COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 2137, 1 May 1914, Page 10

COMMERCIAL ITEMS.

. INVESTMENT SHARES. The tranEactione in investment shares yesterday were: Wellington Gas (£10) at £16 7s. 6d., and N.Z. Insurance at £6 23. The quotations were as under:— Buyers. Sellers, £s. d. . £«. d. National Bank 5 8.0 - National Mortgage ' 4 2 6 — Well. Deposit .' 0 6 6 — Well. Gas (£U» ......; 16 6 6 16 .6 0 K.K. Insurance 6 16 — S.U. Insurance :.... 4 6 6 — Gear Meat (£4) .... 14 7 6 — Well.-Woollen (ord.) 4 16 Golden Bay Cement 0 18 0 — Manning and Co 4 10 4 2 0 Sharland's ordinary 12 0 — Bharland's pref 12 0, Tho course of ealcs during tho past month was ae under:— Bank of New Zealand. £6 13s. 4d., £16 ss. National Bank, £5 6s. 6d., £5 10s. N.Z. and River Plate. 42i. 6d.. 425- 6d. Wellington Trust and Loan, £7 75.. .£7 la. 6d. Wellington Investment, lls. ljd. Christchurch Gee, £7 Is.. £7 Is., £7. Wellington Ga« (£10). £16 75., £16 7s. 6d., £16 7s. 6(1., £16 7s. 6d.. £16 7s. 6d., £16 7s. 6d., £16 7s 6d. N.Z. Insurance, £6. £6 2s. Standard Insurance, 335. Union Steam, ordinary, 245. lOd. 'i'o-upiri Coal, 225. 6d. Weiitport-Stockton Coal, 3s. 3d. , Lcyland-O'Brien Timber, 235. Taringamutu Totara, 475., 47a.

LONDON WOOL SALES. The tone of the market during the second day of tho sale was.again firm, merinos coming in for special attention. The Americans are'operating, which Is an ex- , ccllent sigh, for it indicates that they ha-vo adjusted their affairs to accord with the changes in the tariff, dnd that there is not likely to be any disturbance of the ' money market on American account. The Ulster situation, bad as it appear.?, hns not affected the money market. There is moro danger in the admitted undercurrent of strained relations between Germany and Kussla, and the precarious health of the Emperor of-Au«tria. The wool salc-i will go through with prices firm, but what may happen after that need not trouble Uα just now.

BANK OF ENGLAND DIVIDENDS. After remaining on a 9 per cent, bnsis for the pnet ten years, the dividend upon the Bank of Knclaml stock wa« raised to 10 per cent., that bcins the rate' recommended in respect of the half-year ended February 28 For the eeven ycar.i ended Aukusl 31, 1903, tho Bank of Kncland paid at the- mto of 10 per cent. But tho preecnt incrcaßs from a 9 to a. 10 per

cent, basis will not mean a rise of £1 nor cent, in the dividend, but only Bs. 4d. per cent., because th; divided, which hitherto "hsus been paid froo o£ income-tax, is now to be paid, less tax. The Old Lady is thus coining into line in this respect with most of the joint stock bonks, .which, one after another, have given up their old practice o[ paying f.heir shareholders' in-come-tax on dividends as a. bonus. However, making allowance far. the incidence of the tax, an increase at the rate of over 3-8 nor cent, in the dividend on bank stock will be very welcome to the proprietors, and the stock recently ro=c on the news 3| points to 245—250. On tliie basis bank etoclt. vihldi is a full-fledccil trustee investment, shows a yiejd of 4J pel- cent.

DESTINATION OF BRITISH EXPORTS. Mr. John Burns, President of the British Board of Trade, recently furnished details of the value of the exports of United Kingdom produce and manufactures sent to different countries during 1913. The figures arc as under:— ' £ To. United States 29,297,000 To France 28,957,000 ■ To Germany 40.695,CC0 To Netherlands 15.477.C00 To Belgium 13 263.C00 To Canada- £3,724,000 To Australia, 34,483.K0 To New Zealand 10.853.CC0 To South Africa 22,203,000 The above figures are preliminary and subject to rectification' on final examination of the returns. Information a. s - to the value of the articles wholly or mainly manufactured which are included in the above totals will not be available until early next month.

FRENCH INVESTORS AND MONEY. The elections which arc to be held in France in e day or two may have e bracing effect on the Paris money market, but at present, and for some time past, despondency has. been the dominant feature of that centre.' The unexpected defeat of the previous Government before arrangements had bsen completed for financing tho ever-growing national expenditure and the determination of their successors to im'poeo fresh taxation, regardless of its incidence, have created a very bad imprcseion amongst Parisian capitalists. In addition a. practical embargo has been placed upon the issue of foreign loans in Paris, only such as the Government approve being allowed to take place, and this restriction, in. conjunction with an increase of 1 per cent, to 3 per cent, in the stamp duty, has brought about a. state of financial paralysis. The general opinion ie that for first-clac j 3 loans Parig will be avoided as lons as London and Berlin have money to lend, as the minimum charge for underwriting, bankers' commissions, and other disbursements in Franco is said to he never Ices than 7 per cent . Borrowers in London can cave 2 per cent, in otamp duty α-lone, and the total cost would probably, not exceed 3 per cent.' With conditions- iii Par!" such a3 are described, it seems likely thit French .money will find its way to London for subscriptions to issues that -would otherwise have come on to the home market. To a certain extent, the great French fc.'uin'r howes are held responsible for the prevailing malaise, as they have swnmpcd -'nveetors with loans of tho second rank, the.stock of which li"s depreciated enormously. The French public, it appears, looks more to the reputation of the issuing house than to the hond Itself. The investor argues that <•..first-class bank would not issue a, doubtful security, but'of !ate years hif confidence in this respect has keen rudely shaken.

COMPANIES REGISTERED. Tho registration of the following companics is recorded In this week's "Mercantile Gazette":— I Golden Hills Orchards, iTjid. Rojist-crcd as a, private company Anrll 27. Capital: £3500, into 3500 shares of £1 each. Sub-scribers-Nelson: C. 11. Chamberlain. 1167; C. P. Stannn.rd, 1167. Gisborne: AT. W. Ivonglands, 1165. Objects: To acquire and deal in la-nde; ■ i Itestar. Ltd.—Eepistered a« a private company April 25. Office: 37a Victoria Avenue, Wanganui. Capital: ,«CCO, im.o K0 shares of £10 each. Subscribers—Wanganul: A. C. Manniricton, 55; P. H. Allen. 15: A. Burnett. 25; E. Crow 60: .1. P. Holloway. 50; A. 8. Smith. 10; H. Christie. , 25; G. Meuli. 25; T. H. James. 50; W. ICerr, 20; J .P. Redpath. 10; A. G. Jluir. 25: J Hissie, 25; W. A. D'Arcy, 10': G.- , 8;' Gordon. 25; A; Robinson, 30; H. Collier, 15; N. Meuli 25. Klthara: L. B. Grimctone, 5; D. Syrae, 5: all ordinary shares; and P. Basham, 100 f.p.n. Objects: To acquire from J. V. Holloway and J. T. HoKan their interest in a. certain option to purchase the patent rights of Kestar, to .manufacture licstar and otlicr tar compounds.

. COJI3IEKOIAL LAW. At Bruesells, the Inler-l'arliamentary Conferenoe for Commercial Law is to meet from Juno 18 to 20, the chief object of this-, conference bciUR to brins about ii uniform system of commercial laws for all the countries of Europe. Then nßnin, the International Federation of Commcroial Travellers, which numbers more than 400,000 members, has decided to hold an international congress of commercial travellers duriujr the Panama Exhibition of 1915: A special building is to be erected for this purpose, and will be provided with lecture halls, reception rooms, etc. At the present moment, the committee representing; 'the federation is yisitine; tho principal centres of Europe, in order to secure the co-operation of the various asfiociations of commercial travellers. Tho Eiitlish association has already promised Its- support, and clforts are now being made in France and Germany to determine the manner in which the intereste of commercial travellers and of international trade and traffic can best be promoted by this congress. It is to be honed, for this reason, that the meeting in San Francisco will be largely attended, as it ia obviously to the interest of all thoFo actively engaged in international trade to come Into personal contact with' their colleagues of other countries, and to hove the opportunity of studying commercial institutions of all hinds on the spot.

CUSTOMS DUTY. Customs duty collected at the port of Wellington for the month of Apr-'l, 1914, amounted to £69,489 9s. 2d. The duty collected at this port for the corresponding period last year was -f6B,Md 17s. 9d. Tho amount collected for the week ending April 30. 1914. was £15.660 19s. 2d.. while £16.050 6s. Id. was collected for the same period last year; The day's tailings yesterday amounted to £1954 2e. 7d.

LONDON MARKETS. ■ The New Zealand Loan and Mercantile Agency Company, Ltd., have received tho following cablegram from their London house, under date April 29:—Tallow: We fiuotc present spot values for the followiug descriptions:—Good mutton, 355. 6d. per cwt.; good beef, 335. Cd. per cwt.; mixed 31s. per cwt. The market has a lower tendency. Wheat and Oats: We have soW an Australian'cargo at 365. 4Jd. c.i.f. There is very little demand., and the market is not likely to improve at nrcscnt. We quote ncr quarter c.i.f. New Zealand wheat: —Longberned, 345.; shortberricd, 3Jg. 6d.

LONDON WOOL PALES. By Telegraph—Press Association-Copyright London, April 50. At the wool sales there was strong competition for all (losorintfons. Prices had an upward tendency. For merinos there was keen American and Continental demand. ' COMPANY DIVIDENDS. NEW ZEALAND AND MERCANTILE AGENCY CO., LTD. London, April 29. The New Zealand and Australian Land Company li<m declared an interim dividend of 5 .per cent. P. AND 0. CO., LTD. The Peninsular and Oriental Steam' Navigation Company has declared a dividend of 7 per cent, on deferred shares. TALLOW. London, April 30. At the .tallow sales Kffl casks were offered, and 833 sold. Prices realised: Mutton, fine, 365.; medium, 335.; beef, fine, 345.; medium, 32a. 6d. SILVER. Bar eilvcr in emoted at 27 3-16 d. per ounce standard. LINSEED OIL AND TUKPENTINE. Linseed oil. £24 10s. Turpentine, 31s. 3d. AUSTBALIAN PRODUCE MABKETS. (Ew. April 30, 9.45 p.m.) Sydney, April 30. Wheat, 3s. 9}d., 3s. 9Jd. Flour. £8. £8 Zn 6d. Oats. Algerian feeding, 25., 2s. 2d.: milling, 2s. 3d., 2s. 4(1. Maize. 4e. Bran, £4 Ids. Pollard. £4 15s. Potatoes. Tnsmaniaii, £7. Onions. Victoria., £7 10s., £8. IHiltcr. selected, 104b.; pccondiary, 905., 945. Cheese, 81d. Bacon. 9d. Adelaide, April 30. Wheat, 3?. 9}d., 3s. 10d. Flour £7 ss. Bran, Is. Id. Pollard, Is. Zd.

HIDES. (TCcc. April 30, 5.45 p.m.) Melbourne, April 30. The hides markets report fair supplies. Prices arc id. lower in all c:las=cs.