COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1329, 5 January 1912, Page 8

COMMERCIAL ITEMS.

THE SHAKE MARKET. In reviewing the riiarc market for the past ye.ii-, Messrs. Ha.rcou.rt and Co.. 'n their "Register and Property Investors' Guide" just issued, sav.— The past year has not fcen any very marked fluctuations in tho price of the leading investment slocks. There has been a steady demand throughout the jear, and prices generally have becu well maintained. The outlook for the coming year j.-. very promising. A favourable ser.son and good prices, ruling for our staple products, combine to favour the continuance of the general prosperity experienced throughout the Dominion during the past few years. In this connection we might hero mention that the acting-chairman of tho Bank of New Zealand, J[r. Martin Kennedy, in his address to {shareholders a.t the statutory .half-yearly meetin;; of the bank, remarked: "Vou will bo glad to leiirn that the half-year's prolits have been well sustained, and compare favourably with tho=e for corresponding periods oJ recent years. Having reason to anticipate that the second half of the year will prove proportionately good, we have declared an interim dividend of 6 per cent." La.ter on aftor recapitulating the progress of the bank for the past seventeen years, he said"Truly it can be caid, the progress of tho Dominion is also the progress of the bank " The mining section of the market also showed signs of the lack of public interest, aad very few transactions were recorded. The comiu;; year should ail improvement in the tor.o of tho mark" . All the- leading mines have manperf out Plans for vigorously pushing ahead further development work, and the possibilities alier.il of some of them are worthy of ? . consl . tlcr « i ° n - Oil mining in tuo Dominion is apparently attracting consideraole attention from British capitalists, and the coming year may be expected o see a marked improvement iu the activity shown in t'.u.s industry

RIVALS IX THE MEAT TRADK. The London correspondent of an Australian contemporary, writing with respect to tho experience at the port of London, otates that international competition in the frozen meat trade is rapidly increasing. At present its irrowth is the most notable feature of the entire import buiiincss a.i London, according to a statement raaiie iu the l'ort Authority's second annual report. .In twelve months the total quantity of frozen meat imported has risen from 135,G"2 tons to 215,4<;S tons. This very marked advance has been mainly due to importations of chilled beef by a new weekly which the l'ort Authority has provided special accommodation in tho Iloyal Albert Dock.

Itcprreentations have beer, made to the Authority by apreuts of New Zealand agricultural and other organisations, who have been specially comi:ii.«ioued to visit K;i£l&ncl, that it is desirable lo make improvements iu the facilities for the handling of frozen meat in the port. Tho principal points urged have been that barge transit from the ship to the cold stores should be abandoned in favour of the finickest possible land route; that the Authority's store iu Smilhfield should bo extended; that all meat should be discharged iit once into a sorting shed, instead of beiujc fiorted in the ship's hold; ;ind that the dock of discharge should bo the southwest India, Dock, instead of the lloyal Victoria and Albert Docks, as at present. With the object of exiendii;.» its premises at Smithiield, the. Authority for some lime past has been negotiating with the City

Corporation for :i cite immediately adjoining tin; market. imriiiit i.lio last, thirty year- this trade lius had it,s principal depot r.l the Victoria ami Albert Docks, and it is realired that it* removal to another dock involves serious considerations entailing the navigation of liM-ire t-U-amcrs a further distance of four iniiL-4 up the Thames. The Authority Kiiles thai, imich. impri>>.:rd by these representations and by the desirability of meeting thi-Ki in a praetir.il manner, it h:i< decided in connection with its programme of uow works onrt improvements to enlarge the r-cheme for the reconstruction of tho raulli-wol India Dock by nmkiiiff that dock .•i.-cc.-siblc to vessels of 650 feet ill length, of 500 feet, and enabling vessels of a for larger tonnage than those, now in the Now Zealand tr.ulo to use this (lorli. licforc. however, actually constructing-the costly depots and their extensive railway equipment, tliii Authority will reiiiiire ti> be satisjiorl lhat the proposed transfer of tire frozen meat trade to this doek is acceptable to all t!io intor-Cr-ts concerned, u,ml thut the necessary outlay will be remunerative.

The shipping dues, rates, and charges levied at the several dock systems, tranfisrri.'d to tho Port. Authority, have received its continuous attention. At the time of the transfer the maximum shipping due v.m Is. 6d. per t;>u not register in the Louibn and India system, and fc. in the Surrey and Milwr.U Hocks, including in each case 28 days free of rent, with a, charge of Id. per ton on the gross tonnage for any period beyond 23 days. A uniform maximum due is now applied at all docks of Is. 3d. per ton t>ll the net register, including ten days free of rent, with a charge of two-sevenths of a penny per ton net register per day for any period beyond ten days. The dues pn vessels entering to discharge or load part cargoes, and the rates and charges for other services rendered to ships have also been revised. The immediate ciTect. of this change, while benefiting trade a.ucl shipping, is a. loss to the revenue of the Authority of some thousands a year, but it is believed that the concession will tend to increase the volume of shipping using the ]iort. NEW ZEALAND LOAX AND MERCANTILE AGENCY. The report of the New Zealand loan and Mercantile Agency Company, Limited, for the year ended June 30, 2911, submitted to the meeting held in London on December 7, stales! that, after paying interest on tho Prior Lien Second and Third Debenture stocks and adding £60,Cffl to reserve accounts, there remains at the credit of profit and loss account, including the balance brought forward from Itiot vear, the sum of £20,032. This amount the directors recommend should be applied n≤ follows:—To payment of a dividend at the rate of 7J per cent., less income tax, on t tic amount paid up on the fully and part-ly-paid shares of the company; a, distribution at , the rale of 21 per c.er.t., less income tax, as additional interest upon tho Third Debenture stock, in terms &C the company's Act of Parliament, 1904, leaving to be carried forward £292. The amount of Llic net revenue for the year has been arrived at after writin;; the sum of JE2Q.CC3 ofl , tho company's promises account, adding £6000 to the Stan' benevolent fund, and paying a bonus to the- EtafT. The reserve accounts have been increased lo £610,CC0 by'the addition of the sum of £SC,WO from profits, and by a further amount of £50,000 aririus out of surplus realisations, of properties handed over by the old company. During a great part of the year under review dry weather prevailed throughout New Zealand, but from the latest advices received it appears that the prospects for the current year arc .much more favourable. The season in Australia was, on the whole, favourable, although at tho present time rain is needed' in certain StP.tcs c-f (he Commonwealth. Prices of wool ami other colonial products generally have proved remunerative to producers. The directors have for many months past had under their consideration a scheme for tho reorganisation of the company's capital account. It will not, however, be practicable to have this in readiness to submit to tho annual meeting, and a. special meetiii'- of which due notice will be given, will be'ronvciiccl. to consider it as early as possible Tho New Zealand Laud Association, Lid., has declared and paid a dividend of 5 per cent, on its paid-up share capital, carrying forward the balance of £21,620.

NEW ZEALAND LAND ASSOCIATION. The report of the Kew Zealand Land ?ociation, Ltd., for the year ended March 31, 1911. states that trading for the year and interest received resulted in a grore profit of £32,6r.3. The management and other charge;, ' including income tax, amount to £CSSC, and the interest on debenture stock to' £14,267. After deducting these sums there remains a balance of profit for tho year of £15.7C5, which is increasod by the cmutint brought forward from the previous year—namely, £15,7C9— to £31,418. Tho directors recommend that the sum of £3790 bo applied in payment of a. dividend of 5 per cent., free of income iax, aud the balance of .-£21,620 carried forward.

Customs duty collected at tho port of Wellington yesterday amounted to £5W5 15s.

LONDON MARKETS. By Tclccraph—l'tcßs Association—Ceprriclil London, January 3. Wheat.—An Australian cargo fold at 36b. At the talloiv sales. 977 casks were offered and 509 told. Prices were unchanged. (Rec. January 4, 9.20 p.m.) London, January 4. Tin—Spot, £191 We.; three months, £ISS. There have been heavy realisations by leading "bull" operators in the absence oC ir.flucnUal support. The market closed weak and irregular. Lead, £15 12s. M. POTASH CONTRACTS. Berlin, January 3. American buyers have tinned new contracts with the potash mine owners, the Americans thereby losing twenty-live million dollars as compared with the earlier contracts. An American Congressional report sngRests that the giant kelp on the Pacific Cuaf.t is capable of yielding a, million tous of potassium of elUoride yearly. METAL MARKETS. London, January 3. Copper.-On the ppot.£C3 55.; three months, £64 10s.; electrolytic, £06 55.; supplies, 37.907 tons; deliveries. 39,306 tons; stocks, £7,245 tons; nfloat. S3SD. Tin—On tho spot, £203; three- months, £189. Lead, £15 15s. per ton. .Silver.—Bar silver is quoted at 25id. per ounce standard. CONSOLS. London, January 3. The "Pall Moll Gazetta" Eupports the "Daily News" in its ad\Ocacy of Government action to improve the position of Consols. '

Glpn Helen, the well-known Mans resort, has been denuded of its afforestation by a fire which raged for three days.