COMMERCIAL.

Press, Volume LXVI, Issue 20103, 5 December 1930, Page 18

COMMERCIAL.

(CONTINUED.) BUITER IOR CANADA. LARGE AUSTRALIAN SHIPMENTS. (UNITED PRESS ASSOC! A.TION—BT ELICTXin TKLBGiurn-corriuonT.) C VANCOUVER, December 3 Tlio "Sun" says that Australian exporters are preparing to flood Canada with 20,000,000 pounds of butter before April, wlneh will bo landed in Canada at twenty-tour cents a pound, charts paid. It is believed ln Australia that butter can bo shipped on consignment escaping tho dumping duty and"' only one cent a pound import duty until April What Australians are planning ,s known here through a buTlet.n from the Australian Dairy Pro. "Ist ?t savriit^T 1 - dated Oct V/ ,5 lt shipments will be made to Atlantic ports, as well as Van couvcr through a prominent Canadfari importing firm. ■

KAURI TIMBER COMPANY. THE YEAR'S PROFIT. (UNITKD JUBSS ASSOCIATION —BJT DLZCTr.IC TliLKGltArU—copyright.) (Received December 4th, 8.30 p.m.) SYDNEY, December 4. 1 lie Kauri limber Company, Limited, during tho yoar ended August .'list, mado a net profit of £18,613, which is below that of tho previous year. A dividend is being paid at the reduced rate of 2J per cent., and £282 is being carried forward. MINING LEASES FORFEITED. (STECIAI. TO TUB TRESS.) BLENHEIM, December 4. As a result of proceedings instituted under tho Mining Act by Mahakipawa Goldhclds, Ltd., three extended alluvial claims and water-race licenses held by l*r:ieo liislop and Geoffrey Morton, both of Mahakipawa, and James Barr I-auchland, of Wellington, were declared forfeited by Mr T. I',. Mauiisell in the Warden's Court. Following on tho declaration of forfeiture, Mahakipawa Goldfields, Ltd.. are in the position of first claimants over tho areas affected by tho Court's decree. Mahakipawa Goldfields, Ltd., brought tho actions against tho parties named to have their claims forfeited on the ground that they were not working them.

AUSTRALIAN PRODUCE. PRICES AT ADELAIDE. (UNITED I'IIKSS ASSOCIATION —KY ELECTHIC TELEGUArn—COPYBIGIIT.) (Received December 4th, 9.30 p.m.) ADBLAIDE, December 4. Wheat—2s 6Jd. Flour—los. Bran—£l. Pollard—£i ss. Oats —Is 7d and Is lid. SYDNEY QUOTATIONS. (C KITED PBV.3S ASSOCIATION —BY ELECTBIC TELEGRAPH —COPYRIGHT.) (Received December 4th, 8.30 p.m.) SYDNEY, December "\V7ioal—Ex trtirky. Sydney, 2s 6ld; country sidings, Js lljd. Flour-—£B. Bran—£4 ;"is. Pollard—£4 15s. Potatoes—Tasmaninn and "West Australian, £3O; local, £7. Onions—"Victorian Globes, £8 10s. Oats—Whito, 3s 6d; Algerian, 4s. Maize—3s 9d per bushel.

T. AND G. ASSURANCE. THE YEAR'S OPERATIONS. Tbo fifty-fourth annual report of the above for the jcar ended Septomber 30th, 1930, has been issued, and "will be presented to Ibe annual meeting of policy-holders to be Jield in Molbourno on December 19th. The report states, inter alia:— Tho new business completed in tho ordinary department comprised 20,088 policies, assuring i.15, and £960 per annum of annuities, and in the industrial department 122,100 policies, assuring £5,765,574. In both departments 142,188 policies were issued, assuring £12,318,702, a total slightly in excess of the business comploted in the previous year. Income—Tho total incomo of the Society has increased from £3,623,889 to £3,856,035, which is made up of £2,987,893 from premiums, and £868,142 from interest.Payments to policyholders amounted to £,1,507,239, as compared with £1,329,081 for tho previous year. Funds—The funds have increased by £1,385,989 to £15,495,985, comprising £7,558,827 ordinary department funds, £7,922,941 industrial department funds, and £14,217 accident department funds. Assets —The assets now amount to £16,068,017, of which £10,038,481, or 62.5 per cent., is invested iu Government and municipal securities. Loans on mortgage have increased by £466,968, while • policy loans, which stood at £845,150 last year, have increased to £1,077,864. Tho increase in freehold properties, £282,646, waß chiefly accounted for by the erection of the Society's Sydney premises. Taxation —Taxation has increased from £23,493 in 1928 to £59,556 in 1929, and to £79,236 in 1930. It is a deplorable fact that these taxes, on the funds of members who are providing for their old ago or their dependents after death, fall in the majority of cases on tboso who are of small means, and who are the least able to bear the burden of taxation. So far the protests of the life assurance companies on behalf of their policyholders have been ineffective. It is reasonable to expect that these imposts will be anions: the first to be removed when circumstances permit. Expenses —Apart from taxation, a matter over which tho Society has no control, the expense rate was slightly lower than the' rate for the previous year. General —The figures revealed in the accounts show very satisfactory results in all departments in a difficult year, and demonstrate the Society's undoubted strength. The completion of such a large volume of new business is evidence that the value of life assurance is recognised to-day more than over before, and that the Society enjoys the confidence of tho insuring public of Australia and New Zealand.

STUDHOLME STOCK SALE. At SUdholrne stock sale yesterday the yarding of cattle was a medium one, but t',,o ebeep yarding was email. The sheep Ba ]o was dull, and aged ewes in fair condition. in the wo °l> with good lambs, sold from only Ha to 7s 6d. Fat cattle were below last week's rates and store cattle also were down. There was little demand in cithor section. The following f.ricos were realised: sheep—Eight fat hoggets at 16s 3 fat two(r>Xth ewes at 14s, 44 ewes and lambs at K- (-ill counted), 21' at 7a 6d, 59 at 5s Id, •i wethers at 183, 7 hoggets at 14s. G'JiHle —Fat cow at £'7 2s Gd, fat heifers , {'{ XI 10s, lieifers at £4, £2 17 s 6d, £3 -I fid' J!3 10s, £7 10b, heifer calves at 2os, Peers'at £"> 12s cd • fj 73 cd ' dairy cow Vr I*ip spring^ 7l " cow 4,6. Ins, cows and calves »t' £o' l te . bull i 3 2s

"LONG TERM" ISSUE.

RAISED IN LONDON. Til® Bank of Now Zealand in London announced th& issuo of £500,0C0 o por cent, long-term mortgage debenture stock at £3B, payable in full on November 15th. Tbo prospectus was issued, not as an invitation to the public to subscribe, but ia compliance with the Regulations of the Committee of the London Stock Exchange, for the purpose of giving information to the public with regard to the company. The principal will be paid at par on November 15th, 1940, u,t the office of the Bank of New Zealand, London, whera the interest will also bo payable. T b lissuo forms part of a borrowing authorised by the above Act, the total of which may not at any time bo gTeator thar. three times the amount paid up on thn "long-term mortgago" shares. This debenture Ptock is a liability of tho bank, and is further specifically secured oil tho assets of a fund described in Section 21 of the Act, and known as the "long-term mortgage fund." These assets consist of loans (on an amortisation basis) on first mortgages of freehold and leasehold land in New Zealand. The mortgage* outstanding amount to £1,160,266, and the amount of debenture stock already issued and outstanding is £loi>,oS©. Of the prooeeda of this issue approximately £330,000 will bo utilised to clear tho overdraft granted by the bank to the "fund" by virtue ol Section 22 of the Act. Tho stock is transferable in multiples of £l, and the register is kept at the bank's London office. The long-term mortgage department of the bank is a separate department for this class of business. It lias its own capital, distinct from the ordinary capital of tho bank, which, possesses authority also to borrow up to threo the amount of tho "long-term mortgage" shares, which now amount to £703/125. This power has been exercised in In ew Zealand by tho issue of debenture stock to the extent of £106,050, and the above issue for a further £500,000, bearing interest at 5 per cent., has been placed in Lor don at 33.

BLENHEIM STOCK SALE. (SPiXIAX, TO THE PRBS3.) BLENHEIM, December 4. Tho tendency on the part of farmers to hold back sheep from auction until better times arrive, was evidenced in the small yarding at the Blenheim stock sale—even with a yarding of 737 fats and 107 stores. Great difficulty was experienced in finding buyers for many lines. Prices were down at least 3s 3a all grades. Fat ewes ranged from 7s Cd to 12s 3d, against 8s 3d to 19s a fort"w®thors brought from 9s 6d to J7s lOd. At the last sale the rang© was from oo A°i ranged from 16s 6d to -s 9d. Two pens of stores, both composed of ewes with lambs, met a dragging sale, iil mu y 0^ ne Mas knocked down at 8s ■iia. Ine other was passed in at 4s, SKIN SALE. H. Matson and Co. held their weekly skin sale and bag wdbl sale yesterday morning. There was the usual bench of buyers present, and bidding was fair throughout, prices being on a par with last week. The range of values was:— .Merinos sound 4 id, dead and faulty 2id ?' 5" i S i j to S^d ' cr °ssbreds sound did to 4Md, dead and faulty 2id to 3d, three-quarterbred sound 3Jd to sid, halt»,T e !i»ii 0U ! to 5 * d ' d ®ad and faulty 3d fLul «iT? etS xx S ? und T 4id ix> s * d - dead and \ I ' Lambs 3d, dead skins, green halfbreds to 2s 6d, pelts 6d and 9d crossbreds Is to Is Id, merinos 2s 9d, butcher s skins, crossbreds 2s Id to 4s 4d; threequarterbred 3s 4d to 4s, halfbreds 3s Sd to 5s 4d; lambs 8d to Is, pelts lOd to Is 3dbag wool, halfbred dead sld to 4d threequarterbred dead 3d to 33d, bellies and pieces to 3Jd. DAIRY PRODUCE. The New Zealand Loan and Mercantile Agency Co., Ltd., have received the following cablegram from their London office, under date 3rd instant:— Butter—Choicest salted 105s to 106s. Market is firm. Cheese—White 60s to 61s, coloured 57s to 58s. Very slow. Dalgety and Co., Ltd., have received tho following cablegram from Samuel Pago and Son, Ltd., London, dated December 3rd:— Butter—Market rather better. Danish 128s to 130s, finest Now Zealand 100s to 106s, finest Australian unsalted 108s to 112s, salted 98s to 102s, g.a.q. 92s to 965. Cheese?— Market slow. Quotations: New Zealand white 59s to 61s, and coloured 57s to 595; Canadian spot while and coloured 72s to 78s. PRICE OF GOLD. ("DOITED PRESS ASSOCIATION—BV ELECTEIC TELEGRAPH—COPYRIGHT.) n , . LONDON, December 3. ixold is quoted at 85s lsd a fino ounce. TALLOAV. palgety and Company, Limited, have received tho following cablegram from their .London office dated December 3rd:— 1 allow—The market is unchanged.