COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1077, 16 March 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. The sales of investment sharen recorded yesterday were Wellington ■Woollen, ordinary at £4 Is. 6(1., and New Zealand Drue at. £2 9s. 6a. The buying and Eolling quotations were as under:— Buyers Sellers £ s.d. £ s. d. Bank of New Zealand 11 4 0 1 - National Hank — 6 2 0 National Mortgago 3 4 0 — W.->U. Investment ..' 011 0 011 6 Well. Trust and Loan ... 7 12 6 7 l<l 6 Feilding Gas -\ 12 0 Palmerston North Gas — 9 0 0 Chrislchurch Melt 16 0 0 — Heat Export <£$) S 7 6 - I Meat Export (£4) 5 2 6 — i •Meat Export (523. 6d.) ... 3 I 0 _ N.Z. Shipping: 13 0 0 _ K-iiapoi. Woollen ....- 5...4 0 Well. Woollen lord.) 4 10 4 3 6 Tanpiri Coal 116 _ Wcstporl Con! 18 3 Le.vltind-O'ilrien 16 0 \ k 1 Maniiinc and Co 4 11 0 4 12 0 Miramar, T.tri : - 0 2 6 N.'/,. Con. Dental 1 2 6 13 6 N.Z. Paper .Mills 13 0 14 0 Sliarlfind's ni'dinary ■ — 14 6 Taranaki Petroleum 0 13 3 0 14 3 Taringamutu Totan 2 7 1 2 9 6 Ward and Co 4 Iβ 0 - Whitwmbe and Tombs ... 6 6 0 -

JXsUriUXCE IX LONDON". Interesting figures relating to the insurance against fire of property within Die administrative comity of London are compiled fr.iin returns i-npi'lieu recently I'y the various insurance rnmn.inics for the piirpofc of apportioning their respective contribulions ton-arris ti-e innintcnancp of the lire brigades. '1 he total amount of insurance was no Joss than .£1.083,274.627. licintr slightly in excess of tho total for tho propare there'figures with the comparatively modest, total of X3M.130.651 for 1666. the earliest year in respect cf which figures ire available. Anionc insurance cotnpanios the Alliance is credited with by far the largest proportion of thr win!;, v>... £250,616,£W, including policies itsued by its subsidiary companies. The S-.in coincs next on IVin list, with £114,405.983. and the Commercial Union follows with The companies together with Lloyd's contribute £57,914 toward> the maintenance ol tliu fire brigades, the amount being computed on the basis of £55 per £I.KO,CCO of assurance, and of this sum the Alliance provides no less than £8771. A curious contrast of those figures is supplied by items I of Id. and <d. respectively, which two companies transacting a very moderate business within tho metropolitan area are expected to contribute. INDIA AND GOLD. International bankers will evidently have to pay more and more attention to the problem of tho Indian demand for gold, in London the inquiry for bar gold on Indian account has developed so that anything between £100,000 and £200.000 is absorbed regularly each week, and at the same.time there is a pressing demand in Australia for smaller bars, whilst at times when tho currency demand is Strang, the country absorbs large quantities of sovereigns. It is evident that tho Indian ryot, instead of taking silver for his hoards, is preferring gold, and that is ajioint which is ,of much importance to the Ivestern comLast - year the .-official figures show that about-16 millions of gold wa3 imported into India, and yet the figures of the currency department show that during that timo the holding of sovereigns only increased by two crores, or a. little over a million and a- quarter stcrlins. It is evident that the gold filters away into other parts of the countrv, and we 3hould imagine from the experience of the past that it goes into hoards which ore not likely to reappear. . When it is remembered that the. gold production of tho world last year was certainly no more than 92 millions, the demand of Inrtia becomes of importance, and if, as is estimated, owing to the prosperity prevailing there, the demand becomes still greitsr. tho necessity of providing for the inquiry must .have r.n effect upon tho money markets of Europe. It will be interesting to see what will happen in view of these facts, for Europo had a; great deal to do with the bringing into force of the present currency system in India, throueli the operation of which the accumulation and. distribution of gold in that country is now being carried on. " ■ ■ ■ NOTES. The Admiralty are carrying out some important additions- to the already extensive oil-fuel storago e.t Portsmouth. Four large tanks are being constructed, each having a capacity of 6000 tons! There are already four such oil-fuel tanks at Portsmouth, and when the additional ones are finished thoro -will be storage for-0.000 tons of oilfuel. A jetty is also being built, so as to enable the largest ships to bo berthed alongside of it. Pipes will lead from the storage tanks to the head of tho jetty, and the oil will be pumped through them. The oil is brought to Portsmouth in speci-ally-built vessels, and is Dumped up to the tanks, which are situated a short distance from the harbour. Similar oil-fuel depots have boon ■ constructed at Devonport and Portland and in the Medway. A Parliamentary Whits Paper recently issued dealing with the subject of "Trade Unions," states that at, the close of tho year 1909 there retrained upon the resistor C 66 trade unions, of which number 633 furnished returns. The total membership for Great Britain and Ireland of the 633 unions war, 1.957,900; their income amounted to £3,042/00 and their expenditure to £3.158,700. in excess of tho latter over -the former of £116,300. The balance of funds at the end of the year amounted to £5,836.300. As compared with. the previous year, the fieures for 1909 show a decrease in membership of 13,334, or .676 per cent., and a decrease in expenditure of .€£65,800. The averago gross income per member was £1 Us. Id., and the amount of funds per membor £3 Os. 2d. The-figure? for tho list dec-ide show a--substantial increase, tho number of nicmhers having risen by 521,600, or 36 per cent., and the balance of funds being .£5,886,300, r.s compared with £3,515,1C0. o'istoms duties collected at the pott of Wellington yesterday amounted to £2962 11s. Ed. LONDON WOOL SALES. PRICES UNCIIAXG-ED. (By Telegraph—Press Association Copyrieht) London, March 14. Tho second series of wool sales opeued briskly. Prices vrero unchanged. A CONFIDENT TOXE. (Ecc. March 16, 1.5 a.m.) London, March 15. At the wo6I sales Messrs. Buxton, Ronald and Co., Thomas and Cook, and Charles Balmo and Co. catalogued 9055 bales, including 5789 bales of New Zealand wool. There was a good' selection, especially of crossbreds. The attendance was very largo, and the bidding spirited. Everything was firm at tho February closing,rates, and the tone of the market is confident. Continental buvers arc showing a better interest in crossbreds. - HIGH COMMISSIONERS F.EPOKT. The Commerce and Tourists Division of tho Department of Agriculture, Commerce, and Tourists .has. received the following cablegram from tho High Commissioner faNew Zealand, dated London, 14th March, regarding, the opening of the second series of tho colonial wool sales-.—"Wool salca commenced. Animated competition for all descriptions. Trade is good, p.nd manufacturers are busy. Continental trade has iml proved, steadily since the January series. Present prices are firm at closing rates of last sale. One hundred and sixteen thousand bales of New Zealand wools are available." BROKERS' ADVICES. Messrs. Dalgety and Company, Limited, have received cabled advice from their London office, dated March 14, that the wool sales have oncnod. Tho attendance of buyers is large and competition animated. Selection is good, and there is no change to report in merinos, fine, medium, and coarse crossbreds. Messrs. Abraham and Williams, Ltd., have received the fo'.l/nving cable from London under date March 14:—"The sales have opened with good competition. The market is firm for all wool?, and prices arc unchanged, as compared with closing rates of last series." The New Zealand Loan .vid Mercantile Agency Company has received tho following cablegram from its London house under date March 14: - "London Wool Sales.Thero was a full attendance at the opening of the sales to-day, competition by Homa and Continental buyers being active, and prices as compared with the close of preceding scries ruled firm for all sorts. The opening catalogues were fairly representative." Messrs. Levin and Co., Ltd , have received the following cable from their London agcnts:-' , Thc March cerics of wool sales have opened on a par with c.losin" rates at tho January Eales, with biddings keen. The following are .the average prices for the fleece, wool of clips alreadv sold at these sales :-ICKIC, Ohariu, 9»d.'; S.H.C. over Mt. Baker. Masterton, BJd.-"W in circle J, Porinin,,9d.; . Buatea Alfredton, 6Jd.; W.L., ;Ekctahuna, 9 13-16 d- To Roto, Jl.astcrton.-9id.; W.II. over Pram Paraparaumu. Bd.; E.J.C., over Willow Bank, Masterton. 9d.; CM.. FeatUerston, ICd.; Awatoitoi, Masterton, 9}d. ; Anchor Masterton. 9d.; D cross keys Hudson. Mi* terlon, 9Jd.; Bow.lands, B*d.- It Bros, over Tanc, Pahiatua, 8 13-16d.;*Biver-side, Martinboroucli, 83d.; Glen Morven, Uuntervillo. BJd.; Ot.iuiri, HunterviUe, 9ld ■ Pukekoa, Huntervillo, 9Jd.; Oakdale, Ma«tertou, 9-d. The ISank of Now Zealand haa received the following cable from its London office dated March. 14-.-"The sales have opened with strong competition and a large attendance of buyers. The market shows no change for all kinds of wool." The United Farmers' Co-operativo Association, limited, have received tlio following cablegram from their London agents, under date March 14:—"Tho-rscond fcries of wool pale? opened to-day with a hrge attendance of buyers, and bri?k competition. Fine, medium, and coarse crotsbreds show no quotable change, as compared with the closing rates of the previous sale." ' Messrs. Murray, Roberts and Co., L'>i have received the following wool market cablegram, from their London Messrs. .Sanderson, Murray and Co. dated March l<1: - "The sales have opened, firm with- a hrgc attendance of buyers. Competition is good. Market, shows no ma- . terbl change." LONDON", STOCK EXCHANGE, i '.By Telcsraph-Press Association Conyrisht) i London, March 14. Stock Exchange quotation? include—Bank ) of Australasia, buyers £116 10s., sellers £117 i 10s. (ex div.l: Hank of Victoria, buvers SA i 17s. 6rt.. sellers £b 2s. Cd.: Bank of N'ew i Zealand, buyers ,£ll 10s,, f-ellera £12; New Zealand Lo.-.n and Mercantile Agoncy ComoaDy, £55; Melbourne Board of works, £102.

THE METAI. MARKETS. (ByTclcgra-ph-Pross A-j?oe:.itinn Copyright) (Rcc. March 15. 11.10 p.m.) London, March 15. Coppcr.-On tpot. £54 16s. 9d.; three months, £55 6s. 9d. ' Tin.-On spot, £177 10s.: three months. JEIY7 15s. Lead. £13 23. 6d. WHEAT. (By Telegraph-Press Association Copyright' (Roc. March 15. 11.10 p.m.) London, March 15. Whcat.-Thirtccn thousand five hundred quartern of South Australian and A'rtirian, March-April ehinment, have sold at Ms. 6d. MINING NEWS. WELLINGTON SHARE MARKET. i Talismans secured a lot of attention yesterday, and advanced over a shilling in the afternoon. Orand Junctions were also inner, after showing a. slight decline. New Sylvias were weak. The sales recorded were as under:— New .Sylvia, 2s. Sid. (third call). Talisman, «£.. 495. Cd. (second call); SCs, 3d.. 505. 9d.. 515., 50s. Sd. (third call). ' Waihi, &ss. 3d. (third call). Waihi. Grand Junction, 275. (first call); 265. 7d. (second call); 275., 275. (third call). The buying and selling quotations were as under:— Buyers, Sellers. £ s. d. £ s d Blackwater — i 8 3 Bremner's ■ — 0 0 5 Con. Goidfields 017 6 - Kuranui-Caledonian — ■ 0 13 May Queen '..: 0 2 1 0 2 2 New Sylvia 0 2 7 0 2 8 Old Hauraki 0 1 10 - Saxon 0 2 3 0 2 4 Talismans 2 10 6 2 11 0 Victoria — 0 12 V.'aihi 3 3 6 3 4 0 Waihi Extended — 0 2 0 Waihi Grand Junction ... 1 7 0 17 3 Waitangi 0 1 11 0 2 1 Watchman 0 2 7 0 2 9 STOCK, EXCHANGE. (By Telegraph.—Press Association.) Auokland, • March 15. Business done on 'Change this morning:— Kuranui, 3*d. - New Sylvia" 2s. 9d., 2s. Bd. Mount Welcome, Hi. ' Crown, 3s. 6d. Talisman, £2 95., £2 9s. 6d. Waihi, £3 3s. 6d., £3 4s.'. '' • Griad Junction. £1 6s. 9d., £1 7s. New Waitaia, Bd,. The following business was done at the 3.15 p.ni. call to-day:— . New Sylvia, 2s Bd. New Zealand Crown, 3s. 6d., 3s. 7d. Golden Belt, 7d. Talisman Consolidated, £2 10s. Waihi, £3 4s. 3d. Waihi Grand Junction, £1 7s. 3d. Old Alburnia, Id. Auckland Tramways (ord.), £1 ss. Dtincdin; March 15. I Stock Exchange sales:— i Talisman Consolidated, £2 Bs. 6d., £2 lls. I Sales reported:— '. ] Waihi Grand Junction, £1 6s. 9d., £1 6s. ! 9d. Talisman Consolidated, £2 9s. 3d. New Zealand Insurance. £4 4s. 6d. New Zealand Paper 'Mills, £1 3?. 9d. Stock Exchange Proprietary, '£3 2s. 6d. TALISMAN. The Wellington Stock Exchange received the following telegram yesterday.—"Sent following cable to London:—No. 13 level south drive, progress 12ft., width of reef, 6ft., assay value £4." THE WAIHI MINE. CIRCULAR TO SHAEEHOLDEES. The following has been handed to the press for publication by the Waihi ShareHolders' Local Committee:— "To the Shareholders. Waihi Goldmining "Company, "Tho information contained in the Press Association reports from Auckland, published on Tuesday, is confirmed by the receipt, this morning of the circular therein referred, to, and the Shareholders' Committee have immediately met to reply thereto. The - CDimnittea of the shareholders would liko to point out that the present, movement was a voluntary one on the part of tho shareholders throughout the Dominion, which movement was brought about by.tho class of information furnished by the company's olllcers, which in many casc3 was not issued within a reasonaule tiaic of such information becoming known t-o them. For example, shareholder;; wora iufurmed by tho local officers that ;'. certain output would be maintained and the dividend paid as usual, notwithstanding that they were aware that 'the mine had been under a, cloud for nine months' (vide Williams' licport). It was the frequency with which the statements of the company's officers were proven by subsequent events to be erroneous that (mlminated in the unanimous adoption throughout the Dominion of tho resolutions passed at a shareholders' mcetiug in Wellington on February 1, which emphatically expressed the shareholders' present opinions and wishes, showing thit tho shareholders' confidence in the present management is abralutoly shattered. The resolutions were notified to the local attorney, aad the London board's-attention was drawn to them by cable, bui elicited no response from cither London or Auckland, except Mr, Kichards's hurriedly drafted report, which is apparently disregarded by the local directors, as they are now asking for a fresh investigation on tho lines asked for by tho shareholders. Messrs. Ithodes and George are now asking for proxies on behalf cf th? board of directors (who appointed the local attorneys) to propose similar resolutions at the forthcoming annual meeting. It is significant that no notice is taken of tho resolutions touching the keeping of the share register at Auckland passed by the Auckland shareholders at their meeting. Arc the shareholders prepared to leave tho carrying out of their, own resolution:, in tho hands of the present board of directors and administrators, whore methofa of business are to adopt resolutions from their critics without acknowledgment, purely to obtain proxies for tho retention of the present administration? "Mr. Topham has been known to members of tho Local Committee for some years, or they have known of him from his intimate' knowledge of the mine's affairs as expressed frequently at the annual meeting of the company, and they lit'.w> his asuiranco that he is a large shareholder, and he h3j personally signed the circular as a shareholder. The committee have had a week's close conference with him, and are confident that if he is elected., tho Waihi board will have at least one director who has a. personal knowledge of its officers. Your committee are satisfied that Mr. Topman from his personal knowledge of the mine, ascertained by frequent visits from London, is the most efficient man to forcalily express the views of the Dominion shareholder!) at the annual meeting of the company, and would bring to the board knowledge obtained first hand, in that respect superior to any of the appointees to the Waihi Board in the past. "The committee aho have pleasure in announcing that they have secured the consent of Mr. Arthur E. G. Rhodes, solicitor, of Chrirtchiirch, who proceeds to London on March 24, for a. lengthy residence, and formerly n member of the New Zealand Parliament, to be nominated for a scat on the London Board of directors as Mr. Topham's colleague, with whom he ha=, at our request, conferred, and he his the hearty support of a!! the shareholders throughout his district, and, we believe, throughout the Dominion. "Wo desire to take this opportunity of thanking shareholders for the gratifying response to our call for proxies, a.nd to assure them that your committee will take good care that their proxies arc in good hands. We and the large fhar.'holdars who hf.ve signed the circular issued by the committee arc convinced that the investigoi tion asked for by shareholders at meetings throughout the Dominion will be . more drastic and searching if carried out by a new board ilnn by tho. present management, and we trust'shareholders will continue to ievA us ithoir proxies, if they havenot already done so. so- as to secure a thorough and-, impartial investigation." "Yours faithfully. "Tho Waihi Shareholder.-,' Committee, • "Wellington. "Wellington, 15th March, 1911." l |