COMMERCIAL ITEMS

Dominion, Volume 7, Issue 2158, 26 May 1914, Page 8

COMMERCIAL ITEMS

INVESTMENT SHABBS There were no transactions sit investment shares yesterday. Til* nuot«ti«ns were e,s under :— BuyerSi ficlicrs. £ s. ii, £ s. d. Bank N.Z. (£3 6s. Sd.j -- Jl 5 « National Bank — s 13 6 Equitable Building ~ J 5. C - Met. Permanent , •- 12 0 0 Well Investment HJ'C - Well. Trust «ud io-an .... 7 S 6 — National Insurance 2 11 6 — S.B. Insurance 'i 10 0 — Masgiet Woollen ...,. 312 S — Well. Woollen (ord.) 4 3 < - Wcstport Coal 1 10 0 - Leyland-O'Bricil - 1 5 9 Golden Bay Cement 0 19 & Ward and Co - 5 0 ,0 W.L'.C.i. (£1) - 1 f> u SOUTH ATEK-'AS LAND BASK. A strange stata of -affiiiFS hna cbnje about in conucctioii with, tfec Land Dank set up by tho Union of Souili. Africa Government for the benclit it the tormini; interest. It has overstepped the limits of its nssuurces —that is to say, tits smno- va-ted for its operations by I'arliampat-and tee ao-ne so deliberately, jastSfyinu itsolf by tho plea that it had to carrv out i,he"object of its institution, and that if Parliament had known that it warned more it would siuve voted more. It is Hot supKesjcd that the liabilities of the bitnii are net amply secured, but tho i'.rajimiUce is of cnmion- that the Central flourS <>t the Eaak has e.dsptcd a policy which U "ivhoily inconsistent with the exercise of any Parliamentary control over a Important department., of tho financial adihilsistraticri! of the Union." The importance! ol the paint raised becomes obvious when it is remembered that the rate of la teres t paid by the bank upon its capital is -only 3 : il per cent., where, ns the State Sias now to pay pmetkcUy 41-per cent, for tl;i- niotiey wliich it bor< rows to advance to lite bank. The additional appropriation of £425.(!C8 osJted tor during tho current iinaiieial year, therefore, means a call ijpois the -.axpayers to the tuno of .-f.2J.25. f-io doubt the money

ba.s been used for pm-nores approved by Parliament; but where Parliament s.<iid that £tX'O,COO of fonp moneys shooW be de-

voted to that purpose, the Land Basik has pledged the conntty to Isalf crs much agaifi. There is no fr.iisgciit.ioii that tho Central Board of the Bank has drifted into these iinancial dinicnlties through iiicaujpei.eucy or inadvertence. On tBo contrary, tlic evidence of the chairman and the eai-rearjond-ence between the baardani! ths Treasury lcavo no doubt that the hoArd deliberately claims the rioht to esctcd U:e amount voted by Parliament if it considers that tho : intentions of tbe Act witi be carried .nut by so doing. ■

TnE NEW SOUTH WALES MAJf. The New South Wttlw fS-ove.vn.pent. has nof made a suecess of its lean, The Ho'U man OoveruuitMilj went on the market Jo.r a £3,OCO,OCti 4 pel- cent, loim at £99, awd now it is learned that the imacrwi'it-i'g have had to provide- 60 .per tent, of the- total. New South Wales has made tft'o appMranccs 'in the :uari«>t since the beginning of the year for « tota-t of iCACCtUOf). ■ <md both issues huve been failure?. Thro State .will require a. great deal more loan money if the Socialistic programme of the Holnjan Government is to be eawicd out. Perhaps the failure of the loan issued last wselc wa<s due to the Announcement of the pre» gramme; otherwise! it i 9 liiffwult to understand why the puMic did EJt rush ths issue, for money in ebc.op enough in liondon. Possibly, however, the stringency in French finance and the tylstw -sfisis have had something to do with the poor response on the part of investors.

N.Z. LOAN AKB tsrEItCiMMLE AGENCY CO. The Xcw ZJaland I-oa.rt <ir,d Mercantile Agency Company, Limited, have Teeekefi cabled advice from their head office in London that the company st«s declared on interim dividend at the rate of 5 per cent, per annum for the Imlf-ycav c-nde-il December 31, 1913, uiioil. the 5 per cent, c-iujuula-tive preference -stock. It will lie observed that the dividend for the half-year i<? ih per cent., and that it applies to tlie company's 5 per cent, cumulative pre-fei-xnico stock only, anil not to the whole of the company's stock, a* might he inferred from the Pn\?s Association's cabfed mc-Mfisc «i May 22. N.Z. CONROL.TBATEB DEKTAL GO, The sixteenth aiisiiol gciieval Evcotiftß of Uio New ZeajsiPd ConsoHd'ated Dental Company, Limited, wre> IvcW last The working of the year showed a, prcrfit (if £2-'js 17s. 10d„ whieh, with tli-o addition of £165 ICd. bjfoKjtht forward fram lass year, made a tola!" of £26ai (is. Sd. This was appliea as follows:—To payment of a dividend of 1 per cent.. £2660 Ss. M.; to payment of li per cent, bonus to holders -of five or more shares at Harch 31, on their purchases for trie year, £229 IBs, 6d.; reserve account (making same £B650;, £2tt; to be carried forward to liext year, £l.iQ IBs. lid. Dr. Pell and Jfr. Andrew Gray, tho retiring directors, were r-e-ftk-etot

NEW ZEALAND PAPER MILIiS. | CANADA'S COMPETITION. ] (By TcleerajiJv-Pjr*se AssosiaUon.! ] Punedin, May 2-5. | .The ninth annual iHOt'tiii.s ol" the N«« Zealand Paper 'liite CQ.tnpd.iiy was held today. The chairman {Mr, 1?. Vf. Mitchell! rd-: ferred lu the losses which, the company had sustained in reteii!- years through flrc, flood, ond strike, and said that these difficulties had boeft uvjnoorao rand, tile works were in full swing Again. The output, last year was the lart-c!?t in the hii&wy of the company. Ho ftHep wffirftxl to the dlscouraging; effect of flia reciprocity a-rftißgn-ment existing beMvucft Canada. •Kid New' Zealand, by which Canadian manufacturers were enabled ta cotttji-Jt-a \-efy seriously with the- company, The report and hiit-aiicc'Shcet were adaptcd. Mr. C. W. EoU.ray was re-elected to the directorate, end tfco auditors, Messrs. Burr. Leary and Co, U)iraeiiii)> oi'Ml A. Wallace Bruce (Auckiaadi were re-elected. HIGH COMIBSSIONEII'S CABLE. . Tho Department of Agriculture, ludnstriei?, and Commerce has received *bc. following cablegram from the High Cihbbilssioner tor Now Iceland, dated London, Slay 23. (Note.—Quotations, unless otherwise specified, a.t*<! nvwagc market pflcca on spot):— Mutton.—Tronic is fair, but pr-GSpeet.s are rather less cncoura£iDs on Account «f heavy stoclw oft band, Holders are becoming more anXMWs to Kalis*. There s.« a dull sale for heavy carcasses of fttntton. Canterbury. M,i, » pound for woighte; North Island, 4!d. Lamb.—Tho mar-feet is firm with 08. improved demand. Canterbury twos, 6 S-fSd. per lb.: hcavy-w«lpht.s. fours, 6 1-lCd.. Other than Canterbury. 6Jd, Beef—The vMthcr lately \ms beeti Wfavonrahle to tUe .-'sic of beef, and tiwre is lew demand. New Zealand hinds, 4M. nor lb.: fore.s Sid.; eliillnd hinds, S\&.; fore?. 3jd. Butler.—The iiUirkfit v- r-Sendy and prices aro well miiiMtaiiitt!. Ttoftfah, tc.iict. ip?r e.wt.. 113s. to US*.: Sew fevtand, fira. «.fe. to 1095.: unjwtHfil. 114s, to Si.6s.; Aiiniralism, quiet. ICOs. to 18-'.s.: Afgciitini!. nulot. ICfc. 1o 1025.: Siln'ri'iH. «t«ady. 9'fl~. to iffis.; Irish crc-'.iiipry. plow, JOT*, 'io 113*. Cheese.-The- mnrkst 'w ciuii'f.. Canaflinp, oniel. per oei.. if.', to 705.! \"ew Zr.ila«i'lstcadv dementi, white. SJ.». to His.: (viiourwl, C.~. Cd. to fe od.> Aiip*.--'li.aii. white, 57.=-. to CBs.: colonies!, 59*. to Gis. H-ii'ii.-'flic vtfteUrt is outel,.will! a general fei'liii't e.i' mi[-.?«in"-.i on tfeenuM. at he.vv i"ceipl< frow TUnnt'n. >Tew SWrnid. foml fail'- per !on. f.% ;<ls.; fiJr. M Wa.: .lime !•> Ainrn't. sSiipwiit*. :*™>ci r.<ih-, .F. 57: r-ir, <?•). T-fcttiffn. fair vert™ '"S 10-.: .To op ro August. slilvmeiK*. .r?.7. 'I'lic nuti'iil from Jimiila for (he week \va« 2Q.CCO b-.ik.'. i.OSDOX JfARKK'i'K. By Telecraflh-I'fcss Awoeifllioa-Copyticlst London, May H. New Zcaiaiid ITeini!.—The- mnrhot ta steady. Tlijh noint. fair, Jiav-Juiv fliiiimciit, £24 tin. per ton. Copra.—Th«i'» is fl, sscady demand. SouUl

C-.ilton -M-iv-Tuno sliinmenU of American I middiiMg tot tan are ee\tiue at 7.2OJtJ. Bcr J i;iil'lM>r.-ltar(l. fine I*o mi-, is. 9Jd.- plantation. Zi. 3d.; srnohod sfact-E, 2s>. 3Jd. Antimony. Ss. 'i'l. WHEAT AND VIVOTJE. ' Wfldon, May M. ■thxt wheal morttct is steady, AiKWalind is unit! sellers Uoldine for previous pricors. The wheat -und flour flfioat for the United Kinei'oni totcls 3,07&,E0G tiuaricrs; for tlw ron ! 'SH-nt, 2,6a,M6; Atlantie shi|iinoiits,s?a,-oej-""puciflc, 11,060. The total shijmicnW to V-iiropo dm-ins tSie v;eck einountsd to 1.750,OOli (iuGJ'U;rs, intludinß Australasia, 39.W0. .<:.,-.. COAL OUTPUT. ■ (Bf iTe'#i[Tapli.—Fifes* Associflti&n.) Greymoutti. Itay "25. •The cxil expert last we»!j vva'f? SSB-S tons 10cw»- iMtit Eliwilreth put out 4(7 Von? licwt.s Uvetpaol, 102 tons IScwt.; Blacliball. 413! tens Scwt.; Pppsiroa, 445 t«a<; Jflcwt,; Bruntscf, 553 tons 7-ewt, ,V, . .;. MINING NEWS WEtiUKfiTON SHARE MASSKE*. Th* onlv mininß transaction recorded yesierd.av wqs a sufe of Talit'tna-ns at 375, M. i The" JißotatioßS wufc, as follow i— Buyers, Sellsre. £ a, d. £ «. d. Con, Goidfit-lda - 0 IS 6 Murray Creek - '0 8 s Sew Svlvto . - «09 ttoss Ikconstruated D 3 0 Swokitso. - 0 1 J Talisman 1 17 J - \X'a;hi firand Junction ... 1 5 3 Waihi | J S : lVaitanst 0 i 9 ' ~ Watchman ......„.: - 0 2 B 'Preramm, ' STOCK EKOSAXfIE. ' (B-y Tele'TOph.—i?ross Assßclßtion.) Auttlilanti, Jlar V, Sales on tie Stock Exchange this mornins were:- . Boss. ss. 2a. Wait). &l ss, ' Junction, £1 ss. H. Auckland 'Ms. £1 IBs. 6d. Devoiißort Steam, &l lte. ; Ciiristcliin'ch, M<iy ii ! Snlera-.— faupiri Coal, £1 os. lflct. Westport,' £1 USs.M. Ounedin, Moy 25. 't'he foHowins sales vrci-c-reported to-toy:' WaiUi, £2 £e>.; Unjuii Steam ! .o.rd.), £1. Es. 6it.; Natisoal Uaak, £i Us. 6d,; Xew 2ea. la.n4 Vapw Mills, 18s, Ed. The following o,re latest qustfttions. subject to ti'so ustt«-t brokerage;— Dredging etoCH*: KlectflCi b-flyeTs 29, 6d.i JtJse. and ahiw,', sellets £-1 IDs.; Rising Sun, sellers £1 os. 6d, Mining stocks; Boss Go!d!ield«, scltos 2s. &&■• Progi-ftis Slines of New JSealiknd, sellers 1.35. 6d,; Wftitaniri, buyers Is.; Wfttcluhan, «p11ow! 2s. 9d.: 'IViUsnw-n OonsolidMod, biije.rs £1 17s. j Waihi, buyers £8 ss. 3d., seltefs £Z (k, 6d.; Wailsi Gratui Jwnetdon. buveWf £1 ss. Ba., soil.crs £1 fe, H. Investriient stocks-. National Bo.aU, Iniyerb £i! 13?., sellers Si tfe; TJ-nion Bonk, buyer" £*.!, sellers' £6S; XntioWl Insurance, buyers £& 12s. 6d.. selicrs SI ife,; Soiilll twitish lusuraW't. buyws £4 Its.; Stamlnn! iilsurance, Iraycr-s St 14s. Ed,; Xinion Rtcatn «hip Co., bvtvers £i fe id., fiirflers £1 fc. H.; U(ii«i Steam Slj.ip Co. (pref.), bvij-e« M Is,: Wostport C«fll' Co., buyers JSi 10s. 6L; \fest»(rrt Ca'al Co, (i*cw), buyers £1 ii. 3d.; 'Masiiel We/olien Bictory, buvr-v* £3 ?.3s. 6d.; New Zealand P.'liKT MJlls, liiiyers 16s. 6d.; Kaitoml Tra,ißa buyers ill Ss. TJ3E TAIjISMAK. KaCansahake, Jfay 25. The directors oJ 4.U« 'Falietjacin Mine lwvs sent to tan don the following cablegram :—

"No. 14 level, south drive—frowcss 44ft., reef 431 a. wide value? low. (Sinking No, 12 wfesß—Progress 4ft.. reef wider thou winze; value, £3'ls. Woodstock crosscut— Progress 51ft. Caralhcnccd driving north— Prnijffesß 13(1. Driving south—Progress Is!t. Drives following ltaiagfiut-wsfl. • fi'e intend to CTosscal; reef every 56ft." BOSS &OLDFIK.LPS. The secretary o.f the tUm {loldnelds feconstriKled has rcecived Uic following weekly report from the mine superintcridtyt i— ■ Jl'lftc, 6t!14 level wnrfcinjss—So. 6 itonlft lias bcea extended ta 24 feet fraffi the opening in wash of a payable nature. This H i : ;he only drivo which h-a-i been, driven since the resumption of mining operations.. It is intended to resume driving No. 2 east and No. 5 south duriHj; next w*.«k, and also to CGranvencfi to further sink, the i.ng ivi.iue, the jmnip for which' is just about tcl'dy for insstalVaUoji, In addition to Mo. ? Knith drive, blocking porta are at *otR In No, 1 south, two in No. 2 south, and two in No. 1 smith. The wash in th.c.«?. laces is of fair quality. , There, fa Milling fresh to report as rej cjards the paver-station, races am\ tunnels, and transmission lifts.