COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1702, 19 March 1913, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHARES. The sales recorded yesterday were New Zealand Shipping, <it £16 3c?. 6cV., and Lcy-land-O'Brien Timber at 2fe. The Quotations were a-s under:— Buyers. Sellers. £ s. d. £ s. d. National Bank (rights) ... 1 0 0 110 Bank Nov.* Zealand 11 5 0 — Well. Investment 0 10 6 Christchurch Gas 7 7 6 7 12 6 Napier Gas (£5) - 9 10 0 Well. Gas (£10) 16 0 0. 16 5 0 Meat Export (525. 6d.) 2 18 6 — N.Z. Shipping 15 17 6 — Union Steam 2 4 0 2 4 9 Weil. Woollen (ord.) 3 10 0 — Well. Woollen- (pref.) — 216 3 Leyland-O'Brien — 16 0 Taringamutu Totara 2 4 0 2 6 0 N.Z. Portland Cement ... 0 17 3 Sharland's ordinary — 110 Whitcombo and Tombs ... 6 5 0 — W.F.C.A. (£5) — 7 5 0 NEW YORK LIFE INSURANCE CO. . The report of the above company states that during 1912 the company received in premiums £17,659,875, and in interest, rents, etc., £6.843,025, making a total income of £24,602,900. The increase in the earning power of the company's assets during the last seven years is equal to 0.29 per cent. Translated into pounds this means an increase in earning power over 19C5 of more than £410,000. The increased earning power developed in 1912 is notable. It is represented by 9-ICO of 1 per cent., and, if - maintained will increase the income -of the company in 1913 by comparison with 'what it would have been had the earning power remained as at the close of 1911. by the sum of £133,CC0. Of the amount which tho law allowed the directors to spend in 1912 for new business, they actually spent 91 per *cent.; of tho amount which the Jaw allowed them to spend for all purposes they spent approximately 63 per cent.; of tho amount of new business which the law allowed them to issue in 1912, they issued-100 per cent.

THE SHIPPING OUTLOOK. The low rates of freight ruling during the second week in December seemed to point to the fact that the shipping boom which started in the autumn of 1911, was coining to an end. For instance, coal freights from Cardiff to Genoa had dropped from lte. to 9a., and to t-ho ltiver I lata, from 12s. 6d. to Vs. iiut, writes a German paper, it has turned out that this decline was only a temporary. one, depending more or less on the continued stoppago of navigation in tlic' harbours of" Northern .Europe, and to a certain extent on the usual period of rest brought about by the Christmas holidays. The new year has been accompanied by an increase-of rates on all the principal routes, and especially on the lines to North America, Brazil, the River I'lata, and AusThe large' steamship companies state in explanation that this raising of rates is due to the higher price of coal. But it is evident that they would Have hesitated to put up their rates liad there been any falling off in freights consequent upon the great activity in shipbuilding witnessed during the past year. As a matter of fact, freight rates have increased for tho reason that increased international trade and the abundant harvests of countries beyond the seas liavo severely taxed the oarrying capacity ot .existing merchant fleets. Jlenco the present revival of the. shipbuilding industry, in regard to which it may safely bo predicted that there does not appear to bo any danger of it. being carried too far. On the contrary, one would rather question whether this additional tonnage will be sufficient to meet existing demands. Witli euch favourable prosjiccts as tho present ones, the large shipping companies find it less necessary to keep up combines. The withdrawal of the Ham-burg-A.merican line and of the North German Lloyd from the Morgan Trust lias knocked the bottom out of the action of the United' States against the North Atlantic Pool, and it is -doubtful wlietliet the South American Passage Pool, which has been provisionally prolonged until the end of February, will be renewed. Tho pressure' of so many conditions favourable to shipping seems to render all such ar-. rangemeuts' auite superfluous.

TRADE IN ALLEN STREET. The Allea Street fruit market will be open on Saturday, but will be closed on Good Friday and Easter Monday. Fruit.—Heavy supplies of peaches are coming on tho market from the Motuoka and Hawke's Bay districts, and values rule low. Choice dessert pears are in excellent demand, and tlio came applies to clioice coloured dessert apples, sucli as Cox's Orange Pippin, Ribstone Pippin, Worcester Pippin, Scarlet Pearrrcain, and Jonathans. Cooking apples meet with excellent sale a.ud consignments arc recommended. Very little fruit is now coming from Australia. Tomatoes.—Heavy supplies are coming in from the Hutt district, and prices arc ex- , ceedingly low. The markets in the' other I centres are also glutted. Vegetables.—Green peas are in excellent demand. Cabbages, carrots, and parsnips aro easier. French beans have advanced fully 25 per cent, since last week. Potatoes—Heavy shipments -'are now coming forward from the south, some fine samples reaching the market from Oaraaru. Tho current quotation is £6 10s. to £7 10s., according to quality. Onions.—The market has advanced 10s. per ton since last week. A good demand exists for prime table onions at £7 lCs. per ton; pickling onions are in strong demand at lid. per lb. Flour continues in excellent demand at £8 IPs. to £8 15s. per ton, f.o.b. south, according to brand. ' Pollard is in litrllt. supply, and is selling at £7 Es. to £7 10s. per ton. i Bran is dull 'of sale and is quoted at I £5 to £5 ss. Haize.—Only light stocks are held; the demand is moderate at 4s. lOd. to ss. per bushel, ex store.

Oatmeal—A moderate business doing at £13 to £13 lCs. per ton, ex store. Rolled oafs, in 41b. bags, ore ouoted at 9s. per dozen, and oatina at 9s. 6d. Oats.—Excellent samples of new season's are. offering: short feed. 2s. 9d. to 3s. rsr, bushel; feed Algerian. 2s. 9d. to 2s. 10d.; seed Algerian, 3s. to 3s. 3d.; Dun oats, 2s. lOd. to -3s. Hay has poor inquiry at £4 10s. to £4 15s. per ton. Chaff.—Prime oaten sheaf chaff is quoted at 1 £5 per ton. sacks in. Fowls' wheat—Good whole wheat is selling at 4s. 3d. to 4s. 4d. per bushel. Eggs.—Fresh egm have advanced, owing to the Easter farcsind. and o.re now quoted at Is. 7d. to Is. Bd. per dozen; preserved. Is. 4d. to Is. sd. Butter—Prime milled, in bulk, -9£d. to 93d.; good quality, 9d. : Partridge peas are quoted at 3s. 9d. to 4s. a bushel. Prussian Blue peas are selling et fa. a bushel. Oape barlev, 3?. Js. to 3s. 3d. pqr bushel. Poultry.—Hons. 2s. 6d. to 3s. a pair; cockerels, 4s. to fa.; drillings. <g. to 4s. 6d.: turkey -pnhblcrs, lCd. to Is. per lb.; turkey hens, 9d. Customs duties collected at the port of Wellington yesterday amounted to £4663 Es. lid. ' DUNEDIN WOOL SALES. IBy Telesrapii.—Press Association.) Duncdin, March 18. . Tho fourth end final wool 4ale of tho season was held to-day, when 1029 bales were offered. There was a fairly large attendance of buyers, including a number of foreign representatives. Competition was very keen and prices were fully up to, if not' better than, those ruling at last pale. A number of lots passed in at tho February sale realised 3d. to Id. per lb. more to-day. Scoured wool brought very satisfactory prices.

PROVIDENT LIFE ASSURANCE CO. Dunodin, March' 18. The annual meeting of the l'rovitlent Lifo Assurance Co. was hold to-day. The chairman- (Dr. Roberts) said that the accounts for the year were decidedly favourable. During the year 10/35 noli-, cies had been issued for £383,011, and the 1 premium incomo had risen from £39 526 6s. Id. in tho previous year to £43,648 i 3« Tho .receipts from rent and intcron showed an increase of £606 3s. 9d. , but there had hod been ail increase in claims chiefly arising from death. Five and new shares had been. issued at a premium of '.s.- per share, and the funds now..-aggregated £78,479. The subscribed capital and funds exceeded £123,000. The directors) had decided to enter on accident lii'surance business, and Mr. 10 (J Pollard, who had been engaged as assistant actuary to the company, arrived a few months ago. The. report and balance-sheet were adonted, and the retiring director .(Mr. C F Greenslade) was re-elected. . GRAIN AND PRODUCE. Christcluirch, March 18. There is a quieter tone in the wheat market, as millers are now weH stocked and aro disposed to hold oil for a while' Tlwca.ll wheat has .been most in demand', but <15 Hunters is vcfcy scarce thifl vear any lots oflenng me generally fouhd'buvjns- lean 13 felling belter in South Cantprbury th.-ii farther north. The splendid milium quality of Tusrnfl this <caf»n

has made North Canterbury millers more independent of the harder wheat. Quotations are:—Tuscan, 3<i. fid. to 3s. 6id.j Hunters, 3s. and Pearl, 33. 7d. ami 3s. 7£d. at country stations. There is no frali movement in oatsheaf chalF. Potatoes, early varieties, are selling at £4 4s. t and £4 10s. for delivery this month. Onions arc now coming forward more freely, and arc selling: at £4 15s. HIGH COMMISSIONER'S CABLEGRAM. The Department of Agriculture, Industries, and Commerce has received the following cablegram from the High Commissioner for New Zealand, dated London, March 15. (Note: Quotations, unless otherwise specified, arc average market prices on spot):— Mutton.—The market is quiet, with a tendency in favour of buyers. Lightweights arc extremely scarce. Canterbury, 4*d. per lb.; North Island, 4d. Lamb.—The market is weak and inactive. High prices arc restricting business in tho market. Canterbury, 6\<\. per lb.; other than Canterbury, s£d. Beef.—The market is quiet. No change in prices. New Zealand fores, 3id.; New Zealand hinds, 3ijd. Butter.—The market is quiet, but steady. Iloldnrs are firm for New Zealand. Choicest New Zealand, 119s. per cwt., salted; 121s. ununited; Australian, Uta.; Argentine, 1095.; Danish, 1335.; Siberian, 110s. Cheese.—The market is steady and jjriecfi well maintained. The average price for the week for finest New Zealand cheese is 61s. 6d. per cwt., Canadian 655. Hemp.—The market .is irregular and without business. The demand Is principally speculative. New Zealand good fair grade, £34 per ton: fair grade, £31; fair current Manila, £33; April-June shipments: New Zealand, good fair, £34 ite.; fair grade. £31 10s.; fair current Manila. £34 10a. The output from Manila for tho week was 20,000 • halce. Wool.—The market remains firm. Linseed.—The market as steady, and holders are firm. New Zealand, 58s. per cwt., nominal. Cocksfoot.—The market is quiet. There is scarcely any demand.

LONDON WOOL SALES. By Telegraph—Press Association -Copyrisht London, March 17. There was fair competition at the wool pales. There were some withdrawals. Prices were barely maintained. (liec. March 18,' 10.30 p.m.) London, March 18. At the wool sales the following prices wore realised for the fleece portions of the undermentioned clips:—J.O., top price, ISid.; average price, lljd. Moawhango, 14d. and 12! d. Tupurupuru, 12id. and llid. Toko, 12d. and lid. Tokorangi, IHd. and IGJd. Hahia, lid. and 10 3-Bd. Messrs. Dalgety and Co., Ltd., Wellington, liavo received the following cablegram from tlieiii London office, dated March 17:—"The third series has been fixod to open on April 22, and the quantity is limited to 150,000 hales net new arrivals, provided the Quantity reached before the eighth day prior to' the opening of the sales. No wools arriving after that date will bo admitted." Messrs. Murray. Roberts and Co., Ltd., have received the following cablegram, dated March 17, from London friends, Messrs. Sanderson, Murray and Co."The third series of sales, which open in London on April 22. will be limited to 150,C00 hales, new arrivals." RISE IN PRICES. Sydney, March 18. Butter lias advanced 6s. for all grades. Tasmanian redskin potatoes, £9 10s.—an advance of £1. SILVER. London, March 17. Ear silver is quoted at 26 15-16 d. perounco standard.