COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1528, 26 August 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT BIUftES. The snlo3 of investment shares recorded I on Saturday wore: Jlossii'cl Woollen, GEs.: I and Manning and Co., 81s. The buying : and selling quotations were as under:—

CONFISCATION OF CAPITAL. The Gas ]lill Introduced into (ho New Soul.li Wales Parliament by the State (Invent men I appears from the restriction's and limitations imposed on gas companies to be nothing short of confiscation of capital. According to the "Sydney Morning Herald," Clause 13 of the Hill provider that the Mandard rate of dividend shall be 4 per rent, on the paid-up capital, hut that for companies already in existence the standard dividend for the lust year following on the Act passing shall be the mean of 1 per cent., anil the mean rate of the three preceding years, or 10 per cent., whichever is the lower, and in,the two tnibscijiicnt years the mean between the standard rate for tho preceding year and 4 per cent., and for years thereafter 4 per cent. Thus in the first year after tho Hill was passed tho standard dividend of the Australian (las Company would be 7 nor cent., for. the second and third yea-rs 5J per cent., and for every subsequent year 4 per cent. The dividend, according to Clause 19, may ho increased above the standard rate if the price of pis to consumers is reduced below- the standard rate—3s. 9d., according to schedule 1 in the case of Sydney and North Sydney, and 2e. 7id. in the case of Newcastle. For each penny below the standard price the rate of dividend may be increased by one-quarter ol 1 per cent. Thus, after the company has got down to the rate of 4 per cent., to increase the dividend to 5 per cemk it wowld have to reduce tho price to 3s. sd. per 10CO cubic feet; to pay 10 per cent, dividend the price would have to be reduced to Is. 9d. per 1000 cubic feet. The creation of a special purpose fund Is allowed by Clause 14, with a proviso that the contribution in any ono year shall not exceed 1 per cent, of the paid-up capital, and that the amount standing to the credit of the fund shall never exceed one-tenth of the paid-up capital. Such special service fund may be used for -oipencos incurred by reason of accident or strikes, or for expenses incurred in the replacement, or removal of plants or works. Should tho price of gas be rednced, the company, instead of increa.ning the dividend to the full amount allowed may devote a, portion or the whole of the turn representing the extra dividend to a reserve fund, winch may bo applied to bring the dividend up to the standard in any year that the profits do not allow of tho standard rat*. By clause 17 the formation of «. divisible profits account is allowed, but. for every £20 placed to such account £80 must be applied. to the reduction of the price of gas and tho pavment of an increased dividend, as provided in Clause 19. Should it bo necessary to' issue additional shares, Clause 20 declares that they nre to be offered by public auction or lender. Any premium realised above the reserve price is to bo plated to the special purpose fund. Clause 19 of the Bill refers to schedule 5. In the proof copy tho schedules end at No. 4.Ministers claim that the Bill is based on-the English Act, but this is very misleading. The English Act of 1047 provided that the profits of the undertaking to bo divided among the undertakers in any year must not exceed tire rate proscribed in the special Act of the company, or, if no rate is-prescribed, they must not exceed 10 per cent, per annum on the paid-up capital, and this is to be deemed the proscribed rate. If a'yearly dividend fall short of the prescribed rate, the dividend in any succeeding year may bo enlarged to mal;c un the deficiency. In 1877" new clauses were introduced with regard to dividends, and.these in the latest Acts declare that the standard rate shall bs lO.por cent, on original capital, and ns to additional capital 7 per cent, on ordinary sharer, and 5 per cent, on preference shares* though the latter rate varies somewhat, being in. some-Companies ■\cts 6 per cent. A standard price of'gas is fix»d, and the company is authorised to, increase or reduce the price 'charged by it for ?.:>'°. above or below the standard price subject to a reduction or increase in the dividend payable by the company on the ordinary share capital or stock. Ths Rill has had a very depressing effect. on the sharcmnrket, the shares of the Australian Gaslight, North Shore Gas, and Newcastle Gas, the three companies menthe schedule of the Bill,, having fallen considerably. Oas conirumers and thoso employed by the gas •company, have e.lso felt tho disturbing effect of the conliscatory legislation. EXPORTS OF PBODTJCTS. The values of the principal products exported during tho first half of tho current month compared with the figures for the of last year, show as UDder:_ -■' m. ■■ mi. ... Butter 14,368 1,128 Cheese 2.507 . .-1,178 Beef -2W93 1,107 Mutton— ■' ... Carcasses 78,954 02,278 Lege and pieces ...... 3,097 2,012 Lamb 126,267 84,213 Wheat 30,415 3,683 Oats 19,690 662 Potatoes 7,470 232 Hemp 23,856 11.&4 Babbits 9,t74 4,625 Tow •'• 1.233 794 Kauri gum 26,133 6,692 Grain und pulse 10,989 951 Hops ..••'• 32 10 Hides 10,356 6,417 Skins .' 73,736 .30,987 , Tallow 49,934 21.541 Timber 17.054 22,869 . Wool 207,386 69,457 Gold >■■■■■ 41,449 37,577 783,433 360,257 AUSTRALASIAN GOLD. The gold output of. Australia and Now Zealand for the seven months ended July 31 is approximately '1,533,669 rule ounces, against 1,665,658 fine ounces for the corresponding period of last year, a decrease of 151,819 ounces. Decreases are sho-.vn' by West Australia, 51,593 ounces; Victoria, 37,979 ounces; and New Zealand, 32.584 ounces.' Smaller shrinkages are showli by all the other States. A comparison. of the totals for tho seven months is as under:— Victoria 301,772 263.393 New South Wales ... 101883 94.818 Queensland 2 6,287 201,4<4 W. Australia ' 785,079 • 733,486 S. Australia '7,?50 S,CfO Tasmania 21,500 16,(00 1,433,376 1,314,141 New Zealand 252,3"-, 219''28 1,635,688 1,533,869 NOTES. During the year ended sfarch'3l the South Australian State Bank sold mortgage bonds to the value of £186,430, while State advances amounted to £277,820. llepaymcnts were received to the, amount of £130,969. Tho amount of mortgage bonds current '■ on .March 31 last was £835,620, against £705,970 two years previously, while tho • balance of advances outstanding was £966,670, against £710,316. The Census Bureau of the United States Department of Commerce and.Labour has issued a iinat summary of tile cotton, production of the growth of 1911, according to which the total crop produced, including linters, amounted to 16,10?,C0fi running bales', as compared with 12,022,000 bales in | 1910, and with 10,462,0(0 bales in 1909, making ■ the crop roughly one-third .bigger than the previous ona. The liniters included amounted to 556,1X0 bales, as compared with 398.CC0 bales included in the previous season's crop. Tlie average weight per bale is given as 504.41b., as compared with 501.71b. for the 1910 crop. The value of the past season's crop is stated to be £215,CC0,(C0. The export of cheese, from Queensland ts likely to make considerable progress in the neap future. A cheese manufacturers' association has been formed to promote the interests of the industry, and on the Darling Downs two companies have amalgamated. ' The projected now Government cold stores in Brisbane, which will have a capacity of about 750 tons of refrigerated space, anil be throe times tho size of the present stores, will provide for the storage of butter, cheese, fruit, and eggs. No provision is being made for lambs at present. The 'United States Steel Corporation is very optimistic as to the future, and it apparently has no difficulty in selling all its output. It is working to 95 per cent, of its capacity, with many of the departments running overtime. Prices have recently been advanced for bars, billets, and sheets, and other lines are expected to follow suit. The mormons tonnage already booked is causing delay in filling orders, anil making shipments. These conditions are likely to prevail for some months to come. Tho exports of timber from Queensland have not yet .readied big dimensions, though gradually increasing. 'Die stores of timber are so vast and varied that Queensland must become a large exporter. There arc areas of forest Kind occupying many miles of country, estimated at 40 COO • COO acres, which ono day will be thrown open. Masses of pine trees, ironwoods, gray gum, silky oak, and other valuable timber may be found dotted over many parts of tho State, which will be reached as the railways .are extended. There are now reserved about three or four million acre.', and the operations of the timber merchants cover a considerable area, but small in camparison with tho crten't of forest land. American exporters are experiencing considerable difficulty m securing tonnage as there appears to bo a world-wide demand • for steamers in alt trades. Charter costs continue high, with no indication that owners arc likely to reduce their views. Owili» ■ to this scarcity of freight there has been some congestion, and shipments have been delayed, more than usual. The shipping companion state, however, that they are taking act vo measures to improve fioleht opportunities, v ,t, " v

CUSTOMS. C11.11.nm9 revcnuo collected at the port nf Wellington on Saturday :iiiiomitcil to .E15.2H3 9s. lid., whicii in 11 record for a. single day at this purl, thn previous highest total was a lilllo over £12,000. Auckland's highest for oil; <l:i.y was £16,462. hut this iiichirlcil XSOCO duty on a Moating crane imported hy the Auckland Harbour Hoard. 'i'Hp tot 11.1 Customs revcinm for tho i>a<-.|. week wan £27,261 9s. 6(1. The 10turns' for each of MlO past eight wccltH, (compared with tho figures for tho rorrcivpouding iinri'otla uf last year, show as under:— 1912. 1911. f. £ July 6 , 10,382. 21.442 July 13 22.931 27,889 July 20 5,167 13,426 July 27 11,292 21,343 August 3 12,348 11,508 August 10 10,479 25,136 August, 17 • 9,114 ».M2 August 2-1 27,261 15,965 112,874 148,301 The beer duly eolleetcd for the week totalled £231 6s- as against £248 19s. for the corresponding week of last year. LONDON MARKETS. New Zealand lioun and Mercantile Agencv Company, Limited, have received the following eahlcgram from their London house, under (late August , 23:—Frozen Meat: The market 15 etcady for beef, very lirm fur mutton, but slightly weaker for lamb. FEOZEN MEAT. By Telegraph—l'rcss Association-Copyright (Ecc. August 2-5, 5.5 p.m.) London, August, 24. The Incorporated Society of Meat Importers' Smithhctri market quotations for the undermentioned elates of frozen meat are based on actual sales of not less than one hundred, carcasses of million or lamb, or twenty-iivo i|iiartors of beef of fair averago quality. Tho quotations are not for so-" lectcd lines, but lor parcels fairly representative of the bulk of the shipments now on the market. The prices which follow are oh the average a farthing per lb. more than the values ox ship, this difference representing an average cost in expense, handling," conveyance, and selling the meat:—

Buyer?. Sellers. £ s. (1. l £ s. d.Bank Now Zealand 1017 6 — National Bank 6 0 0 — Kqititablo Building — • 10 0 0 Foilding Gaa 10 6 ~ Well. Qaa (£10) .- «... •* 18 2 6

Well. Gap (third UsucO ... 13 13 f. 13 17 6 Smith llritish Insm-niicc 3 18 6 — Meat Ksport We. M.) ... - 3 2 6 Union Strain 2 6 6 Well. Woollen' lord.) 3 15 0 - CM. Hanks - 10 0 Uolden Hay Cement 10 6 12 0 Murray nml Co. (16s.) ... 0 18 6 — X./.. Portland Cement ... 1 6 6 - Hlnti'land's ordinary — 13 0 Shnilund'a preference — 13 3

■Aug. 17 Aim.2-1. Mutton- rt. <i. Canterbury, light 4J .'4 3-8 Canterbury, medium 4J 4 3-8 Canterbury, heavy 34 41 Southland 4J 4i North Island, best 4J 41 North Inland, ordinary... 41-16 4J Australian, light 4 41-16 Australian, heavy • — ■ — Kiver Plato, heavy 33* 4 New Zealand eves 3ii 33 Australian ewes 313-16 4Kiver Plate ewes — — LambCanterbury, light 5j5 53 Canterbury, medium 55 5 9-16 Canterbury, heavy 5J 51-16 Southland 511-16 58 North Island, oidinary ... 53 59-16 North Island, selected ... 511-16 5jt Australian best 53-8 6i Australian, fair 51 5/t Australian, inferior • — — Itivor Plate, lirrt — — ltiver Plate, second — — DeefNew Zealand, ox fores ... 31 3J New Zealand ox hinds ... 3|| 3fl Australian ox fores 3 . 3 Australian ox hinds 31-16 33 . Kiver Plate, ox fores 3 3 Kiver Plate ox hinds 33 ■ 37, Kiver Plate chilled fores... 33 3f, Kiver Plate chilled hinds 5i 4i Babbits are. quiet and unchanjed.