COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1166, 29 June 1911, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHARES Sales of Wellington Woollen, ordinary, . at £4 Is. 6d., and Kauri Timber, at lus. j 7d., ex dividend, were recorded yesterday. The buying and selling quotations wero as 1 under:— Buyers. Sellers £ s. d. £ s. d Bank New Zealand 11 17 6 — National Bank 6 1 0 6 2 0 Well. Trust and Loan .... 7 13 0 7 15 6 Well. Deposit — 0 8 6 • Gisborne Gas 3 16 — S.B. Insurance 312 0 — Meat Export (£5) 6 5 0 — Meat Export (535. 6d.) — 3 5 6 New Zealand Shipping ... 11 12 6 11 15 0 Union -Steam 2 10 — Well. Woollen (ord.) — 4 2 0 Well. Woollen (prof.) 3 10 — Taupiri Coal 116 — Westport Coal 19 0 19 6 Westport-Stochton — 0 3 0 Kauri Timber (155.) 0 16 3 — Leyland-O'Brien 17 0 — N.Z. Drug 2 9 3 - Sharland'6 preference — 14 6 Taranaki Petroleum 0 16 6 0 17 0 Taringamutu Totara ... 2 6 0 110 0 Ward and Co 5 0 0 — N.Z. LOAN AND MERCANTILE. According to the Melbourne "Argus," no news has reached Melbourne as to the intentions of the Ne'.v Zealand Loan and Mercantile Agency Company ill respect to the proposed scheme of reconstruction. What lias happened is that the London beard has decided that, after July 1, the company will not accept any transfer of partly-paid shares for registration on the London register unless the transferees are domiciled in the United Kingdom, or unless the board is sail-lied that such transfers aro required to carry out bargains already made. This announcement has surprised iv Fection of the market, which has been quietly buying the share:) of tho company in the belief that the out.* look and general state of the company's finances made the stork a good investment. One reason that may have actuated the board is that the directors may wish lo prevent scrip leaving tho United Kingdom until the rearrangement with the third debenture stockholder:; is fixed up. If anything has to be done in that direction at ail early date, it will have to be carried through promptly to catch people before they leave London in July for the season. By keeping shares in the United Kingdom it would be. easier for the board to ensure the strongest measure of support to their scheme than if a largo block of scrip had been transferred to this side. Negotiations with the third debenture holders may now prove to be somewhat diOciiit, owing to tho strong position they occupy through having the right to participate in profits with the shareholders when dividends go beyond a certain point. Tho movement in the third debenture stock for some years past is shown by the following table:— ' Highest. Lowest. £ G 19C6 851 73 1987 CSJ 79 19J8 84 78 1909 90J 774 1910 119b 85" 1911 (five months) ... 1375 116 On April 30 last, the quotation was 135 J. TURPENTINE AND RESIN. Tho output of turpentine in tho United States .last year was 4 per cent, below tho amount for 19C9, yet locally values today, at the end of 1310 crop, are 13 per cent, higher than at the commencement of 1910. The statistics, which are compiled by tho Census Bureau of tho United States, show that crop yield of spirits of turpentine in the calendar year ■ 1910 amounted to 555,CC0 casks, as compared with 580,0C0 in 19C9, a reduction of 4 ocr cent. The production of resin amounted to 1,906.000 barrels, each weighing sKlb., in 1910, as compared with 1,828,0C0 barrels in 1909, an increase of 4 per cent. Ttw value of turpentine was JE3.SjS.CCO in 1910. an increase of 40 per cent, over 19C9. The value of the resin production was £3.651,000 in 1910, a gain of per cent, over 1939. The average price of turpentine was £6 7s. 6d. per cask in 1910, as compared with £4 7s. 3d. in ISC9. an increase of <6 per cent. Tho average price of resin, Including all grades, was £1 18s. <d. per barrel of sCl)lb. in 1910, as compared with £1 7s. sd. per barrel ill 19C9, an increase of 40 per cent. The general decrease in turpentine productiou in 1910, as compared with 1939, is attributed to three principal causes: (1) Depletion of forests in older localities and arbitrary reduction of opor- ! ations in parts of newer territory; (2) unfavourable weather conditions for prodnc- ; tion; and (3) inability of operators to get sufficient labour to work the crops.

TALLOW AND STEAEINE. The imports of talloir and stcarinc into the United Kingdom during April amounted to 152,5GCcwt., against 210.5E2c\vt. for April, 1910, smaller quantities arriving from Australia and Argentina, while American tallow showed a considerable increase. Tho total figures for the United Kingdom for the four months ended April 30 compare as follow:— T - 1910. 1911. Imports from ewt. cwt Australia 323,603 311,7*6 Zealand 141,915 126,45915,667 12 512 Lmtcd States 9,229 19E03 Argentina 162,1 m 13 i' 262 Other countries 90,723 65.2C6 Total imports 638,4e5 670,048 -Re-exports 3C6.583 267,<561 331,903 <02,587 Tho total imports into the United Kingdom for the four mouths show a decrease of 18,*38cwt., as compared with the corresponding period of last year; but net imports show an increase of 20,68'cwt.

SUN INSUItANCE. The report of the Hun Insurance Office lor tno vc.ir ended lJeeember 31, 1910 states that on the fire account the premiums received, less re-insurances, amounted to £1,471,196; josses paid and outstanding were £654,711, being at tho rate of 44.60 per cent, on the premiums received. Expenses of management (including coraand working charges of all lands) amounted to £541,608, being i ll 3fi ' El f° r cellt - a,lil interest to £67,519. After reserving as unearned 40 per cent, of the premiums to cover liabilities under current policies there is a credit baiauco of £345,491, which is transferred to the profit am! loss account. Iu the accident account, premiums received less re-insurances, were £6026; claims paid and outstanding, £2484; expenses of management, including commission, £2153. and liiterc?;, £262. AHcr reserving as unearned 40 per cent, of the premiums there is a credit balance of ,Sl6i'3, which is transferred to profit and. loss account. In tho employers' liability account, premiums received, less rc-insnrauces, were £70,406claims paid and outstanding, £46,990; expenses of management, including commission, '£25,215; and interest, £3584. After reserving as unearned 4C per cent, of the premium there is a debit balance of ,£ls, which, is charged to profit and loss a>count. In the. burglary and general account, premiums received, less re-insur-ances. were £12.737; claims paid and outstanding, £3879; expenses of management, including commission, £4579; and interest. £301. After reserving as unearned 40 per cant, of the premiums th;re is a credit balance of £2340, which is transferred to profit and low account. Income from investments. amounted to £114,419, On the profit and loss account the balince brought forward from last year vrns £365.. 431. and the nnnmnl paid for dividends in resnc.ct oT 1505' was £120,GC0 leaving a crcdit balance of £243,431. This, by the

operation* of the year, lias been increased to £635,705. There has been carried to reserve for oukUindiiig • coimnijsion and charges .CSCC3. to pension luw! £SCCO, to dividend reserve £3C,CCO. leaving at credit .€597,705. An interim dividend of C:i. per share, lers income tax, was paid in January last, and the. director:; have declared a further dividend of 65. per share, less income lax, leaving unappropriated £<62,1C5.

Customs duti-es collected at the port of Welliugtori yesterday amounted to £132-1 Is. srt.

THK METAL MARKETS, i Ey Telegraph—Presi Associ.ifiou—OoDvrieht London, June 27. Copper—On the spot, £57 7n. 6(1. per ton; three month?. £58; electrolytic, £59 ss. Tin—On the spot, £195 10s. per ton; three months, £193. Lead— £13 7s. sd. per ton. Silver.—Bar silver is quoted at 24 7-16 d. per ounce standard. • ". WHEAT. - By Telegraph—Press Association—CoDyricbi London, Juno 27. Wheat.—Two Australian cargoes have been sold at 336. 6d. and 345. per Quarter respectively. BANK SHARES. By Telegraph—Press Association—Coimlnrhl London, Juno 27. Bank shares arc quoted as follow;— Union, £64 to £65; National of Australasia, £5 7s. £d. to £5 12s. 6d.; National of Xcv. - Zealand, £5 17s. 6d. to £6 2s. 6d.; New Zealand, £12 7s. 6d. to £12 17s. 6d. GRAIN MARKET. (By Telegraph—Press Association.) □ unodin, June 28. Oats: Consignments from the country are very light, and all lines coming to hand arc readily placed. The demand is keenest for A grade Cartons ami Sparrowbills. Prime milling, 2s. sd. to 2s. 51d.; good to best feed, 2s. <d. to 2s. 5d.; inferior to medium, 2s. Id. to 2s. 3d.; best seed lines, 2s. 7d. to 2s. 9d.; sacks extra. Wheat: There is very little change to report. Prime Velvet is principally inouircd for, but holders are not willing to sell at millers' prices. Prime milling Velvet, 3s. 5Jd. to is. 6d.; red wheat, 3s. 4Jd. to 3s. 5Jd.; best whole fowl wheat, 36. 3!d. to 3s. 4d.