COMMERCIAL ITEMS

Dominion, Volume 9, Issue 2690, 9 February 1916, Page 8

COMMERCIAL ITEMS

.... . INVESTMENT -SHARES. Ia tho investment market yesterday sales wero recorded of Bank of New Zealand (new) at £16 10s., and Union Steam (ord.), at.JBl 6s. 6d. Both sales .were made on 'Oliange. The . Quotations were as follow:— Buyers. Sellers. £ s. d. £ s. d. Well. Invest. T. and A.... - 011 0 Well. Trust, Loan, Ltd.... — 7 10 ♦' Well. Gas .(£10) — 16 5 0 N.Z. Shipping (ord.) 18 0 0 . — Union Steam (pref.) 10 9 Well. Woollen (ord.) 5 2 0 — Well. Woollen, (pref.) 3 8 6 — Westport Coal 18 0 — Ward and Co.- 5 10 0 — . ♦'Cum div. WELLINGTON GAS CO.. The directors, of the Wellington Gas Company report ta-at tho manufacture of gas was oniy. slightly larger than fur the previous year,-1914, when the increase Jiaa been'-unusual." No doubt the absence of substantial growth is duo directly to tho war, which lias affected the company defeteriously iii .other directions, owing to tie increase oo&fc of materials and the scarcity of labour. For this latter reason, aud as there is hot any prospect at present of selling the land, the dismantling of tho old city works has not been completed. In order to provide for the abolition of the old works, valuations of the fixed assets, been made upon a fair and prudent basis—the land being assessed •at the Government unimproved value of i£61,401 vin place of that at which it had stood, in, the books of tho company, £17,279;- and the. directors have, on such valuations, decided to .write a further sum of • £50,C<00 the item, "Immovable property." :At . the end of the year IVOS the board transferred the \sum of £12,3(16 (premium capital.received on the previous issue of shares) to a "reserve account." It has been deemed desirable to retransfer this - amount to the "premium capital account," which now stands at £42,999 10s. 7d., leav.ftig available in the "reserve fund" for writing down purposes tho sum of £12,694. It is proposed to add thereto the "works extension, reserve,"'£3o,oQo; the "old works dismantling account," £4219 ss. 6d.; amount •credited to, "old .works dismantling account" during 1915, £174 19s.' Id.; and to ' take from the "profit and loss account" the sum of . £2911 155. : 5d., thus making the amount to be written off £50,000. The writing-down of so large an amount is in. completion of the policy of the directors and shareholders in past years in making provision for tie inevitable obsolescence of the manufacturing plant % 'Owing to the exceptional conditions existing the board has authorised - only absolutely necessary extensions. The length of new mains laid' amounted to & mile, raising the total, length of mains to nearly 131 miles. At'the end of-the year thero were 15,140 metres in use; 466 services were laid during'the year, and 831 cookers fixed in. the district served by the company, as well as, 292 ! bath-heaters. . "Tho half-yearly dividends on \ the 5 per cent, preference shares were paid as usual "in June and December, and an interim dividend at the rate of 5 per cent., free . of. income tax, was paid in August last on the ordinary! shares. The directors recommend the payment of a further dividend of 5 per .cent, on the ordinary/shares, less the amount of income tax paid thereon of 2s. Bd. in tho pound. This deduction of income tax-is deemed prudent in •view of the . changed conditions arising thTough tho war. * ' The "profit and lass account," after payment 'of the interim dividend in. August last ; on ,the. shares, and the dividend on the preference shares for the year, and the transfer set out above; shows a •.balance-.of £32.028 12s. 7d.; from this it is proposed to' dcclare a dividend that will absorb £10,214 :9s. lid.; leaving an amount to 'be'carried : forward-.of £21,814 2s. Bd. /Messrs.' O. P. Kmght and D. -T. Nathan are the retiring directors by rotation, and, ,beln T eligible, offer' themselves for re--e3ection<. • • • 1

WHOLESALE PRODUCE PRICES. Messrs, Laery and Co., Ltd., Allen Street, report wholesale prices as follows—Fowls' wheat, prime, fo. 4d.; fowjs barley, 55.; Gapo barley, ss. 9d. ( ; feed peas, prime, ss. 6d.; good, s*. 3d.; partridge peas, 6s. 3d.; maize, feed, 6s. 2d.; seed, 63. 6d.; oatensheaf chaff, £6 5s pea* ton, sacks in; meadow hay, £4 10s. to £7; flour, in sacks, £14 55.; oatmeal, £20; bran, £6; pollard, £9 155.; rice pollard, £7 ICk.; onions, £5 to £6; potatoes, £7 to £8 IDs.; bacon, tides, lid.; rolls, 12Jd.; hams, Is.; shoulders, BJd.; cheose, B]d,; linseed k nuts. 13s. 6d. LARGE AUSTRALIAN STOCKS ARRIVING. Southern (New Zealand) flour is quoted at £13 10s. f.0.b., and the indications arc all in favour of a decrease at an early date. The New Zcale.nd millers who hold stocks will naturally hold out for tho higher price 05 louir as possible, but iho pressure from without is likely to knock the price down a little shortly. This ; t pressure is the large importations of Aus- ! truiian flour that are being made. This flour is being landed in Wellington (duty paid) at £13 15s. per ton, as against £14 I ss. > (in Wellington) Jror southern flour, winch position cannot bo maintained for long, Australian flour in general being favoured by bakers over our own product. Tho same .argument attaches to pollard. Australian is being landed hero for £8 Iss. per ton, whilst £9 ss. is being asked for the New Zealand article. American (Canadian) flour, which proved so. popular, is not now being imported owing to its firm price, and the uncertainty of the shipping arrangements. There is little doubt that the big consignments of Canadian flour received last year had a steadying ciTect on tho market. Makers found it a fine flour to blend with our own, and could they obtain supplies, are, in some cases, prepared to pay £1 ner ton more than for - local flour, as it goes further—produces more loaves to tho ton. INDUSTRIAL BA2?K OF JAPAN. Industrial Bank of Japan,' an institution run under Government auspices, in which British investors have an interest both as holders of its bonds end shares, __uid very well in tho six months . ," une . 50 last. Yet conditions are officially .said to have been unfavourable . for banking in Japan, the 1 European war having entailed a low rato for money and the non-employmout of largo fund a. The gross profit for the..six months amounted to £295,590, as compared with £266,530 in the .corresponding period of 1914. The board has written down national loan bonds owned by the bank by£12,340, transfeiTed £5930 to the reserves against losses, ana £1500 to dividend equalisation reserve, after which the company pays dividends at the rate of 6i per cent, per annum, and carries forward £7670. A year ago Iho dividend was the same, but other allocs tions were smaller. AMERICAN IHOX AND STEEL. # That a shortage" of iron and el-eel exists in America, owing partly to the enermoudemand caused by contracts for the Britlsb and French Governments, is undeniab'e, and to a certain extent the previous advance in prices on both sides of the Atlantic is justifiable. Unprecedented quotations which wore current a few weeks ago would, however, appear to have been very largely the 'result of rumours circulated by scaremongers. Of these, the one wh'ch gained the most notoriety was that the American. Government was about to forbid exports or iron and steel until further notice, in view of the fact that largo quantities of metal are required in the United States in connection with the construction of new battleships destined to fly tho Stars and Stripes. Work on these vessels is undoubtedly being pushed forward as rapidly as possible, but there does not appear/to be any intention on the part of tho American Government to interfere with trading conditions in order to launch new battleships, built at un-heard-of cost, a few months earlier than would otherwise be tho ease. It is stated, moreover, that the authorities at Washington recognise that it is to the interest of the country to facilitate exports of iron and stool. It may bo taken for granted that, iron and, steel exports will continue to flow freely across the Atlantic towards tho United Kingdom so long as rrices remain at tho high level' recently ruling. 8.1.5. N. COMPANY. The British India Steam Navigation Company, Lid., had at the close of the. year ended September 30, 1915, after making amplo provision for depreciation, an available balanco of £146,389, which was distributed as follows—Dividend of 5 per cent, on the preference stock, £35,000; dividend of 7J per cent, on shares, £71,790;- and a special bonus of 2i per cent, on shares, £23,930; leaving to be carried forward £15,669. The report states that tho company's rteamers havo ruu free of any serious accident-during tho year. Of the nino steamers building whioh were undelivered at the date of the last report, two— viz., Karoa and Ivarunga (renamed Karapara)—were delivered during the year, and th<j Ma.ndala has been delivered since accounts were, closed. The directors hope to get delivery of four steamers early this year. The board has granted r. bonus to tho employees afloat, and some further increases of pay, which lia.ve given general satisfaction throughout the fleet-. Customs duty collected at the port of Wellington yesterday amounted to £5482 7s, SOUTHERN PRODUCE MARKET. By Telegraph.—Press Association. Chrlstchurch, February 8. The wheat market is without change. • A few lines are offering, but buyers are not very keen to 'do business,, and are making purchases whore their own prices are acccptedA Growers are endeavouring to obtain more than 65., which is the limit buyers have fixed for the time being. Very few oats are offering, and the demand is not active. Oatsheaf chaff is also ratlier dull of sale, with little more coming forward. Tho onion market is easier, and £2 10s. iat country stations is tie ruling price. LONDON WOOL SALES. Messrs. Levin and Co., Ltd., havo received tho following cablegram from their agents in London, dated February s:—"Sales closed strong -all. round. Better class merinos, slipe, 5 per ce-nt. above opening rates." New Zealand Loan and Mercantile Agency Company, Ltd., have received the following cablegram from their London house, under date February s:—Sales closed generally firmer tha.n last telegram (January 27). Inferior scoured merino greasy cross'ored lambs, 5 per cent, higher. SYDNEY WOOL SALES. , By Telegraph—Press Association-Copyright Sydney, February 8. Yesterday's price was tho high& ft obtained for greasy crossbred in the market's history. ; METAL MARKETS. ■ (Heo. February 8, 7.10 p.m.) London, February 7. Copper, on spot, £97 10s. per ton; forward delivery, £97 55.; electrolytic, £128; forward delivery, £130 Tin, on spot, £180 per ton; forward de--'livery, £179 15s. Pig-iron, 89s. Id. per ton. Lead, soft foreign, on spot, £31 ss, per ton; forward delivery, £30 15s. Spelter, on spot, £89 per ton; forward delivery, £B*, Silver.—Bar silver is auoted at 27 l-16d. per ounce standard.