COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 2005, 12 March 1914, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. A sale o£ Union Steam (preference! shaws «t 20s. 3d. was-the only transaction'fa. investment shares recorded ' yesterday. the Quotations were <m follow:— Buyers. Sellers. „ £ a. d. £ s. d. Bank X.Z. (ex-rights) ~...." — 3JO 0 Hank N.Z. (righta) 4 IS 0 419 0 National Bank ... — 5 7 6 Union Dank — 53 0 0 Equitable Building 8 17 ft — Wellington Investment ... -- ' olj 3 Auckland Gas — i 8 0 Well. Gas (£10) 16 0 0 Moat Export (523. 6§.) ...3 3 0 — ' Union Steam (ord.) — J t, 9 Kaiapoi Woollen (onto ... 5 3 0 — Mosgiel Woollen — 3 12 6 Well. Woollen (ord.) 4 0 0 4 £ 6 Well.- Woollen (prep 3 0 0 Westport-Stockton ......... — 0 4 0 Lcyland-O'Brien 13 9 — Golden Gay Cement 0 17 9 — Manning and Co 4 0 0 ' — W.F.C.A. (£1) - 16 6

THE NEW ZEALAND LOAN. The prospectus of the Jtew Zealand 4 P e r cent, loan of £4,500;Gt», floated in London towards the end of January, is How: to hand. ' It will be remembered that, fen years convertible debentures were offered. at £100 10s. per cent., and the result was ' romarkable, in that subscriptions amounted to £25,F00,0C0. Tli.o ptaspefctus Stated that the Erst coupon, amounting t« £1 3s. per cent., and representing interest deemed from February 9, vroutd be paid on. August l • Applicants wSio undertook to convert their allotments when fully paid Jnto New Zealand Government 4 per cent, inscribed 6tock, 1943-63, were promised preferential consideration, aud those who converted before July 1 were entitled to a full sis months' interest on the- stock on August u Tho object of the ieSUsi wus, as to £I,<KO,CSO, for tho redemption, of. .debentures previously, issued, and &i to the balance fof the construction of railways, roads, and other works; advances to settlers, «nd the purchase of Natlvo land for settlcmente. ■ Accompanying tenders . a deposit of pf 5 per cent, was required, the balance Being payablo In five varying amounla at different dates up to- May 56, with a provision that ittstnlioents mitrht he paid in full on or after. February 9, under discount at the rate of -21 per cettfc

THE AMERICAN- BEEF TftTfSr. Some idea of the resources of tho Am«r : - can lleef Trust catt be gleaned from tno accounts of Swift and Co.. for the yet* ended September 27. Jast. The turnover, it is stated, cxccodcil' £ : 80,000,CCQ. an of £20,CCO,CCO in !the iWislve months, but a largo proportion of this eS.p*nsiou was due to tho acquisition of «,■ portion of tie New lork Packing Company's business. ' The net earnings were- £420,3& Up, oi £2,12.1 SO' and after placing £2?1,000- to reserve and paying the.usual dividend, of ? per cent .there was £WO.OOO left to add to the sotplus. The latter is ; now £6,6COvCCO, and the company propbsaS to issue £2,CCO.C<!O of aO-ycar 5. per cent, bonds at % te present stock-holders. Outside liabilities arc httwy bills payable figuring <it £7.852.C-Coi anii eundry creditors at- £3V8».000- : Oil the assets side, stocks on hand amb'ujrt to £9J7£.«CC?i nd SilKfe d « b to3 ta J3,«19.CC0, 3fcrii' than 10,000,000 head ttf live stock were purchased during tho year, And the company's employees number more than 35.K0 people'. Altogether tho business is of formidable proportions. • ' ) ■.. ,

' THE UJflOu; BANS. At the half-yearly mating o.f tho Union Bank of Australia in London, thcrhairtton of directors. Mr. Hisnry P. Sturjris, in th« course of his tmeecli. gave particulars of lirEi" 11 " 1 * 1 ' •„ ' m «owiaoro,tt« waits of £461,090 was paid tip on the now capital during August, the first instalment hoyine beOomo duo on the-flniji of that month. ThS balance at tho time, of tho meeting had all been received. . Subsefibers BfcdiiM' bo well satisfied with tlie rosult, as the sliftreg stand at a handsome premium, and within a. few days of the meeting thev wore .to receive interest on." tlio instalments as paid at tlie rale of 5 per cent, per annum. After tho payment of that interest., the new snares ranked "pari pasatf' with the- old m regarded dividend for the- luflf-yoar en'de'u February 28, such dividend to be "paid in July noxt. Regarding tlie depreciation of f?°,'i[ ltl 5 s ' i ' tllo clwiiWEaa said [-"On A-u-g-ust. 30 (the.date to which the balance-sheet was made up) our investment.? showed only a trifling depreciation on their value in "our hooks, but a TcvalUotion in tlie middle of December gave a much less satisfactory result. I would remind you that at" that timo btpek kxchange values toufilied. ner. hapa, their lowest level. Tor thhj ia,' creased depreciation, however,' we ' Imvo made full provision, At the present moment the position. as many wf you are aware, has materially improved, so that the provision mode—based, on the valuc»of a month ago-is very ample', and it is'fatisfactory that this should be so. in "view of our experience of the fluctuation in values in recent years." .On Mite subject a shareholder asked whether it would not bo advisable to mention in tho report the amount sot aside for depreciation. whiriß was customary in other banks. The chairman reminded shareholders that it hitd hever been tho custom of directors to mit in tho report tho actual amount written oIY far depreciation, but they would" consider tho question.

.Customs, duty collected at the port of Wellington . yesterday amounted to £5267 14s. 7d.

IiOSDON VTOOI SALES. By Telceraph-Presa Assgniatio-n-Copyrjcht , Londsii-, March 10. At the wool sales, prices" for medium croesbreds were in buyers' favour. Far all other sorts there was strong competition and fli-m prices, .The Bank of New Zealand has received tlio following cablegram from its London omce, dated March 10:—"Current prises for North Island farmers' lots, in average condition: Coarce crossbreds, 36-®'s quality, lid. to lljd. per )b<; mettium crossbreiJs' 4-H6's quaUty, 113 d. So 12} d. per Ib.r fine! crosshreds, 50's. quality* lSi.d. and Usd. per lb. Current prices for Ssatli Island fanners lots: Canterbury style, in average condition; inferior merino common 60.64's quality, lid. to, Ufd. per ib'.; superior merino super, 60-64's quality, Ud. to 15d, per lb.; half or quartflr.bre.il 56's quality 13}<1 to Uid. per Ib,

The New Zealand Loan and Jlor-antite Agency Company, limited, h a .y e received tho following cablegram from their London house, under date Starch 10:—A3 e'smpared with last sales' closisft raies* prices arc higher about 7J to 18 per ecnt.j merino scoured, greasy ifterino supcJ, lasies' merino, greasy merino medium, spourMl crossbred, greasy merino .inferior, arts higher about 10 per cent..; erooshrefl lambs, ern«sbred elipe, and greasy crossbred. fh"o competition continues spirited, and America 18 operating freely. (Rec. Jfanih 11, M.5 p.m.) London, March 11 At the wool sales the following prices wcro realised for flccse portion-i' of the clips named:—"Am," tort UH„ nrorago 128 d.; "Ifaunui," 13d. and lZd.; "Waiau " Hid. and lljd. '

FINANCIAL CAULEGKAJIia. Uondon, March u. Yesterday's closing quotations were as follow:— Bank of Australasia, buyers £119, sellers £121. Bank of New South Wales, buyers £.59, sellers £41. Uanlc of Victor/a, i/a.vers £4, scjlfrs SH 10a. Union Dank of Australia, buyers £55 eellcrs £56. National Hunk of Anstfala&ia, buy-ctn £5 55.. tellers £5 15s. Natioual Bank o! Nste Z4alau& buyers £4 155., sellers £3 ss. Bank or New Zealand, buyers £11, sellem £13. N. 7,. Loan and 3t*rcaDluo Agency 4 sef cent, debentures, £?J<

City of Melbourne, 4 ucr cent, dsben. turns £I*o. Melbourne Harbour Trust, 4 per cent, debentures, £59. Meiboarue Tramway Trust, 41 per cent, deiieliturcs. £!01. Melbourne sad Meliropolilism Board of Works, 4 per coat, debentures, £95. Australian Mercantile Debentures, £?3 tte. Daltfely and Co., 4 per cent, debentures £91 ftataety and' Co.'s shares, buyers £6 £j, 5<J.. sicU<it's £6 12s. Gd, . Melbourne Gas Co.'s debentures, £99. City of Sydney. £09. Golflsbrough, llort and Co.'s debentures, £95 10s. Bank of Nett Zealand, 4 per Cent. guaranteed stock. • £108. - I'EABI, SHELLS.

London, Marcli 10. The pearl obeli sales have opened; 17?G cases offcrt-d. and 1640 sold. All light softs were neglected, but old defective showed an advance in price. JUTS. London., March 10, Jute-•->'.»! vo first marks, March-April shipment, £31 10s. per ton. METAL SFABKEHS. CEcff. Mart-U 11, 10.5 p.m.) London, March 11 Capper.—Spat. £64; three- menths, £61 6". 9d.; electrolytic, £65 2s. 6d. Tin.—Spot, £172 155.; three months, £174 !&. Cd. WHEAT. (Bee. Ifareh 13, 10,5 jj.mj London, Jtarc'ii 11. Bjc wheat market is inactive. Shippers are hakling at,. previous prices, The American visible cupply of wheat. East, of the Bookies, is estimated at 107,884,000 bushels.