COMMERCIAL ITEMS

Dominion, Volume 6, Issue 1560, 2 October 1912, Page 10

COMMERCIAL ITEMS

■ INVESTMENT SUAKE3. There were'no transactions recorded yesterday, and the quotations were as under:— Hu.vor». ' B«llor» & s. d. £ i. d National Bank 6 16 — ' Equitable' Building- ' — 9 18 0 Ohristchurch' (ras ;. 7 10 0 — ■ \7oli: Gae (£10) ■„.... - 18 0 0 Oear Meat (£4) , .• — , 13 0 0 Jfeat Export (£5) < - 6 3 : 0 Meat Export, (Si) — 5 2 0 Meat Export (525.-6 d.)' - 3 10 ■Union Steam : 2 6 0 — Well. Woollen (pref.) - 2 18 0 Wcstport-Stofktoii 0 4 0 — . Leyland-O'Brien 16 0 17 3 Tarifl(ra,mutu Totara. — 2 6 3 N.Z. Oon. DenUl - ! it Sharland'e preferenra „.,„ — ■ 1 J 3.

LOXDQX DOCK KTIIIKK. . Some interesting remarks as to distress arising out of the recent strike or transport workers in the port ,nf London are contained in a return dc.ilius with pauperism in.Enstland und Wales during tliu ecv.ond uuartor of the present year. It was pointed out in an earlier return that, in place of the usual steady declino in the number of-pexwons relieved during 'March, there wan aji abnormal weekly, increase in the numbers relieved. The abnormal conditions continued at the bceinninß of the Fccond quarter of the year, and at the end of the quarter the number of persons relieved was still more than 14.0C0 in excess of the number in receipt of relief on the corresponding date in 1911. The unusual increase of pauperism in Jlareh was attributed to exceptional distress due to the coal trade -dispute, which particularly affected 32 provincial unions in that month; in April laa'sc increases in the numbers relieved were still apparent in fix of these unions, whilst the numbers relieved in seven other provincial unions showed exceptional increases; and in May there were still lartro increases shown in the number of persons relieved, as compared with the corresponding date in 1911. In June a further increase became apparent in the number of persons relieved, as compared with the corresponding number in June. 1911; this; increase, however, was largely due to a rise in the number of persons relieved in- certain unions in and odjoinine London. ' These districts, where the numbers did not show an abnormal increase durinu the period of the coal trade dispute, appear to have been adversely affected in June, when distress was prevalent- owisff to th 3 dispute in the transport trades. THE FBEIGHT I'OSITIOX. The_ freight position; was by the York "Journal ■of Commerce" of . August 21, which expresses the opinion that tht. shortage of shipa is a more seriouri circumstance than the probable shortage of cars in America, for land transportation, .as'the necessary supply of ship tonnage cannot be equalised so quickly with the d»mand. This •. year's cotton crop, though not so extraordinary as last year's, will probably be the next biggest on record,' and will require nil the available trans- . portation. The August shipments rtre • naturally small, but there is no cargo room to spare. For deals and timber ti.o steamer freight rates have gone up from 275. 6d. to 355. in 1910 to 51s. 3d. to 58s. 9d. for. deals. The range of rates for timber from- the Gulf of Mexico is 102s. 6d. to HCs., instead of 675.'6 d.-to 755. as formerly. Hates for case oil from America, to the Tar East and Australia are at least 80 to 100 per cent, higher than' two years am, when the rate was "145 cents per case. Recent offers of 33 cents have been declined. As', regards the cost of shipbuilding, the "New York Journal of Commerce" points out'that builders in Groat. Britain now quote £11 per ton for delivery in about eighteen months' time, whereas throe years ago a 7000-ton steamer could be obtained for between £8 and £9 per ton dead-weight.

. ' . TKADE UXIOir BAXK. Tho trad? unions of Great Britain pivposO esfcablisliinj; a, trade union, bank on co-operative lines. It is believed that a scheme can be formnloted wliii-.h shall enable an. ordinary baj'.kine business' to bo conducted while reserve,? could be accumulated so as lo afford tU> unions financial assistance at low rates of interest in periods of strikes or other occasfons of industrial unrest where a creat strain is ■placed upon individual union funds, tt i 3 proposed that a.ll profit-; shall be distri.buted anions tlio unions paiticipatinir. and be applicable to incrcasine ths benefits of : their rcspEctivc rnombcrs. . THE MEAT MARKET. Messrs. Gilbert Anderson and Co. .Palmersten North), agents, Mellsoj, Elliott and Co.), report under date London, Aucust 23:—Trade during the past week ha 3 been very slow for inullori and lamb, the bad weather for this time of tho year beins all de-ainst tho sale of tho latter. Homo:Krown: Beef, 6d.; mutton, 6Jd. to 72d.; lees, 7d. to Bd.; owes, 4d. to 55d. Dutch) 64d. to 7d.-;' larr.bs, 7d. to Bid.; Scotch hill lambs-, 6d. to 7d.; Dutch, 6}d. to 75d. Cliillecl beef: Very poor trade, hinds down 3d.' lo *d. per lb.; 4Jd. to sjd.: fores, 3Jd. to 3Jd. Frozen beef: 'Good trade (luri'ns ,tE". wsok; Drices about tho same. New Zcniand Jiinc'e, 3gd.; fores, 3d.; Plate hinds, 33d. to 3M.; fores, 3d. Frozen mutton: Very ■ firm, especially ewes. which have been raakins prices within fd. pqr lb: to R.a.q. mutton: 'Canterbury, <Jd. for heavy-weights, in short supply, to. (ii.. 4gd. for Hght-wciphts; best North Island'mutton, 4ld. to lid.; ordinary. 4d. to <}d. Frozen lambs: Lower pnecs anticipated. Canterbury', licll fairly well at 53d. for under 361b.. 5 9-16 d. for 36-<2l'b., and 5. l-16d. for 42-SClb. Best North Island and Routhlands, at id. lower. Ordinary Np'rtli Island* very slw- of fnle at 5 9-16 d. for under Mlb.: Australians. s>d. to Sid. Advice, of monthly frnzen ehipments—.Tuly, 1911: Mntlton, «6,250: ln.mb. 401,EO?:.fr6i>n-bccf. 259.C0. July. 1912: Mutton, K9.SCO; lair.b, 451.5C0; froz-n beef. '10,700. Shipments during Auenst —Nsw Zealand: Mutton, 83.(01;' HmK, p t>,m-r fror.cn ; 'be»f,' >BX. Australia: MuUlin;''J4.7 ,; orlamb. i lCo}; frozen beef, 55,750. River • Pluto: Mutton, M.CCO: lamb, 16,C(-0:■ frozen ' beef. 87,750. Totals: Mutton, 170,750; hnib, Bl.CCO; -frozen be=f, 1<16.300. ;■;.- NOTES. , Th« percentage of actual deaths to expected deaths in tho life insurance companies, of the United State's last year was >69.6t. compared with 74.93!.f0r the decade. In industrial insurance the percentile for 1911 was 87.C3, compared with 99.6 for the ten yeane. ■ . .-.

The German in Havana states that the Cuban tobacco crop for the year ended April, 1912, amounted to 353,135 bales (toroios), which came from the following tobacco-growing districts in the proportions specified:—Vuclta Abajo 135.630 bnta. Semi Vuclta. 12,322 bales, Pa.Tt.idos 97,939 bales. Hemedios (villas) -105,474 bales. Matanme 52 bates, Puerto - Principe 27 bales. Santiago do Cuba 1691 bales.. The 1911-12 crop suffered considerably from the e.tco .sive heat, the total ouantity of tobacco produced being about 20 per cent. Iceg than in 1910. when the crop yielded «1.523 bates. The irrigation .scheme formulated by the Government. f«». tho entire island is still in its preliminary stages.. ;

The New lork "Journal of Commerce" Rtat<B that the highest price over j-.rsiil for cattle in the United Stata? was recorded on August 12 at the Chicago stockyards, when boef on the hoof brought 10.40 dollars.per 1001b.- The nearest approach to this price was in the previous week, when 10.25 dollars wa.s paid. Other records were 10 dollars for" distillery steers, and 9 dollars for range steers. ,

The rebuilding of that portion of San Francisco, which was destroyed by tho firo of 1906 was steadily carried on during last year, bvA according to a Consular report many blocks still remain unoccupied except by ruins. The City and County Hospital and Courts of Justice have heen completed at a cost of- more than £<I6,ffio and £208.300 rciiucotivoly. Progress has been made with tho laying down of the auxiliary fire system, and this may he comnlelcd this year. ;The estimated cost is £1.K5.8C0. The following o-re aliso under construction: New. sewage system, to cost £833,300; a plant for disposing of tho city refuse, costing £208.300: schools of all grades, costing £1.166,600. The followins are under di-rin--sion at present:-Oity Hall, f-o cost i' 937.'500; Cjty Opera House, to cost £203,300; California- State Building, to-cost £208,300; public hall or auditorium, to cost £1,250,000; public library, .to cost £104100: art institute, to cost £104,100. ■ ■ . , '

In Juno, 1909, turpentine dropped to about; Is. Bd. per gallon f.o.b. Savannah. Never from then-until August 10 last had that; price been/touched. Now that it has receded 'to the low noint of three yeirs ago the. American trade -a>ems surprised, riot to say half stupefied. jN'oJone ently.had expected such a low level this season. Oneach of the j-ucceteive declines {Cyras felt that the : demand would speedily become , sufficiently active' to check : the downward- movement.-' Viewing the situation from the standpoint of the prices in 1910 and 1911, and the greater' part of 1909, it , was felt.that'the prevailing quotations would prove-adequately tempting to'lnducc strong consumptive buying,' in view of the fact that.esceptine in the one j-ear of enormous production—l9oß-9—consumers had paid .continuously high' prices for ten years. But the fall in values has not Stirred American buyers. They have met thsir wants as they arose, and not anticipated them.

According to the ' statistics published annually by the firm ofHecht, the total production of wild and plantation rubber throughout the world in the twelve montliG ended June 30 amounted to 93,669 tons, as compared with 79,302 tpns in the previous year, and 76.026 tons in 1909-10. On the othsr hand, the total consumption in 191112 Iβ returned at 99,564 tons, ae contrasted with 74.082 tons in 1910-11, or an increase 'Of 25,482 tons, whereas the mmnt.ily consumed in 1909-10 wns only 4037 tons in excess of the preceding year. The world's stocks of rubber on July 1 arc reported to have, been 10,181 tons, as against 12,563 ton.3 on the fame date in 1911. This is a, reduction of 2382 tons and compared with an increase of 5565 tone on July 1. 1911, as contrasted with the position of July 1, 1910. ' i The. considerable expansion in the consumption in 1911-12 is attributed largely to the lower level of prices prevailing during the year. The maximum prire for fins I'iira quality amounted to ss. 2d., and the minimum to 4s. 3d., the rate at the end of June being 4a. 9d. nor lb. Tn 1910-11 Ills highest price wan 10s. and the lowc-t 4s. lid.; in 1909-10, IZ-i.. stl. and 6s. 3d.; in ■1908-9. 4s .Ud. and- 2s. 9d. per 11). respectively. ... ■Customs duties collected at the port of ■Wellington yesterday amounted to JES9E6 TItADE IX AIJjEN* STHKET. Fruit.-The Tahiti from San Francisco and tho Cook Islands te due on October 10 with. the usual monthly shipment of Californmu apple*, and bananas and oranges from the Islands. The-Moeraki Is due from Sydney to-day with supplies of mandarine!, sweet oranuep, plncapplsa, l-i".'t«. and nasElon fruit. Conjlgnmunts of applet continue to uri™ iinuvtt dxiuj

from the Motucka district, and Tasmauian apples and Jlilduta lemons arc cuminc forward every Friday. A good demand exists Vegetables.—Parsnip* and carrot") have advanced considerably. ■ and. consignments are recommended. Cabbages and cauliflowers are in excellent demand, and good heavy lettuces am-bringing extreme rates. Very Tew shipment!- of green peas have como forward so far; consignments arc recommended. Xcw potatoes arc in strong demand at 4d. per lb. Heavy shipments of old potatoes have come on t.he market, and are a shade weaker, the current value being ,£7 tt> £8 lfe. per ton, according to quality. > Onions.—Callfornlan grown arc Eclling at 15s. per cut., in bags, and 16j. in case. Further supplies arc due to arrive by tho Tahiti on October 10. Flour is ruling at £8 10s. to £8 15s. tier ton f.o.b. south, according to brand. Pollard has excellent inquiry at £6 lCs. to £6 15s. ner ton. Bran 'is in heavy supply, and Is Eellinc at .C 5 ss. to £5 10s. per ton. Maize.—Good fetrt mafzc I« brinßine 5?. 3d. oer lb., and seed maize. "Ilickory King." 6s. 3d. Oatmeal is dull of sale at £13 10s. to £14 per ton. Kollcd oats, in 41b. bass, are selling at 9s. per , dozen, and Oat.ina at, Ss. 6d. ■ Oats.-The market m. extremely dull. Short feed and dun oats are quoted at 2s. Bd. to 3s. per bushel, and' seed Algerian at 3s. 3d. to 3s. 6d. Hay.—Rye and clover hay is in fair demn.nd at £5 to £5 10s. per ton. Chaff.—Stocks arc heavy. Prime oaten shenf, £4 10s. to £5 per ton, sacks In: medium quality, £$ 10s. to £4 per ton. Fresh eggs arc in strong demand at lOid. Butter.—Prime milled, in bulk, ltd. per lb.: (rood quality. 9d. to lCd. per lb. Margarine, in 281b. tins. Scottish manuf3H\iTe. Bd. to Sid. per lb. OherEc—Best, factory, medium size, 7d. to 7Jd.i loaf. 7?d. Ki"-!meal. £5 15s. per ton; rice flour, £6. Split-peas are quoted at 17s. cwt. Prussian blue peas are slow of sale at Gs. 9d. to 7s. per bushel. Partridge p".-,? are in fair demand at 3s. S3. to_4s. 3d. Whole linseed has moderate Inquiry at 18s. per cwt. Linseed nuts are selling at 13s. 6d. per cwt. Crushed linseed cake. 14s. per cwt. SOUTH imiTISH INSURANCE CO. . (By TelCEraph.—Press Association.) Auckland, October 1. Thn statement of accounts of the South British Insurance Co., Ltd., for the year ended August 30, show a net premium revenue amounting to £376,663 10s. sd. The and accrued is £36.764 16s. 7d.; total. £413 429 7s. $d. After making full provision for losses outstanding, there ie a surplus in the underwriting account of £38.305 7s. Bd. Income from interest and rents as above amounts to £36,764 16s. 7d.'. to which has to be added a. balance from August. 1911. less dividend paid in October, and the otaff bonus, IJII, £24.166 14s. 3d., tho amount to the credit of the profit and loss account. £93.236 iSs. M. 'Phis has been dealt with in the following mannor:—lnterim dividend of Is. 9d. per share, paid in April: 1912, £17.603: transferred to reserve fund, £M.f«3; sinking fund, Auckland leasehold, f,?rO; sinking fund, London leasehold, £235: written off office furniture. £674 ll*. 6d.; transferred to investment fliwtu-itiDn reserve fund. £2987 17s. Id-.; contribution to offlcc-s' mperruimiati'-n and provident fund. f'M) 13s. sd. The directors mw recommend ths navment of a dividend of 2s. per sh-arc for tho half-year cnfcd AuTiist 31. which will absorb £2(1 (TO. loarine to bo.carried to new account £33,294 14s. fd. with the object of reducing the uncalled liability of shares. The directors decided to call up £1 per share, and the sha-oho'd- « were duly advised of this on August 20 last to meet this call. The. directors now recommend the payment of a binus dividend of ft per shire. na'v.tbl» on Novembor 30. 1912. This dividend 'will i». ™id out nf the reserve fund, which will than stand at !£2CO,OM, and th; paid-up capital at £3CO,CCO.' .

hotel propekty sold. ■ Now Plymouth, October 1. .An important, sale of town nropsrty h announced, Fill and Co.. of Hawern. liavin.? purchased the freehold of the Criterion TFotel from th» trustees in the estate of llxa late Mr. William Cottier. CANTERBURY GRAIN MAHKET. Christchurch, October 1. Ths local grain market is again very quiet. A. small quantity of grain is bein'e shipped by the Corinthi?, but this is poine out of store. There are no offerings from farmers, ana, in tho Jbsence of an outlet, there Is practically no inquiry. TII3 potato market is p.!so dull, and, Uiouzh tho price is nominally £6 per ton, th'ire is no domo.nd at this,,figure, and it is re-ported-that'sales'have been made at £5 IDs., at country stations. "'" '' ' HfboL salks. Dy; Toleirraph-Press .\ssoi:iation-Ot>nrrlsht ' ■ ' , London, Eeptcmfacr 30;' At the wool sales there was good competition, and prices' were firm for all sorts. (Ec=. October 1, 9.55 p.m.) / _, , „ . London, October 1. Ino lollowing arc the prices realised at the. wool pales for the fleece portion of the clips named:—Claston. top price, 13d.:'avcra.?c price, 12d. Poporanpti, 19d. and 15 l-Bd. Owhaoko, 18Jd. and 15 5-Bd.