COMMERCIAL ITEMS

Dominion, Volume 9, Issue 2670, 17 January 1916, Page 8

COMMERCIAL ITEMS

I N.Z. MAN & MERCANTILE AGENO? CO. ANNUAL. REPORT. The annual meeting of tho New Zealand Loan and liercantile Agency Co., Ltd., was held in London on December 9. The report of the directors for the year ended June 30 stated that after paying interest on the. first and second mortgage debenture 6tocKS. making provision 'for bad anil doubtful debts, and adding £19,084 19s. 9d. to reserve account (which amount is id addition to the special appropriation mentioned later), there remains a balanco or net revenue of £122,301 6s. lid. To this has to be added the balance brought forward from last year, viz., £55,279 3d., making a total of £177,580 12s. 2d. Out of this amount £24,730 os. 3d. was paid on June II last 06 an interim dividend on the 5 per cent, cumulative preference stock, less income tax, and the directors have appropriated a sum of £5000 to the Staff Benevolent Fund. This left a balance of £147,850 lid*' "which the directors recommend should be applied as followsTo payment of a final dividend at the rate of l\ per cent, on the 5 per cect, cumulative preference sjpek to June #), 1915, less incomo tax, £24,730 os. 3d.; to payment of a dividend at the rate of 5 per cent, per annum on tho ordinary stock for the year to June JO, 1915, less income tas, £41,715 145., leaving a balance of £81,404 17s. Bd. No provision has been znado i n the 'accounts in respect of excess profits tax under the Finance Act. and the above balance Is accordingly subject to payment of such sum, if any, as may be found to be due in respect thereof. During tho year a further sum -of £166,571 10s. 6d. has been received from the liquidator of tho New Zealand Land Association, Ltd. This has been apportioned as follows:—In reduction of premises account, £59,865 ss. 6d., which account now stands at £330,000; to reserve account £106,706 55., which, with tile sum carried from profits as above stated increases that account to £410,000. A small balance has still to be received from the liquidator of the association. The contributions to the war funds approved by the stockholders at the last general meetin!; appear in the accounts, and since June 30 a further amount of £500 has been contributed in aid of wounded soldiers and sailors and their dependents in New Zealand. . Further appeals for donations to war funds will doubtless be received. Notwithstanding the dislocation of trade caused by the war, the business of the company has been well maintained. A severe drought lias prevailed in Australia for a part of the year, but with the exception of Queensland and certain areas of New South Wales, which still continue dry. the conditions have recently materially improved, good raius having fallen. Business, prospects in New Zealand ere oil tho whole satisfactory, although some districts havo suffered from dry weather.

FEILDING MARKET. Messrs. Atkinson and Co., Ltd., report prices as follow: Wcancr pigs, 12s. to 145.; slips, 155.: small porkers, 265. 6(1. to 285.; good stores, 365. to 395. Aged horses, £2 lte. to £5; unbroken, £4. Poultry: Hons, 3s. to 3s. 6d.; ducks, 4s. pair. I'cnehes, 3s. to 4s. 6d.; plums, Is. 6d. to 25.; apples. 2s. 6d.; onions, fo. 6d.; notatoes, 7h. envt..; pig. 3s. sack. Old ehnlT, £5 to £7 ton; G.P. peas, ss. 6d.; barley. 4s. 9d. to ss. 9d.; wheat, 6s. 6d.; maize, ss. 6d.; oats, 4s. 9d.

Customs dutr coUccted p.t the port of Wellington OB S«J rdoy amoimtod to £1330 tMU *

LONDON" WOOL AND tSHEEPSKIN SALES. Tho New Zealand Loan and Mercantile Agency Company, Limited, have received the following cablegram from their London house, under date January 13;— Wool sales: Second series fixed, for February 29 (lists close February 14), third for April 4 (lists close March 20). N Both aro limited to 80,000 bales of new arrivals. Sheepskins: Crossbred combing advanced fully 2d., half-woollod lfcd., short and shorn Id. Messrs. Murray, Roberts, and Co., Ltd., hare received the following cablegram from London, dated Jiinuo-ry 13: Sheepskins: Merino combings advanced oue penny halfpenny; crossbred advanced 2d. to 2Jd.; short wools advanced I<l. Messrs. W. and G. Turn bull ar.a Co., Ltd., report having received the following cable messages from their London agents, under date January 15:—''\Shecjisk.ms: Clothing. 2d. to 3d.; oombing, ljd. to 2d.; pelts, Id. advance."

I INDIAN TEA PRODUCTION". ! Statistics indicate that the production of Jndiau tea is suffering severely from the competition of other growths. The quantity catalogued in London for the first fivo months of the current season is quite out of ratio to the expected crop, -while Ceylou and Java have much increased their London .auction offerings. The effect is shown in the warehouse deliveries as compared with tho imports:—lndian delivered only 65 per cent, oi imports; Ceylon 90 per cent., and Java- 1 h per cent, over imports. On comparison with last year, the following Is the result tor the period June 1 to October 31:—Indian imports increased 23,637,1361b., or 51J per ccnl., while _ the deliveries decreased 25,556,7581b., or 25fi per cent. Ceylon Imports increased 14,806,996 lb., or 314' per cent., and deliveries 1,271,044 lb., or per ccut. Java Imports increased 10,744,8901b., or 84 per cent., while deliveries increased. 7,128,1101b., or 58 per cent. There can be little doubt that the operations of the Emden in October, 1914, affected the figures for that term, aud, consequently, tho comparison. The high price which it is neccesary to charge to the public makes a trade demand for whatever has the lowest first cost. The result, in the opinion of leading Londou brokers, may ultimately be that Indian tea will fall to about »;hc level of prico of Java tea in order to recover its relative share oi! consumption.

FROZEN MEAT. By TeloETODli— l'res« Assoelation-CoDyriEht (E«c. January 16, 5.5 p.m.) London, January 15. The Incorporated Society oE Meat Importers' Smithfield Market Quotations for frozen meat arc based on actual sales of not less than one hundred carcasses of mutton or lamb, or twenty-five' Quarters of beef, of fair average quality. The quotations are not for sclectcd lines, but for parcels fairly representative of the bulk of the shipments now on the market. The prices which follow are on the average a farthing per lb. more than tho values ex ship, this difference representing the average cost in expense, handling, conveyance, and selling of the meat:— Mutton— d. Canterbury, light n, Canterbury, lignt (seconds) none offering Canterbury, medium 73-8 Uinterbury, heavy noue offering Southland mono offering Now Zealand, best nono offcrins Now Zealand, ordinary ... none ofForing North Island, cwe 3 none offering New Zealand, ewes 7 _ Australian, heavy nono offering Australian, light nono offering Australian, ewes ......1.... none offering River Plate, wethers, light : % River Plate, heavy 75-8 River Plate, ewes nono offering LambCan tcrbury, light 7* Canterbury, seconds 73 Canterbury, niodium 7*} Oanterbury, heavy L 73 Southland n. North Island, ordinary ... none offering North Island, selected 72 Australian, best none offering Australian, fair uouu olterlrit; Australian, inferior nono offering River Plate, first quality none offering River Plate, seconds ...... none offering Beef- ■ . Argentine, chilled fores 6a Argentine, chilled hinds — ' N RABBITS. Rabbite—Market quiet; prices unchanged. LONDON MARKETS. (Roc. January 16, 5.5 pjn.) London, January 15: Wheat— Chicago May options, 1275 cents to 1263 cents; July options, 112 cents to 120 cents. „ , Jute.—Native first marks, February-March shipment, £30 per ton. Copra— January-February shipment, £35 ss. to £35 103..-per ton. Ontt-on— January-Fobruary- ship.mente, 7.84 d. per lb. New Zealand Hemp—Strong; large business. January, March, and May shipments, £41 15s. , Rubbev.—Hard fine Para, 3s. 7d. per lb. j plantation, 3s. Bd., 3s. 6d.; smoked sheets, 33. 7Jd„ 3s. 5Jd. Quicksilver —£16 13s. 6d. to £16 lbs. pelbottle.