COMMERCIAL.

Dominion, Volume 8, Issue 2410, 16 March 1915, Page 8

COMMERCIAL.

INVESTMENT SHARES. In the investment market yesterday there were sales of National Insurance at EOs., and Auckland Trams, ordinary, at 21s. 9d. The quotations were as under:— Buyers. Sellers. £ a. d. £ 6. d. National Bank 5 8 6 5 9 6 J)k. N.Z. (£3 fe. Bd. pd.) 10 18 6 11 2 0 Bk. N.Z. (£6 13s. 4d. pd.) 17 0 0 17 5 0 N.Z. and-River Plate 2 0 0 — Wn. Trust Loan, Ltd. ... 7 6 6 — Well. Gas' (£10) 16 2 6 - Ntttional Insurance — 210 0 N.Z. Insurance 6 0 0. — South British -416 - 0 — Chri.stchurch Meat — .16 15 0 Gear (£4) , 14 5 0 - N.Z. Shipping (pref.) 10 10 0 — Union htcara (ord.) 13 9 14 3 TJuion Steam (pref.) — 110 Mosgiel Woollen 315 0 — Kaiapoi Woollen (pref.) 5 0 0 — Hikurangi Coal 0 14 0 — Westport 1 12 0 — Westport-Stockton ' — 0 5 1 Golden Bay Cement 0 19 9 — Sharland (pref.) 13 6 — Word and Co — 6 0 0 W.F.O.A. (£5) - 6 5 0 Taranaki Oil — 0 3 3 Auckland Tram (ord.) ... 1 1 6 — BRITISH CLOCKS. An effort is to be ; 'made at once to capture one and a quarter million pounds worth of German trade in clocks. A meeting of representatives of the clock-makers of London was held recently, when the means to be' adopted, to bring about this very desirable ond' were considered. In all probability a company will be formed for the manufacture of the cheaper pattern of clock, which up to the present has' been obtained almost exclusively from abroad, and chiefly from Germany. Sixty years ago British clocks were acknowledged to he the finest that could be had. Clerkcnwell was the busy and thriving place where thoy were made, and the clockmaker then, perhaps Tvith two or three assistants, sold the timepiece of-his own making, and was proud of his craft. Every instrument he made was produced with the care of a man who believed himsolf an artist. But in Germany they began to make clocks by machinery ajid to turn out a score while the Briton was making and perfecting one. It is true that they were not in any way the equal of tho British article, but they kept time, and they were cheap. Consequently they found a ready market. It is hoped that all this will soon bo altered. Two or three factories have already had the necessary machinery installed in them, and there are' abundant foreign specimens from which to model a cheap British clock. The Germans have one factory in which 1500 of these cheaper timepieces arc turned out in a single day. No repairing is allowed for, and the imperfect article is simply scrapped, which shows how cheaply the clock is made. But the genuine old Clerkenwell clock of the middle of the last century can still. find purchasers. It is readily saleable in the United States of America at a good price, in spite of the 60 per cent, tariff. Recently a clock made by Tompion, who was famous in Clerkenwell in the 1700's, sold for £400. Although its value • lay largely in its age. it "goes" as well as on the day when it was first wound up. METROPOLITAN BUILDING AND INVESTMENT SOCIETY. The annual meeting of the Metropolitan Permanent Building and Investment Society was held last night in tho offices of the society. The chairman of directors (Mr. W. M. Hannay) presided, and there was an attendance of about a dozen. The annual report and balance-sheet, already published, were adopted. In moving their adoption the chairman said:— I have little to add to the' statement in tho report and balance-sheet which is now before you. As you are all aware the latter half of our year has been unprecedented in the history of the financial ■world.' and it i 6 a matter for. tlon that up to the present we have not been seriously affected. The policy of your board in the past has always been a conservative one, ■ and that. policy has been and will bo continued. It may, therefore, I think, he considered satisfactory that our net profits are slightly in excess of last year, and that we are able to increase our reserves by £750, which now stand at £10,750. Tho steady annual addition to reservea gives an added security to our depositors. Deposits have increased by £1200, and shareholders are 06ked to assiot in securing additional deposits which can be profitably employed. I mentioned last year that, the demand for B (contributing) shares had been so great that we were reluctantly compelled to suspend their issue. The' directors would like to resume the issue at an early date.' such shares being payable monthly, are a direot encouragement to thrift. As a considerable amount of B share capital (nearly £4000) has heen paid off during the year on maturity of the shares, it i 6 proposed ; to resume the issue shortly, but to limit the number iss>ued monthly. Tho working expenses continue very low, and we must oxpcct some increase in this direction. During the year our secretory (Mr. Ewen) was absent on leave for six months 'while on a visit to England. We were glad to be able to grant this leave, as shareholders are much indebted to Mr. Ewen for invaluable services extending over many years. We arc pleased to have him again with us. During his absence the duties were carried out by Mr. Roskruge to our entire satisfaction." Thc> present directors (Messrs. W. M. Hannay,., J. G. W. Aitken, Henry Hume, Geo. Mee, and Wm. Mackay) remain, and the auditors (Messrs. H. Kember and Son. and E. Bucholz) were re-elected. Tho meeting closed with a vote of thanks to the directors. The usual distribution of profits at the rate of 7 per cent, per annum was made. Customs duty co]lected at the port of Wellington yesterday amounted to £2905 56. lid. HIGH COMMISSIONER'S REPORT. The Department of Agriculture, Industries, and Commerce has received ,Uie fol-. lowing cablegram from the High Commissioner for New Zealand, dated London, March 13, 1915. (Note: Quotations, unless otherwise specified, are average market prices on spot):— Meet.—The market is affected by increase in arrivals of chilled beef. There is lees demand for all' descriptions- of frozen mutton, but tho market is firm notwithstanding. Mutton-North Island, 6d. per lb. for best quality; ordinary quality, 52d.; ewes, 5 9-16 d. Lamb-Other than Canterbury, 73d. per lb.; second grade..7id. Beef—New Zealand hinds, 6Jd. per lb.; fores, 6 l-Bd.; chilled hinds, 6Jd.; fores, sid. Butter—The market is ve.ry firm. Danish, per cwt., 1465. to 14Bs.;'New Zealand, 138s. to 1405.; exceptionally 1425.; Australian, 1366. to 1385.; exceptionally 1405.; Siberian, 130s. to 1345.; Argentine, 1345. to 138s. Cheese—The market is very firm owing to continued demands for the Government. Holders are firm. The s.s. Somerset should dock some time to-day. 1 Canadian supply is practically exhausted. Canadian, white and coloured, per cwt., 945. to 965.; New Zealand, firm, white and coloured, 925. to 945.; State 6, 86s. to 905.; English cheddar, firm, 98s. to 1025.; Australian, 89s. to 925. Hemp—The market is rather more active. and there is a better demand. New Zealand, good fair grade, per ton, £32; fair, £30; fair current Manila, £36 10s„ any position. The output from Manila for the week, was 24,000 bales. Quotations always include -war risk. Wheat.—The _ market is steady, but there has been considerable fluctuation in prices Buyers are holding back, and holders aro not disposed to yield, as Argentine report is unfavourable. Cfluo-didn, 62d. per quqt* ter; American, 625.; Argentine, 61s. Wool.—The market is strong. ■ LONDON MARKETS. Messrs. Dalgety and Co., Ltd., have received the following cablegram from their London office, dated March 10:—Tallow: At this week's auction, prices were lower' by 6d. per cwt.; No c.i.f. business is being done; and dated March 12: Wool EalesFor the March scries the dates of car own sales aro: March 18 and 27. , HUDDART-PARKER, COMPANY, LTD. (By Telegraph.—Press Assn.—Copyright,) Sydney, March 15. The Huddart-Parker Company's report for the year ended December 31 thofrs a, not profit of £57,714, making tho balance available £66,062;. It is proposed to pay a dividend of 5 per cent, on ordinary eliarcs. SYDNEY • WOOL SALES. (Eec. March 15, 10.15 p.m.). Sydney, March 15. The wool sales have resumed with a strong domand, prices being on a uar -with the closing rates of last week. WHEAT AND FLOUR. London, March 14. Wheat and (lour afloat for the. United Kingdom total 2,669,000 quarters, and for tho Continent of Europe 3,635.000 quarters, compared with 3,925,000 and 2,265,000 quarters respectively a year ago. Atlantic shipments amount to 664,000 quarters (309,0C0 a year agol, and Pacific 27.000 (5000). The total quantity shipped this week from all exporting countrjos to Europe is 1,335,000 quarters, compared with 1,525,000 «, year ago. This week's total includes 7000 quarters from India and 469,000 from Argentina.