COMMERCIAL ITMES

Dominion, Volume 9, Issue 2674, 21 January 1916, Page 10

COMMERCIAL ITMES

INVESTMENT SHAKES. No . bnsiness was done in investment snares yesterday. The quotations were as follow:— . Buyers. Sellers. £ s. d. £ s. d. Bk: N.Z. (£6 13s. 4d.) 16 0 0 - K.'/j. and River. Plato 2 0 0 Well. Invest. T. and A ... — 011 0 +Well. Trust, loan, Ltd. — 7 5 0 A'apier Gun (£s) — 9 0 0 National Insurance 2 6 3 — ' N.£. lnsurancs — £ 6 0 Gear Meat (£1) 4 0 0 4 5 0 N.Z. Shipping (ord.) 18 0 & Union Steam (ord.) 14 9 16 0 Well. Woollen (ord.) 5 10 — Well. Woollen (prof.) 3 7 6 —• Wcstport Coal — 18 0 N.Z. Drug — 2 5 0 Ward and Co. ;.. 5,15 0 — Crown Brewery — 115 e tOum dir. . Customs duty collected at the port of Wellington yesterday amounted to £2631 Z5.,70. . /

P. AND O. STEAM NAVIGATION. Tile report of the Peninsular and Oriental Steam Navigation Oomjpajiy for tho year ended September. 30, 1916, states that the result of .operations, after malting allowance for. depreciation and contingencies, and bringing -the provident good service- fund up to £150,C00, which is the company s actuarial liability, shows 0. balance of £499,863, which includes £68,703 brought forward. The, directors propose to divido tins amount as follow-s-.—5 per cent, dividend on the preference stock, £152,000; 10 per cent, dividend and 5 per cent, bonus on the deferred stock, free; of income-tax, £269,681 (of which 2| per cent. 011 Preferred stock and 5 per cent, on deferred stock was paid as GiQ interim dividend in May last); and to carry forward £78,182. Notwithstanding the fact that a large number of the comtpaiiy's steamers was commandeered by Government for war purposes, and that 31 of the sJiips arc still in Government service, 110 mail departure has had to be abandoned, and the services -were satisfactorily. maintained, though at much extra cost. The freight market ruled high during the last nine months of the year, but the company did not thereby benefit to any extent, its steamers for the most part "> being necessarily restricted in cargo capacity, owing to the high' speed required by the mail oontraet and the large space occupied • by mails and parcels post. . The amalgamation, with the British India Company is working satisfactorily. Economics, as well as advantages to the public, are being, gradually introduced. A nori-oon-tributory pension scheme has been inaugurated for the commanders and chief engineers, involving, with existing pensions, an actuarial liability which has been provided for. by the addition of £100, GOO to the Provident Good Service Fund. A banking system for all the employees, afloat and ashore, has also been , established, which appears to be appresiated. The directors regret to have to record the wreck of the Nile In the Inland Sea of Japan on January 11, and of the Nubia", near Colombo, on June 20, happily without loss of 'life in either case. They have also to report, with great regret, that the India, requisitioned by Government as an armed cruiser, wo 3 destroyed by an enemy submarine on August 8 laat. In this cai>e the vessel was manned by a Government crew, and there fffts, unfortunately, considerable loss of life. The loss of tie Nile and Nubia falls on the company, but in the case of tho India, she having been entirely taken over by the Admiralty and out of the company's charge, her loss fafts on->the Government. Two of the oMer gteamors, Arcadia and Oriental, have been sold. The expense of working, maintaining, and running tho steamers has increased' enormously o.wing to the advances in Avage3 and to higher prices ,of stores and coal, while delays in loading and discharging at all porta, have lengthened the duration of voyages, still further' adding t« tho cost. The rates of charter for vessels commandeered by the Government have been very moderate, ship- ; owners having displayed a patriotic dispo-1 sitiou to assist tho Government in the ' pre&ent great emergency. Tho insurance ugain3t -war ri3k has involved a premium lof over £250,000. The company, like most j institutions, has suffered a serious loss : through the fall in value of the securities in which its reserves are invested. It is difficult to say what the depreciation is in the absence of a free market, b.ut it amounts to* a very large sum, the greater portion Having been caused by the war. There has been no opportunity to lay down new ships in the past twelve months, and tlie two mail steamers whi'ch are under construction, and which in the ordinary oourso would have been delivered this au'umn, will not be completed for some considerable time. Instead of investing tho amouuts set aside for depreciation in new tonnage, as would have been tho case in' normal circumstances, the directors have placed them, together with the .proceeds of certain securities which have been sold, in the Government W*r Loan and Treasury Bills. Sir Thomas Sutherland retired from the board' at -the end of last year, when Lord Inohcape was elected chairman. The board places on record its high appreciation of the scrrices rendered by Sir Thomas to the, company over a period of upwards of 60 years, during 34 of which he occupied the position of chairman.

HIGH PRICES FOR BRITISH SHIPPING. As a remit of the sale o£ the six vessels hitherto belonging to the Dowgato Steamship Company to the Belgian firm of Messrs. Brys and Gylsen, tho directors of the English concern are able to make a return of £2 cech on the whole of their £1 shades,, leaving the holders still in possession of their security, upon which they will receivo interest at tho rate ot 5 ncr cent per annum, pending the formation of a new company, states the "Financial Times," As the capital of the Dowgate Steamship Company is £150,000, the natural inference is that the six vessels, which vary in sisso from 3000 to 4000 tons, have been sold for an aggregate sum of over £"300,000—say,. £15 per ton—notwithstanding that the majority of the boats were by no mea.us new. Such torms arranged may bo regarded as very satisfactory to the veudors and as illustrating tho extraordinary height to which shipping values have risen. Although this is the biggest transmotion Ql Ha Kind o< there have been a larw jwab&r of smeJlfic ao#s oj a simi*

)ar nature, and it has boon no uncommon thing to find vessels which are not entitled to rank higher than as "serviceable" changing hands at between £12 and £20 per ton, which is, of course, an altogether phenomenal level, seeing that, in normal times, they could all be replaced at a cost of £8 or £9 per ton. Things being as they are, however, it is becoming more and more apparent ovcry day that the amount of tonnage available for ordinary commerce io utterly inadequate, owing to tho large number o£ boats which; have been chartered for Govcrnmeut work.' Precisely what will be tho position when the war is over aud the Allied Armies have been restored to their homes, it is difficult to forecast, but ono would imagine that thcro must at least bo a ■ heavy decline in freight rates. Nevertheless, • experienced shipping men a-re conducting their operations on a basis which appears to ignore this contingency, and it must, therefore, be inferred that, no matter when the war is brought to a conclusion, the Government will still requiro some 25 or 30 per cent, of tho British mercantile marine for a very considerable time, even though, eventually, someone will havo to bear tho brunt of a very awkward slate of affairs. For the present, however, nothing can disguiso the fact that shipowners with tonnago for sale can command almost any pri'ce they like.

LONDON WOOL SALES. The Department of Agriculture, Industries, and Commerce, has received the following cablegram from the High Commissioner for New Zealand, dated London, January 19, in regard to the oponing of the London wool sales:— The wool sales commenced with great competition for all wool, especially crossbred. The supply of New Zealand clip is very small. There was not sufficient offered to;day to test the market. Values are Jd. higher than the closing rates for last sale. An upward movement is very likely to continue; 17,800 hales o£ New Zealand ■wool were catalogued. The estimated values given by the High Commissioner in his cablegram on the last wool sales are as follows:—Superior merinos, Is. 6d. to Ib. 9d.; medium merinos, Js. 2d. to Is. 3d.; inferior merinos, lid. to Is. Id.; fine crosabreds, all grades, Is. 7d. to Is. 9d. : medium ditto, Is. sd. to 16. Bd.; cbarso ditto, Is. 3d. to Is. 6d. The Bank of New Zealand has received the following cable advice from its London office, dated January 18;—" At the wool sales merinos are par to 5 per cent, and slipes are sto 7J per cent, dearer.. Crossbreds were unrepresented at to-day'e offerings." Messrs. Murray, Roberts; and Co. yesterday received a cablegram from' their London friends, . Messrs. Sanderson, Murray, and Co., under date London, January 18, as follows:—"Wool sales have opened. Merino combing, good, advanced 5 per cent.; other descriptions show no change. Slipes have advanced 5 per cent. Crossbred greasy, none offering." Messrs. Dalgety and Company, Limited, report having received the following cablegram from their London house, under date January 18:—"The sales opened with a large attendance of buyers. There was a good selection of merinos, and competition was animated. Prices, as compared with the close of the December sales, for good combing merinos are 5 per cent, dearer, whilst other sorts are unchanged. Greasy crossbrede were not represented; slipes are 5 per cent, dearer. I '' The New Zealand Loan and Mercantile Ageucy Company, Limited, have received .the following cablegram from their London house, under date January 18:—"The wool sales opened on January 18 with a strong market. As compared with December 23, merino greasy is par to 5 per cent, higher, while scoured as well as crossbred slipe -are 5 per cent, to 7£ per cent, higher. Greasy and scourod crossbrods are barely rcpreMessrs. Levin and Co., Ltd., have received the following cable advice from their -London agents, dated London, January 18:"Wool generally advanced 5 per cent, at the sales now current." The United Farmers' Co-operative Association have.received the following cablegram from their London agents, under date January 19:—"The first series of-1916 wool sales commencod yesterday; largo atr tendance of buyers. Prices for all crossbreds were higher by from 5 per cent, to 10 per cent., compared with closing rates of previous sales." Messrs. 'W. and G. Turnbull and Co., Ltd., report having received the following cable message from their London agents, under date January 18:-"Wool 6ales: Slipes advanced 5 to 7J, per cent.: greasies not represented." Messrs. Johnston and -C-0., Ltd,, have received a cablegram from their London agents, under date January 18:—"Wool sales have opened. Crossbreds advanced 5 per cent. Merino combing advanced 5 per cent. Other descriptions unchanged. The New Zealand Farmers' Co-on. Distributing Co., Ltd.. have received the_ following cable advTct iroHr . their London agents:-"Wool sales opened; greasy,merino 5 per cont. to 7ji per cent., crossbred /* per cent, dearer; brisk "Competition." SYDNEY WOOL SALES. By Telegraph-Press Association -Copyright (ltcc. January 20, 11.55 p.m.) Sydney, January 38. At the' wool sales a bettor selection was offered of greasy crossbrods, and prices were- harder; Merinos fetched full opening rates.

WHEAT. London, January 19. The American visible supply of wheat is 172,897,000 bushels. Chicago May options, 129J cents to 131S cents; July options, 1213 cents to 125 cents. (Rec. January 20, 11.55 p.m.) London, January 20. Wheat is firm. Sellers are asking from 3d. to Is. advance. . TALLOW SALES. (Rec. January 20, 10.30 p.m.) London, January 19. At the tallow auctions 196 casks were offered and 146 sold. Mutton, fine 555. 9d., medium 505.; beef, fine 535. 3d., medium 495. AUSTRALIAN MARKETS. (Rec. January 20, 10.30 p.m.) Sydney, January 20. Oats, Chilian 2s. to 35., local 2s. lid. to 35.; maize, South African, 6s. 4d. to 6s. 6d.; potatoes, Tasmanian old £10 to £13, new £15 to £16 10s.. American £14 to £15; onions, old £2, now .£3 10s. to £4. Adelaide, January 20. Flour, £12 106.; brail, 10£ d. to lid.; pollard, Is. 3d. to Ib. 4d.; oats, 2s. 2d. MELBOURNE HIDE SALE. (Eec. January 20, 10.30 p.m:) Melbourne, January 20. At the hides sale there wero moderate snpplies. Heavy and. medium sorts wero very firm, lighter sorts favoured buyers. MINING NEWS WELLINGTON SHARE' MARKET The mining market was again very quiet yesterday, and no' transaction's were recorded. The Quotations wero as uMlcr Buyers. Sellers. £ ». d. £ s. d. Waihi 1 16 0 - Grand Junction ~ 10 0 Dominion Developing ... 115 0 — ■ STOOK EXCHANGE. By Telegraph.—Press Association.. Auckland, January JO. Bale on 'Change Auckland G«s, 309? ROSS GOLDFIELDS. . Tho return from the Ross Goldfielde Is:~ 220z. 7dwt. oi gold from 350 trucks.

An experienced shearer, who has worked in a wide range of sheds this season, informs a southern exchange that the wool is light this'year, owing to the quality of yolk—the oil in the wool—being insufficient to provide grease for the clip as well as for the animal's own requirements. The yolk is therefore on the skin, of the sheop instead of in 'the wool. The higher prices would just about make up for the loss of weight. Then, again, the staple has been injured in many instances through.the sheep being-short-fed at some stage in the growth of the wool. The '"break" appears in the staple and reduces the quality of the wcol.

Never has tho demand for clear-headed constructive thinking in business been bo urgent as it is right now. We are living in a progressive age, and must take advantage of all up-to-date methods. It is in Ravings from waste of any description that money is made to-day, and by concentrating one's efforts on all details of our business we claim to be able to produce results for our many cream suppliers. AVe want more cream. Can you supply us? Further particulars, Wanganui Fresh Food Co.—Advt.

There has been a trreat demand for the celebrated Victor ohewe vat during the past few months; anyone requiring new vats are urged to write immediately to the maker, aa material is extremely short. Albert J. Parton, Carterton.—Adri. The highest- inn in England is the Tate Inn, perched at the summit of the Pcnnincs, at an altitude of 1727 ft. It is calculated that, within a depth of four thousand feet are still over loo,ODO|Ono,ooo tons ol cxjal Isft lu the