COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1911, 20 November 1913, Page 4

COMMERCIAL ITEMS.

INVESTMENT SHARES. 1 There were 110 transitions in investment s shares 3'esterday. I'kc Quotations were . as ujidur:— r Buyers. Sellers „ , £s. tl< £s. d. • Bank New Zealand ~ 10 1? 6 - national Bank 5 ? 0 . — Wellington Investment ... — 011 9 I Well. Trust and Loon ... 7 5 G ? 5 u 3 Christ-church Gas 615 0 — - Gear ifoat (;E4) 13 3 0 — Gear Meat (£1) 3 3 0 . Well. Woollen (ordj — .410 N.Z. Con. Dental 10 9 — W.F.C.A. (£1) -- i 6 ? LONDON WOOL SAXES. The sixth and closing series of London . wool fides for tho current year will begin 5 on Tuesday of next w&ek, when about 140,0C0 bales will be available lor the auctions. This is not d large amount, but - it must be remembered that since October 8. when the last E-eries closed, vaiues of , Bradford tops have declined. The fall, , however, has been most marked with re--5 spcct to the finer counts, but still cross- ■ breds are lower than they have been. It is interesting to compare tho ciHotatfens now current for Bradford tons, with those \ of' a yoar ago. Tho figured are as - under:— ' t Nev,, Nov., 1912. 1913. ■ | <1. (I, Sixty-fours 271 £8 Super sixties 263 27J Common eixties 253 ,37 Fifty-sixes 22 22} Fifties 20 20 I'orty-sixcs 16J 161 Forties . 15 iSI Except for fifties and forty-sixes, prices aro a (shade higher than they were a year ago, but when compared with the quotations ruling at tho clos.e of the Selrtembe/FOctobor sales sixty-fours, super Sixties, and common sixties have declined a penny per lb.;.fifty-sixes,are a halfpenny less; fifties arc 3d. lower; forty-sixes aro a halfpenny lower; and forties show a similar shrinkage. COLONIAL CONSIGNMENT. The report of tho Colonial Consignment and Distributing Company, Ltd,, for the year ended Juno 30 last states that the 1 profit and loss account, including X;E77 brought from tho previous year's account, : shows earnings of £41,763, fram which mii6t be deducted depreciation and debenture interest amounting to £14,036, leaving a. balance of _ £27,727, of wl'iieh thefe lias beett applied in payment of one year's dividend, on tho cumulative preference shares fit tho rate of 6 per cent, per annum £4SOO, leaving £23,227. Tho directors recommend aj dividend of 6fc per cent., free of incortio I tax, on the ordinary shares, which will absorb £14,625, transferring to reserve account £6575 and carrying forward the balance of £2026. The profit made ojj redemption of debenture stock linring tho year, amounting to £401, lias also' been added to tho reserve, which will make a total of £48,000. >' The above figures demon? strate that the company's business has been satisfactorily maintained. 130 VEIL AUSTRALIAN- ESTATES. The report ' of. the Bovtii- Australian Estates for 1912 shows a gross profit of £29,400, as compared ttitli £42,200, -and <t net profit of £13,500, as against £21,560, this laftcr item being in both instances sijibject to realisation of stocks as valued and to income tax. With the amount brought into the accounts tho available balance Is • £48,600, and this the directors propose to carry forward. There is again no dividend on the preferred ordinary or the deferred shares. One of the chief, reasons for keeping so substantial aft amount, in hand is the circumstance that next year tho company will have la begin to make provision for providing £iB,COo )»r antraw for paying, off the 4'per (rent, mortgage of £90,000. In a circular which accompanies tho report, the directors now adroit that the company cannot earn. sufficient. profit to do this and also pay dividends ort the share capital. They have, thorjfoto, made arrangements with thfc associates concerns, Bovrii and Estate? Control, whereby, if tile shareholder approve, the present mortgage can be paid off ond a dividend guaranteed ' ,<>n the, .preferred/, <Tr/3'to? ( ry shares. The scheme provides fac-ritlie subscription of £5000 ncrw deferred shares and of £1C0.!)6Q five peir cent, debentures by Estates Control, and the guarantee by that company of a dividend of, 6' per. cent. fin the preferred ordinary shores; without Tecovory, .for the present and three following years. ' CUSTOMS REVENUE. . Cuntoms duties collected a.t tho port of Wellington' yesterday amounted to £7047 9s. NATIONAL INSUBANOE CO. (By Telegraph.—Press Association.). Dunedln, November 19. The annual meeting of shareholders in tho National Insurance Company was held this afternoon. Mr. T. W. ICempthornCi chairmen of directors, said that shareholders would have the Eame opinion as the directors that they had had another fortunate year, The net revenue amounted to £172,723 lis. Sd., and the losses, which were slightly heavier, to £66,345 0s; 6d. aa against £63,061 8s- 6u. in 1912-an increaso of £J263 lis. The premiums for tho year 1913 were £151,454 4s. 3d. Theso in 1912 amounted to £1-41,307 13s.' 6d., and, therefore, the year's operations in this respect showed an lucrsaso of. £10,146 10s. lOd. The Jo.ea ratio wao 43.81 per cent, and the- charges 35.il per cent, in each caec, irhich Was a shade lower than last year. The investments amounted to £452,720. Tho liabilities remained unchanged at £1(30,000. The reserve fund had incrcasod by £25 ; 6C0, makiftg .itstotal £275,000. Shareholders would be pleased to learn that they had been able to strengthen this important section Of tho company's power. Ah insurance company, to give confidence to the insuring. pubiic., must have, a largo aiithorisod and subscribed capital, but there woj? wisdom iit keeping the called capital dowsi to the lowest efficient Ijmit so as to bo able to pay attractive dividends thereon' to shareholders, and never, if able, to fail in building up the reserve account The reserv-o required to reinsure current risks amounted to £63,000, as against £69,000 in 1912. Sundry creditors at branches and agencies figured at £4099 19s. 9d„, whteh, at last year's balance, stood -at- £327 i 18s. 3d, Appropriations for losses unpaid attionnted to £18,337, as compared with £14.144 in 1512. Of tho assets, loans, on ihortgage amounted to £309,620 Bs. 10d., being £45,624 13s. over tlio figure for last year, On account of tho market price of land being to much higher than in past years extraordinary care was taken in Tespect to valuations, but they were able to say that the wii&urities wlneh they held against the advances made the position absolutely safe. The freehold properties stood as iefore at£9 800, debentures at £95.30.0. ' and . money on deposit at short call £37,C00. The other asset items called for no special comment, beyond saying that the total onsets amounted to £505,345 18s. 9d., while in 1912 tho balance stood as £4?7,1i7 16s. 2d. Th j i gave an increased balance of £28,Z28 Jg, yd. Commission, salaries, and other expenses were increased by £2859 9s, 9.d., Government taxes, which totalled £5492 35,5. lid,, in jgjo were increased by £438 10s. 2d., new being £5931 6s. Id. This was abCfiit 4- per cent, of the tost of working the company, and was an- item beyond their control. 'Interest and rents amounted to £21,268, an J nr. r ease of £1198 over the previous year and gave a rate of £4 13s. lid. p(. r cent' In this they would recognise that borrowers from the company got their advances at lowest market rata*, La.sj year the shareholders had voted £SCOO to the Superannuation and Provident. Fund, and aiso £1000 to pay the first year's entrance fee— £500 from the staff, with an equal contribution of £500 from the company. In future tho staff' and company wenid contribute efinally to the fund. The head office had strongly advised all members under tho age of 55 years to join. Thanks were due to the general manager, bratich managers and staffs under their guidance for the excellent result of the year's work, and in recognition of their anpreciati-on. 'thn board had voted a bonus of 5 per cent to all members of the staff below the rank of branch managers on the salaries which they were receiving. Messrs. E. Glendinvng and T. W. Kemn. thorne were Tc-clected directors. COMirEItCIAL STATISTICS. By Telegraph—Press Association-Copyright (Ecc. November 19, 6,40 p,m,l . Brussels, November 59. The Statisticians' Conference has decided to establish a bureau at Brussels for the purpose of organising tile collation of uniform commercial statistics.—Sydney "Sun" Special. SILVER. London, November 18 Bar silver is quoted at 27 Mil. per ounce standard. JUTE. Jute.—'November-December shipment ia quoted at £34 ss.