COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1312, 15 December 1911, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHARES. There were no traneactions recorded yesterday. The buying and selling quotations were as under:—

WOOL EXPORTS. The exports of wool from Australasia, for the period from July 1 to November 30, 1911, compareil with the figures for the corresponding period of last year, as compiled by Messrs. Dalgcty and Co., Ltd.:—

These figures show a net decrease of 16,673 bales, for which New Zealand is largely responsible. HPDDAKT-PAKKEH CO. The abridged prospectus of the HuddartParker Company will be found in another column, and no doubt investors vill give Mie matter clote and careful consideration. The Huddart-Parker Company 'is ah oldestablished concern, and' dates back. to 185), when the late Mr. T. <i'. Parker became agent for the Kteiraer express, which traded between Qeelong and Melbourne. Air. Peter Huddart was successful in establishing the coal trade between New South Wales and Gcelong. In the year 1876 Mr; Huddart joined the firm of Parker, Traill, and Wtbb, forming the now wellknown firm of Huddart, Parker, and Co. The progress of tile, company since then lias been stehdy, and since 1635 the development has been most marked. The steamers of the fleet are:Passenger Steamers. Tons reg. Zcalandia (twin screw) £660 Uliriiaroa (twin screw) 5777 Klverina ;. 4758 ' Wiminera, 3C22 Victoria 2969 Westralia 2884 Durrumbcet 2420 Anglican 2159 Cargo SI earners. Werribee 3871 Barwon 2999 MoorabaU 2996 Yarra 2140 Corio 2061 . Bay Excursion . Stcan crs. Hygeia (paddle) 987 Ooogco 762 Courier 728 Excelsior 340 Meeinderry 217 Ocean-going Tugn. Nyora 3J6 Eagle 229 Falcon 134 THE LECALITY OF WATEKING STOCK. In the Queensland Full Court recently a special case was stated for the opinion of the Court as to the val.dit.v of a proposed ifiuc of shares in Ci.mmins and Campbell. Limited, of Townsville, which company was incorporated on April 11, 1899, with a capital of fiIO.CCO. ll.ilf tho ireue of shares was to be issued to shareholders on the payment of 3d. per shaTe, but the shares were to bo considered of full paid up value—£l per share. With a view of testing the legality of the latter procedure an action wo« started by H. J. Hatfield, secretary of the company, against the directors of till* company. It was stated that the shares were worth considerably more thau £1, but the shareholders were to get them for 3d. Under the circumstances it was contended that the directors had no power to issue shares for 3d. which in reality were worth considerably over 2Qs. These wore to all Intents ami purposes boeus shares, and the issuing of, them by the directors was really giving away, the capital of tho company. The company desired !o know whether tile issue was legal, bocausc it might force them to undertake a liability In future that they did not want to undertake. The Chief Ju-'tice said that lie and hi 3 enllenguAs were of opinion that they ought not. tu entertain any further argument upon the matter, because' they did not think that this was a genuine piece of litigation. The comnany had passed a resolution which proposed to do certain things which they might do under the Act if thSy did them "bona fide." If what the company had done was not "noim fide" there was no material heforo the Court which would enable it to deal with the matter.

THE NEW TIN CONTRACT. A new tin contract which considerably widens the scope of operations came into force on the London Metal Exchange on November 1, and will be applicable to deIheries after February 1 next. The old con/tract ouly admitted the delivery of straits and Australian motal, which had the effect. of excluding nearly half the world's production, including brands of admittedly equal value to those which were pi-anted on entry. In future the seller is to have the option of delivering Clsks A at contract prices, or Class B with a reduction of £7. Class A comprises, {firstly,' Straits and Australian tin of the usual commercial quality and, secondly, refined tin of the customary commercial quality and of a. purity of not less than 993 per cent. Class B consists of ordinary ingot tin of a purity of mt loss than 99 per cent. Ths "Cologne Gazette," commenting on the change, describes it a-s on<e of extreme importance, and declares t-liat the arti-1 ficlal restriction of trade brought about j by tho old contract 1 facilitated consid- ! erably all kinds of market manoeuvres, and i 'wa6 largely exploited by ppeculators. It 1 was responsible for the irregular upward and downward movements of pricos duxins the past year, and was a continual 6ource of danger of earners. Our contemporary oontinues: "The decision of the London Motal Exchange is, in our opinion, a very welcome one, and will be largely conducive to an improvement in the prepent condition of the London Metal Exchange, which, of course, regulates the whole tin trade. It may be cxnoctcd that, in consequence of tho increased qunniilios available for delivery, the extremely sudden and violent variations in prices caused by WTofofrdon.nl speculation will be weakened, -and thflitr prices will devoto-p more nntetlv. It was ju?t thor-e sudden risea and falls in price, however, which were highly ftaireeronp to the consumer. as they made every calculation impoct-ible; in fact, they were more dangerous than continuously high but. even prices. In conVcqpctjcp, the introduction of the new tin f">r,i,T™t to the London MeM Exchange ha* dorc a ?ood service to the whole tin trade, including sellers and producers." INDIAN TRADE. In an official Blue Book on the trade and production of British India, which was issued recently, the movements of treasure during the twelve months ended March last arc reviewed. 'Hie importations of gold increased from £16,673,3T0 in the previous year to £18,593,500, or 11.5 per cent. Silver, on the contrary, declined £<CO,GOQ, to £7,873,000, or 4.0 por cent. In the live years to 1909-1910 gold represented 62 per cent, and silver 38 per cent, of the combined import?, whilst in 1910-1911 the proportions were, gold 70.2 per corit., and silver 29.8 por rout. The value of the eom'tincd imports, includiug Government transaction?, v/aa £25,513,300, which is greater than in the previous year by £1,5C0,CC0, or 6 per cent. The imports of gold, which had averaged nearly £11,(500,000 in tho pro- , iioo£ Atq years, rose £18»fiCQ«000 in 1310-.

11. This is the highest figure over rerordnl. In the year under reviow 1 uc)ii pa.rti.ipakMl Fully in that revival o£ trade which has been more or le» general through' out. the world. Hxporta of all kinds represented £l"-4,166,7CO, an increase of £14.6 i '7,0C0, or 60.12 per c-ont.. ol the total increase in trade, and 11.31 per cent, on the export figures for 1909-10. Imports wore valued at .C112.7C6.C00, an increase of .£9,720,CC0, or 9.4-1 per cent. Ft is recorded that agricultural production during tho term under uotico was, on the whole, factory. The estimated yield of rice is given as 27,701/CQ ton?, a-i compared with 1?7,EG5,EC0 tvns in 19C9-10, and with 19,549,M0 toiiH in 29D8-1909. The cotton outturn was 783,CC0 tons against P42,H0 tons; wheat, 9.9C0.8C0 ton*. against 9.590.6T0 tons; jute, M2G.OCU ton?, ngaicst 1,286,9C'0 ton?r: and linseed. 557,GC0 tone, against 427.8C0 tons.

DAIRY PRODUCE FOR lIOME. Tho Eemuera, which left Wellington for r,ondon, via, way ports, yestenlay, took t'ue following dairy produce to the Home markets;—

Customs duty collocted at tlio port of Wellington yesterday amounted to £2358 3a. sd. NATIONAL BANK OF NEW ZEALAND. By retcrraph--PreH!« A- iriatlon London, Dec«mber 13. The National Hank of New Zealand has dvwlarcd aji interim»dividend of 12 per centum. TALLOW SALES. By Telecrarh—l'res- "in—Corrrlirhl London, December 13. At the tallow sales 090 casks were offered, and 507 sold. Prices were unchanged. SILVER. By Teleeraph—Pres." •\--,>!'iatton-OoDTilrhl London, December 13. Bar silver is quoted at 25 3-Bd. per ounce standard. WHEAT. By Telegraph—l'ress A«s'>ei'itton—Cepyrlih/ London, December 13. The American visible supply of wheat is 110,150,C00 bushels. ' SHEEPSKINS. Messrs. Dalgety and Company, Linitcd, Wellington, have received cablcd advice from their London office, under date December 13, as follows;— Sheepskins; Tho 3alcs opened firm and active, with brisk ] competition. Merino skins: Since our last cablegram, prices are jd. higher, and id. higher for crofdbreds. . Messrs. Murray, Roberts, and Co., Ltd., have received tlie following cable message from their London friends, Messrs. Sanderson, Murray, and Co., regarding the sheepskins sales:—Merino sheepskins' market shows an advance of id. to 3-Ed. of a penny per lb. Crossbred sheepskins advanced a halfpenny per lb. LONDON MARKETS. The New Zealand - Loan and Mercantile Agency Company, Limited, have received the following cablegram from their London house, under date December 13:—Tallow: Wo quote present spot values for the following descriptions:—Good mutton, 355. 6d. per cwt.; good beef, -335. 6d. per cwt.; mixed, 31s. 9d. per cwt. The market is firmer. Wheat: We have sold an Australian cargo at 365. lid. c.i.f. Crop reports are unfavourable, and the market is firm, but inactive. Argentine market prospects are likely to advance. t

Buyers. Sellers £ s. d. £ s. d. Equitable Building ; 9 15 0 — Well. Investment 0 11 6 0 12 0 Well. Trust Loan ... 7 11 0 — Christchurlh Gas 9 10 0 — Gisborne Gas — 3 0 0 Well. Gas (£10) 18 7 6 — Well. Gas. (third issue) .. - 12 0 0 WeU. Gas (pref. 2e. (id.) ..0 3 0 0 4 0 Christchurch Meat 14 17 6 — Meat Lxport (5&. 6d.) ... — 3 0 0 Well Woollen ford.) - 3 18 0 Well. Woollen (pref.) - 3 0 0 Hikuratifiv Coal — 10 0 Taupiri Coal 10 3 '. — Leyland-O'Brien 18 9 — C. M. Banks. Ltd - 10 0 Donaghy's Rope and Twine — 12 6 Golden Bay Cement 12 0 12 9 N.Z. Con. Dental — 12 9 N.Z. Drug 2 9 3 N.Z. Pnner Mills : 1 0 0 — Sharland's ordinary — 14 0 Sharlaud's preference ... — 14 0 N.Z. Candle. - 11 0 0

1911. 1910. Bales. Bales. Victoria i 208,573 194,679 N.S. Wales 4C4.523 424.CC6 Queens.aml 144,701 129.896 S. Australia. 115,637 116,9/2 \V. Australia 35,210 41.1,3 908,584 9CG.706 New Zealand 68,491 67,248 $77,075 993,954

\ Boxes Crates butter, cheese. Auckland 23,520 293 Now Plymouth 11,204 3,<69 Patca 3,215 — Wellington 11,375 5,597 Lyttelton 1,720 — Duncdin 1,587 911 Wanganui 1,154 — Totals 53,775 10,270