COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1217, 28 August 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES, Sales of investment shares recorded on Saturday were Union Bank at £66, and Ward and Co. at £5 Is. The buying and selling- quotations were' as under;— Buyers. Sellers. £ fi. d. : £ s.d. Bank N.S.W — 45 15 0 N.Z. Loan and Mercantile — 0 !8 0 Well. Investment 0 11 9 — Well. Deposit — 0 8 3 Christehurch Gas — 3 15 0 Feilding Gas 119 — Gisborne (las 3 0.0 — Well. Gas rights 0 0 3 0 1 0 Christchurch Meat — 16 2 6 N.Z. Shipping — 11 12 6 Union Steam — 2 2 6 Well. Steam Ferry — 0 18 0 Taupiri Coal — 119 Westport ■ Ooal — 19 3 Westport-Stockton — 0 2 0 N.Z. Drug ; 2 10 6 — Sharland's ordinary — 14 9 Taranaki Petroleum — 0 16 9 Taringamutu Totara — 2 8 0 LOVF.LL AND CHRISTMAS. The report of Lovell and Christmas, Ltd., for the year ended June 30 last, states that alter providing for all contingencies there remains, including £29,589 brought forward, the sum of £98,525 available for distribution. After paying the debenture interest and dividend on preference shares, it is proposed to pay a final dividend at t'ne rate of 8 per cent, on tho ordinary shares, making 7 per cent, for tho year, carrying forward £32,605. Sales during tho period covered by these accounts have been largely in excces of any previous year, lint, the percentage of profit, is less, as during tho months of January, February, and March prices on the English markets did not always cover advances made in tho colonies. The action which tho company brought, against. Mr. C. T. Wall has, so far, been decided in his favour; the costs up to date. £4220, it will bo seen, have been paid out of profits. SMALL BONDS. The time is not far distant when all Government bonds will lie of small denomination. The Chancellor of the Exchequer lias been "urtred to popularise Consols by making radical changes in the methods of managing the Consols account. A transfer of Consols involves personal attendance at the Hank of Kugland, and there arc other red tape restrictions. On the Continent of Europe and, especially in France, the bonds have generally a small face value, making them available to all classes in the community. The United States Government recently • made a very successful appeal to the small investor. The is-sue °f £19,E.'[Ki,C0O in 3 per cent. 50year bonds, to defray expenditure on account of the Panama Canal, had special attractions which undoubtedly helped to moke it a success.. The issue was made ill

bonds of .£2O, £100, and £200 under regulations "Giving to nil citizens of the United States an equal opportunity therefor." There were no commissions allowed for placing the issue, and in case of bids for .£"00 or less no deposits were required, and the bonds were to be delivered direct to tile subscribers at their homes or business addresses. The average price obtained for the issue was about 102J per cent., which indicates the present market value of the credit of the United States, although something must bo held by the banks as collateral security against deposits by the Government. 11l commenting upon the success of this issue tho "Economist" points out that Great Britain is practically the only great country which makes no . attempt, to maintain its credit by appealing to the small investor, although it is notorious that large investors anil trustees arc constantly selling out Consols and investing in colonial and other kindred securities which offer a higher rate of interest. Such indifference to tho experience of other nations in respect to the stability of values given to a loan that is held by thousands of small investors, is difficult ,to understand, unless vested interests are' strong: enough to deter the British Chancellor of Exchequer from making the experiment. The test possibly cannot easily he applied to Consols, but frcsli issues of Irish land stocks are of yearly occurrence, and ' might bo made the medium of attracting the savings o! tho thrifty amongst the peasantry. NOTES. Now Zealand shareholders in the Cooperative Assurance Company have until September 7 in .which to withdraw their applications for shares should they so desire. Steps are being taken in Melbourne to form a new life insurance company, which shall pay special attention to industrial work. The company i 3 to bo called "The Life Insurance Company of Australia, Limited," with a capital of £2SQ,C'CO, in SCO.CCO shares of 10s. each. The first issue is to be of 200.000 shares at 2s. 6d. on application and 2s. 6d. on,allotment. The promoter, Mr. C. (5. 31. Watson, is to receive 10,000 -shares fully paid, up (leaving 230,000 shares in reserve), and J2SCO, out of which he is to pay all oosts of flotation other than legal espouses and brokerage. The whole of,, the rest of the capital will go to the credit of the company. Tho European silk production of this year is likely to verify tho most gloomy predictions. From Italy it is, in fact, reported that one must go back to 1876 in order to find a, similar poor supply, of coooons as the present one. France and Spain are not in a much better position, as a steady decrease of production is noticoablo in both these countries. ' The old centres of the industry in tho western part of Asia, viz., Persia and Turkestan, report an average crop. But tlio opinion prevails that Japan, now the most important supplier of raw silk for the world's markets, will probably increase her exports to from 1601CC0 to 170,000 bales, or by 10 per ccnt. more than her previous exports. From China, too, a much larger oxport-, viz., 55,000 bales of white silk and 16,000 or 18,000 bales of yellow silk, is expected. As modern fashion favours silk materials, China, will now havo a chance of seriously competing with Japan, especially as lier interior is being made more and more accessible by means of railway communication. CUSTOMS. The Curtoms revenuo colloctcd at tho port of Wellington on Saturday totalled £8066 14s. Id., the amount ■ for the week being £15,965 6s. 73. Tho returns for each 1 of the past eight weeks, compared with the figures for the corresponding 'periods of last year, show as under:—

Tho beer duty for the week amounted to £248 195., as against £243 83. 3d. for tho corresponding week of last year. LONDON MARKETS. By Telegraph—rress Association—Copyright London, August 26. Copra.—The market is active .South Sea in bays, £24 15s. to £25 ss. per ton. Wheat.—An Australian cargo sold at 355. 7Jd. per quarter. Rabbits are quiet. Jute.—September shipment. £18. Hemp io dull. August shipment, £20 IDs. Rubber.—Pine hard Para rubber is quoted at 4s. l(Ud.:.pej ; lb.. ! Cotton.—August-September shipments, 6.40* d. per lb. FROZEN MEAT.. . .. (By Telegraph.—Press Association.) Cliristchurch, August 26. The British New Zealand Meat Company has received the following cablegram from London:—Mutton: Canterbury, 35d. to 4M.; North Island, 3 3-Bd. to 3Jd. Lamb: Canterbury, 5Jd. to 5 3-Bd.; North .Island, sd. to 5Jd. Beef, hinds, 35d.; fores, I 3-Bd. The New Zealand Loan and Mercantile Agency Company, Limited, have received the following cablegram from their London house, under date August 25 H-Frozen meat: There is a fair inquiry for mutton, and a good demand for lamb, but tho market for beef is weai. NORTH OTAGO GRAIN. (By Telegraph.—Press Association.) Oamarii, August 16. Business has been slow and on a modest scale in tliis. market during the week. A number of transactions in wheat have bceu recorded; but none of any magnitude. The market is, if anything, a shade easier, and holders in the country are standing off. For velvet and tuscan the price paid has been on a basis of 3s. 6d. net at country stations, while red chaff has changed hands at 3s. sd. and 3s. 5Jd. There is a good demand for fowl wheat, which has been sold at 3s. 6d. f.o.b. for S.I. Potatoes are easier, and present, quotations are from £2 as. to £2 7s. 6d. net on trucks, with no disposition to buy freely. FEILDING MARKET , REPORT. Messrs. A. H. Atkinson amt 00., Ltd., report that, at Feilding on • Frid'ay, they sold a large number of poultry at prices showing further advance on late values. Turkeys were keenly competed for, and cockerels are wanted, no good tablo biTds in this Hue- being penned. A small entry of pigs made top values. Medium porkers, 275., 275. 6d., t0,365.; stores, to 205.: slips, Us., 125., 135.; small suckers, 4s. 6d., ss. 6d.; sows, 10s. to 21s. Poultry (at per pair): Hens, 2s. 9d., 3s. 3d.. 3s. 6d., 45.. 4s. 3d., 55.; cockerels, 35., 3s. 6d„ 45., 4s. 3d., 53. 3d.; chicks. Is.. 3d., Is. 6d.; ducks, 4s„ 4s. 3d., 4s. 6d„ ss. 3d.; geese, ss. 3d., 65.; Muscovy, 7s. 6d.: turkey hens, Bs. 6d., 9s. 6d., 10s.. 10s: 6d., 125.; gobblers, 10s., 125., 12s. 9d„ 143., 16s. Pig potatoes, 23. 64. to 35.; table do., 7s. to 18s.; seed do., 12s. per sack; carrots, 3s. 6d. to 45.; stunner apples, ss. 6d. per half-case; onion, Bs. per cwt. Pumpkins were inquired for, but none wero forward'. Parsnips, 3s. 6d. to 4s. per sack; homecured bacon and hams, s}d. to BJd.

1911. 1910. ■ £ £ July 8 21,«4 ■ 10.250 July 15 27,889 22,232 July 22 • 13,426 9,000 July 29 21,343 23,362 August 5 11,608 18.282 August 12 25,137 23.055 August 19 11.592 10.161 August 26 15,955 26,169 147,804 142,591