COMMERCIAL ITEMS

Dominion, Volume 11, Issue 120, 7 February 1918, Page 8

COMMERCIAL ITEMS

INVESTMENT SHARES. Yesterday's quotations for investment, shares were aa follow:— Buyers. Sellers. £ s. d. £ s. d. National Bank 5 4 II — Bank N.Z. (old) - 12 10 0 Hank N.Z. (new) - 17 8 0 .N.Z. Loan and Mer.Mord) 8.1 C C MOO Well. Trust and Loan ... 5 10 0 — Well. Deposit 0 7 0\ — Well. Gas (£10) - 12 0 0 National Insurance 3 0 0 3 10 iS.il. Insurance 6 0 0 — N.Z. Hefrigerating - 2 10 Gear Meat Co. (£1) 4 15 0 - Auck. Trams (ord.) 10 6 — Mosgiel Woollen — 5 0 0 Wsi'. Woollen (ord.) 6 15 0 - Well. Woollen (prcf.) 4 5 0 - Waipa Colliery — 0 18 0 Taringamutu Totara .... — 15 0 N.Z Con. Dental 12 6 - N.Z. Paper Mills 0 19 0 0 19 6 Kharland'e (ord.) 17 6 — Customs duties collected at the nort of Wellington yesterday amounted to £1426 15s. 3d. V. AND 0. COMPANY. The report of the Peninsular aud Oriental Sieam Navigation Company for the year ended September 30 show.* a profit of £705,295, alter making provision for depreciation, bringing the provident goodservice fund up to £200,000, and adding £50,000 to the contingent fund, bringing it to £500,000. With £85,329 brought forward there was available (£790,642, which the riireotora proposedHo deal with as follow:— 6 per cent, dividend on the preferred stock, £152,000 12 per Lent, dividend and 6 per cent, bonus on tho original deferred Mock, free of income tax, £486,664 (of which 25 per cent, on preferred stock and 6 per cent, on deferred stock was paid as an interim dividend in May last); 6 per cent, dividend and 6 per cent, bonus on the deferred stock recently created, free of income tax, £59,265. leaving £92,712 to bo carried forward. Debenturo stock to the extent of £106,300 was redeemed during the past 12 months, but the company retains the power to re-issue this. During the year the whole of the fleet not retained on Admiralty charter was taken over by the Ministry of Shipping at Blue Book rates, the earnings being for account of the Government. The company's fleet was reduced by several steamers during the year owing to enemy action. The loss of life involved was very smftll, thanks to the discipline observed. The two mail steamers which had been under construction for three years would ho shortly delivered, but they were being finished meantime as cargo carriers only. A contract had been entered into for the building of a largo mail steamer of 16,000 tons, but her delivery was very uncertain. In consequence of the requisitioning arrangements referred to above, the directors had agreed, as a temporary war measure, to restrict the service as from July 1 to a fortnightly line to and from Bombay. This, of course, involved a modification in the amount of the subsidy, which had been agreed with the Post Office. The mail service has been worked regularly, hut at a great additional cost. Since tho close of the company's financial year the directors had purchased the shares of the Hain Steamship Company, Ltd., which came into tho market owing to the death of the founder of the line, 'this fleet comprises somo 27 large up-to-date cargo steamers, with a gross tonnage of 108,787 tons, and the purchase-money, which will be in cash, will be provided by the company in conjunction with the British India Company. The British India Company has acquired the shares of the Nourse Lino, whicli owns six steamers with a gross tonnage of 23,496 tons. The vessels are of recent construction, and were built specially for service in tho tropics. The Nourso Line has a valuable trade in the East, which will, work in well vJith the British Indian . services.