COMMERCIAL ITEMS

Dominion, Volume 10, Issue 3143, 28 July 1917, Page 10

COMMERCIAL ITEMS

INVESTMENT SHARES. „ A sale of Golden Bay Cement shares at 2s. was reported yesterday. The quotations were as follow:— Buyers. Sellers. £ s. d. £ s. d. National Bank .a 5 11 6 — National Mortgage 3 18 0 — National Insurance — 3 10 Auckland Trams 119 — Huddart-l'arkor (orcl.) ... — 114 0 Northern Steam 0 1411 0 15 3 union Steam (pref.) 110 — I'. and 0. Def. Stock (£100) 317 10 0 — Well. Woollen (ord.) 6 8 0 - Westport Coal — 1 12 0 Leyland-O'Brieu 16 6 — Golden Bay Cement — 116 Sharland's ordinary \ 1 8 0 — Sharland's preference ... 1 8 0 — WELLINGTON INVESTMENT COMPANY. ANNUAL MEETING. The annual meeting of the Wellington Investment, Trustee, and Agency Company was held yesterday. In moving the adoption of tho annual renort the chairman, Mr. J as. M'Kcri'Ow. said that the board had considered it advisable to be very cautious in its lending operations, owing to the unprecedented conditions and the uncertainty as to the immediate future. As far as town securities were concerned, the high price of material and the shortage of labour had enhanced the cost of buildiug. Values had had to he discounted, when considering this class of security. The price of broad acres generally had also increased, owing to the war prices for produce and valuers' figures had been taken conservatively when considering applications for loans. With reference to the balance-sheet, it would be seen that shares subscribed for total 124,000 (which was the limit the directors at present riroposed to issue), all paid up to 10s.. with the exception of 54. During the year the board added to the Reserve Fund £4448 7s. lid., bringing the account up to £20,635 Is. lid. Tho capital and reserve fund together amounted in round figures to £83,000, and there was almost an eciual amount held in first-class _ debentures—a considerable portion of which is easily convertible into cash, having the guarantee of the British Government, viz.—Deposits, £1500; cash in bank, £2066; debentures. £75,868; total. £79,434. Since last year the total mortgages had been reduced by about £2500. Desirable applications for loans had bee'n restricted owing chiefly to the operations of the Mortgage Extension Act. or moratorium. Referring to Die sale of the company's premises to tho Bank of New Zealand, the chairman said the board was satisfied that the result had greatly improved the position of the company, as the proceeds had been invested in gilt-edged securities whicli would give a considerable increase of iucomc. The board took an opportunity and secured a lease of suitable premises at the corner of Featherston and Hunter Streets..

Owing to the war the land and income tax had increased £411 17s. 9d., viz.. l'rom £348 Ids. 6d. to £760 Bs. 3d., which represented 118 per cent, over last year. The company could look for no reduction ill this item in the immediate future, the cnairman added.

The item "debentures" had been increased by the amount of £45,602 153. 2d., viz., from £30,265 10s. Id. to £75,868 ss. 3a. The great part of this increase was represented by short-dated British Government securities yielding a good rate of interest. The advautace of this disposition of the funds was that absolute security was obtained, and the principal would be available for use in company's operations as soon as the war ceases. Mr. 11. M. Simnson, managing director, ill seconding the adoption of t\jc report and balance-sheet, observed that the price the company got for its premises from the Ijank of New Zealand.was the price fixed by the company's Board of Directors. It was a very proper and wise tiling for tho company to part with its property, and as a result of the sale a substantial addition had been made to the annual revenue of the compauy, and the reserve fund had been substantially increased. The additional revenue would probably amount to U to 1« per cent, on the whole capital. The money obtained from the sale of the building had been invested in British bonds bearing the Imperial guarantee. The shareholders could look forward to the future with eciuanimity with the considerable sum it now had in reserve. The motion was carried. Messrs. A. E. Pearce and J. Hector M'Kay were re-elect-ed directors (unopposed). Messrs. E. B;icholz and ,T. H. G. Rowley were re-appointed auditors. BANK OF ENGLAND BETUHN. (Eec. July 27, 8.30 p.m.) London, July 26. The Bank of England return issued for the week ended Wednesday, July 25, is as under Is son Department. Kote Issue £68.902.000 Gov. dobfc... £11,015.000 ' 1 Other securities 7,434,000 Gold 50,513.000 £68.062.000 468.962,000 ■ Banking Department. Proprietors' ?sov. securicapital £14,553.000 ties £48,105,000 Public de- Other securiposils ... 46,615.000 ties 111,360.000 Oilier deposits ... 126.840,000 Notes 29,226,000 Dent, 7-day and other bills ... 3.315.000 Coin 3.616.000 £101,326,000 £191,326,000 The leading items of the Bank of England return afford the following comparison:— This week Last week Last-year Bullion 50,513,000 50.51fi.000 54.355.000 Reserve ... 31.842.000 42.124,000 38.781.000 Koto Circulation 39,736,000 30,577.000 30.045.000 Public Deposits 46,615.000 47,753.000 52.900,000 Other Deposits 126.840,000 121.711,000 85,241.000 Proportion of reserves to liabilities 18.33 18.63 28.05 /GOVERNMENT SECURITIES. The following are the latest quotations for Consols and Colonial Government Securities in comparison with Ihoso ruling last week:—

MONEY MATIKET. ' Tho Bnnk o£ ilnsilaml discount rule was ou January 1. 1914, reduced from 5 to 41 Dor cent., ou January 22 it was reduced to 4 per cent., and on January 28 3 per cent. Oil July 30 the rate was raised to 4 nor cent., and ou July 31 it was raised to B per cent., and on August 1 it was further advanced to 10 per cent. Oil August 6 the rate was reduced to 6 per cent., on August 7 it was further reduced to 5 per cent., on July 13, 1916, it was raised to 6 per cent., on January 12, 1917, it was reduced to 5i per cent., and on Anril 5 it was further reduced to 5 per cent. OPEN MABKET HATES. The open market discount rate for thrco months' bill is 43 per cent.., as compared with 43 per ceut. last week and 5S per cent last year. Short loans are quoted at 4i per cent, as against 4i per cent, last week and 5 per cent, last year. COLONIAL AND OTHER PRODUCE. Wheat.—Steady; unchanged. Flour.—Quiet. Buyers are apathetic owing to uncertainty as, to what reduction the Food Controller will make in connection with tho fixing of tho H'icc of tho 411). loaf at 9d. Australian is uuchanced. Oats.—Firm and dearer. Peas and Beans—Slow; unclianeed. Butter.—Scarcer. Two Australian cargoes and New Zealand carco are commencinE to discharge. Prices are very firm at the maximum. Danish is som'iial and the output very small. Shippers are asking 2305. to 2405. THE METAL MARKETS. Bar Silver—392d. per ounce standard. Other metals are unchanged. BANK EXCHANGE RATE. London Exchance rates have been altered as follows:— Buying—lss. per cent, discount on demand; 225. 6d. per cent, discount, 30 days' sipht; 30s. per cent, discount, 60 days' sight; 40s. per cent, discount, 90 days' sight; 50s. per cent, discount, 120 days' sieht. , Selling.—lss. per cent, premium, 7s. 6d. pev cent, premium, par, ss. per cent, discount. Telegraph transfers.—2sa. per cent, premium.

Iei.-., This Last &lock Week Week 2J?i Imperial Consols 55 13' sb u '» 5 „ War Loan <14 H) 0 !U 12 G 31 War Loan 67 15 U S7 10 0 4 Jan-July i,j 7 0 $-210 0 31 N.H.W.1930-50 Kr.-tip f, JS <j ii „ N.S.W. Early Curr. 71 u 0 70 0 0 3 „ N.S.W. 1925 Apl.-Oc.-t 70 0 0 71 0 0 4 „ Vic. 1920 Jau.-July ns 2 6 M 0 0 M „ Vic. 1921-6 Jan.-July 84 5 0 lin0 0 3i„ Vic. 1920-1949 71 r> 0 71 10 0 3 „ Vic. 1929-49 Jan.-Jly 63 00 (is 15 0 31..S.A. 1916 Jan.-July 7-2 10 0 7-J 10 0 3 „ y.A. 1916 Jan.-July 57 2 li 17 2 li 4 ,. Q'l'd 1915-24 Jan.-Jly 00 0 0 90 7 (i 31.. Q'l'(ll922-47 Jan.-Jly H ! I S7 2 li 3 „ Q'l'd 1922-47 Jan.-Jly 02 7 li 02 7 n 4 „ N.Z.19Z9 May-Nov. Hi 5 0 86 5 0 31 „ N.Z. 1912-40 Jan.-Jly 73 10 0 73 -2 6 3 „ N-Z. 1920 April-Oct. 61 0 0 61 17 li 31 „ W.A. 1515-35 My-Nv li r> 0 74 10 0 3 „ AV.A. 1915-35 Jly-NoY 60 0; 0 60 40 0 31 „ Tas. 1920 Jan-July 72 0 0 7J 10 0 3" „Tas 1920-40 Jan.-July 65 0 0 65 5 0