COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1181, 17 July 1911, Page 8

COMMERCIAL ITEMS.

. INVESTMENT SHARES. The. sales recorded 011 Saturday, were Cliriatchurch Mc.it at £16 aud Taranaki Petroleum at 17s. The biiyinsr and soiliup quotations were as under:— Buyers. . Sellers

COMBINES AND SYNDICATES. ' The combines and syndicates which find favour in Australasia are more or less after the English or American pattern. The Germans have a different system, and one in which the commercial community will take a good deal of interest: U.S. Consul-Gencr.il Gaffney, writing from Dresden, states that a German syndicate does not, as a rule, control any works as such, 1 like the American "trusts," but simply the' products of tho works. Thus a. German business manufacturing a- dozen articles will he a member of a dozen different syndicates, and not. a unit of a single corporation. There are syndicates governing overy important material, and article of iron manufacture from ore, coal and coke, to plates, bars, wire, machinery, and even nails. There are also district syndicates whero local conditions arc of a spcvi.il character. These syndicates work in great harmony considering the conllict of interests. The usual mothod or procedure is for a number of the expert officials of the syndicate to visit tho works included, and to record the geographical situation, mechanical equipment, productive capacity, ond special aptitude of each of the associated concerns. Orders received arc allotted and ' prices fixed by the syndicate. Each establishment gets its due share of tho trade, available, regard being paid, of course, to the location and capacity of tho works. For example, a Russian or Austrian order would, other things bein? cental, he allotted to a Silcsian firm, whlla an English one would go to a Wcstphalian shop. The country is mapped out. into trading zones, and everything possible is done to avoid waste, overlapping delay, and high cost of transit. These syndicates arc really manufacturers' trade-unions and co-operative associations combined, and their officials and agents attend to a wide variety of commercial, legal, and other matters in the interests of their constituents. Haw materials are bought and finished products are sold on the most, highly organised and economical lince. In 1897 some of tho German syndicates adopted the export, bounty policy. Since that time iron and steel manufacturers have been subsidised in respect of goods produced for export. The unions controlling fuel. iron, raw steel, etc., have supplied materials at cheaper rates wheu such materials have been required for manufacturing for export than when needed for goods for the

home market. From lime to time tho bounty rates.' or difference* between homo nnd export- prices, have been increased or decreased in response to the fall or rise in the .home demand, the primary object being to effect full employment for tb:; mills even when home trade has been slack, and the second to secure a permanent trade in foreign markets. I.nrgcly through the operation of these bounties Oermaii iron and steel goods have. Rained a foothold in markets previously regarded as llritish preserve?, fiormany, says the American Consul-tiencral. teems on the way to dislodge England from the premier position as a steel-exporting country, largely, it. appears, if not entirely, as an outcome of superior organisation.

NOKWICU UNION LIFE INSURANCE. The report of the Norwich Union Life Insurance Society for the yenr 1910 states that in the ordinary life department 10,493 policies were issued, insuring £5.585.785, and carrying uromiums of £225,492. In addition, the society received tho sum of £13,437 as premiums for leasehold ami capital redemption insurances completed during the year. The income for. the year was £1,793,380. while the outgoings (including a provision for every outstanding claim) amounted to £1,018.500. The Norwich Union Fund at, the close of the year amounted to £9,853,949 and the Scottish Imperial fund io £f,J0,189, making a. total of £10,544,138. The interest, dividends, etc., received dnrilig the year amounted to £379,942, and the net return on the mean funds, including all unproductive assets, was £4 Is. lid. per cent., after deduction of income tax. The total claims for tho year amounted to £422,483 by death (including bonuses! and £66,926 by survivance. Owing to a- change in the form of account, the figures reported this year include claims intimated in 1909. but not actually paid until 1910, as well as £54.361 representing claims intimated in 1910, but not paid until after the close of the year. The claims dealt with were accordingly £368,127.. an amount, which has been shown by the usual mortality investigation to be les3 than the amount expected by £162,553. YORKSHIRE INSURANCE COMPANY. The accounts of the Yorkshire Insurance Company, Limited, lor 1910 show that m the tire department the net premiums were £289.580. against £276,259 for the previous year; and loss, £130,904, against £138,323, the ratio being 45.2 per eent.,agains.t 50.1 per cent. In tho accident account tho premiums amounted to £12,225. and claims lo £4907. In tho employers' liability department the premium income was £74,405, and claims £49,252. Tho report states that, tho experience of this department, especially since the radical chances by tho Amended Employers' Liability and Workmen's Compensation Act three years ago, has proved that the rates hitherto charged in many of the classes of risks underwritten are wholly inadequate; and, beginning with November last, considerable increases have been made. In the general account the premiums were £158.845. and claims £62,40 G. The marine accouut has been commenced with premiums amounting to £19,422. The dividend for the year is at the rate of 10 per cent, on the paidup capital. The balance-sheet shows that the paid-up capital is £75,657, life insurance and annuity fund £1,996,331, and. fire fund £115,840. Adding marine and other funds, together with general reserve fund £327.667, investment reserve fund £2COO, dividend--reserve fund £20,000. and other items, the ba'lanco-sneet total is £2.971.029, which is represented by mortgages, investments, etc. ARGENTINE INSOLVENCIES. The drought in Argentina, coupled with, the. loss of the maize crop, are showing their effect in the list of bankruptcies. During the first three months of the current year the total liabilities of registered insolvents amounted'to £2.200.000. while in the corresponding nuarter of tho four previous years the sum involved has varied from £700,000 to £850,000. In dealing with this matter tho "Review of the River Plata" states that, of course, there will be something saved to the creditors, probably 30 ner cent, on the average, but wholesale bouses have suffered severely, one fii-i alone being interested to the extent of £180 OCO, in sums of varying amounts. Custom hns decreed that camp business should be essentially one of credit, and a largo proportion of th" aericultural population Hvo on credit while their crops are developing. If all goes well the business is profitable, but now there is no moncv in districts where there has been no harvest. Tho local tradesmen have no. other guarantee than the crocs lor .their goods and nrovisions supplied, and so, tho chain coca on. From all part.- of the province of Buenos Ayr"S. rt.atos the "Review," reports "tc received «f restriction of credits bv the Banco de la Nn-ion and the Banco do la Province., on- 1 whet" accommodation y: nj>t- actually refnse-'' the policy adontcrt of postponement, and reduction is almost "oually disturbinc. Should this policy ltocome general in hanliing circ'cj. it, is *osy to forecast- a total amount of failures {!"• the second of the. 'year tl'at, "ill nut that of the first quarter into the shade.

CUSTOMS. Customs revenue collected at tho. port of TV>llin*ton on' Saturday totalled£74o4 13s. Bd.. tlio total for tho wcrl% bcinf: £27.888 17«. Bd. The returns for tho p*st eight \vechs. compared with the figures for the corresponding period of last year, shovr

The beer duty for the week amounted to £218 10s., ae against £176 14s. for "the" corresponding week of last year. • LONDON MARKETS. By.TeleEranli—Press Association—Oopyrtehl (Kee. July 16, 5.5 p.m.) London, ,Tuly 15. Copra is in good demand; South Sea, in bags. £24 lo £24 2s. 6d. per ton. Cotton—July-August shipment, 7.43 d. per lb. , Jute.—Native first marks, August ship-, merit, £22 15s. per ton. ' Hemp is inactive; Xcw Zealand hemp, June-August, shipment, £21 ss. per ton. Rubber.—Fino, hard Para rubber is quoted at 4s. sjd. per lb. Hides are neglected. Thevo is uo business doing in leather and basils. BABBITS AND HAKES. By Telegraph—Press Association—Copyright (Bee. July 16, 5.5 p.m.) London, July 15. Rabbits.—There is more inquiry for rabbits, which show a, slight hardening tendency. Hares.—The few hares to arrive in August are selling at 2s. THE WHEAT CROPS. (Rec. July 16, 5.5 p.m.) London, July 15. According to crop conditions on July 1 the estimated American winter yield ia 460,000,000 bushels, spring wheat 270,000,000 bushels. Heei'bohm states that the United Kingdom is likely to yield 7,500,000 qnnrtcrs (60,000,000 bushels), Franco 40.C00.CC0 quarters, Germany 17,000,000 quarters, Italv 23,000,000.

LONDON WOOL SALES. AMERICANS BUYING. . . London, July 14. At to-day's sales all good wools showed a hardening tendency. The Americans arp bidding for good crossbred?. (Sec. July 16, 5.5 p.m.) London, July 15. The following,are the prices realised for the fleece portion of the clips named:— "Pouparac," top prico lOici.. average price Sid.; "Kumeroa," top 9>d., average 9Jd.; "Whare," top B',d., average Bd. : UNION BANK OF AUSTRALIA. Bj Telegraph-l'ress Association-Copyright (Eec. Only 16, 5.5 p.m.) London, July 15. The balance-sheet, of (he Union, Hank shows deposits £22,317,957, cash, investments and balance of remittances £11,682,361; bills, £16,183,038. FROZEN MEAT. The New Zealand Loan and Mercantile Agency Company. Limited, have received the following cablegram from their London house, under date July 14:—Frozen meat: There is a moderate demand at slightly reduced rates for mutton and lamb, and the market for beef is weaker.

NORTH OTAGO GIUIX MARKET. lily Telegraph-Press Association.) Oamaru, July 15. A little more business has been done in this market during the week, a fair quantity of wheat, having been sold for shipment coastwise. Velvet, and Tuscan have hath been taken at. country i-tations at up to 3s. 4<!.. and at 3s. 5d., ex store. Oaten sheaf chan" was bought at £4 nn trucks at country stations. Potatoes still movo very slowly, and Up-to-Dates are offering very freely without- securing buyers. One lot was taken at £.3 net at'a country station, hut the present value is a thado below that figure. For a- lino of Dcrwents, which are scarcer, 10s, more itu Eiyen.

FKII, DING .VARKKT JIEPORT. Messrs. A; 11. Atkinson an.l Co.. Ltd.. nf l-'oilding, report brisk business nil round on Krici'i.v. the nig market, again ruling hiirhcr for all Mir!'. Poultry also .-nlrt well, imllpts making to 4*. 6(1. pair, the average prim lor hen; being 2=. 6tl„ rooster.-' 3s. M. We sold l:\AiH Ihe report) spyoral horses, a, spring curt at::l wagon, and a (pianlity of harness. Far produce there was keen inquiry, and a iiuantity ot prime apples "old well. We quote:—Applce, 5 ? . to '/.. per quarter and half-ea.se; tahlo potatoes, 7s. Cd. to 10s. per nick; pig do.. 3s. 6d.; carrots. 4s. to <s. Cd. per sack; parsnips. 2=. 6rl. to is.; cruiiillowers, Is. lo Is. Cd. per small hap: oranges, 2s. 6(i. m 3s. per half-ease; bananas, Is. lo 25.; onions, Ss. to °s. per ewt.; pickling do., Id., lo lid. per lb.: barley, 3s. 3d. lo sd. per bushel: wheat, ■!-. £rt.: i-lialf. £5 per 1on; oats, 3s. to 3s. 3d. per bushel; bran, 65.: polhrd, 175.; bacon. Bd.; hams, 9d. Poultry, at per pair: Ileus. 2s. 9d., 35., 3s. 6d.. (■-.. to >Is. W.j cockerels, and rooster?. 35., 3s. 3d.. 3s. Cd.; purebred. 10s. to 15: i.; pullets, As.. •!?. 3d.. 4s. 6d.; ducks, <s. 3d. to Bs.: gccs.e, <!?.: chicks. Is. 3d. lo 25.; turkey -gobblers, 6s. each. Weauer pigs and slips, 7s. cd... Ss.. 95., 12s. 6d. to 135.: small etorrs, Ks. 6d., lis., to 16s. £d. HorsesShatter, .£l2: cob. £5: aged gelding, £12 ,10s.; pony, £2 10s.; light spring drays. £13 10s.. £8 55.; express. £13: harness, from 15s. lo £3 5*.; saddles, £2 Ids. to £3.

Jjnycr?. , bellers £ 9. d. £ s. d Union Bank 67 0 0 — National Mortgage 3 8 6 . N.Z. Loan and Mercantile — 0 18 0 Well. Investment ...; 0 11 9 — Well. Trust and Loan — 7 11 0 Christchurch Oas 3 15 0 — Well.- Gas (new issue) ... — 3 5 0 Meat Export (£5) 6 5 0 — Meat Export (52e. 6d.) — 3 5 6 Well. Woollen (ord.) — 4 16 Taupiri ■ Coal — 12 3 Wcstport Coal 19 3 — Loyland-O'Bricn 17 9 - N.SS. Drug 2 9 3 N.Z.. Paper-Mills - 119 Taranaki Petroleum 0 16 6 0 17 0 Taringamutu xotara i 6 0 2 8 0

as under:— / 1911. 1910. •E £ Mav 27 13,011 . ) 1,601 .... .June 3 iS,<60 12.578 June 10 9,1 <54 8,. 7 06 •Tune 17 15.57n is.ifi-j .Tunc 24 9,5fia 9.578 •Tilly 1 9.C9S 17,*34 ' July 8 21 ,444 lfi,251) July 15 27,869 32,232 122,198 105,461