COMMERCIAL.

Press, Volume LX, Issue 18235, 20 November 1924, Page 10

COMMERCIAL.

Tho annual meeting of - shareholders of the National Insurance Company was held fct Dunedin on Tuesday. The chairman of directors (Mr J. Moloney) presided. In moving the adoption of the- annual report and balance-sheet, the chairman said: "What profit has the company made and how much are w© likely to get in the way of dividends? are the thoughts that__occur to most shareholders- in public companies about the time when annual balance-sheets • are due. Consideration may. be given by. some to the' manner in which profits are made in insurance companies. Others, again, give no heed to the working of the human machines that are engaged in the toilsome; ' task of scraping- tiny specks of profits off the business hides of .their- fellow-men. Each succeeding year demands heavier work, and ' greater expense in connexion with the management of insurance Companies,. because of the ever-increasing competition, in addition, to Government interference in this line of human endeavour. The company's- net- premium income of £196,394 for the past' year 'is less by £2680 than the previous year's .return. The explanation of this seeming fall in income is the compulsory rebate, amounting to £9594, on all fire premiums obtained in the Dominion under the regulations of the State Fire Office. That sum. while perhaps being of a slight benefit to the general public, means a losa of neariy Is per share to shareholders. At the same time it might be pointed out that Government taxes (£21,261) tyke another -2s per share away from shareholders. Interest an 3 rents, £30,291, after. deducting taxation,' ahow. .an increase of £llBO for the year, and have almost reached the total amount of 1b.3 annual dividend. Here is an illustration of the usefulness of well-invested reserve funds. without which underwriting profits would ■ sometimes fail to provide sufficient to meet the demand for regular dividends.' -.Thoyear's losses, £103,590, are heavier than' usual, owing partly to the large increaao in fire losses throughout the Dominion, and "also to the unusual number of marine, .casu-. .altics, among which may be mentioned '.hose of the Eemuera, Armagh, Moldavia, Dorset, •Matatua, Port Elliot, and City of Singapore, .all fir9t-class steamers engaged in the .United Kingdom-Australasian trade. The company .wat also, heavily' interested in- the ■ .ill-fated Ripple. With a slightly reduced income and increased losses and charges accounts, the net result of the years opera-. •'tioris, including the balance brought for-' ward -from- last ve"ar, amounts to £70,810. Your directors have added £IO.OOO to the reserve fund, and after paying an interim dividend -of £12,500 they now ' recommend the payment of a further dividend of ;2s per share. nTaking tße'total distribution for the year 3a 3d per share, .which will "absorb £20,000,- and the carrying ' "forward" of £28,310.

(PBESS ISSOCIATIOIT TELEOiAJt.) DUNEDIN, November 19. There ■ was a fairly good sale of sheep at Burnsido to-day, and prices in some, instances advanced about la a head. Heavy cattle wore back about £1 a head, light prime animaJs being fairly steady. Lambs sold •well at an advance on recent rates. Store cattle were slightly easier, and pigs too ■were; back a shade. Fat ' cattle-^-A. yarding of 260 head waa offered, compared with 259 last. week.. The proportion of fair to prime cattle was small. One line of 20 head of good bullocks was forward, but medium cows and unfinished bullocks were overmuch in evidence. Values at the oponing of the sale were, down about.

£1 a head on heavy animals, light prime' ~ quality;, being fairly _ steady. Extra prime ox beef sold on a basis of from 40s to 42s 6d per 1001b, medium quality ox and heavyweights 37s 6d to 40s, " prime ' heifers to 32s 6d, and cows and light heifers 25s to 273 6d. Extra heavy prime bullocks made £2l 10a 6d to £24 12s €d, prime £lB 5s to £l9 10s, lighter £l3 15s to £IG, extra prime h'eifera £lO-6s, light £7 15s to £3 10s, extra prime cows to £8 10s, lighter from £6 16s. -:-■'■■ ■ ■ ■

.. Fat sheep—There was an entry of 1230 •a. head, all' shorn except about 200, compared ■with. 1688 last week. A number of shorn. i sheep lacked quality. The sale opened comparatively.well, but eased a shade and finally ,• picked up well and -there was a good finish. . Prime heavy wethers in the wool made up to ICJd per lb, medium quality in the wool 9d to 9Jd, prime shorn wethers to 7id,. medium quality to 6Jd, prime, shorn ewes heavy 6d, handy-weights 5Jd- and aged from - 4}d to 4Jd. Extra prime woolly wethers sold up to 68s 3d, other- woolly, wethers from 475; extra prime woolly -ewes made 49s 6d, other woolly ewes from 42s 9d, eixtra prime shorn wethers* to 60s, prime heavy 453 to" 475, lighter 41s "Dd to' 435, inferior from 88a 6d, extra prime shorn ewes to 47b, prime heavy S'&s to 42s '9d, and lighter'B6a to. 38s. < ... " Fat lambs—There was a mixed quality offering of 100, compared with 84 last week. --Most of the animals were, of fair to gooo. •'quality. There was a good clearance at ■■ slightly enhanced prices. Prime lamb ■ sold at from Is to Is 2d per lb, and medium ••■ quality from 9d to lOd. prime made 48s 9d, prime 38s 9d to 42s 9d and light • 32s- 6d to 355. «L,„i Store cattle—There was a yarding of aTtout •200 head. With the exception of three pens of eood bullocks, the yarding "was comprised of old oows and indifferent young stock. ■ : Values were, if anything, slightly •■- - Fat and forward bullocks sola up to.« 10, good Die thiee to foux-year-olds £9 12s 6d. A . KnVof ' Hereford crossbred steers _made £7, •18s, Other classes were unchanged. -Pies—There was a medium entry of fata. ' -.wtthW Vw stores. The demand' was not . prime baconers 6<jd to 7d..

The fortnightly stock sale was'held at the ■'■' yards on Tuesday. The yardang of ' fat step"™ small. Ewes, mostly shorn, . sold »t an advance of 2s to 3s on last sale. ; There' was" a medium yarding of pigs, which ' realised about 6a below the <* J. a .f sale. . There was a heavy- yarding of cattle, .': send fats sold at late rates. Store cattle, : v mostly, inferior sorts,' sold at'low pnces.r " and inferior dairy rows were hard to quit.There was a good demand for young good- ,. conditioned cows. The following prices were xeaHsed:—Fat.. ewes (shorn), 29s .to 86s; •wethersj in Ithe wool, 48s to .61a; ewes end lambs, 18s to 24b 3d; light baconers and porkers, 35a to 60a; weanors, 8s to 20s; sma l ! stores, 20s to 255.; fat cows, £3 7s 6d to £6 .... 8» 6d; steers,.£6los to £9 2s 6d; two-year- •;: old.'eteers and heifers, £3 to £4. ■'■■ '•""

CHRISTCHURCH STOCK EXCHANGE.

NATIONAL INSURANCE COMPANY.

BURNSIDE MARKET.

TEMUKA STOCK SALE.

SHIPMENTS OF MEAT.

The New Zealand Meat Producers' Board" advises that, the following, meat was shipped from New Zealand during the past season : Beef Mutton '.Lamb

YESTERDAY'S TRANSACTIONS.

Sales Reported—N.Z. Refrigerating (con.), lls-7d.

Sales on 'Change—Royal Bank (£4 paid), £6 13s; Goldsbrough, Mort (new), 466 Gd, 475. . .

OTHER EXCHANGES. (PBESS ASSOCIATION TELEGBAHS.I. ... AUCKLAND, November 19> Sales-rWar .Loan, 1930, £97 .10s; New Zealand Inscribed,- 1929, £97 103; Auckland Harbour 5J per cent. Debentures, £9B 10s; Bank of New. Zealand, 58s 9d, 605.; -Nor-; thern Steam, l&r 6d; Milne and Chbyce Debenture- Stock, 22a Cd; Union Oil Soap, . November 19 , Sale—'Wilson's Cement, 3te. DUNEDIN, November 19. Sales—Bank of New Zealand, 59s 9d; Westport-Stockton (pref.), 5s '6d; Electrolytic Zinc (def. ord:), 245; New Zealand Refrigerating (cont.), lis 9d. Salo3 reported-r4i par cent. Bonds, 1938 and 1939, £97 10s.SOUTH, AMERICAN MEAT.

■ Tke'New -Zealand Meat "Producers'. Board .has-received a cablegram from its representative at Buenos Aires, advising the following shipments to Ihe'United JCingdom for the fortnight, ended ! November" 15th, 1924, from Argentine end Uruguay:—llß,3so quarters chilled beef, 10,701 quarters frozen, beef, 23,926 • carcases frozen mutton, 21,606carcases frozen lamb. The quantity shipped to the Continent of Europe during . the same period total'ed 224,950 quarters frozen beef and 18,387' carcases frozen rdutton. ■•■''■ SHARES. (BY. CABLE—PBESS ASSOCIATION— COPYRIGHT) ' (AUSTBALIAN .AND S.Z. CABLE ASsbciATIOB.) (Received November 19th, 9.6 p.m.) LONDON, November. 18. Banks: Australasia, £ls 103; New South "Wales £4l; New Zealand (ordinary), £3 2s 9d. : New Zealand Loan and Mercantile Agency Co., Ltd., debentures, £76. GOLD. (Received November 19th. 8 p.m.;) . ,-, : - • LONDON, November 18. . : The price of gold is £4 10s. ' : WHEAT. (Received November 19th, 11.20 p.m.) _ ~ ._ LONDON, November 18. ; "Wheat cargoes are dull, following on reports of rain, in the'Argentine,.the rise in sterling exchange,' and increased' quantities in sight. Prices-declined ..from 6d ..to Is a quarter. Parcels are in small demand at from;9d tcjla down - Liverpool 'futures aro quoted: December 12s. '9j£d; March, l-3s o|d; May, 12s lljd'.

BUTTER CHEAPER IN SYDNEY.

. (Received jCTovember 19t1i,. 10.15" p.m:) .-■■.. SYDNEY/, November 19. The •-.wholesale priced of butter- will be reduced to 144s "8d per cwt to-morrow; "DUMPING" CHEAP GOODS. Germany, is/ the. most prolific exporter of cheap goods 'in 'Australia'. More than half the dumping", duties, which .have been imposed on foreign.goods as f the result of recommendations" of "the . Australian ; Tariff Board, apply ta articles from Germany; The Board has to "date gazetted 255 items for the application of dumping "duty.' ~Of these 134 applied 'to German goods.' THE PROPERTY MARKET. Jones, McCrostie Company, Ltd., sold by public auction:in their land Bale rooms yesterday on account of S. Manning: and Co., Ltd.,,the section situated in Madras street, close to High street, adjoining the King George Hotel, comprising 11.9 perches,, having a. frontage of 74.5 links by a depth of 100 links, to Mr Bridge, for £IO3O. The Queen's Hotel, property, at the corner of .Manchester and Cashel streets, was offered at auction yesterday by "fnnjs, HcCrostie Go. f " I.td. K was passed in at £28,000. Tha : Oiford; Hotel, at the corner of Colombo and Chester streets, was passed in at. £13,500,..- •

Cradidock's, Agency Company, Limited, sold by public' auction at their land sale rooms, ilarcheter ■ _street, yesterday on account of the owner( under, power of sale), the property situated at the Bowhill road and Grantley street, comprising, section of 24 perches and 4-roome& bungalow, etc., to Mrs Sha-w for £575. Bidding for No. 74 Lincoln rood, Spreydon, comprising about 2i acres, together with 10-roomed house and other improvements thereon, reached JE2SSO, and for the property at the corner of Radlev and Marshall streets, Radley, comprising MO acres, beautifully laid out and planted together with modern 4-roomed villa, etc...reached £1350. ".

;:1923. . qrs. C C6. c,cs. '■ November •• 8,690 56,241 ■81,951 -. December . 1,405 48,095 202,590 . 19M, January • . . 1,695 120,356 536,253 February ■•■ . 20,200. 230,786 704,933 March' ..: . 58,652 382,139 636,618 April ' '.# •• . 31,637 139,730 512,739 • May .. .. -15,639 95,321 606,004 June. .. . ,. 24,213 47,776 548,763 July ' .. . . 33,365 193,487 617,549 'August ..... ,-. 17,842 142,542 217,827 •September . 32,409 241,439 123,827 \ October .. . 11,349 197,056 45,353 286,996 1,894,968'4,834,41/* Killings at all works during the season . were. - North South Island. Island. 1 • Beet.(quarters) . 321,338 1,491 Wether mutton (carcases) 874,230 145,035 . • Ewe. mutton (carcase?) ..- 641,996 278,063 ■•'■ Lamb '(carcases) 2,108,534 2,661,049 . Sundries (freight carcases) 290,338 64:«03 „' Stocks on hand in New Zealand at October •Slat were:—' , North South Island. Island. '', Beef (quarters) . 30,067 141 • Wether mutton (carcases) 17,735 2,936 ;Ewe mutton (carcases) 11,658 20,413 V Lamb (carcases) 1,151 294 ■(.; Sundries- {freight carcases) 25,635. 2,600 '• . Stocks of frozen meat loaded into steamers ;;;:..Jot departed fron '; ber Slat were:— .';■<; Beef (quarten i New Zealand as at Octo3) .. 10,562 .}* Mutton (carcases) . .-. 62,763 ■ Lamb .(carcases) ;. .. 25,245

LATEST QUOTATIONS. Buyers. Sello ■3. £ B d. £ s. d N.Z. GOVT. DEBENTURES— 4J per cent. ■ Inscribed, 6 1936 and 1939 - - — 97.12 . 4» per cent.' E<md3, 1930 97 10 0 — 5 per cent. Inscribed, 98 0 0 1927 ... 5$ per cent. Inscribed and Bonds, 1933 .. 101 7 6 — 4J p»r cont. , Bonds, 1941 ~ "-"* '■>--■' -.-■•• ■ _ 07.10 0 'OTHEK :DEBESTURESr~ T * ChristchurcH' -Drainage .-.- 5* per cent. 9S"0 0" _ '— Chiistchurch Tramways; 5J per cent. ■"■ — -■". 09 0 "0 0 N.Z. "Breweries, Bonds —' 1 "2 BANKS— 6 Australasia 13 1 0 13,. 3 Bank of Victoria 6 11 0 ~~ Comm. of Australia- .. 1 10 o —■ National of. Austraias a (£10 paid, ciun div.) 15'- 9 ti ■ New Zealand •2 19 c ■ Royal (£1 paid) ... Royal (£i paid) :. 1 12 10 6 12 0 1 13 6 13 6 6 INSURANCE— New Zealand 1 9 G South British — 2 3 0 LOA.v AGENCY— Goldsbrousli, Jiort ... •Z 1 6 — Goldsbroughr Mort nrw) '2 '6' 6' "2" 1 0 N.Z. Loan- 'and- -Merc. - . ," (ord. stock)' " 93 0 0 — N.Z. nnd River Plate — 1 0 0 N.Z. Mortj?aKe Security - . — 2 0. 0 SHIPPING— Huddaif-ParwCT (preiJ — 1 0 9 P. and 0. Deferred (cum -div.) ■• - - — - 300 0 0.310 0 0 FROZEN MEaT.-^ N.Z. Kef rig.-(paid). -•, i i 0 1, .3. 0 N.Z. Refrif*. (con.) O'fl 6 0 11 8 WOOLLENS— . Kaiapoi (ord.) — 0 15 0 COAL— • We3tpovt- (cum_div.) .-.- 1 16, 0 1 16 9 gAh— Christchurch .. — 7 16 0 BREVVfiKlEa—' . ' . Crown ".. .." '24 0" " ' — t Manning' .." .. 1.13 G - •1 14 3 ■ Ward .. 2 10 0 2 12 0 CEMENTS— ;■_.• Wilson's (cum' div.) 1 9 6 1 10 3 MISCKLLAN-EOUS— •■ • Bcath and Co. ,. I'll 3 1 11 8 Burns, Phi'p 1.13. 0 1 14 3 Electro Zinc. (pref.)' .. — 1 8 0 Electro. Zinc (ctef.) 1 3 6 — Mason, Strutters (14s paid)' ■ — ,0 16 0 Mason, Strainers (Ids paid)' — 0 11 3 Mason, Strutters (4s paid) ... — 0 5 3 N.Z. - Farmers' Co-op. (£5 paid) '...' United Pictures: 1 11 0 2 10 0 1 .6 0 1.10 0 MINING— Waihi .. .. ..i'5 a —