COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 827, 27 May 1910, Page 10

COMMERCIAL ITEMS.

$ INVESTMENT SHAKES. A sale of Wellington Gas shares, £10 paid, at £18 was all the business in investment shares recorded yesterday. Nar tional Bank, .buyers £5 165.; Equitable Building buyers, £9 65.; "Wellington Tru3t and Loan, buyers £7 45.; Wellington Deposit, buyers 7s. 9(1.; Metropolitan Building, sellers £12; Feilding Gas, buyers £1 Ib. 6d., sellers £1 35.; Wellington Gas, £10 paid, buyers £18; Gear Meat, £4 paid, buyers £10 55.; £1 paid, buyers £2 145.; liikurangi Coal, buyers 19s. 6d.; Taupiri Goal, 1 sellers 19s. 9d.; Leyland-O'Brien Timber t ) buyers £1 4s. 6d.; N.Z. Drug, buyers £2 6s. t 6d.; Ta-ranaki Petroleum, sellers 135.; Taringamutu Totara Sawmills, buyers £1 1 45.; Ward and Co., sellers £4 17s. 6d.; ' Wliitcombe and Tombs, buyers £5 6s. b LONDON AND LANCASHIRE. J The report of the London and Lancashire « Fire Insurance Company for 1909, submit7. t-cd at the meeting in Liverpool on April c 27, states that the net lire premiums were " £1,480,577, and the losses £750,061. The fire r reserve was increased to £595,000 and 5 £234,049 was transferred t-o profit and loss. 1 The accidcnt premiums were £515,395, and ] losses £202,804, and the reserve was increased to £205,0L0, and £58,210 transferred to profit r and loss. The marine premiums were » £137,596, and losses £109,019. Interest yielded - £71,972. The balance at credit of profit I and loss was £479,931, and after increasing s the stall' pension fund and payiug divip dends, £417,106 was carried forward. The j funds cf the company amount to j £2,435,256. ° NORTH BRITISH AND MERCANTILE. 0 The North British and Mercantile Insur--1 ance Company completed itn centenary last year, and has issued a souvenir in con- * neetlon therewith. On April 17, 1809, an * advertisement appeared in the Edinburgh e papers announcing a proposal,to found a b company under the title of the North Brio tisli Insurance Company, with a capital of £500,000 in shares of £200 each, with £10 » paid up. ' The appcnl for support was j based on national feeling, and it had such ' response that among the subscribers to p shares were a- number of the Scottish '• nobility and landed gentry. The new comy pany found a home in Parliament Close, v Edinburgh. In its first year the company had to face a loss of £6464, incurred through a warehouse in Glasgow being h set on fire by some fireworks. At this time the paid-up capital of the company was £22,000, and the premium for the year £2149. In 1822 the company took up life f business, and to provide for its additional * responsibilities the nominal capital of tho o "ompany was increased to £1,000,000, and

the paid-up capital to £50,000. In 1832 a London branch was opened, and business was gradually extended throughout the world. In 1859 ' the company carried through its first amalgamation, and some two years later the directors cane to terms with the promoters of the Mercantile Fire Insurance Company, to adopt special London mercantile risk 3, and at the same time to unite with that company. The name of the company was changed to tho North .British and Mercantile Insurance Company, the subscribed capital increased to £2,000,000, in 40,000 shares of £50, with £6 ss. paid. Since this amalgamation the company has prospered in every way, so that in 1909 the total funds amount to nearly £20,000,000, against £20,000 at the close of the first year of the company's existence. The last important extension of business was in 1908, when the company bought out the shareholders of the Ocean Marine Insurance Company, and so embarked in marine insurance. One result of the transaction was that authority was obtained to create £3,000,000 of preference stock,' of which £525,000 was issued to the Ocean Marine shareholders. ROYAL EXCHANGE. , The report of the Royal Exchange Assurance for the year ended December 31, 1909, states that-in the fire department the net premiums fiir the year .amounted to £769,620, which with interest gave a total income of £773,120. The losses, after providing for all known claims amounted to £417,480, being. 52.24 per cent, of the premiums. The result of the year's working shows a balance of £74,068, which has been carried to the profit and loss account. The fire fupd has been increased by a transfer of £10,000, and now stands at £311,200. In the marine department tho premiums and interest received during the year amounted to. £226,697. The losses paid in respect of 1909. and previous years amounted to £156,277, leaving after deduction of expenses, commissions, etc., a surplus of £48,874. The sum of £15,254. being the profit on 1908 account, after fully providing for outstanding claims,- has been transferred to the profit and loss account, and the balance of £33,620 has been added to the marine fund, which now stands at £202,267. . CUSTOMS REVENUE. Customs revenue collected at ■Wellington yesterday amounted to £2522 2s. Id. COLONIAL MUTUAL LIFE. ANNUAL REPORT. Bj Telegraph—Press Association—CopyHcrM Melbourne, May 26. The annual report of the Colonial Mutual Life Association showed that the volume of new assurances was not quite so largo ii& in 1908, though the falling off in business had been counter-balanced by a substantial decrease in expenses, which had been reduced by over £11,000, compared with the previous year. Death claims had been £15,000 below expectations. The acquisition of the business of the Standard Life Association was likely to prove of considerable advantage, by facilitating the industrial branch. Business in force in the industrial branch at December 31 last represented a premium income of over £12,000—the result of six months' work. The Actuary's quinquennial report disclosed av surplus of £298,291 left over for disposal.\ AUSTRALIAN PRODUCE MARKETS. (Rcc. May 26, 11.15 p.m.) Sydney, May 26. Wheat, 3s. 6d. Flour, £9 10s. Oats. Algerian feeding, 2s. ,4d. to 2s. sd.;'milling, 2s, 6d. to 2s. 7d.; Cape feeding, 3s. Maize, 2s. 9d. to 2s. lOd. Bran, £5 ss. Pollard, £5. Potatoes, £4 4s. to £5. Onions, Victorian, £4, Butter, 110s. to 112s. Bacon, 6id. Melbourne, May 26. Wheat, nominally 3s. 6d. Flour, £8 10s. Oats, Algerian feeding, Is. lid. Barley, good English malting, 45.; Cape, prime, 2s, 7d. Maize,. 2s, 6d. Bran, £5 10s. Pollard, £5. Onions, £2 10s. 3d. Potatoes. £3 10s. to £4 ss. Hides, good condition lots, unchanged; others, Jd. lower. Adelaide, May 26. Wheat, 3s. 4id. Flour, £8 ss. Bran, Is. lid. Pollard, Is. Id. • • METAL MARKETS. By Telecraph—Press Association—Copyrlrhl (Rec. May 26, 9.10 p.m.) London, May 26. Copper.—On the spot, £56 Bs. 9d.; three months, £57 7s. 6d. per ton. Tin.—On the spot, £150 12s. 6d.; three months, £151 17s. 6d. per ton. Lead, £12 13s. 9d. per ton. SILVER. Bar silver is quoted at' 24 il-16d. per •ounce standard. WHEAT. ! London, May 25. The American visible supply of . wheat east of the Rockies is estimated at 39,998,000 bushels. HEAVY GRAIN CROPS IN CAUCASUS. By Telegraph -Preps Association-Copyright St. Petorsburg, May 25. The prospects of heavy • grain crops in the Caucasus-Don territory has necessitated the ordering of 2000 extra trucks to -facilitate transport. TALLOW. The New Zealand Loan and Mercantile Agency Company, Ltd., have received the following cablegram from their London house under date May 25:—"Tallow—We quote present spot values for the following descriptions:—Good mutton, 365. 6d. per cwt.; good beef, 355. 9d. per cwt.; mixed, 345. per cwt. Market quiet." B> Talerraph—Press Association—Copyright London, May 25. At the tallow sales, 2017 casks were offered and 1037 sold. Prices realised—Mutton, fine, 38b.; medium, 355.; beef, fine, 375.; medium, 345. 6d. WILLIAMS AND KETTLE, LTD. (By Telegraph—Press Association.) ' Naplar, May 26. The annual ..meeting of Williams and Kettle, Ltd., was held to-day. The report, which was adopted, showed that the net profits for the past year' amounted to £14,022, to which had to be added the undivided balance from last year of £1793, making the sum available for allocation £15,815. This was appropriated as follows:— In payment of a dividend at the rate of--7 per cent, per annum and 1 per cent. bonuß on capital, bonus of 1& per cent, on all goods purchased by shareholders, 15 per cent, on commissions contributed by shareholders, £1000 to be placed to reserve, and the balance carried forward. The retiring directors were re-elected.