COMMERCIAL.

Dominion, Volume 2, Issue 397, 5 January 1909, Page 8

COMMERCIAL.

Ki^;;:\:.* :^:^?^^C?^.;'l^A^Si:;:-; ; i ; .i ; >;./.' W-t'i. .The" the tondon market for loans -;', V- promise to bo: very heavy during: the "next few ; '• :\months;v:;Thei%''is-'no doubt that ; money is. in: i.v.v': abundantls'upply in : the world's; great market, . : .V>: V .but;.the- heavy demands must.pause rates, to ad-. ! :'':.: : ;vance;;:Australasia, it seems/is likely to appeal: >:l- -to :: London, for large ,, sums.'. ; The.::'/Melbourne ■" ?; J;- Argus" of a recent-date says:—" State Gpy T x:'; Veriiments are announcing substantial 'borrowine -V'-'-; .programmes.' South Australia .nas: a Loan Bill .-(-•■.'f0r i. i2,563,0'00 '.in". hand,; the ■ money .to: be".ue- ; Vf" ! .devoted .to;public, works and ,'oloser settlement. In New' South Wales a Loaii Bill for i5,526,'000 :..;,-has been .adopted,; of, which ;£1i733,000 ■; is i or. :,'■; ■■''publio"-;works;'sand. all parties ,in i:'ii agreed :that'borfowingfPr reproductive , purposes, :.- --..should-be \Even if only. iE1,000,000 Dβ :>:,:: asked .for,;; .byer.i : will: be ; wanted ;for : ;:;;the.:.threß''StatesVnarae"d.:. This- is ; apart- from ?':';iloan redemption;transactions; ;which : for' all the ■; ; i TvilUinHl9p9: amount ;tbX7,589,0Q0.-;;Of ;J- V:that £3,000,000.' has been arranged '/'■v-for Australia.'and.New South Wales !': ;;. : has to lurnish : i52,566,354;. .According '■ loathe i:>.dhairman..6f ;the;-Bank < of New' Zealand ; (Jfr. ,■;'.;: Beauchamp) .'underwriters, in ..London;.are. car- ,.;;;; rying? , stocks'; of .vuhdig^ed/.^securitiesir^nd; , ;- therefore, care must'be'takeh in-waking l further .;, ..demands pn:that market. ; In Australia the.gen- : : V.'.Bral wishvinl: financial, circles -is that.jf; fresh ' '.-;■ borrowing;is to;J)e. attempted on a large scale :.' : Lpndqn'should;..be':appealed -to; sCheap'fates' ;: v .Vprevaii;.there, and .the: expectation!is that they :i:i^:';'..w^ll, l conianuβ;s6:•dn^ngrtnβ : iii';: jnducementsi.may.hayeito offered to. induce ;i;-;..underwriters:to. guarantee rhe, issues'than', were y, ; c:.. given.-with':'recent:3J, per. cent.. ; loans floated -in : Trea S u rer . 0 -f: South rAustralia-'iS'. .; : ; •:SHTO/to::tfiifi.vdntin«^cr,-;idr,.l»e""',«press^:-thfl-:i '.hope: that'>'Je;-jn'ay.":6e.''able .ipToßtaih'i V:'^ , »^-Tants:.3£vtM;' , ; β' : to : .l>β : ; ; v liberal .in',iMs ; • ; little': doubt ;■•;•. but,that -the;borrowers will have to;pay higher-;.;-rates,, or, be more, liberal in'cijnimissibns : and ,;;,. discounts,i;to; .' : : point: for >us,'- however,- is 'the, fact., that the vex- ■ ;■.; penditure of :the money so borrowed miist : result ,v;^7.in;:.traoe;'.ac^Tity:.v'!riiefe-.must spring'up a de-W;::-.niand forironiand.steel'goods, ma'chiriery", '< e'lec-' ns:; tncaHappliancsiSi; etcv which : in^turnV'w'iUMeaa , : i-'y tp-inc.reased employment,- and-this in turn must. >„■;,'-react on.the:values.of:6«r p'rodticeV , Thisfteitfds" '.■■■.-.'!,;t0,-make.-the.-'outldok;fpr 1909 rather promising \ Hh^J'-': Y'^ATIONAI,;ItIJTtTAL : ;LIFE;:; : V;:'<y . '■', v Mifte.aeiiual-'mee'tuig of .;: lnMelbourne on. December, 23; .the chairmaniiin't :,; moving, the.a'doptipn of "the. '■■'■':>eheet, ■; stated .that, : the new\ business' -.was \ .over' ": : £3,000,000 ;4m;i the : ;year:' in ' successidhV -..;,j .and'exceeded the previous .year's i am6untr"by ; that'of : ?S V - USryear ?? y the'increaselbeihg Vv:>;Xs4,ooo; in premiums: and over £17,000 ih-'in-' ,:; : :; : ,terest.': and vfents; The- :total; income'n%as' ■ : ..•;:£970,611,.;■ or, less.,.than. £30.000• short ; ofi: '.■'..-;Uipn ..sterling: •■■■-■.lhe interest 'earnediby.: the- ":• ;funds equal to' .£4- 135."3d.' , per' . •'.: cent.y.of r the ; totaL: amount /of, the: assurance .-..fund, -:;, ;Ihe: amount./paid/, to' Qy^i , ' >-~£32,ooo.m,excess of/ithe previous' year,"'but ; 'T ,:,vlarge\pf6portionvof.this -K-as.statedl'to be due 1 : : F°v^ e; y. ear :: hayirig..:beeii a . bonus year. 1 The■ ;..'...investments ; .of th6'association -in-Gdvernm'ent ' -..,; securities,:and • liquid ; assets.haVe beenfincreased ,#,:.during; the:.year; by, abbiit..£22,ooo. " Loans:'on ..v mortgage/show, an 'increase pf'-5£384,600,-' off ",;: -policies ;'..; increased by £?000.-:Prpperties acquired by fbrclo-. .•■:. eure have'.mcreased:by '£7500. v Eefeiring ;■;.;■ to this latter, account:the .chairman,sa'id":'"This: -;;•; account'; 'shown'-,a :reduction' but •; fpr-.thefapt'.that'sliPrtly/.before the "accounts : -felltinto: ojirihands; ■■■ -the yalue.'.:ofSwhicnVjexceeded the;'realisations ;-'.!.;. during/the:'yaK ; ;.;Yon must" not gather: the'ini-' ■^■■;-.p.ression^at'-t^eutem'ii'£he; l aetoiJnts'i's'a , .-])ad' \-";. : . 0n ,e,v as;:'oUr*.rea!is;atiPns"have ;gerierally, : been' .;■, ..very>favonrable.-: :Most:of: thevprbperties.'are : ih:,returning;g6pd:'i"ntere ; st/.while 'any %o#ible : loss' ;;. : -,Fis : amply,rproyide;d : fbfvb'y' the -investnieiit' flut" '. ; -;;tnatibn;res6rT'e.''> : '>';::>y; v o',v->*: : ' \s*'?.-: '■*•■;

':K ( Bijlf • year .ended ■November; :■; •,: 30,. taking/unsold; copper at' '460 per ion, shows -I: :.profits amounting 'to :/■ ;::.■.:i.clusive of = brought!forward'':from' 'Hie § receding : terin. -■ ..After, providing ■ for the' dm-' . , end .of!;£so,qpjiayf;bn October■.< Idlest } ■ and- ■ ,;•.; balance :■.■• ;S f -* 6 J) 2 69- ! remarns/,out.\o.fwlii'ch ; :the'directors' :"'■,'.naye authorised- the payment 'of; a l , dividend pf ; M^Sy ; per - shareson,January '2; next;leaving■'.a v;--< sbalance,'of, toi,bß;carried- to, -V'K.W e year:;ilt is /e spjcted;that:tha, vv.■-■; plant >ilUls6;;working;.to the: full ; extend of * ::.■•:: "S .capacity, again-by-., the end of -The ■■•;< ■■■;. .company / :.has^ot^rokenvore.;;in. ( .the-;.copper. ; i .:•;::;^^::chambers; : :. .■;■;.: ? . the receritvaccidenti : :which' ':■■'. '■:. -' : empjoymejit. -.'.To .prevent' Tdistressftth'o manage^ :::.. mentv ; arranged :.to;piifc. abput'--80 ? 6f .-. ■■:.:. these workers on.to-developmerijS^ivorfc^which, .;■ ■:'-.. though: noK-immediately repMuctive':will soon■ '■■'■ ,'■ --™ ■; smelting. ': ;,.,:Ot.,smallv .- since "the last l half-\.:-.-,yeVly- ioutpnt; atos. ~%M J er of m* >';,■•;■ for the r -furnaces dup-to.the;.accident." p .• /'.;■/ ;, '? ?; ;.;.:; ; ._ A; with' the' trade of ;v ■ ;he principal-countries of the world forthe first' .;./:-. fine.mpnths of ■1908, furnishes ; the,following V) --.;;■ /■ ■~,-.-'.;';;' ■■;/'"■: '.-•?: ' • : '-''^'^'';^^;i..;.,v.'fepo.r,tsi.iune;.igQhth ; g» ; »:i>'":^::'^''C^- ; :>-^^^;'^'---;v^'-;^ ; -V- i - ; \Bfc^ ;^De^- ' : &-'.'- ■'.■■■«'■'"'■■•'' i "■'■ v.;- —; *-,■■-•• -.i '•■■■ — crease..--crease. ■ :/v:-;■■■:.-.:.C0nntry.v.;....--;,-j;;.\i9oß. ~..■.-; „£Jgoy./. per v '• '■ ■ ■ : '"W - ;^'J; -''■■■' ■■' ; ' r: - ■^■•'^^■• ?;^<3 f !-^- ; cent..;,y'Germany.,.': : ..^300,851,000•»' 20,091,000 - w e:2'- : ;,.-.:J:;--Belgitun,- ■;..,■ -..r. 100,062,000 : 7,485,000 6.9 ; v";;;-I'rancei-w ; .i..-i.^:-179,149,000- ;;: 3,461,000 i.' 18"- -; i , .:.United States .fcAWMM ■•:. -•■. :• fUnited .iangdbm■37B,oßl,ooo -24,802,000 > "6:1; .;:: ; ;•-C;.5;-37,230;719 ■ ;J'; 6?7;27i:.-.-'.V I.B:v' i.;."-.: . v '.Tt.will;be'noticciJ::that the: United States, has :■■•>■'v seen heavily hit: during" the period; ho- doubt '-s .owing: to", the financial crisis/ while France and ';:{'.;.:;Anstralia- suffered-the smallest.'decrease;;:'* The ::.:..export figures are as follow ■;,.;:?• ' v ~v :-. Y : < ;:;.:■: ''.''; ■■^/■J; '.'.'•■, :'>■■■:' : ';x':--'- ■':"''■■■■"''. :■■':•''.. : ,'. -I*.''':,•.■ : 'yv.-De-""/",'De.-"'-.v' :.;•. ;;■;■ : "i: ii:.:.: v, :;sVv^ : - V' : crease'.- ! :--.. ; :-'■;: ;,C° un, ? - r- ■• ■. ■ -;•. ■■^ ■.. 'f :'' ;^l/~-:- " o ?■■': "■ ■'■■■ ■''■'■.'••■■^■,a<«T.'v;-JB' I SS-^vcent. ; r- :,.:flermany■...■-•-?.... 245,873;000/?*: 3,564,p00V;-;i.o, ,•: tw::Belgium -... ;'....: -::;:.-'•■ France: ;.. .•,;.... 155,335,000 V. "9,925;000 >' 6.0 .*.;,, United.States::...■ 252,587,0p0.v 20,241^000'V/ ! 7.4 ' •'.;'•.■•. United .Kingd0m.285,663,000. ; v; 33,618,000 '■•" 10.5 '■ ;iV; •jAustraliaV.:-. "■",:■:..: ■".y .:-. .The full seyerity ; of the'-trade.depression- ex- ,;•. ; >;. pe'nenced : in"', the United : ..-.: the above-comparison, the iexte'nt'.bf. tfie ; decline :;■;:: (in: h«r; export:-;trade . being that . .'■■ -,' ..for.any other country in the list::Vvln' ; .the face ■ •:.;■'■'■ the ,i:-...: best showing in- exports,- this ..trade -having only: :-..,..: fallen-o£f- by.; 1 per: cent.',-,whilo -Australia' 'fol-, •;--c,-.-lows closely-on her : heels>;.Takirig : the .twb sets' f - .; .of ■ figures; together,- those- relating■■/fox'iih'ports' 'r .; with thoserelating to' ;ex6ptl:s. ; The onlyjconclu-' ■", •■'-.;■ sion. that.: can be' arrived rat is'-' that 'Australia v, ; ; ■.: passed ! through - the : ordeal' of: compansbn' very -.;'■■':. eatisfactorily. S : :-'-\ : '-.-':'':&fi'' . / •'.'. ■ "■:•.?*>.■■':■"?; ::■:. ■ w -■":; •'.; ? -. o'^( '■■■ -■■■/. :The;report v of the Uriit'ed-:Stgtes Commjssionffi ■:.'•;■• .v/.' Pensions says : th*o:-total''nujnber',of -pen,-. .:., sioners: on.the rolls;. of;-.that'."CoUntry^'dn?'JfirZe' :. • ■:30',,last..was"*951,687.'.":.Duriag'the«:/ear..54;366 ■•..^..'r-..were-:dr.opped--from^tfie , rolls, , ' , atid'".'Sßi6B2t'a'dde'd; : ,/■■ ;.; matuigi.a net'loss ofi-15;664.»..'; drbpptd i. :>:: v -i rpm"•;the. rolls 34,333 were ;■'sur.nyors; of the .;••■--■ -civil", war of •:-186M;>rThe"ref'ar'e"-'jio'ir- 628,084'sur- ■ ■ .vivors:of.:that- war ; .on the'roils;" v Some 188.445 ■ v .:. widows" of • soldiers .''already- have -: : taken :advan- .. ."..-. tage of. the law passed at.' the: last session■: off .:-.; :•: Congress lncreasjng^.to; 12; d6liars';a*'rhpiQtH-.th'e' : ; ■••pension:to ; widows.-The actual'expendittir'eifdr .-'•'..; the year on account; p_f' , pension's",->Vf13,'j31,230,959,, : ; :• i but on account Sf legislation.increasing the rate ■ .v:.-.. to individual pensioners the annual"value of the ;.-: . roll at-the close.of. the .year :.;..• ■ This- expenditure is..the.largest iii'the-history -"..ef , the pensions "bureau., ••■■ • :.'::-.., ■ ,' !-'-W- '-^"-: : ' .-''■ ''•■9^3^ A^^^y^/-t^j'"''^': ; ;: ; :. . / \": : ■"..';■ The.retarn ofi|tfld,:ahd iifdm'v . / Dominion-Qtu;in'g,l?oß;Ki i i;'been;.'issTiedi: ; A ■■■'. i comparison with the previqiia jear , is,as follows — Gold—l9o7 508,2100z, valued at X 2,027,490 . . 1908 506,4470z, valued at .£2,005,109 This represents a decrease in value'of .£22,381 Silver—l9o7 1,562,6030z , valued at 1908 1,731,33607, \alued at £175,337. The figures for ( the month, of December are OS follow — , < '.."■■; Gold—l9o7 AuoklandL—26,64loz, valued" at , Nelson—llsoz, valued at JE463 Grey- "■;-•■•■ mouth—24oßoz, TolupS/atv JE9329. Duncdin— ■■'■'■' 14,6200z, valued , at J559.750. Invercargill— 20500r, valued at J&Zii. < --Total 45,8390z, '■•■■ valuedat 1908 Auckland-J9,7360z, valued at J8117.76C. .Blenheim—4PZ.J-''valued at ■:.'■' £U. Greymouth-46510z., valued at valued at i615,22i; Inveroargill—l27loa , valued at .£5083 Total 39,5660z , valued at ,£155,971 Siher—l9o7 Auckland—lol,4s4oz, valued at :■ JE10.609 1903 Auckland-208,7950z, valued at

•■-' "The Customs revenue, collected .at •Wellington yesterday amounted to .£1704 ls.-'Sd. ■ '■ ■'■■ ' ; '"'"''. "^SD" SALEIi-'^ :.?-. . [ •Messrs." Dampney Brothers havfi ;:disposed of Itheir sheep/station; , " Spring, Jtill'.'" situated on the banks .of theMohak.a'River','.Wairoa, Hawke's Bay (containing 6600 acres, and carrying 10,000; sheep and 600 head of,cattle) to Mr. J. H. Redwood, . of, Blenheiin, l :..j'Marlboroiigh. Messrs. Harcoiirt arid ■Cβ;,- of 'Wellington; negotiated and'affected the, sale. 1 ;':'■,','■.'.'■'"'■'■'' ■■'[*}■: our-exports^fobdegemb'ee." ..The exports from Wellington , for .the month -of 'December-.werei,-.'as:'Under'; the' Values being given in, parentheses:—Butter; , " 8161owt.' (£i1;624); cheese, 5764cwt. (,£16,134); beef, 13,594cwt." (£19,034); lamb, ,-72310w£. (.£18,510); phormiuip, 720 tons (£15,953); -..tow. -96 ton's {£598); hides, ,5717 (^5565); sfeiris* 65,779 (£9244); tallow, '175' tons(£473B); -wool; 2,224,6781b. ■. ;(£142,267).'.';.., "'. /. : ■ •... (feomoto special coßßESPpjJiißirr.) : :■.■'.■■ I -. :.;'.:'■ ■.'.!..'"'": :■':'■'. .:■: .". ..Auckland, January 4. ... During Dacembef/.the "gold "returns: from the Auckland' District "mines.'reached; a' total of £105,250-55".. Id. • This shows an ,, 'increase upon the output rof -£105,182.' for 'November,, but compared with tie-'yield for, {December, 1807 (.£113,984). there is 'a falling off.'.: The full returns for the past,.year should be available during the current'mo ,l '! l ' The returns are , made 'up, as' ;follosv:'—Ohinemuri, •.£103,843 Is. 4d.'; Thames, ,£3730 3s.' 9d.; Coromandel, v≤ 677. 1 : \; ; -\ :,;■•;. ;: ■.£.'.■.'. ■. • - ;.i ; : vTHE MARKET.; "■■''' (BT TELEGEipH—PBESS'ASSdcU^ONTrCOPY^I'oHT;) '"-■'? ; ".\' i V;^>''i; ! -';^ ,^i '''i^V :/ -L>rid?ij|--JaniatT'S.'.- , .. :S'TKe-Frozen'Jfeat?Trade.Association's Sm|thfield,:m'arket.quotatipns> for the undermentioned classesjofrfrpzerf meatiare based. bi"actual.;saleß.'of.not lessTthanone hundred carcasses.of mut T ton twenty-five caibKS.es of -beef of fair average, quality.;". These ' quotations are iot for. selected .lines, but for•'parcels fairly ■f^r^nj^Btjjf.^Hf'b^.'of ; lie' i shipriente;jiow on .the "• <<■'■ -:v '■ •: '"■ -: : Wv. i"■-■V^. •;-■-.':. -, «:-.-Dec>27. Jan.3. MUTTON-■■'.*, .•:•■ vv ; ! ' ■•. .:.i'.'iiv: d,, ; , ' d. :■ ~ light.:!..•■"••• ' ... 3 Si-16 3} ...■■Canterbury," medium .'.:•;;..■.:: ;.Si -,•-.. BJ ,: i-, Canterbury,->heavy^ J ....,, ]'■■■' 3| ■■■: 3} ,V'V.llunedin,,ai)id'.ii,outhland;'•'..v. :; -3|:" ■' 3j ■.:■•">• North i 'lslandi'beSt"brands;' 1 '... 3| .. 3} ; : ' : ;North'lsland. , '■:... /:.. 3V : . : ; '3 9-16 LA)iEß^^>- ! '' V '"''-T''V ■ ■•;. : ■■ :. i'Cpnterbury,;.4ight _•;.•...:..., «q5.1:-.- ..-;— "■'" ....:... 51 •'■• — ~-,■' .'ViCanterbury,.heavy.-;:....-,-;.■.■.-. ;,- 4J '■ :^"."iDnh'edin-Vanii^ Southland Vi.:.1.51, • ■'— ■ .;ir;Nor!th.':lsland;^..; : v'^.^' : ; ,:: ! '-5, v .- ; \There"were nb ; 'offering? of; Canterbury-.light arid medium, and; Southland aid IJbrth-Island latabl , .■.'-.:.. ;.<.".-■. ;.-v ; '..■■_ '. \ ' <&■ '/.:.&. .'■"' .-<?■ -New -fores.': ....f.,,.,, —...,.. :.3i ; I-,!. \New..>Zealand-hii(lß('... ~.'';./•,..7T.'!;.."'3i'.'. RIVER PiITE-"v';' !: .-:'v:S !^iw :ici:''- ■■'•■ '■■: ~i.;i^'-,?,.. 3{ - .' v.;.;: ; '...' :«..'SI 31-IG' ;.(■" yßeem fores , <,■}<:■•:... 2 .15.16:'3".' .-. [; -::' ■'31 J ,;v;.qQ^N)ll//jAND ■ OTH|&EK&)UCE,. ;V ' Cp.PTKICnT.) ''■■I'i^i - '' 3.": :-■ Hemp,'dull; .shipraent, , £25/ ;; : vßabbits firm.. ;,Best SydneyS," ■m.'-'.jSd.' '• ■ . ■ "'Copra.quiet! v A.- fair businessChas.been done •in.. South Sea.ibagsVat 418 Us/-/ • • '~..': i Tallow.-Stook,- 4456' tons;'intports,,;l72'6;:deliveries,- 2102.,- !..■,.'.■,': :.■■,■-'&&■'*?'---!,-. •:-. .■..'.;• ■i'The-quantity of.wheat'and flour afloaf'for the United .'Kingdom is 1,780,000 bushels, .iandiifor the .Continent; i 765,000. ' Shipments;- "153;00S .bushels';;;Pacific,.Bo;ooo.'-. , : -,' /. ;^i ; V : ;-:; : V ; , '•, -. .(BT;-.TELEGEAPH^rUESS;A'sSp.CriTfpli.^Op-rEldBT.). |'>:f:;; ; :.:;'. ■■.:;.lond(in,i> ! J4n)iary ;; 3.''v , ■ Tin.-sStoclcs,.' 20,554 tons}Sj6pot, ■■■ 8669; -aflbat, •4038i:deliveries^2257.:-;V.'■.:'•■'■-;.■■ ''~... ■.••'