COMMERCIAL ITEMS

Dominion, Volume 7, Issue 2138, 2 May 1914, Page 8

COMMERCIAL ITEMS

INVESTMENT SHAKES. The transaction!; in investment shares yesterday were: National Bank at £5 10s.. oiid Kaiapoi Woollen preference at £5 ss. The Quotations were as follow :— Buyers. Sellers. £ s. d. £ e. d. Bank N.Z. (£3 6s. Bd.) ... 10 6 0 - National -Bank 5 9 0 — Metropolitan Building .... — 12 0 0 Well. Investment 0 10 9 0 11 3 Well. Doposit 0 6 9 — Palmerston North Gag ... — 10 10 0 Well. Gas (£10) 16 6 0 - N.Z.. Insurance ...i 6 2 0 — Meat Export (52e. 6d.j 3 3 3 3 3 6 Union Steam (ord.) 1.53 156 Union Steam (prof.) 10 G9 — Well. Woollen (ord.) 4 16 — Lcyland-O'Brien — 13 3 Golden Bay Cement — 4 2 6 Sharland's ordinary 12 3 — Sharland's preference ... 1 2 3 W.F.C.A. (£1) - 1. 6 0 . BUTTER IN COOL STOKES. . The quantity of- butter in cool store is increasing, and this should be welcome news to local consumers. The expansion in supplies may be seen in tho following figures;— 1914. ' ' 1913. Boxes. Boxes. March 31 65,333 44,623 April 15 : 72,211 54,870 Aprii 30 88,062 64,254 . During tho past- month the Quantity in store increased by 22,729 boxes, while for the corresponding month last year the increase totalled 19,631. There is still the current month's output to come into the calculation of ; winter supplies. Tho increase is remarkably large in view of tho fact that many factories that were last year, making' butter are this year turning out cheese. Efforts have been made to fret rid of the butter in outside markets, and one or two small lines have been sold to South Africa, but the demand is not very pronounced. There should bo ample supplies to meet the demands of local consumers during the winter months, and prices may drop. ' CUSTOMS REVENUE. The Customs revenue collected at tlio nort of Wellington during each of tho first four month of tho year,, compared with the figures, for the corresponding months of last year, show as under:— ' 1914. 1913. £ 6. d. . , £ s. d. January 94,501 10 5 ! 95,827 2 4 February •... 73,519 8 6 81,918 16 5 March.. 80,659 15 0 76,997 2 2 April 69.469 9 2 68.444 17' 9 318,370 3 1 324,187 18 8 Tho figures: for the curreit year show a sught decrease, and this is one of tho effects of- the late strike, because many importers, alarmed at' the violence and anticipating -a . fall in trad? during tho win„er months, cabled cancelling indents 9 1 ' cutting them down. * If tho shrinkage in Customs revenue means that, importers are slackening off, it is a very good thing, lor excessive' importation has for some time been one of tho dangers of the economic situation. Customs duties collected at the port of Wellington yesterday amounted to £1579 4s. <d. NEW ZEALAND EXP&BTS. The "Neiv Zealand Trade Hcview". furnishes the. following figures giving tho values of tho Dominion's exports for the half-year endetl March 31. 1914. and the corresponding half-year oi 1912-13. 1913-14. 1912-13. / TTool ..: 5,071,510 5,836,735 Frozen -meat 1,847,475 1,335675 Butter.' 1,917.469 1,814,773 Cheese .....1,672,427 1,394,602 .Gold . 694,938 611,830 Skins, and hides ... 479,671 474,698 TlHon 235,728 221,073. Kauri gum 235,029 231,791 Timber 161,974 243,612 Hemp 233,098 293,287 Tow .. 21,264 47;7« Grain, whole 20,588 212,715 Hops ana potatoes 8,440 73,054 12,649,611,. ~12,791,489. The half-year .'exhibits . a shrinkage of £141,878, which is against expectations. However, there may be a recovery in tho second- half. . SHARLAND AND CO., LTD. A SATISFACTORY YEAH. Shareholders of Sharland and Co., Ltd., assembled at the firm's premises yesterday for the annual • general meeting, Mr. W. Watson (chairman of directors)- presiding. The annual report (already published) and the balance-sheet were adopted, a divinend of 75 per cent., becoming payable Jorthwith. In moving the adoption of the report, the chairman said;—"l have to congratulate you on the satisfactory expansion of the company's • business, which was brought about during the past year, notwithstanding some set-back in November and' December owing to the strike. The larger 6uni at credit of profit and loss account, when compared with previous years, is duo entirely to the larger turnover, whirh your board is hopeful will lie fully maintained-in the future. It was found necessary to enlarge the factory in Auckland, and tho increase in properties, and plant, and fixtures in the balancesheet is owing to this. Increased business is responsible for the increases in stock and book debts. The subscribed capital lias been increased to the full amount authorised, viz., £75,060. by tho issue of 11,938 preference shares and 5049 ordinary shares. On tliece new issues £8675 15s. was paid up at February 28, and £8311 ss. remained as instalments to be paid in during this aud next year. When the financial transactions which have been arranged are completed the liabilities owing to bank, etc., will be roduced to tho usual figures. 111 view of strong competition in business, and unrest in certain labour circles, tho board have deemed it advisable to continue strengthening the reserve fund, which will now stand at £17,5C0." Mr. Martin Kennedy, in speaking to the motion, remarked that they were all satisfied to see the company making progress and improvement, lie favoured the policy of increasing the capital, remarking that it was better to rest secure on capital than to lean too much on credit. Other speakers referred to tho good work done by the directors in placing the company's business on such a, satisfactory footing. Messrs.- W. Watson and C. Smith were re-elected directors.. Messrs. H. Kembor and A. S. Biss were, re-elected auditors for Wellington, and Mr. Alex. Grierson was re-elected to a similar position in Auckland.

A vote of thanks was passed to tho officers of the company, it being reported tfcat their services had been suitably recognised by the directors. *

N.Z. INVESTMENT. MOKTGAQE, AND DEPOSIT CO., LTD; ANNUAL MEETING. At the eight ordinary general meeting of shareholders of the New Zealand Investment., Mortgage, and Deposit Co., Ltd., yesterday. Mr. v W. G. Foster presided, thcro being an attendance of about 20. Mr. W. M. Muir. .one of the directors, was unable to attend owing to indisposition. In apologising for his absence, tho chairman remarked that it was the first occasion on which Mr. Muir had mieeed an annual meeting. The annuo!' report (already published) and tho balance-sheet were adopted, tho resolution involving the payment of a dividend ,of 5i per emit, for tho year. In 'moving the adoption of the report, the chairman said he had great pleasure in submitting to tho meeting what they all regarded as a very satisfactory statu of affairs . The dividend wa3 not a very large one. and it might have been bettpr. but the directors thought that a prudent management was better than a speculative one—that it-wncs better to co slowly arid surely and put up with a dividend that would give a good level Tcturn. During the year the- caoital of tho company had been Ktrengthened by the sale of 472 shares at par. Deposits had increased by £5277, investors' subscriptions increased by £220, mortgages by £3955. and special deposits by £800. Tho gross return from investments was £214 better than the previous year, but that was more than counterbalanced by interest, paid on deposits, which wus £332 more than the previous year—caused to a great extent by tho h per cent, increase in deposit rates, and thG (stagnation in business during the strike. General expenses were a little less than in the previous year. Turning to the deeds of the future, ho wished to emphasise what he had said.last year, that, if a higher rate of interest was wanted, the way to get it was to put up nioro capital. To bring the subscribed canital tin to £50,CC0, they would require to issue 4993 shares at par. - He hoped that would bo done quickly, because tho increase of capital would mean a relative decrease lu working expenses. The coureo of events was now smooth, and everything seemed to indicate a return of general prosperity in the Dominion. Produce was soiling at higher rates, he anticipated that deposit money would be offering more freely than at present (and probably at lower rates), and. generally speakiug. he thought they could look forward to the future and rely on improvement. The, past year had been rather a startling one. There way not the slightest doubt that the strike and it« effects hnd b<?en felt by everyone, even by that company, but he fancied that the experience gained bv the workers would tend to the adoption of wiser counsels on their part in the future. Not that he thought. Labour was going to sleep. There would, probably- be continued agitation in tho future, but he was very hopeful that

those, who rcccnily misted tho workers, i would bo listened to with' fliurii greater caution than in the past. Messrs. A. S. Biss am! Gerald Pitzgeritlri were rc-elcrted directors, and Messrs. li. Kember and Sons were re-elected auditors. Tile sum of JCI-Ofl wns voted to tile dire-i:-tors to be apportioned by tllcm as ttiev thought lit. A vote of thanks was passed to tbe secretary (Mr. C. R. Stewart), Whose services were very highly 6pokeE o{ by the chairman and others.. Messrs. Fitzgerald and li-'ss returned thanks for their re-election as directors. Mr Biss, in referrinß to the directors' control, said that the policy had been i.o run the company on very careful, almost conservative lir«es, and lie cotiid siiy that the whole of the directors had given a, great deal of their time to the affairs of the company. Motley hod become very plentiful during tho past year, but, rui--fortunately for the company ,the expected reduction in the rate of interest on deposits had not corns about- He preiluuc'l that before lone, however, the bank* would have to reduce the rates on deposits, and they would be followed by other concerns. BANK OF ENGLAND -RETURN. By Telegraph—Press Assieiation-CofiyrlsEht (Roc. May 1, 7.30 p.m.) " / LomJon, May 1, The Bank of England return issued for tho week ended Wednesday, .April 29, is as under.-— IRSSE DfiFAETJrcxs Nolo Ibbu# .£O3.GO&fXX) Got-dobi «■ jgH,015,000 I CfclitT eecutitias f.«UOOO Gold &15KB0 i53,6G0,e00 £53,50&C0a BiNKiKG DEPAni^EN'T. Proprietors' Ctavfi. samivl* capital f14.565.G00 , lies „ illjOffJJDO Public d«' Other tecuri', nosits ...13,0*29,000 tws«. ... 42.i53-.000 Other deposits .. ... 43.12J.C00 Ktlos 24.723.0ft3 Rest, 7-day i and etc or , tills 3,148,000 Coin.,-. 1,615,000 £79,8iifiC0 £19,34^030 The leading Iticipa oi tire. Bank of Knsrlaud return aflsrd the fojlcftyic? coinpiifi' ion:— fca-sftttoek Ijastvear £ £ £ Bullion „ 35,lSl ; 0OO 35.C50.000 3d.3W,00fl Beserv# ... ... 2WM3 2G,712,800 2?,§31.000 Note circulation S'SiS'fv-OOd 2tlvo.S2,€oy 28.057.0C0 Public Deposits lsmM ' ].§.b:Oi,OCO 15,?a0,0Ca Othor Deposing" 39,37i,tM0 Proportion of reservo to , - liabilities 42.37 #3.62 .-49.22 GOVERNMENT SECUKXttES. The following ere th©-'latest fitiot&tic.fls for Government sreurities 1 with a comparison of those ruling last \v<?kk ?— - Vftrixitimi — • cc-mpaieci Tiico. "with. .. . . last week. £ «. <!. Imperial Consols 75 10 -0 10s busier i ~N.S. W.lOJS.laii.'July 103 0 0 A UnclwHfjcfl AJ ..N.S.'W.iyaO-bOMr.-S'p m 0 0 i;-nd'«eil 34 ~ N.B« W.-1930-60 i&S V 0 Un?>h&B;g6cl 3 ~N.S.-W.19-'5 ApK'Oct by U Q t-iiiffbanKO-d 4 „ Vie. 1020 Jaa.-July IW 0 0 Unehftfifced 3j „Vic. lftil-6 Jan.-July 9a 0 0 Uttcba«i?ed ~ Vic,-112iM9 t'O 0 0 UtidiPOC-ed 3 „Vic. 1029-4UJaQ.-Jti.ly hi 0 0 Uncbantfetf 35 „S,A. 1016 Jan.-July 0 0 Vtocbautfcct 3 ~ S.A. l»llt» Jan.-July 7-t 0 (* 4 „Q , l , dlDls.24Jatt.4uJy ii : n 0 0 Uncfonugert 3a 0? 0 0 fc'nchaij^cxl 3 ~o'l'd bi U o Uhch<L-iiscfit 4 „N.Z. 1020 May-Nov, 10q 0- 0 . ~N.Z. lOllMOJaiJu-rJuly 02 0 0 Uii , cb'a3s , S©d 3 Apr -32 f 0 Ujieba-Q'Sed 3-3 „\V.A .1015-35 May-is'Q'v 92 0 C' U "),!• i^« St 0 0 Uncbuniieti 34 „Xas. JOiOJau.-Ju.f.y u » Unebauged 3 _ Tas. 1023-40 Ja-Q.-jisiy fcs 0 0 tJnchjifi^'d

ETJEOPEAIn 3IONET MAHKETB,

Tho, Hank of li-H.gfaiKi rate was, on February 8, 1912, rec'ueed from 4 to 34 per cent., and on May 9 it was further redncf.d to 3 per ccnt. Oil August 23 it- was raised to '1 per cent., -and. oil October 17 te 5 pet cent. It was reduced to jjGr cent, ein April 17, 1913. On October 2. 1513, it- w!ls raised to 5 per ceJit.i ea January 8, 13R it was reduced to "15 cent, on Jairaw? 22 to 4 per cent., and. on January S9 to 3 ner ccul. . Tho Bank of Franco rate w&s reduced from 3J to 3 per cent, on Jstiuarjr S3. 1508, and continued <st tho latter fleuTfl unlijSeptember 12. 1911 . when it was raised to 31 per cent. On May 17, 1912, it Was reduced to 3 per cent., on October It it was raised to 3i per cent., da<d on Octeber 3d to 4 pur cent. On January 2-S, IW4, lha rate was reduced to 31 per qsatThe Imperial Bartk of Gwiian'y on October 24, 1912, advanced its rsMe of diEcoiiTi-t to 5 per cent.,<iudtopor-cc-at. o.n Novem. ber 14. On October 2-7 1913, the rate w<i,g reduced to 5J per cotit., on January 22, 1914, it was reduced to 4£i per cent,, and on February 5 to 4 per cent' MARKET RATES OP DISCOC>rT. Tho following, are the sjdrK-et rates lor best three months' bills:— Lssndisn Paris fierliti" rate, rate. rate -. per per per cent. ceat. cent. Thfe week '. 2146 sj 2.14 Last week 2 3-1S 21 Si Last year 315*16 4 4 Short loans are euoted at 2s per cent., as against li ner cent, ia-st nrfes, a-ad 3.5 per cent, last year. COLONIAL ASD &TBEK PKODGOK, Wheat.—The inar-kct is steady. Kcw South Wales, 355. 10Jd.; Austrfll-iati, oa spot,-38s. 6cl. Flour is quiet but steady. Australian patents, 265. 6d., ex store. . \ Oats are firm, but Quiet. La Hata, Aprili May shipment. 14s, 9if. Peas and beans are firm and unchrvoßccl, Butter.—Tho mark-flt is (lull, and there is a poor demand. Colonial is uuchanced, but tendins easier as-EuroteEm supplies- increase. DanisJi ts weak, at Ilia .to n3s. Cheeso is quiet. Sew Zealand. whitCi Gls. to 655.; coloured, -6Ss. te 645. SJ. Bacon—Australian Curaberlaflds, 60s. to 61s. Sugar.—German beet,- 88 per cent, net titre, unchanged at 9s. fti. per ewt.;. first marks, srnnulated,, Hamburg. Id. higher at lis. 4d. ■ « Bradford Tops.—-The mark-e.t. is unehancetl. Merinos are Imrden-itis. and t-ho.tonS. Is confident. Businese is limited. THE ..METAL MARKERS. Copper, on spgl, 103. higher at £54 ids, per ton. Tin, on spot, £2 15s. hi.ch.er at £156 per ton; three- fflsttths, 475. 64. lower at £158 15s. l'i'K-iron—Hiddksboro' No. 3, 7d. higher at ols. 6d. per tain. Lead, 6oft foreign. £13 10s. per tOD. "Speller, sa. lower at £21 10s. per ton. LONDON MAEKEI'S. Messrs. Dalpctv and Co., Ltd., liavo received tho following advice from their London ofiicc:— l l'aitow: Good, descrititions, par to 3d. lower, alii} rneditiin and inferior tte< scriptions, 6d. to 4d. lower. Frozen .ileal! N.Z. beef, demand poor, and market dull. Quotations:—Fores, 3jc!.; hinds, 4i, Lamb: Demand runs principally on light weights. The market is etesiy. Q.uoflions':— Canterbury heavy, 5|3.; litrht, 6.V1. per lb.; North IsUind heavy,. sid.;, lfeht, s|d. per lb. Mutton: Demand- ia poor, awl the mar* ket is weaker, . Uiicjtatk-msCanterbury, lieavy,'3d.: North- Island, 3^d.; Canterbury, liffht, 43rt.; Korth Island, lieht, 4Jd. Market is firm for lijrht weights, ow* Ins to a short supply. LOXDON WOOL- SALES. By Telegraph—Press Association—Copyright toiiden, Apr'l 30. At tho wool sales there was brisk Eoie for all sorts a-t ojicninc rates. (l!cc. May 1., 8.40 p.Hi.) London, May I. Tho following were the ptiee-s realised for the fleece portion fit the clips named "J," top price, .15(1., averse 113 d.: "Stonyhuret." top 15jd.. itvcracc 14Sit.; "It-uanui." top -13(1., avarase lljjd..; "Tc Kinsi." top llid., average 10M.; "I'aiiikttu," top UJdl. average lid. Messrs. Murray, liobert-s and Co., Li-rl.. have received c.'iliU l advice their London friends, Messrs. Sanderson, Murray, a.ftd &>.. under date. April 30, as follows:—"Market lirm. Compared with last London saioa' closing rftUv;, ET*>a.s.V merino and fine erossbrci market hug a.(Ivanced 5 per f:ent/ f Messrs. Dalge-ty -and f;o®paiiy, Limited, havo received o.dvic-e from their London office by cable, dated April SO, feaiilftg as follows:—Sales eontiisue active, and competition brisk. English buyers are operating freely, more especially ou c-cafse wools., German and Ainerico.li buyers are liurins freely, more especially shafty combing wools of 'good quality an.d crossbred wools of fine quality. As compared with last sale's closing rates, creasy merino wools, good quality and eomlitiari. ana crossbred wools, fine quality, are fully $ per cent, higher. Scoured weols, par 4o 5 per ccnt. liicher, 64's tops are eottiiit; .u'c-ra 3td. t.o 31id. VICTORIAN I'KODUCK MARKET. By Telegraph—Press AEeociatioH— Wclbourno, 51a\- 1. Wheat, 3s. Sd, to 3s. 93(1. Hour, ,€9. Bran, £5. Pollard. £5 5«. Barley, £ane malting. &. .to 2s. 2Jd.; Knelish. fe. *od. to 3a. 2d. Oals, Algerian, If. Bd. 1,0 Is. IQtd. Maize, 3s. 5(1. to 3s. led. .Peas, 4s. 6(1, to 4s. 7d. Potatoes, £4 £-=. to £5 ss. Onions, £6 10s. to £7, BILVKR. London, April 30. Bar silver is (juoted at S7ld. per oif.ien standard. >