COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1602, 20 November 1912, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHABEB The sales reported yesterday were N.Z. lioan and ■- Mercantile at 9a., and Golden Bay Coment at 21s. The quotations were as under:— Buyers. Sollera £ s. d. £ 9. d. National Bank 5 17 6 6 0 0 Hourtabla Building — 9 16 0 N.Z. and Elver l'lato 2 10 — Well. Trust and hoan .... — * 7 10 0 Christchurch Gas — 8 5 0 Feilding Gas — .10 3 Well. Gas (pref.) - 1(0 9 N.Z. Insurance . — • 4 M 0 8.8. Insurance — 314 0 Jlcot Export (£4) — 6 0 0 Meat Export (625. 6d.) — 219 6 N.Z... Shipping 14 0 0 — Union Steam ..; 2 8 0 ' — "Well. Woollen (ord.) 3 14 6 .— Well. Woollen (pref.) 2 17 0 — ilikurangi Coal 0 18 0 — Leyland-Olßriea — 18 0 Taringamutu Totara 2 6 9 — Sharland's. ordinary ...... — 12 6 W.F.G.i. - '/ 6 0 SHIPPING PEOFIT3. As indi#a/tlng tihe improvement that has occurred recently in, tho oaraimge of shipowners, some statistics which have been compiled by "Fair Boy" preesnt interesting comparisons. lVuiing the ' financial statements Jast issued by nearly a scare of -tilie leading BriMeh companies engaged ia tho "tramp" coxrydng mismee3,- it is ihown that during 4he second half of the year reviewed tho profits advanced to. £1,160,093, the total for the earlier fix inontbß having aggregated '£643,190. For tho full twelvo months the profit® were £2,270,980 for 1911-12, as against £1,304,655 for 1910-11. Shareholders naturaily benefited by the general betterment disclosed )iy the returnß of individual companies. In every instanco given in tho list there wao an increase in the distributions of dividends and bonuses. Several of the companies doubled their disbursements, and four which in 1910-11 were unable to malic any payment to shareholders wore this Sear able to take their places amongst ja dividond-eaniiDr oaMfITM, one of uiem.

making so £o°d a recovery as to warrant a distribution of 10 per ccnt. per annum. Of all lilio compaaiies included in the schedule, only one failed to make a. return to shareholders. The average dividend ' and bomio of these companies in 1911 was 4.41 pci- cent., wihercas the allocation unlcr that 'heading this year worked out at 6.93 per -cent. Conditions in the freight market appear to favour tho expectation oi a continuance of good timer? for ship-owners, at any rate in tlio immediate future. COLONIAL CONSIGNMENT AND DISTEIBUTINU. Tho report of the Colonial Consignment and Distributing Company for the year ended Jane 30 states that the profit and loss account, including £2,262, 10s. . 2d. brought from the previous year's account, shows a balance of £39,389,. from which must bo deducted depreciation and debenture interest, amounting to £",512, leaving a' balance of £23,877. Of which thero has bcon applied in /payment of one year's dividend on cumulative preference shares at the rate of 6 per .cent, per annum, £45(0, leaving £20,377, out of which sum the directors recommend the payment of a dividend of 6 per cent., free of in-come-tax, on the ordinary shares, which will absorb £13,5C0, transfer to reserve account £5000, and to carry forward the balance of £1677 4s. lOd. Tho profit made on redemption of debenture stock during the past two years, amounting to £1022, haR also been added to the reserve, which will mako a total of £41,022. . During the year the directors liavo appointed Mr. 11. 11. Nelson to a scat on the board.MONEY IN AUSTRALIA. The monetary position of the Commonwealth at the present time was . referred to by Mr. Edward Trenchard. chairman of tho National Bank of Australasia, Ltd., at the half-yearly meeting of shareholders held in Melbourne a weak or two ago. He remarked that at the May meeting lie suggested that the time was distinctly ono for prudent finance with Governments and individuals. Since then money had become scarcer and moro in reouest. with the inevitable result that, it was demanding a higher wage for its ccrvicos.. It had been suggested that tho banks had been pursuing an unnecessarily rigid. and oppressive. policy as regards advances, and. indeed, one gentleman, high in Federal office, had declared that a conspiracy existed between tho institutions. It was the bank's business, continued the. chairman, to lend funds, and the shareholders largely lived by its doing so. But it was also the business, of the bank to. maintain a certain. safe relation between borrowings and leadings. \and to hold such coin reserves as. experience- had shown to be desirable in the interests of both depositors and shareholders. > A reference to the published banking.averages for New South Wales, Victoria, and South Australia for March 31 and September 30 last—revealed that thai average banking deposits suffered a. shrinkage during tho full term of £4,lßo,ooo—coin holdings a reduction of £1,160,000, and advances an increase or £1,702,000. That was tho time of year in which it was customary for such movements to take the direction indicated; hut tho figures were useful, in that they show-, ed. very clearly that, notwithstanding heavy diminution of deposits, the ba'nlts, as a. whole, had. actually increased the volume of their loans in' tho States named. Interest, quotations had simply followed the marked upward tondency of mortgage rates, and of the price of Government and civio borrowings: though, no doubt, influenced also by the natural desire or banks to restnety a demand for money already largely in oxce?s of the supply. Unfortunately, the shortage of money In Australasia was more felt at present/owing to increased requirements on account of tho recent rise in prices of land and merchandise, in addition to the great expansion of the country's commerce, following good seasons and increasing population and settlement. In view of. this, and tlio. obvious necessity for additional suppljes of capital from abroad. .ho hoped that ho should be pardoned for suggesting that tho present appeared to be a particularly inopportune time for ouir Government .and public bodies to embark upon what might be termed excessive or superfluous works and enterprises. Ho was sure that business men would agree with' him, when he said that, in tho conditions of tho money market, project! of tho character ho had named should bo loft for a "more convenient season." It would be manifestly unwise at tho 'present juncture to encroach for such purposes upon supplies of capital -that wore, urgently required for necessary public works, and tho defence and expansion of tho resources and trade of the Commonwealth. ■ ' .' DAIRY PRODUCE. . Mowrs. W. and Co., in their dairy produce circular, dated London, September 27, writs as follows.— 1 But ter.—Tho dry and,,warmer, ,w,«vther for tho last few weeks .has-been favourable , toths. pastures, and' alro ■ to tho make of English 'and Scotch cheese. Tlio autumn production of which Kvlll he better than that made in July and v August, when the wen/ther was very wot.. The mako of butter in the United Kingdom and Europe is diminishing week by week as is usual at this time of year, and conreouently the demand for imported butftor will improve; The recent rise In price has already brought more demand for Australian, cspswally of "choicest" quality. Inferior grades, however, have not experienced any improved demand worth mentioning, v- Siberian butted' of reoondary quality shows better value at the present tims than Australian, consequently the' latter finds a slow dragging sale. ' Arrivals this week consist of 592 boxes from • Australia. Shipments advised by oable comprise 12,800 boxes from Australia, including 1500 new, season's from New South Wale;.. The Turakina has left New Zealand with O'OO boxes of new season's goods, and is due in London' on November 7. The demand for foreign butter continues good at the present unusually high prices, and tho Copenhagen quotation remains .unchanged at 111 kroner against 119 last year. A curious foaturo of the Danish market is .that, at tho present time, the official quotation is 9s. 3d. per cwt. below last, year, while th« selling l price in London is 15s. below. It will be remembered that during the first week in October, 1911, it reached the extraordinary high figure of 125 kroner, ■which, was. the "highest point attained in any month since 1823. Arrivals of foreign •butter arc considerably less than they were a month ago, but for the last four weeks :they aTo 27,5C<)cwt, more than for the same period in 1911. , Cheese—Tho market continues quiet-. Canadian white is selling -at 645. 6d. to 655. 6d. per cwt., and 'coloured at Gss. to 665. Prices from Canada aro reported firmer, but not much business Is passing on c.i.f. terms. ,

- • TRADE IN ALLEN STKEET. Poultry.—Poultrymen aro strongly recommended to . market their surplus/ stocks while ■ tho market is good, as it usually happens that just before Christmas heavysupplies come forward, and low prices have to bo accepted. Currept quotations are:— Hens, 4s. to ss. per pair; cockcrels, 4s. to 65.; duelts', Pebin and Aylesbury,'ss.'to ,6a.'; Indian Runners, <6.;. ducklings, 4s. 6d. to 6s. ' Turkey gobblers, lOd. to lid. per lb. live weight; hens, 3d. to lOd. Fruit.—The Hauirotb, from Suva, transhipped at Auckland bananas for this and southern ports. The transhipments will arrive on Friday. The Union Corfipany have put on an extra steamer to Fiji' to cope with the trade; there is thus a fortnightly service between Fiji and New Zealand. There is no danger ef tho New Zealand market being glutted with Fiji bananas, as eiceodinsly high rates aro ruling "in Sydney and Melbourne, and price® hero must conform t» the Australian markets; the greater shipping facilities will help to keep this market supplied more regularly. The usual v/eskly shipment of oranges and lemons is due from Sydney to-day. It is, however, a small one, and liigh prices aro, therefore, likely to rule. Cherries are now coming in from Victoria. Motueka.-growers of strawberries are operating on a larger scale than in previous years, and avo strong competitors of .Auckland growers, and prices are, therefore, easier than last EDMon. The Monowai, with, transhipments of Island oranges, pineapples, and bananas reached port on Tuesday. . About. 60 per cent, of tho pineapples were condemned for fumigation on account of being affected with th«.mealy bug; excellent prices, liowovor, ruled for all fruit coming forward. Consignments of American apples are due on Friday ex Zealandia from Vancouver. Yegotables.—lncreasing Quantities of cabbagos. aro coming oil tho market, and only moderate prices aro obtainable; cauliflowers &to in good demand, and consignments are recoinmendod. Green psas 1 . aro coming in almost daily from Nelson, and up-tlie-hno districts, and moderate prices. arc- ruling. Consignments of rhubarb from tho Butt district are lighter,- and tho market, lias advanced. Consignments of parsnips and carrols aro recommended, as good prices aro ruling. New' potatoes are m heavy supply, and pricca nave.. dropped consider°Onions.—Califomians are quoted nt 16s. to 16s. 6d. per ciiso of about 1001b. Tho market is very bare. ... , . , , Old Potatoes—A fair demand exists for rcood quality at £11 309.' to £12. Flour is gelling' at £8 10s. to £8 15s. per ton at southern ports, according' to brand and less tho usual trade discounts. • Pollard lina fair inquiry at £6 10s. to £6 15s. per ton. . Bran.—Foar business .is passing at £5 ss. to £5 10s. per ton. ....... IfaJze.—South African, 4s. lOd. to ss. per bushel; Now Zealnpd, ss ' to ss. 2d.; imported seed moifO, "Hickory King, 6s. 6d. Oatmeal is dull of solo, at £13 to «.13 103. unchanged. Short feed and Dun oats aro quoted at 2s. Bd. to 2s. lid. per bushel; seed Algerian, 3s. 3d. to 3s. 6d.; for discoloured oats, much lower, rates havo to be accepted... }lay—Prime quality is scarce; .medium duality is selling at £3 10s. to £4 per ton. Chaff—Prime oaten sheaf chaff is Belling at £5 per ton; medium quality, £4 to £4 ss. Eggs arc' in light'supply, and are.selling at Is. per dozon. , . . llutter meets with very good inquiry; prime milled, in bulk, lid. to llid. per lb.; good quality, 104. ." - Jlarfffurlno, in 2Blb. tins, Bcottlflh msuiu.ioeturo. M. to Mi P«I lis*

Cheese.—New season's faotory, medium size, 7d. per lb.; loaf, 7Jd. to . lticcmeal is rather dull of sale at £5 15s.' pel-, ton. Split Peas—New Zealand, 175.; English, 19s. per cwt. Partridge peas have moderate inquiry at 3s. 9d. to 4s. 3d. per bushel. Whole linseed is ' quoted at 17b. to 18s. per cwt. Linseed, nuts, 13s. 6d. per cut.; crashed lineeed calte, 14& Customs duties collected at the port of Wellington yesterday amounted to £2573 ss. 4d, HEAT MARKET. Messrs. Mellsop, Eliott, and Co., agents for Gilbert Anderson and Co., London, report amder date October 11, 1912:—Meat market: The market has finished up. very weak. Home and Dutch mutton and lamb arc in plentiful supply at much lower prices; many users of frozen lambs and sheep arc buying Irish, Scotch, and Dutch instead, often at lower prices than frozen. Homegrown : Beef, 5Jd. to 73d.; mutton, sd. to 63d.; tega, 6d. to 7Jd.; ewes, 4id. to 43d. (Dutch uiutton, sd. to 53d.); lamb, 5Jd. to 7£d.; Scotch hjJl lambs, sid. to Gin.; Irish, sjd. to 6id. (Dutch, 5Jd. to 61d.); porl:, 7Jd. to Bid.; veal, 73d. to 9d. Chilled beef weaker; hinds, fores, 3 3-8(1. Frozen beef: Very little demand. New Zealand lands, 3d.; fories, 23d.; Australian, 3{d. and 21d.; PlafSr 2gcL and 23d. Frozen mutton still lower. Southland and best North Island, 56-64, 4 7-16 d.; ordinary, 4 3-Bd.; ewes, 4d.; small Australian, 4Jd.; ewes, 4d. Frozen lambs: Supply moderate, but greatly in excoss of demand, which is very bad. Buyers holding off. Canterbury, under 36 and 36-42, 53d., 42-50 ; s|d.; Southland, under 36 aud 36-42, 5Jd.; ordinary, l-16d. lower. ? . OHEISTOHTIRCH MARKETS. (By Telegraph—Press Association.} GhristchurclV November 19 v Business in the grain and produce markets is very quiet. There is no. particular demand for wheat, but millers will take any suitable lines that offer within ■ their limit of price. Very little is coming, forward. Garton oats'of. "A" grade is the only -variety that finds ready sale, other d»scriptions not being wanted. The potato market is now practically closed for the season, as only odd loos are now' coming forward, and soiling at £8 10s. to £9 per ton, at country stations. WOOL. By Telegraph—PrcGS Association—Copyright London, November 18. ' Arrivals of wool for the next 6alcs total 138,00 ft bales i there has been forwarded 48,000 mles and 97,000 remain available. SILVER. i London, November 18. Bar silver is quoted at 29 l-16d.'per ounce standard 1 . BEET SUGAR. London, November 18. Herr P. O. Licht, the well-known sugar expert, of Madoburg, in the monthly circular; states that, the production of beet sugar in Europe shows an increase of 771,665 tons. He estimates that for tlic season there will bo a total increase of 2,590,CC0 tons.