COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1168, 1 July 1911, Page 8

COMMERCIAL ITEMS.

INVKSTJIENT SHAKES. Sa.los of National Bank.at £6 Is. 6d. and •£6 Is. 9d.. Oisboruc (las at £3 2s. 6d., ami Ward and O. at. £5 3s. 6d; were recorded yesterday. The' buying and celling quotations were as under:— Buyer?. Sellers £.s. d. £ s.d National' Hank 6 10 6 2.0 National Mortgage 3 10. 0 —.-. N.Z. and Hirer Tlate 2 16 — Well. Trust and Loan '.... - 7 15 0 Well. Deposit, - 0 8 6 National Insurance 1 !5 0 — ■ S.IS. Insurance 3 12 0 - ChrisU'hurch Meat — .16 10 Meat Kxport (£5) 6 5 0. — Meat Kxport (52c-. 6d.) — 3 5 6 N.Z. Shipping .' 11 12 6 . 11 15 0 Union Steam ......; -21 0 — . Well. Woollen (pref.) • 3 1 U '- ■ Wcstport Coal .' 19 0 19 6 Wcstporl-Stockton <- 0 3 0 Kauri Timber (155.) 0 16 3 0 16 9 Lcylaud-O'Brien I 7 U * - N.Z. Drug 1 2 9 3 2 9 6 Taringamutu Totara, — 2 10 0 Well. Opera House - 715 0 ■ The course of sales during the past month was a-? under:— National Rank. £6 Is. 6d., £6 Is. 6d., £6 Is. ti., £6 Is. 9d. Metropolitan. Building, £12 12s. 6tl. (■Wellington -Investment, Us. 6d.. lis. 9d. Wellington Trust and Loan, £7 13s. 6d., Gisiiorac Gae, £3 Is. 6d., £3 Is. 6d., £3 2s. ■ £d. . Christduirch Meat, £15 ss. Gear Meat (£4), £13 6s. Meat, Kxport (£4l, £6 ss. Meat Export. (525. 6d.), £3 ss. Wellington Woollen, ordinary, £4 Is. 64. Wcstport Coal, 295. 6d., 295. 6d.. 295. 6d., 29a. 3d., 295. 3d., 295. 3d., 295. 3d., 295. 6d. D.I.C. preference. 235.. 235. Kauri Timber (155.), 16s. 7d. N.Z. Drug. 495. 3d. Saarland's ordinary, 245. Taranaki Petroleum. 153.. 175.. 17s. 3d., 15s. £d„ 175., 16s. 6d„ 17fi.. 17s. 3d., 17s. Ward and Co.. £5 3s. 6d. Wilson's Portland Cement, 395. 6d. AUSTRALASIAN GOLD OUTPUT.. . The gold yield of Australia and New Zealand for tho first five months of the current year totals 1.191,010 fine oz., as compared with 1,305,1180z. in 1910, and 1,3'6,459 oz. during the corresponding period of 19C9.' The'figures are as under:-

1,305,118 1,191,010 The figures show that, the output is'gradually slipping back, ovine to the smaller returns from the old-established fields and tho absence of discoveries. As the result of the shrinkage Australasia, now occupies the third nlace in the list of the goldrroduccrs of the world. An estimate' by '»ii '"Sf-ti.s'j" (London) represents the world s yield of cold for 1910 as bavins' a. value of £93,355,863, against £92,850,496 in 19C9. # Ox that, output the figures for the British Empire, the United States, and Mexico, artd for a number of the minor producers are compiled from- official returns. As these represent the bulk of I the yield, the .estimate can be taken as fairlv accurate.- Africa to-day is the largest' pro- ««.!!* i ll - 0 l>"' <;i ' , «s metal, tho figures £820,(60 for the year. The United States is second with an.output valued at £19.211,043,, against £19.934,680 in 1909. and Austn--1.1=17. Tnll rwa ~.-it}i -Cl 3 Jl2 2n5 -^-lin'-f £14 556,568 in 1909. With the' exception of South Africa.' the figures of the different countries either show a very slight "n----moe f Shr r nkaSC for tVe "e cancc Somc ' cconomio signifl- ' THE A.M.P. KOCIETT. .Yesterday, the members of tho Aiistr.-.lian. Mutual' Provident - Society throughout. the Commonwealth of Australia, and the Dominion of New Zealand received tho bonus certificate lor tho year ending December 31, 1910. The «;i l £ n S , urpl , u - s , availal » !o for distribution is £839,602, which sum will provide revcrsion- ? ry « a iS!!iV« on ?. l ? tho Po'icics amounting to £1.500,000. Such a result speaks volumes for the careful and economical management of this great institution, tho name of winch has now become a household word throughout the. Commonwealth and tho Dominion. Tho issue of tl-.e bonus certificate is -coincident with tha.sfortieth' anniversary of the establishment of the Now Zealand branch of the society, and the success that has been achieved in the Dominion nan only bo described as phenomenal. On July 1. 1871, when the branch was established, the total policies on the books were 1045. assuring £496.790, and there wcro at December 31 last <0,<38 policies in force on the branch books, assuring £11234.969, which, with bonus additions of £2,ff14,113, makes a total .assurance of £13,640GB2, eo.ual to nearly £14 ncr head of the total population of the Dominion.

NOTES. , The Tata Iron and Steel Company's blast furnaces and rollinq milln at Kalimati when completed will stand unrivalled throughout India. The' first blast.furnaco will yield pig-iron soon after the rains, steel will be produced in December, and tho whole works will he in full swine; in the MaTch ouartcr of 1912.

.The. report of the Scottish Union and National Insurance Company for 1910 y^/.0" 13 ' the . flro Premiums reached £688.618. on which there was a surplus including interest, of £87,712. There were also life, annuity, accident, and emnlovers' liability insurance accounts, and tlio total assets were increased to £6,428.613 The c f .°,^l?? s '' s , l '' c ' lcral reserve fund stood at £300.000, and there was a balance of profit and loss-of £219.261.

Customs ■ duties collected at the. port of 91. 9d! B y° sterd ay amounted to ■ £2078

BANK OF ENGLAND RETURN. By Telegraph-Press Association-Copyricht (Kec. June 30, 11.5 p.m.) . London, June 29.- ■ .'The Bank of England return issued for week ending /Wednesday,, June 28, is as under:— ■..':. '' ' I*soe DnpAnnrEXT Not> lisua... W.SoO.COB Gov.dobli ... a1.015.0M Other securi- ■. _il°3 ••• ' 7,«1,00,i ■.' ■■ GoU ..» 20.311.000 £47,860,000. i17,860,C0a 'BaxETXG DEPAimtES-r. Fropriolors' Govt, secuvicapital £11,533,000 ties £14 071011 Public da- Other securiolbefde: •" a ™ m . "9S SCKS.OOO p&iits ... 17.235.000 Xote3 ... 18,1-m COO Rest, 7-day • Jo ' 1 - J '™' ■ md other ■ Wis- ... -3.183J00 Coin 11,057.00Q £50.753.00 a £50.753,C00 The leading items of the Bank of Emr-landj-eturn afford the following compari-

GOVERNMENT SECURITIES. The following are the. latest Quotation) for. Government Eecuntiea. with a comparison or thosa ruling last wcek:-

BANK KATES OF DISCOUNT. The Hank of England rata was reduced on June 9 from '1 to 3 per cent.; on sjeptember 29 it was advanced to <\ per cent and-on October 20 to 5 per cent. On Dc' cciubcr 1 it was lowered to « per cent on January 27 to 4 per cent., and on February 16 to 3i per cent, and on March 9 to 3 per cent. The Dank of Franco rate was reduced from 3J to 3 per cent, on January 23, 19C8 and remains at the latter figure. The Imperial Rank of Germanv on January 21. 1909, lowered its rate from 5 to 41 per cent., and on February ID to 4 per cent. But oil September 26 it was raided to 5 per cent., on February 6 it was reduced to 41 per cent., and on February 1? to 4 per cent. }

MARKET" KATES OF DISCOUNT. The following are .tho market rates for best three months' hill.-:-Lonilon Paris Berlin rate. rate. rate.

J Short'loans are quoted at '2j per cent an against 1J per cent, last week, and 3} per cent, last year. COLONIAL AND OTHER PRODUCE. ' Whcat.-The markets are dull and inactive; distant cargoes arc neglected, and the only inquiry is for near cargoes. The weather-in Europe is generally favourable to the crops, and the harvest in some countries is likely to commence in three weeks. A-cargo of Australian sold at 335. 6d.; 335. is asked for South Australian April and June shipment, 355. 7Jd. for New South Hales May shipment; 355. 9d. to 335. have been paid for parcels afloat. May-June shipment. There is poor inquiry for Australian on spot at about 365.; New Zealand. 355. to 35c=. 6d. Flour meets with a disappointing demand; 235. is asked for Australian patent on passage. Oats are steady with a small demand; Cartons, 21s. to 225. : Sparrowbills. 2Cs. 6d. ?lata Juls - AußllEt ■*»«- Butter.-Thc market is firm with a good demand for all sorts at unchanged prices. . The northern markets arc hardening owing to the Hull strike preventing the discharge of (00 tons of Danish and" Siberian wheat. There has been a fair rainfall, out more is required for pastures. Chccsc.-Thc market is firm. New Zealand is quoted £60 and £61. <o§ UB . ar ',„!? erman ' 1M - to lld - first marks, 12d. to ICd. Bradford Tops.-The market is quiet and unchanged. METALS. Copper.-On the spot, £56 16s. 3d.; three months, £57 7s. 6d. Tin.—Forward. £190 s*. Spelter.-£24 12s. 6d. " Iron.—£2 6s. <d. TALLOW SALES. Bj Tclesrapb-Prsss Assrci^ioa-Cojiyrlßht ~,,.„ , Undcn, June 29. At the tallow sales 1521 casks wero offer. cd, and 736 sold. Prices were unchanged. SILVER. ... By Telegraph-Press Association-CoDyrfeh! „., . ■ , London, June 29., Silver is quoted at 24 5-15 d. per ounce. PETROLEUM- CONCESSIONS. (By Telegraph.-Press Association.) ■ ' ' Cisborne, Juno 30. The judgment of Mr. Justice Chapman was delivered in the Supreme Court today , ln . th -e case William Knox Chambers v. William Lisant Clayton, George Hutchison, ifiid-the-East Coast Petroleum Com.pany, heard at last sittings of the Court. The judgment was for plaintiff, with costs as on an action for £1000, his Honour holding that the trust agreement made in 19C6 by the parties to the action that they should combine to acquire petroleum concessions with the object of selling such concessions to a larger company in London had not been sat aside. CANTERBURY GRAIN MARKET. , (By Telceraph.-Press Association.! m , . Christchurcli, June 30. There !3 little change in the wheat market, though there m mire inquiry than there has been of late. Offerings arc somewhat scarce, however, and holders aro asking 03. 4d. at country stations, which buyers aro not prepared to give. A line has been purchased at Js. 3Jd. at a country station equal to 3s. 6d. f.o.b. There lias been some business passing between marchants on this basis. Owing to the S CU }L 0 /-.° !lt t in Canterbury, considerable quantities have been received at Tiinaru from Southland.- Locally there are very few on oiler. Chair remains at the nominal price of 85s. on trucks, but a little more has been given to fill immediate ie quiremonts during the recent wet weatheihe potato market is quiet, and salds fo'r shipment- are difficult to effect i , Von", quence of the lower rates ruling in Tima'ru and Oamaru. Most buyers are not offering more than, ,605., though a few grove™ are willing to accept this price to r,H orders in hand for forward delivery. However, 655. and 7fe. at: country stations has ™ B'™ 'luring the current season Some 243 7(9.sacks, or about threoquar er, of a million bushels of wheat, have been shipped from New Zealand. The shipment $r& CilS o?S°! 1, i tc,l f l 0 ,5 ' K0 saeks ' "f which ! Lyttelton ° partritl S e Peas from PAPAKOA COAL COMPANY. " ANNUAL MEETING. RomL annU T a L mDOtins . o! the PaparoaCoal Company, Ltd., was held at the Chamber of Commerce yesterday. Mr. H. P Nee; director, presided, and, in moving the adoption ol the report and balance-sheet, referred to. the. two brief etrikes that occurred during the year and other matters. H e W ent on to state: "The local market for coal has been considerably- upset by the huge importations of Newcastlo coal. These importations were largely due to. persistent rumours that .all the miners were going to strike about the end of 1910, so manv bi» uscra took precautions ...and got in "largo stocks.. For-the thirty-three weeks ending Juno 16,1911, no fewer than 187.M0 tons of New-castle coal were exported to New Zealand ports, while during the same period tho coal shipped .at Grevmouth amounted to 240,000 tons. There is natu" ally very strong ' opposition to be' faced m getting the coal, properly on the m::riccvbiu there is no doubt that a stronger hnancia position, and the improvement in the coal indicated, above, will help matters considerably in this direction Acting on. the suggestion of certain largo shareholders the board deemed it advisable to endeavour to raise further capital in the English, market, and the chairman of directors, Mr. J. .p. Maxwell accordingly left for England and arrived in London on June 20.' It is hoped that he will bo successful in raising a sufficient amount t o provide for stdrago hulks and ample working capital. It will greatly facilitate his mission if holders of debentures will agree to accept the new issue in lieu, of their present holdings, as they have already been requested to do by circulars, -and I am pleased to announce that holders of £16,400 have agreed to this course.

A word in explanation is necessary with-reference -to the auditors' report as printed on the balance-sheet. Owin" to the;, very great' and unforeseen difficulties which the company has met with, the development work has been more costly aud extensive than' was anticipated, and it has been a von' difficult thing, to decide howto. treat tho expenditure in the accounts. The debateable point is when the development work necessary for opening the mine really stopped and working operations commenced in earnest.

"During' the year Messrs. Duncrvn and Johnston resigned from the directorate and Messrs. T. S. Weston and Dr. Knight wcro appointed in their stead. For the last year the. directors drew only half the fees voted, and they purpose drawing no further fees until the company's finances are in a better position."

The motion wis seconded by Mr. W. Barton and parried unanimously. Tl>.!> retiring directors were rr-elccted unanimously. Messrs. Watkins. Hul. 1 , and YA heeler were reappointed auditors.

1910. 1911. . Fineo*. Fine 07,. Victoria 239.258 204.EIS7 N.S. • Wales ..; 75,310 Queensland 176.3C-2 150.62.1 W. Australia, 6GS.«0 555.J71 S. Australia 3.1C0 5.CN) Tasmania 18.K0 15.0CO Commonwealth ' 1,120.730 1,006,171 New Zealand 184,383 184,839

Thiswook Lastweok. Lastyoir Bullion ... ... 2!),311,0M 38.6-10,000 J1.2M000 Reserve ... ... sa.4SG.UUU .2D.3I0.IM) 32,140.000 J>ote circulation •3.1.431.00J 2O.0Oli.0OO "Sti'rzoou Public Deposits IS.P07.0OJ 11,700,000 "J.riSi'ooo OtlierDoposits ■ 47.235.0OJ U,06a.0OJ 50.461 000 Proportion of reserve to . ' ..' liabilities .... 4g,7i 51 jj -j

Variations •" coinpaiod ■ . Prica. . with -,—: ; last week. -£ v. A. ' ' 2J% Imperial Consols 79 10 a 5o i owm . i •„N.S.W.1033Jan.-JuIy 101 0 0 Unchanged 31 „N.S.W.101s.Uar.-Sop. 03 10 0 in" liMw 3 ,.N.S.\V.W35Apl..0ct. SMO 0 Uncl,ui«l i Vic. 1020 Jan..July 10110 0 UncScj 31 „ Vic. 1021-fi Jan. July 07 10 0 Und aS I ..ViclOiO-lOJan.-Jhly 84 10 0 Unci So] 31 S.A.191GJan.-July J Od (. 0 w.h"S 3 ..S.A.lOlliJan.-July 8110 0 u„ cl "need 4 ..O'l'dlOlMl.Tan.-JuIy 102 0 0 u\ clSd , "Vv wmX "I? 1 ' 11 * ? ° " UncllttliBcil »j"vf o,w rai '"V°, v ' '?,' ° U Unchanged i N./5. Wl..Apnl-Oct. BS 10 0 Unchanged A ', 1^ Mtt >>Nov 1610 0 Unch.necd ■} "t as '£ i , 0 fi i "- July CG ° ° Unchanged J „las.lV3J-10Jau.-July 8i 10 u Unchanged

percent, percent, percent. This week :.. 2 5-16 .2>, p, I.:i?t reel; z\ fi Last yenr ' 21-16 2| 5i