Commercial.

Dominion, Volume 1, Issue 2, 27 September 1907, Page 7

Commercial.

DIVIDENDS DECLARED. Tho Rcefton offices of the Consolidated Goldfields of New Zealand, Limited, have received cable advice from London that a dividend (the ninth) of Is. Gd. per share has been declared payable on October 29 nest. This will bring tho total amount distributed in dividends by this company tip to £155,784 7s. Gd., 'or 13s. 6d. per share. The same cable advises that the Progress mines of New Zealand, Limited, have also declared a dividend (tho nineteenth) of Is. 6d. per share, payable on October 29. This company will then have paid to its shareholders in dividends £295,625, or 225. per share. FINANCIAL. The' "Statist" of August 3, summarising the financial conditions of Europe and America at that date, comments as follows:— Tho outflow of gold from London will ■ for some months now bo considerable. That may secure to the Bank of England once more command of the gold market. If it does not tho bank ought to make special efforts to strengthen itself. .-'„ , •'1 e The surplus rcssrves of tho whole of tho National Banks in tho United States are exceedingly small, and therefore we mav expect in the United States dear and tight money before •• On the Berlin Bourse there is. utter stagnation. The last week of every month has during the present year nearly alwavs brought with it a strong demand for hanking accommodation, a great expansion of tho note circulation, and a tightening of the money market. In September it'is everywhere agreed that money will bo scarco and dear, and throughout the autumn it is feareu that the'stringency will become such that.tho bank rate must inevitably rise ss high as it wan last year.. Business on tho Paris Bourse is almost as stagnant as it is 111 London. The breakdown of the speculation in copper and diamonds, the disturbances in the wine-growing districts ot the South,-the'fear of the income-tax, the revolt against Socialism, and tho apprehension of dear and scarco money all over Europo and America tend to check enterprise of every, kind. Overand above this the uncertainty respecting tho course of events 111 the United States exercises a deterrent lnfluenco. -Lastly, the renewed mil in Consols has caused some apprehension. 1 coplo are unable to account for such a depreciation in the premier stock 01 tho United Kingdom. They fear, therefore, that there must be some hidden trouble, and the mere fear that diiaculties ot the kind exist in England naturally checks, all enterprise. .„.,,. In the interval the official discount rate has been advanced to 4J per cent., mainlv to check exploitation on the part of -'New-' York. Writing under , (lata July 23, the New York correspondent of the London "Economist" says: "One of the significant facts which have come out in Wall Street within the week is tho statement that bankers there have been borrowing freely at London- in tho expectation of being ablo to see wheat and cotton sent over to' cancel the indebtedness a little able'to cancel tho indebtedness a httlo later. Both of .those crops mil. be about 80 per cent, of a normal yield, and while this will not mean much to the -money-lenders, because- prices of produce will be higher, it may help the money borrowers out because tho wheat crops abroad nro less abundant than they are here."

CHEQUES IN GERMANY. Cheques are very little used, in Germany, ■■ and efforts to popularise such documents -havo been constantly maeto during the past fifteen years, and more especially since German commerce has made such rapid forward strides, but theso have always met with-but slight success, owing to tho official desiro to levy'. a tax on every cheque and to impose a very short time-limit tor payment. In the new Bill to be introduced into the Reichstag at its next session there is no mention oi a tax,'probably in response to the loudly expressed public opinion of its' unfair-, ness.' Commercial men have contended that it would bo better to carry on their affairs ou the ancient principle of payment in ready-monoy or bank-notes lather than to submit to such an impost.. At present 41. per ceut. of German commerce is carried on by means of ready-money, as against only 1G per cent, in tho United Kingdom. "With a'population, of forty-two millions, the United . Kingdom possesses only £43,750,000 sterling in. bank-notes : , whilst the money lying in credit banks to current accounts amounts to sterling. Germany, on tho other hand, with sixty millions of population, has in every-day use .£97,500,000 sterling in bank-notes and current accounts 0f.0n1y.,£205,000,000. If the Bill passes,* although it contains some unnecessary restrictions, an important step will havo been taken to facilitate commerce, but it is feared that much opposition will be offered: by the oldfashioned parties in the Reichstag. MANCHESTER SHIP CANAL. This concern is making slow progress. The total revenue of tho Ship Canal and the. Bridgewater undertaking for tlie first half-of this year amounted to £395,940, and the expenditure to £284,807, leaving a balance of £131,033. Against this the debenture interest and other charges amounted to £145,007, and there was consequently a deficiency of £13,974. There, was an accumulated deficit at December 31 last of £34,026, consisting of debenture interest due to the Manchester Corporation, and for this amount- new preference stock has teen created and handed to the Corporation. Under its Act, the company may, 'and docs, transfer the arrears oi fixed charges to capital account, and the operation, of course, discounts tho future. The capital so created is held by the Manchester Corporation, and ranks in priority to the capital held by the public, so that every addition made to' l it constitutes a further obstacle in tho way of dividends being earned on the preference and ordinary capital. The total amount of 3J per cent, preference stock now in tho hands of the Corporation is £1,022,291, so that, after tho canal is earning its fixed charges, it must earn in addition £17,900 each half-year before the stock held by tho public can look for any dividend. • MOTOR-CAR INSURANCE. Quito a new field for insurance enterprise has grown up in tho shape of providing cover for tho owners of motor cars, as well as for tho cars themselves. As ■. motoring grows ill popularity the need for something of this sort becomes increasingly evident. In England and in America there arc qui to a number of companies that take this class of risk, either solely or as a branch department. Statistics show that, during 1897 in London one fatal mishap and twenty cases of personal injury caused by motors were brought to • the notice, of the police, and as the number of cars increased so did tho tale of accident, until in 1901, tho last completo year for which returns are available, the record was 22. persons killed and 1112 injured. This startling annual increase in accidents caused by motors has been more than maintained. In May, 1905, from returns obtained by the Local Government Board, it is gathered that in Ens May, 1905, 3179 accidents had occurred land and Wales between Juno, 1901, and to persons not travelling in the motor cars. Upwards of 2235 of these occurred in London. As the owners of motor cars are drawn almost exclusively from tho moneyed class, companies doing this class of business find it comparatively easy to accomplish. THE ''FRISCO FIRE. Tho American Society of Civil Engineers has drawn up a report on the damage caused by the earthquake and first at San Francisco. The tire caused far more damage than the earthquake, and, for English readers, tho ell'ccis of firo on structure is more interesting than that of earthquake. In those places where the San Francisco fire wno most intense all materials were so far destroyed as to render rebuilding necessary. Even steel was melted. Terracotta r.nd all kinds uf natural stone b-?h:ived -badly. ' Krickwork set in cjmnnt, wi!i,l co'.icri'le, and rsinforc'il concrete, behaved i'r.iriy well, ami in •nauy case-s passwl through the fire

comparatively unharmed. Steel-frame buildings with the steel columns protected by brick-work set in cement withstood the firo best, and except that they required 6omo extra bracing to resist side thrusts—such as would be produced' by a rocking motion—they were not greatly damaged by the eafthquako. ACCIDENTS AND COMPENSATION. Among the many anomalies of the law relating to compensafion for accidents is the provision under what is known as Lord Campbell's Act, that in cases where damages are recovered on account of a death, caused through the negligence of a company or person, they must be assessed subject to any insuranco offected by the deceased. When, for example, the relatives of a person killed in a railway accident obtain damages for iSIOOO, if the deceased were insured for ,£SOO, the latter sum would be deducted from the former, the railway company thus getting the benefit of the insurance provided Xpuooat 04ml) ifjiifl 'iiiiqDJA oi]i A'q this clause' had never been taken advantage of, and when it was pleaded in the caso of Sykes v. L. and 1. Bailway Company, it was discovered that tlio Bail way. Passengers' Assurance Company .had a clause in its own Act exempting its policies from the provisions of Lord Campbell's Act, and enabling holders to secure the benefit of their insurance in addition to any compensation they might bo entitled to as damages. Thereupon two other insuranco companies hastened to deposit Bills on their own account for the present session, and as there could be no ground for opposing them, these companies have also secured exemption for their policies from the operatiouof the general law on this point. Manifestly, however, an injustice is done in accorddug special privileges to particular companies, and we have good authority for stating that the Government on being approached fully recognised this, and have promised, if the state of business permits, to pass a short Bill during the present session placing all the companies that undertake accident insurance 011 an equal footing. Failing that, tho companies will themselves jointly introduce a private Bill with the same 'obicct as early as possible in the ensuing "session, so that' the existence of the present anomaly is likely to be restricted at the outside to a period of ono -year.—" Tho Economist."

Stock Sales. . * . TAEANAKI. Messrs, Nolan, Tonks, and Co. report Wo had a large muster of cattle at Eltham on September 17, fully 15w head being yarded. There was a large attendance of buyers, and the various lots submitted were keenly competed for, almost everything being cleared at the hammer at prices in advance- of late rates. At Hawera, on the 18th, more than the advertised number camo torward. Bidding was spirited, steers of aP ages being principally in demand. We quote: At Eltham, mixed yearlings 17s. to 255., yearling heifers 13s. to lGs., yearling steers £2 ss. to £2 13s. 6d., 15 to 13 months empty heifers 335. to ,Sa, 18 months steers £2 7s. Gd. to £3 2s. ud., two year empty heifers 21s. to £2 55., two year steers .£3 14s. to £3 15s. 6d.,, three year store bullocks £5 Bs., fat cows £5 15s. to £5 IBs., fat heifers £4 ss; to £i 10s., forward cows £3 2b. to £3 lis., store cows £2 Hs. to £2 IBs., springing dairy cows .£6 7s. Gel. to .£B, springing heifers £4 15s. to £6 155., others £3 7s. lid. to £4 10s.

At Hawera: Mixed yearlings Us. Gil. to 2Gs., vearling steers £2 ss. to £2 Bs., 2 J year steers £4 to £1 135., three year bullocks £5 75., forward bullocks £6 to £6 Bs., fat bullocks (light) £7 10s., three year btore cows £2 ss. to- £2 lis., forward cows £3 ss. to £3 10s., 18 months empty heifers 355. to 37s Gd.,' yearling boilers 15s. to 18s. Gd., springing heifers £4 to £4 10s., dairy cows £5 155., hoggets 15s, 3d.; pigs,—good yarding, soiu well at late rates.' ' '.-". OTAGO. . ' Burnside Stock Market.—At the sales ou Tuesday 1570 well-finished sheep wer: penned. -Tho prices obtained v/cr much the same as last vert;:, the sale being erratic; best wethera 245. Gd. to 505., extra to 275. Gd., medium to good 225. Gd. to 235. Gd., inferior 19s. to 205., best owes 20s. to 225., medium 17s. to 18s. Gd.' Lambs, eleven penned, and solu up k--255. Pigs—lso yarded; a. fair entry of sorts; prices were a shade easier, a]nd porkers and baconers did not meet with such brisk sale as last week; suckers lis. Gd. t:o Itis.. slhis 17s. ti-i. to *%, stores 235. to 285., porkers 345. to 385., light baconers 435..t0 485., heavy 535. to G2s. Cattle.—24l- yarded. Thero. was a large entry of goou quality cattle, uad. o saccoiint of the laree yaiflii'K. pri'r-: were slightly easier; best bullocks £12 to £12 10s., extra to £15, medium £9 10s. to £10 55., inferior £7 15s. to £H 10s., best cows and heifers £10 to £11, medium £3 to £9, inferior £6 10s. to £7 10s. ,' ADDINGTON. At the Addington live stock market there was a larger entry of stock than during tho last few weeks, a'nd a good attendance. Prices were inclined to ba easier. Store hoggets were down,about Is. per head; fat cattle did not maintain late rates; fat sheep were not so firm; pigs of all classes sold well. The entry of storo sheep was large, and was made up principally of hogjjeis, C-uV. jir.'i-.i-s. .v.-.. :. ■ ■■<: IJ-n... compared with the previous sale. About thirty fat lambs were penned, aj'it bjHi-al imai -•.«■ ■•'■ ■ us _.*. l>-. There was a larger entry of fat sheep tha h'o rs.'iir- »-.i-ic- ;•:■:•. v lines having been sent up from' Otago. A good many of the wethers were not well finished. Graziers were competing for these, and saved tho market from a moro serious decline, jirices having weakened on account of tho supply being rather beyond butchers' requirefine ewes, and these sold well. Extra prime wethers sold up to 355. Gd., prime 255. to 315.,-lighter 20s. Gd. to 245. Gd., extra prime ewes 265. to 275. 6d., prime 20s. to 255., hoggets 17s. Gd. to 245., prime merino ;■.■«-.. :«.'i '■■'< ™. '■ Thero was an ontry of 250 fat cattle, including two large consignments from tho North Island. There was a large proportion of prime steers and heifers, the quality of the yarding being above the average. There was a fair demand, but prji.-; -,re;v ■ ■: ■■!!'■. Steers £G ss. to £14 55., heifers £5 to £10 12s. Gd., cows £4 15s. to £9 12s. Gd. —oqual to 28s. to 30s. for extra prime, 255. to 275. Gd. for prime, and 225. to 21s. Gd. for medium, per 1001b. Veal calves sold at 4s. to £2, according to size and quality. The storo and dairy cattle were a mixed lot, and mostly in low condition. There was a dull 6ale. Yearliugs sold at 2ds. to 245., 15 to 10-monhis u-.it.. iO.. : fc:-. two-year steers £2 I.os. to £2 195., twoyear heifers £2 2s. to £2 12s. Gd., threeyear steers £3 lGs. to £4- 25., three-vear heifers £3 2s. Cd., dry cows 15s. to" £3 10s., dairy cows £3 10s. to £G 17s. Gd. There was a medium entry of porkers and baconers, and they were eagerly competed for. Baconers sold from 50s. to 705., extra heavy to S3s. (equal to sd. to Sid. per lb.). Porkers made from 30s. to 445. The store pens were well filled, and these pigs met a keen demand.-. Weancrs 14s. 9d. to 17s. Gd., medium stores 20s. to 255., larger sorts 2Gs. to 365. MANAWATU. Falmerston North, Sept. 26. Owing to extremely roush, wet weather a portion of (ho advertised stock did not come forward. Fat ewes 17s. to 225. 5d., fat wethors 20s. lid., hoggets (nearly all ewes) 19s. 7d., mixed hoggets 17s. Id., ewes in. lamb 21s. 9d., old dry ewes 7s. Bulls 31s. to £4 10s., 2i to three-year steers £4 15s. OTAGO GRAIN MARKET. Oats—Very little shipping is being done, business being confined chiefly to sales far local feed; seed lines 3s. 4d. to 3s. Gd., prime milling 3s. to 3s. Id., good. to best feed 2s. lid. to 35., inferior to I medium 2s. I'd. to 2s. lfl!d., sacks extra. I Wheat—The market is firm, but few sales taking place, holders in many inI stances asking prices in advance, of' | quotations; local stock.-; are light. FewI wheat is still extremely scarce, ar.c: ' ir-.r-ili;ii:i milUn-; quality is finding ar oulk't in its place. I'nii'.o miliiiu,' Is Bd. to 4s. 9d., n.idir.m milling a'mi

whole fowl wheat 4s. 6d. to 4s. 7d„ broken and damaged 4s. 2d. to Ib. 4d., sacks extra. GOOD PRICES. Marton, Septcmbor 26. At the Huntorvillc stock sale, yesterday, a line of wethers sold at tho satisfactory price of 235. Gd.' Fat cows and bullocks sold readily at from £8 to .£lO. BANK OF AUSTRALASIA. By Telegraph.—Association,—Copyright. London, September 25. The Bank of Australasia's balancesheet shows ' deposits totalling .£16,622,966; cash securities, £7,466,102; bills, .£ls, 810,960. LONDON MARKETS. WOOL SALES. By Telegraph.—Association.—Copyright. London, September 25. At the wool sales 8004 bales offered, i'ncluding 7282 of New Zealand crqssbreds, chiefly slipes, prices for which remained unaltered. A few bales of merino wore fully five per cent, dearer than at tho closing sales of the last series. There was a large attendance, with spirited competition. Prices are firm. METALS. Copper.—On spot, .£64 10s. j three months, .£65. Tin.-On. spot,. „£169 10s. Lead, £21 ss. At the tallow auctions 2159 casks offered and 737 sold. Fi'no mutton 355., medium 335. Fine beef ■ 355., medium 325. 3d. WHEAT. The American visible supply of wheat is 59,393,000 bushels, . AUSTRALIAN MARKETS. Sydney, September 25. Wheat (milliiur) 4k. 4d.. chick 3s. lOd. to 4s. Flour £10. Oats (Algerian.feed, ing) 2s. 9d. to 2s. 10d., milling 3s. to 3s. Id., Tasmanian white 2s. lid. Barley (Cupe) 2s. Bd. to 2s. 9d., English feeding 2s. 3d. Maize 3s. 2d. to 3s. 4d. Bran and pollard lid. Potatoes (Tasmanians) £2 10s. .to £3. Onio'ns (Victorian) £i 4s. to £5. Butter 105s. to 107*. uheese 7d. to b3d. liacon. Sid. to lOjd.. ,' * Adelaide, September 25. Wheat 4s. 4d. FJour £10. Oats.—At a standstill, pending developments in connection with the rainfall; Algerian feeding 2s. 9d.; prime 2s. lid. Barley l'..api!.i :-!.i. fri., niiiiii.ii;.' ■ . lOd. Maize 3s. 6d. Bran and pollard hi. l : a:-.'.t:.i-i .fcl Ills, to J:l 1,3. w.. Onions £2 to £3 10s. "Melbourne, September.2s. Wheat 4s. Id. Flour £9. Bran and pollard lid. Melbourne, September 26. . Hides.—Supplies are moderate, medium to stout a shade dearer.