COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1748, 13 May 1913, Page 8

COMMERCIAL ITEMS.

IXVKS'I'MI'.'NT tilt A l( l.rl. Thrrc woro no liait.-vn'ti-nio jo iiivr.stutr.rti. shares ycedcrduj. Th« nimUUims \uaci a a under:liuvtlc. nr.llfll a i c. a 4; «= d. Enuitablo " N.Z. Loan and Moivonilla tt Ui 5 ; Napier Ons '! Well. Gaa (£10) - If. is n N.Z. Insurance n a a S.n. Insuriinei* , * rOo:ir Mim( (£t> A a r - . t'nion Steam (obU ?» a 'J i n Union Steam (new) S I' » •' r ' Hikurangi Coal l« ft ~ Taupiri Coal ! 4 ; Wcstport Coal 1 V ft 1 '/ '* Golden Bay Cement — I ft a Manning and Co 3 M » Ward and Co 4 l'> ft — Ohristclnirch Tram Debentures* (4J per cent.) •- WOO SEVEN MONTHS' KXPOICPS. The values of the principal products exported during the seven months ended April 30, compared with the- figures for the corresponding, period of ycar,«jho\v as under:— 1912-13. 191M2. ■C £ * , October 953,232 . 614.C07 November 1,148,094 1,146,51*3 December 1,704,810 1,285,122 January 2,826,257 2,490,165 February 3.629.785 2,984.753 March 2,527,987 2,465,077 April 2,362,445 1,999,808 15,152,580 12.985,435 An increase of £2,167,145 in seven months ia exceedingly satisfactory. CLYDE SHIPBUILDING. According to a. correspondent of the "Financial Times," the output from the Clyde shipbuilding yards during the month of March was on * a substantial scale, amounting to over 52.DC0 tons, a total which has not often been exceeded. This raises the total for the Quarter to 117.CC0 tons, which compares with 135,CC0 tons in the corresponding period of the previous year. In view of the somewhat poor start which 1913 mado, the progress of the third month of the year must be regarded as highly satisfactory, while the prospect is all in favour of a further substantial increase of the total in April, when tho gigantic Cnnarder. Aquitania, is. due to be launched. It is doubtful, however, if the year will constitute a new record, as whilo the yards are very busy at tho moment, there is a distinct slackening off in the placing of new contracts. This diffidence of shipowners is due to a variety of causes, among which may be mentioned tho uncertainty as to the future of tho freight market, iu view of tho obvious waning of general trade activtity. Then tho high level to which tho varices of all raw materials have attained, entailing the payment of substantial prices for new hulls, is a factor owners arc unlikely lo overlook. Curiously enough, shipbuilders complain thai much of tho work booked of late montliG has been-on a practically unremuncrative basis, as costs nave risen to an extent not compensated for in the prices at which the contracts were taken. Still another factor which is, having a deterring effpet upon tho booking of newwork is tho uncertainty as to delivery. Not only are the deliveries of steel and other materials behind tfrne. but the supply of 6killed labour at the shipyards is Suite inadequate. Tho contracts placed uring tho month consisted principally of cargo and passenger steamers of a good class, and it Is hinted that there is more of this class -of work to be booked were conditions somewhat more favourable. The launches included the AUatian. a quadruple screw steamer of 18.000 tons, for the Allan Lino; the Audania, 13X00 tons, for the Cunard Company; the Verdala, 59C0 tone, for Messrs. Gow, Harrison and Co.. Glasgow: and tho Hawkhill, 4500 tons, for ilessrs; Crawford ano( Rowan. Glasgow.

ALLIANCE ASSURANCE. The report of tho Alliance Aesurancc Company, Ltd., for the year 1912, states that the fire premiums amounted lo t £1,325,464. The claims paid and outstanding, including fire extinction, salvage corps and other disbursements conecled therewith, and including also a sum of £12,512 as contributions to lire brigades, amounted to £475,043, being £35 per cent, of the premiums. and. the expenses of management (including commission) amounted to £502,679, beiug £37 18s. 6d. per cent, of tho preiumy, leaving a surplus of £347,757. Of this amount £347,241, together with £88.738, the amount of interest (lees income-tax) on the fire insurance fund, hag been carried to profit anil loss account. There remains on the fire insurance account a 6iim of £2,107,193, of which £530,186, being 40 per cent, of the premium income, is a reserve against unexpired risks, the balance £1,577,007) forming an additional reserve. The directors have resolved to declare a dividend of 12s. per share flcss income-tax). An interim dividend of ss. per share (less income-tax) was paid in January last, and the balance of 7s. per share (also less income-tax) will be payable on ami after July 5 next. After provision has beeh made for the dividend referred to, amounting in the aggregate to £395,5G0, there will remain on profit and loss account a sum of £436,670 to be carried, forward, being £78,553 in excess of the amount carried forward. BRITISH EMIGRATION IN 1912, Figures which are given in the report of the British Emigrants' Information Ofiice for 1912 reveal, when compared with those relating to the last preceding .year, an increase in the number of passengers of British origin who left the United Kingdom for places out of Europe. Last year's total was 467,762, and the aggregate for 1912 was 454,527. A similar variation was disclosed by the statistics concerniwj. returned emigrauts, the' numbers increasing from 192,718 in 1911 to 199.276 last year. The net movement to Canada was slightly 3css, whilst tho outflow of population in the direction of Australia and New Zealand underwe.i* considerable increase. The United States and South Africa Glared the experience of Canada, their bei'nc Icsm than in 1911. The rcnorl mentions,'however, that there is a growing tendency on the part of Britishers leaving the lloine Land to make for other portions of the Empire rather than to become domiciled in foreign countries. With reference to unemployed emigration, the latest data available, which cover the twelve month? to the end of September last, indicate that 967 persons who were accompanied by the ICOB dependents were sent out by the Central Unemployment Committee, at a cost of £28.395. whilst in addition 868, with 1232 dependents, were dispatched by provincial distress committees, tho intercession of which involved on heir part an outlay of £20,889. The latter organisations deemed it necessary to ifeue a warning to intending emigrants from Great Britain to Argentina, advfsing that that country did not offer any safe oQcnins to unskilled labour, and that a sufficiency of capital'was essential to successful settlement in tho South American republic. The committee gave thiU matter special attention, anti intends to do so in the future, because of tho considerable destitution reported to be prevalent in Argentina, directly traccablc to the continued influx of unsuitable emigrants from the United Kingdom.

RUSSIA'S FIXAITOrAIi RESOURCES. At one time, notably in 1908, the Bank of France held the largest stock of gold of any institution in the world, but of late years, owing to bad harvests and other causes. her reserves of this metal have decreased materially. The Batik of Itussia now occupies the premier position with gold holding of jG!34.268,0C0. in addition to credits abroad totalling £23.115,000. The latter apparently represents moneys of tho Imperial Treasury, which possessed ©. surplus of £'!0,D00.000, aennding to the 1912 Budget. Those Treasury reserves abroad serve a double purpose, as explained by til director of the Chancellcrki de Credit to one of the St. Petersburg journals recently. In the first place, they ciirble liussift to effect the payment of interest on and the amortisation of its external debt. In the second place, these reserves nerve to aid the realisation of the wheat crop, which is th main article of export from Kussia. The moving? of this crop is attended by an enormous influx of foreign bills on tho market during the itutuinn, and for tho reunindcr of Hie rear t:\nu--actions of this character ore far le*s frequent. The Government- acts as a regulator by purchasing foreign bills during the autumn, and reselling them on the bourses when conditions are favourable. The reserves of the Hussian Treasury arc kept up at a level sullieient to enable it to Hiuport its internal markets fn times of political or economical difficulties. In the uutinun of 1911 Itd/wau banks might have found themselves in an unfavourable Position, as they were obliged to buy large quantities i>f foreign bills in order to repay the important Mjms claimed, lir these <ireum=tan<cs, the Minister of Finance did not hesitate to place temporarily at. tho dentin,! of Kupsiun banl<>» withfrom H« mervm iibruml, 'JMiu result of thl* mcatura w&a'tbat it averted

a- panic, lifted, »p Mic exchange value of tho rouble, which hnd rapidly fallen, and prevented gold exports. Cii'toms duties rolleeied at the port of Wellington volenlny amounted lo J:2l<is !2.«. 9d, M MAT MARKET. Mos.;rH. (S i'lbert, Anderson ami <X (,\|c-':o\s. -Mfll-op. I'l'ott :ui.l Co., spoilt <1, wrilliik' nmb'i' dale boiidon. April <1. report. a*i t'nllnwa wiMi reaped. lo Mm meat markd; • \ i'lli\v li:tdc mi SmiMitf''M Ma:; n«d. h'nvd loi".\ anl hu.WTrt »>"iu paving Mm lift?ft pri.-ci, tmiv niliuir price* wljkli an', illicit ali.m' ultal. H;»)!lioldcr'< sin- P» *• pun-d in •:<•)! h, rclaib'i'.i at. Mir pntienl, Hum-. 'l'liiliiiH been a prominent lc;il.ilie «d l nut rlii'l 1 •»*■ j.oini' Mmmi pa:,l. 11 iiiiu' grown. A r demand \v.\-- li'«ii >1.1-1 Willi Inwi-r pi if' ■ Hf-j ; Hrnl. li, f.Jd., Vd ; l-int'luli. Md . <'/«*.; Irhti. tod., Md. Mull.Ill: limli'h, f'.M Nil.; KhtflMi, v.l. VJd.; tlillrli, f.jd-i VM- 'r«*h'rt: K'«it«dl. Mb, M.; 1 ii'MMi, nd j iu.l. I.ainli, l-Jit-rlUli, *Jd., I*.; p.,. l», nd., ntd ; w.if. fid., 9d. t'hillt il lh > i 'IVimlmm;v liriMor. Fnrcfl lin\n aduun'd ifir., ti/., .1 binon, •U'l. I'Vm/ch IW-cf. While .%'mv ttnalaml mnatn« ill Join-, MA-, hinds U'l.. Itavo )u l-I'd, i.> M. in i-Hd, nnil I*l,lie, Ud. and Million, hiyht. I'.hipmmlK have .uiirol a nil.lint/ up all lonnd. (.'anU'rbury, •In r.f,, lid.; •/, (A, <U»!.; IA-V.'., ho.-.t, North island, '.f. i.4, \r, Kjil,; nniinary. 3-16 d.; \ ,'»-|r»d.; IMaio lioa.vy nlicop, 3?. d.; r.v.r.c, .igd.; A llrd.ralia.il, 5 15-lGf].: CW'Oa, •'•fid. i'i')>.«-.n - Xorl-li Inland lambs aro »rt:'t|iinif ui> in p» i' c, n.nfi »rc «sly a frac-M-.n Jenr, iJian f-omo of tho heal, in rm-i, 1 M'iiit' f-old at tho h-aiuc prioo. r';«nl<-Mimy, n I 36-42, CJd.; 42-50, fi \ 'id.; Nori.li b'land. 28-42. 6Jd.» 6£d.; mdiiiarv, ; Australianf, 23-42, Sj'd.; fair, r.gd,; infarlur, 5Jd. llKill COMMISSIONER'S CABLEGRAM. 'liif Itcnai t.incnt of Agriculture, Industrios, and Commerce has received the following cabioirrani from the High CommigtdontT for Now Zealand, dated London. May 10. (Note-Quotations, unices otherwise tvpeeiiiod, arc avuraee market prices on f>pnl):~ Mntton.—T!te market is quiet. Trade for all clns>cs of mutton has been very slow, nnd prices barely maintained. Canterbury, 4 3-Bd. per lb.; North Island, 4^d. Land).—Tho market is a shade weaker in anticipation of heavier arrivals. Hitrh prices are restricting business in the market. Canterbury, 63d. Ncr lb.; other than Canterbury, 6id. Beef.—The market. i«'dull. 2C.Z. hinds. 3Bd. per lb.; fores. 3Ad. Butter.—The market is dull and declining. Lnrgre supplies are comin*? forward. Lust month the imports wore 56,153cwt. moro Mian at the .same time last year. Choicest New Zealand, a email supply, per cwt-., 5135-; Danish, 1145.; Siberian, 100s.; Australian, 1075.; Argentine, 104s. Cheeso.—Tho market is lifeless. Transactions in cheeso are very limited. Stock is accumulating. Some holders of clieose aro forcing salos. New Zealand, white, per cwt., 585.; coloured, 565. 6d. Hemp.—The market is firmer. Lower prices are inducing business. New Zea* land cood fair, per ton. £31; fair, £28: all positions: fair currcnt Manila. £33 10s.; forward shipment, fair currcnt Manila. £34. The output from Manila during last week was 11, COO bales, and thi's v.'cck 18.000 bale?. LONDON MARKETS. Dj Teleertph—Press AssociaTlon—CopyrlcM London, May 11. Copra.—'The market is steadier. South Sea, in bags, jUay-Juno shipment, £27 10s. per ton. Jute.—Native first marks. April-May .shipments, are selling in Dundee at £29 10s. per ton. N.Z. Hemp.—Tho market is firm. April shipments, £33 per ton. Rubber.—Fins hard Para rubber is quoted at 3?. Bd. per lb. Cotton.—May-June shipments of American middling cotton arc celling at 6.44 d. per lb. Tinplates.—l.C. coko, £14 3s. per ton; 1,0. charcoal, £15 3s. per ton.

SILVER. London, May 11. Bar silver is quoted at 27 13-16 d. ner ounco standard.