COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1267, 24 October 1911, Page 8

COMMERCIAL ITEMS.

SJIALIi ASSURANCES. Life a.-surar.ce is not, :i tlfins wbct« men n;n to in the taking of it, tho tendency being riuito tlie oth-cr wav, but. it is not -unlikely thai more pi-oßrcci; wouUl bo reado if pc.ipb had before their minds a ro:-t of standard which should bo roaehed as a n:inimutn. At a r&:or.t one of the spea leers l:iid down such a holdius T-hnt whatever iimro Hiiicht, be done, no icon should be satisfied will; a, smaller policy tian -.votilil equal two years of his current inco.iic. So man with wife and children dependent on hi;u could urjc that such a provision wou'.J be too niucii were ho and his income to ccafo from the family, nun yet it is 50 moderate that with reasonable cave in other outiavs, tho rroniiunt v;ould not be ;i heavy burden. Itvrould be interestin; to sec this principle carried not only up but down the scale, no that the avernr? working man may Eecure at least dEiCO. THE OILCLOTH TEADB. . riocent advances i:: the quotations for linoloiims r.vA oilcicths are s;«d to ba amply jusiiiicd by the position ol aUairs in the country of origin. Loud-on aud .'ifanclieE tcv houses would a.pp"a - r to lu\ve the built of the trace in linn hands, and it is tolerably wcil kiiowu that for 60ine time pa;t operations !'-:ve been con-duc-tefl nioro or iera under c'amcultiei. Certainly a severe hatcit-ap has been inilioscd by tho extraordinary rise in i-.qme of the most important of tho raw raateri.-.ls used by the manufacturers. Within the pa.?t 10 months Hasted oil has iucrease;'. in price by about 33 1-3 per ccut., and juts h:-.s Bone up fully 51) per cent, llaiijlc-tly, wji.li such an advance in the cost of iia principal raw material, the trade has been hard pushed to make reasonable proiits, in spite of the crrowiijf; popularity cf tii> liwtsrial prcdtioed. It became a lTiatler of imperative necce-'ity to raise the price of the finished article.

JAPANESE CUSTOMS KEGULATIOXS. Japan liao been fretjuen-tly rofeiTed to as a. ]ii>a.iijle cust-oaicr of j»cw Zealand, but i'i is a (|UC£ti'jn whethor Jipan is keeu to make purchases from oi-lic-r counUics, at all events, what with tarili's and Cuttoins rogulr.UoHC-, the Japanfse make it very diiucult for a-ayone to trade with tiiein. 'i'la-' latssr, Ci'l4:oili3 l-tjuiatiun which has come into force in Japan is c-oi'tain to prove in operation a Eomcv.v.at teriDus source, o> embarrassment to shipiwrs of isiuimodities of all kinds to ths country mentioned. Iho Japanese authorities foriiially notified about a month a-rro that from October 1 they would rcuaiirc. that all invoices for goods exported to Japan shall be signed by tho "seller" in the coum-.'y of production. Tho term "seller" h to be nndprstood to mean the "last seller," or "puppiiar," and docs not include the city firm or representative of tho oxportar. The simplicity v.ith which tho Japanese thus endeavour to get past shipper.? in other parts of tlic world, and .-o f-;eli ta cva<!-3 the ordinary aveir.ics of businpfs, and to dcil with prodincrs itnd maaufactuiers. 13 cliarmii:;. The pro pos-il, naturally, is meeting with stout opposition in l-.n?land aril elsewhere. Moreover, it w impossible in uU «ises to comply with tho of tho roguUtian ,for many artidre which art siiinped to Japan ■ misht be enumerated, tho makers of wU:-:h may be said to be plural, and each of -.Thoai could properly he termed a"l-a;-.t seLier" to the cxpurlcr. Til? re?ulatio:: has Ijesn criti:-ised in J'ngiand as "011s of thof-'j foolish reijirire-n-.puts which puulin aulhoritico unfamiliar w;L!t the course cf biuiujf.' mp.ke from ti-iro to time." p.-jufriliss vigorous remonstrance azzinst 0:1 the onforccinent of tho innovatain will be k.tJc, and tho resistance of shippers v.ill also have its infiK'juro in th? dir?ction of clfcoting a rtrjiilM modification uf the. vexatious rcBiilalion.

THE SALMON SHORTAGE. The position is said to bo very acute in America and Kuropcau centres. When the opening pricc of new Alaska salmon was announced in Nor. York, Hod Ala tic.a being quoted at 160 dollars f.o.b. count, and pink at 1 dollar f.o.b. coast, the buying campaign, according to the New York ""Journal of Commerce" of August 33. was an unusually br:«ef one. Practically all orders for red and pink placed "v-ith the brokers subject to approval of prices were continued, and the fact is tho more remarkable beeauco the prices mined arc, far higher than the initial figures on any previous pack. With regard t:i pink salmon, it is stated that this desertion has see u red a very wide field duviV: the past couple of years, going info itolcto where formerly it was taboo or barely tolerated, because of its relatively low cost. The New York "Journal of Commerce" furnishes an item which may r-OTncwhat alleviate the stringency of the position. It is to the effect that the Canadian Government, in answer to appeals from Canadian canneries and fifhormon, has cancelled the annual close season for sock-eyes on the Frav-cr Biver. The clo'.e reason extended from August 34 to September 15, and its abolition was brought about by representations that Puget Sound packing in tercets were catchin? 35 per cent, of the fish that Canadian hatchers propagated. . TOMATO SEED OIL. Of the making of oils there would appear to be no end. New oils are constantly making a more or lore- welcome appearance Oue of the latest or. the English markets is extracted from tomato seed:, which have hitherto not been accredited with much usefulness outside the realms of doubtful jam manufacture. In Italy. where tho tomato industry is very import-ami, there will bo a considerable production of the oil, especially in the province of Parma. In that province alone it is estimated that 80.CC0 tons of tomatws are used annually for conserve?, sauces, -and ro forth, and from the seeds 600 tons of oil wore obtained last year, in addition t-o a, certain quantity of cake sold for feeding purposes. Tho oil has a character s:-miJ.ar to that of cotton-seed oil. a-nd finds a, ready s-nle for employment jr- those industries for which vegetable oil is required. DRYING OILS. Really pood drying oils arc exceptionally few in a world of many sorts. Linseed if? the best obtainable in quantity. But when linseed oil vises above what is regarded as a fnir average price, many buyers turn their attention to less worthy drying ons, which, though perhaps not quite so fitted for the purpose as linseed, still make a satisfactory substitute. Thus, it i? just now that attention is being turned to China wood, or Tung oil. It is numbered among tht? be?t of substitutes. The tree from which the oil is obtained is found anywhere within 12C0 miles of the ccast of China. It starts to bear fruit between the third and sixth year, and continues to bo commercially useful for 10 years. Its usc3 are legion. Its timber, thoujrh not obtainable in large sizes, is soft erad white when new, but becomes very hard and durable as it ages, and is impervious to water and injects. A fibre is obtained from the tree and is spun ajul woven into a useful clotn. It is the fruit, however, which is principally of use. The tree is easy cf cultivation, yielding from 20 to 50 pounds of nuts a year. Some idea of its valuable qualities can be gathered from the variety of uses to which it is put by the Chinese. It serves as fuel and oil for lamps. It waterprcKjfs paper for umbrellas and other purI poses. It is used for varnishing boats and all sorts of woodwork, and for making I eloth waterproof. The soot resulting from 1 its imperfect combustion gives the well- | known Chinese ink. Combined with lime, I clay, sand, and earth, it forms a composition almost as strong as granite. The ash left after burning the nut itself, mixed with the oil. produces a pasty cement, which in used in China for caulking boats, and makes a good filling for preparing wood for a first coat of paint. One of the peculiar qualities of the oil is that on healing above a certain high temperature it coagulates into a. substancc'resembling amber, and cannot thereafter be softened bv heat. The total exports from the principal ports in 1909 were valued at £416,603, . and for Inst year at £868.C0Q. The United States absorbed about ha.lf of the total quantity exported. Whether the oil has had its possibilities for usefulness es- • hau-tcd cannot be.said, but further utili- > tics are nuite likely to be found. At prei sent its chief importance is c-s a varnish, 1 and as a partial substitute for linseed oil. i RAVINGS BANKS. f The Federal Note issue, which is regard ed as a. siicccss, although it has not reI ceived the test a financial panic rlone can give to it, has r.lready aEordcc the New Zealand Government a policy mea rure, and it is not unlikely that otlici bnnkine vagaries of the Australian State: t will find favour with radicals in New Zea 1 land. The other clay a Bill was introduce? into the Victorian Legislative As«mbly t-o amend the Savings Bank Act in the di " rection of transforming it into a chcQw ' bank, and to provide for the payment ol • interest on all deposits, no matter what'heir amount. Commenting on this lates: T piece of Socialistic legislation, tho Mel » bourne "Argus" says:— "U the bank had to do these things V i would alter its cluus/M/ir in important cs scnti'ils. To be successful, it would h.avt ? to assume all the functions and accept al - tho responsibilities of an ordinary hank ing house. Experience has taught those

T .vlir> control firings hanks that the Eifety limit in such institutions with respect to deposits on »vhieh interest enn bepaid is £2:0. The temptation for depositors to withdraw their deposits for investment :n other miart o rs where n better rate of interest can be earned is small if depont? do n«\i go beyond that suie. Ii ter&cr deposits ire received the hitercst earned become a- consideration, ard there would always be the risk of the money being taken out of the bank to he used cl-Kuvhere. If that were- rfor.c the earning power of the inititution would doe::ne, ucrau.cc a large nunmi'y* of id!? money won-d have to be held in the vau , *.s»to meet CiCma rub. V.'ithdrawa!?, too, would be heaviest .it times of fina-u-cial uttea*incs?; whereas when depots are limited peop.e sees thf* Savings Bank on Mich ecca'jioiin as a haven of eafe'.y. The commissioners, from the iiercs?itic3 of the position, ha.ve to invest about 61 per cent, of their deposit in debentures, there being only a. limited field for lending money cn mortgage or for placing il cn fixed deposit wita the banks. Therefore, if large withdrawals r-hould have to he met at a. time of strejs, the commissioners would have to pell debentures. To do that would help to smash up the market, for clocks when, in the interest of everyone, it was desirable that it should be maintained _a t ihc Uipncst possible level. The objections to making the bank a cliccjug bank are, firs'i of aJ. f the expense involved in enabling the ii"utitution to cope with that of business; snd, next, the large store of rash that would have t.o be "kept on hand. Such a change would cost so much that the rate of interest paid to depositors would have to- be cut down—a course that .the email investor who makes use of the institution would be the first to cry cut against- At the back of all these objections to the Bill is the main one of the fundamental clttLnrc that would be made in the of the institution. Money has been deposited with the institution for tho rcaron that it does not acecpt the trade risks that ordinary banks run. _ Therefore, aai implied contract exists with the depositors to maintain the institution its it stands, and that contract ought not to be broken until their approval of any such alteration of the constitution is obtained." HIGH COMMISSIONER'S CABLE. The Commerce and Tourists Division of the Department of Agriculture, Commerce, and Tourist, has received the following 1 cablegram from the High Cornmyj.-.ior.er for New Zealand, dat-c<l London October 21. (Note—Quotation?, unless otherwise specific-d, are average market prices on spot):— Mutton.—The market is quiet, but holders aro firm, as stocks on hand are light, and ore firmly held in few hands. Canterbury, 4?, d.; North Island. 33d. per lb. Lamb.—The market if, quiet. Thero is less demand. -Canterbury, Sd.; other than Canterbury, <i£d. per lb. Boef.—The market :«s very dull; the Fnipplv cxccedi? the demand. New Z-ea-la.iul hinds, 3}d.; fores, 2.} d, per lb. Butter.—The market is lifeless. Transections are very limited, and buyers are not inclined to make forward at present prices. Danish, 14C>3.; Siberian, l£>s.; Australian ,1295. per cwt. Chcve.—There ha? been no alteration in the market si-ncc lact week. Canadian, Gd. per uwt. Hem?.—The market is a Dhnds wpakcr. New Zealand crood fair, sjwt. £20 per ton; first grade, -Hl9; fair current Manila, £20 ss. October-Dcccmber shipment, Nc-.v Zealand {rood fair, £2) SO?.; fair jrro/le, £19 10\; fair current Manila, £20 lC<s. The output from Manila for tho week was 27.GC0 bales. Oschsfoot seed—The market is firm. aro lisht stocks on hand. Wool—Tin market is weaker and rltahtly lower. Current qu3tntiou»T for Bradford top.T—3s's, low crossbred, 15. Id.; 40's, lov; crossbred.-, Is. IM.; M's medium breds, let. l*d.; 50's. hah'brcd, Is. 51d.; 55**, quartorbrcds, Is. Sd.; 63's merinos, 2s. Id. FROZEN MEAT. By Telerraph—Press Association- Copyright Lnntfon, October 22. Tho Frozen Moat Trade Association's Smithficld market quotations for the undermentioned classes of frozen meat are based on actual sales of not less than one hundred carcasses of mutton or lamb, or twenty-five Quarters of beef of fair average Quality. The quotations are not for selected lines, but for parcels fairly representative of the bulk of the shipments now on the market. The nrico3 which follow arc on an averaire a farthing per ih. more than the value ex ship, Uus difference representing an average cost in expenses, handling, conveyance, and selling the meat:— Oct. 14. Oct. 21. d. , d. ilutton— Canterbury, light 4i Canterbury, modium ... 4i <>1 Canterbury, heavy. 4 — Southland 4 33 North Island, best 4 3.-5 North Island, ordinary... 3J5 3$ Australian, light 3} 3 Australian, heavy 3j 3 River Plato, light 3* 3i I'ivev Plate, heavy 3 546 11 New Zealand ewes 3 3-16 31-16 An-Lralian ewes 33-16 25, Eiver Plate ewes — 3KG LambCanterbury, liglit 51 5 Canterbury, medium 5J 5 Canterbury, heavy 4a 43 Southland 5 43 North Island, selected ... 5 <•] North Island, ordinary... 43 4^ Australian, best — — Australian, fair — — Australian, inferior — — River Plate, first — — Iviver Plate, second 3g — BeefNew Zealand, os fores ... 23 Nc.v Zealand, ox hinds ... 3|f 3J Australian, o:: fores 22 2J Australian, ox hinds 3i? 3 River Plate, ox fores ... 23 2$ fliver Plate, ox hinds ... 3D 3$ I'iver Plato, chilled fores 21 13 Eiver Plate, chiilcd hinds 4 3 There is a depressed market for beef, due to the cheapnera of South American chilled beef. Pror.cn beef is practically unsaleable, except at heavy sacrifices. WHEAT AND FLOUR. By Telegraph—Press Aesociation—Copyright London, October 22. The wheat and flour allpat for the United Kingdom totals 2,695,CC0 quarters; for the Continent, I.2GC.CCO quarters; Atlantic shipments, 169.CC0; Pacific, 12,1t0. The total shipments to Europe" during the week amounted to 1,C75,CC0 quarters. eluding 60.1/C0 from the Argentina, 293.CC0 i Russian, 275,K0 Danubian, 55.CX from India, ! and 90,€v0 from Australasia. ! TRUST AND AGENCY COMPANY OF AUSTRALASIA. By Telegraph—Press A/sscciation—Copyright London, October 21. The Trust and Agency Company of Aus- , trala,sia has declared an iuiterim dividend | of per cent.