COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 684, 8 December 1909, Page 10

COMMERCIAL ITEMS.

■v ; ; .INVESTMENT SHABEB. '/ : .' : V'. : \..'..~-j No transactions took place in investment shares yesterday, but there was a . full s list of quotaNational Bank, buyers £5 195... sellers £6: National Mortgago, buyers £2 18s. 6d., sellers £3; Loan.'and Moroantile, sellers 4s.'; Wellington Investment,' buyers lis., lis. 6d.; Wellington Trust and Loan, buyers.£7 Is.,'.sellers £745. 6d.; Wellington Deposit,..sellers 6s; 6d.'; Failding Qas "?,?„ yo J 8 £ }, ls - , 3 , d -i„ liapier Gas. buyers £12, sellers £12 7s. 6d.; Wellington Qas, £10 • paid, • sellers £18 55.;£6 lis.paid, sellers £14 Es.; National Insurance, sellers. £1 Bs.; South British, buyers £2 125.",6 d., sellers'£2 15s:', Standard Insurance, buyers £I,3s.;.Ohristohuroh Meat, buyers £10 165.: Gear Moat,:£l paid, buyers £2 13s. 6d.; Meat Export, third, issue,, buyers £2 155., ECllors-£2 17s.' 6d.! Union; Steam, sellers £1 13a. 6d.'; Wellington Woollen, buyers-£3 '3s.,'.sellers. £3 4s. 3d.; port ■ '-.Coal,-.-sellers-£6 , 4s.;';. Wostport-Stockton, buyers' 6s. 6d., sellers. 75,; Kauri Timber, sellers ,165.:. Manning and 00., buyers £3 155.; N.Z. Consolidated Dental, 245.-6d.;-N.Z.'Drugs, buyorß £2 65., sellers £2 7s. 6<L; Sharland's ordinary, sellers 20s. 6d.; preference, buyers 20s.''6d,; Taranaki PotToleunv sellers:7s.; Ward.and.Co.; sellers £4 155.; Wellington Opora House; sellers £7 17s. 6d. ;

;;;>:,; THE-FIVE -EEHt;.pEOT?..;BATE. ; ';. :-."•' 'According, to //,the. "Economist," the; drastic aotibn of the : Bank of England in raising tho discount v rato from 4 to 5 per cent., took the stock markets by surprise, and gavo a well-de-served, fright to Berlin, /which; like New York; had. been Indulging in an orgy of Bpcoulatlon. A,6 per,'ccht.rato;js rathor High,-especially when, as seems likely, tho market falls:completely under the control of the:; bank. ; ."But trade and commerce will gain if tho prices of certain raw materials, Buoh as wool, rubber and cotton, which have.-been-■illegitimately-raised by speculation, should, be brought back to normal by;a .short

spell of dear money. Experience.has often shown that a 5 per", cent.' rate may be a for quicker and more efficient means, of- re-establishing ,■ sonnd money market conditions than:a 4 per cent. This is tho market's anticipation.' Hence the quotation for two months is distinctly, higher than for three months'maturities." "■-,.-'

-'~.';- THE HOULDER LINE. .." . Tnless the improved receipts from voyages shown by the lioulder Line for .the past, year mark the commencement of'a.new era, the position disclosed by the report recently issued' ia by no means comforting to the shareholders. Tho depression in freights has again affected the earnings, although tho directors • report an improvement during' the latter half of tho year. The profit on voyages stands at £9400, as against a loss of £5200. Alter allowing for debenture interest and other charges, there is a.net" loss of .£6200, compared with £8400,, and tho debit balance in tho balance-sheet is thus increased to £14,600. The unfortunate feature is that no dividend has been paid on the 6J per cent, preference shares since: 1904, and, as the auditors point out, no dividends can be paid until the depreciation fund amounts to 5 per cent, per annum on the original cost of the ■ steamers. This sum, on the value of £718,000 at which the atearaers stand in; the balance-sheet, works out at £35,900 per.annum, and as no depreciation has been allowed for the past throb years the company has considerable leeway to make up. The total of- the depreciation fund and reserve stands at £158,300, or the. same a^'in tho previous. bal-ance-sheet. ' r ', ..-/'.. -FBOZEN'MEAT. - .;-."-.', All grades of mutton and lamb experienced a fall last week, and it Is apparent that values will remain low for some time to come,, because of the' comparatively largo supplies available. Comparing the' l current quotations with those of twelve months ago,-we obtain the following :— ■'.. Dec.6, Dec.4, ■'■'■■■" -'■■";'. 1908. .1909.. Mutton— ".' ■'.'.-"■■ ■'.'-. d. . '-. d. - .Canterbury,, light ....—..;..... 33 .4. -■ North Island, best ..;.....:..-_;.;..-3j. -; -313-16 ..' Eiver Plate, light... 37-16 38 Lamb—' ' ,■ . Canterbury, l light, ......_ —. : ... 5J : 4 . Canterbury, heavy _-.'.._-..... ..4i . ;3J • Southland ■„ ...;.......;..:.„..;:.-...„... 65 311-16 North. 151 and,.....; __.;....'.';. 5J -..- 311-16 Beef— - ; , New Zealand,'.ox fores 35 ; :' 213-16 New Zealand, ox hinds :.... 3i ..', .3J . Kiver Plate, ox-fores ;,.......': 3-.'•; ,- 2J ■-_ .- .-■ Eiver Plat«, ox hinds ................ 38 3J Mntton prices' are. slightly better'.' than... they were a year ago,-but lamb is considerably lower. The position;of beef also is unsatisfactory. ''■'.''-,. . " •■■ ■ •Messrs. AV.Wcddel and.Co., in their circular dated October 23, just, to-hand, state that the excitement. that prevailed in tho lamb market has'now completely subsided, • and trade ruleß slower thau over..- Tho higher values ruling for frozen caused ,larger -supplies of Scotch .and Dutch to come forward, and, consequently. the demand for the frozen article was correspondingly reduced. Many of the" smaller holders have been endeavouring to resell-their earlier purohases, hut .buyers'are scarce, and.it has been most difficult to placo oven small lines. Iniorder to ' try and effect sales, pricea -have been reduced, but oven this haß not had tho desired effect. Values arc,'again in-some, cases on a level with sheep rates. The mutton market has. not'been quite'so firm, as a result of holders wishing to realise at the:late high: prices. Sup-' plies, however, are; still light, -and with Dutch mutton' and English ewes again' dearer,, it is hoped that present values will, be-maintained for some little time. Canterbury sheep were quoted on' October; 29 at 4Jd.,;but sales have been made at 4gd. for;4B-561b., and 4Jd. f0r,64-721b. Ee3t North. Island carcasses were worjh practically as much as CanterburyS. Second quality sheep were selling 'at 4id.-and ewes at about kd. per lb. less. -Australian ..sheep , were selling -..-. slowly at 4d.; and. Eiver- Plate brands at about 4id. per lb. In beef, thero has been little trado at Smithllold, but with colder weather towards tho close, and chilled supplies lighter, an improvement was looked for in prices of forequarters, in particular. . ' -..,-.;'

. ... NOTEMBEB EXPORTS. : .-/ ". '7.':'.-.'. The Comniorce and Tourists', Department,-, in the'produce report leaflet issued yesterday, report increases in quantities and .values- 01 exports for ;tho; month- of November, when compared with November, 1908. The values, of .the chief products.exported were as, follow:-: '. ■'".'.'';:■--■'';■: '■';' V..'. , ■'■ ~ "!' 1509.'':'-, . '1908.. : Butter ...;::.;...;;.:„......!..... 245,951 •• 210,959.'; Cheese .....'...-..!..........:...;■.„'111,984 35,218' ',' :■■ Bee! ;....'..-..;...;....;...;.. 23.689 ', . 8,412; ■Mutton ...:.....™;;....i...:... .43,237", . 45,441 ' . Mutton,-legs ■ .....A.............. " 4,027. - - 114 > Lamb- :.......': .17,003 ! '2,752 '.-'. -•0at5>...;..... ,;...;..;:_.....„;': 15,179. • 14,363 ; ■ . Hemp :....-.... .........:.....;; 35,418 '. ! 28,153 , " -! Rabbits- ..'..'....:- ......:;..?. 15,917 ;. 10.914 -; Tow ........;. '.: ". 1,821 ■', .2,071 -'.".- Kauri gum;.......... 30,960 ,; 32,179 . -Grain and '-pulso .......:....-' 6,549 .-;'• -'6,214 :■. Hops .■■■' ....}. .'.........;;...;... .2,174 . 803 •■; Hides' , .....i:....... .';....... ' 14,689 .-'■;,-, 11,948 "• ■ Skins ■'.-,' ....;.;.....:„;;.;.:;.•;.:; ,;; 7i;799 --/'. ■--■' *3i-.578 r- ■■ '" Tallow ..„';..: : .::..-;.'...'.:.':.a:.-* '18,076 '."v -',16,045 '. Timber ■ ~i.'...._: .....<:<! 36,181; ;' ~34,897 Wool .......:....- 224,426 ■;■. 141,612 t ; Gold ; ....;.....;....; ;.*.;*... 150,622 '"ie 0.802. The' figures; for 1909 ; are taken from interim | Customs returns,-and are Btibjcct"-to correction; The groJid. total "values "fpr; the' past; month wero £1,070,462, !or £208,921 ■more than for November, 1908. For the eight months .ending November". 30, 1908, the exports' wero valued at £7,561,677. und for tho same.', .period ,'of; 1909, £9,732,438, or an increaso of ;£2ittO,TCl.'- .

/■''•'"• FAEMEES' DISTRIBUTING C 0.,: LTD." ;' > THE ANNTJAIi' MEETING.':' : The annual goneral meeting of shareholders of the.Now Zealand I'armern' Co-operative LDistributing Company was held yesterday at the company'ii offices, .Allen,Street. ..'/;':.. ; "In moving -the adoption/of the balance-sheet,' the chairman (Mr. James G:' Wilson), congratulated the shareholders on the position of -the .company,' and the result of the pa6t year's trans-actions.'-Although tliat period" had: been one of severe commercial depression, still :the company's trading operations have resulted.in a'fair profit. The fact that'the company did not participate in the recent rise in charges for handling produce had resulted in a very large increase: in business, and/the. prospects for the coming season wore that-the sales would be very great indeed: The company had for several-years past been ablo' to realise , a profit, notwithstanding . that it. was. iunder a severe disability with refcrenco to the increased rent charges on account of its building in Victoria-Street being, rendered unlettable by reason of: the coal-dust nuisance from the State coal depot. /The committee, of Parliament had recommended that the case be submitted to arbitration, and it was for the Government to see the justice of this course. ' The motion was seconded by Mr. H. J. Eichards and carried unanimously.--' :. 'The/following were'elected directors of the com'pahy .to replace those, retiring:—Messrs.- A. J. Hobbs (Hutt, ;re-elected), A. V. Aliport (Stoke), and Alex. Strachan (Ngatimoti). Mr. -,H.' D. iYickery, F.I.AJfJZ., was re-elected auditor.: '-'- v On the motion of Mr. F. Westbury, seconded by Mr. D. Balls, the following resolution was carried unanimously :—"That this meeting of shareholders of the New Zealand Farmers'' 00-opera-,tivo Distributing Company, Ltd., representing- 1 a large body of farmcro, in general meeting assembled, ; do most strongly protest at the- high- \ handed, most unjust, and arbitrary position 1 the Government is assuming in the.matter of the serious loss caused to the company by the State coal depot, as,lias been/proved by the Supreme Court awarding the company damages, on December 18, 1908; and they, the shareholders, now call upon Parliament, to not only give effect to; the recommendation of the Publio Petitions Committee, and refer the company's claim for subsequent damages, to arbitration;' but to.amend the iOrown Suits Act,at an early date, so:as to provido the common right whereby any citizen can obtain ,redress' for injuries received."- ■' A bonus was voted: to the staff, and. a hearty vote of thauisa to the chairman and directors'.;

Customs revenue collected at Wellington yesterday.amounted to £2287 Is. 2d. _ :

i.TKADE IN ALLEN AND BLAffi' STEEETS. : Fresh Fruit.—The steamer, arriving from Sydney to-day is bringing a light shipment of fruits, and, as the : market is comparatively bare, excellent prices should rule. Watermelons and cherries from Sydney are in' - plentiful supplv. From the Hawlso's Bay. and , Motueka districts consignments of peaches are increasing daily, and some fine samples of this.fruit are coming forward. Strawberries from Auckland, via the East Coast and.also via Onohunga, reached this market in bad condition, aid the prices realised were barely sufficient' to cover freight and charges. Now that two mail trains are ; running each day, between Auckland and Wellington it is to bo hoped that the railway authorities will carry perishable fruit, from : Auckland. ■ \ On Thursday; evening the. s.s; Nayua, with the usual monthly Shipment of bananas, is due from Fiji. The cargo for . Wellington comprises 60CO [ cases,' and 1500 bundles, which is a small, ship- • ment to meet the Christmas .requirements. . There is a large decrease. in the supply of New Zealand walnuts this season. '• and if- in doubtful whether the supply .will be sufficient to meet current demands uutil tne liow trop ij available. . ,

Fresh eggs have advanced a ponny during the week, and the demand is strong. Cheese is without alteration. Very little loaf cheese is available at ..present. Butter is in light supply, and without any changor in value. There is very little business doing in honey just now. Packers are advised to; pack in 7 and 141b tins instead of 56 and 601b., the latter 'being-'too' large for private.sale.- Bacon is meeting .with- a good • demand, : and- prices are -unchanged.'. The demand for hams is daily increasing, and a good business £s being done Poultry—The pens at- the various' auction rooms are being kept clear, and consigners are urged to send in promptly before there is a glut. Vegetables.—Tho demand for green peas continues excellent. All vegetables, in. season are in fair supply, and selling at reasonable prices. Heavy supplies of tomatoes havo como in from Nelson, and the market haß declined. Now Potatoes—Large portions of tho, supplies' reaching this market/are from tho. Lower Hutt. and they, are slightly affected, by Might. ..The Otaki consignments aTO also blighted. .- ; | Bran and Pollard.—The demand'-continues satisfactory, and tho f.o.b. prices are unchanged. Flour.—New Zealand flour dominates -the market, very little Australian being available. Oats.—The trade in oats is'very restricted. Onions.—Supplies due to-day from Victoria will'reach a baro market. ".-"''■'.•' Sheaf Chaff.—The supplies cuming -,'in -from Walrarapa. and -Marlborough are ofquality, and a good trade is being done. .; ;

'""■"■" "WHEAT'--AND FLOUR."— •--■•■• • (By Telegraph-Presi, AssociationT-Copytleht.l > London, December 6. The wheat and flour, afloat for the United Kingdom is 2,070,000 onarters; for the Continent, 1,505,000; Atlantic shipments, 246,000; Pacific, 75.C00 quarters.- Tho total shipments to Europe for the week wero 1,250,000 quarters, including 13,000 from Argentina. ■ : ."'■,• SILVEH.!. ... Silver is quoted at 22 U-16d. per qnnce standard. ' ' KAUEI' TIMBER COMPANY'S PROFITS. (By " Telegraph—Press Association—Gopyriclit.l Melbourne, December 7. The report of tho Kauri Timber Company Bhowß that the gross profits total £90,369.- After deducting costs ; of. management and other contingencies, the net profits amount to £41,224. It is proposed to declare a dividend of 8 per centum, and to carry forward £23,533. ■'■ The now mill is,working well, and has largely increased the company's producing facilities. Large deliveries of logs are. coming forward. The conditions are more favourable than at this time last year. WOOL SALES. : SYDNEr SERIES. (By Telegraph.—Press Association,—Copyright.) '•■"'",. .'., • . Sydney, December 7. The wool 'sales wore resumed under strike conditions. Thero is strong, competition, and prices are being well maintained. : '•' ' OHEISTCHUECH WOOL BALES.' ,' •••"'■ .-(By Telegraph—Press. Association.! Chrlstchurch, December 7. The second of tho current season's series of ,wool - : sales will. bo. held on Thursday, when 20,747 bales will bo submitted, compared- with 19,248 bales at the corresponding sale last year.