COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1897, 4 November 1913, Page 10

COMMERCIAL ITEMS.

" INVESTMENT 6ITABE6. TJiero were no;transactions in investment eharos yesterday. Tho quotations wero as under; Buyers. Sellors. £ 6. d. 1 £ s. a. Wellington Investment ... — 0 11 9 Well. Trust and Loan ... 7 4 0 — Christchurch Gas — 7 0 0 Well. Gas (£lOl 16 10 0 Well. Gas (preference) ... 0 19 6 — N.Z. Insurance 5 6 0 — Gear Meat (£4) 13 0 0 - .Union pteam (ord) 14 6 15 6 Union Steam (pref.) — 0 19 y ' Well. Woollen lord.) — 4 10 Loyland-O'Brien — 14 0 Golden Bay Cement — 019 0 N.Z. Con. Dental 10 9 - W.F.C.A. (£1) .- 1 '6 0 QUEENSLAND SUGAR. The annual report of tho Auditor-General of Queensland on the accounts of the central sugar mills is of interest owing to ,tho light thrown upon co-openativo effort in that industry. Four of tho nine mills erected under the ; 'Sugar Works Guarantee Acts aro in the hands of the Government, as the surrounding growers wero unabia to provide the necessary capital. A tabulated comparison of the cost of production at the different. mill 3 reveals some wide differences ranging from a. profit of 3s. 7d. to a loss of Bs. Bd. per ton of i cane. Tho crop of the year covered by the accounts was tho smallest sinco- 1903, and weather conditions were almost entirely responsible' for the' poor yield. Mills, for example, that wero continually stopped for lack ot cane, were at a great disadvantage as compared with thoso that enjoyed a regular supply. In commenting on the report, the "Australian Sugar Journal" points out that tho mills which paid tlio highest prico for cane wero by mo means those making the lowest profit. The object of a central sugar mill is not to build up big profits, but to distribute to the' {rowers for whoso benefit such mills havo flccm established the fullest possible share of tho actual valuo of their cane. Expenses of the mills are largely-affected by tho quality as well as by tho quantity of oano handled. After a few years tho bCGt cane Is. liable to show depreciation in saccharine contents, and farmers do not Stem to realise the'fact that as between oano requiring 10 tons to tho ton of sugar and that which takes 8 tons only, there is a vast differenco when. co3ts of production are estimated. EMPLOYERS' LIABILITY. Because it provides a Tellable means of estimatirifr the employers' liability risk In the building trado, the latest published balance-sheet of the Buildore' Accident Insurance, Limited, which covers the year 1912, is of extra interest. The society was established in England about .30 years aco. ind it transacts business, in tho departments indicated by its title, on mutual lines amongst membora of tho trade. Prc- , iniiims received last year amounted _ to £32 436 a* against £29,351 in 1911. Claims aro stated at £28,872. or,' approximately, 89 per cent, of the premiums. Expenses amounted to £3961, or about 12 per cent.

of the, premiums. The proportion of premiums absorbed in expellees is said to bo much smaller than in the caoe or proprietary companies; but, in spite of economical working, there was a loss on the trading account for the twelve months. It Js considered that the rates charged are too low to cover tlio risks undertaken. Tho reserve funds appear adequate for present liabilities, but it is suggested that, ill the interests of shareholders, tlioy should not be> depleted. In order to avoid that it appears to bo necessary to raise tho rates levied. Tlio expansion of tlio operations of tho concern is revealed by a comparison of its financial position in a series of years. In 1905, for instance, the premiums aggregated £18,724, claims totalled £12,699, and the oxpensos £3973, the percentage of profit being 11 per cent. Two .ream* later tho premium income touched £21,368, the losses were as low as £12,989, a.nd tho percentage of profit was 21.2. Following 1907, the business has consistently grown in volume, but the profit has been turned into a loss which has varied from 11 per cent, down to 0.5 per cent., a trend which amply supports'the contention that premium charges are too low; the coats'of .management having remained practically stationary, whilst tho losses have moved stoadily upwards. THE PLUMAGE TRADE. llio textile trade section of the London Chamber of Commerce is attacking the subject of 'the protection of birds for tho purpose of preserving those species of the world's avifauna- which have a trading value. According to tho journal of that Chamber, an independent committee of the economic preservation of birds has been constituted, with the following objects :-l. To unite for practical purposes all tho6o interested in the world's avifauna from the scientific, aesthetic, and commercial points of view. 2. To obtain reliable evidence from all parts of tho world as to tho existing conditions of bird-life. 3. To consider and suggest to those interested tho best means to protect, maintain, and encourage the increase of all useful speclos, including those used in tho feather trade, so as' to ensure a regular supply without endangering any. 4. To consider and advise on the question of domestication of various wild birds, for scientific and commercial use. 5. To get into touoh with those Government Departments interested in theso ouestions, and try to secure ofllcial help it carrying out the abovo objects. The textile trade ■ section in July pan-cd a resolution, undertaking to support this committee, and pledging itself to do its utmost to obtain tho support of the trade to its findings. The executive of the committee has already issued a circular with a comprehensive list of queries to all the Consuls and Vlcc-Con*mlg in tho tropics, and has invited special reports from expert.s upon tho condition of certain species; end it is hoped that all interested in bird* from_ whatever point of view will assist the inquiry now in progress. In tho meantime, the journal considers, the feather trade have good grounds for their contention that tho enactment of nny prohibitory legislation, prior to the fullestond most, impartial inquiry, would be inequitable, an.d would probably not attin the object of its pr«m«ters.

JOINT STOCK COMPANIES IN INDIA. The facility with which joint stock companies can bo formed in India is responsible for a great increase in tho number of - lieli concerns. In the half-year to Juno 30, Bombay found £720,000 for industrial expansion on theso lines, as well ns £150,000 in debentures. To date, fays "Capitol," tho sum invested in ioint stock companies in Bombay is £Z0,2C0,C00, of which only £2,372,C00 represents debentures, so that there is no Jack of material for a gamble on tho local stock exchange. To this doubtless is due the-fall in values of mill shares referred to in our cable messages, but the collapse appears to have been very euddcu. As late as September 25, according to mail advices, "a firm feeling prevailed in cotton mill shares, chiefly owing to favourable news from the markets." Tlio' Punjab, too, has bca» distinguishing itself lately in tho company promotion line, tho nominal addition to the joint stock. capital during tho half year being £1,500,000, 'while tho amount actually paid up was only £30,000. The total numbar of companies registered in India slnco t.ho existing Companies Act wne passed was 6247, of which only 2464 wcro in operation at the end of the financial year 1911-12. In. viow of the fact that over 60 per cent, of tho joint stock companies registered in India during t.ho last 30 years havei failed; tho investor docs rot appear to be getting a fair run for his money: Nevertheless, the growth of limited liability companies is one of tho features of the Indian industrial situation, adds "Capitol." Nothing Eeema to be ablo to stop their development. . If a. crash occurs, tho loss is debited to the investors' experience account, end tho* stopping place of one company is tho .starting- point of the nest promotion.

CUSTOMS REVENUE. ' Customs dutie3 collected at the port of Wellington yesterday amounted- to £584 la. lOd.

FEILDING MARKET REPORT. Messrs. A. H. Atkinson and Co, Ltd., of Feilding, Teport a largo yarding of pies on Friday. Values were somewhat easier than tho previous week. Potatoes sold to better advantage, and there is inquiry for chaff, due to .shortages In Wellington, owing to ■strike. Wea-ncr pigs, 135., 14s. 6d., 155., 16s. 6d„ 18s., to 195.; slips, 165., lfe. 6(1., 175., 155., to 205.; light porkers and stores, 30s. 6d., 315., 345., 355., to 365.; sow, £2; sow and litter, £6 129. 6d.; boars, 30s. to. £2. Poultry, at per pair; fien.3, 4s. 6d., 4s. 9d„ 55., to ss. 3d.; Toosters, ,4s. 6d. to ss. 6d.; duclta, ss. to ss. 3d.; hens and chicks, 6s. Produce; Potatoes, 6s. to 7s. per bag; cabbage,. ss. 9d. to 60. per bag; cauliflowers. Bs. per bag; rhubarb, 4d. to 6d. per bundle. ■ MOSGIEL WOOLLEN CO. (By Telojraph—I J rcr-- Ar«=^iation.) Dunedin, November 1. Tho llosgiel Woollen Company's annual report states that the profit and loss account. after writing off ,£3OOO as depreciation and making special provision for £1500 for machinery now on' order, .shows an available balance of £8216. The directors recommend a dividend of .7 per cent, per annum, amounting to £5842, leaving. £2374 to be carried forward to the new profit and loss account.

SHEEPSKINS.

The Bank of New Zealand has received the following cablegram from Its London office, doted November I:—"The market is strong for all kinds of sheepskins. Prices are ifil. to id. per lb. higher."

HIGH COMMISSIONER'S CABLEGRAM. The -Department of Agriculture, Industries, and Commerce has received tho following cablegram from the High Commissioner for New Zealand, dated London, November 1. (Quotations, unless otherwise specified, are average market prices on spot):— Mutton.—'The market is firm. Stocks of mutton on hand aro light. It Is generally believed that a deciino Jn prices i 6 likely to occur during this month, owing to largo arrivals of Australian mutton. Canterbury, 45d. per lb.; North Island, 4 746 d. for best quality. Lamb.—The market Is weaker and tho tendency is downward. Canterbury twos. 5 3-Bd. per lb.; other than Canterbury, 5 l-16d. to as high as sld. for best quality llght-welrfit. Beef.—Tho market is firm. New Zcoland hinds. 4Jrt. per lb.; fores, 3 3-Bd. Chilled deliveries aro moderate. Hinds, sS<l. per lb.; fores, 33d. Butter.—There has been no alteration In the market since last week. Danish, 1335. to 1355. per owt.; Siberian., 106s. to 110s.; Australian. 116?. to 1225.; Argentine, 118s. to 1205.. Finest unsaltod is worth 2s. more than salted. Cheese.—The market is firmer. There is a better demand for Canadian, but no in prices. Market prospects are favourable for New Zealand . cheeeo if quality is good. : Hemp.—Tho Manila- market is cn-fier. Spot prices are not quotably changed. January to March, fair current Manila, £50 ss. per ton. The output for the week from Manila wo-? 13,000 bales. Onlv email business has been done with New Zealand hemp, this week. New Zealand trood fair grade ruled-irregular. There ore sellers .-it £29 ss. per ton, v.if.li buverc at £28 155.; fair grade averages, £25 15s. for any position. Wool.—The market remains firm.- Pricp3 for tops aro well maintained at last quotations. . I FROZEN MEAT. ■ ' By Telcsrraph—Press A* e 'viat.innT-Copyrirht London, November 2. The Incorporated Society .of Meat Importers' Smithlleld market quotations for tlio undermentioned claseca of frozen meat are based on actual Bales of not less than ono hundred carcassos of mutton or lamb, or twonty-flvo quarters of beef of fair average quality. Tho quotations ' arc not for Eolected lines, but for parcels fairly representative of the bulk of the shipments now on tho market. ■ The prices which follow aro on the avcrace a farthing per lb. more than the valued ox ship, this difference representing tho avcrago cost in expense, handling, conreyanca, and selling tho meat;— ' Oct. 25. Nov. 1. Mutton— d. <!.' Canterbury, light 4<} 4ft Canterbury, medium 4# 43 Canterbury, heavy • * Southland 4 5-16 43-8 "North. Island, best 4 3-8 4 7-16 North Island, ordinal'... 4 5-16 4 3-8 Australian, light. 313-16 Australian, .heavy 3i 33 River Plate, light .. .. ... • Kivor Plate, heavy 4J 4i New Zealand owes 313-16 313-16

Australian ewes 311-16 311-16 ltivcr Plato ewes * • LambCanterbury, light 51 5 3-8 Canterbury, medium 5i 51 Canterbury, heavy 5 5 Southland 51 51-16 North Island, ordinary... 51-16 5 North Island, selected ... 51 51 Australian, best " 53-8 Australian, fair * 5J Australian, inferior * <2 River I'lato, lirst • River Plate, second ......... • • BeefNow Zealand, ox foreo... 35 3 7-16 Now Zoalaud, os hinds... ■ 4 3-8 45 Australian, ox fores 33-8 35 Australian, ox liindfi 4 3-8 4 3-8 River Plate, ox fores .. 3 3-8 34 ltivcr Plate, ox hinds .. 4j 45 River Plate, chilled fores 3 5-16 33 River Plate, chilled hinds 55-16 5B •Nona ofl'ertug." Rabbits.—Tho market is flat, and DTlces are unchanged. WHEAT AND FLOUR. London, November 3. The wheat and flour afloat for tho United Kingdom totals 1,775,C00 quarters; for the Continent. 1,720,000; Atlantic shipments, 446,000; Pacific, nil. The total shipments to Europe during the week amounted to 1,105,CC0 quarters, including 41,000 from Australasia. Tho wheat market is ilrin on account of less favourable weather reports from Argentina, though thcro Is a disappointing demand for cargoes. Six thousand five hundred tons of Australian ,per steamer, sold at <?ss. 4d.