COMMERCIAL ITEMS

Dominion, Volume 7, Issue 2125, 17 April 1914, Page 10

COMMERCIAL ITEMS

' INVESTMENT SHAKES. There were no frfrnMietlous In i.uve.nlmeiit ilinres yesterday. Tli'y tjiiotoUons wore «u under;— Uiiyers. Helloro. £ a. d. £ *. (I. Rank N.Z. (£6 15s. 4r1.1... - .16 ? 6 Hank N. 7.. (£i 6s. • 3d.)... 9 IS 0 - .National Biiuk -5 5 6 Equitable JJuilding 9 0 0 Well. Oos !£10) 16 S 0 - National Insurance 3 It i Jtcat Export ,(5&. M,i ... — I 1- o Union Steam (ord.) -- 1 5 3 Union Stconi ipreT.'l 1 0 S Kaiapoi Woollen (ord,) ... 5 '1 0 " Well. Woollen (ord.) '4 16 - Well. Woollen (prcf.) J 0 0 Westport-Stoekton — iil I.eylond-O'Brien — 1 A I) T.'irinKamutu Totora 3 5 6 — Golden Bay Cement, 0 17 9 MARINE INSURANCE AND WAS ItISKB." At tho .meeting of tho Liverpool Stesni-. (Oiip Owners' Assoc'atiott op Atarcli J, J a resolution was adopted relating to a. fchenic of national wav insiiranws ft/r, British I'omnicrce and the mefcantiio marine in times Of national coairic!. ' A'ecordinß to the mcr-t. experienced judges, there are no available rcsai.irces which would aitf* fico to insure tho British mercantile mtrine durinsr a war Ix-twee.n Graat. Britnift and auy other maritime Power. This v%w is based, upon the' fact that- in oases .of international 'conflict where Great Britain, has been merely an onlooker, th* losses to underwriters have been exceedingly heavy; In thw connection it is customary to quote tho Russo-Japanese struKtrlc, which cost London underwrlcra £2,Gti&,BGO, .and pre--duced such a state of affairs that, in several cases, apeeial inducements .were offered: to shipowners to refrain ■ from dispat-i'Mng. their vessels on voy-ftges Wbieh had been.' covered. by underwriters, fa tlie event., of a conlliot between Great B'fiti.in and some other naval Power, it is feared that: many of the underwritiiljf interests in London migirt find it to continue their operations. Tho report of ; tho association Bt-atcd that tho general insurance market is no-, longer prepared to pfovifie co.ntijoa.ous cover against 'war risks. . The difficulty is not ono of premiums, . Contiguous insurance to cover tho pcrioil when England is at war cannot be tlxcd on any conceivable business principles. The underwriters are without actual,experience a,s to, the extent, of the rislis. and wttat ss even more importont. it-'is impoMible for them to gauge the extent and effect of tlio financial stringency, /which urna result from our being, at war. However 6troug. the financial position;of.the underwriter, tho payment. of ddirtw in time of woi", might -involve, sacrifices'' -ou .tj'i.t>. .rcaJisH-' tlon of securities, which could' ijcvef he covered' by any premiums ■ tiiß" trado could bear.' ' . - ■ ' :

. . Shipowners' Mutual Insurance. The- position has rc*ialt*d in a,'great recent development of any. organ.?satioji. fey tho shipowners of mutual ineuraitw against war risks. At the preeefit iimo three-fourths of the British sbipownw •whoso vessels are encased .in foreign, trade aro insured in mutual, insurance a-seeoia? tions, while tho remaiuiwg one-fourth arc, with some fow exceptions, in «io way coserod against suctl -.rislia. Tho insurances afforded by these mutu&l insurance associations is full and amnio a.eainsf, warrisks, while England, is. neutral, but. it; tg strictly limited' if' England beebnses a bcllieercnt. Indeed,. in that event, the. whole machinery of the. association, is to bo used to prevent- the vessels insured from running any war iwka a,t all. Vessels which, on'tho o-vH'irsalt of war, arein British or safe neutral, ports, afs to remain in those porffi, whits vessels at sea are to seek at <mco the protection' of the nearest safe pott. So Dew voyago is to bo started at the ri6k ot the association. If, notwithstanding these precautions, a vessel be captura-d by' tho cnomy, the association will pay. but Ho vessel will,bo exposed;.to tho risk of capture if the associatjim, can prevent- it. If tho shipowner, fails to observe' the precautions reauired .by. the association he forfeits his insurance. It. follows .that under tho.only forii of ihguraiiee' «-g&i<n'st war risks now open...to the.shipowners, tho oversea trade of the. country is so. jar as it is carried in British ships, will be entirely arrested in a few days of tho outbreak of- naval warfase iti vvlrieh tho British aro belligerent* It is pointed out that if it be .as'ewncd we toot 10 per cent, of our mercantile marine, the total loss" on foreign voyages made by British' shi'P3 to and frosu.. porta in'tho'-United Kingdom would rage scut £8.()fiO,OCo in ships and £9,«0,G00 iff cargoes, toget&er, £17,"4OO.00O. •

State Insurants Necessary. The association belioven that uftde'r the pressure of war. the country will ■ develop somo system of. inijurawce, to. meet Its wants, but there .is no. tjucli system, now, in existence. The adoptiatl of a, system of State.guarantees is urged... By lestabljlslk. ins its own insurance scheme ttfe.. State': will be able to limit tho cost to the amount of tho vicinal. losses; it will saw the oversea trad.o, irb-m bo'tog burdened during the war with premiisnij*, fii&d so as to leave not only a profit to-lho waderwriter, but also to cover th.e fluctufttlne difficulties incident, to- tho country's .genS:ral financial position. So which the imdorwriters may bo. subjected t.u lneetins claims. And, above.all else, the establishment of such an insurance scheme is the only means by which the State can prtvont, on tho outbf&ak. of w<ir, the tem* porary suspension, of its owioa trade. Tho. ultimate national suarantep- against the wark risks of shippifis. and of mwf.t time trade must be the maintenance of 'an adequate Navy. The subject is not without interest to us, far unless, is sojnti system of State insurance, awr trad* with the Mother Country would be-crippled far a time, for under the mutual scheme of insurance vessels would not be permitted to leave New Zealand ports on new voyages. ..'"''■'

WOO! QOTFDT. The. telegram from Napier published in yesterday's issue with .res-pect to the quantity'of'■wool offered during the season is misleading. 'The -wool year begins on July. 1. and tho offerings to March 31 last, aperiod of nine months, compared-with the figures for the corresponding period of the previous season,.are as under;—

WiS-H. .191MJ, Bales. Bales. Invercargill 17.664 18,137 Duiiediu : 46.233 VBl Timaru 27,£84' M,IW Chrirtchurch 56.595 54.305 Wellington 55,594 55,724 Xdpier #.9'S2 5?,.559 Auckland £0,940 2S.S7S Gisborne *- 452 374,613 SBS.7J9 Instead of Napier beicg. second oh-the list of selling centres it comes fourth, Christchureh heing first, sind Wellington second. S'u't, for thestrike Wellington would, in'all nrolxability, have headed tbe list as it did in 1912-13.

AUSTRALASIAN WOOL EXPORTS. Tho exports of wool from AuntroJosian porta from July'l to. March 31 of tllo rurront and past season aro by Messrs; Dalgoty and Co., Ltd.. as follow;— Jltly- July. March, Sf/ireli. 1911-14. 1912-13. Sales. Bales. New South Wales ~; 79?„0fJ0 Wfivi Victor!* '...: 476,549 <!W.557 Smith Australia , 1-18.425 lii.m Queensland ; 28C.SGO 2P9.535 Western Australia ,; 64.78(1 . 55,i29 Tasmania 31.016 21.523 Commonwealth 1,78,540 1,583.1 W New Zealand 440,974 452,871 Australasia. 2.234,514 2.031,931 There has thus been a net increase far the period of 19J.-163 bake. NOTES. The Nckon ITnrlmnr Beard intends, raising a loan' of £35,ffiffl for faarbonr improvements. A new industry, and one which, (fives promice of taking an Important place in fhi'. district, is at present in course of development, viz., the production of a- species nf leather used in the mannfaelure i)f 4ob.ai-.co pouches, purees, hitndba.ES, and similar poods, says the "Jtowke's Bay Herald." This leather is obtained from the rumens of sheep slaughtered at the froeiinc works. At present only the preliminary .processes ara performed here, the, iaaterlcl theft being sent to England for refiaiti!.* methods.

Tii.i ccshllji ii(it/i)B«l. tiovvew'r.'iU'e dialed In ho im FiMisffli-lory Kkil- tlio orwllon of a, mitntsU't-e jilinii In n. le.'iiUl.v liel-ween N.Ofiler (nut lioilltiTifi 1s <'niiu'f>iplffl««. when. !)'H' wtinle iirii.K.i* ivill Irti w«.rli«il tor«lly. WTii'ii flu- Inrm. mumly ,if roiv m<it»'rlfll- l-o lio oklsiiiKif from'll«> (irewnrfi <■» threi! froMlnu' wi'i'lti" liullii eloee iii««l.tii'r, llm fluveiiiti'i'iifi'ii of Mii«.new intlii.'itf.v -will form A 11 ii ii in Mir (tnvi'li'iiuieiii of th« iliDtrwt Into ft NKiniifael.iirliiii .".iHl.re.

(\ii!.-.iiloi'(iMo cliiini/i". fi.<«o fiuprrvcut'd In Mil' Kuruiittin cellnlofJ. Bi»rkel» of 'I'lwri' !'.' Bieiit i'i)iMiie4ll.»oi> for tne rnw «iin(erl(il--woiM). Miiiiy (mycrfi d-ro nfrrjiil pi-li'M «r« uotnK t<i rirto hiiih. Ihrmßli the view in rrwlv oinrwwil thof such « movemtul rail Imiilly'fi« ..'spwte.l !<i clioraelerlnn |.hii •fmiMei'l.ifl.Ui fn.iii.re. Ttio Uonißllit Iri jtrtwil; In (leriiHiw.v. (iiiKloml, Franco, etc. Aanlrlii. hiis (irn-cl.iiwlly cl-imiioil oXpofllnK itie- wooi'l, ftn Hho rniiilrcH «i much for nor *n*ii' .'iitltiloso wn'Miiftiet-Hrfi. trthern hold Mini llieie nro In.tp-o ftl-'K'b:' sh liowd «f K'fni-rniv mnt'orlAJ, <uii! flint, there in lio coll to lie iiprvoiifj. Kiisk'ui. h «o\v loojOVit to: mi the oiiiv rvmnJuiiw liuropenn sojiren or iitenilfiil nuppiH'S. But llkto, too thtro l« h. um«vlii|t homo iuilaniry. Hie demnmla of whli'li may iitTect tlte rtHfl.nt't.ieii .SUicrwlro «i.vnlliililo for export. Tho Minrkct J3 hi 1 n. very uudceided fionilttloft.

! Hui (li.Tniiiii (irflHsroiloiM jii.nl wire-draw-i'l'ii ore in ii Btftlo of illiiiiiii'ileni, olwiil. tlio uoi.ll.lnrV of Miolr liiihi»try, ftild n. rtioHßUrto I'roni I'Viinkiori. to tho "PlnnlKlcf" lildlenlwth" (KitolMlltv of roilrei.is heIMK eoualii hv. Ilie fonimtloii of u. eartel. Tliere Una beeii ««rbfW compuUtfau u-tnoltgnl, the l.trif.'' lioiilofi. jm.rt U«i monretii. iionliy ftjiImtom piofiiiioiiH (flwlng to t.lw nplrlt in wit hid tlio esiiiiwtition 1* being run) _for tiMii.K'lilriu tlio urori.i.iitl'on, Tim nolitionl uilfMisinifflii e-riil l.i(?lit uwHcy h*v« to'il rat tlte lirrts-H Inritistry.'mi on UMiuy olhcrn, and lii'lenn »>.re nm low thp.t it t« saw only ft few fprslolßit. fi'ieioi'lod oro aiilo to fell their KO'odn wlllloMt ft lo«!u. . There fa Ho !&nfti?f miy folk or a profit. AHliouru iwmpoll-. Hon In tlw liruss liusinwja lwo been woiiderfiilly kooij for ycftrs, jirleos have never been an utirimiUßeHillvoi as now. Tho fl.sinuol produi'timi of hrawi (foods in ficrnKiny in i-Blfwd n.t wmetlilni; hutween ltd .owl IEO nilllloii iiidflsfi. ■ it in, the-refore. an in-<itisfry-oueo ilonrlshlne—well worth, Bavin.K. ft Is pnbl Hint' «von 'the wnprtmorn do tiot hemjfll by tlw low pricts, .for the makers arc flelivcrinc inferior gomls. In times past. when, there was an wifest-autlintf. flHionpiit tfe. pvodiseers, they mmfc the ratetoke, wirier! is. now . beiMK paid for, of riKiiiiHi-ininif too hi|?h a level ;of prices. Shauiil they oame. UineUier art-a.iti. -says -tho iB-essitge, perhaps ihey ttill ha,-?e leami. their tssiMM oMii not draw the bow so tight.-. ■

CJristGHi.i duty - collected at tb« port of Weliiiscton yesterday amounted to £3184 B£. td.'- ' ' ■ ■ WHEAT. By 'Telegraph—Press Atao<:iation—Copyrigh?, (I'tco. April 16, 10 p.m.) London. April if-.. The wheat market is dull, prices ore unchimeed, and tbefe is no' bidding. Tho Now Zealand Lean ' find STcrcan-tile ABcmcy Company, Limited, have received tho following cablegram from their Loin-' doh house, under date April Wo have sold on Australian cargo at -365, c.i.f, The market, is cruisit, hut eteady, and tho flntiook is uncertain.

AUSTRALIAN PRODUCE MARKETS. By Telegraph—Press Afoociatioft—Copyright /Roc. April 16, 9.20 p.m.) Sydney* April 16.. Wheat. Js,. 9d. to 3s. 9H, FloJjf, £i 2s. ftd„ £8 ss. -Oats, Algerian feeding, 2s. 2d.; inillisiu, 2s. 3d-. ?s, 4fl. Barley, Cape mo,lt« ing. 25.-7 d., gs., 9d. 'Maize, te, 3d, Bran, And'pollard;'£4 10s. Potatoes, Tasmanianti, £8. Onions', Victoria, £6 13s, Butter, selected, 100s.; secondary, %3., 945. finesse. Bd. Bacon, BJti. ■

Adelatdfl, April 16. Wheat, is. 9d., sJ. 10d, Flour,'.£9, £9 ss. Bmn, Is. Id. .Pollard, is. ISd.

HIDES. (Roc. April' 16, 9.20 p.m.) Mtrbburne,- April 16. ISa sales oro reported from the bides markets.