COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1952, 8 January 1914, Page 8

COMMERCIAL ITEMS.

COLONIAL GOVERNMENT LOANS. The Nctv South Wales 4 per cent. loan for £.3,000,000. which waa underwritten find issued at 96, h»3 been a failuro 30 far as public subscriptions arc concerned, as the underwriters were Eaddlcd with 90 per cent, of tho icsue. - La-Bt year tho New South Wales Government appealed to tho 'market on three soparato occasions, tho total of tho loans being JE0,250,0C0. Tho last Now South Wales loan was floated on August 8. when a, 4 per cent, loan for £1,5C0,C00 at 9?J was offered, and tho underwriters had to find 69 per cent, oi tho money. Tho loan this year was offcrftd at a lower minimum, and was altogether more attractive than tho previous lsatie, and. yet the underwriters haA to carry a. heavier load. Koine time ago it was stated that tho underwriters ha-di •arranged an inforaal agreement to abstain from underwriting loans for a time to-civo -the market an opportunity to recover, but apparently tho conditions arc beyond their control. Tho Now South 'Wales loan will be followed by other colonial Government issues for practically .all the Btat-M of Australasia, will bo wanting money this yeaj.

LLOYD'S AND THE PEARL NECKLACE. The "Financial Times" of November 27 thus refers to the pearl necklace robbery: —The financial aspect of the famous Jewel robbery chiefly concerns Lloyd's underwriters, and they have cood reason to congratulate theuiselvos on the final outcome of this eousational -theft. It. is certain that on the first reports of the iheft of the missing: zoms u> large uumber of the underwriters concerned feared an absolute total loss of £115,000, which was the actual amount, insured on the pearls, and compares with a. market valuo of £135,000. The reward of £10,CO0 which was offered on behalf of Lloyd's memters to any person who would give the first information which would load to the conviction of the thief or thieves and the recovery ci thp stolen property did not ease tno minds of members of certain syndicates in tho "Room." who reinsured their interest.-i ot an enormous sacrifice. Now, happilv, instead of iho policies being written off m a total loss, a magnificent "salvago" 13 in prospect as the result- of tho recovery of tho jewels. It is obvious, of course, that unriervmtsra are still liciblo for certain claims under the policies, but these can only cmonnt to a comparatively small percentage of tho- total pum insured. The chargoij in connection with; the recovery of the jewels will have to be assessed ami paid under the policies. A3 also tho reward of £10.000. Tho only members of tho underwriting community whose congratulations may bo said to bo subject to Eomo qualification aro t.hoEo who reinsured their holdings o.t 50 guineas and SO guineas per cent, respectively. Fifty emnene hns been pn.id ag.iinot "total loss only." and 60 guineas "to pay nil claims as per original policies."

BUSINESS MORTALITY. Last year was rouiarltablo for alMundinj business prosperity, thnt is to say, thoro wns a boom in business, bnt money was dear tlironffhout thn period. This dearno™ was In part due to the trade boom, but in spite of tlio favourable conditions the bustnecs mortality in the United States, according to a. eablo message imblishcd this mornins, woa & record. Tho losses from commercial failures «rc reported to bo the lnxnest since 1>175. The truth is, the Amorican3 did not clean up after tho fmaneinl rrial* of 1907, but, elided over with "sunshine" societies, "arc-wo-downhcarted" clubs, and similar fool organisations. They aro now pn.yinc: for it—the nrolonced period of dear money has found out the weak spots in tho business fabrics, airl there has hern n. wholera.li>. clcarins oiit of insolvenf firms and traders. There is a. period of dullness In =t.ore for tils United States which 13 much to be rcsraitcd. n it is likfiy to affect Xfiir JJoßlaml to the extent thnt it will limit American rutfhases of yen , - ZealuA produce,

CUSTOMS BEVEXUE. : i. *:'-{&», Customs rci'cmie coUccti'U *.\ the-iibr! "ot Wclliiißiou '"cotorday amounted ty -sJM'.Q3i. Vtt. ■ ■_■;.;■. . i/. ,1 . TKOZEN ■ MEAT. ■ ;^; Mpiisr". Gillicrt Anrlcreon runt C;i.."iiVthoir'.-l annual review qt the frozen meat trade, givcth? following particulars ;i? to stnr- , «■!«.—"The now 3tr>rps nt Iho Kmlthfield marWi erected' .by tho Port of London Authoritj- to bold BO.CCO oarortc?, are .Bearing comulction, (jood proprrcf? is boinff inado with the'-erection of the sorting Kticrt. and. the new stores nl tile AlbertDock. For the jTjir ended October il. v 1915, 68 stoamer.i from New Zealand dis--charged 5,081,2t0 carcases or mutton nml iambi and M.C7B ijuarreiw of beef. ■ < The' average ' time from liroaldns intlli.'- to , : , the , final'discharge, of the frozen racfll-. -\ras from fix to fourteen (lays. ■ Dunns this. the atmosphere, and tjorges were Kept waiting for their full lootis. Not only so, but storage ohirgcß for 'epaee hsve w. be: paid . Tor this period. With tho mechanical arrangements dceipieil for tho jiOTv .sortins shed, iherc will no the mini-mum-of handling, and the'meat , will ho constantly under- froct. llnrgi's will receive their full Ipade at once. Thp reduction of insurance claims will do considerable. The time taken' to d'schargc a steamer will bo only "a few days. -Tne economy to Hie steamers will bo sp Broat. in time and labour that tho shipowner can confidently be expected to pay any' extra, caargc, while, the poving in storago will bo condderable. To effect this it will be necessary to have all meat bills of lading for discharge and final del'very of tho meat, at tho sorting shed. Jhe new storago accommodation will bring th* storage for frozen meat in London to J.450.0C0 carcases. Reduction in la-tidinz and storage chorees at the Port of London is now being considered, n.ni reduced charges will bo in force for the new season." . ■■,-.■ ....-;

FIXAXCIAIi CABLEGRAMS.' >"-; : V : . By T«l«srapn—Press Aesoclation-Capyrifht London, Jamsary 7. Yesterday's closing Quotations were a« follow:- - Bank of Australasia, buyers flife. IDs., sellers £118 10a. Bank of New South Wales, buyers v £&' 103., sellei-s £1.0 10j. ■ . Bank of Victoria, buyers £4, • sellers ■£4 lte. ' ' ■ Union Bank of Australia, buyers £55 10s.. sellers £56 10s. ■■ • National Bank of Australasia, buyern £5. 55.. sellers £5 15s. . " National Bank of New Zealanti buyers £4 12s. 6d., sellers £5 I*. 6d. . '..- •; Bank of >*ow Zooland, buyers £10 155.,* eellers £11 15s. ..--. •■: N.Z. lioan ann Jterc.intiie Agency ,4 per cent, debentures, Jl9O IDs. City of Mclboutuc, 4 per csnt. debentures. £97. ■ ■ ... Melbourne Harbour Trust. 4 per cent, &<;■'■ benttires, £57. • ; Jlelbourno Tramway Trust, 41 psr ceflt. detienturos, £IM>. . ~- - Jteibourne and Metropolitan Board <of Works. 4 per cent, debentures £9/. ■. ■ Australian Mercantile Debentures, £EB, tr. intcrefct • . Dalgety and Co., 4 per cent, debentures, £89. ■ ',-: Balgety end Co.'s eharea, buyers £5 155., sellers £6 93. ' - ■■■':'■ Melbourne Gas Co.'i debentures, £98. ■■'.'■»«! City of Sydney, £99. . .-.' >. Ooldsbroujh, Jlort and Co.'s dcionlurc!," £94 10s. • . . . Bank of Kew Zealand, 4 per cent.' suar-i ftntced stock, £98. . ' XEW SOUTH WALES (Bee. January 7, 9.45 p.m.) '..;-•" ;' London, January 7. Thero has been a fair amount ef buytax since the Jfcif South Wales lortn was placoil on the market. Tho stock is tjuotcd at 10s. discount. '. -■■■• ■ ■: JUTE. ' . (,:.£ (Rec. January 7. 9.4S p.m-)' : '*?»kl : ~ London, January 7. Jute.—December-January shipment >■■■ is quoted at £35. ... . .