COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 990, 3 December 1910, Page 8

COMMERCIAL ITEMS.

' ' INVESTIII3NT SHARKS.' A fair amount of business was done in investment shares yesterday. There wero sales of Fcilding Gas at 21s. 9d., Wellington Ga3 (new isswe) at £2 10s. premium, Standard Insurance at £1 6s. 6d„ Wellington Woollen, preference, at £2 165., Ley-land-O'Brien Timber at £1 6s. 6(1., New Zealand Portland Cement at £1 175., Whitcombe and Tombs at £6 6s. The quotations and last sale 3 were as under:—

; AUSTRALASIAN TEMPERANCE AND » GENERAL. i The report of the Australasian Temper- > ance and General Company for the .year [ ended September 30 lust shows that the > nev/ business written during tho period I comprised 15,731 policies, assuring £1,494,t 859, against 19,1<6 policies, assuring £1,797,t 464, in 1909, and in tho industrial depart- - ment 51,791 policies, ar-suring £1,34(1,516, \ asaiiist 56,6<18 policies, assuriug £1,443",573, : or an aggregate new business of 67,522 r policies for 1910, assuring £2,835,375. The ! result of the year's business' is that funds, ; which at the beginning of the year stood • at £885,323, now stand at £1,024,372. Tho j ratio of total expenses to total income is t 30.55 per cent., against 36.C6 per cent, for . tho preceding twelve months, and 35.63 per cent, in 19Cfi. Assets at £1,086,944 have > increaso by £195,000. Of total assets £469,236 I*3 on account of Government* and municipal securities, £318,236 loans on mort- ■ and £139,176 loans on. reversionary » and life interests and on policies; frec- ; holds .and leaseholds stand at £106,771. of which 4 £43n4 is properties in possession; , reversionary and like interests amount to L £10,026, and cash £29,587. The rate of ini terest earned was £4 IGs. 6d. per cent., . against £4 10s. 3d. in 19C9. The directors lin their report specially dwell on the | steady rate of interest obtained for a ; xuimbcr of years piict, also on the fact the proportion of Government and municipal debentures is now nearly 46 per . cent, of tho total funds. ; QUEENSLAND INSURANOE CO. • . Tho Queensland Insurance Company has increased its dividend from 8 per cent, to 10 per cent. Net profits for the twelve months ended September 30 last were . £23,211, as against £15,646, in 1908-9. The directors havo appropriated £7500, as an addition to the reserve, making iW total £92,500. The premiums for the year amounted to £216,463, against £185,525 in tho preceding term, and interest and rent to £7196, as against £5642. Reinsurances wero £92.251. asaiust £69,308, losses £60.285 against £61.768, and • espouses £47,911 against £44,384. THE'' FREIGHT MARKET. A great improvement has taken place in 1 the employment pf shipping in all parts of the world, and apparently the demands for the carriage of goods by sea have overtaken the available facilities. This is attributed partly to the improvement in trade, and partly to the fact that a good ( deal of obsolete. tonnage has been disposed of by the ship-breakers. According to la-to mail advices freight rates have ' steadily advanced for ; Homeward voyages,! , whilst there has been: no reduction in the 1 .charges for outward transport. The re- I quirement3 of the Russian grain trade I absorbed an immense number of vessels, I and freights rose to a level not seen for ! many years. Those demands cleared su- j perfluous tonnage-from other routes, lead- I ing to an advance in freight from North America, the East, and Australia. Neither / outward'" nor Hoiuoward is there moro tonnage offering than is needed, and in some quarters an actual scarcity of suitable vessels' is anticipated. Doubtlers various causes have contributed to this activity in shippiug, but the fact that transport companies which were losing money in the? first half of tho year will eventually have a credit balance is a matter for congratulation. Customs revenue collected at the port of Wellington yesterday amounted to £3243 17s. 4d. \ Union steamship co. , THIRTY-FIFTH ANNUAL REPORT. (By ; Telegraph—Press Association.) Quncdin, . The thirty-fifth annual* report of the Union Steam Ship • Company states that, after making provision for depreciation 6f t ant, tho net profit for the year (including, interest 'on investments and transfer fees) amounted to £75,086. Adding the balance from last year (£14,629) the total is £89,818. After deducting interest on debentures, interim dividend, and auditors' fees, thcTe is left £51,307. The. directors recommend tho payment of a dividend at the rato of 9Jd. per share on.IOO,CCO shares for the nix months ended September 30, making a total of Is. 7d. per share for the year. This will absorb £31,666, leaving £19,640 to be carried forward. The directors also recommend that a bonus of 2fd'. per sharo be paid out of .insurance fund. This will .absorb £8333, leaving £441,463 to tho credit of the fund. ' NOTES. .Tho Canadian-Pacific railway is now a highly profitable undertaking. Irx the year ended Juno 30 the dividend was increased to 6ft per ccnt. (as'against 6 per cent, last year), the reserve for- steamboat replacements received £184,000, the balance carried forward was increased enormously, and there was a bonus of 1 per cent, to the shareholders from land sales. The gross 'traffic receipts were £19.377,856. 0r£3,340,000 moro than those of a.U the Government railways iu Australia put together', and there were some miscellaneous receipts in addition; The working ' expenses were £12,474.505. and the net revenue £7,600.731, or £1.558,000 moro than on tho Australian Government . lines. The balnjice earned forward was no less than £2,834,910. • • At tho annual meeting of theTasmanian Wool Growers' Association, tho report showed, credit to profit and loss account £9966 Zs. Id., and expenses of management £6093. 10s. A dividend of 10 per cent, and bonus of 15 per cent, were declared.

Egypt has enjoyed e.n oscellont- cotton crop, estimated at over 7CC.0C0,0001b., and if it realises an averajro of 10d.' per lb., nnd tho' present price is v;cil over thai figure, it will moan some £29.CC0,CC0 sterling. That is a remarkable sum. It is well worthy of noto that Egyptian cotton is now almost as valuable a product as Australian grcaGy -wool, and the weights of the Egyptian cotton crop and Australian wool clip arc about equal. Of course, Egyptian cotton is a superior article to American cotton, but so, too. is Australian wool a superior articlc, and it is surprising to find Ecypt has a, staple product which can rival our great 6taplc in value. In tho three weeks to October 9,- London shipped 4,000,000 sovereigns to Egypt to pay for cott-on .and that exodus had something to do with tho advanco in the bank rate, as thoy were withdrawn from the Bank of England. It was anticipated that ill all £6,00D,0C0 would go to Egypt. Every year in September and Octobcr, Egypt receives sovereigns from London, but this year's contribution has been exceptionally large.' Lifo' offices last year collected no less than £1,261,021 from tho people of Victoria, while lire, marine, and other inBurance offices collected £795,890 in the shapo of premiums.

WOOL, SKIN,, AND HIDE ■ SALES. Messrs. Abraham and Williams, Ltd., report as follows: —Wo offered a catalogue comprising numerous bags of wool, 2000 sheepskins, 400 hides and calfskins, tallow, ote. Buyers were present ill fair numbers, and all lots were taken at lata rates. Wool: Only bag lots offered; rough crossbred; 1 7>d. to Bd;; dead, 73d.; bellies, 6d.; pieces, 5Jd.; erutchings, 5Jd. Skins: Crossbred line, Bd.; medium crossbred, 7>d. ■ joarce, 7Jd.: dead, 53d. to 6d.; shorts and inferior, 4Jd. to 5d.; ' pelts. Is. sd. j butchers' skins, heavy woolly, 7s. 9d. to 7s. 10d.; light,'6s. sd. to ts. lid.; lambs, Is. lOd. to 2s. Id.; pelts, Is. Bd. to 13. 10d Hides: No heavy ox offering: medium ox, 7Jd. ; light, 6Jd.; cows, 6}d.; light, 6<d.; slippy hides, Sd. to 5Jd.: calf, best, 9»d."to 9Sd.; medium, BJd. to 83d.; damaged" calf, 4|jd. to Gjd. Tallow, in tins, 245. 9d. to 265. The New Zealand Loan and Mcrcantilo i\gcncy Ob., Ltd., report as follows:—Tlio usual fcfftmghUy sale v;as held yesterday .sen fairly largo catalogues of skins ami hides were offered, and met with good sales at prices slightly in advauco of last' sales of skins. Hides were llrm at late rates. We quote:—Sheepskins: Halfbred medium sorts, 7id. to Bd.. per lb.; crossbred medium, 6Jd. to 7d.; crossbred coarse >Jd. to Gjd.; crossbred dead, 5Jd. to 6d.' broken and faulty, 2d. to sd.f crossbred green and salted, ss. 9d. each; pelts, Is. 4d 'to Is. 9d. each;'lambs, Is; 6d. to Is, lid'

eacli. Hides: Ox medium. to 6-M. per 1 lb.; oow heavy, 6Jd. to 6gd.; cow and lisht, ox, s»d. to 6J(1.; laiilty and dry hide 3, 4Jd. to 6d.; cqlfsiims, sound, Ed. to BM.- calfskins, damaged, 2d. to sd. Pat., iu tin" 235. to 245. per cwt.; fat, rousli, ill bags, 21g. fid. pur cwt. Messrs. Lnvin and Company, Limited, rcTjort:—Wo held our fortnightly ualc yestarday, iv ; ien wo offered a r,mall «uantitv of wool, 15C0 Ehccpskina, 7CO hidei and calfskins, and a Quantity of tallow and liorseIwir. Wool: Only fadges and bags wero offered, which sold at current rates. Skins:, Firm and tendency higher. Wo quote:—'Ualfbrods, Bd. to SJd.; fine crossbreds. 7.\d. to 7id.: medium"crossbreds, til. •o /id.; coal-to crossbreds, 6d. to C'd.;dead hoeget3, sd. to 53d.; quarter to ha'if-wools, 4Jd. to Gd.: dry pelts. 2»d. to 3-' d.; green skins, 6s. sd. to 7s. M.; spring lambs, Is. to £s. Id. Tallow weaker. Parcels, in shipping order, £23 iCs.; tins, £23 to £25 10s.; rough fat, £15 to £20. Horsehair, Is. to Is. 7?d. per lb. Horns, ss. to 193. per hundred. Cowtails, Is. sd. per dozen. Hides steady. Wc quote :-Ox hides, heavy. 7d. to ok hides, medium, 6kl. to lid.] OS hides, lig-ht, 6Jd. to 6;" d.: cow hides, 6d.. to cut and slippy hides. 3d. to s'-d.; stas; hides, 4d. to 5Jd.; bull hides, <d. to 5Jd.: yearlings, Gd. to 7d.; calfs. best, 9d. to 9;: d.; calf, Kiedium. 7id. to fl>d.; calf, cut and slippy, 4!d. to Cd. * Messrs. Hurray, Roberts, and Co., Ltd., report:—Wo submitted a catalogue of 25 bales wool, principally oddments, 3000 sheepskins, and about 400 hides and calfskins. Tho attendance of buyers was atyaut as large as usual, and competition brisk, prices being well maintained for sheepskins, while hides showed ar. advance from an eifrhth to a farthincr per lb. Tallow v.-ns slightly easier in price, hut the offerings wore meagre and of poor quality. 'Prices ruling may be quoted as under:—Wool: Crossbred, ?;d. to S?d. oer lb.; dead, 7d. to Eid.; pieces and bellies, to 7Jd.; locks, lid. to 4d. Sheepskins: Crossbred, medium, and fine. 7id. to 7Jd.: crossbred, coarse, 6d. to 7d.; crossbred, dead and inferior, 4Jd. to 6d.; crossbred, badly damaged, 2 J ,d. to 4d.; lambs, short inferior. '3d. to 53d.; crossbred, green and damp, ss. to 7s. each: lambs, spring do., Is. sd. to 2s. each. Hides: Oi, heavy, 7Jd. to ?'- 7 d. per lb.; ox. medium, 6?fl. to 7,\d.; ox, light, 6}d. to £Jd.; cows, good, medium, and light. 61d. to 6Sd.; row,. lair ordinary, fiid. to fi?d.; cut, o'.inpy, and damajed, 3id. to SJ<L; stags, s<l. to sjd.; calfskins, rood. 9d. to 9»d.; calfskins, medium, Ed. to Bid-; calfskins, damaged.' 4Sd. to C3d. Tallow, casks, 2Ss. to 295.; tins, 245. 6d. to 255. Gd. EXPOKT TO LONDON. Messrs. J. B. JfacEwan and 00., Ltd., report exports to London as follow:—From* New Zealand: Shipper per Arawa. December 1, 1910. 1525 tons butter. 3193 ' tons cheese: shipper per lonie, December 4, 1215 tons butter, 1262 tons checse. Shipments to date as compared with last season—From New Zealand: Butter,-season 1959-1910 , 5365 tons; season 1910-1911. 6177 tons: increase. 15 per cent.; Cheese, wa-r-oil 1909-1910, 4453 tons; season 1910-1911, 3534 tons: decrease, 20 per ccnt. From Australia (up to November 23)— Butter, season 1909-1910 , 8069 tons; scas-on 1910-1911, 12,947 tons; increase, 47 per. cent. BANK OF ENGLAND RETURN. - By Telegraph—Press Association—Capyrieh*. (Koc. Dec. 2, 8.55 p.m.) ' I London, December 1. The Bank of England return issued for I the week ended Wednesday, November 30, is as under:— I lastm Department. Notolflsuo— £52,750.000 Gov. debt ... *11,015.501 Other securities ... 7,«<,000 Gold „ 31,801,003 £52,720,C00 , £52,750,109 BANKING Dzp.uvntnNT. Proprietors' Govt, securic&pital £14,553,000 ties £14.641,000 Public do- Other securiposits ... 11,415,0 M ties J8.491-,000 Other deposits ... 39,635,000 Notes _ 21,355,C00 Reot. 7-da.y ftDdotiior C0in1,331,C00 bills... ... 3.168,000 y £y3,521,000 £58,821.C00 The leading Hems of the Bank of Ens* land remrn afford tlio foljomiiff comparison ThisweoV. Lastweok. Last yew £ £ £ Bullion 34.184,003 30.05T.,0C0 Reaon*e ... ... iJ3.GSti.UOO y5 t tbS,(XX) 35,77(>,100 Kole circulaiion • 28.9^5,000 Public Deposits. 1M15.00J 21,201,000 s,l^^Xoo Other Deposits SO.ti&i.WJ 40,(366,000 Prouortiou of reoervo Co litbilities ... CO. 21 6U7 55.C0

GOVERNMENT BEOUIUTIES. The following aro the latest quotations for GoTcmment securities, with a comparifioii of thoso ruling last week —

BANK RATES OF INTEREST. Tho Bank of England discount rato was reduced ou January 20 last from 4* per cent, to 3J per cent., and on February 10 to 3 per cent. On March 17 it was* raised to 4 per cent,, on Juno 2 it was rcduced to , is per cent., anu on Juno 9 to i cent 1 On September 29 it was raised to 4 per jeent., and on October 20 to 5 per cent. ' On | December 1 it was reduced to 4* per cent I at which rato it now stands. , Tho Bank of France rato vrag reduced j from 3J to 3 per ceut. on January 23 19&8 I and remains at tho latter figure ' i Tho Imperial Bank of Germany on JanuI ary - 21 last lowered its rato from 5 per ceut., and on February 10 to 4 per cent Oil September 26, tho rato was raised to 5 per ccnt. I : ' MAEKET EATES OF DISCOUNT. Tho followinK aro the market rates for best three months' bills:— London Paris Berlin rate.. l'ate. rate. per ccnt. percent, percent. This week 4 2S <iS Last week 4J 23 « Last year 3j 2§ % Short loans fire, quoted at 4j] per cent as against 5 per cent, last w'oeli and 4 ner cent, last year. COLONIAL AND, OTHER PKODTJOE. , markets aro euiot and tendI rag down-wardc. There is some pres-suro to sell on tuo strength of the official estimates of tho li-ussian crop, which is ■ nlaced at 96,640,CC0 quarters; buyers are h ? l ?r'" s x' J oll v. A cargo-of Australian raid at dis. 3d.; South Australian afloat is offermi; 3Cs. 6d.j "Australian, January-February shipment, 35n. 9d.; parcels, January-Feb-ruary, 255. Cd. Australian, on spot, is "in smaller supply, and is oujted at 365. 9d. to.? 75 ' . ?io_\v Zealand, i2s, fc> 335. 94. Flour is iu limited demand. Australian patents, London, 255. 6d. to 25c. Oats.—The market ■ is flat. Gartons, ISs to 19s. Sd..; eparrowbills, 17.5. 6rt. to IBs. 3d"' Barley is quiet and unchanged, i Peas-Kew Zealand Quiet; sound, <ss. to Sußar—German beet, 88 per cent.. 9s. •>er cwt.: first mark granulated f.o.b. Hamburg, Id. lower,, at lis. 2d. Butter is quiet, but owing to smaji arrivals prices generally are unchansed. Choicest Australian and New Zealand occasionally a shilling dearer. ; Cheese is firm. New Zealand, unchanged. Bradford Tops.-Tliero is a steady but small business passing; sixty-fours, unchanged at 28d. per lb.; super sixties, un-

changed at 27* d.; common sixties, Id. lower at 25Jd.; fifty-sixes, unchanged at 22jd.; fifties, icl. higher at 192 d.; forty-sixes, id. lower at 153 d.; forties, Id. higher at 14Jd. THE METAL MARKETS. | Copper, on spot, 13s. 9d. lower at £57 Is. k 3d. per ton; threo months, 16s. 3d. louver, h at £57 17 6d. h Tin, on spot. 675. fid. higher, at £172 2s. 6d. per ton; throe months. 675. 6d. higher »" at £172 ss. g Lead, £13 2s. Gd. per ton. p Pig-iron, 495. HXd. per ton. f Spelter, £24 per ton. t LONDON WOOL SALES. 1 | By Telegraph—Press Association—Copyright. |i London, December 1. |( At the wool sales there was a brisk busi- [J ncss, with prices unchanged. f All sections of the trade are operating. Y * LONDON MARKETS. p Messrs. Dalgcty and Company, Limited, [» have received the following; cable from ci their London house, dated December 1:— r Beef: New Zealand demand fair; prices i; weak; prime ox fOTes 2Jd., hinds 3gd. t Lamb: New Zealand, demand fair, and r, prices firm. Canterbury prime crossbred r heavy, 53d.; light, 51? d.; North Island heavy, I 5(1.; light, s*d.; Australian crossbred ft heavy, good average quality, 5d.; light, C s}d. button: New Zealand, demand limit- r cd; priccs firm. Canterbury prime cross- £ bred heavy, 3?d.; light, 4}d.; North Island g heavy, 3Jd.; light, 4d.; Australian prime fc heavy, 3 l-16d.; light 3sd. t f • GRAIX AND PRODUCE. 1 (By Telegraph.—Press Association.) | ' Christchurch, December 2. h There is very little business passing in I the markets, and what grain is changing p hands is mostly betweon merchants. Hold- F crs of milling wheat are asking prices | that buyers do not care to give, but at | the same time there is not much demand *; extent for fowl wheat. [/ Prime malting barley is in request, and f; several lines have Lately been sold at fr high priccs. For ordinary samples there £ i- little or no demand. i Oatsheaf chaff is firmer, but is wdrth [; more in country districts, where feed is k scarcer than it is in" town. ■ P KATJPJ TBIBEE COMPANY. (By Telesraph.—Press Association.l Auckland, December 2. The directors of the Kauri Timber Com- E pany, Ltd., in submitting to the share- d holders the balance-sheet for the twenty- p second year of the company's operations | to August 31, state:—"The year's results e have been considerably below expectation, 5 chiefly in consequence of the inferior run [• of logs with which wc havo had to deal, * producing a low percentage of higher y grades of timber; but these conditions will fc be greatly improved during, the year now ? current, and should produce correspond- t ingly better results. • Owing to tlic sound- | ncss of trade during recent years we I have a largo surplus to our del credero S , fund, available for transfer to profit and f Joss, and a sum of £BCOQ has been trans- f; ferred accordingly, still leaving adeouato § provision for all outstanding accounts. I The balance p.t credit of profit and loss, f including £23,533 6s. sd. brought forward *r from last • year, amounts to £67,G20 17s. • | 7d., out of which it is proposed to pay a 'h dividend at the rate of 8 per cent, oer 5 annnm, absorbing £46,800, and carry for- fr . ward to next year the balance, £20,220 I ' 17s. 7d." I Live Stock Sales and Hininx? Notts will f bo found on Page 13 of this iscuc. [

Buyers. Sellers. Sales £ s, d. £ s. d. £ s. d. Bank N.Z. 10 10 0 - - National Bank — 517 0 — i Equitable Building 9 12 6 — — ; N.Z. Loan :;nd Jler- ' eantilo 0 10 0 — — [ Well. Invest 011 0 — — 1 Well. Trust and . Loan ; 7 10 0 7 15 0 — Christchurcli Gas... 914 0 — — Pending Gas - 12 0 119 ■ Napier Gas 12 5 0 — ) Well. Gas (£6 15s.) 1310 0 - - Well. Gas (new)... 2 8 0 - 2 10 0 ! N.Z. Insurance 4 3 6 — — J - Standard Insurance 166 169 166 •' N.Z. • Shipping 10 16 0 — — ; Well. Woollen (ord.) 313 0 — — ! Well. Woollen (pre.) 215 6 — 2 16 0 ' Taupiri Coal 10 0 — . — Westport Coal 6 17 6 7 0 0 — > Westport-Stockton — 0 7 6 — r Leyland-O'Brien ... 1 6 0 — 16 6 ' Manning and Co. .. 4 3 0 — — 1 N.Z. Con. Dental .. 1 2 6 1 3 6 - l N.Z. Portland : Cement 1 16 0 1 17 6 1 17 0 , 'N.Z. Paper Hills ..129 — — Tnrnnaki Petroleum 0 (i 9 0 9 3 — ' Taringamutu Totara. 2 3 0 — — :■ Ward and Co 5 4 0 — — . [ Whitcombe & Tombs . — — 6 6 0

Variations — compaiod Prica. with lasfcweek. £ 8. d. " 25% Imperial Consols 7U 15 0 iTs.Od.bighoi01, "v 103 0 0 Unchanged «'j 07 17 (J Uucimngod & „ .b.W. Api.-Ocl. 85 1(J 0 Unchanged 10100 Us.huber 3S „} ic. lSjl-iiJiu.-July ys 7 0 1U3. lii-'taer « "i'f" uTf' lau ri"' y S S1 ° 0 UncliaSsoa SJ ,.S.A. lUu.Jan.-July Oj 10 U Cs liiuhi»r *, ••o^ 1 V 0 r'i"!-' llU , y 13 10 » TJiTcSid •1 „Q I Ui9ij-J).fau.-Ji:ly 10J '2 6 Tstid lower I s Wla 6 .raiSS J i/ nin",, M 7 u Ss.Bd. lower ar'\fi^Ti'l y t°, V - i®? 1 ® 0 2s.6(Lliiehor dj „4N.Z. 1UJ0 Jan.-Juiy IK 'A (j till Ynnhfi. s „N.i5.101f.Ai)riI.Oct. 85 10 0 .ImB a Si''t'i? 1 r*-R« ay "'v- 0V CG 0 0 '""Wei '1.-'^' 5Ma r 1 '-* Sov ,43 I" " liiichanacd 3* „Xas. fli) 0 0 UnchiifM a ,. Tag, naj-iu Jan-July 6ii 0 0 UnchanUud