FINANCE AND TRADE.

New Zealand Times, Volume LXXI, Issue 4295, 2 March 1901, Page 8 (Supplement)

FINANCE AND TRADE.

The registration at Somerset Hou-.e ol "Bri-coo and Co., i.ul.,' ; is amioum-ed. The capital of the now concern i- COO'l,()00, in .‘jo,ooo preferen'-e share, or I.' 1 !,: each, and 3uU,000 ordinary m Ci ! each. The objects of the cn.nprny, a-, sc* eiri.h in the registration rs a:e to acquire the business ea: ried on in .'.upland as William Bris.coe a/ul Son. ;;i AJ el bourne as Briscoe and Ce.. a r Our.ed j n and Invercargill. New Zealand, a- Arthur Briscoe ctl ho., and at U ellinglon and Auckland as Briscoe, Macneii and Co. ; to adopt an agreement with \\ . A. Briscoey G. Briscoe. J. K. Briscoe-. A. Macneii and H. Alaencil ; and to carry on the business of manufacturers, merchants, importers, exporters, factors, agents, brokers, general dealers, shipowners, carriers, etc. The subscriners are : Shares. W. A. Briscoe. 36 Basingball street. 8.C., merchant ... ... ... 1 G. Briscoe, .‘id Basingball street, E.C., merchant ... 1 J. K. Briscoe, Bittle Collins street, Melbourne I A. Macneii, Little Collins street, Melbourne. Merchant ... ... I IT. .Macneii, York street. Sydney. merchant ... 1 \V. Godden, 34, Obi .Tev.crv. 8.C.. -olicitoi ... ... ... ... 1 .1. I.cckie, 36 Basinghall street, K.C.. clerk I The number of directors is to be not less than three nor more than seven. The first are the first five subscribers. The London offices of the company are at 36, Basinghall street. In the course of an interesting article on the question—“ Whom Does Protection Protect?” in the current issue of “Our Country,’’ the Hon J. H. Carruthers analyses the breadwinners of Australasia, as disclosed by the census of 1891, as follows : Possibly Cannot Benefited Benefit by by Protection. Protection. Primary producers 16,000 ... 490,000 Industrial classes— Manufacturers ... 257,000 ... Engaged on construction works ... General labourers ... Commercial class ... Indefinite class ... Grooms. gardenrry domestics ... Professional classes

Total 273,000 ... 1,341,000 The breadwinners, says Mr Carruthers, have an army of 3,168,697 dependants (iboir families) whom they sustain. The State may andeavour to help 273,090 persons to maintain their dependants, but ft can only do so by making 1,341,000 other persons (who maintain their dependants without State aid) pay the bill, or at least the largest portion of it. He wished it to be clearly under- I.oed that eiveu the figures of the 373,000 persons who may be benefited by protection must bo largely reduced when a fuller analysiof their occupations is made, and he proposes to make this later on.

One el the unsatisfactory features of the protectionist system is that it develops interests sectionally and at the expense of others, often in the same country. For instance, we are told by the AGenna correspondent of the “Economist”* that “a. tariff arrangement between the Hungarian Government and the Austrian Lloyds Steamship Companies for the transport of sugar is a terrible blow to Austria’s sugar exports. In. November alone 100,000 cwt less Austrian sugar was shipped in Trieste for the East. In October, when the arrangement was made, the falling off was 20,000 cwt. Hungarian sugar manufacturers are thriving at the expense of the Austrian, and the latter are no doubt finding out how remunerative it would have been to remain in close friendship with Hungary.” The freetrade system admits of no charge of unfairness, and consequently of bad feeling, against either those who devise inequalities or gain advantages from them.

It was expected British Government would make a further loan issue, of £11,000,000 on 3 per cent. Exchequer bonds, with a currencj 7 of five years, ranking with £3,000,000 issued in December, and following a previous issue of £10,000,000 in August last. The issue in August brought £9B, half of it being taken by the United States. The issue in December brought £9B 2s lOd. Exclusive of Treasury Bills, the British Government since the beginning of the war has borrowed £48,000,000, consisting of £30,000,000 the amount of the khaki loan, £13,000,000 of Exchequer bonds, and £5,000,000 local loans stock. With £11,000,000 now to- be raised, the total borrowing will be £59,000,000. Commenting on the issue of £11,000,000, the “Economist” remarks:—“Unfortunately there is little reason to believe that even this additional grant wall cover tho expenditure of the current year. No provision has yet been made for tho war gratuity of £1,500,000 promised to the troops, and there are other amounts which might be pointed out/’

The discussion regarding the grain duties in Germany is disclosing the fact that if they are increased they will only benefit a small proportion of the farmers —that is, the larger ones. In fact, the figures published, says the Berlin correspondent of the “Economist,’’ dearly prove that an increase of these duties is not in the interest of German agriculture ns a whole. According to census of occupations and production taken in 1895. it appears that the number of farms of less than 50 acres amounted to 5,250,109, whereas those larger than 50 acre- amounted to only 306,791. Tho number of farms of less than 12 acres, the proprietors of which constitute the pea-anlry of Germany, number 4,251,408, or morn than double the number of ali others. Now tho “Nordust,” a union oi peasant proprietors opposed to the tariff policy of the great land owners, uas es-tabh'-heil 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 of estates between 12 and 50 acres are far more 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 landowners.

’ 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 Schou shotv that the importation now averages £33.000,000, and tho exportation £129,000,000, an increase which gives a very good idea of the enormous strides which Denmark, has made iu the practice of scientific,! and, therefore, profitable agriculture. i

Regarding tha frozen rabbit trade in I IPOO, Mr C. Tabor writes:—Tho year! just closed has been very iinfortu-J nato tor those concerned in this trade; 1 there have been no really good prices to' balance the heavy Josses that have been made. At no time during the past twelve months lias the market b«n clear cf damaged goods on which insurance allowances have been made. At the beginning, of the year a very heavy parcel of New

Zealand rabbits wer* seized by the city -anitary authorities, and eventually put on lie- market to be sorted and sold under ; heir superyi.-ion. and his; two ■ mid. de.,’.- ’.vkh nnrhr ’Of port -aniin ]■■ , ,Vy this s- :- ('things /, ■; n , -.1 , e-teri;.!:! - ■ ;y •."‘yard ■; a■'•- a-1 ■' . . ■ .■ | on ' oar'- a-,!;- ago . : '.a-- ih:-i ,-lt \ ■ -I: aio -hm . oted on: ihatj ;,11- -.- pooL't v. / lo - .u: dun uf oxports, in a. iMim-.l r odd.-on orci; paeksnd.V'vv i. o r. -A. ' he cert, to.- of which of a :>■- ,r du i, diy micharacter ; os to c-ondidoa. • one parts at them being quite eer! 1 here is another no;in- to be cmi'-idercd. there are rejo.iMosd to bo nearly h'o.ooo nates in store i.r the nn- time. nr ador an ov-dimi.-v. cut no- u .-i;peral;undai;T. Eng-li.-b iaidoit -c. e:i. no.ius to an f-xccr-s o: -upn'r o> er ■ ! 'anmd ; mor.. ran bits are .to.. :oan con bo id d ;r r iio: i*o ol; 'r ■ 'ok-:! “iiAmr lets 1 d-e (iiiatp i-y ks ep-. aecu neioiicg- H a c:,ve lo"'-’! very -berr r : •, oror. o-icl pi't ; have mlrd 1 :"ii ' 3s. ihe biller ;■ '■! e being ..euL-i in L a H-1 mw u\.Tin-.', are e".'. down to 3.-. 3d. T-- die Wddt'ha.nd Exipindi.' l . sr.ys the "Idnoocial IVo.V'd ■■; e ll O', the 11 o■' 'oo or r.dsdig the first Krgiy i.chic in cuniu ciioa v ith the new Cniunanios Act. .Secrien 8 of the A r -t authorises undeiwi.rd:g "upon any Offer oi si;a; us Hi the p;ih- :■ c fi r .subscription. ’ and by iutplicutio:! toroids it in the tree of p;h. ■..■./ ofierof .-hares. a< in the iii-ta/U e cf :i reo'.i'- ■■ I.: iicring to in p.i ay in'.idng ov. u s'niie’noidio s cc lake parr in Ihe new venture. I h.e Wai re kauri Ex. ended directors are afraid to prec ed vr; ; o t recnsci'iicnoi!. failing the po'.vcr re have tne shares uu-■;i-'ru" cien. \\ !,.v do tee', net fallow k plan iu then rod iry Air I' 1 . Jl. u‘;it:ag -lib oo.oplooe- fiom the puu:ie. and then allotting only to the old shai'ehoidors? That there is good promise of nn iucreasH of copper consumption ibis year r i the opinion or Aie-.-rs dames Lewis ana j Son. of Livorprid. They note mi improv- ! lug demaml in iingimui, and -anticipate ! that' electrical reuiiireioeuls uodi con- ! tan'.'' to crow : wuiie the manufacture ■ cl -ui'ibate of cmntr will ab?.::r'( ..!■ lit I Judd ions momh(v tar tne first l. i . ui 1 the vonr. Tito total visible supply at the ' opening of the year was 28,921 tons, j against 28,DUG toils twelve months ago. I The current number cf the "Statist’ j contains an intevs-.stiug article ou petrei Jenin production. illusi rat oil with a which shows very clearly the respective outputs of American and Russian crude petroleum in each of the rears from 1881 to 1899 inclusive. la the last-named year pride of place, was wrested from the Americans by the Russians', hut the total was not so high as that recorded by the Americans in 1897 and 1898. The. Russian figures are cf special interest to the large section of investors in England who have put their money into companies working in the Baku district. The New York “Journal of Commerce” remarks that the year 1900 in the United States will prove an abnormally had ono for the fire underwriters. The losses have heavily increased, and the rates, which the experience of 1899 proved to be inadequate, have advanced only at a few points. Thfci supervising authorities of many State 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 appreciate that the property owner must ultimate!)" bear the weight, directly or indirectly, cf all loads placed on the underwriters. The one favourable feature appears to bo the higher quotations for securities, and these will help out the annual statements very materially. It is cmar that the forthcoming annual statements will be awaited with more intense interest than in previous years. That they will show unfortunate results for a large number cf companies seems certain.