COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1161, 23 June 1911, Page 8

COMMERCIAL ITEMS.

(3EKMAN-AUSTRALIAN'' SHIPPING COMPANY. '. • '■ Tho report of tho Deutsch Australische Dampfschiffs. Gescllschaft for 1910 stat«3 that tho traffic between Australia and Europe was ;very brisk in both directions, and the company had frequently to put on extra staamers to meet the demand. A much better trade was also done with South Africa, a/id with the Dutch Indies tho rcsnlt was satisfactory. Since the autumn of last year the ScandinavianAustralian lino has been worked independently by tho Swedish-South African line. Tho service from Now York to Australia yielded a fair result, but the traffic from Australia to Boston was very unsatisfactory. Five new staamers wero built, and orders for another six steamers have been given out. including three which aro being built at Flensburg, two at Geestemunde, and one at Newcastlc-on-Tyiie. These six steamers aro of about 9£CO tons carrying capacity, and two of them will be refrigerated. Their namc3 will bo Sydney, Melbourne, Adelaido, Fremantle, Brisbane, and Albany. The accounts show that groa3 earnings amounted to 5.123,093 marks, or £256,155', against £190,836 for the previous year; and aftor deducting outgoings, tho balance is £225,031, asnin;.t £162,789. Depreciation absorbs £147,031. against £102,229 for 1909. The dividend is raised from 1 to 9 per cent., and absorbs £72,000. Other appropriations ir.;luds £3924 transferred to tho reserve fund, and £2553 paid to ths direotors. Tho company haa a share capital of £800,000. statutory reserve, £63,461, and repairing fund £<0,000. Tlio insurance fund stands at £157.435. Liabilities include the 4 per cent, priority lean, £70,CC0. in addition to current liabilities, 'i'he fleet stands at £1,328,315, against £1,220,559 at the end of 19C9. TIN SUPPLIES. - The recent high price of tin, due to the cornering pi the market, directs attention to ths principal sources of supply of the metal. Tho total of the worlds supply of tin, or tho quantity actually used durins ths year, may range from ItS.CtO tD 110,000 tons. The output of the principal producing countries is approximately as follows:— . . • English Tin (Cornwall) 4,650 Chines ' about 4.CCO Malay States 62.6CQ Australian :. 5.9C0 Dutch Kar,t Indies 13.9C0 South America .- 17.CC0 The output of tin from the Dutch colonies, in the Far E;-.it, may not increase, as the supply of U-bour is limited. In order to be worked liierc at a profit, the price must exceed £156 ICs. per ton; if sold below that figure it. would be produced at a loss. The tin deposits of South America arc on an extensive scale in the Republic of Bolivia, but the difficulties of transport and working add to tho cost; these mines can therefore aho not bo worked at a, profit when the price is low. The Chinese supply comes from the province of Yunnan. Another source is K> geria, where for several years alluvial tinstone has been worked; it occurs ill the Barechi Province, and is found in an area extending over many square miles, on a plateau about 30C0£t. above sea level. The co3t of transport is a difficulty, as it amounts to £27 10s. per ton to convey it from the workings to London; this amount will, however, be reduced when railway facilities arc available. Ths ore i=, an oxide of tin, and occurs in pellets varying in size from powc'.er to tiicces as large as a lien's egg. and tho mineral is incorporated with the alluvial gravels of the river banks. A fairly constant demand exists for this tin, and there do not appear to be any sources of larger supply. The comparative scarcity of the metal renders it very subject to speculative influences; as indicated above, the conditions under which it is produced make it impossible to increaso the supply very rapidly in response to a sudden increase in demand.

A COMPANY AS A PARTNER. An interesting question of company law recently cropped up in Kngland. 'It was as to whether a company can become a partner. The case was held in the City of -London Court before Judge Rentoul. and it was one in which Kelvin and Jamvs White, Ltd., and Ilutton, 11 Billiter Street, E.C., sued flonry Hughes and Son, Ltd., marine opticians. 59 Fenchurch Street, E.C., for £18 45., balance of .£164 for goods supplied. Counsel for the plaintiffs s.-iid that Kelvin and James White. Ltd., and Mr. Hutton were in partnership in London, and Kelvin and James White, Ltd.. carried on an entirely.independent business in Glasgow. The London house had an English agency for Kelvin's compasses. Plaintiffs had eupclied tlio defendants with

geeds to the amount, of £164. and now demanded the h:il:ince due. Mr. Jlnll.on. one of the plaint Lit'?, gave evidence t!:".t he and Kelvin and James White, Ltd., were i-n partncri-hip in London. Kelvin Mini .1 limes White, Ltd.. coiirislri o[ :iboul 25 shareholder*. It was urged on the other side, that beinir .so, Uia plaintiffs worn an illegal coTpor.ition, us no trndiii;; corporation of over "0 could trade , with ;i. separate individual miles* they were all registered, and they wove not. Judge licntoul. K.C.: Cannot n limited company lie , a partner with a single individual? It was urged not. Such a. depute had never been rnifed before. A partnership could not be established as tin , plaintiffs were trying to do. Judgo Hcntonl said ho had never heard of it being done. For the defendant!;, it. was urged that if Kelvin and .lames White, Ltd.. could trade in partnership with Hutton, then any number of companies might, combine and trade together. That would be a monstrous slate uf things. An illegal association could not recover delits. The absence ot registration maiic il an illegal nsociatiou. Counsel for thu phiniiffs did net know any objection to a limited company joining in a partnership. The plaintiffs partnership was composed of two persons. The point was very important to companies and firms. A limited company had been held to ho one person on many occasions. Sir Francis Palmer. Hit well-known company authority, in his book on "Precedents," included a clause providing for a limited liability company going into partnership with any other person or any other firm. Lord Justice Buckley had said in his book: "'Person , includes a body corporate. A limited company may become a shareholder in another company." Judge Rontoiil said ha would fun] for the plaintiffs, with cost? on the claim, as well as on the counterclaim. In his view. James Kelvin and I'hit-C; Ltd.. combininp- in partnership with Jtr. Ifutton was perfectly justifiable, although he had never heard of the point ffio "i HC BaVC th ° dcfcndants

• AUSTRALASIAN WOOL EXPORTS. According to statistics, compiled bv Messrs. Balgety and Co., Ltd., the woo! exports from Australasia from July 1,1910. to May 31, 1911, as compared with the corresponding period of the previous season show a net increase of 29,168 bales. The figures tor each State are as under:-1910-11. 1909-10. „■ . . Bales. Bales. Victoria 499173 493179 N-S. Wales 901246 9041468 Queensland 238.986 213,461 f>. Australia 17.1,055 160.560 W. Australia 72,539 63651 Jasmania 20 264 17 3M Aevf Zealand 4711,923 497395 2,384,187 . 2,355,019 New South Wales shows ;i decre-w nf Austin.^ a lS d Md S ° Uth NOTES.' of Er ?ni'i, ia ""'"yortsd 37,596 metric tons tonsi,; b ra. CO ° lpar0(I With 39,671 mot^' phasised by tho fact that several new fa? m™! 3 fOr . tho Production of fish oi fish .t"c al paft Ud 5 4rf nO ha " bCC " aiM <luri »" ™ C ? T h iv!t to \ calculations made by tha sugar bureau, the productions of sn-ar in Plus of sugar that must find a m a v"et e^Empire. ,101 ' 01 " 1 tl! ° Umits of the "^- Rivo'r 5i,,', '\ l , i lahow, on th " ful partnership of private firm's "in the pa.,t werp called into existence to strcu=hon and vitalise relationship. Howeve"r huge and Btron-f modem business may become, they can never become strong enough to disregard this basis princiDlo The weakness of these immense P a"" roea : closer personal interest into business than 'V--t n m Cr V raS «- s c ?. ntr T act ' thc m "c wages «hi ° ~ H, Lover on Co-partner-

1 A return of the business operations oT the, 36 German mortgage banks shows that ifin 11 ' mo m force at the end of ™ th ° >? r S c aggregate of £503,000.GG0, there haying been an increase and reached a total of £535,0C0.C80 at Hi a end of the year. There institutions, which play, a most important part in the financial affairs of the people, operated with an aggregate capital of £35,830X00 and had. reserves of jCRCCO.OCO. Their net nrofits amounted to £4.129,0C0. not incliidiiione institution, and their average dividend was 8.46 per cent. The increase in net nroduring the year of £28,490,000. Thsir outstanding bonds were increased by £26.«0,CC0 TALLOW. Bγ Telecrapß—Press Association-OoDyrieht London, June 21. -At the tallow sales 28C0 casks were offered and 1719 sold. Prices realised:— Mutton, fine 365. 3<!., medium 325. 6d.; beef, fine 335. 6d., medium 31s. LONDON PRODUCE MARKETS. Bj Telczraph—l'ress Association-Ccpyrlehl (Rec. June 22, 7.15 p.ii.) London, June 22. Butter.—Thero is rather less demand owing to fairly general raine. Prices are practically unchanged, and a holiday tono prevails. Choose.—Tho market is firm. New Zca-. land is quoted at 60s. Hemp is quiet, and prices are unchanged. Cotton, 7.925 d. Wheat.-Thc visible United States supplies cast of the Eockioa total 40,322,CC0 bushels. The markets are quiet, and buyers are cautious. European crop prospects are generally favourable, and thero is .little demand for cargoes. An Australian cargo has been sold at Ms. Sellers aro firm, in sympathy with the sharp rise in America on reports that winter wheat had ripened prematurely. From 325. 9d. to 345. is asked for Australian afloat in Juno, and 335. has been paid for a. parcel which has arrived. There is moderate inquiry for Australian on spot at 365. Flour.—The market io quiet, and Australian is quoted at V.s. 9d. ex store. Oats are inactive. La Plata Juls'-August shipments are quoted at Ms. ICJd. Babbit skins.—Two thourand are offered, and eight hundred rold. Australian winter ars a halfpenny to a penny dearer, but summers arc unchanged. AU Now Zealand kinds are fully a penny dearer. WAIHI SHARES. Bj TclejraDb-I'iL-ss Associatior.-Copyricht (Rec. June 22, 7.25 p.m.) Lcndon, June 22. The Waihi G-oldmining Company's shares are quoted on tho Stock Exchange at:Buycrs, £3 2s. 6d.; sellers, £3 ss.