COMMERCIAL ITEMS

Dominion, Volume 10, Issue 2936, 23 November 1916, Page 8

COMMERCIAL ITEMS

INVESTMENT SHAKES. Yesterday's quotations for investment shares were as follow:— Buyers. Sellers. £ b. d. £ £. d. N.Z. and E. Plate -. 2 10 Well. Invest. T. and A.... — 010 9 Auckland Gas (paid) 18 6 — Christchurch Gas (£5) ... 6 10 0 — Well. Gas (pref.), 0 18 '6 0 19 3 National Insurance — 3 0 0 Gear Jleat (£1) 4 10 0 - Well. Meat Export (£2 12s. 6d.) - 3 2 6 Well. Meat Export (£1 155.) - 2 10 Union Steam (ord.) — 2 5 0 «onion Steam (pref.) 116. — Huddart-Parker (ord.) ... 1 3 9 14 9 Kaiapoi Woollen (0rd.)... 6 2 6 6 7 6 Well. Woollen (ord.) — ■ 6 0 0 Well. Woollen (pref.) — 3 17 6 Waipa. Coal' — 019 0 Westport-Stockton (ord.) — 0 6 3 Leyland-O'Brien 13 0 — Ward and Co 5 16 0 — N.Z. Drug -. 2 7 6 — Golden Bay Cement — -10 0 Taranaki Oil Wells 0 0 6 — Customs duties collected at the port ol Wellington " yesterday amounted to £3771 7s. Bd. REGISTRATION OF FIRMS. AN IMPORTANT QUESTION. At yesterday's sitting of the Conference of Chambers of Commerce, the [president (Mr. James Macintosh) moved, on behalf of the Wellington Chamber"That it is advisable . that the Government should have the power of insisting on any individuals, firms, or companies producing, manufacturing, or trading within the Dominion being British controlled, both as regards management and ownership, ajid that with this object in view, this conference is of opinion: (1) That the Government should legislate to provide: (a) That before a' company be registered in New Zealand, at least four-fifths of its shares must be held by British subjects. (b) That in the case of a new company, all applications for shares shall set out the nationality of the applicant. (o) That in all transfers of shares in a company, the nationality of both the transferor and. the transferee shall be included on the transfer form, (d) That the annual list of shareholders of a company required to be filed -with the Registrar of Companies shall state the nationality of shareholders in addition to the information at present furnished. (e) That foreign companies now trading, and hereafter foreign companies, on, commencing to' trade in New Zealand through an attorney,' agent, pr other representative; be. required to file with the Registrar of Companies ia list of 'shareholders, setting out the tionality of such shareholders. (2) That the .Government should introduce measures for the registration of individuals, firms, and partnerships, producing, manufacturing, or trading within the Dominion. to provide that the.' names and nationalities of the proprietors or partners should be disclosed. Mr. Macintosh said that as the lawstood now in various British countries it was competent for any foreigners to register themselves as a company, and. when war broke out it was found that many companies trading in British lands were controlled, owned, and worked for the benefit of foreigners. There was determination that that state of affairs would not exist again, and that was the object of the motion. The recommendations were, put forward, not as somethings to be conclusive, but as an indication .of the method-of control. The suggestion was not that foreigners should be absolutely excluded, but that four-fifths of the shares should be British held. Mr. George Fenwick (Dunedin) moved the following- addition to the motion"That after the registration of new companies, or in the case of companies -already in existence, it shall not be permissible for such companies to carry on business if the share registers of such companies show that more than one-fifth of such shareholders are of enemy nationality, that is, owing _ allegiance to nations, who have been at ,war with- Great Britain in the present struggle, or if it can be proved that such shares shall be held in trust for any enemy subject." Mr. W. Gotv (Dunedin) thought injustice might easily be done to certain people who would 'be classed as enemy subjects, and that it would be -well to send tho motion-to a committee. Mr. Fenwick said it was wrong that men who had been 'naturalised-, .dived here for many years, whose loyalty could not be questioned, and who even had sons at the front, should be penalised Mr. Gojv's suggestion was adopted,- and the committee is tp report this morning. The committee will consider also the following Hastings remit:—"That tile Government be asked to legislate so as to enforce the compulsory registration of all trade names and unincorporated TN}-rt-nerships of ..persons or firms trading in New Zealand, such registration, to disclose j any name traded under other than the full name of the person so trading! and. also the nature of the business ani tho place or places where it is carried on, and the full names and descriptions of all other persons interested."COTTON MARKET EXCITED. Australian-New Zealand Cable Association. London, November 21. The cotton market is excited. Egyptian cotton jumped ;140. points, touched 25., a record, and then dropped, closing at 213 d. This condition of the market is due to small supplies here, the difficulty of importing the American product, and the Btrong demand for Manchester trade stock. American shipments at Liverpool total half a million bales, as compared with 686,000 a year ago, while Egyptian, shipments total 39,000, as compnrstf with 84,000 last year. WHEAT. London, November 21. Tho wheat market is firm. An Australian parcel due was sold at 765. 9d. There is a growing impression in shipping circles that the Wheat Commission may take over the whole of Australia's ■wheat and its shipment *to Europe. The scheme was advocated early in 1916 by a prominent shipowner.