COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1137, 26 May 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. No transactions occurred in investment shares yesterday. The buying and selling tfuotations were as under:— Buyers. Sellers. £ s. d. £ s. d. Bank of New Zealand - . 11 17 6 Well. Trust and Loan ... - 7 16 6 Well. Deposit 0 8 3 1 I) Standard Insurance 1 10 0 Christchurch Meat ■ — 16 2 6 Union Steam ' - 2 10 Well. Steam Ferry (IBs.) ... 0 12 0 — Well. Woollen (pref.) 3 0 0 Tnuniri Coal 110 — IVcstport Coal 18 3 18 9 Westport-Stockton — 0 4 0 Leyland-O'Hrien 17 0 — Mirnmnr, Ltd - 0 2 6 N. 7.. Drug 2 9 0 2 9 6 Taranaki Petroleum 0 17 6 0 18 6 Taringamutu Totara 2 9 0 2 10 0 Ward and Co 5 0 0 - BRITISH AND AUSTRALASIAN TRUST AMI) LOAN. The report of the British and Australasian Trust and Loan Company. Ltd.. for 1910. states that the accounts show a net profit, after payment of all interest and current expense?, and including X999G brought forward, of £28,090, of which amount £5000 was appropriated in XoToniher last to the payment of an interim dividend of Is. 3d. per share. The (iircc-

tors now recommend a further dividend of Is. 3d. per share, free of imromc tax (unking, with the interim dividend. 5 nor rent, for the yearl. together with :i bonus of If. nor share, also tax free, and tint the balance of £RC9O bo carried forward. In acrordance with the opinion expressed by the majority of the shareholders in reply to a circular issued by the company in April hist, the directors are shaping their policy in the direction of gradually clo.«ine the business of the company. Since December 31 last, the Terminable Debentures nr.d the Three and :i Half Per Cent, Debenture stock have been further reduced by a considerable amount, which has been provided out of the liquid assets of the company. HIGH COST Of LIVING. Last year the very high cost of living in the United States resulted in a bis agitation, and a, commission was appointed to inquire into the mailer. It seems, however, that values have readjusted themselves, for Mr. Henry Clews, tne New York banker, in his monthly letter, dated April 8, thus refers to the 'subject:— "Business is still going through the process of readjustment which ended some time ago in securities. Trade generally is quiet, particularly in the North-West. Prices of commodities continue to decline, and breadstuff's now show a drop of 25 per cent, in values compared with the highest price:; last year, while provisions are in many cases 40 per cent, lower than a year ago. There is no lack of wheat and corn, and the scarcity of meat is less apparent than a year ago. This is largely the result of public economy, the agitation against the .high cost of living having had a, decided effect in this direction. The spirit of economy is spreading. Tho textile interests are feeling the same influence. Consumers are wearing old clothes longer and buying less of the new. As a. result, the cotton and woollen goods situation i.- extremely unsatisfactory .making it exceedingly difficult to artificially sustain the price of cotton. Tariff agitation is an added source of complaint. In the North West reckless land speculation has been checked and liquidation has already begun. The end of this movement, however, has not yet been seen, and it need cause no surprise. if some of the weaker financial institutions in that locality will have to go through a further process,of house-cleaning."

. PROFESSIONAL ACCOUNTANTS. The Professional Accountant Bill, drafted by the representatives of tho Chartered and Incorporated Accountants of the United Kingdom, him been introduced in the House of Lords. After a quarter of a. century of bickering, the ychief organisations or the profession have agreed upon a common plan. The Bill seeks to place the profession of accountant in a position analogous to those of solicitor, doctor, or dentist. Registers arc to bo kept—one for England and Wales, oue for Scotland, and one for Ireland—of all persons practising as professional accountants at the date of the passing of the Act. No unregistered person is to be allowed to uso the title of professional accountant or practise as such. The first, persons to be registered would be all existing members of the Institute of Chartered Accountants of England and Wales, the Society of Incorporated Accountants and Auditors, the three Scottish societies, and the Irish Institute, the members of certain colonial societies, and all other persons in practice as accountants in the United Kingdom at the date of the Act. After the passing of the Act no one would be registered unless he was a member of one of these bodies, or had passed certain prescribed examination's. Fines and pcnal.ties would be imposed upou any unregistered person who might call himself a professional accountant, and there would be power to expel members of all the ■machinery of the' law in support of the registrars and their committees. Members of the various existing bodies 'would, still be able to call themselves "chartered , accountants,' "incorporated accountant/," or otherwise. The Act, if passed, would, it is held, raise the status of the professional and ensure a standard of proficiency. At first there must be many admissions of practising accountants whonc proficiency would not ,; up to the standard of the Institute, hue these would gradually disappear. It. is thought that "professional accountant would be the- title universally used. Another piece of legislation desired by the profession is. an Act to fix a scale of accountants' charges, on the same lines as the scale fixed by law for solicitors charges.

In the .-first Quarter of this year tho United Kingdom imported cold to tlw value of £11,790,912, Showing an increase ot £Sw,959 over the first cmartor of last year, and nilvcr £3,937,563 (an increase of £357/37). Tho exports of go'd were £8.1<i7,947 (a decrease of £4.0C(J,<!12). and those of silver were £5,104,930 (an increase of £1,273 910): These fiEurcs do not appear in the trade returns usually ouotod. Thus, tho Mother Country retained" £5.6<2.955 of tho gc'.tl she imported, but exported an excess of £1.167.362 in silver. Usually, however, the Mother Country apparently exports more silver than she imports, a:; she extrasts a. pood deal of silver from lead and other ores imported. . . . .

Tho competition of time, in legal matters, has been the subject of numerous decisions, and the points rattled are often ol more practical importance- than would at first sight appear. The latest example of this occurred in the recent case of Brov.fi v. Black ('■Times," March 11), in the Divisional Court. This arose upon th-i Solicitors' Act, 1843, which provided that no solicitor shall be able to sue for tho recovery of his charges "until tho expiration of one calendar month" after the delivery of his bill of costs. The plaintiff haid sent his bill to tlic defendant 1)7 post on February 15 last year, and it would be delivered to him in tho ordinary course upon tho morning of February 16. The •action was. brought on March 16, ami the -Judi;o of the City of London Court h:id hold that the plaintiff waa not entitled to sue, because tho action wa= broach! brforo the expiration of the calendar month's notice required by t>.? Act. The Divisional Court, by Justices liidley and Chanue.U. have now affirmed this niHng, and di - misssd the plaintiff's appeal.

Customs duty collected at tho port of Wellington yesterday amounted to £2536 10s. lCd. x KEUTER'S TELEGRAM COMPANY. The directors of licuter's Telegram Company, Limited, have declared the usual dividend at the rate of 5 per cent, per annum for the half-year ending December 31 last. According to the balance-sheet just issued, the total at credit of the various reserve funds at that date amounted to £132,521, being 40 per cent, in excess of the uaid-up capital (£911,712). LONDON WOOL SALES. ■By Telesraph—Press Association-Copyrizhj London, Hay 24. At tho wool sales there was Rood competition at full rates. The followinc are prices realised for the fleece portion of the clip named:—"Titi," top price 11M., average lOjjd. ; "Oruamatua," top price Hid., average IOJd. (Eec. May 25, 10 p.m.) London, May 25. At the wool sales the following prices were realised for the fleece portions of the Hikutoto clip, top price, ll|d., average 9?d. TALLOW SALES. By Telegraph-Press Association-Copyrizht London, May 24. At the tallow sales 1158 casks were offered, and 551 sold. Prices realised:—Mutton, flue 365. 6d., medium 325. Boef, flue 335. 9d., medium 31s. 6d. METALS. Tin.-On tho spot. £201; three months. £190 10s. The market is strong on a, "bear" covering. (Eec. May 25, 10 p.m.) London, May 25. Tin-Cash price, £203. WHEAT. By Telegraph—Press Association—OonjTieht London, Mar 24. The American visible supply of wheat is 44,C62,000 bushels. AUSTRALIAN NOTE ISSUE. SIX MILLION ISSUED. . By Telegraph—Press Association-CoDyricbl Melbourne, May 25. The Federal note issue totals over £6,000,000. It was estimated in Melbourne that when tho issue of Federal bank notes ceases on July 1 there would be sufficient nnper money to meet demands to the extent of £11,000,000. LONDON MAItKETS. The New Zealand Loan and Mercantile Agency Company, Limited, have received tho following cablegram from their London house, under date May 24:—Wheat: We have sold, nt 355. 6(1. c.i.f., an Australian cargo. There is very little demand owing to favourable crop reports. The Continental market prospects are not likely to improve at present. We ouote per quarter c.i.f. New Zealand wheat:—Long-berried, 335.; shortberried, 325. 6d. Tallow: Present spot values for tho following descriptions:—flood mutton, 345. 9d. per ewt.; good beef. 325. 3d. per cwt.; mixed. 31s. per cwt. The market has a lower tendency. AUSTRALIAN PRODUCE MARKETS. By Telegraph—Press Association—Copyright (Eec. May 25, 11.20 p.m.) Sydnoy, May 23. Wheat is riuict, as holders arc not desirous of doing business. Shippers nuole 3s. 3Sd. to 3s. 4d., and occasionally 3s. 4J.d., anil millers to 3s. 6d. Flour. £8 10s. llran and pollard, .£5. Peas, 4s. 9d. to ss. 9d. llarley, Victorian Cape. 2-*. M. to 2s. Bd.: Knirlish. 2s. 3d. to 2s. 6d. Oats, Tasmanian sparrowbills, Is. 10(1.; giants. 2s. lid.; Algerian milling. 2s. id.: feeding. Zs. 3d. Maize. 2s. sd. to 2s. 7d. Onions. £2 ICs. to £.3 ; Potatoes. Tasmanian vcdsltins. £6 55.: whites. £5 to £5 10s.; local. £3 ID?, to £6. Butter, 98s. Bacon, sid. to 6d. Cheese, 53d. to 6d. .

r.lclbourno, :<t.-.y 25. .Hay, manger sheaves, ,i.o to .£3 10?.: chaffing sheaves. X 2 to £2 10s.; mangel- hay. £<1 to £■! IS.H. Wheat. i.>. sjil. Flour. £8. Oats, Algerian milling. 2s. hi., "s. lid.: stout white, 2f. 5i.(1. li.'irlcy. Capo 2*. Ed., feed Is. Bd. Maize. "2s. 'A. Ili-aii iind v.ollard. id. Onions, £2 ss. to £3 cj. I'ctataei, £5 to £5 12s. 6d. Adelaide, May 25. Wheat, 3=. 4Jd. lo 3=. 5(1. Flour. £7 ICs. Bran and pollard, liSd. Oats, Algerian feedinfr. 2s. i\&. Potatoes and onions are tiuict and unchanged. ' MELBOUEXE IIIDICS JIARKET. tiS Tek'tr.-iDli-I'i-cas Asioi-iatiou-Copyrienl (lice. May 25, 11.20 p.m.) Melbourne, May 25. On the hiies market to-day prices were unchanged for best qualifies. Sloppy and Western District, lois showed a. Blight decline.