COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1366, 17 February 1912, Page 8

COMMERCIAL ITEMS.

PAPABOA COAL COMPANY. The Paporoa Coal Company was floated in 1906, and it may be safely Eaid .that it has experienced a series of misfortunes. Tho management has been of tho best, aud honest efforts have been concentrated in developing the mine. The coal is admittedly of excellent quality, as has been proved by repeated tests, but the misfortunes that have overtaken the company have upset all calculations as to tha amount of capital required for development aud working, and consequently. a . final effort is to be made to reconstruct tho company, so as to provide tho additional capital urgently required. No doubt the debenture-holders and shareholders will give the scheme of reconstruction full consideration, and, in the interests of tho company, and of the country also, it is to be hoped that the proposals will find favour'with those concorned.

The scheme of reconstruction is briefly as follows:—To reduce tile capital of the company to £184,616, by writing 10s. per share off the 130,76S ordinary shares. To convert the 105,817 unissued shares into preference shares of two classes, _A and B shares, whereof 80,817 shall be issued as "A" shares, and 25,0C0 as "B" shares.

The "A" shares to have priority of all other classes, and to be entitled to a fixed cumulative preferential dividend of 6 per cent, per aunum, besides other advantages in case of winding up. The "B" shares to have the same rights, privileges, and conditions. subject to the priorities assigned to the "A" shares.

The "C" shares to be made up of the existing 13,415 preference shares, subject to the priorities of "A" and "B" shares. To restore the £65,384 of capital to be written by increasing the capital of the company to that amount, and to divide such increased capital in 15,372 new "A" shares of £1 each, and 100,024 ordinary shares of 10s. each.

The holders of the first charge debentures amounting to .£43,975 arc to bs asked to accept "A" shares to a corrcbjioiuiing fa-co vfuufl in lion of Uie flMjenturn holdine, • wid sjiwUiLrly th«i r««6*>nd (ihwgo diaatoUire-Uohkia to - tr ß" rtuwta.

Full details of the eclicmc have been font to shareholders and debenture-holders, and the form of atri-jement is to be signed aud returned by March 7.

THE SALMON PACK,

A Vancouver firm, writing to Messrs. A. S. Paterson and Co., of Wellington, with respect to tho salmon pack; state that, while it is tjnilo true that the aggregate pack of 19U was considerably greater tiian the aggregate pack of 1510, the increase was altogether accounted for by the largu pa'jk of low-grade fish. There was a falling oil' in the "Sockcye"' of 1911 of 180, COO an increase in the pack of Kedsprings, Cohocs, and Sk'elheads, of 6*1,000. and an increase in the pack of Pinks, Chums, and Whitcsprings. of 3C0.C03 cases. There were in tho first week in January no sockeycs on Ul2 market, and of medium reds there were only 609 or 700 cased available in .British Columbia. The pucks in Alaska aud Paget Sound arc of the same character—a shortage of sockeyes, and big packs of ths inferior grades. Mrst-grc.de salmou will be very dear in Australasia, if procurable, while inferior grades ought, on the other hand, to be iairly cheap.

Customs duty collected at the port of Wellington yesterday amounted to £1329 ss. 7d.

CANTERBURY GRAIN. (By Telegraph—Presfl Association.) Christchurch, February 16. The broken weather during the week has delayed threshing operatwnß, and the offerings of both whsat and oats axe consequently small. There is practically no change in the market quotations, wheat still selling at 3s. 3d. and 3s. 4d. at country stations, and at the . latter figure 900, bushels of Tuscan have ohanged hands, thougli it is stated that 2s. Id. has bsen paid for oats for prompt delivery. This price has not been general, and has apparently boen given in a few cases, where grain was wanted at ones to fill an order. There has been a good deal of reselling of oats between merchants, but without materially affecting prices. There .is no changs to report in barley or in grass seed.

% LONDON MARKETS. Messrs. Dalgety ond Company, Limited, Wellington, have received cabled- advice from their London office, under date February 15, as follows:— Frozen Heat—New Zealand lamb; Demand is poor, and market weak. Quotations; North Island, heavy s{d., light 53d. Mutton: Demand is poor, and market weak. Quotations: North Island, heavy 3|id., light 4?, d. Tallow.—Mixed and good colour is par to 3d. per cwt. lower; light and inferior descriptions, 3d. to 6d. per cwt. higher; other dsscriptions unchanged.

BANK OF ENGLAND RETURN. Bj Tclecrash—Press Association—OopyrlEht (Rec, February 16, 8 p.m.) London, February 16. Tho Bank of England return issued for the week ended Wednesday, February 11, is as follows:— . , \ ISSUE DrpAintES'T Koto Issue... £56,560,000 Gov.debt ... i 11,015,030 Other securi tiu.i ... _ 7,434,000 GoU 38.131,000 £56,660,000 £56,580,000 BOXING Department. Proprietors' Govt, eecurlcaplt&l £11,553.000 lies £15,161,000 Public de- Other eecuriposits ... 13.759.000 ties 31.146,005 Other deposits ... 32.630.000 Kotei 28,674,000 Rest,. 7-day ind other bids 3,601.000 Coin - _ 1,100.000 £76,571,000 £76,071,000 Tho leading items of the Bank of Encland return afford the following comparison;— . ' This week Last weak. Last year. £ £ £ ■ Bullion 33.131,000 37.ti0-i.00!) 36.505,000 Deserve 2MI7UCH E0,10:1.000 £0.021,000 Note circulation 57.70,i.000 •J7.9;M,IXW M.ihM.UX) Public Deposits 15.757.M1 IS.'iM.W) . 13.751.000 Other Deposits SS.IfiO.'WO 37,301,t\XJ 41.M.00J Proportion of vesorvo to liabilities ... 61.21 55.01 62.7-1 GOVERNMENT SECURITIES. The following are the latest quotation) for Government securities, with a com. parison of those ruling last week:—

BANK HATES OF DISCOUNT. The Bank of England rate was, on December 1, 1910, lowered from 5 to 4J per cent.; on Jauuary 27 it was lowered to 4 per cent., on February 16 to 3J per cent., and ou March 9 to 3 per cent. On September 21 it was advanced to 4 per cent., and on. February 8 it was reduced to 3J per cent. •

The Bank of France rate was reduccd from oi to 3 per cent. 011 January 23, 1908, and continued at the latter figure until September 21, 1911, when it was raised to 3J per cent.

The Imperial Bank of Germany reduccd its rate from 5 to 4J per cent, on February 6, and on February 19 the rate was further reduced to 4 per cent. On September 19, the rate was raised to 5 per cent.

HAItKET BATES OF DISCOUNT. The following are tho market rates for best three months' bills:—

London Paris Berlin rate. rato. rate, per cent, per oent. per cent. This week 3 5-16 23 33 Last week 35-16 -3 33 Last year 215-16 2J 25 - Short loans aro quoted at 3} per cent., as compared with 31 per cent, last week, and "J per cent, last year.

COLONIAL AND OTHEE FEODUOE. Wheat.—The markets are quiet, tending towards an easier feeling, especially for distant shipments. La Plata shippers are pressing, sales; 38s. is asked for South Australian per sailer January-February shipment, and per steamer March shipment, 375. 9d. for Victorian per sailers January-February, 375. 6d. for New South Wales per sailer January-February; 375. 6d. has heeu paid for a parcel of Australian afloat. There is a quiet demand for Australian on spot at <os. Supplies on spot are small, and there are few sales. New Zealand 385., but holders generally are asking 38s. 6d. Flour is dull. Australian, ex store, 265. 3d.; parcels, February shipment, 255. 6d. Oats are firm. New Zealand is practically exhausted. Peas aro dull and unchanged. Beans are firm. Now Zealand scarce, and nominally 375. 6d. to 38s. 6d. Butter.—All prices are unchanged. The market is expected to harden, owing to declining Australian shipments. Cheese is quiet. Now Zealand, 71s. to 725. Sugar.—German beet, 88 per oent. net titre, 6d. higher, at 15s. lid. per cwt.; first mark granulated, f.6.b. Hamburg, 7d. higher at 18s. 7d. . Bradford Tops.—The market is quiet. Fifties, Id. lower, at 173 d.; forty-siics, Id. lower, at 141 d.; forties., 13} d. THE METAL MAEKETS. Copper.—On spot, Bs. 9d. higher, at £62 17s. 6d. per ton; three months, Bs. 9d. higher, ot £63 lis. 3d.; electrolytic, ss. ' lower, at £66 ss. : Tin—On spot, 10s. lower, at £195 10s. per ton; three months. 20s. lower, at £191 15s. . I'ig-iron, unchanged, at 495. per ton. . Lead-Soft foreign, Is. 3d. higher, at £15 15s. per ton.

HI VESTMENT SHAKES. A salo of Golden Bay Cement sharcB at 24s. 6d. was tho only transaction recorded in investment shares yesterday. The buying and selling quotations veers as under 33u7ora. Sellers. £ 8. d. £ s. d. National Bank — 515 6 Gisbomc Gas 2 17 - 0 — Standard Insuranoo 1 10 6 — Christchurch Heat — 16 2 6 Gear Meat (£4) — — 13 2 6 Well. Woollen fpref.) — 3 0 0 Hikuraugi Coal 0 IE 6 10 0 Westport Coal 17 0 17 6 Tai'ingainutu Totara ... 2 3 6 2 6 0 Golden Bay Cement 14 3 14 6 N.Z. Con. Dental — 12 0 2T.Z. Drug 2 10 0 — Ward and Co — 5 4 6

- Variations _ compared Price. with last weak) £ s. d. 25% Imperial Consols 78 17 6 I2s.6d. highor •1 N.S.'W.1933«fan.-July 105 10 0. -Unchanged 3$ „N.S."\V.1913 Alar.-Sop. 93 U 0 Unchanged 3 v N.S.\V.iy&> Apl.-Oot. 67 0 O Unchanged i „Yic. 192UJan.-tJuly 10110 0 Unchanged 3a „ Vic. 19-i-ti Ja:i.-«)uly 9i> 10 0 Unchanged 3 t ,\ic.ll-i9-49Jan.-Ju1y 81 10 0 Unchanged 84 „S.A. 191ti Jan.-July 97 0 o Unchanged 3 ,S.A. Ulo Jrtu.-Juiy W00 Unchanged 4 „QTdl913-24 Jan.-Jnlyi 102 0 o Unchanged «3 QTdl9.U-liU.lan.-July 26 10 0 Unchanged 3 „QTd 84 10 0 Unchanged 4 „N.Z. 1029 May-Nov. lOi 2 6 Unchanged 3j „N.Z, 11M0 Jan.-July 97 10 U Unchanged 3 ,.X.Z. 1SM5 April-Oct. } b7 10 0 Unchanged 3s „ \Y.A.1920-i0 May-Novi 05 10 0 Unchanged 3 „\V.A,1915-25 May-Nov b7 0 0 Unchanged 34 ..Tas. 3940Jau.-Juiy i 96 0 0 Unch nged Li „Tas. 192J-4J Jau.-July! fco 0 O Unchanged