COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1840, 28 August 1913, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHARES. There were no transactions in investment shares yesterday. The quotations were as under:— Buyers, Sellers. £ a. d. £ s. d. National Bank 5 6 0 — N.Z. Loan and Mercantile 0 10 4, — Well. Investment — 0 11 8 Cliri?tchurch Gas (rights) — 2 0 0 Palmereton. Gas '.... 9 0 0 — Weil. Cos (£10) 15 16 6 - Union Steam* ■ — 2 4 6 Well. Woollen (ord.) ... 3 17 6 - Well. Woollen (pref.) ... 2 17 6 — Golden Bay Cement — 10 0 Sliarland's preferenco .... — 119 Waxd and Oo — 5 10 W.F.C.A. (£5) - 7 2 6 W.F.C.A. (£1) - 18 3 FINANCIAL PANICS. Dealing with financial panics in the United .States, the British Consul-General ait New York s in liis latest report, writes as follows:—"It will easily be understood that in times of mauey stringency each American bank, lookinjj entirely to its own private interest, keeps a close hold upon' its gold reserves, thereby increasing the stringency and tightness of money. Wiheni this becomes senerol a panic results. There ia no Bank Act to be suspended, aud there is no present way of utilisins tho credit of the nation to support tho credit of tho banks. There arc not enough Government, bonda to secure a practically unlimited isgiue of notes, whilst tho Government bonds being hold not as investment but as a metum to issue notes, and paying 2 per cent, interest, aro not unlikely to leiad the holders to issue more notes than, are required in usual times. It may be interastiii!: to note to passing that tho per capita circulation (notes and coin together) of the United States is £7, That of France £7, that of Germany £5, and that of the United Kingdom £3 Bs. It is estimated that of the total of £199,471,008 Government bonds outstanding, over £146,769,680 ore held by the national banks for the purposes of note ifvue. A certain eaoh reserve, whether in easy times or in times of panic has, in this State, to be maintained by the bank equal to 25 per cent, of tho deposits held by thorn, and notwithstanding any conditions tliat may arise this rule must lie rigidly observed. Thus in a, panic like 1907 t.lie banks would have to combine to obtain ossaetanco from the Clearing Ilouse by depositing approved bond? ot commercial paper iiu eic-haneo far CI on Tin r House certificates; these wnM Hd taken as repiesentine cash held by tfre bankfi—the Clearing House thus ei> abling thn 25 per eernt. margin to bo maintained. It is honed to secure a hotter a.nd more clastic, system by the creation of o. centra] bank, either n* a, department of Government or under Government, control, with power under proper restrictions to the cm?r<rcnrv currency n?~ried. A measure to this effect is now under consideration, but as not yet become law.

ROYAL EXCHANGE. A notable sisrn.of rood raanaeenicmit in a.n iiwurano-a company, is the wfe® limitation of dividend in years dt would ho easy to incrcw:* it and thereby to attain preat popularity with the ehareholdfrs. A pood im?tanre of thiis frivem by the Royal Exchange, whose dividend of £68,900 was all provided by. tiho interest on invsrtmenrte and the proprietors' portion of the lifo.surplus. Indeed, there woe a surpdurf? of nearly £WCO which., alon? with tb« whote year's trad'tat? surplus, went to swell the Tosera®. . TO© fire Account did well in the year. and ro did the accident irrow*\ fct*:*. tbe irto.rints wt»s heavily hit by the Titnn'c dcrostg-r and had to ect a M* rrmtributdoin from profit and loss. In tjm life Micrri wcto SmirJd VM n'?w po'ie.ios for £935.000, I,ho wftrkin*? exponas wero considerably reduced ar<d ffJ-1,3 wv»,s «t. the rate of £3 18s. lOd. per c-ent. fitter deduction of income tax. Tho last bonus was at the rats rt ?.ss. Ncr ceM. per /vr-num "r»ompound-.'* so thnt ouinonr.pip.in.T per £10*0 roljV.y ranffO'l from £7fl to £130. a very hteh .figure/considering the moderation of ttis premiums.

nfSTTBANOB AXI) STRIKE liOPSFff. According to the "Financial Times," in view of the tendency of insurance nremiums to advance, as a result of labour troubles and other adverse influences, which haive been. MTtieuJariy pronounced diu'ing the past, few years, underwriters are couedderinq: the advifability of making an important distinction in regard to certain classes of insurance'; a-ltboush discussed for some time past, the proposed cihanjcs have not, previously taken practical shone. Rates of premium hive been in'creared town? the past two years upon tonnage, but not upon, the £ood> the rfiina curry. In future, however, there vrill be a proTiortionatfl advance upr*r rates for Ncrdlcns to say. this proposal emanated in the first place from shipowners; nevertheless. it is obviously €0 re.ierannhle that, merchants are scp.rcely in a. ncentiitn to offer a.ny serious obiectitm, th*mcih they mny Enimble and pi-obablv will db so. Shipowner* nr*?. niit.h. iribd region, tliit- in times of trade dislocation measures have to be taken by them. mot. only in thei- own im'ereF.t.s. but for the protection of tJie'r wiriroee. which eventually eomst-itiite 1 o. claim iipon pmerwritPTP. ' The f.renuenw Wye *»«•"« lvas induced members of T/loyd's to fi-iocial stops-to protect «rani«>lvcß. n.nrt t.lie course naw under df.'sctesioa. casts some portion of the hurdep ™on the mminercial rommnn.itv as n. wJinle. The extra che.Tße to mTebaw'.K jVj riot- li'kelv to .fte mmus: o" Hh» contrary, it s*miM scarcely bo noto>cablo. «M once it Ms been enfnrcfidi will be recorded as a perfectly natural rtato of affairs.

CHANCER IX TTTE TEA TRADE. At on 3 time Mincing Ijane did a very Large business in Ohina tea, find a prim* philot. recemftly' issued by an memoer of the "Lane" {rives same JnitereGtrosr reminiscences of the trade. The kuez Canal vrae still virgin de?ort, or if M. de Lesseps had commenced to survey its future route, long years had to roll past before it entirely revolutionised the Eastern carrying tirade, o©d in the e&rly seventies knocked out for ever the celebrated China clippere add shortened the oistanee to be travelled with a cjltzo of tea by 4000 miles. In "Mi'. Flowery Pekoe s days the first tea ship to arrive was anxiously awaited for weeks previously. At lenprth eome telescopic observer somewhere off btar Point, or other van taw fround on the South Coast, sfchted the Fiery Cross, or the Taepinjr, or tho Ariel, and news wats at once forwarded to Londont forcwjfltini? the time when tho vessel would reach the London or the Blackwo.ll docks. Tho ship had probably left Shanghai about the end of May, and her arrival might bo reckon,cd upon early in September. Time would fail to tell of. all the little arrangements which used t6 be made to facilitate the issue of feamoleg directly tho h&tohies were removed. The astute captains of some of the clippers were said t-o have carried a of cach lot in tho cabin out of which the brokers were allowed to draw .pimples lmmediialrJly. But if the brokers were easer to eet early samples so were the dealers. Their €amplint? ■ staffs were w«mod to be et tho docks at 6 ami., and tales aised to be current of samplers climbinz down into the hold of tho veseel to copy the chop marts of the packusres nearest the top. fl.md therefore most likely to be diechaTffed and residy for deliveiT the flr?.t day. The compotoition amonj? ol! tho bi? h.0u»03 to get off even a few packages of the new season's tea by pafsenger train to their best customers in the provinces j wa« very keen. Fortunately the Corrupt I Practices Pt'evention was pot on tho Statute Book then, for it n to be fenved t.lMit the number of pv'-ent* which nblipin? officials In tho service of th? Olistoirs, the dock end the railway receivrd mirht hav<» been conpidcred -ix within the' Act. But for several days Mis cxniteraont wtm intini-e: the large pro-viti.ct-n.l buyers made their anmnl vi.vt to London to fecun* then* fee.con '•uoply, and the buMress put. throutrh in Septrml»«r and October every ycrr Ten*, large. But "th? fs»«hinn nf wovbl na.?«et'h' a-w-iy." to cro'v tc-*». bv oniM'M pud erten>rise. The F ,M C7. CjmiM rcvoln<«op.'f»cd oarrv s, i v 7 of fr A i»» tho Fi-t, oikl ?.i.nce 1876 the of nr'.v- ---«•= f-n-ruun^ n in TTn.it^H lirs been fairly ]''* 10 per cent, of what, it wa? forty year? ago.

NOTFfI. It is fisted in a. Consular report, on tlio trade ot f.ouon that ft new industry ha 6 teen eoitulnirfied at. Cherbourg and at Valranville (niar Barfleur). This consist* of evaporating t.ho milk until it._ i" reduced to powder, and this powdered milk will apparently keep fiiasli for aai' indefinite puriod, and it ottly requlrse tb# (uidlfion m to turn it Into good mili. 'Sha

sarac procces is being tried r;ith cces. The egsTfl ciro beaten, up, then rcduccd to a- porrdor. It appears that for cakca or any form of cooking this powder of ckcs can eanily tako the place of fresh effirs.

A remarkable story of the loss and spoedy recovery, -through- coincidcnce. of banknotes to tilio amount of £65 was told in the British Parliamentary lobby recently by a. well-known. Metropolitan M.P. The money was left by him with some private documents in a taxi-cab while he\ was on lite way to the Houec of Commons. On realising his lops the M.1.. of course, 'communicated with bcoUawl Yard. Before the police could Toply a telegram arrived from a personal friena statin? that riding in a taxi-win he had found on the seat some banknotes and papers Which showed the identity of tho owner, and was forwarding them to the Ilouse.

According to a Consular report it ie proposed, but no date is jnontioTiod. to brins into force at Madeira a new denomination of the present currency, which'consists practically in doins away with, the third decimal. T.lius tlio present milreis(lOCO rei?) will become the "escudo. and instead of bein:: divided into iOOO rcis will bo divided into 100 ccntavos.: The former 10 reis will thus become one ccntavo. It is not known when the new coin: will be i*eued. but they will consist of nickel. sil* ver. and gold', but no copper. ■ Customs duties collected at the port of Wellington yesterday amounted to tiuol is. BRISBANE WOOL SALES. By Telcffrapli—Press Association— Copyright CReo. August 27, 9.60 D.m.) Brisbane, Autrust 27. The wool sales have opened. ■ Prices, compared with, tho June tales, havo doclined from sto 71 per cent. Greasy lots reached 12* d.: scoured, 22id.. FINANCIAL CABLEGRAMS. London, August 26. Testerday's closing quotations were as '°Bank of Australasia, buyers £115. eellers £117 Bank of New South VToJes, buyers £37, sellers £40. „ Bank of Victoria, buyers £5 159,, eellers

Union Bank of Australia;, buyers £52 10s., sellers £53 ICe. . r! - National Bank of Australasia, buyers £5 55., sellers £5 15s. National Bank of Now 7,oaland, buyers £4 7s. 6d., sellers £5 2s. 6d. Bank of New Zealand, buyers £10, sellers N.Z. Loan and Mercantile Agency 4 por cent, debentures, £92 10s. City of Mclbpurne, 4 per cent, deben. tures. £98. Melbor-ine Harbour Trust, 4 per cent, debentures, £96. Melbourne Tramway Trust. 45 per cent debentures, £100. . .Melbourne and Metropolitan Board or Works, .4 per rent, debentures, £95. Australian Mercantile debentures, £90. Dalgety and Co., 4 per cent, debentures, £90. Dalgety and Co.'s shares, buyers £6, sellers, £6 10s. . Melbourne Gas Co V debentures. £99. City of Sydney, £97. Goldsbrongh, Itort and Go.'s debentures, £93 10s. WHEAT. (Rec. Außuet 27, 9.50 p.m.) London, August 27. The wheat market is quiet and steady. T!» American visible suipply, east of tho Rockies, is 56,697,C00 buehelfi 1 . METAL MARKKTS. (Rcc. Autrust 27, 9.50 p.m.) London, August 27. Copper.—On spot, £69 16a. 3d.: three months, £69 15s. Electrolytic, £73. Tin.—On epot, £189 15s. per ton; £188 15s. per ton. Lead, £20 10s. pen- toni ■ ( SIXiYER. ' ' London, Amrust 26. Bar silver is''quoted at 27 l-16d. per ounce standard.