COMMERCIAL ITEMS
INVESTMENT SHARES. Thero were no transactions in the invest--ment market yesterday. The quotations wero as follow:— Buyers. Sellers, ■o-' , n £ s. d. £ s. d. Bank 39 - 5 0 — Bank N.Z. (£3 6s. Sd.) ... 10 7 0 — Bank N.Z. (£6 13s. 4d.) ... 16 2 6 — tEquitabJe building ■ 915 0 — N.Z. and' River Plate 2 0 0 — Well. Invest. T. and A ... — 011 0 Napier Gas (£5) — 9 0 0 N.Z; insurance — - 66 6 Gear Meat (£1) ;... 4 1 6 4 5 0 Union Steam (ord.) 15 9 Well.' Woollen (ord.)- 5 10 — Well. Woollen (pref.) 3 7 6 — Westport Coal 17 3 18 0 Drug 3 4 0 2 5 0 W.F.O.A, ' (£5) — 6 10 ■{•Cum div. duty collected at' the port ol Wellington yesterday amounted to £2577 15s. sd.
DEPRECIATION OP SEOUItTIES. Discussing the effect of the war in re-g-a.rd to the depreciation of securities, an Australian actuary has informed the "Financial Times" that the general tendency of the rate of interest to rite will not he an unmixed blessing to life assurance companK '?V, because a needei adjustment of values will follow. The growth of Stock Exchange securities and the decline of mortgages aunng the last ten years, he points out, have been noteworthy. , In 1904 the percentage of mortgages to total assets was 275 per cent.; in 1914 it was 215 per cent, i , * ol< decline may be attributed .principally to three causes-(aj the natural limitation in so small a country geographically as Great Britain; (b) the higher.rate of interest returned liy other securities; and (c) tho extension of the investment field for trust moneys. Stock Exchange securities, which constituted 19 per oeiut. of the total in 1904, now represent 25 per cent, of tho total, and it is in these securities that most of tho depreciation occurs. British life offices f<rand that- th?ir securities had depreciated upwards of 7 per. cent, in 1914. But it may be questioned whether they will continue to - frill. Inconvertible securities, tho capital value of which is practically aif miction of the rate of interest. vriU dcclitio in value if we..assume, that money is. to bo dearer, but it is almost certain hicfliclass redeemable securities now at a discount ■will rise as the date of redemption nearer. Fortunately iox• Australian life offices, out of total assets ex* cceding £64,000,000 at tho end of 1914, only a relatively small sum cou/isted of marketr able securities, and of that sum the amount of. inconvertible securities—whose day it would appear i's over—was practically negligible, CHBISTGHXUIOH MEAT CO. .The -annual report of the Christchurch Meat Company, 1/t-d., with balance-sheet I ami profit and loss account for the 3<ear ended October 31, 1915, is as follows:— ' In spite of the difficulties attendant on the conduct of the business during last year, the output" from the various ! factories of the company m-b excellently '•l n wSTO in i? d ' J an ? tl }f s , atl sfaptory total of 1,(29,179 head of all classes of stock was dealt with .during the season. The directors, having decided that on extension of the companys business to-the North I&land was essential to consolidate and protect tho existing business of the com£&ny, secured a. most favourable site at wanganui. All contracts for machinery and buildings for these new. works have ocen let, and the erection is now being pushed on so as to be ready for next season s operations if possible. extraordinary conditions under which the trade is now being conducted have made a considerable increase in the Ctompany s South .'lsland l -storage capacity advisable, and large storage extensions have therefore been provided at Islington, and Bumside, which it i's oon- , (I??, y anticipated will obviate tho possibilities of a repetition of last year's congestion. Arrangements • have also been completed • during the season for the electrification .of Islington from the Lake Coleridge system, and ■ tho necessary alterations ore. now in progress. "In order to meet the growing requirements of the company's business, the directors issued debentures for £150,000, and these j on being placed on .the market towards the end of July were heavily oversubscribed within the Dominion before the allotment date. After making provision for, repairs, renewals, and alterations, the i?] a .? n ce < r 13 . * or - appropriation is £65,469. 15s. lCd., which the directors reoommend should be disposed of as follows--To pay. a dividend of: 4 per cent, for tho half-year ended October 31, 1915 (maliine 8 per cent, for the year), £6769; to ,pay o, ~n u^=St3. ?o r cent " 011 tho Paid-up cap!f i. k° sc oond subscription to Patriotic J'nnd (malting a total of £SMO to date), £3000; to add to tho General Astaurpmce IResOTTle .Acbunl,. £20,0)0; leaving an amount to carry forward of £50.624 o,=. lOd.
HIGK 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. January 22. (Ivote; Quotations, unless otherwise specified, arc average market on spot)!— . Meat.—The market is quiet, small business is doiiig owing to a continued loree supply of all descriptions of Home-killed selling at poor prices at present. Prices for frozen- meat are firmer owinz to a short supply. ° Mutton.—Canterbury, 7gd. per lb for light-weight; medium, 7sd.; other brands thau uanterbuiy -are not quoted. Ewes average price, 7d. ' • Lamb.-Canterbury, 7?d. per lb. for all weights; second grade, 7Jd. : other brands than Canterbury, 7Jd. for best quality; ordinary quality, 7Hd. Beef.—There is no New Zealand beef of any description at the market. Chilled hinds, 7Jd.; fores, 5Jd. Butter.—The market is quite at the decline. Danish, per ewt., 1565. to 1603.; Neiv Zealand; The spot market is baro owing to slow delivery from the docks. Thero is a good demand for any butter available at 1445. to 1465., up to 1485.; unsalted, 1565. to 1605.; flue, 140s. to 1425.; Australian, 140s. up to 1465.; Siberian, 1245. to 130s. j Argcntiao, 138s. to 1425. Cheese—The market is firm, -and prices continue to advance. Oaaa<lian white and coloured, 595. to 100s.; New Zealand, white and coloured, 985.; United States, Cheddar shapes, 965. to 905.; English Cheddar, 104s. to 1065.; Cheshire, 114s. to 118s. Hemp—The market is very firm, and is greatly affected by reports of freight shortage. The market is cxciled, and accurate quotations cannot bo given. Quotations are nominal. Ne-w Zealand good fair, per ton on apot, £45; fair, £43; !ilnn ila, new graded, fair, £55; coarse, £49; January to Marclj, shipment: Now Zealand good fair, £44; fair, £42. Tow: Second grade, £25. The uutput- from Manila for the week was 16,000 bales. Wheat.—The market is steady, and pri'ces are well maintained. There is a pood demand for forward delivery. Canadian. 011 spot, per quarter, 685.; January to March shipment, 675.; Australian, Januay.lo March shipment: Steamer, 655. 6d.; sailer. 645. Oats.—The market is quiet small business Is doing. Argentine, on spot, 31s. 6d.; January to March shipment-, 345., on account- of freight scarcity. Hops.—The market is uteady, with ID'flVod toWflft. ,WoQlrSW>»3 taiM ,
WOOL SALES. By Telegraph.—Press Association-Copyright mi London, January 23. The wool catalogued to date is 53,365 bales; sold 32,385. There was a. strong salo and keen competition, all classes hardaily. The following prices were realised for the fleece portions of New Zealand clips njamtxi]:—"Miiraotaka," t.o,p price 19d., averago 182 d.; "Christ-church" 21id., 193 d!'; •Piako" 21d., 21Jd.; "Ak-atio" 22d„ So|d. WHEAT AND FLOUR. London, January 2*5. wheat Is held at 3d. to 6d. advance. Sevnn thousand tons Aus'ti-ali'an April shipment Eold at 7s. for the Mediterranean. ■ Wheat and flour afloat totals 2,120,0C0 quarters; for the Continent, 2,530,C00. 'Atlantic shipments total 889,CCD quarters, Pociflc 22,000 quarters. Tile total for Argentina 22,000 quarters. Europe is 1,340,000 quarters, including The Bank of New Zealand has received the following cable advice from its London officc, dated January 22;—" Prices for greasy crossbreds compared with the close of last series are seven and a half per cent, dearer." Messrs. Murray, Eoberts, and Co., Ltd., have this morning received a oablcgram from their London friends, Messrs. Sanderson, Murray and Co:, under date January 21, as follows;—" Market very strong. Compared with close of last sales merino has advanced 5 per cent, to 10 pst cent. Best combing .is in strong demand. All crossbreds advanced 10 per cent."
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Dominion, Volume 9, Issue 2677, 25 January 1916, Page 8
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1,378COMMERCIAL ITEMS Dominion, Volume 9, Issue 2677, 25 January 1916, Page 8
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