COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1383, 8 March 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. A sale of Golden Bay Cement shares at 245. 6<l. wag the.only transaction recorded yesterday. The buying and selling quotations were as under:— Buvers. Sellers. £s. d. „£e. d. National Bank 516 6 — Bank New Zealand 10 IB 6 — N.Z. and Eiver Plato ... - 2 0 3 Christchnrch Gas - 9 5 0 Well. Gas (£10) IB 0 ,0 18 10 0 Well. Gas (third issue) ... - 12 10 0 Well. Gas (prof.) 0 8 0 - K.B. Insurance 3 14 0 — Gear Meat (£4) - 13 0 0 Meat Export (525. 6d.) ... -' 219 0 N.Z. Shipping - 15 0 0 Union Steam 2 0 3 — Kaiapoi Woollen 5 8 6 5 12 6 Taringarautu Totara, 2. 7 0 2 8 6 C. M. Banks, Ltd - 0 19 6 Donaghy Rope and Twine — 12 6 Ward and Co — 5 4 3 W.F.C.A. (£5) - 7 5 0 W.I'.C.A. (£1) — 18 6 COMPANIES KEGISTEIiED. In the list of companies registered published by the "Mercantile Gazette," issued this week, are the following:— A. E. Kornot, Ltd. Registered as a private company on March 1. Office, 111 Customhouse Qur.y, Wellington. Capital, £2G.CCO. in 20,050 shares of £1 each. ■ Subscribers, A. E. Kernot, 19,975; Ada G. Kernot, 15; A. Simin, 5; A. W. Hazohvood, 5. Objects: To acquire and take over as st, going concern the stock-in-trade, etc., and goodwill of the business now carried on by A. E. Kernot. Wanganui Theatre and Picture Co., Ltd., Registered as a private company on March 4. Office, 65 Victoria Avenue, Wanganui. Capital. £3000, divided into 3COO shares of £1 each. Subscribers, P. C. Price, 2750; H. C. Price, 250. Objects: To construct at Wanganui and elsewhere a theatre and other buildings. UNION BANK OF AUSTRALIA. The report of the Union Bank of Australia, Ltd., for the half-year to August 31 last, presented at the meeting held in London on January 29, states that, after provision for doubtful debts and contingencies, thero is a net amount of profits of £177,510, inclusive of £42,189 brought forward. From this the directors have made the following appropriations, namely :—£lo,CCO in reduction of the bank premises account in Australia and New Zealand, and £20,000 as an addition to the bank's reservo fund, which is thereby increased from £1,35Q,C00 to £1,370,000. From the balance remaining they have resolved upon the declaration of a dividend at the rate of 10 per cent, per annum, equal to £1 ss. per share, and a bonus of 2 p_er cent., equal to 10s. per share, the dividend and bonus together being at the rate of 14 per cent, per annum, and amounting to £1 15-,. per share, leaving £42,510 to be carried forward. The directors have to report that early summer rains have removed •apprehension o-s to a dry season in many districts of Australia, but. the season continues dry in Western Australia. In New Zealand weather conditions arc normal. Tho wool clip is satisfactory, but the wheat harvest is estimated to be somewhat short. They consider it desirable that they should have power to increase the number of shares that may be entered on the Australian and colonial registers, and, with this object, a resolution will be submitted to the half-yearly general meeting.

GILT-EDGED SECURITIES. ■Some .fight is thrown on the decline in the market value of gilt-edged securities in Groat Britain by a study of the incidence of tho probate dutios. According to the "Manchester Guardian" the total of estate duties for the financial year 1909-10 was slightly more than £23,CC0,CC0, and for the following year £25,Z50,CC0, whilst the amount estimated for 1911-12 i's £25,150,000. The bull; of this money comes from the estates of very wealthy people, the greater part"of whose investments is in Consols and other Government stocks. It is calculated that probably three-fourths of the estate duties are in respect of wealth represented by first-class investment securities, and considering tho figures realised or expected to be realised in this way in the'last two financial years, it seems pretty, sate to assume that in the future there will be no appreciable drop in the total. That' being so, and accepting the three-fourths estimate just mentioned, it would follow that every year Consols or other gilt-edged stocks would have to come upon tho market to the amount of about .CIB.ECO.OCO sterling, Even taking the proportion of the estate duties which represents gilt-edged stocks as only three-fifths of the total, the calculation indicates £15,COO.OOO of securities to be realised. That is a larger sum than the average annual amount of debt redeemed by the present Government since it came into office (£70,COO.CCO). It is not surprising in tho circumstances that Consols fail to show any sustained recovery in value. Customs duties collected at the port of Wellington yesterday amounted to £1718 9s. 7d. LONDON MAKKETS. New Zealand Loan and Mercantile Agency Company, Limited, have received the following cablegram from their Loudon house, under date March 6:—We <|Uote present spot values for the following descriptions of tallow:—Fine mutton. 345. 3d. per cwt.; good beef, 325. 9(1. per cwt.; mixed. 31s. 3d. per cwt. Market dull for fine mutton and fine beef. Wheat sold at 375. 7Jd. c.i.f. Australian cargo. The market is quiet, but steady, owing to light arrivals; outlook encouraging. WHEAT. 3y Teleerapn—Press Association—Copyrigh; London, March 6. The American visible supply of wnrat is 112,415,0X0 biwhcls. SILVEII. Dar silver is quoted at 27? d. per ounce standard. AUSTRALIAN PRODUCE MARKETS. (Rec. March 7, 11.10 p.m.) Sydney. March 7. Wheat 3s. 7sd. to 3s. Ed. Flour, .£8 15.-. Oats, Algerians, 3s. Id.; Giants 3s. 4il. Harlev Cape, 4s. lOd. to 55.: English malting. 4s 6d. to ss. Maize, 4s. 6d. to ss. Hran, .£5 Its. Pollard. £5 16a Potatoes to .£B. Onion-, £8 to £3 lCs. flutter, selected, UK; prime, 104s. to 112s. C!ico»e. Old. Ilaeon, 7J.il. Adelaide, March 7. Wheat 3s. 7rl. to 3s. 7[d. Flour. £7 10s. to £7 17s. 6d. "ran and pollard, 4id. Oats, 2J. 110,

MKLIiOUIiNK HIDES SALKS. Br Telecraoh—l'rcss Assccintion-CnDyrisßJ (lice. March 7, 11.10 p.m.) Melbourne, March 7. Hides: Moderate supplies. Lights again easier; others very Ami. MINING NEWS. WELLINGTON SHARE JIAKKET. A fair amount of business was done yesterday, and the shares that arc still dealt in were steady. Waitaugis experienced a. slight advance during the day. The sales recorded were as under:— Talisman, ste. 6(1. (first call). Waihi Grand Junction, 28s. 3d. (first call); 285.. (second call). Waitangi, Is. 5d., Is. sd. (first call); Is. 9A. (second call). The buying and selling ciuotations were as under:— Buyers. Sellers. • £s. A. £s. d. ICuranui Caledonian 0 13 0 16 May Queen 0 15 - New Dig River 3 17 0 — Now Sylvia 0 10 0-14 Talisman 2 10 3 2 10 9 Waihi 1 19 6 2 0 0 Waihi Grand Junction ... 1 7 9 18 3 Waihi' Pacroa - 210 0 Waiotahi 0 3 5 0 3 7 lVaitangi — 0 1 11 Worksop Dredge 2 15 0 - Taranaki Petroleum 0 18 0 0 19 0 STOCK EXCHANGE. (By Tcleßrapb.—Press Association.! Auckland, March 7. Business done on 'Change this morningSaxon, lOd. Waitangi, Is. 4d. to Is. Bd, Old Hauraki. Is. sd. Golden Cross, stl. Talisman, £2 lfe. 6d. Waihi, £1 19s. 9d. Grand Junction, £1 Bs. 3d. Northern Coal, 10s. 9d. Taupiri Coal, £1 Is. 9d. Northern Steam, 14s. 6d. The following business was done at the 5.15 p;m. call:— Moauatairi, Id. Waitangi Consolidated, Is. 9d., la. 6d. Waihi Grand Junction, £1 Eg. Northern Coal, Is. 9d. Auckland Gas, £3 Bs. 6t1., £3 9s. Wilson's Cement (pref.), £1 19s. Dunedin, March 17. ■Stock Exchange sales:— Sailor's Uend, 6s. Sales reported:— Talisman Consolidated, £2 !os. 6d. Waihi Grand Junction, £1 3s. 9d., £1 Ss. 3d. N.Z. lusurancc, £4 14s. 3d. WORLD'S GOLD PRODUCTION. According to the preliminary figures compiled by the "Engineering and Mining Journal" of New York the total gold production of the world for 1911 was approximately £94,677,000, an increase of £804.000 over the output for the previous year. There were no great or important new districts opened, and the further expansion recorded was mainly due to the heavier output from the Transvaal, which amounted to £34,1CD,0C0. as against £31,146,000. On the other hand, a considerable decrease is shown in the output from Australia, which for some years past now has been steadily on the down grade, and a smaller, but Mill important, decline in the Indian production, due to the lower grade of ore recently encountered in the important Kolar "fields. Hifcsi'a, which last year seemed likely to considerably increase its output, suffered a setback owing to the drought, which interfered with placer mining in Siberia; and only small increases are exhibited in the returns from Canada and West Africa. The United States Mill retains its- position as the second gold producer of the world, the Transvaal, of course, being first. Australia is now a poor third, with Russia fourth, and Mexico, which lost ground owing to the revolution, fifth. It is noticeable that the comparatively new fields in Siberia, Alaska, Rhodesia, and West Africa have all belied the promise of their early days, and, with the possible exception of Siberia, it does not seem probable that any one of them will take front rank as a gold producer. This emphasises the importance of the Rand industry, the output from the Transvail last year, constituting 38 per cent, of tho world's total, as compared with 33 per cent, in 1910. "That notices be erected at the baths warning persons to leave no money or valuables in their clothing when bathing, as several cases of theft have been reported" was a recommendation of'the Baths Committee to the City Council Inst night. The recommendation was adopted, and it was further decided thnt a clock be procured to be erected at the baths. It was argued that if a clock were placed there bathers would be relieved from the necessity of bringing their watches, to be stolen perhaps. A. telephone-box is to bo erected by the City Council in Grey Street, at the expense of the Carriers' Union, subject to the condition that should the stand at any time be moved from Grey Street the box shall be removed also, as recommended-by tho city engineer. Mr. J. F. Joplin was granted permission to erect another telephone for the use of carriers between the wharf and the General Post Office. On ■Wednesday next, at 1 p.m., at the Fruit Exchange, Blair Street. Messrs. Thompson Bros., Ltd., will sell, on behalf of Mr. D. Inman Tod, 300 selected pullets, from the best laying strains, in lots to suit buyers. Miss Margaret Neumann intends to start special classes of physical culture for business girls in her rooms in Routh's Buildings,' Fcatherston Street. Miss Neumann undertakes treatment of ailments, such as rheumatism, indigestion, etc., and is also a certified masseuse. Zouth's Cure Co., Wellington, announce their three famous family remedies. The=e are tho Zouth Gold Pills, Zouth Green Pills, and Zouth Red Tonic Pills. I Further particulars appear on another page, of this issue> Messrs. Hunter, Sclmltze and Gibson, i Tennvson Street, Napier, have a fino ■ block of country for sale. Tho price is ■ .£20,000. Particulars may be had on ap- ' plication to the agents.