COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 839, 10 June 1910, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. Tho 6aleg rccordcd yesterday w,ere: Metropolitan Building at £12, Wellington Gas, £6 15 paid, at £13 7s. 6d., and Ward and Co., £4 16s. 6d. Bank of Australasia, buyers £100; National Bank, buyers £5 IDs. 6d.; Equitable Building, buyers £9 65.: Metropolitan Euildius, buyers £12. Wellington Investment, sellers lis. 6d.; Wei-.. lington Trust and Loan, buyers £7 5a.; Wellington Deposit, buyers Bs. Id.; National Mortgage, buyers £3 45.; New Zealand and Jliver Plate, buyers £2; Napier Gas, £10 paid, buyers £22 lOs.; Palmerston North Gas, buyers £7 155.; WelUncton Gas, .£3O paid, buyers £18; £6 15s. paid, buyers £13 7s. Sd.; now issue, sellcru £2 10s.; National Insurance, buyers £1 Bs. M.; Standard Insurance, buyers £1 45.; Christchurch Meat, buyers £12 10s.; Gear Moat, £4 paid, buyen £10, ex dir.; £1 paid, buyers £2 135.; Meat Export. £5 paid, buyers £6; £4 paid, buyers £5; £2 12s. 6d. paid, buycrr. £2 155.; Union Steam, buyers £1 135.; Wellington Woollen, ordinary, sellers .£3 65.; preference, buyers £2 95., sellers £2 10s.; Ililuirangi Coal, buyers 19s. 6d.; Taupiri Coal .buyers 195.; Westport Coal, buyers £6 6s. 6d.; LeyiannO'Brien Timber, buyers £1 4s. 9d.; Manning and Co., sellers £4 Is.; Taringamutu Totara Sawmills, buyers £1 65.; Ward and Co., buyers £4 16s. 6d., sellers £5.

AUCKLAND ELECTRIC TRAMWAYS. ■The report of the Auckland Electric ■lYamways Co., Ltd.. for the year ended December 31, 1909, states that the total revenue for the year was £182.594. The. traffic receipt. , ;, which amounted to £180,M, show an increase of £16,53b over til: previous years. After deducting all cxrenses chargeable to revenue, including £16,154 for debenture interest, the rental and percentage of profits payable to the Auckland City Council amounting to £3992 .ir.d setting aside £15,000. compared with £12,500 last year, to the depreciation account .there is a surplus of £35,124. making, with £3120, the balance brought forward, a total of £39,044. -The directors recommend to plate to reserve account £11,500;-to apply £3000 to the dividend on the preference shares for the year (alroady paid); to pay a dividend on the ordinary shares at Uio rate ot 6 per cent, per annum in respect of which an interim dividend for the half-year ended Juno 30,' 1909, at the rate of 6 j>er cent, per annum was paid in November last, and to carry forward £3544. SHAW, SAVILL, AND ALBION COMPANY. At the twenty-seventh annual meeting of shareholders of tho Shaw, Savill and Albion Co., held in London on April 26, the chairman, in moving the adoption of tho report, said. thai, in all respects, it was tho most satisfactory which they had been able to submit since tho company was formed. . They attributed this to a considerable extent to the steady and continuous improvement in their fleet, enabling them to carry oh their highlyefficient services, and Rive great satisfaction to their supporters both abroad and at Home, which they accounted of groat value. -. The depreciation on these costly by carefully and, regularly setting aside, sufficient to cover it they had been ablo to dispose of any vessels they had to sell, and provide - others fitted with tho latest appliances. They had sold during tho year the Kangatira and the Paltehaat' about, their book value. These vessels had been replaced. The former, which had been built by Workman, dark and Co., Ltd., of Belfast, was partly owned by the Oceanic Steam Navigation Company Ltd., of Liverpool. She had been fully paid for in cash, and was now on her maiden voyage. The second vessel was now building at tho works of MessrE. Uarland and Wolff,, and she would also be partly owned by their Liverpool friends. One half of this ship was also paid for in cash. They had liad a great calamity during the year—the total loss of the s.s. Maori, and the sad sacrifice ot tho captain and some of the crew. Their sorrow at this event was accentuated by the knowledge that if those who lost their lives had remained on board in all human probability every one would havo been saved. He was glad to say that thin was the only steamer the company haw lost during the twenty-seven years of its existence. Their passenger traffic had been exceedingly well kept up, both outwards and Homewards. As regarded the Stock Exchange dealings in the shares, that arose , ' in a great measure from tho small amount of their capital, which was Ihu siiinu as It was when the company was started, notwithstanding the increase in strength and expansion of the company. The directors were giving careful attention to this matter in the interests of the shareholders. Turning to the balance-sheet, it would be seen that their debentures were over £85.000 less than in the previous year. Since the accounts were made up they had paid off over £26,900, so that to-day their debentures stood at a little over £100,000. Jle exnected that durlug this year a very considerable amount would bo cancelled. The pot profit balance enabled the payment of a 5 per cent, dividend on both classes of shares. GOLDSBOROUGH. MORT AND CO. The accounts of Goldsvorough, Mort and Cu. for the year ended March 31 last eliow that thu company, after paying the dividend and the increased cash bonus, has undivided profits amounting to £122.839. as. against £38,205 brought forward. This was after the "debentures debt had been reduced by £40,000, and with £305,000 cash in hand. So, instead of increasing tho. dividend, the directors decided to add to the capital in the way mentioned. Each shareholder will receive one fully paid-UD 6s. share for each share held. To simplify the issues, the directors recommend that the present 355. shares and tho proposed ss. shares beVonsolidated, and then divided into two shares of £1 each. The debenture-holders have approved, not only of this issue, but have given their assent to a total increase of £240.000 should the company ever consider it desirable to go that far; provided the present contingent 1 per cent, interest now payable on the "B" debentures when fhareliolders receive a dividend at above 3 per cent, per annum is made a fixod charge. ■ For some time past such dividends have been distributed, so 5 per cent, lias had to bo paid to the "13" debenture holders. As to tho ability of the company to bear this extra-- charge, the directors declare that "it will not practically at all affect the company to ronke i<ceommend shareholders to agree to the '"■The gross profits for tho year were £279 934 as' against £235.941 for the oreceding twelve months. Dnring the year 132 098 bales of wool were handled, an increaso of 8643 compared with tho precediug term. BOXING INSURANCE. It is a- trite saying that "where there is a risk there is an" underwriter" and to ome extent it is true. At Lloyd's the underwriters appear to have no hue drawn in the way of taking risks. Tie boxing match for the worlds heavy-weight Miampionshin between Johnson and J. J. Jeffries formed the subject of a. oiirioua insurance effected nt Lloyd's late in April last. It appears that a party of gentleincnt in the United States have arranged assured for the payment of the charter money to the railway company in the event of anything happening to prevent the contest. Although the journey would consequently not take place, the company would require payment in advance. K will be seen that these policies cover :i hona-fitle interest, and the rate demanded and' paid was ten guineas per cent. LONDON STOCK EXCITANGE. Tho enormous business now being done liv members of the London Stock Exchange 1 as caused' the value of Stock Exchange shares ami of nominations to the Stock TlYfhanec to rise, and this draws attention to what a, costly matter it is now to enter the house, particularly for those who have not served a probationary period as clerks. Surh would-be members have to find three sureties of £500 each from among wellknown' members ot tlie Stock Exchange, and obtain a nomination letter, the value of which has risen of late to at least £210. They must also own three shares in the Stock Exchanse, the quotation foi

which lias risen, to about .£205. In addition there is an entrance fee of £525 and an annual subscription of £42. Such a. can-didatc-who is known in the Stock Exchange na u "three decker," from the number of his sureties—would consequently in his first year have to pay a total of nearly £im. Those who have served as authorised clerks escape more lightly, for they need only'purchase one Stock Exchange share, their entrance fee is only 60 guineas, and they need only find two sureties of £3CO. They would, however, have to obtain a nomination letter, though to this there is some exception in the case of clerks not in a position to buy one, who may on reaching the top of a waiting list be allowed to enter the house without it. If, however, a, clerk has this chance and Tails to take advantage of it, his name is put to the bottom of the list, and if this is repeated ho loses Ihe privilege entirely. The number of such entrants is gradually being reduced, and on the last occasion only five were so admitted to membership. New members on joining must satisfy the Stock Exchange Committee that they are not engaged in any other business, or having been so have not left it unsettled, and have never been bankrupt either in this country or abroad, and,they must state whether they intend to act as dealers or brokers. During periods of Stock Exchange depression, little sought after, the value of such lettors has been as low as £5, and the price of Stock Exchange shares much lower than at present. For the year ended March 25 last the Stock Exchange received in subscriptions £224,900 and in entrance fees £64,660. At that date there were 5164 members, as compared with 4315 ten years previously, and the number of their clerks authorised to enter the house was 2785. CUSTOMS REVENUE. Customs revenue collected at Wellington ! yesterday amounted to £1185 19a. 7d. v WHEAT. By Tclecr&Dll —PreßS Association—CoDFriffht. London, June 8. The American visible supply of wheat is 34,535,000 bushels. SILVER. B.T Telegraph—Press Association—CoDyr^ah! London, June 8. Silver is Quoted at 24Jd. per ounce. METAL MARKETS. By Telccraph-Press Association— Copyricht (Eec. Juno 9, 10 p.m.) London, June 9. Copper.—On tho spot, £56 Bs. 9d.; three months, £56 3s. 9d. per ton. Tin.-On tlio spot, £148 17s. 6d.j thrco months, £150 2s. 6d. per ton. TALLOW. By Teleeraph—Press Association—Copyright London, June G. At the tallow sales 1254 casks were offered and 728 sold. Prices realised:—Mutton, fine, 365. 6d.; medium, 345. Jiecf, fine. 365.; medium. 335. 6d. The New Zealand Loan and Mercantile Agency. Company, Limited, have received tho following cablegram from their London house, under date June 8:— "Tallow. —We onoto pretont spot values for the following descriptions :-Good/mutton, 355. 6d. per cwt.; good beef, 345. 9rt. per cwt.; mixed, 335. per cwt. Market dull." niDES MARKET. (Eec. June 10, 0.10 a.m.) Br Telegraph—Press Association—CoDrrlarht. ■ Holboiirne, Juno 9. In the hides market, heavy sorts wero 3d. lower. Prices of other weights were steady. Supplies are fair. ATTSTEALIAN PRODUCE MARKETS. By Tcl«ranh—frees Association—Copyright (Rec. June 10, 0.10 a.m.) Sydnsy, June 9. Wheat, 3s. 3d.; flour, £9; oats, Algerian feeding 2s. 4d. to 2s. 5d., milling 2s. 6d. to 2s. 7d.; barley, Cape feeding, 35.; maize, 2s. Bd.; bran, £<1 155.; pollard, £4 10s.; potatoes, £4 55.; onions, Victorian, £3 10s. to £3 155.; butter, 110s. to Hie.; cheese. 7d.; bacon, 6d.

Melbourne., June 9. Wheat, 3s. 4d.; flour, £8; oats, Algerian feeding Is. 10d., millins; 2s. 2d.; barley. Cape iiiilling 2s. 7d.. Euclish midline 45.: maize, 2s. 6d.; onions. £2 155.; potatoes, £2 10s. to £4 10s.

Adelaide, June 9. Wheat (the market is irregular), 3s. Id. •to 3s. 3d.; flour is dull ot sale, at £7 10s.; oats. Algerian, Is. lid.; barley, inaltine. 3s. 3d. to'3s.' 9d.; bran and pollard, Is. ■ C. 0. AND D. CO. (By TeleEraoh-I'resa Association.) Naplor, Juno 9. The 0. C. and D. Company's London cable message states:—"The market is unchanged. Lamb has advanced Jd. Beef is ea-sicr, and values have declined. Today's prices:—Canterbury mutton, 3M.; Napier, Wellington, ant! North Island, 3id. Lamb—First Quality. 53d.; second. sjd. Beef-Hinds, 'id.; fores, 4Jd.