COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1407, 6 April 1912, Page 8

COMMERCIAL ITEMS.

INVESTMEK'I' SHARKS. A salo of Wellington Gas (£10) at .€lB ss. was the only transaction recorded on Thursday. The buying and selling iiuotations were as under:— Buyer* Sellers. £ s. (I. £ s. d Hank New Zealand 11 4 0 11 10 0 National Bank 5 18 0 5 19 0 N.Z. and River Plato 1 19 6 2 0 3 Wei!. Trust n-ni Loan ... - 7 1.3 6 Well. Gas (£10) 18 5 0 18 10 0 Well. Gas (second issua) .. 16 2 6 16 7 6 Christehurch Meat — 1510 0 Gear Meat (£4) - 13 0 0 Gear Heat (£1) 3 3 0 J 5 0 Union Steam 2 7 0 2 9 0 Taiupiri Coal 110 116 Westport Ooal — 17 3 Wostport-S-.ockton 0 2 0 Leyland-O'Brion - 19 6 N.Z. Powell Process - 13 0 Tarlngamutu Totara .- — 2 9 0 0. M. Bunks, Ltd - 10 0 Oiwn Brewery - 1 15 0 Donaßhy Hope and Twine — 12 6 Golden Bay Cement — 14 9 Ma-iraing emd Co — 4 11 0 N.Z. Con. Dental — 116 NX Urutf - 2 11 6 UNION STEAM SHAKES. The "Arfius" (Melbourne), writing with rO3pect to the Union Strain Ship Co., says: —"Beyond surmise as to the likelihood of an offer having been made for the purchase of tho Union K'.eam Shin Company of New Zealand's business, Melbourn-; slroieholders and brokers nn; no further alioad In regard to an explanation of the jump in the price of shores. Though the demand slackened slightly, holilsrs showed an inclination to await the pleasure- of those responsible for clefini o reasons why the market valuation of the undertaking should advance by about X«o.otn to over £2 000 000 in a day. The impression that tho demand came from London throuoih various channels strengthened the idea that lomo absorption schomo ;vob in view. Tlio tooldeut wdlrootH altiurtlon to the oroffTMJ UKI Itronf uuiuiuUi poslunn of UelSonbfiw, HaanflUUi Ui*oianev

In its circumstances over the past three years is indicated by the following table:— 19C9. 1910. 1911. Liabilities— £ £ £ Capital EOO.OOO BCO.COO BOO.COO Hossrvc fund 150,000 150,000 150.003 Insurance fund «1,543 «9,797 <92,93 i Debentures 165,138 162,938 161,538 Freights, passages 14,442 22,092 21,411 Sundry creditors ... 278,054 259,642 291,148 Profit and loss .... 45,396 51,307 52,932

Shipping property 1,115,644 1,063,539 1,187,352 Hulks, lighters, etc. 30,630 35.561 U. 777 Stores 103,357 97,938 106/79 Building;--, furniture 40.0ffl 72,33! %.4'9 London office 122,164 138,790 6,4e0 Sundry debtors ... 99.131 96.2G4 85,821 Investment)) 287.538 421,293 46,605 Cash 75,746 The capital has remained unchanged ovsr that period, although in view of vhe rumours in regard to "watering," it has to be remembered that the nut-liorited issue is JEI.CCO.COO. The rcwrvu tad to called has also been unaltered for the same period, but the insurance fund, which is a repository for surplus funds, gives an indication of the rate of profit-making. Appropriations to this fund are made prior to tho net profit boiiiz declared, and the increases from year to year accrue, despite the pavnient of a bonus of over JEEMO annually to shareholders therefrom. Another interesting feature is thi>; in little more than a decade the tonnage of the company's -fleet has advanced from about, 80.0 CO tons to nearly 200,000 tons, if the steamers now under construction aro included. In the period covered by the above statement the growth has been aboul 40,000 tons, but the accounts show that the book value of the fleet, including payments on account of new steamers, has only increased by £70,738. Excluding the now tonnage undor construction, tho book value per ton has declined, from a little over £7 ml the end of 1909 to under £6 per ton at the close of 1911, showing that writing down for deprsciation, though not disclosed, has been substantial. An interesting fad; regarding the vessels in course of construction is that one of 13.5C0 tons, being built for the Canadian-Australian service, will be tho largest trading south of the line. NOTES. To the end of November last the United States expenditure on the Panama Canal had amounted to £53,478.496. This included the payment '.o the French company, and £2,841,012 for sanitation. Tho "Iron Age" sstiraates the world' 3 cut-put of pig-iron last year nt 60,896,220 tons, as compared wi-.h 65,741,380 tons in the previous year. Last year the total value of the foreign commerce of Russia was about £250,000,0uu, or 2.485,000.000 roubles. This was tome £15,000,000 more than the total for mo, and of that total £147,000,000 represented exports, an increase of £8,500,000, and £102,000,000 imports, which were about £6,500,01)0 higher. The surplus of exports over imports thus amounted to £45.000,000, and in view of Ensria's indebtedness abroad, that looks a healthy propor:ion. In tliD past ten years Russian imports ha-i2 increased £40,CC0,000, aud the sxports nearly £67,C00,000.

The Shell Transport and Trading Co., whose oil is well known in Australia,' are issuing about 750,000 reserve shares, ;ho balance of tho arjUiorised ordinary capital. Of this issue 240,010 arc required to pay for interests acquired in various Russian oil companies. :ho recipients undertaking not to sell same tofore 1914. The remaiuinK 510.0C0 shares approximately are issued pro rata to the existing proprietors of the "Shell" at 655. each, ;uid as the market Ericc is 935., shareholders secure a nii.3 oiius. The object of the latter issue is to provide funds for the vast extension of the liquid fuel business, entailing rapid increaso in the producing, transport, storage and distributing facilities, a.s well as to prepare for further developments. For tho last two years tho "Shell" dividend has been 22J per cent., and it is considered that the new acquisition gives the company the control of such a supply of oil as to render its position impregnable. The actual silver production of Cobalt, Canada, for the pas. year is estimated at 31,500,0C00z. to 32,C00,0000z. This would be about two million ounces in excess of tne production of 1510.

Customs duties collected at the port oi Wellington on Thursday amounted to £523 i 9s. Id.

, -. ' LONDON'-MARKETS. Tho New Zealand Loan and Jt;rca» ile Asfincy Company, Ltd.. have received tho following cablegram from the.'r London houJM, under (late April 3:—Tallow: Wo quote present spot values for tho followiW descriptions of tallow :-Goid mutton. 345. 9d. nor cwt.: rdocl beof, 325. 9d. Ncr o.w .• mixed, 31s. 6d. p?r cwt. Tho market U firm. Wheat.—Wo have &M an Australian car K o at 3Es. 9d.. c.i.f. Tho market ts quiet but steady, and ths outlook is uncertain. VICTOItIAN PRODUCE MARKET. By Telciraph—Press Association-Con'vriiM Melbourne, April 4. Wheat. 3s. Hid. to 4s. Flour. £3 15s. Barley, maltinir to 6s 6(1., Cape 4s. !Cd. to ss. ?d. Oats, Js. 3(1. to 3s. 4J(I. JW-zo, <s. 3d. Bran, £6. Pollard. £6 !Cs. Potatoes, £5 10s. to £7. Onions. £8 10s.