COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1722, 12 April 1913, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHARES. The rales of investment shares rccordccl ij'csterday wero: Wellington Trust und Loan at £7 Is. New Zealand Insurance at £5 Os. 6(1.; Christchurch Meat at £15 lCs.; Sliarland'e ' ordinary at 210.; and prefercnco at 21s. The quotations wero cis under:— Buyers. Sellers. £ s, d. £ 6. d. Bank of New Zealand 11 6 0 — National Baiik (old) 5 0 0 ~ N.Z. Loan and Mercantilo 0 9 '9 . — Well. Trust and Loan ... 7 0 0' 716 Ohristchurch Gas 7 7 6 — Feildinj: Gas — 10 0 Well. Gas (£10) — 16 3 0 Well. Gas (pref.) 10 3 10 9 N.Z. Insuranco 6 0 0 6 1 6 S.B. Insurance — 3 14 0 Meat Export (62?. 6d.) ... — 3 0 0 N.Z. Shipping — 1610 0 Kaiapoi Vt'oollen (ord.) ... — 5 2.6 Well.'Woollen (ord.) 3 12 0 3 13 0 Leyland-O'Brien — 16 9 Taringamutu Totara, — 2 5 0 N.Z. Con. Dental 10 6 — Sharland's ordinary 110 — Sharland's preference 110 — MUTUAL LIFE OF NEW YOBK. The new business of tlio Mutual Life Insurance Company of New, York for 1912 amounted to £32,252.119, or an increase of £3,296,296 over the previous year. The new husiness is close up to the legal limit, and it became necessary at the close of tlio year to defer the issue of a number of policies. The amount of insurance in forco is now £318,457,507. Tho admitted assets amount to £123,023,623, and policy reservea to £99,090,459.. Tho sum of .£3,566„344 Ims been apportioned for bonuses payablo in' 1913. HOULDER BEOS., LTD. Tho accounts of Ifotlldor Brothers and Company, Limited, for 1912 show that after providing for debenture interest and depreciation of reservo fund investments there remains £86,703, out of wliicb preference dividend absorbs £5500, a dividend of 125 per cent, on ordinary shares £19.375, tho sum of £50,000 is written off coodwill, and the balance, £11,823, is carried to general reserve. During the year cortain old investments havo been realised at a diiferenca of £20,623 between the orisifcal coot asd tho amount' realised. This lias been written off tho general reserve fund, ..which now stands at £158,768. Tlio sh&ra capital is £255,000, including £155.0(8 in ordinary 6harea and £ICO,COO in preferenco shejes. Adding tLrct d.ebcntaro stock £125,000, special reservo fund £i0,0C3,' ecmral rescrVo £i55..76E, current accounts £340,2™, and rcocivablo under discount per contra, »;'.%,0C'0. Tho balance-sheet total is £1,178,997. Assets includo troodwill £50,000, resorvo fund invontmcnt3 £50,000, general investments £372,454, current accounts and fidvances on stealers' working accounts £339,252, bills receivable re Bale of Australian steamers, etc., £250,000 cash, and bills receivable £140,668, and minor items. FOUNDERS' SHARES. Founders' shares wero a feature of company promotion a /rood many years ago, and euch form of payment to vendors someti'mos assumes ail importance far in excess of the original intention of thoso ooncerncd. Harrod's Storey, Ltd., is an instance of tho possibilities in front of founders' shores, of which 1400 of il each were' .created in 1889, when tho company was formed with a capital of £141,4C0, nartly in preforenco and partly , in ordinary shares. Tho arrangements in 3/1 o with regard to the allocatioc of profits was that after the ordinary capital had received a return of 8 per cent., tlio balance divisiblo was to be apportioned as to 10 per cent.' to reserves, 'and as to 90 per cont. equally between tho ordinary and founders' shares. Tho proportion falling to the holders of tho latter out of 1912 profits, was no less than. £79,855, and in tho last 13 years each founder's eha.ro of £1 has received in dividends an aggregate sum of /Over £500., In 1895, the 14C0 founders' snares were formed into a separate company of £140,000 in £1 shares, which a month neo were ouotod at £12 on tho London Stock Exchange. The. capital of Harrod's Stores has been increased at intervals to £1,001,400, and im a further £100,000 is proposed. Every addition to the capital account so far hag resulted in larger emoluments to tho founders' shares, and there seems no ground for anticipating any reversal of this experience. Thus an arrangement which at the outset may not havo been unreasonable has become somewhat onerous 1 . Tho moral is that invostors should scrutinise prospectuses closely 6o that vendors or promoters do not reap wliero they havo not sown. CUSTOMS REVENUE. Tho Customs duties collected at tho port of Wellington yesterday amounted- to £2443 os. lOd. GRAIN AND PRODUOEi (By Telejraph.—Prosa Association.) Chrlstchurch, April 11. There is mo oh an go to noto in tho wheat market. There is good demand for Hunters and pearl, but tuscan alone is difficult to dispose of, and tho best price offered, for it is 3s. ,6d., while 'hunters are worth 3s. 6Jd. to : 3s. 7d., and peari 3s. 7d. to 3s. Bd. at country stations. Offerings of the two latter varieties are not being made very freely. a Oats are very firm, and few aro coining forward. Tho demand is chiefly for Gartons, and A Grade aro now selling at 2s. Id. to fc. 2d. at country. stations. There is no quotable chango of prices in chaff, £3 being paid at near stations, and £2 17s. 6d. further out, prime quality only commanding these figures. Potatoes are easier in consequenco of tho difficulty of making remunerative sales with Auckland or Wellington. A number of lots changed liands during tho week at £4. Some buyers aro not offering more than £3 15s. at country Btations. The regulations', for .tho importations of Now Zealand potatoes into Australia for tho' current' ypar iiavo beon recoivod, ' and; similar precautions regarding' diseaso have again to- bo-taken. ■ Beans aro eaid to bo scarco this season; as tho crop was not a very largo or good ono, and they are quoted at 3s. 4d. to 3s. 6d. LONDON MARKETS. Messrs. Dalgoty and Company, Limited, Wellington, havo received tho following cabled information from their London ' office, dated April 10:—Frozen meat:—Beef: Demand fair, and tlio market is firm. Quotations:—Fores, 3}d.j hinds, 4id. Lamb: Demand ia poor in the meat market, but good ex storc3, for delivery direct to retailers. Market is firm. QuotationsCanterbury, lioavy, 6Jd.; light, 68d.; North Island, 6W.; -light, 6 3-Bd. Mutton: Tho demand is poor, but tho market Ib firm. North teland heavy, 4d.; light. 4gd. Tallow (mutton), 3d. to 6d. per owt. higher! good colour; mixed or beef, par to 3d. per cwt. higher. Other descriptions, prices unchanged. BANK OIT ENGLAND RETURN, By Telegraph—Press Association—Copyright (Reo, April 11, 9.15 p.m.) London, April 11, The Bank of England return issued for tho wesk ended Wednesday, April 9, is as under:— IBSBB DEPIETMEMI-' HoU lisui £51,197,000 Gov.aebb •••£11,015000 .' Other Etcnrl- ' ••■ ••• 7,<34.000 ~. Go'» — ... 35.718,000 £54,107,000 £51,197,000 BASKING Department. Proprietors' • Gavt. securicapital £U,653.000 ties £13,033,000 Public do- Other aacurik posits ... 16,076,000 ties 37.473,000 Other doposits ... 43.433.000 KOIO3 . Best, 7-day and other ' bills... - 3,245,000 Coin... 2.348,000 £77,312.003 £77,312,000 The loading items of the Bank of Eng. land return afford tho following comparison:— This week East wool: Last year £ £ £ Bullion ' 55.748.000 55.135.000 8P,031,C00 Reserve 20.606.000 25.727.000 25.001.000 Note circulation 20.730,003 28.027,000 . 28,042,0W Public Deposits' 1G,076,000 21,059,U00 22,003.000 Othor Deposits 13,438,000 40,374.000 Proportion of reserve to liabilities... 45.02 41.85 42.85 GOVERNMENT SECURITIES. The following are tho latest quotations for Government securities, with a comparison of those ruling last week:— Variation ~ compaied rricji with v . last week. £ e. d. 24% Imperial Consols 74 6 0 Unclmnt'ed 4 :„N.5.\V.1033Ja,n.-, July 100.10 0 10s lowor 3i ,N.5.W.1830-GO.Ur.-Sp 56 10 0, ai) s lower Bi. „ N.S. W .-1930-50 . 00 0 0 U'lieham-ed 3 ~N.S-"\V. 19-25 Apl.-Oct 82 U 0 Unchanged '4' „Vio. 1920 Jan.-July 100 0 0 Unchanged SS .; Vie. 1021-6 Jan.-July 01 0 .0 Uncliam!cd 3i'„ Vic,-10-29-40 91 0 0 Unchained 3 „Vi0.1»20-49.Tan.-Jnly 78 0 0 Unchanged „S,A.' 1916 Jan.-July 01 :0 ,0 Unchanged 3 ~ S.A. li) 16 Jan.-July 75 0 0 Unchanged 4 QTdl9ls-24 Jan.-July 100 0 0 Unclianticd 34 „ Q'1 , d192-2-47Jan.-July 04 0 0 Unchaii"ed 3 „Q'rdl9-22-47Jan.-Julj- 77 0 0 Unchanced 4 „N.Z. 1929 Mny-Kor. 100 0 0 JOs higher SS „ N.Z. 1912-40 Jan.-July 89 0 0 Unchanged 3 „N.Z. 1820 April-Oct. 78 0 o Unchanged 3J ~W.A.1916-J5 j\lay-Nov bS 0 0 Unchanged 3 „\V.A,1015-3511ay-NoT 6'2 0 0 Unchanged 3i „Tas. J92o.Jiu.-July 80 o u Unchanged 3 „Tai, 1920-10 Jan.-July 83 0 0 Unchanged BANK RATES OF INTEREST. The Bank of England rnto was, on February 8, 1912, rcducod from 4 to 31 per cent., and on May 9 it was further reduced to 3 per ccnt. On Augu-.t ?.9 it was raised to 4 pur cent., aud on October 17 to 5 per cent.. The D«nU of i'rauGn-into to rrduced .from 31 to s fee i'n .isvuiw,* t}, i«hi, A will continued it tU« latter fitius I'cUl

September 12. 1911, when it -n-aa raised to 84 per ccnt. On May 17, 1912, It was reduced- to 3 nor cent., on October 17 it was raised to 3t per cent-., and on October 30 to 4 per ccnt. Tho Imperial Bank of Germany reduced Its rate from 5 to nor. ccnt. on June 11, 1912, on October 24 ft was raised to 5 per cent., and on November, 14 it was further raised to'6'per cent. MARKET KATES' OP DISCOUNT. Tho folKwing aro tho market rates for beßt tbrci months' bills: — Jjondon Paris Berlin • \ rate, rate, rato, per per per ccnt. cent. . cent. • This 'week' ;' 41 . "'3| . '3J-8 • Last week 43-8 • 3j ■ 4i . Last year 3j 3 33 Short loans aro quoted at 3} per cent, as against 45 per cent, last week, and 3 per cent, last year. COLONIAL AND OTHER PKODTJOE. Wheat—Tho marltot is firm, with renewed activity. Several cargoes of Australian havo been sold at from 37a. Bd. to 38s. 6d. Tho chief demand is from tlio Continent, but English speculators aro active, as they aro antici'pating a good French demand. White wheals, Australian, on epot, Is practically exhausted, and is quoted nominally at- 41s. to 425.; Now Zealand is not olToring. Official quotations for prompt delivery aro 375. IC'\L; on pa-ssage, 38s. 3d. to 38s. 6d. ' Flour i's firm, and 295. is asked for Australian ex store.;.'. -V : . . - Oats.—Tho market,'is dullr Finest A Gartons, 255. to 255. 6d. _ Beans are firm at 415.,- ex store. Peas aro firm, at from 375, to 40s„ ex store. Butter.—Tho market is dull. Danish is quoted at 120s. to 1215.; choicest Australian caltcd, 108s. to 110s.; secondary, 102s. to 1065.; New Zoaland, salted, U4s. to 1165.; and a few lots at 118s. Cheese.—The market is weak. New land is quoted at from 695. .to 60s. The Corinthie'a cargo arrived in excellent condition, and is tho best received this sea^ S °6uga,r.— German heet. 88 per cent, not ] titre. Id. lower at 9s: lOd. nor cwt.; firstmarks granulated l ,- f.o.h. . Hamburg, JcL lower at 12*. 33d. Bradford Tops.-Tho market is, firm, and pricos are unchanged. METAL MARKETS. Copper, on spot. 17s. 6d. higher at -£68 15s. per ton: three months. Bs. 9d. hiclicr at £86 6s. 3d. Tin, on spot, 375. 6d. hittlier at £219 17s. 6d. per ton; Hires months, 40s. higher at £216 ss. per ton. Pig-iron—Middlesboro' No. 3, 2d. lower at 665. per ton. Lead, 6oft foreign,, 225. 6d. higher at £17 12s. 6d. per ton. ' Spelter, unchanged at £24 15s. per ton. VICTORIAN PRODUCE MARKETS. Br Telegraph—Press Association—Copyright Melbourne, April 11. Wheat, 3s. BJd. to 3s-. 9d. Flour, £8 15s. Bran and pollard, £5 10s. Barley, English malting, nominal at 3s. 9d. to 4s. 3d-. Cape, 2s. 9d. to 3s. 3d. Oats, Algeria.ii millinE. 2s. 4Jd.! feed, fe. to 2s. 2d. • Maize, 4s. 3d. Potatoes, firmer iat £5 ,10s. to £6 10s. Onions, £6. ■' Mining news will.be found on page 9 of this ieeuO. ' 1 HUTT AND PETONE NEWS. (From Orr Special Correspondent.} v PETONE COUNCIL NOMINEES. In response to numerous requests, Mr. ■If. R. Wright, of the "Ilutt and I'ctono iGlironiclo" staff, and Mr. A. Anderson havo accepted nomination for election to the I'etouo Borough Council. Mi;: '1\ Townsend; who is vcrv well known locally, will (it is reported) also bo a candidaio. "Up to the present lime there has been no nomination for tlio position of Mayor, other than Mr. .T. W. M'Ewnn, who, it seems, will bo returned linopposeil. Mr. Bunny, Mayor of Lower llutt, will also lie unopposed. Mr. Matheson Lang and Miss Hulin Britton have beon appeariii!? at matinees' in tho Palladium (London) in a dramatisation of Kingsloy s "Westward Ho! !>>' Miss l'eggy Webhng. . NEVER HAD A DOCTOR. "I never had a doctor in my life, and tlmt says a lot for Chamberlain's Tablets," says Isabella Currie, Bellbird, Cessnock, N.S.W. "They keep mo in perfect health and any timo I feel 'oil' colour,' or as though I needed a laxative I tako ono and the result is perfoct health." —Advt. Woods' Great Peppermint Cure, Is. Cd. For Cbionio Cheat Complaints.*