COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1935, 18 December 1913, Page 8

COMMERCIAL ITEMS.

INVESTMENT SCARES. There were no transactions in investment shares yesterday, find the few quotation!) recorded were as under:— Buyers. Seller* £ s.'d. £ s. d. Bank New Zealand 11 0 0 — National Bank — 5 8 0 Weil. Trust aud Loan ... 7 5 6 7 9 0 Well. Gas {JB10) 17 0 0 Gear Mr*at (£'l) 13 10 0 — Gear }lcat (XI) lu ii — Union Steam — 14 6 Union Steam (pref.) ...... 0 19 0 — Taupiri Coal 10 6 — Westport-Stockton (0rr1.)... — fl *1 0 Westport-Stoekton (pref.) -- 0 9 0 Golden Bay Cement — 0 18 6 N.Z. Con. DcutflL 110 Customs duties collected ot the port "f WeUiugton yesterday amounted to £-5C09 og. lid.

gear meat company-, ANNUAL MEETING. A PROFITABLE YEAH. The annual meeting ot tho Gear Meal ~,°. I !! 1 ' a J ly i- w:i3 lleicl . yesterday. The chair.'K directors, in bus address said:— 11 tlio for the year ended November 30, I have again the pleas* ute to congratulate shareholders on tho Buccessiul ouUurn of the operations for tho period. .■-? 1 ' 1 ?, P° liei ' which the beard has con--intently pursued of building up tho re* serves out of the profits of past years has proved to be to the advantage of oil concerned. Jhe customers of tho company aro always assured of our financial stability, ana the shareholders are now able to face uiuavourable markets without fear of loss oi their invested capital. One result of our largo reserves is that, so Ion? as it is unnecessary to resort to them, wo aro enabled to save considerable sums in intercet and exchange, apart from tho ordinary profits of our business. The dircc* tors consider that shareholders aro entitled to participate in both and, while they hope to bea-bic to retain the dividend on ordinary profits at tho old rate of 10 per cent., they propose that a, further 5 per cent, should be divided out of proi)t3 earned upon our reserves. This in addition to the o per cent, bonus which as before will be paid out of the accumulated insuranco funds. . "The company's products have continued in excellent, demand, and have given tho utmost satisfaction to the purchasers. So lar as frozen meat is concerned, the values have fluctuated during the year less than usual, due largely to the restricted shipments during the busy mont-be, caused . . , by cessation of work by tho slaughtermen, and the consequent shorter output of these learnjr*. who were put ou to fill the boards, -the.strike which took place in January was owing to the refusal,of'all the freezing companies gave one to entertain demands which aro now admitted to have been teirand unreasonable, and the outcome of it cannot fail to givo satisfaction to all concerned.. Owing to the length of time which ha 3 elapsed sincc it occurred I would not have referred to the matter, were it not that tho directors particularly desire to thank the men who remained loyal, those who eaine forward to undertake tho work, and the farmers and clients wlio, by their patience and active assistance, practically assured the continuity of .tho trade. "The new season" staHs with record prices for stock and good demand "for meat, in Groat Britain,'and in a less degree for export to Canada and the United States. "There has been a yearly increase in the number of lambs dealt with, and the encouraging prices now being paid should lead to further development in this respect. As this young stock must be treated as •soon na it is lit for slaughter, it has been , found necessary to meet the. requirements j of the compauy's numerous clients, to in- I crease killing facilities This Jias been 1 done by the erection of a-, fireproof annexe I to the present building, which, besides ac* ! eomplishing the special object to be at- ! tained, will practically do away wtih overtime, and effect aji improvement in tho of slaughter and dressing. As a necessary corollary another block of freezing buildings of the latest design k being constructed. This will considerably increase both refrigerating and storing capacity, and enable .% better regulation of supplies. One of tho large Diesel engines referred to last year has been in work for some time, and is giving the greatest satisfaction in every respect. Tho other is now being erected. Tho oldest portion of the feliinongery has been rebuilt in brick and concrete, thus effecting great diminution in fire risk, and a cor- i responding reduction in insurance premiums. The plant has been modernised, and tho most up-to-date mehtods of working have been installed. "I cannot close without expressing ai>preciation of - the excellent -services rendered by the head office and London eta Us heads* of departments, and employees gonerally. On the whole, I think we aro entitled to congratulate ourselves on tlio assiduity and keen interest which they all bring to bear on their respective voca- ! tions. I now have pleasure in moving the adoption of tho report and balancc-shest." The adoption of the report and bal-cnce-shect was seconded by Mr. Harold Beauchamp, aud carried. i The dividend and bonus wero moved by tho chairman of directors, and seconded by Jlr. J. B. Blair. The retiring directors, Dr. A. IC. Newman and Mr. H. Boauchamp, wero reelected. Messrs. It. T. Burton and E. W. 'Hunt were re-elected auditors. The meeting concluded with votes of thanks to tho chairman of directors and staff. CANTERBURY FROZEN JtEAT CO. (By Telegraph.—Pre-s Association.) Christchurch, December 17. Tho annual mcetiiig of shareholders of tho Canterbury Frozen. Meat and Dairy Export Co. Ltd., was held this afternoon. Sir Geo. Gifford (chairman of . directors) presiding. The directors' report stated that the net profit for tho yoar ending November 50, 1913, was £44,838 l<!s. Bd., which, with the amount brought forward from last year, made the amount at credit of prolli «nd loss account, £46,765 16s. 3d. Out of! this JBSCCO had been added to the geueral : reserve fund, increasing it to £50 COO. : Ten thousand pounds had also been added ; to the insurance reserve fund, bringing tho 6amc up to £23,000, and the sum of dSIO.CCO had been written off works. The amount of £6500 had been placed to reserve to provide for renewals and replacements in progress and works authorised. After apportioning these aimounts and deducting the dividend paid at the half-year, there j'c. mained a sum of £8665 14s. 3d., which the directors proposed should be dealt with as follows:—To payment of further dividend of 3 per ccut. on preference-shares, and 3 per cent, on ordinary sliaro3 making a total dividend for the year of 6 per cent., and 8 per cent, respectively £6599 25., to'carrv forward .-£306? 12.-5. 3d. Total, £8666 14s. 3d. The <juant-itie3 of stock dealt with at tho company's works wero:—At Belfast, 256,660; at Fairfield, 343,083; at Pareora, 307 851. Total, 1,112,604. In moving the adoption of tho report, the chairman said the prospects for the season were excellent. There was an enhanced demand., for meat and a relative incrcaso of population in the northern hemisphere to supply. They wero fortunate enough to be able to offer from New Zealand tlio ' highest fjuality, and more particularly from Canterbury. Having this pre-eminence let them make the best of it. All the nccegeary precautions were not always attended to by sheep-breeders when tailing lambs intended for export. They should eee that tho dock was made sufficiently ehort, aud throughout tho existence ol tho lamb, aud especially prior to ita dispatch to the factory, they should have it carcfnUy dagged. Negligence in this latter particular was often cruelty, and was always bad farming. Good farming consisted in using common fienso to secure tho best health in stock, and consequently the best profit. ADELAIDE WOOL SALES. Messrs. Dalgety and Company, Ltd., hare veeeived the following cablegram from their Adelaide office, under date December 15:—"The sixth series of wool sales was held on December 13, the total offering amounting to 11,000 bales, of which 95C0 were sold. Our catalogue comprised 2300 bales, jjnd practically everything was sold. Competition was strong. Yorkshire buyers- were operating more freely. For good miaJit.v wools prices wero maintained, but. for medium and inferior qualities an.v change was in buyer's favour. Good lambs' wool was rather higher." NEW ZEALAND LOAN AND MERCANTILE AGENCY. By Telegraph—Press Association- Copyright London, December 16. Referring to the reorganisation scheme of the N.Z. Loan and Mercantile Agency Company, Ltd. the London "Time?." in 'a special article, congratulates the company on successfully carrying through a. change of such magnitude and importance.— "Times"—Sydney "Sun" Special Cables.

FINANCIAL CABLEGRAMS'

London, December 16. Yesterday's closing (juotatiou3 were a* follow:— Bank of Australasia, buyers £116, scllere £118. Dank of New South Wales, buyens £38 155., sellers £39 15a. Bank of Victoria, buyers £3 155., eellors £4 Union Bank of Australia, buyers £55, sellers £57. National Bank of Australasia, buyor* £5 55.. sellers' £5 15s. National Hank o? Now Zealand buyers £4 15:*., sellers £5 ss. Rank of New Zealand, buyers £11 10s., fellers £12 IQe. N.Z. Loan ana Merc.inliio AeencJ 4 per cent, debentures, £90 10a. City of Melbourne, 4 per cent, deben* tures, £97. Melbourne Uarbour Trust. 4 per cent, debentures, £5-7. Melbourne Tramway Trust, 4i per cent, debentures, £ICO. Melbourne and Metropolitan Board of Works, 4 per cent, debentures £97. Australian Mercantile Debentures, £88. cj: interest Dalgety and Co., 4 per cent, debentures', £89. Dnlcety and Co.'.i shares,, buyers £5 155., Kellers £6 se. AJrJbonrw; G-:»? Co.*.-5 debenture?, £98. City of Sydney. £99. Goldsbrouuh, Mort and C«).'s debentures, £94 ICS. Bank of New Zealand, 4 per ceot. guaranteed stock, £98.

TJIK JDiTAL MA]?KKTs!,%^J|!|, London, ., December. 1 IoSS Coppor.-On npot, £65; three 'months::. ■■£65'; ss. Electrolytic, on spot,-.'■£ 64 17?'Js"6(l *■! throo month?, £65 2=. 6d. ■■ ■ ■■>:.:;" , 4* v v%^''' Tiii.-On Foot, £172 15.=:,.■"£173;''"5s?;Sil)"f6c,imonth!-, £174 5?., £174 15s. . -■■.:.-.*<'.{-,.;«'Sj;n'': s : Laid. £17 12s. 6d. ■ -i'ff!M3p& :^ CONSOLS. ■ 3;|Sp London, ncccmbcr'"!fitf' Imperial Coneols are quoted o.t £71-;10fS JUTE. '. .; ;gf *&ss!§! London, December 16.'^ November-December shipment,'.:, £35i'-Vtoi £35 25..6 d. ..'■.:!.'.''^;;'l| ? s^ WHEAT. :. ."■■■;| ! s :; S| „, London, December ; 16'* : ' Wheat (British) is quoted at 33e. 9d.'crid 3fe 9d