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Wairarapa Daily Times, Volume XVI, Issue 5007, 23 April 1895, Page 3

are said to be urgently required, 'Men altogether the Directors havo ' no option if they wish to elevate the Company into a sound dividend paying concern, but to ask the sharegtholders to supply additional capital 1 Who shareholders stand on an equal footing with regard to the call, if it should be made, the syndicate sweating with tho rest. If tho shareholders took the the slightest interest in the welfare of their business they would tako such steps to forco tho call without delay. SOUTH BRITISH IHSUKANCE. This New Zealand concern has just paid an interim dividend of eighteen pence per share, equal to 15 percent, per annum, During the past few years the South British has inado wonderful progress. It was in very low water not longngo.wheu the shareholders were obliged to submit to a reduction of the capital value of their shares. Simultaneously with this surgical operation, new blood was infused into the management, since when things have gone jfts merrily as a marriage bell. The Beciipcrative power Of insurance tympanies is marvellous; given fair J management the profits pile up i rapidly, and tho inference to bo drawn from this is that premiums demanded aro out of all proportion to the risks. The business people of Christchurch havo rebelled against these exorbitant charges, but it is doubtful whether thoy will succeed in battle. Underwriter's are too well organised *o fear any spasmodic strike of insurers, and the Christchurch fight will fizzle out as similar ones have 'done. ABSOITOINfI. Insurance companies have within recent years developed an absorbent power, which becomes useful as a rarans of stifling competition. Tho Colonial Insurance Company was «ietly gobbled up by the great mmercial Union; tho sound and solid Union Insurance Company was merged into the Alliance, on terms extremely profitable to ifa shareholders, Now wo havo the South British Insurance proposing to swallow a Tasinanian Company. If the purchase is on equitable terms there is no reason why the Smith British should not deal; it is in the condition for expanding its business. BANK OK KKGIiAKD. Tho returns of the Bank of Bugland show the total reserve to stand at £27,536,000 as compared with £27,138,000 an increase during the week of £398,000.

STOCKS. British 2§ per cent Consols (Goscheu's) have experienced another advance of 5s this week and are now quoted at £lO5 os, Colonial Government stocks have sagged considerably. In 4per cents New South Wales have had a sharp rise of 40i. Victorians have receded jM)s, and Queenslands 15s, New ZeaKnds show no variation. The table ' of comparison is as follows : April April Move--11 18 ment, New Zealand 1929 108J- 108k - If.S. Wales 1933 Victoria 1920 103.V 103 Fall 10s S. Australia 1936 107} 107§ Eise 5s Queensland 192-1 107} 107 Fall 15s W.Australia 1931 113 113 -

The 3j per cents show similar h violent movements as the 4's New , Zealand's are down 455, and South Australian's 555, Tasmanians have advanced 20s. The others show unimportant movements. The weekly J comparison is as follows : April Apiil Move--11 18 ment. T New Zealand 180") 102} If. J Fall Ids U.S. Wales 1924 103Jr 103f ltiseos Victoria J 923 SID flit - S. Australia 1930 MHO} Fa". 55s g Queensland 1924 ICOJ 100} Fall os v Tasmara 1910 101" 102 Bise 20s a £/ BGTTEII. , The market report states that i there is a better demand for butter but 74s perewt for finest factory lots is not encouraging. A few years ago this is the sort of price we should have expected for margarine or axle- ] grease. Heavy importations are depressing the market and there is no means of getting rid of stored butter except at ruinously low prices. What is the future of the butter trade, ■ with production steadily increasingin ' every exporting country ? Quality : will tell against all competitors, and it is.to quality that we must look to keep a hold on the market. New Zealand butter does not command the respect in London, as the Victorian product, which is by no meaDS a favourable feature. EEROSEKE. There is every indication that we jdjaH have to pay dearly for oil this Milter. The Ameiican supply is fliiuch below the demand, and the oil-kings are just now coining money. Dear kerosene will cause a greater consumption of candles, which will have the effect of hardening the price of tallow, so that dear kerosene raaynotbealtogetheradisadvantago. SEDDON AND SHAKES. There is a silly rumpus raging about the sale of 20 Bank of New Zealand shares, by Mrs Seddon. All sorts of ugly conclusions are drawn, and it is hinted that Mr Seddon, knowing the tottering condition of the Bank, induced Mrs Seddon to sell her shares. There is, as far as I can ascertain, nothing improper in the transaction. The deal took

place in 1893, and those who caie to recollect the events 1 of that year, will remember that no less than thirteen Banks in Australia shut up shop pending reconstruction. Holders of Bank shares generally took funk, and the market was flooded with ' &fttocks for sale. Some speculators iKcenting huge profits snapped up

. y shares in the Bank of New South '. ••■ Wales and Union Bank, whileothe; j, . . M more venturesome, fancied they saw ™ "ripe apples" in Bank of New Zealand and Colonial Bank shares, They were possibly mislead into this belief, so far as the Bank of New t ■■ Zealand was concerned, by a guile- j less cablegram, which announced y that the Bank had decided not to ( increase its capital, implying that it . could cauy on without additional ■ capital, whilc,a<,amatterof fact,every possible mode of raising the wind was tried by the Bank without success. The transactions in Bank of Now Zealaid shares were fairly numerous towards the end of 1893, and it is a well-known fact that one of the present divectors of the Bank, cleared out a large parcel. The soundness of the Bank was never in doubt then, on the contraiy, it was looked upon as" good goods," From the number of persons concerned in r tho Scddon transaction and the absence of any attempt to do otherthan Ltf a fair and square deal, I am satisfied 4$ there is no ground for any bate insinuations. The Government knew nothing of the position of the Bank, and the Bank's respon- > Bible officers at Home and in the Colony, hew batter than confide;

the state of affairs to, a blabbing Ministry. When Mis Seddon Bold her shares tho position of the Bank was a closed book to all but a fow of the very highest officers of the Bank, Her reason for soiling was no doubt natural timidity brought about by tho Bank crisis in Australia. I am no admirer of tho Seddon swagger makers, but fair is fair, Pkucv Penlyn.