COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1438, 13 May 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. The only transaction in investment sharps recorded on Saturday was n unlc of Tannin Conl nt 21s, M. The buvin"- and selling ((notations were as under':— Huycrs. Seller.!. Notional Bank -. ' 6 2 0 Well. Trust and Loan ... 7 12 0 Ohri-stehurch Gas 8 15 0 9 0 0 Well. Gas (£10) - 1(! 7 6 Well. Gas (pref.l -- 110 Union Sl"nm !> 12 6 2 13 6 Tauplri Coal 1 t S — Leylnml-O Mrion 11l TurinEaniiitu Totnrn - ';. 8 li 0. 31. Banks, Ltd - (1 19 6 Golden Hay Cement •-■ 1 A .1 Manning and Co 4 6 6 4 10 0 Jf.Z. Con. Dental - 110 Sharland's ordinary ... 1 2 6 13 0 PHOENIX ASSUIUXCE. The report of the Phoenix Assurance Company, Ltd., for the year ended Deremher, 1911, states Hial in the fire department the premiums received, after deducting reinsurance?, amounted to £1,390,456. and t.ho losses paid and outst-nndinjr to ££769,131. or 55 per rent, "f I lie premiums. The expenses aud commission 1-oEcther amounted to £538,311. bcimr 38.5 pel' cent, of the premiums. A profit, is shown In this department of £91.014, v.-liieh, with the receipts for interest of £57.693, makes a total of £148,707 to ho carried to profit and loss, As regards marine- business

ilurint: llu< vcnr the cniiiiinny iu:n,iiired the lupine.-.- unit iisicu mill linuiliiio or th« Union .Marino lii.-iiiian.e Company. Ltd. Tills Ir;Hi,-:ii:tion inviilvi'il tile i.-i-ue ol' 81/5 £511 snares i.15 liaiil). mill £277,9W> four hit cent, ili'liciituro slock (1911). The lißiirt'i. of Mm "Union Murine" are iiii:ur|iur»U'il in I ho iiß'Scnt marine acroiiiil, ami tin.- liniinrial re.-mlt is set forth in tile pro lit and lo=.s account. The total net premiums in this department amounted 1o .C 4&9.531) anil the net losses to £355,19'!. The cxpeii-e« anil commission tot-ether ninuiinted to £5i2M. The sum of .C 53.271, consiatim: of 127.7115 intercut ami £25.5U> trailing prolll. has been transferred to jirollt and 10.-s. The premiums reeeived in tile employers' liability, incident, and cenera! denarlinents aiuonnicil to £69,473, am! th,'. interest in £237.1. Tlie claims ant! (..vpen.-.c!! amounted to £75,851. A eiirlailmeni. ol cerla.iii elas.-iv of business look place, resuiting in a reduction of revenue from premiums, but a profit has been made from the. operations of the year of £10,58'). which. with the interest as abme, lias In -:irricd lo prulil and loss. N'.Z. LOAX AXD MKItCAXTII.K ACKXCV COM* AX Y, I,TI>. Aihircs from London reeeiyed be I he n.etiuu'-ehief inspector of Ihe New '/.caliind Loan ami .Ucn-anlik' Aireucy Co.. J.lil. t.Mr. Clarke Johnsiml are to. the eil'ect. thai, tin* company's capital rearrani:einciii iclicinn will be somewhat longer in priieivi Ihau on'cinally anticipated. I|. wa:, expected that all the necessary Iciml nreliuiinaiic:i would be completed in London before Ihe "lour vacation." This is now hU'hlv iui. probable, mid it is. therefore, unlikely that shareholders will be uskei! for Ih'n first, instalment of call money under the scheme until well on towards Ihe close of 1912. SPECIE'iXSUIiANG'ES AT LLOYD'S. In view of the heavy losses sustained iiy Lloyd's underwriters and I lie murine hisuranco companies in conneeiion with the sinliitiE of the Delhi and Oceana ideainships, both of which carried large ihiiiiiiiilii of specie or bullion, it has been decided, says tlie "Financial Times," to increase the rates of insurance on business id Ibis class. Hitherto the premium charged has been cmite nominal, as may be leathered from the fact that ihe £'/35,uC0 'of srolrt and silver oil board the Oceana cost lci-.i than £530 to place at Lloyd's and with the companies. This sum is. of course, it mere bnpratcllo for such, a liuro risk. The. probability is that, in future, double the exist intr rated will be charged for Hpccie consignment.?, \vhi«c in some cases an even larger increase will be enforced. Even so. however, shippers of bullion will still obtain their policies on a very moderate basis. The arguments hitherto employed as justifying a, purely nominal premium on precious metals has been that the only risk to be faced was sinking in deep water, where divers would not bo able to descend. Experience is showing, however, that even in comparatively shallow places much difficulty may bo experienced in effecting sahagc operations, while the expense is also very great. To take the case of the Oceana, salvage operations on this vessel have been delayed by bad weatner, and although all the ncccsv.-ary eouipment has been taken to the spot, only very nominal progress has so far becu made, and it will probably be several weeks before the whole of the bullion lying in the strong-room of this vessel will bo raised to the surface. In the meantime, expenses are mounting up day by day, and the bill to be eventually met by the underwriters will be a very large one. We understand that in future no bullion rfc!;s will be accepted at Lloyd's under Is. per cent., as against a minimum of sd. per cent, hitherto in vogue, while there arc some underwriters who consider that the lowest figure should be Is. 3d. per cent. Even on this basis the business cannot be regarded as any too lucrative. P. AND 0. DEFERRED STOCK. A calculation as to the approximate value of the P. and 0. deferred stock, on the basis of a sale of the fleet, etc.. as a. going concern, is given by "Fairplay" of Starch 28. "Fairplay" reclions from the amounts- written off for depreciation that the value of the fleet is at September 30, 1911, would be somewhere about £5,100,000, as against JEJ.C37.522, the amount to which it has been written down in the company's books. Adding payments ou new ships £786,528, and other assets £3.124.742, the total assets are pal at, £9,011,270. Against this are preferred capital, debentures, and sundry balances £4,081,976. leaving £4,929,294 for the deferred stockholders, or £425 for I each £100 of stool;. After providfnir last year for the ordinary depreciation of 5 per cent, and all other charges, and paying the dividend on the preferred stock, there was a balance of earnings tyufficieut to pay a, dividend of 215 per cent, on the deferred stock, which, on a 5 per cent. bMis. would give a value of nearly £500 for the st'ick. It is pointed out by "Fairplay" Hint, ill flic case of purchasing for control the holders of the preferred stock have the same voting i>ower as holders of the deferred, with, a maximum of 20 ■votes. *,YOOI J EXPORTS. The exports of wool from Australasia for the eight months ended April 30, as compiled by R.ilgety and Co., Ltd., show an increase of 21.926 bales, out of 2.3C8.16S bales. The exports from the several States compare as under:— 1511-12. 1910-11. Hales. Dales. Now South Wales... 842,336 875,786 Victoria 551,050 494,917 H. Australia 174.052 173.723 Queensland 219.770 200.235 Vf. Australia 73,268 72,289 Tasmania 13,125 19,818 New -Zealand 429,565 449,407 2.308.166 2,256,240 New Zealand slices a decrcasa of 19,842 bales. CCSTOirS. Customs revenue collected at thj port of Wellington on Saturday amounted to £705 17s. srl„ the total for the wed; being £10,339 Is. Id. The returns for each, of the pa.st eight weeks, eoraparsd with the figures for the corresponding periods of last year show as under:— 1912. 1911. £ £ March 23 9.233 21.124 March 30 25 256 8.478 April 5 ! 18,597 ' 23,145 April 13 10,972 10,690 April 20 22,803 16,745 April 27 12.150 12.111 May 4 16.093 19,765 .May U 10,339 8.C87 125,495 120,345 The beer duty collected during the past week amounted to £228, as against £211 6s. for the corresponding week of last year. IMPORTANT LAND SALE. Messrs. Murray, Jiobcrts and Co.. Ltd., report that they have completed the salo of the Parornnei Estate, the property of Mr. Ernest Short, comprising 3926 acres freehold and 4CO acres education reserve, to the following buyors:—64o acres at £17 and 533 acres at £16 lCs., to Mr. Jos. Green: 307 acres at £18, SO acres education reserve goodwill £450, to Mr. 'Y. G. Short; SO acres at £18 10s. and 160 acres at £23, to Messrs. Lucas and Thomas: 320 acres at £16, 320 acres education reserve, goodwill £1500, to Mr. Jf. P. Clare; 111 acres at £23, to Mr. \Y. Younger; 150 acres at. £28 and 98 acres at £20 10s.. to Mr. 11. Aldorson: 1127 acres at £19 ss„ to Mr. i). 11. M'Loan; 4CO at-rcs, including homestead, at £28 per acre, to Mr. G. Perry. The average price realised for the freehold was £19 16s. per acre, and for education reserve was £4 Vis. Gri. per acre. It is remarked by Messrs. Murrav, Kobcrts and Co., Ltd.. that, the whole- of those sections were disposed of in the short time of fourteen days. This, thev state, indicates that there is still a steadr demand for grazing land. KAURI TIMBER COJIPANT. (By Telegraph-Press Association.) Auckland, May 11. 'The Kauri Timber Company has declared an ilterftn dividend at the rate of 8 per cent, per annum for the half-year ended February 29. NORTH OTAGO PRODUCE. Oamaru, May 12. On Friday the wheat market was buoyant, but ,on Saturday, there was uncertainty, and no one seemed eager to buy. Dunne- the week a lair amount of business was done. One line of velvet son at 3s. 9;il. net. at country stations, and another line of 1200 sacks at fc. 9d. Tied chaff sold at. 3s. 9d. and 3s. Bid. net, Tuscan was t alien at 3a. 9d. net, and mixed lines at 3s. B}d. Oats are not so freely offered, farmers giving their attention to the thrc-iiing of wheat. Garten.-- have been mainly dealt in. and. for these. 2=. Ltd. net at. country stations, and 2s. and 2s. Id. have been paid. For Danish. 2* Old. net was the ruling price, and 2;-. 2d. for Ions; Tartarian*. Cape barlev wa? bought at 2s. 9d. net at country station'. The price of oatshenf rhaif i? £2"lCs. ( 0 ,£J 15s. net at country stations, and, for extra good, at £3. For potatoes ,C 5 ss. net, was paid for delivery at store, and £5 5s f/, 7s. 6d. and £5 10s. net at. <*oimtry"'i<Lv lions. There is, however, no activity lliis being due to the absence of orders' It is felt that the future of l!-,e mnrko ! de nends to some ostein on getting shipment to Australia, under less erecting conditions. FROZEN MEAT QUOTATIONS. By Telejraph—Press Association-Copyright. (Rec. May 11. 5.5 p.m.l London, May il. The- Incorporated Society of Meat Importers' Smilhlield market quotations for "the undermentioned classes of. frozen meat are based on actual sales of not than 011 p hundred carcasses of mutton or lamb o' twenty-five ijiiartcri of beef of fair a'verngc quality. The quotations arc not selected lines, but for parcels fairly representative of the bulk of the shipments now on the market. The prices which follow are on an averaco a farthing per lb. more ■than the Talus ej ship, this dlffcrcjico ro-

presenting nn avorano cost in cipiuiscs. handling, conveyance, and selling the menuMay 4. .May 11. Hut I on- d. (i. Canterbury, (ii'lit - - Canterbury, medium — — Canterbury, heavy — Southland — — North Inland, best H 33 Xorih Island, ordinary... 3j 35 Australian, light — Australian, heavy 35-15 3J lliver I'liitc. liirh-. - ltiver I'la.te, heavy 3J 3j New /.eaianil ewes 3 316 31 Australian ev.es 3i| if, lllyer J'lale ewes 33-16 33-16 i.amb •- Canterbury, light 5J 6 (lanlcrbury. medium 53 5j Canterbury, heavy 53 5j n'ouihlani! -. North I,.land, selected... 53 SJ Nni'lli island, ordinary.. 5' 51 A tji-.t f-n.li>t ti. host 5j si! AiMl.rnlliiii. fair f, 1 . y, Auiilr.'ilian, inferior S Illviir I'll.!.. lli-m SI hi lliver Plain i-d-oiid 5 5J Href NVw Zealand, ox fore* ... .il 33 New '/.i-i,.1a,m1. ov hinds . H ti Aiiulivill i fores 3 J AiiMl.riilliui, o.v hinds 4 q ll.lver I'lal.e, ox form ... 31 3 5-16 lliver I'iiile, n\ hinds ... •! -!.' Illvcr I'lale, chilled fores 3J 31 ltiver I'liitc. chilled hinds £• s'j llillilillk. The Market is dull. Tlest Sydney rabbll.H, o.v more, arc quoted at n' s . MINING NEWS. WELLINGTON SHARE MAHKET. A fair number of safes of mining scrip were recorded, on Saturday, but on a, lower basin of values. The transactions wefo an under:— New Sylvia, 7Jd. Talisman, 43.?. 3d. Walhi, 3(!s. 3d. Vaihi Ciand Junction, 235. 6d. The buying and seiliue quotations were an under:— Buyerj. Sellers. £ a. d. i\ i. d. Kcon-it-Dark - 19 3 Occidental 0 12 'i'.-i.linmau 2 2 9 2 3 3 Waihi 1 16 6 i 18 0 YVuihi Grand Junction ... — 13 6 Wuiotahi 0 2 R 0 2 10 Waifangi 0 11 0 12 The course of sales during the past week was as under:— Now Big lliver, 85s. New Sylvia, 7}d. Occidental, Is. 5d., Is. 6?d., Is. 5Jd. ]tos;? itcconstructed, 3s. Talisman, 445. 6d„ «a. 3d., Us., «s„ 435. 3d. Waihi. «ls. 6d., 38s. 3d. Waihi Grand Junction, 265. Id., 265., 265„ 235. 6d. The Wellington Stock Exchange received tho following telegram on Saturday from the Worksop Dredge:—Return, 51oz. 10-dwt. for 127 Roars. STOCK EXCRMOK (By Telegraph.—rrcss Association.! Auckland, May 11. Business done at tho morning call:— Moanataicri, 3d. to 4*d. May Queen, Is. 4d. Occidental, Is. 4d. Talisman, £2 3s. 6d. Grand Junction, £1 3s. Waihi. £1 18s. 6d., £1 173. 9d. Hose, 3s. 9d. Hank Xew Zealand. £11 12s. Union Steam, £2 12s. 6d. Auckland Gas, £3 os. 3d. Oashmore Bros., £1 sj. 6d. Auckland Trams lord.), £1 4s. Sd. JJow Zealand Insurance, £4 17a.9d. Dunedln, May 11. Pales oa 'Change :— Union Steam, £2 12s. Junction, £1 4s. 3d. Sales reported :—Occident!.l, Is. 21d.; Waihi, £1 19s. 2d.; Westport Coal, £1 9s, '9d, GOLJ) EXTHACTION COMPANY. Auckland, May 11. The Paeroa-WaiTii Gold Extraction Company has obtained gold valued at £2968 from BKO tons of tailings treated. BnOKEN HILL BLOCK 10. By Telegraph—Press A£soc!atlon-Conyr!f;fcS Sydney, May 11. The half-yearly report of tho Broken Hill Block 10 Mine shows that share receipts totalled £14,144, and tho expenditure £22,995 on work and equipment of the new mil!, results from which will shortly be obtained. The general manager, after a careful examination, reported that there was a serious diminution in" the ore reserves, but ho hoped the development now proceeding would discover additional reserves.