COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1793, 4 July 1913, Page 10

COMMERCIAL ITEMS.

' INVESTMENT SHARES. No business was done in investment shares yesterday. The quotations were as under:— „ ~ Buyers, Sellers. £ s. d. £ g. d. National Bank (old) — 5 3 3 Metropolitan Building ... — 12 7 6 N.Z. Loan, Merc, (pref.) 96 10 0 99 ,0 0 N.Z. and River Plate ... 2 0 0 — Well. Gas (£10) 16 0 0 - N.Z. Insurance 6 4 0 — Christchurch Meat 15 2. 6 — . Gear Meat (£4) 12 5 0 — Gear Meat (£1) 3 3 0 Meat Export (£4) — 5 0 0 Meat Export (525. 6d.) — 3 5 0 Union, steam — 2 4 0 Westport Coal 17 3 — 0 311 0 4 1 Taringamutu Totara ... 2 3 6 -- Golden Bay Cement , — 1 00 Sharland's preferenco ... — 119 Ward and Co !. 5 2 0 — W.F.C.A. (£5) - 7 5 0 AV.F.C.A. (£1) - 18 3 TRADE UNION BANK. Last week a Trade Union Bank on eooperative lines, was opened l • in' l Lombards Street. The bank 'is hot confining-, its business to trade union operatives, but is prepared to deal with the general trading public. This bank, is obviously tho outcome of the discussion which took place early in September last at the. Trade Union Congress, held in Newport (Mon.). . To assist tho members of that congress, a draft scheme was prepared, and a concern with the title of the National Co-operative Bank wag registered. In the explanation of the 6cheme, it wa3 claimed that share capital was not a necessity of banking any more than of the great life ineuranco companies which have now accumulated funds of many millions. Briefly, the scheme is an attempt to apply to the business of banking those principles of co-operation that have been applied to other undertakings witli more or less success. For registration purposes the nominal capital of the National Co-operative Bank was fixed at £100, afterwards being increased to £100,000 to cover the initial outlay in establishing the concern. It was proposed to Taise capital by the issue of intercstbearing bonds of £10 each, which were to bo repurchased by the bank at a nremium of 20 per cent., when tho accumulations from deposit accounts would permit. The whole 1 profits of the concern are to. bo distributed amongst the. customers in the same way as dividends are now payable to tho customer-shareholders of other co-operative concerns. The Rational Co-operative Bank was described as a "weapon of self-defencf," to protect not'only the trade unions, but private individuals also who require banking facilities against a system which makes the bank customer "a pawn in tho game of the Cocknoy financier, who is, as often as not, a mere cosmopolitan parasite." As a nucleus of the bank's business it was suggested that it should take over the accumulated funds of trade unionss estimated to amount to between six and seven millions, with an annual turnover of about, five millions. The bank was also to take over the existing securities of the trade unions,at the present market value, but the chief appeal to tho trado unions is that it will protect them from "a pinta of the exploiting class, who exercise a veto on the requirements of their trade union customers at a critital epoch." The incentive'offered to the outside traders and the thrifty workmen to entrust their deposits and, current accounts to the bank is the same as liaa been held out to bring the latter class into the co-operative societies, the hope of participation in the profits. It was hoped to offer per cent, on deposits, with a further bonus from tho profits of the business. If the bank is to perform its functions of enabline trade unions to obtain cheap money to tids them over strike periods, without the necessity for realising their securities at a ruinous sacrifice, it will be necessary to maintain a large proportion of the bank's funds in a highly liauid state. It is 6t*ted that those associated with the, National Co-operative Bank have found a method of attaining this object with comparative ease. •In the. final statement of , the aims of the bank, it was declared that I' "it must be a bank of the people, dividing the ordinary profits of a bank among the ordinary customers of a bank, bringing to bear in its' management not less business knowledge and acumen than are possessed by its competitors, and employing on its staff men of trained ability in their own sphere." NOTES. It is estimated that there are in the United Kingdom 550,C00 habitual investors. 'The production of sultana ; s in Victoria for the 1912-13 season was 74,732c\vt„ against 60,822c\vt. duriug the previous season; that of currants 48,337e\vt.. against 46,789cwt.: and that of raisins, ordinary, 34,945cwt„ against 42,102cwt. In the United States last year it is stated that £21,495,5C0 railroad aud other bonds and notes (short loans) fell due for repayment, while this year the total is placed at £67,345,500. No wonder that the American money market is rather sensitive, if that amount of Tonewals has to be negotiated, in addition to the new securities floated. The United States Bureau of Mines comes to tho-conclusion that there must be now in existence in the world something like lioz. of radium, and complains that, while it lias all been produced in Europe, it has mainly come from United States pitchblende and carnotitc. America has the supplies, and yet has oaid almost prohibitive prices for the finished material. Whisky is again the object of combine manipulators. According to the Edinburgh correspondent of the "Financial Times" the London financiers who have been 'sounding Scottish distillers for some time past as to the formation of a combination to control the Highland , malt \vhi3ky distilling branch of that industry are again at work, and have obtained options over between 15 and 20 distilleries. Obviously it would be vain to attempt to control production and prices on this basis, as the active distilleries in the Highlands number about 70. Efforts, it is understood, arc being continued to obtain options over other distilleries. This branch of the industry ha 3 been unremunerative of recent years. The profitable character of the trade in margarine in the United Kingdom ie indicated by the results displayed in the report and acconntw for 1912 of Van Den Bercli?., Limited, n company decline principally in' tho article The profit, before providing for depreciation and directors' remuaera*

tion, is £345,375, against £246,672 lor 1911, and £264,285 in 1910, while the dividend on tho ordinary shares is raised from 17S to 25 per cent. Sixty per cent, of tho world'B output of nickel comes from tho Sudbury district. Ontario, Canada. Recently, it ia reported, the Rothschilds purchased some valuable nickel-bearing lands in that district. At Sudbury tho ore is minded and treated. It is first roasted in open-air heaps to expel sulphur, and then smelted into a,.matte of nickel and copper. A great deal of this matte is shipped to Walea for final separation of the metals. The balance of nickel produced in the world nearly jail comes from Caledonia, but the Ontario deposit is superior both'in quality and extent. Nickel is neceeary in the marking of armour plates, and it has been sugEestcd more than oiice that Canada, by limiting its output to Great Britain, • would exercise a very potent influence on tho peace of tho world. The United States geological survey reports that the smelter production of primary copper in the United States in 1912 was 1,243,268,7201b. (550,031 tons), as compared with 1,097,232,7491b. in 1911, an increase of about 13.6 per cent. The total value of the 1912 output, at an average price of BJd. per lb., is £42.053,563, against £28,116,588 for 1911. The total production of new refined copper in 1912. including imported material, was 1,668.104,4781b. (700,047 tons), the largest output in tho history of the industry, exceeding that of 1911 by 59,920 tons. If the output of plants treating purely secondary material (old copper) is added to the production of the regular refining companies, the contribution of tho United States to the world's supply of copper for 1912 is found to. be 822,CC0 tons. COMPANIES REGISTERED. In the list of companies registered, published in this week's "Mercantile there appear the following:— ■ Dominion Motor Vehicles, Ltd., registered as a private company June 27. Capital—£4soo divided into 4500 sha.re3 of £1 each. Subscribers—Wellington: G. Hemingway, 1000; D. 51. Findlay, ICOO; C. J. B. Norwood, 2500. . Objects-To acquire as a going concern the business of importers, merchanto, indent agents, and motor vehicle vendors heretofore carrie-d on by Boyd and Co. ' Grand Theatre and Picture Co., Ltd., registered as a private company, June 28. Office—lls Gloucester Street. CluistchTiirch. Oanital—£9ooo, divided into 9000 shares of £1 each. Subscribers— Wellington: W. J. •F. Teitch, 6000; A. Young, 3CCO. Objects to acquire and take, over from W. <L F. Veitch and A. Young the busmose of kinematograph and theatre proprietors carried on by the vendors at tho Grand Theatre, Ohristchnrch. Customs duties collected at the 1 port of Wellington yesterday amounted to £147175. LONDON WOOL SALES. By Telegraph—Press Association-Copyright London, July 2. At the wool sales there was a fair selection. Prices were unchanged. The Department of Agriculture, Industrice, ana OoroinerCß has received tn© following cablegram from : the High Commissioner for New Zealand, dated London, July 1, 1913, regarding the opening of the fourth series of colonial wool sales:—'"The wool sales commenced with good competition. although buyers are cautious, as while manufacturers are busy with, old orders new business is scarce. The continuance of tho Balkan trouble and the consequent tightness of money is depressing trade. One hundred thousand boles of New Zealand wool are catalogued. There is no quotable change in prices from last * Messrs. Murray, Roberts, and Co., Ltd., have received the following cablegram from their London friends, Messrs. Sanderson, Murray, and Co., under date July 2:— "July series: Merino market shows no material change." WHEAT. The New Zealand Loan and Mercantile Agency Co., Ltd., have received tho following cablegram, from their London house, under.date July 2: —"We'have sold an Australian parcel at 365.-Id. c.i.f. There is very little demand owing to favourable crop reports." LONDON MARKETS. By Telegraph—Press Association—Copyright London, July 2. Linseed Oil—Raw linseed oil, spot pipes, i@ quoted at £24 ss. per ton. Turpentine is quoted at 28s. TALLOW AUCTIONS. London, July 2. At the tallow sales 1647 casks were offered and 119 sold. Prices realised:—Mutton, fine 355. 3d., medium 345. 6d. Beef, fine 37e. 6d., medium 345. 6d. AUSTRALIAN PRODUCE MARKETS. , (Reo. July 3, 8.55 p.m.) Sydney, July 3. Wheat, 3s. 6Jd. to 3s. 7Jd. Flour, £8 15s. Oats, Algerian feeding, 2s. 6d. to. 2s. Bd.; milling, 2s. lOd. to 2s. lid.; Sparrowbills,2s. lid. [..Giants, 2s. Ud. to seed, 3s : Id. Barley, Capo malting, 3s. 3d. to 3s.' 9d. Maize, 3s. Bd. to 3s. lOd. Bran and pollard, £4 155. Potatoes, Tasmariians, £7 lCs-. Onions, £7 15s. Butter, selected, 1265.: secondary, 116s. to 120s. 'Cheese, 73d. Bacon, Bid. Adelaide, July 3. Wheat, 3s. Bd. to 3s. Bid. Flour, £8 to £8 2s. 6d. Oats, 23. Bran and pollard, £8 to £8 2s. 6d. / HIDES. (Bee. July 3, 8.55 p.m.) Melbourne, July 3. There are .largo supplies of hides, end the market is firm at last, after weeks of reduced rotes.