COMMERCIAL HEMS.

Dominion, Volume 5, Issue 1392, 19 March 1912, Page 8

COMMERCIAL HEMS.

STOCK EXCHANGE. The Wellington Stock Exchange waE closed yesterday in honour of St. I'a-'iricfc'n Day. LONDON WOOL SALES. The mail has brought reports of the first London wool sale of the year. According to the circular of Messrs. Thomas and Cook, the quantity catalogued was 178,096 bales, and 12,923 bales were withdrawn. Supplies w:re drawn from die follow-in;; sources:— : Catalogued. Withdrawn, lialos. Hales. Sew Zealand 47.C53 2,101 X.S. Wales 32.736 3,286 Queensland 25,220 855 Victoria 21,705 2,071 S. Australia 15,095 1,907 W. Australia. 2/,854 Etß Tasmania 17'1 32 Cape of Good Hope 7,0« 1,81'3 170,096 12,923 The report boos on to say that when the series opened tho general conditions of the market had undergone very litde alteration from the position occupied at the conclusion of tiie November-December sei'bs. The improvement'which had set. in towards the end of las: year in the textile trades in the United Stat<?3 had been mui'Uaiiicd without, however, any further development. The dullness prevailing in Germany was s'.ill in evidence, and in the Bradford district a rather o.uiel tone continued. ' The value of some t-laf-ics appreciated slightly, whilst others have shown a littlo easier tendency, bit., broadly speaking, prices are much the same as they were .v.hcu Hid last yules closed. Australasian merinos'opened without chaiiK'!. as compared with the clof-inc rates in Uereinbor, and prices have sinri , fluctuated within very narrow limits. The liner dualities have ruled 5 per cent dearer, whilst other classes have maintain od a firm tone throughout. In the case ol gr-'ii'y crossbreds, there bus rißnin been a very strong demand from the United State; for the medium and liner qualities, whieli have sold at about 5 per cent, ndvam-c. the improvement bcinj,' most pronounced upor I ho liner lots. Sline crossbred;, have beer in rather small supply. There has beer vory little chance to note in the posilioi: of the filler qualities, but the medium i>;i< courser grndes have sold at a. rjductbn oJ 5 per cent. '' A IMJOKITAHLK COXCKItX. Mnypolu Dairy, a Brili-h dUiribnlinj concern, i? one of Hie lnrce dividend pay or? of the United Kingdom. The report, foi 1911 s.ntes that the net profit for I.lk ycM.r (including transfer foes fSJOi wor £491,738, and the balance brought fnnvari IVM XM.751, making £536,489. The director: have lidded to the reserve £10.000, thrli f«» ore £7093. end £14M in not njide foi Etoprcclatlon la tno tbJuc of eecuxiUca, I

dividend of 35. Ncr share on t-ie ilcferr.-d ordinary -diarc.?. nbforhius JE2V7.SCO. i.< recommended, leaving to be curried fonv.irrt i<10.427. Tho directors add .hut they uro lil,;a«cd to report a further (treat ilcolcpment of the bu.-ine.-j, and :i largelyiiKTOTsed profit therefrom duriiis: the past year. The present dividend on the deferred ordinary nuikiM <!?. per share fur tin year, or 200 per cell'.. The company has 'opened « new branches dnrine tlw year, and now has 714 retail branches, in addition to Isirue interests in nip.iiiiliiclurinc companies. The net profit in 1928 »s< £2'17.3C5, Invidcs £6598 lironitht forward. Tlie dividend on the ilefsri-vcl for that year was 62J per ecu.. 'Vv-v tolnl issued capital is £985.000. and tile present not profit on that nmoiMit is now virtually £0 per cent. The re.-erve funds fire brought up to JE6IO.cnD. The investments in tru=i.ea securities, pinperty. <>;e., amount to £126,669, and cosh at bunkers, money nt .short notice , , and sundry loans to £496,692. AMERICAN PIKE LOSSES. The fire losses In the United H ales and Canada were ncnin rather heavy 1.-ut year, the total beins Riven at £«,867,-:50. Till;, v, approximately ennal to the lieurcs for 1910, and is considerably in en/ess i.f those for 19C9. A large number of fires occurred in the fir-t half of the year in the Unitid Sates through the exceptionally dry weather and frequent lightning discharges. Tn Canada losses iwe not ton exceptionally heavy. Forest fires were not nearly so frequent as in WlO. lire insurance rates show a tendency to decline in ;hc United States, probably as a le.mlt in sonic degree of improved methods of construction and the provision of automatic. Ore extinguishing appliances. It 13 expected that the result, of the jenr's trading will prove moderately satisfactory to the insurance companies. Among I-'ri-tish companies transacting a largo lire business in North America are the C.-in-mcrcial Union, the Liverpool, London, and Globe, the North British and Mercantile, the I'hoenix, the Royal, the London and Lancashire, and the • Sun. Several important British companies, including the Alliance and the Guardian, do very little fire business in either the United State* or Canada. The Yorkshire, the Century, and the- Scottish Union and National cmmenced to transact fit; business in the S,ates during 1911.

EUBBKK SEED OIL. The result of the maturing of large plantations of rubber in many parts of the world will be a substantial repl'.'nisl , .- ment of supplies of veed, the scarcity of which until comparatively recently was a drawback to the increase of the areas under cultivation for that commodity. A'i the same time diminished prices of rubber and the probability of -.he enhanced costs of labour on the plantations are causing planters to consider the question of finding; a market for the seeds. The k3rncl is about half tht weigh-: of the seed, and contains approximately 42 per cent, of oil, the commercial value of which, as a substitute for liiuecd oil, has been favourably reported on by the Imperial Institute. It is sta'.od, moreover, that the experimental feeding of cattle with Para rubber seed cake has given promising results, although 1:» detinue, value as a stock food cannot bo stated without more extended trials. The oil ia clear, and in colour and smell resembles liu?ecd oil. It belongs to the class ot drying oils, and gives a, clear transparent film when dried by exposure to air. Tho husks contain a yellow fa: which has a high saponification number and a low iodine value, but since the amount of this solid Snt in the husks is very small it hardly affects the properties of oil obtained by grinding kernels and hu;l;s. together. On saponification with yellowish soap. The time needed for saponification is about half as much again as for olive oil. Leading brokers in London have estimated that tho oil would be worth probably Zoj. per ton, bu; naturally merchants would not take it up without an opportunity of first testing it in bulk.

FLOUK MILLS IX CANADA. According to the Toronto "Globe," "it will surprise, many to learn that already the flpur mills of Canada have sufficient capacity—if it were operated to full extent —to supply a population five times aslariTo as ':he Dominion's to-day. The market that counts is tho wide world. While >corus of new inillj of comparatively small capacity aro being built in Canada, but more particularly in the west, to supply local Leeds, the greater proportion of the nerrased. produc;ion of Hour will have to bo exported. In many of the older sections theio is a tendency towards decadence, shown i:y tho local mills, partly due to Hl3 {.p-rrcs sive tendency of tho 'big follows,' but '.huro Is a Held for lit.Je mills clso, when Ueir status is rightly understood. Tho luiro sxport mills have problems of their ownas evidenced in their financial statements for tho year just closed, which were c<i:sidcrably less pleasant-looking :o shareholders than had been the ease during the previous two srns-ons. Part of I. , is. however,' was undoubtedly due to force rf contrast. In tho years 1909 and 1910 millers had a rising wheat market, -.n their favour, whereas in 1911 tho reverse was the ease. TII2 two years first named may rightly be 3ty)ed phenomenal in regard to the, profits from milling operations. The cereal milla were able to present atiEfactory statements last year as well."

CANADA'S BOHEOWINGS. An escess of imports over exports of a little more than half a, million is causing us considerable anxiety, and yet this amount is tritliiiK compared with the trade balance against Canada, which for the last year ended March 31, 1911, war> £36,668,900, but then Canada con point to an over expanding population. In an addrofs reviewing tiie conditions of Canada, delivered by Sir Edmund AYnllter at the meeting of shareholders of the CanadianBank of Commerce, he stated that the •%- nificant feature was that while. Canadian imports memased £10,000.000 during the fiscal year the exports declined £867,123. This is principally due, as .Sir Edmund Walker stated, to very free imports in anticipation of the present larpe cereal crop; to the increase in railroad construction and and public and private building, and to larger immigration, the. value of such settlers' effects as aro derlarcd appearing as imports. It is also partly due to somewhat larger imports of gold bullion and silver. For the first six months ended Sop tcnibcr, 1911, of the current fiscal year the figures arc even more striking, the imports being JEb5.455.600, mid tlv: exports .■529,555,200, the balance against us for the fix months being £Z5,9a2,<:0, as against £18.667,500 for the corresponding period in 1910. The imports for the half-year in 1911 include, however, an increase of about, £1,562.500 in gold cel'i. An examination of the items of imports and exports in the Irai'u returns will suggest many explaiia, tions for the respective increases and decrease-:, but the fact remains that Canada, must, enlarge the volume oi products she has to export or either les.;en hor imports by curtailment of expenditure or by manufacturing at home m<l uy of the articles she buys abroad, especially from the United States. Her trade, with that country, always one i:s growing more so. In spite of the decrease, Canadian exports wero stiH Uie largest in the year mentioned for anv year except the previous one; but tha volume of imports was much greater than before. In uttering this note of warning. Sir Edmund Walker added :-"Fow nations have such au alluring future, and few can afford to mortgage their future to such an extent, but pur power to do so depends upon our credit, aiul there are thofe in England who are asking whether we are not borrowing too much. There is. of course, one great reason why we must go more and more largely Into debt for many years to come. At present we are nrc-. paring for the settlement of about 400.000 immigrants in one year. This is an addition of 5 per cent, to our population, or the same ns if 4,500,000 new people entered tha United States in one year. To provide nort'ation to housing, is a huge task, ouito large enough to account for more than the ditrcreuce between our imports and exports." niGH COMMISSIONER'S CABLEGRAM. The Department of Agricu'.utre has received the following cablegram from the High Commissioner for New Zealand, doted London, March 16 (quotations, unless otherwise, specified, ars average market pricc3 on spot):— General.—On account of the continuation of the strike, there has been no material change in the market. Business is dull. Prices are nominal and unchanged from lan week, viz.:— Mutton— Canterbury, 4d.; North Island, 53d. per lb. Lamb.— Canterbury, s;d. per lb.; other than Canterbury, sd. per lb. Beef—New Zealand not quoted. But>:er— Choicest New Zealand, 1275. per Chcese.-r'insst New Zealand white, 735. 6d.: coloured, 735. per ewt. Hcinp.-Spot, New Zealand good fair grade, £21 10s. per ton; fair grade, £20 10». per ton; forward shipmeut, Xew Zealind good fair grade, £21 10s.: fair erode. £20 10s. per ton. The outmit from Manila for the wr,2k was 15.C00 bales. Hops—The mr.rket remains firm, on accoun*. of the difficulty in obtaining pupnlics. English, £13: Califoriiian, £12 per cwt. Customs duties collected nt the por' of Wellington yesterday amounted to £$52 Sj. LONDON MAUKKTS. ByTclcirapn-l're.is Ae'iciitiuu-Convr'eM London, 31.-iri-h.17. .Tute.-Jlarch-April shipment. £25 ss. Hemp.-l-Vbnmrv-Anril. f.ll !7s. Gil. Cotton.—Marrh-April. 5.93 id. nor lb. Copra.-Smnll liiisinc-s doing. South S(.t. in ba"s. £24 10s. Itubbi-r, "ii. lCd. per lb. MKTALS. Hy Telegraph—Press Association - Copyright London, March 17 liend.--tr.ipm , :?. 16,517 Ions; exports X 5. Onlvanhod iron. £M ss. ami £!3 7-. fd. •\Vire-nrltin7, <i' per ccnlnm ami 2J to 5 per centum off li.-t. nr.EADSTCFKS. 13.7 relnrraph-l'resi- Assnci.ition-Conrrlchl London, Msrch' t:, The wtifßt n.Rd flnur nflont fnr the T'nJM Klngdoni total; i,355,CM (or tlio

Con-incut. l/,:O.S0O quarters; Atlantic shipments 152.01U; Pacific shipment.", 17.C0C. 'I'llitfili'l shiimieiiis i:> Kiirops during tin; ttp.-k amoniitcd to 1,225,000 (nin.vters, incliiiliii" «0,000 from Argeiitimi. l<!5,(100 Kiissian, 50,'J-r.fj Danulihin. 132.CC0 from India, and 19v),0t0 l'rnin Australasia.

ATTAINED ITS MAJORITY. JJKTJIOPOLTTAX BUILDING SOCIETY.' M'he annual meetiufr of the Metropolitan Biiildinjr and Invc*.ir,:nt. .Society was held last evening, Mr. \V. M. llannay, chairman of director-, presiding over an attendance of about ten shareholders". The annual report nnd balance-sheet (already summarised in Tin-: Dominion) were taken as r:*ad. The chairman raid that he had/ ajrain to coucratula c. shareholders 011 the results attained for the year. Before reviewing the operations for ti\s year, Ik expressed re?rel at the death of Mr. F. \V. Hales. The latter hud served upon ;he board of directors only for a few months at the time of hi.- death, but his rolleaiues had recognised his wisdom as a counsellor, and regretted that he was no: permitted to serve the shareholders for a longer period. This was the tweuty-firn aunu-il mcctinc ot the company, Mr. Kannay continued. It had pii-yed jhrou.sh its adolescence and arrived at its majority, lie ventured to say that it had arrived at a strong and vigorous manhood. The balance-sheet would speak for itself. Mortgages were £3000 grea:er than in the previous year, and £6000 of th 2 reserves had been invested in Invereargill fioroutrh debenture!-. Tho directors considered it the wisest policy to invest the reserve in gilt-edged and prnctica'.ly liquid securities of ihis nature. The amount of "A" shais's (capital £30,000) was the same as in the previous year. "B" shares were £7CO lc=s. Fixed deposits hod inr-rcßsred by nearlv £7CCO, and reserves by £7000 to £7500. The reserves had b;en further increased this year by £750, which brought them up to a total of £8250. The directors, in granting loans, invariably acted in a cautions and conscrvativo uiau. nor. He would not attempt to forecast the future, but shareholders misht reasoiiably er.pTCt the year now entered to be as successful as the year under review. The lies: thanks of the shareholders W2re due to the secretary and <4,'ilT. It was impossible to speak too highly of Mr. Ewcn's devotion to the Interests of the socieiy. Concludinir, Mr. Ilannay moved the adoption of the renort and balance-sheet, remarking that :he motion, if carried, would enable shareholders to get their dividends in the morning.

None of the shareholders offered any comments on the report ond bahnce-shoet, arrt they were nrtopttd w> liout discussion. . The retir'ng director.-, liessrs. Geo. Mca and Wm. Jlnckay, were re-elected unopposed, and Messrs. 11. IwMnber and Son and E. liueliolz were ro-elecied auditors. Votes of thanks were paired to the directors and to the Eecreta-vy and staff. The chairman ea-id that the euccom of the company wns mainly dr,-> to Mr. Ewon, who had worked in its interests, for years,as miwh fo.r n labour of love as for anything he got out of K. A shareholder commended the wisdom of the directors in investing the reserves of the comnany in liouiil seouriti;.". The chairman remarked that th» direr'ors felt tint they vepre losing a little interest in this way, but that it was the widest policy.