COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 762, 10 March 1910, Page 10

COMMERCIAL ITEMS.

1 INVESTMENT SHARES. A sale of National Mortgage shares at £3 was all the business recorded yesterday. There were very few quotations. National Bank, sellers £6 ss. 6d.; Wellington liveetment, buyers lls., sellers lls. 6d.; Wellington Meat- Export, £2 12s. 6d.- paid, sellers £2 16s. (id.; Wellington Woollen, ordinary, buyers £3 25.; Vestport Coal, sellers £6 25.; "WestpbrtrStockcon Coal, buyers 7s'. ■ 3d.; Lcyland-O'Brien Timber, buyers £1' 3s. 6d.; New Zealand Portland Dement, buyers £1 19s. 6d.; Sharland'e preference, buyers £1 25.; Taranakil Petroleum, buyers Vs. 6d.; Ward and Co.; brewery shares, buyers £4 15s. NATIONAL MORTGAGE AND AGENOY. Tho report of the National Mortgage and Agency Company of New Zealand, Limited,' for the year ended September 30 last, states that after paying all expenses in London and New Zealand, also interest on debentures, and making full provision for bad and doubtful, debts and depreciation on premises, plant, etc., tho not profits amount to £38,141, which, together witli £8202 brought forward from last year, gives, ah available'balance of £46.343. It is proposed to pay a further dividend of Is: 6d. per share, and a bonus of Is. 6d. per share, both free of income tax, nia-king Hi per- cent, for tho year to add £15,000 to' the reserve fund, and to carry. forward £8843. The course of business in New. Zealand .during tho twclvo months under review has, on tho whole, been satisfactory; tho fall in' Iho value of frozen moat beins compensated by an advance in tho price of wool, as well as in grain and dairy produce. Tho prospects for the current year are promising, and the prices both of land. and produce, except' frozen meat, continue on a high level, but the directors are still of opinion that great care should be exercised in extending the limits of the company's business.

AGRARIAN AND MONET OUTLOOK. Weather conditions have continued very favourable .for: live stock and. for -the dairy trade (says the current ."New Zealand Trado Review"), hut the output of the grain harvest is lfkely to he a.good deal below the very favourable promise of Hid first estimates. The exports of the ssasbn so far are very heavy and prices ore satisfactory. The . total value of the shipments for the current quarter, ending on Hatch 31, promisee to constitute a re-

cord far,in excess.of.any previous corresponding period. Wool, dairv' produce, and •meat .will show very;-high totals. Wheat gives expectation of an exportable surplus still equal to that of last year, but the prospects of oats are leas favourable. On the other ' % hand our imports seem to •bo, remaining at about the reduced level of: 1909 and the' excess of exports over imports will certainly show a very large margin ■ for the- March quarter. Bank accounts will; thus be substantially replenished, and the financial position further improved. The requirements of the New Zealand Government for public works and other 5 public purposes arc being obtained outside the Dominion, as also are tho loans of local governing bodies. Sir Joseph Ward recently stated that- applications of the latter character were in hand to the amount of about £750,000, and that the money would be available if the security proved to--be' satisfactory. The local market will therefore mot be called upon to meet demands of this class as it has been in the past, and the accumulations of the .community will be available for general purposes. The prospect, therefore, is for increased eaee in this "market.

NEW YORK LIFE. A summary of the sixty-fifth annual report of the Now York Life Insurance Company for the year ended December 31, 1909, has been received by the company's office in Australia, and the following are tho figures:— RECEIPTS. Total premium income £15,965,353 Interest and rents 5,134,3(° Consideration for annuities, etc. 303,368 Total income £21,403,070 DISBURSEMENTS. For death losses .: £4.729.828 „ matured endowments ../. 1,326,515 „ surrender values ~~ 2.789,766 „ dividends (bonuses) 1,486,682 „ annuities : 350,454 Total payments to policy-holders 10,633,285 Total expenses £2.219,379 Ratio of expenses— A. Direct acquisition expenses to new premiums 50.85 p.c. B; All other expenses to total . premiums 9.38 p.c. Admitted assets ............ £123,236,333 nsnranco in force '.... 411,550,236 Total number of policies in force 981,595 Tho company's new paid-for insurance for 1909 waa £30.009,740. The dividends (bonuses) declared payable to policyholders in 1910 are £1,807,344, which is the largest dividend apportionment in the his- . Tory of tho company. ... AUSTRALASIAN BANKING. The Australasian Banking returns as compiled by. the "Argue" for the December quarter of 1909 show that the deposits total* led £142,000,000, as against £132,000,C*iii tho closing qnarter of 1908, and £134,000,0C0 in .1907. "While deposits have increased during the year by about'ten millions sterling, adTances have been reduced by. about Q millions. ' With regard to deposits,' the comparison for the year shows an' increase of over five mil!ion3 in deposits at call, and an increase of nearly 43 millions in deposits hearing interest, .mailing. up the total increase of £9,874,666. The figures of the various Statce compare as under:— ; Doc. 1908. Dec. 1909. i£" £ ' Victoria 35,631,716 38,708,861 ■ - N. S. Wales 43,197,282 ■•' 45,319,856 ' Queensland 15,750,442 17,222,746 8. Australia ...... :8,601,570 -. 9,561,977 W. Australia .4,960,284 5,404,774 -Tasmania 3,619,070 3,536,384 ; ■ 111,760,364 -. 119,754,598. . New Zealand 20,315,739 ■ . .22,196,171 . . . 132,076,103 141,950,769. Taking tho various States, Victoria shows ah increase for the year of over 3 millions, New South Wales over 2 millions, Queensland nearly li millions, South Australia nearly one million, and New Zealand- lj S'Ulions. i.- Tasmania- exhibits a; small deease. <' ■ ■-■ "■ ~; . ' ; - ■■• ■•'■'■■ ""■'■' Turning to advances,' it will be found that, with the exception of a trifling increase in South Australia, the reduction! during the twelve months has been spread over all. the States,■ improved' seasons hav-'. irig: enabled.repayments' td be effected'of. .'the additional advances made,by the banks to their loußtbmersv during' , . , a- considerable portion-of 1908. ;.The 'following is a com-p'aTison.'Oi-tlie figures'of. each State:— •• -■ .;■' v-; -"-■■;■■■ .' rjcc.'WOS.' jDec.l9o9. ' . ...j ~• £' '■ ■ £ .■' Victoria 33,711,183.;,;, '32,915,372. ■-NaS.-Wa!d3 39,182,317 38,455,505; ';Quefeiisland 15,707,933 , 15,219,141 ...;.. .6,049,031 6.078,826; W.Australia 5.698.662 5,743,478. Tasmania 3,015,794 2,838,540.. . ' , ■ 103,364,935 ■' 101.250.862 ■New Zealand: 23,725,832 . . 20,982,000 ■ ■.;■-■• '.' 127,090,817".. 122,232,862 ' FROZEN MEAT ;STEAMERS. , / .''.'", ■ The steamers'engaged ,in the;.New.,Zea; carrying trade are,- aecording to, Messrs..w: Weddel and Co'.. 44.in number, having a combined capacity in their refrigerating chambers equal to 4,046,500 carcasses of mutton. The steamers in the Australian meat trade are also 44 in number, - but their carrying capacity is only equal to : 1,878,600. carcasses. F.rom the River-Plate- there are 57.steamers, with": a carrying • capacity is their cold chambers equal to 3,532,000 . carcasses, but those ships can mako practically double the number of voyages to England. In addition, thero aTO 27 steamers, with a- capacity of 2,632,4C0 - carcasses, which arc no,t permanently attached to any route. Tagether ..tfieso. 172 vessels .can carry 12,089,500: ■carcasses ; bf mutton-Saoh. voyage. Thero are also 25 steamers with i;iss,9oo.carcasses: capacity, not now engaged in the trade, including seven building.'.- The greatest capacity in any one ship for the disposalof frozen produce ie in the Guardians, equal to 160,000 carcasses, either frozen, or chilled, and tho two next are tho El Argentino and the Manchester City, both with 150,000. These three'are now engaged! in the ArgontiEC trade. New Zealand has four each with 110,000 carcasses capacity, and 22 with 100,000 or over. ' Australia has. only five with 100,000 carcassee capacity.. Three more 110,000 capacity steamers are building for the Tdew Zealand trade. The cold storage in London is-.equal to 2,791,5C0 carcasses of 561b. §heep. But, of .course; they are not all used for mutton, and at' times, they, are full up. - . ;' IMPORT MARKETS. Business continues satisfactory, with the country districts, but-in-the city and : suburbs-it is still slow. Most wholesalersand retailers, are worlting with smaller stocks than a year or two ago, and it is very probable that the'margin of profits is slightly higher' in some' cases. Another advance is recorded in Ceylon tea. Common sorte are 2 cents, ana broken pokoe 3 cents higher. The quality of the leaf, is said to be improving. Most of the salmon Quotations are now withdrawn, but one packing house is still quoting at tho recent advance of 2s. 6d. per case. Supplies are scanty. ■ Particulars relating to the salmon pack of tho Pacific Coast have been received from the Anglo-British Columbia PackingCompany, Ltd. The total pack compares with that of the previous year as follows-.— 1908. 1909. Cases. Cases. Alaska „ 2,625.000 2,556,CC0 British Columbia 968,000 Puget Sound '309.UC0 1,561,000 3,476,000 4,885,000

There was a slight falling-off in the pack df red Alaska. It is evident that this pack has now reached its limit. In British Columbia there was, as expected, a substantial increase over 1908, but the pack of Sockeye on the Fraser (567,203 casesi showed a heavy decrease against the 877,136 cases secured in 1905. Of last year's pack; a considerable portion consisted of "liite run" Sockeye, and inferior Qeh of which none was sold to Australia.' On Pugct Sound they were' particularly' fortunate' in securing over half a million cases of Sockeye, as compared with 182,000 cases the previous year. The unsold bal-. anco of salmon on the coast, notwithstanding the substantial pack, is now less than at any -similar period for many years. Ked Alaska is practically sold, out, Columbia Ohinooks the same; while balances of Sockeye on hand on Pugct Sound and in , British Columbia are exceedingly small. It is estimated that tho total unsold in packers' hands in British Columbia" is about 31,000 cases tails. 8000 to 10,000 cases flats, and 12,000' cases half-flats. Most of tho tails are being reserved' for Canadian consumption owing to' an expected , shortage in this shape next season. There is a.moderate supply of Fraser Kiver tails, flats, and half-flats; also some Skoena (tails only) still available for a short time at same prices. A: feature of the market lias been the steady increase in prices of Alaska reds everywhere. The opening price for next season is expected to be not less than Idol. 25 cents for tails. The Columbia pack of Ohinooks is reported to have been already sold in advance. The price ofPuget Sound Sockeye is expected to open at not Ices than Idol. 65 cents, Idol. 80 cents and Idol. 10 cents for tails, flatß, and halfflats;, say, equal to 305., 385., and 28s. respectively. Owing to -the general prosperous condition of internal trado and the expectation that there aro three lean years ahead, a corresponding advance in the prico of British Columbia Sockeje may be eipoctcd. ■■ ' . . ■;.■'■> ■■ Bice.—According to recent statistics, the rice production of the United States has grown from an α-vcrage', of less than 100 million lb. per annum a few years backto an average of 500 million lb. in recent years, and over 600 million lb.-in 1938; The rice production of the United States seldom reached 100 million lb. prior to 1885, but between then and 1900 it twice exceeded 200 million lh. . Then came in 1901 a production of 3E3 million lb.: in 19D3, 650 million lb.; In 1904, ,556 million lb., and.in 1908, Mβ- million- lb. Thue the

production between 1900 and 1908 was as great as'during the •50 years from 1850 to 1900." Of the 608 million lb. of rice produced in the'United-.States .in 19CB 62.8 per cent, was produced iu Louisiana, 41.1 per cent, in Texas, 2.2 per cent, in South Carolina, 2.1 per cent, in Arkansas, and the remainder'• in Georgia, Alabama, .Florida, Mississippi and North Carolina. ' The worlds rice croi), in round figures, is estimated at 175,0C0,000,0001b. per annum, of which 60,000,600,CC01b. are produced in British India, 60 to 60,COO,dCO,G001b: in Ohina, 15,000,000,0001b. in Japan, 6,750,C00,C00 lb. in Siam, 6,500,000,0001b. in Java., 5.C00,000,0001b. in French Indo-China, 3,050,000,COOlb. in Korea, 2,750,000,0G01b. in Eorinom, 750,000,0001b. in Italy, and ahout 500,C00,000 lb. oath in Spain, Ceylon, Philippine Islands, and the United States. .

Metal Trades—The Birmingham correspondent of "The Times" on Januaiy 20 wrote that business was getting into its usual channels, but there waß not much buying. Inquiries, however,, were numerous, and there were hopes that a, good spring trade • would result. Cycle, niak-. ers were busy preparing for a new sea- .; son's demand, additional ,hands , being taken on there and at Coventry. Tho'com- j ing season was expected to witness an im- . provement in the character of the trade, i and to see the advent of the higher-priced i machine. The-export of cycles and cycle parts during the. past year showed im- I provement. The complete cycles shipped were of the total value of £463,337, against £461,938 in 1958, but the . exports of cyclo parts amounted to £1,175,270 last year, as compared with £957.957 in the previous year. Motor-car firms were doing better, and there was a considerable amount of work in hand in connection with flying machine accessories. Most of the heavier trades arc fairly well engaged. Chain and anchor makers were finding a little more employment for their hajida. More was doing also in the brass and copper tube trade. The shipping trade was l very small. The last quarterly meeting had liberated a few orders for iron and steel, but there was no speculative buying. '-, CUSTOMS REVENUE. Customs revenue collected at Wellington yesterday amounted to £5836 lis. lid. • WELLINGTON MARKET REPORT./ . Messrs. Laery and Co., Ltd., Wellington, leiort wholesale prices ruling on the market:—Wieat, fowl 4s. 3d. to 4s. 6d.; foed oats, 2s. 3d. to 2s.' 6d.; dun oats, 2s. sd. to 2s. 7d.; 2s. 6d. to 2s. Bd.; Algerian oats, 2s. 4d. to 2s. 6d.; maize 3s. lid. to 4s. Id.; crushed malt, 75.; fowl barley, 2s. Sd.; Capo barley seed, 2s. 6d. to 2s. 9d.; flour. New Zealand £11 ss. to £11 10s., .Australian £11 15s. to £12; bran, £4 to £4 10s.; pearl • barley, 155.; 'peas, Prussian .'blue, : ss. , 6d.; split, £17. 10s.; ' bonedust, . £5 155.; superphosphates, £5 to £5 55.; pollard, £5 ss. to £5 15s. ;■ basio slag, £4 iOs.; chaff' (oatenshcaf), £4 to £4 .10s.; oatmeal, £11 to" £11- 10s.; /potatoes, table, £3 to £6 tou; onions, 3s. 6d. to 4s. 6d. cwt.: molasses fodder, £5; • bacon (factory), sides 6Jd., hams'; Bd., rolls 7}d.; butter, prime' bulk, 9d. Poultry: Hens, 35.; ducks, 3s. 6d. to 4s. 6d. per pair; turkeys, gobblers, 18s. to .205., hens'los. to 145.; frcßh eggs, ,Is. .sd. to .16. 7d. dozen; preserved eggs, Is. 3d. dozen; cheese,' sd. to 53d.'per lb., loaf 6Jd.; Akaroa machine-dressed cocksfoot, 6d. to ■7d. per lb.; farmers' dressed cocksfoot. 44 to sd. per lb.; .ryegrass, ,3s. 6d..ta ,4s. 6d. per bushel; Italian, ryegrass,,.3s. 6d. ■ to. 4s. 6d.' per. bushc); white clover. 70s. ~to 755. per.cwt...' ._ ', '.;. ■'' ;/'•' ■"■ WHEAT/ '■' " '■'■': .'.' By TcleEraph-Press ABSociation-CopyriEtti . . .: ; London; March; 8.; A cargo of Australian wheat sold at 395. ■ '■■ METALS. London, March 8.. ; Copper—On spot,' £60 2s.' 6d.; three months', £61; electrolytic, £62 17s. 6d. spot,' £148 10b.; three months', £160 15s. -~ . . ■■•-.• ; I '■ BANK SHARES. ,- ■ London, March 8. Quotations'for bank shares are:—Bank of Australasia, buyers £108 / 10s., . sellers £10910s.; Bank of New South•Wales, buy-, era £49, .'sellers £50., Rest, unchanged..' ;,": BANK 'OF'AUSTRALASIA.: . ■;•'• (By' TeleErap'h.'—Press ' Association.) i .'; ''(Rec-'-vMarch 9,' 10 .p.m.i '[ '.' ' '.>':•:■ --■•r-,--ii : .V ,-} ; London,; March, 9 ; The.,-Bank;pf. Australasia --shows deppsiis. £16,214,618,. cash' . securities'•'. £7,455,132,'. bills' £14,806,554.. ..;.::■ .;:;■;.';•.. \; ;;'■-'.:'■'" '