COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1812, 26 July 1913, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHARES. A sal© of ■Wellington Investment shares at 12e. cum dividend was recorded yesterday. The quotations were as under:— {

WELLINGTON INVESTMENT CO. ANNUAL MEETING. Tho twenty-seventh annual meeting of tile Wellington Investment, Trustee, and Agency Co., Ltd.; was held yesterday morning. There were about twenty shareholders present. Mr. J. H. Blair presided. The directors' report was as follows:— "The directors have pleasure in submitting to shareholders their twenty-seventh annual report and balance-sheet for the financial year ended Juno 30, 1913, from which it will bo seen that the net profit on the year's business, including £3U5 9s. lOd. brought forward from last year, amounts to £5283 7s. 2d. An interim dividend of 3 per cent, was declaTod and paid in January, and it is now proposed to pay a further dividend of 3 per cent, (making 6 per cent, for the year), also bonus of 1 per cent.; this will absorb £35C0, leaving a balance of £1783 7s. 2d. Of this amount of £1783 7s. 2d. it is recommended ■that £1500 be carried to reserve fund (which will then, stand at £12,750); and that the balance, £283 7s. 2d., be carried--for-wiard to the ensuing year's profit and loss account."

In moving the adoption ol tlio report and batonce-sheet, the ohairmuin eaid that the figures disclosed by the balance-sheet wore almost the same as last year, which was a fact they had reason to congratulate themselves on, as they hadi passed through' stronraoue times. The question of the advisability of issuing fresh capital had been considered by the directors, as much, valuable work could have been- undertaken during the year had they not been hampered by insufficiency of capital. If new capital was issued, it would probably be at a alight premium, and, in issuing now Shares with a premium, that premium would go to tho reserve fund, which was in the interests of shareholders. If they made the issue it would, probably be to the extent of £100,000, calling- up JESO.COO. The matter would bo carefully considered, and should they decide on it they would need to have the Articles of Association' altered, and for that purpose two meetings of shareholders would bo necessary. Tho securities of the company had had two te3te. during tho last year, proceeded the chairman-. Two properties fell into their hands, a.nd despite the bad season they disposed of them at a price which brought them back a>ll their oapi' tal and interest, with something over. This showed tho safety and carefulness exercised in placing investments. Mr. B. 11. Simpson .seconded the adoption, of tlhe report and balance-Sheet. In reply to a statement made by Mr. G. M. Kebble, Mr. Simpson said ho thought it should be thoroughly understood that any funds entrusted to tho company, in the way of trust funds, liad to bo kept in a. separate acccramt, in the same manner as done by the Public Trustee. EvorytMnij was safeguarded. The report and balance-sheet wore adopted. Messrs. Jas. M'Kerrow and A. 0. Fifo. retiring directors, were re-olected, end Messrs. E. Bucholz end J. H. G. Rowley were re-elected auditors.

WELLINGTON MEAT EXPORT 00. Tho balance-sheet, of tho Wellington Moat Export Cdmpany, Limited,' for. the year ended June "30 last shows that the grojs proflits amounted to £36,860 ss. Id.; tho eipen6.ee totaled £12,173 12a. Bd., leaving tho net profit at £24,686 12s. 6d,, and there was brought forward from the previous year £1863 9e. 5d., leaving available £26,550 Is. 10d. . Out of this £9274 Is. 9d. .has been- -written off for depreciation, £2000 has bceni added to the reserve fund, £33C0 to tho insurance reserve and £1500 to tho I equalisation of dividends reserve, while the dividend for the year at 8 per cent, absorbs £8461 65., these deductions total £24,535 7s t 9d., leaving £2014 14s. Id. to bo carried forward. The directorß, in their report, state that the balance-sheet "records a prosperous year, notwithstanding that prices for stock not onjy opened high, aa compared with past years, but., liavo continued at high levels throughout the season. Values, however, to Home and foreign markets-, havei been eo well maintained oe jto have induced good c.i.f. and forward business at remunerative rates." ■ Customs duty collected at the port of Wellington yesterday amounted to £4592 14s. Bd. ■ • CANTERBURY PRODUCE. (By Telegraph—Press Association.)

Christchurch, July 25. Matters are still absolutely quiet in the iocal grain market, there being no movo on tlie part of either buyers or sellers.. The potato market is weaker, and inquiries from the North, Island show that no freeh business can be don© above a basis of £2 ICe. at country stations, At, this price several purchases have been made, but little is doing, buyers holding off, unless they have actual orders in hand. The only movement of any note in the market is in seed lines, the demand for which is improving with tho continuance of fine weather and the promise of an early spring. ■ LONDON HAEKETS. Messrs. Dalgety and Company, Limited, Wellington, have received cabled advice from their London office, under date July 24. as follows:—Frozen meat: Slightly better demand at prices somewhat in buyers' favour. We think prices hare about touched bottom. Mutton. Hght-weig-hte, prices are id. per lb. lower. For lamb, prices are reasonable. &heepskine: Combmg sheepskins, prices arc Jd. to. 3d. lower; clothing skins, id. to id. lower. Tallow: Mutton, 6d. to 9d. per cwt. higher; mixed, good to prime, par to 3d. per cwt.- Meher; mixed medium and inferior, 3d. to 6d. cwt. higher.

BANK PATES OF INTEREST. Tho Bank oi England rate was. on February 8, 1912, reduced from 4 to 31 por cent., and on May 9 it was further reduced to 3 cor cent. On Ausust 29 it was raised to 4 per cent., and on October 17 to 5 per cent. It was roduced to 4J per cent, on April 17, 1913. Tho Bank of Franco rato was reduced from 31 to 3 per cent, on January 23, 1900, and continued at tho latter figure until September 12. 1911. when it was raised to H per cent. On May 17. 1912. It was roduced to 3 per cent., on October 17 it waa raised to 3} por cent., and on October 30 to 4 per cent. MAKKET KATES OP DISCOUNT. The following are tho market rates for best threo months' bills: — London Pans Berlin rato, rate, rate, per per per cent. cent. cent. This week 4 33 43 Last week 4 33 4i Lost year 31-16 2i 3 3-8 Short loans are quoted at 3 per cent., as against 23 per cent, last we*, and l\ per cent, last year. COLONIAL AND OTHER PRODUCE. Wheat.—The market i 3 firm. Australian cargoes are unchanged; one sold at 376. Australian, on spot, ir, quiet at S9s. 3d. Flour is auiet, but firm. Australian, on passage, is quote at 27e. Oats axe firm. Lα Plata, July-August shipment, 16s. 3d. Beans and peas are steady and unchanged. Butter ie quiet, and prices are nominally unchanged. Supplies of choicest are exhausted; secondaries are very dull. Cheese—The market is firm. Coloured, 656.; white, 665. to 665.. 6d. Bacon 13 firm. Australian sides are quoted at 7fc>. to 745., and flitches, 665. to 68s. Sugar.—German beet, 88 per cent, net tdtre, Id. lower at Bs. lid. per cwt.; fii'Et marks gramuilated fo.b. Hamburg, ljd. lower at Uβ. 9d. . Bradford Tops—There ie a little more inquiry. Sixty-fours, 29Jd.; super sixties, 29d.; common sixties, 28d. to 28Jd.; fiftysixes, id. lower ait 223 d.; fifties, Id. lower at 203 d.; forty-sixes, id. lower at 163 d.; forties, id. lower at 15Jd. THE METAL MARKETS. Copper.—On epot, 455. higher at £65 12a. 6d. per ton; threo monthe, 435. 9d. higher at £65 123. 6d.; electrolytic, <Cs. higher at £67 15s. Tin.—On spot, £3 15s. higher at £185 15s. per ton; thiee months, £2 10a. higher at £185 lCs. Pig-iron—Middlcsboro' No. 3, sd. higher at 555. 4d. per ton. Lead, soft foreign, £20 15s. per ton. Spelter, unchanged, at £20 15s. per ton. THE BUTTER SEASON. By Telegraph—Frees Association—Copyright London, July 24. Weddel's "Annual Review" states that there is no denying that tho quality of ' Australasian butter is not so good ae in the previous season. There eeems to have been a steady decline'in the quality of tho bulk of Australasian. -Some of the factories keep lip their high reputations, but all well-wishers of Australia must regret tho absence of a general high. Standard of quality end the promise of inoreflfdng excellence that characterised the imports of a, few years ago. New Zealand butter has not fjuMy maintained tho progress recorded a year ago, and there is not the same proportion of choicest exported. It is suspected that this ie duo to tho increasing uso of private separators and milking machines. '

. SHEEPSKINS. (Kec. JuJy 25, 8.5 p.m.) London, July 25. At the sales '6890 eheepskine were offered and about two-thirde were sold. Thero was a fair attendance, with dragging competition. Merinos declined a halfpenny, as compared with June rates; crossbred combings were 3d. lower; clothings, Jd. to 3d. lower; lambs, Id, lower; and pelts, Jd. to 3d- lower. Messrs. Murray, Roberts, and Co., Ltd., havo received the following cable message from their London friends, Messrs. Sandereon', Murray, and 00., with reference to sheepskin sales, under date July 24:— "Market dull. Morino sheepskins declined farthing to a halfpenny. Crossbred sheepskins declined halfpenny to threefarthings." The New Zealand Loan and Mercantile Agency Company, Ltd., have received tho following cablegram from their London house, under dato Jtaly 24;— Merin- eheopskins have declined 3d.; crossbred combing id. to 3d., and othere' Id.

Buyers. Sellers. £ 8. d. £ s. d. Bank of Now Zealand ... * — 10 .7 6 National Bank 5 10 — Metropolitan Buildinjr ... — 12 7 6 N.Z. Loan and Merc 0 10 4 — N.Z. and Kiver Plate 2 0 0 — Well. Investment — 012 0 Well. Trust and Loan ... 7 -1 0 — Well. Gas (£10) 16 5 0 - Well. Gas (preference) ... — 10 0 vS.B. Insurance 3 14 0 — Christ-church Me<at 15 3 6 — Gear Meat (£4) 12 7 6 - Gear Meat (£1) 3 4 0 — . Meat Export (52a. 6d.) 3 0 0 — N.Z. Shipping 15 15 0 — Well. Woollen (pref.) 2 15 0 - Westuort Coal • 17 6 Leyland-O'Brien — 15 6 Golden Bay Cement — 10 0 Manning and Co 4 3 0 — Sharland's preferenco ... — 119 Ward and Oo 5 2 6 — W.F.C.A - 18 3