COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1521, 17 August 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. The transactions Tocordcd yesterday '7# of Now Zealand at £10 "bi., and Wellington Woollen, ordinary three sales at £3 '163. caeh. Tho buying and celling quotations were, as undcr:Buyera. Sellers. „ ■ .• £ s. d. £ s . d. National Bonk 5 19 6 — Equitable Building — 10 n 0 N.Z. and Bivcr Plato 1 19 9 _ Foilding Gas 10 6 — w , c 'j- Ga? ««>, 17 17 6 18 5 0 noil. Gas (third issue) ... 13 0 o 13 12 6 Moat Export (52a. 6d.) .... - j Mosßiol Woollen _ 350 Well. Woollen (prcf.) — 2 18 0 Taupiri Coal' 12 9 13 0 Weitport Coal ...+..ZZ _ 1 j 6 Leylnnd-O'Bncn — 17 9 Taringainutu Totaro. 2 S 9 2 6 6 Donaghv Hope and Twine 15 0 - Golden Bay Cement — 116 K.Z. Con. Dontal 10 0 Sharland's ordinary — 1 .1 0 gnarland's proferonc« .., — 13 3 WJ.C.A. (205.) , - iu 0j

MUTUAL LIFE INSURANCE OF NEW YOliK. The report of tlic Mutual Life Insurance Company of New York shows that during the year ended December 31 the company issued now insurances of £27.518135, an increate over 1910 of £3,290,119. The premium lnoomo during Uid year, including bonuseapplied to the purchase of additi.--is was JE11.020.C99, the total income received being f„ 16 f, 7 i9 s nu7M le M?i tmi * hcld amounted to £119,011,706, an increase over 1910 nt £2,920,520. The total net rose "c held for policies n.nd annuities was £97,183 328 an increase during Uis year of £2,350,847.' The reserve hcld for supplementary contracts etc., amounts to £874,669, ond that for con tingoncies is £2,322,509. The reserve for future deferred bonuses is £15,523 997 The death claims and maturing endowments paid by the company during the year amounted to £6,158,690. The annuities surrenders, and supplementary com rnct» paid amounted to £2,811,831. The interest earn'■P« e ?» oo n , tllß mean fand3 - sh °w a return of £4 14s. 9d. per cent. Tie total sum apportioned for payment as bonuses durin"- the ol f r «?S.. J M ar i 6^ 3 ' 1 ! 0 . 202 . boiii3 an increase ?9il ° n " m nctual| J' Daia in

SHIPPING AND FREIGHTS. Aspects which arc perplexiugly paradoxl. cal aro presented by the shipbuilding position. British yards are unusually busv indeed, orders for further tonnage have had to be turned away by several firms, for tho simple reason that the builders cannot accept more work, unless the contractors are willing to wait for considerably deferred delivery. But this is exactly what shipowners desire to avoid. They find it prcferablo to pay relatively hi»h prices for good second-hand vessels, and so get them into trade at once. A result is that an extraordinary pressure of work is accompanied at present bv an attenuated number of new orders. This rush for tonnage, moreover, ia synchronous with a diminished rate of production, due to scnrcity of skilled labour, difficulty in obtaining delivery of materials, and tho very largo_ number of oil tank steamers which are in course of construction, involving heavy riveting work. Another conspicuous feature is the reduced total of tramp steamers now on the stocks, and when the warship tonnage, tlic oil tanks and ■ the commitments for liners are deducted from the aggregate it appears that the balance of purely cargo carriers remaining is by no means excessive, as compared with the demand. Reviewing the factors indicatedfull work, comparatively poor production and the large tonnage representing special types of ships now building—it is well nigh avoid the conclusion thot the shipbuilding "boom" will not speedily terminate. It must, judging from existing indications, extend over next year, and may then he further prolonged by the execution of banked up orders for cargo eteapiers. Many close observers anticipate that there will be at least two ycarß of exceptional activity in shipbuilding, and there appears to be the utmost confidence in the early future of. the industry.

INTERNATIONAL MERCANTILE 'MARINE. fix s report of ; the International Mercantile Marine (Shipping Combine) for 1911 shows that the surplus amounted to £901 854 after meeting all fixed charges ond operating expenses, in which latter arc included all oliaxges for repairs, maintenance, and SSmoic s ; as compared with a. surplus of ™'r'» 6, ™ the yeaJ 191 °- a decrease of nniim ° STOSS5 TOSS S°™S e earnings were e{•3l?■• ' d miscellaneous earnings £5,288,73.1. The number of vessels now in various services is 120, representing a gross tonnage of 1,067,425 tons, to which will be added, when the six now building are completed. 113.7C0 tons gross, making in all a total tonnage of the company and its subsidiaries 1,181,125 tons.

NATIONAL BANK OF NEW ZEALAND. At the annual meeting of shareholders held- in London, a resolution was passed to increase the authorised capital from £1,725,000 to £3,000,000, but the chairman, Mr. B. Logan, made it clear that no immediate issue, was contemplated, and ho was unable to state when one would be made. Expectations of a share bonus must, therefore, be deferred. Mr. Logan, in dealing, with the results achieved by the'bank, said the management had employed a considerably larger sum of money in New Zealand than in the preceding year, and had reduced to a corresponding extent the n»? ou j> t6 hold and employed in London. Ihe demand for increased accommodation m the Dominion had been remarkable and industrial conditions justified that increased demand. The outlook for the Dominion was cheering, as the staple products- seemed likely to continue to enjoy good markets.

HANOOOK AND CO. (NEW ZEALAND). Tho report of Messrs. Hancock and Co. (New Zealand), Ltd., for tho year ended March 31, 1912, states that the profit, dfter providing for all management, working expenses, and income tax, amounted to £27,089. To this ha* to bo added the amount brought forward from last year of £6554, making a total of £33,643. Debenture interest absorbed £7080, and depreciation of leaseholds, plant and machinery, etc., £4680. The directors propose to pay a final dividend on the ordinary shares at tho rato of 8 per cent, per annum, making (with tho interim dividend already paid) 7 per cent, for the year, to place to general reserve (making this reserve £20,000) £5000, and to carry forward £7131.

WANGANTJI MEAT COMPANY. The balance-sheet of the Wamgahni Meat Freezing Company, Ltd., for the year ended July 31, has been circulated, and the shareholders are to be congratulated on the excellent results shown.. In the previous year there was a deficit of over £3000, but the year just closed shows a profit of £8237 lEg. 3d., and this the directors have allocated as under:— £ 6. d. Depreciation 2085 4 3 Last year's; deficit ■. 3367 ■ 6 4 Carry over : 2785 7 I ' 8237 18 3 In addition to the above appropriation for depreciation, all maintenance expenses for the'year have been charged direct to working account. The buildings and plant have as usual been well maintained. In ' addition to the paid-up capital of £49,881 10s„ the mortgages total £10,000, and there is a. mortgage debenture of £40,000. The assets include land, buildings, and plant, £85,983; stocks, £6362; cash in hand and in bank, £9263; and sundry debtors, £2017. The revenue from freezing sales, etc., totalled £15,958 18s. 10d., nnd transfer fees brought in 225. 6d., meking a total of £15,960 la. 4d. The expenses totalled £7722 3s. Id., leaving the profit at £8237 18s. 3d. The largest item in the expenditure was interest, which absorbed £3371 14s. 2d. The shareholders get no dividend this year, but their position is much more favourable.

Customs duties collected at the port or Wellington yesterday amounted to £1884 14s. Id. GRAIN AND PRODUCE. (By. Telegraph,—Press Association.) Auckland, August 16. The local grain market remains without ohauge, and the quietness that has characterised it for weeks past has been even more noticeable during this holiday week. No business is doing In either wheat or oats. Oatsheaf chaff is- very dull of sale, and the best price is now £2 10s. at country stations. There is a further movement in the • price of potatoes, and an advance of £1 per ton in Sydney has intensified the local demand. Buyers are now offering £5 to £5 10s. for immediate delivers', and £5 123. 6d. for September delivery, and it is stated that there is difficulty in obtaining supplies. This may be partly due to growers not being able to make deliveries, but the opinion is growing that the quantity available is not large, and prices are likely to remain firm. Onions are in short supply, and the price has rapidly advanced to £13 and' £14 per ton, at country stations. LONDON MARKETS. Messrs. Dalgcty and Company, Limited, Wellington, have received the following cablegram from their London office, under dito August 14 as uuder:—"Tallow: Prices aro 3d, to 6d. higher Eince our Inst wire." Messrs. Dalgety and Company, Limited, Wellington, have received the following cablegram from their London office, under date August 15:—"Frozen mutton: Market firm. Prices are par to id. higher einco our loat wire. Frozen lamb: Market steady. Prices ?,d. lower for heavy since our last wire. Beef: Market quiet. Prices for fores are Jd. lower since our last wire."

HANK OF ENGLAND RETURN. By Teioeraph— Press Association—Copjrleht : (I?ec. August IC, 7.55 p.m.)' London, August IG. The Bank of England return issued' for tho week 'ended Wednesday, August It, is as under: — IB9DE DEPATITSreXT Koto IBSUO £%012,000 Gov.ilebfc — ,811015 030 Other securi- ' ' ties ... M . T.jm.ooo GoU 59.6U3.000 £58.012,003 . f^o'i^ Binkiko Department. rropriotorß' Govt, secu'ri. capital JH.663.0M tics... ... £13,082,000 Public do- . Other securijiosits ... 1G,55-2,C00 tics... . ... g< ij.i aqj Other deposit ... 43.263.003 Xotei _, ion Ml Rest, 7-day " "-'"• UJJ aud othor y,nU " i '■■'■ ...yi'f o,l c ' o '"'--' - 1.3K.000 <T7,039,0M 477,339,000

The leadins items of tho Dank of England return afford the following compari; Thlswtok Lasbwook. Last year £ £ £ Bullion 39,563.000 39,365.000 33.935,000 Reserve 59.615.000 28.161.000 2f1.609.009 Nolo circulation 29.513.000 B),988.0'lo 2!),v>),i,003 Public Deposits 10,652,000 16.817.0 IX) 7,820,030 Other Deposits «3.263.000 41,351,000 43,313.000 Proportion of reserve to liabilities... 49.82 45.60 65.01 GOVERNMENT SECURITIES. Thß following are tho lateßt quotutlom for Government securities, with a oou> parison of those ruling last week:— . Variation « compared Trice. with l6Ht weok. ■ £ t. d. 2j% Imperial Consols 75 2 6 12s 6d hichor 4 ~N.5.\V.1933Jan.-July 102' 0 0 Unchant'ed 3i ~N.S.\V.I'JISMar.-Sop. :97 0 0 Unchanged 3 ,N.S.\V.IU33ApI.-Oct. 85 10 0 10s hiflher 4 ..Vic. l92o'Jau:-July' 101 0 0 lOa'liiclior 3J „ Vic. IOJI-t! Jan.-July 95 10 0 10s higher 3 „yic.Wi9-40Jan.-July 8-2 0 0 Unchanged JJ„fa.A. lfilbJun.-July 94.10 0 10s higbei • 3 ~S.A. MIS Jan.-July 79 0 0 Unchanged 4 QTdIOIS-iUJan.-July 100 10 0 Unchanged 3J „QTdI!M4-30Jau.July 95 0 0 10s higher 3 „QTdl922-«Jan.-July 82 0 0 Unchanged L ■■£•& } 92<J Mw-Nov. 10-2 0 0 10s higher 34 ~N.Z. 1910Jau.-July 91 0 0 Unchanged 5i ..JJ; z .-JWf'AprU-Oct B4 0 0 Unchanged 34 „ \V.A.1020-JoMay-Nov 0110 0 Unchanged ?. „ ».A,1915-35May-Nov 83 0 0 Unchangod as „ Tas. ll'UOJan.-July 93 0 0 10s higher i „ Xas.nm-iO Jan.-July 84 0 0 Unchanged BANK RATES OF DISCOUNT. The Bank of England rate was, on December 1, 1910, lowered from 5 to 4J per cont.; on January 27 it was lowered to 4 per cent., on February 16 to 3i per cent., and on March 9 to 3 per cent. On September 21 it was advanced to 4 per cent on February 8 it was reduced to 35 per cent., and on May 9 to 3 per cent. The Bank of France rate was reduced from 3J to 3 per cent, on January 23, 1908. land continued at the latter figure until September 21, 1911, when it was raised to ii per cent. On May 17, 1912, it was reduced to 3 per cent.

The Imperial Bank of Germany reduced its rate from 5 to 4J per cent, on February 6, and pn February, 19 the rate was further reduced to 4 per cent. On September 19, the rato was .raised to 5 per cent and on Juno 11, 1912, it was reduced to 44 per cent.' a

MARKET'RATES OF-DISCOUNT. ' The following, are the market rat«s : for best three month's' bills:- -.. •:• - .

> • London Paris Berlin rate. rate. - rato. mhi, i ' per "D 1 -Per cent, per cent'. This week 3 3-16 ■ 2 3-8 4 • Last week 215-16 23-8 M Last year '2} ■ 2 3j Short loans ore Quoted at' 2 per cent M as against 2J percent, last week,and 11 toli per cent, last year. '•

COLONIAL AND OTHER PRODUCE. , Wheat.—Unfavourable weather is rendering the markets' sensitive, but consumers axe taking only sufficient •' to meet immediate requirements. Rains are delaying tho French harvest; the thrashing - returns are. variable, and the wheat is mostly out of condition An- Australian cargo, sold at about 395. 4jd.. while two others were withdrawn from sale; 375. 9d.-.is aslud for Australian January-February shipment. New Zealand, ex ship, is quoted at 425. 9d Liverpool futures, October, 7s. Sid.; December, 7s. 3Jd. Flour is steady; 255. 3d. is asked for Australian patents, August shipment. Oats aro firm. "A" grade Gortons, on passage. 245. 3d.; La Plata, August shipment-, 17s. 9d. . , Peas are firm, specially for new crop. Now Zealand, on spot, 40s. Beams are Quiet. New Zealand, ex Btoro; 38s. 0 - . Butter is quiet. Danish is unchanged. Colonial nominally unchanged. Tho demand is confined to choicest, which is practically unobtainable; secondaries are worth 104s. to 11,05,. Cheese is steady.and unohanged. Sugar.-Gorman. beet, 88 per cent, net titre, lid. lower at lis. per ewt.;' first mark granulated, f ; o.b. Hamburg, 9d. lower, at 14s. 3d. ' . - ~. Bradford .Topa.-The market is quiet and unchanged. -..-.-,

THE METAL MARKETS. Copper.—On 6pot, 6s. 3d. higher at £78 6s. 3d. per ton; electrolytic, £81, Tin, three months, 60s. higher, at £205 10s. per.ton. Pig-iron, Is. 3d. higher at 61b. Id. per ton. Spelter, £26 ss. per ton. Lead.—lmports, 14,556 tons; exports, 4388 tons. . Silver.—Bar silver is quoted at 283 d. per ounce standard. ' " . WHEAT; ._. . _ ■ ■London, August 15. Whoat.-'For Australian, 39a. 6d. is asked; afloat and off ooast, 425.; 40s. is being paid for several. Australian off coast cargoes. Ino American -visible supply is 33,994,000 bushels. SYDNEY PRODUCE MARKETS. ' (Rec. August 16, 10.20 p.m.) T . .Sydney, August 16. Japanese onions have dropped to £19 in expectancy of tho early arrival of largo consignments. Pollard has advanced-ss. VICTORIAN PRODUCE MARKETS, w>, . a ™ ' -Melbourne, August 16. Wheat, 45..3d.; (lour, £9 55.; bran, £5 }55.; pollard, £6; oats inactive, New Zealand Js. Did. to 3s. - 2id.,- Algerian 35.. 2d, to 3s. 3d.; maize, .quiet,'.at 4s. l}d. to'.4s. 2}d.; peas, quiet, seed Duns.<4s.:3d.- to 4s 4d., feed,4s. to 45...1d.; ; -greys. 4s. 4d. .to 4s. 5d.; chaff, a shade firmer, choice oaten £4 17s. 6d; to £5, green wheaten £5 ss„ to £5 7s 6d:; potatoes, firmer, at £12 to £12' 10s'onions, £20 to £22. '