COMMERCIAL ITEMS

Dominion, Volume 7, Issue 2187, 27 June 1914, Page 8

COMMERCIAL ITEMS

INVESTMENT SHARES. Tho sales of investment shares recorded yesterday were Auckland Gas (two parcels.) at 505.. and New Zealand Insurance at £6 7s. The ciuotations were as follow:— Buyers. ' Sellers. £ s. d. £ s d. Bank X.Z. (665. Sd.) 10 16 0 ■ — National Bank 5 15 6 — Kciiiitablo'Duildmg 9 7 6 .— t\.'£. Lc«n & Mercantile 91 0 0 . — Wellington. Deposit 0 6 6 • 0 7 6 Wellington Gas (£10) 16 7 6 - Ohristahurch Meat — 16 8 -6 Meat. Export (£4) 5 0 0 ■- — Meat Export (525. 6d.) ... — 33 9 Union Steam'-(pref.) 1 0 6 .•' — Well. Woollen (pref.) 3 3 0 • — Taupiri Coal — 12 0 Westport Coal — . 110 6 fiolden Bay Cement 0 19 9 — Jf-K. Driiß 2 5 9 - \Kird and Co 5 0 0 — . . AUSMAIiASIA'N GOLD YIELD. _Tho gdld yield of the Commonwealth and '.new. Zealand continues to decrcaee. \ccordtng to an estimate of the "Argus" (Jtelbourne) for the first five months of the current year the output has been ■991,612 ,-fino ounces, a falling off of 32.381 line .onncc-3. us against last year.- The following figures disclose' the position-.-. : .;; ' '--. 1913. 19M.. ■~.■; ••' Fineoz. Fineoj;. Victoria- , - 170,146 171,951 ,-Jf.S. Wales 57,849 50,244 \ : Queensland 111,662 96,767 W. Australia 524,883 523,160 fi. Australia 3.5C0 3,500 iTasmania • 15,000 15,M0 CijnimOirt'cami 883.040 8C0622' 140,953 130.590 - -•»,—3 : .: ~-Z4 1,023,993 991,612 The flgurw for South Australia nnd Tae-maiHa_-ai;e apuroximate. ENTERPRISE. A protCJt. against the decrying of British, was -uttered at the annual the London Chamlier of Com-mew-.bKthe. president, Lord Sout-hwark. Manufoaturcra and merchants justly congratulate themselves, he said, on the JS? l !»'s;'ett«incd by British trade last year. "Uitfortmurtcly," lie continued, "it 19 the fashion iii'eome quarters to decry British trading methods and to assert that the foreign trader is eurpnsiing us in push and enterprise. It is not only untrue, but it is distinctly harmful to the commercial interests of.Ahis country to convey to other nations the impression that British trade is on tms'rlown grade, and thnt the ineuiods of our traders are obsolete." While, of course, it might be that in some directions these methods were capable of improwinent, on tho whole it would be found that the British trader was keenly, alive to all those world movements which effected trade from day to day, and to the necessity of taking effective steps'to hold hia own m face of the ever-growing competition m the world 3 markete. Ao to the future, LorlSouthn'ftrk said, ho would not adopt a line, which he thought was too common, of prophesying at the time of good trade, that bad trade is comtnc He was not a "pessimist," and he did not wish' i PM , d - lo i ? vils ,vhlcll m! « ht ncv « arise, and which ho was sure were often brought about by "pessimists" who seemed ofiito ditvappomted if their ead predictions were not realised. Their duty as;a chamber was to <io everything m their power to improve, trade and to maintain the belief that it oould be improved by removing obstacles and encouraging a, cheerful tone in commerce.. ■ ■

TOTDERWiUTEKS AND THE BUDGET. Record business in point of both volume and .profit was transacted by Lloyd's I underwriters in, connection .with prospective tAMtioli alterations iindcr the recently dc: dared.British Budget. Having calculated E?'iM a i ely ll i e mcl <*'-** amount which they will have to pay under the rertecd scale of Income, tax duty and taken, credit ton tnc premiums received' for "budget botinces," the underwriters found themth&$ 3: '« 1 •■*?' «ie good on ine\t operations eince, thp commencement ofj.tho -current . year., The number of pplici«,ise,ucd on. this occasion, against *rS- ? e . te ?' sugar, tobatco, etc., was, «g indicated, the. highest on retord; but on not,a single policy had the underwriters to f n ay > a p S n . y- few clol!DS raa y yet mature In regard to income-tux risks, which were accepted gome tiuieigo; but, ae no obligations of that nature were boolted more M?ovi y, th ° T oUn l' of 5,1c , ! , 1 liability, it f s Oelie\ed, can be only email. It was quite natural, therefore, that when tho Budget proposals were disclosed and the unTerlh? S f dl , s i"°. v f that Poetically the whole of the business wa« safe, there waa a feel ng or relief and satisfaction, which was the more pronounced bocawe ahnoit simultaneously, ono or two rather hSi° ? y mai-ine insurance claims matured On these latter, with all the - Budget" mewi?e n, \bie U t n tl, 1 e v bag '" ivore able to look complacent y, as thev reaion An 1 nPOn I ansr , other cla ' ras within reason falling due about tho oame time MM ta'FnT *H at l ip»rance b-Si: iicss in ingland pays handsomely as a Th c, usually • forming a W ?, "& OJt ,, tl,e Probable emanations from the Chance lor of the Exchequer, with K „,"; T year, it secme they proved to be .more than ordinarily «»'« 15 their anticipations on "he tubiect, ond they benefited proportionately! AEGENTINE MEAT COMPANIES. The publication of the statement of accounts of James Nelson and Sons, Ltd 7 for the year ended December 27 last, affords ' some explanation of tho negotiations which nave ended! m thc-amalgamation of the concern with the River Plate Fresh Meat company, the combined undertaking adopting the trade name of British nnd Airentmo Meat Company. The Kelson company shareholders became aware-some time ago that the year 1913 was yielding rather poor results for them, and in reporting a. profit of only £16,728, as against £51.045 for 1912 the directors expressed the opinion that they had been fortunate "in the circumstances in earning that much. On top of unfavourable trade conditions, the company, was involved in legal expenses and damages amounting to £18,901. which reduced the sum available from £34.393 to £15,497 ■The board recommended the payment of ,a dividend of 6 per cent, on both classes of preference shares, absorbing £12.C00; that nuadditior.ol-1 per cent. be.paid oiit of reservi'B, and that £35,000, part of the undivided profits of the company standing in the reserve account, sliould be appropriated for the.distributlon-of a/special bonus \m tho ordinary shares of 11 2-3 rd. per cent, payable in new ordinary shares" The report states that trading conditions, both in Lnclmul and Argentina, during the vear were abnormally bad," "owing." they add .to,the .exclusive-demands made upon tho Argentine, from the month of April onwards for cattle. Tho first coot of onlnvils rose ..to a. very high figure, and the all 100 heavy shipments of chilled beef to Ivngland; for the same period ' depressed what otherwise would havo been a good market to 0, very low level." Details of the amalgamation referred to above were published an this column on May 8 last. Ciistonmduty collected at the port 01" Welhngton yesterday amounted to £2231 17«. SOUTHERN MARKETS. tf)y TeXeeraph.-I'ri-". AF*oc!atlcn.) Christchiirch, June 25 The wintry weather during the weak line put a temporary check upon business between farmers and merchants, and there io therefore no business to report in the locai grain, market. The oatsheaf chaff trodo is practically confined to town rcutiirenwntp n-3 very.JUtle shipping .is being done For the latter 'purpose £2 ss. is offered wiUi out finding sellers. The potato market keeps fairly firm, nnd for delivery townrde the end of July £3 at country stations is offered, and for Immediate delivery £2 \ln is still tho ruling price. The weather will, however, -prevent deliveries except out of stares, where there are large supplies. For early seed potatoes £4 15s. and £5 is offered, with .very'little demand at .present. 1 LONDON MATtKETS. Jle-:crs. Dalgety and Company, Ltd., Wellington, have received cable advice from their London oflice, under dote June 25, ne follows:— - • .Frozen Jlcat.-Market dull at. last quotations. Sheen?l(ins.-Merino (Australian), combing shcepsluns, Id. per lb. higher; merino clothing, prices unchanged; crossbred combing, id. higher! crossbred, clothing. Id. to HI higher; inferior crossbred combing, ' Jd,-higher j 5700 bale? were offered and practicallyell were sold. Tallow.—All descriptions pox to id. per cwt. lower.

Moserf. W. nnd 0. Turnbull nnd Company, Ltd.. have received the following •cabled information from their Londoii uscnts, under date June 25 — Crossbred, full-woollcd. fine and cro=nbred, half to three-quarter woolled, fine, 'advanced fartluus to halfpenny; crossbred 'full-woollod, coarse, unchanged. NATIONAL BANK ZEALAND. By Telejiinn— rrese n^sorfation—DaDyrichl (Rcc. Juno 26, 10.5 p.m.) London, Juno 25. The report of the National Hank of New Zealand shows that the profit for the Year woe £181,652. After-allocating the following amounts: premises £15,100, bonus to staff £40CD, reserve fund- £2u,0C0 and 'pension fund .£SOOO, the company is able to declare a dividend of 12 per cent., pay a bonus-of one per cent., nnd carry forward the sum of £43,317. SHEEPSKINS. London, June "5. At- the sheepskins palce there wae a, good attendance, aud spirited competition. Four thousand Australasian skins were offered and eold. Australian • combings were a farthing dearer, and crossbred clothings from a farthing to a, halfpenny dearer. Merino.? were unchanged. New Zealand crosobrcde , combines were a farthing dearer, and clothings a halfpenny lower. Messrs. Murray, Roberts and Or, Lt<V, have received the following cablegram, nated June 25 from their London friends, Messrs. Sanderson. Hurray and Co.:— "London Sheepskin Sales.—Jlerino nrid fmo crossbred market has advanced 3d. per pound. Crossbred, id. to Id. Woolled have declined Id. per pound. For other deecripilone, market shows no material change. London Wool Sales.—The prospects of tho next wool sales arc good, and prices obtained at last series are expected to bo luily maintained." The New Zealand Loan and Mercantile Agency Company, Limited, has received the following cablegram from their London house, under date June 25 :-"Shcepski-ns.-Mermo sheepskins nnd crossbred combing have advanced id.; crossbred short and shorn have declined id. There is a, good demand." Messrs. W. and G. Turnbull an<l Company, Ltd., have, received tho following cabled information from their London «eents roKat-din- the eheepskin market:— Crossbred full-woolled fine'and crossbred half to three-quarter woolled fine, advanc-n-1 A"' cvose,)rc<1 ' full-woolled coarse, TICTOIiIAX MODTJOE MAKKETS. ~.. , , , Melbourne, Jima 26. Wheat, 3s. lid. to 4s. 9d.: oats. Algerian, 2=. Id to 2.*. 3Jd. ; barley, English maltin? 33. 3d. to os. id,; Cnpe, ?s. 2d. to 2s. 5d • maize, 3?. 6d. to fe. 7d.; bran. £5 10s.; noil InL S %6% V ° tat ° cs - & ICS - l 0 £4 lh - SILVER. • T, ~ London, June '5 , standard™ ** qU ° tCd at 25 15 " 1W ' per omKe BANK OF ENGLAND RETURN. By Telegraph-Press Aeooci.i Uon-CoDyrich t (Rcc. June 2G, 8.35 p.m.) London, June 2G. Ihe Bank of England return issued'for (he week.ended Wednesday, June 2G, is as under:— !»BBE DepahtMEST Note lisu« i' 56.752,000 Gov.dobt ... jCn.015,000 Other securities 7,434.000 Gold d 8.303.000 £00,752,000 \ i'5fi,752,C00 \ ' * BiSKIXO DEPABTSIRST. FroprisUrs , Govt. secuvicapital £H,5.'>3.000 ties £11,017.000 Public de- • Other icenriposits ...13,071000 lios 39,095,000 Other atpesits ... 44.91C.C00 Netoi ... 2S.OIU.COJ Keet, 7-day / anil other bills... ... 3,174,008 Coin J.Eti.OCO £80,717,000 £60,717,000 The leading items of the Banli of Enslaud return afford the-following companion:— " This weak Last week Last year A' £ X Bullion .18,803.000 37.eH7.000 30.771,000 Ksserv. 29.075,(100 au.TIi.QUO 18,'JH.OOU Note circulation 35,70J.U00 i».418.l)0a 28,053.000 Public Deposits 18.074.tKX) 17,(H7,a'0 15,032,UX) Other Deposits 44.010.tXXi -11,863,000 ,1,301,000 Proportion ol ' reserve t> . liabilities 47.10 . 48.21 47.53 GOTEEXMENT SECTJEITIES. The following arc thp latest quotations for Government securities with a comparison of those ruling la6t wcekj— : VcrictiW ' — tenipaicd ' Frict. with : ; last Tvotlt. £ «. d. 55% Imperial Ctnsels. 74 17 fi !0s hishor 4 ~N.5."W.1933Jan.-.July 100 0 0 Unchanwd 44 ~N.5.W.1030-50Mr.-Sp !i'j 10 0 Unchanged 31 ~N.K.\V.-IC3O-CU. •■■. 88 0 0. .His lower 3- ..N.S.W.IOJSApI.-Oct. 63 I) u Cnchansod 4 ~Vic.lo2OJf.n.-ouly 100 0 0 Unchanged 3i '..Vic. ia.'l-B Jau.-July ill 0 0 Unchanged' 3) ~Vic,-K2B-4O 8U U 0 SOs lowor 3 ViclOiffl-WJavJoly to 0 0 • Unchanßea 34-,,8.A. l lol6Jan.-snly nu ft 0 Unchanccd 3 /;s.A. iai6Jan.-July 74 0 0 Unchanged 4 •■,,QTd1915-'24Jan.Ouly ji;o 0 0 Unchanced 34 ;.QTdl92'2-MJan.-Jnly y5 o 0 Unchanged 3 ~Q'rdl»2-47Jan.-July 70 0 0 20s lowm 4 ~K.Z. 1029 May-N«v. C 9 2 C Unchanged SJ ..N.Z. ll)12-40Jan..July 6!) 0 0 Unchanged a i ..N; z - I!H UADriI-Ocli. to 0 0 ITnchanwd 31 ~\y.A.lßlWMay-Xev 92 0 0 Unchanged li 87 0 0 Unchanged 84 ~'ias. lteOJ«n.-July loud Unchaniied 3 ~a, M .lft!o-fflJ»u.-auly to 0 0 UnchMged

EUROPEAN MONEY MARKET. The Bank o£ England rate was, oa February 8, 1912, reduced from 4 to 3J per cent., and on May 9 it was further reduced to 3 per cont. On August 29 it was raised to 4 per cent., and on October 17 to 5 pe" cent. It was reduced to <Ji per cent, on April 17, 1913. On October 2, 1913,\ it was raised to 5 per cent., on January 2, 1914, it was reduced to 41,per'cent. , , on January 22 to 4 per cent,, and on January i! 9 to 3 per cent. The Bank of Prance rate was reduced from 3i to 3 per cent, on February 23, 1908 and continued at. the latter figure until September 12. 1911, when it was-rtueed to l\ per cent.' On May 17, 1912, it was reduced to 3 per cent., on October 17 it was raised to 3J per cent., and on. October 30 to 4 per cent. On January 29, 19H, the rate was reduced to 3J per cent. The Imperial Bank of Germany on October 24, 1912, advanced its rate ol discount to 5 per cent., and to 6 per cent, on November 14. On October 27, 1913, the rate was reduced' to 3£ per cent., on January 22, 1914, it was reduced to 4J per cent., and on February 5 to 4 per cent. MARKET RATES OK DISCOUNT. The following arc the market rate for best throe months' bills:London Paris Berlin rate. rate. rato. per per pw cent. ' cent. cent. This week 27-16 21 i Last week 2* l\ 3L bast year 43-8 33 53 Short loans are quoted at 22 per cent., as against 13 per cent, last week, and 3 3-8 per cent last year. COLONIAL AND OTHER PRODUCE. Wheat.—The market is less depressed, but the demand has not improved. Australian, on spot, is (inoted at 38s. 3d. ■ Flour is dull, with nn easier tendency. Australian, ex store, 2fe. 6d. Oats—The market-k ytendy. I,a Plata, Juno-July shipment, 15s. 10!<l.; New Zealand. A-srado Cartons, June-July shipment, iii j od. Beans and peas are quiet, and unchanged. Butter is very slow of sale; colonial or3'lvnis arc small. Australian nominally unchanged. New Zealand io very scarce Choicest salted, nominally 110s. to 1125.' Danish, life, to 117s. ' Cheese is lower owing to the inferior quality. New Zealand, white 635., coloured Ma. Sugar.-aerman • beet,'- 68 per cent, net tifcro, 3id. lower, at 9s. 2-Jrt. per cwt.; firstmarks, granulated, f.o.b. Hamburg, 3M lower, at. 11s. 33d. Bradford Tops.-Therc ■ is little Uneineps rtoiug. Merino counts have fair innuirv. but crowbrods arc slow of rale. .Sixtyfours. 31>(1.: super sixties, 3fd.; common sixties. 290.5 fifty-sixes. 24(1.; fifties, 21t1.; fortyeixcs, 17d.; forties, llid. THE METAL MARKETS. Coppor.-On spot, lower, at £60 2-n 6rl per ton; three-months', 30s. lower, at £60 15«.; electrolytic, £63 5s Tln.-On spot, £3 15s. lower, <it .£135 Ms. per ton; threo months', £3 15s. lower, at Pis-iron is quoted at 51s. 2d. per ton. The whole BAD-COLD family can bmastered by "NAZOL." This" scientific preparation routs coughs, colds, sore throats, and uifliipiira. In bottles of GO dosp?. 1?. fit!. SuVil everywhere.—Advt. A considerable number of sheep for the Sydney Sliecp Show and sales «-«r« dispatched from "Wellington yesterday. Messrs. Smith Bros., of Pahnerston North and I'Vilding, sent 120 Komiu\v ranis, and Messrs. Henso!i Bros., of JFeililinu;, 130 |!omney rams. The good effects of "XAZOT," ran bo felt from (lie first do=-e. No matter how obstinate i< cough or cold m:iy be. it will find its inasler in "NA/iOU" Sold everywhere, 00 doses for Is. (id.—Advt. inGGTNSON * MACSHANE, ' fjharebrokers and Accountants, U3 FEAISEESTON ST., .WELLINGTON