COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 703, 31 December 1909, Page 8

COMMERCIAL ITEMS.

STho/outioofcior: ■.'tne'featfieiG trade Is' tho subject;,, .comm.entj!in...jiondon, financial /jp'urnalsjiianditHe'vlloaitloni'of'.'tUeiindua-! tryr/'.is , " perplexing' all. thosVUlrebtfy 'con:iredtpd'v.i,rith One-;b.f 'noteworthy' fo'aturee'/of ;the : trade,'during..the',past fW months':hasi;been'.the-great expansion of .■busines'[)',,with- America, consequent upon /the/reduction 1 ; of■■ tho, import;duty, on lea-; ther/from 20,p'e l r. l ,cerit.'to .5 per cent;- Can-;-.adafhasValso - appeared In British .markets as/-a'7customeri. and /between'the' various; /influences';. *a- .in'- values : nas .taken .'place, .with.every .indication of ji'. further' substantial y upward movement . Tho real f aotor,, which governs ■ the leather market ■- is -the'. cost of:/ the raw material, and" there seeius no-doubt- that the world's Biipply. of. hides and .skins. is: quite inadequate to.meet .the demand.\, So'much is this the'case; that ;a' largo/.'proportion of ■ tho hides on American) and" Oanaaian catitle.imported into Great Britain is shipped backvto,-the States under-.agte«men.t when' the ■/■/cattle • : . were -purchased . - originally. When.jqne,corisiders, theirapid: march■ ';.of civilisation".•.'in , -': allTqudrters "of .the ■'. globo, and the important part that .leather playa in even': the preliminary : stages of clviliea-'tidn,,it;.is/-no£v.at:!all -to bo wondcred-ati ■that:-tho call'for,; this. , :.etaple' article in' Jtsj.hundredianfi-ipne.-classes arid descriptions':, is'"so".;huso.::■:Anyway, the ■ immense rise', iniyalues :■tor. all grades ■ of raw material conclusively /proves that the demand predominates, '/despite/all ;the 7 theories ■ of "cornering", in'/Americal."/The 'rising ten- 1 dency /of'■'raw.- } hides 'has been;' far.' too'. longjtinfforce to/permit isuch; anVargument / being;entertained.- Thia "shortage of raw'material has been an established fact )in>;lndia..and.i;AustraJasia 'ahd ; the Con-' tinbnt 1 quite';as much as/it ,has '•■. been ;America','the:differencb being-thafAmerica 'has■/.been,-the:great' buyer from- each of' these .^countries—and ".from 'England—there-; .by/-;l«aving- them- denuded-for; their own manufacturing.pnrpbees.,-As :an.> instance ofjthe.vast'bulk of.skins, handled ; in'Lon;don,; the/pnblio sales-of; tanned East India, goat 'skins take, place : eight ..times' , per. year, and : the;.total quantities pat to-the I homm l er■/annually:, exceed■; 17,000,000 : skins. r ;At" the'i sale;concluded on October .27 prices advanced' from: Id."to '4d.. per- lb..' 16. is, therefore, .the'.'general';.-opinion that, for (!ho: reason, given—namely,- the exceas demand/over supply—there, is : "no: ■ immedi- , ate prospect of iease in any'grade-of raw-/material.;.;.:-*0;i;/:' ■^'■■■■■'.■^'•.~ .-..■. ■■■ -■;.:-. >. - p '[ '■ ■tnrtttcAttok ''m /. v ff : '; ■': Qnite;a number 'of:; States 'jot. tho Anieri-' can i- Union'-have : sQmo : form'; of "anti-discrimination", law. in regard to flro insurance.", 3!he ■'. idea . of' 'State , action' in' regard -rates' to jbe ; paid, for >flro insnrance: has'Bpreadto'! 1 ah extent which :is /causing ■', considerable : discussion. The insurance 'companies ..'at •,,first -welcomed legislation-•yhich'.promised to prevent 1 the cutting of;.rates, bat thby now complain tlmttV some v State ; authorities ■\a,ro' ' going ■beyond',legitimate L control to.unreasonable iritorferenco■'in claiming , tho' , rigM < to- '&x . the ;>actual;'price: of.'fire ''insurances and tor jr.' this V :purposo,.: "establishing r?.ting .boards., ./Tho iyiew.. takon. by .the .authbri-: :ties,';of!, the -iiarticnlar" Statoe/' which contemplate < 'fliiEg' equitable fire insurance rates r sceros'to bo', that : the' task will bo np.'moro difflcnltvthan .'iiat,of..flxing Mil.ro,id•:; rates.;!;.' The jamount'J.of-iubwnpaper disoussion;'and.; rovlew-. on ; tho.BUbJect is enormous," : and ~"many ■-"reasoris '. arc -:art--vanced .against Btate rato-makiug, but the 'practical, difilcultles' appear to .bo, first:tho. lack of material data upon yrbioh to: base .'rat«i) -apart 'from' the:, statistics which may be; farnished by the Insurance companies,'';and;!'secondly, .'tho.. fact "that , the insurance •. companies will. bb : in a ; poßitlon-tO'jrefuße-any. business '.'wße'n'the'i rate w bolow. their/own ideas :of 'prpDtable! risk. ' Briefly, it' comes to tbiß—. that' olthotieh Statei authorities may. fix any rate they please, /tbey. I ' i tanflb"t ■ .com-'. Del any particular.company; to-accept it. 'Should: the proposed- rating 'Bddtds prove' tp'.'be":H''thbroncrhly : Incompetent.as liriany .insurance oxperts allege, , tho ■ result ,' will be-reflected in .the: condition of tho ; insurance/market jol teß i-the .rates »are fixed. It is cuite likely,'f , ofiC6da l s?;|th<it new. or moro/ven£uresomß..,coiapap|C3iwJll ■ take' up :rlsKs' i .at.-"rfttes:.which the .more, contervu■'tfvei nbnroanles': consider, iiureasonable. II the:',Stato:/authorities'-will .take.'steps to I nrovfdo^that. ariy'/'companioß.'doing■ the bU3iness. i: are. financially.,; strong:unough .to. '£:k&kjiffiSi : Zj<£'Stf&%is*:^y} i :;*:'

discharge the*/ liabilities incurred, vlih'eii' Stato rate-ma'.ting will work out its own salvation oVvdomons'trate its futility. The success or', failure of the companies undertaking', the i business at State rates will show whether the outcry of.the insurance .companies is: purely, for equitablo rates 'or , ' '.simply because eiceesive. profits aro, threatened. Provided-and this is tho vital point—that tho man who insur.es is protected, ■ at whatever rate,, there seems: to be a possibility of-exceedingly interesting' developments;" •..••■'■ ; ;•■ :■ .'':', JUTE TRADE THOUDLB. - ■, trouble appears to exist botween importers of jute goods in Australia, and the vendors in Calcutta, the:point , in dispute turns upon tho interpretation: of tho word "shipment.". Manufactured Jute is purchased- ;months"ahead, of thtft actual date that the. goods -are reciulKd. the terms .of- tho contracts.■ including shipment in certain specified monthe.-'lt has beon tho custom of the trade to recognise a bill' of lading by the first steamer leavingvCalcutta after the termination of. any month as representing shipment within the ■ month just terminated. For; example,' goods carried by the first steamer sailing from Calcutta' in November are recognised, hero as tho ■ fulfilment of October contracts,'.:althoughj:the.vendor is auite at liberty', to dispat|:h them by any steamer sailing' in thedimonth specified in t'no contract. ; When]!, the market■ favours the sellers In Calcutta jute goods are dispatched as earlyj>9 possible in order that the'■ .Australian;' buyer may.. : have ■: no grounds for - rojoction. On the other hand, when pricijs rise materially before thp\ goods are "ijhipped, theirs departure is -.'often""delayed; in,- a most unconscionable manner.. This , has been the .emerionce this season! of many Melbourne 'importers, .and much trouble, has ensued' which might have been avoided if advice had' been given .by ■ cable.' 'that - shipments. were delayed.. The,' Australian jute impprtera will, be subject to. this annoyance; and loss. until they arrange for. a better, understanding ,, on' the part of their ven: dors' in regard to-the -interpretation ofthe, ; f word. -"shipment."■'".. If such is represented by-the dote on. tho bill-.of lading, irrespective ,of " J the .date■: .on ."which the : vessel 'indicated : departs.; .from Calcutta," '-. importers-:will' have "..-■. to alter their methods: of doing bdsiness.on this side.; A purchase.made on o.i.f. terme within a specified time is- generally: held! to fix the responsibility of eccurine spaceon ,the! vendor. Apparently this, is not' .the ■:case', in- Calcutta in . the > jute trade,:, otherwise vendors could'.not shield 'them' Belves behind the Dies, that the poods yero shut , out .<by the steamer.'.! that. should have carried ''them- to Australia. ' ;:. ~- ■••;■. y. atjsteAlun; pkoduoe MAEKETS.V ■;; ByTelegraphT-PressAssociation-Copyrisht. '!. "■. ..(Eec; December 30, 10.35 p.m.) V ';'''■', ?r/: : ,: '-.:':■; Sydney,', Decomher'. 30; :.Wheat, 4s. 0id.'.t04e.,1d.! flour, old £11, ■ neWi'XlO; oats,-Algerian feeding, 25.; manian, J 2s. sd.j barley, Cape, 2s. lOd. to3s.';, maize, '45.. 1d. ,, to-4s. 3d.; bran, ;'JB4' 10a.; pollard,- JES;--potatoes, £S 6s.' to £5 10s.; .onions,: £5-10s. to £6; butter, 955.; cheese,,,6d.; bacon, fld.. .: "".'■;■■ : " ■ .;'.-: • / " ■■''■!■ Melbourne, December-30. '■■. Wheatj- 45. : 3Jd.; flour,. old, £10 : 10s:, new,' £9 155.; oats, : Algerian, lsled. to la.i 10*<L;\ barley, English, good malting. 3s. 3d. to 35.-6 d.;: maize, 3e. 7d.; bran, £4 10s.; pel-"' .lard, £5 ss.;.onions, £5; potatoes, £4 to £5. '■'i>'\ •'■'■'■';;''■..'■ l:"Y\'Ma\Mda, Decembei 30;. i! -"■'• Wheat,i<B.7ld.; flour, £10 ss;';:,bran,' 13d.; pollard,■ Ud.; \?";-':'.'.■<. ■■ ■■.■'" . ■,-. ••■" V-x - : 'I ; :.;:;';: : ;.: : K""0.0 ■'::■;'' : ,/ v (By .Teleßraph.—Press Association.) "•'■ • '/':-.•;■ ' V:- . ■:'■•.Napier,"December 30. ' .' The 0.0." and D. Company. to-day .cabled tho • following report on the i frozen meat marketir-To-day's prices: Mutton-Cnh'ter.. .bury, 4d>; Napier, Wellington, :a'nd ;N6rth; "Island, '35d;y. Lamb—First ..quality. 4Jd.; 'scopd, 33d.-, Beef—Hinds, 3d. (fores, 2|d. ...