COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 949, 17 October 1910, Page 10

COMMERCIAL ITEMS.

INVESTMENT SDAEEB • Sales of Wellington. Woollen/ preference, at £2 15s. .6d., "Ward and Co.-at £5 3b. 6d-„ and Canterbury Farmers'. 00-operative at; £2 17s. fid. were recorded on Saturday. Tho quotations were, unchanged, . .. • Buyers. Sellers. ; Sales ■} £ s.d. ' £,s.d. £ s.d National .Bank : — 516 9 — ; Equitable Building ;■ — , 9IS 0 . ' — ■ ; N.Z. and Kiver Piat<> — ;2'2 0 ; — Wellington Trust and Loan . 710 0 ' ■'■.; — —' "Wellington ■ ; Deposit 0.8 3-0; 8 9 : — •. Christchurch Gas...'' — 916 •• Hokitilta Gas ......... 514.0 . —''; — Well. Gas (£6 15s) , - 14 0 0 .. -.. Well. .Gas- (new) ... .. . 2.15 0 . — Standard Insurance 15 6 — IChristchurchMeat '14 .1. 0 ; — . — . Gear' Meat (£4) 12. : 0 0 — . — Gear Meat' (£1) ... 3 .0 0 — . Meat Export' (52s ■ 6d.) - : 3 4 0 '■ ,' Well. Woollen (ord.) 313 0 ' — ,' , — Well. Woollen (pref) .2 15 0 — 2 15 6 Taupiri Coal . 1 0; 6 •— Westport-Stockton ..0.7 0-. — ■':■, . ~ Manning'.and.Co. ... 4, 2 6 . .— — Miramiir, Ltd-(135.) . — . 0 2 9' ■—.'■' N.Z.-.Oon Dental ... 1 1 0 '1 2 0' ■ — N.Z. .Drug ' — -,;2 10 0 - Sharland'sordinary; 1,1 9 \ —' > Ward and! Coi. 5- 2 6 5 5 0 5 3 .6 'Paringamutu Totara 2 1 0 2 3 0 — . Canterbury. Farmers 217 6

MAEI3E INSURANCE. .' ' =' ■" ' British-insurance companies 'undertaking | marine : business during 19L9 had :a, much ploasanter experience than in; the : immedi-. ately/'. preceding . year. - ; In 19C8, ■; out of 'fifteen important companies, no-fewer than nine showed: a Joss, , while only., one made | a reasonable. profit. For some years, previously it .was- solely the possession-- of: 1 laree':reserves- which: enabled "dividends to be:paid.. It was obvious that such a state of' affairsv could, net: continue .long, : so, concerted action was taken, and rates were drastically/ revised. The result 'is ■ apparent in the figures given for 1909, .fourteenof the' companies mentioned showinst. substantial profits, whilst only one-concerned returned -a 1055.. : - The chances are that, for .the next few. •years (or as long as'ratecutting '■ is. /avoided-' at /. all events) marine underwriting /companies will get . an' adequate? return on their capital/. Several of the purely marine 'offices are able to pay the"-present : rate of . dividend out of: interest; receipts, / aid . none of : them has to", depend largely on; trading/profits for this purpose!.. • • ':V: .

'• AUSTRALASIA'S MERCHANT FLEET. < '. Australasia /.is - slowly but / steadily build-;, ing:,up a, merchant fleet,- aad. the following compiled,: : by ' the Marino/ - Tindery writers of.: Yictoria showing ; the - number ■ and; net tonnage ,of vessels on . the registew'f-: of'-'all - the • Australian - States;. New :Zeilan'd; > and. New : Guinea, /on June 30, 1909, : :are/ : interceding:—, /..' , , , : ./ ' ; ' Steamers.. Sailers. - ' ; No. Tons. . No. Tons. Yictoria--.....,. 173-103,719 ; 214 33,630 N.S. Wales 539, 74,833 ; £63 54,522 Queensland .v....;..-, IC2 .1' 16,814 >. 205 : - 9,100 S. Australia 116 ' 45,043 - 148 , , 20,246 W'. Australia .42 13,821 344 9,318 Tasmania :58 - , 9.C15 161 • 8,332. -' ' 1030 263,292 1635 ' 135,148 New. Guinea :..... 1 8 New' Zealand 261- 103,717. -. 230. 42,146 ' . 1291 377,CG9 -19& 177,303 .The increase . over the previous was only/iifiveV. steamersvin, number, and 11,611 in / tonnage',-riwhile .'as/ for sailing 'vessels: there/were 137:.fewer,' though there was a Blight'-increase in the tonnage. An esting' feature of the return is the, fact that as>regards ! .' steamers - tho New' Zealand tonnage 'is-,-.ijiractica-lly . equal ' to -Victoria, while in sailingV vessels ; New , Zealand comes- .'New; 'South '/'Vyales.' When wo come to 'comparc totals, it-will bo seen tliat New Zealand', has, tile largeßt tonnage, and New -: South; Wales: the largest numbei;. The:- figures are ae. follow:—, ■ :: No. ; - ■' Tonsi ' •- .'Victoria ■ 387 . 137.349 ' . N.S. • Wales : 1102' 129,402 .'. Queensland ;. ,307;- 25,402 •■"/. ' :S.;- Australia 264 65;289, -■ v 38623,139 - Tasmania 219 ,/. 17,347 : New Guinea 1'r„:'New , Zealand • 591 .145,863 . . 544,311 ATTSTRALTAN....,ALLIANCE ASSUHANGE. ./'The'-annuiil meeting i.of. the above company was held ■in Melbourne on October: 4. The,report and showed.that tho-;nct result- of. operationa'for the year in ,all departments (except life) .wafi, a. loss of £4023,:- increa-siiig ,-the - amount;, at ,the .debit-'.of.'thev prbflt and loss: account .of '£36,107. ; The chairman, in . moving the adoption .- of the report and . balance-shcet,' ascribed;.practically-; all:*this loss : to/the pruning ;of : business im New. Zealand, especially in five premiums, which showed a decrcafe of £71<o. In' common with -most companiesi'.they :had found :firo : insurance business in. Now: Zealand during the past, few years to be' unremunerative,- partly on' account of tho wavo of depression, which had i passed ovor the Dominion, but. principally in ■; conseQuence. of- the inade<jhate ■ rates forced' upon; th'e companies i by: competition 'Of" f the -State's department.; - The. result -of -this- competition ha,d been to de-' monstrate that, the .rates formerly: charged were ! not, 'as alleged by the.- Government, too high, but were insufficient, to enable ■companies to, provide the necessary-, reserve to . meet the. extraordinary liabilities arising -out of the conflagration .hazard to which all imodern cities, and new Zealand cities in particular, seemed to be incessantly subject. .-: i-

• NEW. CAPITAL ISSUES. . .'The British capital issues for the nine months/ ended September' 30, :in'the aggregate established a record that will be difficult to beat. Comparing the total with those for the .corresponding periods of the -five previous ..years, ■we obtain the' following;— 7' ' ' £ ■ .1910 ..........— 216,750,000 ; i-...' 1909 148,768,000 . ,1908 M 1,215,300 ' '. 1907 .105,364,600 . . - 1906, 96,160,« •£;> 1905 ; t 127,070,800, ' -The total for 1910 is nearly Bixty-eight millions more-than in 1909. and is actually greater than the totals for the. whole-of each /Of the. previous years. . The distribution of the capital sliows as under — 1910. '.1909. - . . ■ .-' ' £ ■ £ United Kingdom ... 54,800,000. 16,277,500 . British possessions , 69,450,000 64,767,100 . Foreign/countries ... 92,500,000 ' 67,723,100 -.-'V. . 0 ,7 216,750,000 . 148,768,000 ■ Investments in the; United ; Kingdom for the, period Bhow .an enormous, increase as compared with last year, .when the' issues were .'exceptionally.. small.'. .For. the first nine -months of 71908 the total was £42,026,500. Canada- is , being - generously fertilised with British capital, and the results aro apparently satisfactory. Comparing .the amounts received by some. of. the countries we get the following:— .' ' 1910. ■ 1909. '■7 ■' . ; Canada 31,800,000 . 23,049,000 Australasia : 7,359,000 10,943,900 : United States ,38,000,000 6,378,300 ' . Brazil - 11,000,000 . 6,619^00Argentina 10,000,000 19,065,200 ■ .JOf 'the total secured by British posse Bi sionß Canada obtained nearly one-half.

THE MERCANTILE MARINE.v During last year the gross reduction in the effective 'mercantile marine of the world, according to statistics which have been recently compiled by "Lloyd's Register," represented 939,232 tons, excluding vessels of less than 100 tons. The aggregate'for 1909 was 129,940 tons greater than ui the : immediately preceding twelve . months. Last year's total was made lip of 383 steamers of 645,670 tons, and 483 sailing vessels, of . 293,562 tons. The increase in tlio figures is accounted for not by more numerous disasters—which, as . a matter' of fact, decreased: to the extent of 31,471 tons—but entirely by the unusual l number of vessels which were "scrap-heaped," the loss of tonnage in that way amounting to 121,383 tons more than in 1907, which was until 1909 the record year in that respect. The return reveals that 53.5 per cent, of the loss of steamers, and 57.5 j)er cent, of sailing vessels, were due to strandings and lrindrcd casualties. Cases of abandoned, foundered, or missing tonnage accounted for 20.8 per cent, of- steamers, anil 23.6 per contv of sailers. As regards vessels owned, in the United Kingdom, the number of< casualties, namely 26, . is' the lowest recorded sinco wreck statistics have been compiled by "Lloyd's Register," and is considerably less than any of the other principal maritimo countries, the percentage, beins 1.20, whilst the average of thenext six countries was 2.46. The growth of shipping belonging to the , four principal maritime nations of the

world is shown in tho table appended. Tho figures are in net tons, except tho United. States, which are gross, but confined to tho foreign trade,. excluding lake,\ river, and coasting tonnage. From 1870 to' 1908 tho British tonnage increased 5,850,000 tons, the German increased 1,843,000 tons, and' the French 380;000 tons, while the American tonnage actually decreased. The increase has really been much greater, a 6 practically tho whole of tho British tonnage ia now stoam and steam of high-class. It is satisfactory to note that British seamen, too', liavo been steadily, on' the increase of late years, tho higher pay and greater , considerations tliey now. receive serving to attract them. Tho merchant ships (sail and steam) on the -register of the four principal maritimo countries compare as under:— ' • if • V.IC Germany. France. U.S.A. •' nettonß. net tons. netton6. 1870 7 ... 5,691,000 982,000 • 1,072,000 1,517,000 1030 ... . 6,575,000 1,182,000 . 919,000 1,353,000 1890 ... 7.979,000 ' 1,433,000 944,000 947,000 1900 ... 9,304,000 1,942,000. 1,038,000 827,000 1908 ;...- 11,541,000 . 2,825,000 1,452,000 , 940,000 NOTES. . '' - The gold production ia Australia reached its highest yearly total in 1903, _ when' it amounted to £16,294,684. In • the fifties the highest output was £12,912,950, in 1856. But since 1903■. it has steadily - decreased, 'being £15.897,337 in. 1904;' £15,550,910 in 1905,. X14,6i1,745 In 1906, £13,515,109 in 1907, £13,046,614' in 1908, and £12,604,509. in 1909. The total gold output of • Australia from 1851 to the clogo of last ysax was £514,079,279. /. Tho Union of South Africa' is\ causing, confusion in,^the!British post .offices owing to the initials (U.S.A.) boisg the • samo > as those in. • tho ' United. States of America, and it .has been' compelled to ask corresdents to use the- names;of the instead. Thero have always been troubles of. that kind. S.A. stands equally .for South Africa and 1 South Australia, and there are sundry Victorias. There is, perhaps, sufficient distinction between' Sydney; N.S.W., and Sydney; N.S.,'but iVis, quite evident that British Sduth Africa must ffive up U.SA. . The .Dutch, however, would not tolerate .8.5.A., and those initials are. already: appropriated by Rhodesia. The United States are'; Teally 'cuttinr down their output of ( Last February the output reached a maximum daily average of . 86.616 tons. 1 But there were reductions in March, April, and May, .and' in Jone 'the daily average was down to -75,516 tons. ■ July. brought a still ..greater drop to 69,111 tons, the diminution ; representing ' something like: 6,000,000 tons -. per annum. ' That ought to be sufficient to •cheok the accumulation of; stocks. Meanwhile American , prices' early in , August ; were , still tending downward. The amount to the credit of .depositors 'of tho ■ Hobart Savings Bank on August 31 last was £669,020, the reserve fund-had' a credit of £59,000,' and. tho balance at the. credit of .'profit and loss was £16,392, or a total of'liabilities ,of £644,412. ; The assets consist, of . loans on mortgage, £181,713; lent on Government securities/., £314,710; .money on' fixed deposit,: £104,000; ,cash and 'other items,V £43,989. The number of depositors' accounts between £100 arid -£2CO. is 2,171 be'tween £50 and £100, 1684 brtween £10 and £50,"4050, and'.under" £10, 10,255. ''..In tlio Xiaunccston Bank for' Savings :on August 31, 1910, the sum at, tho..credit of ;20,232 depositors was £467,331, there-wa5,'£36,300-at the credit of Preserve, .arid ■ £14,094 ! at : the credit of profit and loss. The' investments of'the bask consist'of loans on mortgage, £298,933;. filed- deposits, '.£80,100; and. debentures, £111,600. . ... . •

>I CUSTOMS. ; The Customs revenue! collected at the port of Wellington on Saturday. totalled £674. Bs. 9d.,- the revenue for-.the week being '£10,020 19b. 6d. -Compared 'with the-corrcG-. ponding dates of last year, the receipts: for the past five .weeks, wore 'as under:— •• V ' ■" 1910.-- i 909. M '-" ■ .sv £ '-' 'September 17. .............. 19J3S'.-, 'J--. ''•383 . iSeptember .24: 23,542 ■." 17.192 i Octobor . 1 ................ 11,171 . 10.202 :. October . 8 ............... 21,318 . 20,074 ■ October 15 ; .. ..' 10,021. .-7,320 ~ ' 65,368 74,171 The - beer duty ' collected - durinpr . the past woelc' -totalled £205 y4s., as compared .with £186 4s. in . tho : corresponding , week lof last ycur. • . ; 7',: BANK OP ENGLAND RETURN. By Teleer&ph—Press Association—Ooprrlch* - London, October 14.' :: The Bank ofj England return'. issued: for the week ended, -Wednesday, .'October' 12, is as under:—.' r/ /V ItV ■ ..: iBEfDE DEPARTIMNT. ]!' . V'. ' •MoU Issue •» 150,748.000 Gov. «obtj;... ili,015,001; 1 " Otkei' aecuri- I. .': tiOB 7,434/ CO ;-, ■ , ..Gold- „ :32.i.70jD00 ; v f50,725,000.;; ;|' ; • £59,7-:e,i.00 BIHKINO DEPAnTITBNT. Proprietors' • ' - Govt, .securi-.. , - :capital ■ £14,563.000 tie5... ; ,.£14.981,000, Public do- '' : Otlior.securi- : . • posits ; ... 6,334,000 ties...- , 30.226,000 Other do- ; . posits ... 45,499,000 .Notes : : 22,853,COO JRohV,7-day .: * ■ and other' ..Coin';., m* 1,500,000 bills... :. ... -3,16-1,000 • < • '. _ - . '. XG9.C-66.060 ;• • ' j£69,6C0.C00 .-- The leading 'items of the Bank ,of Eng-land-"return-,-afford tiie folioTr'ins oom* parison,.j ! : --- , .'v-.-,/;, '•'< 1 ' • ' '. .Shis week. Last week. ,'Lastyoar .--■■■ ' '!' £■. '■£ ■'■■■ Bullion I;. ;33,279,000 32.940,000 •: 33.408,000; ißeßorve'...' i! 24,353,000 ;- 24,687,000 S'J.OM.COO Note circulations 37,875.000 ■''■ !8,178.000 - 20,815.000 /PublicDopoßitsV: 6,344,000 : T,610,0H),;'.-5,574,(XX1 Other Deposits4s,499,(XjO *14,142.000; -46,446,000 'Proportion of; v..-, . . . -■'.- ■:■. ' .'reserve' 1 to . ' .' .* ' ' -liabilities: ...V ,46.04 . - - 47.67 :- ';■ 44.0 ; GOVERNMENT BECCRITIKB. ; '

I Tha following are the latent quotation) for Government securitien, with a ton' pansos of, thole rnline last week.—

' ' Variations corapa.ed .■ Pries. ". with las! 1 week. ... ■ ■■■' .- - V iVi d.' '. 24% Imperial.ConßOls' 80 3 9 15.3 dl higher: 4 „N.8.'W.1933Jau;-July 105 . 0 0 Unohanjod 31 „N.5.W.1918 .Jar.-Sop. 03 - 0 0 Unebaatted 3 11 D.8.\Y.1V35Ap1.-Oet > . .-86 10 0 28.6(1.higher t „Vic. 1930Jan,-July 102 0' 0 'Unoh'umed J* „.Vic. ! 1921-6 Jan.-July 83 0 0 •3 „ Vic. 1929-49 Jan.-July 85 10 . 0 , Unchanged 34 „B,A.IWSJan.-ouly ' Bilo 0 ss.lower J „B.Ai HU>'Jan.'-July, SS'lO O Unchanged 4 „QTdI9IS-24Jari.-July 102 10 0 Unchanged 3i„ QTdl9-i4-liQJan.-July .38 0 0 ; 2s.Gd. higher 8 *QTdIIAMTJan.-July 8110 0 Unchanged i ■„K.Z. 1929 May-Nor. - 103 10.. 0 Unchanged. „ N.Z. 1810 Jan.July T 9a 0/0 .Unchanged a- „N.Z. 194t> April-Oct. 'MlO - 0 2s.6d.hilior 3J „ W.A.KiO-lO May-Hov 96.,0 '0 Unchanged 5 „ W.A,l9lt>-35Alay-Nov . 83:10...0 Unchangod Sj „ Tai. IWOJan.-July 89 ,0 0 Unchanged .3'. „Xas. 1920-40 J&n.-July 86 ■0 ' 0 'Unhanged,

BANK RATES OF INTEREST. The Bank of- Knsland discount -rate was reduced on January 20 last from. 4i per cent, to 3* per cent., and on February 10 to 3 per cent. On March 17 it waa' raised to 4 por ceut. l 'on' Juno' 2 it-was. reduced'to 3j per cent., andi on; June 9 to 3.per cent On. September. 29 it was: raised to' 4 per cent. •; ' . .i ... ■ ■ t ' The Bank of Franco rate nas : reduccd from; 35 to; 3- per-.cent.- oh January 23. 1908, and remains at -the latter fleure. • Tho Imperial; Bank of Germany un January 21 last lowered its rate from 5 per cent., and on' February -10 to 4 per .cent On - September 26, the . rate, was raised to 5 per cent. . ■; . '

MARKET; BATES OF. DISCOUNT. ". The following are the market Tates for be6t - three months'/ bills

' London Paris < Berlin . : rate. .rate., rate.',per cent, per cent, per cent. This week 3 9-16 2| 4 Last week ............. 31-16 2| 33 ■ Last year 35 ; , 2j , 4j 1 . Short loans are quoted at 2J per. cent., as against 2i per 'cent.' last .week, and 14 per cent., a year ago. .'.

COLONIAL AND OTHER PRODUCE. . Sugar.-German beet, 88 deg., 6d. lower at 9e. 6d. per owt.; first mark granulated 1.0.b. Hamburg, lOd. lower, at 11b. lOd. Bradford Tops—The quotations are:— Forties, Id lower at Mid. per lb.;, fortysixes, Id. lower,, at 16Jd.; fifties, id. lower, at 2Did.; fifty-sixes, 3d. lower, at 23Sdij common, sixties; unchanged,-at 27d.; 6uper i sixties, unchanged, at 28d.; sixty-four' 6, Ad.'l lower, at 28Jd. Merino counts are lid. lower for future delivery. , THE METAL MARKETS. . . ' ■Copper on spot, 20b. higher, at £56 17s. 6d per ton; three months, 18s. 9d. higher at £57 13s. Sd. • Tin.-On spot, £165 per ton; three months 30s. higher, at £160.. Pig-iron.7d. higher, at 495. 9d. per ton. Lead, £12 18s'. 9d. per ton. Spelter, unchanged, at £23 15s. per ton .Silver.—Bar' silver is . quoted at 28Sd. per ounce standard. > I.' . _ . • LONDON MARKETS. By Telegraph-Press Association-Copyright. ■ (Rec. Oct. 16, 5.5 p.m.) . London, Octobor 15. : Rabbits.—The market is brisk, and the largo arrivals are clearing well at full 1 late' . Hides, etc.—At tho sales all hides were withdrawn. Tho sales of leather and basils* were insignificant. }

Rubber.—Fine, hard-Para is quoted at 6a. '.per lb., as compared'with 6s. 6d. last weolt. Hemp.—The market is quiet. Fair grade, October-December shipment is quoted at £22 per toil. . • Copra is irregular. South Sea, m bags, is quoted at £25 ss. per ton. Ootton.—Tho Liverpool quotation for middling upland American cotton is. 7.871 d. per. lb., as against 7.61 d. last week.. . THE METAL MARKETS. By Telegraph—Press Association—Copyright. ' (Rec. Oct. 16,- 5.5 p.m.) London, Oetober 15. .Yesterday's closing quotations were as under: - . Copper—On spot, £57 per ton; three months, '£57 16s. 9d. ' Tin.—For prompt cash, £165 10s. per ton. Lead, £13 per ton. Silver.—Bar silver, 251 d- per ounce standard. ■ FIIOZEX MEAT.. New Zealand Loan and Mercantile Acency Company, Limited, have received the following cablegram from tlieir London house under.date October 14:—Frozen meat.—Tho mutton market is steady; lamb has slightly improved, but beef is weaker... FOLDING MARKET REPORT. . ' .Messrs. A. H. Atkinson and Co., Ltd., report that at their .weekly sale at Feilding on -Friday, pigs were in keen demand, -weaiiers making the good average of 14s. .Stores made an average, of 265. 6d., selling up to 295. for forward sorts., Poultry was in keen demand, and the supply as usual was nothing like equal'to the requirements. Table birds of any quality we're, conspicuous by their absence. Potatoes, were in short supply, and sold up ..to 15s. : 6d. for such sorts as were'forward.'.Grain was'bn a;par with last week's "rites;:' Quotations: —Pigs— Woaners, 125.: (d.,-13s. 6d., 145.; 145.6 d.; suckers, 12s. 3d;; stores, 24a., 255. 6d;,- 275., to 295.; ; boar, 21s. ■ Hens, 35.; 45., 4s. 3d., 4s. 6d.'j roosters,. 4a. to 4s. ! 6d. per pair.. Carrots, Is; 3d. to Is. 6d.; small bags parsnips,' Is.- 6d.onions, 3d. per, lb.; potatoes,, t0',133.' 6d.-; seed do., 86.' to 13s. - 6d. Factory bacon: Sides, 7d.; hams, 1 9d.' per lb. -