COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1270, 27 October 1911, Page 8

COMMERCIAL ITEMS.

isvrsTiiEST siliees. Extreme dullr.i'sr, prevailed in the mining share Market yesterday. There were no transactions to record. Tiic buying and selling quotations were a; under:— , , I ! I

LOXDOI-γ JfAItEET.?. The Sew Zealand Loan and jfcrca-ntile Agciu'v Company, Limited, have received t'.ii , cahlepram from their I.ondoij hoiisc. under date October 25:—W!:c-r.. ! .—Wo lisve fold an .Australian carer-, at 3£f.. 7|d. c.i.f. The martot ij firm, v.ith p. fair demand, the position nciiiET owir-j 10 nail weather: Australian market pror-perts arc fiuc'iuaUn , ,-. We quote nev ounrtcr, ci.f., Ksiv ZealWh-Wherit: Lor.jrl-.crrica. 53?. 9'!.; shortuorricd, 33*. 3d. 'follow. We quoto present spot valuer for tho followincr description":—Good ir.iition, J7s. 9J. per cv;t.; pood Vicof, 255. sd. p< , ? rwt.: im.\ed 335. 6d. per cv.t. Tbe carkot is Ersi. BANK Or EKCLAXD. At tho close of the Pnancinl half-year (August 31) of the Stink of riigland" thfl "rest" or undivided jiroiils amounted to .■C0.677.176, tlio Mtiial pro. , !J for th? halfyear, after making provision for all con-t:-!l,TOi!eios, toti.llccl .£651,770. To pay a dividend at ilirs rate of 9 per cent, per anannum—the distribution made for the prerffdins fifteen half-years—the sum of ££>'.t.JS i- remiirod. This appropriation wtui.M '.cave the "rest" at IZIWI over tlm recoirnifcd minimum of X3.!C0,K0. On tho li.-isis of this dividend, 8.-nk of England stxk .vide!'.- £3 12s, per r?nt. on the market price of 2£3 cum. dividends'. Tliii i.without makini; allowance for the f.T-t that t-r-o iliviitoni'. is y.r.id free nf income >."\, so (hat the sciiial return ir eriuivalent to £3 16s. per cent. Brink of Xo-v Zealard shares, ni the n\°.rkt't price of .C.I!! 5?., yield a little more I.'ian 4 per cent., luit then most of tho Joint stock comppnicf- , .•hares in Xcw Zealand arc inflated, as compared with English concerns. BOSS GOuPFIELDS KECO.N'STHUCTED. An extraordinary ceneral incatinf; of shareholders of the aliove company Is to l>? held on November 22, and. in connection therewith, th.3 following cirsiil.ir signed by the chairman of directors has been issued :— In response to petitions presented by a number of Auckland and West Coact shareholders, in which the directors are requested "before anything definite is clone in the direct-ion of allotting B shares or ordering a steam plant, to call a eoncral mooting o; shareholders to (iisciif? tho whole Question of plant, the raisins of fund!, and the question of the rc-openinc-Bive notice of an extraordinary α-cnural meeting of shareholders, which" Will ho held at the Cn timber of Commerce, We]• li:i?ton, on Wednesday, November Z?, I9JI, at 11 o'clock. Your directors would urgs upon all shareholders the advisability of being present, either personally or by prosy, as the lcectin? will no dc.ubt deter:rins. what the fmuro polity of the comI pa.ny shall be. T. r l;ilo your directors fully asree that shareholders are of right entitled to indicate the manner in" which their property should be wevked. they would like to reiterate the considerations which prompted them to recommend shareholders to dispose of the present hydroelectric plant and the cloririially-dri-ven turbine pumps, and to install :i steam plant with bucket-pumps controlled from the surface 'vide their report of May 2 last to shareholders). There can be no question that, if the l!o.-9 Pints are to be worked successfully, an absolutely roli.ililo and constant sourco of power ia ir.dispcn-en-ule to Keep the pumps wcrkinj continually, and the mine univatercd. It it? futile to believe tliat Hio prc-M/it- hydroelectric plant, with its single transmission lins 22 miks in lejirtl:, can be i-oiifidtrcil dcpend-abls if the present plant ij to ho u.=ed. An ausilmry power plant (eilhw stL-am, oil engine, or snctlun gas) of snnicient power to kt-eii tho pumps running and the mine unw:itc-ivd will have to be provided. Me=sr=. i'redk. Black, A.M Inst -K.K., and W. P. GKiivaia, A.il. Iksi, C.E., tho experts employed by the director?, re-poried-(l) That it would cost .£«10 to put tbe generating station, pipe Hues, transmission line, the lisss sub ptatio. , ), and ::ii;ie clcotTica! enuipinont i:i the minim",-.; I state of working eificisncy; (2) that tho I estimated i-ost of an auxiliary stand-bc ' plant, to work in conjunction with the prevent plant, would ot ij£ib; in ::\l, £11.350 This scheme involves the retention of the present stationary iWorthington) pumps. Mr. Gauvain, in his report, under the heading "Kuiiniiig Kxperionce," states ■.— "I understand that tho pumps gave considerable trouble at tho start, due to the prit in tho water necesjitritinp (he thriis-t-----bearing pinto on the stationary nuir.in hivint; to 1)3 renewed every shift. Tbiuifflculty was overcome by "tnliiiu: a rive I fontaiainst town v.-ntor rtomi the shaft, and i couphag it to the tnrurt chainber The impeller spindles which I inspected'on th'j surface slio-.ved eoEsiderablc signs of wear, and the design of the pumps docs not lend itself to the r,iii-k renewal of worn-out parts. The stationary pumps wort- erected in :■. chamber at Xo. 7 level, and I under, stand that if pumr.insr is stopped the wafer rises so rapidly that in «' minute; tfio motors and pumps would be drowned. I' therefore follows Hint, in the event of a failure of the power supply, both of the motors have to be taken out of the chamber and hoisted clear of the. water in the short space of time of 45 minutes. It will be observed that although the pumping: plant is duplicated, yet no stand-by has been allowed for in the case of a failure of the power plant. I cannot too stronirly condemn this arrangement, and no plant which is affected by being dro-.vn-td out can be expected to cive satiofaelion under those conditions. The efficiency of the?e turbine pumps Is low, and from the information I have obtained at the mine I find it is about 55 per cent. This efficiency will decrease as wear takes place on the impellers." 31r. Ciurain recommended, as the most reliable power system, the installation of a. steam engine ("vitli two boilers), direct coupled to bucket pumps, which could bo rontrollo.il from the surface, at an estimated cost (complete! of .£'.0,323. The i'-surcs quoted above lire, of course, exclusive of any expenditure. neressary to develop the mine. The position briefly is this: If the present hydro-electrw plant is used, an auxiliary stand-by plant procured, and tho present pumps used, the estimated cost is £11,350. If a new stc.-im plant, with new pnnps controlled from the surface, be in. Pta-11e: , .. tho c=tim3.;cd cost is .C!0,E20. and. in addition, the hydro-electric plant and water-rights would be available for sale. If tli-.' former rchenic be adopicd. lr.n-li of til" highly-paid expert Libour will be stationed at'K.-inieri Forks. 22 miles from tho fconc of mining operations. If the latter rill the e-.pcrt labour will be central, isc-i! at the lai.-io. The present director.-? have faith in the llnss mine as a probable gold producer, but, in view of the reports on the plaut furnished them, and of

the difficulties experienced with tho exist- ! tng plant in the past, as disclosed by tho reports of tho various mine managers and >. electrical engineers employed by tho 0.. [1 company, they consider it is in the beet ■; i in tcrests of shareholders to put in a 1 I steam plant, provide adequate capital for g | the purpose, and take the chance of effect.l ing a sale of the present hydro-electric :. ! plant and water-rights. Should, however, ; 1 shareholders insist on the existing plant ;. I being retained anil worked, the present s. buard cannot see their way to continue j to condurt the management of the coui- . par.y's affairs. S Customs duties collected at the port of • : . Wellington yesterday amounted to £12,102 17s. Ud. 5 AUSTRALIAN AND XEW ZEALAND i- MORTGAGE COMPANY, LTD. [J WIXDING-TJP ARRANGEMENTS. !_ By Telegraph—l'rcss Association—Copyrieht • (Rec. October 26, JO p.m.) i London, October 26. The Australian and New Zealand Jlort- :; gage Co., Ltd.. announces that it has com- ' plctod the sale of its assets, and a mect- :• ing will bo held on October 30 to consider ; tile voluntary winding-up of the company. | The "Financial Times" estimate* that the ■ shareholders will receive five shillings per l ' AUSTRALIA* PRODUCE MARKETS. (Rce. October 26, 11.20 p.m.) '. Sydney, October 26. The strike is disorganising trade, especially in the forage markets. Ko inter- : Slate chaff has licon lauded for a week. '. V, h-.'at, 3s. 7ul. to 33. Bd. Flour, £8 15s. ' Bran and pollard. £5. Barlev, Cape, 2s. lCd. to 3;.; English, 4s. 6d. to ss. Jfaiic, 3s. 9d. to 3s. led. Oats, Tusmanian Spar- - roivbilk, 2s. 9d. to 3s. 2d.,- Algerian, 2s. - 7d. to 2s. 9d. Onions, £4 10s.; new, £8. f Potatoes. Tasmanian, £6 6s. to £6 10s.; 1 local, £8 to £9. Butter, 108s. to 1165.; J selected brands. £120. Bacon, 7d. to 7jd. . Cheese, 6Jd. to 73d. j Melbourne, October 26. ' Chaff.—The market is firm; better qualities are srarue. Oaten dumped, 755. to 80s.; > compressed. 80s. to 85s. Wheat, fc. 9d. to t 3s. 9Jd. Flour, £3 lCs. Bran and poli. lard. £j. Oats. 2s. 2d. to 2s. 3;d. Barley, ; Cape, 3s. 6d. Potatoes. £3 to £4 lCs. : Adelaide, October 26. ; Wheat, 3s. 7d. Flour, £8 6s. to £8 10s. , Bran and polla,rd, 13d. ' MELBOURNE HIDES MARKET. ] (Rec. October 26, 1.20 p.m.) Melbourne, October 26. > Jlides were in average supply at to-day's sales, and there was keen competition. Prices were very firm. SILVER. London, October 25. Bar silver is quoted at 25Jd. per ounce. I WHEAT. '-cndon, October 25. The American visible supply of wheat is ; 67,258,i5C bushels. 1 TALLOW SALES. ) London, October 25. J At the tallow sale? 11C5 sa.-k:. were offered and wove nil sold. Mutton. Cue. realised 3Ss. 6d.: medium, 355.; beef, fine, 365. 3 3d.: medium, 345. £d. CONSOLS, i London, October 25. i Consols are quoted at £78 7s. 6d., an i advance of 7s. 6d. on last quotation. THE BUTTER TRADE. I (By Telegraph— Press Association.) , Anoktancl, October 26. The steamer Corinna. which leaves One- > hungn on Saturday, will take 17.7C0 boxes . of butter from the Auckland province for • transhipment to the lonic, which leaves Lytteliou shortly for London. The lonic's tlupnicnt, as compared with that for the corresponding period of last season, when the Corinth'c took 16.436 boxes, shows the substantia) increase of 1264 boxes. In ad- . c'.ition to the lonic's cargo, 2CO boxes of , butter from this port will be shipped to- , morrow for Vancouver by the Maramai This time last year 165 boxes of butter . were taken to Vancouver from Auckland. Tho leeway caused by the shortage of butter at the beginning of the sea.son is now . rapidly being made up. Up to the nre- > sent, including the cargoes to be taken by ■ the lonic and llarama, tho ciport reaches , a total of 41,132 boxes, against 43,517 boxes ; shipped from this province for the corresI ponding period of last year. This leaven a shortage for this season of 2385 boxes. . But judging by the big increase in the latest shipment, this shortage will prob- ; ably be more than made up when the next rhipiacnt of butter is ready for export- . ing.

Buyers. Sellers. Fcildins Gas - \ 2 i Chrijtuhurcli Meat - 15 0 0 N.Z. Fhinpins: 10 12 6 - Le.-iand-O'Srien - 1 10 0 y.7. Con. Dcnt-1 - 13 0 K.Z. I'r.per Mills 10 0 - T'arinjra'.mitu Totara 2 6 0 — Ward'and Co - 5 0 0