COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1436, 10 May 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. There were no transactions it; investment shares yesterday. The buying and selling Quotations were as under:— Bayers. Sellers. £ s. d. X 3. d Hani; New Zealand It 11 C - N.Z. and River Plate 1 19 6 - Christchurch Gas 8 15 0 9 0 0 Well. Gas (£10) - IB 7 6 irnion Steam 2 8 6 2 10 6 Mossier Woollen 3 8 6 3 9 6 Well. Woollen (prcf.) ... — 2 19 0 Tiiupiri Coal 1 1 C — Le.vle.ncl-O'Bricr, — i 8 6 Taritigamntu, Totara — 2 8 3 C. M. Banks, Ltd - 0 19 6 Golden Bnv Cement — 14 3 JF.Z. Con. Dental — 1 1 C X.'Z. Brute - 2 11 6 Kharland's ordinary — 13 6 W.F.C.A - 7 5 0 UNION STEAH SniP COMPANV. The "Financial Times" ol April 3, has the following:— ■ _ There is reason to believe that the union Steam Ship Company of New Zealand is about to undergo =01:10 important administrative changes, while the scope of its operations may. possibly be extended. The matter has not yet reached a etaso which enab'es the names to be Riven of those who are negotiating for a guiding interest in the company's affairs, there being more than one aspirant for the co-operation of the company's ileet. The undertaking enjoys a subsidy of £57,0 M per annum as from August 1 last, payable by the Governments of Canada and New Zealand, in return for which the directors run 'a monthly service between those countries. The idea appears to be that the route served by the company might be extended with advantage, so as to come more closely into touch with, the lines trading from this country to the Antipodes, and possibly elsewhere also. In raiticipalion of a. favourable result to the "feelers" which have been put out. the company's £1 shares have recently risen from 2 to 23, and are still being purchased with some freedom. At last year's Imperial Conference in London, particular reference was made to the company's position, the suggestion being put forward that it might be made an integral part of the All-Rod" Route which has been aime;i at by certain shipping interests, and the various colonial Governments. The developments now in contemplation would .further this scheme, and would probably form another link in the all-embracing organisation which is gradually being evohod from the various Australian shipping lines. The main idea of the scheme now being discussed is, however, to bring the company into closer relationship with Great Britain, and the Interests behind the movement are untlerRtood to be prepared to pay a liberal sum for the achievement of their object. The 6hare eapi'.al outstanding amounts to £803.KO. out of an authorised total of JEI.OOO.CCO. while there is also £162.938 of four per cent, debenture stock in existence, part of a total of CCO.CCO. On the basis of current market prices the two capital issues would he actually worth something like £2,200,000. The actual broaking-up value of the shares is. however, believed to be in excess of the price at which they ej-e quoted in Throgmorton Street, and this will have tobe taken into account if any change of ownership is decided upon. SPECULATIVE SLITS. The decision of Mr. Justice parting in Damzey v. Metropolitan Bank of England and Wale? will be warmly welcomed by the general public as well as by the great bulk of the legal profession. An application was made by the defendants that the plaintiff's solicitor (whose name was not given) should be ordered to pay the costs which the plaintiff had become liable to pe.v to the defendants. It appeared that the plaintiff's father died in 189 i. leaving estate worth £79 only, apart from a deposit nole. dated in 1864. which showed that the deceased had then deposited £2000 with the .Metropolitan and Provincial Bank. That bank had gone out of existence, having transferred its husinen u> .mother bank, which had sinco cone out. of existence, having transferred part of Its busi-nc-v. to the defendant bank. That any daily could, under Mich circumstances, be successfully preferred against the defendant bank is an idea too prcpostoron,- for words. However, in February, 1911. the soli.-itnv in ouestion. having, as he st.itci!, honestlv (•nine- to the conclusion that there was a prima Facie case, look the mailer up upon an aircr-n'."iit under which he lo re reive"twciitr.fivr per rent of tvhritewr the plnititiu" vnovrcd. v. inch percentage was lo cover all hi; ru;t» and espouse:- in anv action to enforce the claim, and if tkr to-lion failed n- to make no claim again.-!. Ihc plaintiff for his co;ts and charges. Ai en early staec in the action the opinion of a i'lnior 'onnsr-l was taken, who nriv is:-:l there was no pos-ible chance of surcc---. Nevcrthelesr-, the action -.v,-i= pr< crrtl-d with, and at a laler -tn?r the opinku- of two King's Counvol vci"' taken who ,!dvi-ed to the same cfl:--t. Ti n r' upon, and since the (ictoiubai;. n.iturallv rvfn-cd to pay a single farthing in S( >ii]r icent. the solictor, by L"ttor dated rtccuu her I. till, informed the plaintiff that, "he must withdraw from the ca = c. By this time the action war in »ltc Hm for trial and when i< came on the nlniutiQ <-on«-,ntod to Judgment, but turned out to be una-bl" .to nay am part of the. costs incurred by-

tiio defendants in the onion, which were taxed nt £315. .In the course of .a very trenchant judgment. Mr. Justice Darling held that the agreement in shiro in the nrocoedj. of the .notion v.a~ illegal by whomsoever made, lint doubly so if made by a solicitor. That the solicitor knew at a very early period that there was no substance in the case, but. notwithstanding this, held on, desiring to fee if the defendants would give sumothine in preference to fighting, of v.-hi'-h s-omcthing he would get his share. The learned .tudce ordered tile solicitor to pay the cost? irirnrred by the defendants in ,the action, and also the costs of the application. Execution was staved with a view to an appeal.

COLONIAL SUGAR COMPANY. The Colonial Sugar Kenning Company, Ltd., lias come into prominence receuliy through the officials of the company refusing lo give evidence at the Sugar Commission, and the balance-sheet of the company for the half-year ended March 31 last, must be of interest. The net profit for the period amounted to £225,601, n? compared with £207,428 in the corresponding term last year. A comparison is given below of the two periods:— March. March. 1911. 1913. £ £ Capital 3.0C0.P-CO MCO.GCO Insurance, and other reserves ko.K'O soo.rco Debentures 61.E53 61,050 Provident fund 152,917 163,654 Sundry creditors, etc 8;5,512 903,278 Refineries, etc 2,813.375 2,847,478 Materials ill slock, etc..... 56,916 70,534 S.S. Fiona, and floatins plant 155.321 1E6.386 Stocks cf sugar 50.1,761 362 400 Sundry debtors 649,333 51:8.953 Cash 539.841) 019.860 Net profits 207,428 235.C31 Balance forward 77.614 101,545 The figures reveal the strength of the position and the magnitude of the operations of the company. The report mentions that sales of refined sugar have been well maintained at the high level of prices reached last November. It is expected that the scarcity of sural- throughout the world will last for a. few months, but the position is said to be r 'in evcrv respect uncertain." Both in Queenslnpd'and Fiji the weather conditions affecting t.'m next crop have, been adverse, and the outturn, consequently, will lie below average. COMPANY REGISTERED. In the list of companies registered published in the last issue of the' "Mercantile Gazette." there appears the following:— Basil Cooper Hardware, Ltd. Registered as a private company on May 2. Office, 171 Riddiford Street, Wcll!iiigtoii. Capital, .€1f.90, divided into 1600 shares of £1 each. Subscribers: H. •». Cooper, 1500; .T. S. Barton. 100. Objects: To nctiuire and take over as a going concern the business of ironmongers, etc., heretofore carried on by Harry Basil Cooper and Joseph I. Garrard, under the style of Cooper, Garra.rd and Co. EXPORTS OF PRODUCE. The value of the exports in April exhibited an increase of £540,477 over the corresponding month of last year, and this has greatly reduced the deficit for the season. The valuc3 for seven months compare as under;— 1911-12. 1910-11. £ £ October M4.P07 720.383 November I,l''-S,;'C3 1,041.181 December 1.282.122 2.161.769 January 2,'90,165 3,026.016 February 2,984,753 2,346,741 March , 2,465,077 V9WB April 1,999,808 1,459.331 12,982,435 13,247,744' The current year shows a. deficit of onlv £265,309, while a month ago it was as much as £605,785. It does not, follow that the deficit will be wiped out in the remaining five months, although we hope that this will be accomplished, CUSTOMS DUTIES. Customs revenue collected at the port of Wellington yesterday amounted to £1568 Is. 3d. UNION STEAM DIVIDEND. fßr Telecraoh—Press Association.! Duncdin, May 9. The. directors of the Union Steam Shin Company have declared an interim dividend of 9£d. per share. , WESTPOET COAL CO. DIVIDEND. Dur.edin, May 7. The Westport Coal Company has declared an interim dividend of ninepence. AUSTRALIAN PRODUCE. By Telegraph—Press Association—Copyright. (Sec. May 9, 10 p.m.) ■ Sydney, Mar 9. Wheat, 4s. sd. to 4s. 5Jd.; flour, city £10. country £9 17s. 6d.; bran, £6 155.; pollard, £7 65.; oats, Ta.smanian Sparrowbills 3s. 5d... Giants 3s. sd. to 3s. 7d„ Feed Algerian 3s. 9d., feeding 3s. 6d., New Zealand whites 3s. 3d.; barley, nominal; maize, ss. 2d.; onions £12, New Zealand grown £10 10s. to £11; potatoes, £8 lCs.; butter, selected 1205., prime ICSs. to 1165.; cheese, ICd. to lid.; bacon, 55d. to 6*d. Adelaide, Ma? 9. Wheat, 3s. lljd. to 45.; flour, £8 17s. 6d. to £9 2s. 6d. ; oats, 3s. 2d. to 3g. 3d.; onions, £13 to £14; potatoes, £7 10s. to £9 10s. HIDES. (Rec. May 9, 10 p.m.) Melbourne, May 9. At tlis hide sales there were fair supplies, and prices all round were in favour of sellers. WHEAT AND OATS. The New Zealand Loan and Mercantile Agency Company, Ltd.. have received the following cablegram from their London house, under date May 3:—Wheat:We have sold an Australian cargo at 40s. .id. c.i.f. The market is quiet, but steady, owing to unfavourable crop reports and heavy arrivals. The outlook for market prospects in America is encouraging. Oats: We quote Cartons. 235. 3d.; Sparrov.bills, 225. 6d. The market is firm, with a fair demand. TALLOW SALES. By Telegraph—Press Association—Copyright ■ London, May 3. •U the tallow sales 1214 casks were offered arid 603 sold. Prices realised:—Mutton, tine, 375. 3d.; medium, 345. 6d.; beei, fine, Sos. 6d.; medium, 335. 6d. RABBIT SKINS. (Rec. May 9, 11.30 p.m.) Londnn, May 9. At the rabbit skins sales iB6O bales were offered, and 1750 sold. There was a good market. Summer parcels wore unchanged, winter were a halfpenny uearcr. SILVER. London, May 3. Bar silver is quoted at Z7Jd. per ounce standard. __„._ IV lift AT. Tho American visible supply cf wheat is 86,282,000 bushels.