NOTES AND COMMENTS.

New Zealand Herald, Volume XLIX, Issue 15075, 19 August 1912, Page 6

NOTES AND COMMENTS.

REGULATING GAS COMPANIES OUT OF EXISTENCE. It was with stupefaction that the summary of the Bill to regulate the gas companies was read in our columns, says the Sydney Daily Telegraph. It appeared incredible that the State could propose what would be virtually ruination to some' thousands of shareholders, who, on the faith of Acts of Parliament, had invested their savings in these undertakings, had taken all the risks, and because they had been sucessful had incurred the enmity of the party which now dominates this State. If the measure were to pass into' law, it would bo confiscation pure and simple, and, moreover, would effect a complete paralysis of all efforts on the part of these undertakings to keep pace with the constantly growing needs of the towns they serve. It appears fabulous that a rate of dividend should be standardised which would place the entire list of our gas companies at a serious discount —a rate at which the Government itself finds it growingly difficult to borrow, and at which even the city of Sydney can no longer raise money, though it has the security of the entire body of ratepayers behind it. The compulsory reduction of dividends to 4 per cent, is simply beyond belief, and the Government which could perpetuate such an act of spoliation . would justly merit all the discredit which such indefensible action would entail. If such can be done with one set of companies, it can be done with others, and if 4 per cent, is to be the highest rate a New South Wales company can bo permitted to pay, we shall have a wholesale stampede of capital. That the companies should, in the interests of the community, bo bought out at a fair figure would be an honest proposition. But this measure, as outlined, would be barefaced confiscation, but it is hoped that, it there is to be legislation, it will bo framed upon the lines of tho English Acts, which Mr. Carmichael said were to be followed, but which have most emphatically not been followed in the outline of the Bill, as published.

» WHERE THE WORLD'S WEALTH IS

TO BE FOUND.

According to a report just issued by the United States Department of Commerce and Labour, Great Britain, Germany, and Franco hold to-day more than £12,738,000,000 of paper securities out of the ' £22,000,000,000 to £23,000,000.-000 which belong to the various nations. These at four per cent, bring them in an annual minimum interest of £501.800,000. The following tables show the holdings of the Stock Exchange securities held by the peoples of the leading nations of the world :—-

Taking the highest figures, the wealth of the world oxpressid in Stock E:ahange securities alono wadd thus amount to the huge figure of £23,160,000,000, in which tho share of the united States" would be £5,095,200,000.

Countries. End of 130?. £ £ United Kingdom ... 5,015,000,000 to 5,211.000,000 United -States ... 4,433,000,000 to 4,632,000.000 Franco 3,975,800,000 to 4,053,000,000 German? „'. 088,009.000 to 3,281,000.000 Russia ' 965.000,000 to 1,042,200X00 Austria-Hungary ... 810.600,000 to 849,200X00 Italv 386,000,000 to 463.2C0.CC0 japan 231.600,000 to 270.200.0CO Other Countries ... 1.273,800,00) to 1,466,800,000 20,187,800,000 to 21,268,600,000 Countries. End of 1910. £ £ United Kingdom ... 5,104,000,000 to 5,481,200,000 United States ... 5i>18,000,000 to 5,095,200,000 France 4031,600,000 to 4,246,000.000 Ocrmanv 3.474,000,000 to 3,667,000.000 Russia " 1119.400.CCO to 1,196,600.000 Austria-Ilungnvv ... 887,800,000 to 926,400.COO Italy ... ... 501.800,000 to 540.4CO.OC0 .Tamil 347,400,000 to 463,200X00 Other Countries ... 1,351,000,000 to 1,544.000,000 2,195,000,000 to 23.160,000,000