COMMERCIAL ITEMS

Dominion, Volume 11, Issue 79, 27 December 1917, Page 8

COMMERCIAL ITEMS

• HIGH PRICES FOB TB T . Tin haß touched £305 per ton on spot— a rise of £126 during the current year. From the beginning of 1500 up to tho clobb of last year the highest price reached was £233. in 1911, and the lowest £97 10s., in 1901. From 1868 to 1899 tho highest was £170 in 1888, and the lowest £52 10s. in 1878. This carries us back half a century, and no such figure as the present was even approached! during the last century. It .brings the price up to 2s. 9d. per lb., and to the close of tho last century one shilling was regarded as an excellent figure. It rests with the Governments to Hi the price, as they have done with all other industrial metals.

EASTERN EXTENSION CABLE 00. In consequence of the war the Eastern Extension Australasia, and Ohina Telegraph Co., Ltd., wa* not able to present a complete statement of profit and loss lor 1916 in May last, the, necessary data not being available. The postpone-I meeting of shareholders, which was held on October 23 in London, ratified the action of the hoard in making at the usual time ft final dividend and bonm for 1916 at tho rato of 6 per cent, and 2 per cent, respectively. The accounts which were submitted showed that the gross receipts for the year 1916 amounted in round figures to £1,221,000, against £950,000 for 1915, an inorease of £271,000, which was attributed to development of trafflo all over the company's syßtem. Working and other expenses amounted to £430,000,, as against £386,000 for 1915, an increase of £44,000, which was practically accounted for by the heavier cost during the past year of cable maintenance, staff salaries, war payments, overtime, etc. After deducting from the increased earnings the additional working expenses, there remained an Increased net revenue for 1916 of £227,000. Out of the balance of £791,000 -provision was made for payment of intorest on tho four per cent, mortgage debenture stock, amrtinting to £30,096; for. excess profits duty ,-vnd income tax payable in England, £246,000; for dividends and bonus paid, amounting to £240,000, as well as an increased contribution of £250,000 to the general reserve fund. The balance cf £63,000 has been carried forward to ourrent year's account.

BANKING AMALGAMATION. The junction of forces which las been effeoted between the National Provincial Bank of England and the Union of London and Smith's Bank, of which particulars were recently given In our cable news, is rightly described as the inbs't important amalgama,mation in the history of British joinistook banking. The figures of the latest balance-sheets of the two institutions reveal the dimensions of the businesses and the vaßtueas of the reserves of. the two banks. At Juno 30 last the National had capital and reserves of £4,800,000 and the Union of £4,704,443; deposits, including undivided profits, etc., S t W«,,?SJ £52,904,489, and total liabilities of £102,165,(00 ani £59,878,389 respectively. Cash holdings represented £14,163,633 and £3,723,093; investments, * £27,126,557 and £15,792,702, and advances. loanß etc., }™ l^f«.3 0 ™ s ** call and short notice, £60,885,410 and £30,878,607. The figures have only to da combined to indicate tho warrant of the new bank to a high place in tho list of British joint-stock banks.

QUEENSLAND SUGAR. During- recent years tho Queensland Bucar industry has been passing through a disturbed period, the main lufluence in which was political.. In the current «eaaon natural conditions arc unusuallyfavourable, the yield of cane estabUshine a record..while the saccharine contents are weU aboTtho average. If cashing could continue until all the cane were harwated, Sthing like 3,000,000 tons could be put through the roller., or nearly double the miantltv that was crushed in 1516. Industrial rife in the southern States caused u suspension of regular supplies of baeß and lime to the mills, while lack of ships prevented the dispatch, of sugar to the refiners Many mUs were obliged to adit to their storaeo accommodation at a timo when"galvaffi iron wasalmost unprocurable and timber was also at a very S Mice The loss that .is going to Se from the double handline and the XostSain deterioration of accumusugar industry at heart.

ATJSTKALIA'B TRADE WITH JAPAN, finnaidcrable expansion in trade between for commodities which o«J comuiled in Japan show that whereas in £2777,606, imports from Austral.* ,cr the S & office '"".I SSXi these fissures.was favourable for the tothe % tim( nf £640,517 n 1913 and £1,555,Wf. in ml Victoia received from Japan during the financial year ended June 30 last articles of all descriptions ol a total va, us n f -Pt ™ 578 as against £1,242,3 M p wi>i» and 'IS in W ■ ™ f iffsum .CS 7 g Bimi ar K oods Ss showing no wool shipped rem Vj toria to the E destination mentioned 111 1916-17.

COMMONWEALTH BAH/WAYS. Tho railways of all the Australian States persons T „ he y f r : 8 dlc«a"e g n°c nin J K s U of £379*29 showed a oecrea-e «■ >• , he intcrc3t compared wi*" 1 ?" . l as increased by hj" ° B t! \° ft S m nayfns *U charges there £86,922. A //* r nf P £V l "B34, which compares wa s a deficit of *<$!?• £ T 1915-16, and ?i^, a ,?« 1» "ttook for tho £20,651 for 1914-u. /'in rn cd by the corncurrent year « ji 0 y estimate" miasioner at nil «°P? lU $- approximately that earning w'U to W £549{29 £170,000 less than last year. £ h{B helow- those of 19 «„ 14 debi ° fo r interest will fall iu revenue, th« aeou i of be £25,000 up 'f n f 8 7 that 1917-18 accounts tho pre-war period, so ua may close witn aJ""" . nd I]pon the ffif having" to bo added on to the figures mentioned.