COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1719, 9 April 1913, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHAKES. Sales of investment shares recorded yesterday were: Meti'onolitan Building at £12 10s., and Union Steam at £2.23. 6d. Tlio ouotationj were as under:— Buyers. Sellers. '£*. d. ,E s. d. Bank New Zealand .).... 11 7 0 — . National Haul; (old) 5 0 0 — National Bank (new) 415 0 4 17 6 N.Z. Loan and Mercantile 0 10 0 — Equitable Building — 9 10 0 Ohristp.hurch fias I i 5 Well. Gas (prcf.) 10 3 - N.Z. Insurance 1 J 19 6 — Cliri'stclmrch Meat 15 6 6 15 10 0 Union Steam . — 2 2 9 Kai:i]ioi Woollen (ord.) ... — 5 2 fi Mospiel Woollen — 3 12 0 Wcstport Coal 17 0 — Tolarji -- 2 4 fi (Jolrti'ii Bay Cement --- 10 3 N.Z. Con. Dcnt'il 10 6 X.Z. I'oillaiid Cement ... 0 18 3 W.F.C'.A. (.CS) . - 7 5 0 YV.F.C.A. 1205, j - 19 0

FREAK COMPANIES. . Some ini.prbitiiig particulars regarding the promotion of "freak companies" were given- iu a paper read by :.ii\ lierbert W. jorcan (author oi tiie A.li.C. Ouiiic to Company ami Law Practice) at a meeting of tno Secretaries' Association held in London o;u February 11. The lecturer, v;iio took for his subjccl, "The Promotion and Flotation of Limited! Companies-," s-aid that the earliest kind of joint stock company was the Chartered Company, and through the r.gcuzy ot these companies many of the English companies were first settled, tha foundations of tho Empire laid, and *;ha foreign trade <md commerce of the country mainly conducted. Kxamplcs of notable chartered companies were tho .Steelyard Society in 1232, which was an association of a number of adventurers from the ilanseatie towns who owned the steelyard on the banks of the Thame* {from JK.U to il K )l an important trading port in the. Thames basin); tho fraternity of St. Thoimu* a Beekct, who afterwards were known as the -Merchant Adventurers of England, and ill 15'J5 were granted a charter under that name, tho ;\'cw Kiver Company (1605), the Bank of England (1694), and tho Netv Zealand Company (1833). As showing the comprehensive scope of the Companies Act, and the di- | verse purposes to which it might be api plied, the lecturer recalled a few curious promotions of "ft'E-ak companies." lie 1 mentioned that one individual formed a company with a capital of £1 divided into ; ?60 L'harco of jd. caeh. the registration duties for which amounted to about £$. In striking contrast with the £1 concern was a finance company registered in 1859 under tho title of' the Common Fund Company, Ltd., wifch tilli! stupendous capital of £100,0(10,000. hut the notation could hardly be described as a success, for only £200 was subscribed. Such a registration would now involve the payment of £250,CC0 in capital duty and £52 in fees. A company was floated to raise the vessels sunk by Nelson in th-5 Bay of Aboukir, with the treasures contained therein, when lie gained his victory over the French at the Battle of the Nile. The result was the loss of further treasure. A few years ago a company was formed, with'the object, . according to their prospectus, of gathering sea foam, on the theory that gold be extracted from it. The scheme attracted a large number of applicants for shares;. Thousands of pounds were subscribed yearn ago by a confiding public who believed .iu tho, possibility of importing compressed/ dried grapes from Spain, Italy, and elsewhere, then saturating then with good English water, and .thus making wine. Scientific statements supporting the idea wcro \quoted, but the scheme collapsed in a fewt months. Twenty companies were formed in a fortnight in London for providing Keats to view the Diamond Jubilee procession in 1897, and one person managed to pay his return fare across the Atlantic and have a balance of £M 0 in hand by selling somebody eli-c's window ten times over at £ICO a time, ADVANCE IN GLOVES. The Syndicate Chamber of Grenoble Glove Manufacturers' thus indicate to t a local firm an. advance of 10 per cent, in gloves:— Grenoble, February 12, 1913.—Gentlemen,— The 1 glove manufacturers of Grenoble beg and regret, to advise their customers that it is impossible to continue to. sell their gloves at old prices, and that an increaso of about 10 per cent., according Jx> tlio different sorts, is absolutely ncccssary, in order to allow them to procced with tho manufacturing. For several years past thi-3 -increase haa bccomo more and more necessary, but Grcnoblo manufacturers havo always hoped that a change for the bettor would have prevented them from raising their priccs. Tho causes arc numerous, and many of them are the same as for many other articles. First, the cost of living, becoming greater, year by year, higher salaries are naturally expected. The constant many now expenses which fall on •manufacturers increase tlioir general expenre. The cost of every article used for the making: of gloves has gone up, and, for insatnee, pearl buttons havo nearly doubled *n price. Again, and this is the most important reason, the raw material, "skin?," owing to their being used up in large quantity in many branches of trade, beside*' glove-making, have gone up to a high price, and maintain their position. The glove manufacturers of Grenoble, who have always been anxious to give full satisfaction to buyers?, feel sure that they will understand their nshinfj, them for an absolutely necessary rise in • prices, and that thev will then do their utmost to have 'it accepted by retail customer.-, who already have so easily accepted any increase on priccs for tho many other dress articles. LONDON'S SHELL TRADE. London is the chicf centre of the shell trade, and the Port of London Authority has recently opened for the use of shell importers four extensive and well-lighted divisions, forming the entire upper floor of 1 , a husre warehouse at St. Kathe.riuo Dock. The best tortoiscteheli reaches London- from tho West Indies, and fctchcs an average of 355. per lb. Supplies of idightly less value come from the coa6t of East Africa, : while Western Australia and Fiji also 6cnd. tortoiseshell. An exhibtion lot from Fiji recently sold for as much as £15 per lb. Generally speaking, the article tends to get scarcer, and therefore dearer, especially as the demand continues to increase. The tortoiseshcll consists of : 13 plates, which overlap each other liko tiles on .a roof, and arc thinned otf at their adjoining edges. The thickness rarely exceeds an eighth of an inch. Tho shell potucsises the property of being easily softened by heat equivalent to that of boiling water, and of retaining any form which is given to it wliito heated.. In addition to it»3 wide use in the.making of toilet and ornamental articles, card case:-, purses, and innumerable other requisites, tortoiccshell w largely employed for inlaying and ornamenting furniture. Some 25 or 30 tons a year represents about the total amount of this very cxpensivo product which annually passes through the hands ol the Port of London Authority. The better qualities, it may bo noted, are incapable of successful imitatiou. For supplies of mother-of-pearl .numerous countries arc drawn upon. Some of the . largest and best come from Manila and 1 the Dutch East Indies and others from : Egypt, India, and the Strait? Settlements, i Anything from £4 to £14 per cwt. is obtained for motlier-of-pcarl, and sometimes as .much as £20. It i«s usually sorted on the floor—a work which requires special care to c.void breakages as the shells arc dealt with. Green snail, Japan ear, bull mouth, spider, fancy cowries; murex, mother-of-pearl shells, trochus, trumpets, helmets, and mussels—all thoso and more contribute their quota to the large supply which comes-.into tho country for in--1 Austria! and ornamental purposes, and are handled -at the St. Kathcrine Dock on behalf 6f the Port Authority by a staff which' possesses a unique cxperienco of the shell trade. WOOL PHOSPECTS. Writing with respect to tho outlook, Winchcombe, Carson and Co., Ltd., of Sydney, in their wool review, take an optimistic vi*w of the situation, for they say:— Therfe has been a total abscnce of speculation, and no unrealised expectations to hamper the trade in its future dealings with tho raw materia!. Warfare, industrial unrest, and an indifferent clip, have neither uingly nor combined, 1 bceu strong enough to stay the upward trend of values. If we contrast tho two n:ost important types of wool, as the trade understands thorn, perhaps merino holds tho stronger [position. The shrinkage in the North and South American clip* greatly aid* Australian and Now Zealand crossbred;?. On the other hand, the change from merino sheep to coarse-woolled sheep, and the shortage in the South African clip, are points in favour o£ Australian merino >wool. The rapid consumption of wool is leaving no time.to accumulate stocks; is even causing tho question, of the demand having overtaken production, to be very seriously contemplated. Happily, prospccts of poaec in tho East are brightening. The close of i;he war between the Balkan States and Turkey will bring with it increased industrial activity for hotli Austria and Germanv. A more liberal tariff upon wool imported into the United States, of which there is a verv reasonable hope, will still furlher aid the wool producer. Tho Ea-st is taking increased quantities of wool from us, either in the raw state, or combed into tops. The gradual adoption of European clothing is opening un an enormous outlet for our main product. The prospects of our wool-oroducing industry are moro than favourable. Given an absence of the unexpected, and a freedom from harassing legislation, there is nothing on the present horizon to prevent the wool-grower from contemplating the future with a good deal of equanimity. The estimate of the number of sheen in Australia, is 87,550,000, against 92.742.CC0 in the previous season—a drop of 5.2C0.C00. MEAT MAItKET. Mellsor, Eliott, and Co., agents for Gilbert Anderson and Co., report under date February 20:— A very moderate demand has been experienced. and the tendency is weaker. The supplies of meat have been large, and in excesM of quantities for the corresponding wcok last year. Smith-field received 738 tons extra, white the importo'of Irish icattle and sheep are on a large scale : Home-grown Beef.—Scotch, 6Jil., 63d.: English, 6d.. 6id.: Irish. s*d„ GJd. Mutton: Scotch. V-Jd- Bd.: English, 7r,d.. 73d.; Scotch 1,0*3, BJd., 9d.: English tegs, 72d., Sid.; English ewes, sad., 6&<t. Lamb: English (new lid., Is. CUI.: Dutch, • 7Jd.; pork. 731, Bd.; veal. Bid., 9d. Chilled Beef.—Supplies mot a bad trade, and prices are lower. Fores, 3 9-lsd.: hinds, sd. Frozen Beef—New Zealand fore.", 3Jd., hindfj, 3 13-16 d.: Australian crops, 3 3-16 d.; hind!*, odd.; Plate fores, o£d.; hinds', 3 U-lGd. Frozen Mutton.—A further decline of o*l6d. to 2d. on New Zcalands. Canterbury*, 48-56. 4/, d.: 56-64, 64-72. 4Jd.; North Islands, 56-61. 4 3-lQd.: best. 45-16 d.; owes, 32d.; Australian-. 3C-SD, 33d.; SC-70, -tel.: c-.voi, Z/.d.: PWl.e. <d. Vroi'.cn !<Holders nrj wjukvnim: and buy.'ra arc holding off for lower prices. New Zealand scwudary lambs arc

reported to-be offering as low as Jiid., cx store; Canterbury, under 35, 36-42, 6,i«.; best North Islands, (id.; ordinary, 6d.; Australian, best, s£d.: fair, 0 5-8 d»; secondary, 5Jd. TUADE IN ALLEN STREET. . Fruit—The Navua i= due from Fiji' tomorrow evening with both cases and bunches of bananas, but the shipment is a light one. Cooking apples are rather in exces's of requirement?. For dessert apples and pears a good demand exists.' A few grapes, passion fruit, and pineapples arc due from Australia, to-day. Peaches are in short supply. New Zealand-grown grapes ore coming in more freely, and moderate prices arc ruling. Tomatoes.—Heavy consignments continue to couic in from the Lower ilutt daily, and pricc-3 are still very low. Vegetables.—Cauliflowers and cabbages are in fair request, and so also arc carrots and parsnip:?. Green peas are im short supply. French beans have improved in value. Choice white celery is in good demand. Potatoes.—The market is unsteady. Prime - amples from Oatnaru are selling at £6 ss. to £6 15a., and medium quality at relative rates. Onions.—Table oniou-3 are very plentiful. and are somewhat easier in price,the Wellington quotations being £6 15.3. to £7 sd. Pickling onions are in short supply, and are realising 13d. to lid. per lb.; consignments arc recommended. Flour.—The Atlas Milling Company have advanced their pricc 7s. 6d. per ton, making the f.o.b. quotations southern ports, £9 per ton, and ex store Wellington, £9 17s. 6d., less the usual trade discount. Pollard is in strong demand at £7 ss. to £7 10s. per ton, ex store. Bran is in cxcew of requirements, .and the eurrcnt quotation is £5 to £5 ss. per ton. Maizo is in moderate demand at ss. per bushel. Oatmeal has advanced, the f.o.b. quotation nov: being £14 per toil, and ex store Wellington £15 per ton. Boiled oats in 41b. bags are quoted at-93. Gd.. per dozen, and oatiiia 10s., both being sixpence dearer. Oats.-The market continues firm. Short feed, 2f3. lid. to 3s. per bushel; Algerian, 2s. lOd. to 2s. lid,; seed Algerian, 3s. to 3s. 3d.; dun oats, 2s. ICd. to 3s. Hoy.—Prime quality is selling at £4 lCs. to £5 per ton. Chaff.—Prime oaten sheaf chaff has good inquiry at £5 to £5 ss. per ton, sacks in. Fowls-' wheat.—Good wholo wheat is in brisk demand at 4s. 4d. v to 4s. sd. per bushel. Eggs.—The market lias advanced, and fresh eggs are now quoted at 2s. per dozen, with /preserved at Is. 4d. Butter.—Primo milled, in bulk, in good demand, at ICd. per lb., with good quality at 9d. to 9£d. / Partridge peas havo fair inquiry at 3s. 9d. to 4s. tier bushel. Prussian blue peas.—The demand is moderate at 6s. per bushel. Cape haTley is selling at Is. id. to 3s. 3d. per bushel, and feed barley at 3s. Id. Poultry.—Hens, 2s. 6d. to 3s. per uairj cockerels. 4s. to 55.; ducklings, 4?. to 4s. 6d.: turkey gobblers, ICd p?r lb., live weight, hens 9d. CUSTOMS ItEVENUE. Customs duties collected at the port of Wellington yesterday amounted to £2742 lE'3. 6d. GIIAIN AND PRODUCE. ißy Telegraph.—Prew Association.) c; Chrlstclutrch, April 8. Tuscan is the only variety of wheat offering in any quantity, and for it there is not tho demand there wa-s a few weeks ago. The best offer now made for Tuscan is Zs. 6d. at country station*;. Though there is a quieter tone generally in the wheat market, good mixed lines, or pearl, are still saleable at quotations. There is a good deisand for oats, but few are offering. The market is firm, but priccs have not yet shown any advance for iirst-hand sales. There is a good market for chaff in the North' Island, but the difficulty is to get shipping space for it, while there Is plenty nf heavier cargo offering. Tho quotation Is now £2 17s. 6d. to £3 for prime quality. according to distance. The main crop of potatoes is not nxoected to turn out too well. They havo been slow in ripening owing to the wet spring preventing their being got in in proper' time, and recent, frosts have cherkod further growth. Shippers have difficulty in geting space for Auckland, and tl/is is having a check upon business. From £4 to £4 ss. at country stations is still- being offered. Suppling are not large at .present, as the digging of the main crop has hardly begun yet. SYDNEY WOOL SALES. By Telegraph—Press. Association—Copyright (Bee. April 8, 10 p.m.) Sydney, April 8. The wool sale's have been resumed. Competition is free and keen, and prices aro firm at the closing rates for tho la«t sales. Any movement is.in growers' favour. ' '" wheat."" (Rcc. April 9, 0.10. a.m.) London, April 8. Wheat is firm and dearer. . France is bidding for January-February Australian cargoes at 375. Numerous eales of Australian cargoes have been -made, 1 parcels ranging from 375, 9d. to 38s. Gd. Official quotations for Australian arc: For prompt delivery, 375. 6d.; on passage, 38s. to 385.. 4Jd. SILVER. London, April 7. Bar silver is quoted at 27 3-lGd. per ounce standard. •