COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1739, 2 May 1913, Page 8

COMMERCIAL ITEMS.

j INVESTMENT SHAKES. A sale of Westport Coal shares nt 275. 6d. was the only trans-action recorded yesterday. Tho .(juotatiou3 were as under:— Buyers. Sellers. £a. d. «€ d. National Haul? (now) — 5 0 0 Equitable Building — 9 10 0 jS.'/j. Loan and Mercantile 0 10 0 Christ-church (taw 7 5 0 ~ Well. Gas (£lOj 15 18 6 16 2 6 ft.7,. Insurance 5 0 0 ~ S.B. lusuranec — 3 m o Union Steam 2 3 0 ~ n lYwtport Coal 1 0 17 9 Taringawutu To tar a — 2 5 0 Manning and Co 4 2 6 — Ward and Co 4 18 0 — AMERICAN MONEY TItUST. Majority and minority reports were presented by the Pujo Committee set up by tho T/nited States Congress to inquire into tho Money Trust. Tho committee examined a great- many financial magnates, including the late Mr. J. Pierpont Morgan. The majority report was presented by . seven democrats, who agreed ai to the existeneo of the trust. Three Republicans dissented, but admitted a dangerous concentration of credit in New York, Boston, and Chicago, and one Republican totally disagreed with the recommendations and findings of tho majority. . The majority report, after < declaring the existence of a money trust, Staid that the increased concentration of control of money .and. credit had been effected principally as follows:— 1. Through contolidationa of competitive or potentially competitive banks and trust companies, which consolidations, in turn, havo recently been brought under sympathetic management. 2. Through the same powerful interests becoming' large stockholders in potentially competitive banks and trust companies. This is tho simplest way of acquiring control, but since it requires tho largest .investment of capital, it is the least used, although the rccent investments in that direction for that apparent purpose amount to tens of millions of dollar in prwent market values. 3. Through the confederation of potentially competitive banks and trust companies by menus of the*system of interlocking directorates. 4. Through tho influence which, the moro powerful banking houses, banks, and trust companies have secured in the management of insurance companies, railroade. producing and trading corporations, and public utility corporations, by means of stock oldings, voting trust, fiscal agency and contracts or representation upon their board of directors, or through supplying the money requirements of railway, industrial. and public utilities corporations,and thereby being enabled to .participate in the determination of their financal and business policies.

5. Through partnership or joint Account arrangements between a few of tlio loading banking houses. banks, and trust companies in the purchase of security Issueu of the great inter-State corporations, accompanied by understanding of recent growth—sometimes called "banking ethic.?" —which have had the effect of effectually destroying competition between such banking houses, banks, and trust companies in the struggle for business or in the purchase and t?alc of large issues of such Gerurities.

To help euro these evils, the committee suggested two Bills, one forbidding the use of the mails to Stack Exchanges which fail to observe prescribed stringent regulations as to the conduct of their business, mid the other prescribing rigid ru'ee. for the conduct of national banks, their officers, and clearing house associations jto which they belong. FREIGHT' PROSPECTS. A general survey of the prospects,for the early future of the freight market lends the English shipping journal, "Fairplay," to cv>meivhat doleful conclusions. "We fay unhesitatingly," it. remarks, "that there Is far too much tonnage upon certain mar-k-eta" If Black Sea-business continued in its then condition of slackness, not a third' of the freight accommodation available would be likely to be absorbed. • Some owners were considering the expediency' of ordering their boats homo from Italy, etc., to Wales iu ballast, which course, if adopted, would result in a. reduction in coal rates to a point far below their present level. Very few orders from Ir.dia were being booked, and "if a 20s. scale basis from Bombay were offered for April-May loading there would bo no difiiculty In securing 50 boat 3 for the business." The Azoff trade v.-ould account for a fair amount of tonna-ge, but for nothing like sufficient to occasion any e?arcity. It is conceded that, tho United States and Canada will be shipping grain during the greater part of this year, but it is regarded as certain that the rivalry amongst shipowners for that trade will tell in favour of charterers to ail extent, that will leave no great margin of profit to those v.'ho provide the freight accommodation. As, a means to coding tile position from tho shipownero' point of view it is .suggested that they should refrain from paying heavy despatch money for the saving of time on charters. From some quarters the inquiry for freight is stated to bo of the poorest description, and many owners, rather than accept the low rates tendered, "are prepared to bring their steamers home in ballast even from the Upper Jlcditeranean discharging ports, or would send tlicm to' India or to the United States if the 'slightest inducement offered. There is little room for doubt." adds "Fairptay," "that tho present condition of the freight market hats to a largo extent been brought nbout and developed by the co-operation of charterers who are clever enough to raluco the competition themselves tu secure tonnage at a minimum." \ /liIiVSEED Oil,. An important factor in the linseed oil market is tile outturn of seed in India, and there can be no doubt that the record crop of 641,200 tons which was gathered last season in that country was a contributor to the doclinc in oil prices which occurred after tho world's linseed crop for 1911-12 had been garnered. Tho inarltot weakness developed, as a. matter of fact, under the direct influence of pressure by Argentina, sellers and the increased inclination of Indian growers to part with their seed. Moreover, the world's production for 1911-12 v;as estimated to cxcccd by 9CO.CCO tons that of 1907, which was the larcest yield recorded until last year. .So considerable was tho Indian harvest that in some quarters efforts were made to discredit tho official .estimate. Had the latter proved incorrect, however, it would have been tho first occasion ou which the authorities had gono astray in their harvest calculations. It is reckoned that of the 641,5C0 tons of seed availablo in India, exports would account for, say, 3-32,393 tons, which would leave for home consumption 303,607 tons. It must, be borne in mind, though, that the official statistics do not take in tho whole of India, for certain territory, coir» prising some 3} per cent, of the linseed area of British India and all the native States with tho exception of Hyderabad and Bombay, are excluded. Taking the figures as they stand, tho yield of linseed for 1911-12 was not only the heaviest on record, representing an increase of nearly 14 per cent, on tho fairly high output in 1910-11. but the estimate of area showed the still larger expansion of 31J per cent., and, according to the provincial reports, the outturn of seed would ha.vo been much greater if atmospheric conditions had remained as favourable as they were at the opening of the season. Importations of Indian linseed iuto Australia for 1911 made up a total of 19,780 centals,, valued at £17,434, whilst the average quantity exported annually from that country to all other places is given as 331,162 tons. XOTES. The foreign trade of Brazil last year was represented by £68,376,918 of imports, and .£76,089.723 of exports, both showinc large increases. Of the exports coffee stood for £46,558,079 (a sum much larger than that of the Australian wool clip!, and rubbor for ,£16,095,025. r l*ie other experts were small, hides, £2,011,820, being the largest.

Tho past year lias been a very good one for French iron manufacturers. There are now 159 blast furnaces in France, of which 131 are at present in work, against 123 at tho beginning of 1912 and 114 at the commencement of 1911. Last, year the output ol pig-iron amounted to 4.626.CC0 tons, an increase of exactly 400,CC0 tons over 1911, whilst there ia every probability that the current year will show a further marked improvement in production, nuitn a number of new projects being under consideration. Several lletaian iron firms are arranging .to lay down irnn-proiluoini; plant, and in the cast of France alone 12 new blast furnaces will be erected this year. The inerca.se in production is all the move remarkable in view or the fact that the llomo market provide? almost tiic only outlet, of importance, bast year the domestic consumption was so brisk that ill spito of the increase in production, exports show a falling-oil, makers having been unable to attend to tho foreign business.

Recent mail advices state that the Royal' Mint is about to coin for tile West African colonics silver tokens denominated 25., Is.. 6(1., and 3d., enual in fineness, weight, and measurement to tho silver coins of Great Jlritaiu. The projected currency will supersede the brass and copper rods formerly legal tender: but until subsidiary eopner or nickel coins are minted cowrice must continue to lie used for small payment!. Currency notes will bo issued in these colonics against gold and securities held in lionrton. Portions of Africa aro still deficient in minted money; for instance, nt the present timo salt circulates iu parts of Abj'wliua. It ia not surjirisißs to learn

that bar.? nf this material vary as much os 50 per rent, in purchasing 1 power, occordiufj.to the season.-?. X.Z. INVESTMENT, MORTGAGE, AND • ' PKPOSIT COMPANY. LTD. Tho seventh anmuil incctiujr of the New Zoaluud Investment-, Mortgage, and Jlcpot-il Company was held 3'cntciday. Mr. \V. 0. Foster, chairman of directors, presiding. In moving the adoption of the report and balance-sheet (previously published), he remarked that the past, year had been recognised as a good one for tho company. A larger dividend could have been paid as a, result of the year's working, but the directors considered it best, to adhere to their policy of building up the reserve fi::id, which now stood at .fcl3Co. When it wa<* considered that preliminary expense.- - amounting to £769 2«. ?d. had been writ<teu off out of profit >.he refullc? of the work* ing of the company to date were extremely satisfactory. The capital of ths company had been strengthened by the sale during tho year of £5375 share* at. par. 8.11 now paid up to lCs. each. That, too, hart been done in it year when money had not. been 100 plentiful and investors were naturally looking for a higher rato of interest than the company was able, or rather lie should say willing, to pa-y. It showed then that the company stood well in the eyeN of the investing public. Comparing- their figures with what \vas before them .in other similar directions he thought shareholders had every reason to be proud that tho company ha'd retained its full measure of confidence bf investors. With respect to the deposits they were less than laefc year by £1025 13s. Bd. This was not to bo wondered at. considering the stringency in the market. The _ investors' subscriptions increased by .£lB5 3s. I lCd., and the mortgages increased by £1697 | 7s. 4d. Coming to freehold property: that i item appeared in last year's balance-sheet. 1 The houses referred to had been well ocI cupied, and were returning a satisfactory i rate of interest on their cost to the company. This cost was considerably below i tho Government valuation, and it was fully expected that when things were easier the company would not only recover tho money tho properties represented, but also a sub* etantial addition to it. The balance-sheet 'might be looked upon as clean in every sense of the word. Shareholders had tho positive assurance of the directors that, their interests were being carefully watched; that the Company was beinjr economic* ally managed; and that, barring some ex. traordinary and unforeseen changes in tho {situation, it was safely conducted. He moved:— "That tho report of the director? with tho recommendations contained therein and the balance-sheet bo, find the same are. hereby adopted, and that, the dividend reconfinended is hereby declared, and that Bitch dividend be payable forthwith." Messrs. F. G. Bolton and W. M. Muir wore re-elected directors; and Messrs. Henry Korabir •and Sons, aufiitorft Votes of thanks were accorded to the directors and staff. COMPANIES REGISTERED. In the list of companies registered," published in this week's "Mercantile Gazette," there appear the following:— Fullers, Ltd. ' Registered ag a private company April 24. Office: 155 Lambton Quay,. Wellington. Capital. £30,C00, divided into 30.0C0 shares of £1 each. Subscribers: Auckland—John Fuller, 75C0 f.p.ti.: Sydney, N.S.W.—B. J. Fuller, 7500 f.p.u.; Wellington —John, Fuller, jun.. 75C0 f.p.u.; TV. Fuller, 75C-0 p.u. to 10s. each. Objects—To purchase and acquire the business of kinematographers, hirers, and suppliers of kineniatographic films, etc., carried on by John Fuller -and Sons. New Zealand Picture Supplies, Ltd. Registered At? a, private company April 28. Capital—£soio, divided into SCCO shares of £1 each. Subscribers—Fullers, Ltd., Wellington, 2500; Hayward's Pictures Enterprises, Ltd., Christchurcli, 25C0. PROPERTY SALES. Messrs. J. H. Bethune and Co. i'eport having recently effeoted the sale of tho following city, suburban, and country properties:—

City; Myrtle Crescent, section liaring an area of 12.9 perches, with residence and workshop, £832; Sydney Street-, land, 30ft. x 132 ft., with two cottogcs, £6C(1; Ellico Avenue, section about 25ft. x 100 ft., witli 6l'oomed residence, £m 0 ; Loraud Street, two building sites, cacli 40ft. x 132 ft., £260; Kevans Street, corner section, subject to a lease. £620; Kelburno. Scction 12, Block 14, area 18.4 perches. £219; Cleremont Terrace. leasehold section, with 8-roomert residence, X6CO; Adelaide Boad, level section, 3Cft. x 88ft., with 7-roomcd dwelling, £550.

Suburban: Highland Park Fciate, Section 297, having an area of 30 perches, £50; Khandallaii, Section 59, 1.-ochiel Estate, containing 36.7 perches, £125; I'limmorton Extension Subdivision, Section 124, 'area i-acre, £42 10s.; Section 14, area £2 perches, £54: Section 131, about 5-acre, £40; Section 76 . 22 perches, £50: Section' 75, 25.9 pcrehe-, £50; Section-130, 3-acre, £40; Khandallali, building site alongside station, .containing 31 perches, £100; Ifataitai, Jlat.ai Bead, land 40ft. x lfflft., with 5-roomed dwelling, £6CO; Bosencath, Cre-cent lload, largo section, nearly J-acre. and 5-roomej dwollinK. £750; Island iTay, Melhpurns Koad, pect-ion 38ft. x 118.6 ft.. with 6-roomed dwelling, £425; Ng-aio, strip of land fronting Main Boad, £59; Trentham, large section, closo (o golf links, containing 1 acre 1 rood 7 perches, £129; level section, alongside railway, }- acre. £40; Ivarori. section, containing 21 perches, with dwelling, £659.

Country: Jfanawatu district, 8326 acres, £7000.

Customs duties collected nt the port of ■Wellington yesterday amounted to £3601 15s. 6d.

AUCKLAND TRAM DIVIDEND. (By Telegraph.—Press Association.) Auckland, May 1. The Auckland Tramway Company lias declared a. dividend of sovenpenco per share, free of English income tax. P. AND 0. COMPANY DIVIDEND. By Telegraph—Press Association—Copyright (Rec. May 1, 11.55 p.m.) London, May 1. The Peninsular and Oriental Steam Navigation Company has declared <m interim dividend of 7 per cent, on deferred stock. LONDON MARKETS. , The New Zealand Loan and Mercantilo Agency Company, Ltd., have reccivod tlio following cablegram from their London, house, under dato April 30Tallov;: Wo quote present spot values for the following descriptions Good mutton, 365. 6d. per cwt.; good beef, 355. per cwt.; mixed, 335. per cwt. Tho market, is quiet. Wheat: Wo have .sold nu Australian cargo at 395. 9d. c.i.f. The market is quiet, but steady, owing to Continental buying, and tlie outlook is uncertain. We quote, per quarter c.i.f.. New Zealand wheat, long-berried 375. 3(1., short-berried 3fe. 9d. Oats: Wc onote:—Cartons, 235. 9(1.: Sparrowbills. 235. 6d. The outlook is encouraging. Wool pales: Since our ndvicc of April 22 the market Id imchnngcd, with the exception of coarse greasy crossbrcd, for which tho market is firmer. LONDON WOOL SALES. By Telegraph—Press Associatiop—Copyright London, April 30. There was a. stood selection of crossbreds at the wool sales, and prices were very firm. Merinos were unchanged. (Rcc. May 1, 11.55 p.m.) London, May 1. At tlie wool sales the following prices ,vero realised for tho fleece portions of tlio clips named:—"Puhaua," ton rrico lljd., average 102 d.; "Bceks-liarcp." iop price llAd., average lid.; "Mo'.nrapapa." 'on price 12id., average lti*d.; 'G.P.D.N.," to.T price 12Jd., average Hid.; 'Howard," top price 13jd., avcrago 12,*, - WHEAT. London, April 30. The American visible supply of wheat is 86.506.000 bushels. Chicago ■'futures," 92 to 923 cents; .Tilly, 92n. (15<?c. May 1, 11.55 p.m.) London, May 1. The wheat, market is quiet, and without, any marked movement. Ofllrial quotations are:—For prompt, delivery, 38s. 6d. to 38s. 7£d.; on passage, 395. to 395. Ud. TALLOW. London, April 30. I At the tallow sales. 1352 casks wore nifcred and 870 sold. Prices realised Mutton, line, 295. 6d. to 31;.; beef, lino 395., medium 3k. AUSTRALIAN PRODUCE MARKETS. (Hoc. May 1, 9.20 p.m.) Sydney, May 1. Wtieat ii-' quoted at 3s. 23d. to 3s. 4Jd. uit trucks at. station; 3s. 9.U1. on i-pot. Flour, £8 15s. Oats, Algerian milling, 2s. 10d. to 35.; feeding, 2s. 6d. to 2s. Bd.; Sparrowhills, 2s. lid. to 3.5.; (limits. 3s. Id.; seed, 3a 2d. Parley, Cape, 3-.s. lOd. to 45.; seed, 4s. Ma.i/.c, 4s. lirin, £-1 15s. Pollard, £5. Potatoes, Tasmanians, £7 to £8. Onions, Victorians, £6 15s. to £7; New ZeMnml, £6 ss. Butter, selected, 9<;s. Cheese, 7d. to 73d. Bacon,' 7m!, Adelaide, May 1. Wheat. 3s. 7d. to 3s. 8!d. Flour. £8 Ee. Bran and pollard, If. o{d. to Is. Id. HIDES MARKET. (Hee. May 1, 9.20 p.m.) Melbourne, May l. Iliilcs arc in avcrago supplies. Prices are unchanged. There is a good demand.