COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1831, 18 August 1913, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. A sale of Union Steam shares at £2 s=. was the only transaction recorded on Saturday. The quotation* were as under:— .Buyers. alters, Jj 8. d. Jj S. (1 National Bank 5 3 6 — N.Z. Loan and Mercantile 0 10 4 — Wellington Investment ... — 011 8 Well. Trust ami Loan ... 7 1 6 Feilding Gas -• 016 6 Palmeritou N. Gas 9 0 0 — Well. Gas (£10) 15 15 0 - National Insurance 2 6 C — N.Z. Insuranco ■- 5 5 6 S.B. Insurance 3 15 9 — Standard liiniirancc — 1 15 0 Gear Meat (£4) 12 8 0 — Gear Meat (£1) 3 4 6 — Meat Export (52d. 6d.) 3 0 0 — N.Z.. yhippiiiir 15 12 6 — Union Steam 2 3 0 2 3 9 Well. Woollen (orrt.l 3 13 0 - Westport Coal 1 tf I) — Wfei/iport-Stotfntow — * 0 4 1 Leyland-llrien — 14 6 Goidcn Hay Cement — 10 0 tthorland's preference .... — 119 Ward and Co 4 19 6 5 10 W.F.O.A. (£6) - 7 2 6 W.F.C.A. U'l) - 18 3 LONDON MONEY MAPKET. The Bank of England figures of last week disclose a decidedly btrong position, and the ibank is now the master of the situation. There was a very substantial incroasc in the metal reserve last week, the reserve increased by over two millions sterling, <md the proportion of reserve to liabilities was vory much higher. On tlie figures, the bank rate should be reduced, and tiiis may follow, for it apparent that the bank can get along on a 4 per cent, rate; but much will depend upon the autumn demands, which should inako themselves felt in the course of a. few weeks. In the open market rates have advanced slightly, which, is not very promising. LOVELL AND. CHRISTMAS. The report of Messrs. Lovcll and Christmas, Ltd., for the year ended June 30 last, states that 'after providing for all contingencies there remains, including £37,943 brought forward, the sum of £109.705 available for distribution. After paying debenture interest and dividend on preference shares* it is proposed to pay a linal dividend at tho rat© of 10 per cent, on the ordinary shares, making the full dividend 8 per cent, for the year, carrying forward £37,753. There has again been a considerable increase in tho volume *of business done. The gross profits are less, .occasioned principally by the fact that, for a largo portion of the past year the -directors had falling . markets to contend with. The balance brought forward from June 30, 1912, was £37,948, while the net profit for the year ended June 30. 1913, amounted to £71,757;- together £109,705. SHIPBUILDING JtETUBNS.

The returns compiled by "Lloyd's Register of Shipping," which only take into account vessels the construction of which has actually begun, fihow that, excluding: warships, there were 543 vessels of 2.C03.241 tons gross under construction £11 tlic United Kingdom at tho close of -the quarter ended June 30. Tho tonnage now under construction is 60,000 lews than that which was in hand at the end of last quarter, but cxceeds by about 229,000 tons the tonnage building in June, 1912. Of tho vessels under construction in the United Kingdom <at the end of June, 434, of 1,538.193 toils, were under the inspection of the surveyors of "Lloyd's Itepi'Ster," with a view to classification by tho socicty. In addition, 125 vessels, of 559,669 tons, woro building abroad under the society's survey. There are thus now building under the supervision of "Lloyd's Register," 659 vessels, of 2,097,867 tons. This total is within 14,000 tons of the Autos repoTtod in tho march return, which were the largest ever reached. At the Royal Dockyards there were 14 warships,, of 132,190 tons displacement, tinder construction, and at private yards 88, of 534,639 tons displacement. Of the latter number, 17 vessels, of 129,300 toils displacement, wero for foreign countries.

MARINE INSURANCE LOSSES. Large as were the amounts disbtir?cil by Lloyd's underwriters, in the first half of '1912, during which period there- was an unprecedented series of disasters to the great passenger;line3, which culminated in the sinking of tho Titanic, still larger claims, according to the "Financial Times" became payable during tho first, half of the current year, the total being semiofficially returned at £3,576,4C0> or £62,700 more than the corresponding figure twelvo months ago. Actually, however, it is believed that the corresponding total this year is, in round figures, £5,000,C00, as against approximately £4,000,000 for the six months ended June 30, 1912. Tho month of January, 1913. was- an, extremely unforate 0110 for underwriters, tho claims Telativo/to that month having exceeded £1,500,CCO, or practically three times the corresponding figures in 1912. February, also witnessed a great increase in'the list of losses at sea, and also of less- serious claims, but in March tho total was only £180,000, as against £1,800,000 in 1912. when the month ol April witnessed the Titanic disaster. During May tho unfortunate record of the present year agiiin bccame accentuated, while June was also an unlucky period. The only .factor to be placed against these adverse happenings is tho higher premiums which are now being received by underwriters, but these, of course, dp littlo to offset tho figures just mentioned. There does not appear to have been'any particular reason for the low; scries of disasters during: .the current year, for wliile it is true that from January to March the entire maritime world was fog-bound, this state of affairs subsequent!}; disappeared, though without afford-' ing n.riy relief to the underwriting community! or to shipping interests. Unless there is, therefore., a surprising, and, ono may add. improbable Tecovcry during the coming six months, the year 1913 will rank as another one of exceptional misfortuaio for Lloyd's members. CUSTOMS. Customs dutio3 collected at tho port til Wellington cn Saturday totalled £892 14a. the amount for tho week being, £10,343 lSs. 9d. The returns for each of tho past eight weeks, compared with Mm figures for the corresponding period of tho previous year, show as under:— 1313. 1912. June 28 20.442 12,150 • July 5 9,614 ' 10,382 July 12 22,2!6 22.951 " v July 19 13,709 9,067 July 26 21,928 . 11.292 August 2 12,540 12,348 August 9 24,194 10,479 August 16 10,344 9,114 if 135,007 97,763 The beer duty collected for tho past, week was £128 lis. 3d., as against £227 10.5. for the corresponding week of last year.

FEILDING MAEKET REPORT. Messrs. A. IT. Atkinson and Co., Ltd., report pigs selling at top prices, poultry in short supply, with Ijcen demand at high rates. Potatoes are easier. Quotations:— Wcaner pigs. 155.; slips, Ife 6d. to 18s. 6d.; stoiVs, ft, £1 55., £1 9s. 6d.. £1 135.: porkers, £1 18s. to £2 2s. 6d. Poultry, per pair— Hens, 45., 4s. 3d., 4s. 9d.; cockerels, 3s. 9d. to 4s. 6d. to 55.; turkoy hens, 9s. to lis.; gobblers, l&s. Sheep and cattle dogs. 6s. 6(1. to £1. Pressed hay, £4 10s. to £5 ton; Chaff. £4 15-5.; on.ts. 3s. 4d. to 3s. 8(1.; table potatoes, 6s. to 9s. sack; seed, Bs. to 155.; (Niuliflowom, 55.; cabbages. 45.; onions, IPs. to 15s. cwt.: swedes, 3s. sack; carrots, 3s. to 45.;, apple-s, 3s. to . 4a. half-cay;.

GRAIN' AND POTATOES. (By Telegraph—Frees Association.) Oamaru, August 17. Not much business has been doing in wheat. lor the reason that litt-lo has been offering. There is. a belief, that only a small quantity of wheat and ont:j remain in growers' hatidtf. The net prices obtained at country stations.wero as follow:—Velvet, 45.; red chaff, 3s. d.: Tuscan, 3s. 6Jd.. A numberof small lots of oats'havt v been l<'oi- "A" Grade Cartons tho figures are not at rountry stations. 3s. Id. and s. lid., and for "H" Grade. 2s. did., both not, and subject to brokerage. Merchants, to complete orders for the north, advanced the price of potatoes from £2 12.=. £d. to. £2 17s. Cd. net on trucks, but t-'ne-e ha.ving been filled Iho price went back to £2 10s., down to £2 ss. I'liero is no speculative business being done. LONDON MARKETS. . Messrs; Dalgcty and Company, Ltd., have received cabled advice from their London office, under date August 14,.'as follows:— Frozen Moat: Market very quiet. Wo expect that if there is any change in prices it. will be in favour of buyers Tallow: Mixed medium to good is 3d. per cwt.' lower, and for other descriptions prices aro from par t-o 3d. owt. lower. FROZEN JIEAT. By Telegraph— AGSociattou—CopyTleUt (Eec. August 17, 5.5 p.m.) London, August 16. Tile Incorporated .Society or Meat Imuortors' Smithfleld market ciuotations for the undermentioned clasfies of fro/.eu meat aro based on actual sales of not less than one hundred carcasses of mutton or lamb, or twenty-liv. quarters of beef of fair avoro.ge quality. The riiioUition- are not for setected lines, but for Diirc.eh fairly representative of t.lio bulk of tho shipments now on the market. The prices which follow are on tho average a farthing per lb. more than the' value-? ex fillip, this ditferenco representing the average cost in expense. handling, conveyance, and sclline tho meat:— Aug. 9 Aug. 15. Mutton— . d. d. Canterbury, liirht A\ 4 3-16 Canterbury, heavy ......... 41-16 41-16 Canterbury, medium <1J 4>!t> Southland ' ' North !<-l:iti'l. lio-'t 4; 4' North Island, ordinary... 4 1-16 4J Australian, light 'J - <; Australian, heavy • 3.] Kivor Plate, lignt • • I

Jliver I'fcilc, licavy 315-16 315-16 New Zealand ewes 31M6 311-16 Au.-trolijin ewe. 1 ? 0 • River I'luto owes 33 3] LambCanterbury, liglifc 5 9-16 5J Canterbury, medium 5 5 Canterbury, heavy 45 Southland 5$ 5^ North Inland, ordinary... 5J 51-16 North Island, selected ... 5 3-16 53-16 Australian. bo?L " • Australian, fair * • inferior * • Plate, first * • Hlvor Plate, second • • Beef— New Zealand, ox fore 3 ... 3 3 New Zealand, ox liindt? ..4 4 Australian, o.t fores 3 Australian, ox hindn 33 33 Pvivcr Plat.e, frozen fores 215-16 Zl River Plate, frozen hinds 4 315-16 Hirer Plate, chilled feres 3 2? lliver Flatc, chilled hinds 5 5 *Nonc offe-riDS. • Kabbit«*.—The season opened vrlth fair inquiry, but 'the weather is too warm for much trade. New South Wales, larjrc, 17s. 6d„ ex st-orc, Melbourne about a eliilliiijr less.