COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1730, 22 April 1913, Page 8

COMMERCIAL ITEMS.

. INVESTMENT -SHA3IES. There were no transactions in inve'tment shares yesterday. Tho quotation' were as -under Buyers. . Heliers. £ 5. d. £ 8 d Bank New Zealand ...... 11 8 6 11 10 0 National Bank <old> 5 S 6 — National Basils .(now) -. 4 19 0 — N.Z. Loan and Mercantile 0 10 0 L. Well. Gaa (£loi — j jN.Z. Insurance 6 0 (I _ Jfcat. Export. (52e. 6d.) 2 18 (1 — Union Steam 2 0 2 3 0 Kaiapoi Woollen (ord.) ... - 5?. t Well. Woollen (ord.) 3 11 6 ._ Weslport Coal ;... 17 3 ] 7 0 Taringarautii Totara — 2 5. o (Tclden Bay Cement -■'* to Sha.rland's ford.). l '.O 6 116 W.V.C.A. (£5) . 7 i -5 W.F.C.A. (£1; _ {'jo LONDON WOON .SALES: .'Phc third of- ; "he series of London wool sales will begin in . Coleman Street •'this evening and about midday to-morrow, if not earlier, cable messages will be received. in Wellington giving particulars-of tho opening. It is difficult to forecast the lone of tile market, for there; are many factors to be. taken into account. T'-ie long spell of dear money has latterly exercised an adverse influence on ■ trade and this, taken with the prospects 'of wool being- placed oil the -free list of the .' American tariff, gives rise to tho opinion that the one will -react on tlio other, and that values generally will be unchanged. The quotations for Bradford tops prior to the openiiur of the March pains compared with the quotations now ruling show as under:— Feb. 28. Apr. 18. Tops- d. ■ (I. (MXty-fours .- SO.t . Super sixties 29| 29j Common' sixties 28\ "85 Fifty-sixes , : 24' 2aj Fifties 221 221 forty-sixes ...: 171 171, 'forties 161 . \l6l . Common sixties, and fifty-sixes arc ivicli a.' farthins higher, but otherwise there is nu change in the s:.tuatioii. f At the Antwerp wool Fale.s there was active competition, and February prices wore fully maintained. The sheepskins sales last week were inclined to weaken as' regards some clf.sscs, although crossbred* generally maintained their valuer. From what litllc evidence we hove available it is very-probable thai n-.ml will hold'' iM Iftsilion, and if llicrc is any movement :n, Oil' il will ad'ci'l -lllr lillr '.vm.iK. .1 II I I |, r . ctiance l„. Iwaris » fall. Civi-l'ic;l ; wtitii UinJis uuile wiio. *

LOANS OX POLICIES. In times of jreuoml financial stress, if f? not an uncommon experience amongst life insurance companio? that, in order to tide over a. period of lemjwarv embarrassment, insured persons frcrjuentlr resort to the expedient of raising loans on their policies. The practice, according to the controllers of lcailliip Australian institutions, is not overdone hero. In Aracrica, howover, it- ha? been found that in icceut years there ha? been a groving disposition on the part of policy holders to abuse 'he privilege. I'lidc the pressure of keen competition a few o; the companies operating in Ihn.l country nought to increase the aUravi ivenes? of their, policies by special feature-?, and included in these \yhp Ihe "eaih 'nan" vyiteni. ivliioh wa? 111Lroduccd with the Idea., of cafwinp within legitim.'iie bounds for An e.TisinU. demand f rom Mnall the ctufonj. as well ;i> ' »ie libcr-.iJity of the emi-pnnio?, increased nn':! 111 eertajn lnstmicrv: it bor;i»>o pc for an insured to hormn pr.u-tii-aliy ;» hill vaiii 5 y r .oM.-v- Naturally U.e hnldci ji)Io tn* of reg»rd:»r; hts policy :• wcvph v.hereby to increase easily ena his liquid a.s wU at any o.lvrrw) of the wheel of |9 r .\ m Y\. , Moreovi-:. It portions of the Uiued .Stn.ee, w«?:icy r.on'nunda from 7.t0 0 per cent.,. and t.lio dift'crciiro between that I' 5 .! 1 *? ?l i ,a , f: V J l onn ' ;,> of insurance .o.m?-• attorned the bovrowjng policy-holder i, s'uflieienf for projitahle operation. iy not surprising to find that the amount, .of money involved in tlnso transactions ins reached enormous pioportions. Between the end of December. 1690. aud the close of 1911, Uic total of outstanding loana recorded by the Nfcw Yor'i Insurance l)e- - from 053,400 t-o £96<09,C00. But latterly the abuse of tho system has becomo ;«y marked that three ox the leading insurance companies, with headquarlers 111 New Vork. liave so altered their regulations regarding loans raised on policies that in future borrowers will have to pay 6 per cent,, instead ol\ 5 par cent, as heretofore. No'contention te made, however, for the completo abolition, of the loan business. "It has become an established and, a permanent incident life insurance in America, both in law and in ."H't.; declared the president, of tho ConncuticuL Mutual Life Company recently. C3 M\. r, 9 challenges its advantages to romtibUuGs of members. It- is tho proper repv.iLtioii of abnormal denand "that commands attention and actioo.".

! ' AUSTEALASIAK GOLD 'OUTPUT. I Tho output of- gold in. Australasia eonI tinuea to. decline, for the first quarter of I the-current year tho 'quantity . won waJ' approximately 608,065 fine ounces, or 26,528 fme ounces..'loss thau for the first qnarWr of last year. Tlic figureu of each State are given below ' . ' 1912. 1913. • fine oz, Fine 02. • west. Australia 301,905 •. 303,462 : uetoria J15.42A • • \\ ales 34,547 37.170 • Queensland 79,1C0 " 65,227 ■ • Tasmania 7,558 7.CCO South Australia I,!'>Co 1,500 Commonwealth ... 6<io,M3 522.89 A Now. Zealand../: 94.660 85,172 : 634,593 608,065 The figures for Tasmania and South Aug. tralia are estimated, The decrease shown by New Zealand is 9388 fiue ounces.

CUSTOMS REVENUE. . Customs' duties collected at. tho port'of Wellington yesterday , amounted to £4218 SHEEPSKIN MAttKET. - Tho liank of New Zealand .lias received tho ■following cable advice Irom its London office, dated April 18:~"Coiiiiiared with tho average of last ;\aJcs> prices fev: • praetically nil kinds or merino slims show a. slight decline, and for practically oil kinds of croE.-bred skius prices stow a. slight improvement." .

.- niGU COMMISSIONER'S CABLEGRAM'. . The Bopartment or Agriculture, Industries, and Commerce has received the following cablegram Irom the Sigh Commissioner for Xew Zealand, dated London April 19. (Quotations, unless otherwise speoilicd,. arc avcrago . market prices on spot);—

Meat generally.—The mutton, lamb, and beef markets arc Arm, with hardening tendency-at last quotations.' viz.:—MuttonCanterbury. 45d. per lb.; North Island,'lid. Lamb: Canterbury, 63d* per lb.; other than Canterbury, 6 3-Bd. Beef: tf.Z. hinds, 4id. per-lb.; fores, 3Jd. Butter.—The market is quiet, with a tendency in favour of buyers. Choicest N.Z. per owt., li3s. (salted); 1153. Unisalted); Auatraliau, 1095.; Argentine, lG&s.; Danish, U9s.; Siberian, 108s.

Cheese.—The market ia lifeless. New Zealand, ucr cwt., 68s.' Henip.—The market is dull and prices irregular. Spot. New Zealand, sood fair "(Trade, per lon. .€33; fair, £30; fair current Maniln, £33. April-Juno, New Zealand good' fair, per ton, £32; fair, £2'J .i 03.; lair 'miv rent Manila, £33 JO3. Tho'output fruin Manila- for tho week was 19,000 bales. Linseed.—The market is firm, biit demand onh'v moderate. Nevr Zealand, per cwt.., 555. (nominal;. , • '

Hops.—Tlio market is 'Arm. owing to reduced supplies. Wheat,-The market i« Driner. There, is more demand. New Zealand, selling against shipments.

Oats.—The market is quiot, hut steady, rhero is a jfcuernl and activo demand foiold oats. New Zealand short (Sparrowbills'), ex eranary, per quarter 3841fj.. 235.; Danish, per quarter, 3201b. 21s. Beans.—The market is firm, wllb Improved demand. Xcw Zealand beans, f.a.p. (old crop), per 5041b.. Ws. Peas—The market is ouiet, with''a tendeney in tavour of buyers. New Zealand peas (rartridgc). per 6041b., 41s. FROZEN' MEAT. By. Telegraph—Press Association—Copy rig h t London, April 2fl. The Incorporated Society of Meat Import era' stnithfield market Quotations for the undermentioned' classes of. frozun meat are based on actual sales of not than one llundrod carcasses of mutton or lamb, or twenty-flve quarters of bocl. of fair average quality. The quotations, are not for selected lines, but for parcels fairly representative of tlio bulk of the shipments now on tlio market. The prices ftliich follow are on the avcracp a farthing per lb. more ilian the values ex ship, this difference representing the average coat in eipense, handling-, conveyance, and soiling tho meat:—

April 12. April 19. Jfutloii- • •, .d. d. ; Canterbury, light 413-1G 13-16 . Canterbury, medium -5 7-16 .47-16 Canterbury, heavy 4JS tj, Southland. 1 Noi'lli Island, best- ..: 4 3-8 . 4 3-8 , North Island, ordinary .. 'I 4.1 • Australian, light '.... 4 4 i Australian, heavy ;... » " Eiver Plate, light.; 1 4J • Bivor Plate, heavy j 4 .4, New Zealand ewes 35 33 Australian owes 33 > 313-16 lliver Plate ewes 33 33 Lamb— Canterbury, light 611-16 63 Canterbury, medium .611-16 63Canterbury, heavy 6} 61' Southland * " North Island, ordinary... 618 6 3-8 North Island, selected .... 6f 65 Australian, best 6 6 . Australian, fair' - 53 5J Australian.'.inferior , * * . Eivcr-Phte, firsltt ;.5J 6 Hiver Plate, second S3 5-1 Eeef—■ New Zealand, os fores ... 3} 3 7-16 . New Zealand, ox hinds ... 41 ■ 4! Australian, ox fores 3 7-16' .3 7-16 Australian, ox hinds 3j ' ■ *3J ■ . .'River Plate'frozen fo.ves ii • 3 5-8 liiver Plato frozen hind* 41 • 4^ River Plate chilled fores 4 313-16 . liivcr Plate chilled hinds 61 ■ SJ . ' 'None offering. Rabbits-There have been large arrival, but tlie a.bseuce of demand lias depressed t.he market. Sydney*. large, 175.; young, 14s. tid.: small,, lis. (id. fiiibcrt Anderson and Co. (Mellsop. .Eliott' and Co.. local agents) under date London. March 14:— The-demand for frozen lamb has steadily improved, and spot, prices are fairly drift despite liberal supplies. 'Canterbury? have now come to hand in good Quantities, and are id. lo id. lower 1 linn Is.st week. Although Rome-grown .mutton is so dear. fro7.cn continues lo cheapen, Ihn quantity Co hand and afloat being amplo for the re-, quirements. Home-grown.—BccT: Scotch, 53d., 71d,; English, 6Jd.. 6jd.: Irish, 6id.. l.jd. Glutton: Hcotch.'7{d, Brt.: English, 63d, 73d.; Dutch, 7Jd.; Scotch teps, Bid., 9d.; Ensitsh tetrs. 8d„ Bid. Lambs: English, lid., Is. - Id. , Veal, 9d„ Old.. Pork, 7Jd., lid.

Chilled Beef.—Hinds, 5d.; fores, 3 3-Eil. Frozen Beef.—N.Z. hinds, 3jd.; fores, 33-16(1.; Australian, 3Jd. and 3Jd.; Plate, 33J, and 3 3-!6d.

Frozen Mutton.—The prices realised arc I no longer remunerative to senders. Date I'mutton in particular bcinf? sold at fully 1 Id. per lb. below'cost. Canterbury, 48-56, ; <3d.: 56-64. 4£d.: 64-72, 4id.; best North islands, 56-64, 4Jd.; ordinary, 4 -l-16d.; owr:- v , 3'< d.: Australian, 30-50.'3? d.: ewes, 3 9-16(1.; Plate 56-72, 3 13-16 d« Froz&i Lamb.—Canterbury*;, -26, 6 3*Bd,; 36-42, 6 3-Bd.; <2-50, 6sd.:-best North Island, 38-42, 6£d.; ordinary, sfld.; Australian, best, 5 3-16(1.; fair, 5 3-8(1.; inferior, 5Jd. WHEAT AND FLOIMt. By Telegraph—Prcgs Assoeintion—Copyrishi London, April 20. Shipments of wheat, and Hour nHoat lot fiurope on April 19, compared with a. year ago, were:April 19, April 2?, t91.!. 1912. ()nnrt<MS. Quarters United Kingdom 4.C05.CC0 4.3C0.U0 Continent 4,035,(0u 2,600,CC0 ✓ a.Mo.ciKi 6,9:0,ci;i Thr wheat Khlppvd from tin* Atlantic and .Pacilii; Coast- of North A:m»rira. d,nStu: the wrek and for tlm corrcspondin'; , week of but, voar is u.sllmutcd U\ Itt:nl- j street's" to In?: •• j AlbuiHi- i { « ; P-'iciii'.'' C-uial * . .. r "J"i j '-iXCII AJI.CLO

The total shipments to Europe from nil exporting countries during the week omounted 1o 1.710,000 rjunrtcps, including 323,000 (juartors from Aiistr.iljiiaia., as against 1,'K3,W0 ouarirr:-. including 90,000 from Austrnlasn. for Die corresponding period of last year.

IVIIEAT ILABKET. y , . , , . '-omlon. April 20. . J Jin wheal, market is very firm. There i? renewed Continental inmiiry. Several fr'r^VTtd. 60 '' 1 al priccs ™ si,le .VXTV.'EKl 1 WOOI, HALES. „„ . , , , London, April 20. I lie Anhvorn wool f ,-ilco doted firm, Hue niornn) crossbrcds brought up In a. five cn.utime* ndviinc,.; 5055' bales of La. Plata, were otlcrcd. ,-iiul 355 a sold. VICTORIAN OAT HARVEST. Melbourne, April 21 . rhc . -"J? 1 "'" 1 ' '-Pturns of the oat harvestEnp 0,o?i huslielF, or an avcrngo of 18.95 .-opi|l!irnd. with 4,585,326 ,-uid 15.1Y for til" previous season.