COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1430, 3 May 1912, Page 8

COMMERCIAL ITEMS.

' INVESTMENT SHAKES. There were no transactions in investment shares yesterday. The buying and selling quotations were as under;— Buyers. Sellers, d. £ f. d. Bank New Zealand 11 7 0 — National Bank — 6 2 6 Kquitable Building 10 0 0 — National Mortgage 4 0 0 — N.Z. and Bivcr P'ate 2 0 0 — W*ll. Trust and Loan ... — 7 13 6 Well; Deposit 0 7 0 0 7 8 1 Ohristchurch Gas - 9 3 0 1 Well. Gas (£10) - 18 7 6 I Insurance ........ 19 6 — Union Steam 2 11 6 2 15 0 I Westport Coal 18 9 — Leyland-O'Bricn ...! — 1 fi 91 Golden Bay Cement — 14 6' N.Z. Con. Dental — 10 6, N.Z. Drug 2 10 0 2 10 3 1 Sharland's ordinary- — , 14 9! COMPANIES BEGISTEKED. In the list of companies registered published in tho last issue of the "Mercantile Gazette." there appear the following:— Pringle's, Ltd. Registered as a private company; April 29. Office: 152-154 Lambton Quay, Wellington. Capital, £5850, divided into 5850 shares of £1 each. Subscribers: T. Pringle, 5810; W. 11. Qnin, 20; U. T. Tosswill, 20, all oi Wellington. Objects: To 1 acquire and take over as a going concern the business of importer, manufacturer, and wholesale and retail dealer of fancy goods, etc. Sykes (Australian) Drench, Ltd. Registered as a private company. April 25. Office: Customhouse Quay* Wellington. Capital, £2000. divided into 20C0 shares of £1 each. Subscribers: A. E. Sykes, New Plymouth, 10C0 fully paid up; W. A. Mowbray and G. Wilson, both of Wellington, 500 each. Objects: To acqu'ro, take over, promote, establish, and carry on in Australia, business of chemists, manufacturers of medicines, etc. LOSSES AT LLOYD'S. The record at Lloyd's in .respect of the first quarter of 1912, writes the "Financial Times," has now reached a condition which can only be regarded as calamitous, and it will require a long spell of quictudo to en- , able tho members of the "room" to recover from such a glut of wreckage. If that was the state of affairs in the la?t 1 week of March, what must it now 1)3 with the loss of the Titanic, wlioso hull and | cargo were inaured for £2,350,000? Here is : tho record for one week, that ended March i 16. On that day the P. and O. s-tsamer 1 Oceana, catne to grief, and carried with her specie insured for £735.000. The vessel herself was not insured with Lloyd's. Earlier in the wo2k underwriters found themselves saddled with at hast one serious loss on each of three consecutive days, to nay nothing of the usual run of casualties. On the previous Tuesday the Wcndur was reported as totally lost at the Lizard. On the following day the steamer South America also came to grief at tho samo spot, while on the Thursday the Isleworth w?nt ashore at Chepucto Head. Nova Scotia, and has since becomc a total lo*s. This vessel was quite new, and was insured for £42.000. while the thre-j vessels together probably rouresented not less than £100.000 to the underwriters. The amount of loss for the first Quarter, wc learn by cable, amounted to £2,C00,C00. INSURANCE BUSINESS, A recent decision by the Judicial Com- i luittee of the House of Lords can hardly | fail to have a beneficial effect on the coil- 1 duct of insurance business. The Surreyor , of Tuxes in Great Britain contended that ! tlw Sun Insurance Office was not ju«tilied ' in setting aside a portion of its annual fire | nremiums as provision for unexpired liability before waking tho annual return for income tux. In upsetting this contention the House of Lords has aflinned an cssen- ; tial principle of sound msurnucs accountancy, tho neglect of which ban proved dielatroua Iq many, companies in tins United.,

Kingdom. If all insurance contracts, expired on ih'j h'.'-t tiny of ,:t company's financial year, the l'oal iil'ulii or loss on the yvnr'.s trailing iwwli! he icv/.'ak'ii in the balance romuinin:; ;uti.T claims and expenses v.cro (iclm-ii'd from the premiums, etc., rereivjd durlnu: the twelve months, In aetnul practice, however, a law proportion of contracts have not rnn out at tlio close of a company's financial .year, and thus, although the premiums are credited in full, there i".'mainh a liability to !;e provided for in proportion to tile unexpired term of each contract. It would .-ccni obvious that a statement made out at any time with respect to prolit or ioss on the year's tradinpr wl:ich docs not take Ihis liability into account cannot fail to lie inisleadin:.:. and the mitrustwortlniiess of swell a. statement in respect of Tire business transited in Great Tlritain is increased by t.lie fact that while the llnanciai y;ar usually closrs on December 31, a greater number of policies are renewable on December 25 than on any other date. In rcsiv.'ct of these policies it is certain that only a very small proportion of tile premiums should be treated as profit in the current year'? account. Tin llritish income tax authorities have a very unenviable reputation in regard to claimins payment on caila insufficient grounds. CUSTOMS DUTIES. Customs revenue collected at the port of Wellington yesterday amounted to £1949. SKIN AXD HIDE, SALES. Messrs. Williams and Kettle, Ltd., report having hold their skin, wool, hide, aiul oddinent tale e.i Dannevirlic tliis week, when they offered a large catalogue to a food attendance- of buyers from all parts of the North Isiand. Kidding was brisk, and the linn e'feeted a- total clearance. Tbey quo 1,:: as follows Wool: Crossbred, lid., to 72(1.; on account of Pufceatiia, 7{d. (top price); lambs, crossbred, 63d.; bellies, 4(1. to 41d.; pieces, 4d. to Gd.; locks. 3Jd. to aid.: dead. 6Sd.; black, 6(1.; crutchlngs, 4d. to 5Jd.; and on account of Qringi, 7il. (top price): salted sheepskins (each), 23. to 3s. 9d.; skins, 3d. to 6id.; pelts, Is. Id, Hides: Cow. 53d. to 65d.; ox, 63d.; bull. 4Jd. Horse , (each), 7s. 6d. Calfskins, 9?d.; do., cut, 6d, Tallow, 13s. 9d. and 235.; cowtails, Is. <d. TRUST AND AGENCY COMPANY. By Telecrapti—Press Association—Copyrigfcl (Ecc. May 2, 11.25 p.m.) London, May 2, The balance-sheet of tho_ Trust and Agency Company of Australasia shows a, profit of £64,556, wiiicii includes the amount, brought forward, £2086. AUSTRALIAN PRODUCE MARKETS. (liec. May 2, 10 p.m.) Sydney, Maj 2. Wheat, 4s. 3jd. to 4=. 4.U1. per bushel. Flour, city £9 10s. per ton, country x 9 7s. 6(1. Pollard, £7 per ton. Jiran, £6 10s. per ton. Oats.—Tusmaniau Sparrowbills, 50. per bushel, Giants 3s. 5(1. to 3s. 7d., Algerian seed 3s. 9d., feeding 3s. Sd.; New Z-saland, 3s. 4(1. to 3s. 5d,; Giants, 3s. 6(1. Barley—Victorian Cape nominal; Enslisli malting, 9d. to 6s. Mai#e, ss. 2d. to ss. 3d. Onions, £13 per ton. Potatoes, £8 10s. to £10 10s. per ton. Cheese, 85d. to 9<l. per II). Butter.—Selected, 1205.; prime, 108s. to llfis. psr cwt. Bacon, s>d. to 6Sd. per lb. LONDON MAEKETS. The New Zealand Loan and Mercantile Agency Co., Ltd., have received the followiUK cablegram from their London liou,.', under date May 1:— Wheat—Wo have sold an Australia.il cargo at 40s. 3d., c.i.f. There is very little demand owiiiff to increased supplies, and the outlook is uncertain. We quote, per quartor, c.i.f., New Zealand wheat, lous-berried 385., short-berried 375. Sd. Tallow.—We (jnote present spot values for the following descriptions;—Oood mutton, 355. per cwt.; good beef, 345. 9d. per cwt.; raised, 325, 3d. per cwt. The market is firm. WHEAT. By Telcsraph-Press Association-Copyright. London, May 1. The Amsricaji Tisiblc supply of wheat is 100,525,000 bushels.

METALS. Tiif.-On the spot, £211 10s.; three months, £209. TALLOW. At the tallow sales 1862 casks were offered, and 124S sold. I'riees realised: MuttonFine, 375. 6d. ; medium,. 345. 6d. Beef—Fine, 3Ss. 9d.; medium, 345. (Rcc. May 2, 10.10 p.m.) London, liny 2. .Tallow— Stock, 6016 tons; imports, 4CCO tons; deliveries, 3467 tons. NEW ZEALAND APPLES. -The steamer Kaipara's New Zealand apples arrived in good condition. Many are immature. The bulk sold at from 6s. 9d. to 7s. 6d.; some Cox's at 10s. to lis. HIDES, Oy relezrujih—TVf- Asssciiitfan— CosTrtcil (Hec. May 2, 10 p.m.) Melbourne, May 2. At th>3 salo of hides there was a fair supply, and prices were very firm all round. METAL STATISTICS. (Itec. May 2, 10.10 p.m.) London, May 2. Copper.—Spot supplies, 38.161 tons; deliveries, 38,565 tons; stocks, 49,771 tons; afloat, 7000 tons. Tin.—Stocks, 12,812 tons; on spot., 3095 tons; afloat, 3135 tons; deliveries, 2757 tons, LONDON WOOL SALES. iIAKKET ANIMATED. By Telegraph—Press Association—Copyright London, May 1. Tho wool market is animated, aud priccs are firmly maintained for all sorts. Clip prices realised include:—"Tuarua," top price ICtl., av?rego 82d.; "Kiur," top price 10d., average 9fid.; "Jlillorsden," top price It - ., average IDJd. (Rcc. May 2, 10,10 p.in.) London, May 2. Tho' following: axe the prices realised for tho fleece portions of the clips named:— "Titi," top price Hid., average price 9£d.; Howard, t-op lid., average 10 3-Ba. DEPOSIT M. & B. ASSOCIATION. ANIMATED MEETING. The annual meeting of tho Wellington Deposit, Mortgage and Building Association, Ltd., was lieid in the Chamber of Commerce 011 Wednesday evening, Mr. W. 31. I'. Barber presiding. About 40 shareholders were present. In moving the adoption of tho report and balance-sheet the chairman said; "In proposing the adoption of the annual report and balance-sheet this year, I agree that tile directors have to recommend the payment of a dividend at a less rate than previously. The shareholders will no doubt remombsr that the directors last year suggested that tho association should bo wound up voluntarily. This, however, wag not deemed advisable by the reauisits majority of members. At that time tho directors pointed out that there was a- possibility of a fallins-off in profits of the association. A comparison of the figures for the years ended March 31, 1511,' and 1912, is as follows:— 1911. 1912. Deposits £17,304 £17,125 Investments £45,472 £44,557 Net profit £1,368 £959 The balance to the credit of pro.'it and loss account this year is £13GQ as against £1691 last year. "The undue publicity which was given to our affairs twelvo months ago has without doubt detrimentally affected the circumstances under which we have worked, and is responsible in a- large mea?.ure for the reduction in n:t profit. The net profit tliisj year is £959, it having been deemed advisable not to take into profit a sum of £425, interest accrued but not yet received, and disbursements on five accounts. Owing to tho eharp fall which has taksn placo in property, wo did not feel justified in looking upon that amount as ail undoubted asset. "Mortgages amounting to £9870 wore repaid during tho year, for which first-class investments were not immediately available. The money was eventually placed at a lower rato of interest than it had hitherto been earning. In the circumstances the directors consider that tho profit is as good as can reasonably be expected. Tho business of the association would be greatly helped if more deposits could be obtained. aud perhaps the shareholders themselves could materially assist in this direction." Mr. Swift asked how it was that the company was experiencing difficulty in placing its money, while other companies were clamouring for money. It was to be regretted, said Mr. Tcasdale, that tho shareholders had not taken the advieo of the directors last year to voluntarily wind up the company. Personally lie thought tho expenses of the company were far too grea'.. t The chairman said that the directors had 110 proposal to make now on the question of winding-up- Tile advice of tile directors had not been taken last year when mortgages of £10,000 fell due. That was the opportune time to' wind up. Now however, the money had been reinvested] and the position was (iiiiie dill'eront, because some nf it luid been lent for period* up to three and five years. The charge of £31)3 for rent «ud salaries was Mr. Lyon thought, altogether execsshe for a company U;;it was earning jjjki per year. Much a small institution could be run bv a public accountant. It was pointed out by the chairman thai the Eulary paid tho secretary was less than that usually paid. The BJpensoo iujro Ims fear, but a.'. Uifi sasuj tixan tiey,

were lush, end tiny could hardly lie reduced. It was :t realisation of iliis fad. that canted the directors to make the recommendation they did lust year, but the shareholders had vetoed it. It was asked by Mr. Gibson whelhfr it, would be competent for him to move that tile directors tie instructed to open lip negotiations with tile New Zealand Investment Company with a, view to amalgamation. The chairman said a recommendation could be mudo, but no binding resolution could be passed without notice being given. In answer to a reina-i'S; by Mr. Curtis t.liot these continual discussions only tended to depreciate the company's properly, the chairman said that while 55 per cent, was paid by one company mentioned, as against their 4 per cent., that company bad i'CO.OOO deposits against this company's £17,1100. Tf the shareholders were loyal So the company the dividend would be considerably increased. The report and balance-sheet were adopted. The retiring directors, Messrs. W. Watson and W. Cable, were re-elected. Messrs. It. T. Badhani nud J. 11. G. Rowley were reappointed o.nditors. Tiie directors' remuneration was fixed at £100 for the year. Mr. Gibson then moved:—"That it lis a. recommendation to the directors to approach any similar company doing business in this city with a. view to amalgamation, and to report, the result of-such negotiations at a- meeting of shareholders at an early date." Mr. Lindsay seconded tli3 motion, which was carried.