COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1623, 14 December 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. The only tranisootion reoodded in> tho investment market yesterday was a sale of Taupirf Ooal nbares at 22b. 1054. Thp Quotations wero ae under:— Buyers. Bellers. £ e. d. £ b. rt. Motropolitata BuJldtaff.... — 1210 0 Well. Trust and Loan ... — 710 0 Feilding Gas - 10 6 Gisborne Gas — 2 3 0 N.Z. Insurance 413 6 — Standard Insurance —■ 112 3 Gear Meat (£4) 12 13 « - Meat Export (£4) — 5 0 0 Meat Export (525. 6d.) ... 2 17 6 2 18 6 N.Z. Shipping 14 0 0 - Mosgiel Woollen 3 7 6 — Woll. Woollen (ord.) 3 15 0 3 16 0 Well. Woollen (pref.) ...... - 217 9 Hikurangi Coal 18 9 019 6 Weetport Coal — 17 6 Leyland-O'Brien — 1 7 6 Taringamutu Totara ... 2 4 0 » — Golden Bay Cement — 10 9 N.Z. Bnis — / ■ 210 0 Sharland's ordinary — 110 Ward and Co — 5 2 6 W.F.O.A - ,7 5 0 NATIONAL. MUTUAL LIFE. New policies assuring £3,593,8C0 were issued by the National Mutual Life Assuranco 00. of Australia, Ltd., in the year ended September 30, and this total is the largest achieved by tho association in any year since its foundation, in 1809. The total income for the year,,after deducting reassurance premiums, was £1,284,364, of which £954,250 represents premiums on policies, and £329,926 interest and rents. The total expenditure for tho year was £694.913, of which £408,918 represents claims, £174,665 expenses, and .£111,330 annuities, . surrender's, and bonuses paid in cash. N.Z. LOAN AND MERCANTILE. ' , The New Zealand Loan and Mercantile Agency Company, Limited, and Reduced, have received cablod advico from London that at tie general meeting held there on Thursday, a dividend' at tho rate of 71 per cent., less income-tax, for the year ended June 30, 1912, was declared. Advice was received by samo opportunity that a.3 the third,debenture etock has been cancelled by the fch-eme,' no , further oertiileates can bo issued for that denomination. WAIKATO BACON COMPANY. ' The first year's operations of tho Waikato Farmers' Co-operative Bacon Co. have proved almost disastrous. Tho .directors' report, which covers the twelve months ended October 31, 1912, tells tho story, and is as underpin placing tho annual balance-sheet before the shareholders your directors regret to report'that the result of the first year's operations has been unsatisfactory, inasmuch as a considerable loss has been mflde. Condemned pigs have been one of our chief sources of loss. During: the past Ecason the company paid the farmers full rates for ill pigs received. Owing to the high prices paid and the numler of piga condemned by the Government Inspector, the net loss under this head nlrnic amounted to £1293 11s. 6d., which will not occur α-galn. The Government is now paying tho compensation for. condemned pigs direct to tho farmer through..tho ' company, mid with ths improved method of identification th.9 Veterinary Department will know the farm on which the pigs wore, fattened, thus giving it-i, ljottcr chance to ascertain tho causa of disease and advise tho farmers on tho matter. The price of bacon pigs has been far too high iii proportion to tho prico obtainable for. bacon, and thongh tlie company is turning out a first-class article, end obtaining top market price, a heavy loss. has / been sustained. Thero is a limit to the price'at which tho public will consume bacon .in any considerable ouantity, and when the price of bnoon Pigs is excessive, a loss is inevitable. Heavy pigs have also been a source of trouble, as heavy bacon can only bo sold at a reduced prico. Added to the&s causes wass the enlargement of tho works, which had to be dono during the bacon-curintf operations last.season, k> as to,enable tho quantity, of piirs that .were sent .in by shareholders to be linmlWi. but, vi-Mi -rr-'M the work of curing 'difuoulf. and costly. The works aro now very efficient.'the latest labour-tavinjr appliancos lhttirig.' .been instsllodthronshout and the worl; of slaughtering, curing, and packing has. been, let by contract, eo that. it should bs carried out in the most economical manner. During tho first two months of last seawn, white the alterations were going oa, pome indifferent bacon'was turned out, \ hich was the cause of loss. But for tho last ten months the quality has been second to none, av* .i.ltboi"rh *'"? company has had >, bad time, your direotors believe that with the .'einericroe 'irjjned. careful man.■>?emcnt, and the loyal support of farmers, the company will yet be a, success. Ths balance-sheet figures disclose a -very unsatisfactory position. The itctnal loss on tho'year's trading i 3 £3561'185. Bd., and as the "i<rolimina.ry expenses,", amounting to £552 18s. Bd. aro taken in as an aa-el, the amount to bo made good by tho company i 3 £5914 17s. 4d. As tho i>aid-np capital of the concern is only '£4124 155., the whole of this,, with the exception of £200 17s. Ed.. ho)s. been lost. In odditftm to this, thero is an overdraft with the Bank of Now Zealand amounting to £20,565' 16s. 9d., and other creditors stand for £926 Iβ. Id., making the liabilities £21,491 17s. 10d. Against thin there cie by way of assets,, land, building, nlant, and machinery, £10,727 lfts. Id.: railway siding,'£69o: stock on hand, £6046 16s. 10d.: unexpired insurance, £94: book debte, £4006 Bs. M.; and oash, £4 14s. 2d.. These aggregate £21,569 Us. lOd., against liabilities amountinsr to £21,491 17s. fed.; but in addition to this tho company has still to pay £1125 on itn la.nd, and £1322 11s. 6d. on machinery and plant. These bring up the liabilities to £?J,939 9e. 4d. The unoaUcd canital aTadlablo appears to amount to £4157 55.. a.nd there are unpaid allotment fees, £51- 12s. 6d., and impaM calls, £204, which may or may not bo got in. The net sales during the year amounted to £27,727 Us. 9d. The pigs purchased cost tho company £27,677 16s. 5d., the working and management expeneon totalled £7192 • Bs. - Id., and ■ the condemned pisrs added another .£1295...115. -6d. The book debts of tho comj>any are nearly eoual to tho amount of the pa.id-np capital. Altogether, , this is about tlje moat unsatisfactory balance-sheet a publio company that has been issued thifc year. Tho ho£ industry ought to be a. profitable one, for hog products sell well. Customs duties collected at the port of Welli'aston yesterday amounted to £1655 !os. 7d. I " , GEAIN ANB PEODTJOB. (By Teletraph.—Press Assocdation.) Chrlstchuroh, December IS. There Is no change to report in the state of the grain and produce market. The demand for wheat is confined ehiofly to pearl, butthore have been few buyers even for this variety. ' Oats are apparently not wanted at present. The demand for erase seed depends largely upon the success of this season's burns in tho North Island, and eo far the weather has not been favourable for carrying out this work. DTTNEDIN WOOL SALE. ' Dunedln, December 15. Tor the first wool sale of the season, to be held on Monday, 8721 bales have been oatalojued, aa compared with 6080 at the correapondins 6ale last year. .BANK OP ENGLAND BUTTON. By Telegraph—Frees Association—Copyright (E«o. December 18, 9.5 p.m.) London, December 13. The Bank of England return, issued for the week ended Wednesday, December 11, is us under:— ISSTO DE?MIT!H!OT Hotelisua £51,506,000 Gov.aebi ... J5U.015,000 Other securl'l°/ 7.134.000. Gold ... . ... 53.057,00(F £51,506,000 f 51,506,000 BU.'KIMO DEPAMITENT. fropridtorß' Govt. soourlcapital £14,553.000 tios £13,035,000 Publio do- Other eocuriposits ... 11,208,000 tios 30.085,000 Other doposits •„. 39.228.000 Kotos ... 23,132,000 Best, 7-day andathor bills,.. ... 3.3J3.C03 Coiu... / „. 1,190.000 £68,332,000 £63,332,000 Tli» If&ding lteroe ol th<j Bunk of Knz* l&oi Mtara fcfford tis (sumrise fcJasW'

Ihlswoek Last wesli East year b £ i £ Bnlllon 33.057,000 35.299.000 34,009.000 RoßcrvV . ... 24.322.C00 26,262,000 25,713.000 Note circulation 28,374,000 26.603.000 28,691.000 Public Deposits 3i.208.000 11.876,000 14.489,000 Other Deposits 39,220,000 40,510.000 37,D&8,0UU Proportion of reeorva to • liabilities... 48.03 50.08 <9.40 GOVERNMENT SECURITIES. Tie following aio the latest quotations for Government securities, with a comparlßon of those ruling lnet week:—

BANK BATES OP INTEREST. . The Bank of England rate was, on January 27, lowered to 4 per cent., on February 16 to Jl per cent., and on March 9 to 3 nor cent. On September 21 it was advanced to 4 per cent., on February 8 it waa reduced to 3} por centi, and on May 9 to 3 per cent. On August 29 it was raised to 4 per cent., and on Octobor 17 to 5 par cent. The Bank of Franoe rate wae reduced from 31 to 3 por cent, .on January 23, 19C8, and continued at the latter figure until Septomber 21, 1911, when it was raised to 3 J per cent. On May 47,' 1912, it was reduced to 3 per cent., on October 17 it was raised to 3J per cent., arid on Octobor 30 to 4 per cent. . Tho Imperial Bank , of Germany reduced its rate from-5-to <J per cent., on February 6, and on February 19 tho .rate was further reduced to' 4 por cent.. On September 19, tho rate , was raised-to 5 per cent., on June 11, 1912,.it was reduced .to '4J per cent., on October 24 it was reduced to 41 per cent., and on Novomber 14 it was raised, to 6 per cent. MARKET RATES'.OF DISCOUNT. The following are the market rates" for best three months'.' bills:— . . . .. Ikindbh, Paris Berlin - 'rate.' -'rate. rato. ■v' per cent.-percont. percent. Thfe week «" -, :33 6 ; Last week .'..' 4. 7-16 .. 3J 6 Last year... .-, 35-j■"..:,.31 .6 Short loans are cent.,', as against 33 per-cent, latrt'ijweel!, and 38 per cent, last yoar.r ' ■:■! ' \?irv:r-;.v";....... ■ '. COLONIAL AND OTHBR' : PRODTJCB.' Wheat.—Cargoes are steadily held. 365. 9d. is *■ iuslted 'fftr Australia,' January-Feb-ruary. Australian, on spot, is dull at 39e.; New Zoaland, 395. to 395. 6d; ■ ■ • Liverpool, future?, March' delivery, is quoted at 7s. 3£d. per.cental; May delivery, 7s. 2d. ■ "• ". ! ■ Flour is dull, a.nd has an easier tendency. Australian ex store is euotod at 28s. 3d. per sack of 2801b. Oats are slow of sale. La, Plata, JanuaryFebruiry shipment, 155.; 3d. . , Butter.—The market is brisk. Danish is quoted at 1295. to 130s. There ie a good demand lor colonial. Choicest Australian is quoted at 116s. to 118s., a few lots of 'Victorian, are making 1205.; secondaries, IMb. to 1145.; New Zealand fa practically exhausted, and ie quoted at 120s. to 1245.; Siberian, 110s. to 1125.; Argentine, 114s. to 116s. The market eJosed slightly; below the top prices, owing to buyers having filled their requirements. • Cheese.—Tho market is firm. New Zealand is quoted at 60s. to 625. .... Sugar.—Gorman beet,' 88 per cent, net titre, Id. lower'at 9s. 6d. per cwt.j'flriit mark eranulated, f.o.b. Hamburg, 2d. lower. at lls. 7d. - ■ ■■' •'•'■■ ""■ '•■■ ■ - Bradford Tops—Merino ■ counts are weak, but crossbred counts are very firm.- Sixtyfours, Id. lower at 295.; super stoj os ' id. lower at 29d.: . common sixties, *d. lower at 27d.; fifty-sixes, unchanged at 23d.; flftiea, unchanged at 21* d.; forty-sixes, uti«hansod at 17* d.; forties .unchanged at 17d. • THE METAL MARKETS. Copper.—On spot, 9s. 9d. lower at £74 12s. 9d. per ton; three months, 225. '3d. lower,at £75 129. 9d.; Electrolytic 12s.- 6d.. lower at £81. Tin.—On spot, 10s. lower at £224 per ton. ' ■ ' '■'• . . Lead, soft foreign,-,25.. 6d.loweT at £18 per ton. "■ * Piff-iron.—Mlddlesboro' No. 2, Sd. lower at 675. Id. por ton. Spelter, ss. lower at £25 6a. per ton. Silver—Bar silver is quoted at 29 9-16 d. per ounce standard. > JUTE. London, December 12.Native first marks, December-January shipment, are quoted at £24 15s. to £25 per ton. VICTORIAN: PRODUCE MARKETS.Melbourne,. December 13. ' Wheat, spot, irregular, <sl 3d. tols.-Srt.; January, 3s. 7d. Flour, £.9 10s. 'Bran, £6 ss. Pollard, £7.. Oatg, firm;-Algerian-feeding', '33. Maize, quiet, 4s. Peas,- £4 . Potatoes, quiet, slightly easier, new, £6 to., £7. Onions, £5 15s. , ' .. .'■ ' LONDON MARKETS. Messrs. Dalgety and Company, Limited, Wellington have received tho following cable messages from their London office, dated December 12;— Frozen meat: Poor demand, nrice3 unohanged and hold-ers are firm. Tallow; Beef and mixed tallow, dull colour, good body, 3d. per cwt. higher. There is a good demand. For other, descriptions thCTO ie little doing, and any change in prico is in favour of buyers.

.Variation ' -comparod Mc«. TFi'tU last weok. £ s. d. 24% Imperial Consols <7112 6 12/6 lower 4 N.H.W.1933Jan.-July 102 0 0 Unchanged 34 "N.S.W.1930-50.Mr.-Sp 91 0 0 Unchanged 3 "N.S.W.1B35 Apl.-Oct. M 0 0 Unchanged 4 ' Vic. 3920 Jan.-July 100 0 0 Unchanged 31 "Vic. 1929-49 Jan.-July 04 0 0 Unchanged 3 " Vic. 19'29r49Jan.-July 78 O O Unchanged 3J "S,A. 1016 Jan.-July 03 U 0 £0s lower 3 "S.A. WIS Jan.-July 76 0 O 40s lower 1 'QTd]915-!!4Jan.-July 100 0 0 Unchanged 81 "QTdlMl-SOJan.-July 93 10 0 Unchanged 3 "Q'l'dl9'22-47Jan..July 79 0 0 Unchanged 4 'N.Z. 1929 May-Nov. 103 0 0 Unchanged 34 ' N.Z. 1910 Jan.-July 01 0 0 Unchanged 3 N.Z. 1U45 April-Oct. 80 0 0 Unchanged 34 "W.A.19aH0May-N®T 01 0, 0 Unchanged 3 ",W.A,1015-S5ilay-N»v W 0 0 Unclmngod 34 l'as. J940Jan.-July 91 0 0 Unchanged 3 „ Tas. liBO-iO Jan.-Juiy t3 0 0 Unchanged