COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 803, 28 April 1910, Page 10

COMMERCIAL ITEMS.

. INVESTMENT SHARES. . . Sales of Feildin? Gas nt £1 25.; LeylandO'Brien Timber, £1 4s. 3d., and Tarana-u Petroleum at 153. 9d. were reported yesterday. The latter were inclined to ease in the morning,' but firmed up towards the close, of the day. National Bank; buyers £5 125.; New Zealand Loan and Mercantile, sellers -10s. 6d.; Christchurch Meat, buyers £11 125.; Gear Meat, £1 paid, buyers £2- 135.; New Zealand Shipping, buyers £7 15s.V Hiliurangi Opal;".''.sellers £1 ?s.; Westport Coal, buyer*}.'£6v7s.; Kauri Timbcr, 15s. paid, sellers 16s. 10d.; Leyland' O'Brien, buyers £1 45.; New Zealand Portland Cement,' buyers £2 2s.' (3d:: Sharlanuls preference, sellers £1 2s. _6d.j Taranaki Petroleum, \ buyers. 13s. 9d.-. sellers 145.; Ward and Co., sellers' £5, THE. "WOOL SALES. Tho London wool sales, .which were begun on Tuesday, opened with some degree of briskness, and values have ruled much as was anticipated. Fine wools were unchanged, and. coarse crossbreds were at par to 5 per cent, lower. It was not surprising to see coarso wools a little lower just now, bccauso of the nearness of the marketing of the European clip. The Americans are said not to be buying; if &o, this w an additional reason for the comparative quietness of tho market. The private cables of the brokers give very full details of tho course of : the. market on ,thO' opening evening. ' NEW YORK LIFE INSURANCE CO. Tho annual report of the New York Life Insurance Company for 1909 Btates that the . new. insurance, paid for in 1909 was £30,009,740, an increase of £1,368,067; The amount of insurance in force at tho close of the' year was £411,550,237. The new premiums received were £1,222,497, and the renewal premiums aggregated £14,742,856. Interest and rents were £5,129,944. Other receipts, including purchase money for annuities, amounted to £306,164. The' total income of £21,401,461 exceeded the revenue of the previous year by £392,609. .The sum disbursed during the year in death claims was £4,729,828; for matured endowments, £1,326,516; cash values, of deferred dividend and . other policies £2,789,767. The dividends, or bonuses, paid in cash in the year were £1;48G,683. ' Annuitie's wore £350,495, and expenses of every kind, including bad . and doubtful • debts • charged off during the year, were £2,222,745. These last show, a further, reduction of the ratio which has been so marked a feature of the reports in. recent years. The expenses incurred by the'- direct • acquisition-••of-;the ,very'. large pew business secured by tho company absorbed ; 50.85 per cent/of the first year's premiums. • All 'other expenses show a ratio to total premiums of 9.38 per cent. These ratios stand at the lowest pr.int of any year during .the past quarter of. a century. - The amount loaned on the security of the Company's policies was nearly one million sterling less than' in, the previous year, and the total was £4,823,838. The total funds of the company, a» admitted by the' New Y.ork State Government. . insurance department, after charging off the excess of the book values over/ the market values '-of - the securities, amounted to £123,231,950," the increase over the previous year's total - beiug ' £8,717,069 Tho various, reserve funds which make up the total accumulated fund to meet'-the liabilities are as follow syNet'values of insurances and annuities, less reinsurances* £102,112,638;/reserves for dividends or bon-uses-payable . to policyholders~in 1910 and in subsequent. years, £16,566,909;. ail other roaervos-, £4,552,403!" ... The dividends de-clared-payable to. policyholders in 1910 arc £11817,344, against £1.562,294 for 19C9, which is. the largest dividend apportionment in the history of the, company. The total fund set aside from which to pay dividends on deferred dividend ; policies -as their dividend periods mature in 1911 and in' subsequent years amounted on December 31, 1909, to £14,749,564. This-sum is sufficient-,to; give to each holder of a deferred dividend policy, a contingent creditof an amount equal to what his dividends w» uld have been on the basis of annual dividends paid by the company from-the

date of issuo of the policy to and including tlie year 1910, with 4 per cent, compound interest, together with his proportionate share of the dividends accruing from the policies which have become death claims. HIGH COST OF LIVING. The dcarness of foodstuffs in the United States is now recognised as a Berious factor in tbo economic condition of the country. Messrs. Henry Olews and Co., of New York, in their latest report, lay stress on the great importance of a big harvest during the current year in order to restore the equilibrium The country, they state, is sorely in need of larger supplies of everything that grows under cultivation. High prices ought to prove an immediate stimulus to agriculture, which now affords profits not seen in many years. The community is suffering from-insufficient production, and its salvation lids in big crons for the coming season. Short yields would now prove peculiarly disastrous, sot oulv checking business activity, but creating a dangerous degree of discontent, which would inevitably follow any further increase in the cost of food products. Tho United Stixtcs are now paying' the penalty, and a dear penalty it is, for the foolish offorts iu many directions to restrict production. Trusts, unions, and farmers, state Messrs.'Clews," have all alike been preaching the gospel of restriction.' What is most needed is production in abundance in tho next harvest.' In .regard to general business, the views expressed is other quarters are confirmed, the existence of -a more conservative tone than "that prevailing at the beginning of the year. being now generally admitted. Distributing and retail firms are reported to bo conducting their operations on very cautious lines, •rhioh policy whilst wholesome enough in itself, leaven the manufacturers rather perplexed. A quieter feeling consenuently prevail in industrial and commercial circles, which if maintained must react on trado in other parts of the world.

ItOYAL BANK OF QUEENSLAND, LTD. Tho accounts of the Royal Bank of Queensland' Limited for the six months onded March 31 show a net profit of £13,211, which compares with £12,826 in the previous term, and with £12,707 in March, 1909. The balance at credit of profit and loss ! amounts to £14,C33, of which £1('C0 •roes to reserves,, raising same to £74,500. Income tax, etc., absorbs £397, the usual dividend at the rate of 4J per cent, per annum requires £11,203, and a [balance of £938 is carried forward. During the term under'review, the preference share capital has been increased by £5060, to £46,090, and. deposits have expanded by £102,723. Advances arc larger by £59,720, and liquid resources have « increased by £30,627, to £639,670, against liabilities to the a'mount of £1,233,769. ' " \ '

• CUSTOMS REVENUE. ' Customs revenue collected at Wellington yesterday amounted to £1759 Is. 3d. -

"WELLINGTON MARKET, BEPORT. Messrs. Laery and Co., Ltd., Wellington, report wholesale prices ruling on' the market:—Wheat, fowl. 3s. 9d. to 4s. Id.; feed onts, 2s. sd. to 2s. 7d.j dun oats, 2s. 6d. to 2s. Bd.': seed oats.. 2s. 7d. to 2s. 9d. Algerian qats, 2s. 9d. to 35.; .maize,'••3s.9d. .to 45.; crushed malt, 75.; fowl barley, 2s. 9d.;Cai)o barley' seed, 3s;; flour, New Zealand £10 15s. to £11 55., . Australian £11'10s.; peas,Prussian blue ss. Gd., split £19 10s.; bonedust, £5 ,155.; superphosphates, £5 to £5 55.; pollaTd, £5 to £5 10s.; bran, £4 to £4 • 53.; pearl barley, 155.; .basic slag, £4 10s.; chaff .(oatensheaf), £4 15s: to £5; oatmeal, £11 10s.; - potatoes; table, £3 to;--£6 -tonj onions, 3s. 6d. to 4s. 6d. cwt.; molasses fodder, £5; bacon (fcctory), sides 75d., hams rolls 1 Bd.; butter, prime, bulk, 9d. Poultry, lions, 35.; ( ducks, 3s. . 6d. to 4s. 6d. per pair; turkeys/ gobblers 18s. (to 205., hens 10s. to 145.; fresh eggs, 2s. to 2s. 3d.; preserved eggs, Is; sd. to Is. 6d. dozen; cheese, ssd. per - -lb.; Akaroa machine-dressed cocksfoot, 6d. ,to 7d. per. lb.; farmers' dre&sed cocksfoot, 4d. to sd. per .lb.; ryegrass, 3s. 6d. to 4s. 6d. per bushel; Italian ryegrass, 3s. 6d. to' 4s. 6d. per bushel; .white clover, 70s. to 755. per cwt.

METAL MARKETS. ■ v , Uj TcloeraDft—Frcsa Awociatfoß—OoDyrlch'i - (Rec. April 27, 10.20' p.m.), , r ■ London, April 27. Copper—On tlie spot, £56 3s 9d;.. three months,'' £57 ss. per ton. Tin.—On the spot, £149 12s.' 6d.; ' threo. months, £150 12s. 6d. per 'ton. . 1 •' silver. By Telesrraph—Press Association—Cppyrlchl.. London, April 26. . Silver is , quoted at K?d:. por ouncc. ■ :: - ' WHEAT. By Telezraph—Pref Association—Copyright i London, April 26. 'Australian wheat' carsoes- have' sold'.at' 375. 6d. ; and 365:'■ -!• j-., •.•■•■.•■ I MIXING. Milling news : will-bo found on page 9 of this issue.