COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1816, 31 July 1913, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHARKS. A sale of Unicn Bank ritfhte to rew Shares at £5 1&>. was llhe ordy trrarr-aciioii recorded in investment shares ycst3rday. The quotations were as under:—

FRENCH MONETARY CONDITIONS. j Aii emanation of monetary conditions in France is supplied by the Fo.ris correctpondicnt of tho "F.inanok'.l Times." It is pointed out that the existing tendon .is thus to looa-V as well cc> to world-wide causey and persistent salcj ct giit-cdc-ed securities remain the salient feature. Tho reasons assigned for thsse realie;;tloni3 aro the competition of nowlcai?'* ar.d the rerent taxation proposals, the latter especially bednp calculator to depre-a the value of low* intercut- yielding stocks. Apa-rfi from purely local influc:icci3, it is pointed out that in fchs last decode the deicand for money has increased at a. prrcater rato than tho output of frold, largo as ha 3 been the prodiuit.ion of t.hs motul. Owing to improved economic conditions South American States havo r?*aiin?d in Europe the credit which ha,? on/ibled them.-to raise enormous .loans for public works. European oapitfilist*? lio-vo /i1?o token ;tn active parti in the construction of railways in thf> United States and Canada. These are &omo of tho reasons responsible for the upward trend of memey Tates during the past fow years, and a? a direct couecdueiice tho fail of low yielding securities. While it is o.uito po-svble that, when tho numerous important issues now in course of preparation have taken place, a momentary equilibrium botween supply and doniiaT.id will bs reached, it must be added that the probabilities a-re not in favour of any considerable ' lowering of interest rate*. All the Dau-.es responsible for the gradual elevation of the valuo of nxney during the lost ten years a.re *1.111 at work, | iind some of them even apr>-?Gr to. have i more wnight than before. No one can that the ocomomic development, of South' America ho.? ntbai.l3.ed itu limit. One'fifth only of the land in Argon tin-i is under cultivation, a-iwl tho snuifc may bo paid ofßrnzil. In. addition, China is now offering oil" unlimited field to the employment of capital. Lastly, the Civmaments i fever in Europe is more aeuto than ever. All oircumstances. a.nd a. good manymop?. do not justify the hopn* of an appreciable reduction in interest rates, at least'in tho nea,r future.

NATIONAL BANK OP NEW ZEALAND. The report of the National Bonk of New Zealand, Ltd., for tlio y«w ended March 31. 1913. states that the n'9t profit. after providi®** for had and doubtful dsbts and inchulintr £26.263 forward, amounts to £161.755. The interim dividend <it the rcto of 12 por cent. Tier annum, naitl in JaUiiw-ry la«l, absorbed £30,C00. The sum of £15,000 has been placctl to premisprH account. £15,0C0 to reserve for depreciation of invcet.nient'S, and £KCO to cay r. holm's to the staff, leaving now avaHn-ble for distribution £95,756, v-hir-h t.he directors prono'.-o to allocate :n follows:—lni payment of a dividend at the rats of 12 nor cent.. per mm» f«r the halfyear ended Mnroh. 31 last.. £50, COO; in payment of -a honiu of 1 per rt.. £SGCO: to reserve fund (lvhich will then st<ind at f520.0C0), .£20.000; to pension and cratuity f unite, £4000: Mancc to be carried forward, £35.756. In. iraivh 100, COO new tftarw were offered to shareholders at n, premium of £1 ss. per share in the proportion of oils sfln're for every two ehnres held. The mew shares I;ave been nllotted and the premium amounting to J5125.CT0 will be carried to rorcrve fund, which will bo thereby raised to £645,000.

AUSTRALASIAN HEVBKTJK HETUBNS. The roventiw f-oi.nrns.of the six Stater of Commonwealth of Australia for the ,fijianc'al year ended Juno 30 1-ost o-pd of Xow Zcglond for tho year on/led J1 last, compared with the figure* for the respective years under:— 3911-12. 1912-13, Incronec. Victoria 9.936,662 10.075,555 138,893 N.S. Wfllw .... 15.776,816 16.055.R06 276.990 Queensland .... 5,939,347 6.378,212 3P-9,86n fi. Australia. .. 4.450,739 4,504,719 W. 980 W. Australia, . 3,966,673 4.f>96.659 629,986 Tasmania- .... 1,084,385 1,206,055 121.670 Comrronwoalth 41.20'',622 <2,815X06 New 55sn!and . 11,734,022 701,478 52,237,1« 54,649,029 2,311,862 Tho record is <i sood one all round, hut Western Australia stands first for relative train. JOKF.VH NATHAN AND CO., LTD. Jo-:enH Nathan or.d Co., Md„ is i?suii]sf 75.CC0 preforrcd- ordinary of £1 caoli at pnr. Th-a tct :jl cnpil/.U of the conrrcrn I-s .£250,C00, of whlrh £27,000 is in preTerbiK'c shares, .6103X00 in pri'fi'rivd ordinary .'barev, and £120,tt0 in crdinory &l:-3r©4s. Whnn tha present ii'-no is lata un thorp will renrain for future ominHou .C33,C<K) in preferred ordinary shares, a.nd .-CtC.CCO ill ordinary shares. Tlio a.rtivles of association of the company provide that the profits of tlio company ov-iilab!? for diitrii)ution shall Ijc applied in pnymcnt of (1) & fixed cumnlTtivo preferential dividend at the rate of 5 per cent, per 'annum on the preference shares; (2) a cuuinlative prsiercntia-I dividend at the rote of 6 par cent, per annum on the preferred or'Jinory <i non-eiimu-•ktive dividend at the nite of 10 per ceut. per anunm on t-v raid t::p cax. tfw opdiaa-ry eharcc. It la further

provided tlmt after Hie ordinary shares ] liavo received 10 nor cent., tho surplus profits of the year thereafter rcmaiiiins (Mailable, after provision has been niado for reserves, etc.. ore divisible rotieably oiraonK the holders of the preferred ordinary and of the ordinary shares, until the former jcliall have re.-eived a. further diiidend of i per cent-., making in all 10 per cent, for tha-t year. Customs duty collestcd at ihe port of Wellington yesterday amounted to £2193 t.s. lid. _ . SYDNEY WOOL SALES. By Telecrapli—Press Association-CoprrteV (Bee. July 30, 11.15 p.m.) Sydney, July 10. The wool sales Imvo resumed. Uridine is animated, and general pricos well maintamed. Greasy lots went to 23Jd. HNANCIAL CABLEGRAMS. London, July 29. Yesterday's closing quotations wero as follow Hank of Australasia, buyers £115, sellers £117. JJank or Now South Wales, buyers £37, sellers £40. . Bank of Victoria, buyers £4. sellers £4 lite. Union Bank of Australia, buyers £52, Ecllors £54. National Bank of Australasia, buyere £5 55., sellers £5 15s. National Bank of New Zealand, buyers £4 7s. 6d., sellers £6 2s. 6d. Bank of New Zealand, buyers £10, sellers £11. N.Z. Loan and Mercantile Agency 4 per cent, debentures, £94 10s. City of Melbourne, 4 per cent, debentures, £98. Melbourne Harbour Trust. 4 per cent, debentures, £96. Melbourno Tramway Trust. 4J per cent debentures, £100. Melbourno and Metropolitan Board ol Works, 4 per cent, debentures, £95. Australian Mercantile debentures, £90. Balgety and Co., 4 percent, debentures, £91. Dalgety and Co.'s shares, buyerß £6, sellers £6 10s. . Melbourne Gas Co 'a debentures, £99. City of Sydney, £99. Goldsbroueh. Ifort and Co.'s debentures. £96 10a. WHEAT. (Rec. July 30, 11.15 p.m.) London, July 30. The wheat market is dull. Prices are rather casiar. The American visible supply cast of the Rockies ia .48,299,000 bushels. METAL MARKETS. (Rec. July 30, 11.15 p.m.) London, July 30. Copper—On spot, £65 2s. 6d. per ton. Eleotrolytic, £69 ss. per ton. Tin.—£lßs 10s. per ton. Lead.—£2l 6s. per t'on. SILVER. ■London, July 29. Bar silver is quoted at 27id. por ounce standard.

Bayers. Sullen?. £b. d. • A s. d. Bank Now Zealand — 10 17 6 National Bank (old) 5 1 6 5 2 0 Un.ion Fault (right#) 5 10 0 — Metropolitan Building .... — 12 G 6 N.& Lean and Merc 0 10 4 — WalUngton Investment ... — 0 11 8 Well. Trust and Loan 7 10 — Christohurch Gaa 7 6 6 7 7 6 Wellington Gas sf£10) 16 5 0 — WeOLingiton G-as (pnef.) — 10 0 National Insurance 2 6 3 — South British Jn/yurancc 3 14 6 — * Standard. Insurance 1 11 0 — Christohurch Moat 15 3 6 Gear Meat (£4) 12 7 6 — Goar Moat (£1) 5 4 0 — ;.teat Kxport (52s. 6d.) 3 10 ~ N.X. Shipping 15 15 0 16 5 0 Wertport Coa.l 18 0 — Leyland-0'J3rieii' ..;v.'..i.....::.' " — - •• 1 >4 6 Ooldcn Bay Osrae'nt — 10 0 Manning: and Oo 4 3 6 — Rharland's prcferonco ... — 119 Ward'and f.V 5 3 0 — W.F.O.A. (£5) .... . - T 2 0 W.F.CU. (£1) - 18 3