COMMERCIAL ITEMS

Dominion, Volume 7, Issue 2143, 8 May 1914, Page 10

COMMERCIAL ITEMS

I. INVESTMENT SHAKES. In the investment market the sales recorded yesterday were: Bank of New Zealand (£3 6s-. fid.) at £10 155.; Wellington Trust and Loan at £7 10s., and Wellington Gas (£10). at £16 7s„ £16 7s. 6d., £16 Is. 6d. The quotations were as under: — Buyers. Sellers. £ s. d. £ s. d. Bank N.Z. (&6 13s. <d.) ... 16 15 0 .— Bank N.Z. (£3 63. Bd.) ... 10 14 0 / 11 0 0 National Bank , 5 12 ' 0 5 14 0 Metropolitan Building .... — 1H .0 0 N.Z. and Eiver Plate — 2 3 6 Well. Investment 0 10 10 0 11 3 Well. Trust and Loan ... 7 9 0 — Wellington Deposit 0 6 8 0 8 0 Ghristchurch . 7 0 0 — Qisborne- Gas." — 2 2 6 Palmerston North Gas ... — 10 10 0 Wellington Gas (£10) ...16 6 .6 - — N.Z. Insurance 6 3 0 — S.B, Insurance 4 7 0 — Standard Insurance 1 12 9 — NiZ. Shipping 'pref.) 10 5 0 — Union Steam (ord.) 15 3 — Well. Woollen (ord.) 4 2 0 - Westport Coal 18 3 — Leyland-O'Urien — 13 3 Taringamutu Totara 2 6 0 — Golden Bay Cement 0 19 0 — Manning and Co 4 16 , — (Vard and Co .'. 4 19 0 . W.F.C.A. (£1) ..; - l. 6 0 A.M.P. SOCIETY. At the annual meeting' of the A.11.P, Society, held- in Sydney on April 30, the chairmall, Mr. A.-W. Meeks,. M.L.C., _ in moving the' adoption'of the report, said that', de- . spite the prolonged strike in New Zealand and the (smallpox scare in Sydney, the new business of the past year, in. both departments, was in. excW3 of that of any pre; vious year. In the ordinary department 24,32-8 policies were completed for a, gross amount, of £7,029,635, while in the industrial department 30,037 policies were completedfor £1,125,396 10s. No other office in the British Empire transacted as large on ordinary new businees. The outstanding feature was the large-net accession to the business in force, represented-by 13,919 policies, assuring' £4,096.187'; the total void 'business-from all causes being only about 1 31 per cent, of the amount in force at the end of the year. At the end of the current year the sums assured in the ordinary department would exceed £ICO,OCO OCO. The annual income from premiums and interest now exceeded £4,0C0,0G0, while tho fundg had reached £31,580,664, and would exceed £33,C00.CC0 at the end of the current year. The year's receipts wctc just under £4,000,MC0. while the payments to members for claims, maturities, surrenders and bonuses aggregated £2,179,022. Of the excess revenue of £1,573,CC6 the board had increased the mortgage loans by about £230,CC0, while loans on muni-inal and other rates had increased by £934,C00. 1 On the £12.500,000 out 011 mortgage at the end of the year the arrears of interest were, only £1375. and all this had since been, received. • The industrial department had kept pace with the ordinary; the now ai?purance showed an increase over those of tho previous year of £110.545, while the expenses showed a, further reduction of 2 per cent. In the ordinary department the hoard had strengthened the actuarial reserves by including all non-participating policies and iill .endowment assurances maturing at age 50 and'earlier under,the 3 ner rent, interest' rate. This had necessitate--! an additional reserve of about £105.000. In the face of all thi* the amount distributed as cash honi'n had increased from 38.9 ner cent, to 39.1 per cent. of.t»>9 porticipating premiums received during the year. CONDITIONS IN NEW ZEALAND. 111 the course of a Press interview in Sydneylfr. Ilnrold Bcauchamp, 1 chairman, of the Bank of New Zealand, who went to the New South Wales capital to attend the annual meeting of tho A.Xr.P. Society, cd that the Dominion was enjoying rrolid prosperity. Plenty of money was available for legitimate enterprise, and rates of loan on mortgage had fallen i per cent.' to 51 per cent- This reduction was due to the recent increase of the capital of the banks doing business in New Zealand. In addition, the Government ia lending freely through the Advances Department, having succeeded in placing the finances of the country on a, very satisfactory foundation. When the Government came into oflicc, added Mr. Bcauchamp, it was to some extent embarrassed bv the stringency of the money market, and through being obliged to raise large sums in London for the redemption of short-dated loans. This hes been overcome. and an active policy w now being pursued of lending money for promotion of settlement and to some extent meeting the ■requirements of nublic bodies. Public- bodies are also taking advantage ol legislation. which permit,; them raising money on Government guarantee for utility nurpose?. Onile recently a. large municipal loan was floated in New Zealand, the whole being taken by ilivestors at 5 per cent. This may appear high compared with the 4 and 45 ner cent, ruling >wo or three ,year? ago, hut it'l's only 011 a- parity with'the rates , prevailing in London. There had been a most excellent produce season, and it is estimated that when the export year- closes .011 June 30 a total of £25,CC0,C00 will be shown, which would be a record. Very high prices are. still being paid for all-classes of stock nnd dairy produce, and if land values look high, as indeed they do. the settlers show by figures that they are able to get good . results. COMPANIES REGISTEREDThif) week's "Mercantile Gazette" records the registration of the following companies Slyilcld's, Ltd.. Eegd.. as a private company, May 1. Office: Victoria Avenue and Ridgway Street, Wunganui. Capital, £2000 into 2COO shares of £1 each. Subscribers— Wanganiri': It. L. Slyfleld, 1999; May V. Slyfleld, 1. Objects: To ocauire the business of men's tailor, mercer, etc., heretofore ' carricd on by It. L. Slyfleld at Wanganui. Merchants' Security Association, Ltd. (The). Rcgd. as a private Company, May 2. Office: At Stock Exchange Buildings, Feathersto.n Street, Wellington. Capital: £ICCO into 1000 shares of £1 each. SubscribersWellington: C. J. Ilillman, 500; P. Ross, 125; IL Blackman, 125; G. G. Schwartz, 125; E. W. Ackland, 125. Objects: The noting as liquidators and assignees in any matter and the holding of liquidations aiid assignments, the holding of arbitrations, advising and obtaining advice 011 commercial and legal matters, etc. National Plpx. Dressing Co., of X.Z., Ltd. (The). Hegd. as a private compxiny May 4. Office: 153 and ■ 155 Featheiv*tou Street, Wellington. Cariital: £15C0 into CO shares of ,C 25 each. Subscribers—Wellington: 11, BeatiehaTup,-5; If. Gilmer,. 5: 11. F. M'Cabe 5; If. F. Buurke. 5. Cliristchureh: \V. 1 Wood, 5. Gisborue: F. Hall, 5. Palmerston North: If. J. Hoelien. 30 f.p.u. Object"• To acquire from 11. .1. .Hoeken interest iii certain Letters Patent relating to scutching machinery, etc. A revolution in the (kli industry, wherever carried 011 to an. important- exl"nt. is foreseen by the Vice Consul-General of the United States nt Ilalifax, N.K., E. M. Lamb, from the new fith curing method brought out ot that city. It, is support! that early putrefaction of fish cured by the. old methods-is due lo bono taint from partly -leaving the animal heat within the fish, and tho new process completely re-

moves the animal heat. The fish, instead of being salted, sun-dried or shipped in refrigerator cars, are dumped into a tank of sea water that has been filtered through willow charcoal. Drown <sugar is added to destroy any organisms that may be active at freezing temperature, and the temperature is then lowered to below freezinu point, 16.1 per cent, of salt being'added to prevent ice and to'cause the formation of a protective coating over the fish. After two hours, the fish arc removed, and put in barrels for shipment. Customs iluly collected at the port, of Wellington yesterday amounted to £3363 3s. lOd. LOUDON MARKETS. . The New Zealand Loan and Mercantile Agency Company, Limited, has received the following cablegram from its London house, under date May 6:—"Tallow—We quote present spot values for the following descriptions:—Good mutton, 35«. per cwt.; good beef, 335. 6d.; mixed, 3Cs. 9d. The market has a lower tendency. Wheat—We have sold an Australian cargo at 36n. 4Jd., c.i.f. There is a fair demand, owing to decreased supplies. Market not likely to improve at present. LONDON WOOL SALES. By Telegraph—Press Association—Copyriiht London, May 6 At the wool salts?, competition was well maintained and rates were firm. For New Zealand lots the following prices were realised for the fleece portions of the clips' named:—Leefleld, top price 16d., average 143-Bd.; Marchburn. 16d. and 153-Bd.: Whiterock, ll}d. and 10jd.; Waiau, 12d. and lOi-Ed.; Whar°. lid. and 103 d.: Pflhaua, 12d. and 111-Sd.; Waihu, 13d. and IOJd. (Rec. May 7. 10.15 p.m.) , London, May 7. At the wool sales, .the . following prices were realised for the fleece portion of the New Zealand clips:—"Cear" top price, ioV'.l.; average price, llijd.; "Teviotdalc," 15d. and 141 d.; "Leslie Hills," 15* d. and 143-Bd.; "Ngakonui." 13d. and lljd.; "Ohoka,"' 22d. and 18d. Messrs Murray Roberts and Co.. Ltd, have'this day received the following cablegram from their London. friends, Messrs. Sanderson, Murray and ■ Co., under 1 date May 6:—"London wool, sales: Market very firm. Compared with last London saleu, closing rates, crosi-bred greasy line, market has advanced 10 per cent, Messrs. Dalgety and Company, Ltd., Wellington, have received cabled advice from their London Office dated May 6. reading:— "The wool sales continue active, competition brisk, and buying is general from all quarters. For good merino and flne ; Xbreds prices are well maintained. For heavy and earthy and wasty merinco, prices are irregular, and for shabby coarse) X-breds. price? are scarcely maintained. Other descriptions are very firm ot last quotations." TALLOW SALES. By Telegraph—Press Association—CopjTlght . . ' London, May 6. At the tallow sales 1439 casks were offered and 980 sold at from 335. 9d. to 345. per snt. SILVER.' London, May 6. Bar silver is quoted at 2/£ d. per ounce standard. BAR GOLD. •' Bar gold is selling at £77 9s. lid. per ounce. RABBIT SKINS London, May 6. The rabbit skins sales opened at Id. to 2d. decline. LINSEED OIL AND TURPENTINE. London, May 6 Linseed oil, spot pipes, £24 10s. per ton. \ Turpentine, 31s. 9d. AUSTRALIAN PRODUCE MARKETS ' (Rec. May 7, 9.10 p.m.) Sydney, May 7. Wheat, 3s. lOd. and 3s, lOld. Flour, £8 and £8 2s. 6d. Oats, Algerian feeding. 2s: and 2s. 2d.; milling. 2s. 3d. and 2s. 4d.. Barley. English, 2s. 6d. Maize, 4s. Bran and pollard, £5. Potatoes, Tasmauian, £6. Oniohs. Victorian, £7 10s. and £8. Butter, selected brands, 1045.; secondary. 90s and 945. Cheese, B}J. and 9d. Bacon, 9d. Adelaide, May 7 Wheat, 3s. lOd. and 3s. 101, d. Flour. £7 173. 6d. and £8 53. Bran, Is. Id. Pollard, Is. I'd. HIDES. (Rec. May 7, 9.10 p.m.) Melbourne, May 7. The hides markets Teport a moderate catalogue. with irregular markets. Kips and sloppy sold, at from |d. to Id. lower. Other prices were unchanged.