COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1401, 29 March 1912, Page 8

COMMERCIAL ITEMS.

"UNION STEAM" QUIETER. Tho transactions recorded yesterday were: Taupiri Coal, 2ls. 7d. (two (sales). and Union .Steam, 525. (two salu3). The demand for Union Steam Hharcs was not maintained, and in the afternoon business could have been done at 50k., and there was an actual transaction in Dunedin at 435. This does not necessarily ineau that there is nothing in the rumours as to amalgamation; on the contrary, the rumours arc still very persistent-, and it is now supported that the ama.lffamation may be with the P. and 0. Company. No one seem;? able to give a definite reason for the unusual movement in the and thoj-e who claim to know the cause of the rife, dcclarc t.lmt they aro pU'dzed to secrecy. Yesterday's buying aud selling <iuotations* were as under:— Buyers. Sellers. £ a. d. £ r. d. National Bank — 5 18 6 N.Z. and Hiver Plato 1 19 0 2 0 0 Christchurch Gas — 9 5 0 Well. Gas (£8 10s.) 16 0 0 Christohurch Meat — 15 U 6 Union Steam - ~ 5 16 0 T&riJiffMnut'U ToUi'R S ? 0 afc, tau, wo. - tot

Donagliy Hope nnd Twino — 1 I I Golden liny Cement, 14 1 15 0 N.Z. Con. Dental — 119 NEW ZEALAND I.OAN AND MERCANTILE. The scheme of rearr.mKemont of share anil debenture capital has been issued as a circular to sltarfhoiders. In this circular it. is utat-.'il that the principal objects of the scheme are:— (1) To improve the position and credit oi the company by putting an cud to the anomaly oi a debenture uebt of upwards of £3,2oC,tvJ, as a paid-up capital of £13,301}, by a larso reauction of the debenture debt, and an incroase of thare capital, and (H) To conserve and realise for the benefit of the company, and the various ciawfes of its stockholders a large portion of its uncalled capital, v.-hich, in the case of a ~l I'hare with only 10s. paid up, is necessarily a prcca-iious isecurity, and at the same time to relieve tlio shareholders from the excessive burden which that uncalled capital involves. (3) To deal with the claims of the third debenture stockholders, by converting their capital into 5 per cent, preference tUoek, and capitalising their profit-sharing rights. (4). Incidentally, to simplify the position by winding up tlio Land Association and vesting its aesots in the- Loan Company. The scheme of rearrangement is as follows (a) By reducing the prior lien stock to ba ca,lled "First Mortgage Debenture StoeU" (at present £2,350,000) to £I,CCO,OCO. (b) By increasing tho second debenture stock, to be called "Second Mortgage Debenturo Stock" (at present £540,765 9s. Bd.), to £1,000,000. (c) By exchanging tho third debenture stock (at present £405,574 2s. 4d.) into 5 per cent, cumulativo preference chares, with tho rights mentioned in Clause 3, which, with further similar preference shares or stock to bo issued in respect of a portion of the call to be made, will make tip approximately a total amount of £1,000,000. id) My increasing the paid-up ordinary share capital (at present £135,349 13s. Id.) by making a call of £5 per share, and by the creation of further ordinary shares, and converting eame when fully paid into stock. When the JES is called up the ordinary shares will bo £5 10s; paid, and it is proposed to cancel the remaining liability of £3 10s. It, is proposed to apply a portion of the Loan Company's reserves, and of the Land Association's reserves, in providing a special cash dividend of"150 per cent, upon the partly paid shares, which will enable the payment of such call to be Kuarantced without enforcing it upon shareholders, who may not be in a position to meet it, also in providing a. special dividend of 150 per cent, upon the existing fully paid shares, payable in fully paid preference shares, or in fully paid ordinary shares, or partly in one and partly in tho other, at tho option of tho holder. WELLINGTON MARKET. Messrs. Laery and Co, Ltd., Wellington, report wholesale prices as under:—Oats, Algerian, 3s. to 3s. 6d. per bushel; oats, Dun. 2». IGd. to 3s. per oushel: cats, short, 2s. 9d. to 3s. per bushel; wheat, (fowls), 4s. 3d. to 4s. 4d. per bushel; mai/.e, 4s. 2d. to <??. lod. per bushel; bariey, Cape, 3s. lCd. to 4s. per bushel; malt, 7s. 3d. to 7s. 6d. per bushel; peas, partridge. 4s. 3d. to 4s. id. per bushel; peas, Prussian biue. Vs. bd. to 7s. 9rt. per bushel; linseed nuts, 13s. per cwt.; crushed linseed cake, 13s. 6d. per cwt.; whole linseed, 19s. per cwt'.; pollard, £7 ss. to £7 10s. per ton; bran. £5 Iss. to £6 per ton; flour. Atlas, £9 6s. od. per ton; oatmeal, £14 per ton; ehaif, oatenshcaf. £4 ss. to £4 15s. por ton, tacks in; baled straw, £2 10s. to £o per ton; superphosphates, £4 10s. to £5 per ton; basic slag. £3 15s. to £4 per ton; rolled oats (4's), Bs. Cd. per dozen; rolled oats (20's). 40s. per dozen; potatoes, £4 to £5 per ton; onions (prime) £8 to £8 10s., medium quality £4 to £6 per ton; cheese, medium size, new, 7d. per lb.; cheese, medium size, old, 63d. per lb.; cheese, loaf, 7id. per lb.;frcoh eggs, Is. Cd. to Is. 7<l. per dozen; preserved eggs, Is. 3d. per dozen; butter, prime milled, lUd. per lb.; br.con, Swan'brand, rolls, mart, por lb.; bacon, Swan brand, sidos, 9id. per lb.: liams, Swan brand, 9d. Ncr lb.; shoulder, Swan brand, Bd. per lb.; honey, bulk, 4d. per lb.; lard, bull;, Bd. per lb.: hens. 2s. Gd. to 3s. per pair; roosters, young, 3s. to 4s. per pair; ducks, 4s. to ss. per flair; turkey gobblers. 9d. per lb., dead weight; turkeys, hells, Od. per lb., dead weight. WHEAT AND OATB New Zealand Loan and Mercantile Agency Company. Limited, have received the following cablegram from their London house under date March 28 Wheat eald at 375. 3d. c.i.f.. New Zealand parcel; inarkot firm. Good demand, owing to decreased supplies, outlook encouraging. Oats: Cartons, 235.; Sparrowbills. 225. 3d.; market firm, outlook encouraging. We quote per quarter c.i.f. New Zealand wheat; Longbcrried,,37s.; .shortberricd, 3fo. 6d. NIKEAHA AND STERLING CO-OP, STORES. Tlio ninth annual report of tho aliovo company for the year ended December 31 last states that the roservo fund has increased by £64 os. 3d., bringing tho total up to £424 Or. 3d. After making provision for all liabilities, nnd writing £23 fe. 7d. for depredation off the property, there remains a net profit of £126 3s. 4d., which the directors recommend shall be distributed as follow:—A bonus at the rate of 5 per cent, on shareholders' purchases. 2J per cent, bonus on non-shareholders' purchases. dividend of 5 por cent, on paid-up capital, and the balance to be credited to the reserve account. The total sales for 1-hn year wore £2980, being an increase of £353 over the previous year. The paidup capital of tho company is £312 ss.

Customs duties collected at tlie port of Wellington amounted to £2426 fc. 6d. WHEAT. By Telegraph—Press Association—Copyright London, March 27. Wheat.—Fourteen thousand quarters at three ports,' January-February shipment, fold at 375. 9d.; an Australian cargo at--375. 101(1.; 14,CCD ouarters at three ports and two cargoes at. 58:-.: Tour cargoes at 38s. 3d.; one at 38s. 41d. 'The American visible supply of wheat is estimated at 112,449,0C0 bucliels. TALLOW. By Telegraph—Prcsa Association—Copyrljht London, March 27. At the tallow sales, 1160 casks weru offered, and 470 sold. Prices were unchanged. SILVEE. Bar silver iB quoted at 26Jd. per ounce standard.