COMMERCIAL.

Lyttelton Times, Volume XXIV, Issue 1522, 28 October 1865, Page 2

COMMERCIAL.

LyUelton Times Office, Friday Evening. GRAIN REPORT. Transactions in grain and flour throughout the week have been confined almost entirely to local demand; previous quotations of flour are well maintained at full prices—best Canterbury brands firm at £20, Chilian £21, Adelaide £25 ; bran, £7 10s. to £8 ; sharps, £8 10s. per ton. Wheat nominally 7s. per bushel. Oats, for which a brisk demand is experienced, are steady at ss. 6d. to 6s. Two cargoes have arrived from the South during the week. Our market is now well supplied, both as regards quantity and quality, those imported being a fine sample, and in splendid condition. Barley, none offering. STOCK REPORT. Business this week has been more brisk than for some time past, buyers being numerous from the West Coast, and prices realised for fat cattle unprecedented. The competition at Messrs. Grigg's sale brought up the price of fat stock to fully 635. per lOOlfes. It is evident to us that the retail price of meat must rise. A large business is being done on the West Coast by Messrs. Wilson, Burnell, and Co., who have erected yards suitable for the sale of cattle, sheep, and pigs. They disposed of, by auction, this week upwards of 100 head of fat stock, at very satisfactory prices. They quote prime beef at 105s. per lOOlbs. on the West Coast. We anticipate the opening of Browning's Pass in the course of a few weeks, when the question as to driving sheep across to the Hokitika market will be settled. Great caution will have to be exercised in this trade, as it must be borne in mind that, when the sheep are once over, they must be sold. Store cattle are now being inquired for at rising prices. Good steers and cows find a ready sale. Fat wethers are scarce, and the demand limited. We hear of a small mob sold to the butcher at 275. per head in wool. Horses are difficult to quit, but we look forward to a demand for good horses for the West Coast road. NEW ZEALAND STEAM NAVIGATION COMPANY. (From the Independent, Oct. 21.) The usual half-yearly meeting of this company took place at Wellington, on Oct, 20. The following is the half-yearly report, which was read and adopted :— The duty again devolves upon the directors of the New Zealand Steam Navigation Company (Limited) of presenting to the shareholders a Report, showing the result of the company's operations for the half-year commencing on the Ist March, and ending on the 31st August, 1865. The Board regret that the statement and balance-sheet, placed in the hands of shareholders some days ago (as required by the Act under which the company is incorporated), is far from being so encouraging as they could have desired; still, when contrasted with the previous half-year's account, the balance-sheet is certainly more satisfactory, as shown by the undermentioned comparisons. 1. The receipts .have been larger, amounting to £39,414 88 4d, as against £36,796 13s lOd. The expenditure has been less, say £37,089 19s 3d, as against £39,554 8s lOd. 2. All debts and liabilities have either been

discharged or brought into acoount, and it has been decided not to carry forward any item or items to the debit of the succeeding h *B/'Although the expenditure incurred in repairs has been heavy, amounting to £4,828 6s, it has been entirely provided for out of the current half-year's earnings. 4. At the end of the previous half-year the sum of £1500 stood to the debit of repair and renewal account, and £766 lis 9d to tiie debit of profit and loss account. These items have been extinguished by the profits made since that date, and, in addition, there is a small sum of £75 8s 6d to carry forward to the credit of next half-year's account.

The attention of the shareholders has no doubt been drawn to the item of bills payable current £10,000, and the Board take this opportunity of explaining that this liability was incurred by the directors to enable them to raise funds to pay for the new steamer Taranaki, ordered from England, as mentioned in their last report. They are happy to add that, since the 31st August, they nave been able to pay off one-half the amount, so that this liability is now reduced to £1000. They have also remitted a further sum of £2,500 to meet the balance of the purchase money of the s.s. Taranaki, due in London on the Ist November, making the total amount remitted £12,500.

The accounts »how that there. is a large amount of calls overdue, and it itf the intention of the Board to press for immediate payment, failing which, the directors are determined to declare all shares in arrear forfeited, and to carry the amount already paid up on them to the credit of repair and renewal account.

The s.s. Wonga Wonga has been thoroughly repaired and put in order, at a cost of £2480 16s 3d. The sum of £1983 18s 3d has also been expended upon the Storm Bird, consequent on her being stranded at Hokitika. This latter outlay has been reduced by the sum of 886 3s 4d, received from the Pacific Insurance Company, in which office she was insured for three-fourths of her value. It is hoped that a further sum will be received, as the claim has not been finally adjusted.

The company's fleet, with the exception of the two small vessels, have been actively and constantly employed, as will be seen by the following statement: — Wellington has been employed 6 months Rangatira 6 „ Lady Bird ,» Queen ... 5 „ Ahuriri 6 „ Storm Bird' 2| „ Wonga Wonga Of „ The Manukau has only made one trip to and from Newcastle; for a short time she was employed as a coal hulk, and latterly she has been charted to the Government, and converted into a prison hulk. The question of keeping the vessels belonging to the company insured for three-fourths of their value, has "been frequently discussed by your Directory, and when the large amount which has been paid, £8292 9s Id, since the formation of the company, is taken into consideration in connection with the small amount of £886 3s 4d, received in the case of the Storm Bird, the conviction is forced on the minds of a majority of the Board that the time has arrived when it becomes their duty to recommend that the practice of insuring should be discontinued. The subject is a very important one, and the Directors hope the shareholders will give it their consideration, and place the Board in possession of their views.

Cape has been taken in compiling the accounts prepared for presentation to the shareholders, to make them as clear, 'comprehensive, and explanatory aB practicable, and some of the items of expenditure have been detailed at greater length than on former occasions.

W. M. Bannatyne, Esq., arrived in Wellington on the 6th June, and the shareholders have since that date had the benefit of his valuable services as one of their directors.

The s.s. Taranaki is to be delivered over to the company's agents in London, Messrs. Redfern, Alexander and Co., on the Ist Nov., 1865, and those gentlemen hare been requested to lose no time in fitting her out and dispatching her under steam to New Zealand; she may therefore be expected in Wellington about the end of January.

Since the 31st August all the company's vessels have been profitably employed, and there is every reason to believe that the great trade springing up on the West Coast of the Middle Island, and the number of new settlements in course of formation on the East and West Coasts of the Northern Island must tend to increase the passenger and carrying traffic. "In conclusion, the Board of Directors think that the shareholders ought notito take a desponding view of the company's position. It is true they have been unable for a period of one year to recommend the payment of a dividend, but it should not be forgotten that previous to that the company has paid at the rate of 10 per cent per annum. Its interests will continue to receive the constant and unremitting attention of the directors, and the board hope when they present their next halfyearly report that the state of the accounts will warrant them in recommending that a dividend should be paid, and also that a fund may be created to cover losses occasioned by depreciation or other causes.

The following is the auditor's report Although I cannot congratulate the shareholders on the amount of divisible profit shown on the balance-sheet now presented, it is satisfactory to be able to state that the arrearage of the former balance has been

cleared away.' Every known claim against the company has been charged. The balance has now been brought to the right side, and the new half-year starts unencumbered. I would recommend that, at the earliest opportunity, a sum should be set aside for the foundation of a depreciation fund. In my opinion, the balance-sheet now in your hands is a fair and full balance-sheet, containing the particulars required by the articles of association, and properly drawn up, so as to exhibit a fair and correct view of the company's affairs, as they stood on the 31st day of August last.

Otago.—By the Auckland we have files to the 26 th instant. The Times of the 25th states:—

A fair demand for miscellaneous goods continues, and though no very heavy operations in staple goods are taking place, a tolerable amount of business, both for local requirement and for export has been done. The flour market is firm at the prices af the day, with an upward tendency. No auction sales have taken place.

" (tEORGR Hunter, " Chairman." Statement of affairs of the New Zealand Steam Navigation Company (Limited) for the half-year ending 31et August, 1865- I assets. £ a d Ship property— S.S. Wellington 16,126 3 1 Lady Bird 12,500 0' 0 Eangatira 11,083 5 0 Ahuriri 10,591 19 3 Queen ... 8,103 6 7 Storm Bird 4,750 0 0 WongaWonga ... 3,750 0 0 Sch. Manukau 2,294 9 9 Hulka, Daniel Webster, Rosebud and Volunteer. 1,897 2 0 Freehold propertyWellington 861 16 6 Slip property— Evans's Bay 637 2 3 Cradle property— Nelson ... 615 3 4 Office furniture, &c... ... 129 11 10 Coals and stores in stock'and afloat 2,100 12 10 Rebate of interest on bills payable current... ... 318 4 11 Debts owing to the company— Freights and passage-money due at agencies 3,894 0 2 Do, do, Wellington ... 1,585 16 4 Calls in arrear 3,940 0 0 Interest thereon 243 5 11 Remitted to £ngland on account of new steamer Taranaki 10,440 3 6 Cash in Bank of New Zealand 3,125 4 6 Cash in hand 07 7 £98,987 15 4 LIABILITIES. Capital called up, i.e. 5977 shares at £10 59,770 0 0 Capital called up, i.e. 2873 shares at £110s ... 21,547 10 0 Calls prepaid 952 0 0 Interest thereon to 31st Aug. 95 10 0 Debts due by the Company— Unpaid accounts ... 3,404 8 6 Agents' accounts ... 802 0 1 Bills payable (discount to cover remittances to England on account of the s.s. Taranaki ... 10,000 0 0 Special deposits 1,204 0 0 Unclaimed dividend ... 41 0 4 Unclaimed interest ... 50 11 4 Insurance—Balance at credit of this account 1,045 6 7 Balance carried to profit and loss ... 75 8 6 £98,987 15 4