COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1978, 7 February 1914, Page 8

COMMERCIAL ITEMS.

INVESTMENT BHAEES, : Tho sales of investment ehar'es recorded yesterday were Bank of New Zealand, right«,.£s 3s. 6d., £5 3e. 3d., £5 35.; faupiri Uoal. 215.. 9d.; and Leylflnd-oßricn, 235. 9d. Tho quotations wero as follow:— buyers oeiidr* \ £ s. d. £ s. d. Bank New Zealand 12 2 0 — Bank N.Z. (rights) .. - ' 5'3 6 National Banic 5 6 9 6 8 0 iN.i. Una Kivcr Plate ...... 2 0 6 — Well. Trust and Loan 7'5 0 - Ohristchurch Gae (£5) ... 6 12 3 ' — Ohristchurch Gas (£2) ... 2 12 6 - Wellington Uds l£lw ...... — 1615 0 Well. Gas (preference) ...' 0 19 9 10 6 S.B. Insurance 4 2 0. ' — Gear Meal t£4) 13 12 6 — Gear Meat (£1)- 5 8 0 . — Union SteW (ord.) 14 9 1,5 0 Union Steam (pref.) ..: 10 0 1' 0 6 Mosgiel Woollen :.JU 6 ~-' Well., Woollen (pref.) ...... 3 0 0 '3 i 0 . Westport-titockton ; — 0 4 o Leyland-O'Brien ' 13 9 1 4 J Taringairiutu Totaro- 2 5 0 — . Golden, Bay Cement ....... 0 17 0 0 17 9 Manning and Co. 4 10 — N.Z. Con. Dental — . 12 3 Ward and Co. .......; 5 0 0 > - .W;Q.A..:(£I) - ,16 0 >' J ,^ r: ' & 'MEECANTJIiE. Mr. Warrington Laing, chairman of the New Zealand Loan and Mercantile Agency Company, Limited, in addressing thoShareholders at the annual meeting in London on December. 18 referred to the effect of the-rearrangement of the capital, aud/remarked that the capital as now shown, ,with '.the four classes of, share and debenture capital, each denomination in round, ./Iguros a 1 million pounds, is infinitely ■ to u'o\prcfeired to the figures in last (fear's accounts, which showed a paid-Up capital of ,'£135,000, with a,.veryjlarge liability and a debenture stock issue of £3,550,000.. The., directors; hope to be in a position to ;pay dividends -on , the 5 per cent- cumulative preference) stock naif-yearly, arid tho distribution of the interim dividend will probably bo made in Juneeach year, and tho final dividend after the accounts have been submitted to/the sharcholdcre. The . reserves, have . been brought up to £276,878,'. a substantial foundation on which to build..up tho reserve account again. to' an dmburit conimensurat6 v with- tho capital employed.- In 1 referring to the figures .of the balance-sheet, tho .chairman stated that cash at bankers and money at short notice. £656,698, show a considerable increase over last year's figures. There is an ebb and flow/ between the company and ite ; constituents, affected td eomo extent by the volume of shipments, and tho realisation of produce, which varies at different times of the year. A considerable portion of the amount has Mjccn and will -be absorbed' in. tho business of tho company., Properties and stock ■■ belonging to the. company, £76,819, is, proct&ally tho,, samo'-total- as-last year;' Advantage is' taken* of any favourable opportunity to realise the properties. belonging to tho company.i'and since 1910 this account has been materially reduced.,' At .tho close of the meeting a vote of thanks was passed to the chairman, i the directors,. the members of the local boards, and the London and colonial staffs. -;..,;■-. INSimANOE AGAINST THE BUDGET. The'financial year of tho United Kinguom closes on March 31, and tho Budget thia year is expected to show increased taxation, . at all events that appears to be the opinion of some of the merchant houses, for according to the "Knancial Times" of December 20,. several inquiries have been received at Lloyd's during'thelest day or two for quotations against the risk of .possible changes in taxation in,'next year's Budget. It is a very rare, if not altogether a. singular, * occurrence for brokers to receive orders in connection, with these.speculative risks so far in advance of the-official announcement of tho Chancellor. of tho Exchequer's proposals. As on most former occasions, chief attention appears -to bo directed to duties on domestic commodities ,and alterationsin the income-tax. Of advance -orders which have actually been fixed, tho, sugar duties have occupied the leading place, end policies .covering a total loss _ of lOu per cent, have been issued'at 10 guineas per cent, against tho.risk of tho abolition of the import duty on sugar. In cohnec-. tion with Budget anticipations in previous years the sugar' premium has never been lower than 10 guineas since tho term of office vof the present Chancellor, tho average rate previously demanded. by underwriters having been from 20 to 25 guinaeae percent.. For several -years ■ past the' opinion has been,expressed, not-only by the leadihg.-'represeotatives. of tho srtgar ■ industry, but also by th 6 London Chamber of. Commerce, that this duty should be abolished, and it is now more than three years suite Mr. Lloyd George r«ceivod fc,tt influential deputation at tho .Treasury to consider the Sugar duties. Tho 'present low /rate of premium appears, 'however,.tolindicato that the.pros-, poet- of the .desired change is more- remote -than -ever. -'1110 ■. samel rate. of' 10 guineas per cent, has been quoted to pay n> loss should tho duty on tea bo reduced. Correspondingly- with sugar,, policies- on tea havo almostJip.variably been placed at a , moderate premium,, and,, curiously ■enough, it has only been'on tea that underwriters' have.let themselves down heavily on Budget risks. This was when they •paid total losses, .on policies issued at 5 guineas per cent, against the. last increase in the.tea. duty. Following upon Jtr. Asquitji's recent, public pronouncement of his own opinion of tie present scale of income-tax,! some inquiries havo booh made at Lloyd's for income-tax in- 1 aurance. When, it comes to tho question of a readjustment; of'this tax in the 1914 Budget, the present attitude'of underwriters seems, to indicate an unwillingness to cover this ri6k, except at exorbitant rates; CUSTOMS REVENUE. Customs duties collected at tho port'of Wellington yesterday amounted to £3199 73. '';..'.. ' LONDON HAMLETS. • Messrs. Dalgety and Co., Ltd., Wellington,;'have just received cablod advlco from Hhcir.: London, office as under:—'fallow: Low and inferior descriptions aro 3d. per cwt. lower; prime mutton, 3d. higher,, but other descriptions aro unchanged. Prozeu meat: 13oef—The ma-xket is steady, but demand poor. New Zealand prime ox beef .fores, '4d„ hinds, 4gd. Lamb: Domand' is poor, the market weak, and it looks as if it is going' lower'; New Zealand prime crossbred lamb, North Island, heavy, light, 6id. to 6Jd. Mutton: •Demand : ia limited, and tho market weak, . like going lower. New Zealand prime.' crossbred mutton, -North Island, heavy, 4id.; ..light, 4|d. KAIAPOI WOOLLEN'-CO. (By Telegraph— Proea ABaociatlonJ '_"'.: Chrlstchurch) February 6. • Tho Kaiapol Woollen Company has declared an interim dividend of 3 per cent, for the half-year, to January 31, on ior•dinary. and preference shares. Tho divi!deE(Uis; payablo on March 2. .•;■'■',.'.. ~. ; SOUTHERN MARKETS. ■ '■•■• 'Chrlstchurch, February 6. .Wot weather ha-s delayed harvesting and pu.t..'a..st'6'p'....to. threshing operatione., Tho drying winds between tho showers 'have, however, .prevented much damago from being done. The break has given farmers a. little- moro spare time, and consequently more grain, has been on offer during the. week. A few sales of wheat havo been mode, but ,the market has not' settled down. A lino of good milling wheat has been sold at 3s. 4d. at a country station, and soveral offers of 3s. 3d. havo boon made, but not accepted. Very little business is doing in oats, as merchants tay that they cannot find any outlet for purchases which they have already made. Sales of primo malting barley have been mado at 3s. 6d. to 3s. 7d. at country stations, but buyers will, not look at anything, but prime »unplc3. and medium and, inferior descriptions aro practically unsaleable at prcsont. There is a rather , mord cettled feeling, in regard to tho

potato market, and holders are not. quite so firm in their ideas as to values for forward delivery. The market, has, how over, not really opened yet. PRODUCE EXPOEM. The values of tho principal products exported froin Now Zealand during tho first half of January, compared with tho figures for tho corresponding period of last year, show as under:— j Jan., 1914.' Jan;, 1913. Butter 107,053 ■. 251,701 Ohecso ' 290,009 142,884 Beef 12,162 . . 5.698 Mutton— Carcasses ; 64.860 ■ 60,352' Legs and pieces ... 526 244 ' Lamb ...; : 64,436 55,5.18 Wheat ; 1 35 Oats ..-. • 1,446 1,796 Potatoes 103 393 Hemp 1,416 14,451 Babbits, hares, eto. ' — 63 Tow .-. • 349 989 Kauri gum 2,217 14,995 Grain and pulse , 1.792 136 Hops ~..■ 2,443 263 Hides 6,772 • 3.967 Skins 17,402 . 33.853 Tallow 18.034 14.486 Timber .': : 19,754 . 12.698 Wool 434,013 552.649 Gold • 41,178- 39,989 .£1,086,035 £1,197,233 'BANK OF ENGLAND RETURNS. By Telegraph—Preae Association—Copyright ( (Rec: February 6, 10.30 p.m.) London, February 6. Tho.Bonk of England return issued for the week ended Wednesday, February 4; is as' under:— '._ ISSBE DEPABrMESI Kotsliim''£oo,Bll.ooo' Qov.debt -£11,015,000 * ether seodfltlos ... ~ 7.434.000 ■■•-■■• Gold ~ 42.362.000 £60.811,000 ■ .'. . . • '. £60,811.000 BiNIINS BepabtUEM. Proprietors' Govt. s«curl« , capital £14,553,000 ties... ...£11,256,000 Public da.. Other securinoclfcs ...10,722,000 - tw«... ' ... 85,933,004 Other deposits ... 51.701.C00 . Kttei -. 30.372.000 ReEt, 7-day and other biUs... ... 3,546.000 Colo .... . „ 694,000 £80,015,000 . £80,615,000 The loading items of the Bank of. England return afford tho following companion.:— / This week East week Laet year Bullion .„ .„• 42.362,000 42.617.000 35,265.000 Reserve 33,366.001) 83,084,000 26,573,000 Note circulation 28,438.000 28.201,000 28.080.000 Public Deposits .10.72-2,000 9.6M.0X) 18,266.0p0 Other Deposits 61.7i!4,00U': 51,345,000- 36,238.000 Proportion of ; ■reserve ■t» ■. , ' 53.36 55.38 ■ • «.03 ' GOVEENMENT BEOTJEITIES. Tho following aro the latest quotation! for Government secuHtiet, with * comparison of those ruling Jaet week:—

BANK BATES OF INTEREST. The Bank of England 1 rato wao. on February 8, 4912. reduced from 4 to 34 ner cent., and on May 9 it was farther reduced to 3 per cent. On Auiufit 29 it was railed to 4-nor oent., and on' October 1? to 5 per c . ont -, ■ ,i l MV "iuced to 4} por cent, on Ann! 17, 1913. On October it wis raised to 5 per cent., on January 8, 1914 it was reduced to 41 per cent, on January 22 to 4 per cent., and on January 29 to 3 per cent. The Bank of Franco rato was reduca* .from 31 to 3 per coot, on -Jaauary 23,'1S\A and continued at ;the latter-figure until September 12. 1911. when I it was raised to 33 por cent. On May 17, 1912. It was reduced to 3 pef cent., on October 17 it was raised to 35 per cent., and" on October 30 to 4 por cent. On January 29, 1914, the rate was reduced to, 35'.per cent, Tho Imperial Bfijik ol Oormaiiy on Oc. tobsr 24. 1912, advanced its rato of discount to 5 per cent; and :to 6 pev cent, on Novomber 14. On October 27.' 1913.. the rat* w*« reduced to 51 por. cent., on January 22, 1914. it was reduced to 45 per cent., and on, February: 5 to 4 per cent. ' ' MARKET BATES OF DISCOUNT. The following are tho market rate* foi oo«t Uirea months'- bills:—.-' .■' -, London Paris. Borlli, late, rate. ■ ute. per por ' ' per .' _~ . cent cont.- cent. This week 115-16 '28 ■"' 3} '.. Last week ....:.'...' 25-16 ■'—" ,'■ — -.Last year,...; 411-16, 3 '; 33 Short loans are Quoted at U per cent.,' as against 2 per cent, last week,, and 43 per cent, last year.. COLONIAL AND OTHER PKODUCE. Wheat—The martlet.- is dull arid • unchanged. Australian •on spot is quiet at SSn. to ,38s, 6d. '. / Flour is slow.of sale. Australian, store, 275.. '. Oats.—Tho market is dull. La Plata, Februafy-March shipment, 14s. 3d. Beans ■ and • market • is quiet and unchanged. :. ... Butter.—For colonial butter a. steady demand continues. Choicest Australian, salted, llCs. to 1125.; unsaltcd,'' H4s. to il6s.; and in a very fow-fcas'es li7s. Secondary Australian is in good demand at lCSs.'to 108s. ■■ New Zealand, salted, 114s. to 1165.; unsalted', HEs.' to 1205.; Danish is •easier at 1235. to 1265. Cheese,is dull lowing to the fact that 62,(KJ0 crates from New Zealand arrived this week, while -largo quantities'aro afloat. White,, 645.; coloured, 655.. to' 665. ■ .'' Sugar.— beet, 91 -per cent, net titre, -unchanged, at 9s. 4d. per owt.; fir3t marks, granulated, f.o.b. Hamburg, sd. higher, ot ■ lis. '6d. 'Bradford .Tops—The- market in- active, and merinos, aro .firm. --Siity.foure, • 28d. • super sixties,'27Jd.;,common sixties, 261 d.; fifty-sixes, 22d.; -fifties. 19Jd,; .forty-sixes, 16ad.; fbrtice, 141 d.. "....,..- ',' ... . THE METAfc MARKETS/ Copper-On spot. £l 2s. 6d. higher, at £66 2s. 6d. per ton; three .months', Ts. ■ 6d. higher, at £66 10s.' Tin.-.On spot, ICOs. higher at £186 "ss. per ton; three months',: 955.- higher, at Lead—Soft, foreign, on spot. £19 7s. 6d - per toh; three months', £19 12s. 6d. Spelter. £21 ■ 10s. per ton. Pig-iron.-Middlesboro' No. 5, 61s. 9Jd. per ton. > ■ ■ VICTORIAN PRODUCE. By Telegraph-Press Aseociatlon-Copyrighi Melbourne, Fobruary 6. Wheat, 3s. 7d. to 3s. 7id.; .flour, -£8 155. • oat«, Is. Bd. to. 16. 9Jd.; barley, malting, English, 3s. 3d. to 3s. 6d.; Cape, 2s. '2d. to 2s. 4d.; maize, £4; bran, £4 10s.; pollard,' £4 155.; potatoes, £2 10s. to £3 103.; onions, £6 10s. to, £7 sd. LONDON MINING QUOTATIONS. i London, February 5. . Testorday's closing quotations were:— Waihi" Goldmining, £2 Us. 3d. (buyors) and £2 13s. 9d, (sellers); Grand Junctions, £1 6s. and £1 7s. SHEEPSKINS/. '. London, February i. . At the sheepskin, sales 4900 wero offered, and sold. There was a full attendance of buyers, and good competition. Merinos showed a farthing advance, and crossbreds from a farthing to a half-penny. Messrs. Dalgcty and Co., Ltd., have received cable advice from London ce follows:— As compared with last sales,-prices for merino shcopskins are Jd. higher, and crossbreds Jd. to id. higher. The advance in prices is more pronounced for crossbreds of coarse and medium quality. Tho Nov; Zealand Loan and Mcrcuntilo Agency Company, Limited, have Tocclved tho following 'cablegram from their- London house, under date February s:—Sheepskins: All descriptions havo odvancod.jd. per lb. since last sales. Messrs. W. and G. Turnbull and Co.. Ltd., havo received the following cablegram from their London agents, under date February s:—Shcepekins hnvo advanced"as follow:-Crossbred, full-woolled, fine. Id;;' crossbred;- fuil-woollcd, coarse, Id. to 3-8 dl; crossbred, half to three-quarter woolled, flue, to Jd. , • - ■■— Messrs. Murray, Roberts and Co., Ltd., have received a cablegram from their London friends, Mossrs. Sanderson, 'Murray, and Co., dated February 5, as undor:London shi>epskins Market: Sheepskins, merino, market advanced Id. per lb.crossbred, advanced »d. per lb. MELBOURNE ELECTRIC LOAN. , , • . . , ~ Londnn, Februsrr 3, The toUl applications for the Melboom* Eloctile Icoa «xceed«d £6MJOO,

Variation ' _ eempaifrd Pries. with ' , last watlc ■" ' a ». d. 35% Imperial Consols • 77 0 0 20s higher \i „N.S.\V.1933Jan,-July 103 0-0 40s'higher ! H „N.S.VV.1830-50Mr.-Sp 99 0 0 20a lower 35 „N.S.W..ll)bO-M SB 0 0 Unchanged 3 „st.a.W.19aApl.-Oot £8 U 0 40shisher 4 „Vic.l920Jan.-July ' l(y 0 0 20a higher SJ „Vic. 19JW Jan.-July 96 O O «ls higher 34 „Vic,-1929-4D -■ 68 0 0 Unchanged L •• i y i . 0,1 , i H" J i ,Jan ;^ uIy « ° ° Unchang«d 34 ,,h.A. 1916 Jan.-July 93 0 0 . 60s Kijlier 3 „S.A. 1Mb Jan.-July . .5 10 0 ,10b higher it ••9Xi i H 1 ?;' li A liD -i a] ! 1°> 0 ° :'Unohang»d S 4 "H. i?S.^" 1 K"' n, i uly '«■»■» Unchanged 5 '■»8£ d , 1^? ,lu l-, Jul> ' B1 ° ° 203 higher ii '•'v'H'SH 11 /^ 0 , 7 ''"'IW ° ° 40s higher V 1 ■•$■£• , 3 j-HOJan.-July 93 0 0 40a hishdr ■?i •\ t H - Xf2 Ai,ril -° ot> ''83 0 0 40s higher »S-f WOO -Unchanged S»'-' , S. ,Ai !?«'?! iIa!r - NM S7 '° ° '■'Is higher f ■•l'». , iiS?in n T ,ljaI 1 y r' W 1 u !»b higher 3 ..ias.llkiO-WJan.-JulK t2 U 0 20s higher