FINANCE AND COMMERCE

Dominion, Volume 1, Issue 80, 28 December 1907, Page 8

FINANCE AND COMMERCE

• : " COMMERCIALS "IN - NEW ZEALAND. i -Thp-'" British' Trhde Journal "■ of ..November. , I."-, l'/gsys " Nevy-'Zealand,',wo .'learn, is seeking to increase its-reVenue and protcct 'its• own ' travellers by taxing the.imported-commercial traveller—or "nou-resident trader ; ancTtne Colonial "Office,-, at the instigation of certain ; "Chambers of .Commerce at home,, has been asf'% certaining' the views of the Dominion Governf ment onthe subject. The, complaint ot the British manufacturer is '.that commercial tra- ; fellers non-re6idcnt in the Golony are taxea in respect of their profits made'm New Zealand, and as they are liable to the British > income .tax in respect. ;of the, same income i they are.thus taxed twice over.'-.The reply qi ihe-Now Zealand .Government is to the effect i / {hat-the tax on non-resident traders was im- ' . poscd'in' substitution, of; a. former tax of-.#*) levied-as a licence fee, as'it was felt to: be un- ~ -{air. to levy, an-arbitrary; amount-without rer ' zard'to* the business done. ; Ihe New Zealand ;■■■' Government does not consider it right that. , resident traders" with,' warehouses', , staffs, .and. ■' ; stocks ,in the' Colony should be taxed-whilst/ ■ non-resident traders 'should, bytho flying .visits k of - their representatives be able to compete V with tho New Zealand -houses, the sapie time : ;escape ' such '■ taxation altogether. . ; ... :v' u U K WOOL PRODUCTION. - Although the United Kingdom is a country of 'small area, it-produces much wool. Last . year, the output totalled 133,088,0001b.,' against ' - 382,600,0051b. ,'fdr'"New Sontli Wales, for; the t- /same ;period. The, Board of Agriculture and : > Fisheries.in' Great Britain published m Octo- ■ ' ber. a report, which had been prepared for i tho. purpose ,of showing,.tho production of wool lii' Great Britain during 1905 and 1906. It was-stated that-since the rise -in ' price com- '■ menced'- in '190&t its progress appears-to ; have been fairly consistent-from year ,to year. in 1906 the. advance received' some check, but the. rise on the year' amounted to nearly lid. per. (b, while since 1902 if amounted on the averngo"to about, per lb., or 100 per cent. Tnc total annual imports of wool into., the United. Kingdom- rose from' 408,000,00016. in 1830-82 to 745,000,0001b. in 1895-97, but fell again i; - gradually to 611,000,0001b. 'in 190-4-06. The regives particulars of the extent of sheepfarming, and information .relating to the wool clip in nearly all tho counties of England and k Scotland; Prom .the average-.0f,, the returns received for the two years 1905 and 1906, , the r i tot'al production of', wool for Great. Britain is approximately; estimated at 121,088,0001b., - i and for -Ireland 12,000,0001b., making .a total f : for ..tho United Kingdom of 133,058,0001b.'. Tlie average, quantity,; of imported wool retained for-home consumption in'the two years 190506 ,'wiis„ 360,000',0001b.- Of .the total supply of - ■ Taw-~TVo"ol.used'iti' the. United Kingdom;-there-it appears that British and Irish- flock-' isaastots are responsible for about 27-.per cent. -''MERCHANT SHIPPING STATISTICS. :-V An-interesting return has been issued by the ■ Board of Trade showing' the progress of merchant, shipping in ..the United ".Kingdom and. : the other principal maritime countries over a i : . ' sories'-of years,-and ;it. is .-.satisfactory to-find from tho figures" that in- most respects, tlio : : British mercant'ilefciarine is fully holding it: r, oivn::'Tho ..enormous growth of shipping enterT v- prise during' the last half-century ,is illusS trated. by the fact that-the total tonnage of ! calling and steam vessels of different nationali- ( ties entered-' and cleared in the foreign . trade < at:-, ports in the United Kingdom increased i, fr0m'24,690,000 tons in 1860 to 120,790,000 tons in : A 1906. - The proportion of British tonnage to ', the whole during this long period has shown : comparatively little .variation, ranging from ;• 56-4, to 72.9 per ; cent.', while" the/latest'figures available give : a'.proportion of G3.3 per cent. ! . During the sa'md. time tho total tbnnago. of; V, the imerchant. /uavies 'of 'tho, British Empire, including the' 'colonies, has'. advanced ' frOm 5;7il,000-.tons:'to..12,791,000, tons. No.; other ! ' country has-'exhibited a . similar -expansion, , though Germany; shows a. slightly larger rela-; ; tivo,'increase,' '.Tho figure.i L for -the latter,-arc * ' only.- siiica which/date her ; mercantile fleet :has increased from 982,000 .tons '. to : 2,515,000 tons. •: On tho other • hand, the' torinago'.of ships, registered' in the -United States for. over-sea traffic has- exhibited: a remarkable', shrinkage, amounting'to no niore than 939,000 .1906, as compared with 2,516,000 in 1860. That wo aro still maintaining oilr' supremacy :, is also shown by tho record of gross addition to tonnage,'which, in the case of the United i' Kingdom, amounted last yeur to 9-15,000, the next largest total being by ' the ■' Uilited States, which added 418,000 \tons, including, however, barges find canal boats built. The-.steady., increase in the tonnage of vessels built in tho-United Kingdom is also a :re- ;' markable feature of the return. In . the, last ten,years the output has increased from 73G,800. ton's,to 1,156,700 tons, and the figures shov; a faifly' steady appreciation from year to year. Dde .unsatisfactory' feature, however, is disclosed' by the'so statistics, and thatis the steadily increasing proportion of foreigners ■ (qxclusive, of Lascars) . who are employed on British ships. ,;'fhe total in- 1906 was 38i000, against 188,000:-' British subjects, tlie'- proportion'{working outsat 20.22 per cent., and- while this'-'is'not quite so high a 'percentage as in 1903;-when the proportion was 22.83 per cent., it shows a greater advance upon the figures . W earlier years. 1 ; ; AMERICAN CONDITIONS. .. Tho only standard of value in America Is the dollar. Land confers 110 sacred'rights V upon its o',vner. Government is not a. fountain from which spring honours. Stability exists, but has only,a monetary, not a moral value. ; An American, citizen changes his business as ho changes his coat—when it suits him. He thinks nothing, of moving from New York to San Praneisco. Change,, to an' Englishman, is 1 a wr.onch; .to. an American, an.-amusement. Money- can- only, bo mado in England by steadily plodding along, adding penny to penny, building up and conserving a connec- : tioii - which may bo handed on to tho next ' generation. Money mado is invested in-safo securities, or . remains in tho bank awaiting a r . favourable chance, for a good mortgage, a drop'in gilt-edged stocks, or a chance of buying: some long-desired estate. In the UnitedStates : money is -'made easily, and the biggor the-turnover, the larger tho capital required. '. Businesses grow rapidly, money is lodged with banks and Trusts, not to await investment, bnt to await the growth of business. Bank deposits in " the.' States are not savings, but capital which is required for new busissp not yet ripe.. .Therefore, a panic in America -is not a disagreeable tremor, which passes away after a few months, but an earthquake whicli destroys. Traders in the States can- always do business; "all they want is capital. Panic destroys capital. The- curious thing about thfeso panics is that, although thc.v recur with.

persistent regularity, no ono ever attempts to provide for them. Convcntidns of bankers meet' each year, long speeches, are mado, all sorts, of remedies are proposed. But tho panic comes, arid no oiio • has for it. The .American is supposed to be -a good- business man, but the steady recurrence of panics seems to'show thai in 'some' respects Europe can', teach him'one or two tilings.' ' ALCOHOL FROM-CURRANTS.: Greece apparently is finding a new . use' for hor surplus currants. Sho has'commenced to distil, alcohol '■{torn ' them. At. the . instance of the lato President of the Bank of Athens, a company with a large capital was. formed early in the year to exploit this, new. industry. The company commoiiced operations by making a, contract with the Privileged Currant Society for-.tho purchase of currants at'a fixed price for tho manufacture of wines,, spirits, and denatured alcohol. Four months later it had acquired a- ! clientele.' of 12,000 persons, and 'had sold ' lamps,; transformed petroleum into alcohol 'burners, had lighted shops and streets, had made contracts with sovcral .municipalities for lighting, and furnished power- for- stationary... engines. .The company,,, which had in July a daily output-of 3500 . kilos, • hoped for permanent success, for-the reason, that denatured alcohol produced from currants for lighting purposes • costs not much more than half the price of kerosene' in Gree'co. The company had this year 100,000 tons of currants to iwork upon, resulting .from . tho. retention law, which does not allow 1 the Entire crop to be put on tho market cacli year. This same retention adds to the stock on/hand 6,000,000, Venetian lb. of dried currants each year, so, the, company has • plenty of raw material to w-ork upon., •/.. .. . ' WELLINGTON PRODUCE MARKETS. ' Tho New Zealand Farriers' Co-operative Distributing' Company, Limited, report as follow: —Maize, ss. Wheat, fowl,' 65.; second, quality;-:-to. Bd. grade, 3s. 10d.; cruslicd, ,4s.' per . bushel: t ; Horse, beans, crushed, 4s. 3d. per. bushel. Pollard, ; <£$ 15s. Bran, £5-15s. per ton. Sucrosino, 200'5,U55.; lOO's, Ba. Prime oaten slieaf chaff, ,£6. .Potatoes, new, ,£lO to .£l3. per .ton,; '. old, £2 (nominal). Onions,.Melbourne, .£9 10s. per ton. Butter, separator, 9Jd.; milled,-Bd.; dairy pats, Bd.' Eggs,' fresh, Is. 2d. pet doz. Factory bacon, sides, Bd.; rolls, SUI. Hams, Old. Honey, 60's, 4}d. Beeswax, :Is. 6d. Fungus, sd. Walnuts; :sd. per. lb., Porkers, 70's to 90's, 4Jd.; 90 s to 100's, 4d.; heavy pigs, 3d. per -lb. Cabbage,. 35.; cauliflowers, 6s. per sack. 'Green -peas, Is. per .peck;: rhubarb, 3s. per . .dozen! Carrots, table-rods,: :75.. per sack. Gooseberries,''4s. ''per- half .ease. '-Strawberries, Is. per 'lb. '--Apricots,: 65.-to 7s; 6d. per . halfcase. - Currants," red; 4s. '6d.-,per half case;: black, -Gs. v Pliims, 4s. 6d."- ; Cherries, dessert, -10s.; cooking,' 6s. 6d; . Peaolies,-Gs. per , half case. „' '■ , Poultry—Table ,roosters,- ss; '6d.',-'coekerols, ss. to 65.; table-hens ( -3s. to ■ 3s. 6d.;_ ducks, 3s. 6d.; ducklings, 6s.' 6d. to Bs.J "hll'at per pair; turkey .gobblers, 9d..; hens, Bd. per lb. live weight. .

| WELLINGTON SHAHE LIST. ! ! ; BcB0rT0 Liabii-. •»«' i PRICES. ' ; Tield •• v -'-COMPANY Capital .FuncUnd itvnor S >' 1 — T t . . to J : COMPANY. MdDp. Jalanco Sha?j 'Buyer. ;EcUor. . Investor. t ; BANKS. £ £ ■ ' £ £. £ £ B. H. . X fc <1. £ *• d. US. Sew, Zealand r S.KO.OM 281,675 , .8* Si JO. ■■ J Kb ■ fi R n ' <:. Rational - '/•. 375,000 •• 335.318 2i 15 13 6 6 6 B 0 ' ■ *■' " iSSUIiANGE.r i a 'n. 170'" K11 7 i KdliODOl -. - : . 1CO.OOO . 249,339 . 1 ohlM. ;15 "Jl 'i 1 0 ' ' : K<rstZealand. - 'SCO,000 ; 336,785 . 2 6 .'10 ■ S A 0 „ j Eonth British s JCO.OOO ': "C12,J09 1' nnjtd. 30 /T,_ .iitt'X-. .v.- j 0 , 6J6< : Btinclard t - - 75,000 ..62,188. 2 unltd. 10. 130 ,:^ dU • . '• }?., '44599' ' S' B 10 30 3 6 V 10 '-' 5 0 :^A: 6 -' ' 419 5 ! Metropolitan Building' " £1.000'' ■ .10 .'nil 7 ni<> q . o iB'/O . Ii (1 0 i; Wellington.Invost. - ...50,000. :. 3,033 4 . 4 •. 0 ' "•-{"•g. . v in o il 8 ; Wel'gtonTrust&Loan 101,050 S9.KO , '6.5 8 I 5 '.'.'J, ■ ■' ,3.5 o 031 : National Stortgago ■200,000 ' "112,250 - " 3 : .8 .10 -n'.# •'••ill 0 • -KiZ.andKivcrPlato - 300,000 """. EEO.SOS ."' 1. : -nil . ,7. ?.. •• i r n • . !': . Loan and Morcantilo ;- .135,-i2J . 1S7,358 < ; - - 4 ■ ■ M " 6 J;', . Auckland • " 180,370. . .£0,553" . nil... 16:'. ■ 1 .' 1 .P...."• ® ;. Christchurch 15-2,000 - - ■ £5,087 5 -nil'" 10 y* n ' n 1R n ' ni7'b ! Fcilding - - . 10,SB 101 ' 1 nil .-. . °.« ? '. 0i ' '• ' ; Gisborno . . - 17.100. • 0,239 1 nil .121 " ' " ■ . ' .... . 1 ' . Hawera;' ": - - . 8,250 - 745 - 3 ;':. i 1 10- "■ :"; 71S 0 . KewPlymonth 18,000 S.1S9 ; 6 - : nil , -10. . 7 , 1 ' . 6 • . Kipier'- -. . . )• : -10 - cil ' 15 - ■ " ° ° '. . 49.9571 .22,517 «. « , ]5 '• ° 6 ■ ••&^ e 2^ n^ot ®'-'• .27,000 .u,ra„ 44. ■ J r 'v, ' la o!o ■ 1835 0 5 I s . Wellington - - . 12 . ii570 , ";W«a • ;r,-0."-7-"e" 0 10 0 0 7 0 5 6 8 r • MEAT. - ' {• • - • "• •' r o n rt" ; 713 4 ; c«ar.. % ooo}' uwer. 1 . 2d . 0 .:- 100 ; : i ."UinStonMeatEsp. ... _ ; \ D f ' J' " D 0.0 6 . ' 5'.2 0 :■ 6 5 6 ... . " „ „ lOj.Vtwj t3,7« £ | 2 J . . B .. 6 / 6 , ,.J.| 6 3 7 0 6 5 4 ffancanai " . 45.550 11,401 6 " nil. •• 8 -'V i- . -TRANSPORT.' ' ' r . ! V., - t-'i .'o-.a-.n' -'i 4 n • 29 • *13 6 !-. W.&M.RaUway...,;- "170,000 :. .121.453 , .1 . i 4 ' ? ' 11 1- -'680 !.•!• MJ5. Shipping 473,810 .113,751 ;8 ni. • ■ 5' ■'•■6-6 .0 : » 0 6.5 U. 8 8 u Union Steam - 100,000 '472,593.' 10 .« .30 -0 • 0 0 , 20 17 b 41510 I... Veto. Steam Ferry • 46,253. 65- ,-1. : nl1 ' - '<>' •»- u 0 tM 0 tFesfFoS '• 1 .££0,001 117,215 . Si ' H '1? 0W 6 0 19 9 " ,7 " " 6 " ' f Saupiri- - ' >. ':r. .12,£03 .5,339, .1 , ml-74- .019.6. 0 1J 8,. wooiiiiEN. -- JE»iapol- - 100,003, ; .. . S . . ™'. ., .6. , . . '' Mossiel- V 83,457 ..17,213 34- . li '4' ' -3 »• 0 -; . , g .j. . - . Wellington - - - .10,000'- S 4 . .1 . I.:6 ; E10 0. 3 6 0 1 6 6 SllSCKLLAN'EOUS. „ _ n . v 1Q „ ' I v^»iiri 3 ;>J61. .f • nil'-;3' "1.V.9 25 .259. : 66 0 t mScmSo 6 -' 1111 - 0 I lolooa- ; f 0 *■; 30 3 2 j? 9 (. M.Dl«( • - £00,000-. sJ,514 3 n .7 ...'SIO.O ..811 6. 60 6 i ,MJ!.Papor Mills - . 94.755 ' 1,177 1 «}••- • 7 • 1,3 0 ' 1 3 3 6 0 6 H.Z.Cement:: - '40,000 , 2,0a '1. wl 8 110 6 - 111 6 ■ll*nnirig&Co. -. : 96,COO 37,670 y 4. I -. 10 I"' n'' - Vo n ' SO -O' f • - Wild«Co. ' 60,000. - 30,655 - 4 J - • 10 - 4 17 6 6 2 0 S 0 0 • 8 0. 0 .Wet'n. OperaHonsa' 18,630 1,705 . 6' ni ; 8 .15 0, 7 6 0 7 0. 0 6,14 , i . - Wsta Fresh 1'ood - 28,261- —.V J °! . - : - , Vihitcombo.!:Tombs--.,'46,250 , £0,1=3 : 5,-™ , J9 , . 6 0 n - - j'*- : tharlaud. .:48,67d 1 .. . .. ■