COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1899, 6 November 1913, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHAKES. There were no transactions in investment shares yesterday. Tho quotations wero as under:— - Buyers. Sellers. £ p. il. £ s. d. Union Bank 55 10 0 — Wellington Investment ..; — 0 11.9 Christchurch Gas — '/ 0 0 Well. Gas (.£10) 16 10 0 - National Insurance 2 8 0 — Gear Meat (£4) 13 0 II Gear Meat (£1) 3 9 0 — Union Steam (ord.) ...... 14 3' — Union Steam (prel.) 0 19 0 0 19 9 Well. Woollen lord.) — 4 10 Wcstport Coal — 1 11 6 Leyland-O'Brien 13 9 14 0 NATIONAL IN3OIUNOE. Tho balance-sheet of the National Insurance Company of New Zealand for the year ended September 30, 1913, shows that the net premium income amounted to £148,454, and the losses, expenses, and underwriting profits with their ratio respectively to the premium incomc show as under:— £ Pcrccnt. Loesea 66.345 44.70 Expenses 53,168 35.81 Profit 28,941 19.49 148,454 100.00 To tho underwriting profit of £28,941 must, be added Interest and rent, £21,268, and the

amount brought forward from lite previous year, £29,7 CC. making a. total of £79,909, which is allocated ao> under:— X Jlcserve fund ; 25,000 Dividend and bonus a,coo Provident fund 1,000 Uamod forward 28,909 79.909 The assets of the company include loans on uioi'tjage. £309,620, debenture; £96,5C0, money on deposit anil short nail £37,000, and balance at bankers £28,250 12s. Id. XIXITEI) INSURANCE. Tho report of tho United Insurance Company for I lie year to September 30, to ho presented on November 29, shows increased business and profits. It must be remembered that a year ago the paid-up capital was increased from £85,402 lCfi. to £120.0 M, partly by capitalising £20,000 of the amount then carried forward. Consequently a dividend of 10 per cent, on the present capital absorbs £12,000. whereas 12.J per cent, on the previous capital required £10,675. Substantial sums aro carried to reserves. and tho undivided balance Is largely increased. Tho principal figures for the past two years compare 'as under:— Set premiums 143,309 157,317 Losses 69,057 69,694, Commissions and expenses 49,174 66,673 Underwriting surplus 15,078 20,9b0 Add interest and rents ... 8,942 10,112 Previous surplus 15,294 3,639 Available 39,314 34.Z01 Dividend 10.675 12,000 Jteserve fund 2,000 2,000 Iteinsurance reserve 3.0D0 6,000 Carried ftirward 23,639 14,701 Tho rcEervo fund will now etand at £96,C00, reinsurance reserve of £59,000, and dividend equalisation reserve at £11,000; while thsro is also a reserve against depreciation of investments of £8170. AVEHAGE POLICY VALUES. . Some attention has boon given of late to the average amount o" insurance taken out per head of population, tho result being to 6how that there is a tendency towards a considerable increase now that the humblest members of the community are beginning to realise that not only aro iLsurance facilities within their reach, but that they form one of tho finest investments known to modern times. Naturally, however, tho old point arises that at a time of life when insurance is cheapest it is most difficult for the average youta to -tako proper advantage of this circumstance. It is notewortny. however, that companies and firms aro identifying themselves more and moro with that class of business which enables employees to allocate a small portion of their salary to the purposes of a policy, tho premium eo paid being doubled by the employers, the advantage beine that the holder of a policy secured on tieso terms, if leaving his poet on terms which involve no discredit to himself, draws the total sum subscribed to date, plus accrued in. terest, while in tho event of the policy

being continue-.! to a specified age. a pension is guaranteed. This clefs of business is capable of almost unlimited development-, and there are signa that its merits are coming to be appreciated by those employ, era .who are anxious to co-opcrato in providing for the declining yca.rs of their servants, COTTON SEED OIL. In America, which is the main sourco of supply. cotton seed oil, there ha?i been evinced lately some apprehension of a scarcity and uneasiness regarding the extraordinary enhancement in prices recently 'recorded. The position of the marnet for the oil has assumed, indeed, an interesting phase. A short period back American shippers rare askins up to 455. per cirt. for tho common edible oil, and latest mail advices indicate the maintenance of a demand so ■strong as to leave no prospect of any material reduction in quotations. The peculiarity of the position is apparent when tho state of affairs in Europe is studied. On the Continent tho movements in values have heen during' tho last few weoks in a downward direction, and in less than one month consumers derived a benefit 01, approximately, £3 per ton by a- variation in prices at iiull, whilst English cdiblo oils of fair quality wero obtainable at rates fully 20 per cent, below the figure demanded in America.. Up to tho current year many British and Continental makers of compound edible tats preferred to buy American cotton teed oil, .and some of them positively refused to the others. Pressure of circumstances, however, is compelling theso manufacturers to reconsider the situation, for they are finding it impossible to pay American prices. Tho result' can scarcely fail to bo an important expansion of tho markets available for British crushers and rellnors, of which it is certain full advantage will bo taken. Supplies in the United Kingdom are reported to Tie up to average in tho matter- of quantity—

rather more than in 1911, and slightly les3 than for 1912. Egyptian seed, such as might bo regarded as a suitable substitute for the American base of the oil, is not to be had in largo quantities, but the prospects of tho now crop in tho formor country suggest that .shipments of tho seed from that quarter are likely to increase. CUSTOMS REVENUE. Customs duties collected at thj port of Wellington yesterday amounted to £919 19s. 4d. FROZEN MEAT. Messrs. Gilbert Anderson and Co. Mellsop, Elliot and Co., local agent3j, writing under date London, September 26, report as follows:— The strike of railwaymen mentioned in our last report has been settled, and tho market has resumed its normal state. New Zoaland lambs appear to have seen their highest prices, and now on the downward grade, the lamb-consuming season being at its close. Mutton is receiving close attention, and with stocks very light, prices should remain at a high level for another# few weeks. Difficulty in maintaining the high price for tho cheaper cales of mutton; however, has caused a drop of l-16d. in New Zealand ewes. Home-grown meat has not been in very plentiful supply, but Dutch sheep have arrived in liberal quantities, and have had a big influenco on the market. Scotch, mutton is steady at 63d., 7jd.; English, 53d„ 7Jd.; Dutch, sid., CJd.j English ewes, ,4Sd., sd. Lamb: Scotch, 7id., Bd. (hill lambs, 6d., 71d.); English, 6Jd„ 7Jd.: Dutch, 6d., 7>d. Veal, 63d„ Bid. Pork, 6Jd., 7|d. Smithfiold Prices. Jlutton- u/48lb. '48-56. 5& 64 64-72. d. d. d. d. Canterbury 43 48 48 -. 4J Wellingtons 46 4J 4J 4 3-8 Ordinary New Zealands 4i 43-8 45-8 4i Ewes, 48-64, 5 15-16 d.; Australian sheep, 30.-50, 3 5-16 d.; 50-70, 3 7-Bd. South American, 56-72, 4 3-16 d. Lamb—Canterbury, u-36, 5 11-16 d.; 56-42, 5 3-Bd.; 42-50, s£d.; Wellingtons, u-36, sid.; 36-42, 5Jd.; 42-50, 5d.; ordinary New Zealands, u-36, 5 3-Bd. i 36-42, 5d.; 42-50, 43d.. . Beef.—New Zealand, fores, 3Jd.; liindfi. 4Jd. Australian, crops, 3Jd.; hinds, 4Jd.; South American, fores, 3Jd.; hinds, 43d. Chilled Beef.—South American, fores, 3d.; hinds, 4sd. N.Z. OILFIELDS, LTD. ("Times"—Sydney "Sun" Special Cables.!(Bee. November 5, 5.55 p.m.) London, November 5. A summary of affairs submitted in connection with tho liquidation of tho New Zealand Oilfields Co., Limited, shows, as regards the creditors, tha,t the estimated surplus from the assets will total £34,700. As regards the allotted capital and the ordinary Bhaiee, there is a deficiency of £137,000. JUTE. By Telegraph—Press Association—Oppyritrht ' London, Novombor 4. Tho juto market is dull. November. £33 16s. METALS. London, November 4. Copper.—Supplies, 38,999 tons; deliveries, 40,991; stocks, 11,350: afloat, 3750; European visible supply, 25,827. Tin.—ln stock, 13.049; on the spot, 1975; afloat, 4240; deliveries, 3114. Tallow—ln stock, 9551 casS.3; imports, 3392; deliveries, 5132.