COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1754, 20 May 1913, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHAKES. A sale of Wellington Gas share. 1 ? (£lO paid)"* at £16 wa» the only transaction recorded in investment shares yesterday. The quotations were us under:—

COLONIAI, GOVERNMENT SECURITIES, tat week there were substantial ad-vaiu-fi- in several denominations ol' colonial and it- is just possible that trustee:: are boinp induced to invest in these securities becau,-";.' of their comparatively liigh interest yield and their gilt-etad charaeter. Under the ColonStoel; Act-, 15iiC, it is provided th«t the securities in which a trustee may invest under the power.! of the English Trustee Act, shall include any colonial stoel; which is registered in the United Kingdom, and (jvith respect to which there have been observed isuch conditions il* the Treasury may by order prescribe. The conditions prescribed under •i Treo-nrv order dated f)cecmber ("', 19(10. «>•/> as follow(O The colony sliill pvovisi- by le^isliitMil for Urn i"<yn»;i> o''.' of tlio revenuoi of tho coiony of any sums r.-Jiioh may bccomo payablo to stow-

holders uiuls? any judgment, clccrce, rule.'' : or orucr or a L'ju.i. in V.»/ Kingdom. <2) The colony alia LI .-.uti-ify tl:o Treasury that adequate funds las and | when required) will be made available in the United Kingdom to meet any such judgment, dcrree, rule, or order. (3) The colonial Government shall place on record 5i formal expression of their opinion, thai, any colonial legislation which appears to tins Imperial Government to alter any of the provisions affecting the stock to the injury of the stockholder, or to involve a. departure from the original contract in regard to the stock, would properly be disallowed. The English Trustee Act, 1893, trive? trustees power to invest trust funds in thi:s class of security, provided that the restrictions contained in the Trustee Act, 1893, are complied with. These are that a trustee may not. under the powers of this Act, purcliai:3 at a price exceeding its redemption value any stock which is liable to be redeemed within 15 yean? of the date of purL-haso at par, or at some other fixed rate, or which is liable to be redeemed at par or at some other fixed rate, at a price exceeding 15 per centum above par on such other fixed rate.

EFFECT OF PBOTKCTION ON PRICES, [tow much the people of Germany and Franco pay for the protection of their liome-grown wheat is shown in a- Parliamentary paper recently issued by tho Board of Trade giving statistics relating to imported aud home-grown wheat of the United Kingdom. Germany, and France for tlio years 1911. and 1912. In the "United Kingdom imported wheat enters free of duty. In Germany it pays a duty of lis. ICd. per quarter, and in France 12s. 2d. per quarter. Of tlio 34,100,003 quarters available for consumption in the United Kingdom in 1911, 26.0C0.CC0 quarters' represented t-he not import?, and of the 35.9C0.GC0 quarters available in 1912 28.700.CC0 quarters represented the net imports. To make up her 30,200,000 quarters available for conminiption in 1911, Germany tool: from imports 11.500,000 quarters, and in 1912 out of a total of 30,700,000 quarters the imports were 10.700.CC0 quarters. France, which consume* more wheat than either Great Britain or Germany had 43,000,000 quarters available in 1911, imports being represented by 10.0?0,cc0 quarters, and in 1912 45.200.CM quarters, imports amounting to 3.3C0.C00 quarters. In each ease the imports arc het. Thus <the proportion of imports retained in 1911 and 1912 respectively for consumption were:—United Kingdom 76.2 per cent, and 79.9 per cent.; Germany, 38.1 per cent, and 34.9 per cent.; France, 20.3 per cent, and 7.3 per cent. The average prico of liome-grown wheat in the cae.e of tho United Kingdom was 31s. Od. per quarter in 1911, n.nd 345. 9d. (provisional figure) last year. No figures are given in the ccse of Germany and France, tho statistics available not distinguishing between tho prices of home-grown and imported wheat. Tlio average value per quarter of. imported wheat at tlio ports of entry, exclusive of duty, in tho years 1911 and 1912 respectively, were:—United Kingdom, 345.f and 365. 4d.; Germany, 345. 4d. (provisional) and 375. lid. (provisional); France, 395. M. (tho iiguro for 1912 is not yet available!. It is when we come to the local markets that tlio difference is apparent... Great Britain on tho average paid in 1911 not exceeding 3!s. Bd. per quarter for lier wlHMit; while Germany naid 42ij. 2d.; and France, 445. 9d. In 1912." Great Britain paid not exceeding Jf,3.; while Germany paid 4*3. lid.; and France, <83. 6d. per quarter.

LLOYD'S UNDERWRITERS. About the end of March tho result of tlio annual audit of the under-writing members of Lloyd's was displayed at that institution. According to "i'airplay," tho auditors are selected from a limited number of chartered accountants, distinguished in. their profession, and meeting with tho approval of the committee of Lloyd's. The prescribed method of audit requires that all premiums, claims, reinsurances, ledger balances, investments, and pr.us-books shall lie disclosed, and any abnormal propensity is to be reported to tlio aud.it committee. For the purpose of estimating liabilities as dt December 31, 1912, tho results of tho three years 1908 to 1910 inclusive are considered, and the corresponding percentago of those years arc to bo estimated results of 1912, £o far as the second and third years are concerned. The estimate of third year's settlements in the 1911 account is tho average percentage of the abov9 three years, and, in like manner, the 1912 account will be cotimated. The balancesheet must show an excess of assets over liabilities, after allowing for the abovo estimates. All moneys are put, in trust, and are held solely for underwriting purposes, and outuide credit docs not anoot the position of tho underwriter any move than do re tho credit of a shareholder of air insurance company. This, "FairpKiy remarks, is an important point to bear in mind, and is the true meaning and sense of tho adult, the whole supervision being directed to this end, and this only, r.he reoourccs of the underwriting account, so far as tho assured is concerned, arc the deposits and the private fortunes of underwriters. which aro compulsor.ily considerable. and are, 'of course, unlimiicd in liability.

JAPAN'S INDUSTRIAL TROCRLES. Tho industrial life of Japan is just nassiws through the first crisis, aud the outlook indicates that with the concentration of industry, tha cost, of )ivii:<r is increasing in tho towns, while the agricultural ponulation gains little from the changed condltions. The lcars, which were expressed of Japanese competition outsiue of Japan arc for the present r.ot bcinK realised. Professor Tzumura, of the Kobe Commercial Hiffh School, in an article in the "falun Nippon," writes that siens are not wanting that in Japan, as m all other industrial countries a rapid concentration of population, wealth and industry is procoedinc. One of tlio unsatisfactory results of such concentration is the gradual declinc'of tho well-beinp: of the agricultural communities. The high prico that riilco for rice only serves' to enrich the large landowners, whilst the medium-sized farmers scarcely make any profit. at all out of their business; and tho small ones, who do noi produce grain for sale, aro obliged to boar their fate in tho form of greater outlay and less ilicome. Agricultural labourers are obliged to leave the Holds and turn to betten'-paid work. This movement lias become so marked as to constrain the Govern- ' ment to mako special inquiry into its cause. One feature, howover. that has tended to discourage the current from tho country to the town i's tho increased cost of living in town coijparcd with the country. Fo much so, that largo manufacturers find it pays to build their own factories in the country at moderate .distances from the towns. Sites near waterways, which aro abundant in Japan, are preferred. No industry lias made more progress in Japan than textiles, anil there is great difficulty in finding skilled workpeople for it. Two-tliirds (about) of theso arc girls under 12 years of s;;c. Tliev enter the factory for three and five years. The family and home bond is very "vt-rong in Japan, and this makes it difficult for the factories to' securc good, competent staffs, which lends to hinder the procre?s of Japanese industry. The chief trouble of the Jananeso manufacturer is not to secure sufficient raw material, and not to eell his goods when manufactured, but to keep his factory well supplied with labour. The 'transfer of the factories to the country may help a little in this direction, for the country inhabitants will then bo able to work at the factory and Etill remain at- home.

MUTUAL MARINE INSURANCE. Further particulars arc to hand in. regard to the scheme of mutual .insurance put forward by tho Hamburg-American Ijiiie of etoamers. It appear?! that as a result of the Titfl-ntic disaster, underwriters asked 5 per rent., for covering the Imperator against loss amounting to ,£II,OOO or more, the total risk b?ing fixed at £1.100,000. These terms were considered too high in laco of tho basts on which tho Cunard Company insurer the JlaureLania and Lusit.ania.. Tho latter, however, are on a different, footing to that proposed in respect of the Imperator, as underwriters in tlio former case are only liable for claims in excess of fICO.CM, and tho rate charged is .£2 2s. per cent. Other participants in the mutual insurance scheme aro stated to the International Mercantile Marine and the Cunard Company. Thus the finest vessels plying on the North Atlantic route will shortly be covered against marine perils by mutual arraueement. Tho argument used is that by avoilding middlemen, the Fame benefits a>3 at present can be secured at a much lower cost, but it will take some years of immunity from disaster to accumulate reserves commcnsurato with the risks involved.

NOTES. It was anounced at Frankfort-on Main tliat a trial shipment of Australian frozen mutton, exported by the municipal authorities, would be on sale from April 4, prices which were to he under the control of the City Council. hein«? fixed as followßre.'ist. prices 83d. per lb.; all other prices, 10c!. per lb. During April the sold imported from oversea- into Nen- riouth Wales ninounled to £45,03", while the cold exported months of thi.« year these gold imports oversea was £77, 019. During the Hrst four have been £359,LM, while the sold cxnort:; iiavc amounted to £432,423. The cold yield of Oneonslanrt for the month of April wa>: 22,C26dz.. vjr a decrease of 77630z. as compared with April last year. The output of other minerals more than compensated for thi-j decrease. Canada's mineral output in 1912 wa.s returned at £27.1<5.C08. as compared with £21.057,023 in the previous year, this excluding made from Newfoundland ore. valued at £2.87.i.C00. The total inclm'od <-~al, £7.415,247 (14.699.9-53 tons), silver £5.962.833, nickn! £2,744,303, eopp«.r £2,552.093, and gold £2,562.127. .Japan has captured the coal trade of Singapore. burins !9i2 Sinirnpore imporied 702.156 tons of real, an increase of •13.561 t'Jii?. Japan «npplied '.53.733 oT Mmi; lota!, an increase of 137,252 lons, while Australia- sent 90.77 toir«. a dccrcare of 22.624 ions, and India 54,655 tons, a deerea-e of 72,621 tons. Ot'-STOIiS KV.VVXYE. (V-t.onir; duiir-j rjl- the port of Violiinstoii yesterday amounted to XI97C 14s. Id.

HIfJII COMMISSIONER'S CABLEGRAM. The Department of Agriculture, Industries, and Commerce has received, tho following cablegram from the Iliß 1 ' Q°™s"-" . sioucr for ?«ew Zealand, dated kondoi, 11aV 17. (.Note: Quotations, unless ouierwise specified, arc average mcirket puces "Vuttoii'.-The market is quiet, but steady, with a moderate demand'. Canterbuiy, 4 3-£ d. per lb.; North Island, 4/.d. Larfib.—The market is (|Uiet, with a tendcMivy in favour of buyers, llierc is a cood demand for all lamb. Canterburj, 63d. per lb.; other than Canterbury. 6*d. Beef—The market is firmer with a bet-te* demand on aocount of high prices for nr.itU:n and lamb. Xcw Zealand hinds, per lb.: fores. 3£d. . , ... Butter.-The market is steady, with a verv sood demand for best (lualit.v. bU't slisrhtlv weaker with to-i? demand for quality. Choicest New Zealand, per cwt., 1153.5 Danish, 114?.; Siberian. lOC*.; Australian, lC6s.; Argentine, 104». Cheese.—The market is dull for coloured at £6?. 6d. per cwt. There it? a much better demand for white, which Jis fjettins very «carce. New Zealand while, per cwt., 595. Ueran.—There is a belter demand for jpnip.' The market, is steady, and holders are firm. New Zealand good fair, per ton. £31 10s.; fair. £28 10.=.; fair current Manila. £33- Forward shipment,: !\ew Zcaland good fair, per i-on, fair. £28 lCs., fair current Manila. £53 10s. The output from Manila for the week was UCCO bales. Wheat.—The market is dull; very little business doing:. New Zealand Helling a train st shipments. Nominally New Zealand wheat, cx pranary, per quarter of <961b., 59?. Oat*.—The market- is steady, .wiui a tendency in favour of buyers. New Zca* land oats, fhorts (SparrowhilLs), ox pranary, per quarter of 3641b., 225. 6d.; Danish, per quarter of 3201b., 2C»i. 6d. » Bean?.—Tho market to steady, and. likely to remain so. New Zealand beans, f.a.q. (ol'l crop), per 50411)., 395. 6(1. (nominal). Peas.—The market is firmer, with more inquiry. New Zealand peao (partridge), per 5041b., 40s. Wool.—The market remains firm. Diver Pkitfl Fliinments received during tho month of April, 1913:—

FIIOZEN MEAT. Bj' Telecrttph—Press Association-Copyright London, May 18. The Incorporated Rocicty of Meat. Importers' Suiithfield market quotations for tho undermentioned elates of frozen meat o.re based on actual sales of not less than oils hundred carcacoes of mutton or lamb, or twenty-fivo quarters of beef of fair average quality. The quotations ore not for selected lines, but for parcels fairly representative of the bulk of tho shipments now on tho market. The prices which follow arc on the average a farthing per lb. more than the values ex ship, this difference representing tho average cost in expense, handling, conveyance, and Eclliiig the meat:—

; _\'oih' offering. All frozen meat quotations are nominal. Rabbits—The market is dull, and prices MO unchanged.

Buyers. Seller?. £ s. il. s tl. Xational Bank fold) 5 3 0 X Loan and Merwintilo 0 10 4 — Well. Trust- mid Loan ... 7 2 6 — N.7j. Insurance 5 0 0 — dear 31 Kit (£1 paid) 3 2 6 - Meat. Export 152s. 6d.) 2 19 0 Union Steam (newj — 2 3 3 I'liinti Kteam (old) — *• 4 0 Wesiport Cool 17 3 1 7 9 Golden Bay Cement. N"./.. Con. Dental 110 1 J 0 Ward and Co 4 19 0 —

Mutton. Lamb, i Carcnfpos. Oarcaasss. London 48,275 13,951 Liverpool 83.547 , 18.750 Cardiff 3,821 — Hull 6.835 «; Southampton ... 4,230 165 Xowcaetlo - 7,ECO . - 154,178 33,291 April, 1912 ... 217,SCO , 68,442

May 10. May 17. .Uutton— " d- dCanterbury, light 13 4S Canterbury, medium 4 3-8 43-8 Canterbury, heavy 41-16 41-16 Southland " * North Mand, best 43-16 4 3-16 North Island, ordinary... 4 41-16 Australian, light 313-16 313-16 Australian, heavy c * Diver Plato, light * Kiver Plate, heavy 313-16 313-16 Nov.' Zealand .cwoj 311-16 33 Australian ewes 35 33' Kivor Piato ewve ' * Lamb— Canterbury, light 7 615-16 Canterbury, medium 6i 613-16 Canterbury, heavy 6 5-16 6i Southland * . * North Island, ordinary... 63 6 9-16 North Island, selected ... 63 611-16 Australian, best 6& 63tl6 Australian, fair 6 6J ■ Australian, inferior 52 * Kiver Plate, first 6 6 Kiver Plate, second 5£ 5i Beef— New Znaland, ox fores ... 3 3^ Now Zealand, ox liinds ... 3/1 3j Australian,, ox fores 23 - 3 Australian, ox hinds 3J ■ 3 3-8 Kiver Plate,, frozen fores 3 3 Kiver Plate, frozen hinds 33 313-16 Jlivcr Plate, chilled fores 11 Kiver Plate, chilled hinds 43 43