COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1733, 25 April 1913, Page 8

COMMERCIAL ITEMS.

, INVESTMENT SHAKES. The galeg of investment shares Tecorded yesterday were: Wellington Gas (£lO paid), fit £16; New Zealand Insurance, at. £5 Is.: and Sharland'R ordinary at 215., cum dividend. The "quotations were <113 iruder:—

' GERMAN CREDIT. In tho last twenty rears Germany lias endeavoured to Improve lier credit. 11l 1890 and for come timo afterwards borrowing was possible at 3 per cent., and oven in 1903 wtten tlio market valued/ such emissions at 90 a furtlier 3 per cent, loin was floated, which proved to ho the last of that type. In 1907 rosort was had to a 4 per cent, dalo o£ interest, and although two years later 35 per cents wero placed, they soon fell below tho issue price,. and 4 per oent. was once moro resumed. The details of tho recent issues of £27,500,000 Imperial and Prussian loaim at 4 per cent, aro to hand by mail. The £7,600,000 consols, offered at 98.60, redeemable ill ■ 1925, wore oversubscribed, and tho tenderers undertook not to transfer tho stock lor. a considerable period. Thus the sum in question may be regarded as a fixed acauisition to German State crcdit and unlikely to become an eletoent of disquiet' In tho money market. Tho £20,000,000 Treasury bills offered by Prussia, maturing 1917, issued at 99, met with a poor reception, although half wag to renew existing holdings, and only £10,000,000 was now money. Application for tho former amounted to only £5,5C0,CC0, but £2,000,000 was expected to come in. If this expectation be realised the Prussian Government would 6till havo to redeem £2,600,C00 in ready cash. Applications for. tho new £10,000,000 Treasury bills reached only £3,CCfI,K!O, so that tho total subscriptions fell short of tho desired amount,by £9,500,000, or nearly 50 per rant. Of course, tho banko would provide for the deficiency, oil special .terni3 flo. doubt, but the exporienco shows tho 1 scarcity !6f loanable fuuds for investment in nidiclass securities. A month o.go German 3 per cents.- -were Quoted in London, at 76, middle price as oompared with 81 a year previously. '

OAEQO BOATS' EARNINGS. Shareholders in British cargo boat companies, whoso balance-sheets have been issued for 1912, are complaining at the comjiarativcly. small .portion of the earnings paid away in dividends. Ono case is mentioned of -a company which has made no return to shareholders tor a number of years prior to 191", and now 'distributes only .10 per cent, out, of about 60 per cent, of earnings, the. balance boms placed to n. reservo fund, which is invested in securities. In regard to this procedure, a correspondent points out in "Fairplay" that in' his opinion as Ion? as the assets aro kept down to a figure that would enable them to be realised at any time, so as to return 20s. in the pound, the, surplus should be distributed amongst the shareholders. The latter, it is contended, • are .iust as well able to'invest In Stock Exchange securities as are tlio directors of the company, and as they have to go short in years of depression, they are entitled to full participation in times of plenty., It is quite posslblo that in some instances ■ overcaution liae been displayed in connection with the allocation of profits, but thero can be no question that it would be unwise to regard the present earnings of tramp steamers as otlier than abnormal. To write down bool: values of the fleet to far below the price at which it could bo sold in the market would be a concealment of material facts, and the best way to provide for the inevitable depreciation of assets is to retain a sum in liand for contingencies.

WOBLD'S GOLD OUTPUT. The world's gold, yield for 1912 is placed at £93,923,000. The estimate is based in most'cases on actual returns for 11 months, with a moderate allowance* for December. The output of each of the past seven years is given" in the table appended:—

The African output increased from £38,188,000 in 1911. to £42,357,M0 in 1912. The North American output decreased from £27,105,CCa to £25,777,000, tlic European output fell from £7.287, CM to £6/34,000 :■ Asia-, excluding Siberia, increased from £5,237,000 to £5,729,000, South America from £2,064,CC0 to £2,250,CCD, but the Australasian output drooped from £12,035,010 to £11,375,000. COMPANY REGISTERED. This wck's "Mercantile Gazette" records the registration of the following company:— Bassett and Co., Ltil. Heristcred as a private company April 18. Office—Waneajiui. Capital.- £20,CC0, into 20C-0 shares of £10. each. Subscrlbers-V. G.Bassett, 18S0: IKar;-" Bassett. 120. Objects: lb arrfuiiv. the busines?. of William George Bassett, of Wariganui, timber merchant. CUSTOMS KETUBIfS. Customs duties collected at the port of Wellington yesterUay. atnouuleci to £41)3 fa. 2d. LONDON MARKETS. The Hew Zealand Loan and Mercimtiio Acency Company, Ltd.. have reccivc'd the following cablegram from their London house, under date April 23:—Tallow. ITo quote present, spot values for the- following ' descriptions:—Good mutton, 375. per civt.; ffo-d beef, 355. 3d. pel' cv;f„; mixed; 5.13. 3d. p?r cv.t. Jluttou market inactive. Wheat: «o have sold an Australian carno at 38s. c.i.f. The market is firm, with a food demand owing: to Continental buying. The outlook Is uncertain. We uuote per quarter c.i.f., 'New Zealand wheat, lonffberried, 373.; short-berried, 365. 6d. ' LONDON WOOL SALES. By Telesraph—Press Association—Copyrighi London, April 23. At the i wool sales there was good competition .'or all sorts. The opening rates were fully maintained. (Ike. April 24, 10.45 p.m.) London, April 24. At tho wool sales the following are the prices realised for fleece portions of tho clip:,, named:—Alpha, lop 14d., avera-so 123<1; liafcs. top 10M-, Average ICJd.; l'aritu, top jlil., averaijo 10 38d.; Itukumoana, top 15Jd„j average 14 3-8 i Tho Dipartment of Agriculture, Indus.,tries, anl Commerce has received the tol-' lowing fahleernin from the High Commissioner for New Zealand, dated London. April 22. regarding the otiealnp of tho third se(ies of colonial wool sales:—'Tho wool sal® have commenced. The market is firm, but not advanced, lliiyers are caution?. Americans (arc waiting- definite information concerning Tariff Rill. A Hood denand continues. Home a.nd ColnnInl bushess In in excellent condition. I'rospcctl arc favourable. i BTI.VEK. By Telegraph—Press Association—Copyright London, April Si. Bar silver is auotei at Vii, pet ounce jtanilardi ; --

TALLOW. London, April y. At the tallow tales 1471 casks wero offered, ami 65G sold. Price? realised-.—Muttou, fine, 395. 6d.; medium ,345. 6d.; beef, lino. 583.; medium, 545. AUSTRALIAN PRODUCE MARKETS. (P.ec. April 24, 9.20 p.m.) Sydney, April 24. Wheat, 35. 9id. Flour. £8 15s. Oats, Algerian feeding, 2s. ad. to 2s. 9d.; milline, 2s. lid. to 35.; Sparrowbills, 2s. lid. to 35.; Giants, 3cs. Id. Barley. Cape, 3s. JOd. to 4s. lloizp, Ld 4s. 3d. Rr:m and pollard, ss. sd. Potato*?, Tasmanians, £? ss. to £8. Oirfoßa. Victorians, £7; New Zealnnds, £6 10s. Butter, selected brands, 9-Is. Cheese, 7Jd. to 7ad. Hacon, 74d. to 8(1. Adclaldo, April 4. lVheat. 3s. Olrl. to 3s. 9d. Flour, £8 se. Brand and pollard. Is. 2d. MELBOURNE HIDES MARKETS. • Melbourne. April 24. Hides <iro in fair supply, but thero is only moderate competition, Triccs mo »d. lower.

Buyers. Boilers. £ s. d. £ e. d. Bank New Zealand 11 7 0 — National Bank (old) — 5 4 0 National Bank (new) — 6 0 0 Union Bank 58 15 0 — Equitable Building — 5 10 0 N.Z. Loan and Jlercantllo- 0 10 0 — Napier Gas (£10) - 19 0 0 Napier flnfl (£9) — 18 0 0 Napier Gas (£5) — . 810 0 Well. Gas (£10). 15 18 6 16 2 6 N.Z. Insuranco 5 0 0 — JTeat Export (52a. 6d.) 2 10 0 — Union Steam 2 2 3 — Kaiapoi Woollen (ord.) ... — i 5 2 0 Wcstport Coal .' — I 17 9 Taringamntu Totara — 2 5 0 Manning and Co .....i. 4 10 — Sliariand's ordinary 110 — Ward and. Co 4 17 6 • 5 10

Year. £ 1906, 81,110,COO 1907; 82,258,000 1938 : e3,666,000 1909 91,935,OCO 1910 90,842,000 , 1911 , 91,375,(CO 1912 93,925,(00