COMMERCIAL ITEMS

Dominion, Volume 7, Issue 2156, 23 May 1914, Page 8

COMMERCIAL ITEMS

INVESTMENT SHAKER The sales of investment shares recorded ycdtorday were National Bank at £5 135.; Christchurch Gas (2 parcels), at .€7 is.; Wellington (las, at £16 7s. 6(1.; and Wellington ,'Woollen, ordinary, at £4 Bs. '6d. The nuo■tatlons were aa follow:— Buyers. Sellers. £ s. d. f, s. d. National Hank - 5 15 6 Equitable iluildiiiK 9 5 0 — Metropolitan Jlmlding ... - 12 0 0 Well Investment 0 11 0 - Well. Trust and Loan ... 7 8 6 — Christchurch Gas 7 4' 0 • — Well. Gas. (£10) 16 6 6 16 7 6 N.Z. Insurance 6 4 0 — . N.Z. Shipping — ■ 16 0 0 Union Stenm (prei.) 110- — Well. Woollen (ord.) 4 7 0 — ■ Westport Coal 1 10 0 - Golden Hay Ccmeht 0 19 8 — Ward and Co -- 5 0 0 Whitcombe and Tombs ... 5 7 0 — W.I'.C.A. (£1) - 16 0 TRADE WITH ENGLAND. A remarkable Bill, introduced Jijr Mr'. W, 8. Bayston, is at present before the British Forllamejit. It is known as the Agri-

cultural Produce Marks Bill, and the purpose of it in undoubtedly to restrict, the importation ol colonial meat and cheese into England, lor it provides, amongst other thinge, thnt any cheese or meat imported dead shall bo marked in the country of origin with the word "foreign" or "colonial," and in tho case, of animate imported olive for slaughter it shall bo the duty of the Comniieiouers of Customs to seo that every carcass is so marked, that when cut up each .joint shall bear the Enmc words, or a, portion of them. Another extraordinary provision is that every vendor of colonial meat and cheese, must affix on hie shop or place of business the words "Dealer in foregn and coloi.»al meat and cheese " Further, the Bill provides that every dealer in colonial produce nutet he registered.-The most remarkable provision of all, however, is one which requires every wholesale dealer in foreign meat and choose to keep a register showing-tho quantity and destination of all consignments sold, and to submit the register to the inspection of any officer of the Hoard of Agriculture and fisheries. The penalties under the Act. comprise lines up to £25, or, at the option of the Court, imprisonment, with or without hard labour, for a period not exceeding six months.

ALLIANCK ASSTJItAXCE COMrAXT. The report and accounts of the Alliance Aosurance Company. Ltd., for 1913. contain some matters of interest in connection with tho company's investments. Tim Average rate of interest (before deduction of income tax) earned on the funds (productive and unproductive) during the year was £4 sa. 2d. per ecu). The 6um of £143,423 has been, applied in writing down sundry investments to market value, the market values being arrived at by taking the middle prices an tho last day of the year, lese accrued interest and dividends. The basis\>n which the.eompany's assets arc «liown js Hum a rigorous one, and, as a, recovery in Stock Exchange values has .since taken place, the difference. at the present moment constitutes an additional reserve above that iihown in the accounts. In tho lire department not premiums were £1.347,628, against £U25,464 for the previous year; and claims £564.459, against £<62,336; the raito being 41.69 per cent., per cent. After deducting expenses, commission and flro brigade contribution?, the underwriting surplus is £267,695, againn!, £347,737. After deducting amount added to reserve for unexpired : risks, £8,665, and adding interest dividends, and rents, less income tax, £88.. 874, a total of £347,704 is transferred from firo account to profit and loss account The reserve for unexpired risks is now £539,052, and the.additional fire .rcearve is £1,577,007. In the marine department, pre m.iums were .£218.259, against £219.232 for 1912; and claims £143,425, against £137,624; and. after providing for commission and expenses, tho-underwriting surplus ia £26,225, against £34,089. Adding interest, etc., less income tax, £19.032. a-total of £45,257 is transferred to profit and loss account. Tho dividend for the year in 12s. per share, loss income tax. absorbing £395.500, and tho balance carried forward is £556.403. Tho paid-up capital in £1,000,000. and, addins life, assurance and annuity funds, £17,974,653, sinking fund and capital redemption fund £741,020, fire insurance fund £2,116,059, marine insurance fund £4-17,661, personal, accident, employers' liability, and miscellaneous insurance funds £407.923, and other items, the' balancerslicct total i<? £24.113,840. Assets Include' mortgages in the United Kingdom, £4.715,640, and out of'tho United Kingdom'£ls3.7ol: British Government fc-' curities. £77,640; .Indian and colonial" Government securities, £1,27.9,715;-foreign Goveminent securities £1,595.743; railway and other debentures arid debenture stocks, £4,969,933; preference and guaranteed slocks, £1,278.672; and other items.

Customs duty collected nt thr> port of Wcllinirtou yesterday amounted to £H93 lis. lid. •FROZEN MEAT MARKET. Messrs. Gilbert Anderson and Co. (Messrs. Mellsop, Eliott and Co:, local agenty) report on tho frozen meat rbnrUet, under dawLondoii,, April 17, as follows:— Ilome Grown.—The market has ruled firin, with unaltered values. Scotch beef 6_d., 7d.; English. 61d.,'63d.; Irish. 5 5-Bd.,' fi*d. Mutton: Scotch, 7Jd., SJd.; b'ngllsh, 7d., 7*d.; ewes, Sj'cl., 6Jd.; Scotch tecs, Hi., 9Jd.: EngUsh. 9id., UJd. Veal, 8d„ B\d. Pork. 6d., Frozen-Henry arrivals of chilled and frozen beef have completely upset the beef and mutton markets. There arc 710.CC0 qrs. of beef to arrive this month. Lambs are going into consumption well,'but arrivals are too heavy' to prevent prices being lower.- Frozen Mutton; Market weak and rapidly declining, buyero holding off from buying parcels; no settled prices. Caii-terbury-Sheep. ■ 481b. to: 561b., 4 5-Bd.. 4'd.; 551b. to 641b., 4id., 4 3-Bd.; 641b. to 721b "W Best. Now Zealand—s6lb. to 641b., 4 18-d 4 WM.j ordinary, 4d.. 4 l-6d.; cwee, 481b."t0 641b., 3_d, 3 5-Sd. Australian wcthers-Wlb. to 601b., 33d.; second quality, 351b. to <islb.. 3 13-16 d.; ewe;. 301b. to 501b., 3 11-16 d. Soifth American wethcrs-Mlb. to 721b.. '3 15-16 d • ewes. 4!lb. to 641b., 3 5-Bd. Frozen Lamb: Small lamhe.in request; mediums and heavies weaker J Cnutcrhury lambs firm; 3611).. 6.d.: 361b. -to 421b;, 6 7-Bd.; «lb„ l?i. r- 5 s ; Bd - Best Kcalandei-231b. to i 2 "'; l n 5 »,." 8 f : .S, r , dm<, , r - V ' 5 3 d - Australian--Bcst. 2„h. to 421b„ 5„d.; fair, under 361b.. 5 3-Bd.; inferior, 5 3-£ d. South AmericanTJnder o61b„ 5d.; 261b. to 421b„ 5 l-Bd. BeefAll classes are weak. Chilled fores,'3\d • hinds, 4 5-Bd. Frozen New Zealand-Fores. ?'. r V , h . lr)da ' 4 . 3_Bcl - Australian-Crops, 3 3-td.; hinds. 4id. South American-Fores i 5-Bd.; hinds, 4 3-Bd. LONDON MARKETS. Messrs. Dalgety and Company, Limited, have been, advised by cablegram from their London offico as follows:—Frozen Meat — Lamb: Market firm. Aiiv change in prices as m favour of sellers. Mutton: Market firm, but prices unchanged. Beef- Prices are from l-Bd. to Id. per lb. higher, but there is a poor demand owing to hot weather. Tallow: For mutton, prices arc unchanged. Tiecr, good colour 3d. lower, medium and inferior description* 3d. to 6d. per cwt. lower. NEW ZEALAND LOAN AND MERCANTILE. By Tclcsrapk-l'i-c?! Association-Copyright (Rec. May 22, 10 p.m.) ' London, May 22. The New Zealand Loan ana Mercantile Agency Company has declared an interim dividend of 5 per cent. -" BANK OF ENGLAND RETURN. (Roc. May 22, 8.30 p.m.) London, May. 22. Tlio Bank of England, return issued for the week ended Wednesday, Slay 20, is ns iimler:— Issue Department Koltlism Gcv.debt -£11,015,030 Other Bectirii Uo» 7.134.000 Gold. iM.eoi.ono f55.050.000 £52,050.000 BASKING DRFARTSITiMT. rrepr'clove' Govt, sacuricapital , iH,K3.000 lies £11,017,000 Tublic do- Other securinoslts ...10,500000 lios 30,391,000 Oilier napoßits ... 39.15G.C00 Kolas ... 23,071,00) Best, 7-day . and othar bills... ... 3.111.000 Coia '1,717.000 . .176.050,000. £715,650,003 Tho leading items of the Bank of England return afford the-.following comparison:— This weak Last iro.k Laßtvaar _ £ £ Bullion 3f1.-201.000 34.051.000 SO.iId.OOO Hm«i-t# -25.7_1.C00 _5.M0.01X) _7,77(j.00J Note circulation W,671i.C«) -28.703.000 i!B,muoo Public Deposits 1D.509.a0 IH.OU.OCO ■ 1.,9.H,(1C0 Oilier Deposits 0G.150.0tM 35.771.000 40.7-0,000 rioportfon 01. resorva to liabilities 13.60 50.50 GOVERNMENT SECURITIES. The following ore the latest quotations for Government securities with a comparison of those ruliiiE laet week:— ' Variation- — compaied rrict. with , last week. £ «. ri. 8.% Imperial Consols' 711-2 f> 5s lower 1 , N.H.V\'.]o.3,7nn.-.luly 103 u 0 I'nchani'cd 41 ,N.S.W.W.Ii.f.OMr.-Sp 100 0 0 Unc _"„.. 3. ~N.f.W.-.S_O-00 .2 0 0 _ .__„___ a ..J....VY. 19-2.5Ap1.-Oct S3 U 0 UncXou 1 „Vie.l92oJan..J U ly 10-2 0 0 Uiicbanwu 3. ..Vic. 19.1-B J_u..Jnly OB 0 0 UncbaS Sj ~\K-,-lt_lM9 <M 0 0 Uiicliaii.cd 3 ~V1c.1..9-ia.lan.-July Si 0 (J Ui c am'. 31 ..B.A. 19i6.J_n.._my Rj 0 0 U Sauced 9 .S.A. 1.16 Jan-July 75 0 0 .0" fir 1 ~QYd]UI„-.Uun.-.lllly J(]_ I) 0 »|)h h _ lor Si , <JTdi»_2-.7.)an..July 1,7 0 U Unchan-eil 3 .«Tai!BH',Jau.-July ki 0 0 U .lian... 1 ..N.Z.llK9May-Kov. ](tj 0 (1 .U . „Mud i „N.Z. 1..U April-Get. b-2 U U Uncbaiicoil 31 ~W.A.lols._6Maj-N.v 9-2 •> 0 SS J ..W.A.IWS-p.ay-N.v m 0 u UniSS Si ..las. ItfiUJan.-July L. u U '<u» lower 8 „Tas. 1920-10 Jau.-July til 0 u l-20s lower EUROPEAN MONEY MARKET. The Bank of England rale was, on February B, 1912, reduced from 4 to 3>> per cent., and on May 9 it wan further reduced to 3 per cent. On August 29 it was raised to 4 per ceut., and on October 17 to 5 per ::cnt. It was reduced to 4\ per cent, on April 17, 1913. On October 2, 1913. it was raised lo 5 per cent., on January 2, 19)4. it wae reduced to 4J per cent., ou January _ .to 4 per cent., and on January 13 to i per centi

The Bonk of France rote was. from 31 to 3 per cc-m, on l'Ybruarv 23. 1908, mid continued at the (otter iisurn MiMl September 12. 1911, wliett it was raised to 3.\ per cent.. On JFoy 17, 1912, it v;a.s reduced to 3 per cent.. &n October 17 it was raised to 3 jper eont., ami on October 30 to 4 per cent. On January 29. 1314. the t'flte was reduced to 3j pw cent.

The Imperial Bank of Germany on October 24, 1912, advanced iiei rate of discount to 5 per cent., and to 6 per on November 14. On October 21, 1913. too rot* was reduced to 3J pep cent., on January 22. 1914, it wis reduced to 4J per cent., ami on February 5 to 4 per cent.

MARKET BATES OK PI6COUXT. The following arc the market fates for beat three months' bills:—-

London Paris Berlin rate, rate. rote. per per per eont. cent. This week 2 16-16 S3 2?i last week 11 %\ S Last year 13 33 5} Short loans arc quoted at E-3 per cent., as .'(gainst li per cent. last year, and 3 1-8 per cent, last, year. COLONIAL AND OTHER PEODUCE. Wheat—The market is firm with moderate inquiry at full prices, owing to uefftv ourable crop reports, and the ri*c in the American option market. Two -cargoes of Aii'i'tralinn wheat sold fit 375. 4Srf. Australian on spot ie in 6ffiall nupplj', and 16 nominally at 395. • Flour is in slightly better c!emaß(J, and there have been salm of May sh-ipracnis at 2Ea. 3d., c.i.f. ■ Oats arc steady. There linp been et-me businese in May shipments of "A." ctado Gflrtonu at 2is-. to 21s. 6d., c.i.f. Beans arc quiet. Old crop, Xcw Zealand beans, 345. fid. per quarter, et store. Peas arc very firm, and 475., c.i.f., hae been paid for f.a.q., New Zealand. Maples, 'May fihipmcnt. Butter is quiet and unchanged, but wita a, slight hardening tendency owing to drought- in England and the C&ntiflottt. Choicest colonial is vtrry ecaree, Cheese is dull. New Zealand, white 598. to 605.: coloured, 6"a to 6Js. Australian, white, 585.; coloured. 595, THE METAL MARKET. Copper, on spot, ss. higher, at £63 2s. 6<J ; 3 months. Si. higher, at £63 10s.: electrolytic, .£65 10s. , Tin, en snot, £4 Ifo tower, at £14? 556 • three months, £4 MS. lower, at £151 Its. L?ad, £10 15s. Pigiron.-MiddlesbpFo', No. 3, 6d. lower at 51". lid. per ton. Spelter, -£21 ss. per ton (iMichaneed). -Sugar.—German beet, 88 per cent. fi.H litre 2}d. higher, at 9a. 7d. per cwt. * first marks, frranulotcd, f.o.b. Hatnbtinr. 21d. higher, at lis. 7Jd. Bradford Tops.-A good, tone prcvaiSsvery email, turnover.