COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 790, 13 April 1910, Page 8

COMMERCIAL ITEMS.

' ~ INVESTMENT SHAKES. I There woro a' fair number of transactions yesterday, and there are prospects ' that, business will improve.' , There is .a considerable amount of money seeking in- ■ vestment, and any shares that are reason- • ablo in price will find buyers. Yesterday , thero were sales of New Zealand Loan and Mercantile, at 6s. 6d.; Feilding Gas, at : £1 Is. 6d.; Wellington Ga's (second issue)/ at £13 7s. 6d.; and New Zealand Shipping, at £8. National Bank. £5 ICs., ex rights; New Zealand Loan and Mercantile, sellers 75.; Wellington Trust,and Loan, buyers £7 2s. 6d.; Feilding Gas, sellers £1 25.; Napier Gas.(£lo paid), sellers £24; Wellington-Gas • (£6 15s. paid), , sellers £13 7s. 6d. ; Meat Export- (£2 ,12s. 6d. paid), sellers £2 15s. 6d.; New Zealand Shipping, buvcrs £7 155.; .Union Steam, buyers £1 lis. 9d.; Wellington Woollen, ordinary, buyers £3 25.; preference/buyers £2 95., sellers £2 10s.; Westport Coal, buyers £6 55., sellers £6 65.; 'Loyland-O'Brien Timber Co., sellers £1 ss. 3d.; New Zealand Portland Cement, buyers £2 25.; New Zealand Paper Mills, buyers £i 25.; Ts.ranaki Petroleum, buyers Bs., sellers 9s. '3d.; Ward and Co., sellers £5. NEW ZEALAND AND AUSTRALIAN LAND CO. Tho directors of the New Zealand and Australian Land Company, Ltd., have arranged to capitalise £450,000 standing at the credit of the reserve fund, which was referred to in their annual report. For this purpose it is necessary to increase the capital of tho company by that amount, and to do so, and otherwise carry out tho scheme, a special resolution must be" passed by the stockholders. This special resolution confers powers upon-the directors to give effect- to the details of tho scheme. The increase, in the first instance, i must be made in tho form of shares; which will then be converted into stock and added to the existing holdings. I MITOHELSON TIMBER COMPANY. . In ■ their annual report for tho year ended January 31 last, the directors of the abovo company state that the year's transactions resulted in a loss of £2333 18s. 2d.-' ■ Deducting this from amount of £6394 6s. Id. to credit <on January 31, 1909, it leaves £4060 7s. lid. to carry forward. - In consequence of last winter's freshes not having realised ~ expectations the • output of the mills was considerably reduced, and therefore.'tho .sales'-of sawn timber for the ■ year were £17,000 less than for the year ending January, 1909. In this connection the log stock has increased by. £4663. , The directors anticipated better results, and aro,grievously disappointed at the results of the year's operations. The market in Australia for kauri and white pine has weakened considerably, with the result that tho merchants are now more exacting, and considerable allowances have had to bo made, and reclamations demanded for . the year wero abnormally heavy. The. position of the company is thaf owing to the shortage in sales (of £17,000), and owing to exceptional delays through bad- weather and bar harbours, finance has suffered to such an extent that it is impossible to carry on without more capital, and'the directors consider that the best course to pursue would- bo to wind up the company and liquidate its assets to the -best possible advantage. Accordingly an extraordinary .meeting of shareholders mil' be held immediately after the, annual • meeting for the' purpose of considering : a resolution authorising that the company be wound up. The shares of the company have not been - quoted by the Wellington Stock Exchange. Most of the shares are held in ' Aucklaad, and if the liquidation is carefully handled the : shareholders' should receive some of their ■capital; if hot all.' The authorised capital of tho company is £75,000 in £1 shares, and tho, whole amount was subscribed. The amount paid up is £74,259, so. that there is no liability on the shares. There':is- an overdraft at 'the Bank of New Zealand for over ,£40,000; sundry creditors ' account for £19,894, and bills' payable and ordirs current, £11,709. Tho ' actual liabilities amount to about £72,700, and tho assets total £151,067, of which £45,402 represents mill properties and plant; logs and sawn timber • stocks, general and , mill stores, £53,076; and bush .properties, £23,337. ■ The Customs revenue collected yesterday amounted, to £2285 Bs„sd. ;;:;;,:,■. Hams—The demand continues good and pricos- are unchanged. Onions.—An excellent business is passing ■ in. these at late rates. Maize has declined 3d. per bushel, which should stimulate. tho demand. -■ . -Pollard and Bran.—With tho advent of colder woather prices are oxpected to advance. ' - Chaff.—The bulk of tho supplies are coming forward from tho Wairarapa and Marlborough districts, but tho. quality is not so good as .laßt season. ', - . ■ Oats.—Heavy shipments continue to como ' forward from the south, but values show no change. Oatmeal is now quoted at £11 10s. per ton, f.o.b. South Island'ports, an advance-' of ■ £1 per ton since'last week. Flour.—Bakers are operating cautiously, evidently anticipating a further reduction •in the near future. 'Fowls' "Wheat.—The low price's now rul- ' 'ing have greatly stimulated the demand, and good business is being done , Tears and Apples.—The marked continues very quiet for pears, even the best varieties meeting with' slow' sale. Applo3 are also difficult to move, although the quotations are not as low as those for pears. Oranges from' tho ■ Cook /Islands transhipped at Auckland were received yesterday, and as. this fruit has been somewhat scarce good prices are expected to bo realised this morning. Vegetables.—Supplies are quite equal to the demand, and business-is about normal. Cauliflowors meet with good inquiry, and are selling well. WHEAT AND FLOUR. By Telegraph—Press Association—Copyriiht. London, April 11. The wheat and flour afloat for the United Kingdom' totals 4,335,000 quarters; for theContinent, 2,030,000' quarters; Atlantic shipments, 105,000; Pacific, 30,000. The total shipments to Europo during tho week amounted, to 1,275,000 ' quarters, including 230,000" from,' Argentina and Uruguay. (Rec. April'.l2, 10.20 p.m.) London, April 12. Wheat—l4,ooo quarters of January-Feb-ruary wheat sold at 395. 6d., a. quarter. METAL MARKETS. By Telegraph—Press Association—Copyright (Rec. April 12, 10.20 p.m.) London, April 12. Copper.—On the spot. £57; three months, £53; electrolytic, £60 per ton. Tin—On the spot, £149 10s.; three-months, £151 12s. 6d. por ton. • Silver is quoted at 243 d. per ounce.