COMMERCIAL ITEMS

Dominion, Volume 10, Issue 2932, 18 November 1916, Page 12

COMMERCIAL ITEMS

INVESTMENT SHARES. The quotations for investment shares yesterday were as followUuycrs. Sollers. Bank N.Z. (£3 6s. Bd.) .... 11 i 6 £ - d ' Loan and Mercantile ' (pref.) _ . 78 n n N.Z. and K. Plate _ 210 Well. Invest. T and A. . — 0 10 9 fl ell Trust, .Loan, Ltd. . 6 10 0 6 15 0 Well Gas (£10) 14 10 0 15 0 0 well. Gas (pref.) 0 18 6 — Gear Meat (£1) 4 10 0 — Union Steam (ord.) 2 ,5 9 2 5 0 union Steam (pref.) 117 — Hnddart-Farker (ord.) ... - 15 0 Leyland-O'Brieii 13 0 — Auck. Trams (ord.) 0 19 9 _ N.Z. Drug 2 7 6 —' Golden Bay Cement - 1 0 0 TRADE EXPANSION. In spile of the German submarine's the expansion in the trade of the United Kingdom goes 011 remarkably. During October the imports of merchandise gained £13,318,970, and the exports 01 merchandise increased £13,246,972, of which latter £12,«6,283 was the increase under United Kingdom merchandise. During the first 10 months of the year tho imports into VfiSc SPiiS d ? m S d °i 11 have amounted to Sinrt 51 '™ 8, 'lowing <"i increase of £73626,804, as compared with the correspond™E months last year. The exports of United Kingdom goods have reached £424 - 044,191, a gam of no less than £108 983 540 0r.34.6 per cent., while tilt reexports' of "MJ colon . lal Boods have amounted to £84,538,401, an increase of £1,755,882 The exports of British goods this year bid fair to equal in value those of the record year, 1913, when there was no war SHARLAND AND CO., LTD. ANNUAL JU3ETING OF SUAREIIOLDEItB. The annual meeting of the shareholders of .Shavland and Company, Limited, wus held- yesterday at the registered office or the company m Dixon Street. ill- W Watson, ohairmau of directors, presided The report and balance-sheet were adopted. Tho. chairman, addressing the shareholders. 111 submitting the motion made reference to the loss by death of Mr. Martin Kennedy. "I think it i s fitting," said Mr. Watson, "that on this wcasion-thi first meeting of shareholders after {\r Kennedys Ueath-I should say «. word'or two by way of respect to his meinorv t/i record the valuable- services ho renoered to this company Original shareholders will remember that under the old -wi ministration the position of tho former company fell so low that the shares were all but valueless. Mr. Kennedy was ont of tho foremost of those who a new state of affairs, and it ,SfS ly duo to his.breadth of view anVfort sight that tho reorganised business -it taiucd the standiug and goodwill it h'-is to-day. The increase in the items or stock, as compared with last balanco " Mr Watson continued, referring t 0 the nf fairs of the company, "has. been caused by the greater ease experienced in obtaining supplies, and also by the hieher prices. The management is careful to seo that 110 increase of stocks beyond what is necessary shall tako place under present circumstances. Tho doDreni-itwi written off is wholly on account oTrtait " Oivmg to the rise of value in lxronertv tho froehoM and leasehold properties at the company are worth Way consider' ably more than what they stand at in our books. Owing to the steadily-contin-ued progress of the company, a consider, able amount or ordinary profit ranks for tax purposes as 'excess profits,' and consequently our income-tax this year will lw> very heavy.- Wo have not passed on the oxcess taxes to our customers, but in stead have recommended that a sufficient balanco bo carried forward to meet them This, of course precludes an addition to the reserve fund on this, occasion? ft otflcr words, what in our usual practice would go to augment the resorvo fund goes to tho Government instead of to the shareholders, and wo assume that in the circumstances it will not be grudged." , Tho balauco-sheet carries with it the payment of dividends amounting to Is per share. Threo directors for tho year wero elected by -tho meetxng-namoiy, Messrs. W. Watson (who retired by effluxion of time,

but was eligible for Te-oloction), A. E. Mabin, and. A. A, C'orriean. Messrs. A. S. Hies (Wellington) and Alexander Grlereon (Auckland) wero re-clectcd auditors for tho company lu tiioso tontros. It was decidcd that tho remuneration of directors bo raised from JC4CO to £500 for tlio current year, and to remain at that figure until otherwise determined, by a full meeting. Tho officers and staff of tho company were by resolution accordcd tho thnjiks of the shareholders. southern icakketi?. By Telegraph—Press Association. Christciiurch, November 17. Tho wheat market is very linn, as thero is a. keen demand, -which, comicctcd with the fact that supplies are difficult to obtain, makes the position acute. Tho rise in tho price of wheat has brought it above tho lovel of tho prico of flour, and millers consider there should be aji advance in tho latter. Tho keen competition in the flour market evidently prevents this being taought about, 'i'hero is practically no wheat held in merchants' stores, and very little is coming forward from growers. There is no cliango in oats, but thero has been a, llttlo more inquiry for chaff. The potato market iB Bomowhat easier, and tho prico is just what growers can obtain. FIiOZEN MEAT MARKET. Messrs. Gilbert Anderson and Co. (Messrs. Mellsop, Eliott and Co., Palmerston .North, local agents) report on the frozen meat market, under date London, September 22, as follows:— ' Another heavy arrival of 68,000 sheep and <2,000 lambs from Patagonia, coming to hand before the last two steamers aro cleared, has necessitated, owners taking reduced prices to sell tho goods, wethers being obtainable as low as 7Jd., and lambs 81d. G-overnment-controlled ewes, therefore, are rendered difficult to vend at 85d., and a reduotion of id. for those and wotlicrs has been arranged for next week. Lambs, however, will remain unaltered, the trade still being able to readily absorb tho increased quantities. ADVICE OP MEAT SHIPMENTS (TO U.K. ONLY). Froz. Froz. Froz. Oh'll'd Mutton, lamb. beef. beef. August, 1916 ... 383,126 351,386 640,655 82,000 August, 1915 ... 672,000 622,000 396j3C0 90,000 SHIPMENTS DURING SEPTEMBER (AS FAB. AS ADVISED). Australia — — 119.6C0 — New Zealand ... 171,930 113,593 37,714 — South America 88,000 35,000 154,000 31,000 259,930 148,598 311,314 31,000 Sept., 1915 481,500 385,500 454,400 97,000 MARKET PRICES FOR WEEKS ENDING: Sep. 22 Sep. 24 Sep. 15 1916. : 1915. 1916. Home-grown- d. d. d. d. d. d. Beef, sides 81-103 8- 93 8 -105' Mutton, wothers .... 10J-13J 81-101 10 -12J Mutton, owes 9-10 7}- 7ij 8i- 9 Mutton, Dutch BJ-101 Nil" 8 -10 Mutton, tegs 111-121 91-105 11J-121 iLeimbs 10J-13J 9 -11 91-131 Veal, best 11 -13 9 - 91. llj-12 Pork, best 121-14 101-11 12 -1J Frozen: Mutton— IMS. wethers 8g 73- 7 5i <!W ™ 8i ' 61 8 * S. American wel-h----ers 8- 7J 6;- 6 8.1- 8 Lamb, N.Z -... 91 84- Vi % Lamb, S. American 91- 81 7i- 7 91- 9 Pork, U.S.A 51-11 7?-81 9'-101 ChilledArgentine. ox fores and hinds 74- 73 5-61 71-9 BANK OF ENGLAND RETURN. Australian-New Zealand Cable Association. (Kec. November 17, f1.5 p.m.) London, lyovember IG. Tho Bank of England return issued for tho week ended Wednesday, November 15, is as under:— Issue Department. Note Issue i 72.978.000 Gov. debt ... £11,015.000 Other securities 7.434,000 Gold 51,529.000 £72.078,000 £72,978,000 Banking Department. Proprietors' Gov. securicapital £14,553,000 tics £42,188,000 Public de- Other seenriposits ... 53.735.000 ties 106,234,000 Other deposits ...114,925,000 'Notes 36,034,000 Rest, 7-day and other bills ... 3,-237,000 Coin 1.017.000 £186.153,000 £186,453,000 The leading items of the Bank of England return afford the following comparison:—■ This week Lost week Lastyear £ £ £ Bullion 54,520.000 54.560.000 53.413,000 Reserve i. 38.031,000 37.773.000 39.006.000 Note Circulation 36,894,000 37.171i.000 33,014,000 ■ Public Deposits 63.738.000 51,597.000 60,182.000 Other Doposits 114.925,000 112,252,000 91,676.000 Proportion of reserves to liabilities 22.55 24.9.0 27.49 GOVERNMENT SECURITIES. The following are the latest quotations for Colonial Government Securities in comparison, with those ruling last week:

MONEY MARKET. Tlie Bank of England discount rat© was on January 2 1914, reduced from 5 to 4» per cent., on January 22 it was reduced to 4 per cent., and on January 23 3 DCr cent On July 30 the rate was raise*tf 4 per cent,, and on July 31 it was raised to 8 per cent., and on August 1 it was further advanced to 10 per oent. On August 6 the rate was reduced to 6 per cent., on Auetm? 7 it was further reduced to 5 per cent on July 13. 1916, it was raised to 6 per c6Dt - , . OPEN MAEKET BATES. The open market discount rate for three

. months' bills- is 51 per cent., as compared with 6} per cont. iast week, and 5j per oent. last year. Short loans are quoted at 5 per cent., as -against 5 ipor cont. last week and 4 3-8 per cont. last year. COLONIAL AND OTHEB. PKODUOB. Butter.—Very firm, with limited supply. Danish, 2205. to 2225. 'Now Zealand, nominal. Choicest Australian, 2045., 2065.; Tinsalted, 2085., 2105.; secondary, about 2COs.; milled, 108s.; Argentine, salted 2005., nnsaltcd 2065. Ohecse—Small supply. Hand-cured Canadian, 1225., 1245. New Zealand, nominally 120b. Sugar.—Unchanged. Bradford Wool.—'Market excited and disturbed. Topmakcrs are unwilling to sell, oiid business is very limited. Mean quotations ; Sixty-fours, 61d.; super sixties, 60d.; common sixties, S9d.; fifty-sixes, 45Jd.; fifties, 36id.; forty-sixes, 31d.; forties, 291 d. ■ Wheat.—Firmer, no cargoes offering. Hour.—Easier; hand-to-mouth business; awaiting developments. Oats—Firm. Sew Bahia Blanco., ox quay, 445. Peas and Beans—Firm. THE METAL MAE.KETS. Copper.-Spot, £134 15s. per ton; threo months. £1305.; electrolytic. £153 10s. Tin.—Spot, £189 2s. 6d. per ton; threo months, £190 17s. 6d. Lead—Spot, £30 10s.; three months, £29 10s. Speltcr.-Spot, £56 155.; three months, £54 ss. Bar Silver.—34d. per oz. standard.

I Variation i • Stool* compared Price. with | last week. 2i% Imperial Consols 1 ii „ War Loan • oi ,5 n Unchanged • as „ War Loan 5} „ Unchanged 4 „ ff.S.W:W33 Jan-July jg ,? S Unchangod 3J „ N.S.W.1930-50 Mr.-Sp 5f ,, 32/6higher . ii „ N.S.1V. Early Curr. IS 1 " S Unchanged 3 „ H.S.W. 1925 Apl.-Oct '* ° 9 2/6 higher 4 \ Vfc. 1920 Jan.-July n? n n Wower 3J„ Vic. 1921-6 Jan.-July £ " n os J" eher ii „ Vic. 1920-1949 K J° „ 5?J,°. wer 3 „ Vic. 1929-49 Jan.-Jly ■ SS 2 g{f lufilier 31 „8.A. 1916 Jan.-July So 1 ? n 2/6 higher 3 „ «.A. 1916 Jan.-July I „ 0 i'Mi" 4 „QTd 1915-24 Jari.-Jly ™ 2 2 5s higher 3J » Q'l'dl922-47 Jan.-Jly SjS.g S?? hanged 3 „QTd 1922-47 Jan.-Jlj M O 0 ri?™', , 4 „ N.Z. 1929 3Tay-Nov. gj S X Unchanged 3j„JT.Z. 1912-40 Jan.-Jly « 0 0 E w S? ged 3 N-Z. 1920 April-Octf 3 ??„ h & r 3i„V.A. 1915-35 My-Ny 74 5 Kjjf 3 „ W.A. 1915-35 My-jN T ov 70 0 0 5,' 2 i 3i„Tas. 1920 Jan-July 72 15 0 6s lower f i Tas 1920-40 Jan.-Julj 66 2 6 0/6 higher' |