COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 842, 14 June 1910, Page 8

COMMERCIAL ITEMS.

INVESTMENT SIUBES. A sale of Manning and Co. (brewery shares) at £4 was the only transaction recorded yesterday. National Bank, buyers £5 18s. 6d.: Eciuitable Buildine. buyers £9 7s. Cd.; Metropolitan Building, buyers £12: Wellington Investment, buyers 11s. 3d.; Wellington Trust and Loan, buyers £7 Ss.; Wellington Deposit, buyers Bs. 2d.; National -Mortgage, buyers £3 %., sellers £3 65.; New Zealand Loan and Mercantile, sellers 135.; New Zealand and Itiver Plate, buyers £2; Palinerston North Gas. buyers £7 155.; Wellington Gas, .£lO paid, buyers £18 2s. (id., £6 15s. paid, buyers £13 7s. 6d.; National Insurance, buyers £1 Bs. 9d.; South nritish Insurance, buyers £3 2s. 6d.; Standard Insurance, buyers £1 45.; Christchurch Meat, buyers £12 17s. 6d.; Gear Moat, £4 paid, buyers £10, £1 paid, buyers £2 135.; Meat Export, third issue, buyers £2 15a.; Kcw Zealand Shinning, buyers £8 2s. 6d.; Union Steam, buyers £1 135.; Mosßiel Woollen, buyers £3 Is.; Wellington Woollen preference, buyers £2 95., sellers £2 10s.; Hikurangi Coal, buyers 19s. M.; l'aupiri Coal, buyers 19s. 6d.; Wcstport Coal, buyers £6 7s. 6d.; LeylandO'Brien Timber, buyers £1 4s. 9d.: Manning and Co., buyers £4; New Zealand Drag, buyers £2 7s. 6d.; Taranaki Petroleum, buyers 125.; Taringamutu Sawmills, buyers £1 75.; Ward and Co., buyers £4175.

NOHTH BRITISH INSURANCE. The fire department of the North EritiFh and Mercantile Fire' Insurance Company earned net fire premiums ot £2,192,665 in 1909, against £2,1C6,806 in 19D8, the profit on the account amounting to £308,C86. The total income of the compnjiy from all sources now exceeds £4,250,000. and total , funds amount to over £19,000,000. The company has introduced as n feature in its business insurance against consequential loßs-that is, loss of net profit and standing charges through stoppace of. or interference with, profits resultinK from fire. This is one-of the latest forms-of insurance. COMMERCIAL UNION. The annual report of the Commercial Union Assurance Company, Ltd., for 19C9 states that tho net premiums earned by the fire department amounted to £3.015.161, being an increase of £229,196 as compared with the year 1908, ■ and the losses paid and outstanding to £1,432,561, or 47.5 per cent, of the premium income. From the profits of this department £50,000 has been carried to profit and loss; and, after providing for outstanding losses, the fire fund stands at £2,810,725. . In the marine department the net ■ premiums totalled £260,688, and ttio losses paid and outstanding to £132,981. From the profits of this department the sum of £30,000 has been carried to profit and loss; and, after providing for outstanding losses, the marine fund stands at £716,399. In the accident department tho total net premiums were £507,379, and the losses paid and outstanding £270,802. From- tho profits of this account tho sum of £20,00 D. has boon transferred to profit and loss, and, after providing for outstanding losses, the ccneral accident fund stands at £200,851. Thp total fivnds of the company now amount to £18,986,237. THE COTTON FEAUDS. The frauds perpetrated by Knight, Yancey and Co., cotton exporters, of Alabama, mentioned in the cable messages towards the end of April, were discovered by the port authorities at Bremen, who were led to doubt the genuineness of certain bills of lading bearing the signature of an American carrier, and in this connection it should be noted that the term "carrier" is generally used to comprehend both the American railway company conveying the cotton to the coast and the shipping, company conveying it thence to the foreign port. As a matter of fact, only one signature, that of the railway company's agent, is attached to the bill of lading, but this signature also by arrangement attaches the liability of tho shipping company employed. A German firm seems to have ordereda certain consignment of cotton from Knight, Ya-ncey and Company, who filled up the bill of lading for shipment, and then, without actually delivering the cotton to the carrier aud obtaining his agent's signature, seem to have had a facsimile of the agent's signature set to the bill. They then attached the , signed bill of lading, which they had obtained, to their draft cepted the draft. ' Meantime ho received no cotton. When complaint was made of tho delay, Knight, Yancey and Co. seem Iβ have contrived to get the cotton and to have shipped it off about a month later, this time filling up a bill of lading (juito regularly and having it regularly Eignert by the carrier's agent, but not,' of courso, making any attempt to raise nioiiej on the duplicate left by the carrier in their hands. There was one little discrepancy consequently between tho hill of lading to which the draft was .attached, and the second document —namely, thn point of date. No doubt the firm ' had trusted th.it this would escape notice, as the genuine and spurious bills of lading' wero alike in every particular, including carrier's signature, brand of the cotton consigned, and name appearing at tho head of the brand. -In the case of a firm carrying on such extensive dealings as Messrs. Knight, Tancoy and Company, who were continually cending off shipments of vcotton to different importing firms at different dates, subject to delays occasioned jy stress ot weather and other events to be reckoned with in the ordinary course of business, the accounts covering such transactions would necessarily be somewhat complicated, and one customer would not be in tho wiiy of comparing notes with another an to his transactions with the firm. So that irregularities could be carried on for a. long time. when investigation was at Icist started it showed tha>t. not on'.y were a considerable number of the bills of lading in the importers hti-nd spurious, but that there was actually no cotton against some of them. The importers brought such pressure to hear upon Knight, Tancoy and Co. to rectify the irregularities and supply any cotton that was short, that the firm decided upon filing their petition in bankruptcy as the only course left to them. There was considerable excitement in Liverpool. on tho .announcement of the failure. Altogether 26 Liverpool houses are interested, and tho number of bales in respect of which doubt prevails is estimated at 45,000, which at £15 per balp represents a. total of £675,000.

CUSTOMS REVENUE. Customs revenue collected at Wellington yesterday amounted to £2686 19s. 10d. WELLINGTON MARKETS. Meesre. Imcry and Co., Ltd., Wellington, kot:—Wlcat, fowl, 3s. 7d. to 3s. 9d.; feed oats. 2s. 5d.. to 2s. 7d.; dun oats, 2s. 7d. to 2s. 9d.; seed oat.s, 2s. 10d. to 35.: Algerian oats, 2s. 7d. to 2s. 9d.; maize, 3s. Bd. tb3s.9d.; crushed malt, 75.; fowl barley, 2s. 9d.;Cape barley seed, 35.; flonr, Kcw Zealand £10 ss. to £10 10s.; Australian, none in market ■ peas, Prussian blue, 6s. 3d., split £18; bonedust, £5 155.; superphosphates. £5 to £5 53.; pollard, £510s. to£6;bran, £455. to £4 10s.; pearl barley, 155.; basic slag. £4 10s.; chaff (oatenshcaf), £A 15s. to £5 55.; oatmeal, £12 10s.; potatoes, table, £6 10s. to £7 10s.; Tasmanian Cp-to-Dates (seed), £7 10s. to £8; onions, 4s. to 4s. 6d. cwt.; molasses fodder. £5: bacon (factory), sides 72d., hamu9d., rolls Bd.; butter, prime bulk, 9d. to 10ld. Poultry, hens, 3s. 6d.; dncks, 4s. to ss. per pair; turkeys, cobblers 18s. to 205.. hens 10s. to 143.; fresh eggs, Is. 9d.j preserved eggs, Is. 2d. per dozen; cheese, 53d. per * lb.; Akaroa machine-dressed cocksfoot, 6d. to 7d. per lb.; farmers' dressed cocksfoot. 4d. to sd. per lb.; ryeBrass, 3s. 6d. to 4s. 6d. per bushel; Italian ryegrass, 4s. 6d. per bushel; white clover, 70s. to 755. per cwt. FROZEN MEAT. »y Telecraph—l'reas Association—CoDyrieht London, June 12. Tho Frozen Meat Trade Association's Kmitbfield market quotations for tho undermentioned classee of frozen moat arcbased on actual sales of not less than one hundred carcasses of mutton or lamb, and twenty-five quarters of beef of fair average quality. Tho. quotations are not for selected lines, bat for parcels fairly representative of the bulk of tho shipments now on the market. Tho orice3 which follow are on an average a farthing per lb. more than the value ei ship, this difference representing an average cost in cipenses, handling, conveyance, 'and sellini; the .meat:— Juno 4. Juno 11 Mutton- d. d. Canterbury, light - - CiiiitCTimry, medium - - Oantovlmry, heavy - Southland - - North Island, best 3J 33 North Island, ordinary 38 3 9-16 Australian, light 33 35 Australian, heavy 3 3-16 J 3-16 River Hate, light 32 33 River Plato, heavy 33 3J LambCanterbury, light 58 53 Canterbury, medium Si '54 Canterbury, heavy 53 53 Southland 53 5 7-16 North Island, selected ... 5R 5 7-16 North Island, ordinary 5J 53 Australian, best 5 5 iuSlian , intrlor - - l(K" a j'?"te .'.'.' 43 5 BeefNow Zealand, ox fores ... 42 ■ 4A New 'Zealand, ox hindn... 53 5 Australian, ox fores 43 4 Australian, ox himls ... 5 42 ltivor Plate, ox fores ... 43 4i Uiver Plate, ox hinds sft 42 HABBITS. The rabbit market is dull and prices unchanged. Importers think there will bo a difficulty in obtaining freight, and that this is likely to cause a shortage in August and September,

METAL GOODS. By Tfllcijr^pb—PrGßß Aeßociiition—GoDyrJffht. London, Juno 12. Galvanised iron, £15 10s. Tinplatos.—l.o. coke, 14s. 3d.; 1.0. charcoal, 15s. 3d. HIGH COMMISSIONER'S CABLE. The Commerce and Tourists' Division of tho Department of Agriculture, Commerco and Tourists has received the following cablegram from the High Commissioner dat-cd London,. June 11: — Mutton.—Tho market is firm, but there is less demand. Canterbury is quoted from 33(1. to lid.; North Island, 3Jd. to 33d. per lb. Lamb.—Tho market is firm, and there is a> general and active demand. Canterbury, 54<1.-, other than Cantcrhury, 58d. net lb. Beef.—The market remains firm. The weather lately has been unfavourable for the sale of beef. New Zealand hinds, 5d.; fores, Ai. per lb. Butter.—The market is steady, and prices are well maintained. There is a general and active demand for the best quality. Choicest Now Zealand, to-day, 109s. per cwt.; Australian, 1035.; Danish, 1155.; Siberian, 102s. Cheese.—The market is steady, but demand "only moderate, especially for coloured at 555. per cwt.; white, 575. per cwt. Hemp—The market is dull and very little business doing. New Zealand. Rood fair, on spot, per ton, £24 10s.; New Zoaland, £23; fair current Manila, £22 10s.; forward shipment, New Zealand, good fair, per ton. £24 10s.; fair, £22 10s.; fair current Manila, £22. The output from Manila for the week was 25.000 bales. Stock of New Zealand homp is 250 tons. Kn.uri.Gum.—The market ia rather quiet. Ordinary to fair, three-quarters scraped, IGOs.; fair, half-scraped, 100s.; brown, fair, half to three-quarters scraped, 87s. 6d.; brown pickings, common to good, 455.; bush, fair to good pale and amber, scraped, 160s. Stock, 321 tons.