COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1432, 6 May 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. The sales recorded oa Saturday were New Zealand and River Plato at £1 193. ?d., and Christchurch Gas at £9. The buying and sailing quotations were aa under:— Buyers.' Sellers. £ s. d. f, s. d. National Bank — 6 2 0 KdiiiViblc Building 10 0 0 — N.Z. and River Plate ZOO , — Well. Deposit 0 6 8 0 7 8 Christchurch Gas - 9 2 0 Well. Gas (£10) 13 5 0 18 7 6 Union Steam 2 7 6 - ' Well. Woollen (pref.) - 2 18 6 Taupiri Coal 110 116 Westport Coal 18 9 — Lcylond-O'lirien - 18 6 Taringamutu Totara. — 2 8 3 C. M. Banks, Ltd — 0 19 6 Uolden llnv Cement - 14 6 N.Z. Con. D2ntal 10 0 110 N.Z. Drug 2 10 0 - .Sharlauds ordinary — 119 COLONIAL MUTUAL LIFE. According to the Melbourne "Argus"' application is to be made to the Victorian Parliament on behalf of tho Colonial Mutual Life Assurance Society. Limited, with the ob'ect of removing legal doubts and to prevent suggestions that th.3 society is anything but a purely mutual institution. Keccntly a. question has been raised as to tho provision in tho memorandum of association of the society, declaring that tho society is a company limited by shares and as to. tha possible effect of that provision upon certain of the articles of association. When the society was founded tho Lifo Assurance Companies Act was not in existence, and the society was registered under tli2 trading section of the Companies Act. That fact involves the question whether the society if an altogether mutual one. iceing that the constitution mikes reference to "shareholders." The oninion of leading counsel (Mr. Irvine, K.C.. and Mr. Slarkc) has been obtained, and we understand they have advised that, although the questions involved are hii'hly technical, they recommend that tho Bill as advertised should be applied for to deal with such questions and prevent their beine raised in the future. The Bill U framed to rcniove doubts as to the lecnl position of :iji(l others Illlerested in tho society'* business. Any claims which exist agninst the society will not bo in any way affected or prejudiced, but will remain in full force, and the business of the society, which has always !«en and still is carried •on os a, strictiy mutual insurance society, will be entirely unaffected.

THE P. AND 0. COMPANY. A cable message published on Saturday shows that the deferred stock of the above company has declined because of the now issue of stock, and this now issue of capital is being made, so it is declared, to checkmate operators who are seeking to obtain control of the company, now much truth there is in this rumour no one can tali, but it is obvious that tho company la not in nny real need of capital, unlsfj we assume that the loss of the Delhi and the Oceana. has affected the financial position of the company. The new capital may be required to carry out whatever scheme the company may have in contemplation, and which cave rise to the recent rumours. It is but fair to say that the P. and O> authorities have denied that tli2ro is any scheme of amalgamation on foot, but it is possible that other schemes may be in contemplation. As the "Saturday Review" of March 23 pnt the matter, it. was expected that the control would pass into the hands of a financial Kroup 02 a basis substantially nbove current tna-rlwt quotations, but that the company will retain its nresent identity and that tho business will remain m the hands of the directors. With regard to the question of the valuation of the stock. "The Times" draws attention to the low fiKure «fc which, in consequence of the writtn,<?-down policy of the company, its fleet stands in the balance-sheet, and sufjffosts that possibly an analysis of the uosition on the Jnsis of a. higher valuation hog induced buying on the part of powerful interests, and that when a considerable proportion of the stock lias been secured an effort will be made to urge the nnvment of a liitfhcr demand. Th? Shipnine Gazette" states that negotiations of an c-(ten=ive and complicated nature have lately been procecdiiiE; between the groups end "firms-comprised in the Australian and New Zealand conferences, Including also tlm Blue Funnel Line, owned by Messrs. Alfred nolt and Co., and trading from Glasgow; and when these are completed, assuming them to be successful in their outcome, it will probably .be found that agreements bave been arrived at which, while bringing about soma changes in Rovwnment, will tend to ensure peaceful working in the Australian aad China trades for some lime to come.

ROYAL MAIL BTEAHSHIP CO. This concern ia issuing £900,000 of ordinary stock, and the money is said to ue required in view of dcrslopmcnt in connection with the opening of the Hues Canal In December last, the Boyal Mail Steam and the Elder-Dempster Company made an offer for th« purchase of the Union-Castle £10 shares for £32 10s. each. With the completion of that deal the Itoyal Mail became the largest steamship, company in the world, for previously it had absorbed or obtained control of or interest in various othor lines-tho Panne Steam Navigation Company, the MderDcmpsUir Line, the Shire Line, the Glen liine, and Messrs.. Lamport and Ilolt. With the acquisition of the Union-Castle fleet thi' Itoyal Jfail gained control of about 1,300,000 tons of shipping, or, roughly. 150 000 tons in excess of the International Mercantile Marine Company, which -had previously held the premier position. _ At the timo of the acquisition of the XJnionCastlo Line, the authorised capital of the Eoy.tl Mail was £2,100,000, of which J81.5C0,OCO had been issued. In January last it made an iseue of. £100,000 5 per cent, preference and £300.000 or ordinary stock Towards the end of February it issued £400,OflO <U per Milt, debentures at par. and £850,000 of 5 per cents, at 99, beiiiß tho balance of t-hc authorised issue of £2,100,000 for the purpose of acquiring the new business. The capital of .the, Koyal Mail i:i now £7,600,000; with the present issue it will be brought up to .68,500,000. That of the V. and 0. Company is £3,500,000. half in 5 per cent, preferred nnd half m deferred stock, of which .E1.160.000 of each class has been issued nnd pnid up, and in addition I lie company had borrowed .C! 809 CCu on debenture?. . The company m-r-nra ils own ships, nud at tho date of tho laet report had a reserve of about 11 mil. , Uon Btexlkg*

CUSTOMS. Customs revenue collected at tin port of Wellington on Saturday amounted to .£2OOO ss. 2<1.,' thn total for the week beini? £16,093 2s. 3d. The returns for each of the past MKlit weeks, couiuarsd with the figures lor tho corrcspondinf perioda of last year slio-,7 us under.— 1312. 191!. •C £ March 16 26,253 18,850 March 23 9,283 21,121 March 30 25,256 8.478 April 6 : 18,197 23,145 April 13 10,972 10,890 April 20 25,803 16.745 April 27 12.150 12,111 Ma.y 4 16.093 10,765 W1.<07 131,248 The beer duty collected during the past week amounted to £316 3s. 3d., as against £2H 14s. for the corresponding week of last year. SOUTHERN , GRAIN MABKETB. (By Telegraph—Press Association.) Oaniaru, May 5. There lias bn?n a fair amount of "activity in the wlioat market, mul the slight, dcrlinc reported last Saturday lias been recovered. Velvet was sold early in liis week at 3?. Bid. net, country stations, and mixed lines of Velvet and Hodcuaff at 3s. 9d., less conimissioii, but later in the weefc the some sorts <>i whent sold at 3s. 9d. net at country stations. For one line of Velvet 3s. 9id. net was paid, and for another line for spring delivery 4s. was offered and refused. Oats are not offerinc in quantities snfflcisnt to meet the demand, and prices an. higher. Several lines of Cartons have sold at 2s. net at country stations, while Zβ. 05d.. 2s. Id., and 2s. lid. were priven for superior quality, and later 2s. 2d., delivered in town, was paid. A. line of Danish woe sold at 2s. net. Potatoes have Eold at £6 to £5 6b. during tlis week, but some growers arc asking more money without being able to sell. FROZEN MEAT. The New Zealand .Loan and Mercantile Agency Company, Limited, have received tilt) following cablegram from their Londnn house, under date May 3:— Frozen Meat.-Therc is more innuiry for mutton, the market is very firm for lamb, and slightly better for beef. DAIiOETY AND CO., LTD. I!s' Telegraph-Press Association-Copyright. (Ecc. May 5, 5.5 p.m.) London, May 4. The directors of Messrs. Dalirety end Gα., Ltd., have declared a dividend at the rate of 8 per cent, per annum. The superintendent of Stesers. Da'gety and Co., Ltd.. has been advised by cable that an interim dividend of <s. per snare, equal to 8 ner cent, per annum, iias been declared. This will he payable to En.ircholders on the colonial register on and after Hay 15. LONDON MAHKETS. By Telegraph—Press Association-Copyright. (Hec. May 5, 5.5 p.m.) London, May 4. Kauri Gum.—The stock amounts to 526 Cotton.—May-June shipment is Quoted at active. South Sea, in bulk, £25 10s per ton Jute-May-.Tune shipment, £22 ss. per ton. Hemp is dull, and prices are unehanccd. Rubber is quoted at 4s. 2d. per lb.