COMMERCIAL.

New Zealand Herald, Volume LIII, Issue 16231, 17 May 1916, Page 5

COMMERCIAL.

WHOLESALE TRADE QUIET. OVERSEAS SHIPMENTS. Business is rather quiet with the wholesale houses this week, but booking for forward delivery into next month's account will commence in a few days, and everything points to good business being transacted. Several oversea shipments have arrived during the last few days, and theso will allow deliveries of a number of lines that have been in short supply, but imported stocks are gradu«'!y becoming lower through the difficulty in getting supplies sufficient to meet the heavy demand. Trade has been good in town and with the country districts, and distributing houses are fully expecting this condition to continue. Importers have received advices that the, sound cargo discharged from the Rangatira at Capetown will probably be sent on to New Zealand after all, and not sold at Capetown.

Produce: Better supplies are now to hand from recent arrivals, and good business has been put through. The markets are still inclined to lower prices. Potatoes: Several shipments have arrived, and the market is now well rupplied. Quality stoows a little improvement, and the . demand continues good at £8 ex store for Southern. A few local are. still coming in, and these are generally of very fair quality for this time of the year. Market is rather dull in the South.

Onions: Stocks are working down well, and there are not many left now, but further shipments are on the way. Demand seems to be improving, btt price is unchanged at 6s ex store. ' Oats: The Warrimoo biougnt a good shipment, and ample stocks are now in hand. Demand is well sustained, best feed selling at 3s 6d ex store. Latest information from Southland points to a good yield being threshed from the recent harvest, and the market is weak, with little prospect of recovery unless an outside demand sets in.

Seed Oats: A good deal is selling. Algerian seed has arrived from Australia, and more is coming from Melbourne by the Joan Craig.

TAKAPUNA TRAMWAYS.

ELECTRIFICATION SCHEME,

QUESTION OF THE OPTION.

The annual meeting of shareholders in the Takapuna Tramways and Ferry Company was held yesterday afternoon in the Ferry Building. The chairman of directors, the Hon. E. Mitchelson, presided, and there was an attendance of about forty shareholders

In proposing the adoption of the annual report, a summary of which appeared in the Herald of May 4, the chairman congratulated the shareholders on the result of the past year's work. Although the balance-sheet did not show a dividend, it revealed a satisfactory working year, and there could be no doubt that had the line been electrified at the beginning, it would now have been paying. Dealing with the question of the electrification of the line, the chairman said that unfortunately the war had prevented anything being done in this direction. The directors nad ample information before them, which led them to the conclusion that the expenditure of another £60,000 would electrify the line, provide a second steamer, make a half-hourly service possible, and pay a fair return to shareholders upon the whole of the capital outlay. The directors had thought, and were still of the opinion, that the tramways rightly belonged to the borough, and he had rio doubt that had it not been for the war the service would probably now have been owned by the borough. At the time that an offer was made to the local authority a promise was made to Mr. Paul Hansen, one of the directors, that in the event of a refusal, he would be given an opportunity of taking up the option and raising the money for the electrification of the line and the purchase of a new boat. During the next few weeks the directors would be in the possession of information that would enable them to decide whether they would call the shoreholders together to decide what should be done with the option. They were still of the opinion, however, that the borough should be .given another opportunity of acquiring the line, and if Mr. Hansen's option fell through, it was probable that another offer would be made to the borough. If the borough still declined to take over the service, the company would either have to issue more shares or issue debentures. There was no doubt in the minds of the directors that the service was a good paying proposition, and could be made to pay handsome dividends when the line was electrified. With the installation of a half-hour service, the traffic would be doubled. The expense of the present service was indicated by the fact that during the five and a-half years in which the tramways | had been running, repairs to the engines had cost £9466. The motion was seconded by Mr. J. Brown, and carried after some discussion in regard to the proposal to discontinue concession tickets to shareholders. The retiring directors, Mr. W. Blomfield and Mr. J. Brqwn, were reappointed, and Mr. W. R. Holmes was again elected auditor. CHRISTCHURCH PRODUCE MARKET [by TELEGRAPH.PRESS ASSOCIATION.] Christohurch, Tuesday. A fair amount of wheat is offering. Several large lines have been placed en the market during the past few days from the Methven district. A line of 10,000 bushels of Tuscans, Hunters and pearl, mostly Tuscan, changed hands at 4s Id on the trucks. Another line of about 1100 sacks in almost equal proportions of the same varieties brought 4s 3d. There is fair inquiry for wheat from the North Island and several sales have been made. Practically no business is doing in oats, and Southland is being drawn upon for supplies of seed. The potato market is quiet, few offering. There is no change in price. Later dug potatoes are turning out in better condition than those placed on the market earlier. There is a better order for shipping.