FINANCE AND TRADE.

New Zealand Mail, Issue 1514, 7 March 1901, Page 55

FINANCE AND TRADE.

T £e registration at Somerset House of /, JBraseoe and. Co., lytpl.,?/ is announced. * of, iblie phfci (joneern.'ffi*.£6oo,-. “000, in. 35,000 preference shares',jof £lO ; saph. and;2ao,ooo quinary shares of £1 •/. "r aCil * : . ;T‘he. ; objects/ of- the . company, - as in,: the deed,, are to -acquire they business carried on in Ehg.rand'. cf William . Hriscoe 'ajuid Hon, ''-at Melbourne:as Briscoe kiicVOe.pat Dunedin aud Invercargill, New Zealand, as Ar- ;; Briscoe:and Co-., .amt.at Wellington .and- Auckland :as /Briscoe, Macnfei! and Cq.; to^ adopt an agreement with W. A. 'Briscoe,',G. Briscoe,; <1.,-E. Briscoe, A. ./ Macneil and H. Macagjil; ; and to carry on the . business '.of •••■manufacturers,' merchants , v /importeray' exporters,, factors, .. agemts, brokers, general dealers', ship- . owners, carriers,. etc. The subscribers •Are :- ' v " - ./•. ' ... , ■ - . .■-•Shares. W. A. Briscoe, 36 Bs.sin.ghaH. street. EyOtymerchant ' ' . „/ I G. Briscoe, 36 'Basin ghall ': street, '' ; ••' TI:C'., merchant ' ... 1 T. -E; Briscoe, 'Tittle Collins street" .« : Melbourne • 1 . ... " ./ j A. Macneil, Little Collins street' Merchant ... 1 • .H.,'Macneil,: : 'York ■ • street, ' : Sydney * - . 'merchant ’ ...' ... ’ j ' W. Godden, - 34,. Old ' Jeweif," E.C.,’ ' ; solicitor ■ i ■ : 3-'. L-eckie, .33 Baeinghall street, E.C. r;-•yy clerk'y'c n,.-;' ; l/y vd I A • The • number of ‘direbfors 'is '' to'" be not hi e 35 •Than'-three nor :more’yth'aii/ seven, x !^ ie firat •.are.;-tire • first five ’ •subscribers. ine London • offices or the company are y.-,. ; /at 36', Basinghall -street; ’ 1-' -*■ In the course of an interesting' article on the question— u Whom Does Protection Protect-.?” hi -the•'•current - issue of ... '‘Gur Countrythe''Hon-yj. IT. • Carru..■.thers. the .breadwinneers"of Australasia, as disclosed ,bv the- cdhsus of :■•;; 1891, as follows:;—yy - /, . Possibly Cannot - . . Benefited Benefit ■ A ' J »y 'by... Protection. Protection, '•■•ylmiinary . produc■:J T ... ••• 16,000 ... 430,000' ; Inaustnal cla-sse®—'••■ A ■•Manufacturers j.. -257.000 ... • • ~ Engaged on con- ’ "’ ..A '. "... . etructioix works ... . _ ... . 3 17,000 ; General labour- . ' . .'p. ersr ... / .Commercial class... - _ Indefinite ' 'class‘... —. ■ ..." .301 'oqo /’Grooms,./ ' gaxdein- r - 1 '- 'h-.- r evp domestics . ih. • ... i84 ; 00-0 ;/Professional. classes' r — ... 100,000 ; 1 ri Total . ./ ' ...' 273,000 .... 1y341,000 /The breadwinners, says Mr Carruthers, have an army of 2,168,697 dependants '(their families) whom they sustain. The y f . .State may'cindeavour te; help- 273,000 per?:J.',S'ons; to maintain their .dependants, but’ A.;it can' only.; do so by making 1,341,000 ; r other persons (whoi maintain theifi dependahts'.Without State, aid) pa.y the'bill, or ®>t least the largest portion of it. He y ""Wished it' to be clearly 'uhderstbdd that dv-cn the figures of. the ; 273;000 persons - who may be benefited by'protection must ~/be largely reduced'-when a fuller analysis • ''■ •ef their, occupations is- made, an.cl;he pfc r .poses, to make thisrAater on. =- ■- t: .0 i ;

1 • / pi. the unsatisfactory features of tie' system/is /that? it., develops . interests secti&aally .aid .at the expensed , ‘ miners', .‘often in the.. saniei eountryi ' - For distance, we are told -by the,Vienna v 'correspondent of the ‘‘Economist” that -;/‘ f a-tariff arrangement befttVeeii the Hun-’ ; gariah Government ’ and the . Austrian' :• ■ • Xiloyds Steamship. - Companies for the . -Vtransport of sugar, is -a : terrible blow to > Austria’s sugar exports; - liz''"."'November : ©lone' 100 3 GOO cwt less- A-tfestriah sugar was i in-Trieste 1 In. October, .theiarra.ugeme.nt- aya-t made, • V—the.' falling-off.; was«2o|o{)oi;cwfcy. Hung&rif] iaa;SsiSs&* manufacturem/ure thriving at £. e PP©nso of, the Austrian p. land. the uAA at k®. r - ure *M>; doubt .finding out hew re--1.2 munerative it would haye beep tp remain ;y in. close 'friendship. with Hungary;?’ The r-- s 4reetfade%systeih. admits of : .’hp charge of y 'j&lfdiThesS£ and .consequently . a£. bad" fee!-/ .•W8) jagaa.nst: either those who. jdevise ine-' ;' y?ltialities'.Of ;gaih . from. .them, a .; * . ;»*». t? /? J * .*• C; . / *» - t V: * • •>' r *« . <*• -r '• I' T.. ' ' .A" ■' -*

>•</ : It was expected British GovernwciuldO make-' a'further ' lean issuer fi&of Bonds, with a -currency of : five ’ years, ranking withe £3,000,000 issued' ‘in December, and following a previous issue of £10,000,000 in August last. The is- ‘ .sue in August Brought £9B, half of it beo.vrifcg takein-hy the "United : States.. The issue-in December brought £9B 2s lOd: • Exclusive of Treasury Bills,..the British''; ..5." Government since ihb beginning'of the- -;; •; war-has borrowed £48,000,000, consist-: y. r ingvof £30,000,000 the'amount of the kha~7 Ipahj, £13,000,000-of Exchequer bonds;' : ;.ign^d‘:'y£.s,,QO.Q',€Klo j local loans h stock. y ;;With £11,^00,000 how to' be raised, the _• . ‘ 'total; borrowing. ’will : be .£59,000,000. ' the issue of £11,000,0.00, '‘Economist’’ remarks : —“Unfoft,h"v‘ ytuately there is little reason,'/tq belieyet y that' additional grant will cov- " r ; r er'the etxpeiiditurp of the current year. - ' •'• v -No' <> provision• has' yet been’ made for the hvar : of'£1,500,000 ; proiqised .to thd-’trooipspahdi-tlipfe are other amounts' ' b;5 which might be pointed but.-' n H fl> ov — •

(SI b.TEe discussion regarding the grain dii-" _ oties'div GH^emdAy’.'-is:l disclosing the fact.. *,-* -that/if r 'ihcreased they-will tmly *. v-V-rlbenefit ’a, azh&lL proportion of the-farm ms *, _that/is, the larger;onres. In fact, hhe . . figured published, says the Berlin corres-- r *

pondmit of the “’Economist,” clearly :prcye tliat' an increase, of these duties is not in the interest of German, agriculture as a whole. According to census of occupations and production . taken in 1825,- it appears that; the number of farms of less than 50'acres amounted to -5,250,109, whereas' those larger than 50 acres amounted to only '306;79X.. The number cf . farms of less than ,12 acres, the proprietors ,of which constitute the peasantry of Germany, number 4.2d1,408, or more than double the number of all others; Now the “Nordust,” a'union of peasant proprietors opposed 1 , to the tariff policy of the great land owners,-has established the fact by circular inquiry that practically all such small peasants are not’ sellers but buyers of grain. It is further shown from this inquiry that owners cf estates between 12 and 50 acres are far mere largely buyers than sellers. It is; therefore argued with much force that an increase of the grain duties would! benefit only the comparatively small class of large land owners.

That 'butter has proved .a highly successful department with Danish agriculturists is, of course, common knowledge, but the statistics furnish proof of the fact. In 1880 the average importation was computed at £5,000,000, while the exportation amounted to £27,000,000. The figures issued by Mr Sehoii show that the importation now averages £33,000,000,. and the*’ exportation £129,000,000, an increase which gives a very good idea of the enormous strides which Denmark has made in the, practice of- scientific, and, therefore, profitable agriculture.

Regarding the( frozen rabbit trade in 1900, Mr G. Tabor writes': —The year just closed has been very unfortu--na.tef for those concerned in this trade- ; there have been, no retelly good prices' io balance the heavy- losses that have been made. At no time during the past twelve'' y months has the market " "beten, clear of damaged goods on which insurance allowances have been made. At the beginning of the year a very heavy parcel of New Zealand rabbits werfe seized by the city . sanitary, authorities, and eventually put on the,market to, be .sorted and sold under their supervision, and in, the last twomonths of 1900 other large parcels were similarly dealt with under the port sanitary officers. Nor has this state of things' ■ been .confined to shipments from New V Zealand-ports. Many tons of Victorian ' rabbits have been sorted at the docks, or at London stores, sometimes for mould •but frequently for taint.' The-able letter, ■ of-Messrs, Kerry 'and.-Hull- dealt with this . point. some few • weeks ' agor in - the “Bfi- • fish Australasian,” and pointed out thatthese goods were,: in the opinion of experts, in a tainted /condition when packed. I can -conjirm this testimony for in my capacity, of expert J have/seeki large . numbers of crates,, beth from Victoria and New'Zealandj’the contents or which were of a most decidedly mixed character as to condition, 1 ‘gome? parts- of them being quite! perfect. . There is another point to be considered. There are re-ported-to be nearly 100,000 crates in store at the present time. This after an or- , dinary,' but not a, superabundant, Eng-, lish rabbit season, points to- an excess of? supply over demand: more rabbits are. -sent, than can beosold -at remiinerative, - •.•prices,':.* and ,-as -importers ' usually, prefer' : , ri yjfcb;hohL.rather than to sell at a loss, the quantity keeps;.;..-^accumulating.Hares. ; been ;veiy/short..Ahis..^-season, and //prices have ruled from-2s to ‘fisj .'the lattfet price being- reached an Christmas y A week.'? They ,ar:e|’now down to-. 25. (3d. of /o V<o/> fee ••■ ‘ --.i no:.••>•'/fev 1 ’ To;-,the'W.aitekanri Extended/says the • . /‘Financial: News ■/? belongs .the honour of raising the first- knotty .'point/in- connection'with the new Companies Act. Sec- > tien 8 of the Act authorises undei-writ-ing “upon any offer of shares to the public fon-subseiuptipnA and by implication forbids it - in the case of private offers r .of shares,' ias! in the instance of a refeoii/structiiig..4ompany inviting its own shafefholders th/take part in the. new venture. 1 The Waitekauri Extended' directors /ape/ •/afraid to /proceed with reconstruetiphy f ' failing the pjower to have the shares', uin-r ‘•/fe-derwritten. y Why. do- they not follow .’a ; /i plan indicated by Mr.. F.' B. Palmeiy by , , : illyiting" subscriptions from, tfie publje', - . ; and then allotting only to . the old sliareA- :•.'.//';•.// ' /. t /;:•-! (fiy

crease of copper consumption this ye,ir is the opinion of - Messrs James Lewis :and Son, of Liverpool: They note an improving demand in England, and anticipate, thatr electrical , requirements f will continue/ to grow; while; the qf sulphate of, coppha*; will absorb about IpOOVtoHs monthly .for first half : or theyear. The total visible supply at the , opening of 'the. yeah was 28] 921 : tons, : against 28,996 tons twelve months agoU. '( ,The. etu ; re.nt number-..'of the -hStatisf”. contains- ah interesting article'pit petrcrieitm V pfodubtioiL. ’.illustrated ] with diagram ; which shows; very '/ clearly;. trie respective.,. butputs V.-of yAmekicah ' ;ahd; ;dßtissian;; 'crude b petrhTehin in/each' of the years from. ;1881 ;tq 18.99; inclusive. In, -the last-named year pride of piece w r as wrested front the. Americans by the 1 Russians; ■' biit the total ]vas not so high as? that" recorded by - the Americana in 1897 and 1898'. 1 The Russian figures are of special interest- to. the large section of investors in England who have put their money into companies working in the. Baku distrjpfc. t • . . ’ ; Tiie N'ewjS’brk ;f fJwarnal pf"Commerce'*!, remarks that ,'/the year 1900 in '"tlieT" united : ' rj -Staths- will prove an

abnormally bad one for .the fire underwriters. The losses' : 'have .he,dyily j in-// creased, and the rates,/' periehee of 1839 pfo-yed 'to/be have a -f few supervising authorities ofyjm&ny JSSIb- 5 ? Insurance Departments have'made burdensome and expensive demands, and several new taxes have been laid on. The cost of furnishing fire insurance is being continually enhanced by the exactions .of legislators,' who do not seem "to l appreciate that the property owner must ultimately bear tlict weight, directly or indirectly, or all loads placed on the under- ' writers..' The one favourable feature appears to be the higher cjuotations- for' securities, and these will, help/out the annual statements very materially. It is clear that the forthcoming annual statements will be awaited with more intense interest than in previous years. That they will shew unfortunate results- for a - large number of- companies, seems certain. _ .. ysy;■ • .V. ,