FINANCE AND COMMERCE.

Dominion, Volume 1, Issue 177, 21 April 1908, Page 10

FINANCE AND COMMERCE.

'. -'AMERICAN'FINANCIAL SITUATION/' '■■■■■ New: York ' has rcsumed-'igoldi exports, tho •. •/: National City ; Bank' remitting - £200,000 ;'to Paris.: . In, the course of a"'few weeks a' good deal of will be ! sent across the Atlantic to Europe; and-for the very sufficient/reason .that the money is* not .wanted in,the States, i The fact is there is-a pronounced industrial ■ - and commercial,-.depression - in the -"United; : ■ States; 'with' a confidence.-, in; :.tho situation. : There* : is-irioynso'.f6r cumulated 1 funds," 4 rates 1 : are? -cheap' :endughiiin; . New York, but lenders demand ; ample margin of. seciirity.-.Early.lastfmonth.-nioney on-call, ■ on ; the- Stdck;'Exchaiige';at -"ml ave'rago''of'' 2' per 7.cent.X;Time loans' on "good 'mixed. Stock''Es--7 7 change collateral were quoted at 3L per' cent., for '60; days, arid' pfir'/cent.'-for -jSlO,' days, .-;.'.v. , 4.!'per'.--eent./'for';f6ur,<--44 t .'.per cent.'-for' fivo,i : ; and ili per :cerit'' for: six months, and 5 per. ■ .cent. for., the;iemaihder.. of:,the . For; : sixty,: to. ninety-dayj endorsed hills receivable, and for ' choice four to .six . months'' single '■ names, the : rate' was'. s};, to'Gvp'er<:centi. There' : is plenty of/mdney.'availablej, butvthe'Remand* ' '/' is:slack, because trade is. V.^. COIIMERCIiL FAILURES This' is seen in the. commercial failures ' ./- from all sections ."of vthe .co.untry;.but, / in;..vary-; 5 , a greater lousiness ;m'ortality tr is re-; .. ported week-,-by ; jiipnthi 'by'- montK'J' f than , djirmg thß : :7c6^lse#^ndil^V' ; p^i^-~o£''^t^^e , ■ ■. --previous" year,- .in 'fact; f- of.: any "recent -year> Moreover, " embarrassmentof '-.banking ': institu-':' tionsi is still a- feature of - the situation tending to keep alive the,spirit of distrust;or lack ; ';, of . confidence, which is so inimical l 'to :-any. ■ •,/. healthy or;; sustained-- revival of activity in ' -. commercial or industrial affairs. The failures in February numbered IG2I , for .£5,412,914, . v,. while' the number' was 924; j-.with;■ liabilitips .of;, :.. . i!2,(150,754, in'' the same.'perio&7of'last:Year.; | ■ • .Insolvencies among manufacturers were greatest in amount of'liabilities involved, being . placed at JE2,402,275, or almost three times >,'•. what, they, were, in February,; 1907.' - Almost ' , every branch in this division: seems to have, felt. the strain, ■. although-, the. greatest sufferere : appear -to have ' been .in linpshaving-"-,to, do • . ./.with building construction—timber, carpon'-' ' tors, etc., machinery, and. tools,, and paints i' and ! oils. . Trading '"failures, while,-' large in' ' number/ wero relatively small in_amount' i of ■iy liabilities, having- been 1170,': witK liabilities , ( amounting to against 1473 and * ' ;^2, 696,8M, in' January, and "688'"with' i£1,090;59i ' -■ ,in ; ' February, : ' pany, it is explained,' accpunts-.'for-one million' ■' : . ; sterling .of .. the current -jeai's total." As re- -j 7 V gards x banks pr ; - klndred;'inst.itutibns,' - > the 'situ- j afciouin February--'appears I to have been-.more' 7, favourable.'.thai - -''.,that'--in: the;"corresponding montli .of': lasf 'year, 1 - tho ; thirteen suspensions-; , j .reported this year involving- only'. l -.£330,9G5; r whereas; six. failures .last l; year: covered £0899(200.-; - For tlie' two months ; of 1908,'; the commercial- , failures .reached • a record business ; . mortality,-.'- gre&ter' than, for the same, period? ,/ in any year sinco- 1878, ..and'.exceeding . tho ' defaults of, the ; two :inpnths of 1907- By ; more' -; . than six millions sterling.. Bank suspensions ' 1 • for : the tivo months ; totalled £12,G44,252, . , against X"922,800 for- the same period last year. GIANT INDUSTRIAL': ASSURANCE. . • ; The figures of ihe v Prudential: Assurance '• r ■/ Company, Limited; , the founder' and type. of. . . . what-is best . in andtistrial asshrance,.'are of . '.'perennial interest. Por :the k year ended De- '. 'cember 31' the report of. this institution shows, that' the number-,of ',p6li6ies;^iaii?4 x , dinary brancli'/ Wasf 86,020, asiuring the 'sum of . £08,156,865, and '.''producing -"a" now; annual; - \ premium, incomb.' of i£465,357.;' i. The "•premiums ■ , received ' during'; the' year 7were 480,377,. be-; : irig an' increase .of £6189,406 over the year 1906."The claims. of.v the - year -amounted, to '£02,430,-'' ... 117. ■ The/nnriilier of deaths* was : B243, and 1 ' " , -12,328 endowment 'assurances " matured. ■ The : number.',6f -.poficies,.in'force'at tho end;of: th'O r; ,' year, was 8-13,206,;'-The' premiums , recoived by, :tho mdustnal^bfanch'i' 'during'''the' year were ? £06,661,631, being;;ap.;increase. of ::£5162,603. .The. < ... claims, of the ~\yearV:'amounted:''t6 jC2,563,090,. i The . number, of ,;death's;'was' 281,990, and 4494 . endowment; assufances-'matured. - :' The.,num- .1 - ber of, granted ..during .the ' year" 1 to those, policyholders.,of .five years'.'standing and upwards who desired'.toCdiscoritinuo 'their; - t x - paympnts.s .was.-.:128,4^9,-:the :,numbor, in,,force| l , beiDg 1,290,758. v. Tho total-nuinber of-policies' i ■r in force at;the'..ehd'of;the7year: was 17,459,535; '! .their ; average duration': exceeds": !!.'years. -The ■* 1 assots of. •tlre , r,t : ■ shown • in tho ;• balaiice-slifceti'■-.faro t-;£068,006,284, .-' being - an increase of.';£o-t,119,276 .'over-'-thoso-of- ,i , 1906. ..As a. result 'of the usual valuation'the t ■ surplus shown in vthe . ordinary . branch, is- -i ,'brought forward. v r Out of this surplus,;.the directors f-add«d' ; £o2O'O,- >\ 000 to the,: investments . reserve : fund, which ; stood on Decembeii;3r.;at-.£1,31)0,000:- In-'the '•} .. industnal -i' surplus- -shownv":is ! , . .61,068,736, : lncludirig;,>i£SG0,519 brought forward.' 1 Out cf :this 'surplus;,the directors added jeSO,- ! ,s : . 000-to the reserve fund; making'-y3,1,250,000..'Th0. ; t total surplus; of. branchesVwasAtlius. 1 i which was 'disposed' of as' follows :— £0200,000 ha? been added-to-the investments re- r serve fund'.of the or'diriary branch and £050,000 S has been added to' therreserve fnnd of the iri-' ! dustrial .branch,. £1,596,374 \will be distributed*' 6 among tho, participating policy-holders in the ) ordinary, branch, thd"policy-holders. in 'the'in- "1 • . dustrial - branch, tho.; shareholders, and the ,'t superintendents,; assistant., supcrinteiidents, w i and .agents," in accordance with-.the.regulations c of tlie company(under-its; special-Act.:of Par-, i lianient, leaving £688,680 to bo carried - for-' j ward. .Jn the ordinary branch a reversionary bonus at, )Jie rate of-jjl 12a. per cent.- on- r the ' /sums ORsured;,]iad . again''been added . '.? all/-classes, of participating -policies issued''' .. :wnco the ye.ir 187G.i;-.Jn the industrial branch' < :, a-bonus by way of'.fliddition of 5 per cent, to 1 . . the sums assured paid on all policies of "1 over five years' duratityi wb'ch .b'egome' claims S 1 either by; death , or.:-matnrity of : endowment f . from March 6, 1908, ,tp. March 4, 1909. . : LEVER BROTirERS. -V. m ■ ,o Tl r Lever Brothers, Ltd.; £ poap), year /ended December ' 31 last,'states that^the'balance standing.'.to' ; s loss account,, after.creditinff i 550 # 000 •• cash';received 'in' an v 'actioh for libel-naine T,':'£C-/o,'.;33l—has been appropriated M renewals and alterations, £36,069;: depreciation fund, £40- .. 073; insurance reserve;?, £5857;' prosperity- , ' sharing with employees,-.including villiure in- 3 , stitutions account, £32,245; .dividend'on tho a i . 5? I '. , ce "t- first - -preference-, 'shares,- £100,000; . dividend on HievS.. per,,.cent." ; "A"..preference 'i " " •5 51 ' 519 5- dividend* on ; '-the- G per cent : li preference shares, £7011;. dividend' on the c - ordinary shares at the rate "of .8' tier" cent ' ; per annuin, £148,000; balance carried' : to 1

J "s&We".ftin'd" iC4554 £ -v5 : 405,331.' For the convenience of the business, since the last meeting a company under the name of Benjamin Brooke and Company, Ltd., has; been . incorporated and has taken over the trade' marks and goodwill--in ; -the Soap Monkey . Brand, previously purchased by this company from the ..former .. company., of '• Benjamin* Brooke and : Company. Ltd.,- for' .£225,000, which sum has year' beeii transferred from'. this . trade-marks and' goodwill account ' .'to/shares in associated companies. '• ' i FLAX-RETTING. . . . : ■-A Scientific method-, of flax retting has just been discovered,;'by.isn Italian ' professor' of' agriculture, by means of which this process is i performed by the action of artificially reared microbes. 1 According-to the ''Textile Merprofessor:,in.,nuestion . ascertained .. SS' fermentation or flax v.while-soaking in nater was due to a particular microbe, which was responsible for the separation of the fibre -under-the. old system of retting. \: The bacillus 'or this, microbe has been successfully isolated, w' |° i "P d LL to ,' !»£«>sy-£ .ofcultivation in sterU.sed. a The. operation' of" thenew method is -. • briefly _ described"'■ as. follows Ilie Has .is placed, in a cemented; tank, which is theX filled up with water. ' Air is thon forced in from below, causing the water to penetrate. ; all "throifgh; tho flax. stalks. To this „water,about,,a; -quart,: of sterilised brothcon.miljims, of the, micro-organisms : aaded.;. .These act at once upon: the.tissues, consuming- all "the' outer bark, and, the soft, "tissues between "the-'fibres, which gives the growing plant its. solidity. ' This part of'tho' i'Fu?■'??■■ tilree; days, as. against' atrleSst.eight-by the "old .method. The stems are then taken out.;of the tank and placed fn^ T « r ' oa ' ® rs, -'" I P same arrangement &" pi !™?! n & alr . ln . to .them from' below. The A en: ' f aW i e % ° 'i, a; temperature of ,216 dee. .Fahr. to destroy'the microbes. After y&o7 1S washed id. clean water and carefully toed cwfir.-.a product much more feet , than ,that under the old process beiV obtained. ; The . particulars of this discover? havo. been supplied, bv the British rv,Jo,!t GeperaWn sputh&J; Italy, and L S ' quently be accepted'as authentic.. ; J mining. ; - .(nr XELIGEAPn.—SPECIAL CORHESPONDENT.) r.,.n. - 1- Auckland, April 20. . forthcoming to show IKn the ■ Ituaotuna field fa about-to be.revived:?. The.Waitaia Mine, which bMn down .for about two years, has a; local-syndicate, .who' in-'■'ifcHW-i" develop the" property very' .snortli.. ( This mine, from 1891 to 19'OG, yielded .9"; output of ,ie 26,404.; A company: is also in 'anr S B]nL^T™t ? / Cqllire tke Maoriland and ■ Black .Tack claims (100 acres),' at Kuaotuna. The latter was formerly worked for a short-period;.and a'crushing of 2151 tons Rave a return of' ,£752. The intention is to put™ 'r l ° h * sh °- I , ll, i l , cut ' ho re ef in about' 200 ft., .and-Tender: available-a largo block. An°ther claim to be reopened before long is situated between ICuaotuna and Opitonui;' It is to be put under development as tho New Beres;[9 r! . , Some .old claims at Kuaotuna proper have also-been .-.recently'pegged'out; ' s

. WELLINGTON-;,SHARE. LIST. „ IFenene a. rs.wi'' • ' . ' " __ Hs 1B. « X ■ TBANia 'i ; f ''•*•'■• .V'JB £ ... d.'■ £ £e.3.- ,t F.d. rtvrZealand .!. 5,1)00,001 'KH " '• $ ' . » "??? V S" ' ? # « '.N2-0- 30 5 National . . 875,000' SSo.31i , y ® 6 C 6 /. 6 5 9 513 5 K*tiM?i URA ! iCE t . JC0.005 ' ' | '-oolW- '~5- '-1 .7 0 J '» .17 2 Sew Zealand ■ . mxo ' 5?5 on • ? >' • -• J0 •' J?f-2 "17 n . Eouth British . :C0,(»n * *«'- -10 • :'316..0. « Standard • • • .75,000 87 ' 33B '■ 2 unltO, 10 ; A ■* u . FINANCIAL. • ' : 1M . . Eqtritablo Building 60,000 . 5 3 ]0 10 6 10 ,0 0 F r P Metropolitan Building .4!>,?Gl 5«£l , J 30 nil 7 • Wellington Invest. - 60,009 j?«H ® 1 6 Sin c 011 6 F 4 4 Wcl 1 gtonTrUBt&Ij6aQ 101,253 1 Ji'S 6 5 -8 7 0 0 - 1 „ ® 7 9 6 p 7 0 .National Mortgage - £>OO.OM . 2 8 30 . 3 0, 0. . 3 2 U P00 fM * N.2.andRiverPlata - 300,003 25 ?-?i5! 1 - nil . - 7 .112 0 ./-A" J 113 0 4 5 0 Lean and Mercantile . „ 135.&JJ- Slp.lw £ : bj .. 5> 0 5-1 • U 5 1 1 5 0 I 10 0 0 .Auckland . 180,370 r3 '352 5 n ! 1 36 ----- „ Cbristchurch . • 152,WO ®'°Z\ 5 nU. s 10 10 2 6 10 0 0 6 0 0 . Feilding . - . • . . -12,000 '$} 1 ni}.." 016 0 ' - n Gisborno - .. ... 17,£03 10,5)1; 1 • ntU' ,13] 2 9 .A** 0 210 0. 610 0 . Hawera - - „' 8,95'). '*iiV 5 : i' 10 - New Plymouth • ; . . 18,COT °»1 53 5 nd 10 • Kapler -• - • 10 15. . , „ - . . ... 49,957K , . 5 ',5 . 15 ; • - iFfi-.- . *, "10.„ .WHIiBBton. 7j ' liU . 1U .10 913 0 1911 8 ' 6 2 2 "MEAT. ' : ' ' ■ - - Cintcrbury - ' J83.737 ■ • ' S0.071 ; - Si - 8 ' 719 0 r. ?..2 0. ' Christcliurch , - W 8 10 6 0 10 7 6 10 7.. 0 7 11 7 .Gear - . -. . • • 1 -n.i,-;- . 12} '3-9 6' > ; M0'3 a 9-0 - 6 1'0 „ •. *,.. . ,, 4 ti 12J ,915.0. 1° 0 0 Wellington Meat Eip ) 5 .■ -B. ;-6126 ' „ 105,766}• . E3.767: 4,1., 8 • 6 2' 0 5 2 0 . f 5 (I „ , ) , ;; IS. , B 3.5 3 3 6 0 ( 9 3 Wanganai „ • 45,850 -. H»W1. . t> ml*' b . TRANSPORT , n , „ ' i" ' W;&M.EaUway • WMOJ 1 .< • : 7 2 6 6 ,.« 10 0 2 7 0 3 0 0 K.Z.Shipping ■ .• ,473,341 ■.■„•, l^'I^#. a.■ i 6< ,:.611 0 : Union Steam BOO,OM ' . 1 Ti 113 9 HI 6 !' Wfitn. Steam Perry ■ • 46.25J ; w 1 , 6 '. ' ' , i COAIi. - ' ' Westporl - , £S0.003 : ' .WfJ' -A ■ U Bi • 6 19 0 7 1 0 7 0 0 B 5 0 iaupiri - . ." . fci,50J ; M» 1 BJ. 5i 1 0 6 1 0 6 1 0 3 7 8 0 WOOLLEN. , ■ ■ , - Karnpoi- . ' - • 100,001 52,851 ' 5 nil. . 6 . . . Moegiel- -■ . . - 63, «7 , , Si 15 ' 'i- st 1 3 3 6 3 1 0 413 0 Wellington : - - ■; UM- i ■ . 1 "6 3'a 6 360 '30t 800 MISCELLANEOUS. , , ■ . - . < . DonaghyRope ■ - 47.00J :'• Jr ' 6 0..* 0 6' 5 0 6 2 6' Leyland & O'Brien - . .S5,(X>J/ ■. ZlJol ■ 1 15 2 3 6 :2 3 0 1'3.9 ' 617 2 llanricarilleLimj . 7,000 1 ul ( , 8 • ' N.Z.Candle-1 - . • 10,(X)J - 10 K'-S" • H.Z.Drngs V- • . £00.00j !"{, , ' | 211 0 213 0 Ml 0 e I I Jj.Z, Paper Mills ' . 94,753 1M. ■ 7 126 1 3 3 1 3 3 itf H.2.Cement- - • ;40,00J ■, • S,«l • '1,: u*.. - 113 9 113 6 Manning & Co. Sd.OOJ" ■ - -4 }• 10.. ' 313 6 . Ward & Co. . • 1 tO.UX) iU.toj .4, 1 11) .415 0 .4 17 6 •. 415 0 8 8 5 Wgtn, Opera Hons#. " .18,631 6 ... . liij . ; \ Wgin Fresh Food - • 'Ji'JiL ■ ; — . - 1 . BU — ; ■ Whitcombe&Tombs-' ,'46,si5J l , £0,151 . . 6. 'nU .10 4 g g kbariand, LimiUU • , , . U,iU . , . J . .nil VI ; 019 6 ',1 J 0' '018 9 S 0 0