COMMERCIAL.

Evening Star, Issue 13144, 28 December 1908, Page 6

COMMERCIAL.

A BANK DIRECTORS' EXAMINATION. A novel feature in the way of bringing home to bank directors the responsibility of their high office has been introduced into American banking by the United States Comptroller of the Currency. With this objejt a series of .questions, numbering twenty-nine in all, has been prepared, which the natoinal bank examiners will submit to bank directore at examinations. The questions ajre designed to bring out the relations of the directors to the executive conduct of the bank, the extent of their knowledge of the paper held by the institution, the degree of latitude conceded by them to-bank officers in overstepping the provisions of the national bank law, and the nature of their oversight of accounts and assets, of the composition of the reserve, and of the correctness of the reports of the bank. The actual list includes such questions as : " Has a committee of the directors ever checked up the stock ledger? How many of the dierctors read the letters of criticism from the Comptroller? How many of the directors know nothing at all about the condition of the bank? How maiw of the directors have read the Nationalßank Act?" How many directors of colonial banking institutions could pass a satisfactory an examination paper based on these queries ? HIGH COMMISSIONER'S CABLE. WELLINGTON, December 28. A cable from the High Commissioner states that the Christmas trade is very dull. Mutton.—Market very quiet. Average prices to-day : Canterbury, 3|d; North Island, 3|d. Lamb.—Market unfavorable. Average prices : Canterbury, s£d; other brands, 4Jd. Beef.—Market depressed. The supply exceeds the demand. There is no change in prices. Butter.—The market is dull. New Zealand, 108s. -Cheese.—Market steady, with improved demand. New Zealand, 58s. Hemp.—Market dull. No change in prices. The Manila output is 20,000 bales. THE MARKETS. Press Association—By Telegraph—Copyright. LONDON, December 27. (Received December 28, at 8.8 a.m.) Linseed oil, £23 15s. Frozen Meat.—Sheep : Unchanged. Lambs : Canterbury heavy, 4gd; Southland, none offering. All other sorts and beef unchanged. River Plate sheep unchanged. Beef : Fores, 3d; hinds, 3|d. A. NEW YORK FAILURE. Press Association—By Telegraph—Copyright. NEW YORK, December 27. (Received December 28, at 8.25 a.m.) H. Poor, a member of the New York Stock Exchange, has failed, with liabilities totalling five million dollars. DECLINE OF BRITISH TRADE. A STARTLING DEFICIT. - The October returns of the British Board of Trade show a great falling off -in British trade compared with a similar period in 1907. The imports for October totalled £50,748,980. or 11.9 per cent, less than in October, 1907, when the figures were higher by £6,911,178. The drop in exports touched almost as high a figure. The total exports were £33,007,586 —a decrease of or 13.8 per cent., compared with October, 1907. The slight check given in September to the decline of imports was not maintained, but the rapid decline of exports continues unabated. The greatest falling in imports was in raw materials, the decrease therein amounting to £3,243.287, cotton being responsible for £1,144,353. But the latter figure is misleading, since there was an j actual increase in the quantity imported jof 55,365cwt. The decrease in value was | due to the low prices prevailing. As raw I cotton dragged down the imports, so j manufactured cotton affected the exports. | In this article the drop, as compared with the corresponding month of last year, was £2.119,291. ' The total decrease of export [ value in " articles wholly or mainly manufactured " —among which cotton is included —presented a decrease of £4.705,465, and the only item under this heading showing an increase was new ships. This is the more remarkable, in. view of the great depression in the shipbuilding trade. In cottons, piece goods was responsible for a j drop of £1,361,281, some 65,000,000 fewer vaTds having been exported* this year. There was a drop in wool of £649,187, of | yarns and textile fabrics of £315,619. of [ electrical goods and apparatus of £367,991. iron and steel of £918,641, and coal of £406,988. The first ten months of 190& compare badly with those of the previous year. The total value of imports until the end of October was £486,526,530—a decrease of £46.258,714; while exports decreased by £38,930,096, the total foe the ten months of 1908 having been £318,670,588. The value of Britain's oversea trade fell b yover 85 millions, lumping the exports and imports together, and to that total the month of October last contributed 121 millions.