COMMERCIAL ITEMS

Dominion, Volume 8, Issue 2465, 19 May 1915, Page 8

COMMERCIAL ITEMS

INVESTMENT SHARES. In the investment market yesterday folcs of two parcels of Gear Meat *hari* (.£4 paid) at £14 10s. were reported, Ine Quotations were as follow:— Buyers. Sellers. £ s. d. ,£ s. d. National Rank - 510 o Rank N.Z. (£6 13s. 4dj ... 17 3 b Equitable Ruilding . 9 10 0 7 Lean and Mercantile (ord.) - 8410 0 Well. Int. T. and A 0 11 3 0 11 6 Well. Trust, Loan, Ltd. ... - 711 6 Well. Dep. and Mort. ... - 0 8 6 Chch. fias (£5) 7 15 0 8 5 0 Well. Gas (pref.) 10 0 — Well. Meat Export (£2 12s. Sd.) 212. 6 - Union Steam (ord.) 14 4 14 6 Kaiapoi Woollen (prof.) 3 6 0 -~ Golden Ray Cement 110 1 2 0 Auckland Trams — 12 0 Custom* duty colected at the port of Wellington yesterday amounted to £4747 10s. lid. BANK OF A.USTRALASIA. In his address to the shareholders in the Bank of Australasia at the Annual, meeting in London, the chairman, # ;-lr. C. E. Barnett emphasised the intention of the board "to Keep the institution in the strongest financial position pofsiolc. it is sometimes said," he continued, that because wc pay 17 per cent, this bank is making too much profit out of Australasia,, but that shown a complete misapprehension of the true position. We are not paying anything like 17 per cent, on tho Amount, of money the shareholders have invested in the bank, ahe dividend and bonus represent, only about 7 per cent, on the capital, reserve fund ana undivided profit 6, and besides these items, we have the further capital representing the large amount toy whicn tnc premises havo been written down, and out contingency fund', So the profit wc divide is not on excessive return the capital invested by the shareholders." Referring to the Agreement between the Australian banks and the Commonwealth Government in respect of the lodgment of gold with , the Treasury, the chairman remarked: It seems to have been quickly realised by the business world in Australia- that a Commonwealth note is something more than a, 'scrap of paper,' and it is needless to say the bank had no hesitation in falling in with the requirements of the Government." He added, in conclusion, that he believed the bank to be in as strong a position as any proprietor could possibly wish it to be.

TAUPIRI COAL MIXES. (By Telejraph —Press Association.)

Auckland, Hay 18. The annual general meeting of the Taupiri Coal Mines, Ltd., was held to-day. Mr. E. W. Alison, chairman of directors, presided.

In moving the adoption of the annual report and balance-sheet, the chairman expressed regret that owing to the serious disaster which occurred in the Ralphs Mine on September 12, 1914, the financial results of the year's work -were very unsatisfactory, and quite preclude the possibility of the payment of a dividend. Tho profits for the year, after providing for depreciation, amount to the sum of £1080 os. 9d. only. To this must be added tho sum of £2419 10s. Id. brought forward from last year, making a total of £3499 16s. 10d., which under existing circumstances the directors recommended should be carried forward to next year's' account. It would be ohserved that the report stated that heavy claims for compensation in respect of the lives lost in the disaster were now pending before the Supreme Court. Some twenty-six writs were issued against the company, ma.king claims totalling in all the very large sum of £32,500. There were in addition & number of claims in respect. of which writs had not bceu issued, of which six had been settled by the company for amounts aggregating £2950. 'Negotiations bava been proceeding with a. view to the settlement of the majority of the claims for which writs were issued," continued Mr. Alison, and the directors are hopeful that a settlement may be mado out. of Court, thus avoiding long and costly legal proceedings. COAL EXPORTS. Oreymouth, May 18. Last -week's coal export:—BlackbaH, 1335 tons 16cwt.; Paparoa,. 741 tons ltcwt.: North Brunner 124 tons 2owt.; Brunncr, 338 tons 19cwt.; Voint Elizabeth, 2087 tons Scwt.; Liverpool, 2758 ton 6 Ecvrt. SOUTHERN MARKETS. * Chrlstchurch, May 18. There is.a little more inquiry for wheat due to the demand from the TSorth Island.. Only a little is offering, and the only "variety obtainable is Tuscan. Oats arc firmer. The market has recovered in Southland. Though' much of the crop there has yielded well, there is still a considerable quantity in some districts that is either only now being cut or is not yet ripe. Locally the market has advanced at least Zd. per bushel. Oatsheaf chaff is *carce and. firm. The potato market is still dull, and £3 10s. is the best price obtainable at country stations.

HIGH COMMISSIONER'S CABLED MARKET REPORT. The Department of Agriculture, Industries. and Commerce has received the following cablegram from the High Commissioner for New Zealand, dated London, May 17, 1915, in regard to tho spot market for bacon and hams:— . Bacon.—The price of bacon has advanced steadily since my cablegram of February 8 Inst was sent. There has been an exceptional demand on account of high prices of other foods, <md tno nifl-rkct h<is advanced partly owing to purchases for the Government. Small supplies of DanIsh are coming forward, but Irish and Canadian supplies have increased. Present quotations are:-Irish, 945. to 955.; Danish, 925. to 945.; Canadian, 85s. ■ Hams.—The market -was steady with little alteration in prices until the middle of April, when the prices advanced ow--Ins to short supply. Present quotations are—English', 112s: to 1205.; Irish. 108s. to 112s!; Canadian, 745. to 765.; American, 70s. to 725. LONDON WOOL SALES. (By Telegraph.—Press Assn.—Copyright.) London, May 17. At the wool sales there was spirited competition for crossbreds, and ell good merinos. The prices for the former were on a cAr with those of last cfllcs. Faulty sorts were neglected. The following prices ivere realised for clip portions of fleeces named: -Follow, top 15Jd., average 13& d.: Cidley, 15id and 141 d.; Euroka, 27jd. and 2454.; Terrlck, 26d."and 263 d.; Winton, 13? d. and 123 d. New- Zealand: Te Aroha, 18ld. and 171 d.

A TEN PER CENT. DIVIDEND. • 1 London, May 17. Tho Melbourne Electric Supply Company, Ltd.. has declared on interim dividend of ten per cent.

METAL MARKETS London, May 17. Copper—On spot. £77 15s. to £78 per ton: three months'. £78 15s. to £79. Tin—On spot-. £163 15s. to £164 ss. Lead— Soft foreign, £20 2s. 6d. to £20 12s. 6d. per ton. Silver—Bar silver is quoted at 23gd. per ounce standard.