COMMERCIAL.

Wairarapa Daily Times, Volume 6, Issue 1705, 7 June 1884, Page 2

COMMERCIAL.

M&srs Williamson and Co,, Sliarebrolters. report as follows

Capitalists continue to oxorci.e a wise ( 1: . cietion iu carefully icleoting stocks. Local Banks are not saleable except at considerable sacrifice, Insuhance.-Stocks are meantime out of favor, nor is thi3 surprising when most of the companies' balance sheets are scanned; jo 1ou« as no provision is mado in these for unexpi'ocl risks, in other words, while credit is taken absolutely for premiums which have not yet been fairly earned and without a corresponding or proportion debit carried to " iuspense account," there must necessarily exist £ti erroneous condition of accounts, occasioning lunch dissatisfaction in the public mind. We consider such provision a fundamental factor in the accounts o". insmv.iico companies, inasmuch as not less than S3 percent is iegarded as a moderate abrogate required for risks running out. We are indispo;ed to believe that directors, managers, and auditors conspire to impose upon the iucredulity of the uninitiated, in tlnir desire to pre.eut a glowiug aspect of affairs to shareholders; bin if they desire to escape the chargo of culpability, ihey will, in the interests of all concerned, henceforth unfold a' 1 plnin unvarnished tale" through their printed periodical financial statements, lutcapect, also, of sccuritits, we think it may be safely asserted, that the functions of auditors are either too much circumscribed, misunderstood, or neglected. Their especial and plain duty, we take it, assuming the ordinary process of fluctuations, is to satisfy themselves, and to report at stated iatervals upon the nature and sufficiency of euch securities, being empowered, or taking authority to investigate, through competent valuators if need be. No question of time, labor, cr expense shou'd absolve them from this indispensable duty. Shipping —N Z. Shipping are wanted in small parcels, but at excessive discount. ' Gas—Wellington and Napier stocks in request, but scarce. Money is cheap and offered in large sums at from 7to 7i per cent; nor are extravagant marg.hs demanded by lenders as previously, nor broad teres the exclusive secuvity considered tafe,

Depression. We sincerely tiasfc that W eMington is not the ouly province in New Zealaud which claims exemption born the widespread, and we hopo exaggerated, ciy of depression. Here, there are no willing unemp'oyed; on tbo oontrary, country districts complain of tbi sca.city of labor. In Wel'ington cily, empty dwelling houses we 'u never scarcer, tradesmen busier, nor tra'.o it-sol! founder.