COMMERCIAL ITEMS

Dominion, Volume 3, Issue 707, 5 January 1910, Page 8

COMMERCIAL ITEMS

.!,/:.'.' .EITEE.PLATE MEAT. TBADE.'/' "•' .;. According. to: the "Liverpool Journal of Commerce," Messrs. H. and ,W. Nelson, the well-known shipowners: of Liverpool, are "about to- project e. far-reachins development in ' the. Eivor' Plate shipping: trade. '..They:have decided to build six new liners of a, greater size than those of their exist-' ;ing. fleet., Oontraots.for five .of .the vessels .wero placed on November -19. The:dimensions of the new vessels are: Length,'.4isft.; beamV. 52ft.; draught, 25ft. 6in.j. capacity, ~8500 tons. The vessels will be: equipped with accommodation of the highest typo for passengers, while■ the specially designed: refrigerating holds will;have accommodation for■,■lso,ooo carcasses.: The' vessels "are- to ■ bi used in maintaining 'a, weekly' service between London, Liverpool, and- the Eivpr ■Plate..-■■•■■'".■"• "'..';•• ■ ; .--..'-. ; -- ■-.".;■■' .-. '

:■■>,-"• .;. \" KENT IWEANOE. • - , >■. .Insurance.of rents has met with considerable acceptance;6n-the Continent, especially in Norway; where a mutual company line worked'up a very, successful business im.this line;'but in Australia as well as in .the United Kingdom tho scheme is almost •unheard of, notwithstanding the increased popularity of property owners' indemnities /rrpolipies which relieve landlords of their liability to tenants or the, public in reBpect of injuries arising from defects, etc., ; in premises. .The. housebwner lias to face ,two risks—inability to let and "default of ■,p'ayment.by. tenants—and it is rather'odd 'that insuranco/to meet these contingencies •is not more general. That a workablo system .is.\available whereby l rents can. be at:a. moderate .fixed charge we ;ar> reminded bya prospectusissuedby the ! ; J?roperty Insurance-Company;. Ltd.,' ish company, with; •a-'-registere'd- capital, of ,£50,000, of which £33,500 ; has '■'. been < sub-.(scribed-and: £12,347 paid up. .This com-.pahy-was;-established in \IB9B, mainly, for the transaction of fire trad burglary business, and has since made a special study .■ofarent insurance. Statistics collated and over :a series of years have', enabled;. the company to fix equitable premiums for tho insurance of rent on almost ■every|description o£ ; T)ro"perty—land, , .'shoris; dwellingnoustss,! etc.', Eroperty.:iß divided for insurance purposes'-into , four, classes, , tho classification being dependent , uppjn its'.position, its • suitability for., the purposes' for.which it is; intended, and tho locality in which -it-is. .situated,,as 'weU.'M'other circumstances haying a'material bearing .onits letting prospects. The rates run from about 5 to 10 per cent.; , according, to class. For- example, a property owner 'requiring insurance of £100srent, .including:, compensation during-,vacancy equal of the net rateable value would i>ay as follows:—Class. 1.," £5 Is. 6d.; Class 11., £6 75.; Class 111, £7 Us. 3d.; Class IV, £10 3s. Onehalf of this, premium ischargedif conipsiisation for vacancy is,- required , for ' only, three months in. each year; and threefourths if compensation is reqnired for six months. ■ . ' . .•■'./ ■. - ■')'.. '■■■.-. . , . -

, . . AGCOTJNTS ; AND AUDIT. / Mr.'F. W. Pidey, whose namo is familiar ■in accountancy ; circles, in; a letter to the "Financial Times," deals with the state'ment.made by a;,barrister that "audits "which ignore the question of the ,value of assets,; for instance, are of little value." -He'.: points out,' that a balance-sheet is in very few. instances, such , ac those of banks, finance and insurance companies': a statement., of, liabilities, and assets; . It is nothingbut a collection : of the debit -arid credit 'balances of the. ,, ledgers', , subject to this qualification—that the debit balances of- the, ledgers, : v which' are' placed on ■• the iCreuit iside of a balance-sheet, .are . sup.'■ised -to bo'-reduced where necessary by .what is Eriown.as depreciation, before such balances are taken- out, leaving them.at' amount'which fs considered to/be : their value, having, regard to/tho fact-that the/ company .is a going concern..-Asian, exam-, 'pie, Mr. ••Pixleyiigives : tho."following: fllua' ■tration':—Supposing.'.;a ..company..fits < up "a "factory'with entirely newima'ohinery: of. the; ■ best description, at a.'/cost,;. including, fit-' ■.ting; of £ICOJOO ih v ao-balanc'e-sHfeet/ pre^. 'pared the day>after , the?completion , .of this, :wbrk tKe company can,i'surely , talse.'credit' •fdr tbis'.property : ,at £100,000-its',coßt price.; This, "IHowever, ■■■■ .'cannot be , called'" the value of ■ the- asset,' , as, if it had to ..be disposed of that- very day,, —that is, the ' day after the com-' pletion, .before it has been used—it would: .nrobably not fetch £50,000. Now a'.comsany, being obliged to deal-with, its' assets-, upon , ; this basis -of.Evaluation,, it. might-ibe impossible , for.it to-pay a' : divi-. dehd: for ten or fifteen years. Balanceexcept in the case of stocks, .'.eharea,: and sheets can'only deal with ledger balances, stocks-in-trade, aid a chartered accountant, in. going into , the question, as to the amount which shall finally be placed on , the credit side of a balance-sheet in respect of any ledger balance, investigates by means of a cross-eiamination of the ■ officials of the company each balance, and re--quires the proper amounts to be written off for depreciation or.for"wear and tear, or else iii~ his report comments upon the fact, that the ledger debit balances ; are takencredit for in the.balance-sheet at too. high a value.' .It must be-assumed unless, it is a known .fact that at. the end of-a-certain.periqcl'a':company must'come'to an end—that each : company is a permanent' institution,, and,. ;consequently,' each .. item■ on- the credit side of the balance-sheet must be taken i credit for on the , basis ■ that the company is,a going: concern. < ■■'•■■ j

.'". ■-■ ■ '■•• ■'■ ! .-■■'•:' •-■•" ,■>■.■■.•■'/. THEBXPOET OP GOLD AND SILVER.- . • The following : return shows the quantity-' and value of gold and silver exported from the several ports of New Zealand for tho months of December, 1909 and 1908, and for. those years':— '•". ■'■'■''. ■ ■ .'' ; ■:■ '■:.■■• S. ' Gold. ■ ■ ■ ■ '■■; '■'- ■'■"." . ~:• ■■•:■■• Dec., 1909.:■ Deo., 1908.:-. ■■■•.■■ : ■■-. Oz. V£ ■ Oz. . £ .-. Auckland.; :...., 24,379 95,099 29,736 107.766 Grey'mouth "'.".' 9.005 34;304 4,651 17,887'' Dunedin ....... v 9,366 37,527 3,904 15,221. Invercargill ,:.- 2,545 ;, 10,134 . 1,271 -5,083 •'■' : 45,295 177,064 39.566 155.971 i "Inorease , for month of December. 1909--57290z., £21,093. ... -..-.■■■. . ....:. Silver.: ..•■ ■■.■ ■•■■'. De0.,19C9. - Dec, 1908.' ." '' 156,5870z., £15,643 : ... 200,7650z., £20,840.; . Decrease for month of December, 1909,' '52,1780z., '£5197. • -, . , .:■.:. Years-1909 and 1908.' :■■•■■-. '..■■:. 1909. ' .. ," ■■ Gold ...„...'....... ; 506,9680z. £2.006,910 "SUvor 1,813,83102. £160,872, .V-- •■'..; ■.■:■, 1908.. ... .. ... . , '■, Gold 1...;.....-. , ■■■ 506,4230z. £2,004,925 ;. Silver :.:..'..■....::... 1,731,3366z. '. £175,337 ■ Increase for year 1909 in gold, 6450z.,' valued at £1935. . ' . ■ ■■■ ■■• Increase for year 1909 in silver. 82,4950z.,. • valued'at.£ss3s.'-;..■ ( ';-.-V' . ,

..'. COLD STORAGE TETJST. " Although tho report of the Gold Storage Trust for the year ended Juno 30, 1909, re-' cently;.issued,-shows that the companies:in. wjiicn'the' Trust!s ob-' tatned rather- hotter trading results, no benefit has accrued to it in tho past twelve months. Income from investments was unchanged at £18,700, and the ■ net balance lor the yeaj; was £13,600, as against £13,800,

.As,. ! however, the- amount- brought in was £3300 higher, the total balance i 3 £30,400, . as . compared with £27,300. iTho; preference' interest is paid, but the ordinary shares receive no. dividend. The results of tho five companies in which the Trust has its principal holdings were as :follow:—lmperial Cold Storage, loss £5300; Rand Cold Storage, loss £6800; Sparks and .Young, profit £6500; Port Elizabeth 'Cold ■Storage, loss £1600; and Pietermaritzbure Cold Storaep, profit £1000.- The Trust received the. interest on. its holding of debenture's in. these companies, but no incomo was , derived from the shares held.

Customs revenue collected at 'Wellington yesterday amounted to-£1796 19s. sd.

;'•■ TKADB IN ALLEN STKBET. ■■; .Fresh Fruits.—The b.s. Navua is due hero to-morrow with 5000 cases of bananas,' and ,a fair sprinkling of buncta for this market., Tho fruit should command keen competition, as the majority of tho retailers 'scjid 'out during the Christmas holidays.. "■, Cherries—Tho bulk, of the- supplies/.is now coming from Tasmania; the Victorian season being practically over.

Peaches.—The Bupply is increasing rapidly, and yesterday 3000 cases wero offered, the'priccs ruling bringing them within tho range of tho home jam-makers., -.. Strawberries.—Now that tho i holiday scar son ie over, prices have declined to the level ruling beforo Christmas. Tomatoes.—The first of the outdoor-grown tomatoes are now coming forward, and selling at prices which, show, a fair margin, of cheapness, as compared; with the forced tomatoes. . - - .' ~

Now potatoes.are meeting with excellent-, ■inquiry, and the supply is hardly equal to: the-' demand. . . '. '.-' ■ Hams and bacon have declined a penny, per lb. all round, and this should cause tho'demand to.revive. . ~- r . " r ;--. Wheat, oats, and .barley are without alteration. ... i '■■'-,' Bran—About 2500-sacks have' just left per;steamer for. England, and this has had the; effect of hardening prices in the local niafltet by 2s. 6d. per ton. Tbgetables.—Green peas are firm, and there is a good demand for French beans, cauliflowers and cabbages. Cucumbers are coning forward freely, r-; , -~ /■'

..K WELLINGTON MAEKET SEPOET. ,/ Messrs. Laery and Co., Ltd.,- Wellington, report wholesale prices ruling: on the market :-Wheat, fowl; 4s. Bd. to 4s. 10d.; feed oats, Zs. Zd, to 2s. 6d.j dnn oats, ■25.-'-4 d. to 2s. 6d. r' seed oats, 2s. 4d. to 2b. Bd.; maize, 45.. to '4s. 3d.; crushed malt, 75.; fowl barley, 2s. 4d. to 2s. 6d.; Cape barley seed, 2s. (id. to 2s. 9d.; flour, New Zealand £11 ss. to £11 10s., Australian £12 to £12 10s.: bran,-£3'lss.- to'£4; pearl barley, 155.; peas, 'Prussian blue 6s. 3d. to" ss. 6d., split £17 10s.; honedust, £5 155.; superphosphates, £5 to,£s 55.; pollard, £4 15g. to £5'105.; basic slair, £4 10s.; chaff (oatensheaf), , £3 ss. ' to £3 155.; oatmeal, £11 to; £11 10s.; potatoes, :old table, £2'to ' £3; potatoes, new, '£5 to. £8 10s. ton; Victorian onions, Bs. to 9s.cwt.; molasses fodder,'£s; bacon (factory),-sides 6Jd., hams ; 7Jd., rolls 7Jd.; butter, prime bulk, Bd. Poultry—Hens! 1 35.-to 3s.' 6d.; "ducks,'ss.'to'ss. 6d.; turkeys,,gobblers 18s. to 205., hens 10s. to 145.;- fresh eggs Is. 3d.'to Is. 4d.doz.; cheese, s|d. to 6d. lb., loat7d. to 75d.; Akaroai:machino-dressed; cock'Bfoot, : 73d. to 8d; per■ Ib.'i,farmers',,dressed cocksfoot, sd.' to : 6d.'< 'per, lb.; ryegrass, 35.:. 9d,' to ■ 4s. 6d.. per : bushel; Italian ryegrass, 3s; 6d.'to 4s. 6d. bushel; white clover, 70b. to 765. por cwt.; red plover, 755. per cwt.; cow' grass, 755. per -cwt.-;' valsike, '82s. 6d.. owt.; mustard, 405.--. : cwt.;:.', rape - seed, 265. cwt.; timothy, 3Zs.;6d. 'owt.;-Swede "and turnip seed, 50s. to 60s. cwt.

,;;;'■•' . SILYEE/:' ■ : .' :. "'■'.■ ■'■ ■ By.Telegraph—Press Association—Copyright, : Bar silver ie quoted at ,24 316 d. per oj standard. . , . ' ,•>•' . ..-.'. . METAL MAEKETS, ~-';!,'; X';'' : ! ' ~' (Eec. Jannary'4, 10.40' p.m.)" V , .. London, January 4. Copper.—On the • spot, £61 18s. 9d.; three months', £62'. 17s. 6d.;: electrolytic, £63 10s. per ton..' .. .. ■:" ■•'• , • _. "■•'. , ■■ Tin—On the spot; £151-.15b.; three months, £152 17s. Si. per ton. ' ; •'.' : . ■ '

'..■- WHEAT.AND.FLOUR.- -•'■:■/ ■:.' By Telegraph—Press Association—CoDyrißht.'' : . ; ' ■ London,'January'3. The total quantity of -wheat' and'..flour afloat' for the. United. Kingdom,is',2,27o.ooo. quarters, and for ■ tlio , Continent 940,000 .'quarters. Atlantic shipments, '247,000 quarters; Pacific, 50.0C0. The total shipments ; to. Europe'amount to 970,000 quarters; includ-i ing consignments from Argentina and TJruiguay.- ■ ■;' . :■.."- ~. . . . ■.. . :.. . ■ .:l : \:ywHiss.<'- ;■■':";'. ■'■:;■'; ■''■•■ . •■';-, (Bee. January 4, 10.40 p.m.) :/;',; v ..i '■■ ■ it v( London, January 4. An , Australian Vcargb'Vsold '>at.-395.. 7id. ; 22,000- qutotefJj of'rDocember-Januilry. shipment at-395. 3d.;':l4,o(Jo , <iuarters'of Jan-uary-February" at' 395.' '41d.;:'6000 tons, Bteamer ■ shipment,' December-January,: at , ' 405.: and 5300 tons Dccombor'-at ,405.-'9 d.' .'

HIGH COMMISSIONEE'S CABLE.'.: The Commerce.'.'; "andtsTourists'/' Division has received .the' , following from '-.the High Commissioner, dated London, January 3:— - -S..._J . The produce markets'in general are very quiet;, nothing doing'.during the holidays., Mutton.—Offerings are very small, 1 but . thero •is little demand. The \f eeling here is favourable, and' holders are firm. The average price of Canterbury mutton is 4d. per lb., supply'ie'running short; 'North .Island .mutton,. 3?d.: per lb.' ;' ; . '7 •" •" There is a better demand for.lamb; supplies ,of -Australian lamb are" increasing; stocks of New Zealand lamb on hand have been reduced to a moderate- quantity.- Average prico of Canterbury lamb , .ld., other New, Zealand lamb 33d. per lb.' .

The beef market is. dull; .stocks of-New. Zealand beef .on hand are light.'. The average prico of New Zealand hindquarters is 3jd. per lb,, forequarters 23d. ,-•■: ;.•;'.■

The butter, market is quiet, but steady; there is a good demand, and prospects are favourable, although some holders .'are' anxious to sell.-..The average price;-o{: choicest New. Zealand ■ buttor is Ills, por cwt., Danish 125s.;'.Australian 1075.,' Sfbor■ian, 107s. ■ ■'. ■". '.- ".'. .... \ '.■■-.

' The homp market is quiet;' small 'business, doing..: The. price .of -New i. Zealand' hemp.-Kood fair grade on, spot, is £28 per iton; fair grade, £27; Manila ■ fair current. £27. January-March i shipments, -New Zealand, good fair £27- 10s., fair £26,, Manila !£26.- ' ■',■■■ -.■"• -. .■:-■*■ , ■■.■: . .-•■.::

, ; The cocksfoot seed market, is firm,:and' have been offering more freely; the stock on hand is ■ small; :. The price bright! clean 171b. New Zealand 6eed. is ,755. iper c\yt. ■'"'■■• ■ : ' ,',' v . .;.-., ■■', •":-... ■'■ y.The. wool market-remains firm; wool'is in" ■active, demand at full prices.. ~.'.,. .'. :', The hop'market is firm owing to reduced supplies. (Last quotations .were ;i Now .Zea.'land 115s. peri cwt., "European 1505., United .'States. WOs.).: , ■'..--, ■ . -,-.. •.■.■;'7.. .-.,',

'•'■' Shipments .of Eiyer Plate mutton arid -lamb received during December were;-as : ifollow:— . ■ -, ' ..-■' ■:■■?''■:' v•■ " - :■■'•'•' '•■'Mutton.. Lamb.;' 'London 68,301 22,948 ■' Liverpool 83,347 ,10,090 .- s •'■ HuU ■ ...... :...... 7.000 ■- .. Newcastle _.. 11,115 3CO."'!" Cardiff ........_: 5.511 .'M-';■:.',. ■■ Ireland ._........ .1,400 - -'

.; . . ,-. LONDON MAEKETS.' -. ~ ..The New, Zealand Loan and Mercantile Agency 'Ooi, Ltd.,- have received the ,following cablegram from their London House undex date December 31:—"Frozen, me'atr-^-'Mutton, market slightly better. Lamb— , Market'.has a harder tendency. Beef—Market weaker." . . . . . s