COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1038, 30 January 1911, Page 8

COMMERCIAL ITEMS.

iNVESTMENTSIIARES. ' Sales of Wellington Woollen preference at 565., and N. 2. Consolidated at 235. 6d., were- -recorded-- on— Saturday-- Taramilu Petroleum shares were firmer,' with buyers "offering lis. 6d. Tho buying ctd sellprices wero as under:—

: LONDON • MONEY MAttKET. The reduction of the Bank of England rate of discount from 4£ per cent, to 4 per cent., whjch was effected last Thursday, has been a long-delayed operation', fg; last year the reduction enmo into force on January. 6. It. Is usual for money to become cheaper in London at this time of year, but whether tho bank rate will go to the low level • of some r-revious years is an open question. There is evidently some scarcity of money at the present time, for the. rate for t-h *rt.loans has advanced'ss.,. and.is now quoted at £3 lc-3. per cent, per annum, while a similar advanco has taken place with respect, to the open market discount rate, which . also stands at £3 15s. per cent. The Paris and Berlin rates are both lower than in London. How far the political outlook has nfTected the situation it is difficult to say, but no doubt it has had some influence. Gilt-edged securities do not fchow much variation, but Imperial Consols have declined ss. When the last mail left London there was a certain amount of activity in Consols, investors, regarding tho then ruling. price an being bcdrock. Consols im-. proved under thi3 stimulus, but Avith the 'decline now they go back to. about the price ruling some weeks ago. • • THE WAIHI MINE The circular issued by the responsible officials of the Waihi mine to tho sharc-v holders has caused a very natural sensation. Waihi shares were, a year or two ago, regarded as a good investment. The steady' expansion in the output, the steady inci'onGC of the dividends, and tho continued appreciation of . the shares caused a good many to take too optimistic a view of the company and its prospects. The prico of the shares was steadily advanced until they changed hands at about £11. Some months ago tho downward trend commenced, and when they dropped to £9 people thought they had reached bottom; but they were soon undeceived, and steadily they havo gone downwards, and the Quotations on Saturday in Auckland were buyers £3 195., sellers £4. • Waihi shares were held as an investment, and quite a number of people have their entire cavings in these sharesIf the • ore' reserves are likely to diminish tho directors arc justified in their new policy, although it means hardship to most of the shareholders, who are hit in two ways—first by the enormous depreciation of tho market vafao of the shares, and secondly by the reduction of the dividends, which, - according to the- circular, are to be limited to Bs. per share per annum instead of the 18s. last paid. The position of the Waihi is not merely au affair of the shareholders, it alfects Now Zealand as a whole. The Waihi was one of tho leading mines of the world for gold production; its shares were held far and wide—held in tens, hundreds, and I thousands, by small investors and those

.The 500,CC0 shares of ..the, Waihi were valued in tho market at £S,SCu,CCO about twelve or eighteen months ago, while today, tho aggregate value is not £2,000,000, and no ona can cay whether tho shares have reached their lowest point. .'Jtye confidence of .the public has bcou rudely disturbed, and there ia just the danger that pessimistic views and sentiments will send the shares lower than they should go, and there 'is no doubt that the entire mining market will be affected. What is wanted now is a little judgment, a little sanity, to prevent the wrecking of mining ventures, many of which give every indication of being profitable. A COLONISING SCHEME. Tho Midland Railway Company of Western Australia is promoting a colonising scheme, with the object of attracting the best class of British settlers-to its properties in that State. Tho company holds largo areas of land along the route of the Midland railway, and it intends, as a-beginning, to divide 30,000 acres of selected land into farms of aoproximately 300 acres each. The block will bo fenced, and ICO acres cleared, ploughed, and prepared generally for seed. An adequate water supply is provided for the settlers, aswell as a three to five-roDincd houi?e and outbuildings. Tho terms of purchase are 10 per cent, cash, and the balance spread over 20 years, payable in equal instalments, and bearing interest at the prate of 5i per. cent. Should this experiment prove successful then additional areas will be subdivided. Tho directors aunounce that this project of theirs, has-already resulted in .a. very large number of applications for farms having been received by them. Daring the. 12 months ended June 30 last the.-company.'disposed of .over 140,C00 acres for £101,101. It had owing to it on that date as instalments of purchase money tho sum of £311,193, and it-stiU had iu-its possession 1.922,850 acres. Since these figure* were made up an addition.il aTea of 76,366 acres hap been sold for £47,711. Traffic receipts of the company's Midland railway for the year amounted io £117,772, and expenses to £66,669, leivincj net receipts at £51,103, against £42.891 for the preceding 12 months. Shareholders of the company recently assented to a scheme of rearrangement, which involved tho reduction of tho company's, canital. tho _cancellation of the uncalled liability-- of £5 nor share, and the creation of £600,000 of 4 per ccn f - firrt morlsapr* debenture stock to pay off debentures and debenture stock issues. CUSTOMS. The' Cu-toms revenue collected at the port of Wellington on Saturday totalled £1734 2*. 3d., thoamount for tho week being £25.245 17s. 9d. Compared with tho corresponding neriods of tho previous year, the receipts for the past four weeks show as UnflCF T 1931. 1910. . £ £ 'January 7 8,143 10,599 January 14 24,024 January 21 9/39 7/65 January 20 v . 25,246 20,^6 £65,852 £56,099 The beer duty for the week totalled £212 165., as compared with £376 7s. 6d. in the corresponding weok of las.t year.

FEILDING MAEKET REPORT. Messrs. A. 11. Atkinson and' Co.. Ltd., report on Friday's sale that all poultry pens were full, and a, medium yarding of pigs, which cold at prices showing: no imprpvement in value.. For good well-grown stores best, valuo is made, anything else meeting very little competition, on Friday. In poultry well-grown cockerels mot with a ready sale: young turkeys are wanted. Large consignments of plums were marketed, chiefly Burbankn. and values aro easier than those lately ruling. Tomatow and peaches are s&arco and wanted. Larlydug potatoes are in full supply and market easier. Wo ruote:-Stores, 9s„ 136. 6d„. 14s. to 18c.\ 6d.; light porkers. 18s., 135., Ms., to 245.; hacks, £2 10s. to £5 10s. Poultry (per pair): Cockerel, 2s. 3d.. 2s. 9d„ 3s„ 3s. 3d.; hens, 2s. 6d., 35., 3?. 3d., to 2s. 6d.- chicks, Bd.: ducks, 2s. od., 2s. 9d., 3s. 3d., '3s. 6d.. 35.. 9d.; ducklings. Is.; geese. 55.; turkey hens". 10s.; potatoes; 2s.' to 4s ewt.; apples. 4s. 3d. cose: iplums. Is. 3d., 2s. 3d., to 2s.- 6(1. to 45.; cabbage 3, 2s. od. sack. LONDON WOOL SALES. Hy Telegraph—Press Association— Copyright - . ' London, Jaunary 27. ' At tho wool sales prices for rrossbreds are unchanged. There is a spirited sale for merinos, buyers for the Continent and for tho Home trade bidding freely... (Roc. January 30, 0.40 a.m.) . . London, January 29. At the wool Rales GG.335 boles were catalogued ar.d 50,217 sold.' It was an excellent rale. America is operating move freely in crossbreds, and the Continent prominently in merinos. ■ Tho New Zealand Loan and Mercantile Ar-ency- Company. Limited/ have received tho following cablegram from their .London liouso under date January. 27:-.wool: Market ■ generally better, witli increasing American demand. Since close of last tales prices are lower about par to 5 per cent 1 , for medium greasy merino, coar=e scourod crossbred, medium greasy crossbred, medium scoured crossbred, and fine greasy crossbred; r.bout 5 per cent, lower for inferior greasy merino and' scoured merino; and unchanged for lambs, greasy merino , super, coarse greasy crossbred, crossbred slipe, and fine scoured crossbred. SILTED. Ry Teiegraph—Press Association--Copyright. • \ London. Jaunary 27. Bar silver is quoted at 23 7-lSd. per ounce standard. , • LONDON MARKETS. By Telegraph—Press Association-Copyright.' (Bee. January 29, 5.5 p.m.) London, January 28. Copra-The market is flat. South Sea, in baes, £23 10s. per ton. ■ - llemp is dull. January-March shipment is ouoted at. £19 15s. per ton, o.i.f. London. Rubber — Fine, hard Para rubber, ss. sd. P CoHon.—Tho Liverpool quotation for middling American upland cotton is V.Bltl. per lb. ■ THE METAL MARKETS. (By Telegraph-Press Association Copyright)

. (Kec. January 2!). 5.5 p.m.) London, January 28. Conner—On -spot. £54 lis. 3d.; three months', £55 7s. 6d.; electrolytic, £57 ss. Tin —On spot, nTicl for three months delivery are quoted at £198. The market is excited and -there is brisk buying by syndicate brokers.

Buyers Sellers. •/' h8.(1 ' £s.d Bank N.Z. ... - 1015 0 "Wellington Investment ... •; — 0 il 6 Wellington Trust ar.d Loan-' — 8 0 (I Meat Export (52s. 6d.) *7 ;. 3 • 2-0 JCaiapoi Woollen ............. 5. 0 0 , — Well. Woollen (ord.)- - 3 15 0 3 16 6 D.I.O., prcfcrcnco — 15 3 Leylanrt-O'Brien — 1 7 6 Manning and Co. • 4 10 0 Miraroar, Ltd — '0 2 6 N.Z. Con. Dental 1 2 6 1 3 6. N.55. Drug •; 2 . 9 0 2 10 0 Sharland's ordinary 119 — 1 Sharlanrt's preference .... 119 . I Taranaki Petroleum. Oil 6 — I Ward and Co.. — 5 i\ 0.