COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1835, 22 August 1913, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHARES. An unusually large number of transactions were recorded in investment shares yesterday Tho sales tvere: Kiwi-rlm Building at £11 10s.; Napior Gas (£10) at £15 7s. 6d„ and £5 paid at £7 13s. 9d.; Union Steam at 435. 6d„ 435. 9d., 445.; Wellington Woollen, ordinary, at £3 13s. 6d., and preference at £2 15s. 6d. The quotations were as -under :— Buyers. S«lloro. - • £». d. £l. d. N.Z. Loan and Mercantile 0 10 4 — W«ll.inirton Investment ... r" 011 3 Well. Trust and Loan 7 16 — Masterton Building 1110 0 — Feilding Gas — 016 3 Wellington Gas (£10; 15 15 0 — N.Z. Insurance — 5 5 6 Meat Export (525. 6d.) 3 0 0 — N.Z. Shipping 15 10 0 15 17 6 Union Steam 2 3 9 — Westport Ooa.l 18 0 — Leyland-O'Bricn — 14 6 Golden Bay Cement — 10 0 Mannilng and Co 4 4 0 — STmrland's preference .... — 119 Ward and Co 4 19 0 5 1 0 W.V.C.A. (£5). - .726 W.F.C.A. (£1) - 18 3 COMPANIES REGISTERED. The following appear in the list of companies roistered published in this week's "Mercantile Gazotto":—

B. Reginald Collins and Co., Ltd. Registered as a private company August 14. Ollico, 21-25 Hunter Strooti Wellington. Capital, £1500 into 500 ordinary slrares of £1 each, and ICtO preference shares of £1 each. Subscribers—Wellington: B. li. Collins, 500 ordinary and 993 preference; C. G. Allan, 1. Object*: To purchase tho wholesale license of Roland T. Robertson and Co., Ltd., and to carry on tile business of wine and spirit merchants and indent agents. • .. Donald-Hutchvnson Patents, Ltd._ It entered August- 18. Capital, £7CCO into 7oCO shares of £1 each. Subscrlbers-Masterton: n. H. Donald, 250; V. K. Donald. 250; J. H. Vatham, SOO: H. 0. Toogood, 100: D. J. Cameron, 200; T. Jordan, 53. G. Hutchinson, 650. Objects: To exploit a certain patent in relation to a fcnce post, a spiral wire fastener, and a, driving monkey, etc., invented by Jlr. Geo. Hutchinson, of Napier, inventor.

INDIA AND GOLD. . India has been hoarding aold KD( i silver from time immemorial, and the amount so accumulated ia beyond calculation. In 1892 tho "Statist"! estimated the aggregate

of previous metal* imported and retainod by India, for tlie 33 years to that date at £3oC\o24,C'Co, and the movement, of recent ycara lias been greatly accelerated. The poverty of India, is Attributed to the hoarding propensities of the native.':, and the "Statist" suggests a way whereby this tendency mifrht be diminished, and some of the gold at present buried in the ground once more put to profitable uise. India urgently requires a large expenditure on railways and irrigation works, but ap many other •countries are also competing for funds for development purposes, only a proportion of tho public works required eau bo undertaken. It is suggested that the three Presidency banks should be amalgamated into one institution, making tne combined capital and reserves. £4,913,332, with deposits of £30,810,269, the new institution to hold the reserves of the Indian Government, amounting to about £90,CCO,CCO, and to manage the currency of the country. In regard to the latter, the "Statist" espressos the opinion that the bank sftould be much better qualified to take care of the gold standard than Civil Servants, who. with all their ability, have no real and varied experience in finance. The bank would push the circulation of notes to an extent quite impracticable to a Govern-ment,-and would issue same in such denominations a.3 were best suited to the needs of the people. At present, note.? only get into circulation when the Indian Govern-

ment pays its debt?, whereas a great bank with many branches would lend and discount on a large scale. If, in conjunction with increased banking facilities, the sys--tem of land tenuro were altered so as to permit the humblest native to bccome a freeholder, hidden hoards would doubteles be brought to light. Something ought to be done in this connection, as India threatents to embarrass international finance with its power of absorbing gold. BRITISH NEW GUINEA. In their report for 1912 the directors of the British New Guinea Development Company, Limited, explained that by an arrangement with tho vendors, which was sanctioned by shareholder?, an item s of £50,C00 for underwriting commissions which'

appeared in the 1911 balance-sheet has been eliminated, the preliminary expenses being rcdUccd from £23.253 to £3253. At the end of last year the planted area controlled by tlie company included 3205 acres of coconuts, ICO2 acres of rubber, 380 acres, of siisal hemp, and 68 aeres of tobacco, etc., making a total of <3655 acres, of which about 3COO acres arc inter-planted with Mauritius "beans, cotton, maize, bananas, etc. iln addition to tho areas mentioned, there wag 1379 acres of land cleared and waiting favourable weather conditions for planting, tiubseo.uent rains permitted of the carrying out of that operation, so that the whole area now planted was over 60C0 acres. Tho cultivation of tobacco and the manufacture of cigars for local consumption had been continued, and the company's pipe tobacco also was meeting with profitable sale. The cultivation of cotton is being extended, as samples which have been produced in Papua have been favourably reported on, and a satisfactory profit' is anticipated from that source. The directors express regret, "that tho Government so far has declined to grant any leases for development of the oil field." This is described as being the more regrettable, inasmuch as promising developments have recently taken place, and the field/ is believed to extend over a very large area. The financial statement shows that on the sale of stores and produce a profit of £1900 in excess of the 1911 total was cleared. Tho total expenditure, in addition to the original purchase price, less trading profits deducted, now amounts to £103,300, in addition to which £11,600, representing exoenses incurred in London, is mentioned. Owing to the heavy stock of stores which it is necessary to carry for the Christmas trade, the board proposes in future to close the accounts annually on January 31. Customs duty collected at the port of "Wellington yesterday amounted to £10,C84 10s. 2d. LONDON MAKIvETS. The New Zealand Loan and Mercantile Agency Company, Ltd.. have received the following cablegram from their London houso, under date August 20 •.-'■Wheat: We have sold an Australian parcel <it £1 16s. Ijd. c.i.f. The market is very dull, and crop reports are favourable. The market generally is likely to decline. Oats: We quote Cartons, £1 2s. Sparrowbills, £1 Is. 6d. The market is weak.

' RABBITSIUNS. ' London, August. 20. Anning, Cobb and Co. report that rabhitskins are in quiet demand. Considerable Quantities hnvc been withdrawn. Light racks have frequently declined by a. halfpenny. Other sorts are unchanged. TALLOW. I.onclon, August 20. Atitlie tallow sales 2236 casks were offered and 1271 sold. Prices were unchanged'. SILVER. London, August 20. Bar silver is quoted at 27 5-16 d. per ounce standard. , LINSEED OIL AND TURPENTINE. Haw linseed oil, spot pipes, £26 per ton. Turpentine, 295. 7Jd. AUSTRALIAN PRODUCE MARKETS. By Telegraph—Press Association—C-opyright (Rec. August 21, 9.25 p.m.) Sydney. August 21. Wheat, 3s. 7d„ 3s.- 7>d.. Flour, £8 15s. Oa,ts, Algerian feeding, 2s. 6d.; milling, 2s. lOd.; Sparrow-bills, 2d., 3s. 3d.; Gipnts, 3s. 3d. Maize, .33. Bd.. 3s. 9d. Barley, Cape malting. 3s. 3d., 3s. 9d. Bran and pollard, £4. Pollard, £4 ss. Potatoes (Tasmanians), £6 65., £10. Onions (Victorian), £7, £8. Butter, folccted, 1125.; secondary, 108?., 110s. Choree, 7d. Bacon, 8&d.

Adelaide, Au»ust 21. Wheat, 3s. 8(1.. 3s. B*d. Flour, £8, £8 ss. Bran and pollard, Is. HIDES. (Rec. August 21, 9.25 p.m.) } Melbourne, August 21. Hides.—Good supplies; excellent demand; id. to Id. advance.