COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1390, 16 March 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARE& The ealfs recorded yesterday were Shai land's preference at 245. 6d. and W.F.O.A (£1 paid) at 28s. 6d. The buying and sell ins quotations were as uncbr;— Buyers. Bellere £ s. d. £ s. d Bank of New Zealand ... 11 0 0 - National Bank , 5 16 6 — N.Z. and Hirer Plate ... — 2 0 Christchurch Gas 9 0 0 9 5 Gisborne Gas — 218 Napier Gas .' - U 10 Well. Gas (£10) 18 0 0 18 10 Well. Gas (pref. 7s. 6d.) ... 0 8 0 0 9 Standard Insurance — 1 10 Christchurch Meat — 1512 Gear Meat (£4) — 13 0 Meat Export (525. 6d.) ... 2 17 6 2 19 Union Steam 2 1 S — Well. Woollen (pref.) - 5 0 Hilmrangi Coal - 019 Taringamutu Totara 2 6 6 2 8 Crown Brewery — , 1 15 Golden Bay Cement l<3 15 N.Z. Con. Dental — 1 1 Sliarland's ordinary — j J Ward and Co — 6 J W.F.O.A. (£5) - 7 5 W.F.C.A. t£l)- - 1 3 CO-PAETNEKSHIP AT PORT SUNLIGHT Thi co-partnership scheme inaugurated a Port Sunlight by Sir William Lever, am extending to all the works of Lover Bros, in all parts of the world, is a standing ex ample of the success of this method _ o preventing industrial disputes becomini acute. The results for the past ysnv wer< announced in a speech recently by hi William Lever to hie co-partners at Por SunlWht. lie pointed out that in 1909 tin amount of co-partnership certificates is sued was £98,388. The dividend was 7* p=; cent., and the amount paid in dividend! wns £7398 2*. In 1910 the total amount o co-partnership certificates was £186,702, tin dividend was at the rate of 10 per cent, and til'! amount of dividend distribute; wa-s £18,670. In 1911 the amount of certi flcatSK. preferential and ordinary, is.-uei was £298.731. and the amount of divideiu to be distributed that night all over tin world where their industry was, totallp' £28,702. The rate of dividend on the ordl nary certificates was at. the rate of 10 jiei cent., and the amount fcnoMtcd in tin Savings Bank in 1911 was £15.787 lls. Id. the average over £14 per head. Sir Wil liam Lever, as may be imagined, is not ir favour of legislative interference, tthen over h: sow political schemes ndvccuUDs that lefUliitinn oouM by eome inlrneuloui BIMU jxodjjce ftlULßgce ta taaiti ooadiUoJU

jo raise aud elevate tho whole human race, ihort cuts to prosperity, lie called them, hey always reminded him of ths per>etual motion scheme. There was no way n which they could have socinl, betterment other tha.n by producing their goods >n the best system, and hnyin K the best iistribulion of them. Legislation could mlv secure them equal opportunities and rights. Ho did not believe in socialism. It ivas wrong. He equally disbelieved in and ibhored and hated a. policy of getting lαjoiir as cheaply as it could be got, and •etting as much work out of it as thsy ■ouki for a little-money. Surely there was i middle way in which they could work ogether as partners. \\ hat mortar was to the wall the spirit of brotherhood and lonest dealing with one another ought to )e in business; and by honesty ho meant he spirit of doing unto others as one ,vould be done by. There, was just as much a science in tho relationship between the employer and the employee as there was between metals and chemicals. Gerain people declared there was no sentiment in business, that brotherhood and aff3C,tion had no place .in business. That iva.« the greatest delusion ever circulated. Affection and brotherhood were the greatsst motive power in the world. MUTUAL lilFB AND CITIZENS. According to Sydney files the outstanding features of the twenty-fifth annual report of th;> Mutual Life and Citizens' Assurance Company jnat issued are the economical- management of the company and the stringent-bo-EOS on which its policy liabilities have been valued. report states [hat the year "nded December 31, 1911 .was the most progressive and successful in the history of the company, lhis is the fourth report since the fusion of the Citizens, life end the Mutual Life Association, and the second since the Australian U idowe" Fund'was fussd into the M.L.C. In the ordinary branch, excluding new assurances, the number of new policies issued was 13.542. assuring the sum of J8Z.511.8G6. and producing a new annual premium income of £81,245, which establishes, a new record for the company. Premiums in the industrial branch., amounted to £224.258, ai incr-ase of £15,277, the largest increase for 20 years. The second year s business in the accident branch is reported. The expense rates of each of the three branches are very satisfactory. Thr following comparisons may be made of the new business booked by the ordinary branch:ORDINAKY NEW BUSINESS. Annual Policies. Amount. Premium No. £ £ 1911 U.54K 2.511.866 81.245 ,910 13611 2.501.2« 63.315 I,™ U3;,? 2.C09.460 70.475: iloH:;::;:::::::::: il;™ 1,878.294 67.671 A« against this increase of new business there has also been an increase in th: claims in the ordinary branch, though m the indt)3lrinl branch the claims have do creased, as follow:— CLAIMS, 1909. 1910. 1911. Ordinary £258.955 £382.515 £425,71! Industrial ...... 6H.614 69,809 60.95; Accident - 5,020 9,0o! ! Total ....:. £327,567 £457,345 £495,72! ' The amount of business now in force n £28.581.169, including bonus additions against, almost 27 millions sterling, a yeoi ago. The policies in fovre aßsurinc tin: sum number 356.342. with an annual pre mium income of £1.025,484. • The paid-up capital of'the company ii now £73,329. of which £20.000 is fully ijai< up. and £53.329 paid in advance of calls. The rato of interest earned showE a sub stantial increase as follows:— INTEREST EARNED. 1909. 1910. 1911. Ordinary funds £4 8 2 £4 9 5 £410 Industrial funds £4 4 6 £4 5 11 £4 7 Accident fund ... - - £4 9 1 The expense rate showe a slight incroa.S' in ths ordinary branch, a moderate reduc tion in the industrial branch, and a mod erate increase in the accident branch a follows:-. EIFENSE EATE . , -r J ' ■ . . mo. / mi. - ■■■. . .. i-ter cent, per com z>1910.:. : 1911 Ordinary brinch , .;:..'.... , ...,. 12-2.:? 12.6 Industrial branch ■...'...... J6.7 43.7 Accident branch 20.2 &>.4 The valuation report. which is attachei to the directors' report, will be dealt witl later. CANTERBURY GRAIN MARKET. Chrlstchurch, Jlarch 15. There is no ohange to report in the whea market. The complaint is gonsral tha. most of the samples offered are more o less out of condition. The risk of buyini the out-of-conditioned lots is that the bull is necessarily worse than the sample, a the small quantity shown becomes drie much more quickly than a Eackful.. I tha fine dry weather that has Kt in con tinuca for any length of time, the gran being threshed out of stools will bo n much better order. No wheat has yet bsci threshed out of the stack. Prices reman as before, namely, 3s. 4d. to 3s. sd. fo prime milling, and 3s. to 3s. 3d. for out-oi conditioned lots and fowl wheat. The oats market remains quiet, but i fair quantity of grain continu39 to chang hands, growers being more disposed to ac cent ruling prices, which range from If 10d. to Is. lid. for A grade and la. 9d. t< Is. 10d. for B grade, and inferior sample at lowct rate* at country stations. Cocksfoot seed is coming forward slowly and the condition of the lots ottered l not very satisfactory. Early varisties of potatoes have ac vanced somewhat in price, the qu< tation now being £2 12s. 6d. to £2 15s. a ooiintry stations. Though tho condition c t.he tubers is on the whole good, and ver little evidence of blight showing, the .crop arc not turning out well'in bulk. Onions are firmer, there having been a; advance of £1 per ton-in Sydney. -.It ,i doubtful, however;.whether,.thew. will b any surplus crop to seasoi The price is now £5 ss. per ton at countr; stations. . ■ ' : LONDON MARKETS. Messrs. Dalgoty and Co., Ltd., Welling ton. havs been advised, under date o March 13 by their London office as follow —Tflllow- For tallow in general, since ou cablegram last week, prices are unchanp ed. There is scarcely any business doim vet owing to the strike. Also furtho cablegram of March 14:-Trozsn meat There, is. better demand. The . market i firm, but prices are unchanged. Wool: Th morkot is Eteady. and there is a deman owins to suspension of tho wool talcs. BANK OP ENGLAND KETTJRN. By Telerraph—Press Association—Copyiieh (Received March 15, 9.10 p.m.) London, March 15. The Bank of England return issued foi the week ended Wednesday, March 13, i as under:— Issue De?ibtmsht KotelsßUt... £55,020,000 Oov.debl ... 411,013,00 Other Becurl • • ■.•/.. ties ... .„ . T. 434.001 . Gold ... ... 36,571,00 £55,030,000 ' £55,020,00 i Bisrruo Depabtment. Proprietors' Qovt. securlcapital £14.583.000 ties £14,283,00 Public de- ' Other securiposits. ... 13.771,000 ties 43.036,00 °posi't" e ' ...43.590,000 Kotei ... 26,901.00 Rest, 7-day und other bills 8,737,000 Coin ... „ 1,411,00 £85,651,000 £33,651,00 Tho leading items of the Bank of Ens land return afford the followine compari eon:- - Ihisweelc Last week, fast yea £ £ £ nnllloe ... 86,571.000 37.642.000 37.422.00 BnservV 28.312.000 a9.M5.000 89.546.0 C N'oteeircu'laUon 28,110.000 28.253.000 a7.2i6,0C Public Deposit" 23.771.000 5J.668.000 21.503.00 Other Deposits 43,590,000 ii.KoiXa 3ti.668.0U Proportion of "abUitles "... «.00 USA 81.29 aOTEKNUENT SEODIIITIES. rhi follonlnf are the lnteit quotation for Goiemment tecurities. with a com pariion of thoee rulinc last week:— "" " Variation! _ compaied Price. ■ with last week. " £ e. d. "5% Imperial Consols I 78 0 0 Bs.hislu 4 N.H.W.1833Jan.-July 10510 0 Unclinnee 3$ "N.S.W.I9IBMar.-Sep. 97 0 0 Uncbango 3 K.S.\V.IKISApI.-Oot. S7 0 0 Unehangc t Vic.iaiHJan.-July 10110 0 Uncliangc 35 "Vic. m-tiJau.-Jtily ita :0 0 Unciiange 3 Vic. 15'29-i9Jan.-July 84 10 0 Uuchan"o 35 "S.A.lOlli Jan.July 97 0 0 U"cbant'o 3 "s.A.lillG.lan.July 85 0 0 Unchiuuic ■1 Q'l'dl9ir)-'J4 Jan.-July 10- 10 0 Uncbanue 3i "Q'l'dlOJl-aO.lan.-July Dli 10 0 UncbanKe 3 Q'l'dlM2-47,Tan.-July 84 0 0 10s. lowc 4 N.Z. 1029 May-Nov. 104 0 0 Uncnauco 35 ~N.Z. imOJan.July 97 0 0 Uiichango 3 N.Z. ISNS April-Oct. W 10 0 10s. lowe 34 \\'.A.l9iO-«OMay-Xov 10 0 Unchingc a W.A.l9lri-35S[aj--Nov l>7 0 0 Uncbance al,.Tas. IWOJan.July 'Jli 0 0 Uncliangc 3 ..Ta,s.ia!J-13Jan.Jnly M U 0 UnclianKe BANK RATKS OF DISCOUNT. The Dank of Kngland rate was, on D. comber 1, 1910. lowered from 5 to 4J pc cent.; on January 27 it was lowered to per cent., on February 16 to 3J per cent and on Jlarch 9 to 3 per cent. On Scptcn ber 21 it was advanced to 4 per cent., an on February 8 it was reduced tu 35 pi cent. The liank of France rale was reduce from 3J to 3 per n?nt. on January 23, 190 and continued at the latter figure mil September 21, 1911, when it was raised t * TbT Inwrlftl Bunk of. (iwraiiw Mduor lit ikU {tea 5- ta Ai sm out. u Fobiu

iry 6, and on 'February 13 tho rate was urther reduced to 4 per cent. On Sept;mjer 19. the rate was raised to 6 rer cent. MAHKET RATES OF DISCOUNT. The following arc the market ratce lor best three months' bills:— London Parin Berlin rato. rato. rate. per cent, per cent, per cent. This week 3 3-16 H 43 Last week 3 7-16 3 44 Last yea-r 2j Zi , 3$ Short loans arc quoted at 35 per cent., its compared with 3J per cent, last week and 3 3-8 per cent, last year. COLONIAL AND OTHER PRODUCE. Wheat.—The markets are quiet, and buyers arc indifferent. TII3 fear of large Argentine shipments is restraining speculation; 38s. is asked for South Australian January and Victorian March shipments, 375. 9d. for three ports January-February shipment, 575. 3d. for Australian parcels February- J! arch shipment. There is small business doing in spot. Australian, 40s. 3d. to 40s. 6d. New Zealand is practically cleared and nominally at 38s. 6d. Flour is in good demand. Oats are firm. New Zealand, on spot, is exhausted. U grade Gartons, 'March-April shipment, 22=. 6d. to 225. Sα.; La Plata, April-May shipment, 18;. 3d. Peas.—The market is Hat and unchanged. Beans are firm, Xew Z;alnlld ots. 6d. to 30s. 9d. Butter.—The trade is improving, nLd the consumptive demand is fairly well maintained. Colonial arrivals are clearins satisfactorily. Choicest Australian, 1245. to 1265.; unsalted, 1275.; secondaries, 120s. to 1225.; New Zealand, choicest, 1265. to 1285.; unsalted, 1295. Ohecsc is very firm. New Zoaland, 74«. to 75a. Sugar, German boet, 88 per cent, ret titro, id. lower,'a.t 15s. 3d. per ovrt. Bradford Tops.—The market is firm and unchanged, but business is limited. THE METAL MARKETS. Copper.—On spot, Iβ. 3d. higher, at £64 17s. 6d. per ton; three months, 9d. higher, at. £65 12s. 6d. Tin—On spot, 253. lower, at £191 per ton; three months', 15s. loner, at £187 15s. Pis-iron, 6d. higher, at 50s. Vd. per ton. Spelter, 2s. 6d. lower, at £26 7b. 6d. per ton." Customs duties collected at the port of Wellington yesterday amounted to £1602 11s. AUSTRALIAN PRODUCE. Hγ Telenrauli- I'res- • " •-•illni-Ooonlftl Molbourne, March 15. Wheat, 3s. 9id. to 3s. 9jd. Flour, £8 10s. Oa-ts—Algerian, 3s. to 3s. 2d. Hnrley—English, to 6s. 5d.; Cape, ss. 2d. . Maize, 4s. Bran. £5.15 a. Pollard, £6 ss. Potatoss, £4 5«. Onions, £8 ss. MINING NEWS. WELLINGTON KIIARE MARKET. There was a strong demand for Talismans at 465.. espjcially yesterday afternoon, and a fair business was done at tho price. Host brokers had buying orders, and although no sales were registered at the afternoon call, there was a distinct upward tendency in the shares. Th;re is no doubt that the northern brokers made the most of the fault discovered in tho mine. Writing to Mr. T. Shailer Weston the mine manager, Mr. Stansfield says that in driving north from the bottom ol No. 12 winzs; what appeared to bo a. horst of country rock had come in, which had caused tho reef to split considerably, and had affected values. Tho country roek : however, was favourable. This is not the first time that the Tolls, man has developed, but the rest has sc far always made again, end there is nc reason to suppose that something different will happen on Ill's occa-ion. The sales recorded yesterday were as iuv dor:— Talisman: .4t?.. 465., 465. (first call). ' Waihi, \sSa.'6d.'(first call).. ■Waihi Grand''Junction, 28s. lid. (second call). .-■■• . The buying and selling quotations wer< a-, under:— Buyers. Boiler*. £ s. d. £ s. d, Con. Goldficlda 013 0 015 ( Jlay Oueon - Oil New Dip R-ver 3 16 0 — Old Uauraki 0 19 0 2 ( Ttoss Reconstructed 0 3 3 0 3 ( Saxon — Oil I'-Hq-na.n 2 6 9' ?. 7 ( Waihi 1 18 6 2 0 1 Wnihi Grand Junction ..:-l 79 1 I'J WoitaiiEi' ...../.. 013 0 1! Tarunakii Petr01eum,,,..........0 Iβ.- 6 ; —~ AUCKLAND STOCK EXCHANGE. (Bj TeleeraDh.—PreM A^orlntloa.l Auckland, March 15., The following business dono at this morning's coll was:— Kuranui Caledonian, Is. 3d. New Sylvia, Hid. Occidental, lid. Watchman. ls.-9d. Ross, 3s. 4d. JTauraki. 25.. Iβ. Uβ. Crown, 3s. Id. Talisman, £2 6s. 6d.. £2 6a. Sd. Grand Junction, £1 Bs. 3d., £1 Cβ. Waihi-Paeroa Company. £2 43. Northern Steam, 14s. 6d. Tho following businsss waa done at th( 3.15 p.m. call:— Ocridontnl Consolidated, lid. Old Jla.uraki, Is. 10d. N.Z. Crown. 3s. Id., 3s. 2d. Talisimu Consolidated, £2 6s. 3d., £2 7s. £2 7s. 6d. Waihi, £1 19s. Sd. .'; , •' Clirlstchurch, March 15. Th'a following, sale.-was-.reported on th< Stock- Exchange ' of ■.Canterbury to-day:-Ross Goldflelds, ,3e; 6d. Dunedln, March 15. A sale of Waihi sharss was reported 01 the Stock Exchange at £2 to-day. DREDGING. (By Telegraph.—Press Association.) Dunodln, Maxch 15. Dredging returns: Electric I. 440z. Bdwt. Karaunui, 330z. 13dwt.; 1911 Dredsre, 330z Bdwt., Masterton, 270z. 16dwt.; Koputai 2602. 9dwt.; Waikaia, 230z. 17dwt.; Olfig 7oz. 12d\rt. TALISMAN. (By Telegraph.—ProEa Asoociation.) Dunodln, March 15. The secretary of the Stock Exchang' sent the following telegram to the man ager of the Talisman Consolidated Min to-day:—"Falling market and disquietini rumours regarding reef off No. 12 winzt Any information available?" The follow ing reply was received: "No official infor ination as to mine development." LONDON MINING QUOTATIONS. By Telegraph—Press Association—Oopyrichi London, March 14. The latest quotations are:—Waihi Goli Mino,-.£l 16s. Jd. (buyers) and £1 18s. 9d (sellers), ex div.; Talismans, £Z ss. and £ 10s. __________