COMMERCIAL ITEMS

Dominion, Volume 7, Issue 2217, 1 August 1914, Page 8

COMMERCIAL ITEMS

INVESTMENT SHAKES. The Wellington Stock Exohangc is depressed, in sympathy with other oioliojigea, owing to the war. score. There were no transactions yesterday, and the tone of the market is weaker. The Quotations were as follow:— . Buyers. .' Selleri. £ e.d, £ «. d Bank of N.Z. (£} 6s. Bd.) 10 13 0 10 17 6 National Bank .... • — 511 6 Union Bank ;. — - ' 60 0 0 N.Z. and Itivor Plate — 2 2 6 Well Investment 011 3 1 — Wellington Gas (£10) ...... — 1616 0 National Insurance — !. .2 14.0 Gear Meat (£4) ..: — ' ■ 14 7 6 Gear Meat (£1) - 3 17 0 Union, Steam (ord.) — '14 6 Union Steiaml (pref.) ...... 10 6 0 . Taupiri' Coal ;.... 12 0 Westport Coal 110 9 . — Leyland O'Brien — ~.10 0 Mountain River — 116 WELLINGTON INVESTMENT COMPANY. ANNUAL MEETING.' ' ■ The twenty-eighth annual meeting of the Wellington Investment Trustee and Agency l Co., Ltd., was held yesterday, at" midday. Mr. J. K. Blair presided, and there was ojj attendance of anout. twenty members. ' In moving the adoption '■ of the annual report and balance-sheet, the. chairman, said that though the balance-sheet Bhowed a profit which was £300 less than last year, they would 1 observe [that the business had increased by about ' £4600. The cause of this wfla that the. price' of money had been dearer during the yiear, so that the marcin of lending rates had been smaller. The deposits of the company had increased by over, £26,000. They ■ would notice . that .a considerable item • had disappeared from the balance-sheet,' this was the, mortgage of £15,000 on the company's premises. The other items were' very, much the same as last : year. "What ; this. l year's business will bring," continue'd .the chairman, I do not know. Things' are unsettled. If there is a big European war, it will have an effect, on. the price';of. money.'V However. 1 hope that the influence Will be very , slight, as far as, we are concerned in this, part of the world." ; • '

The speaker went on to say that the company had issued a newiEsue of'shares, which had been, confined. to the shareholders, .and about [22,000 of the«e had been taken'up. The directors hadtcome.to the cohclusipn : tha they would give tho shareholders- the full benefit of the issue, and were, not going to offer any of those yet •unallotted •Iβ the . general • public. IMU benefit would be thus derived by the shareholders of the reserve fund, which would be inoreased by £15,000. ■ The business of the 'coinpaTiy had ; been : very satisfactory, end'they hod. to congratulate themselves that there had been practically no bad debts. _ ••,-... ... •■ ~,.'■ Mr. J. M. Richard son seconded the motion for the adoption of the report, and balance-sheet*' and it wns cdrried unanimously, i .'• , ■'~ ■■ ■ On..the motion', of.thechairman, a .dividend of 3 per cent, (making 6,per cent; for the year), and «, bonus of 1 per cent, was declared. ' ... . •. . . . . ■ .■Messrs. J. E, Blair v and J.■ M.. Eichardeon, the retirins directors, were re-elected. The auditors, Messrs.'E. Bucholz and J. H. G. Rowley, wero also re-elected. ■; .• ; . SOUTHEKN '.MAEKETS.'. . (By ■ Telegraph.—Press Association.) ■ . ■■'■•' ■ ' Ch'rlstohurch, July 31. The , local .wheat market :is decidedly firmer in tone in cons-enuence of pean .war- trouhle. Holders are firm, and have.: declined .offers to sell, but as.'no , prices .have been-mentioned, it is difficult to say. what wheat is really worth. To-day fowl wheat, as ,well as..milling wheat is affected. In- the oate market, those who have'.stocke are inolined to hold,' but in the absence .of'sales or• even quotations, the actual' value is not: asccrtainable. ■ The potato market •,shows' no': eign ■of 'recovery, but on the- other hand is more depressed. The best-offers nowbeingimado nre 35b. to Kb. .at country e'tations.,• The absence o* inquiries from.Auckland is Eaid to be duo to the large quantity that' is going • forward weekly from the South Island,on consignment, which Iβ keeping tho northorn markets well supplied.

The New. ,Zcaland j! .Loa'n: , ' l an'd' Kef can tile Agency Company, -vlil-mited? have received the following cablegram from their London, , house, under 'date. July 30, 1914:—London Wool:: gales.—Fine crossbred 'sheepskins, snort and shorn■• crossbred : eheopakina }d. to_ Jd. lower, and'coarse crossbred sheepskins id. lower.., Oontinemtttl competition extremely restricted.. ~■'.;'■ ■,■■■,- ,-.•'■ MIfDON: MARKETS. .''■'.', '■■■■ '. Messrs. Bal'gety; and Company, have received the following cablegrams from their London office, nnder date July 29 and 30:— -•-...'-. . .'■ .. . Sheep3kins,-The market is inactive. At the sales a , good deal was withdrawn. For Australian 1 skins, merino combines are 3-Bd. to Jd. lower; inorino olothing, Jd. to 3-8 d lower j fine crossbred, W. lower; coerce crossbred, }d, lower; for New Zealand elfins, fine crossbred combings are 3d to Jα. lower; coarse crosebred combines, id lower; short woolled and.shorn pelts, ja. to' id, ' 1 2 w ? r - Thc number of bales offered was 4875. and ,4100 bales were cold. lYozenMeakrFrozen Mutton: Market is w P ?^ s - eTe •? ncl "™g.ed. Frozen lamb: Market is weaker, owing to larue m ~ Pncee are id. lower. Tallow-Demand is very email. Since

.. i- LONDON. SHEEPSKINS SALE. -;. ' Messrs..-m"-.end G. Turnbull and Com- ; ESS , ' tii 3 ? P ' 01 ?- ha,Tl ? E ™«'™4 the fnllowing cabled information, from their Lonsasr&aft, rSyg -'jairSß: ..::-■ NELSON. BROS.-, LTD.-' By Telegrapli-Press Aespciafion-Cop yrigEt w"i '-'■■ T, ",u ' .'■ l-ondon, July 30. Nelson. Brothcra, frozen meat importers, have declared an interim dividend of 3 uer centum on preference and ordinary eha-ros, :• A CONFERENCE. • : iL n i • i'-'« , London,' July 50. The Colonial Butter Committee has invitetl tho Agente-General, the High Com"'ss'oner for Australia (Sir George Held). and the butter agents to, join their meet ■ing with the Australian Shipowners' Conference on Audust 6. at which tho committee will aak the shipowners to carry Aue.tralian biitter at a maximum of 10 degrees Fahrenheit and reduce the freight on cheese to jd. per lb. ■ ~ BANK OF ENGLAND RETmiN. : ■ Bt Telecraph-Press Aesociation-Oopyrtel I (Rec, July,'3l, 9 p.m.). . ' , London, July 31. _ The Bank of England return issued for the week ended Wednesday, July 29, is as under:—., ■ ' . ■ ■ )«b»e Dspinrjrßire K.UJlin. £55.120.000 Gev.a.bli ...£11,015,000 ■. ■ ' Other Giouri- . ■ ■ ■ ■ . ... „. 7,434.(100 ' O»U 36.671.000 . £55,120,000' ' £65,120000 BiNsrae Department. • .• Pr»prl«teri' , Govb. teourl/J*."* 1 i».E03.000. ties £ 11,005,000 rnbliodi- ! ; ' ether ncuri_poßita ... 13.713,000 . ti.»... -, ... «.30a',000 Othera«. . . ,' ■ poßits ... 5i.U9.000 ' N.t.j, ..25.414,000 Rest, T-a&y .-' ■' tniti'att .■■.'■'■ :'' •' i.' . ki"»- '...' 3.503,001' C«in— ... 1,461,000 £85.188,000; ! ■';• "'• i85?1^000 The leading iteou of the Bank of En». land return afford the following comport•on: — . ' '■■ ~ ■:.,.'■■•' ' ■ -, Thi«ir«k Last wetk !J«Btytar '■-. £'■ ■ , ■£ £ Bnilien .„ .-...•• 36.671.000 35;56J,000 37.744,000 Eeeerve ... ... -25.875.000 29.297,000 27,877.000 Note eitouUtlon- 93,706,000 29.317,000 20,758.000 PublioDepostts 12.713.000 U3.735.0C0 10,037,000 Other DepoeiM 54.U9.000 42,185,000 40,832,000 .Propertion ot ■'.... I liabilities .'.' .40.03 ' 53.40 GOVERNMENT BEOTJBITIBB. ' The following are. the ) latest quotations for Government securities with a comparison of those ruling laet week:— ; ' '•■'■'; :.' ■' ; ' '. Vnrliti.n — ■ compalnd . . V Pricf, with ' i hit wnk. •■ i ■ • £ ■'«. a. 2J% Imperial Csnsels ' — ■ i ~N.8.W.1933J&n.-July 100 0 0 20s lower ih '..N.S.W.IOSO-eOMr.-Sp 99 0 t 80s lower■ 34. ..N.S.W.-1980-B0 B8 0 0 VuohaDged B ~N.B.\V.lß2sAp]..Oct 82 0 0 sos lower < „ Vic. 1620 Jan.-July 100 0 0 Uuohanijoil 14 ~Vio. 1021-li J»n.-July 85 0 0 QnchanSoa 61 ~Vlc,-W20.40 go 0 0 Unoh»oaed 3 ~V!0,1920-49Jan.-July SO 0 0 Unchancid B4 ~S,A. 1916 Jan-July po 0 0 . Unchanged 3 ~S.A. 1816 Jan.-July 74 0 0 Unchansod 4 ~QTdl9ls-24Ja0.-July 100 0 0 Uuohaneed Bi .QTdIOM-47Jan..Julj- D 5 0 0 Unchangod 3. 79 0 U "Unchanged 4 ..N.Z. 1829 M«y-Kov., 09 2 6 Unchannei Hi ..H.Z.1«12-4OJan.-July 88 0 0 Bin lower" 3; ~N.Z. lKOApril-Oct. . E0 0 0 i Unchanged 34 ~W.i.1916-SsMay-N.T 92 0 0 I Unchanged J ~W.A.1915-SsMay-NOT 87 0 0 Unchanged Si■..Tμ.-.3B2oJan.July.- to 0. 0 UnchS 3 „ Th. 1920-10 Jan.-July EO 11 Uncliftiged

[ DUEOPEAN MONET MARKET. The Bank of Enelaad rate was, on Feb. ruary S, 1912. reduced from 4 to 3) per cent., and on May 9 it. wae further reduced to 3 per cent. On Auguet 29 it was to 4 per cent., and on Oetobor 17 to S per cent. It was reduced to 4i per cent on April 17. 1913. On October 2, 1913, it „«» raised to 6 per cent., on January 2, 1914, it was reduced to 41 per cent., on Januarj 22 to 4 per cent., and on January 29 to 3 per cent.,, on July 30 It was raised to 4 per cent. The Bonk of Franco rat« naj reonced from 3i to 3 per cent, on February 23, 1908 and continued at the latter figure until September 12. 1911, when it w«.s raised to l\ per cent. On Haj 17, 1912, it waj reduced to 3.per cent., on Octohor 17 it.Wμ raised to 31 per cent-. and on. October 30 to 4 per cunt. On January 29, 1914, the rate.was reduced to 31 per cent. On July 30 the rate was advanced to 41 per cent. ■■

The Imperial Bank of Germany on October 24.- 1912, advanced its rate of discount to 5 per qent.. and to 6 per cent, on November 14. ' On October 27, 1913, the rete woe reduced to 3> per cent., on January 22. ,1914, it was reduced to 41 p«r cent., and on February 5 to 4 per cent.

MARKET BATE OF DISCOUNT. The following are the market rates for best three months' bills:— ■ ' ' London , Paris , ■ Berlin ■ ' . ■ ■ rate rate. rate.. ■ per per -per . . . . cent.. cent. ■ cent. This week 51 5 — Last week 2-9-16 '21 \ 2i ■ tost year ..4 1-16 ■ .33 .45 . Short loans are quoted,.at 31 •per cent!, ae against 18 per cent, last week, and. 31 per cent, last-year. :.

, COLONIAL AND OTHER PRODUCE. . Wheat.—The market is strong, and there is a good demand at higher prices. Pour cargoes of Australian wheat were .sold on VTedneeday, and three: on Thursday at 395. to 395. _6d. Cargoes per sailer, March ship- , ment ie offering at 405., Australian , on spot is nominally. 395. 6dr '

Flour is very firm. Australian, ex-store, is quoted at 28s. . . ' , Oats—There.is an improved demand! "A" prade' Gortons, July-August shipment, 203.,6 d. to 225..

Beans are firm; f.o.g. New Zealand is quoted at 335., ci.f.' . . ...

Peas 'are very ,firm, owing to the PTOS- - of a short crop. English first maples on spot 53a. ■ • • . • .

Butter ie'Tery firm. Danisli- is' uiu chaneed. There is little- bueiness doine In colonial, owing •, to limited supplies'. The , quotations' are.' nominal. Choicest Australian, salted; 1125.' to lite.; uneolted 114s. to 116«.; New Zealand Edited,■ 118s. to 120s.;.unbelted, 120s. to 122e.' " ■'■

Cheese.-The'market is firm, . New Zeeland coloured,,64s.; white, Ms.. ■ /. ~.

.Sußar.-Qerman beet,' 88 per cent, net titre, 4d. .higher, e,t 9e. 7d. per cwt.; first mark Br<uiulat«d. ■ f.0.b., Hamburg, IOSd. hiKher.at 12s. 41d. ; ■■--• - ;.. ■ ■ -. Bradford Tops.—The market is veryoautious and appreheasive,." bnsinees is ■ very small, prices are week' And nominally unchanged. ~ Biity-fpur. 32d.: euper. sixties; 31d.; common sixties, 30Jrt.; fifty-sixes. 2«d.fifties, 21d.; forty-siies, 17e.; forties, 163. THE METAL .MARKETS. ■ Copper, on epot, £! is. 9d. lower, at £SS 10s. .per ton.;, three months', £S ,125. , 6d .low-";, at • £56" 15s.;.electrolytic, 30s. lower, at £61 . . ■■ ; Tin, on spot,'£ll lower, at £132 per ton; three,months'. £9 10g, lower.'at £135. Pig-mm.-Middlesboro No. 3,3 d. lower, at 51h v Id. per ton. .. . Spelter, Bs. 9d; higher, at £21 U. per ton. . ■ . SHEEPSKINS SAJjE. ■ .■;'■ (Eec July 31, 9 p.m.) London, July 31. . At the sales. 3000. Australaeion skins were catalogued, and 2600 sold. Competition was elow and Irregular.- Merino combinse ivero t 3-16d. to- id. lower; Auetralian fine croeebrcd combings- o, ,}d. to 3-Bd. lower. The chief-purchasers were the.Home trade A low wcro sold to Americans, but there woe no support from the . Continent. ;■" MINING NEWS °- f , .WELLINGTON, SHARE MAEKET. ! The mining. market, is very much depressed, and gharee .are being dumped on the,market, and offered at extremely low prices. But -there., are no.. buyers, even at the. prosent tempting nuotations. There were sellers yesterday ae follow:- .

; ' -. ".'-. Buybre. Sellers. Boss Reconstructed —' '. n i t Bailsman .; ■ ■ _ . i « s Victoria .;..:....:... - - _ II « waihi-. •..... ; . , ■;.:::;;;: _ ?,? I Woihi Grand Junction..." — i .39 STOCK EXCHANGE. - : ■ . (By. Telesrrapji—Press. Aesociation.). , Sales:- ■ ."■'■' 'Auokland,'July k'.? , OWJisnian. £1 lte.i £1 Bs.-9d. ■ - 1 Waihi,.,£l 13s. M..-£l 12s. Junction, £t Iβ. M., -£l Iβ. 3d. '.-V . _ -~' •■-• ~ v .•'■ Chrlstohuroh, July 31 Sale:-Taupiri Coel, £1 Is. 9d.'