COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1710, 29 March 1913, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. Tho transactions recorded yesterday wore —National Bank' (rights), 195.; N.Z. Lean and Mercantile at. 10s. and 9s. 5d.; miu N. 55. Shipping at £16 2s. 6(1. The quotations were as under:— ' ' Buyers. Sellers. . £ s. <!. £ a. d. National Bank (rights)... 0 18 9 0 19 3 -Bank New Zoaland 11 5 0 — Equitable Building — 9 10 0 N.Z. Loan and Mercantile 0 9 9 — N.Z. and River Plate — .5 12 Napier Gas (£10) - 19 0 0 Napier Gas (£5) — 9 10 0 Well. Gas (pref.)- 10 0 - N.Z. Shipping 16 0 0 16 5 0 Union Steam — 2 4 3 Northern. S.S. Co 0 14 9 — Kaiapoi Woollen (ord.) ... — 5 2 6 Taupiri' Coal 13 6 — Wostport Coal 17 0 ■■ — Taringamutu Totara — 2 bo Manning and Co 3 18 0 -- N.Z. Drug (rights] — 0 } 2 Sharland's ordinary — 1 1 5 W.F.C.A. (£5) - 7 o 0 N.Z. LOAN AND MERCANTILE. In the Chancery Division on February 20, Mr. Justice Neville / had before him again the petition of the New Zealand Loan' and Mercantile Agency Company, Ltd., for the sanction of the Court to a scheme of arrangement and confirmation of •; reduction • and reorganisation of the capital of the company. ' . Mr. Younger, K.C., said his Lordship might remember that in November' last thw matter came before him on a petition for sanction to a scheme of arrangement, and, incidental to that scheme, a reduction and reorganisation of capital. Hits Lordship by h\6 order sanctioned the ■ scheme outright, except eo far as the reduction of capital.. The last paragraph of the order said the Court .did not think fit to confirm the reduction, but gave liberty to the company to apply again v/lien the two first instalments had been paid. The calls had now been, paid, and ho.(counsel) produced the affidavit to this effect. There was another affidavit from the trustees to the debenture holders to the effect that they were satisfied. The minutes, which hod to be registered, had in certain respects necesfariJy to remain in blank. % The third debenture stock was got rid of altogether, and tho holders of that stock were to receive at their option either preference or

ordinary shares of the company. Their option liad now boon duly declared. He (counsel) now .asked the Court to confirm the reduction <ind to approve the minutes, and as the company had been u&ine the words "and reduced" for . a considerable time, that this should be dispensed with in tlio future. When the matter was before the Court in' November it was explained that this was a company with a debenture dsbt of £3,296,399, and it liatl a capital of £2,COD,CC3. But its paid up capital only amounted to £135.349, and consisted as to jabout £IC-I,OCO of lfe. po-id up on each £9 share, the uncalled capital being £1,776,000. The shares, on which 10s. was paid, had a liability of £8 10s., and tlio directors had to exercise the .greatest care to see that they were not transferred to persons who were unable to meet the liability. The directors had not got it in their power to make a call on this liability 'without the consent of tlio trustees -for the debenture holders, and by reason of this they found themselves hampered in every direction. Of the £8 lCs. por share of uncalled capital £3. 10s. per share would be written off o.nd the remaining £5 per share would bo called up and paid, the money obtained from this call going to the reduction of the first debenture debt. Tlio debentureholders had /given tlieir consent, conditional on the first two instalments of £1 each of this call being paid within three months. This was guaranteed by the reserve fund, and . his Lordship was asked to make the order and to allow it to lie In the office over the date on which the socond instalment was due. His Lordship sanctioned tf.io reduction of capital as'prayed, f and dispensed with the use of the words "and rcduccd" in the future. v

. PEOPERTY SALE. ' Messrs. Abraham and Williams, Ltd., report having offered a property .of 32a acres, situate ■at Papaw&i; Greytown, to auction at, Masl-crton on Wednesday, on account of the estate of the late George Harris, Martinborough. After keen competition the property was knocked down to Messrs. TP. and 0. Wiggins, Greytown, at £20 £s. per acre. Customs duties collected at the port nf Wellington yesterday, amounted to £2885 18s. 3d. ' >P,ANK OF ENGLAND EETTJHJf. By Telegraph—Press Association—Copyright (Rec. March 28, 8 p.m.) London, March 28. The Bank of England return issued for the week ended Wednesday, March 2G, is ,as under :— Issue Department Note Issuo £53,741,000 Gov.de\it - £11,015,000 Other securities ... - ... 7.M4.000 GoM ... . ... R5.'2!>2,000 £53.741,000 ±'53,741.000 r,inking DnpAimres'T. rroprfotors' Govt, securlcapital £14,553,000 ties... ... £18,024,003 Public de- Other securiliosits ... 26,115.000 ' tics... ... 46.033,000 Otboi- tieposits . ... J1.2M.000 Notea ... 25.46™,C03 Itcfat, 7-dny and other bills 3.838.C03 Coin... ...1,231.000 £85,707,003 £35,797.0C0 The' leading items of the Bank of England return afford tbo following compa,rison:— This weak Last weal-. Last year Bullion ... ' ... 35.2&2.0 M 85.654.000 36.711,000 Reserve ... . ... 21i.740.1X» 26.825.0U0 28.230.000 Note circulation 88.a52.0fJ0 28.4f,1,t0J 2ti.494.000 Public Deposits 21U15.UU) 2Mi'27.0r,0 23,fc56,00) Other Doposits 41.2'J1.000 40.657.000 30,371,000 Proportion of , ' reservo to 1 * liabilities ... 35.66 40,46 43.30 GOVERNMENT 'SECURITIES. - The following are the latest quotations for Government securities, with a, compqrison of those ruling last week:—

BANK RATES OF INTEREST. The flank of England rate was, on February 8, 1912, reduced from 4 to 3i per cent., and on May 9 it was further reduced to 3 per ceni. On August. 29 it wn.s rai6ed to 4 p6r cent., aud on Octobcr 17 to 5 per cent. The Bank of Franco rate was reduced from 3J to 3 per ccnt. on January 33, 19C8, and continued at tho latter figure until September 12, 1911, when it was raised to per cent. Ou May 17, 1912, it was reduced to 3 per cent., on October 17 it was raised to z( per cent., and on Octobcr 30 to '4 per ccnt. The Imperial Bank of Germany reduced Its rate from 5 to 4i per ccnt. on June 11, 1912, on October 24 it wns raised to 5 per cont., and on November 14 it was further raised to 6 per ccnt. MARKET RATES OF DISCOUNT,. The follcwing are the market rates for beat fchrco months' bills:— Londou Paris Berlin rate. rate, rate, , per per fter

cent.. cent. cent. Tills week 4? • 3? 58 Last week 415-16 3j 6 Last year 3 7-16 3 45 Short loins arc (muted at. 13 per rent., an ORA.inst <3 per cent, last week, and 3J per cent, l«.st year.

COLONIAL AND OTIIEK PKODTTCE. WHicat.—The markets nre steady but quiet, and prices (ire unchanged. Liverpool futnres, .March delivery, 7s. 6jd. per centr.l: J'n.v delivery, 7s. 3Jd.; July delivery, 7s. 23d.; September delivery, 7s. 2fd. Australian eargnes nre dull, owing tu the competition of liiver Plate, which is felling freely at ©.bout ohoapor. Tbqro is a laii retail deui<md for Australkm on

spot at 4te. to /25.; Now Zealand longberry ies nominally 393. 6d. k> 40s. Flour ifi source, and is bdns hold for 1%, ex store; 265. 6d. e.i.f. is afiked for MarchApril shipment. Oats arc quiet. Finest "A" prade Gartons tiro quoted at, 2U. to 255. 6d. Bwins arc scarce and unchanged. Poae are firm. Now Zealand inaplce, on spot, 395.. to 41s. 6d. Butter \a quiet. Danish, 1295. to 1305.; colonial is unchanged, choicest is selling readily, but secondaries arc ncslected. Ohr'j.-c is (luiet. New Zealand, 61fi. to 61ti. fid. Sugar.—Herman befit, 68 per ccnt. net titre, HRchanscd at 9.5. lid..per cxvfc.; first mark granulated, f.o.b. Hamburg, unchanged, 12s. 3d. Bradford Top:-.—The market is cheerful, and prices are unchanged. METAL MARKETS. Copper.—On spot, £65 2?. 6d. per ton; three months, £66 6s. Bd. per ton. Tin.—On cpot, £218 per Ion; three months, Load.—Soft foreign, £16 fe. 3d. per ton. Pjg-iron.-rMiddlesboro' No. 3, 9d. higher at 655. 9d. per ton. Spelter, £24 Ite. per ton. SILVKR. London, March 27. Bar silver is quoted at 26 3-Bd. per ounce standard. VICTORIAN PRODUCE MARKET. Melbourne, March 28. Wheat, 35. Ed. to 3s. BJc!.; March delivery, 3s. 9Jd. Flour, £8 15s. Bran and pollard, £5 15s. Barloy, English, 3s. 9d. to fa. 3d.; Oape, 2s. 9d. to 3s. 3d. Oats, mil Ling, Algerians, 2s. sd. to 2s. 6d.j feed, 2s. 2d. to 2s. 4d. Maize, 2e. lid. Peas, Duns, 4s. to 45.. id. Potatoes, £7 to £8. Onions, £7 to £7 ss.

Variation _ cemparod rrico. with | last week. £ 8. d. ■ 2$% Imperial Consols 74 7 6 32/6 higher 4 301 0 0 Unchanged 3i „N.SAV.1030*60Mr.*Sp 08 0 0 Unchanged Si ,,N.S.W,-1030-60 00 0 0 Unchanged a „N.S.W. 10-25Apl.-Oct 8-2 U 0 Unchanged 4 ,.Vic. 1920 Jan.-July 100 0 0 Unchnnged 34 „ Vic. 1021-6' Jan.-July OB *2 6 Unchanged 3i ',»'Vie 1 -lC , 2iM9 • 01 0 0 Unchanged 3' Vie. 1021MB Jan.-Jnly 78 0 0 Unchanged Bi „S,A. 1916 Jan.-July 91 0 0 Unchanged 3 „S.A. li)16 Jttn.-July 75 0 0 Unchanged 4 ,.QTU3915-24Jan.-July 100 0 0 Unchanged ai „QTdl92'2-47Jan.-July 01 0 0 Unchanged 8 ,.QTdl922«47Jttn.-July 7'7 0 0 Unchanged 4 „N.Z. 1929 May*N«v. 100 0 0 Unchanged 34 '„K.Z. l»12-40Jan.-July H» 0 0 Unchanged 3 ..N.Z. 1920 April-Oct. 78 0 0 Unchanged <3J „W.A.1016-35 May-Kov 10 0 0 Unchanged 3 „\V.A,l91.>25i\lay-Nov W00 Unchangod 84 „Tas, JteOJan.-Jnly 89 0 0 Unchanged 3 „Tus. llhM-JO Jan.-July WOO Unchanged