COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1106, 20 April 1911, Page 8

COMMERCIAL ITEMS.

INStTEANCE AMALGAMATION. According to latest mail advices the Alliance Assurance Company will absorb the business of tho . Economic Life Assiiranco Society, which.represents an important addition, to thb large number of similar operations .carried through by tho Allianco Company during recent years. This company was established in 1824, and was registered as limited in 1902, when the Imperial Insurance and Imperial Life Insurance Companies wero acquired. In 1905 the Alliance, Marine, and General Insurance Company was taken over, whilo in 19C6 the Provident Life office, was absorbed. It. was also at about this time that control was, acquired of the Westminster and County Fire office, while in 1907 the Lnw Fire Insurance Society becamp a member of the Alliance group of companies.

AGKIOULTUKAIi CREDIT SOCIETIES. Agricultural banks and agricultural credit societies are scarcely known in Great Britain and still less in Australasia, In all the. States of the Commonwealth and in New Zealand the Governments have made some sort of effort to provide sub.stitutes for such, institutions, and thus we have such, concerns as -. tho Credit Foncier of Victoria and the Advances to Settlers Office in Now Zealand. In Continental Europe agricultural banks have been developed and encouraged, and have attained to a position of great usefulness to tho communities, among whom their operation extend. The Abstract of Foreign Labour Statistics, which the British Board of Trade has recently issued, contains amongst its other detailed information the latest available particulars of tho working of agricultural credit societies on the Continent. The statistics cover periods ranging from ten to fifteen years, and aro brought down in some instances to 1909. It is, however, in the broad outlines of their methods of working that interest attaches. In Austria, for instance, the development of co-operation has mainly followed agricultural lines, either in the form of credit societies or rural productive societies of different types. The State and provincial government authorities make grants to co-operative societies established for credit or productive purposes, and they likewise advance money at low interest to central and local co-operative banks. In Belgium the State assets agricultural co-oporativa.societies, and the National Savings Bank, under a law of 1894,. advances loans on easy terms to co-operative 'credit and building societies. These credit societies consist for the most part of small cultivators. The large farmers use a system of agricultural banks created by law. State grants and loans are made in aid of co-operation in France, where productive joeictics both of an agricultural and :>n industrial type, and agricultural credit societies have been largely developed. District banks receive advances from the State, which has assigned for this purpose a loan of £1,600,000, and an annual share of profits payable to the Treasury by the Bank of .France, under the terms of its charter. The district banks receive advances without interest and charge the societies 3 per cent. Co-operation in Germany is regulated by law, which sanctions the principle of limited liability aßd provides for registration, and the acquisition of certain resulting rights and other matters. The greatest development has been in credit societies and other societies of an agricultural character. The Governments of the various States have taken the lead jn rural co-operation, and largo grants of public funds are made in its behalf. In Prussia the Stale has created a central co-opera-tive bank with a capital of £2,500,000, which advances money to. co-operative credit societies through their federation or unions, and it has built granaries for the use of co-operative • societies. In Bavaria, Wurtemburg, and Saxony, the State has advanced working capital to central cooperative banks at a low rate of interest. In Holland, where most co-oporative societies ' are agricultural, tho State makes a'grant to tho central organisation of rural banks, and in Hungary the State subsidises certain classes of agricultural co-operative societies. Agricultural co-operation predominates in Italy,' where co-operative societies arc by law exempted from registration and stamp duties, and from various Octori duties. State aid is given to societies of certain kinds, and industrial societies can . obtain Government contracts up to £4COO in which labour is the principal item without giving security. State grants to agricultural co-operative societies are common in Luxemburg. Norway, Sweden, and Switzerland, while in Itu?sia the State advances money to credit and other societies. ' In Germany and Austria credit societies and co-operative banks of two typos exist side by side. In Germany the credit societies form the great majority of the cooperative societies, and embrace more than half tho aggregate membership. The progress of the German agricultural societies for production and distribution is also very marked. The Gerram "stores" societies in 1907 numbered 2110 and had a membership of -1.1J1.455. In France there were in 1908, 4423 agricultural focietios with 771,452 members, and 2636 locnl agricultural banks were affiliated to 94 district banks, whicli were in receipt of St-itc ftdv.inros free of interest to tho amount of £1,5C0,0C0! this money being used for making advance* to local banks and to certain kinds of rural productive societies. In Italy there were in 1906, 2087 agricultural societies for credit and other purposes. In Hungary there were in 1908. 558 cliiry societies with 59.828 members, and 3544 credit societies with au asKi-ugatc capital of £25,000,000.

LONDOX QUOTATIONS. (By Telegraph—Press Association Copyright! London, April 18. Stock and share market quotations include—Australian Mercantile stock, .£101; Dalgety and Co.'s stock, £101; Waihl Goldraining shares, £3 3s. 9d. (buyers), and £3 6s. 3d. (sellers). ■ LONDON MARKETS. The New Zealand Loan and Mercantile Agency Company, Limited, have received tho following cablegram from their London house:—Frozen meat: There is no change in the situation. GRAIN MARKET. (By Telegraph.—Press Association.) Ounedin, April 13. Tho wheat market shows no urtat amount of activity, the small business passing being confined to odd lots, presumably for export, at about lato rates. Millers, being pretty well stocked for some time to come, are showing no anxiety to operate unless something tempting comes along. Fowl wheat is not over plentiful, and is readily placed. Prime milling velvet. 3s. 3Jd. to 3s. <!d.; prime milling tuscan, 03. 3d. to 3s. 3Jd.; medium milling and best whole fowl.wheat, 3s. Id. to 3;. 3d.

Oats are in very fair demand, and tho market is firm, but owinp to the small quantity coming to hand business is not lar,je. Prime millinit, Zs. 3Jd. to 2s. 4d.; Kood to best bright short feed, 2s. 2Jd. to 2s. 3d.; inferior to medium, 2s. Id. to 2s. lid.