COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1042, 3 February 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. TaranaUi Petroleum shares received attention yesterday, ami rales were recorded at 12s. 9d., 13a., !3s. 6d.; and 13s. The buying and sclliuc quotations were as under-.— Buyers. Sellers. £ 6. d. £ 5. d. National Bank 516 0 — Cliristchurcli Gas 10 0 II 10 5 0 Feildins Gas 119 - Gisborno Gas 219 0 - Well. G. 1.3 (£5 153.) 13 15 0 - N.Z. Insurance 4 8 0 — Standard Insurance 1 7 3 — Gear Meat (£1) 3 2 0 - Meat Export (525. 6d.) 3 0 0 - Well. Woollen (ord.) 3 16 9 3 19 0 Hikurangi Coal - 10 0 Toupiri Coal 110 — Leylainl-O'Uricn — 17 3 Manning and Co — 1 10 0 Hiramar. Ltd: — 0 2 6 Taranalu Petroleum 0 12 6 0 13 3 Ward aud Co 4 15 0 5 10

EQUITABLE BUILDING SOCIETY. ANNUAL MEETING. Tho thirty-third'annual'meeting of tho Equitable liuildins and Investment Company of Wellington, Ltd., was held last arching at the Chamber of Commerce room, Mr. G. it. Kcbbell, chairman of dircctoTS, presiding. Tlis roport and balance-sheet have already been published. The proUt and loss account showed a credit of £10.137 14s. An interim dividend of 5 per cent, had been paid, and £2500 had been carried to Kcservo Fund, leaving a balance of £1657 ■ss. 10d. In movine the adoption of the renort and balance-sheet, tho chairman said that for tho second time the directors had pleasure 'in presenting a balance-sheet in which the Eeeervo Fund showed caual to tho capital. Two years ago the canital had been £50.0C0 and tho reserve £50.000. To-day both were £EO,CCO, tho difference beiug £20.CC0. of which tho shareholders had found £15,000 and the profits 'for two years £50G0. Ho thought it would be in order to say that tho shareholders had received equal to a bonus of £SCOO on their now shares in tho two years, for they were certainly now worth £10, which cor.t £7 10s., or equal to a bonus of 4s. 6d. on both issues. "Seven or years atro I stated at™ our annual meelinc that owing to tho great riso in values your directors, would have to bo very cautious in making advances. -The time ha? eouio. or is coming, when these words have to bo verified, fallen • considerably, and is very unsaleable. Up to tho present, not one nenny has had,.to be written off, but with our advances. I think it will bo impossible for us to escape makimr some email losses. You will bo pleased , to hear that we have provided a sum sufficient to meet any losses likely to occur, so far 'as we know." They \rero now uo to the maximum year of 19C6.

Hγ. Harold Bsauchainp, one of the directors, seconded the adoption. Ko also took the opportunity of congratulating shareholders oa tho financial strength of the company. He did aot think they could stop there, however. They -should continuo tho Dolicy of streugthenine the reservo fund from year to year, it w<is well known that the conditions were entirely different to some time ago. They had to face a ke-on and increasing competition from, the-Advances to Settlers Department. He was hopeful th'at when the rcfijrve fund was still further increased they would present to the public tho same encouraging tables now issued by the Advances to Settlers Department, and competo with the Goycrnmnt, who had the opportunity of getting cheaper money than they, and had no taxes to pay. and also freo legal advice. (Hear, hear.) As to tho value of shares: He would hesitate to oppress any opinion as to their value. As directors, they had not considered tho matter from that aspect — the market valuo' of their shares. They could say they wore bringing £10 per share to-day. But he would hesitate.' as a director..to say that that was the true valuo of the shares. They were conducting tho business on most cautious lines. The chairman explained that ho did not quote the value of the shares in the market. Tie was niorcly reading what was in the report. . , ■ ■ - Tho motion' was carried. ' " The retiring directors, Messrs.- D. Anderson and.D. M'lieart. worere-elected.' ■ Messrs.' E. Buchok, F.X.Z.A.A., and 0. S. .Walkins wero elected'auditors'by ballot, i : ' ■ ■■■ X vote of thanks was passed to tho directors and to the secretary. Sir. E. A. Liddle.AMEKICAN BEEF.

A report* published recently by the De■partment.of...Commerce at Washington illustrates tho fact that tho beef eating portions of tho world havo turned to • other countries than tho United States for supplies. Argontina h.-.s supplanted the northern part of tho American Continent in the world's beef trade, and the . Chicago packers have simply transferred their bass cf operations from tho Mississippi Valley to the Biver Plate. According to the statistics contained in the report, America.';-,'export o£ chilled;or frozen beef reached its maximum, 160.000 tons, in 1901, hut by .1909 tho total had fallen to 55,746 tons. In tho. same period Argentina's con.tribution rose from 25,000 to 210,657 tons. In the live cattle trade, too, tho United States' has lost heavily, exports in 1910 being, only about one-third in number and valuo of what they wero ten years ago. 'Tho .report also shows that Amor.ic.in .packers arc assuming frout rank in the Argentine expert to Europe. One avowedly North American enterprise in that country has risen to tho position of tho largest single,producer, and this company has offered extraordinary inducements in the way of high prices to encourage tho production of high-grade beef cattle. Two North American companies last year produced one ; third of Argentina's entire meat output, and tho moat industry of Argentina, as of the United States, is declared by tho report to be now practically in tho hands of Chicago companies. Tho statement is mado that tho American packers. have gone to Argentina, to acquire supplies for their English trade, which they can no longer obtain in tho United States. .. PIRATING DESIGNS. For a long : time British woollen ■ and worsted manufacturers have complained about the surreptitious acquisition of their designs by foreign manufacturers. It-.is affirmed that, within a few weeks of the showing of novelties; and before pieces have been made, foreign makers have had tho designs in their hands, and . havo been hard at w.ork copying tho styles. British manufacturers spend much money on new designs and on pattern making, and it is obviously unfair if they are to do this for the benefit of those who do not incur this outlay.

It is well known that -there aro houses in Paris and Berlin which trade in textile novelties, and who pupply subscribers with selections periodically. A Yorkshire manufacturer obtained one of theso selections from curiosity, and discovered, to his chagrin, that some o£ his own novelties wero amongst the collection. Ho then Showed the other patterns to inoro manufacturers, until almost tho whole of tho manufacturers in the Hudderefield district could pick out some of their latest and best styles from this ono set. Then it was a. question of tracing the source ■of tho leakage, and it was found to be quite easy, and a certain merchant was located in almost every instance. This merchant was naturally called to book, but avowed his innocence. It was afterwards discovered that tho ageut of this firm had sold his sets of patterns sent by this firm to ono of thess novelty merchants. This, discovery led to a joint meeting of Scotch and Yorkshire manufacturers in London, followed by a meeting of both manufacturers and merchants. As many Continental merchants were in London, 'they wero invited, and attended In good numbers, and tho matter was fully gone into.

. It was decided that tho agent who had acted 50 disreputably should ba dismissed, and that no. other merchant employ him for the space of five years, on pain of being boycotted by the whole of the manufacturers in the various associations Further, that any agent or principals acting in a similar manner, or who may bo found supplying cuttings to any illegitimatß or unauthorised person, shall bo treated in precisely the same way. It, j s believed that this drastic action will effectively put, an end to a pernicious practice. It will, too, bo a warning to some merchants who have not been eo honourable as thev might have been. There arc whispers of house? high up in.woollen circles who arc said to have appropriated manufacturers'- ranges only to past them off to the Contuicnt tho same day with instructions In manufacturers to make pieces from tho chosen styles. Agents too, arc often apnronohed with tempting bribes to nnrt with their sets of patterns A West End merchant affirmed recently that his Continental a?ent3 had frequently been offered mnro for their new sets at ttio start of a season than they could possibly hope to malic in commission during the whole season.

Customs revenue collected at the port of Wellington yesterday aniountod to £3550 19s. <d. TALLOW SALES. Dy Telegraph-Press Association- Copyricht. London, February 1 At the tallow sales 761 casks were offered, and 634 sold. Mutton, fine. 375. 6d per cwt.: medium, 355. 6d.; beef, flue. 375. 3d • medium, 355. TIN. By Telegraph-Press Associ-xUon-Copyright. London, February 1. Tin.-Stocks. 19,434 tone, on tho 'spot, 7728; aooat, 4013; deliveries, 2346,

LONDON WOOI, SALES. By Teloerayh-l'ress Assoeiation-CopyrisW. London, February 1. At tho wool sales there was cooil competition by. Continental and Yorkshire) buyers. Prices wcro unchanged. - ■ The Panikua clin realised lCirt. ton Drice, and'an averaeo of 9]d.; Kilsonca. 9>d. Tho Bank of Now "Zealand has received the - following cable advice from its London office, dated February l : —"Tho market is weak for all kinds of cro-sbreds. Prices are uar to 5 per r.ent. lower." AUSTRALIAN MARKETS. 111-T01c2.-aiili-l'ro3S Associatiais-CoßjrlßSt. (flee. February 2, 11.15 r>,m.) Sydnoy, February 2. . Flour is quiet at .£8 10s. a ton. Wheat.—Shinners are offering 3s. s<d. Plenty is available at that ficure. : Peas.—Tasmar.ian, ss. to ss. 9d. pats—Tasmanian Sparrowbille. Zs. Sd.; Giants, 2s. 9d.: Algerian niillint:. 2s. 5d.; feeding, 2s. 3d. Barley-Cape. 2s. 6d. to 2a. Bd. . Maize, 2s. 6d. to 2s. 9d. Bran, £5. • Pollard, £4 10s. Onions, £2 15=. to £3. Potatoes, £4 lfe. to £5 ss. Butter, .£4 10s. Bacon, 7d. .. i Cheese, 6d. , Melbourne, February 2. Hides are firm all round at lato rates. Wheat, 3s. 6d. Flour, £8 15b. Oats, Ateerian feeding, Iβ. Hd.; milling, Barley, medium Cape, 2a. 2Sd.; Enelish, *.6. 3d. Maize, 2s. sd. . ' Bran and pollard. £4 15s. Onions, £2 to £2 10s.. Potatoes, £2 10s. ™ i * .. Atlelßlde, February 2. Wheat, 3s. 5d.. 3s. 6d. Flour, £8 to £8 10s. oat 6, 2s. to 2s. lid.