COMMERCE AND FINANCE.

Lyttelton Times, Volume CXVIII, Issue 18413, 20 May 1920, Page 6

COMMERCE AND FINANCE.

(BY OUR FINANCIAL EDITOR.) the share market. On the local Exchange there has been ■eery little movement lately. Union Banks have hardened" slightly, sellers asking £l3 17s, as compared with '£l3 13a 6d on Monday There is a demand for Taupiri coal shores at IBs Jd but sellers want 20s. Businoss was done in Auckland recently at 19s 3d. New Zealand Refrigerating a how a tendency to harden, sellers asking 50s for £1 shares, whereas the last sales vecro at 48s 3d Buyers aso offering 12a 3d for Waiki shares (cum dividend), but mno are coming forward. Xtcre were Bales of Consolidated Rental earlier in the week at XI is tki icx dividend) and the aamo price is Btill being offered, WRIGHT, STEPHEN SON AND COMPANY. The fourteenth annual meeting of the shareholders of Wright, Stephenson Company was held at their offi|ce # • High Street, Dunedin, this week, and waa largely attended. Mr W. D. Hunt, the chairman of directors, presidod. The profit and loss account, including £34,553 ICs 2d brought forward from last year, allowed a credit balance of £96,640 las 4d. A dividend of 7 per cent and a special bonus of 2 per oent on the ordinary shares was declared, the fixed payments to the preference and founder shareholders being adopted as usual. Aftor making these payments there remains the sum of £63.465 Os Gd to bo -carried forward to this year’s accounts. Messrs W. D. Hunt, M C. Feathers torn (London) and David Allan, retiring directors, were re-elected, and tho appointment during the year of Mr R. S Abraham, oi Messrs Abraham and Williams (Limited), Palmerston North, as a ■dilector of tho company was duly confirmed. Messrs Barr. Leary- and Co (auditors) •vvero reappointed to* that position. Sub boquont to the above meeting an extraordinary general mooting of the company was held, at which resolutions wero passed enabling tho company to carry out tho following arrangements: —(1) To oomplete on agiccroent entered into wilh the holders of the founders' shares of tho company, unocr which the special rights attached to theso founders’ shares aro to bo carcellod; (b) to divide each of tho £5 shares of which the capital of tho company now oonsists into five £1 shares; (c) to increase tho capital of tho company from £525,000 to £1.025,000 by the issue of 250,000 preference shores and 250.000 ordinary shares, all of £1 each. P. AND O. BANKING CORPORATION LIMITED. Reoent cable messages have referred to the Peninsular and Oriental Banking Corporation Limited, which is a very important amalgamation of certain bonks with the Peninsular and Oriental Steam _ Navigation Company-, tho object of which is to foster British trade throughout tho world. The first announcement oi the corporation’s foundation was made in London at tho beginning of tho year, but the issue of stoik was postponed till last month at ihe request of tho Chancellor of tho Exchequer, so as not to conflict with tho latest issue of Exchequer bonds, applications for whrih closed on February 28. The new corporation is to have a capital of £5,000,000, and in the issue of shares P. and O. shareholders will be given preference. Three banks —Lloyd’s, London County Westminster and Paris, and National Provincial and Union, have made an arrangement with tho P. and 0. Company to open business, through tho now corporation, in all ports where tho P O. Company operates, including tho For East and Australia. This is a development on a largo soalo of tho modified banking business whioh every shipping lino has to carry on. The terms of the arrangement between tho three banks mentioned and tho P. and 0. Company, os far as thoy have been defined, are that tho banka shall find tho money while ,tho P. and 0. Company provides tho business. Lord Inch capo has boen appointed chairman of the new corporation. TEA PRICES EASIER. Quotations received during the past week from Australia show that tho tea market there is much easier (savs the ‘ Post.") This is in sympathy with tho fall of the rupee and current quotations in Colombo. By way of comparison it may bo Btated (based on cables received) that between , March last and May 5; on high-grade teas there has boen a fall of Is Id per pound, supplemented bv a further fall of id on May 12. Other grades, including common teas, havo also fallen in price, but not to tho same extent, the drop from March to early in May being 6}d, followed last week by a reduction of id —a drop of 7d since March last. OTAGO HARBOUR BOARDThe annual report of the Otago Harbour Board for the calendar year 1919 showj that the total tonnage of arrivals for the year was 456,798, as compared with 406,797 the previous year. Tho tonnage in 1918 was the lowest sinco ISS4. The record year for tonnage was in 1911, when the aggregate was 1,03-2,669. The aggregate exfceeded a million tons for tho years 1908 to 1912 inclusive. The gTO-33 sovenuo was £99,578, as compared with £81,454 tho previous year. The board's reccrd year in the matter of revenue was 1916. when £101,243 was obtained. The expenditure for the year totalled £97,054, as compared with £80,700 the previous year. Tho total trade of the port was valued at £6,684.740, a record. The previous highest total was £5,331,766 in 19*16. The board ataited the year with a deficit of £12,000, but this has been reduced to £3,387. s