COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1740, 3 May 1913, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. The sales recorded yesterday were:— National Bank (new) at £4 19a. 6d„ and Wcstport Goal at 27a. 6d. The buying <uid selling quotations were as under:— Buyers. Sollera. £ s. d. £ s. d. N.Z. Loan' and Mercantile 0 10 3 — Wellington Investment ... 0 10 6 — Well. Trust <iml Loan ...710/ — Well. Deposit — 0 6 8 Christchurcli Gas 7 5 0 — N.Z. Insurance 5 0 0 — Gear 31cat. (£4) 12 5 0 — Gear Jlcafc (£1) 3 2 0 —' Union Steam 2 3 0 — Mosgiel Woollen — 312 0 .Wcstport Coal — 17 9 Tarinßamutu 'fotara ...... — 2 6 0 W.P.G.A. . - 7, 5 0 A.M.P. SOCIETY. The report ol the Australian Mutual ■Provident Society, to be presented to tile i policy-holders at the annual meeting to bo liold in Sydney on May 9, states that during the tivclvo months ended December 31, 1912, a total of 24,405 polieios were writ ten, assuring (loss reinsurances) £6.928,950. This business inuludod 37*1 non-participating policies, assuring 70,812. Tlio new premiums amount to £321,264 95., of which £102,584 19s. Id. represents sinelo payments, l'ho industrial department issued during the year £7,665 new policies, assuring £1,014,851, at premiums amouutinc to £65,508 19s. per annum. The business in forco at the end of the year. consisted of 90,481 policies, assuring £3,083,682 75., and producing an annual premium income of £193,707 lfe. The actuarial valuation, which is on a moro stringent basis than last year, exhibits an excess of funds over liabilities of £21,809 13>s. lid.

Claims in the ordinary department amounting to £930,602 os. 6d., including £304,092 16=. for bonus additions, and £98 12s. for refunds of premium.-;, lin-vo arisen under 1744 policies by tho death of 1444 members; 2076 endowment assurances, amounting to £700,862 1 Bs.. including £193,110 IBs. for bonus additions, and 65 endowments amounting to £10,000 have matured. Tho accumulated fund, including the amount at credit of the industrial depart raent, has been increased by £1.517.090 3s.', and now amounts to £30,007,657 15s. ,5d., which includes a. sum of £12,531 25., ill the claims investment account. The report of the acting-actuary discloses a. cash surplus of funds over liabilities iu the ordinary department (including special reserves) of £1,113,526 lis. 2d. Out of this surplus the board lias resolved, in accordance with tho recommendation, of tho acting-actuary, to allot tho sum of £929,526 lis. 2d. for distribution among the members. This sum will provide reversionary bonuses amounting to about £1,640,000. A further sum has been written off tho value of freohold properties, and the office premises account has been reduced by an amount of £17,799 15s. lOd. Tho rescrvo for possible depreciation of securities which at December 31. 1912, amounted to £26,463 12s. lid., has been transferred to a newaccount called investment fluctuation fund, and this fund lias been added to by an appropriation of £10,CC0 on the year's receipts. It is intended to further augment this fund from year to year. SIIARLAUD AND 00., LTD. Tho fourteenth annual meeting of shareholders in Sharland end Company. Ltd., was held yesterday, at tho Wellington oiEce of tiio company in DixoiL Street,. Mr. Win. Watson (chairman of directors) presided over an attendance of about a dozen shareholder;. The annual report and balance-sheet (previously published) were adopted on tho motion of Sir. Watson, who expressed tho pleasure which it gave the'board to meet the shareholders with a satisfactory account of the past year's business. "As forecasted last year," laid Sir. Watson, "tile new premises here were, completed and occupied in .September last. They have been found suitable and satisfactory in every way. To meet the necessary expenditure and maintain tho equilibrium of our finaneo frosh capital has been issued to the extent of £11,485, of which £2871 has been paid v.p. and £6250 further borrowed on mortgage, which no were fortunate in securing before the rise in rates of interest. Tho old premises aro at present let to lu'st-class tenants at a fair ren.t. with an optional purchasing clause, which we hove renivon lo think it will bo in .tho interest of the tenants to avail themselves of. In the profit and loss account tho gross profits are £1642 better than last year. The expenses havo necessarily increased by a greater amount, but tho cost of changing premises accounted for a largo amount, of tins, otherwise the increase in profits would havo been conbidcrably larger than that in expenses.

"On Mr. Owen's resignation as general manager," continued the chairman, "it was not, felt necessary to appoint a, sncccfpor to that otTiee for the present, the business in Auckland being well managed by Mr. ltenshaw, and in Wellington by ,\lr. i/arkiu. Mr. Owen having been for 24 years in the service of the old company and the present one. 1 lie director,'- agreed ;-j pay him bin salary for a year ahead from the date of his- retirement,. Mr. iieaglehole, formerly accountant in Wellington, has been appointed secretary, mid these arrangements hove proved to work inatfcfactoril.v. A saving lias also been effected which will be more apparent ill next year's accounts than in this. Tlio speaker concluded with the announcement that a dividend of 75 per cent, would be paid on all shares. Messrs. Marl-in Kennedy and It. M. Watson. the. re til'ins directors, were re-elected to tlio board. Messrs. H. Kcinbcr and A. S. llisß (for Wellington), and Mr. Alex, (irierson (for Auckland) were reappointed auditors at. a remuneration of .f-50 each. It was resolved that the directors' fees shuht be permanently lixed <it, £.If,o (£63 each). Keplving to a question by Mr. M. O'Connor, the chairman said that- tlie hiir-'iiuvs iif the company had materially mcrca-cd since the change of premises from Harbour Street lo Dixon Street the change, in fad, wa.s dictated bv the increase of business. Tho bu-iness of the company in Auckland had also increased, end the otuv-tion of eytnndliiK th« ncivimmodii-tlnu In tlwt city would shortly liavo to bo Jitccd,

OOMIMKV I)IVI])KM). Tlio Eiipwinlendcnl of I)a.1goly ouil (/'of/ipnny, J/iiuiff?il. Ji-'js been ndvj.sed by cablegram that nn interim dividend of 4>. jier jdinro, equal 1.0 I) per rent. ]ior onnum. has been declared, Tliirt will bo jxiya.blo I*) nlwLr<*holrlor;i on. Die colonial reijlbtor on and afler May 15. (Hoc, May 11.7-5 p.m.) London, May 2. ftalgety and Company, Limited, have declared nn Interim dividend of 8 per cent. OANTHIMMJItY GHAIN MAKKET. •By Tclcffrajjh.—l'rosa Association.) Christchurch, May 2. Reneivilly In very quiet in tlio icii'in ond produce market. There js very lillNj wheat oU'erin;*, though there a jrood impiiry f:»r lluulorVowl pearl. Most of the offerings Ktill coiksi.st, however, of Tiruan, J'or which J*. (A. -at country stolons in {he ouU'ide value. A irood line of pearl lia-j been at 3h. Bd.. and thi.H U iho ruling price for thi» variety. 'J'hero linn, been more oats ofTorlrii? this week than for Home time past., ond o. fair nmoujil ha? rh-anped bonds up to 2p, 3d. ; , for *'A" t;rade (lartoncj, 2s. bcintr tlio hteh- ' jest prlre for any other variety at coimtry Kf-*i t-ioiiH. The • rhniitfe in tho weather is i not likely Immedlntoly to affect iho potato market, gh there are larue ouantltlen now in tlio Ta.ilv.ay sheds representing forword purchases, though .some buyers are only offering £3 15s. Tiiero aro few pellciv) at this fitrure, most of the business being done at .C 4at conntrv stations, There U no change to noto in other llnee, chaff still beinj? firm, and selling up to £3 ss. at country stations. LONDON MARKETS: Messrs. Dalßety and Company, Limited, Wellington, have received cablcd advice from their London oflico an follows—Frozen moa.t: Lamb—Very firm and tending upwards. Stocko held are email. MuttonFirm, but prices unchanged. Beef—Weak, but priecs arc nominally unchanged. Tallow—Prices aro 3d. per cwt. lower. Buyers , fihow little or no disposition to operate | for forward delivery. t ; LONDON WOOL RALES. 1 By Telegraph—Press Association—Copyright London, May 1. At tho wool sales there was strong com* petition for alb sortfi at full prices. ' {Pec. May 2, 10.50 p.m.) London, May 2. At tho sale??, the following were the prices realised for the fleece portions of tho clipa named:—"lbit-ii," ton price 10Jd., average prico 10fd.; "Kuapopa." top lid., average Sflrl.; "Okari," top IOJd., average 10f.d.: "Homewood," top l?.Jd„ averacc lljd.; "Makatarama," top Kd*. arcrago 13>,d.; "Mendip Hills," top Mid., average 13^(1.; "Brookdale," top 15d.< avcrago 133 d. BANK OF ENGLAND RETURNS. (Roc. Ma.y 2, 10.50 p.m.! London, May 2. Tho Bank of England return issued for tho week ended Wednesday, April 50. is wi under:-" Issue Departitcnt N»toI«iu« i51.751.0W nov.dabt "'£11,011.000 Other security 7.434.(100 Gold ... ... 86,302,000 J.34.751.00J £54,731,000 lUnkiko Department. Proprietors' Govt, soourl-cnr)ita-l £14,553,000 ties £12,650,000 Public de- Other secuviliosits ... 15,730.000 ties 32.955.009 Otbcruflposit3 ... 39.571.000 Kotsi ... 24.764.003 Best, 7-day and other bills... ... 3,239,003 Coin... >. 2,467.000 £73,096,000 £73,096,000 Tho loading items of tho Bank of England return aflord tho followine comparison This lit £aßt w««k Last isar Bullion 36.302,000 36.762,000 38.208.003 RO3SI-V0 27,231,000 28,218,000 29.061,000 Koto circulation 29.037.000 28,435.000 29.060.003 Public Deposits 16,730,000 15.663.000 18.015.0J0 Othor Dopositj 39,074,000 41,179,000 41,240.000 Proportion of liability... 49.23 40.43 43.91 GOVERNMENT SECCKITIES. The following aro the latest quotation* for Government securities, with a com' pai-ison oi those ruling last week:— Variation _ corupaved Fricj. with kit week. £ ». 2i% Imperial Consols | 74 12 6 f>s lower ' '4 . N.8,AY.3933Jnh.-Jnly 101 0 0 Unchanged 3i ~N.S.W.IUJO<OMr.-Sp 07 0 0 . Uncliaotfcrl :>i n N.H.W.-1fr00.50 SO 0 0 iJnchangcd 3 „X.S.\V. 10JoApl.-Oct 82 0 0 Unclmiujed •1 Vic. 1020 Jau.-July 10110 0 10s higher ,3i „ Vic. 19-il-G Jau.-July 9-10 0 Unchatißed ai „ Vic.-lfr2i)-49 91 0 0 Unehaii/jed 8 „ Vic. 19'29-49Jan.-July 78 0 0 Unchanged 8i „S,A. 1910 Jan.-July 91 0 0 Unchanged 3 „S.A. liJl6 Jan.-July 75 0 0 Unchanged -4 QTdl9ls-2I Jan.-July 101 0 0 203 higher 'Si „ b9 0 0 Unchanged 3 M QTdl92i.47Jati.-July 78 0 0 i „N.Z. 1929 May-NoT. 101 0 0 20s higher :3i „N.Z. ]!)12-ioJan.-July 80 0 0 Unchanged I 8 „N.Z. 19--0 April-Oct. 78 0 0 Unchanged 3J „W,A. 1915-35 May-Xor 88 0 0 Unchanged 3 „W.A,191;!-osilay-Xov 62 0 0 Unchanged 3i „Tas. 3WOJan.-July 89 0 0 Unchanged 3 fl Tas.l9W-i0 Jan.-July b3 0 0 Unchauged

BANK BATES OF INTEREST. The Bank of England rate was, on February 3, 1912, reduced from 1 to 35 per cent., and on May 9 it was further reduced lo 3 per cent. On August 29 it was raised to 4 p&r cent., and on October 17 to 5 per cent. It was reduced to 4i per ccnt. on April 17, 1913. The Bank of Franco rato was reduced from 3J to 3 per ccnt. on January 23, 1900, and continued at tho latter flguro until September 12, 1911, when it was raised to ij per cent. On May 17, 1912, it was reduced to 3 per cent., on October 17 it waa raisod to per cout.. «.nd on October 30 to 4 per ccnt.

Tho Imperial Bank of Germany reduced Its rato from 5 to 4i por cent, on June 11. 1912, on October 24 it was raised to 5 per cent., and on November 14 it was further raised to '6 per cent.

MARKET RATES OF DISCOUNT. The following arc tho market rates for best throe months' bills:— London Parli Berlin rate, rate, rato, per per ' per cent. cent. cent. This week 315-16 4 4 Last week 35 31 33-8 Last year 3 3 ■ 33 Short loaiw aro quoted at 33 per cont., as against 2S per cent, last week, and 28 per cent, last year. COLONIAL AND OTHER PRODUCE. Wheat—Tho market is inactive. Australian on spot is quoted at 40s. 6d. to 41a. 6d. Official wheat quotations.—Prompt, 38s. 4Jd. to 385.; on passage, 395. Flour is firm and unchanged. Oata aro firm. La Plata, April-May shipment, 16s, 9d. Beans and peas are firm. Butter.—Tho market is dull. Danish, 115s. to 1175.; choicest Australian, salted 106s. to 108s., unsalted 110s. to 112,=. Now Zealand's exhausted, and nominally at 112s. to IKs. Laigo supplies of new mako Siberian are available, and selling freely at. 100s. to 102s. Cheese.—Tho market is Etoady. New Zealand coloured, 575. to 585.: whito, 595. Sugar.—German beet, 88 per cont. net litre. Id. lower at 9s. 9d. per cwt.: firstmarks granulated, f.o.b. Hamburg, unchanged at 12a. 4d. , Bradford Tops.—Tho.market 10 very firm, and there is more business doing. THE METAL JLYHKETB. Copper.—On spot, 7s. 6d. higher at £67 5?. per ton; three months, 225. 6a. higher ot ~Tin.—On, spot. £6 higher at £231 per ton ; three months, ss. higher at £220 10s. Pig-iron— iliddlceb.oro' No. 3. Is. lower at 675. per ton. Spelter, 10s. lower at £2o per ton.