COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 11110, 6 May 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. A salo of Ward and Co., brewery shares, at £5 Is. 6d., was tho only transaction recorded yesterday. The buying and selling quotations were as under:— Buycrr. Sellem £ s d. £ s. d Bank New Zealand 11 10 0 - National Bank — 519 0 Well. Investment 0 11 3 - Cliristchurch Gas 9 10 0 — Wellington Gas (£10) — 19 0 0 Clirislchurch Meat — 16 2 6 Meat Export (-£4) — 5 7 0 Mont Export (525. 6d.) - 3 7 0 Well. Steam Ferry (185.)... 0 11 0 Kaiapoi Woollen 5 5 0 5 10 0 Well Woollen lord.) - 4 2 0 Wcstport Coal 18 3 19 0 Leyland-O'Brien 16 5 — N.Z. Drug 2 9 0 - Shnrland's preference ... 1 4 0 — Taranaki Petroleum — 014 0 Taringamutu Totara. 2 9 0 2 10 0 Ward and Co 5 0 0 — TIIE WORD "BANK." Public opinion in Great Britain has at last bc:n roused to the necessity for restricting the use of the word "bank" io firms or limited companies, doing a legitimate banking business. The failure of the Charing Cross Bank and other dubious undertakings, entailing heavy, loss on confiding depositors, has emphasised the need for legislation on this question, and a, short Bill has been introduced into the House of Commons. The measure is to prescribe conditions and restrictions under which any person or persons not incorporated shall be allowed to carry on tho business of banking. There aro only eeven clauses in all, of which two arc important. The first enact? that any person or persons not being a limited company before comincnei" , ! business as a banker, shall deposit ££~000 with the Board of Trade as Eccnrity for the creditors. The second clause provides that a. yearly balance-sheet and profit and loss account chall be presented in such form as is prescribed, und every customer shall be entitled to a copy. Once every live years an investigation shall be made by an independent qualified accountant, who shall report to the Board of Trade on tho financial condition of the bank, and an abstract thereof ehall be available to customers. The measure i-3 of a, very uncontentious nature, and is supported by members of all political parties. It does not apply to cither Scotland or Ireland, which probably increases the chance, of its .becoming law.