COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1902, 10 November 1913, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHARES. 1 There were no transactions in investment Shares on Saturday.. The quotations were as under Buyey. s Sellers. • - £a. d. £s. d. IBank. New Zealand — 1017 6 Notional Bank 5 7 0 5 8 0 .Union Bank ' : 55 15 0 — Wellington Investment ... — 011 9 Well. Trust and Loan ... 7 5 0 7 7 6 Christehurcli Gas 6 16 6 7 0 0 ■Well. Gas (£10) 16 12 6 - Well..Gad (prcf.) 0 19 9 - Standard Insurance — 1 12 6 Gear Moat (.£4) 15 0. 0 — Gear Meat (£1) 3 9 0 TJnion Steam (prof.) ...... 1 4 C — Union Steam (pref.) 0 19 3 — WW. Wnollen lord.) - 4 10 Golden Bay Cement ...... — 019 0 iW.F.C.A. (£1) - 16 0

XEW ZEALAND SHIPPING. The report of the New Zealand. Shipping Company, Ltd., for the year ended Juno 30 last, submitted to tho meeting in London on October 14, slates that tho directors recommend a dividend of 16s. par share, free of income-tax,' of which Bs. per eharc was paid on April 14, carrying forward £25,384. Contracts have been made with JIK-srs. Wm. Denny and Brothers and tho {iociete dee Ateliers et Ohantiers'dc Trance, for two cargo steamers to be delivered next year. The steamer Wakanui has • been sold. The directors report that tho business of tho Federal Steam Navigation Company, Ltd., shows satisfactory results. The directors record with deep regret the death of their colleague, J.lr. Joseph' Gould. Air. Warrington Laing has been appointed in hi 3. place, and the vacancy created on the board has been filled by the election of Mr. Alexander Jlichic. A circular which accompanies tho report states that in tho year 1890 £2 was written off from each ordinary share of £10, being capital not represented by assets. From that date the ordinary shares havo remained at £8 each. The company being now in possession | of assets in excess of the amount of its Issued capital, the directors recommend tho following proposal, namely:—To incrcaso the ordinary share capital from £800,000 to £1,000,000, and to creatc £1,000,0(0 In six per cent cumulative preference shares, to bo dealt with as follows, narncly:-!l) Or.o ordinary share of £2, credited as fully paid up to be issued in respect of every existing I £8 share, and immediately consolidated with it so as to mako the nominal amount of the'ordinary Aarg. £10 each (2) Ono preference share- of £10, credited as fully paid up, to be issued in respect of every four ordinary shares. These shares will bo allotted without payment to tho existing holder® The balance of the unissued shares capital 0 ixquircmpnts! ofH-ot S d"na?y d^s°£lßl,M4 Vi^ U prefercnM Tofve\hf K appiicat4 £ oTtho fike ?ua of

£408,024, being pajl of the amount standing to the reserve funds of the company in payment of . such shares. s

.. LLOYD'S AND THE TYRONE. The "Financial Times" of October 3 (when the .ultimate fate of the Tyrone w.«e uncertain) stated:—The strandinc of the British steamer Tyrone at Otagc Heads, New 2ea- . land, on Tuesday last, has been the cause of in the reinsurance market at Lloyd's. The first, repurt con* cerning the mishap led to the belief that the vessel's position was extremely perilous, and reinsurances were effected at aa high, as 70 per cent.: Later information created the impression, however, that salvage operations would be successfully conducted and that the boat could, be repaired sufficiently to be refloated and taken to a place of safety. This brought about a reduction in the reinsurance premium to 50 per cent.' Everything now depends upon the condition of the weather during the next few days. The incident exemplifies the excitement which accompanies the business of underwriting* \ie risk in such a case as that of the vcsbdl in question being Quite beyond all human control. In fact, underwriters are putting their money entiijely on the maintenance of fine weather while those who are giving out the insurances are, of course, protecting themselves against the •springing up of a heavy eea. Those members of the Room who make a practice of taking these reinsurance risks are known colloquially as "doctors," and,,notwithstanding the dangerous mrture of the risks they adcept, they are reputed to make very large sums. VALUES OF EXPORTS. The values of the principal products exported from New Zealand during each of the past teli months,. compared with the figures for tho corresponding periods of last year, show as unaer:—

In the ten months there is a gain o! £1,790,369, which' is very eatisfactory. " CTTSTOILS. .y Customs duties collected at the port of Wellington on Saturday totalled £386 17s. lid., tho amount for the week being" i' 4666 - 3s. 6d, The returns for cach of tho past eight weeks, with the figures for the corresponding period of the nirevious year, show as under:—

'The boer duty collected last week amounted to £205 55., as against £240 10s. 3d. for the corresponding week of last year. • SOUTH'CANTERBURY PRODUCE MARKET. - (By Telegraph.—Press Association.)

OamarUi November 9. The business dono -in the whtat market has been oil account of looal millers. The strike has closed the port to all shipments, and all the orders are going to South Canterbury, Tijnaru being a free port. For velvet, 4s. Oid. to 4s. Id. not aro the ruling figures; Tuscan, 3s. Bd.; and Marshall s white, 3s. 7d. net. Oats aro weaker, and sales of. A Grade Gartons hare taken place at 25., les3 commission, and 2s. 03d. at store, and B Grade, Is. Hid., ex store. There is no business in potatoes, all the avenues with the exception of Dunedin being closed.

FROZEN MEAT. • Messrs, Gilbert Anderson and Co. (Messrs. Mellsop, Eliott and Co., local agents), writing under, date London. October 3, report as follows Higher prices havei been made for. British-grown, supplies being lijht; Dutch mutton and lambs plentiful, consequently weaker. Beef uncharged; Scotch, 61d., 7d.;-- English, std., 6 3-8 d.;• Irish, 55d., 6Hd.: Canadian, 5 3-Bd., 6d. Mutton: Scotch. 7Jd., Bd.; English, 6Jd., 7Jd.; Dutch. s}d„ 63d. Tegs': Scotch, 7Jd., BJd.; English. 7d.. , 75d.; Dutch, 6d., 7id.; English ewes, 5d.. Sid. Lamb: Scotch. 7}tl.. Bd. (hill lambs, ' fijSd.. 7jd.); Dutch, 6d., 7d. Vea!, 6d.. 9d.. J>ork, 6Jd., Bd. Holders of New Zealand lAtnbs h?.ve lost confidence in the market, and offerings aro plentiful; a. weak tone> prevails, and with the near arrivals of the new*, season's Australians, a further drop is anticipated. He marketing of 86,000 sheep, ex tho Makarini; is responsible for a decline of MM- on frozen mutton, but tho tone is not weak for goods In store. Ile-ivy AustraJian shipments, however, may have a bad effect on cheaper class ol mutton in the near, future. • Smithfield Prices. Mutton— u/481b. 48-56. 56-64 64-72. d. d. il; d. Canterbury 43 4?, 4§ 41 Wellingtons ......... 48 4 7-16-.4J 4 7-16-41 4 5-16 Ordinary New Zealands 44 43-8 43-8 4i Ewes 48-64. 3d. Australian sheep, 30-50, 3Jd.; 50-70, 3|d. South American, 56-72, 43-16 d. Lamb— Under 30. 36-42. 42-50. d. d. d. Canterbury ' 68 5 5-16 5 Wellington 57-16 51-16 43 Ord. New Zealands 5 5-16 415-16 42 Beef—New Zealand fores, 3Jd.; hinds, 4Jd. Australian, crops, 31d.: hinds, 4Jd. South American, fores, 3/, d.; hinds, 4id. ChillcMi beef: South American, fores, 3d.; hinds, 4jd. . - - BRITISH TRADE. By' Telegraph—Press Association—Copyright : London, November 7. Board of Trade returns show-that'imports during October last increased by £710,382, that exports; decreased by £1,711,283, and that re-exports decreased by £488,580, compared with fho previous October. LONDON MARKETS. (Rec.> November 9, 5.5 p.m.) " ; London, November 8. N.Z. Hemp—Tho market is quiet. Janu-ary-March shipments aro.auoted at £28 ss. per tori. . . ' Copra.—The market, is irregular. South Sea, in bags, October-November shipment, £30 ss. per ton. • Cotton.—November-December smpmenta of American middling cotton aire clearing at ?.12Jd. per lb. . ' Rubber.—Fine hard Para rubber is quoted at 3s. 2d.; plantation, first ifctcx crepe, 2s. 23d.; smoked sheets, 2s; 5Jd. JUTE. London, November. 8. £32 10s. i's auoted for jute, November shipment. CONSOLIDATED GOLDFIELDS OF SOUTH AFRICA. 1 London, November 7. The Consolidated Goldflelds' of South Africa mil pay a year's dividend of 10 per cent., compared with 171 per c <- n t. for tho previous year. Depreciation of investments . necessitates the- withdrawal of a million from • reserve end ■: the appropriation of £402,020 of the year's, revenue.

: 1912-13.' 1911-13. £ £ Januaiy 2,826,257 2.490,165 February 3,629.785 2,984,753 March, 2,527.987 2.465.077 April 2,326,445 1,999.808 May 2,050,220 2,373,802 June 1,835,971 . 1,303,237 July . 1,536,516 940,060 Auirust, 906,308 1,159,039 September 723,712 600,464 October' 723,712 953,202 £19,059,976 £17,269,607.

1913. 1912. September 20 22.671 21.558 September 27 11,857 15,362 Ocfcobcr 4 21,85? 34,496 ! October 11 11.904 11,713 . October 18 i 13,409. 8.748 . October 25 22,116 23,997 .November 1 4,873 22,088 •! November 8 4,966 11,323 \ • £93,653 ■ £149,285