COMMERCIAL.

Sun (Christchurch), Volume VII, Issue 2027, 13 August 1920, Page 11

COMMERCIAL.

AUSTRALIAN MARKETS. By Cnble. — Press Association'"—Copyright! (Hoc. Aug. 13, 10.40) MELBOURNE. Aii*. IS. Hides arc firm and prices are on u par with last week's rates. Barley—English 7/6 to 7/9. Oats—Algerian 4/9 to 5/-. Potatoes—£l2 10/- to £l4. Onions—£H to £l4 10/-. TALLOW. The New Zealand Loan ami Mercantile Agency Co., Ltd., have received a cablegram from London giving the under noted market information, under date August 11:—Tallow: \Vc quote spot values for the following descriptions:—Fine mutton, 13 18/- per cwt; good beef, £3 17/ li per c\vt; mixed, £3 9/- per cwt. Market strong. I The London house of Booth and Co., cabled, under date August 11, that at the tallow sales this week prices advanced sharply, with a strong demand; lower qualities advancing from £l4 to £ls 10/-, better qualities from £9 to £l2 10/- per ton. jThey quote s—Edible mutton 79/6, edible. 1 beef 7fl/-, good mutton 77/6, good beef 77/0, I good colour 77/6, no colour 70/6, gut 66/-. i SHEEP PELTS. A cablegram from Rocke and Sons, London, received to-day. states that the sheep pelt market is demoralised. Prices arc still railing, and there is very little business being done. NATIONAL'MORTGAGE AND AGENCY CO., LTD. " Authority was recently given by shareholders of the National Mortgage and Agency Co. of New Zealand, Ltd., to increase the capital of this concern to £1,500,000 by the creation of 250,000 preference shares of £1 each at six per cent., and 25,000 new ordinary shares of £lO each. The directors have now decided to offer the new ordinary shares to shareholders at the price of £ll 5/- per share, in the proportion, as nearly as may be, of one hew share for every four ordinary shares. No fractions of shares will be Issued. It is proposed that £2 shall be paid up in respect of each new ordinary share, together with the premium of £1 5/-, as follows:—10/- on application, 15/- on October 14, £1 on November 1 and £1 on Jaunary 15, 1921. The balance of £8 per share shall remain uncalled. Shareholders have up to September 14 in which to decline or accept taking up their proportion of the issue. It is not at present proposed to offer the new preference shares for subscription. FARMERS' CO-OPERATIVE INSURANCE, LTD. " The 29th annual report and balance-sheet of the Farmers' Co-operative Insurance Association of New Zealand, Ltd., has been issued. The revenue, including a balance of £7358 2/3, carried forward, less payment.'of a dividend of £1745 1/1 on preference Shares for the half-year ended June 30, 1919, is £45,365 12/6. The expenditure has been £25,347 1/8, which leaves a balance of £20,018 10/10. From this there has been -paid £1715 1/1, representing an interim dividend for the half-year ended December 31, 1919, and £6400 appropriated to reinsure current risks. Of the balance, £11,873 9/-, It. has been decided to pay a further dividend at the rate of seven per cent, per annum on preference shares for the past half-year. The balance will be carried forward. The assets include £50,050, representing loans on mortgage, and £35,688 17/6 invested In New Zealand Government Inscribed stock and War Bonds. The total assets are £IOO,OIB 17/8. The paid-up capital is £54,762 11/-, the reserve fund £25,000, and sundry creditors £l2lO 16/11. NORTH AUCKLAND ENTERPRISE. PUKEKARORO QUARRIES, LTD.

A new Auckland enterprise of considerable interest is the Pukckaroro Quarries, I Ltd., the abridged prospectus of which company Is being published in this issue. The capital Is to be £IOO,OOO, and 00,000 shares of £1 eacii arc now offered to the public. , The provisional directors are Messrs J. B. i Macfarlane, Robert Burns and Ernest Yates, all of Auckland, and Mr Animal McKellar, i of CJiristchurch. ' The object of the company is to acquire a sub-lease for 9"J years of the trachyte I stone-bearing areas of some 82 acres situated at Pukckaroro, about four miles from Kaiwaka, on the .North Aucktand Main Trunk line. The property is known ns Bald Rock, j ami it contains a practlcully inexhaustible i deposit of stone in two formations—one be- | lug admirably suited for converting into I road metal, the other being a handsome building stone. The contour of the deposits and surrounding land is said to be such that a working scheme by gravitation can be provided. In close proximity are limestone deposits which are also to be worked I by the company, the limestone being declared a quality that makes an admirable fertiliser. It is the intention of the company to construct a branch railway line to connect with the Main. Trunk Hue at Kaiwaka. Tht' promoters are to receive no consideration (apart from a cash payment of £1250 to cover expenses incidental to obtaining the lease and option and survey of line), until such time as the company is actually producing road metal, building stone, and ground limestone, when a royalty will be paid to them for stone removed from the land. Reports attached to the prospectus state I that the estimated yearly output will be 60,000 cubic yards of metal, and 14,0011 cubic feel of building and monumental stone, mid on this basis an annual working j prollt of £"10,9X5 is anticipated. The promoters, however, Confidently expect that before long the output Will be double that nl the estimate, at a comparatively small I increased expense. Other reports deal with I the quality and quantity of the stone deposits, and also with the available and prospective markets for metal, builcUnOad[ stone, and ground limestone. The complete prospectus may be obtained from the provisional directors of the Pukckaroro Quarries, Ltd.. Auckland.