COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 818, 16 May 1910, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. Sales of Bank of New Zealand at £9 195., and Loylaud-O'Brien Timber at £1 4s. 3d. National Bank, buyers £5 Ms. 6d.: Equitable BuilcHnc. buyers £9 55.; Wellington Trust and Loan, buyers £7 2s. 6d.; Wellington Deposit', buyers 7s. 9<i.; National Mortgage, buyers £3 35.; Christchurch Meat, buyers £11 155.; Union Steam, buyers £1 125.; Hikurangi Coal, buyers 18s.; Westport Coal, buyers £6 55., sellers £6 Bs.: Wcsfcport-Stockton Coal, sellers 7s. 3d.; Sharland's ordinary and preference, sellers £1 25., cum divideud; Taranaki Petroleum, sellers 13a. 9d.; Ward and Co., brewery sbarcs. buyers £<\ 15s.

SHAELAND AND CO., LTD. . The loss suffered by Sharland and Co.. Ltd., at its Auckland Branch was rather severe, and left its mark on an otherwise excellent year. This will bo Eeen by the' following comparison:—

Gross profit.. Expenses. Net profit, Year. . £ ' £ £ 1910 27.163 ■' 26,790 373 1909 . 27,692. 20,977 6715 1908 . 26,643 20,393 6250

There is a big increase in •the expenses for 1910, but £5359 represents the lose at Auckland, consequently the actual increase was only £Wl. It should be stated that, in the expenses, is included amounts written off bad debts, depreciation, etc., The cross profit was only a shade less than in the previous year, and, considering the depression that prevailed last year, the showing is .satisfactory. The Auckland deficit has been met to the extent of £3750 out of reserve, and the balance out of Hie year's profits. The reserve fund, instead of standing at £13,250, with an accretion this year, is reduced to £9500 To , the net profit of £373 must be added £517 brought forward, and the £3750 transferred from the reserve fund, making- in nil .£4610. out of which the usual dividend of 7i per cent, (absorbing £«51) has been declared, leaving £289 to lie carried forward. Up to the time of the d ! scovery of tho Auckland loss the shares were selling very freely on the local exchange at a premium, for it was believed that a slightly, higher dividend would have been puld.

BTJKNS, PIIILP AND CO. For the year ended March 31, Burns, Phih) and Co.. Limited, made a gross n-out of .£211,808, as against £212.880 in I^Sif m m^,onY t d™KS a,?« 64C00 to the staff bonus account, whilst the insurance fund is strengthened by .£SOOO, leaving £8137 to he. carried forward. 'iMid reserves nnd undivided profits now , amount" to £419,783; liabilities Iα tUo duo-

He are £195,345, and paid-up capital ia £300,000. Assets comprise stock o£ merchandise, £180,551; produce and advances, £141,831; book debts, JE232.886; shipping property, £168/85; premises and propertics, £155,000; shares in other companies, £78,055; and sundries. £18,410. The coal strike cost the company £8370, whilst other losses amounted to £12,884, in addition to bad debts, all of which were provided for out of profits. During the year approximately £100,000 was expended in additions to the fleet, whilst £20,000 was spent on branch buildings.

NOIiD-DETJTSCnEB LLOYD. The accounts of the North German Lloyd Company for 1909 show that the gross earnings amounted' to £1.644,966, against £1,333,994 in 1938, and after additions are made to the various funds, and all outgoings provided for, a balance of £1,377,570 remained, which was disposed of as follows-.-Interest on loans, etc., £205,239; cost of management,' £160,884; onefifth of the expenses connected with the issue of bonds in 1908, £9775; write off craft. £841.008; U< £ro°m bShiBS. "etc., °£49,854; from the value of shares in other undertakings, £110,807. No dividend was declared, and none was paid for 1908; on the contrary, the accounts eloped, with a loss of £882.645, to cover which the reserve and renewal funds were extinguished. The report states that in the Australianmail steamship line Rood cargoes wore obtained both outward and Homeward, but the cabin passenger traffic Jell off, owing to the great competition. The business of the cargo-boat line to Australia had been further and satisfactorily developed.

GISBOENE GAS COMPANY. Tho balance-sheet of the Gisborno Gas Company, Ltd., for the fifteen months ended March 31, 1910, "uas been circulated. Accordiug to the report the consumption of gas shows an increase of four and onethird millions of feet over t-bo preceding period, of fifteen. months, or about 15 per cent. To meet cost of extensions of plant and buildings necessitated by the increase of business 5167 shares of the 6400 not issued on December 31, 1908, were sold, realising with premiums £11,568 Bs. 10d. The cost of production and distribution has been increased , during the period, caused by tho long-coutiiuicd miners' suiko at Newcastle increasing the cost of coal, and also by a considerable advance in labour.

The gross profits, including premium on shares amounting to £6401 Bs. 10d., totalled £2!,497 4s. lid., from which the working expenses, £10,349 12s. 2d., and interim dividends for June and December, 1909, amounting to £3097 10s.. must be deducted, leaving .-EBOSO 2s. 9d., which with the amount brought forward gives £11,931 19s. 6d. available for distribution. Oiit of this £6500 is to be added to tho reserve fund, J825C0 is to bo placed to plant and building adjustment account, and after tho payment of a dividend of 9d. per share, equal, to £794 55., a balance of £2137 14s. 6d. will remain to be carried forward. CUSTOMS REVENUE. Customs revenue collected at Wellington on Saturday amounted to £396 3s. Tho total for the week was £6947 13s. 5d., beer duty amounting to £196 7s. 6d.

FRUIT AND PEODUCE EEPOBT. Tho New Zealand Fruit and Produce Company report prices ruling last week as follow;— Potatoes, ss. to fts. cwt.; carrots, 3s. to ss. sack; onions, 3s. 9d. to 4s. cwt.; parsnips, 4s. 6d. to 6s. sack; swedes, 2s. cwt.; beetroot, 4s. to ss. bd. each; turnlte, 2s. 6d. to 3s. 6d. sack; cabbage, 2s. to 4s. 6d. sack; cauliflower, 10s. to ios. 6d. sack; French beans, 7s. to 9d. sack; peas. 11s. to 13s. sack; broad beans,'3s. to 4s. 6d. sack; marrows, Is. to 2s. sack; lettuce, 3s. to ss. 6d. case; tomatoes, 3s. to ss. 6d. case; spinach, 3s. to os. 6d. case; apples, cooking 3s. 9d. to ss. case, decsert 6s. to 7s. 9d. case; pears, cooking ss. to 6s. case, dessert 6s. to 9s. case; passion fruit, Bs. box; grapes, 9d. to 10d. per lb.; bananas, 15s. to. 18s. 6d. case, 6s. to 7s. 6d. bunch; lemons, Messina 11s. 6d. (150), Sydney 7s. 6d. to Bs.; oranges, Island 9s. to 10s. 6d. case; pines, 7s. 9d. to 11s.; eggs, fresh, 2s. to 2s. 3d. dozon, preserved Is. Gd. dozen; bran, 83. fol. per sack; wheat, 4s. to 4s. <!d. bushel; chaff, £5 to £6; hens, 3s. to 3s. 6d. pair; ducks, 4s. 6d. to ss. pair; peanuts, ZOs. 6d. 1 sack.

FEILDING MAKKET SEPOET. ■Messrs. A. H. Atkinson and Co., Ltd., of Fcilding, report on Friday's market as follows:—Pigs wore in average supply, light porkers only offering and. selling well; also good wcaners and indifferent stores. IVeancrs were not keenly competed for, and values were about on a par with last week's rates. Poultry continues to come forward in large numbers, half-grown and old birds predominating. Kormally good birds were offering last week, except turkeys, of which wo'sold a number at quotations. There ia good domand' for primo tablo birds in both fowls and ducks. A good steady demand for picked lines of potatoes at £5 15s. to £6 per ton aim exists. Quotations:—Figs—Wc.incrs, 55., ss. 3d., to 65.; best, 8s:-6d. to 10s. 9d.; slips and stores, 93. 6d., 11s:' 6d., 12s. 6d., to Ms. 6d.; light porkers, 225. 6d. to 245. 6d. Poultry, at per pair-Hens, Is. 9d., 25., 2s. *3d., 2s. 6d., to 2s. 9d.; cockerel? and roosters, is. 9d., 25., 2s. 3d., 2s. 6d v 2s. 9d.; chicks, Is. 4d.; duclis, 2s. 6d., 3s. 6d., 45., to 4s. 3d.; turkey gobblers, Bs., Bs. 6d., 9s. 6d., 11s., lls. 6d., 135., 13s. 6d., to 145.; hens, 75.,9a.'t0 89.; canaries, 6s. Produce—Pollard, 10s. 6d.; bran, 55.; barley, 33. 3d. per bushel; feed oats, 2s. 7d.; wheat, 2s. 6d. to 4s. 6d.; potatoes, 3s. 6d. to 10s. 6d. per sack, pig potatoes, 3s. to 3s. 6d.; cooking apples, 3s. 3d. to 55.; small cases, 2s. 6d. to 3s. 3d.; tomatoes, Is. 6d.; small pears, 3s. 6d.; medlars. Is. 3d. to Iβ. 6d.; artichokes, Is.; pie- melons, I 3d. to'4d.; marrows, : 2s. to 35.; swedes, 35.; onions, >d. to 3d. per lb.; factory bacon, sides 7d., hams BJd. ' ,■ BANK OF ENGLAND RETURN. By Telegraph—Press Association—OoDyrieht.. London, 'May 13.' Tho Bank of England return issued for the week ended Wednesday, May 11, is as under :— Issue Department. Notolesuo... £55.703.000 Gov. debt -. :£ri,ols,t!oo Other securities ._ 7,4 M,OOO Gold _ 37,341,000 £55,793,000 ... £55,793.000 Banking Depabtstent. rroprietors' Govt. Eecuricapilal £14,553,000 tios £13,813,000 Public do- Other socuriposits ... u>623.000 ties i>.7.719,000 Other doposits ... 39.610,000 Notes ._ 27,474.000 Best, 7-day and other Coin... ... 074,000 bills 3,200,000 : : £6f1,056,000 f69.P8ti.000 The leading items of the Bank of England return afford the following comparison:—

This week. Last week. Last year £ £ £ ' Bullion 37.3J4.000. 37.872,003 36..WG.000 Reserve 28,148,000 ■M.TOI.GOO 27,415,000 Note circulation 89,319,000 23,633,00) 29.153.000 Public Deposits 12,6-23,000 10,325,000 18.659.000 Other Deposits 39,610,000 14,137,000 40,640.000 Proportion of liabilities ... 51.M 52.68 60.30 GOVERNMENT SECURITIES, The following are the latest quotations for Government securities, with a comparison of those ruling last week:— Variations - . Prico ~° d ' ; . last week. £ a. <1. 21% Imperial Consols 81 U 0 10s. higher 1 ~N.5.\V.1933Jan.-Ju]y 107 0 0 Unchanged 34,.N-S.\V.l9ie.\iar.-Sep. ,93 0 0 10s. higher 3 ~N.5:W.1935Ap1.-Oct. 83 5 0 ss.liieher 4 Vic. 1930 Jan.-Jnly 103 10 0 Unchanged 3* „ Vic. liai-CJan.-July £1 0 o Unchanged , 3 „ Vic. 192M9 Jan.-July 87 0 0 10s. higher 3* ~S,A. 1016 Jan.-July 99.0 0 10s.higher 3 „ S.A. laiG Jau.-July 84 10 0 ' Unchanged i ~QTdl9ls-3lJan.-July 104 10 0 Unchanged SJ ~QTdlft!4-30Jan.-Jnly S7 0 0 Unchanged 3 „ Q'l'd lS2i47Jan.-Jiiiy SG. 7 6 Unchansed i ~N.Z. 1939 May-Nov. 10G 10 0 Unchnncod--3i ~N.!4.19i0,Tan.-Jnly 98 0 0 10s.hiehor •i ~N.Z. WlSApril-Oct. b7)O 0 Unchiioßod 31,.W.A.1920-WMay.Nov 07 10 0 Uncbang'od 3 ~W.A,I9IWSIIay-Nov 87 10 (I Unchanged 33 .. 'i'as. 1940Jan.-JlUy 99 10 0 ss. lusher 3 ..Tas.KßiMOJan.-July 8C 10 0 Uncbnnced BANK BATES OF DISCOUNT. The Bank of England discount rate was raised on October 7 last from 25 to 3 per cent., on October 14 to 4 per cent., on October 21 to 5 per cent.; on December 9 was reduced to 4J per cent., on January 6 to 4 per cent., ou January 20 to 3J per cent., and on February 10 to 3 per cent. On March 17 it was raised to 4 per cent., at which figure it still remains. The Bank of Franco rate was reduced from 3b to 3 per cent, on January 2J, 1908, and remains at the latter figure. The Imperial Bank of Germany, on September 20, advanced its rate of discount from 3J to 4 per cent., and on October 11 to 5 per cent., lowered same on January '<il to 4J per cent., anil on February 10 to 4 per cent. MARKET BATES OF DISCOUNT. Tito following are the market rates for best three mouths' bills: — London Paris Dcrlin rate. Vate. rate. percent, percent, percent. May 12 3 3-16 2.V 31 Last week 3 3-16 2S 3A Last year lj 1J 2M6 . Short loans in London are i lower, at 2j por cent.

COLONIAL AND OTHER PRODUCE. Wheat—The markets aro weak, with a downward tendency. Buyers have no confidence, and are indisposed to operate in distant positions. The crop outlook is generally satisfactory, except iu some of the winter wheat States of America. For South Australian and Victorian sailers, January, and for steamer parcels afloat, 365. 6d. per quarter Is asked; and for New South Wales, sailer, February, 355. 9d. The Australian spot market is quiet, with prices unchanged. Chicago, July, 103} cents. Flour.—The flour market ■ ie very depressed. May-June shipment is vainly offering at 275. 6d. Oats.—At Glasgow tho oats market is quiet, and unchanged. Butter is dull. Danish, 113b. to 114s. per cwt. Australian very slow and difficult of sale, owing to unsatisfactory quality. Choicest, 100s. to 1025.: secondary, 965.: New Zealand, quality better, choicest 106s. to ICBs.; demand limited. European supplies plentiful. ; Cheese flat. New Zealand, 575. to 58s. Sugar.-German beet (80 per cent.) is Id. higher, at 14s. 10d. per cwt.; first marks granulated, 17s. ld.-ld. advance. Bradford Tops—The top market is firm, 46's are quoted a,t 17Jd. per lb. Kauri Gum—At tho auctions- 708 eases were offered, and fifteen sold nt late rates. THE METAL MAEKETS. Copper.—On tho spot, £56 15s. per ton; three months, £57 13s. 9d.; electrolytic, £58 10s. Tin—On tho spot, £150 7s. 6d. por ton; three months, £131 17s. 6d. Load.—lmports, 18,403 tons; ■ Australian, 3407. Exports, 5656 tons. Pig-iron, 3d. lower at 495. lid. per ton. Silver.-Bar silver is quoted at 24 13-16 d. per ounce standard. LONDON WOOL SALES. MARKET MAINTAINED BY ETJBOPE. DESPITE AMERICAN ABSTENTION. By TeleirraDb—Press Association—OoDTrleht London, May 13. Tho wool sold to Home buyers at the Bales just closed amounted to 88,500 bales; for the Continent, 54,000 bales; and for the United States, 4000. Hold over, 25,500Greasy combing merinos hardened at tho close to par to 5 per cent, above the March rates.. Scoured were in strong demand, and advanced 5 per cent. Medium and fine crossbreds, light-conditioned, suitable for America, declined 5 per cent. All top-mailing crossbreds were level with March rates. The outstanding feature of the series has been the sustained competition of Home and Continental buyers, which sufficed to maintain almost all values, despite American abstention. The Mahia clip, fleece portions, realised lid per lb., average SJd.; Ngatarua. lid. and IOJd. ' LONDON MARKETS. By Telegraph—Pres3 Association—Copyriizht (E«c. May 15, 5 p.m.) London, Mav 14. Jlabbits are very dull and are nominally New Zealand pigs are selling well at 6id. per lb. Hemp is steady and unchanged. Copra is flat. South Sea in bags, JuneJuly shipment, £25 10s. per ton. Tho New Zealand Loan and Mercantile Agency Company, Ltd., have received the following cablegram from their. London house, under date May 13:—"Frozen Meat.' —There is a moderate demand for mutton, j lamb is firm, and tho market for beef has advanced." PRICES OF METAL. London, May 14. Silver-Bar silver is quoted at 24Jd. per ounce standard. Lead, £12 12s. 6d. per ton. (Itw. May 16, 0.25 a.m.) London, May 15. Copper-On tho spot, £56; three months, £56 17s. 6d.; electrotype, £59 per ton. Tin.—On the spot, £150 12a. 6d; three months, £152 2s. 6d. per ton.