COMMERCIAL ITEMS

Dominion, Volume 8, Issue 2396, 27 February 1915, Page 10

COMMERCIAL ITEMS

' INVESTMENT SHARES. > Th«re were no transactions in invsestr ment-. 6hares yesterday. The ■ quotations were as f0110w... ..Buyers, Sellers.

Customs ' duty. collected at. the port of Wellington yesterday amounted to £2404 Ss. 7d. . ' :THE'. WAIRAEAPA TRUSTEES LIMITED. : The. advertisement, of i the above oompany appears for the first time to-day. The. lot of a 'trustee' is not, altogether an enviable one. For' one thing he is rarely trustee for one estate ' only. - The same reasons .that censed him to be firßt asked to act as trustee impel others to make the like request. The result. is that unless prepared to give. a firm refusal the trustee finds himself involved in a Bromide to : manage ,and' protect the estates not only of one, but of several, neighbours. Almost invariably, ho is a man whose tlmo .1s very fully , occupied. Generally, also,. he is a farmer without experience in accountancy. The result is that he finds himself burdened with an indefinite: liability,, with regard .to matters ■ thathe > has neither tho time nor the training to supervise in detail.

These considerations impelled a number of gentlemen in the Woirarapa, to con* suit together with a view to devising some means whereby their trusteeships, - while still remaining under their individual 'supervision, would receive the benefit,' of accurate accountancy and complete professional , audit. They decided. to form a private company, thereby spreading the liability for any breach of tiusf, limiting their individual and, by establishing ! an offioe, reducing to a minimum the possibility of any loss of trurt funds. On going into the matter, they are stated, to have examined the papers relating to the conduct oJ an estate by a .long-established Dunedin company, the Perpetual Trustees Estate .and Agency Company of New Zealand, Limited. They found that the company trustee offered distinct advantages to .beneficiaries. They accordingly decided, while retaining the private character of the company, to offer the advantages of their office and . organisation to the public for approved business. The reßiit is the formation of the Wairarapa Trustees, Limited. .The Company is • prepared to accept. appointment in approve*! cases as executor and trustee, to relieve' existing ■ trustees of their: responsibilities, to act as Attorneys, to undertake the investing of moneys, for their customers, and to lend money. • The maik advantages .of the company &rs sot out to be: That it is a perpetual trustee, thus obviating the difficulties that occur on- the death • or, retirement "of an individual trustee. It is a private company with all its capital. subscribed,. and special provisions have been mode requiring all the members to decide on the /question of admitting any purchaecr of »r successor to the shares of any .present member. This affords satisfactory, assurance both that privacy will be observed ojid a]so thai the present, personnel of the company ie likely to continue to dominate its affaire. . Its directorate is stated .to comprise men who reside in various parts of tie'district, who have a knowledge of how. properties should, bo managed and ! who among -them have a wide • personal ;knowkdgc of the right men to employ afl managers, valuers, and. tho like.. The directorate aleo comprises men whoeo daily business it is to manage' accounts and commercial affairs.. The money invested by 'the company is to be invested at current rates in oach cose, and each estate will obtain current ra.tcs for its own moneys. Persons having small sum 6 for investment will find Ihe company useful, as It proposes to pool such 6ums and invest the lot/al on good security. '. The sl-ctc-tary of tho. company is-Mr. Arthur I), tow, whor-e office is in the Trust Lands Trust Building, ad.!oinins? the Mastcrton Post Office, and .who will be nlcaaod to .oxuw&r inauiricfc

BANK OP ENGLAND EETCEN. fly Tslegrapli—Press Association—Cosyrisht London, February 19. The Bank of England rotum issued for the week ended Wednesday, February 24, is as under:— IBSOK DEPABTMENT. Noto Issno i 60,770,000 Gov. debt ... £11,015.000 Other securities 7,434,000 . Gold 62330,000 X 80.779.000 £60,779,000 Bakking Depabtjient. Proprietors' Gov. socuri- ' capital. £14.553,000 ties... ... £26,324J)00 Public do- Other Becuriposits ... £6.925,000 tios... ... 102,932,000 Other do- . posits ... 132,669,000 Notes... ... 46,556,000 Best, 7-day . aud other bills ... 3.603.000 Coin ... - 1,543.000 £177.955,000 £177,955,000 - The leading items of tho Bank of England return afford the following comparison , This week Last week Last year Bullion ... 62,330.000 64.165.000 41.336,000 Reserve . - 48.099,000 49,639,000 32,845,000 Note Issue ... 34.2-23,000 34.167.000 38,210,000 Public Deposits 26.925.000 40.316.0C0 20,637.000 Other Deposits 132,869.000.117,613,000 43,438.000 Proportion of reserve to liabilities ■ 30.09 3L54 51.41 GOVEENTfENT SEOUErTIES. The following are the latest quotations for .'Consols and Colonial Government Securities with a comparison' of those ruling last-week:—

MONEY MARKET. The Baik of England discount rate was oil' January 2, 1914, reduced from 5 to. 45 pat cent., on January 22 it was reduced to 4- per cent., and on January 28 to 3 per cent. .On July 30 the rate was raised'to .4 per cent., on July 31 it,was raised to 8 per cent., and on August 1 it was further ad.vanced to 10 per coirt. On August 6 the rate was reduced to 6 per cent., on August 7 it was further reduced to 5 per cent., at which rate it now stands.' The Bank of France rate is 7 per cent., as against 4 per. cent, last year. OPEN MARKET RATES. The open market discount rate for three months' bills is 1 7-16 d. per cent., as compared with 1 7-16 d. per cent, last week, and 2 l'l6d. per oent. last year.: Short loans are quoted at i per cent./ as against 5 per cent, tost week, and lg per cent, last year. Wheat.—The'market iB steady, but quiet. Prices unchanged. ' Parcels of one Manitoba February-March shipment, 645.. lOld. COLONIAL AND OTHER PRODUCE. i Buttor.—The markot displays a better tone- There are large arrivals o£ colonial, but slow, discharge prevents a glut' Australian choicest salted 1285., unsalted 130s; to 1325.; New Zealand salted 130s. to 1325., unsalted 1345. to 1365.

Cheeso is firm; New ' Zealand, 86s. to 88s.; best .Australian, 846. to 87s. Bacon ia .dull. Australian Oumborlands, about 60s. to- 61b. ■ Bradford Tops—The market is strong. Sixty-fours,■; 28jd.; super-sixties, 28Jd.; common sixties, 27Jd.■ Sugar is unchanged. '' Wheat is firmly held, but the market is quiet. v . Flour is s!eady. Barley. Oats, peas, and beanß are quiet and unohajjged. '' / METAL MARKETS. Copper on tpot, £54 7s'. 6d. per ton; three months', £64 15s. Tin .on spot, £177 10s. per ton; three months', £157 ss. . Pig' iron is quoted at 575. Id. per ton. Lead, toft foreign, £20 to £20 2s. 6cL VICTORIAN PRODUCE MARKET. By Telegraph—Press Association—Oonyxishi Molbourne, February 26. Wheat, 7s. 4d.; flour, £18; oats, Algerian, Ss.; barley, English ss. lOd. to 6s. 2d., Cape 45.-6 d. to 55.; maize, Victorian, ss. Id. to ss. 2d.; bran, £9; pollard, £11 56.; potatoes, £3 45.; onions, £5 to £5 10s. ' ■ MOUNT LYELL MINE RETURNS. . Melbourne, February 26. The Mount-Lyelll returns for the motnh ending February 17 show that 37,168 tons were treated, including 16,515 tons for Mount • Lyell and 10,653 tons for North Mount Lyell, producing 561 tons of blister copper, containing 555 tons of, coppcr, 31,2140z. of silver, and 741,0z. of gold. TALLOW. . The' New Zealand Loan, arid Mercantile Agency Co., Ltd., have received the following cablegram from their London house under' date February 23:—We quote the present spot values for tho following descriptions:—Fine mutton, 425. per cwt:; good beef, 405. : 9d.; mixed, 38s. The market is strong.- . . LONDON WOOL SALES. By Teletranh—Pi-cbs Associo.tJon—Copyright (Rec. February: 26. 8.30 p.m.) London, February 26. At the wool sales a siroog tone is being displayed, and tho market is firmer all round.

£ s. d.£ 5 d. National Bank ...;.. 5 9 0 Bank New Zealand (old) 111 10 0 ' — Union Bank 65 0 6 — , Equitable Building 9 6 0. — N.Z. oiul -; B. Plate 2 0 0 — Wn. Trust Loiin,. Ltd ... 9 11 1 — Chci; Gas* (£5) .-. 7 8 6 - Palinoreton N. Gas 12 5 0 — Wellington Gaa (£10) . 16 0 0 - N.Z. Insurance 5 19 0 — . Gear (£4) 11 .5 0 - Meat Export (£3 12s. 6d.) • - - 216,6 N.Z., Shipping (pref.) ... 10 5 0 —. ■ Union Bteam (ord.) — 1 3 10 Union Steam (pret.) — 1 010 Well. Woollen (pre!.) 3 2 6 . .. —. Westport-Stockton — 0 5.3 Manning and Co. ;;... 4 19 0 5 0 0 Gonsol. Dental ............... — 14 0 N.Z.; Drug ■ 2 6 6 - Waid and Co. 515 0 —

Variation 'mm, ' compared. Price. with ; '• - ■ last week. £ 6. d. ' 2J% Imperial Consols 68 11 3 Uncliangcd 4 ..N.fcS.W,1933Jan.«July 99 5 0 5s higher .1930-50 Mr.-Sp 97 10 0 Unch&QCfld 3 .U.S. W. 1925 Apl.-Oct 8117 6 15s higher 4 „Vio. 1920 Jan.-July 3 S f Unchanged Si „Vic. 1921-6 Jan.-July 94 0 0 ]0? lower 3 „Vio. 1929-49Jan.-July 79 0 0 Unchangid 3i „S,A.1916 Jan.-July 69 0 0 Unchangoi 3 ,.S.A. 1916Jan.-July 73 0 0 Unchanged p.Q'l'dlyli-SiJan.-July S3 0 0 Unchanged 34 „Q l'dl&&47Jan.-JuIy 94 10 0 10s higher 3 „Q'l'dl9'2il*47Jan.-July .78 0 0 Unchanged 4 „N./, 1939 JIay-Noy. 98 15 0 Unohanfind SJ ,.N.Z. lflliMOJan.-July 87 Q 6 Unchanged J "N.'Z-lS20April-Oct. 77 10 o Unchanged 3i „ W.A.1915-35 May-Kev 89 5 I 2/6 lower 01 "y- A 'j816-35May-N0T 63 15 0 5s higher 89 .Ts.s. Ith-OJan.-July 89 0 0 Unchanged 8 „ Ta«. 1920-40 Jan.-Jvly 7915 I Unchanged