COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1322, 28 December 1911, Page 8

COMMERCIAL ITEMS.

CCMMKnCIAL SAIAACiK. ' Salvage oporalions in wnnocliun with C(-iiimcrcinl ami iiidiiftrinl vnituiv; arc often as lucrative iw arc tliorc. in l-rtiilicm to marine imdorwliiiiir*. Tlip pvpoiipiu-w of the llralisatinn si.iiu DohcutJifu roriwirrition of Scotland Liiiiilod .illonl ail illii-v nation in the lormer doninin. VonmU-d 1" ICBB, to acouit'c and realise asrols. and Kcnorally to act as ctevutor, trustee, or iiKcnt. the. lias einrcedi-d hi distrilmtinp dividends rcKiil'iirly. tlio l;ito.-t. completed year in its liiMory leaving Mio riirectorato in a position t<.) pay 17!, per cent, on the ordinary shnrei , —which in llu: previous year Kot, 10 per cent. In addition, holders 01. fouiidei'! l ' shares rcccive<l 21*. per sltare, as compared with 16.;. for the twelve months ended AnsriiPt 51, \%l, After providing £or these disbursement!-, there remained a carry-over of £t6,SCO. Tlhi fouiHlcri!' shares, wiiich .ire ot Uie denomination of ss. cacb, a.fo to be btilidivided, and renamed, in order to facilitiitc market biiMncf-s in them. They were originally £5 shares, hut in 1889 they were siibdhide.d into 10,(00 ot lCs each, and there was a- subsequent (lii-Uicr chanisc. After providing for these Kiieli an amount as ma;- be considered advisable, tho ordinary f-hares art , eiixillcd out of net profits to a 7 per cent, dividend, any portion of which. n.t diFcreiion, may be uvplie'l to an ordinnry bhiire reserve fund for equalisation purposes and a similar provision eiu-ts in the ease of preference shares •

PHOFIT AND LOSS ACCOUNT. An intcrostinc paper on the brst way 'iu which to , keep the profit ami loss account of an industrial concern was read recently'before Uic Institute of llirectors in liondon. Tho lecturer stated that present methods of asses-Mnp animal profits liu-Ucd anything like scientific accuracy. ;ind thay could be osu-iily improved by ciying atlrntion to Eyftlema.tic. aceouuiinj; fop ciipilat outlay as it expired annually. All capital expenditure on wastir.g assets, ineludiiiK industrial plant, and-machinery, consisted of payments made in advance on rcveune account. Kvcrythlnc bomrht with t-hnso payments, except land, was constantly wastiiiß in t.hc service of c.-ii-nini annual revenue. Vet by the stirvivaA of an out-of-da.lc custom all such expenditure w:>3 still called fixed capital, and was rc(ra,vded as permanently representing-Lite cuoital of the uude.rtald»(r. It was also a common practice to charge a.ll expenditure mads in itd\ance of revenue which could not be debited to the receipts of the year to sonio account, representing capital outlay. There, it remained unobserved, and with det-'iils lost to mind, subject only to reduction l.y irregular allocations uul, nf .revenue. The result was that (lie accountinc records relating to capital outlay speedily became a confn-.-ed mass of meaniiiKle.s'i> figures. i\'o attempt was made to keep track of the cost of each da,*.; of plain, and lo see. that this cost, which was incurred solely on revenue account. wa.> duly charged to revenue over the period whirii received the benefil of the'service, or u?cfulness, of each particular-data of plant, during its efficient. life. In'place of this, present neglectful trca.tmeii't of industrial plant, and of the accounting records of the capital outlay which purported fo represent it, both should receive continuous and systematic attention and provision, said the Jocturer. The object thereof was not to determine the present market value of the plant, but to ascertain that a s-ufficient f.um was being taken out of the annual revenue, to replace the balance ,of costoutstaaiding by-the end of the efficient lire.of the plant, according i'o the Meat estimate.

NATIONAL MUTUAL LIFE. A very satisfactory report has been issued by the National Mutual Life Association for the year ended Seutember 50 last. The total number of ordinary and endowment policies i.'sued was 'foW, o.goinst 13,019 in tho previous year- :iseuring £3,<M2,8J4. as against £3.267,«7. The net premium income was £863,290, ns compared with £800.149 in 1910, and t'ne : tot-il income, wns £1,198.7,48, as against £1,122,668. The total'ontso rinrinc t.hc past year was £690.940, tho addition to the assurance fund being £507,208. The total of Die assets stands at, £6,881,925, as compared with £6,368,740 in 1910. AUCKLAND PBODTJCK MARKET. fßj Telegraph—Pro»i A6Sociattbn.l. :' Auckland, December 27. Various produce auctioneers in the city report that,, though tho sales at Christmas this year were, very satisfactory, they aid not come up to the previous Chri.st.ma«. The season's supply of fruit was considerably affected by the violent sale which raged prior to Ihe Christmas holidays, licports are coming in as to the damage done, and from all account* it appears to have hcoii considerable. Teaches, which in previous years have been coming freely to hand at Christmas time, have this rear been arriving very slowly, and are of extremely poor qualitv Strawberries were in keen denvml, aiin though there wa.= a fa,ir supply, they brought remarkably good prices. Turkeys F c . i P ou,lr y, etc., were plentiful, aud 1 etched good prices, and in this respect compared very favourably with the previous year's sales. The prospects for a plentiful supply of applos, pears, etc., are. excellent, and there is, despite the. pale, every indication ol the rruit-CTowers enjoying the bcoefite of a -record season. Cnsioms duty collected at Hie port of « ellinston yesterday amounted to £515 17t.

MINING NEWS. KEEFTON IIfTTDKXS. By Telesraiih-Prcsa AEeociatloa-CoDyricht _ , . Roelton, Dcccmhei- 27. Drcdginp: Pacfolus, Mdz. 17dwt. for 113 hours, and declared dividend of 1» Jleeflns: New Bi? Jliver won 71108.' IHivl. of inellcd gold from 550 tons crushed Cyjumlet, J3oz bullion from 35 tons sand. Joint value £oCBO, approximately. Declared diudend .if-oiie shilliuc. Keen Tt mi -lattery and cyanide 168oz. lhhvt. from 374 tons quartz and snad.