COMMERCIAL, ITEMS.

Dominion, Volume 4, Issue 1173, 7 July 1911, Page 8

COMMERCIAL, ITEMS.

INVESTMENT SHAKES. of invcst.mdit, shares rcm\'d-<l yesterday were: National Uauk:--, Si l.v. f-fi.: Equitabb Building, £9 15.-.; and South liritish Insurance at 75a. The buying antl selling quotations were an under:— Buyers. Sellcra £ s. d. £ s. d National Mortgage 3 10' 0 3 11 0 Christchurch Gas ' 15 ft N.II. Insurance 311 6 — Meat Export (52e. 6d.) - 3 5 6 I'nion Steaia 2 19 — Well. Woollen (ord.) — 4 16 Well. Woollen (prcf) 3 10 — Taupiri Coal 119 — Westport Coal 19 0 — Leyiand-O'lirien 17 0 — Jianning and Co — 4 7 6 N./,. Drue 2 9 3 N.Z. Paper Mi!!: - 12 0 Tarnnalii Petroleum 0 16 0 0 17 3 Ward and Co 6 7 0 — CAPITAL IPSUEb. According to the figures compiled.by the "Economist." (London), the :101V capital applications for the first ha'.f •->! the current year total £137,268.JC0, which is considerably less than .in the corresponding period of 1910. The totals for tho tirst. six months of each of tho past eight years', compared with the ligures for tho past half-year, show as under:— Half-year. £ Hll 137,268, m 1910 191,9:3,<93 1939 130,M6,610 1908 121,510,9-9 1937 94,780,563 19C6 89,633,(93 1935 117,142,945 1904 78.111,681 19J3 87,530,022 in explaining the large foreign investments now being made by Great Dritain. Sir Edgar Speyer, in a. paper read before the Liberal Colonial Club on May 24 last, said that the so-called flight of capital was nothing more than a flight of imagination. "There was no doubt that the large investments of 1910 were due to the rapid incroaso in tho we a! Mi ol Great Britain, and that the large proportion of foreign investments was due to economic necessity. In the period from 1594 to 1924 Great Britain had spent a great deal of mosjy in unproductive purposes, and did not provide capital needed to increase the world's supply o£ food and raw materials. The consennence was that tho supplies of the.=e essentials became relatively deficient in proportion to the increasing demand. This was the reason why an unusually large investment of capital was needed to restore the balance." NORWICH UNION FIRE INSURANCE. Tho report of tho Norwich Union Fire Insurance Society, Ltd., for tho year ended December 31, 1910, states that the fire account shows that after deduction of reinsurances the net premiums amounted to £1,087,816, and the net losses paid and outstanding to £550,311. After charging agents' commission and all expanses of management and carrying £34,596, portion of profit, to profit and loss, tho balance in this account is .£1,043.949. The accident account shows the net premiums for the year at £313,<56, and the claims paid at £150,E». After charging agents' commission and all expensss of management and carrying £13,110 to profit ami loss, the balance in this account, consisting of premium reserve and provision for outstanding claims, is £251,708. . The profit and lass account shows a balance of £62.150, out of which an interim dividend of 12s. per share, less income tax, was paid in January last, and the directors rcc-ommcnd that a further dividend of 18s. per share, less incomc tax, be paid on June 8 next, mailing 3Cs. Ncr share for the year 1910. Tho assets of the society amount to £2,206 114, as compared with £2,059,506 for the previous year. THE AMERICAN SITUATION. .. The late cablegram from New York states that tho whole of the stock market is weak.. Many issues show a This, of course, shows the state of affairs on the New York Stock Exchange, and indicates that there is trouble ahead. According. to latest. nail advices, tho usually optimistic Americans were very pessimistic as regards the' outlook this pessimism being based on the continued disappointment in tho returns from general trade. Some of tho large financiers bclicvo that tho after-panic liquidation has not been completed, and that, before n, fresh forward start can be made, land prices and wage scales must conie into line with tho rest. In 1908, when the depression following tlie financial collapse of the previous year was at its worst. "Prosperity Leagues" and "Sunshine Societies" were formed, and tho people did. in fact, make up their minds that booms could bo built un on the basis solely of sentiment and imagination. If the jMsition becomes worse, the Americans will withdraw tho large credits that they hold in London, and that will load to a stiffening of tho money markets. MES3AGEEIES MABITIMES. The gross earnings of the Comnacnie des ■\[ e ,tncrcries Maritimes !-ist. year amounted to 65.895,700f., being 3,693.0CCf. greater than in 1909. The general expenses wero, howover, also hoivier, and the net. profit 3 amount to 9.356.131f.. against 9,27i.j23i. After the writing o/F of S,CCn.goM.. and addition mado to the various funds, a. balance of 265,6E0f. is carried forward. Customs duties collected at tho nort «f Well!'""ton yesterday amounted to £2141 15s. 2d. TALLOW SALES. By Telezraph—l'rcss Associatlor-Convriehl London, July 5. At th» tallow sales 1500 casks wore offered, and 833 sol'l. Mutton, fine. 3Ss. per cwt. modium, 325. 6d. Beef, fine, 33-3.: medium, 335. PRICE OF SILVER. By Tdlceraah—Press Association-Copyright London, July 5. Bar silver is Quoted at 24 7-16 d. per ounce. LONDON WHEAT MARKET, By Telegrach—l'ress Association-Copyright (Rec. July 6, 9.20 p.m.) •London, July 6. ■ Wheat—An Australian cargo has been eold at 345. ANTWERP WOOL SALES. By TdcgraDh-PrcssAssociation-CoDrrichl (Rcc. July 6, 9.20 p.m.) London, July 6. .The Antwerp wool sales havo opened with a. good representative attendance, but tho bidding has disappointed holders, prices receding five centjiuos on merinos and up to fifteen centimes on crossbreds. A total' of 2301 bales of La Plata was offered, and 619 balss sold. MELBOURNE HIDES MARKET. By Telegraph—l'rcss Association—Copyright (Rec. July 6, 11.20 p.m.) Melbourne, July 6. Hides were in good supply at the sales today, and tho market, was fairly active at la to rates. AUSTRALIAN PRODUCE MARKETS. • By Telegraph—Press Association—Copyright (Rc-c. July 6, 11.2 p.m. . Sydney, July 6i Wheat is steady at 2s. 3d. to 3s. 4d. Flour, city, £8 10s.; country, £8 ss. Peas, Tasmaniah blue, 6s. to 6s. 6d.; grey, 3s. 6d. to 3s. 9d. Barley, Victorian Cape, 2s. 6d. to 2s. Bd.; English, 2s. 4d. to 2s. 6d. Maize, 9d. to 2s. lOd. Oats, Tasmani'in Sparrowbills, "3. 10d.; Giants, 2s. lid.; Algerian milling. 2s. 7d.; feeding, from 2s. 3d.: seed. 2s. 7d. Bran and pollard, ■ £5. Onions, Victorian, £3 10s. Potatoes, Tasmanian redskins, £8 10s.; Victorian, £7 to £8. Butter, 1295. Bacon, 6d. Cheese, 6d. to 6jd. Melbourne, July 6. Chaff is in moderate supply, frith good demand; oaten dumped is quoted at 70s. to 755... according to quality: pressed, covered, 755. to 80s. Whoat. 3s. sd. Flour. £8. Oats. Algcrinn milling, 2s. 2>d.; feeding. • Is. 9d. to 2s. CJd. Barley, malti::g chevalier, bs. to ss. 3d.: Cape, nriir-c, 2s. 6d.: feeding. Is. Bd. Maize. 2s. sid. Bran and pollard. £5. Onions, £1 15s. Potatoes. £5 to £5 ss. Adelaide, July 6. Whoat., J?. sd. Flour, £8 to £8 ss. Bran and pollard, 12Sd. Oats. Algerian, 325. 3id. LONDON MARKETS. Tho Now Zealand Loan and Mercantile Agency Co., Ltd., havo received ilie following cablegram from their London house, under dale June s:—Wheat: We have sold a New Zealand parcel at 325. 9d. c.i.f. The market is firm, but inactive. Crop reports are unfavourable, and market prospects very uncertain owing to strike. Tho, .market. prospeots in Russia arc not likely to improve at present. MINING NEWS. WELLINGTON SHARE MARKET. New Svlfias were in demand yesterday, and the strong demand forccd tho shares up to 3s. lOd. at midday, and were unprocurable at. that price in the afternoon. Tairua. Mines were firmer. Very littlo business was (lone, the sales recorded being as under: - May Queen, 2s. 6Vd. 'second call). New Svlvia, 3s. 9d., 3s. lCcl. Second call). Occidental, 3Jd. (sccond call). . Tairua Mines, 2s. lid. (third call),,

Tbc buying and sciliuc r/uotntion* as under:— liuycr?. Sellers. s: s. d. £ s.d. fibckwa.tcr 13 0 19 6 Hrenuu'i'V 0 0 3 Con. G old field.; 100 106 Kurnnui Ciledoninn — 0 12 Mnv Oueou 0 2 0 C 8 New fVylvia 0 5 10 0 4 C Occidental 0 0 3 Saxon 0 2 5 0 2 4 Tnima Mines 0 2 1 0 2 2 Tn!i? man 2 9 3 2 0 6 Waihi 3 6 9 3 7 0 Wailii Cirand Junction ... 1 7 6 17 9 Wnihi-l'aeroa 0 12 0 — Waitansji 0 2 9 0 3 0 Mystery Flat — 0 8 6 STOCK EXCHANGE. (By • Telegraph.—rress Association.! AucMantf, July 6. Eusinecs done to-day:—Kurnnui Caledonian, Is. 2d.; May Queen, 7d.; Moanatair:-, 6d.; Magnet. 2J(i ; Sylvia, 3s, fid., 3s. 9d.; Jlaoriland, £d.; Tairun Golden Hills, 10**1., lfijd.; Tairun Mines, 2s. Id.; "Waihi, 675.: Grand Junction, 21?. 9d.; Northern Coal, lis. 6d.; Mark's Turbine, 7s. The following business was done at the 3.15 p.m. call to-day:— May Queen, ?.s. 7d. Nc.v Sylvia. 3i. ICd. Victoria, Hid. liendigo, sd. Tairua Golden Hills, ICd.. V."aihi, i' 3 7s. 9d. U'aihi Grand Junction. £1 7s. 6d. Kauri Timber (can.). 16s. 4d. Auckland Tram (ord.), £1 ss. 3d. N.Z. Paper Mills, £1 Is. 6d. Tonson, Garlick, £1. Cfirfstchurch, July 6. Sales report-ed on the Stock Exchange of Canterbury were:— National Bank of New Zealand, £6 Is. 9d. Permanent Investment, Canterbury, £10. N.Z. Farmers' Co-operative. £2 12s. Dunedin, July 6. Dunedin Stock Exchange sales reported :— New Sylvia, 4s. N.Z. Insurance, 495. 6d. ■Waihi, £3 7s. 3d., Is. 7d. May Queen, 2s. 7d. Waihi Grand Junction, £1 7s. 6d. WAIHI COMPANY. ' The report to be is-sued by the Wellington committee o? the Waihi shareholders is as follows:—"The has to re- ; port that on appointment immediately : took activo sk'ps to circularise shareholders and vigorously enter up a cam- j paiffu to carry out the wishes of tho meeting which appointed it. It is pleased to state that no fewer that 6CO shareholders sent in their proxi-es, J-ome shares. This fact di:>clqS>2d tbu existence of strons Jeclins against tho present management. Owinc to a regrettable misconcoption of tho purport of a motion to remove the registered office of tho company to New Zealand, but not tlie beard, in order to savo the Now Zealand shareholders from p-ayinc double income tax—an injustice which they now suffer from —the nommitteo did not tret that supoori in'Encrlnnd which their efforts should have obtained. Readers o? thf annual rcDort will see what prominence was given by the board to this. However, Mr. A. E. G. Rhodes, or.e of Hie proxy-holders, was able to so impress the boird with tho strcneth of the movement in New Zealand that a, compromise wn«i I'ffcctcd, whereby Mr. Rhodes was appoir.ted an extra member of the board. The committee feels sure that this appointment will incot with approval, and will enable the views of New Zealand shareholders to be expressed at the board itself in an able jrinner, whilst, the company will el.il! hove tho services of its chairman, Mr. Mitchison. It is somewhat unfortunato that the committee did not earlier become acquainted with the fact that Mr. A. E. G. Rhodes was available as a proxy-holder. Mr. Rhodes had several interviews with the commits? vh-m passing through ard is fullv seized with the facts. The committee thank all shareholders who so loyally helped them both in sending their contributions to the fiehting fund, and in rendins for. ward their proxies i-n order. A small brlanco remains over, whioh will be in reserve for use. if further action is needed. Special thanks are due to th A untiring efforts of the hon. secretary of the committee (Mr. A. W. Blanchard)."

THAMES DEE? LEVELS. (I3y Telegraph —Press Association.! Thames! July 6. Deep levels development is proceeding satisfactorily, ar.d indications show a decided improvement. Important prospectin PC work is to be carried out iu the Kins Country.