BANKS AND BANKING

New Zealand Times, Volume LIII, Issue 12393, 12 March 1926, Page 8

BANKS AND BANKING

CAPITAL CITIES AND COUNTRY BANK

There will be:: registered shortly the Capital Cities ancLC/duntty Bank of Australasia, Limited,.!the*. Capital City and Country Underwriters or Australasia, Limited, and tho Capital Cities and Country Investment Mortgage and Finance Company, of Australasia, Limited. These three companies, states the “Sydney Morning'Herald/' are to have the same directors,* viz.: Sir William Hlliot Johnson,-'K.C.M.G., M.P., Mr Percy Reginald Higgins, Mr Albert Carlyle Willis, and-Mr Henry Crossing. The authorised capital of the bank is to be £s,OOO,OoQm«that of *the underwriters’ company £i,jQOO,OOO, and that of the investment company .£500,000. These are merely nominar ’amounts. What is vitel is the proposed subscribed capital and the proposed ’ paid-up capital. It does not appear that any arrangements have been made'for the subscription of capital beyond employing salesmen who will go about the city and country offering shares of the three companies at a premium of 10 per cent, on their face value. Subscription to one company aparently entails subscription for an equal number of shares in each of the other two companies. On each share* subscribed two-fifths of the amount of the share will be called up in addition to the 10 per cent, premium. The companies will go to allotment when 7500 shares have been applied for. Surely it is not intended that the bank shall ask the public for deposits when its; paidup capital is only £15,000? That a company calling itself a bank can commence hanking business on such a paid-up capital is of itself evidence of the need for an amendment of the Banka and Banks Holiday Act. By the memorandum of association of each company the directors hold office for three years. The chairman of directors is to receive from each company £204 a year, and each other director £156 a year. Mr J. H. Saunders, organising secretary of the threo companies, is to receive an overriding commission of 1$ per cent., with an engagement of three years. There is nrobahly room for an additional bank in Australia, but in our opinion the manner of establishing a new bank proposed in the present instance does not provide sufficient safeguards for those who commit their funds to its care.

STOCK MARKET

Abraham and Williams, Ltd., report on their Marton sale as follows:—Wc had a good yarding of 4000 sheep, besides pigs and cattle. There was a good attendance of the public and we have to report.a good sound sale at the following prices:—Sheep: Lambs, 14s 3d to 16s; small do, 10s Id; 2-tooth ewes, 27s lid to 30s 4d; small 4 and 6-tooth ewes, 19s; 4-year ewes, 17s 7d to 21s; 4 and 5-year ewes, 14s Id to 18s 6d; cull ewes, 3s 5d to 5s 6d; fat lambs, 21s: light fat ewes, 16s; 6-tooth s.d rams, 6 guineas; aged. 2i{ guineas; 2-tooth Romney, 1 to 3 guineas; aged do, 7s 6d. Pigs: Slips, 21s to 22fc Gd ;wenners, 8s 6d to 11s. Cattle sold at Into rates.

LEVIN SALEYARDS

There was a good yarding of pigs at the saleyards, weaners showing a marked decline, whilst porkers sold at late rates. The moderate offering of sheep found little competition at tho hands of buyers, but with the exception of aged ewes practically all the lines changed hands. Forward cows comprised, for the most part? the yarding of cattle. A small pen of good fat fi.ws soM particularly well, tho balance of the offerings showing a slight increase on late rates. The week’s quotations wore as under:— Pigs.—Weaners. 8s to 13s; small stores, 15s to 18s; good stores, 19s to 265; porkers, £2 to £2 4s; light baconers. £3 10s. Sheep.—Two-tooth ewes. 23s 6d: small ditto, 16s to £1; 4 to 5-year ewes. £1; cull ewes, ss; small shorn wether lambs. Us 6d; 2-tooth Romney rams, 2$ to 2$ guineas; 6-tooth ditto, £l Is. Cattle.—Prime fat cows. £7 6s; fat cows, £4 Gs; light fat heifers, £3 15s; vealers, 32s 6d; forward cows, £2 2s to £3 11s; stores, 29s to 355: 18-moiiths-old Jersey heifers r.w.b.. £2 15s; rows and calves. £2; wennor calves,2 2 5; bulls, 80s to £4; springing heifers, 5 guineas.

BREEDING EWES Much interest was shown in a Hue of 2000 breeding ewes that passed through' Wanganui, en route to Mr Donald Boss's Kai-Iwi property. These sheen were purchased hr Mr Ross from the Morikau Farm, through the agency of Messrs Dalgety and Co., Limited. The evenness of the line and the quality and condition of the ewes commanded universal attention. The Government photographer (attached to the New Zealand Publicity Department) hopes to obtain a moving picture of the sheep before they reach Mr Ross’s homestead. DAIRY PRODUCE JOSEPH NATHAN & CO/S CABCJE Messrs Joseph Nathan and Co., TJai. t have received the following cable from their London house, under date 10th instant ; “New Zealand butter, 170 s; steady/' N.Z. LOAN AND MERCANTILE Tho New Zealand Loan and Mercantile Agency Company, Limited, hare received the following cablegram from their London house, unaer date 10th instant: “Tallow.—Market dull, nothing doing. “Dairy produce.—Butter: New Zealand, choicest £8 8s to £8 10s, exceptionally £8 12s; Australian, £8 6s: Danish, £9 6s. Cheese, £4 18s to £5. Market dull/* CUSTOMS REVENUE The Customs revenue received aft tho port of Wellington yesterday aggregated £3791.