COMMERCIAL ITEMS

Dominion, Volume 11, Issue 307, 16 September 1918, Page 8

COMMERCIAL ITEMS

|; .^.; a -; INVESTMENT ■■• SHARES. j A' Eale of TV'ostport Coal shares at Ms.' •9d;; was made on 'Change on Saturday; ! The Quotations-were as follow :— IV ','. ?uyeri : Sellers. '\ , . ./'• £ s. d. £ 8. d. National-Bank. 6 4 0: .6 6 0 Eiiuitablo (Building .- 9 0 0. — 'lliitropolitan Building ..111 1 - 'National', Mortgage 4-5 0 — ■. jLoan and Mercantile ... 87 0 0 — ■ ' N.Z..and River Plate ...118'0 ' - .Chrißtchurch Gas ..........,;.. ; '—' 517 6 National Insurance 3 2 0 ' — N.Z. Refrigerating ;....?... — ■ 2 5 6 HuddarlxParlter (ord.) ...236.243 Huddart'-Parker (pref.)... 10 9 —, P. and O. Def. Stock ;..,'- 405 0 0 Well. 'Woollen (ord.) .... 7.14 .0 .. . - Taupiri Coal .'.:..; — : • 1 0 3 Wcstpbrt- Coal 110 6 111 0 .TVestporUStoekton — -j 0 8 11 Waipa Colliery 0 15 9 0 16 3 Kauri Timber (335.) — 111 0 Lcyland-O'Brien 17 0 — N.Z. Drug .-. 214.0 ;N.Z. Paper-Mills 12 6 . -- . Well! Cordage -• 116 .Wilson's Cement 0 13 11- 014'6' 1 Customs duties collected at the port of Wellington on Saturday amounted to ;£I9CB 18s. Bd. -~-.. \ : , P.' AND 0.. DEFERRED STOCK.: : The demand for investment shares' has been very' pronounced for some time past; and while most shares have advanced Btcadily, the reverse, has been the case with P. and O. Deferred Stock, which'is', now held in the Dominion as the result of the merger of the Union S.S. Company. •When the Peninsular and Oriental Colonial Stock Trust, Limited, was registered with headquarters in Duncdin, and the transfer iof the deferred • Btock was thus rendered practicable, there werp transactions' in the stock round about i' 325. The demand was not very, strpug, ,ito'r. yet were holders anxious to quit at the then quotation. Very soon . afterwards there were, rumours of another amalgamation scheme,.'on. the part of the P. and 0. Company,: and various coni'panics wore, named as being involved, from the Huddart-Par-ker.Company to the Cunard Lino, and then' followed aetive gambling in the stock.' On August 9 buyers wern offering £335' for the stock, on August 12 the pricu was advanced, to £346;'on'August'15 t.n £356,-. and on August 19 a sale was made at £350. On August 2Z tlicre was a salo rit £358, and. on the following day three.' sales each at. £360 were recorded. Four ddyClater, on' August 27, a salo was re-port-id.- at £370. On September J. Trjyjrs woroi offering £370, next da.y tne bids wern £372, and. a <l«y later to £375. On September 6 a sale was reported at £382,t and on the d?.y following there was a. sale at. £125, an advance of £43 in twenty-four hours, and that too jiibL when Lord Inchcape, chairman ot me I'. and'O. Company, gave a flat denial to the rumours This denial was not known ■ in New ; Zealand iyitil the morning :f September 9, but in the meantime, there ivai'a declino in the value of the stock m the -London market. On Scptcinber'9 sellers'.in' New .Zealand were offering the stock at;'£42B. the next day the selling price was £415, on September 11 it had popped to £407, and yesterday a, sale wasmade at' £400. The tondon. quotation iropped to £445, on Lord-Inchaaipc's denial being.circulated, and the price has since'

dropped to £440 and £438. There was no obligation on the part of Lord Inchcape to make any announcement. nevertheless a good many holders of the stock have lost much money over the rumours. It docs not follow from Lord Inchcape's donial that amalgamation was not contemplated prior,, to tho ilato of his denial, for it is possible there were negotiations, and that they were broken off or suspended when he was able to make His denial. It i 3 difficult to say whether tho buying in New Zealand was on London account or Australian account, or whether 011' local account purely, but it is safe to 6ay that Stock Exchanges arc not easily agitated, and if tho truth .wero known, it is probable that some movement is, or was. in contemplation by tho P. and 0. Company. g» ■■ BANK OF -ENGLAND HETOfIN. Australian-Now Zealand Cable Association. ■:'■'• ' ; (liec. September 14, 5.5 p.rnl London, September 13. The Bank of England return issued for the week ended Wednesday, September 11, is as under:— IS6OK DEPARTMENT. Notes issued JE59,051i,01X) Gov. debt... £11,015,000 Other ficcuri-" Notes in ties' 7,434.000 , reserve' • 3J.436000 Cold 70.0J3.000 ' ■ • i-EB.IO-2.000 JL-68.492.00a BiXKixo Department. ; Pioprietors' ' Go'v.securi- . capital ...£14,553,000 ties ... £64,614,000 Public do- Other secmiposits . - 36.187.0011 tics 98,393.000 Other de- „,.,,,. ' i posits ...138.924.00U Notes in Best, 7-day reservo ../. 29,436.000 and other ■ Coin in bills ... 3.531.000 ■ resolve. ... ■ 662.000 £193,135,000" " • •■ ai»,13B.O0O The lending items.of the Bank of, England return afford the following eompari.son:-- '• '~'.■'.: .-.-;. '•'■■ :■'■''■ This week Last week. Last year> :...■■■■■,- £ , £ r \ £ 'Bullion ... 70,043.000 69.260.000 61,828,000■ 'ito'serve ' ... 30,09s,000 ; 20,785,001 32,152,000 Note Circulation 59,056.000 58.597.000 40.534.000 Public Deposits 36.127.000 37.01-3.1W0 42.5U0.C00 Other' Deposits 138.921.000 «1.'i25.003 121.316-090 Proportion ot (reserves to. . ■ \ liabilities. 17.20 17.65 19.61 . GOVERNMENT SECULITIES. The following are the latest quotations 'lor Consols and Colonial Government Securities in comparison with those ruling last week:—

MONEY MARKET. The Bank of England discount rate on January 12, 1917. was 51, per .cent. On ; April 5 it was reduced to 5 per cent., at which figure it has since stood. -'.*. OPEN MARKET RATES.. • The open market discount rate for three months' bills is 3J per cent., as compared withTj per cent, last week and H per cent, last year. Short loanß are quoted at 3fi per ceut.. as against 3J per cent, last .week and 4J per cent.' last year. COLONIAL AND OTHER PRODUCE. '.'Wheat.—Quiet; No Australian offering in any. position. Flour.-Fair Quantity imported flour selling at lato rates. , Oats and advance. No colonial offering. •■■ Peas.'-English peas llrmor. Colonial unchanged. Cheese—There have been good arrivals of-New Zealand nnd other cheese, enabling a full distribution for tho trade's requirements. : Butter.--The purchase of colonial butter is j still unsettled. It is understood tho delay is duo to tho Ministry of Food not yet having received. the War Cabinet's sanction for complete' purchase. Sugar—Unchanged. ' " ■

Stock .. Week Weok i „.., ;•''.,„ i * s > (1 ' * »• & : 21% Imperial Consols .5815 0 57 15 0 6 „ War Loan S5 10 0 95 10 0 . 3J„ War Loan ; S8 15 0 88 15 d ' 6i „ Aue.-Commonw tn no 10 0 90 10 0 5jj „ Aua.-Commonw'th 10110 0 10110 0 < A vN.S.Vf.WMJau-Julj J6 5 U 66 3 6 ' 3i„N.S.W.19oO-50Mr.-Sp 09 10 0 CO 10 0 Jl „ H.S,W. Early Curr. 81 5 0 81 5 0 ■3 „ N.S.W. 1925.Apl.-Oet 73 15 0 73 5 0 ' 4 „ Vic. 1920 Jan.-July es 0 0 90 0 031 „ Vic. 1921-6 Jan.-«Iuly w li 6 60 0 0: -31 „ Vic. 1920-1949 7115 0 7112 6 3 „ Tie. 1929-19 Jan.-Jly 65 0 0 6415 0 31 „S.A. 1916 Jan.-July 75 0 0 75 0 0 3 „ S.A. 1916 Jan.-July .50 0 0 50 5'0 4 „QT<1 1915-24 Jan.-Jly 03 5 0 03 7 6 3J„QTdl922-47 Jan.-Jly 01 0 0 Bl 5 0 3 ..Q'l'd 1922-47Jan.-Jlj 65 0.0 65 0 0 : 4 „ N.Z. 1929 May-Nov. 90 5 0 GO 5 0 , 34 „N.Z. 1912-40 Jan.-Jly ■ 76 0 0 75 2 6 ' 3 „ K.Z. 1920 April-Oct. 67 5 0 66 15 0 34 „W.A. 1515-35 My-Nv 78 0 0 78 0 0 3 71 5 0 71 5 0 , 31 „ Tas. 1920 Jan-July 75 10 0 U 15' 0 :i „ Tas 1920-40 Jan.-Julj <* U C -66 0 0