COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1212, 22 August 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. A sale of Leyland-O'Bricn Timber' shares at 28s. 9d. wa-s the only, transaction recorded yesterday in'investment shares. 'The buying and .selling quotations were as under:—

I DEBENTURE LAW. One of the most important things about a debenture is the dato upon which the holder becomes entitled to compel the company to pay it off. One would think that this date would always be easily ascertainable, but in practiec doubts and difficulties not infrequently arise. .In re Tewkesbury fias, Company. Tysoe v. same company fderiried June 21). the holder oc a debenture, (ore of- a series* issued by the company affirmed, and tho company, denied, that the time for payment had .arrived. The debenture contained a covenant by tile company that it would "on or after" the Ist January, 1698, pay to tljo registered holder ihe principal sum thereby 'secured. The debenture also contained the followine clause:—"The debentures lo be paid off will be determined by billet, and six calendar months' notice will be given by tile-' company of the debentures drawn for payment." No debentures tm.il been paid oIT nor : had any ballot taken place. Until the plaintiff moved in the ma.tter it. docs not seem to havc r occurred to anybody that the company could be compelled to redeem. Jtov.nver, the plaintiff, having given six calendar months' notice to pay off, brought, the present action to enforce, her security, and thus the neat point was raised whether the debentures were irredeemable, subject, of course, to the option given to the company by the proviso as to balloting and giving notice. Mr. Justice I'arker decidcd on these facts that the money was due and payable, and that if ,thc. proviso meant that, the company need not pay off any debenture unli'i'S it. chose to do so and held the ballot and gave notice, the proviso was void for repugnancy—that is. asconflicting with the covenant to pay. Incidentally, his Lordship decided that, for tlic purposrs of determining the construction of a. debenture, the prospectus under which it was issued could not be looked at.

AMERICAS POSITION*. Mr. Henry Clews, the New York banker, writiiiK towards the end of June with respcct, to the Amerirnn position ap it. then stood, says i—There is evidently substantial ground for the belief that, until after the .1. Presidential election of next year, both of

the great political parties may be depended upon to make as great a spcct.irul.ir display as possible ill thr ; direction of appealing to popular prejudice by attacking trusts-in'less dignitieil language of con- . tinning a "trust-busting" campaign. Thus there is still in sight a period of unsettlcnient. On the other hand, fundamental influences are certainly favourable, and the outlook, therefore, suggests a period of active fluctuation? that will constitute an ideal aiid protracted market for traders. Looking at the more favourable influences that present themselves, there arc. in the first place, what arc undeniably excellent crop prospect?, suggesting another link in the lons unbroken chain of years of acricultural prosperity. This means, in turn, a tremendous purchasing power for the proline's of industry which cannot fail to show it-elf in general mercantile activity when flic improved movement once really begins. Manufacturers will be face to face in a short time not only with supplying the accumulated demand of consumcfs. but al=o with supplying in the ordinary channels of distribution products to bring supplies in these channels up to normal districting proportions. An evidence of the continued abundance of money—a feature that has been the primary cause of the steady advance that has taken place in the market level—is the fact- that accumulations of funds to pay the large senr-annual dividends and inter ; est disbursements have been made this year without an appreciable hardening in rental rat"s for money. The July disbursements at New York are estimated at about fJ7.KO.KO, sjme important part of which will unouestionably seek reinvestment in the stock market. But, beyond this the ability of the hanks to finance these large transactions without- strain furnishes good ground for belief that the crop requirements this year will also be quite as readily financed. Trade and industry are both /gradually improving. Their improvement, however, will not be so sudden as to cause congestion in banking circles during the crop-moving season.Customs duty collected at th» rort. of Wellington yesterday amounted to £5C4 10s. 2d. ... METAIi JI-ARKETS. . . By Telegraph—Press A?si.riat;cn-Oopynehl ■■ London, August 20. 1 ■ Copper.-Etectrolytio, £58 Bs. per ton. -Tin.—On the spot, £190 10s. per ton; three months, £187. .Antimony, £7. • -•■ ' . LONDON MARKETS. E; - Telccrapb—Fn-?* A v.l'i-'jr.-. Ccrvrirht London, August 20. Hemp—lnactive; prices unchanged. ;Juto.~August shipment, £18 15s. per ton. August-September shipment, 6.28 d per lb. ■ Rubber.—'Fine . hard Fa.ra is quoted at 4s. Bd. per lb. Copra.—There is a good demand for t South Sea, in bags, at £24 2s. 6d. to £24105. HIGn COMMISSIONER'S CABLE. The Commerce and Tourists Division of tho Department of Agriculture, Commerce and Tourists has received the following cablegram from the High Commissioner for New Zealand, dated August 19. (NoteQuotations, unless otherwise specified, are average market prices on spot):— General.—Dockers resumed work on Monday. but fresh grievances arose. Some work has hecif done" at the docks, but unloading is restricted. Railway strike began yesterday—a very disastrous effect on distribution. Cannot give quotations during present' condition of the market, a-s they are not reliable. Butter and Cheese.— I The market has been favourably affected by the continued drought. " " Hemp—the market is dull, with a downward tendency. The output from Manila - for the week was 12,000 bales.

Tlurera Sellers. • £ s. d. £ s. (I. Cnion Bank — 66 5 0 Christ-church'Gas- '- 9 16 0 FeildinR Gas .' ' — 12 6 Standard Insurance 111 — ■ GhrUtcliurch JJe.il — 16 2 6 Well. Woollen (ord.! — 4 0. 0 Donaghy Kopc and Twine 12 6 — Maiming and Co '. — 4 5 0 Saarland's Ordinary — 14 9 Tnrannki Petroleum ,t ■ — ■ 1)17 0 Well. Opera House — 7 5-0