COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1830, 16 August 1913, Page 8

COMMERCIAL ITEMS.

WT3LLIXGTOX SHAKE MARKET. The sales of investment share® recorded yesterday were:—Meat Export (525, 6(1. paiid) at 605.; and Ward and Co., at £5. The quotations wore as under:— ' Buyers. Sellers. £ b. d. • £ a. d Bank New Zealand >.... 10 5 0 10 19 0 National Bank 5 3 6 — Union Bank — 54 0 0 N.Z. Loan and Mercantile 0 10 4 — Wellington Investment ... — 011 6 Well. Trust and, Loan ... 7 1 6 — Feilding. Gae — 017 0 Palmerston N. Gas 8 17 0 — N.Z. Insurance — 5 6 0 S.B. Insurance 3 15 0 — Standard Insurance — 113 0 Meat Export (525. 6d.) 3 0 0 — N.Z. Shipping 15 12 6 16 0 0 Westport Coal 18 0 — Leyland-Brien — 14 6 Golden Bay Cement — 10 0 Manning and Co 4 4 0 — Sharland's preference .... — 119 Ward and .Co 4 19 6 5 1 0 W.P.O.A. (£5) - 7 2 6 W.F.C.A. (£1) - 1.8 3 . SHIPPING AMALGAMATION. An important amalgamation of shipping injteresta is involved ini the understanding which has been arrived at between tlio Hamburg-American Line, the HamburgSouth American, Company and the Booth titeaindhip Company, with- regard to the future working of their fleets on the north- • onii Brazilian route. The arrangement marks a significant development -<in the ship-ping industry, no corresponding rapprochment between companies flying British and Gorman flags having previously been recorded. The incident is not only viewed favourably in shipping circles, but is regarded' also as likely to bo the forerunner of further similar understandings. As far ae the three companies are concerned, the result will bo to reduce working expenses substantially and at the eamo time to provide -a more cificicnt service. In all probability a wider itinerary will bo adopted, so that the public will benefit as well as the owners of tho three concorns. According to latest advices, ( the English company is to represent at Liverpool the Hamburg companies, whilst the latter will administer most of tho Continental agencies formerly maintained by tho Booth company. Tho numerous duplicate posts which had been created; under tho competitive 6ystem will doubtless bo abolished at an early date, and will be replaced by a unified scheme- of management, the three fleets being practically • worked as one.- It is probable, moreover, that tho oldest of the vessels in commission will bo disposed of, and that steps will be takan to otbain considerable new tonnage suitable for the South Atlantic service. The combined financial resources of tho organisation will assuredly give it a weight and an influence which was not enjoyed by the members as iudividufll shipping companies.

MUTUAL LIFE OF NEW YORK. The report of tlie Mutual Life Insurance Co. of New York for 1912 states that tho new paid-up insurance issued, £30,768,487. was nearly the ■ legal limit of £30,800,821 (150,000,000 dollars as practicable and in the closing days of the year it was found necessary to carry over to 1913 a, considerable amount of new bu£inc.-s, for which applications had been filed. To the amount of new insurance issued must be added £746,053 paid-up additions purchased with bonuses, £280,945 revived (hiring the year, and £456,634 increased, making a total of £32,252,119. The new insurance was secured at a cost well within the expense limitations for now business pi-escribed by tho New York law, while more than £570.000 was saved out of the provision made in the premiums for expenses and contingencies. In the year under review tho company paid to policy-holders £12.576,208, which, added to accumulations for policy-holders, .£2.402,834, gi,vcs total benefits to policyholders in 1912, £14,979,042; received from policy-holders in 1912 in premiums, consideration for supplementary contracts, annuities, etc.. £11,742,589; excess of total benefits to policy-holders in 1912. £3,236,453. It will be seen that the total benefits to policy-holders for 1912 exceed the total amount received from them during the year by £3,236,45.} while the total amount actually paid to policy-holders during tho year exceeded, the amount received from them in the same time by £833,619. Next in amount to. death claims among the sums paid to policy-holders is that of £4,171.791 for endowments and surrender values. Tho latter include the proceeds of deferred distribution policies which had completed their bonus periods, and were surrendered for the gnaranteed cash value, plus the accruing deferred bonus. Inasmuch as the cash

value and bonus together generally- approximate in amount, and sometimes exceed, the face amount of the policy, the insured commonly chooses to treat, liis contract *19 an endowment. Tliia is to bo deprecated, for the reason that in surrendering the polioy he is abandoning tho protection which was, or,oiiEht. to have been, his chief purpose in seeking' insurance In the first instance. THE COST OF HYIIsG. An analysis of official statistics has been l.oonducted by tho United ' States Department of Agriculture, with the object of ! ascertaining whether thero has been a widening of the diiferonco between tho wholesale and retail prices -ruling for food products as a result of tho advance in quotations to the consumers. It was found that ill 1910 householders in 71 American cities were paying about 19 per cent, more than the price given by retailers for eggs, 25 per cent, more than was received by producers near the cities, and 32 per carat, in cxcess of the average recicved by prodncors generally. For chickens consumers paid nearly 25 per cent, more than retailers, 60 per cont. abovo producers, and 60 per cent, moro than the average realised by poultry-raisers throughout tho Statee. Jtilk producers, who did not retail the licjudd,' got a roturn which was on. the average no less than 89 per cent, below tho price exacted by tlie middleman from the user, and for creamery butter tho addition in prico to the consumer was nearly 15 per cent, on the retail rate. Comparing the averages of quotations for tho years 1903-1912 withi those for 1893-1902 it was discovered that tho prico of wheat had advanced 32 per cent., the wholcsalo rato of flour moved upwards 29 per cent., and tho retail charge only 28 per cent. Hie price of pigs increased 33 per cent.; liame, wholesale, 24 per cent., and retail, smoked, 32 per cent. Eota.il bacon advanced 55 per cent., and pork chops 41 per cent. The wholcsalo pricci of lard increased 31 per cenit., and the retail 30 per cent. Steers ware 24 per cent, dearer, and beef, wholesale, 23 per cent., retail ranging according to tho portion quoted, from 19 to 30 pelcent. The value of sheep rose 19 per cent., and mutton, wholesale, was 36 per cent, higher, the retail rate not boing given. The average farm price of potatoes on December 1 in cach of the ten years 19031912 was sot down by the Department of Agriculture as about 26 per cent, higher than for the preceding decade, whereas the movement in the retail ciuotaf,ion represented an advance of about 20 per cent. From tho figures given it appeared that whatever was the margin between the returns to wholesalers and retailers tho variation in the period under - notico lias not been of very great significance.

WHEAT AND FLOUR. ICoto wheat and flour were imported into the United Kingdom last, year than in a>ny previous twelve months since 19C4. For 1913 the quantity of grraiii imported was 109,572,539cwt.. the njarest approach to that total within l:ha period indicated having been 105,222,638 c wt. in 1910. From Australia the receipts of wheat, as officially recordedi represented 11,908,505cwt., the Commonwealth oceupjilng fifth place in importance in the list of suppliers. British India came first, with 25,379,400cwt.; Canada second, with 21,551,1000wt.; and the United States third, with 19,973,994cwt. The Argentine followed cloEcly, with. 18,783,V00cwt., end Russia came nest alter Australia, with 9,oos,CoCoivt. Imports from Rumania were interrupted by the outbreak of hostilities in the JUkatip, the intake from that saurco falling from 1,952.300cwt. to 697,000cwt., whilst the 'contributions by Turkey aggregated only 294,C00cwt.. as against 413,80Ccwt. Curiously enough, however, the wheat obtained from Bulgaria rose to 123,8C0cwt. loc-t year, as against 63,800cwt. in, 1911, but the supplies from Uiat country have' always fluctuated substantially from year to year. In wheat meal and 11 out, the United Kingdom in 1912 obtained from other countries 10,189,476cwt. Canada and tho United States furnished in almost equal propo.rtio'nis over 8,C00,0G0 cwt.. but Briitidh India, sent one of the lowest totals, 12,800cwt. In other cereals the imports were quantitatively high. Of a total of 20,126,294cwt. barley British 111d:ia was drawn upon mo*t heavily, oontribnting 6,497,<00cwt.. liussia shipping 3,6fi4,9Cocwt. The aggregate of imports of barley was 4,CCO,OOOcwt. less tha.n, in 1911, but was about equal to tho average of a number of recant years. ' Importations of oate last yoa.r reached 18.3C0,400cwt., arod wore the largest for tile last nine years. Argentina, with 7,657,500cwt., pent the greatest, quantity, tho Kepnhlie supplying also 28,7C5,830cwt. of the 43,877,338cwt. of maize obtained from oversea.

JAPAN SALMON PRODUCTS. According to the British Vice-Consul at Itoliodnte (Japan), that enterprising country has recently been* going in. for canning salmon. "During tho past two years," wrote the gentleman in question, "the tinned salmon and trout industry, in which previously only some four or five persons wero interested, has considerablydoreloDed ta Nemuro md Kamfuto, and

tlio tiunod food dealers m Tokio,, Yokohama, ujkl Kobe arc also taking part in it. Oaniiew are able to obtain ■ their ftsli very cheaply, ctf salmon and' trout exist in 10-rge quantities in the northern wsitera. The market prices in July, 1912, vrere 7 yen (14s. 3d.) per box of 481b. of Kamchatka red salmon, and 5 j*en (10s. 2d.) for white trout. By the* end of 1912 these prices had ripen to 105 yen (21s. 6d.) and 6 yen (12s. 3d.) respectively. Tho total production of tinned salmon and trout in 1912 amounted to 8,568,0C01-b., valued at £145,300, the chief contributors to this amount beiii? Kamchatka, with 3,744,0001b., valued at £84,000, and the Nemuro district, with 5.528,0001b., valued at £47,0C0. 'fllie total produce c-howe an increase of between 30 -and 40 per cout. over 1911. Tho total exports durine 1912 amounted to between- 76,C00 and 77,000 boxes, oauivalent to about 3,700,0001b., valued at £81,000, twothirds of which were produced by foreign firms. Hakodate was > the chief port of , shipment, and the principal destinations were the United Kingdom and Australia. I Goods produced by foreign firms having I their own connections abroad, and those j produced by Japanese Arms sent through I exporters in Tokio, Yokohama, ond Kobe, Ito order, have becu exported without diffiI cult j'."

Customs dufly collected at tho poTt of Wellington yesterday amounted to £1505 4s. Id.

CANTERBURY GRAIX ILVR-KET. (By Tel«ffraph.—Press Association.) Christchurch, August 15. Owing to the holidays and broken weather, business in the grain and produce market lias beon practically at a standstill during the week. Tho potato market has weakened etUl further, and 355. and 375. 6d. at country stations is all that is now being offered. The opinion is held that areas in potatoes and field crops are larger than tho Government returns show. The -stocks in growers' hands are still considerable, especially in South Canterbury. At present there ig a very limited demand for coastal shipment, and, in the state of tho market, buyers arc only operating when they have actual orders to fill. BRITISH-AUSTRALIAN OIL CO. By Telegraph—Pxceb Association—Copyright London, August 14. The shareholders of the British-Austra-lian Oil Company havo approved tho reconstruction scheme. SYDNEY COMMERCIAL BANK. (Rec. August 15, 8.30 p.m.) Sydney, August 15. The Sydney Banking Company hag decided- to increase its capital to £4,000,000 by the issue of 20.CC0 additional £25 shares. VICTORIAN PRODUCE MARKETS. Mclbourno, August 15. Wheat, 3s. B£d. Flour, £8 15s. Brail and pollard, £4 lfe. Barley—Nominal. English, 3s. to 3s. 4d.; Oa-pe, 2s. lid. to 30. 2d, Oats—Algerian,' 2s. to 2s. 3£d. Maizo, 3s. 3d. to 4s. Potatoes, £2 to £3 10s. Onions, £6 10s. BANK OF ENGLAND KETURNS. (Rec. August 15, 8.50 p.m.) London, August 14. The Bank of England return issued for the week ended Wednesday, August 13, is as under:— * IBSUE Department Note 169U« £57,950,000 Gov. debt •••£11.015.000 Other securities 7,434.000 Gold 89,501,000 £57,950.000 - £57,950.000 BiNKiNo Department. Proprietors' Govt, securlcapital £14,563.003 ties £12,457,000 Public d«- Other securiposits ... 0,341,000 ties 27,241,009 Other doposits ... 42.210.000 jK«tei ' ... 28.375.000 Rest, 7-day and other ' bills... - ... 3.539.C00 Coin... ... 1,570.000 £69.643,000 £69.643,000 The leading Items of the Bank of England return afford tho following comparison:— This week Hast waok Last yoar ££" £ * Bullion 39.501.000 37,820.000 39.8G3.0 0 Reserve 29,915,000 27,507,000 29,815,000 Note circulation 29,575,000 20.934,003 29,513.000 Public Deposits 9,341,000 9,350.000 16,552,000 Other Deposits 42,210,000 39,6-23,000 43.2(33.000 Proportion of rosorve to liabilities... 58.07 55.00 45.62 GOVERNMENT SECURITIES. ' The following are the latest quotation! for Government securities, with a comparison of those ruling l&6t week Variation _ compared Prlc#. , with • last weak. £ «. d. 2J% Imperial Consols 73 17 6 2/0 higher 4 i( N.S.W.IO39Jau.-July 100 0 0 Unchanged '3i „N.5.\V.1930-50Mr.«Sp 96 10 0 '10b higher 3h ..N.5.W..1930-C0 89 0 0 Unchanged 3 „N.S,W. 1925 Apl.-Oct 82 0 0 Unchangod 4 „Vic. 1921/ Jan.-July 99 0 0 Unchanged 34 „ Vic. 1921-6 Jan.-July 93 0 0 20s higher 3i ~ Vic,-1929-49 CO 0 0 Unchangod 3 ~Vie.1929-49Jan.-July 77 0 0 Unchanged 3$ „S,A, 1916 Jan.-.Tuly 89 0 0 Unchanged 3 „S.A. li) 16 Jan.-July 73 0 0 Unchanged 4 ~QTdl9ls-24Jftn.-July 100 0 0 Unchanged 3i „ Q'l'dl922-17Jan.-July 03 0 0 Unchanged 3- „Q'l d1923»47Jan.-July 78 0 0 20s higher 4 „N.Z. 1929 May-Nov. 101 0 0 20s higher Si „N.Z.1i)12-40Jan.-Jiily 91 0 0 20s higher 8 „N.Z, 1920 April-Oct. 77 0 0 Unchanged y£ „\V. A.1915-35 May-Nov BB 0 0 Unchanged 3 ..W.A,1913-35May-No? b0 0 0 Unchanged 3J „Taa. 3920 Jan.-July 89 0 0 20s liighor 3 „Tas. 1920-40 Jin.-July bl 0 0 Unchanged

BANK HATES OF INTEREST. The Bank of England rato was. on February 8, 1912, reduccd from 4 to 3J per cent., and on May 9 it was farther reduced to 3 cor cent. On Aucust 29 it was raised to 4 per cent., and on October 17 to 5. per cent. It was reduced to 4i per cent, on April 17, 1913. Tho Bank of Franca rate was reduced from 3J to 3 per cent, on January 23. 1908, and continued at tho latter figure until September 12, 1911, when it was raised to 3i per cent. On May 17, 1912, it,was reduced to 3 per cent., on October 17 it was raised to 31 per cent., and on October 30 to 4 per cent. " / MARKET RATES OF DISCOUNT. The following are the market rates f&r oest three months' bills:— London Pari* Berlin rate, rate, rate per per per • cent. cent. cent. This week 32 33 5 Last week 315-16 33 43-8 Last year 33-16 .23-6 4 Short loruiis are quoted at 3 per cent., as against' 2g per cent, last week, and 2 per cent, last year. • COLONIAL AND OTHER PRODUCE. Wheat.—Tho market is less depressed, though the demand for cargoes is still restricted. For now crop Australian, per sailer, December-January shipment, 365. 6(1. iti bid, asid 365. 9d. asked. Australian and Now Zealand, on spot, nono offering. Flour is dull. .Australian* on spot, is quoted at 275. Oats.—'There -is a fair demand. Beet A grade Gortons. 225. to> 245. 6d.; La Plata, August-September shipment, 15s. IOJd. Beane.— I The market is quiet; 375. is a-sk-ed and 355. 6d. offered for Now Zealand beans, July-August shipment. Pea& are in fair demand. Prime New Zealand, 40s. 3d. to 4te. 6d. ex store. . Buitter.—Danish is quoted at 12<\?. to 1325.; colonial is neglected, and is nominally unchanged. Cheese is firm. New Zealand, 65?. to 67*. Sugar.—German beet., 88 per cent, not titre. unchanged, at 9s. 4d. per cwt.; mark granulated, f.o.b. Hamburg, Id, higher, at 12s. 4d. Bradford Tops.—There ie an improved tone, with bolter business. . Sixty-foure, 29£ d.; super eiixtios, 295.; common sixties, 28d. to 28Jd.; fifty-sixes. 223 d.: fifties, 203 d.; forty-sixes, 163 d.; forties, 153 d. THE METAL MARKETS. Go-pper—On -spot, 375. 6d. higher, at £69 17a 6d. per ton. Tin—On spat, 50e, higher, at £189 per ton; three months, 455. higher, at £188 lCs. Lead, soft foreign, 4 125.. 6d. lower, at £20 ss. per ton. Pig-iron.—Middlesboro* No. 3, halfpenny hitfher, at 555. lid. per torn Spelter, 15s. highor, at .£2O 15s. per, ton.