COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1862, 23 September 1913, Page 10

COMMERCIAL ITEMS.

SHARE MARKET. The Wellington Stock Exchange was closed yesterday (Dominion Day) for holiday. THE WOOL MARKET. Tho London wool sales begin to-morrow, and while somo wool men expect to see a slight advance in crossbreii-j there are others who indicate they will bo satisfied if the closing values of the last series aro maintained. It is not expected that the American demand will be felt during tho approaching sales', and oyen as to the ultimate effect on wool values of tho free admission of wool into the United ' States there ia a diversity of opinion. "Dalgety's Review" of September 12 (weekly edition) eays:—"Summing up the position we now express the opinion, that the operation of the new American Wool Tariff Bill for wool and meat will be productivo of a, great increase in trade between Aiietral.asia. and tho OYiited States, the possibilities now open being of tremendoiw extent. It can bo depended upon that as far as Australia, and New Zealand aro concerned they will do everything possible to foster tho trade, and tho extension that ia likely to take place in the business relations between the three countries can hardly do other than stimulate graziers on this - side to make arrangements forthwith for catering for the expected trade that should flow ia this direction in the near future." INSURANCE IN JAPAN. When Jaipan woke up and surprise'd Europe by searching the Western world for the bost commercial methods, the moet" efficient educational and military systems, and the beet religion (all ne judged-by their fruits), insurance could not fail to arrest attention and bo adopted a,s a national benefit. To-day energetic work is being done in that direction by thirty Japanese lifo offices, having en aggregate premium iucomc of £2,570,0C0, and issuing nearly £19,000,000 of new assurances in tho year. There are also five foreign offices (four American and ono Hong-Kong) which did about £1,000.000 new buoiness in 1911. If these figured are correct it would appear that the native companies, whose average new policy is £66, cater mostly for the small men, while the outside offices, with nn average now Solicy of £271, get most of those who are otter oil. The law docs not allow a oompany doing lifo business to do anything else, and makes it not too easy for the foreign offices to do buGiness at, all, as it is now compulsory for. them to deposit with the Government- 60 per cent, of their total reserves against tho Japanese business. In flre insurance, as the total premiums of the eighteen JapauesO/Ofllces only £896,000, it would appear afi' if tho foreign institutions, mostly British, hold much the larger share of the risks. According to the report by'his Majesty's Commercial Attachc at Yokohama, the companies have to deposit one-half the premium inoome in security of their obligations in Japan. - As the competition is said to be so great that a eprinklered cotton. mill hacJ been accepted at half a crown per cent.! it might bo as well to let tho native offices do most of the business themselves until outside help was required, and would bo suitably paid for. CANADIAN BANK ACT. The following comments upon the machinery of the new Canadia Bank Act appear in the "Monetary Times," of Canada, and aro of interest' "The first monthly statement of the banks on tho revised form will bo mado for tho month of July and published about mid-August. The prosident of the Canadian Bankers Association has given notico that tho association will meet to elect a panel .of qualified auditors, from amongst whom shareholders may elect an auditor for the examination of tho affairs of the bank in which they aro interested. This i 6 according to tho new Bank Act, and ia to meet tho public demand for external bank examination. Another feature of tho Bank Act for which machinery is being provided is the establishment of the central gold reserve, a fund intended to create a greater elasticity of currency. Four trustees aro to bo named to have oharge of the central gold reserves. Three of them will be selected by tho Canadian Bankers' Association, with tho approval of tho Minister for Finance, and tho fourth by tho Minister himself. With theso trustees a. bank may deposit current gold and Dominion note.}, or either, and obtain an equivalent count In currency. As long a° the sum of the bank's notes in circulation in excess of its unimpaired capital i 3 not greater than the amount of the deposit, the difference between tho two Amounts Will bolong to the fciuik, nnd mur ho <titidrawn. Baalii will tiw ho.

able to issng their own notes to the Amount of tlicir unimpaired paid up capitals plus the sum which, they have on deposit in the central reserves. The banks will still retain the power to issue during the crop-niovLns season, from September 1 to the close of February, emergency currency to the amount of 15 per cent, of their unimpaired capital. The remuneration of the four trustees and the cost, of Ci-tablhhiiiK and maintaining the central reserves will be paid by the Canadian Bankers' Association, who will make rules and regulations regarding the custody and management of the fund. The central reserve will probably be established at Montreal."

Customs duty collected at the port of Wellington yesterday amounted to £1548 3s. sd. SYDNEY WOOL SALES. By IWcgraph—Press Association-Copyright (Rec. September 22, 11.20 p.m.) Sydney, September 22. At the wool sales to-day there was on animated demand, especially for crossbred?. Prices were firm, at late rates. Greasy tops were uuoted at la.; scoured, 2Hd. FROZEN MEAT. London, September 21. ■ The Incorporated Society of Meat Importera' Sraithficld market Quotations for tlie undermentioned classes of frozen meat are based on actual sales of not loss than ono hundred carcasses of mutton or lamb, or twenty-five quarters of beef of fair average quality. The auotations are not for selected lines, but for parcels fairly representative of the bulk of the shipments now on tho market. The prices which follow aro on the average a farthing per lb. uioro than the valuo6 ex ehip, this difference representing the average cost in expense, handling, conTeyance, and sellinc tho meat:— Sept. 13. Sept. 20. Mutton— • d. d. Canterbury, light 4} ♦ 4 3-6 Canterbury, medium 4J 43-8 Canterbury, heavy * • Southland 43-8 4 7-16 North Island, best 4 5-8 4i North Island, ordinary 45-16 43-8 ! ! Australian, light 3g 313-16 Australian, heavy 3$ 32 Kiver Plate, light * • River Plate, heavy 4} 43-16 New Zealand ewes 4 4 Australian owes * * Eiver Plate cwee • * LambCanterbury, light 511-16 611-16 Canterbury, medium 53-8 5 3-fl Canterbury, heavy 5j 5} Southland 5 5-16 5 5-16 North Island, ordinary 55-16 5 5-16 North Island, selected ... 53-fi 53-8 Australian, be6t • • Australian, fair • • Australian, inferior • • Eiver Plate, first • , * Rirer Plate, second • • BeefNew Zealand, ox fores ... 3 Z\ New Zealand, ox hinde ... 43-16 41 Australian., ox fores ...... 3 31 Australian, ox hinds 4 41River Plate, ox fores ... 3 3SEiver Plate, ... 4J 41 Hirer Plate, chilled fores 3 3i Eiver Plate,, chilled hinds 5 3-8 5j *Nono offering. Eabbits.—The market i 3 easier tie enppl£oii» arc exceeding the demand. New South Wales, 16s. 6d. to 17?. WHEAT AND FLOUB. . London, September 21; The wheat and flour afloat for the United Kingdom totals 1,745,000 quarters; for the Continent, 2.475.CC0; Atlantic shipments, 392,CC0; Pacific, 45,000.. The total shipments to Europe during tho week counted to 1,670,000 quarters, including 51,C00 from Australasia. The market is quiet; 36e. 6d. to 3fe. 7Jd. .is asked for Australian January-February shipment. HIDES AND BASILS. London,' September 21. At the hide sales {here was 1 no businesp. Basils were in fair demand at late rates.