COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 867, 13 July 1910, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHAKES. Sales were recorded yesterday of New Zealand Shipping at £10 and £10 Is., and Wellington Woollen preference, at £2 10s. Bank of New Zealand, buyers £10 75.; National Bank, buyers ■£6 Is.; Equitable Building, buyers £9 55.; Metropolitan Building, .buyers £12; Wellington Trust and Loan, buyers £7 7s. 6d.; Wellington Deposit, buyers Bs. 3d.; National Mortgage, buyers £3 2s. 6d., sellers £3 3s. Gd.; Foilding Gas sellers £1 25.; Pnlmcrston Nortli Gas. buyers £7 155.; Wellington Gas, £10 paid, buyers £18 10s, £6 15s. paid, buyers £13 12s. 6d., new issue, £2 10s. premium; National Insurance, buyers £1 9s. 9d.;Gear Meat, £4 paid, buyers £10 Is., £1 paid, buyers £2 13s. 6d.; Meat Export, £2 12s. 6d. paid, buyers £3, sellers £3 55.; New Zealand Shipping, sellers £10.25.; Union Steam, buyers £1 145.; Wellington Woollen, preference, buyers £2 10s.; Westport Coal, buyers.£6.los. 6d.; Westport-Stockton, sellers 7s. 3d.; Loyland-O'Brien Timber, buyers £1 ss. 6d.; New Zealand Drug, buyers £2 10s.; Sharland's, ordinary and preference, buyers 20s. 6d.; Taranaki Petroleum, sellers lis.

OCEAN ACCIDENT DEAL. The mail brings details of the terms upon whici. tbe Commercial Union Assurance Company secures an interest in the Ocean Accident and Guarantee Corporation. The Commercial Union has 'bought out the interest of the shareholders of the Ocean Accident, so thai the latter, instead of having about two thousand shareholders, will now have but a single proprietor. The shareholders of the Ocean Accident will, for each £1 of paid-up share of capital, receive £7 in cash, and, in addition; £5 in 4 per cent, debenture stock of the Commercial .Union, redeemable in 20 years at par, with the right to the Commercial Union to repay after five years at 105 on six months' notice. This exchange, taking the value of debenture stock at pax, is equal to £60 for each £5 6hare, and £12 for each £1 share, and pending completion of tho transaction, members arc to receive the same dividend as for the year 1909, with the additional provision that, on completion, members on the register at that date will receive a further amount representing the difference between the above dividend and a sum equal to 4 per cent, per annum on the purchase consideration, computed from January 1, 1910, tho dote as from which the business becomes tho nroperty of tho Commercial Union. The directors of the Ocean will continue to act on behalf of the Commercial Union, and will be entitled to receive from the latter the equivalent of their present .remuneration. Suitable provision has also been made for tbe staff and officials.

COLONIAL MUTUAL. Tho main point made by tho cliairraan of the Colonial Mutual Life Society, Ltd., at the annual meeting of policyholders was the reduction in expenses. In 1908 the expenses were reduced by £8667, and in 1909 by £11,578, making the' total decrease in expenses per annum £20,245. The reduction in tho cost of new business is included in tho above. The ratio of expenditure to premiums received in 1909 was Zi per cent, loss than in ■ 191)8, ' ana" thti ratio to total receipts was over 2 per cent. ROYAL INSURANCE. Tho report of tho Royal Insurance Company, Ltd.. for the year 1909 states that the net fire premiums amount to £3,788,383, the losses to £1,862,101, and the surplus on tho fire account to £570,614. The sum of £500,000 has been transferred to the fire fund, increasing the same to £2,300,000. In the life department tho new business is £1,512,423, tho total premiums, after deducting reassurances, £727,534, and the life and annuity funds at the end of the year £10,124,278. In tho accident departments the.premiums amount to £267,410, the claims to £109,350, and the funds to £213,974. Tn the marine department the net premiums for the year 1909 amount to £357,589, the claims paid to £92,771, and a fund of £835,000 is carried forward, of which £600,000 was contributed on the present occasion. After providing for intercH on debenture stock and for the final dividend for 1909, a balance of £1,007,057 is carried forward. NOTES. The area under wheat in Canada this season is reported'to bo 9,295,000 acres, an increase of 1,504,400 acres on that of tho preceding year. On that occasion tho yield was 168,386,000 bushels as against 124,690,000 bushels in 1908, a.nd at tho same rate of production the yield in tho current season will reach 202,000,000 bushels. It is stated that the production of pip iron in the United . States has recently been curtailed, some 24 furnaces having been blown out during April, and ten more »<vrb' in May. The daily capacity.on April

1 was 84.610 tons, and on May 1, 78,693 tons, and this was followed by a further curtailment. Tho previous expansion in tho industry was found to bo in excess of consumption.

During tho first nine months of the current fiscal year the imports of merchandise into the United States were £241,600,288, showing an increase over the corresponding period of £47,998,744: The total exports of merchandise were £275,992,170, an increase of £11,385,020. Thus the imports have expanded much the faster.

British railways are cutting down their train mileage by knocking off competing trains and increasing tho carrying caput ity of goods trains. The total train distance run in 1907 was 428,379,922 miles; in 1908 it was 423,200.145 miles; and in 1909 it was 419,499,000 miles. There has certainly been a, saving in working charges.

Customs revenue collected at Wellington yesterday. amounted to £4281 3s. 9d.

TRADE IN ALLEN 6TREET. Eggs.—Fresh eggs havo advanced during tho week, and aio now quoted at Is. Sd. to Is. 6d. per dozen; preserved are ruling at, Is. Id. to Is. 2d., and tho demand is good.

Butter continues in excellent demand, and fair sales are being made at 10Jd. per lb. for prime bulk.

Ohecso is without alteration, and there is a moderate business doing.

Bacon and haras meet with good tTadc. The quotations for the Christinas tTado are now available, and fair orders arc being booked for future delivery.

Poultry.—All classes of poultry aro selling freely, and the market shows a hardening tendency. Vegctablcs—Eccord prices havo been obtained for parsnips during the week, from 7s. to 9s. per sack being paid by eager purchasers at auction. Almost all vegetables are in good demand, and consignments are recommended.

Onions aro in short supply this week, but heavy shipments are on tlie way. Potatoes—Good table potatoes- are in excellent demand, tho present quotation being £7 10s. per ton, sacks given in.

Fruit.—The Warrimoo, from Sydney, due hero on Friday, is bringing fresh supplies of mandarines, oranges, lemons, passion fruit, and pineapples. About 800 cases of Tasmanian apples aro due on Friday, and will como in on the reduced duty of Sd. per lb.

Wheat.—Fair sales are being made, and the market has a strong upward tendency.

Maize is quiet, and without any altoration in values.

Oats continue firm, and a (steady business is doing.

Barley.—The market for fowl barley is dull,' and few transactions are tailing place.

Pollard—The Australian markets have advanced, and merchants are now looking to the local mills for supplies. Bran has declined 2s. 6d. since last week. Chaff.—Stocks arc in smaller compass, and the- market continues firm. Hay—lnquiries are now being made for cow feed, and fair business is doing. "WHEAT'AND FLO™. By Telegraph—Press Association— I Copyright London, July 11. The wheat and flour afloat for the United Kingdom totals 2,670,000 quarters; for the Continent, 1,040,000 Quarters; Atlantic shipments, 102,000; Pacific, 15,000. The total shipments to Europe during the week amounted to 925,000 .quarters, including 52,000 from the Argentine, 510,000 from Russia, 164,000 from India, and 15,000 from Australasia. ,Eec. July 12, 11.40 p.m.) London, July 12. Wheat—An Australian cargo lias been sold at 345. • THE METAL MARKETS. By Telegraph—Press Association—Copyright. (Eec. July 12, 11.40 p.m.) London, July 12 Copper—On spot, £53 10s.; three months', £54 Ss.'9d.; electrolytic, £57 .ss. „ " Tin—On spot, £147 155.; three months', £148 17s. 6d. Lead, £12 12s. 6d. GRAIN AND PEODTJCE. ■ (By Telegraph—Press. Association.)' ' . Christchurch, July 12. There is very little business of any kind doing in the grain and produce markets, and the inclement fvoathcr adds to the general quietness of trade. , . There is practically no wheat offering, and at the same time no special inquiry.

Oats aro only offering in a. few small lots, and very little outside business is doing, as Southland can fill orders for coastal shipment at lower rates. . The wet weather is delaying deliveries of potatoes, but as there is no particular demand at present,, prices have not yet boon affected. ■' . ' ,