COMMERCIAL.

New Zealand Herald, Volume XLVIII, Issue 14567, 2 January 1911, Page 3

COMMERCIAL.

NEW ZEALAND LOAN AND MERCANTILE AGENCY.

[ritOM our own correspondent.]

IvONDON, November 25. In the report for the year ended .Tune 30 last;, issued this morning, the directors of the New Zealand Loan and Mercantile Agency Company say that after paying interest on the prior lien, second and third debenture stocks, and adding £45,000 to reserve accounts (bringing tho same up to £500,0001, there remains at credit of profit and loss account, including the balance brought forward, the sum of £20,032. The directors recommend a dividend at tho rate of 7£ per cent., loss income tax, and a distribution at, the rate of 2g per cent. Jess income tax, as additional interest upon tho third debenture stock in terms of the Company's Act of Parliament* 1904, leaving to Ik* carried forward £296. Tho neb revenue for the year has been arrived at after writing the sum of £30,000 off tho company's premises account, appropriating tho sum of £5000 as the nucleus of a staff benevolent fund, and paying a bonus to the staff. The lust two items are intended by the directors to Iks ii mark of their appreciation of tho services rendered by, and an encouragement to, tho officers whose efforts liavo so largely contributed to tho successful year's working. The satisfactory progress made by the company during recent years has been maintained. Both in Australia and Now Zealand good seasons have been experienced, the wool clip marking a record, wliilo a bountiful. wheat crop, notably in tho Commonwealth, was harvested. Prices for wool have ruled at a very satisfactory level, tho dairying industry continues to expand, and the produce markets generally have been favourable.• Reports regarding tho weather in Australia are encouraging, and another good season there, as well as in New Zealand, may bo anticipated. . The Financial Times, expressed the opinion that tho New Zealand Loan and Mercantile Agency Company has done well during the past year. •

LONDON FINANCIAL JOTTINGS.

[FROM OUR ows correspondent.}

London, November 25.

Presiding at the annual meeting of the New Zealand and Australian Land Company, held in Edinburgh on Friday, Mr. David Murray said tho four factors which affected tho company's welfare "" were weather, the market value of wool and other produce, tho increase of surplus stock available for sale, and the prices ruling for fat and surplus stock. The company's experience during the year had been very favourable under all these heads. Although New South Wales and Queensland' had since 1903 been favoured with a succession of extraordinarily good seasons, tho directors _ continued to provide as far as possible against the recurrence of another drought. The estates "of the company were now much larger than at any preceding period, and had been spread over a wide area, so that the risk to which they were opposed was a. great and serious ore. The following dividend payments were agreed to: (1) On the A preference stock four per cent., under deduction of income tax, of which two per cent, was paid as an interim dividend last June, leaving two per cent, to bo paid in December; (2) on the ordinary stock eight per cent., and a bonus of four per cent., .both free of income tax, of which four per cent, was paid as an interim dividend on June 10 last leaving a further four per cent, dividend, along with the four per cent, bonus, to be paid on December 10.

A financial paper states that underwriting is now arming on in connection with the ,-.Kara]» Mines, Ltd. The company was /wined with a capital of £175,000, divided into 175,000 shares of £1 each, for the purpose of acquiring and working certain mining properties in New Zealand. The directors are Mr. W. 11. B. Hope (Bristol), Mr. A. H. Collier (Sevenoaks), and Mr. A. Fairgrieve (Selkirk).

The secretary of the Talisman Consolidated has issued' tho following statement with regard to the mine; "In consequence of the criticisms at tlio last annual general meeting the directors requested Mr. W. ,T. Loriing to proceed to the mines and to report fully thereon. His report, just received, recapitalates the information previously issued to shareholders, and adds that, in spite of the great difficulties already known to shareholders, ... tho manager has materially increased tho oro reserves; which at August 31 last, estimated on a conservative basis, stood at the satisfactory figure of 51,376 tons, of an average value of £5 18s 9d per ton, as against 35,738 tons, of an average value of £5 15s 3d per ton, at February 28. Tho report concludes: ' Mr. SfcaJisfield has the mine absolutely at his command, and is fully seized with its, requirements and possibilities. It is a pleasure to record that no one in tho position could conduct affairs better than Mr. Stausfield is at present doing. One great thing you can depend on is that your mine is being attended to honestly and straightforwardly. If the conditions are unsatisfactory you are told the truth if the output can bo increased it will follow- thrs everything will bo' done to do so. We can do no more than develop as fast as possible, and keep the mill supplied with as large a tonnage as can bo obtained commensurate with economical methods of mining. You aro to bo congratulated on having a mine that produces £4- 10s from each ton of ore mined. This is a result few undertakings in the mining world to-day can boast.' "

BUTTER - AND EGGS. The wholesale quotations for butter anil-eggs for the week ending January 7 are as follows :— Butter: Factory, Is 0J(1 per lb; farmers', 7d per lb. Eggs. 9d per dozen.

BLTTER and cheese" exports. [Br TELEGRAPH.PRESS ASSOCIATION.] Wellington, Saturday. Since August' 11 369,858 boxes of butter and 88,41? crates of cheese from various porta of the Dominion have been exported from Wellington.

W. WEDDEL AND COMPANY. By Telegraph.—Press Association.Copyright. (Received January 1, 6 p.m.) London, December 31. The firm of W. Weddel and Co. lias been converted into a private limited liability company. The present partners have been appointed the first directors of the new company. LONDON. By Telegraph. —Press Association.—-Oopyriglit, (Received January 1, 6 p-m.) London, December 31. COPRA. There is moderate business in copra. South Sea in bags, £23 to £23 sb. METALS. Copper: On spot, £56 Is 3d: at three months, £56 16s 3d; electrolytic, £58 10s. Tin: Oa spot, £175 ss; at three months, £174 '7s fed. Lead, £13. WHEAT. An Australian cargo of wheat sold at 35s 93. MISaiiLI/ANEOUS. Cotton, 7.8 M. Hemp: Dull. Deeember-Februarv shipments, £20 2s 6.1. • Rubber, 5s 6Jd.