COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1556, 27 September 1912, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHAEE3. There wcro no transactions in investment shares yesterday. The quotatiom were as under:— Buyers. Sellers.j6 s. d. £ s. d. Rank Now Zealand — 11 3 0 National Bank 6 16 6 2 6 Equitable Building — 5 Well. Trust and Loan — 7 10 0 Napier Gas (£10) — 22 5 0 Napier Gas (£9) — 5 S Napier Gas (£5) — 11 5 0 Palmerston N. Ga3 9 0 0 — Well. Gas (£10) - 18 2 6 Well. Gas- (pref.) - 110 Gear Meat (£4) - 13 0 0 Meat Export (526. 6d.) — • 3 10 Well. Woollen (ord.) 3 14 0 - WestportrStockton 0 3 It — Taringamutu Totara ' — 2.6 0 Golden Bay' Cement 10 0 110 COLONIAL MUTUAL LIFE. As tho affairs of the Colonial Mutual Life Assurance Society have been brougnt. before the Victorian Parliament by a Bill introduced by the Premier, an analysis of the repoTt which was published in May last will prove of interest, "x'iie first thing to" be noted is that the new business in 1910 and 1911 increased by over five millionssterling, of which a little over three million, sterling represented new business ju 1911. Expenses amounted to 36.92 per cent, of premium income last year, and 27.51 per cent, in 1910, while to total income the. proportion "was 26.83 per cent, and 20.81 per cent. The great increase wae wholly due to'the obtaining of new business, and even if much of tho new business is retained it is a' question whether it is worth, such a cost; • Income increased from £557,104 in 1910-to £622,924 in 1911." Renewal prcmiunib increased from £306,457 to £347,797, and new premiums "decreased from £115,078. to £105,012, this dccrca?e being due to thfc ui» creaso caused in tho earlier year by the taking- over of the Standard business. Of the outgoings, claims under policies, etc., decreased "from £230,707 to £210,879. ai«d surrenders from £35,119 to £27,247. Total payments* to policy-holders amounted in 1911 to £316,976, a decrease of over £15,00U, compared with the previous year. On tho other hand* 'expenses increased from £114,811 to £165,259. In the industrial department expenses absorbed 75.06 per cent, of.the income, in 1911 against 40 per cent, in 1910. The income was £60,484, and the expenditure- £51,652. Included in the latter sum were expenses of management to the amount of £45,398. But in addition the item extension of organisation account increased by £21.232 so that the total, expenditure in this department exclusive of payments to policy-holders was £66,630 or £6146 iu excess of the revenue. It will be romcmbercd that in consequence of the disproportion between the new business in the ordiuary department and tli:.- amount of business actually in force, the actuary of tho society advice, and thi.* directors agreed to, the deferring of the'distribution of Ihe annual bonus. TIIE PANAMA CANAL. Some interesting facts in connection with the construction of the Panama Canal arc given in a consular report, which was isstied recently. The eighth year of American work on the waterway terminated on May 3 Inst, and Die expectation i:? lluit ships will pass through the canal toward* tho end of next year, although the official opening has been fixed for New Ycar'K Day, .1915. With the completion of the canal imminent, attc-tion is being directed to its probable effect on shipping and commerce, but until the United States Congress has fixed the tolls to be charged and the method of working the can'il it is impossible for the various interests'* concerned to conclude their arrcintremerts, and indications point to the probability of ronie time elapsing after the opening before commerce adjusts itself to the use of the new route. No aooroximate calculation of th« ifolpplns which may bo xd to pad 3 thtoiifh the co&al is

until tbn lolls nre fixed. Apart from com* rnunieation between the eastern and western .Foaboards of Uid * United States, the - only ehartoniug of routes of importance 1 to Knrapo is from and to .thewest roast . of North and South Amoriea. On thc?u > routes it will undoubtedly be advantageous * to send ships through the Panama Canal, but comparatively infrequent failings will c-nlisfy the needs of the traffic: and with 5 regard to North America it remains to ; he .seen what effort- the railways will put ■ forth to hold their traffic. Whether the nitrate trade, the export of greatest im--1 port-anee from western South Ameniea, ! will be entirely diverted from its present route depends largely on the tolls charfjcd. ! SHIPPING CASUALTIES. According to a return just issued by "Lloyd's Jvegwter oi urilisa and Foreign Skipping," the total number of vessels of over ICiO tons which were lust, condemned, etc., during the quarter ended March Z\ 1912, was lte, with a tonnage of tons, uf which so were fcteam and 92 sailing ves« fcis. Of this number, 72, with a tonnage of 96,050 tons, were sailing under the British lias. 24 under the American, and 25 under the Norwegian. The number of vessels owned by the United Kingdom, «o cording: to "Lloyd's Register Book." 1911-12. is 9354, with an approximate tonnage of 17,872,700 tons, eo that the percentage of losses amounts to about 0.59 of vessels owned and 0.00 of tonnage owned. The number of ships owned by the British colonies is stated to be 2103 and the tonnage 1,546,130 tons, the percentage of losses being 0.81 of vessels owned and 0.43 of tonnage. The highest percentage of losses is shown in the Norwegian figures of 1.21 vessels owned and 1.07 of tonnage* N.Z. TIMBER TRADE.. According to the "Sydney Morning Herald" the demand for Now Zealand timber has shown a-marked advance this year. Australian firms are the principal buyers outside the Dominion. White - pine ana kauri arc wanted in Sydney and Melbourne in all lengths, but although the l supply at the various timber ports has been mute equal to the demand, shippers ha.Ve had considerable difficulty in securing tonnage. Owing to the dock troubles in England there are ait present very few big steamers in New ZeaJand waters. During the past few months it tremendous amount of sawn timber hae been accumulating at both Hokianga and Kaipara owing to the scarcity of freights. But, according to The Dominion, a big effort is now being made to cope with the Australian orders. Several of the Craig barques have returned to the timber ports without visiting Auckland a-s usual. "Until recently only smell quantities of timber have been shipped from Auckland, it being the practice of filing ships to discharge coal in Auckland and proceed to northern ports to load timber back to Australia. Since the opening of the Main Trunk line through to Wellington, however, timber mills have been started all through the Te Kuiti and Taumiv runui districts, and the sawn timber is. brought to Auckland by rail. Although laree quantities of white pine are being utilised by Australian firms for construction of buttei boxes, lines which are not suitable for that purpose arc made up inu> furniture. White pine takes the stain much more freely than timber of a better class, and by employing Chinese labour it is found possible to produce a really presentable artiolc at a small coet. COMPANIES REGISTERED. In the list of companies registered, published in this week's "Mercantile Gazette,' the following appear:— Patate Timber Company, Ltd., registered Sept-ember 24. Capital, £10,000, divided into 10,000 shares of £1 eac.h. Subscribers:— Havclock North: F. E. Nelson, 40. Wellington: E. F. Iladfield, 40: 0. S. Watkins, 40; F. E. Newman, 1; G. B. Hull, 1; W. S. Wheeler, 1; C. A. Low, 1. Objects: To acquire a lease of timber-cutting rights ac(mired by the Pungapunga Timber Co., Ltd... over about 6000 acre*?, part of the Pukstapii Block heretofore occupied by Gardner Bros.; to purchase sawmills, etc. Accountancy and Educational Publications, Ltd., registered ns a- private company, September 21. Office: 155 Feathcrston Street, Wellington. Capital, £500. Subscribers: J. L. Arcus and L. T. Watkins, each 250 shares. Objects: To print, publish, and sell worlw on accountancy, and to eater for the needs of accountants and accountancy students. George Syme'and Co., Ltd., registered as a private company, August 28. .Office. Princess Street, Hawera. Capital, £55,C00, divided into 55,000 shares ot £1 each. Subscribers: nawera—George Byrne',' 34,376; Ja-mes Lodas Syiue. 5756; Walter Syme, 5156; Norman Syme, 5156. Taneiwai: George Syme, jun., 5156. Objects: To ( tako over and carry on business as eawmillers, timber merchants, etc. Customs duties collected at the port of Wellington yesterday amounted to £2009 ,ls. ; 9d. LONDON WOOL SALES. PRICES FIRM. By Telegraph—Press Association-Copyriffht London, September 25. At the wool wiles, there was good competition for all sorts. Prices were firm at opening rates. ■ (Rec. September 27, 0.5 a.m.) London, September 26. At the wool sales the Thistle clip realised 13, id., top price, and llgd. avcrago price. , 'Messrs. Dalgcty and Company, Limited, have received the following cablegram from their London office, under date of September 25:—"Wool sales continue firm, and lately-reported rates arc fully maintained. For super merinos prices are unchanged; but fair to good merinos arc from par to 5 per cent, higher." AMERICAN WOOL CLIP. By TeleeraDh—Press Association—Copyright , Now York, September 25. The Boston wool market reports that 65 per cent, of the 1912 clip has been sold. TALLOW SALES. London, September 25. At the tallow sales, 3321 casks were offered, and 3168 sold. Fine mmtton realised 40s. 6d.; others sorts ait from par to 6d. advance. The New Zealand Loan and Mercantile Agency Company, Ltd., and Reduced, has received the following cablegram from London, dated September 25:—"Tallow:'We quote present spot value for the following descriptions:—Good mutton, 395. 3d. per cwt.; good beef, 365. 3d. per cwt.; mixed, 335. 3d. per cwt. The market is firm. Wheat: We quote an Australian cargo at 40s. 6d. c.i.f. The market is quiet,' but. steady, and the outlook is encouraging." AUSTRALIAN PRODUCE MARKETS. By Telegraph—Press Association—Copyright (Rec. September 26, 9.45 p.m.) Sydney, September 26.. ! Wheat, 4s. 4d. to 4s."'sJd. Flour, city, brands, £10; country brands, £9 17s. 6d. Bran and pollard, £6. Oats, Algerian feed-, ing, 3s. 6d. to 3s. 9d.: New Zealand whites, 3s. 5d.; Giants. 3s. 6d. Maize, 4s. Bd. to 4s. 9d. Barley. Victorian, 5-s. 3d. to ss. 6d. Potatoes, Tasmanian, £14; New Zealand,, £10 10s. to £11. Onions, Japanese, £14; ! American, £14 10s. Butter, selected brands, 1165.; prime, 105s. Cheese, B}d. Bacon, 9d. Adelaide, September 26. ; Wheat, 4s. 2£d. to 4s. 3Jd. Flour, £9 ss. to £9 tOs. Bran, Is. 2Jd. Pollard,' Is. 3Jd. Oats, 3s. 4d. MELBOURNE HIDES MARKET. (Rec. September 26, 9.45 p.m.). Molbourne, September 26. At the hides sales to-day there were small supplies and a keen demand. Prices were Jd. to Id. per lb. higher.