COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1635, 31 December 1912, Page 8

COMMERCIAL ITEMS.

LIFE -ASSTJEAifCE INVBSTirESTS." : From figures' which , have been published recently; it: would : appear that several wellma'rked tendencies liave operated.' within the' : last twenty years l on- the choice' oMn- ' vestments favoured * by. Britishlife ance'' companies. 'The relato; to tlie years, 1090 and.l9o9,.;during which period the total funds invested increased, from £194,'775,707 .to' £403,943,079. In 1890 no less thin 4015. per cent, of tho total funds .was invested , iu. mortgages on real estate,' a proportion-' which by the. year 1909 'had' receded ito 24.5 por cent. British Government' securities were .represented' by 2.9 per cent, of the total in 1890, as against 1.3 . per cent, in 1909. Within the. same period, the'percentage of. total funds invested' ill Indian and colonial Government securities had moved downwards from 6.6 per--cent, to 4.5 per. cent.-, whereas foreign Government' .securities had risen from 1.8 per cent. ,to 4 per cent. Debentures ad-' yauc-ed from 9.7 per cent, to 23.1 per. cent, of the total, and investments in land,.and house, .property,, and-, ground reuts . ; from; 6.7 to '10 per cent. Loans' on : the companies' .policies., remained 'at a fairly : const-ant proportion, and in 1909 that form of investment'was" represented by approximately 16 per cent, of the. total funds.. . ' ■ AKGENTINA'S EXPORT^. According to the Buenos Ayres correspondent of .the London "Times." Argentina is .now-suffering acutely from delay iii getting rid of the harvest, chiefly'owing to tlio 'iecent : railway striko there and to the coal strike in England during the early '•part of -'-tlie year. The Argentines hope to dispose of the-bulk of their cereals in the first half of the year, and in the past, they have generally been able to do so. Obviously, the. quicker produce can bo marketed and a 'cash return obtained, the' .shorter .will be tho period during which' interest, must be paid on borrowed money.' The value of the cereals available for export this year is about £75,C00,C00, and shipments are said ,to be two months in arrears, -which means.-a delay of that amount of time in the receipts from, a substantial proportion of the exportable surplus.--. Interest 'for . two months 'on :this sum represents a, laige amoulnt, calculated: at 8 per cent.', and upwards,- the rates: current;in Argentina.' As a:matter.of fact, the export trade of the country has overtaken tho' transport and handling faeili.ties, drawbacks to which other more highly developed nations are subject ,in times ef' 'abundant harvests. - "

OKUBK RTJBBEK. • . The market for : crude rubber '.has taken a''turn for;the better lately,: alter, falling steadily for the-, previous, .three The lowest point'touched this' year •at the auctions was 4s. per. lb., out .the . average price for the first ten. months is fully , 4s. Bd., on which basis plantation companies are securing very profitable' returns. Thoee producers who are now. delivering part of their output in .execution .of private;-con-tracts -enteted iiito early in. the:. year. at about ss. per lb. are, of course, more favourably, situated than the companies which have' throughout adhered to tl\e policy of marketing entirely through'the. auctions. It is stated that, the general private demand haa. shown'more life, and. orders for fairly large quantities have been secured for delivery spread over, next year at an appreciable advanoe-ori tho lowest auction average. price. . The valne of hard .Para has recovered fully 4d. per lb. from ; the worst,. owing to a • better inquiry from America and repurchases for ne'ar/deliv-. cry, and. the former influence is likely to grow in intensity. ' The total arrivals at Para since. January 1 to,,tlie eiJ'd of; October amount to 33,730 tons, 'this comparing 'with .30,360, tons for. the .'same period last! year. An analysis of the Board of Trade returns for the last' ten months reveals the interesting feature that, whereas the receipts from the Straits Settlements, the Federated Malay States and Oeylori.sliow Ml. increase of '83C0.tons, those from Braziland the Gold Coast have, shrunk by about 1250. .tons, .the not increase' in the total imports being about 77C0.tons. THE StIGAJt POSITION. ' " : There have been' some remarkable changes in the world's-sugar position within the last few months, and the alteration which has occurred in the general market, conditions have, an interest for the Australian consumer, who,'as authentic statistics prove, is one of file largest users of this commodity.' Last year owing to a marked deficiency in the production..of beet on the Continent, prices ran up to unusually high levels, the' Australian market moving '.sympathetically with other centres. So critical did the situation appear for a time that the Brussels convention, .by which supplies-are regulated, was amended so as to allow of an increased, export by Hussia. Reli'ef, however, came really from tho crops of cane sugar, considerable quantities of, which were rushed forward from Cuba, Java, and elsewhere to' the points of extremist shortage. Under the influence of these augmentations of supplies, prices oarly this year began to'refcede until, from the highest point touched, a drop of 9s. 3d. per cwt. for 88 per cent, beet was recorded,- the movement representing mo.. less than £0 per cent, of a. decline within ahotit twelve months. The backward drift was stimulated by tho prospect of a very heavy yield for the current campaign, the estimate nut out. by Mr. J?. O. Liclit, the Magdeburg authority, fixing- the output of beet sugar at. 8,936,000 tons,. which compares with 6,346,000 tons last year and. with 8.105,126■ tons -for 1910. .'The figures promise ail outturn of E30.C00 tons.in excess of that obtained two seasons back, when- the yield was a record one. . Cane prospects this year are-excention.lllv bright.' Cuba, according to tho "Statist," should contribute about, 1,9C!),000 tons, .and-.the world's yield is Ter.koned at approximately 8,531,000 ,tons. On tho basis of these. caj»lations the aggregate output' of. beet- and caho sugar should ropreEont, something like 18.031,000. tons. as against 15,584,000 tons in 1911, and 16,785,000 tons in 1910. A natural consequence should bo -a regime of low priced sugar for some time to eome.

. HIGH .OOMJaSSIONEtt'S CABLEGRAM. The Department, of Agriculture, Industrie;;, and Commerce, has received the fol-lowing-cablegram .from the Hitrh Commissioner for New Zealand, dated London, Docomber 28. (Quotations,. unless otherwise specified,. .are average rnnrkot prices on spot!:--. ' General.—The markets aro quiet, very lHtle business lias been done, on account of .'the holidays. Jleat .ni'iccs, are liojniuallv unchanged. New Zealand and Australian. butters. arc . about _2s. lower, v but. expect bettor trad® during the next week, Danish, .Siberian, and Argentine , a.r<> unCuarißOd. Cheese.—The average price for tho. week for finest New Zealand nh?eso per cwt. is: White. 615.. 5d.; coloured, 62i. . . shimnent: Now 7icaland ;;ood fair innminn.lly), ±'3J 10s.; fair grade, £J2. irr.niia: The market '■« Armor; • Knir efimnt Manila Ml spot; if>3J 10s.; distant, £35. Thn output, from- ilauila to' tlio Tteok ZS,COO bsleflf