Commercial News.

New Zealand Mail, Issue 318, 16 March 1878, Page 11

Commercial News.

The amount of Customs duties collected at this port for the week ending March 14 was as under: —

The arrival of the Benvenue and Gainsborough from London, and now discharging at the wharf here, added to our already overstocked market, and consequently prices of all descriptions of imported goods are greatly in favor of buyers. Trade is dull and sale limited to current wants. Mr. Gr. Thomas sold by auction on the 14th instant the following goods:—Half-pint salad oil, 5s Cd; pints, 9s Gd per dozen; Price's sperm candles. lOd per lb; Bell and Black's vestas, 5s 4d per gross; 51 hf-ohests tea, Is Id to Is 3d per lb in bond; boxes do, 19s each; 20 hf-chests tea (d p), Is 3d; 10 cases brandy, 15s Gd in bond; 10 cases Booth's old torn, 15s; 2 qr-casks Yglesia sherry, ss; 2 do Forresters port, Gs per gallon; 10 cases Louis Benorf's champagne, 35s per dozen. In colonial produce there is little change in quotations from last week's reports. Butter is dull, sndmeets with little inquiry for export: prime cure can not be quoted higher than T-kl to Sd per lb for ship ping parcels, although small trade lots are quoted at Shd per lb for local consumption. Cheese, bacon and hams, are unaltered, with little trade doing. Flour is quoted at £l3 to £l3 10s per ton. for best brands of Oamaru and Canterbury mills, in sacks, the general impression being that lower rates must necessarily rule, now that peace in Europe is assured. Adelaide Hour is selling at £IS per ton, with a downward tendency, a cargo being about due, which will interfere ■with"present values Oats meet with steady demand, and maintain last week's rates. Prime quality milling oats are worth 4s 3d to 4s 6d 7101- bushel for old. The new crop has not yet come fairly into market, but owing to the high price of maize in Australia, there is little doubt that prices will bo well sustained here, especially as the crops down South are said to be light. Maize is in good demand at 6s to Gs 3d. The New Zealand Loan and Mercantile Agency Company have received the following telegram, dated -bonclon, 27th February:—The wool sales opened on 26th instant, at the level of 1 st sales. The total forward will comprise about 262,000 bales, of which the opening catalogue contains 4000. Home and the Continental markets are lightly stocked ; about 12,000 bales have been sent direct to the manufacturers. Crossbreds are firmer. Tallow market firm. Mutton 415., beef 395. per cwt. Stocks of all kinds about 20,000 casks. Wheat flat. Adelaide G2s., JSTew Zealand 50s. per quarter. Leather easier ; best sides, 9;Jd. per lb.

Building Materials. Timber,—Boards and Scantling, 100 ft., 9s. to 15s. 11s. Gd. at mill; planed, tongued and grooved, 11s. Gd. to 12s. sd. Red pine palings, 12s. per 100 ; red pine timber 16s. per 100 feet ; kauri timber, ISs. per 100 feet ; red pine, tongue groved, 225. per 100 feet; totara posts, Is 4d. each ; birch rails, Bd. each ; white pine shingles 16s. to 18s. per 1000. BONE DUST. Bone dust, No. 1, £S to £lO ; bone dust, No. 2, 10s. to £8 10s.; bone dust. No. 3, £6 to £6 10s. Coal and Firewood Market. Coal. —Newcastle, £2 0 0 per ton. Firewood. —2 foot rata, 365. to 40s per cord ; 1 foo wood, 455. per cord ; 4 foot wood, 365. per cord; 6 foot wood, 365. per cord. UNION BANK OF AUSTRALIA. (From the “ Money Market Review,” January 19.) The half-yearly meeting of the shareholders in the Union Bank of Australia was held on Monday, in the Board-room at the oflices, Bank Buildings, Lothbury, for the purpose of receiving a report and statement of accounts and declaring a dividend. Mr. John S. Hill presided, and there was a large attendance of shareholders. Mr. W. It. Mkwburn, the manager, read the report and balance-sheet, which were as follows: —Supplementary reports of the directors of the Union Bank of Australia, presented at the sp’c al general meeting of the proprietors, held on the 14tli January, IS7S. —The directors have much pleasure in reporting that the accounts of the hank now presented have admitted, after ample provision for every bad and doubtful debt, of the declaration of a dividend of 7 per cent for the half-year, and a bonus of 5s per share, being together at the rate of 16 per cent per annum; and further, of the transfer of the sum of £25,000 to the reserve funds, in pursuance of the policy adopted at the annual general meeting in July last. This gratifying result of the half-year's operations will sufficiently assure the proprietors of the highly prosperous position of, the bank’s affairs. Notwithstanding serious drawbacks, arising from severe and protracted droughts, from a diminished gold yield, and a dull state of trade generally, the various industries and enterprises of the colonies continue to be steadily developed, and to afford an excellent field for the employment of bank capital. The valued exertions in the bank's interest of the general manager, of the other principal officers, and of the staff generally at home and abroad, entitle them to the

best thanks of the directors and proprietors. The annexed balance-sheet presents a net amount of profit of ,£131,500 Os Id. out of which the sum of £-25,000 lias been transferred to the reserve funds, and the balance, viz., £106,500 os. Id., is available for division. Of this the dividend and bonus will absorb £IOO,OOO, leaving £fiSoo os. Id. to be carried forward. The dividend warrants will be transmitted by post on the 21st instant, and the dividend and bonus will be payable in the colonies, at such time as the general manager shall fix after the receipt of telegram. The directors have now to refer to the important measure which, after much consideration, they have resolved upon and communicated by circular to the proprietors, viz.. the issue of 10,000 new shares at a premium of £33 per share. By this measure £250.000 will be added to the capital, which will bring the total paid up to £1,500,000, and the transfer of the premium to the reserve funds will increase these funds to £750,000. thus permanently strengthening the position of the bank and the security of the proprietors. Since the capital was last added to, fourteen years ago, the deposits and circulation have risen from £2,940.000 to £6,721,000, and the local bills and other advances from £4,0(i7,000 to £7,708,000. Having regard to these facts, to the continued growth of colonial industries which are constantly extending into new localities, and to the wide area over which the bank's operations are spread, the directors consider that the additions to capital and reserves now proposed are necessary for the present and prospective business of the bank, and they, therefore, earnestly and confidently recommend the measure to the adoption of the proprietors. The following is a statement of liabilities and assets at the branches on the 30th June, and at the London office on the 31st of December, 1577 :

The Chairman said: Gentlemen, I. could have wished that on this, doubtless the most important occasion in the history of the bank, the chair had been occupied by one of my more experienced colleagues. At the same time my task is lightened by the belief that the statement of accounts which we arc now able to submit must be as satisfactory to you as it is gratifying to ourselves. I am glad to have an opportunity of expressing my conviction that the operations of the bank combine in themselves all the elements that constitute success in business. They are safe, profitable, and they are progressive. (Hear, hear.) As to their safety you must receive my a sxirance that the accounts of e ery branch have been minutely examined by a committee of the board, and that as a result you may rely upon my statement that the most ample provision has been made for every bad and doubtful debt, from which, thanks to the prudent management of our affairs in the colonies, we continue to keep, I am glad to say, remarkably free. As to the profitable nature of our operations, you can best judcre of that from the circumstance that we are enabled to pay a dividend of 16 per cent., besides adding £25,000 to our reserve fund. As to the progressive nature of our business, I will trouble you with a few figures, which are, I think, as remarkable as they are satisfactory. I have gone through the last six half-years, and I find that the assets and liabilities of the bank were as follows: —On the 30th June, 1575, they amounted to £0,985,203. On the 31st December in the same year they were £7,091,491. On the 30th of June, IS7C. they had risen to £7,953,050, and on the 31s b December of that year they had further risen to £8,343,088. On the 30th June last year they figured for £9,055,612, and from the stament of accounts submitted to you, which is made up to 31st December List year, and to the 30th June in the colonies, you will see that the amount had risen to £9,051,894 ; whilst if we could submit to you a statement extending up to the present date, the total would be doubtless increased to over £10,000,000. (Hear, hear.) Gentlemen, in the report which has just been read to you, we have unfortunately been obliged to revert again to the partial continuance of the drought from which some portions of the colonies have suffered now for two seasons. But although we sympathise with the many individual cases of severe loss which have no doubt occurred, yet we are aware that at no time has the pastoral interest generally been more sound than it is at present, nor has it ever been better prepared to meet such a calamity, preceded as it was by several exceptionally siood years. (Hear, hear.) Further, we must recollect that whilst the pastoral interest will at all times probably continue to be the most important one in Australia, yet other interests are now rapidly extending themselves. South Australia and New Zealand are already large exporters of cereals, while New South Wales, Queensland, and Tasmania, which last has hitherto appeared to be the most stagnant of the colonies, are steadily developing their vast mineral resources, and Queensland is successfully producing sugar and other tropical products. All this points to an increased demand for money, an increased demand for that capital which it is the business of an institution such as this to supply, and from which we may look for continued and enhanced profits so long as our operations are conducted in the colonies with prudence and care. This lea<ts me to remark that the paragraph in the report relating to the services of our staff'generally is no mere idle compliment, and I know it is as much appreciated by the gentlemen to whom it refers as I am sure it is well deserved (Cheers.) However strict may be the regulations laid down by the board as to the conduct of our business, they would really be useless were they not ably seconded and efficiently carried out by the gentlemen at the head of our affairs, both in the colonies ami at Ilo'me. I allude particularly to Mr. AlcMullen, tne general manager, and Mr. Palmer, our chief officer in Is'ew Zealand, and to our excellent manager in London, Mr. Mewburn. (Cheers.) With these few remarks, gentlemen, I txirn to the most important paragraph in the report, that which

refers to the proposed increase of capital—a measure upon which the directors have resolved after the most mature consideration, as being one calculated in their opinion to promote the best interests of the proprietors: and it is satisfactory to us to believe that the shareholders generally approve of the course we propose to adopt, judging from the large number of proxies which have been forwarded to us in favor of it. It will probably be in the recollection of the shareholders present that in 1863, when our capital was last increased, authority was given to the then board to add £500,000 to the capital, which then stood at £1,000,000. But at that time only £250,000 was issued, and when you consider the few statistics with which I am about to trouble you. you will, I think, agree with me as to the wis'lom of the course which the directors now propose to follow of adding £250,000 to the capital, besides transferring a large amount to the reserve fund, which, in an institution like ours, constitutes such an important element of safety to the shareholders. Comparing 1863 with 1576, the last year for which we have any statistics, I And that whereas in 1863 the total population of the Australian colonies and New Zealand was under 1,200,000, it has now increased to 2,400,000. The imports stood in the former year at £34,000,000, and they have now risen to £45,000,000. The exports stood at £28,000,000, and they have now risen to £43,000,000. (Hear, hear.) I may here point to the remarkable change in the relative position of the two principal articles of colonial export—gold and wool. In 1863 gold was exported to the value of £11,000,000, whilst in 1576 the amount had sunk to £5,000,000. On the other hand, while in 1863 the value of the wool exported was £6,000,000, in 1576 it was no less than £19,000,000. (Hear, hear.) Well, gentlemen, continuing the statistics, I find that in 1563 there were in the colonies altogether 31,000,000 sheep, and there are now 62,000,000. There were then 4,000,000 of cattle; the numoer is now over 7,000,000. The total of the revenues of the several colonies in 1863 was about £7,000,000, and is now £16,000,000. The total number of acres under cultivation* was then 2,000,0u0, and it now amounts to 6,500,000. Final]} 1 ", the debts of the colonies now amount to about £60,000,000, invested for the most part in reproductive works, including 3000 miles of railway, many of which are paying more than the interest on the cost of construction. (Hear, hear.) Gentlemen, I think these statistics are more convincing than any arguments I could use as to the wisdom of the course which we recommend you to adopt. But before silting down I wish to anticipate two or three objections which may be made to that proposal. 1 know it has been said that, admitting the truth of all such facts as I have been stating, we ought to have earlier foreseen the necessity for such a measure, and to have given an earlier intimation of our intention to recommend its adoption. Now, gentlemen, I frankly admit that, while wo have been gratified to observe how our business has increased, we did not anticipate that it would increase in such a rapid ratio as it has lately been doing, and this has been occasioned by the policy of the Government of New South Wales, and also that of Queensland, in throwing open la-ge areas of land for selection. I am glad to say that we number amongst our constituents a body of gentlemen who are second to none in Australia for wealth and for position. When these gentlemen come to us with a desire to convert their pastoral tenancies into freeholds, they naturally look to us to afford them a reasonable amount of assistance,’ and if we are not prepared to render it they will take their business elsewhere, a course which we are not prepared to allow. Again, I know an apprehension has been expressed that an addition to capital very often means a diminution in the dividend. Well, gentlemen, that has been the case, I am aware, in some instances in the City of London; but, if you consider the amount that we propose to raise, you will find that, in order to mainiain al6 per cent, dividend, ve have only to earn about 7 percent, on the sum with which we shall be entrusted, and 7 per cent, is a very moderate percentage to earn in the colonies. Finally, I would remark that the last, and perhaps the most important objection to our scheme, is that which has been raised by a few shareholders, that we ask you to give too high a premium. (Hear, hear, and no, no.) To that objection I may reply that amongst the largest shareholders in this institution are gentlemen sitting on this side of the table, and that it would have been most weicome to us to have proposed the issuing of new shares at a lower premium, had we considered merely our own personal interests; but in the course which we have adopted we have looked solely to what we believe to he the future interest of the bank. I have told you frankly that we want this money ; we see our way profitably to employ it; and after very full consideration we have unanimously come to the conclusion to fix the price of issue at £SB, as being under all circumstances fair and reasonable ; and I trust and believe you will accord to us your approval of the course we have adopted. With these remarks, gentlemen, I beg to propose that the report and statement of accounts be received and adopted. Mr. William Botly, in seconding the motion, thought that the shareholders generally would be extremely gratified with the report and the progress which the bank had made. At one time he had thought that the premium asked on the new issue of shares was too high, but after hearing the remarks of the chairman he was prepared to entirely and thoroughly endorse the action of the board. The price of issue was such, to his mind, as would keep shares in the hands of investors, and not allow the profit to go into the hands of jobbers and dealers as was too often the case. Mr. Wilkinson gave only a qualified support to the report and the increase in the capital, as he feared that it would lead to a decrease in the future dividends. He also objected to such a large increase in the reserve fund, because it was to his mind undesirable to entrust any body of gentlemen with a large sum of money which was not supposed to earn interest. He urged the board to reduce the premium upon the new shares to £3O per share. Mr. Balfour hoped that the board would not take any lower premium for the new shares, because he looked upon it as a proper security for existing shareholders. After some further discussion of a conversational character, Mr. Campbell (a director) said that he must support the adoption of the report, for the simple reason that the increase in the capital was foreshadowed by himself when he addressed the shareholders from the chair a year ago. He told them then of the enormous resources of the Australian colonies. He told them that the exports were greater than any comparative exports in the world; they consisted of natural productions, and were not affected by any manufacturing interests, which, unfortunately, this country was subject to; and therefore they would require all their means to support their business. His friend Mr. Fanning, who filled the chair last July, told them they could not stand still; they must go on. or they would become a second-rate institution, which they were not disposed to do. Since then the colonies had increased in wealth, and it had come > o this, they must either increase their capital or reduce the best and soundest business in the Australian colonies. The Chairman said the measure had not been decided upon without the most mature consideration, and the Board were therefore not prepared to make any reduction in the premium proposed. It was the full intention of the directors to carry all the premiums received to the reserve fund, and though, owing to the expansion of the bank’s business, brandies were opened where and when necessary, there was no special intention of increasing the number consequent on the proposed enlargement of the bank’s capital. The reuort and accounts were then adopted, and the dividend declared. BY TELEGRAPH. TIMARU, Monday. Jonas and Hart report good sales during the week. Fat cittle, good supply, 27s 6d prime per hundred pounds ;17 head sold at £9 15s to £lO 10s. Very few transactions in store cattle or sheep; £S 10s to £l4 readily obtained for good young milkers. Staunch heavy draught horses, £4S to £SS: medium, £36 to £42; light, £24 to £34; hacks and light harness, £lO to £27. AUCKLAND. Thursday. Mr. A. Saunders reports:—Buyers ; Bank of New Zealand, £23 15s ; Colonial Bank, 51s ; National Bank, 73s ; National Insurance, 32s ; Loan and Mercantile (new issue), 60s ; Sash and Door Co., £5 ss. Sellers: South British, 78s; Guthrie and Larnach, 47s Gd ; New Zealand Insurance, 955.

£ s. (1. £, s. a. Spirits .. S4S 19 9 Goods by wght. 191 13 1 Cigars.. .. 17-1 12 7 Ad valorem .. 911 11 7 Tobacco 356 2 (J Other duties.. 240 13 2 "Wine .. 99 11 6 Light dues, Beer .. .. 142 16 3 shipping, &c. 225 5 3 Tea .. 194 19 6 Coffee.. 0 0 0 Sugar .. .. 51S 7 9 Total .. .£3904 12 11

THE WELLINGTON - MARKETS. Wholesale Prices. I<’A JIM AND Dairy Produce. s. cl. s. d. s. d. s. d. Butter, fs, lb 11 0 to 1 o Lard, lb .. 0 0 to 0 b Butter sit, 11) 0 G - -0 7 Bacon, Pro.. 0 7 — 0 8 Cheese .. 0 8 - -0 9 Hams, Pro.. 0 0 — 0 10 Do., Cc'Dury. 0 7--0 0 McConnell’s 0 9 — 0 10 Eggs, dozen 1 9 - _ o 0 Ct’bury hams 0 9—0 10 Retail Price. Milk, quart. .0 4 to 0 6 Fowls, pair.. 6 0 to 7 0 Butter, fs., lb 1 2- - 0 0 Ducks, pair.. 7 0 — 8 0 Butter, salt.. 1 0--0 0 Geese, each.. 6 0 — 7 0 Cheese, Col.. 1 0 - -0 0 Turkeys, do. G 0—10 0 Eggs, dozen 2 0 - . o .3 Bacon, lb .. 0 0 — 1 0 Lard, lb ..00--0 10 Ham, lb ..1 2—1 1 Rabbits, pair 1 6 - -0 0 Carrots .. 4 G — 5 0 Cabbages, dz 2 0 — -3 0 Potatoes .. 0 0 —7 0 Turnips, doz 2 (5 — - 3 0 Bread, -Id. to 5d. 21b. loaf. A’d veg’bl, dz 2 0 — _ 2 G I Flour Market. Wholesale. & s. d. Superfine Elour, silk dressed, per ton £1G 0--15 0 0 Flour, ditto, household .. £14 -15 0 0 Seconds, per ton.. 0 0 0 Sharps, per ton .. £5 —G 0 0 Adelaide, per ton IS 10 0 Oamaru ditto £15 10--1G 0 y Dunedin, dit 14 0 0 Canterbury, ditto 13 0 0 Bran, per bushel .. 0 1 0 Hay and Corn Market. s. cl. s d. x> s. £ s. Maize, Sydney 5 0 to 5 3 Hay, ton .. 7 OtoO 0 Do. Crushed 5 .‘1 - - 5 (\ Oaten, ditto 0 0 — 4 10 Oats (South). .4 0--4 3 Lucerne, ditto 0 0 —5 0 Wlioat (fowl) 4 0 -4 3 I Straw, ditto 5 0 — 0 0 Potatoes .. 75 0 — -SO n Chaff, ditto 7 0—0 0 Seeds Ryegrass, bsh. 7 OtoS 0 Alsyke, lb. . .1 2to0 0 Do. Pov. B., do.8 0 -0 0 Cow grass, do...l 3—0 0 Cocksfoot, do.10 0 —0 0 Rape, do. ..0 G—0 0 Wt. clover, lb. 1 2 -0 0 Lucerne, do. .. 1 G- 0 0 Red do. do... 1 0 -0 0 Timothy, do. . .1 0—0 0 Retail. s. d. s. d. s. d. s. d. Maize .. C 0 to 6 G Peas .. 5 0 to 0 0 Oats, ditto .. 4 G - - 3 0 Do. crushed 5 G — 0 0 Do. crushed 4 9 - - 0 0 Lucerne, ewt. 0 0 — 7 e Bran, ditto 1 4 - -1 5 1 Oaten, ditto 5 10 - 0 0 Wheat (fowl) 4 3 - -4 6 Straw, dit'o G 10 — 0 0 Hay, cwt. .. 7 6 - - 0 0 Chaff, ditto 7 10 — 0 Beans .. 5 0 - - 0 0 O’Sheath’sdo.G 0 — 0 Do. crushed 5 9 - - 0 0 Brocolo from 0 — 0

Liabilities. £, s. u. Circulation 381,316 5 0 Deposits 6,340,311 S 5 Bills payable and other liabilities (including reserves held against doubtful debts) 1,123,466 13 5 Balance of undivided profits 106,800 0 1 Reserve fund as per contra 250,000 0 0 Building and other reserve funds 200,000 0 0 Capital £ 1,250,000 0 0 ,9,651,S94 C 11 Assets. £ s. d. Specie on hand 1,315,565 s 1 Bullion on hand and in transitu 74,491 16 9 Bank premises and property . - 187,993 14 8 Government securities .. 114,964 6 '.) Local bills, bills receivable, and other securities 7,70S,S79 0 S Reserve fund, invested as per statement £ 250,000 0 0 9,651,894 6 11 Statement of Profits Balance of undivided profits at 30th & H. d. June, 1877 104,367 12 7 Out of which a dividend and bonus were declared of Leaving a balance of 100,000 0 0 £4,367 12 1 Profits of the past half-year, after making provision for all bad and doubtful debts, £180,222 Us. Less : Remuneration to the local directors , and salaries and allowances to the colonial staff, £36,016 7s. 7d. ; general expenses in the colonies, including rent, taxes, stationery, &c,, £12,617 9s. lid. ; remuneration to the board of directors, salaries of London office, staff, rent, taxes, stationery, and general expenses, £8282 19s. 3d.; income tax, £1273 Gs. 9d—£58,790 3s. 6d Deduct : 127.432 7 6 £131,800 0 1 Amount transferred to building and other reserve funds Balance of undivided profits at this 25,000 0 0 date. £106,S00 0 1 Reserve Funds. New Zealand Imperial Four per Cent. Debentures 200,000 0 0 Colonial Six per Cent. Debentures 50,000 0 0 £250,000 0 0 Building and other reserve funds Total reserve funds 200.000 0 0 £450,000 0 0