COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 798, 22 April 1910, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHAKES. Business .was done yeetcrday in the new issue of the National Bank at £3 9s. 6d and £3 9e. 9a.; Taranaki Petroleum shares were wanted at noon at Us. 9d., but in the afternoon tho bids were increased to 12s. 6d. without attracting sellers. National Bank,.new issue, buyers £3 95., sellers £3 Us.; New Zealand Loan and Mercantile shares have taken another forwatd move and buyers are now offering Bs. 3d.; Feilding Gas, sellers £1 25., cum dividend; Wellington Gas, £10 paid, buyers £17 10s.; £6 15s. paid, buyers £13 55., sellers £13 10s.; Ohrietchurch Heat, buyers £11 10s.; New Zealand Shipping, buyers £7 175.; Union Steam, buyers £1 Us. 6d.; Westport-Stockton Coal, sellers 7s. 3d ■ ers '£7 155.; Union Steam, buyers £1 Us. 6d.; Leyla-nd-O'Brien • Timber, sellers £1 <s. 6d.; New Zealand Drug, buyers £2 6s. 6d'.; New Zealand Portland Cement, buyers £2 2s. 6d., sellers £2 3s. 6d.;,Taranaki Petroleum, buyers-Us. 9d.,. sellers 12s. 6d.

■ TJNDEBWKITEKS' CONFERENCE. The annual conference of'.the Rre Underwriters' Association was held yesterday under the chairmanship of Mr. James Kirker, of the 'South British Insurance Company. There was practically a full attendance, but the proceedings were strictly private. It is believed that tho fire losses for the year were very heavy, approximating to half a million, and the fire record is being well maintained this year. The Palmerston North fires resulted in losses to underwriters amounting to abont £10,000 in ten days. There is no suggestion that rates will be raised, liut it is quite possible that tho marine underwriters may have to' impose higher premium rates, ,in sympathy ■ with a projected London movement.

INSURANCES ON BATTLESHIPS. Somo very • important insurances have lately been cfFected with ■ Lloyd's and tho companies on battleships, cruisers, and destroyers under construction, not only for British, but also .for foreign Governments. The armour, puns, mountings, and torpedo tubes of the bnttleship "San Paulo," the latest Dreadnousht built in British yards for the Brazilian Governmont, have boon covered for £1,200.000 for trial trips and docking, including the voyage from Barrow to tho Olyde and back It is estimated that the total amount at the risk of the underwriters while this warship is afloat is not less than one and a half million, including the hull and machinery. This transaction follows upon a very important insurance contract in referonco to a number of warships ineluding three battleships for tho Spanish Navy. Nearly ton, millions is involved in this order, but the insurances, which are to run concurrently with the time occupied in construction, will cover n period of about eight years. J!y these insurances underwriters accept all the usual contractors' liabilities from the date of laying the various keels, and continue to cover the vessels during building, launching., trial trips at sea, including Run-firine ■until the ■ official • delivery- to the Spanish authorities:

ASSURANCE OF EENT3. ' At thu annual nieotinz of the l'ronert> Insurance Company, held in London recently, the .chairman of tho company, .Lord Tcnterden, gave somo iutoreetiUß particulars about the insurance, of rents.

The system "of indemnity against loss through tho non-payment of rent and tho vacancy of.property received little attention in Great Britain until the Property Insurance Company took it up and put it on a workable basis. Many years ago there wna in operation a company called the Rent Unarantco Society, but no one could discover what amount of business it did, and what' was the preciso character of the indemnity granted. Then thero was a National Insurance Company, which among many other schemes of ineuranco proposed t.o insure against loss through non-payment of rent, but it seems- to havu stopped short at the intention of doing so. The system has been worked with some success by a mutual society in Christiana, but in Great Britain the Property Insurance -Company can claim all the credit duo to pioneers in a new field of enterprise. Its scheme for insurance of rents includes compensation during vacancy equal to two-thirds of tho nst rateable value, at rates Tanging from about £5 to £10 per £100 of rent, according to the class of property insured.

INCREASED INSURANCE RATES. f According to. the Melbourne "Argus," cablegrams have been received which indicate that there is some likelihood of steps being "taken to increase insurances rates on Australian cargoes. When the losses .4ha'. underwriters have sustained during - the past' three "years are taken surprise may be felt that action in the direction indicated is enggested. At the same time, the root of the trouble is ' not' altogether Australian, and there is n» reason why Australia- should bo singled out for special treatment. For ycare' past competition between the members of Lloyds and the marine insurance companies lias been , going on. The result has been that,' with few exceptions, underwriting results of late have been disappointingly low so far as the jembers of Lloyds-and the companies • are concerned. But it has to be remembered that this has been in connection with the world's marine insurance business, and not that of Australia- alone. So that the real safeguard lies, not in penalising Australian trade by the imposition o£ a special tariff, but in ceasing the general cut-rate laqtics pursued in regard-to marine insurance business as a whole. The :risks .on the Australian coast are no worse than, those on the coasts of other countries. Therefore, while it may bo right to adjust rates as a. wholo, it would be decidedly unfair to single out Australian trade for exceptional treatment.

T7AK OFFICE MEAT CONTRACTS. ' The Department of Agriculture,' Commerce, and' Tourists has received advice regarding British War Office contractß for the supply of preserved meat, tenders for which close in London on July 4, as follows :—

1. Contract for quantities aggregating 412,5021b. beef and mutton in tins of 12oz. and 240z., packed in cases of various sizes, according to specification; delivery to-be made at Woolwich in October and November, 1910.,

2. Special contract 'for quantities aggregating 375,0001b.; beef and mutton, in tins of 12oz. and 240z., packed in cases of vari-. ous sizes, according to specification; delivery to be made at Woolwich in October and November, 1910.. This contract is to be in force from October 1, 1910, until September 30, 1913. Tho contractor undertakes, without any extra charge, to replace' ■ the meat during each succeeding year with a. like,quantity of freshly-pack-ed meat of the same description and brand. ■ ■'..-.. - ; .

MONEY JIAKKET. The banking returns for the firet quarter of 1910 (says the "Trade Review") reveal a strikine recovery in tho financial position existing in flew Zealand. The heavy demands made upon the banks in the year 1908 had necessitated the bringing in of considerable additionaj funds by those institutions and even that assistance did. not suffice to prevent considerable financial pressure upon the mercantile and trading community. Tho expansion of tho valuo of our exports in 'the season ending September 30, 1909, with substantial diminution in tho .volume of our imports : placed matters on an improved footing.' Wo are now half-way into .the 1909-10 season.and the results, oo.far,, are extremely. satisfactory and "productive pf further/improvement in .financial conditions. Bank 'advances'.show'-in the' last twelvemonth a.decreaso'of £2,326,025.- while private deposits are increased by £2,070,883,. a total improvement, of. £4,396,908. If the comparison be'earried back to: tlio end of 1908 tho contrast is. still, more striking, the advances having been, reduced in the fifteen months by £3,430,307 and deposits increased by £2,733,709, a difference of £6,163,016. ...

The main cause of this welcomo change is tho pronounced increase in the valuo of pur exports together with the continued restriction in tho -scalo of our imports. ■ . -

The official returns for the March nuarter are not yet available, but tho interim leaflets issued' by tho Department of Industries and Commerce indicate .that the valuo of exports for the quarter will reach tho high .total of., £8,500,000.-. The im-, 'ports, :on'. tho other, hand., are; still on', a: reduced soaJe. and the total value is not likely to-exceed,'if even it attains, the level of last'year, say £4.000.000. This would yield, the substantial margin ot £4,500,000 of excess of exports over imuorts. The March quarter always shows an excess of exports, but the. margin .on tho present occasion is unusually heavy. A big- volume■ of .exports, i>' still. going" forward, and there is good reason to believe that the results of tho June quar-ter will also -.be satisfactory and helpful to the , financial position. . . ; As we remarked on a previous occasion wo havo reason to believe that the radical change in tho relative volumes of our imports and exports and in their proportion' to each-'other'does'not constitute the ouly factor in the striking movements of the bank advances and deposits Loans to a total of & million or more were'negotiated in the London market during 1909, through the banks, on behalf of various New Zealand local governing bodies. The moncvn' thus raised, we believe, affected both advances and deposits. Advances granted in anticipation have- been ) ; aid off- wneh loans wore raised, and Unexpended balances have been lodped on deposit rend-' ing completion of works.

There seems, however, it .must be at-.mit-ted, to exist, a feeling of want of confidence or absence of enterprise in the Dominion which it is not .easy to explain, probably tho aftermath of the recent financial stringency. The improved con-' ditions now, existing with further amelioration in view should, before long, bring about healthier ' and more active conditions. ~- '■~.•.'

Melbourne, April 21. Wheat, 4s. Flour, £9 10s. Oats, Algerian, 2s. 2d. to 2s. 3Jd., seeding 2s. 6d. Barley, malting English, 4s. 4d.; Cape, 2s. Bd. Bran, £5 6s. Pollard, £5. Potatoes, to £3 10s. Onions, £2 15s. Adelaide, April 21. Wheat. £3 Us. to £4. Flour, £9 10s. Bran and pollard, Is. Zd. Oats, Algerian, 2s. to 2s. Id. . FROZEN MEAT MAEKET. (By TelecraDh.-Pres9 Association.! Napier, April 21. The C.C. and D. Company Ms received the following cablegram from London:— "Frozen moat market weaker. There is a further fall in values, owing to heavy stocks afloat and arriving. Canterbury mutton, 4Jd. per lb.; Napier, Wellington, and North Island, 3jd.; lamb, first quality s}d., second sd. Beef, hinds 4d., fores 3Jd." LONDON WOOL SALES. Messrs. Dalgety and Company, Limited, report having received the following cable message from their London house, under date April 20:—The dates of our own wool sales are April 27 and May 4 and 11. At next series we expect prices for fine crossbreds and merinos to be firm, and, for coarse crossbred wools, to be rather easier.