FINANCE AND TRADE.

New Zealand Times, Volume LXXI, Issue 4301, 9 March 1901, Page 8 (Supplement)

FINANCE AND TRADE.

The report showing the progress of Messrs Robert Campbell and Sons, Limited, in New Zealand for the year ended June 30, 1000, and the portion of the company in London on December 31st last, states that the profits earned during the year, after providing for debenture interest, amounted to £12,870, which, added to the balance brought forward, makes a total of £14,695. The directors recommend a dividend of 3s per share, equal to 5 per cent, tax free, the balance of £5,695 being carried forward. The diminution in the profits of 1900 as compared with those of 1899 is_ entirely owing to the smaller amount realised from the sales of w001—£36,873 against £49,924 —a falling off of about 26 per cent, in money although the quantity of wool was about the same. The station expenses were heavier than in the preceding year owing to an outlay of over £3,000 in improving the Vuna, renewing fences, etc.

It appears that there was a resumption of gold shipments from the United States on January 16th, when £330,000 was taken in New York for Paris. The export was due solely to the rate of exchange favouring the operation. Possibly it was to a continuation of shipments from this quarter that the Bank of England has been indebted for the considerable increase to its stock of gold. Though the rate of the Bank of England was 5 per cent., aa against 3 per cent, in the case of the Bank of France, it was thought in Paris on January 13th that money would not go from there to London unless a still greater difference was established. Tho Bank of Prance had the huge total in gold cf £93,530,000, the largest held by any institution in the world—an increase of £18,410,000 in the year, as compared with a decrease of £15,000.000 in the Imeprial Bank of Russia, which in the middle of December held a stock of £75,720,000.

With regard to the quantity of kerosene on the water for the Australian market, ifc is stated that in addition to the Holyrood. which has just arrived with 46,500 cases, there are about 234,000 cases on the way .though, of course, the arrivals will be spread over some time. It is also reported that in view of the coming Federal tariff the Standard Oil Company may ship further supplies within a short period. But the doubt as to when that tariff may he introduced tends towards uncertainty in that respect.

Although it has not heen thought the gold supplies of the world would he likely to be increased from mines in the United Kingdom, the fact is otherwise, doubtless owing to the cheapened cost of the working of low-grade ores. According to tho "Financial Times’' of January _4Bth. the St. David’s Gold and Copper Mines Company, working a property situated a few miles from Barmouth, Wales, realised during 1900 a net profit of no less than £39,729. Two dividends, together equivalent to 40 per cent., had already heen paid: and it was proposed to distribute a final one of 20 per cent., making GO per cent, for the year. Thirty head of stamps were in operation for the major portion of the 12 months. By the end of January, however, it was anticipated that an additional 20 head which had been erected would be crushing.

The imnorts of Australian wine into the United Kingdom during the year 1900 amounted to 823,508 gallons, as against 744,495 gallons during 1899, an increase of 89,013 gallons. The total value of the imports of 1900 is put down at ,£146,596. These figures-are small when compared with those- of the great wine producing countries of the Continent, but still are satisfactory, inasmuch as they show an improvement.

The Liverpool "Journal of Commerce” has an interesting compilation in a late issne regarding British steamship companies, showing the number of vessels each company owns, and the gross tonnage of ships in service and building, and for the benefit of our readers we have taken the following lines:—Messrs Elder, Dempster and Co. head the list of all other British steamship companies with 120 ships and 382,560 gross tonnage. This firm have also 25 vessels building, representing 76,149 tons. They are followed very closely by the British-Tndia Company with a like number of ships, having a gross tonnage of 378,770, but only 7 new ships of 35,400 tons building, so that it would appear the nalm is likely to remain with Messrs Elder, Dempster and Co. for some time to come. The other lines are placed in the following order:—Frederick Leyland and Co. (19001. 55 ships, 242,781 gross tons, two building of 19,400 tons; White Star Line, 25 vessels. 212,403 tons, and one building of 20,000. tons: Alfred Holt and Co.. 41 ships of lSl,'M®,j»pne building; Clan Line. 46 vessakuLlMjJHT, jnone building: Allan Line, 3# iMwcSt 152,367 tons, and two of 14,000 MHjwOung; Lamport and Holt. 47 sbipMHjßß,yi& none building; T. and .T. HarjDSßn.Jlßips of 146,625 tons, and two of building; Anchor Line,‘ 31 and five with a tannage ofbuilding; Canard Line, 26 ships, 121832 tons, none building; Dominion Line, 13 sbins. 105,430 tons, and one of 13,000 tons building; and Johnston Line. 24 of 100,426 tons, none building. To the White Star Line, closely followed by the Dominion Line, belongs the distinction of having the Highest average tonnage, and it is interesting to note that the one bnilding for them will carry the world's record of 20,000 tons.

Referring 1 to the reasons that led to the stoppage of the Cheque Bank the directors’ report to the shareholders says: Owing to the publicity given to the Cheque Bank system, evil disposed persons have discovered that Cheqne Bank cheques can easily he cashed in every part of the world, and as a consequence your directors deeply regret to have to inform you that a large number of forgeries of the bank’s cheques have recently been committed. One gang of swindlers recently travelled with hooks of forged cheques round the Continent, and cashed them at the bank's numerous agents in different towns at the same time. Forgeries have also been perpetrated in England. Scotland and Ireland, and the result has been that hanks, whom it took years 'and a large expenditure of capital to get to act as cashing agents for Cheque Bank cheques on presentation, have now declined to do so in as many ns 264 towns.

The Standard Oil Trust is to be challenged in Canada by the Petroleum Oil Trust. At a meeting of the shareholders held in London recently, the chairman stated that he "had visited the propetry. and -was satisfied that the, company had very valuable assets in the shape of an oil territory in Qaspe, Quebec, with room for sinking 12,000 wells, of which only 40 had, yet been sunt. There were indications that they were now nearing the great bulk of oil which experts assured them was present. Also there was an abundance of timber available for the mating of wood pnlp. Negotiations were going on for an amalgamation, which, if carried ont. wonld certainly place those connected with this company in the position of being shareholders in one of the grandest properties under the British flag/’ These ideas or© somewhat optimistic, bnt it is evident success that has attended Oil Company promises able competition in ■■■ The ''London Bankers*Magazine." commenting on the recent loans placed in the United States by Great Britain, says that these operations need create no alarm in the British mind, but it sounds a cautionary note, and says:—"We must consider our own position and the necessity of every economy, as well as of forming an adequate banking reserve. The power on the part of the United States to lend Europe large sums of money means th© power of withdrawing large sums, should it suit their purpose to do so. . . . But the chief lesson to bo learned from them is th© need of maintenance of an adequate special reserve." In th© past when market necessities in the , United Kingdom caused n strong demand ; for money at high rates, the Bank of Eng- ! land attracted fresh supplies by raising ; its charge for money. This had the effect J of curtailing investments abroad, whilst 1 it also drew money to the centre that offer- i

ed the better prices. This avoided the expensive method to which debtor countries are to resort, permitted British capital to remain most of tho time where it could earn something tor its owners. Now, if the views of the "Bankers' Magazine" are correct, the ability to do this will he impaired m future, and as a consequence British earnings will be diminished.