COMMERCIAL ITEMS

Dominion, Volume 12, Issue 111, 4 February 1919, Page 8

COMMERCIAL ITEMS

WELLINGTON TRUST AND LOAN "" , COMPANY. i , Tll^ a ? nual mee ting of shareholders ot the Wellington Truat, Loan, and Investment Co., Ltd;, was held last evening in the Chamber of Commerce. Tho chairman of directors (Mr. J. 'A. Plimmer)' preuded. The report and balance-sheet presented have already been published. In movimx tho adoption of the report and balanco-sheet tho chairman said the shareHolders may be congratulated on the satisfactory results which Jiad cnabW the company to pay ths Banie dividend as la«t year, namely, 7i per cent, after paying such heavy taxation as shown in tho report. The critical period of the'war -the unit half of last year-was, of course reflected in business operations, but tho prospects had improved. The figures' of the balance-sheet showed little diminution in regard,' to tho business carried on S£™ *£, a l p Wisin g'• on 'sound lines! Smoo the, beginning of the year tho outlook showed,, a healthy tendency for the business increase, both in lending and deposits During t ho past year the com pany advanced over £47,000, and during tho period of tho war cloße on £251.000 besides contributions to the war loans amounting to £17,200, uo «. invested by the company. On tho whole, the position 7??H\ sa , iiß ? a <*°r? .from a shKoldera point of view, if it were not for the heavy burden of taxation imnoficd, which ..increased by.£4750 45.,-as shown in"h* ES.uS* V as *: ith r - egret that the board received the resignation of the Hon. Sir James Prendergast, whose services on the board had extended over the long period of eighteen years, and had been much appreciated-by the directors. • adopted leWn ™ A balance - sh «t were " tiri A n S directors, the Hon. C. H. fcard, Dr. A. K. Newman, and Mr. O. 8 Watkms, were^re-elected, and tho auditors WOOL FOR AMEBIOA. One hundred thousand bales of this s«asons New Zealand wool have been acquired by the American Government. This large consignment .forms part of the Imperial requisition, the British Government having agreed to supply this quantity to America for army purposes. The -United. States Oovernmcnt has appointed Mr IV I Carney, of Christchurch, its financial' representative in New Zealand, to superin' tend arrangements in connection with tho purchase. About 30,000 bales of wool haVe been diverted to America, and this forms portion of the lCfl.ooo bales purchased. The wool Is to consist of halfbrcd. three-quar-ter-bred, and Lincoln, no merino being inn£»tnJ mi to be > an avera ee selection, the wool will be drawn from all parts of New Zealand, although Auckland wool is not likely to bo included. It will come from Canterbury, Marlborough Hawke s Bay, Wellington, and Otago. As far as halfbrcd wool is concerned Can-

terbury will probably Bupply the whole. This transaction is the first of its kind Bince the Imperial Government commenced its commandeer. A small quantity found itn way to America about 18 months ago, but this consisted of a portion previously set aside. Since America's entry into the war the Imperial Government has fdlowed her 250,000 bales of Australian wool. The New Zealand purchase, although only now announced, was arrnngod for prior to tilts armistice. The prices are not available, but it is undertoocl that they arc consistent with those as between the Allies. It is interesting to noto that in 1913, under open ' market, conditions, America secured 60.0C0 bales, attempt to bear a few flowers the first Customs duties collected at the port of Wellhuton yesterday amounted to £3112 13s. lid. HANK OF ENGLAND RETURN. Australian-New Koal&rd Cable Association. | London, January 31. I The Bank nt Eixrlnis-.i return Issued for • file week endin? Wednesday, January 29. ;s 'is under:— ISSUE DEI'JtHTMEHT. Notes issued X 69.310.000 Gov. debt... £11,015,000 Oilier securiNoten in tins 7.431,000 reserve 8WH.033 Gold 70.833.000 iW.562.003 JfOT.-232.0aa BINKIKG DKrAKTIiEXT. pioprletoi-B 1 Gov.socnricapital -J1 '..553,000 ties ... £55,703.000 FuHicdo- OthorseciiripotlU •- 26,61-2,003 ties... ':,. 50.43T.000 Other CO- ««,',... 1 petit? ... 121.601,000 Jiotes in Rest,'-dny reserve ... 2S.GUOOO anil other Coin in Mils ... 3.311.C00 reserve ... 605.000 -£166.077,000 ilfirt.o77.OoO The leading itemß of the Bank of England return afford the following comparison :- I'hlßvroek Last week Last year ■ •;. ..£.£■ £ Bullion V9.53.0M ' 70.J75.000 87.18i.HM Reserve ... •29.317,000 29,716.0)0 31.1ii1.000 Nolo Clrmiiatloii 69.310.000 6<1.1E2,00u 16,300.000 Public Deposits Q6.612.000 27.217.M 3H.237.000 Other Deposits 1i1.G01.000 126.573000 122,611.000 Proportion of reserves to liabilities 20.11 19.32 19.36 GOVERNMENT SECURITIES. The followinjr are the latest quotations for Consols and Colonial Government Securities in comparison with those ruling; last week:— „, . This Lost Stock -Week Week B l s*' C -" HlVi MM* 6 „ War Loan „, 0 0 ~. , 7 6 31,. War Loan n J S|i S 61 „ Aus-Oommonw'th g > J | jj g 54 „ Aut.-Commonw. tn im n n mi n n 1 , N.S.W.I933Jau-Ju| t 85 17 6 3US-B.W.OT.SOJa.Jy »g« * ? « < „ Vic. 1920 Jan.-July flB .. 0 9a 5 „ 3J,, Vic. 1921.6 Jan,Ju:y »,* » g » • 34»Vic.1920-W49 75 0 0 71 15 0 3 ~ Vic. 1929-49 Jan.-Jly dels 0 66 15 0 3J,.5.A.1916Jan.-Jul.v 11 15 0 7710 0 3 „B.A. 1915 Jo-u.-J lily f,B 0 U 58 5 0 4 „QTd 1915-24Jan.-Jly Pi n 0 10 17 l! 3J,.QTtU922-47Jaii.-Jlj' 110 0 0 TO 17 6 ■I ..Q'i'd 1922-47 Jan.-Jlj 06 0 0 IS 1 O 4 „ N.Z. 1929 May-Nov. 8!l 12 6 80 12 6 IS,. N.Z. 1912-40 Jan.-Jly 77 10 0 !fl Vi 6 3 „ N.Z. 1920 April-Oot. 68 6 I) 69 10 0 35 „ W.A. 1915-36 My-Nv 8015 0 to 15 0 3 „ W.A. 1915-35 My-NoT 71 0 0 71 0 0 3J„Tas. 1920 Jan-July 77 5 n 77 17 fi 3 „ Ta31923-40 Jan.-Julj 71 0 0 11 0 0 . MONEY MARKET. Tho Bank of England discount rate on January 12, 1917, was s,'t ,per cent. On April 5 it was reduced to 5 per cent,, at which flzuro it has since stood. OPEN MARKET RATES. The discount rate for threo • montliß' bills*'is 3J per cent., as compared, with 3J per cent, last week, and 4 per cent. lust year. Short loans are Quoted at 31 per cent., as. agiiinst 3J per cent, last week, and 38 per cent, last year. COLONIAL AND OTHER PRODUCE. Eutter and Ohese—The position shows no change on the week. ; Wheat and Flour.—The market, is quiet. .There is no Australian flour offering. Oats.—There, is a. steady tone, in the market, but no chance in prices. Beans and Peas-Beans are slow of sale. Peas are quiet for New Zealand lines, but Tußmanians are.soiling at 665. to 60s. for white. Sugar-Granulated is Quoted at 575. 9d. per cwt. i • INVESTMENT SHAKES. Yesterday's quotations for investment shares were as follow;— .1 Buyers. Sellers. ..,.,,, £8- 11. £». (!. rational Bnnk 610 0 ' 613 0 lili. iV.Z.' (£3 63. Bd. pd.) 13 10 0 - . Dk. N.Z. lio lis. 4d. pit.) 18 u 0 - Union Bank 60 10 0 — Metropolitan 11 4 0 — National Mortgage 410 0 — N.Z. Loan and Mer 63 0 0 — llvli. jieposu -. f; a 9 Fcilding Gas ;... — 017 0 National Insurance 11 4 0 — Meat Ex. (£2 12s. 6d. pd.) 2 10 0 - Well. Woollen (pref.) ... 412 6 — Wcatpoit Coal 112 0 — LoyUiiKl-O'Drien' Timber 17 0' — Sharland's ord. and pref. 110 0 - Well.'Cordage 1 10 — N.Z. Ins. Stock, 1938 97 0 0 97 5 0 war Bonds (IMS) — 9/10 0 Stock Exchange sales ;-New Zealand Refrigerating Co., 51s. 9d„ 51s. 9d„ 525., 525., 625. Reported :—Westport Goal, 325. ■ ' HIDES AND RUBBER.-Australian-New Zealand Cable Association. . (Rcc. Fobruary 3, 8.55 p.m.) tt-. „ „ . London, February 1 Hidcs.-Dull. An important line of New Zealand, light-weight unsalteds were oiHrcd at auction, and hardly elicited a bid. 1 Rubber.-Fino hard Para, 2s. 6d. per lb ■ plantation, 2s. 2Jd.; smoked sheet". Is' lljd.-Aus.-N.Z. Cable Assn. : . NEW ZBALAND AND AUSTRALIAN LAND COMPANY. . rm. \ T n , London, January 31. Pho New Zealand and Australian Land Company has transferred £220,000 to the reserve fund, bringing, it up to £500,000 litis sum it is proposed to capitalise, allotting the now shares to the holders of the ordinary stock. ~ZINO CORPORATION'S DIVIDEND. ,' m, n- „' London, January 31. '. T . no z n p. Corporation, Ltd., pays an interim dividend of Bd. per .hare on ord Sary shares, less English income tax