FINANCIAL JOTTINGS

Otago Daily Times, Issue 14473, 16 March 1909, Page 8

FINANCIAL JOTTINGS

(From Oun Owx Cohukspoxdent.) LONDON, January 29. Pome sensation has been caused in tho city by tho appointment of an official receiver and manager of the London and Paris Exchange Company. This company did a large outside broker's business, and was generally considered one of the strongest and most, trustworthy of the outside dealers in shares and securities. Mr A. 'Moreton Mandeville is the manager of the London and Paris Exchange, ami he lias issued an intimation that a new company will ho formed which will ileal with tho liabilities of the existing company. In the meantime tho business is being carried on as usual by the Receiver. .Mr Moreton Mandeville is the proprietor of London Opinion.

A recent cj.ble message from Buenos Aires gave the values of' the Argentine exports for the year 1903 as 566.005,341d01s gold, equivalent, to £73.201,068 sterling blowing an increase of 69,800,972<1015* equivalent to £13.960,194 sterling. The tonnage exported was 8,421,794 tons, an increase of 2,266,654 tons, or over 36 per cent, The values of imports for 1908 were 2/2,972,736i101s gold, equivalent 'to £54,594,547 sterling, showing a balance in favour of Argentine of 93.032,605d01s gold equal to £18,606,521 sterling. The bullion imported in 1908 was equal to £5,730,245 sterling. The comparison of values of the imports for 1908 with 1907 shows a decrease of 12,887,947d01s in 19C8, chiefly due, to railway materials, and in exports an increase of 63,800,000i1015. Comparing the imports of 18S9 with 1908. an increase is shown of 133 per cent., anil exports 111 per cent. The total values of international commerce —imports and exports—for 1908 are 638,978,077d01s gold, equivalent to £127,795,615 sterling, and the corresponding; figures for 1899 were 301,768,2(J2d01, equivalent to £60,353,640 sterling. Ship-owners-privately met in large numbers at Newcastlo-on-Tync on Monday to discuss again the proposed scheme for the formation of an International Union of Ship-owners. The union is proposed principally' with the view to -regulating the supply of tonnage to demand in times of exceptional depression by agreeing to lay up tonnage for two consecutive iwriods of 30 days within the 12 months, to utilise the time to execute repairs and for reclassification. The committee pointed out that this and other proposals were to bo operative only during a crisis like the present, and tliut by adopting,!ho scheme"ship-owners had nothing to lose but much to gain. Unless something of the kind was done," n«y improvement in tho market would be checked by a rush of tonnage from the present laid-up tiers, thus prolonging the intensity of the trouble. After some minor suggestions had been agreed upon tho proposals of the local committee were adopted. It was decidcd that tho whole matter be laid before the Baltic Conference .at Copenhagen next week. Hon- Ballin, of the Hamburg-American Line, had written promising to interest himself in the movement. He expressed the hope that tho union would have the Assistance of (he English steamship lines, addin" that every movement of that sort had met with the ready assistance of Continental shipowners. - .Vfessages of sympathy and support lmvo been received from Italy, Budapest, Hamburg, Spain, Greece, Japan, Holland Chnstiama, New York, tho Baltic and \\ Into boa Conference, and all quarters of the United Kingdom. ■ The sympathisers and supporters of the movement-present or sending grentings represent a canital of over fifty millions sterling. NotAvithstandins the loss of the Licensing BUI, the number of public-houses continues to diminish. The Clerkenwell Sessions winch is the compensation authority for tile County of London, have awar I compensation in the ease of 77 licenses which Have been suppressed-by tho licensing justices. _ Nearly ono-half of these houses were in tho East End of London, and if the licences in London were reduced bv so many every year tho diminution of pu'blichouses would in due time become very ipisni™ ' l"' esont instance over ±.100,000 was paid in compensation. In one instance nearly £7500 was-paid for the suppiession of a single liccnso, and in a good many cases the amount was between £2000 and £3000.

This week the Chinese Mission, headed iY' Excellency Tang Shno Yi and 1 rince Tsai Fu. the second son of Prince , (president of the Foreign Board), landed at Plymouth and proceeded to London. In tho com-fo of an interview Tnn<* Shao Yi explained (hat the objcct of the Visit of tho mission to' Europe was to sludv hnancia methods and the .conditions of England, Franco. Germany, and probably ot other countries. Tho duration of the stay of the Embassy in England depended 011 instruction* from Peking. Tang Shoo Yl denied tho report thai; while in America he endeavoured to arrange an alliance between the United States and China.' He also said there was no trufil in the statement that he tried to raise a big loan for his Government in America. He admitted that his stav there was brought, to a conclusion earlier than ho expected, owin" ro instructions from Peking*. ° Speaking in the American House of Represonfatives this week in support of his resolution that Congress should 'make an inquiry into the circumstance? nt'tendin" the purchase .of the Panama. Canal by (lie Mr -Raincy bitterly attacked Mr William Nelson Cromwell, the eminent lawyer and financier who took a prominent part in promoting the transfer of the canal, Mr Charles P. Toft, brother of tho Presi-dent-elect, and others, declaring that thev were parties to the most infamous railroad proposition" that had ever been submitted 10 any Government. That proposition, which was now; pending and was about to bo adopted by tho General .Assembly • of Panama, involved, he said, timber land frauds, in Panama, which would result in tho levying of tribute ,by (ho beneficiaries ■upon the jwoplo of Panama. and, indirectly, upon the people of the UniM States. The spoliators had thus far had the complete corporation and active assistance pf the present Administration and of the next President of fhe "United States. Ho warned the House that the country Ifad already started in tho direction of the rocks upon which the French companies had been wreckcd.

Though the Franco-British lExhibition increased the Central London's travellers by 5,350,000 in the past half year, the total was still below the figure attained so far back as 1902; while, taking the 12 months, 1908 lagged behind every year from ISW2 to 1906 inclusive. Tho shrinkage in tho normal traffic urges the directors to say in their report that in addition to providing a more frequent service, "it may bo n-cosfisary to consider the advieableness of making a change in the present scales of fares, in order to meet th 3 surface competition on more even terms." On the 10th proximo the annual meeting will bo held of tho National Mortgage find Agency Company of New Zealand. Tho directors state that after paying all Home and colonial expenses, also interest on debentures, and making full provision for bad and doubtful debts anl depreciation on premises, plant* etc., the net profits amount to £35,455, which, together with £7716 brought forward, gives ap available balanco of £43,202! From this an interim dividoivl of ]s_ 6d per share has akcady been, paid, and it is proposed now -to lay a further dividend at the same rate, with a bonus of Is per fliare.' both frco of incomo lax, nuking 10 per cwit. for tho year'; to add £15,000 to the reserve fund, and to camforward £8202.