COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 796, 20 April 1910, Page 8

COMMERCIAL ITEMS.

". INVESTMENT .SHAKES. Yesterday sales wore reported of New Zealand Loan and Mercantile at 7s„ Ohristchurch' Meat at £11 10s., WestportStocktori at 75., and Leyland-O'Brien at £1 4s. 3d. .Hani! of New Zealand, buyers £9 14s. 6d.; Equitable Building, buyers £9 35.;- : New Zealand Loan and Mercantile, buyers 7s. 3d.; Feilding Gas, sellers £1 25.; Wellington Gas, £6 15s. paid, buyers £13 ss„ sellers £13 Bs. 6d.; Ohristchurch Meat, buyers £11 7s. 6d.; WestportStockton, sellers 17s. 3d.; Donaghy Rope and Twine, buyers £1 2s. 3d.; Leyland-O'Brien Timber, buyers £1 45.,-sellers £1 4s. 6d.; New' Zealand Drug, buyers £2 65.; New Zealand Portland Cement, buyers £2 25.; Taranaki Petroleum, buyers'9s. BANK OF AUSTRALASIA. The report of the Bank of 'Australasia for the half-year to October 11 last, submitted' in ' London on. March 17, stated that after providing for rebate, rate's and taxes, and for all bad and.doubtful debts, the net profit for the half-year amounted to £177,565.. . To this sum was added £16,907 brought forward from the previous half-year, making a total of £194,472, out of which the directors declared a dividend for the. half-year at tho rate of 12 per cent, per annum, or £2 Bs. per share, and a bonus of Bs. per share, free of in-come-tax (together equal.to< 14 per cent.). The dividend and bonus absorbed £112,000, and the directors further appropriated £50,000,' to the reserve fund (making it £1,710,000) arid.£ls,ooo in reduction of the cost of bank premises. , There. then remained £17.472 to be carried forward.

. WILLER AND RILEY, LTD. The liquidator of this company rcoently presented his report. Ho said that when he took charge of the affairs of tho company at the commencement of the liquidation it was represented to him. as.it had' been represented. to the shareholders, that the business was solid and sound. Before six weeka'had elapsed he was satisfied that the business as a whole, with the possible exception of the pea department, was unprofitable. The'business certainly had a turnover, exceeding two millions', but the standing expenses had more than swallowed up the gross, profits .earned. .The balance-sheet of September, 1908, disclosed a loss of upwards of £20.000, and for several years, past it had been ex-' treincly doubtful whether any profit had been earned.:,ln addition,to the, largo loss •in DenmarkV.'thd cbmpah.v..-.had sustained a bad debt of £35,000 in;Sell's,Stores', Ltd., and at that timo an action/was pending at the instance of the Privat Bank of Copenhagen for £60,C00 in iespect of bills. .The liquidator said, that a-'wafrant had been issued for the arrest: of Mr. Wilier oh , the application of the Public Prosecutor, on a charge of fraud. The" creditors had been paid off in • full, lie said, that the probable surplus, for the preference •, shareholders/would .bo soraowhere in tho .neighbourhood-of .25...6 d.. in the ruptcy proceedings had' been instituted against Mr. Wilier in respect of £5800, which he had improperly taken from the funds of the company, and a receiving order had been made against him. • Tho other directors'asserted that.they were quite ignorant of the fraudulent course of trading which Mr. Wilier- was carrying ion; and he had.no proof that any. of, thom .were cognisant in any way of the fraudulent entries relating to the account sales. :They were ■ all engaged in the business, and had been promoted by Mr. Wilier -from various subordinate positions to become managers of branches or departments, and finally directors. There could be no two- opinions as to them having been content to be blindly led by Mr. Wilier, and for this they must accept the responsibility. As regarded the auditors of the company, he could only report that the whole circumstances had been laid Before counsel, whose opinion had been. submitted to the Registrar of the Court, who had given certain directions. Replying to a shareholder, the liquidator 6&id he had no idea of the whereabouts of Mr. Wilier.

'-.- . IMPORTS FROM BRITAIN. ' 'The following is a return, of tho principal lines of goods of British manufacture exported to New Zealand during, the month of Fobruary, 1910, also for the two months ended February 28, with • the figures for 1909 shown for tho purposes of comparison. Compiled from the Board of Trade returns:— .- Month ending Two months Feb. 28, . ending Feb. 28. 1909. 1910. 1909.' .1910. Beer and ale ... 2,202 2,447 5,006 4,587 Spirits i 16.895 21.135 30,087'-'27.656 Iron and steel, ' manufacturers thereof 79,208 44,767 132,370 127,402 Copper, wrought ;. and manufac- ' tured 3,609 2.435 8,094 4,482 Cutlery 1,568 2.789 3,400 4,766 Hardwaro 8,063 10,015 17,205 ,16,954 Cotton, piece goods of all kinds ... 49,831 53,056 118,987 122,421 Woollen and ' . • .. worsted manufactures 25,461 28,646 75,797 81.876 Haberdashery and millinery 5,259 4,719 13,991 13,135 Jute manufacI turcs 2.360 ' 2,325, 5,882 5,862 Linen, piece goods of all kinds ... 7,678 8,481 18,243 19,089 Apparel 44.419 50.806 125,880 128,631 Boots and shoes 17,149 19,130 42,477 38,222 Saddlery 2,196 1.784 4,358 5.053 China and earthenware 9,969 6,166 .15,718 11,957 Writing and print- • ing paper 7,488 8.789- 16.307 17.135 Cement 3,419 1.975 5,224 3.272 Stationery, other / than paper ... 3,241 3,176 6,409 6,328 A DIVIDEND. The directors of the Taringamutu Totara. Sawmills Company, Ltd.. have declared a dividend of is. per share, payable on April 30. SILVER. For some considerable time silver. was selling at less than 2s. per ounce, but more recently that point has been exceeded, the price ranging from 24 l-16d. to 24Jd. Notwithstanding this decidedly low level, the prospects before tho white metal arc distinctly good. India and China are still heavy and consistent buyers of the white metal, and their demands in tho future are likely to increase rather than decrease. The natives of India have imported about .£62,000,000 of silver in the fifteen years since the closing of tho mints, over and above the £42,000,000 required for coinage, and it is evident from this that the wellbeing of the natives' must have a very direct bearing upon silver itself. There aro two factors ever working increasingly for the prosperity of tho country, and against tho risk of famine. "The first influence at work is irrigation," say Messrs. Samuel Montagu and Sons, in reporting on the silver market. . "In the year 1906-7, as a result of irrigation, a net revenuo accrued to the State of nearly £800,000 from an expenditure in previous years of onlv £5,000,000, and an area of 36,000.000 acres was brought into cultivation. Since that date much larger sums hare been laid out each year, and the subsequent returns may be expected to increase proportionately. It is expected that, owiug to irrigation, tho monsoon is becoming of less importance to the wheat crops, and that much now depends on the after rainfall in June. A second influence for good is . the extension of railway mileage, by which is afforded a readier raarkot. for produce, and a speedier means of alleviating tlic distress caused by local famine. The inVrca.se of mileage during the last low years

has been 23,512 miles in 1908 to 30,983 in 1908. It is quite certain that the population of India absorb and hoard far raoro of tho precious metals than they did formerly, for during tho past fifty years India's net absorption of gold and silver from outside has amounted to tho equivalent of 6,303,000,000 rupees, or an average of 126,000,000 a year, while during tho twenty-two years ending with 1857 the net absorption of the precious metals by India averaged only 32,000,000 a year."

PROFIT IN TOURISTS. Althongh Switzerland is naturally noor and produces little wealth out of her own resources, yet she has managed to accumulate considerable riches in the last half century. About fifty years ago the wealth of the Swiss nation was estimated a £3 for each inhabitant, whilst to-day it is appraised at more than £6 per head for every one of her 3,500,000 people. The tourists aro the raw material of her wealth, and tho hotels are the principal workshops in which. they are converted into cash. There were 2.500.000 of them in 1906. the last year for which exact 'statistics are available, and it is calculated that on an average' they left 86f. among thoir entertainers, a total of about £8,600,000. Thero is no place in tho world to which its hotol "industry" means to much as it does to Switzerland, and there is no place, where it is taken so seriously. Hotel-keeping is not only an industry there, it 1» develointo a science. . .There is an aggregate capital of £24,000,000 embarked in. it. The hotels employ about 28.000 persons in the year; and after all expenses aro defrayed, including repairs, allowances for deprecia-. tion and interest on borrowed capital, tho hotelkeepers realise' profits aggregating £1,500,000. Besides thel hotel proprietors and their employers there is the secondary profit to business, generally, tho artisans who work on the buildings and the uurvcyors who supply them. Behind these are the agricultural and dairy interests and the' railroads. : The tourists also spend large sums which do not filter thro the hotelkeepers' fingers. 'Travelling expenses by rail and diligence 1 , fees to guides, incidental necessities and the enormous trade in souvenirs swells the direct profits from visitors, as estimated, to something like £4,000,000 a year. . 1 The Customs revenue collected yesterday amounted to £4851 17s. lid. . TRADE IN ALLEN STREET. Oats.—Tho market is firming, and prices have advanced Id. per bushel sinco last week. . '. Wheat.—There is a fair business' passing', with no alteration in values. , Maize.—Tho. cold weather, is. stimulating the demand, and. parcels are moving - out freely.' ~.',' ■ ;■■<,.■'

Barley—Small sales have beenjmade at 2s. 6d. to.2s. 9d. locally. Pearl barley is meeting with a fair demand at late rates. Partridge and Prussian blue peas find a ready sale, at slightly improved prices. Split peas have advanced 20s. per. ton, and supplies are within small compass.. Oatmeal and rolled: : oats aro firmer,,in sympathy with the advance in . oats. Flour.—A hand-to-mouth business is being done with the bakers, who aro holding off expecting values to recede. ; Straw.—The recent heavy -winds damaged a largo number of stacks, but so far this has caused no movement in the market. Grass Seed.—Only, small lines are now changing hands, and prices continue firm. Hams,—Excellent sales aro being made on the basis of 9d. per lb. for best factory. ' Bacon is' without alteration ■ at 63d. per lb. .. \ Cheese.—Buyers are biding more freely, but locally there is no change in values. Butter.—The demand for prime milled is excellent; at 3d. to 9Jd,. per: lb. . • Fresh ' eggs have had another advance, .and are now. quoted at Is. lid. to.2s. per 'dozen; preserved aro offering at is. sd. Passion fruit is now in exceedingly Bhort supply, and high rates are ruling. Dessert Pears.—Values continue ' low, which is tending to. stimulate consumption. Grapes.—None were received from,' Australia la6t week, owing 'to the train missing the New .Zealand Bteamer. -A shipment should reach here' on Friday, and prices are likely to be.better than usual. Tomatoes are. in good demand, at 3s. to 6s. per half-case, according to duality. . , Cape gooseberries' have been offering very freely this season, and. prices havo Oeen rather low. ■-..<. Vegetables.—Green peas are,in very, short supply, and command good prices; French beans meet with a better demand, at 3s. to ss. per half-sack; pumpkins are selling at 3s. 6d. to 4s. 6d. per. sack. Onions are in good demand, but.prices are;poor. ■..' A record sale, of New Zealand-grown walnuts was mado last, week, when. Messrs; Laery and Co.,r Ltd.,' disposed of 80001b. from a southern grower, and the price paid left the latter a fair margin of profit. ■ ■ —\ .... SILVER;.-. - v •'■ By Telegraph—Press Association—Oopyrltrht v ■ ( : London, April 18. Bar silver is Quoted at 24 9-16 d. rjer ounce .PRICES OF METALS. ;. (Eec. April p.m.) '.; ■' ''.",'"•' v'''.-' .'. '' London,' April 19; Copper—On the spot, £58 25.-6 d.'; three months, £59 2s. 6d. per ton. Tin.-On tho spot. £149 2s. 6d.;. three months, £151 Zs. 6d. per ton. Lead, £12 12s. 6d. per ton. . . By Telegraph—Press Association—Copyright ; (Eec. April 19, 9.35' p-m.) London, April 19. For the forthcoming wool sales 431,500 hales havo. been received, of which 270.C00'. have -been forwarded direct to manufac-' turers, leaving 170,000 available for sale.' CANTERBURY GRAIN; MARKET. (By Telegraph—Press Association.) Christchurch, April 10. ■■'• The. grain market is still very quiet, no business of any consequence being reported in either : wheat or oats. Owing to the state of tho London market there is little encouragement to ship wheat, and,; so far, only small quantities have been .exported from Lyttelton and Timaru. Farmers'are holding oats firmly, and consequently offerings are; scarce. Beans are now being offered, and the price quoted is 35.. at country stations. Up-to-Date potatoes are now coming on the market, and, though the crops aro not turning out too well, tho quality is very fair. The market is,' however, quiet. Chaff is firmer, and for prime quality up .to £3 10s. _is offered. The quality has, however, a wide range, and for inferior stuff 30s. is the best offer. - ;'■■■'

MINING NEWS. WELLINGTON.SHAEE MABKET. .A fair business was done yesterday. Wainis, Grand Junctions,. and Talismans.' wore weaker. Old Hanrakis sold up to 3s. 8d„ and Consolidated Goldfields were a shade lower. Tuo business recorded was as under:— : ' N.Z. Grown, As., 45.. (third call), ■ New Sylvia, 4s. 2d. (third call). v old Haurald, 3s. Bd. (second call). Talisman, 635. (first call), .523. 9d. (third call). Waihi, £8 195., £9, £8 19s. 6d. (first call), £8 18s. 6d., £8 19s. 6d., £8 19s. 6d. (second call), £8 19s. (third-call). Waihi Grand Junction, 28s. 9i. (first call), 275. 9d. (third call). Waitangi. 2s. 6d. (first call). Con. Goldfields, 20s. 9d. (third call). QUOTATIONS. Buyers. Sellers. Sales. £b. d. £s. d. £s. (1. Dixon Consolidated 0 0 4 — — Komata Reefs - 00 5 - Knranui Galed'n ... — .016 — N.Z. Grown 0 4 0 0,4 2 0 4 0 New Sylvia 0 4 2. '— 0. 4 2 Old Hauraki 0 3 5 0 3 8 0 3 8 Sawn :;...' ■ - 0 17 - Talisman ■• 211 6 212 6 212 9 Waihi 819 0 819 6 819 0 Waihi G'd Juncfn 17 6 18 0 17 9 Waitangi 025 027 0 2 6 Watehman 0.16 — — Blackwatcr 1 9 0 . 1 10 6 — . ■ Con. Goldfields 10 9 113 10 9 Progress 013 3 014 3 — Ross Goldfields 0 8 0 0 8 9 - STOCK EXOIIANGE. (By Telegraph—Press Association.) Auckland, April 19. The following business was done on 'Change to-day:— May Queen, 3s. lOd. Kuranui Caledonian, Is. sd. Hauraki, 3s. 7d., 3s. 6d. Crown, 4s. Waihi, £9, £9 Is. Talisman, 525. 6d. Waihi Extended, 2s. 9d. Grand Junction, 28s. 3d. Auckland G.ib, £3 6s. Wilson Cement (ord.), 475.' The following business was done at the afternoon call:— May Queen, 3s. lid. New Sylvia, 4s. 2d. Saxon, Is. 7(1. Consolidated Goldfields, 21s. fid. Old Hauraki, 3s. 7d. Champion, 4Jd. New Zealand Crown, 4s. Prido of Waihi, 3Jrt. Tairua Golden Hills, 3s. 4d. Tainia Monarch, 2Jd. Waihi, 181s. Auckland Trams (ord,), 225. lOd. . Dunodln, April 19. Stock Exchange sales:—Waihi Grand Junction, forward delivery, 295. 3d. Sales reported:—Waihi, £8 195.; Now Zealand Paper Co., 225.; Consolidated Goldfields, 21s. 3d.