COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 817, 14 May 1910, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAEES. Sales were recorded yesterday of National Bank at £5 155., and Leyland-O'Brien Timber at £1 4s. 3d. Bank of New Zealand, buyers £9 18s. 6d., sellers £10 Is.; National Bank, buyers £5 145.; 'Equitahlo Building, buyers £9 45.; Ohristchurch Meat, buyers £11 12s. 6d.; New Zealand Shipping, buyers £8; Hikurangi Coal, buyers 175., sellers £1; Wostport Ooal, buyers £6 55., sellers,£6 Bs.; Leyland-O'Brien, sellers £1 4b. 6d.; New Zealand Portland Cement, £2 2s. 3d.; Sharland's ordinary and preference, sellers £1 25.; Taranaki Petroleum, sellers 13s. 9d.

SHAELAND AND CO., LTD. In the eleventh annual report of Sharland and Co., Ltd., circulated yesterday, the directors record a 'satisfactory profit in the manufacture and sales of goods, but regret having to report also a loss by defalcation, which necessitates the subtraction of £3750 from the reserve fund.' After making full provision for bad debts, and the loss referred to, and writing off the usual 5 per cent, depreciation on plant and fixtures, the net profit for the year amounted to £372 13s. 8d„ to which has been added £517 15s. Id. carried forward from last year, making in all £890 Bs. 9d. To this amount the directors havo added £3750 taken from the reserve fund, making the total for appropriation £4640 Bs. 9d. The usnal dividend of 7J per cent, on all shares is recommended, which will absorb £4350 19s. 6d., leaving £289 9s. 3d. to he carried forward to next year's account.

WASTE PEODUOTS. Profitable results havo attended efforts which havo been in operation for some time past, to recover waste products from the waters used in the process of woolscouring at Huddersfield. Practical experience has demonstrated that the saving of the grease, etc., and at the same time the purifying of the effluent waters from such establishments were easy of accomplishment by means of a grease trap. The thorough efficiency of the contrivance was proved by analysis, a sample taken from one of the outlets showing the escape of less than two parts of grease por million. From the ueo of the process the "yield" included flock, oil, and a fuel or manure, not to mention the purified water. An expert, in describing the benefits of the system recently, declared that fully 75 per cent, of the grease that was in tho piece when it reached tho scourer could be recovered. jOf tho soap used in washing oat the greaso and dirt—suppose it to contain a minimum of 60 per cent, of fatty matter—4s per cent, could bo Baved. In a mill where 200 pieces a week were made 50 tons of oil went away every year. To recover it would need a plant costing,' Bay, £500,' the working coßt would be in material £100, in labour, say, £65, interest and depreciation at 10 per cent. £50, and the value of the oil recovered £400. Tho flock and fuel would more than cover tho cost of power. On a plant. In Huddersfield, costing £548, for the quarter ended September 30 last tho profit was £61, at tho rate of over 44 per cent, on the outlay. That was exceptionally gobd, but >the same plant for 12. months up to June 30 last showed £178. or over 32 per cent, profit.

SCOTCH WHISKY TBADE. As a result of the unparalleled depression" in the Scotch whisky trade, it is anticipated that.a number of the limited liability companies will have to face tho necessity for financial reconstruction or the writing-down of capital. The great boom of 1897-8 led to the flotation of .a number of distillery companies, with an inflated capitalisation. There are thirtyfive companies quoted on the Scottish Stock Exchange lists, of which all, with one or two exceptions, are proprietors of or hold a controlling interest in Highland malt whisky distillerios. The total authorised capital of those thirty-five companies is £5,770,600, -divided into £2,862,730 in ordinary shares, £2,357,870 in 5 per cent, preference shares, £500,000 in 6 per cent, preference shares, and £50,000 in 4J per cent, preference shares. Twelve of those companies were floated in. 1897 and eight in 1898, • while 1896 contributed four and 1895 and 1894 three each. Tho hard times, however, which the producing branch of tho industry particularly has come through are shown in the dividend record, six of the companies being unable to pay any dividend on either class of Bharcs for their last financial year, six paying only the preference dividend, and one the preference Bharc dividend for but six' months. Most of the other companies have had to reduce the distribution on their ordinary shares, and several companies have already had to faco reconstruction or reduction of their capital. As early as 1900 the vendors of George Morton, Limited, a Dundee company registered only two years previously, surrendered £12,500 of ordinary shares. In 1901 tho ordinary shareholders of the Dailuaine-Talisker Distilleries, Limited, another of tho 1898 flotations, surrendered £90,000 of their capital, so that it might be applied in reduction of the goodwill. This company is now negotiating for amalgamation with the Highland Distilleries,-Limited. In 1902 John Somerville and Co., Ltd., of Leith, formed in 1897, decided to write £2 6s. off each ordinary share in order to deal with a debit balance. The following year the Oban and Aultmore-Glcnlivet Distilleries, Limited, had aIBO to face the necessity of writing off capital, and £3 per preference share and £6 10s. per ordinary share/wero cancelled. In tho same year D. A.. Khina and Co., Limited, another Leith company floated in 1897, wrote off £3 per ordinary share. In 1904 tho Longmorn-Glenlivet Distillery, Limited, likewise registered in 1897, WTOte off £5 per share, and since then'W. B. Thomson, Limited, have written off £8 per' share, the Benrinnes-Glcn-livet Distillery, Limited, £5-per .ordinary share and £3 per preference share, and the Balmcnach-Glcnlivet Distillery, Limited, £9 off per ordinary share and £4 10s. per preference Bhare. Wright and Greig, Limited, are also in process of writing down their ordinary share capital, and thcro aro one or two others with debit balances which may have to be dealt' with in the same way. OIL FUEL, The decision of the Cunard Line to use oil fuel in the new sister ship of tho Lusitania and Mauretania will further stimulate tho oil /industry. Evidence of tho success which has attended tho introduction of liquid fuel for the British Navy is forthcoming in the Naval Estimates for tho year. During tho past year oil-burn-ing appliances have been completed in the armoured vessels Defence, Invincible, Bcllerophon, Superb, Temeraire, St. Vincent, Vanguard, and Oollingwood, while the new cruisers Boadicea and Bellona, which wero designed to burn oil in conjunction with coal, have carried out their trials with satisfactory results. Registrations of now oil companies have been numerous in London recently, and as New Zealand possesses oil-bearing country, the development of the industry hero should now bo possible. It is understood that the Taranaki Petroleum Company is considering one, if not two, offers on behalf'of British capitalists, and a decision may be expected any day.

CUSTOMS EETENTJB. Customs revenue collected at Wellington yesterday amounted to £1439 7a. 3d.

WELLINGTON JIAEKET BEPOBT. The New Zealand Fanners' Co-operative Distributing Company reports as follows for the past week:—Potatoes have advanced arid the prioe ie still rising. Onionß are also firming. Vegetables are in steady demand excepting cabbage and cauliflower, which are somewhat easier. A decided change has taken place with regard to cooking apples, which are now in excellent demand at much increased values. We can do with very much larger supplies of both pears and appleß. Tho attention of poul-try-keepers is directed to the fact that we have a number of lines cheap wheat, quoting at from 3s. 4d. to 3s. Bd. per bushel. Preserved eggs are ea-sicr, with fairly large supply. We have a demand for 100 prime porkers per week at the best prices obtainable in this city. Oats are advancing, and we are prepared to cpiote customers for their forward sapplics. Wheat is firm. Pollard and bran show an advancing tendenoy. Maize at present prices is well worth stocking for winter supplies. Potatoes, prime Up-to-datos, £5 10s. to £5 15s. per ton; onions, £4 to £4 10s. per ton; garlis. 3d. per lb.; cabbage, choice 55.; ordinary 2s. to 4s. sack; cauliflower, choice 10a., others 4s. 6d. to Bs. per sack; green peas, Is. per peck; carrots, Hutt lOd. dozen; turnips, white Bd. dozen; swodes, 2s. to 2s. 6d. por Back; vegetable morrows, Is. per sack; pumpkins, 2s. 6d. to 3a. sack; pie 3s. per sack; lettuce, choice 55.; fair Is. 6d. to 2b. 6d. per case; apinaoh, best 2s, 6d. per case; French boans, Bs. 6d. per halfsack; spring onions, 6d. dozen bundles; tomatoes, round 4s. 6d., Hutt 3s. to 4s. 6d., others Is. 6d. to 2s. 6d. per half-case; anpics, cookers (large) 4s. to 6s. 3d., (small) 2s. 6d.' to 3s. 6d. case, dessert (well coloured) 6s. 6d. to 7s. 6d., othcrß 4s. to ss. 6d. per case; p*ars, dessert 6a. to Bs. 6d., ccokera (largo) 4s. 6d. to ss. 6d., (small) 3s. 6d. to 4s. per case; grapes, best Hutt Is. 3d., boat Nelson Is. per lb.; butter, separator 10d.. dairy 9d. to 9Jd. per lb.; cheese, best factory mediums 5Jd. to 5Jd. per lb., loaf 6Sd. to 7d. lb.; dressed pork, 70's to 90' a 4d. "to 4SjCI., 90's to 100's 4d., baconers 3>d. to 4d., choppers (heavy) 2d. to 33d.; eggs, 2a. sd. to 28. 6d., preserved Is. 4d. per dozen; bacon, factory sides 7d., rolls 7Jd., hams 83d. per lb.; honey, 4d. to 4Jd. per lb.; beeswax, Is. 4d. to Is.. 6d. per lb.; fungus, keon demand at 5Jd. per lb.; walnuts, 5Jd. per lb.; tallow, tins 245. cwt.; poultry, cockerels, ss. 6d. for good birds, small 3s. to 3s. 6d., tablo roosters 4a., table hens 3s. 6tL, small 2a, to 2a, 6i; ducks, hues 6s. to 65., small Ja. ta

3s. 6d. Per pair; turkey gobblers 9d. per lb., hens Bd. por lb. live weight; maize, 3s. 6d. to 3s. 9d. per bnshel; whoat,'4s. 2d. to 4s. 3d. per bushel, broken 3s. 6d. per bushel; barley, feed 3d. 3d. per bushel, Capo 3s. 6d. per bushel; horso beans, 4s. 6&. to 45. / 9 d. bushel; partridge peas, ss. per bushel; Prussian bine peas, ss. 6d. per bnshel; barley meal, special quality £5 10s. per ton; sharps, £5 15s. per ton; pollard, £5 10s. per ton; bran, £4 10a. per ton; bran, £4 10s. per ton; chaff, oaten sheaf £4 15s. to £5 ss. per ton; hay, prime £3 15s. to £4 10s. por ton; straw, wheatcn £2 10s. per ton, oaten £2'7s. 6d. per ton; linseed oil cake, genuine £13 per ton; oats, feed 2s. Bd. por bushel, seed, sparrowbills, gartons, duns, 2s. 9d., Algerians 3s. 3d. per bushel, crushed 2s. lOd. per bushel; machine dressed cocksfoot, 6Jd. to 7d. per lb.; farmers' dressed cocksfoot, sd. to 6d. per lb.; porrenial ryegrass, 4d. 6d. to ss. por bnshel; Italian ryegrass, 4s. 3d. to 4s. 9d. per bushel. SILVER. Itr Teleeraph-PreßS Association-GoD.yrtehL London, May 12. Bar silver is quoted at 24Jd. per ounce standard. N LONDON WOOL SALES. By Telegraph—Press Association—Copyright London, May 12. The wool sales closed strong, at full prices. CABLES FEOM HOME. Messrs. Dalgoty and Co., Ltd., report having received the following cable messages from their London house, under date May 12:—Wool—Sales closed with prices on a par with the highest point of these sales. As compared with last sales' closing rates, merino wools aro par to 5 per cent, higher, crossbred wools of fine and medium quality, suitable for America, are 5 per cent, lower, whilst other descriptions of crossbreds aro unchanged. The total net quantity available amounted to 177,000 bales, of which 4000 bales were sold to America, 94,000 bales for Homo consumption, and 54,000 hales to the Continent, leaving 25,000 bales to be carried forward to next series. The following are the realisations of wool !on account of our clients:—FßO/Fernyhurst, 15d.; HT/S, lZd.; BBC/SWW, Hid.; SJC/To Matai, lid.; 880/LPN/T, 10id.; 880/TST, 10Jd.: ZVW. 10id.; DIE. 10* d.; ETP, 10d.; E/080, 10d.; Ngapari, 10d.; 880/S in circle, 10d.; BBC/AW, 10d.; BBC/ JS/T. 10d.;'BBO/HMP, 9.52 d.; 880/F2T, 9»d.; 880/DB/T, 9Jd.; AGB, 9.42 d.; JWM, 9.2f1d.i 'BBC/18. 9.15 d.; Otuangiangi, 9.01 d.; GB/W, 8!d.; OS/P, Bid.; Awatea, BJd.; JD/F, 8»d.; 880/WJH, BJd.; D/Burnside, Bd.; HTB/Papara. Bd.; EH/P, Bd.; HOU, Bd.; -ATS, Bd.; AA/A, 7.96 d.; BNM; 6.41 d. The fourth scries fixed to open on July 12 arc limited to 160,000 bales net new arrivals, provided the quantity be reached before the eighth day prior to the opening of the sales. No wools arrivine after that dato will be admitted. Tallow—Prices, 6d. lower. Buyers are holding off. There will be no public Bales next week. Frozen Meat.—Mutton is in poor demand, with prices Jd. to 3d. lower, but heef and lamb are firm at unchanged prices. Eabbitskins.—Furriers, for which thero was no demand, were withdrawn, and other descriptions ruled Id. to lid. lower; 1780 bales were offered; and 1538 bales sold. ' Hides and Leather.—The market for these is very firm. Basils.—Prices unchanged. Messrs. Levin and Co., Ltd., -havo received a cable from their London agents, in which they report that tho current sales have closed with low crossbreds 5 per cent, dearer, fine halfbrcdß rather easier, and othor sorte firm at opening rateß. The following are tho average prices of the fleece wool realised at these sales:—EtrevorsedlO over T, Masterton, 9 11-16 d.; Cross Keys over WA, Masterton, 10* d.; WB over W. Wanganui, 9d.': Marahao, Wanganui, 93d.; WO, Tenni, 9 13-16 d.; WL. Eketahuna, IOJd.; H&OM, Carterton, 10d.; 0 In triangle, Masterton, 9Jd.

The Commerce Division of the Department of Agriculture has received the following cablegram from the High Commissioner, London, dated May 12, regarding tile closing of the third series of colonial wool sales:—Wool sales closed with a strong market for all classes. There is a general and active demand, and manufacturers are fully oniployed. Prospects are favourable. Estimated values '.—Superior merino, Is. Id. to Is. 3*d.; medium, 10* d. to Is. Old.; inferior, Bd. to 10d.; fine crossbreds, all grades, Is. lid. to Is. 4d.; medium crossbreds, all grades, lid. to Is. Id.; coarse crossbreds, all grades, BJd. to 10Jd.; 20,000 bales of New Zealand wool are held over. Messrs. Abraham and Williams, Ltd., have received the following cablegram from' London, under date May 12. The sales have closed with a firm market for all wools. As compared with closing rates of last series prices for the different qualities are aH follow:—Merino, unchanged and very firm; fine crossbreds, 5 per cent, down; whilst medium and coarse crossbreds are 21 per cent. down.

Messrs. Murray, Roberts, and Co., Ltd., have received the following wool market cablegram from their London agents, Messrs. Sanderson, Murray, and Co., dated May 12:-Sales have closed; 24,000 bales hold over. Compared with last London sales' closing rateß, the merino market was very firm, and shows no material change. Crossbred, coarse to medium, best descriptions,, shows no material change; inferior, advanced a shade; crossbred, fmc, declined 3 per cent. The New Zealand Loau and Mercantile Agency Company, Ltd., have received the following cablegram from their London house, under date May 12:- The sales closed strong. During the series 14b,UUU bales were sold, of which 54,000 bales were taken for the Continent and 4000 for America; 24,000 bales being held over. As compared with last sales' closing rates prices are lower about par to 5 per cent, for medium and fine greasy crossbreds. The limit for the fourth series, commencing on July 12 next, has been fixed at 160,000 bales." The Bank of New Zealand has received the following cable advice from its London branch, dated May 12:-The market has..closed firm with good prospects, lotal quantity held over is 25,000 bales, of which 20 000 are New Zealand. Current prices for North Island farmers' lots (Palmerston North stylo) in average condition :-Coar6e crossbred, 36's and 40's quality, lod. to IOSd. per lb.; medium crossbred, 44 s to 46' a quality, Hid. to 12d.; flno orossbred, 50's quality, 133 d. to 15d:" TALLOW. The New Zealand Loan and Mercantile Agency Company, Ltd., havo received the following cablegram from their London house under date May 11:—"Tallow—We quote present spot values for the following descriptions:—Good mutton, 365. 9d. per cwt.i good beef, 365. per cwt.; mixed, 34b. 6d. per cwt. Market quiet." / CANTERBURY GRAIN MARKET. (By Telegraph.—Pre3s Association.!

Chrlstchurch, May 13. There is a good inquiry for fair averago quality wheat for export, for which buyers aro offering 3s* at country stations. At this figure, however, there are yet few growers who are willing to sell. A few sales of tnscans and hunters have taken place at 3s. A fair quantity is already being shipped, and it is expected that next month there will be plenty of freight available. Oats are only changing hands in odd lines, as they are being firmly held. Most of the business with the North Island is being done from the south, from whence supplies, sold forward, are now being dispatched. Gartons and duns are mostly inquired for, and sales of the former have taken place at Is. 9jd. to Is. lid., and down to Is. 9d. For a light sample oatsheaf chaff keeps steady in price, and potatoes are not offering very freely at quotations.