COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1926, 8 December 1913, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHAKES. TJIO transactions recorded iu investment 'fiharea'on Saturday wcr'o New Zealand and River Plate, 4"5.: New Zealand £5 145.; and Golden Bay Cement, 18s. Tho 'quotations wero au under:— , Buyers Sellers. £ s. d. £ s. d National Batik — 5 8 fl Well. Investment ~. 0 11 9 Well. Trust and Loan ... 7 5.6 . 7 9 0 Chrit'tchurch Gas 6 15. 0 — Wellington; Gas (£10) .... ; —' - 17 0 0 Wellington C.a« (pref.) ... 0.19'6 10 0 Gear Meat (£4) 13 5 0 —. Gear Aioat (£1) 3'9 0 / Union Steam (ord.) —. 1.49 Well. Woollen (ord.) 4 0 0. 4 1 0 Westport-Htockton —... 0 4 1 C. M. Banks . . ~' M 139 Golden Bay Cement 0 17 ,6-' — Tnfi MONEY-MARKET. Mr,. A; »T. Wilson, editor of the ''Investors' Review," takes a very pessimistic view regarding the monetary outlook aa it affects borrowing countries. Writing on the subject in his journal, he says:— "Tho time: is obviouely, near when London, will bo compelled to refuse .frodx loans, not only to Australia but'to other oversea borrowers; or,, if'.not. actually to rcFitc-e to exact in lending 'such rates of interest as-must instantly or eoon bring utter paralysis .upon tiro borrowers. ; Wo cannot go on stretching our credit for ever, ' ■ rceardici'3 of the a«ets created by it, and it has been stretched to rending point | for a good many yeara now. Wc mean by | stretched that credit has hem ceaselessly created; against imagined or potential assets, not against assets in exiotence, hut created iu the hope of evolving asset*'. Afsotfi have not been evolved iu Australasia, to any degree commensurate with the increase' in the burdens iiwumed by. or more or less ar.d ''orvuptly Imposed. upon, the people there. In like manner. a<«ets have not berji orcatcd cither in Canada, or in ]lr;i/.il. /w in Argentina, or in India, or even m tho Chnetfc Empire, to tho extent of t.lO usurer's mortgage. At. all points of the comnasis, no matter where tho eye rests, wo lirid evidence of strain, or credit being used to disguise the cruel fart that rani* tal has been stolen,-wasted, or jc«t. rhero is not a State claiminK to be civih.-cd at tho present day worth counting on tho face of tho earth, which can boast or a genuine surplus in its Budgot. All ha\o recourse to tho usurer, and tho r consequence of unrestrained indulgence jr. that habit docs not require to bo dreenbofl. Ato t.-o solvent? Ye.?, and no, I but asnirodly. 'W if our own (1.0.. the British) Government continues in its present caieei of extravagance, and if more than-one or our great debtors, our masterful and doin--1 inecring debtors, go into bankruptcy <*-• ■ a time. .Oh. the city lias much to trouble its elecii." • . , . . .. Mr, Wilson's pessimism is nf too drastic a- character to bo taken Kcnously. Some little time ago he predicted the collap?o of the Bank of England, and Ins present predictions are likely to prove of as little valuo, ARGENTINFi SHIPMENTS. The Department of Agriculture, Industries, ayd Commerce has received tiio following cablegram from Buenos Ayrcs, dated December 4:—'"Tho following shipincuts of produce were dispatched from tho Argentine 1o Iho United Kingdom during November, 1913 (comuarcd with November, 1912):— 1913. 1912. Frozen b-uef, quarters 7K,€on 145.000 Chilled beef, r:uarteiv.i 276.(vfl 186,fCli Frozen njuttoii, 11 J.roo J'Yozcn li'.uih. carca-t*e> .... 41.C00 o.'-.r^ri JJ titter, cwv, * 4.f73 14,^.0

OK AH MEAT COMPANY, ANNUAL REPORT. Tho annual meeting of tho Gear Heat Preserving and Freezing Company is to bo held on Wednesday week (December 17). The annual report to shareholders is as follows: — "Imduding the amount brought forward, and after making allowance for depreciation and payment of interim dividend, there remain?' a balance of £22,871 IC>;. 7d„ which Ike directors rccomxncnd for impropriation as follows:—In payment of a dividend of 10 per cent. Tor the year ended November 33, !cm interim dividend at 5 per cent, paid in -June, £4000; in payment of special dividend of 5 per cent, from profits earned by reserve fund*, io bo carric-l forward 1o next year's account. £13,671 lCs. 7d. "Owing to tho satisfactory result of operations in connection with tho company',•> insu-wnco reserve, th« directoro recommend tho payment of ?. bonus of 5 Per cent, on the paid-up capital out of that account. Tno retiring directors arc Dr. A. K. Newman, M.P., and Mr. Ilnroid Bcaucharnp, who, being eligible, offer themselves for re-election. Tho auditor?, Messrs. 11. T. Badham and E. W. Hunt, also otfer ikenuelvcs for re-cJcction.

"The balance-sheet shows liabilities? to tho amount of £-358.600, ma do up principally by fe'i-aro capital, £146,CC0; sundry creditors, £55.686: rosnrvo fund, .-£120,000; Insuraneo reserve, £108,057 (accident, fire, mid mariiif?); and £27,471 profit, -and loss. In the ilie freehold and leasehold properties of ths company arc valued at £60,0, and the working plant <it £14,883: then th'.'io- arc sundry £181,544; stock, £56,077; bills receivable, £38,014; investment. £29,EC0; iu Bmik of New* Zealand, £17,841; in cash, £333. "During the year ended November 30. sales, manufacturer, investments, and transfer fees <incJudin«r £11,859 13s. 10(1. brought forward from last year), made a total of £87,250 7>. 5d., of which amount £20,CCD is brin? transferred to tho reserve fund, £10,CC0 to tho r.ccident, firo and ninrino insuranre fnnd; £27,471 7d. Is being appropriated in dividends. £4888 for salaries, £18.514 1?. for. expouditurp on landed proncrty and plant, and £6376 15s. lOd. for office and lessl expenses, rate taxes, etc." CUSTOMS. Customs duties collected at tlm port of Wellington on Snturflay totalled £1572 19s. 7d. P the amount for the week beAng £16,030 Bs. 4d. The returns for each ox the past eight weeks, compared with tho figures for the corresponding period of the previous j*«ir, show as under:— 1913. 1912. £ £ October 18 13.409 8.748 October 25 22.116 23.997 November 1 4.873 Z2Mh November 8 4,966 11,323 November 15 9.675 17.954 November 22 25.970 11 083 November 29 16,815 10,C08 Doeeuiber 6 16,030 2-3.217 113,854 128,418 The beer duty collcctcd last week amounted to £409 35., as against £543 1.45. 6d. for the corresponding; week of last year.

FKILDING MARKET REPORT. Hours'. A. 11. Atkinson Mil Co., Ltd., soid on Friday:—Weancr pigs, at. 155., Ms., to 165.; slip?. lfa„ 175.. £1, to £1 35.; porkers, £1. 9s. to £1 17s. Poultry, nor pair: Hens, 2;. 6d... 35., os. .3d., 3n. 6d., to 45.; oliiclts and half-crown cockerels, la. 3d., I' 3. lid., 2s. 6d., to 6(1.; ducks, 3s. 3d., 4;., 4s. 6d., 55., 6s. 3d. Now potatoes. Bs. pel* cwt.; old, ss. to 6s. per sock; psas, 9d. peek; cabbage, 3s. 6d. each; cooseberries, 3s. 6d. half-caec; apricots, half-east. At Air. Bullymore's salo ftt Ronerotea, Urn milking cows averaged £8 9s. lOd. per head, Good cows made up to £12, calves Its. to .£l. breeding tows £5, tow mid litter £7 15c. We also said, oil account of Mr. Cull', at Ilaicombc, on Thursday, lii« dairy herd, which made, an nvcraso price ot .G8 2s. 6d. for cows ill milk, the bese cov/'S realising £11 to £12 ss; hacks, £5 10s. to £9; porkers, £1 16s. to £2. SOUTH CANTERBURY MARKETS. (By TcloErapli.—Press Association.) Oamaru, December 7. Since the reopeiiinrr ot the harbour for shinninc, a. strouc demand for wlicat ol all kinds ha« sprung up from the north, but the offerings by farmers have been small, and larger transactions could have taken place. The followinE arc the prices paid' Velvet. 4s. Old.; solid straw Tuscan, Js. 7W. to 3s. Ed.: and Marshall's White 3«. 7id., all not to grower. Fowl wheat is v,-anted, but is searcc. ami lion been sold at 4s. for whole, and 3s. lliil. for broken.. f.o.b. Oats show a weak market. and sales have boon mada atls. lid. It-grade (superior) Is. lid., Alpcriaus Is. £d. net. Oatshcnf chaff is eoaree, and Is rolling at 725. 6d. net. There is now no sale for old potatoes, and the season may be considered closed. LONDON WOOL SALES. By Telegraph—Press Association—Copyright London, December 5. At the wool sales, prircs for (rood merinos were well maintained. A heavy but shabby show oE irregular crci-sfereds evoked a. very weak demand, and many lot 6 were withdrawn. (Itec. December 7, 5.5 p.m.) London, December 6. Fleece portions of the clip "Paparote" brought lCd. (top) and 9 3-Bd. (average). LONDON MARKETS. (Kee. December 7, 5.5 p.m.) London, Dec-cmbor 6. New Zealand Hemp.—The market is quiet. Good fair grade, January-Febru-ary shipment, £27 per ton. c.i.f. Cotton.—December-January shipments ot American middling cotton aro clearing et 6.96(1. per lb. Copra.—'Thero 2s as improved demand. South Sr.a, in. bass, Novembcr-Dccember shipment, £50 12?. 6d. to £30 15s. per ton. Rubber.—Fine hard Para, 3s. 2Sd. per lb.: plantation lirst latex. 2s. 3d.; smoked sheets, Zu. 4>d. Kauri Gum—ln i-tock, 444 cases. Antimony is auoted at 2s. 9d. to 2s. 10>d. per unitAluminium, £81 to £85. Fcncins wire, £7 rcr ton. HIDES, LEATHER, AND BASILS. (Rec. December 7, 5.5 p.m.) London, December 6. At the sales. Queensland hides 8 13-16 d. to 8 15-16 d., Now South Wales 8 11-16 d. to 8 13-16(1, Leather.—Best lienvy S.vdncys, 14d. to 15.1(1.; Melbourne, 14d. to 16id. Basils.—First. Sydneys, 153. to 15s. 9d.; first New Zcalauds. 16s. 6d. to 216. 6d.

BANK OP ENGLAND RETURNS. By Telegraph—Pres3 Association—Copyright / London, December 5. The Bank of England return issue! for the week ended Wednesday, 3rd December, is as under IHSUK DEPARTMENT Note Issue £53,049.003 Gov.dobt ... £11,915,000 Other securities 7,431.000 Gold 35,200,000 £53,649,003 £33,649,C00 Banking Department. Proprietors' Govt. socurf« capital £14.503,000 tios £11,185,000 Public do- Other becuviposits ... 7.7G0.C00 tics 27.915,000 Other deposits ... Kotos 23.850.000 Hest, 7-day ' and other ' bilis... ... 3.212.CC0 Coin... ... 2,1-27.000 £';.\ii(i.toa , £.>5.410,000 The lending items of the Hank of Enr* I.aud return afford the following comparison:— Thisweek Lasi weak Last yoar £ £ £ Bullion 33.2G0XC0 30.M0.C00 3V299.000 Reserve '2i5.-2Ht.OCO 27,t5f>.000 26,262X00 Note circulation 125.7S (J.OCO 26.416,U00 28,603.000 Public Deposits 7.700.UC0 f1.7i9,00(? 11.K7C.0C0 Other Deposits 3P ( W1,000 40,724,000 40,540.000 Proportion of resevvo to liabilities... 51.11 54.39 50.03