COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1576, 21 October 1912, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHARES. ; A sale of .0. M. Banks pharos at 20?. was mado on 'Change on Saturday. The quotations were as under:—

BRITISH INSURANCE COMPANIES. . An idea of the comparative resources of some of the principal Are insurance companies having headquarters in the "United Kingdom is afforded by recently-compiled statistic?. From these it appears that the total funds, excli/slve of capital, available in 1911 for the settlement of fire los«es had a. range, in the case of individual concerns, of £5,596,567, the smallest in the croup being '£66,229, whijh represented 4.2 per cent, ratio of funds to premiums, and the largest £5,622,796. The percentage in the latter instance was 108.8, which was not the* maximum, being exceeded in no fewer than eleven out of the score of companies cited. In arriving at the comparison, an amount equal to 33 1-3 per cent, of the premium income was allowed as provisi'ou for unexpired liabilities. In the case of the smallest conccrn particuI larised, it is- intimated that the premium , income last year showed a considerable advance on that for 1910, but it is contended that a larger percentage deduction on account of unexpired liability should be made. In other cases diminished premium incomes might have been accompanied by & smaller allowance under that, heading. The highest ratio of Are funds to premiums was 200,8 per cent., and the list includes other? rangiue from 158.9 per cenl. dowu to as low na 71 per cent. With three exceptions, the companies embraced in the comparison conduct their business, on tariff lines.

lIIUTISH SHIPPING DEVELOPMENTS. According to latest mail advices, the , Question of the relationship between the "Mother Country and the colonies in regard to shipping has been thoroughly thrnshed out by the Government, and it. is reported that "we arc on the eve of a statement from some authoritative cerso:: who will propound a new theory as regards-the relat.ion.shin between Great Tlrituin mul her dependencies. The Fohcroo in hand is said to be a gigantic: one. mid that when Mio vnrioU'S whit'U ha.vc nlrwidy taken place and tho.-:e which arc about to bo propounded are [ionc into it will be tcon that the shipping industry of the United Kinprilpm forma »n unbroken mid unbreakable line rnmd the world, guarded by the greatest.. ua\y ever known in history. The shipping industry is now controlled by a very emu , .! bund of exports, Jttajmte«.tantttXsujuite Deis.

falls naturally into three or four groups, Bis th? result of recent amalgamations, and without doiibt this position has been arrived at after consultation with the Government. Not olily, however, is the aitm,ini=tration of the Hnitish msrcujitiUe ninriiio now in very few hands, hut the liiianrial control of this vast omonnt of shipping i? vested in even fewer hands. Or.'j or two powerful financial interests hiive recently spent mdllions of pounds sterling in further investments in shipping securities, with a view to binding as closely as possible the various lines, and when the time comes to digcuus this matter, it will be found that the position has already been sufficiently Consolidated to enable the Government to carry out, without effective opposition, whatever scheme it niny have The decision of the United States an connection with the Panama Canal traffic to place its own "coasting trade" under "the most favoured nation clause" is at the roorl. of the- attitude which has now been adopted by the British authorities, and It will be found thnt, if tho tactics adopted by America are followed by the British Government, f. new factor of considerable importance will have been introduced into tho world's shipping trade. The American Government regards .1 voyage from the United States to .Manila, as a, "coasting voyage because the Pliilipoir.es arc nrotected by the Stars and Stripes; the adootioii of a. similar principle by Great Britain would have consequences which can hardly be foreseen.

LAND BA>'KS IN SOUTH AFRICA. Latest reports from South Africa regarding the land banks of the Union give an idea of the part played by these institutions in that country. In the Transvaal more than £2,CCO,CCO has been issued by the land bank .during a period of four and a.half years, the security being farm property worth nearly £7,000,000. No individual lonn exceeded £2500, and the average was £357. Half the amount advanced wae used to pay off old liabilities on land, tho balance being expended on stock, plant, etc. Over £400.000 was absorbed by land purchases, and 1 improvements were effected for an outlay of £2CO,CHI. The "Economist." in a consideration of the usefulness of 'theso banks in the South African Union, states that, especially in the Transvaal, the provision made for supplying agriculturists with credit has been in the past inadequate, and struggling farmers have had to pay more than a fair interest,on their money. All this has crippled' agriculture, for the land had been starved and drained of fertilising capital to pay extortionate rates of interest on loans. The Transvaal land bank not only enabled men to .discharge their mortgages, but it also brought about a reduction in the general rate of interest on farm property. And the results have fully justified its action. In three and a half years the total loss eustaincd from buying in properties was less than £ICO, and the profits from buying in other properties exceeded the loss eightfold. The profits made by the bank and transferred to tho reserve fund amounted to £56,000, of which £21,000 was earned last year. The prospects, it is stated, improve as the business expands.

AUSTBAUASIAN WOOL EXPORTS. The following i 3 a statement of Australasian wool exports from July 1 to September 30, 1912, compared with the corresponding period of last year, compiled by Dalgety and Co., Ltd.:— 1912. 1911. State. Bales. Dales. Victoria 16.718 24,794 New South Wales ... 69,641 123,991 Queensland 58,676 76,782 S. Australia. 21.772 22,522 W. Australia 8,885 6,807 Australia 175,692 254,896 New Zealand 29,683 27,749 Total 205,575 282,645 There is a net decreaso of 77,270 bales, West Australia and New Zealand being the. only States to exhibit increases. ■ <•. THE GOLD YIELD. Tho gold yield of Australia and New Zealand during the first nine monthe of tho year totalled 2,017,569 fine or., as against 2,192,880 fine oz. in the corresponding period of last year, showing a dofleiency of 175,311 fine. oz. Tho figures of th« several States compare as under-.— 1911. 1912. Victoria '393,7 m' 3H,£«T New South Wales ... 130,620 J 21,925 Queensland 254.174 2i0,697 W. Australia 1,026,321 976,172 Tasmania ~.: 26,033 31,979 S. Australia 4.5C0 4.ECO Commonwealth ...1,865,412 1,759,853 New Zealand 327,468 257,716

2,192,8E0 2,017,569 The New Zealand total exhibits a decroaso 0f.69.752 fine oz., Victoria's yieM has dropped 29,1840z.;'the New South Wales retura us less by e6930z., Queensland's Icsa by 23,4770z., and West Australia less by 50,1490z. The total decline for the Commonwealth is 105,559 fine oz. Tho figures for Tasmania and South Australia are estimates only. . CUSTOMS. ' ' Tho Customs revenue collected at the port of Wellington on 'Saturday amounted to £793 14s. Id., the total for the week being £8747 12s. 4d. The returns for each of tho past eight weeks, compared with the figures for the corresponding periods of last year show as under:1912. 1911. £ . £ August 31 17.218 18,156 September 7 10.446 23,406 September 14 26.133 . 13.455 September 21 21,558 21,591 September 28 15,362 7.59S October 5 34,496 15,117 October 12 ' 11,713 - 9.918 ' October 19 8,748 9,340 145,674 118,566 , The beer duty collected for the week totalled £277 • Us., as compared with £273 ,4s. sd. for the corresponding week of last WOOL, SKIN, AND HIDE SALES. The United Farmers' Co-op. Association, Ltd. and tilts Wairarapa farmers' Co-op. Association, Ltd., report as follows:—Fortnightly Kales of wool, sheepskins, hides, calfskin?, tallow, etc., were held to-day (October 18). Prices realised were as follow:—Wool, crossbred, medium, 7d. to 9d.; dead, 7*d. to B}d. Sheepskins: Half bred, full-woollcd, Bd.to 83d.; crossbred. 73d. to Bid.; short-woolled, 5Jd. to 6d.; dead, 6d. to 63d.; inferior and torn, 5Jd. to 6Jd.; Sells, 3{d. to 4»d. Hides: Ox, heavy, 7id. to I.; medium and light, 6Jd. to 7}d.; cow, 6d. to 63d. Calfskins: Superior, lid. to Iβ.j medium, 10d. to lid.; cut and slippy, 6d. to 8»d.

FEILDING MAHKET BEPOH'I. , Messrs. A. 11. Atkinson and Co., Ltd., report holding a good sale of pigs on Friday, values being in excess of late rates. Poultry was again in short 6iipply with good Inquiry. , Turkeys arc wanted. Old potatoes arc Blow of salo. Quotations: Weajier pigs, 125.,\135. 6d., 145., 14s. 6d.; stores. 235. 6d.; cows, 403. Trap gelding, £6 ss. ITens, Ser pair, 4s. 9d. to 5b.; roostcro. 4a. 6d.; ucklings, Is. 2d,; buggy, .£2; potatoes, 10s. to 13s. bag; seed,' 4s. to 6s. cwt.; peas, 2s. 6d. to 45.; seed maize, 7s. 6d. bushel; wheat. 4s. 3d.; pollard, 135.; rhubaxb, 6d.; onions, 2d. to 3d.; bncon, IOJd.; name, 10d.

GRAIN AND PRODUCE. (Hi Teleararh-Press Association.! Oamaru, October 20. There is little activity in the wheat market, although more is offcrtaff from the country, but the ideas of Jjuyers ond sellers do not agree. Velvet has sold at 3b. 7.Jd. to 3s. Bd. net at country stations, and red chaff at 3s. 6d., less commission. In' oats there is also quietness, and A grade Gartons have been sold at 2s. lid. not nt a country station, aDd B grade changed hands at 25., less commission. There are only small lots offering. Potatoes of good ou.ility have made a marked upward movement during the week. Early in the week £6 10s. was given not at country stations, ond later £7 was (he ruling pneo. On Saturday, however, lots wero disposed of si £7 155., ard the market closed at £B. The heavy ehipmer.ts have reduced the available suiinlic. Seed potatoes arc practically ■unsaleable, and are offering at £3 net on trucks.

FROZEN MEAT.' Fy Tclerrrn.ph—Press Association— Copyricht (Roc. October £0, 5.5 p.m.) London. October 19. The Incorporated Socicty of Heat Importers' ftmithfield market quotations for the undermentioned elapses of frozen meat are based on actual sales of not less than one hundred carcasses of mutton or lamb, or twenty-fivo quarters of beef of fair average duality. The quotations arc not for selected lines, but for parcels fairly representative of the. bulk of the shipments now on the market. The prices which follow aro on the> avurajjo a farMunj* per ]b. more than the values ex ship, this difference' representing an avernpe cost in expense, handling, conveyance, and selling the

BeefNew Zealand, ox foroa ... 2j 23 New Zealand, ox hinds ... 3| 3i Australian, ox fores 23 2j Australian, ox hinds 3} 33-8 liiver Plate, frozen fores 23 24 Rivor Plate, frozen hinds 3fl 3* River Plate, chilled fores 3 3-8 2n River Plato, chilled hinds <13 •None offering. RABBITS. Rabbitfl ore firm, and there is an .excellent demand for colonials a.t full marlief prices. The New Zealand Lonn and Mercantile' Agency Company. Ltd., and Reduced, have received the following cablegram from their London houee. under date October 18: —The market is gradually declining for frozcni mutton, there is little demand for frozen lamb, and arrivals of beef art! m exccss of trade requirements. SILVER. Br Teleeraph—Press Association—Copyright London, October 18. Bar silver is quoted at 29 3-Bd. per ounce standard.

Buyers. . Sellers. £ 6. d. £ s. d. Equitable Building — 9 17 6 N.Z. and River Plate — ■ 2 2 -0 Well. Trust and Loan ..... — 7 10 'o Well. Deposit - 0 7 9 Feilding Gas 10 6 — Gisborne Gas — 2 12 0 Palmerstou North Gas ... 9 2 6 — Woll. Gas (£10) ~ 18 0 0 Well. Gas (third issue) ... — 14 15 0 Gear Meat (£4) - 13 0 0 Gear Meat (£1) 3 4 0 — Meat Export (£4) — .5 0 0. Well. Woollen (ord.) 3 14 0 — Well. Woollen (pref.) - 2 17 6 Hikurangi Coal 0 17 6 — •Weetport Coal 18 0 18 6 IiCyland-O'Brien 16 6 17 0 Taringamutu Totara *i2 5 9 — Golden Bay Cement — 113 N.Z. Dm*? - 2 11 0 Sharland's preference — 13 0

Oct. 12. Oct. 19. Mutton- d. d. Oai>torbu.ry, light * ' * Canterbury, medium • * Canterbury, heavy * * Southland 4 7-16 4 3-8 North Inland, best 4 7-16 4 3-8 North Island, ordinary . 4 3-8 4 5-16 Aiwtralia.il, light • 4 Australian, heavy 4J 41 liivcr Plat c, light 4 3-8 * Hiver Plate, heavy 4} 4 New '/caland owes 4 n Australian ewes 4i * hamft— Canterbury, light 53 53 Canterbury, medium 5j ofl Canterbury, heavy 5,1 5 Southland 5J 5 3-8 North Island, ordinary .. 5 7-16 5 5-16 North Island, selected ... 5j 5 3-8 Australian, best- 9 • Australian, fair • • Australian, inferior • ♦ Blvcr Plata, IjVBt * • - Blat _ 9 » J