COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1171, 5 July 1911, Page 10

COMMERCIAL ITEMS.

INVESTMENT .SHAKES. A sale of Taranaki Petroleum at 17s. was the oi'ly transaction in investment .sharps recorded yesterday. The buying ana selling quotations were as under:— lluyer?. Sellcra. £ s. d. £ s. d Bank of Sew Zealand ... 12 1 0 ' - National Hank 6 10 - National Mortgage 3 10 0 3 11 0 Well. Trust and Loan ... - 712 0 Wellington Deposit •- "86 Chrhtchurch Gas .'...... 5 15 0 - Well. Gas (£10) - 39 5 0 Well. Gas (new) - 3 5 0 K.I!. Insurance 5 15.0. 516 0 Meat Export (£5) '6 5. 0 - Meat Export (£2s. 6d.) - 3 5 6 New Zealand Shipping ... - 11 15 0 Union Steam 213 .. - Well. Woollen (ont.l - 4 2 0 Well. Woollen (pref) 3 10 Westport Coal 19 0 19 6 Leylamt-o'Hrien 17 0 . — Manning and Co - 4 7 6 Miramar, Ltd - 0 2 S X.Z. Drug 2 9 5 2 9. 9 NX Paper Mills •- • 12 0 Taranaki Petroleum 0 16 0 Ward find Co. - 5 2 6 Well. Opera House - 710 0

DEFAULTING STATES. .' Some of the States in the American Union arc not above being guilty of sharp practices in connection with their bond issues or public debt arrangements. For instance, some officials of the State of Jlissir.sippi recently sold bonds to the amount of several hundred thousand dollars. When the first coupon fell due, default ensued in its payment some of t the State officers alleging that the bonds were illegally issued. When claim was made upon the State for the return of the moneys paid for the bonds purchased, the response thereto was to the effect that tho moneys received from the sale of the bonds had already becu expended. And these transactions were conducted with appropriate reticence in the months of October. November, and December last. In May, 1910, the States-of North Carolina and Mississippi, whose repudiated debts amount to some £2,0C0,C00, invited bids for new issues of bonds. Tho North Carolina, Bondholders' Committee at once lodged a. strong protest with the committee of tho New York Stock Exchange against listing the new North Carolina bonds, and a similar protest in respect of the proposed -Mississippi issje was submitted to that committee by Mr. E. L. Andrews on behalf of the Council of Foreign Bondholders. The'council also, at the same time issued in the press of this country a, notice to British investors, drawing attention to the fact that both these States were in default on account of previous obligations. In the ca.-c of Mississippi, the result was that the State failed to place any of tho new bonds. It was announced in a. dispatch from the capital dated Juno 6, 1910, that "Mississium had advertised far and near that she would open bids at -noon to-day for the sale of £120.000 4 per cent. 20-year bonds, but there was not a bid to open." In the case of North Carolina, investors outside the boundaries of tie Stat-e left the new issue severely alone. Tho. Government, however, b.v means of the pressure it was able to exercise over a large industrial company which was defendant in certain suits brought b.v the State, and b.v er.intins other corporate bodies extraordinary exemptions 'from taxation, eventually' succeeded in getting the bond.? taken up within its own borders. The State thus managed to secure the money it needed but the methods adopted to' obtain subscriptions to the new lonn nnpear to be more in keopin* with the Middle Ages than tho prcEent century.

Customs dutiei collected at the pr.rt of Wellington yesterday amounted to £8248 6s. lid. WELLINGTON GAS COMPANY. : DECISION TO'INCREASE CAPITAL. : The Wellington Ga6 Company lian decided to increase its capital, and an extraordinary genera! meeting, of shareholders b to bo hold early next month to deal with the following resolutions :- '. That the capital of the company be increased to', ttie amount of £550,000 bv tho creation. of 150.C00 new shares of .€1 "each, to be issued.m preferenco chares, aid that tee rights, privileges, and conditions fofbo attached to such' preference shares, that is to say:— ■ 1. Thijt the said.'preference shares 6hall confer on .the holders thereof the right to. receive out of tho profits of the company available for dividend, ,i fixed cumulative preferential dividend at the rate of live per centum per annlim oa the capital for the time, being, paid up. thereon, respectively.' but' to no.'further- share in tho profits of the company, and such dividend shall be paid as nearly may be halfyearly, on the 15th day of June, and the loth day-of-December in each year. >. 2. In the event of the winding-up of the company tho holders of the said,.pre'crence shares shall l:a entitled, in priority to. the ordinary shares, to have tho surplus assets of the company remaining after paying the debentures, debts, and liabilities' of tho company, and the cost of winding-up applied, the first place, in repaying to them the amount paid up on the preference shares held bv th-'m respectively, but shall not be entitled to .any further participation iu such surplus assets.

3. Tils said, preference shares shall only confer on the holders thereof the right to attend "and vote at general meetings or the company upon some or one di tho questions following, tint is to say: As to the reduction of capital as to the windingup of the company; where the proposition to be submitted to the meeting directly affects any of the rights or privileges attached to such, preference shares. 4. That an issue be made at -such time as the directors, in their discretion may -decide, of 75,000 of such sew preference eharcs.out of. the whole number of 150.0C0 preference shares authorised by this resolution, and that the holders of existing shares be entitled, in the first place, on making duo application therefor to take ■up. at par. three shares for each £10 share wholly or partly paid-up and held by them respectively this day.in the company. 5.- That the directors be authorised to sell any of the usiHotted preference shares remaining out. of s'uch 75.C00 shares, at par, to the employees of tin company, and after such applications are satisfied, to allot any unissued balance of the said first issue of 75,000 shares to any shareholders :who may tender therefor at or above par. or the directors may otherwise di-spo-c of same. In the circular letter to shareholders signed by the chairman, reasons ire given for the increase of the capital. The circular says;—"lt was pointed out to you in th'a chairman's speech .it the annual meeting held last February, that twelve months hence—on June 15, 1912—there falls duo for repayment in London, debentures to the extent of £50.000. . . In the circular issued '.-, shareholders in July, 1908, when tho last issue' of shares . was authorised, the board pointed out that the make of gas had increased :d much that new works would have to be built on land at .Miramar, which had been bought for that purpose, and that considerable; expenditure would be necessitated within a few years. "The make of gas for the year 1910 was 308,K2,C00 cubic feet, whteh shows an increase of over 18 per cent, in the three years 1907 to 1910, and, as the present, works are now employe'! to their full capacity, the board has placed orders for plant, and i? actively proceeding with tho installation of tho first section of the new work?. These works will have a. productive capacity of three-nuartcre of a million. cubic feet of- ga<; per diem, as compared with tho maximum output of the existing works, of, about ose aud one-eighth million cubic feet of ga-i per diem, and are estimated to cost £75.0C0, which sum will be required within tho next twelve months, in addition to the above-mentkmed sum of .850,000 to repay the debentures. The directors propose to continue making hi-mpnthly calls of s=. per shave on the old issue of shares, and of 10?. per share with' ss. per share premium ou tho last issue of shares, thereby causing both issues to become fully, paid in March. 191.3. Th« 6 calls, with the amounts standing at present to the credit of the company, and available for new works, will produce over £50,000, which sum, together with £75 000 now proposed to bo obtained from preference shares, will iind the funds necessary to pay off tlu! debentures, and to complete the present unit of the new works." TRADE IN ALLEN STJSEET. Oats—The market continue? firm. A Griirte fiartons, 2s. 75d.. and A Gra'dc Spnrrowbills, Zs. 7d. per bushel f.o.b. south. Baled Straw—Prime wheaten is quoted at £2 Uβ. to £3 per ton. Baled Hay.—Prime duality, £4 10s. per toll, with choice ruling at. £5 to .f's IS.-. Fowls' Wheat.—The demand continues good at 4s. to Js. Id. a bushel. Jluizo.—A fair businc-ii is passing at i.i. Id', to 3s. 4d. per bushel, ex utore. Urnn is slightly weaker, the current mmtation being £5 12s. Gd. per ton, ox store. Flour continiteci at £8 lCs. per ton f.o.b. south, less the'customary discounts, and milieu iiro still dithiclincd to make forward sales. '•' Hice meal i>3 ouoted at £5, and rice flour at £6 per ton. Potatoes.—Seed varieties range from £6 to £7 per ton prime table potatoes arc slightly easier al £4 17s. t<l. to £5 ss. per tun. Onions.—The market is fully supplied with New Zealand and Au-tralian-grown. Victorian onions arc worth £5 to £5 10s.. ami New Zealand .E4 to £4 10s. liiitler continue- in sbnrt supply: prime bulk m niioted at Is. Id. to Is. 2d. per Hi. Cheese is unchanged, and then: is a fair business doing. Marcnrinc U scllinc readily at 84<1- to 9d. per lb. for Australian manufacture. Ksrs.-A further thnrn decline has taken place, and fresh eggs are now quoted :it l=. sd. to U. 6d., with preserved at. Is. l>d. per dozen. "Bacon and ham-- arc unclmr.gcil. Sides, 1 Sd.j rolb, 63d,; and uanu, 9d, p;r lb,

Lard, in hulk, ia ouoted at Sd., and in llli. .pats :rt Bid. Poultry.—lleii'T. Z?. to '.i. nor pair: coM;crele, 3:-. to 55.; duclii, 4s. 6d. to 65.; turkey gobblers. 7ri. to Bd. hot !b., liveweight; hen.'.', 6d. to 7(1.

Vegetable?.—Cauliflowers were slifrhily easier during the week, with :alcs at 13s. to 15s. £d. pin , sack: cabbages are in good demand at 7s. to 11s. per sack for prime sample*; carrots are ruling at 4=. to 5-j.; parsnips at 3-. 6d. to 55.; swedes continue in plentiful supply, and sell at Is. 6d. per «wt.; pumpkins in wi'H-fillcd sucks are bringing '.s. to £?.: marrows are tcarco, and romimnd ss. t-o 6s.

Fruit.—The Maimfcn!' from Sydney,, is duo to-day with the r.-uiaJ weekly coiiFiquiifent of pineapple.-, nation fruit. orangeE, lemons, and ntaiid-ir:-ii.=. Transhipments es T:i!nne from, tho Cook l-j'.andi arrived yesterday, and i-cnsntivl mainly, of orange-.?, of which the market is ovorsivnplicd at the inomenl. Costing apples rontinuc in ilcniand. prime sreen reaHsini; ss. to 6s. 6d.: dess?rt choice coloured arc fetching 9.-. to 10s.: Stiirmcr*. of prime nuiilitv. 85. to Si.; sooci, 65.. to 7?. 6ri. South Australian lemons, 7s. to Bs.; New South Wales lemons, 6s. to 7?.

WHEAT AMD FLOUIt. By TeieEraDh-'l'ress Association—CosFrieht London, .Tulv 3. The wheat and flour afloat for tile United Kingdom totals 3,090,3 ouarters; for tho Continent, 2.400,000 quarters; Atlantic shipments, 98,000. The total shipments to Europe during the week amounted to 1.250.CC0 quarters, including 129.CC0 from Argentina'. 625.CC0 Hussian, 39.000 Danuhian, 174.CC0 from India, and 87.CC0 from Australasia. SILVER. Bar eilver is Quoted at 24 5-16 d. per ounce. CANTERBURY GRAIN MARKET. (By Telegraph—Press Association.) Christchurch, July 4. The local wheat market is exceptionally quiet, for, while there is a good inquiry for milling wheat, there is very little offering. Growers who still have grain on hand are holding firmly for their own prices, and arc asking from a penny to threepence mors than millers will give. About 3s. 3d. to 3s. 3*d., according to distance, is all that millers are prepared to pay. The market for wheat is purely within the Dominion, there being no export business doing, or likely to be done during the remainder of the season, as information from Homes shows that good crops are anticipated in the northern hemisphere, and they are now beisg harvested. Australia has exported this teason 39 million bushels, as against 37 million bushels, hut, having had abundant . crops in all the States, there is still a large surplus on hand. Oats and ch;.ff are. without change. Potatoes an easier, there being very little business doing, and some buverc axe now not offering more than 555. and 575. 6d. at country stations. No sales, however, have taken place at less than 60s. MINING NEWS. WELLINGTON SHAKE MARKET. Rcxons'.were very firm yesterday, and ealcs were made up to 2s. 4d. A. telegram to the local Exchange states:—"Splendid country in face of crosscut; cut big flow of water." New Sylvias eased to 35.. Ud. on heavy overselling or. the part of. Auckland punters, but, as the share:: :lr o being taken up by private speculators, the punters are ' likely to experience a "squeeze." Tho saU>3 recorded yesterday were as under:— May Queen, 2s. 6d. (second call); 2s. std. (third cMI). New Sylvia, 3s. 10d., 3s. lid., 3s. Ud. (third call). Saxon, 2*. 4d., 2s. &A. (second call). Tairua Mines, 2i., 2=. (seoond call). Wailii. 665. 9d. (third call). The buying and selling quotations wero as under:— ■ Buyers. Sellers. £ s. d. £s.d. Bremner's 0 0 3 — Con. Goldficlds 10 6 113 Kuranui Caledonian — 0 12 May Queen 0 2 5 0 2 7 Now Sylvia 0 311 ,040 Occidental 0 0 2 — Saxon :.: 0 2 3 0 2 5 Tairua Mines 0 2 0 0 2 1 Talisman , 2 9 0 2 9 6 Waihi- 3 6 6 3 6 9 Waihi Grand Junction ... 17 3 1 7 9 Waitan'c'i 0 2 8 - Waihi-Paeroa 0 12 0 — Workson Dredging 2 0 0 — TELEGRAMS RECEIVED. The Wellington Stock Exchange received the following telegrams yesterday:— Consolidated Goldfields. Progress: Crushed 3056 tons, yielding £1006; cyanided 2191) tons for £869; sulphurels produced £495; value oi smelter bullion, £943. Wealth of Nations: Crushed 2607 tons for 43910; cyanidod 1424 tons for £996; sulphurcts produced £180. Blackwa.ter: Crushed 42(18 tons, yielding bullion rallied at £7364; cyanided 2335 tons for £652; sulphurets produced an estimated value of .£386. , "New Big River. June return: 6780 i. melted gold, 723 tons crushed; cyanided 560z. bullion; total value about £2850. ' STOCK EXCHANGE. 'By Telegraph.—Pres3 Association.) Auckland, July 4. Business done on 'Change this morning:— May Queen, 2s. 7d., 2s. Ed. Moanataiari, sd. New Sylvia, 3s. lCd. Saxon, 2s. 4d. Waitangi, 2s. lCd. Watchman, 2s. 2d. Hauraki, 2s. 2d. Kapanga (con.), 6Jd. Kirikiri, <d. Handnworth, 2d. Tairna Mines. Is. lid. Tiiirna Golden Hills, lCd. Waihi, £3 7s. Auckland Gas, £3 lls. 6d. Wilson's Cement lord.), £1 19s. 3d., fA 19s. The following business was dons at the 3.15 p.m. call;— i May-Queen, 2s. 6d. New Sylvia, 3s. lid. Waiotahi, 3s. 21. Waitangi Consolidated, 2s. Hd., 3s. Kapanga, 6id. Tairua Golden Hills, 10d., lOid. Waihi, £3 7s. 6d. New Waitaia, 7d. Dunedln, July 4. Stock Exchange sales:— May Queen, 2s. sd. New Sylvia, os. lid. .Sales reported :— Waihi Grand. Junction, £1 Vs. 9d. May Queen, 2s. 6d. A sale reported ou tho Stock Exchange of Cauterbury was; Tarauaki Petroleum, 17s. MOUNT, MORGAN GOLDMINING CO. By Tclcsraoh—l'reas Asscicuiuion-Couyrlcai Brisbane, July 3. The annual report of the Mount Morgan mine contains the following figures:—lievenue, £5=3,292; expenditure, £709,316. Increase in value of stock, £43,317.

The report states that, tho Columbia colliery has been abandoned, and the (£3u2,C94) written off. During the year 339,854 tons of- ore. had been treated, producing 6973 tons of line copper and 142,4490z. of gold. Tho surplus of revenue was £193,975 and the amount brought forward £51,727. Three dividends of .Is. per share had been paid, and a.further ono of Is. was declared The amount carried forward was £6289.