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COMMERCIAL ITEMS.

INVESTMENT SHARES. The market for investment shares was nuiet veeterday, a sale of Christehurch Gas at' £6 18s. 6d. being the only traneoc-. lion recorded. The quotations were as unBuvcrs Seller* £ ... d. £ s. a Br.uk New Zealand 11 8 6 - Bank X.Z. (rights) 5 0 0 5 = 0 National Bank '. 5 5 6 5 7 6 Well. Trust and Loan .... 7 6 6 7 10 0 Christehurch Gc.s •• 6 18 0 6 19 0 Wellington Gas (£10) - « !' ° Well. Gas (preference) ... • — 10 0 Christehurch Meat IS If ; — Gear Heat (£4) 13 / 6 - Gear Neat. (£1) ) . _ Well. Woollen (ord.) 4 0 0 — Well. Woollen (pref.) - 3 2 9 Tauoiri Cml I ~ West-port Coal 1 !0 0 " „ Golden Bay Cement - ° 18 ° X.Z. Cou. Dental 11" _ LONDON WOOL SALES. The first of tho scries of London wool sales for the current year commenced on Tuesday, and as was generally anticipate-! the market exhibits-an excellent tone. Compared with the December «alfs there is practically na change in values, but medium and coarse erossbreds, which appear to bo in good demand, are tending upward,". There is reported to be a epod attendance, with animated competition. There is nothing said with respect to American buying, and the position of tho market in the United. State-- may be judged from the following remarks of an .American authority:— . "I ccrtainlv think that every description of Australian meTino wool will bo wanted bv \meriean spinners and manufacturers, though possibly for some month; to come th"y will continue to show a preference for the better class?.!, being more acciietomed to the working up of those wools. I.<i,l=o think that good Cape wools will bo called for, for there' are wrtajn fabrics which Co-Tie- wools suit admirably, and for which t.hov can. hold their own against thos» of Australian origin. "With Tegard to orossbreds, these oro certain to bo imported in considerablo weights, for in tho United StaKy prncticaUv j'-oni -to produced rimi'.ir to th"?e of New Zealand and Sorth America. The former have always been favourites with America millownors, ."J'.d we are certain t.hey will romain- so. The wools of the Paver Plate har.d'.o harsh compared with those of New /.'i.land, and rink m"re nearly Hit? tfc? English-grown types. I fail to =»n anything which ir-ay prevent considerable nurchases o r . the:} crcssored wools. <ir.d if American smnnora and manufactur-irs wish to compete su-e----cesofullv with the imported fully mauufactursd nrt'el?. th?? must jn-.port bi" weio-hts "f foreign-grown wools of all finalities." i

X.Z. LOAX'AND ■ MERCANTILE. ' ' Tho accounts of tho New Zealand Loon mul Mercantile Agency Comnanr. Limited, for the vwr ended June ->0 ore in a different form from those of previou.i years, owing to tho steps taken for Hie rcavranirement of thei share and debenture capital, inciudiiig tho •'nil made on the ordinary shares, and -he alwrntion. of the Now Zealand Land Association, Limited (now in liouidationl. tho stare? and debenture stock in whi'h were h"M iby the New Zealand Loan Companv. The report states that th»re is 'still a. large sura, estimated ct n'.-o'.t to bo rewired from the New Zealand Land As-■•-cia.tiiin. which is not vet, therefore, included in the aceeM'.. but. with this eir»ption, thq scheme has now been completed. Although tho working «ut of the "ehome extended bevond June 31 last, the In-Vinc-sb"?!, has hern framed Riih?teutinlly in tho form in which it will in future .".Tiicav. The- ""id-np oanitnl is now' £1 R2o S<4, arainst £135.Z J 9 on June 30. 1912: and *h" debenture *trek ii'debtcdne-:.", (after drductinr; omniint held by the. -om. nany it«lf) ~\b JI.TCOtfO. against- f-2.f57.368. The roid-nn cpnitnl the date of the »ccount'= has beer, fin.allv converted info 5 n»r "cnt. cumulative prefere.iie« st.^' r . r "- .-c.559 ?"■!!. and ordinal" stc-k for £834.514. The dobenture stock co»-i=ts ->: 4 rer cent.. fir»t mortr-ge for SI.KO.rCD. nr.d 4 per rout. second reorfwie '"" £1.0.0 coo. "t which latter amo'-nt AifO.COO is held hy thc company itself. The re-erves. after making the payments ne"e?-:ary for tho carrying out of the capita! rearrangement £r i. o 'rT,i>, and nddin™ amounts received from the Nw 55wJ"ti,-i Laud Association, and inelndiiw £29,CC0 carried the profits of 191P-IS. rtv rnnouni to £276.878. .'Adding current liobil't'-s. tho position may ho summed up as follows:— Capital raid up .-ei,RM.S!4 Reserve account 276.878 Not rovauuo balanco 70,237 2,170.679 Debenture stocks (net) I,7CfI,CCO Bills payable, current accounts, and interest accrued 337,635 . 4,208,364 Assets, representing the abovo total, 'may he compared as follows:— June 30 JnncsO, 1912. 1913. £ £ Cheh and investments 510,542 £35,693 Sundry shares and sccuritip, 75.529 28.724 Bills receivable 19,075 40,Cc9 Advances on wool and produce : 359.K2 263,961 Pe-wred loans and other advances 1.C51.M4 1.6M.7M Properties and stock i7.i81 io.PjJ Merchandise • JM.njJ flnrroit accounts 690..->34 fiß.i7l Premises and store; 417,089 fflUio 3,955,493 4,208,3H This comparison is exclusive of the eMros and debenture stock of the N~-w Zealand Land .u-eolation, and the debenture stocks of the Now Zealand Loan oiiill"pontile Agency Oomr--ny in 1912. and the debenture stocks of the companv held by lb- company itself m 191*. ; Tne .me. menu shown by the comparison include o, sub-tantinl increase in ca*>h. Tne usurt.'- of the revenue account may be compared rc follows.- i9n42 !9;21 . £ £ £ Gross profit «3.02 l 439,185 434,023 Eipeus"-'. reduction of Xet -arnin~s . .. "r06.682 207,379 186,129 Herir 8 H6.W 116,211 91,215 The net revenue for 1312-13 nrjer, payment ?o' makinf tolcthc; tSi&S. 01 thl. JW* has been carried to reserve and £5000 to staff benevolent fund; dividend, ot, the rato or 5 per cent, per annum, less income ta- on nrefcrcnco shares, absorbs ±.23,330, and dividend, at the rate of 5 per cent, per annum, less income tax. on the ordinary shares and instalments of call, £32.711; and the balance, £14, M. :s carried forward. The- dividend is calculated on tho preference and ordinary cap.ual before the final conversion, the preference capital being £466.720. and ordinary capital £1.356,794. But, the capital has r-w-e been converted into preference slock, £989,2ftO, noon which in future years 5 per cunt, would be £49.460. and ordinary eV-cli. £834,314. on which 5 per cent, would require £41.715. The reserve accounts phown in the 19'2 bo'ince-shoct were £470.CC0 and the capital reservo /iceonnt £250.fi?0, making together £720.000. Of this the special cash dividend under the fdinroo 'o partly-coid sharcliolders absorbed special dividend fliul'bomic to third dchc-iture st-cl;. bolder? and fn!!v-r-"id shareholders, C 297,792: mid exnen,-es of crrylng the sefccmi" into cITcH (including discount or. i=sue of ndditinncl second montage d"licntur> ctock and nroferciKe on priordicn de-benture-io.M; 'ir->\vn for rr':l"nintior'. . r M.452. Ic'vii-; a. balance or £1R1.0!2. T" t''v> ire added !."<■ eoinr.anv , « Miv-s and dcbenlur" 'toe';* previoi-ilv he'd bv tbe Xrw Zealand L-r.:l v-sc-in'i™. f"4"': ".mount rereivp-l from 1h" linuidntor of tim I,ond Association on account of dlstri*nt.Lin of efisats in ciccis of tie nominal

share capital already, repnHl;.\£29,39.s;i.an>i_ ■ emuunl now ciiri , ic , (l ,: ii , oiu : *pi'oiits;' !i ?£ffl;OCfl;? i makini: tho total ra»-rye :^27S.O,^:*::> ; ";Ep.i j fkozkx ■■ iivA%oMt«--<i's; ! Mes'-rs. Gilbert Ander-Mm.-'niirt CoS(Mc2sr?S, : Mi'lifop. Hliott nml Uo.;--niti'nta';' : 'sv,ritiri!fs : under (late liimilnn, Dwembei' ;s,«?epori|a ; 3, ' follows:- • 'h''Z??*^*-~"?"&*'ii>"' ! i ■ Homo firown.—ThC' Irlnli font nnti : :moiith> . disease oM-nrcnk recent!)- >:;in : feet on thu market thin- 'j'fjr. ■ throughout being "» a moderated seolc'.',: : Dunne the past, week'prices''Kr^sho-a'n;..' little ((.Iteration. Scotch lM!!'f.^6id:?to-6Jd: v i* ; English. Eel. to f>!(l.: Si-otch niiitton;";?id. : ,,,to':. ad.; 7(1. to 7iil.;' Dutch, ; ',6ld.'""to. . 7d.: tests. Scotch 7id. to Bi(i.,*::i:!iglish', L 7irl'. : ; to Bd., Dutch 7d. 1a "id. ■ Senk-h ■JHllUambs..'; 7tl. to 72d.; pork, 6(1. io;.7i(l.'; ; :^vo3;fj7tl.|tg^ "Frozen.—A very firm 'lone'added tto''i tte market lhroiiff.li light Nsivemkcr: . s .<?.i'.p-'° monts, which show mCl* cheep : and.-.20.CM.; lamlw fewer than Ip.st-Sovciiilior'.'v.Mliphv prices <irc expected throughouttheWneit throe months, especially for' X'jw-Zealand? sheen, only 27.C00 leavinc tho: co!ony.»dnf.;i ing October and November, here very low. Tile demand - at: ; pierent,. high prices, however. :s very' limited. Ship-;; ments of beef continue to Uiesinaitejj.to;; United Slates of America, and as.this'iWilU dcpleto the stocks here price.-. a.rß.-iikcly. L to l remain on <i. hiprhor basis for nil elns-cg.-of,; moat. Canterbury sheep are virtunllysos-'-hau-ted. Wellingtons ■ have 'Advanced to.. 5(1.: ordinary New Zealand. M;b..,t0.-:.MIb.„ <Zd.i ewes. <lid. Australian slieoß.Slirra-at-<d. for 301b. to 501b. and SOlh.r.ito ..TOlli.;; ewes, 4d.; .South American. SSl'o.'-'t0'■.,721b:..: 4>d.: Canterbury lambs very- «carce; : Soaid; have advanced id. to s?d. for under.' ttib.h Sid. 561b. to «!b.. s&d. 42.1b: to 601b.,i?Ati6r|; tralian lambs, under 361b:, best 55d.r,"30ib.,. to 421b.. HA.; fair, under 3611).. 51d.;'.'36rr>.~ to 4Mb.. 5d.; inferior, 5 3-lC(i.; South Ame--rican, 361b. to 421b„ 43d.: supply;■'■very, small. Beef remains, firm, feres rf Being dearer. v:i„ *d„ hinds 4U1.; Australian: crops, 4d.j liiiids, 4 7-i6d. South American? fore*. 4d.; hinds. 4jd.; chilled beef':-fores,-remain «t 4d., but hinds have not :.been..sq,; plentiful, and have risen to ' f&ff^g&ffi?;, ADVANCE m Thsra has been an advance all round'la; the prico of English cutlery. The '■■whole trade is very much in tho nielting-not .just now, the advances of wages granted to cutlers and grinders having compelled the makers to revise the whole of their' soiling lists, with a, view to . recouping., theniselvs-.-. from the public. As a, temnor-: ary measure, cutlery has been increased; in price 5 per cent., pending the com-" pletlon of the revision.:. Thin task ,is a verv formidable one. as there, are nyuiy.: thousands of patterns and sizes to dear with. It ':■ srenerally agreed, writes ■ the. "British Trade Eevic-w." that the wares a;l-, vance? ore so c-'nsider.ibl' that they will, driv,,o number of lines nut of the Tn3rkc»«;'/r>"'; siipcmiv pocket-knife, for instance, is'snid,; to be doomed. As material is still'going' in. the public -rill prnlwhW hav-,'.... K.it; ninepence for the knife before,.long,-..;'.:J SHORT-TERM LOANS.' '&!§£s! The large number of short-term;' eceiiri-': ties in America have lately been. summed,; up by the "New York Journal ■ of 'Com.nierce," which shows that obligations'. amounting to nearly £2CO,tVai,KC have to be dealt with by the leading railroad and. Industrial companies before the end 'of 1916. The amount failing dim in tho '.aat;six weeks of 1313 is stated at «,937,CWd01..'0r„ about. £9.197.4fn : white for 1914 lb" tp"»-. gate is 474.583.381d.01.. or :t.»out .-E9-1.51fi.67b: which m followed bv 318.758.400i101., or about £63.751,680 in .1915. and 113,967,230d01. or about? £22.793,446. in 1916. These amounts consist, partly of maturing bonds, nnrt portly of. short-term "noteo" issued during the last few years by companies which have found | it easier to conduct their financing in this manner than by the issue of long-term bonds. On the assumption that further : . short-term borrowings take- place, it is to be cxpoctH that tho amount? ixatnrlne in. 1915 and 191G will assume much tariwr pro-; portions than already exlat. TII3 tendency; of capitalista w prefer short-term notes for investment purposes is described by tho "Journal of Commerce" .if; a for™.of American hoarding as money is t!!iiid, : Ui will not invf.it. in that n'-r-ns national progress; it will take no■ risks.; : and seeks twhern the principal must bn repaid within ?, year or so,';;-..,.-: PRIVATE CABLEGRAsr3^f;|S ; 'fe:' Mossra. Dalge-ty aas! Company, Ltd:, : V.'el-: lington, have just beeii advised by their' London office, by cable, dated , .January. 13, as follows:—"U r ool sake;' opened; animated competition and large attend-, a-irco of buyers. There was a good selects •tion. As compared with tost sa.lec-' cloo' ing rate 3, merinos nr.d fine wools were Arm, but prices irachanucd; medium and coarso crossbred \sools. par to 5 .per cent, higher." ■■<■;*■ '.Messrs. \V. and C. Turnbull end Company, Ltd., have received the following c-ablegram from their London house, dated January 13:—"Wool haa advanced, par to 6 tier cent." Tho New Zealand Lean and Mercantile Agency Company, Ltd., hxs .received tho following cablegram from its London house, under date January-13:—"London' Wool Sales.—There was a good attendance at the opening of tho sales to-day, competition by Home and Continental buyers being active, and prirCo. as compared with the close of preceding -erics, ruled in sellers' favour for crossbred. Slcrir.o unchanged. The opening catalogues were fairly representative." . , Tho Bank of New Zealand has received', the following cable advice from ite Lon : ' don office, dated January 13: —"Tho sales, have opened with atrong competition, nndlargC' attendance 0? buyers. There is'-.a." good demand for oil kinds of wool; Total net nirantitv of Xow Zealand wool .avail-,, able is 12.K0 bales. The markst'is.strong' for ail kind.s of rreriso. Prices, are;, un-"' changed. The market is strong far r 'all' kinds cf crossbreds. Prices arc . par . ; tovs;;| per cent, higher." -~'V,i JIsSl-ts. Murray, Robots and Co.; Ltd.,' have.received the following cablegram dst-.j ed January 13, from their London friends. Messrs. Murray and Co.:—"Sales have opened firm, there being p. good at-? tendance of buyers and good competition. Crossbred greasy par to 5 per cent. e.d- : . ranee, siipe crossbred showing a like.ad-' vance, all other descriptions no.material' vhangc." , - .

Meiers. Levin and Co. have .'received; the following cabhsrrani from Lon-' don:—"Merino3 generally cponcd firm on a par with closinp rates of last rale.' Larsc attendance of buyers. Crcssbrodn scn-er-ally opened nt an advanco- of "5.:-.perj cent. -Biddins keen."- ,; ' "'*■■*■? Messrs. Abraham and Wiili-ams, Lid.,'Ivivo roeoived the fol'.owinc* cablegramfrom their London agents, dated January '3:—"The silos opened to-day to n, cood attendance of buyers, and price-, as. compared with the closing rate. 1 ! of lost eerie.;,'i nro a? follow:—Merinos, unchained, with the market steady; fine end medium cross.bred, from par to 5 per cent, an, nnd the market firm; coarse crossbred, 5 per cent,*: up. with market f'fm, The Americans.arc, operating sFarincdy.vand competition ■ is Rood. Tho market is steady, and: ■■ the prospects are also considered str-ady.V. ■■ -A.a Tho United Farmers' Cn.-on, Association;;Ltd.. hos received the following enblceram. from their London accnt;, under.; dole January 13:-"Fir=t taric-s of v.ool rales' r-nenod to-day. with a larea attendance of Home. Continental, nr.d Atnorican buyers.. Th""e we« brink rornne.tit.inn, F/no ■ nnd' medium eressbreds advanced from pir. to 5 per cont.. ard en.irfv crossbhreds, riper; cent.. cnm.T-ared with closiiis; rotes, of: pre-' vious aale." .-* . ? '''V-S^-A HIGn COMMISSIONER'S The Department of Agriciilt-iir'vMr.dur: - ' '■nc-. and Commerce has received tho fnl-s lowing nblcsrarn from she Ifi/zK Coninii?-; sion.er fjr Sow Z>yilan;l. .'dalcrt Londoi!.'.' jancary 13. regardinc the oncniiiß. uf the" fir.,; »n,-if,-, of colori-d wool wool '■■''les have comirifnceti; Bir'Dro '.are; in' laivc .->.tt»n:'an:o. and thcr- i.-trc-'f mn'r"titinn be"\v>?;i Home aiH Cort.:iicr-Mi: iioi.'.crs. arc not ir«ra:lnr:.'Thc'.' prices of all merino? .are fnl'ty eqijul; to ( : the do'-in'? rate.:' at last ss'ips, and'"''all? a. hnK-penny dear.'-r..iPros : , ~-..{<; fa'-nurnM". Xe'<", ■Zc y, -"ri' .i:'"w' clip wool is in small nipply. ■. 12.C«1.--liilcs.-of Sew Zealand wool ovc-cataloEued."^--.';: C<"stonis duty cr>!lect->-i at',tPe'.;nor!"" ; " ? , Wellington yesterday .craouiitcd--;t0i?£431?.: FINANCIAL CABLECI!AiiS.#S^§ By Tclejraph-Fress .\=Mciation-,Cop'yri:ch'tj.. ' London, ■ .Innuary'?iSS* > Vc-sterday's closin* nuotatioas^vers/aB; follow:— . ; vTiank of Australasia... buyers,-£116.',j Ms.;; sellers £118 10s. i. ; ' - ' '. Bank of Sew South Wales,, buyers s£33; 10?.. sellers .*0 10s. ■ -,'.../- ,;';i'?-J-S;fe :; S' Bank of Victoria,' buyers. -£i. ;;seilcrs ; ;;£i: 10b. "■■'',* ',-■»' "■■:.■■■ irnion Bank of Australia, buyers £55.10?:;r| sellers £55 !os. ', . -^s-J- ; :t'„" : .:'| National Bank of Australasia, buyoT»;'£.i. : l 55.. s'eliers £5 15s. \ ~.-' .\ Xntional Bank o» Smv Zeaiaudt ■ burc-rf £4 12s. Cd., seller? £5 2s. 6d. . >..■".;■.? Bank nf New Zealand, buyers' £10r-I&s.;, sellers £11 15s. ■ : , ■ ■- ' ..Sfi ■■>,■: SJ' X.Z. Loan ana Merenntno Agency' V .per cent, debentures, £S0 !o=. -fe ■£,/,■/■!'■.<■:? City of Melbourne, ■< per . cent.^deben-.; MoU'iouvn" Harbour Trust. 4 per.:cbnt..yle; : ,; bentiires. £t7. . ■ ■■"■'■.•■ ">'-[-'-\t-''-"<? Melbourne Tramway Trust, 4s"per cent:, debentures, £100. ■/,■.■"' 'S' }«■- Melbourne and Metron»litan ?'-Board J:,6! Works, f per cent, debentures £97.- i ■..■'..>..: Australian Mercantile Dobcu!urcs.j£B9,.;ev; inierc-'t ■',■■.■'■. ,; ■■.■':'■'"'.'■■. i)::lgety «nd Co.. 4 'per cent, idebenturcs'.,; "Aiilcclv nnd Co.'s skarw, bttycVsi'X'fi'jfcll-ili er» £6 !C«. ■?*'&■■* •\^s?%/&&'>>& Moiiioi'-r- ''-i" C'' « debenti;rc3,i.£S3.:;v;i,.¥. ("itv nf Sydney, '£97.' ."' '/..j^^i'S-sSsiJi i : ('i(hbrough, Mort and; Co.'s.ub'.'ientur'c!;" f.'.i 10s. ■ '■ .„:;.:'«■>' i¥:&&& Hank of New Zealand,'. anlced :to"k. £03.. .. \..* I.OXDOX ■' London, fJan^/ir'^'i.iiX'.A The Jnnuary wool fiile-- opened ftt-vidiv;?; Price.! wci'i? itnching'il. There;'s-as^'niristj representative fclection of racriaics/iSbul'/.a.'. poor selection of croasbrcd3;*\;;■li'>';i«.''';^:^~■ , ;

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https://paperspast.natlib.govt.nz/newspapers/DOM19140115.2.91.7

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Dominion, Volume 7, Issue 1958, 15 January 1914, Page 8

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2,588

COMMERCIAL ITEMS. Dominion, Volume 7, Issue 1958, 15 January 1914, Page 8

COMMERCIAL ITEMS. Dominion, Volume 7, Issue 1958, 15 January 1914, Page 8

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