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New Zealand Spectator and Cook's Strait Guardian, Volume XII, Issue 1282, 14 November 1857, Page 2

The sales ot this week, although three in number, maybe conveniently regarded as two : those on Tuesday, by Messrs. Johnston and Co. and Mesis. R. J. Duncan and Co being principally of New Zealand produce, aud that on Wednesday, by Mr. J. 11. Wallace for Messis. Smith and Co., being of imported goods. The brevity which the pressure of other matter renders necessary on this occasion, only permits us to say of Mr. Wallace’s sale that the attendance was very good, biddings spirited and prices encouraging. The other sales, speaking of them together, present curious feature* in relation to the flour market. Flour (17 tons) from Canterbury, Wheat ground at Schultze’s mill, brought 10s. to 2'22. Akaroa Flour—said to be the finest ever produced in New Zealand—brought £25 to £25 10s„ while samples of Flour from three Auckland mills brought as follows : Low and Motion’s, £l9 10s. to £2l. ; Thornton. Smith, and Co.’s, £2O; and Fletcher and Solomon’s. £24 per ton. A quantity of Bran was also sold by Messrs. Johnston and Co. at ’s 3d to Is sd. per bushel; and about 10,000 feet of Kauri Timber, at fair but not high prices. On Thursday, the John AT Vicar arrived from London with a large cargo and a number of passengers, and the Gleaner may be daily expected. Reference was made in a former article to a notice in the Sydney Morning Herald i f Oct. 10. relating to the Commercial Banking Company of Sydney, and we now revert to it for the purpose of showing by the published statements of that Company that the theory we have h>ng held is correct, viz., that a Colonial Bank may be profitably worked upon its own “banking capital ’’ always providing that it is in such good credit as to obtain and keep up a large deposit account. Using round numbers for the sake of convenience, the quarterly statement of the Bank referred to for the quarter ending Sept 30, is as follows: — ON THE DEBTOR’S SIDE. Notes in circulation not bearing interest £200,000 Deposits bearing interest, and notes due to other Banks 60,000 Deposits not bearing interest 750.000 Capital 240,000 CREDIT. Coin and Bullion 400,000 Landed Property 16.000 Balances due from other Banks 140,000 Notes, Bills of Exchange and other debts due to the Bank 780,000 ' A glance at the above figures will show that the deposit* more than equal the amounts advanced, the inteiest upon which is the profit of the Bank, and even excluding the deposits bearing interest, a sum of only £3 1.000 has been advanced from capital, and £750.000 of the money of the public is bearing interest to pay rhe Bank for keeping their customers’ accounts. Nearly the whole amount of the capital an i notes, it will be seen, is represented by coin, bullion, and landed property, and although a large amount is thus kept unp oductive. yet the result is that the Bank pays 12 per cent, per annum to their shareholders, besides laying by above £lO.OOO as a reserved fund. We trust that New Zealand will yet have Banks of its own, by which its own capital, as in the above case, may become both useful and reproductive.