COMMERCIAL ITEMS

Dominion, Volume 7, Issue 2197, 9 July 1914, Page 10

COMMERCIAL ITEMS

J)& 7? SHARES. >';.■':'"'■ , The':' sales of investment shares recorded yesterday were Equitable- Building at; £9 55., and Ward and- Co'."<£s is/;.' The quotations were, as. follow:— '..-'; .'■'.- ~ .'.., 'v.'" ■'"■' ''.-■' ■'•' 'Buyers. -'Sellers/ ':; ■'' TV' ii ;:■■:.'■■/:./'£ s d. ■.'..£■ s.-d.-.Bank N.Z.- (665.. 8d.";......-.. 10 16 0 "■■".'•■■■ — •Wellington Gas (£10) ......'l6 7'6 : . - Unio.-v. Steam (ord.) ..'.......' 14 6' v,l 5- 0 'Westport Coal: ■............;.:., 1 9 6 •" 110 0 .Westport-Stockton-.' :.. 0 2-6 ; ''.' .: — :o.."jr.'-Banks-'v..;:':... : :. ...;;..;;; 1 2" e "'--V r " "i" j 3 Golden, Bay Cement .;..., 1 O: 0 ■■'■■'■' '••'■ :— .Bharlarid's Ordinary ........... —' -" ":■■£ 1,6 Ward, and'C0.......;;.:;.:;... 5. 0.0 -'•-'-" : '-■ :■ i W.p.c.a...(£i): ( 'i\s 0; '.■; i; 5T9 '}L rubber j estates.;--■''■'. ' The„'iirst annual rcportr'of' the. -New Guinea Rubber Estates Limited (incorpor-: ated;inl9l3) shows'that when tho;compauy .was incorporated theMotal area under cultivation;. was'.s33 acres, including 80 acres .under. Para rubber of various ages''from' "three months to three years, and 453 acres .of cocoanuts from three months to 25 years Since then a:further 20 acres have been planted with Para; rubber au.d.loo acres .with cocoanuts.■Mßyv.the -.time l the wet season arrives. in.i November,. it is: expected that/ a further ilCO,.!acres; of cocoanuts will he planted.' -Reports, arc stated :to be satis-factory-with- regard to- the'growth of ,the rubber, and cocoanuts.- from July 1, 1913," to'; March' 31;: 1914,; plantation; development account absorbed £1016. making,- with the amount expended <-by.-, the /'old company; a : total of £6655 to date. .Expenditure ori proifij, andlde&accouht to-May 3i was £37u.:The jialancc*heet' at May 31. allowed' that Landry, creditors, worn owed £363, while among assets, stores, and sundry ; debtors- represented, £340. and cash £328., A note is appended -to .-the/-balance-sheet stating ■ that t.'iePapuan accounts are;madc up to March ;VJ;V; WEALTH:OP NATIONS.-; C'-, V .The speeialbanking issue of the "Statist" of May 23, is . prefaced by an article on ."The Progress of Banking" by Sir George Paish, ,who points : out; that at no time In. history;has the economic condition;of. the world improved as rapidly, or as much, as in the past 100 years. All countries have not advanced at an equal rate, but'all have progressed ' in a marvellous, manner. The wealth of .the United Kingdom has increased sixfold; .while the population has. grown in the much smaller proportion of two and a half-fold, of 130 per cent. Meanwhile, the income" of the British people has increased about eight-fold. <"!ermany''s growth in wealth: has been -'.impressive, but the greatest .progress of all is shown by the United States, whose wealth has increased ninety-fold and her income fourteen-fold, while her population lias increased over twelve-fold; .:■'..

i, •y-.LIipYII'S'ANp.THE BUDGET.".". j Having calculated'approximately the increased;a]nonptwliich they will have to pay;under the revised scale of income.tax duty and taken credit for the premiums' received since .the commencement of. this •year .in connection with tho Budget l)U6i-' nese, 'Lloyd's underwriters find .-themselves

at least £50,C00 to the good'so far as concerns 1914.; Tile numberof policies issued this year against some alteration in the taxation on; commodities, ; such as tea, sugar; tobacco, etc., : constituted a record, but on "not one of these" will underwriters have to pay a penny. A fewclaimn may mature in connection with the income tax rtoks,'accepted some time ago, hilt-as no. business of this nature ' has been, undertaken recently the amount of/liability/ran only be very small. It is, therefore, scarcely necessary to. add.that the general feeling at Lloyd's was one of relief and satisfaction, which was all.the more pronounced in, that one'or two nasty isarinc - losses have matured during the past.few weeks; but. with the Budget; prcmiuma safely in, thoir pockets, underwriters can afford to ;look. complacently, upon any other claims with wluch.ithey. are faced just< now. It is notorious that Budget insurance business usually pays handsomely, underwriters as a rule forming, a pretty shrewd idea 'of what,'-is:taking place in the mind of the Chancellor of. the Exchequer; This year' thoy have been more than usually'accurato and' have benefited proportionately.

' . -.-'•'. SOUTH AFRICAN GOLD: ■';'.'• • ■'! Africa is by far the largest contributor to ths world's gold production, her moiety in 1913 being valued at £42,454,000 out of a total approximating £94,000,CC0.' The great bulk of the gold supplied •by Africa 'is drawn, from - the Transvaal, . .-the latest ■ figures showing a -production, of."only £5,096,640 in other-parts of the continent. Labour'troubles -were responsible for a, shrinkage amounting to. £1,200,008 vin: the 1913-output, and for the first three months of this year production.is £1,4000,000 below that of the corresponding-period in the preceding year, but at- the isame time'the monthly outputs are showing a tendency to expand as the.number of natives employed increases., The Transvaal gold yield for March was 686,801 fine: oz., as against '791552. fine.oz. 1 in March, ,1911, the latter being the re'cordV for. a. month's production in this district. The second on the. list of gold producers is the United States, with an: output valued at £17,660,204, Australasia being third with a yield worth. £10,823,952. Production- in the three countries named seems to be once more oni the down grade, and unless, fresh sources of .'supply are dis-' covered'some opinions as,to the influence of the gold'yield on commodity values may havo to lie modified. ; -.-'.'■

'■ .-.'-,• -SOLIDARITY OF COMMERCE,. '■■".' ;.'•• On. the- evening ~of. April - 20, Prince: Licit-', nowsky; 4,hc German-Ambassador in London, was the guest>of'.the Lord '.-Mayor, of, Liverpool. .In the course of his .speechhe said that all were imbued with the idea of solidarity of commerce,'and-with, the be-, lief in "the common interests and-the common mission' of commerce in- ,the ' whole world.-and inthe present financial dependence :of,all- large centres upon, each other. At the same time, thb' great responsibility of the,, Governments was to be considered," and under existing .conditions too much, time should not ', be lost, by complaints about,,the .cost of armaments. It would be better , to: inoirt'. upon the almost unlimited beneficial possibilities of commerce, international: rivalry ishould ;also: :hot be forgotten., As an instance'of the great advantage of international co-operation, the speaker mentioned- the conference relating to' safety at sea. He'also referred to.the' endeayburo of both countries .to promote cotton,production: in. their colonies, ■ and .to".the;parallel policy,of Great Britain and Germany to keep : open their colonies to international trade! :.-.-''. -,-.', ': .- Customs : duty cblleotcd at the port':' of Wellington yesterday/amounted to £2279 . 165.-, 9d.\ ■-•'■':.':";■'. .-/ ; ; : ,:..'. i ■•""•,' ,i,: V.AjFINANCIALCABLEGRAMS.-;,,; - •'■ ; By';Telegraph—Press Association—Copyright .-;,.::■'; ; ': -'-.London, July 7- .': lYestetday's closing quotations were as follow:—; ' /, V . .-.:'■•:. :'■' "' :'.'"• •■ , 'Bank'of .Australasia, buyers £123, sellers £125..': v---..: ; "■/■.':■: Vv .;""'"-,''-':V-:■>'.'> ■', Bank of New South Wales, buyers £42 10s., sellers' £43 ICte. :v " ■ Bank, of. Yictbrial buyers '£4 55.,-sellers-'£4'lss. J :■,■'''-::■'-:-'', ' v.\, ■'■. .'.;'-■■' Union Bank of Australia, buyers £59, :sellers.'£6l. .■:-,'• ,:,.;: '•„■■;. .■,,,;■ .-'./- •-National Bank.of Australasia,' buyers £5' 155.,-sellers £6 ss. V ... ■■-.-•; National Bank,of' Now Zealand,' buyers' £5.75., 6d., sellers £s'l2s.'6d. .'Bank" of, New Zealand; buyers £10 s'g' sellers £10 155.,:">'.,,-.'• -, ':.;-/;: .-.-' .■<'■■-- - ' N.Z. .Loan and Mercantile Agency 4 per cent, debentures, £91. ,V-.:. , .City,of Melbourne 4 psr cent/debentures, £99 - : H.,,' '.-.■■'*'!■,■,-;.'• ■ -'-■.:,' ■■; , ■-.'-: --.Melbourne' Harbour Trust, 4'per-cerit. dc benturcs, £100 ex'interest. .: . ' •,•■', Melbourne Tramway Trust', 41 per cent.' debentures,'£loo ex interest. ~ : Melbourne -and-,.Metropolitan- i Board ot' '■Works,'; 4 percent.-debentures, £99. . . ..Australian, Mercantile'ideberitures,'£93 10s;, ;'. Dalgety and; Co.' 4 ' per cent, debentures,. £93.'.;,':.,,: ''. :..'.',■ v!'- ■:-,".:■,-;:-V: Dalgety.' and Oo;'s shares,'- buyers :£6 IDs., sellcrs;;S7 55.",-.:'. '';:;:.,,'.:■;';....':>' ",'.: Melbourne, Gas' Company's debentures.'£93!- ■'.. Cityiof Sydney, £100.,.v ; ,,--. : . : :. ' .-'. ;,/ ,:■ , ■ Goldsborough; Morf, and Oo.'s debentures,,'£94 10s.-ex interest.';,:.,',.,...- " '...'.■: ' .':"..': -.'.- Bank.of New Zealand'4 : per cent, guaran-' .teed stock. £99. .';, ~;-.':: :' New; Zealand .Loan and • Mercantile stock., £9p;;:: p 7V': '~'■-,'.-/■-.:■';:;,:,.''-:, .;;-.'-:,. - ■ ■■ ,- ' ;;;_- v y} '■ ->^ : .' --3 ',-■. - : (-.>,' ;.', (Ilec. .July. 8, p.m.)-;; ■_:'-.'■,';}■■? V '-'''■' ..'••'•-'■": ■•■:v. ; London';" July 8. ■' '-,■ Wheat.—The ,market', is 6tea'dy, but. timet.'' '■ 'The"visible.supply of wheat>east:of'the Rockyi.,Mountains is estimated; at 31,285,000 ■ bushels;,'•:-'";'-,.' ;-■..'.•'■,■.---■■■ Copper on'6riot;-£62 6s. 3d. per ton:,three months, £62 12s. 6d.: electrolytic, ,£64 ss; .' 'i'i,Tin- on .spot. : £144 15s. -per, , ton: three month's, £146.55.' „..,..' .- ■'. ■;■•■'. •'•:■•' Lead;;soft-foreign,' £19 (e. -3d.', per ton.' ';;;;■ umperialVconsols: :'^;/'- i: '-- : ~ ■.','/• ;^.;-v:,.-:,:;London, July l'.\-,-Imperial Consols ■ are oubted at £75 17s. 6d„ an advance of 175.;6d. on last cabled ..price-;' -.: - ._'" .-.-:-'■ ;•;■ ' : -::"'-' : .;- ■■'■ ; ;BOAKD. OF TRADE RETTJRNS. ;f ; ; /'-'':.,. ■'■.'■": : ; -- ■ London,: July 7. ' :, Board-of Trade returns show that imports ..decreased by £37,477 and. exports by £2.963,592.;, while . re-exports increased by ■ £212,317,.-during, the month of .June, as com-' pared, with -June... 1913. :, -. .■..'... ; v':' UNION',BANK-'OF AUSTRALIA;" '. '.;'■ ■ ' } '-r' London, July 7. -.■.The-.Union-.Bank of Australia has declared a" dividend of 10 per cent', and a bonus.of 2 per cent. .There: has been placed to the: credit of the, reserve fund a, sum "of ,£30,000. and:-£45,510, has been carried for-' ward.;.-.-'-';-.';.-,;: ■■';/. ,:-.: : -."- -, ; „;-.; ■■ ,••--:.•'.-.•• ,;';. ■:.''■ COAL. ':; ; \ ".;' ;--/-' '; ; ;:Sydney, July: B. : ' ,rThe' cpal exported from Newcastle : during, the last half-year t0ta11ed\2,307,998 tons, an increase of ,-326,328; tons. Now Zealand took 325,145.t0n5, .en: increase of 25,'0C0 tons over the- previous;. half -year;,.' The foreign exports increased'by. 296.0C0 tons. > :