COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1362, 13 February 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARKS. There wero no transactions in investment shares yesterday. The buying and Belling uuotatiens wer; ns under:— Buycra. Sellers. £ s. d. £ 6. il. National Bank - 5 15 6 -Y/ , .. and J'iver Plate ii'iElHsi - .0 16 f.liri.,[cliuivh Gas - 9 10 0 C'lsbornc tia.s — 2 !9 6 Well, (ias (.£10) IE 2 6 18 10 0 Well. Ciai (pref. 7s. 6d.) .... 0 8 0 0 9 0 h.ll. Insurance - 3 12 0 l.linslditirch Meat, - 16 2 6 A./. Shipiii:iß - 16 0 0 "oil. Woollen (pref.) — 2 19 6 f»cST!. .::::::= z MS I'Oyland-O'nrbn 19 0 16 6 ruringnjimtn Totara 2 3 0 2 6 (I (,- ii. ilHiili.s. u<l - 10 0 Golden i; K y Cement 14 0 ;*/. Con. Dental - 12 0 Ward and Co '... - 55 0 WELLINGTON , GAS COMPANY. The balance-sheet of the Wellington Gas Company Ltd.. will be submitted to the shareholders at the annual meeting to bo iicid in the Chamber of Commerce it noon HMlay. llie following is the report of the directors:— . -riip directors'have pleasure in presenting the animal statement of accounts for ISII, ana in rcrArtiug that the growth in the . volume of gas sold has continued. JJiiring ihe year seven miles of new mains have been laid and 717 new services ii.vc-d. At an extraordinary general meeting IHd on August 3, the capital of the con'panv W r as .^v c J n oasetl l 0 -£550,0C0 by the creation of i50,M0 preference shares of £1 e:i<-h carrying a five per rant, dividend, and authority was given to issue 75,000 sharer. The local shareholders have taken up the proportion that was available to them, and applications from shareholders resident outside the Dominion close on tr-c lath instant. Part of the proceeds of these shares will be utilised to pay off tlis £50,000 five per cent, debentures i==ued in London in 1687. and which mature on June 15 next. When llisse debentures arc paid off the , company will have no liabilities whatsoever, except to the shacrholders and for current axpendituro. TV construction of the new works at Mir.*mar is proceeding rapidly, and it is hoped that the manufacture of sas will be commenced there bsfore mid-winter. To provide the-, necessary funds for the construction of the now works, and for main extensions, calls havs boen made upon the preference shares that will render then! fully paid duriug the current year, and upon the ordinary shares, making them fully paid by March, 1913. The existing plant has been maintained in good order, and a sum of £6570 has be;n expended out of revenue on extensions and repairs. An interim dividend at the rate of 5 nor cent, was paid on the calbd-up capital in August, and a similar dividend is now recommended. Messrs. D. Anderson and IT. Seauchamp retire by rotation, but, being eligible, offer themselves for ie-elcc-.tiqn. No other nominations have been received. The balance-sheet does not givs any details of receipts and expenditure. The a mount received from sabs of gas. products and goods, etc., is £92,045 fs. Ed.. and tils amount brought forward from the previous year £15,8£8 14s. 4d.. making a total of £107,914 2s. 9d. The disbursements were manufacture and distribution of e.is, repairs and renewals of plant, management, interest, bad debts, and miscellaneous charge*, which are lumped together, and total £63,723 Bs. 6d.; the interim dividend paid in August last, £8563 16s. Id.; balance, £30,536 18s. 2d. Anions the assets of the company are the following:—Deposits at call, £10,K0; Bank of New Zealand (London). .£30.7:5 19>. 7(1.; each in bank and iu hand, £10,082 18s. WELLINGTON WOOL SALE. The fourth sale of the Wellington season will be held to-day at the Chamber of Commerce •at 9 a.m., when about 14.0C0 bales will be offered. A big proportion of the wool is from the back country, and is more or less catted and log-stained. I'ricos arc expected to show a decline, and it is not unlikely that there will be heavy withdrawals. TAIUNAKI OIL. It was reported iu Wellington yesterday that No. 5 bore at the 'Sloturoa wells was yielding about 56 barrels of oil a, day. If so this is a very satisfactory feature. Shareholders are beginning to wonder when they are to receive the 12s. 6d. for which their shares were sold to the London company. II was understood here that tho money would be available as soon ae the agreement to purchase was signed, and the transfer arranged. This was to have been fixed up when Mr. Brown (one of the prominent officials of the English company) reached New Plymouth. The delay in distributing the amount dae to the shareholders is much criticised, and eoiuc of the shareholders are even questioning whether the directors have insisted upon the purchasing company paying a deposit. AUDITOItS AND STOCKTAKING. There is a. good deal of misconception on the part, of the commercial public as to tile duties of auditors with regard to stock. In tho recent appeal case Jlcnd v. Ball, Baker, and Co.. an interesting decision was given on this point. It had heen sought to mnke a firm of auditors liable for having failed to discover certain fronds which had been going on for some years in connection with the over-valua-tion of stock and tho suppression of liabilities. Judgment had been given for the defendant, auditors, and the Court of Appeal dismissed the appeal without calling on the respondents. In the course of his judgment Lord Justice Fletcher Moulton said that "although it is clear that it is not tho duty of aji auditor to take stock, one cannot say that il may not be his duty to call attention to suspicious items appearing in the stock sheets which are put before him." The Court held that in this case there was nothing in the accounts to arouse suspicion, and that the auditor had not been negligent. This decision confirms previous decisions on the point—viz., that an auditor is bound to use reasonable enre and skill in the performance of hid duties, but that he is entit'ed to accept statements (such as stock sheets) vouched for by trusted servants of the business, the- accounts of which he is ruditinr. As Lord Justice Lopes said: "An auditor is a walch-dog. but not a bloodhound." He is not to suspect everyone of dishonesty, but once his suspicions arc excited he must report t.he matter to his employers and probe it to the bottom. Cnstome duty collected at tho port of Wellington yesterday amounted to £2316 12s. 7d. FROZEN MEAT QUOTATIONS. By Tclenrapb-I'rcsp A- :nciation-Copyrii;!>l London, February 11. The Frozen Meat Trade Association's Sniithfiold market quotations for tho unbased on actual sales of not lees than one hundred carcasses of mutton or lamb, or twenty-live Quarters of beef of fair average quality. The quotations are not selectd<l lines, but for parcels fairly representative of the bulk of the shipn>ents now on the market. The prices which follow are on an average a farthing per lb. more than the value ex ship, this difference representing a.n average ccet in expenses, handling, conveyance, am) soiling the meat:— Feb. 3. Feb. 10. Mutton- d. d. Canterbury, light - — Canterbury, medium — — Canterbury, heavy — — Southland - - North Island, best, 45 4 3-16 North Island, ordinary .. 4,\ 4 1-16 Australian, light 3.1 33 Australian, heavy 35-16 . 3 5-16 liiver Plate, light 33 32 Iliver Plate, heavy 3i 3ji New Zealand ewes 33 38 Australian ewes 3 ! Eiver Plato ewes 3 3-16 3J LambCanterbury, light — — Canterbury, medium — — Canterbury, heavy — — Southland 1J 4,\ North Island, selected .. 4J. 41, North Islaud, ordinary 4 1-16 41-16 Australian, best Q ti Australian, fair 43 «, Australian, inferior 4 4J Itivor Plate, first 4j) 4jj River Plate, second 4J 4J IlcerNew Zealand, o.t fores .... — — New Zealand, ox hinds .. — — Australian, ox fores 3 3 Australian, ox hinds .... 32 3 11-16 River Plate, ox fores .... 2 15-16 215-16 River Plate, o:c hinds 33 33 River Plate, chilled fores 3J 3j| River Plato, chilled hinds 43 4J HIGH COMMISSIONER'S CABLE. The commerce and tourists' division of the Department of Agricujturc, Commerce, and Tourists has received the following cablegram from the Uigh Commissioner for N;w Zealand, dated London, February 10. (Note.—Quotation?, unless otherwise specified, are average markot prices on spot.):— Mutton—The market is nuiet, with* a tendency in favour of buyers. Buyers are not inclined to make forward purchases at present rates. North Island 4d. per lb Australian Sid.. River Plate 23d. Lamb.-Ths market is steady, with a very good demand. Other ihnn Canterbury s!d. per lb.. Australian <Jid., Itivcr Plate 4'd 'Bccf.-Thc market i= t|iii;t. Quotations for New Zealand are nominal. The prices have slightly declined for all grades. HiiUcr.-Thc market is firm, and likely to remain Un- some lime. There is a good demand. The average price for the week for choicest New Zealand butter, per cwt., is 1325., Australian 129-.. Argentina 1295., Danish Uf-s.. Siberian 130s. riißcr.n.-Tlio Hiarkui. i.> itiici, but trai. i White 72a., coloured 71b. 6d. per cwt.

Hcmn.-Tlic market- is (juiet-lillb doing, b; 4 l good lectins: prevail. l . Sew Zealand "goad fair" (trade, on spot, per lon, £21 55.; .W.y /.calami "fair" grade, on spoi, per lou, .CM 5:-.; "fair i-iirrjiil." Manila, £21 15s. Fnrw:iril shipment: New Zealand "(rood lair," bit Inn. X2I 10s.; Kew Zealand "fair" grade, dim , ton. £50 10s.; "fair currein" .Manila, per ton, £22. The output from .Manila for the wool; was 53,000 bull's. Stork of Now Zealand liemji, 'id toiip. Wheat.—There is more demand. Holders are firm. New Zealand lonK-liirried wheat, spot, ex granary, per ruarter of «61h., o;.-. 6ri.; short-berried, 375. A small supply. Oatf.-The supply is. practically exhausted. New Zealand oats, short snarrowbni.s sjiut. e:; era nary, por iiuartiT of i&lh., Jα. 6d.: Danish, pel , ((itartcr of 32011)., 235. Quotations .-.re nominal. Beans.—The market is firm, owing to rec/uced fiipnlico. Xfw Zealand beans, f.a.n.. old crop, per sMlb., 37s 6d. Pear -The market is iltiU-tlip supply exceeds the demand. X<:»v Zealand peas, partridge, per 395. Cocksfoot Hoed.—The market i<3 very firm. There are light stocks on hand. Xow '/as.land cocksfoot seed, weighing 171b. per bushel, per cwt., on spot, is 7£s. Mutton and I,amb.-Hiv2T Plate shipments received during January, m<, :— Mutton Lain!) (carcasses), (carcasses). r, om i on 1>17.751 5,291 Liverpool .'." «13 «,21jj Hull 12,449 1.<1!4 Southampton"! 9.M 6 9,115 CivriiT 5.511 — Newcastle Z"i ■ HOOP 1.5 M Totals 242,870 61,536 January, 1511 7221,015 103,677