COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1105, 19 April 1911, Page 8

COMMERCIAL ITEMS.

NEW ZEALAND PKODTJCE. Prior to the Easter holiday, butter was very firm, choicer selling a,t 1095., while secondaries also moved out freely. Valxice, nowever, wore expected to decline after the- holiday demand had been met. The imports of buttor into the United Kingdom during February amounted to 393,8470wt., against 3J3,405cwt. for February, 1910, increases being shown by most sources of supply, except France and the Netherlands. The total for the first, two months of the present year shows an increase of 111,172c\vt., as compared with the same period of last year, about half of the increase being duo to larger arrivals from Australia and New Zealand. The receipts from the esporting States of Australasia for the first two months of tho year compare a3 follow:— 1909. 1910. 1911. From ' cwt. cwt. cwt. New Zealand 95,459 123.467 128,257 Victoria 68,327 117,150 140,672 If S. Wales 44.451 55,886 69.813 Queensland 16,521 20,577 36,673 225,758 317,060 375,415 The proportion of Australian and New Zealand butter to the total for the two mouths is about 45 per cent., against about 43} per cent., for the same period of 1910, and about 31 per cent, for the same period in 1909. Cheese is ruling \ory'hijh, and at 63?. must be considerably more profitable than butter. This may be regarded as rather fortunate, for such factories as have dual plant 3 'will no doubt now turn to chewomiking. unci the butter market will thus be given a chance to recover. Frozen meat is somewhat disapppintiuz.

The lamb trade was stimulated by the K.ister demand, but mutton a::d beef were quiet. In mutton tharc is only a h-ind-to-moutli bi'.sinec.s doing, while the beof m-ir-ket is deprecsel through heavy •.•upplie:; o! Uiver Plate beef and American chilled beef. The heavy shipments of the latter discounts the reports of a shortage of beef cattle in the United States, but if Hint u not the ease then the Beef Trust must be manipulating the trade so r.-3 to create a shortage in the United States and so force up prices. AUSTRALASIAN WOOL EXPORTS. The exports of wool from Australasian ports from July 1, 1910, to March 31 last, of the last two seasons, as compiled by Messrs. ftalgety aud Co.. Ltd., show as under :— 1910-11. 1909-10. Balc=. Bale?. Victoria 483.511 K.S. Wales 833.994 636,121 Queensland 197,132 185,3?8 South Australia, 171.392 1E9.C62 West Australia 70/85 60.5C0 Tasmania 19,610 17,189 1,782.532- u<15.640 Now Zealand 422.451 «7,158 2.2 M.893 1,192,808 The increase for the nine months is very small, duo principally to the heavy decline of 24,707 bales in the New Zealand exports. WESTPORT-STOCKTOX COAL CO. ANNUAL REPORT. The fifth annual report and balance-sheet of., the Wcstport-Stoskton Coal Company for the financial year ending December 31, 1910, shows that owing to the severe fall in the demand for coal generally towards the close of the year, the results of the business for 1910 were not sd satisfactory as was anticipated. The output for the year was 151,951 tons, an increase over last year of 62,275 tons. The balance from profit- and loss account amounts to £3771 10s: 9d., whicji has been placed to depreciation account. The annual meeting has been convened at a Inter date than u=ual, as the directors hope to obtain, and be able to place before the shareholders, some important information regarding the future development of the mine. The directors retiring by rotation are Messrs. J. P. Newman and W. Recce, who, bcinu eligible, offer themselves for re-election. The auditor, Mr. S. Whitta Thornton, retires, and is eligible for re-election.

THE BANK OF ENGLAND. The fluctuations of tho London money market appear to make no difference to tho dividend payable un Dank of England stock, which has been at tho uniform rate of 9 per cent, per annum ever since August, 1904. Another feature about this institution is that the amount of tho undivided profits, or "rest." as it is called, varies hardly at all.. That is to'say, the sum available tor distribution at the end of each half-year is just auout, enough to pay the specified dividend, and to leave tho reserves at £3,CC0,C00. It is difficult to belicvi! that tho profits of such a concern do not alter more than is disclosed in the accounts from one year to another. It is possible, . of. course, that the directors since they- reduced the dividend from 10 to 9 per cent., seven years aeo. prefer to utilise surpius profits in writing down investments....The former rate of 10 per. cent, on bank stock was distributed from October, 1896,' to October, 1903. and while this dividend was being paid tho price of the stock never fell below 311. In 1898, when all gilt-edged securities were at an artificial value, .it touched 367. at whien tho yield to the investor was £2 14s. 6d. per cent, The pressnt o.uotation is about 260, which, allowing for tho half year's dividend accrued, rives a return to the purchaser of £3 10s. 6d., or over 2 per cent, more than in 1898. It is believed that the bank's secret reserves' have been largely increased by tho policy of not restoring the dividend to tho former' level. As the stock is a trustee security' the yield •afforded is an exceptionally uood one especially when tho stable character of the dividend is remembered. Havins resard to tho present tendency of all first-class investment Eccuriiics to improve, a, purchaser now might reasonably expect.to see an appreciation'in capital value. The present quotation is only 10 points above tho lowest received in recent times. , . --i .n; , NOTES. ... Profits in the , German cotton and.woollen industries have come down considerably. The returns of 26 companies are available, the average dividends paid by which for 1907 were 15.7 per cent. For the following year the average dropped to 13 per cent., and for 19C9 to 11 per cent. But. for last yea-r the average was only 8 per cent., and to ijay that 16 companies had to reduce their surplus balances while five had to draw 113011 their previously accumulated reserves. Five of the companies paid no dividends for last year, against one for 1909, and none for the two previous yearn. The 'report of tho Prudential Assurance Company—the great' British life office—is always of interest. The asset? on December 31 amounted to no les than £77,529,226, showing an increase, of £3.327,525 on tho year, and bonuses were granted in the ordinary branch of £1 14s. per cent., and in the industrial branch of from 5 to 20 p'er cent, on policies of from 5 to ovor 20 years' duration. The premiums received, in tho ordinary branch were £4.806,121, and in the industrial branch £7,426,317. and the company has no less than 18,820,427 industrial policies in force. Russia is engaged in surveying 8560 miles of'additional railways, including 2393 miles in .Asiatic Russia, At an average of £10,000. per mile, theso railways will cost over £86,000,000. Banking in.GCTma.ny during 1910 was evidently as profifablfc as it was'in Great Britain during the same period. The Deutsche Bank, as the premier German joint' stoclt institution, had a distinctly favourable year, its turnover in that time amounting to' JE5.5C5.000.C00. showinc an increase of £510,OM,CCa over 1909. ■ Its deposits at tho end of the year totalled £76,732.000, being £12,750,000 more than at the end of tne previous year. ' The gross profits at £3,091.000 showed an ..expansion of £183,000, but net profits were returned as only £13,900 more than in 1909, owing to the fact that larger sume were written off for greater additions inside to reserves. These allocations consisted of £161.964 in reduction of premises, a sum of £102,755 to tho reserve, and an increase m the-carry forward of about £45,000, to a. total of £103.369. Tho dividend remains unchanged at. 124 per cent., and required a sum n! £1,250,000, so that the amount of JE3CO.PTO sot aside to various reserves represented nearly 25, per cent, of th 3 amount distributed in dividend. By the present addition the. reserve-funds .should, he raised to nearly £5.400,000, against a paid-up capital of £10,C00.0C0. v

Customs duties collected at tho port of Wellington yesterday amounted to , £3120 4s. sd.

TRADE IN ALLEN STREET. Fruit.—So far as fruit ie concerned, the market opened at a lower level of values than those ruling prior to tho holidays. The steamers from Motueka are bringing regular shipments of fruit for this market, the supplies consisting mostly of apples and pears. Dessert apples have also come forward from the Tort Albert district. No bananas are due for about 17 days. Tomatoes continue in heavy supply, prime duality realising 2a. to 35., medium Is. to Is. 9d. Ilessina. lemons are in ehort supply, and prices range from 16s. to 17s. per half-case. Vegetables.—French beans have advanced in value, the current price per half-case being 4s. to ss. for prime quality. C.ibbages uto belling at, 2s. to ss. 6d., according to quality. Green peas are in keen demand, and consignments arc recommended. Butter is in good demand, prime milled selling at 10d. per lb. Eggs.—Fresh arc in short. supply, best brands being quoted (.it Is. Ed. to Is. 9d., with preserved ruling at Is. 4d. Oats—The market continues firm, and fair sales -are boinj; made. Chaff.—The market continues to advance, prime quality selling locally at £5 ss. to £5 lCs., sacks in. Maize—A rargo camo-to hand by the scow Magic from Gishorne, and the bulk passed into distributing hand, ex wharf. The current prico is 3s. 3d. to 3s. 4d. per bushel. Wheat is in good demand at 3s. 9d. to 3s. lid. per buihel. Pollard.—Tho Australian market having advanced only lisht supplies are now coining over from the Commonwealth. Bran is meeting with fair business, the prices,ruling locally being £5 to £5 ss. per ton. Potatoes.—Prime quality are in good demand at £5 IDs. to £6 per ton. Onions.—Pickling onions meet with poor demand at 7s. to 9s. per cwt., whilst table onions range from 4s. 6d. to ss. 6tl. Rolled Oats.—The cold weather has stimulated the demand: 4's continue at Bs. 6d. per dozen, and 201b. bags at 395. Fowls' Barley.—Very little demand is being experienced for this: current values are 2s. 9d. to 3s. per bushel. Poultry.—Hen?. 23. to 3s. per pair; cockerels, 2s. to 45.; ducks, 2s. 6d. to 45.; geese 4s. to is.: turkey hens 6d. to 7d. per lb. live weight, gobblers 9d. to led. per lb. ATJSTKALIAN BTJTTEIt: By Telegraph—Fro33 Association-Copyrieht Sydney, April 18. The production of butter in the Commonwealth last year totalled one hundred and ninety million pounds compared with one hundred and sixty million for the previous year.