COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1229, 11 September 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAEE3. The transactions recorded on Saturday were Feildlng Gas at 225. 3d. and Wellington Gas, rights, at 4d. The • buying and selling quotations were as under:-— " Buyers. Sellers. £ 3 d. £ s. d. Equitable Building 9 15 0 9 17 6 Well. Trust and Loan ... 7 9 0 - Christchurcli Gas 9 12 6 9 15 0 Feilding Gas 12 3 12 9 Napier Gas 12 0 0 — Well. Gas (£10) - 19 0 0 Well.' Gas, new 2 15 0 3 0 0 Well. Gas (rights) 0 0 3 0 0 5 K.Z. Insurance 4 11 6 — Christchurcli Meat — 1512 6 Union Steam — 2 16 Taupiri Coal 114 — Lcyland-O'Brien 18 6 — Manning and Co 3 15 0 4 10 Mauricevillc Limo — 017 0 N.Z. Paper Mills - 1 1 3 Sharland's ordinary — 14 9 Ward and Co — 5 0 0 WELLINGTON FARMERS' CO-OPERATIVE MEAT COMPANY. The balance-sheet of the Wellington Farmers' Co-operative Meat Freezing Company for- the year ended June 30 last shows a loss on the year's operations of £395 2s. lid.. The gross profit for the year on freezing manufactures and Bales . was £4146 19s. 7d., and transfer fees brought in £1 15s. The expenses of management absorbed. £3176 3s. 4d.; interest, exchange, and discounts, £12C8 19s. 2d.; insurances, £158 ICs., leaving a. net loss of £595 2s. lid. Tho paid-up capital of the company is £39,024 7s. 6d. Tho land and buildings arc valued at £25,387 Is. 6d., machinery at £16.111 16s. 2d., loose plant and fittings £1233 3s. 2d. The preliminary and formation expenses amounted to £2147 19s. 2d. The un'rcaliscd consignments arc valued at £36,742 12s. 7d., and the stocks on hand at £13,193 9s. 9d. During the season 69,383 cheep. 46,186 lamb, 757 cattle, 135 pigs, and 10 calves wero slaughtered at the works.

INSURANCE AND INDEMNITY. In rccent i times great advances have been made in the direction of liberalising the terms offered 'by insurance companies to prospective clients. The change that has taken place in the attitude of firo underwriters has been considerable, and the coM hard-and-fast basis of business,' material indemnity, and no more, has been abandoned. It was . originally accepted that insurance was solely a matter of indemnity, and that any contract which (rave to the assured more than a simple indemnity was not a legitimate insurance. That Statement, however, was only partially correct, for many branches of 1 in-, surance never recognised the principle, whilst in others it was' only regarded in modified form. In some instances, such, for oxample. as employers' liability, it had been observed rigorously, but its non-applicability in the case of life and personal accident is apparent. In marino insurance the position ia different. A merchant insuring cargo takes into account all sorts of charges beyond invoice cost of the goods to bo covered, and in the event of total loss he receives from the underwriters the full sum, notwithstanding that he may not have had to pay for the cargo anything near the. amount. Formerly fire offices insisted that the extent of every claim must be proved after loss had taken place, urging the "moral hazard" against any departure from that practice. Latterly, however, partly through stress of' competition, they have given way, and now cater, more or less eagerly, for business in the "insurance of profits and consenuential IOIT.C This process of transformation, in the opinion of the Economist," is not yet complete, and "as far as can be judged at. present." it remarks, "it seems probable that in the next few years lire offices will modify still further their theories of indemnity; and it would not be astonishing to find them, in certain spheres, openly sacrificing the right to allow for depreciation in the settlement of claims." It is admitted that this development "opens*tho door to the moral hazard," but it is pointed out that a wise agent will sec to it that his principal does not insure for more than a reanonable. though riot necessarily a materia!, indemnity.

ADVANCING PRICES. A sharp advance has taken place in the quotations for white lead, tho f.o.b. Quotation being raised by £3 per ton for first brands. It is reported that the corrodors of - lead in . England have formed a combination and that they have taken advantage of the high price of raw lead to raise their quotations. All canned fish appears to be considerably, higher. With respect to sardines it appears that the French sardine fishing season developed along most unusual lines. From tho first, indications were unfavourable, as, although the fish appeared the normal time off Los Sables, the quantity was small, and tho size very largo, instead of large .shoals of small fish. As tho end of July approached, the fishery in Brittany and the Morbihan, which should havo been in full swing, had not really commenced, and dny by day reports were received from the principal packing centres advising that there was no iinp?ovcment. Last season the actual results were similar, but they were accounted for by a continuance of high winds and stormy weather, which prevented the boats going out. This year the weather was fine, with an absence of strong winds. Strangely enough, it was suggested by some authorities that the reason of the unsatisfactory fishing this season was that tho weather was too fine. and the seas too clear and bright. • Other factors, helped to make the situation difficult for the European packers. Olive oil was, and still is, dear beyond 'precedent, and tinplato and solder are high. Up to the middle of July; too, comparatively poor progress had been mado in the salmon fishing on the northern rivers of British Columbia.

CUSTOMS. Tho Customs revenue collected at the port of Wellington on Saturday totalled £1793 2s. 3d., the amount for the week being £23/06 4s. Id. The returns for each of the past eight weeks, .compared with the .figures for tho corresponding period of last year, show as under:— II 1911. 1910. £ £ .Tuly.22 13,426 9/80 ' .Tuly 29 21,343 23,362 August 5 11,508 18,282 August 12 25,137 23,055 August 19 '. 11,592 10,161 August 25 15,965 26,169 September 2 18.156 11,395 September 9 23.4C6 12,849 140,533 134,353 The beer duty for the week amounted to £214 145., as against £240 lis. Id. for the corresponding week of last year. ■BANK OP AUSTRALASIA. DIVIDEND AND BONUS. By Telegraph—Press Association-Copyright Sydney, September 9. The directors of the Bank or Australasia have declared a. dividend of 12 per cent, and a bonus of 16s. per share. Tho sum of £50,CC0 has been added to reserve, £20,000 to premises account, and £16,185 is carried forward. LONDON MARKETS. By TelcgTaph—Press Association—Copyright (I!cc. September 10, 5.5 p.m.) London, September 9. Copra is active. South Sea, in bags, £26 10s. to £27. .lute is unchanged. Hemp is unchanged. Rubber.—Fino hard Para rubber, 4s. 9d. per 11). Kauri Gum.—Tho quantity in stock is 361 tons. Cotton—September-October shipments, 6.32 d. per lb. Rabbits are firm. New season's are o[ esccllcut quality. WIIEAT. By Telegraph—Press Association-Copyright (Hoc. September 10, 5.5 p.m.) London, September 9. An' Australian cargo sold at 365. 6d. per quarter. Hinzer estimates tho American spring wheat at 203.419.CC0 bushels. (Rcc. September 11, 0.20 a.m.) London, September 10. An Australian cargo of wheat haß been sold at 365. lid.

AMERICAN COI'PEE STOCKS. By Telegraph—Press Association—Copyright (Kec. September 11, 0.20 a.m.) London, September 10. American copper stocks total 133.422.0C0 lbs. 'SHEEPSKIN SALE. By Tclcsraph—Press Association—Copyright Sydney, September 9. At the sheepskin sales 7476 bales were catalogued ami sold. The attendance was about an average. Competition was fairly well maintained. For Rood Australian merino combings, clothing sorts, ami trossbreds, were from par to a farthing lower. The Hank of New Zealand has received the following coble advice from its Loudon office dated September B:—"Sheepskins —Compared with the close of last series, prices for full-woolled merino skins show a slight improvement, and all kinds of crossbred skins show a .slight decline." The New Zealand Loan and Mercantile Agency Company. Limited, have received the following cablegram from their London house, under date September 7:—Sheepskins—Shccpsldus are generally lower by id., except merino combing, fine crossbred, and crossbred lambs, for which there is no change in the market. The New Zealand Loan and Mercantile Agency Company. Limited, have received the following cablegram from their London house, under dato September 8:Frozcn Meat—The market is firm for mutton, steady for lamb, and has improved for beef. CANTERBURY PRODUCE MARKETS. (By Telegraph.—Press Association.) Oamaru, September 10. There are small supplies of wheat, and the market at the beginning of the week opened firm, but slackened off towards the end. It is expected should the high prices prevail, that flour will be imported from Australia, where it is much cheaper than here. Sales were made for red chaff at 3s. Bd. to 3s. 9d. on trucks at country stations, and Velvet and red chaff at 3s. 9d. all round. There are no supplies of oats; a small lot changed hands at 2s. 9d. on trucks at a country station, but little is doing in potatoes, and prices remain at 455. to 50s. Eggs aj-e plentiful, and selling at Bd..- per dozen. Butter has been firm, the supply, however, is increasing. Separator was selling at Is., and dairy at 10d„ but to-day was expected to sea a drop in prices. FEUDING MARKET REPORT. Messrs. A. H. Atkinson and Co., Ltd., report on Friday's market a better demand for pigs and good sale for all descriptions of poultry.. Potatoes in heavy supply and dull market. Good inquiry for vegetables and little offering. Quotations:—Wconers 55., 75.. 7s. 6d., to 9s. 6d.; slips, 55.,-7s. 6d ', lis. 6d., 145., 14s. 6d.; stores, 75., 9s. 9s 6d., lCs., 10s. 6d., lis., lis. 6d.. 125., 14s, 15s. 3d., 165., 175.; porkers and baconers, 235., 245., 285.. 295.; hack and harness horses to £6. Poultry (at per pair): liens, 3s„ 3s. Gd., 3s. 9d.; pullets, Is. 6d., 45., 55.; cockerels, ,2s. 6d., 2s. 9d„ 3s. 3d., 3s. 6d.. 45., 5s ss. 6d.; ducks, 3s. 6d., 4s. 3d.; Muscovy, 55.; turkeys, gobblers. 10s., lis. 6d., 13s 145., 165.; hens, 10s. Drill. £9; dray, £8 Table potatoes, 7s. to 95.; pig, 35.; parsnips 3s. 6d. to 35.; carrots, 3s. 6d. to <s • all per sock. Chaff, £6 ton; maize, 3s. 9d to 4s. 3d. bushel; seed oats, to 4s. 3d. Nelson apples, ss. to 6s. half-case; home-cured hams, 7Jd. per lb.; choice pot plants, palms, and ferns sold well, also cage birds, etc.