COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1162, 24 June 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. ' . The transactions recorded in investircnt chares vesterday wore:' Metropolitan Pcr- ' manent at. £12 Vl',. £d.. and Meat Export, s 525. 6d. paid, at 655. Tho buying and eo>ll- - ins quotations were as under:— • Buyers. Sellers £ s. A. £ « d . National Bank 6 0 6 .620 Bank of New Zealand ... 1113 0 N.Z. Loan and Mercantib 0 12 6 - ' Well. Trust and loan ... 7 13 0 , - ' Well. Dcnosit '. - 0 8 6 ■ Christchurch Gas 9 15 0 - ! Gisbornc Gas 3. 1 0 — . Well. Gas (now) - 3 5 0 . Christchurch Meat :..' 16 0 0 — ■ , Meat Export (12s. 6d.) ... - 3 6 0 New Zealand Shipping ... 11 12 6 1115 0 ' Union Steam 2 10 — • Well. Woollen (ord.) ....... 4 0 0 4 2 0 ■ Veil. Woollen (prcf.) 3 10 - . Ta-.miri Coal 116 — . Westport Coal 19 0 - Westport-Ktockton — 0 3 6 ' Leyland-O'Brien 17 0 - ■ Manning and Co. — J ; J ■ N.Z. Drug 2 9 3 2 9 9 ; N.Z. Paper Mills - . 1 1 6 i Rharland's Prcfcrenco ... 1 3 0 . 1 4 6 Tavar.aki Petroleum 0 16 6 0 17 0 Taringannitu. Totara — 2 10 0 GUARDIAN ASSURANCE. The report o! the Guardian Assurance Company, Ltd., for 1910, states that the fire premiums, after deducting reinsurances amounted to £578,915, and Uio los?es. after irakiug tho came deduction, to £270.540 (48.il per cent, of the premiums). The expenses of management, including fire brigade charges and commission, together amounted to ,€211,601, being 36.55 nor cent, of tho premiums. After providing for losses, expenses, bad debts, and for tli-v additional premium reserve (£11,250) required by tho increase in premiums during Ihe vear, thoro was a profit on the trading account of £77,492. Adding to this the interest on the reserve funds, which amounts to £30,171, there results profit of £1C7,C64. Out of th:<s sum tho directors have tarried £20,000 to the genera! reserve fund, leaving a balance of £87,064 to !:o transferred to profit and loss. Tho premium reserve fund sow amounts to £2c6.91U, and the general reserve fund to £540,K0, making tho tola! fund in this department £795,900. In tho accident, burglary, and general assurance department the premiums received, offer deduction of reinsurances, amounted to £154.995, while tho claims, after making the samo deduction, were £71,C07. The expenses of management and commission amounted to £72,7c5. After providing a proper premium reserve required by the increased premiums, and carrying £5000 to profit and loss, the total fund' of this department amounts to £131.!K7. The directors recommend to tho proprietors that for the year ended December 31, 1910, a dividend of 10s. be declared, freo of income-tax. on each £10 share of the subscription capital, beinc at. the rato of 10 per cent, on the paid-up capital of £5 per •share and that 4s. on each share having been paid as an interim dividend in January last, the balance of 6s. on each sharo be paid on July 1 next. C.I.F. CONTRACTS. It seems very remarkable that a c.i.f contract should need interpretation at the present day, or that its meaning (save as affected by any express stipulation) should bo the subject of any doubt. Yet the cas3 of Uiddell Brothers v. E. Clemens Hoist Company discloses a noteworthy divergence of judicial opinion. The point was whether a contract for tho sale of goods to be shipped from abroad "c.i.f. to London, terms net cash," meant that the price was to he .paid against documents, or not until the buyer had had an opportunity of inspecting the goods. It may be mentioned that the words "cash against docu-' ments" are usually inserted in contracts of this kind. They were omitted from the present contract, hut it was contended that it was a, necessary implication, in the case of a c.i.f. contract for the sale of goods, that the prico was to be payable against the shipping document*—that is to say, the bill of lading, invoice, and policy. Mr. Justice Hamilton was nuite cloar that this contention was right" nis Lordship's great experience in commercial cases is well known. On appeal Lord Justice Kennedy, who in former years often sat as Judge in the Commercial Court, agreed with him, saying that "but for the contrary .opinion of tho other members of this Court, from whom I have the misfortune to differ. I should have ventured to think the case a reasonably simple one." On the other hand, Vaughan Williams and Farwcll, li.JJ., were of opinion that the nrice was not payable until the buyer had had an opportunity of examining the goods. Each learned Judge delivered a powerful and closely reasoned judgment in favour of the view taken by himself. It is not necessary to set out the conflicting arguments here, nor to speculate as to which view would prevail if the rnsc were taken to the House of Lords. The essential thing is to point out that, unless 4ud until the present decision is reversed, the words "cash against documents" should be inserted if that is the intention of Ihe parties and not left to implication. So long as merchants know what the law is thev can easily provide against the effect, of this decision. Customs duties collected et the port, of Wellington yesterday amounted to £2846 12s. WELLINGTON MARKETS. Messrs. Larry and Co.. Ltd.. Wellington, report wholesale prices ruling on the market as under:—Wheat, good whole. fowl<=' 4s. to 4s, ul. bushel oat:-, good feed 2s. lid. to 3s. Id.; oats, duns 3?. 2d. to 3s. 4d.; oatE, seed, white ss. 3d,; oats, teed

Algerian Victorian, 3s. 7(1.; rye corn, 3s. 10d.; maize, J,<. 2d. to 3s. 4d.; fowls' barIcy, 3s. 3d.; Cape. 3s. Id. ; rrmdied malt. 7s. 6d.; partridge pea?, As. 6d. to 4s. 9(1.; pollard, £7 ss. to £7 ICs. \:er ton; bran, £5 15?. la £6; Hour, Atlas £9 ss. 6d.; chaff, oaten sheaf, £5 !£■••. to £6; rice flour, £6 per ton; rice rao.i!, £5 per ton; potatoes, table £5 ss. to £5 155.: onions, £4 Ids. to £4 155.; molasses fodder, £5 ss. *> £5 10s.; uoiiedu.it. £5 Jss.; basic she, £'1 ss. to £4 ICs.: superphosphates, £4 15s. to £5; catineal, £4 IPs.; rolled cats, in 4's, 9s. dozen; cheese, medium-steed, 61(1. to 6J.d. per lb.; cheese, lo if, 6td. to 7d. per lb.; butter, prime bulk, ICd. to lid.; fresh ccps, Is. Cd. to Is. ICd. per dozen preserved c&rgs, Is. 2d. per dozen; honey, 56's, bright. 4d. per lb.; liii'S-r.wl nuts, 13s. per cwt..; linseed cake, crushed, !3s. 6d. per cwt.; bacon, sides, 73d. per lb.; bacon, rolls, 81(1. per lb.; hams, Bid. per lb.; fowls, hens, 3s. to 3s. 6d.; young roosters, 2s. to 45.; dticlie. 4s. 6d. to sri„ all at per pair; turkeys, Boulders, 3d. to 9d. per lb. live wcicht; hens, 6d. to 7d.

I WOOL, HIDE, AND TALLOW SALES, r Messm. Abraham and Williams, Ltd.. rc- ; port, on this week's wool, hide, and tallow ; sale at as follows:—Wo held ? our monthly sale, ajnl submitted a, good 1 rota'-ORtie to a fair atteadahce of buyers, r Bidding for all lots offered was fairly . spirited, and the whole of the entry - changed hands at. prices coual to rulini : rates. Wool: Ths bulk of our offering j consisted of medium ■ crutchings, which j sold at from sd. to 6!d. per lb.; crossbred, . 6d., HA., to 7d.; dead, 6d. to 6Sd.; lamb;; I and pieces, 4d.; lacks. 24d. Skins: Cross- . bred fir.c, 6d. to 7d.; crosjbrcd medium. - 42d., 51(1., 6jd., 6jd.: crossbred, all faults, i 5d.; ouarter-wools, 33d. to 43d.; dead, sid.; 1 black; 5d.; lambs. 4d., 5d.. 6Jd.. 6}. d.; hoK- : sets, 5d.; pelts, 3id.: butchers' skins, at : rer piece, crossbred fine. 2s. 6d., 3s. 6d„ 4s. sd. to ss. Id.; crossbred, medium, 2s. 3d., , 35., 3s. 6d., 3s. lid., 4s. 3d., 4s. sd„ 4s. 6d.. r 4= Bd., '/:•. Ltd. to 6s. 2d.; crossbred, dam- ; ap;ed. Ji. Ed.; lambs, Is. 7d. to l\ ICd.; * crossbred, green, 4s. Id.; dead, 2s. Id.; ." calfskins, sound, 7Jd. ,to-9d.j cut, 41d.; : varlinzs. 6i<l. to 63d.; yearlings, cut nnd clipny, 3td. Hides:.No heavy offered. Ox. ; medium, 6»d. to 62(1.; cows, 30 to <o!b., 53d ' to 63d.: 40 to 501b., 6d. to 63d.; Eo!b. and ' over, £*d. to 6gd.; cows, slippy. <d.; .cows, j cut. 4jd.: heifers and steers, 5Jd. to 6M.; ' bulls, 4<!d.j horse, 4s. to B=. Sundries: Tallow, tins,':£23 ss. per tor.; disks. £25 10s. ; to £25 15s. 4d. per ton;. Tough fat, 17s. 6d. ' to 18s. 3d. per cwt:; liorso hair, Is. to Is. ; 9id.; cows' tails, Is. 2d. per dozen. > GOVERNMENT SECURITIES. * (By Telegraph—Press Association.* 1 ' London,. June 23. The following are. the latest quotations . for Government Eccurities. with a com* , parison of those ruling last week:I Variations ; _ com pa ed Tries. with i ' last week. I . ■ £ s. &■ ■ 2\',o Imperial Consols 70 13 0 ss. fid. lower i l „N.s.\V.l333Jan.-July 101 0 0 Uncbangod . 3i ~N.S.W.WIS.,iar.-Sop. !M U 0 Unclnm-cd ■ 3 ~X.K.'W.l'.);tsApl.-Ocl. 87 10 0 Unchanged , i ~ Vic. M-20Jan.July ■ lot 10 0 Unchanged ■ 3J „ Vie. ltm-tiJftu.July !)7 10 U Uncbansod S Vie. lJsiWOJah.July 64 10 0 Unchanged 35 „S,A. WW Jan. July 03 0 I) 103. hisbcr 3 , b.A. Ulb Jan.July fcl 10 0 Unchanged 4 „Q'l'drJls-2).lan.July 10J 0 0 Unchantod ■ Sj „W'l'ul'JJl-SoJan.July !i« 0 0 Unchanged i „QTiUxi.M7Jaii.-July -30 II 0 Unchanged i ~i\.Z. 10.9 May-Xov. 101 0 0 Unchanged »S „VZ. 11)10Jaa.Julv UJ 10' 0 Uuchaneod 3 „N.Z. lSMjApril-Oc't. MlO 0 Uncbansod 3*„ W.A.l'Jio-iO.\lav..S'av W 7 S Unchant'cd 3 „ W.A,IWo-35.Uay-.\'ov tli 10 0 Undiluted 35 „ Tis. lti-lUJan. July U6 0 0 Unchancoi 3 ..Tas.lißJ-MJan.July m U 0 Unchanged BANK RATES OF DISCOUNT. The Hank of England rate was reduced on June 9 from 4 to 3 per cent.; on September 29 it was advanced to 4 per' cent., and on October 20 to 5 per. cent. On December 1 it was lowered to 45' per cent., on Janaary 27 to 4 per cent., and on February lo to 31' per cent., and oh March 9.t0 3 per cent. • ..... The Bank of Franco rate ' was reduced from 31 to 3 per cent, on January 23, 19C8, and remains at the latter figure. The Imperial Bank of Germany on January 21. 19C9, lowered, its rate from 5 to 45 per cent.; and on February 10 to 4 per cent. But on September 26 it was raised to 5 per cent., on February 6 it wan reduced to 4} per-cent., and on February 19 to 4 per cent. .... ...-■.. MARKET RATES OF DISCOUNT. The following, are the market rates for best three months' bills:— London Paris Berlin rate. rate. rate. percent, percent, percent. Thi3 week 21 2j 3J ' Last rek 2] 2J 3J Last year •?!.'. ft ■$' Short loans are quoted at 1J ner cont., as against IV per cont. last week, and 2! per cent, last year. COLONIAL AND OTHER PRODUCE. Wheat.—The American visible supply crut of tho Rockies totals 40.322.CC0 bushels. The markets are ruiet, and buyers are cautious. European crop prospects are. generally favourable, and there is little demand for cargoes. An Australian cargo has been sc-ld at, 345. Sellers ore firm, in sympathy with the sharp riso in America, on reports that winter wheat had ripened prematurely. . From 335: 9d."to 345. is anked'-' for Australian afloat -in Jtir.e."-.and. 33a.. .has been paid for a parcel which han arrived. There is moderate, inrjuiry for Australian on spot at 365. Flour.—Tho raaTkct is ouict, nnd Australian is minted at 245. 9d., ex store. Oats are inactive. La. Plata. ,1 nlv-August shipments aro nnotcd at 14s. 10* d. Butter.—There is rather less demand owing to fairly general rains. . Fnco3 aTc practiciHy ..unchanged, and e. holiday tone prevails. Cheese.—The market is firm.. Now Zealand is quoted-at' 60s. Sugar—(lerman beet. 88 per cent, net titre. Id. higher at ICs. Bd. per cwt.; first mark granulated f.o.b. Hamburg, unchanged at 12s. 7d. Bradford Tops—The market ' is unchanged. METAL MARKETS. Tin. on snot, £5 Ks. lower at £193 10i. re- tin; three months, 525. 6d. higher at £191 17s. '6d. Pig-iron.—Jliddlcsboro' No. 3, 2d. lower at 46--. sd. ner ton. Lrart.—Soft foreigp, £13 ft. ner ton. Spelter, unchanged at £24 10s. per ton. A RISE IN BUTTER. P.; Teleffra.rh—Press Associatinn-Copyrlirht Sydney, Juno 23. The priee ef butter hac- been -raised by eight shillings a ton.--Tho best is nov; at 12Cs. FROZEN MEAT. By Telegraph—Proas Association—Copyright London, Juno 22. Tho Frozen Meat Trade Association's .Smithficld maiket auotations for.the undermentioned classes of frozen meat aro based on actual sales (.f not less than one huudred carcasses of mutton or lamb, or twenty-fivo quarters of beet of fair average quality. The quotations aro not] for selected lines, but for parcels fairly representative of the bulk of tho ehip. ments now on the market. Ihe prices which follow aro on an average a farthing per lb. more than the valuo ex ship. ; this difference representing an average ' cost in expenses, handling, conveyance, and selling tho mcat:rJune 17. June 22. Mutton— d. d Canterbury, light 4 4 Canterbury, medium 4 4 Canterbury, heavy 3jj 35 Southland — — North Inland, best 33 33 North Islmd, ordinary... 3 9-16 35 Austrolia.ii, light 3i 3j Australian, heavy 31 3} River Plato, light 33 33 River Plate, heavy 35 35 New Zealand ewes 31 35 Australian ewes 3 7-16 35 River Flate.ewes 31 31 Lamb:— Canterbury', liglit 5Ji 51 Canterbury, medium 4j 5 Canterbury, heavy 4;1 4} Southland 4J 5 North Island, selected ... 4J 5 North Island, ordinary... 4j 4| .Australian, best 4J 4\ Australian, fair 41, 41 ■ Australian, inferior 4J </, . River Plate, first 43 4il River Plate, second 4j 43 Becf:New Zealand, ox fores ... 25 25 . New Zealand, ox hinds .. 3S ,3j Australian, ox fore? 27-16 27-16 Australian, ox hinds 35 35 River Plate, ox fores Z) 2, River Plato, ox hinds:... 3 916 3 9-16 llivcr Plat-?, rhillcd fores 23 2\ River Plat.?, chilled hinds 41 4" LONDON MARKETS. The New Zealand Loan and Mercantilo Agency Company, Ltd., have received the following (ablcgiam from their Loudon house, under date June 21:—Tallow: Wo ■luotc present spot values for the following descriptions:—Good mutton, 355. per cwt.; good beef, 325. 9d. per cwt.; mixed, 3Cs. 9J. per cwt. Tho market, has an upward tendency. Wheat: Wo quote r."t Australian cargo at 335. IOJd. c.i.f. Tho market is firm, but quotations nominal. The market i; quiet, but steady: unfavniirable crop reports; American outlook uncertain. MINING NEWS. Mininj; news will be' found on page 7 of this issuw