FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 81, 30 December 1907, Page 10

FINANCE AND COMMERCE.

FROM TWO POINTS 6F ' VIEW. 'When wo talk about the British Empire be- : ing. capable of yielding the whole of its food requirements within its.own limits, remarks the "Economist," "present, much less future, dependence must be placed on India, ine. doubt as to whether eventually any surplus supply will bo forthcoming is held to be increased when we take into, account what has . happened, with sugar.•• The sugar crop usually. ■ averages between one' and three-quarter to two million tons. With the advance in population and prosperity of cities like Calcutta and Bombay, and ( tUo - districts that minister to. their industries,, there has; been a.steady growth in the consumption of sugar, but instead of local production expanding in corresponding degree, there has been a! growing import'of foroign sugar, partly from Mauntius, but also from Java and Europe. Considerations of quality come in, and also tho fact that cost of transport from tho sugar districts of ■tho interior "to seaboard is perhaps as great as water carriage from, abroad to those seaboard cities. "The fact,-neverthe-less remains," says the journal already quoted,, "that an important: food-product required., in .ever-increasing quantities) arid -quite capable of being■ profitably-produced .in India,. has to bo .supplied from elsewherej and-if this is true when the cultivation of 110 rnoro than an additional half-million acres is involved, what is likely to happen .when a growing demand for other commodities : necessitates tho addition of many million'acres,: or at least, the far more intensive cultivation of millions actually under crop? Beyond this there is a tendency: to devoto more land to crops like cotton, jute, and oilseeds, the -.bulk of which, or of their , products, aro , subsequently ex-' . ported, so "limiting tho acreage available for food production without lessening in any way tho demand for tho food itself. And as indus—tries expand and facilities for ■ transport with the labour required for working them increase, the tendency will hecomo more pro- : nounced, and tho point may bo reached where India is incapable of feeding herself from, her own unaided resources .'even in. favourable seasons." Such a development, of coarse, appeals to the interest' of Britain and Australia in two very different ways. Britain regards it as marking the dropping out of ono of her foodsuppliers. Australia looks at it as the gradual : opening of anothor, and, in this case, a very convenient mouth for her in tho future, to feed. The Commonwealth's' economia' stake in Asia . as a market for 'her. foodstuffs may .yet. bo , greater than her stalco in Europe, considered ' in the same relation. In which not improbable event it may como to pas-, that, a great and perhaps compelling economic interest will wage embarrassing conflict with political ideals as at present conceived, and sought toi be permanently. installed as tlio national .beacon-lights of a young European . community set in a physical environmo.it mainly Asian. " iNSUBANCE .SCHEMES. . '. The Car and General Insurance.Company has' lieen devising froslr combinations and-making new departures, which, if' the premiums are sufficient, must greatly advantage tho (company. The latest seems to accord with common cense, and the • wonder •is that hitherto it has not been hit upon. Until now, from tho insurance point of .viow, a horse was just "a-' horse," and all'were charged alike except in 6o far as extras wdro.put on for naturo of occupation. ' Now, however, a table of "agolast birthday", is applied to tho steed as well as to his master, .tho premium rising with the flight of years. A butcher's horse,/for example, for which at-ten years .£ll ss. per .cont.lwould have to be paid.as premium from-death disease or accident, would at seven' get off . for .£1; and at six would bo only; 15s. '• Business should also be deno- under tho,'new "Home" policy, where a premium of ss.- per cent, on tho value of tho contents insures against fire, burglary, theft, breakage of .glass in windows or doors and accident to the whole domestic staff,'including "casuals." • RAILWAY NATIONALISATION. _ ' The "Financial Review of Reviews" has been endeavouring to ascertain. tho opinion of mombers of tho House of v Commons on railway nationalisation. It gives a list of one hundred and fifty-three members only, or less than onequarter of the House. Of theSo, ono hundred and two favour nationalisation, and fifty-one are opposed to it. It is evident that this does not alTord a truo indication- of tho .feeling ofthe House, inasmuch as tho Labour members and extreme Radicals are to bo found en bloc in the "for" list, while those "against" represent air parties; but noiio of the leaders, or "front bench" men, on either sido, appears in either list. Our contemporary remarks that the question would ,not. be altogether' ii party; one, ns a largo body of, Liberal members have • expressed themselves strongly opposed, to' nationalisation, v whilst among its supporters will bo found many Conservative memherfi. The "Financial Review of Reviews" is inclined to thinic that any proposal for nationalisation Hronld recoivo vigorous opposition, bnt that; a proposal for increased-Broad of Trade control; over tho railways would bo carried by a big majority. It may be added to this, that the measure of nationalisation which the Labour and Socialist members want is not such as tho Conservatives who favour the- proposal would be likely to vote for. No Conservatives, and probably not many Liberals,' would vote for nationalisation on confiscatory lines. ' CROP.FAILURE IN TURKEY. | Recently it was announced that the Turkish Government had prohibited tho export of cortain cereals, and tho reason for it is that the crops liave failed, -causing much distress. In the Thracian Peninsula tho yield of barley was barely ono-fifth of that of last year. Affairs are very serious, in Adriahoplo, and some villages in tho near neighbourhood are suffering from want. A result of tho scarcity of forage, which compols owners of sheep and cattle to get l'id of their stock either by - sale or slaughter, is that meat in many places in tho interior is being sold cheaper than bread. A penny .per pound has riot been an uncommon prico in certain districts whoro transport facilities are lacking. The action of the Government has partly contributed to bring about this result. Last year tho excessivo prico of meat induced the Government to forbid the export of sheep and cattlo to ensure a more plentiful supply for local wants. This general measure has caused an accumulation of stock, which has accentuated the present unfavourable conditions; but these conditions arc only temporary, and it is .to bo feared that the prico of meat will soon bo out of reach of the Doorest classes.

WELLINGTON SHAKE LIST. '■

- WELLINGTON PRODUCE MARKETS. ' ;Laery and Co., Ltd., Wellington, report wholesale prices ruling on the market ing wheat' 6s. 2d., fowls', 55.; lid.; pats 3s. 9d.. to 45.; maize 4s. ,9d. to 55.;; criished malt Bs.;. Prussian blue peas. 6s. 6d'., fowl 'peas '4s. 6'd:* to 4s. 9d., all at per bushel; flour, New Zealand, .£l2, Australian, J213 155.; pollard, 10s. to JX. 155.; bran, .£5 10s. to 155.; pearl barley, .£l9; split peas, J>lß 10s.; 'bean', meail, £6 155.; bonediist, £S; superphosphates, .24 15s. to ~£o 55.; chaff (oaten sheaf), JB6 10s:; oatmeal, .£l6; new potatoes, whites 10s. to. 155., . reds 7s. to 9s.'per cwt.; bacon; factory sidcs'Bd., hams BJd. to 9d., rolls Sid.; butter, bulk pastry 7d. to Bd.| poultry, hens 2s. 6d. .to: 3s:;; diioks ss. to 65.;-turkeys, gobblers 15s. t0.225'., liens Bs. to. 9s„. all at per pair;- cauliflowers, .46, to. 9s.;' cabbages, 2s. to 45., all at /per. .sack; green peas) 9d. to ls. ; per peck;; freili; eggs,-Is. 2d. to is. 3d.' per dozen; checse, factory 6Jd. per. lb.; onions, £0 to .£l,O per tptf.V'V : : : AUCKLAND.. BUTTER EXPORTS. -, .(by\telegraph—pbess. association.) It' , / A.'COKiiANDiiDicembor 28. 'For the fortnight i'just ended ;:the' export of butter from Auckland' province; exclusive of Poverty' Bay,' totalled 350 tons,-, of'-n -value of about .£32,048.. Of this .total 1088"boxes wero consigned to West of' England ports, 12.169 boxes to London, 705 boxes to South Africa,' and 47 boxes for tho South Sea Islands. ' DUNEDIN GRAIN MARKET. (by. telegraph—press '.association.) ; ' "''SMews, Dcfcomber 28. ' Wheat.—The, market .-was" very dull, no businessbeing .-done. ,-For prirrio milling prices wero only nominal. There w'oro a few sales in fowl wheat. Primo milling, ss. 2d. to ss. 3d; best whole fowl wheat, 4s. 9d. to 55.; broken and damaged, 35.; 6d. to 4s. 3d. (sacks extra). : Oats.—There'was no either for shipment or local consumption, and priccs showed a slightly backward tendency. Most of the millers have stocks to last theui for some time. Prime milling (nominal), 3s. Id. to 3s. 2d.; good to best feed, 3s. to 3s. Id.; medium, 2s. 9(1. .to 2s. lid.;'inferior, 2s. Gd. to 2s. BJd..(sacks extra).- ' ' '-' ' • ■ . .. •' BURNSIDE STOCK; MARKET. •„ ' IDT TELEQEAra.—rnEsa association.] Ddnedin; December 28. . Fat Cattle.—l 76 wero yarded. This was not a large yarding. Bidding at the beginning was very slack,, prices .dropping about 205.-per head, but towards the finish;-a further decline took place. Best bullocks made from J! 10 10s. to <£11 7s. Gd.; good, ,£9 to .£10; medium, £7 to £8 ; 10s.lightj JSS to 4 M 10s.; best heifers and cows to £7 155.; others, from £i to £5 10s, . Fat. Sheep—There .was largo varding, 2170 being jpehned, mostly good quality, wethers; ■'with a few pens of prime ewes.' Prices for prime wethers and ewes' declined about Is. per head, wliile .unfinished sorts dropped from Is. 6d' .to. 2s. Best wethers made •• 215.. 6d. 1 to ■ 225. 6(1.; extra,' to 235.V good, 19s. '.9d. to 215.; medium, 17s. 3d. ,to 18s. 6d.; best owes, up. to 20s;'; gooa, 15s. to 17s. Gd. ; medium, ,ss. to 10s. Cd. V : Fat Lambs;—l3o7 wero penned, which was largely in excess of butchers' r requirement. Values-showed a decline of fully 4s. per head on hist; week's rates,- and a good number were passed. l .;.Bfet' hiade'! 16s. to 175.-6 d:; extra, to ,185..,9 d.; goody. 145.; Gd.'ito los. Cd.; medium, 12s. to 135.; light;- Bs. to 10s. 6d.' . " Pigs.—Only..'3s. -were . penned; Prices for nil sorts, except, suckers,', showed- an -advance oil .last week's :;rat6s/, Suckers made from 16s. to ■205.";--Klips.-'i.SSs. tov-.285.; -stores,. 30s. to 365.; iporkers,. 38s. tp.; 435.; light baconers, 355. to .58sJ; h'pavy hacoiiers, 635. to 735. WESTPORT COAL COMPANY. (by TELEGRAPH —PRESS ASSOCIATION.) WESTTor.T, December 26. The Westport Coal Company' 6 output last week was 2505 tons C cwt.

1 _ Besom og Mobil. . . PKICE3. Ticla ■ COMPANY. Paid Up. BdaaM' g| sto?" 4g . Buyor. Bellor. gg* InyMlor. ' . .BANKS, •:". £ :£ ' £ . .'£ . £ £ 6> 3> .0150 * * *" |Tew Zealand - • 2,000,000, .561,675- , Si 8T K :'10 • .. - ,. 5 a 0 . Rational ... 375,000 335,318' 24 , 15 12 . B " " 0 " . INSURANCE. V isB 17 0 Bill . Rational . ... 100,000, ,.{0.339 J unlW.; .15. „ i-2 S'. . , 0 Kcw Zealand , - 300,000', 336,765 . 2 8 10 » " ■ u I ,i 6 Couth British • - 3CO.OOO '• 512,499 1 unltd. 30 i q n 139 320 61(3 4 Standard - - - 75,000 E2.1E8 2 unltd. 10, 1 30 1 6 - U 1 * U bJU ' EanitabloBulidiig ' EO.OOO 44 3S9 5 5 10 10 2 6 10 5 ,° 10 3 6 * 19 5 Metropolitan Building ,21.000 5,220 10 nil V 01i3 3' 012 0' ,1 0 0 ■Wellington Invest. - 60,000. -3,933 3 4 6 * o fi 7 in 0 710 0 568 WcrgtonTrust&Loan .101,250 S9.620. * 5 * r..5\- • 8 •• _ - n 3 5 0 6 3 1 National Morfcgago - 200,000 . 112,250 2 8 30 iqo i Q D 1 9 6 4 15 0 NX and Uivor Plato - SCO,COO 220,203 1 ml 7 . n 7 o. koan and Mercantile • 135,223' 157,358 . £ w... 5 .1 , P ' Auckland ..180,370' E0.553 5 nil 16 11 11 0 5 2 Christchurch ■ - 152,000 E5.0S7 5 ml-. .10 n is o 0 18 n 017 0 Feilding - . . 10,805 103 1 m - u 16 a " Gisborno . . . . 17,100. : 0,230'. 1 'ml -..Mi Hawera , - . . . ' 8,250 745 5 4 10 ,,, . 715 0 , Now Plymouth , - . 18,000 . 3,150 '•••« .nil ,10 - 5500. ■ • Kapior. - - . . .. . ) ■ • .10 ..ml 5 ' ' g.jg-g . ' >■ " - - - 49,0571 22,517.,' 5.. 5 15. . 3 j .6 Palmerston North ..'£7,000 11,093 "45 j : 10' J • M. 0 0 18 15 0 6 6 6 Wellington • - . jo li5 7ol • 10 ml . 10 9 7 6 9 10 0 9 7 6 5 6 8 MEAT. 8 0 0 Canterbury • .» . • * 363,727 £0,07-1 <& . -3 ® in M n* 3012 6 1010 0 713 I Christchurch ■ J 165,930 , 54,337 .1' niL . * »»•« , ■■ 96/261 1 nU. J / /. , "llington Meat Exp- ' ] - 5 . ni ' - 1 , ®" -'inn -5 2 6 5 3 0 6 j'6 , 105,766| ,63,767. I „l 8 | 6 6 .3 7 I 3 J 0. 654 Wanganal \ „' ■ 45,850 11;401 6 nil, -8 4 £SP° R & ';••• , rn ™ 14' 1 2 3 0.2 4 0 2 3 9 8 83. NV.&M.Railway: ■ 110,000. 121,432 1 9 I . .. „ g , » B ,0 • 6 8 0 uirtonSteam 8 1' ■ i cK . .1 = ni { : 1 2010 0 , 21> 0 0 20 17 6 1 15 10 \Vgtn; Steam Ferry ' - , ifiiasa . 65 .1, . ml. t Oil 0, 013 0 VTestport - ' 280,003 3i ' ll 15 jS'9 §• , 716 ''.-° 614 7 laupiri- - -■ ' E2iaX) -5,339 1 Mt 74 V# 19 6 019 9 -. ■ WOOLLEN. ,• ■„./. / Eaiapoi- » - r 100,000- £2,8ji 5. ?i' ° n 10 n »on: ; : : X S I 1 6 B10 0 . 3 6.0. 7. 5 6 MISCELLANEOUS. ' •„ n ■ - : i\iZ''. IIElt'ii'in.' : «S' . ®: ■; § g{. (j {•;#». «•* N.Z.Cement- - . 40,000 ' . 2,OH .1' ' ' 8 110 6 1116 Manning A Co. ■- . ■ 06,000, . 57,670. 4 -- 10 . :, B"b'0 8 0 0 Ward& Co: • - . EO.CCO S0.655 i 1 10 4 17. 6 5 2 0 5 0 0 . 8 0 ? V/gtn.OperaHousa . 18,030 1,70a 6 n -8. 15 0 7 5 0 7 0 0>Vgtn l-reshFood.. ...- 23,261 , . -r J ~ -... ... n • , . Whitcombo<tTombs■■ ■ ' 46,250 . «0,lo3 _ 5 ■ 10- 0 410 0 tharland, Limited 48,67o . . 8.3U 1 nU , 7i . .119 . 0 . ■ . ,