COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1523, 20 August 1912, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHAKES. There wore no transactions fn investment shares ycterdny. The buyhic and selline quotations were as under:— Buyers. Sellers. £ s. d. £ s. d. Equitable Building — 10 0 0 Koiidiiisr Oas 10 6 — -Meat Export (525. 6d.) • — 3 2 6 .Mo'gicl rt'oollen — 3 8 0 Well. TVoolien (ord.) 3 15 0 - Taupiri Coal 12 9 - Wcstport Coal — 18 3 Golden Bay Cement 10 0 116 Manning and Co 5 19 0 — — N.Z. Con. Dental — 12 0 K.'/i. Portland Ceincut ... 1 6 0 — X.7.. l'iipcr Mills :. 113 119 >-..i :■•.■'wi's ordinary — 13 0 F!' 'l-l -i nd's preferenco ...: 12 6 13 3 WiLr.on s Portland Cement 116 0 — W.I.C.A. (£1) _ 1 10 0 NEW ZEALAND'S FINANCE. M The Melbourne correspondent of the Economist" (London), writing ftnder date May 30, says with respect to New Zealand: — While the banking position in Australia, shows siens of weakness, that in New Zealand is disturbing. The increase (net) m banking resources for the quarter (March.) is very small, while for the past twelve months.a diminution of £3,679,756 is shown, a movement which may be compared with an increase of £5,563,273 two ycara ago. New Zealand banking movements have for years past been moTC or less erratic, but recently they have unmistakably beeu of a nature to suggest caution. The country has become- 'so accustomed to be surfeited .with loan money that <iny slackening of the borrowing process is nuickly'felt. A couple of years' abstinence from borrowing and inability by the Government to draw in local resources would probably create difficulties, the more especially as the New Zoalandors. attracted largely to the towns as they are, 6how unmistakable signs of deterioration." "PAGE'S MILLIONS." About half a dozen bondholders in the famous I'age'n Estate met in London on July 8. Mr. 11. Bury, a. bondholder 1o the extent of £1000, presided, and explained that the bondholders had had the bonds from a Mr. A. C. Lott, of Hampton Hill, and many of them were in very poor circumstances. Some of them dated as far ba«k as 1868. Mr. Lott's great aunt married one of tho Pages, and he was her only living relative. In 1868 he (the chairman) was living on the property at Wembley Park, which was then a. wilderness. In 1870 Mr. Lott commenced selling bonds, and had been doing so continually since. Ho had' been asked to attend that meeting, and had written suggesting that the only course to be adopted was to memorialise Parliament, so that they might have the matter thrashed out. lie (the chairman) had stated to Mr. Lott, in an interview, that at least £250,000 was owing on outstanding bonds, and Mr. Lott had said ho could not say what the figure was, because a great number had been lost or destroyed. The Government had received no less than £32,000 in stamp duties in respect of the bonds. There was no doubt, he said, that Mr. Lett had the right to issue bonds up to a certain amount. The bond stipulated: "I will pay when I get my money, and if I do not get it by a certain timo I will pay double tho value of the bond." Mr. Lott had been trying.for forty years to establish his claim. The- estate represented ready money lying in tho Treasury of about £8,C00,000. In two years or so leases would run out. and who was going to take over tho property if the Government did not?' Ho suggested that a deputntion ehould go to the Treasury, or to tho Chancellor of the Exchequer, asking them to help them. ' . \hl¥E ASSUEANOE BATES. For tho purpose -of regulating rates in respect of life assurance the formation of a tariff association representative of insurance companies has been advocated In England. It does not appear likely, however, that the proposal will have practical results in the near future. The matter was seriously considered by British lifo institutions a few years ago, but on that occasion it was found impossible to arrive at a workable agreement, and there seems to be no solid ground for the belief that tho diflioulties which were then deemed insupera.blo have since been removed. Perhaps tho most serious effect, of competition against'which the offices have at present to contend is the tendency towards ' increase in the commission of agents. This in some, instances has resulted in a material upward movement in the proportion of premiums absorbed in expenses, and at the same time it has made it practically impossible for certain companies to maintain the level of bonuses. There are many well-known offices which succeed year by year in obtaining a very large amount of new business without paying therefor excessive commissions, and it Eoems reasonable to hope the evil complained of may be left to work out its own remedy. On the whole, it may safely be claimed that the virtually unrestricted competition now prevailing in.this department has had as a corollory a supply of far better and more varied forms of contract on terms more favourable for insurers than ait any previous time, and this, too, without in the slightest degree impairing the security afforded by the great majority of British lifo insurance institutions. Customs duties collected at the port of Wellington yesterday amounted to £3806 ss. 7d. ' HIGH COMMISSIONER'S CABLE. ' tTho New Zealand Department of Agriculture, Industries and Commerce has received the following cablegram from the High Commissioner for Now Zealand, dated London, August 17. (Note: Quotations, unless otherwise specified, are average market prices on epot) :— Mutton—Tho market remains firm. A good demand continues. Canterbury, 4 3-Bd. per lb.: North Island, 4Jd. (light-weight); North Island, 3Sd. (heavies). Ewes are sellins' freely at 3»d. per lb. Lamb.—The market is rather quiet. The weather lately has been very unfavourable to the sale of lamb. .Tho position is quito satisfactory, however; total supplies aro 781,000 carcasses short of bit year's figures. Canterbury, 53d. per lb.; other than Canterbury, 5Jd. Heef.—The market is Quiet, but steady. New Zealand hind 3. 3Jd. per lb.; fores, 3&d. Butter—The market is ciuiet, small business doing. Tho demand is chiefly for choicest quality. Danish, 1295. per cwt.; Australian, 1125.; Siberian, 107s. Cheese.—The ma.rket is quiet, but firm. New Zealand finest white and coloured art selling at 655. to 665. per cwt. Hemp.—The market is firm. A good demand continues. A small supply of New Zealand. Transactions are light. Spot: New Zealand, good fair grade, per ton, £26 153. to £27; fair grade, £25 per ton: fair current Manila. £26 10s. to £27, for any positions. Stock, 868 tone. The output from Manila for the week was 20,000 bales. Wool.-The market is firm. 36's, low orossbrcrls, Is. lsd. per lb.; 4O's>. Is. 2d.; 44's, medium crossbreds. Is. flli.; 50's, halfbrode, Is. 6Jd.; 56's. quarterbreds, Is. 83d.; 60's. merinos, 2s. 2d. Wheat—The market is quiet. New Zealand. loTijr-bcn-iedi ex uranary. per quarter of 496!b., 425.; short-berried, 40s. Oats—Tho market is ciuiet. but steady. New Zenlnnd,' short Sparrowbills, per quarter of 3841b.,-Ms. ■ Pea?.—The market is dull, very little husine»3 doing. New Zealand peas (partridge), per 5041b.. 395. (new crop). Bonus.—The market is very quiet. New Zoaland benne, f.a.q. (old crop), per'so4lb., 365. Cockafoot Seed.—Market remains very flat. . .FROZEN MEAT. The Now Zealand Loan and Meroantile Agenurv Company. Ltd., have received tho following cablegram from their London house under date August 16:—"The market is generally belter for mutton, has slightly improved for beef, and there is n fair inquiry for lamb." By Telegraph—Press Assoclalion-Cotyrfght London, August 18. The Incorporated Society of Meat Importers' Smithfiolcl market quotations for tho undermentioned classes of frozen meat are based on actual sales of not leas than one hundred carcasses of mutton or lamb, or twenty-five quarters of beef of fair average quality. The quotations are not for se-lc-.'ted lines, hut for parcels fairly representative of the hulk of tho shipments now on the market. The prices which follow aTc on the average a fnrtliing per lb. move than the values ex-ship, this difference representing an averago cost in expense, handling, conveyance, and selling the meat i— Aug. 10. Aug. 17. Mutton— d. d. Canterbury, light 41 4} Canterbury, medium 4j 44 Canterbury, heavy 3J si Southland 4 4j North Island, bert 4 4j North Island, ordinary ... 33 41-16 Australian, iight 4 4 Australian, heavy — — 'River Plate, light — — liiver Plate, heavy 3g 3J 7,'cw Zealand, owes 311-16 33 Australian ewes , 3 15-li S IHo . BlWWfttfl fiW«B ~,.! . .,m,,j..!.58 ~ #

Lamb— ' Canterbury, light 6 5J ' Canterbury, medium 58 5j Oantcrbury, heavy ,5J 5J Kouthlnnd 511-16 611-16 North Island, ordinary ... 58 58 North Island, selected ... 511-16 511-16 Australian, best 5 3-8 5 3-8 Australian, fair 51 51 - Australian, inferior — — Eivcr Plate, first — — Hirer Plate, second — — BeefNew Zealand, ox fores ... ih Zh New Zealand, ox hinds ... 33 3J Australian, ox lores 53 1-16 . 3 Australian, ox fores .11-16 3 River Plate, ox fores J 3 River Plato, ox binds 33 33 R.ivcr Plate, chilled fores 33 33 Hirer Plato, chilled hinds 51 5J Rabbits.—Tho market is firm, and prices aro unchanged. ... WHEAT. An Australian cargo _sold at 395. 3d. HIDES. ■ At tho auction Bale of hides there was a small supply. Basile, first Wellington, 163 d. CEMENT. Cement is quoted at £5 Bs. and £5 6s. METAL- GOODS. Iron- bars. 170s. Angle etcel, 140s. Wire-netting.—Fifty per centum and 2i to 5 per centum off list. SYDNEY POTATO PRICES. By Telegraph—Press Association—Copyright Sydney, August 19. New Zealand Up-to-Dato potatoes are at £11 10s. to £12. The market is easy, owing chiefly to the arrival of a large consignment from New Zealand. Recently there have been complaints regarding the quality of New Zealand tubers, but owing to more capable supervision in New Zealand, this has been almost entirely remedied. PRODUCE MARKETS. (Rec. August 19, 9.20 p.m.) Sydney, August 19. Butter has dropped 4s. Japanese onions have fallen to £18. . . KAIAPOI WOLLEN COMPANY. (By Telegraph.—Press Association.! Chrlstchurch, August 19. The report of the directors of tho Kainpoi Woollen Manufacturing Co., Ltd., to be presented at the annual meeting on August 27, states: During the year the staff and plant have been fully employed. Tho result of the year's operations enables the directors to Tecommend the usual allocation for dividend, and to further strengthen tho reserve fund. Stocks have been carefully scrutinised, and provision made for all doubtful accounts, Tho sum of £1592 has been expended in new plant. £1834 for repairs, and £4000 provided for depreciation.' The profit and loss account, afterr payment of an interim dividend to January 31 last- shows a balance of £12,335 available for distribution, and tho directors recommend tho following allocation:— . £76,C08, payment, of half-year's dividend (making seven per cent, for the year on ordinary and 6J per cent, on preference shares); £2000 to reserve fund: £500 to insurance reserve; and the balance (£2226) to be carried forward to new account.