COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1031, 21 January 1911, Page 10

COMMERCIAL ITEMS.

' INVESTMENT SHARES.. ; -.' The.transactions in investment shares recorded yesterday were r cstport Coal *£7 ss;, Lpyland-O'Brien Timber, 273. 3d., and New, Zealand Drucrs,'49a. 6d. cum rijrM3. The New Zealand .Drug-Company'.is issuing .30,C00 new shares, to which tho-share-holders liavo the first right. The sharea aro heing'issued'nt a small prqmium. Tlio quotations were as under:— . • .. Buyers " Sellerß. - . 4 . . ; , . £s. d. .. , £s, d., Wellinßton Investment .i. 0 11-0 .011 6 : Well. Trust and Loan 712-6 ' '. . : ,I'eilding Gas 1» 1 9 — Wellington Gaa (£10) ...... 19 2 6. — : Wellington-Gas (£6 155.) . 13 15 0. n- . Port Chalmers Gaa — .019.0 Standard Insurance* 16 0 — , Gear Jlcat (£1) 3 2 0 -. ■ Jfeat Export (525. 6d.) .... — .330 • .Well. Woollen (ord.) 315 0 318 0 , Weil; Woollen (pref.) ...... 2 16, 0 — Taupiri- Ooal *I*o *6 ' . — D;I.C3. Preference — I' 3 .3 Manning and Co. 4 7• 6 '"4 12 6 N.Z. Con.'Uental 12 6- • — K.Z. Drug •.. -. .-2 10 0 Ward and Co. '5 5 u Whiteombe and Tombs... ~—• ;. 67 0 > v SHAREHOLDERS AND DIRECTORS. The collapse of the Law Guarantee insurance Company which.causcd a cood deal of hardship to a number.of people furnished the ".EconoAiist" (London) with the Kubjeefc matter-for -a. very thoughtful article | on the. relative positions of shareholders' find directors.; This .ciniuent journal points out that in theory a. limited, company is a democracy; in* practice it is entirely bur-, eaucratic, and the' directors are "so firmly seated in; their ofiice as to bo almost immovable. lii-theory -they were, chosen by ' .shareholders .to manage the business: in practice they, were either chosen before the public had subscribed for shares tor were worked into'their position: by friends, on the board. In theory they, must be reelated at stated intervals by the company in - general. meetinK; in practice they come into tho .room with their pockets full of proxies and can sit-comfortably througn the warmest discussion, knowine.that they must , win in the . end. The odds, are al-waya-on the directors, .because ihey .know so much' more than the shareholders, be•causo .they are .backed byan. organised staff: and'faced with an. unoreanised mob, and . because they can- at the expense of the company itself. With respect to the competency- or otherwise of the directors for-'tho positions they hold, the -'Economist" goes on t-o say that any investor, of experience looking back over the companies in which he-has been interested, and whose careers ho has' followed, could probably recalt many cases in which..the managers wero open, to the most serious criticism, .and were,- in fact, very freely criticised by their own shareholders: but whenever it crime to. a o.uestion of fact, whenever a general statement' had to be supported by a matter of detail, the share.holders were reduced to'helplessness ana thoj- directors had . all the: ..cards. in, their own-.hands;- So Jittlevis told of.a company's inner 'w6rkingsr;s6''litle,nis 'made known- in thevdirectoW' {rCPort,. or'-in ;the ;figure3'*of the^balanbefshee^.' l ;that•; , intelligent • critica^o^rd'o^poliey■ is;',extraordinarily difficult, and- y th*e proprietors of a company r-the' men who stand.to lose most by. m]&. management—have -to. mako^their- decisions in thedark, and trust - blindly', to'- a. set: of men .whom Very often they suspc'ct. of incompetence. .Thus- it.-.comes .-about that a. discussion at a company's "general meeting i6-usually the most futile thin? earth. General remarksiare made about,'the 1 company's position: if tinies are• prosperous they will be cotuplimontary; if tiroes are 'bad' they, will bo critical: But whether critical or complimentary,- they are almoqt invariably the' moment a point of importance is raised, or a- vital question put to the .board, the chairman at once're-i plies; and ;with a ccrtain r.mbunt of reason, that to answer that nnestion' would be impolite, aB, giving information valuable, to the"ooTnnany'3: rivals. :In'.other words, nharcholders, - and- especially ' shareholders in. an industrial. company, while they - are actually, thei o.wriers of • the' business.:', cannot be givehTanything more than an-im-pression of the state of their own;, pre ncrty. If -shareholders are nececsudly ignorant, it foUows that directors arcane-' • cesEarily' all .powerful. - and as evervlipdy knows a. board -a3 against' its .'proprietors is practically'omnipotent. - The pears to-lie, in furnishing fu!!cr information, and more details can be eiven :in--a-' balance-sheet witli.out in tlje least affecting tho prospccts of a company. . .!_Customs'revenue collected at tho port of Wellington yesterday amounted to / £1007 lis. Bd. • : . . . - • . WELLINGTON MARKET REPORTS.. The New Zealand Farmers' Co-operative Distributing Cbl, Ltd., reports:—Potatoes of excellent quality are coming ia freely. Onions are slow of,sale, and the' prospects for the .early,.' Canterbury..globes aroi not bright. Fruit is keenly competed for. and values,' generally speaking, ate very fair . indeed. Small and bruised apricots, have been ruling low, but tlio demand is now .better for all kinds. Peaches meet ready sale, as also highly coloured dessert apples. Plume aro rather slow of sale, while to- ' matoes are bound to weaken as tho Hutb crop comes in, .which "will >be in about a . week. Vegetables are in fair inquiry. ' loultry has fallen in value, and tho demaud 13 at. a low, ebb, nor do wo see any i prospect; of .a'rTiso for some time'-to.oOine. Bran - has weakened,.- butr' pollard i.is .still Prioes ruling:—Potatoes'; prime , £4 10s. to £6 per ton; onions,v Australian, Globes,.£6,por;ton; cabbage,-2s. to 3s. per &aok;-green peas,'iHutt'Sd. po'r"peek; French' ■ beans, Id. per. lb.: carrots, Hutt; 6d. doz.: turnips, white 4d> to ; sd. doz.; lettuce, choice ■Per case; spriliK onions,-4d. : to 6d. doz. ,'bdls.;, rhubarb, Is;- to Is. ,6d. doz.;, strawberries, Is; 6d.-per lb.passion fruit- 7s. to- • Sr'if Per l 111 "-ease; cherries, 9s. to 10s. 6d ; half casej cuoumbers. lsv to Is. 6d. per. doz.* apricots, 35...t0-6s. per half case:-peaches! 4s. to 55.: 6d,- half case j plums-Ogahs 25., Burbanks, 23.- 6d. .to 35., diamonds'. 2s. 9d. to 3s. per half case; Dcctvines.' 4s. 6d.' per half case; dessert apples,. 55.-Cd.'to 7s. ner case; cookinc: apple 6, 4s.'6d. per ease: tomatops, Hutt 4s. 6d. to 55.'6 d., Kelson 3s. 6d. to «s. per half, caso; raspberries, in buc-' ket9 6s. 6d. oacb Eranes. Is. 6d. nor lb.: butfcer, separator BJd. bulk, 9d. to 9M. riats. ' dairy Bd. to 9d. per.lb.;, cheese, best factory mediums. 6d. per lb., loaf 7d. nor lb.:i Messad pork, 70's to 90's 4d.. 90's to 100's 3jd„ baconers 3!d., choppers (heavy) 2d. to 1 Is. Id. per doz.: bacon, ■faotory. sides:.7d„ rollß .9d., 'hams Did. per lb.; h0ney..314 per lb., slow of sale: beesi!", ax ',. i ; nor'lb.'- fungus;'4|d. to sd,'.pcr lb., walnuts, 6d. per lb.; tallow, tins' 28s.' cwt.; poultry—copkercls, ■ 5s. 1 6d.> for irood birds;, small, 3g.; table rposterg." ss. : tablo: hens, 3s. .to ":45,; ducks, 4s. >to Ss; 6d. per pair; turkey cobblers, • lCd. per lb.: hens, > Bd..per lb. live woi K ht; maize, 35.,6d.'t0 3a. s,! 4s. per bus.; barley •(feed), 3s. per bus.; barley (Cape), 3s. 9d. per bus.; dun peas, 4s] per bus.'; barley ' meal, £6. ss. per., ton;- pollard. £7 ss. per ton; oat poljard;;2s. 6d. sack of -about 90 - J s, « Bcr toni ""lasses fodder, , £5 per ton;.; chaff, oaten sheaf £5 se. perS 5■i y ) V P - nme . £3 K £ * por ' on: sucrosino, £6 lGs. per ton; straw, wheaten £2 7s. ou. pel*; ton; "linseed oil cako,■ jrcnuine £13 per, ton; linseed oil cake. Bs. per cvrtToats, feed 25., 10d„ A grade 3s. per bushel : K?iS' s iv • . s ® ar ">wbU!s. Gartons. Duns' I S 3 5.; Algerians, bushel W bushel:; o&tt. .crushed 3s. per

• QUEENSLAND, NATIONAL BANK ' ByTclocrnim , (Hcc. January 20, 8.10 p.m.) : . ™ ■ Brlabany, January 20. , . o net " profits '-of .'.the,. Queensland rNation al Bank last. yea r amounted. to - £46 174' of Wh'ch £41,000 (?£21,C00). was carried to the .contingency .account; £20,000 to tlio' depositors, repayment ,fund;.'-and JESCOO to the reserve.' A'further 9d. iiTtlie £ hat been written off tho original deposit re ceipts, making 4s. 6d. so repaid" , C COMMERCIAL -BANKING CO.-OP SYDNEY." By Telegraph—Press Association- Copyright. (Ecc." January 20, 9.55 D.m'.). ■ v if -■ , Sydney, January 20.", JrL-iJ lal 1 f "7 <!ar 'y meeting of tho Commercial Bankmc , Company, of Svdnev a profit of £152.564 was reported. A dividond of 10 per cent.' .was declared ;■ £40.000 added to reserve ,v and £37,565 carried forward? "CITY DANK. By TeleEraph—Press Association-Copyriirht.. . (Rec. January 20, 9.55 vD.m.).' • . ■ ' Sydney, Ja,nua,rv 2fl Tho City Bank has declared a,, dividend hL^ 0U M P j r . "li 4 ' A 5Um of £1000 .lias ? £ 1 " to tho reserve, and £1000 writ, ten off lUe premises account. • • . . .LONDON SHEEPSKINS. SALES. ■ By Tclccrapli—Press Association—Copyrlent. : (Rec. January 20, 11.10. D.m.) "... . • , ~ London, January 20. At tho sheopskins sales 71C0 bales were offered. There was an averago attendance. Bidding' was fairly brisk at the outset, but dragged towards • the close Australian merino combings crossbreds showed a decline of 3d., and New Zealand combings a dedino of from Ad. to 3d.: and clotlling declined from id. to gd. ' " LONDON WOOL SALES. POSTPONED OWING TO .A FOG. '' By Telegraph—Prosa Association—Copyright. London, January 19. • The wool sales liavo been postponed owing to a fbg. , ■ The Bank of New Zealand has received from its London office the following cablegram, dated January 19:—'"Prices have improved for all kinds of wool since opening of the Bales. The demand is active. Current prices for North lelaad formers' lota

.in, average'Condition:—Coarse .crossbrcd, 36-40's quality. Bid. to 9d.; medium crossbred, 44-46's quality. lOd. to 103 d.: flue crossbred, 50's quality, lid. to 12d. Current prices for South Island farmers' lot*. Canterbury . style, in average condition:—lnferior merinos. 60-64's nuality, 9id. to lCd.; superior merinos. 60-64's Quality, 12d. to 13d; lialfbred or quarterbred merinos; 56's quality, 12d. to 13d." •,

SHEEPSKINS.' : Messrs. Murray. Koberts and Co.. Ltd., have-received the following: cablegram from their .London friends, Messrs. Sanderson, Murray arid Co., with reference -to the 6hccpslun sales:—The market shows a'decline of a halfpenny per lb. . .

I . London markets. Messrs.. Dalpety and Co., Ltd., have received cable advice from their London house, dated January 18 and 19, regarding the'followinc markets:—Wool: Sales continue more animated; crossbreds. fine quality, 5 .per cent, lower as compared with closing rates last eeric3. Sheepskins: Merino prices, are lower by id. per lb.; 'crossbred* prices are lower by id.-to 3d. per lb. Tallow: Low and inferior descriptions are par' to'3d,.cwt. higher, other descriptions 6d. cwt. higher. There is an in'creasing demand for. mutton.. Frozen Meat Prices are/Jd. to 1 Jd. lower. We quote New Zealand prime Canterbury lisrht 6d. per lb.; : Korth Island, light. sid. to sJdl;. 'Australian, fair demand. Mutton: Verj' poor demand; owing to large supply. Priceo unchanged. . Beef: Rather better owing to small supply;'£d. per lb. higher.

• • • GRAIN. MARKET. • .4 (By Telegraph—Press ; . Chrlstchurch, January ?0. During the last few days there have been several large lines of new wheat on offer. A'few of these have changed hands where prices could be agreed upon, but in other cases the gr'owers asked more than the buyers were prepared to give. Sales have been'made at 3s. Id. and 33. 2d. at country stations, the latter price being given for a line of .Waikari wheat, which usually •pommand the highest prico at the opening of a new season. Most of the wheat bought is to fill old contracts- for shipment to the North Island, and merchants and millers generally Bay that, 3s. is' all they aro prepared to give. ' The wheat that has so far come forward is of splendid quality, whicli speaks well for the character of'this s'eaeon's grain, 'as the early ripened'crops are'usually thinner in the grain than those, cut later. ', \ There are very few,- oats offering, and what are coming forward-are .mostly Algerians. Nearly'all the oats being'cut are going into stack, and the quantity.coming' on the market, early in.the season is expected to bo limited. • ; New o.itehenf chaff , is shortlv expected on the market, and-70s. is mentioned as likely to bo the opening price.. No feed business' is reported. • . ■ vln malting barley it is t stated that up ( to ss. 9d. has been paid for a prime cample',.; . \ Only a few small lots of cocksfoot have come forward so far, and no price has yet been fixed.,

WpOL; HIDE, AND. SEIN. EEPQETS.' .! Messrs.; Dalgety and Compasy, Ltd., report- having.- held -their firet -fortnlprhtly hido and skin 'sale of the .year yesterday aftepoon., There was, a large attendance of buyers, and competition was keen throughout''the-sale..- Wool: The offering . comprised bag. lots and' oddnient-', which were well competed for at ruling rates. CroEsbrcd, 6d; to 73d.; dead. 6d. to 6id.: pieces, od. : to <»d. ; ■ bellies, 5Jd.; locks, 3d. to 3id.; washed pieces, 5d.; lambs, SJd'. to 7id.; crutchings, 6Sd: .'Sheepskins: All inferior lots offered showed a slight, advance on prices ruling, at December sale. Good skins' wore on a par. . Ilalfbrod. 7id.; crossbrcd, good, 65d. . to 7id.; lialf-wool,. 43d. to sid.; dead and broken, 2*d. to Sid.: pelt<3,- r3id. -..-to ■ 33d. lambs, - 5d, 1 to old.; crossbrcd, salted,' 2s. 9d.: neltc. saltad, - lOd. - tb ' 2s. . <!d.;- lambi!, damp. Is. 6d.' Hides: Competition was animated,-, and ' prico? were. Arm in sellers' favQur. Ox (heavy) 7£d.'to 73d., (medium) 6Jd; to 7d.; cow (good), EJd.> to 6Jd., (cut and slippy) 4d. - to 5d.:. calf -(nood) 73d. to Sid. .(inferior) Sd,.-to 6d.'-.Tallow: In- shipping - order,,-245. to 28s. 9d. per cwt.; in tins, 225. 3d. to 255. 6d.; roiisli fat, 18s. Horse-liair, Is! 6d;', to ,ls.-Bd. per lb:;, cowtails, 10. 4d. per dozen. , ■ Messrs*.. Abraham and' Williams, Ltd.', re- , port on .their sale, held yesterday, as follows: —Wo offered, a heavy-catalogue of all sorts , to a large attcndanco.: of buyers. Competition- was fairly brisk for everything offering, and prices were , well up to late rates. Wool: Roush crossbrcd, 63d. to ,7Jd.; dead wool, 7d. to 74d.; locks and picce.l,: 3Jd. to 4>d.; bellies, 4?d. to sd. Skins: Medium crossbred, £3d.to7Jd.; lambs, end. ;'dead, SJd. to 5Jd.; phorto and inferior, 2d. to sJd.i pelts, Is. lCd. to 2s. to 2s. 4d.; lambs, Zs. 2d. to 2s. -4d.; inferior peltn and seedy, is. Id. to Is. 7d. Hides: Medium ox, 63d. to 7id.; Jight, 61d. to 6Jd.j ox,'cut, oRd. to sJd.j medium cow, 6id. to 6Jd.; cut . dowe,^s?,d.; • ycnrlings,''6£d.; stags/,5d.; dry hides, sfid, 1 to Cd.; ordinary, c.nlf, 7d. ;to, ( B§d.; damaged, "fid.; cow tailn, is. -'d. per dozen. Tallow: In tins,-245. 3d.; casks,' 28s. Cd. The, ,New„ Zealand Loan. and. Mercantile Agency C 0.,. Ltd.; report:—Owing to'the big wool sale held on January 3 taking up brokers' storaeo space and time, no skin sale has been held sinco December 16. Bayers' wero well represented, and biddinu ac■tivo at our salo yestorday', but at a lower range-of price's, both for wool and skins, than at previous sale. Hides and tallow sold well, at late rates.:. Wool (in bass) • Crossbred, flecco, 6id.,t0 ; 73d. per lb.;.pieccs„ fid. to 5d.; locks and pieces. 3d. to 3*d:: bellies, 4d.. to oid.; dead, 5d.-to 61d. SheopEKIUS: Crossbred, medium,.Cil.-.to 63d.- do' -c0ar5e,,65d.,t0'53d.;;d0., dead', 43d. to sid. broken, and > faulty skins,. ; ld to 3>d.: pelts, dry, 3d. to 33d:; pelts, damaged, id. to'Ud • lambskins; .23d... to 6d. Hides: nO SO offered;. do.' 'modium','fild. .tb 6M.; cow and light ox, <!d. ,to,'6Jd,;..;faulfy and dry ' hides, 43. to 53d.; calf,-.sound,' .7»d. to Bd.calf, damaged. 2d. to 6d.; '.-yearlings, 6id.i bull ludcs. sd. 'to sid.;-.'cowtails. Is.-per ' Tal J ow =' in' casks, l 28s.- 6d: per cwt.: in-odd packages.-2fa. 6d. to 255. 6d. per'ewtHorsehair, is. 7d. per lb. •, ; 'Messrs. L'e v in';and.Company,.'Ltd., TeportWo held our fortnightly cale' yesterdav when wo offered a small .auantity.. of wool ci? are !7nn' a " o,!uc ' containing 4400 sheepskins, 33C0' hides and calfskins ami , quantity of tallow .'and hortehair. WooL Only fadges and bags were-' offere.d- which sold at currentira,tcs. Skins: Bidding -was slow, and last sale prices. were barelv maintained. Hairbrcds, 71d."'to' 73d • nZ crossbreds, 71d. to. mcdiuS crSss" brede:-6d. to. 7Jd,: coarse crossbred?, £d. to 13'' /Hi?!f lns . < 55d:-io - 6Sd.;- dead hogget" sd. to 51d.; ' guartei-.:,t0.,ha1f-wools,-. 43d 'to Sid.; dry pelts, 21d.".t0. 33d; ; green sklne s. to 7 S ; pelts (green), 2s. to 2 S B ?d " sprtag lid.. ,Tallow: Steady. Parcels in shipping

order, £28 55.; tins; .£24 to £2515?.; roub'htfaU £15 to £19. Horsehair: le. to'!»•. 6d.-per lb.: horua; ss. to 16s. 3d. per-hundred; cowtails, 13. Gd. pei ,v dozen. Jlidys: Wi orerented a pood cntaloßue, whMt met with spirited co'mpetilion. \' Prices advanced 3d. on heavier;, £d. on lipht- ox, and gd. on cows; calf, sliphtly'. easier. Ox hides (hea\y), 7d. .to 73d.; ox hides (medium), 6td. to 7d.; ox hides (li-ht), 6M. to 6fid.; cow hides, 6d. to 62d.; .cut and slippy hide, 3d. to 5Jd.; ctap hides, f.d. to sjd.; bull ? l ?r CS . Aa t ' 2$ 6d. to 6fid. : calf, best, 9d. to 9id.; calf, medium, 7id. to Bid.; calf, cut and slippy, 4£d. to fid. Messrs. Murray, Koberts and Co!,' Ltd.. re-port:-We offered 'a larpb catalosuo at our (>alo yesterday, - the attendance of buvers beinp very. cood, and competition fairly animated. Pnccs naturally were expectcd to be on a,lower level, for all wool and sheepskin lots, and this was found to be the case, values beinff on tho average a halfpenny below lnotsalo for the better sorts of chocpskins. while tho inferior lots wmcn at last cale.anticipated the drop in Pnees, were sold at about the level then set. •HidC3 were ,firm, with tendency towards hipher .flKures: Tallow sold at about tho level of last cale. Wool (baq ots only): Crossbred fl-ece. 6?d. to 73d. per lb.; pieces,, locks,, etc.. ,tyl. to-5d.-'ner ,Ib. Sheepskins: Fine crossbreds, 6?d. to 72d.per lb.; coai\so to -medium-crossbrdes. ed. to W. perjb.; dead and hogrgots, sd.- to 52d. per lb.; inferior and-broken, 2Jd. to. sd. per lb.; short wools, 3d. to 4?d.. per lb.;, pelts, shorn, 6d. to Is; 4d. each;, Hides: Ox,{rood medium, 6Jd. to .7id;; ox light, 6d. to 6»d.; cows, ffocwl, 65d.; to; 6Jd. v ; cows, fair to medium, 52d. to 61d.; damaged hides, 33d. to. Sid.; calfskins, bost, BJd. .to. 9Jd,4 calfskins, fair, 73d. to BJd.; damaged calf, skins, <3Ad. to ■ Gld. Tallow;. Tins, .18s. Gd. .to 245. per cwt.; casks, 275. 6d. to 2te. 6d. per cu*t.