COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1419, 22 April 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. The sales recorded on Saturday were Wellington Depoeit at Bs., Wellington Gas (£10) at £18 55.; Union Steam, at 48s. 3d and Sharlaud's ordinary at 245. 6d. The buying and selling quotations were as under:— Buyers. Sellers. £ b. d. .£ F d. National Bank — 6 3 0 Wellington Deposit 0 7 6 0 8 9 Christchurch Gas — 9 5 0 Gisborr.c Gaa — 2 17 0 Well. Gas (£10) - 18 7 6 niiristchurcli Heat - 15 7 6 Well. Woollen (pref.) - 2 IB 6 Taupiri Coal 12 0 12 6 Westporl Coal : 17 0 17 6 Wostport-Stockton 0 2 6 0 3 0 1 ("•lind-O' , irien — 18 9 N.Z. Powell Process — 12 6 Tnriiiffamutn Totara — 2 8 6 (■. M. Har.fe. Ltd !... — 10 0 Crown Hrewcry '... - 1 15 0 'loi'ach'" Hope and Twine — 12 0 Golden Bay Cement - l<6 X.Z. Con. Uental 10 6 - IX.Z.'Drug — 2 10 0 Sharland's ordinary — 14 9 BORROWING IX LONDON. The notations of pmall loans of .£SO 000 to £100.COO in hoiulnu do not count for much because most of the banks have <i sufficient number of i-Ucnts to take m> such issues; it is (HiTercnt with larger amounts. For tome time past the results nf new loan issues on the London market have not boon encouraging to ' borrowers, underwriters having to take up a very inr"o proportion of the amounts offered. Evvii Canadian applications have Ijecn received with disfavour, although that coniifry's Hi-siiritiu-3 have hitherto been readily' absorbed by lirilivh investors. Muriel-writ-ers of the Canadian Government loan of .£5.000,000. p'.aeoa on the market last mouth, were called unnii to retain 65 per cent, of the amount, and it is not likely that \)\ofo. supporting the City of Vancouver issue of £1,000,000 will faro any better. The opinion l« now bolrjß einreMed Lu London (hiw the Dominion le luoluiocl to ovefdo bublio bemowiiu. tluiuli It ihouli It tali liatj

the Canadian Government loan dirt not mean the provision of fresh money, but. was to replace an if>suo maturing shorMy. It is in the flotation of industrial concerns that the warning is most hearri with regard to Canadian un.ince, and one was uttered quite recently by the chairman of th<! Hank of Jlritish North Ani'Jti(a lie expressed the opinion that it. to ino.-:t important for investors to examine and criticise for thcmf-olvus before i.undon have' had one bad lesson in the mifortnn-it" history of tho Dominion S:iw Mills, viiii-h in June, I'J'.O, itsued £809.000 6 per iTiii. tiolicntmer' in 95 per rent. T!vj ctinccrn i» now in the hands of a receiver, and these debenture.-: sold ou ihe Htcck Exchange recently at 4<l}.

PAI'.W.OA COAL COMPA-NV. The scheme of reconstruction proposed by circular having failed to receive the assent of the debenture-holders owing 1o various objections, the directors have invited consideration of a new scheme which is designed to meet nil objections. Tho T Make "ho nominal'capital £230,000, instead of £250,000.

2. Write down the ordinary shares from XI to Ms. 3. Create £94,000 new fust debentures, of which £50,025 will be offered for subscription and £43,975 will be available for exchange for the present first debenture. (The directors will not proceed to allotment uutil debentures to the amount of £35,000 out of £50,025 offered for Eubscription arc applied for.) The new debentures are to hear 7 per cent, cumulative interest. To have currency to December 31, 1911. To be redeemable at any time at a premium of 10 per cent. Subscribers to the £50,025 debentures will receive by way of premium one fully-paid ordinary 10s. share for each £2 value of debentures subscribed. Present first debenture-holders (representing £43,975) to exchange their debentures for equal par value of the new first debentures, to Have currency from December 31, 1911, to December 31, "1922, together with one fullypaid ordinary 10=. share for each £2 value of debentures exchanged. 4. Create £25,000 new second debentures, have currency froin December 31, 1911,' to December 31, 1922; to be redeemable at any time at a premium of 10 per cent, Present second debenture-holders (representing £25,« 000) to exchange their debentures for equal par value of the new second debentures, together with one fully-paid ordinary 10s. share for each £2 value of second debentures exchanged.

CUSTOMS. Customs revenue collected at ths port, of ■Wellington on Saturday amounted to £1260 165., the total for tho week being £22,803 9a Id. The returns for each of the past oii'ht weeks, comparsd with the figures for the corresponding periods of lust year shon as under:— 1912. 1911. £ £ March- 2 13.340 12,614 March 9 10,978 13,225 March 16 26.253 18.850 March 23 '. 9.233 21,124 March 30 .... 25.256 8,478 April 6 ". 18,597 23,145 April 13 10,972 10.890 April 20 22,803 16,745 137,482 125,111 The beer duty collected during the past week amounted to £287 15s. 2d., as against £424 13s. for the corresponding week of last year. FEILDING MARKET REPORT. Messrs. A. H. Atkinson and Co., Ltd., report a small yarding of pigs on Friday, with keen inquiry for good stores and porkers, of which they cou'.d have sold any number. Poultry made average pricca. They offered a number of horses and a quantity of general produce. Potatoes sold irregularly, and made from 6s. 6d. to Es. per sack; pig potatoes, 2s. 6d.; barley, 3s. 4d : oats, 3s. to 3s. 3d. per bushel; chaff, £3 to £3 ss. per ton; onions, 7s. to Bs. per cwt.; weoncr pigs, 7s. 3d. to Bs.; slipe, 9s. 6d., 10s. 6d., 11s. 6d., to 12s. 6<1.; stores, 15s. 6d.; light porker 3. 20s. to 235.; heavy, 365., 375., to 38s. Poultry (at per pair)-flens, £s 2s. 6d., 2s. 9d., 35., 3s. 6d. to 45.; cockerel', 2s. 6d., 35., 3s. 3d.; small ducks, 35.; pullets, 3s. 6d. Pups, 4s. GEAIS AND PRODUCE. (By Telegraph.—Press A«?o<naUon.} Oamarii, April 21. The upward movement "in wheat continued during the greater part of the weak, tint the latest news has caused a weakening. At the beginning of the week 3s. 7d. w.ts paid not at country stations, but this went up in stages to 3s. 9d., which was paid on Friday. The prices, however, camo buck on bsiturday to 3s. B{d., at which figure several lines were quitted. Oats remain iirm at the previous week s fi"ures. A-Brade Cartons cold at 2s. net on trucks, and for B-srade at from Iβ. lid. to 25., according to railaso cost. Danish \yas sold at Is. lid. ret at country etaOatsheaf chaff has been sold at £3,delivered in town. Cocksfoot has sold at 4d. to 4*d. net, delivered in Oamaru. Potatoes have further advanced. At the opening of tho week £4 7s. 6d. and to £4 10s. net on trucks was paid, but £4 17s. 6a. was paid on Friday and £5 on Saturday. Merchants, however, are holding off pending a. clearer prospect of shipments being admitted into Sydney under less stringent, conditions. X.Z. LOAN AND MERCANTILE. i Mr Clarke Johnson, Acting-Inspector for the 'New Zealand Loan und Mercantile Asrcncy Co.. Ltd., his received a further cable message from London anent the proposed rearrangement of the company s nuanccs. This is to the effect that the de-benture-lio'.dcrs had held a meeting at which the new scheme had been passed. , FROZEN MEAT. The New Zealand Loan and Mercantile Agency Company, Limited, have received tho following cablegram from their London house under date April 19:-' There is a good demand for lamb. The market is unchanged for niuttou, but is firmer for beef." , LONDOS MARKETS. By Teleiraph-Press Association- Copyright (Rcc. April 21, 5.5 p.m.) London, April 20. Jut*.—April-May shipments. JE22 ss. per °Hemp is steady and unchanged. Rubber is quoted at 4s. IOJd. per lb, Cotton.-April-Jfay shipments, 6.34 d. per Copra—There is a. fair business passinjr; South Sea, in bags, £25 ss. per ton. Wheat—Two Australian cargoes sold at 40- 3d. two at 405., one each at 395. 9d., 395 l 7id., and 395. 6d., and four at 395. 4jd. per quarter. LONnON WOOL SALE 3. London, April 19. At the wool salos ». eplendid selection of New Zealand crossbrede'met with stronger American competition, tho best lots hardening in price. (Rec. April 21, 5.5 p.m.) London, April 20. ' At the wool sales the fleece portions of tho clips named sold as follow:—llarchburn, top price laid., average price 10 3-Bd.; Leeflcld, top 13d., average U{d. Messrs. Murray, Roberts, and Co., Ltd., have rccoived the following cablecram, dated April 19, from their London friends, Messrs. Sanderson, Murray and Co.:—"Crossbred, greasy, medium: market declined a shade. All other descriptions of wool; market firm." HIDES AND BASILS. (Rcc. April 21, 5.5 p.m.) London, April 20. Hides arc in insignificant eupply, nad arc neglected. Basila are a. farthing to halfpenny cheaper.