.-July 89 0 0 Unchanged 3 ,,Tas. 1923-40 Jan.-July fc3 0 0 Unchanged