COMMERCIAL.

Dominion, Volume 1, Issue 309, 23 September 1908, Page 10

COMMERCIAL.

THE SHARE MARKET. . At the meeting of tho Wellington Stock Exchange yesterday sales were reported- of National Bank shares at ,£5 Is.; thero were buyers at £5, and sellers at £5 Is. Gd.; Bank of Now Zealand, sollers «£8 18s.; Equitablo Building, sellers ilO 2s. fid.; Wellington Trust and Loin, sellors £7 75.; National Mortgage, buyers ,C 3, sellers .£3 Is. Gd.; New Zealand and River Plate, buyers «C 1 10s. id.; Christchurch Gas, Bellers ,£9 165.; New Zealand Insurance, sellers .£3155.; South British Insuranco, buyers <£2135. ' 6d., sellers £2 155.; Standard Insurance, sellers £1 2s. 3d. ; Gear' Meat, buyers £2,95.; Wellington Meat Export, £5 paid, sellers lis. Gd., . paid, sellors JCS, £2 12s. Gd. paid, buyers £3, sellers £3 2s. Gd.; Manawatu Rails, sellers 155.; Union Steam, buyers .CI 14s. 3d., sellers £1 155.; Wellington Woollen, sellers £3 Gs.; Westport-Stockton, sellors 9s. . 3d.; Donaghy : Rope and Tivino, sellers il 35.; D.I.C. preference, sellers w£l 2s. Gd. ; New Zealand Drugs, • : sellers £2 lis.; New Zealand Portland Cement, sollers .£1 Bs. Gd.; New- Zealand Paper Mills, ; sellers .£1 3s. 3d.-; Taranaki Petroleum, buyers 2s. Gd., sollers 4s. ,6d.; Sharland's ordinary and preference, sellers £1. . THE MINING MARKET.' The upward tendency of Talismans continues. , Sales wore made on 'Change yesterday at £2 Is. : and .£2 Is. 3d. Waihi shares changed hands at £S Is. The quotations were as under:—

MASTERTON PERMANENT BUILDING- - SOCIETY. . The balance-sheet of the Maaferton Permanent Investment and Building Society for tho ■ year ended August'3l ■is to hand. In their report the directors say that they "have pleasure in reporting that the business of tho society has been well maintained, and that tho percentage of profit is slightly in' excess of last yoar's figures—B.B9, aa against 8.76 per cent. The'total-loans-at. the close of the year amount to .£53,023 13s, fed., an increase"of .£1773 6s. 9d., as compared with last year. The per- ' manent capital of .the society was further in- : .creased in March last by the issue of 250 fully paid-up .£lO shares, which were promptly subscribed at a premium of .£1 per share." The ■ profit and loss account shows that the income from interest, fines, and fees totalled .£3527 4s. The expenses of management, printing, and advertising nnd incidentals, amounted to .£582 19s. 4t1.; interest on deposits, ,£907 25.; interest on bank ■ overdraft, .£ll2 3n., and nfet profit amounted to .£1921 19s. Bd., of which 18s. 10d. was credited to the A and B shares, and ' <£1226 os. lfld. to the C shares. As' stated in the report the percentage of profit, B.BD per .: cent., was larger than in the previous year. - The lowest, percentage of profit earned by tho eobiety was in -1904, when it- amounted to 7,0S per cent." The number of borrowers is 204; shareholders 153,, and depositors 80. -The loans amounting tp,.£53,023. are secured bv mortgages over property!' rained''at nearly_£150,000. The : . securities are : mostly: situated in the. Masterton, Ekotahuna, Pahiatna, and Woodvillo districts. The shareholders lire mostly Masterton and Wellington iresidents, and the deposi- ■ tors practically all residents of Jlasterton. The s society has in common'with, others experienced some difficulty in,getting deposits, and for that "reason tho• bank' overdraft lias increased to .£4386. It is understood that it is' the intention of "tho directors to issue another lot of 25(1 ,£lO shares at a premium of .£1 per share, ; and the present shareholders will have. the prior right of subscribing for the new issue. . COAL CONSUMPTION ON OCEAN LINERS." Succeeding : generations, of. shipowners will doubtless some day examine their predecessors' coal bills .with amusement. They will wonder at the crude character of (lie fuel they employed.- Meantime, the niodeH .shipowner is much exercised as to the extent of his coal account, which has of late voraciously eaten up much money that might have been expected to go in dividends.- As a means of comparison nothing 'more interesting has lately been pub- ■ jished than a table given in the "Shipping Gazette.'' with respect to tho coal consumption . of the Norddeutscher-Lloyd, the second largest steamship company in the world . Tons. Cost.

On these figures it would appear that, whilo / the company paid just under Ilia, per lon fm coal in 1905, the average price two .years later was 19s. 3d. .Oii the quantity of cual Dougnl ' last year the higher price represented an extra outlay of considerably over ,£250,000. WRECK STATISTICS FOR 1907. ■ The statistical summary of vessels totall) lost, - condemned, etc., just published by , 1 "Lloyd's Register," shows that'during 1907 the gross reduction in the olfe'ctivo mercantile marine of the world amounted to BGB vessels of , 851,224 tons, excluding all'vessels of less than 100 tons. Of this total 356 vessels of 565,119. tons were steamers and. 512 of 286,105 tons were sailing vessels. On a comparison of the percentages,for 1907 with those for the quinquennial period (1902-1906) there is but little variation, in the steam percentages, but those for sailing vessels show a'considerable in- , crease. Straudings and kindred casualties - which are comprised under the term "wrecked", are much the most prolific cause of disaster. To such casualties aro- attributable 42.7 per cont. of the losses of steamers and 35.7 per cent, of the losses of sailing vessels. The next most common'termination of a vessel's career-, is by condemnation, breaking up, etc., 23.G per cent, of the steamers and 34 per cent, of the sailing vessels.removed from 'the-merchant fleets of the world ;being accounted for. in this manner. Of; the remaining causes of loss, collision is the most general for steamers (11.2 per cent.), whilo for sailing vessels cases of abandonment , at sea-como next in order of frequency (8.1 ' per cent.). The' percentages ■ just given are based on the present return nlone, but tho . order of frequency of tho several classes of , casualty appears to be normal. Cases of abandoned, foundered, and missing vessels are, no doubt, frequently more or less similar in tho circumstances of loss. If these' bo .taken collectively they comprehend 16.9 per cent, of the steamers. and 20.1 por cent; of the sailing vessels lefnoved from the mercantile marino during 1907. • • -DRIED .FRUITS. • - ' Messrs. Laughland, Mackay and Co., in thoir dried fruit -report, dated London, August' 13, give the following information:— Currants—Stocks ill London at end of July were 4380. tons, against 3398 tons last year. Tho crop prospects have somewhat improved in consequence of a beneficial change in the , weather in' Greece, and tho outlook is in favour of a large .crop. Harvesting is earlier this , . year, and is by this time progressing generally. Of course now is the critical-'time, and it is hazardous to express an opinion of the actual outturn, but ■ the'market ■ seems to expect a r lower price- for provincials. Sultanas.—Stocks in London at end of July were 1551 tons, against 455 tons last year, which, however, were abnormally. low. At one time during the past four weeks the estimate of tho yield from the new crop was put at 41,000 tons, but there has been some improvement in tho prospects, and the latest estimate is now for about 45,000' tons. The situation,' however, was sufficiently serious to compel an advance in the earlier quotations, and since then they have not receded. It is difficult to say what may bo tho course of the market., but at present lower prices are not looked for for, tho first shipments. There had been a very good demand for small currants from the confectionery trade when the mail left London, and it was evident that the fine weather, with the consequent cake consumption, had depleted tho stocks of tho manufacturers. With rather more buying, supplies had become consider- , ablv lightened. Tho confectionery trade also bought considerable quantities of sultanas. Parcels showing any colour were becoming .daily more scarce and dearer, despite weakness evident in the lower grades. The position of French plums was unchanged. The Oregon market was very firm at rates which . in some sizes compared very unfavourably with the French growth. There was a considerable advance in now crop evaporated apri. oots, with a fair business doing.

10s. to JIG; pearl barley, .£l3 10s.; poas, partridge 4s. 0(1., Prussian blue Gs. 6d., fowl peas 4s. 7d., split ,£lB 10s.; bonedust. .£6; superphosphates, wSt 15s. to .£5; guano, ,£-1 10s. j chaff (oatensheaf), .£5 7s. Gd. to £5 155.; oatmeal, <£12 10s. to .£l3; potatoes, table .£5 ss. to dCS 155., New Zealand seed (Up-to-Dates) JIG to i.'G 10s., Early Rose £7; molasses fodder, «£6; bacon, factory, sides BJd., hams od., rolls 9Jd.; butter, bulk, prime lid. to llld.; cheese, factory 6}d.; poultry, hens !!s. to 3s. 6d., ducks Gs. to 7s. Gd., turkeys, gobblers 15s. to 225., liens Bs. to 9s„ nil nt per pair; cauliflowers, 3s. to Gs.; cabbages, 2s. Gd. to 75., all at per Sack; fresh eggs, Is. to Is. Id. per doz.; cheese, 6d. to GUI. per lb., loaf 7Ad. per lb;; onions, .£ls 10s. per ton; Akaroa cocksfoot, 10d., ryegrass, 4s. 9(1. to ss. Gd: per bushel. ' LIVE STOCK SALES. : Mossrs. Abraham and Williams, Ltd., report in their Johnsonville sale as follows:—A full entry of bullocks, liiostly of prime quality, sold freely up to 255. Best bullocks made .£9 12s. fkl. to ,£10; others, £0 to £9 10s.'; lighter, £8 10s. to £8 17s. Gd. A good. yarding of sheep, including 'some very prinie ewes,'wore not quite up ,to last week's rates. Heavy ewes made-from 18s. Gd.' to 19s. Gd. tl 17s. 6d. to 16s. 10(1.; light, 155.; wethers, Ids. 10d., 19s. 3d.; lighter, 18s. 1(1., 18s. Gd.,. to 19s. At yesterday's stock sale-(writes our PiUiiatua correspondent) a good yarding was submitted by Messrs. Abraham and Williams, and the NonZealand Loan and Mercantile Company. Theattendance was good, but. bidding was not brisk for sheep. Good mixed hoggets made from 10s. 6d. to lis.; medium, 9s. to 10s. Id.; culls, 6s. 6(1., 7s. Gd.; full-mouthed ewes in poor condition, Svith lamb, 13s. Gd.; fair-conditioned and forward -ewes, 13s. 3d.; fat cows, medium woights, 955.; springing cows, good conditioned, 905.; 1325. Gd.; empty cows, 155., 245."Gd.; yearling heifers, lis. 17s. Gd.; springing heifers, 725. Gd., 117s. Gd.; empty heifers, 325.; yearling steers. 205., 235. Gd.; two-year steers, 52s ; twoyear shorthorn bull, G2s. Gd. GRAIN MARKET; • (by telegram—mess association.) Christchurch, September 22. A few lines of wheat aro selling at 4s. at countrv stations, growers boing rather more inclined "to 1 sell and buyers to accept offors, but without .being ■ disposed to make. any. advance in price.' A private cable message from London quotes New Zoaland oats as worth only Is. Bd., f.0.b., sacks in. ' NO LIABILITY SYSTEM. ADVANTAGES AND DISADVANTAGES. (jit TEDEGKAra—I'BESS ASSOCIATION.) Auckland, September 22. Speaking at a meeting of the shareholders in the AVaitangi Gold Mining Company to-day, the chairman of directors (Mr. Chas. Hudson) referred in very .plain terms to what he contended were the evils of the system of no liability mining companies. He said the "no liability" company seemed more adapted to new and.'untried ventures in which investors do not wish to incur the slightest, risk of auy expenditure other than their, original outlay, and to leave themselves perfectly freo.to throw up their shares at any time they wish. For the speculator pure and simplo there was much to be said for tho no liability system,', but any genuine-investor miglt urge-that this disadvantage might arise:"ho might in all good faith pay his calls oDly to find that others had not had such faith in the company and had forfeited : their shares. These investors might also bo disappointed to learn that the mino had collapsed, and be indignant With the directors for having abandoned an onterpriso at an 'early stage, as hopeless without calling on the shareholders for 1 support when tho. directors would have had no option in tho matter, as they would bo personally, liable for any exponditure over and above that which rould be. defrayed from . funds' in hand. From the company's standpoint there was no doubt that the status of a limited liability company was infinitely better than that of a no liability one, The directors wero in a position to enter upon contracts and to make engagements that would, he impossible for a company of tho latter description. For instance,, a deep-level scheme was now contemplated in tho Thames, and ono of the companies interested was a no liability one, and it would be necessary for them to • guarantee the pavinent of a certain sum of money. TW found it impossible, and tliey were now considering changing to- a limito'l liability, comoany to givo them the desired power. The liability assumed by- shareholders under a limited liability company was now practically confined t« a liability'to pay two calls. If any' shareholder refused to pav a call made, his shares went to forfeiture, and it was possible that another call might ba made Iv»-fr-re the matter was settled, for which he would also be liable. ' 1 STOCK EXCHANGE. . (BT TELEGRAPH—PItESS ASSOCIATION.) Duncdin, September 22. Stock Exchange sales:—Golden. Bed. JOs.; Wailii Grand Junction, ,£1 135.; Kauri Timber 14s. 2d.

Buyors. Sellers. Sales. £ s. d. J! s. (1. .£ s. d. Talisman ... ... 2'0 9 2 1 3 2 1 3 Waihis :.. ... 9 0 0 • 9 1 6 9 10 Waihi Grand Jun't'n — 113 9 — Big llivor ... ...112 9 1 11 0 — N.Z. .Crown ... — 0 .4.3 — ■ ; Tangiaro ... ... — 0 13 — Blackvater ... ... 1 3 6 1 4 6 —

£ £ . 1875"' ■ ... 162,ISl 163,133 1881) ' 229,669 ' . 130,628 1885 ... ... 315,697 219,551 1890 ... ... 675,771 , 610,632 1895 ... • ... 719,665 513,182 ' 1900 'i... .;. 1,110,261 1,039,671 1905 ... ... 1,127,551 1,131,759 1907 ... ... 1,739,858 1,632,580