COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1086, 27 March 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. No.transactions in investment shares wer<S recorded, on Saturday. The buying and selling quotations were aa under:— ; Buyers .1 Sellers - . ■ JEa.-d, £i.d. Bank New Zealand 11 6 0 ' - National Bank ->- 6 2 0 N.Z. Loan and Mercantile — 010 6 Well. Investment 0 11 0 0 11 6 Well. Trust and Loan a 713 0 -. Christchurch Gas 9 15" 0 —. Feildine Gas ■•■ :......... 119 — Well. Gas (.£6 155.) 13 15 0 ' - Well. Gas (new issue) .... 2 10 0- . — N.Z. Insurance ;...........'.... '466 — Christchurch Heat — 17 0 0 Gear Meat (205.) 3 5 0 - Meat Export (£5) 6 8 0' — Meat Export (£4) 5 4 6 ' - Meat Export (525; 6H.) 3 2 0 - N.Z. Shipping - 13 0 -0 Union Steam 1 18 0 — Kaiapoi Woollen 5 5 0 Well. Woollen (ord.) 4 10 4 4 0 Well. Wonllen I'pref.) 2 17 6 3 10 Taupiri Coal 116 —.' Westport Coal 13.3 19 5 Wcetport-Stockton - .053 Lcyland-O'Bricn '. 16 6 Manning and Co 4 11 0 4 12 0 Miramar, Ltd - 0 2 6 N.Z. Con. Dental 12 6 -■ N.Z. Drue; - 2 9. 3 - N.Z. Paper-Mills' .'.. .- 1 ■3" 3 13 9 Sharland's ordinary ~ 140 Taranaki Petroleum 0 13 0 — ■ Ward and Co 418 0 5 10 Well. Opera House ..-. 7 15 0 —. LOANS ON LIFE POLICIES. It appears that, in the United States and Canada, borrowing money on life insurance policies- is said to be a growing practice, but the practice is strongly condemned, llr. James V. Barry, CommUnioner of 111surance to the State of Michigan, in his annual report makes some interesting observations on this subject, and these are quoted by the Toronto "Monetary Times." They have a world-wide application. Mr. Barry remark?:—"ln considering this question, it should bo constantly borne in mind that the real office or function of a life insurance company is to pay death losses. Anything else, whether it be a provision whereby the policyholder may surrender his policy for cash, or raise money by pledging it as security in time of fltcsg of when the needs of his family or those for whose protection tho contract was originally entered into have ceased to exist, or oven to provide for himself means of support in his. old age. are purely incidental. This being the case tho aim of the management should, at every stage of the proceedings, be to hold inviolate the real object of the contract, and to permit no incidental consideration, however legitimate, to endanger, in the slightest degree, the certain accomplishment of that object. From the very beginning of life insurance, and especially since the States commenced to legislate on the subject of investments of life insurance companies, a. third of a century or more ago, stable securities or assets have been steadfastly and very properly preferred to so-called liquid assets quickly convertible into cash. The reason for this is obvious. The former class of securities involves less probability of loss and commands' a more satisfactory rate of interest-two considerations of vital importance. Tho investments of-life insurance companies should command the highest rate of interest consistent with safety, if the real etfect and purpose of life insurance is to bo accomplished in the highest degree. ■ This object cannot bo attained if thu contract.is to include provisions which necessitate the investment of funds in negotiable asscts-quickly convertible into cash or. the carrying -In banks at a very low rate of interest of heavy reserves or balance's, in order that the companies may be in a position to meet the demands of their policyholdcrs without uoI ticc."

WORLD'S GOLD PRODUCTION. Each y<?ar the Director of tho. United States Mint makes aa estimate-.of the world's gold production, based on'data obtained from official'jo.urcee, The estimate

for 1910 places the world's gold yiclil at ninety million pounds sterling, and is practically the same as the final estimate for 1909. When the figure; are reviewed, the llnal estimate tor 1910 may give larger li;ui'Rj, but the position -it present in as under:— Preliminary. Fin.il. 1910. 19C9. Country. £ £ Africa 35.fiC0.CC0 34.137.720 United States 19.2U,C"i0 19,334,680 Australasia 13,120,520 14,2G1.E8i> Russia 6,8:0,Cf0 6.475,26:1 Mexico '1,814,620 4,718,6c0 India. ■■ 2.417.9C0 Z.U71.7Z0 South America. 2.269,220 2.245,740 China 2,020,'1C0 1,870,420 Canada, 2.0M.C10 1.0.C00 Japan 839,640 757.340 Central America 542.740 526.G20 Dutch East Indies 4<2.320 <!29,250 Korea. .: 393,720 7-93.720 Austria-Hungary 308/00 3£8.<00 British East Indies 269,740 267.350 Franco 222.K0 22'VM Siam ....: 65,520 05,520 SorVia ..'. • 30.C6.0 30.CM Indo-China 14,430 13,120 Great Britain 12,56(1 11.840 Germany 14,050 IS.EhO Italy 3,«0 4.840 Sweden 3.740 2,020 Turkey 1,20 a 440 Spain £40 580 Total 93.574.CC0 90,684,580 UNITED KINGDOM WOOL BtPOKTS. Australia and New Zealand supply more than half the wool imported into tho United Kingdom, and it is consequently interesting to compare the quantities secured from the different exporting countries. Tha figures for the past two years are as under :- TJ.K. WOOL IMPORTS. For the Year ended December 31. ■ 1910. 19C9. lb. lb. From Australia 314,517,042 312,710,057 „ New Zealand 1E9.683.351 176,457,150 „ British S. Africa .. 104.296.9f-7 116,901,498 „ British East Indies 53.324.C01 55,2?5,193 „ Falkland Islands .. 4,839.600 4,555,541 '" Total colonial 665.C63/61 665,849,«3 From c'tries in Europe <5,622,7E0 <7,2!0,2i;3 „ Uruguay 3/87.094 4.37.1.784 „ Argentine Republic 32,;82,184 «,5t0,120 ,', South America, West ' Coast (including Bolivia) ...: 29,0-5.7-'3 J5.6-4.587 M Other countries .... 21,356,153 18.1C0.54S Total ■. 798,572,385 EO3/32,5-'.B If we include the domestic production of Great Britain, which would mean the clip of over 31.CC0.0C0 sheep, tlie total weight of wool available to British manufactures larct year must have bean approximately 1,000,000,0001b.. and this does not seem quite sufficient to serve the needs of an evorincrcasing consumption. % CUSTOMS EETUENS. The Customs revenue collected at tho port of Wellington on Saturday totalled ,£2835 19s. 9d.. the amount for tho week beiiii; £21,123 17s. Id. Compared with the corresponding periods of last year, tho receipts for the past eight weeks. show as Under :— 1911. 1910. £ j>. February 4 12.953 U,3sfi ■ February 11 7,372 21,457 February 18 21,006 9,335 February 25 27,001 10,339 March 4 12.614 11,938 March 11 '.. 13,225 18,318 March IB 19,693 10,338 March 25 21,124 13,165 134,190 1C6.934 The beer duty for the week totalled £230 Bs., as compared with £361 19s. for the corresponding week of last year. LONDON MARKETS. By Tokgraph—Press Association—Copyrisht (Rec. March 26, 5.5 p.m.) London, March 25. Hemp—The market is inactive; AprilJune shipment, £21 10s. per ton. •: Copra is'in (rood demand. South Sea, in basis, afloat. £20 12s. 6d. psr ton. Cotton.—Tho Liverpool . quotation for middling upland American cotton is 7.52 d. per lb. Rubber.—Fir.e, hard, Para rubber is quoted at 6s. 4id. per lb. : THE METAL MARKETS. By Telegraph—Press Association—Copyrisht . (Kec. March 26, 5.5 p.m.) London, March 25. Silver.—Bar .silver is quoted at 24Jd. per ounce standard. Copper—On snot, £54 11s. 3d. per ton; three months', £55 2s. 6[i. '• Tin.—Vivian, Younger and Co.'s report states that conditions appear favourable for continued "hull" operations. The quotation!! are-.-On spot, £184 15s. per ton; three months'. £184 IDs. Lsad.—Soft foreign, £13 per ton. LONDON WOOL SALES. By TelcEraph— Press Association—Copyricht London, March 24. .At the London wool solc<i there was 'strong coaptation for all sorts, at full rates. (Rcc. March 27, 0.25 a.m.) London, March 26. At the wool sales there was a good selection of crossbrods and keen competition. All sorts are firm. To date 130,370 ba'ra have been catalogued and 123,888 sold, including Arckini, top price, lC3d., average 9Jd.: RS over T, top price Is. Id., average lCd.; Mooriki, top price, K 2d., average llsd.; Hakateraasa, top prico Is. lid., average U. GJd. FROZEN MEAT.. Messrs. Dal?ety and Company, Limited, have received cable advices, dated M.iroh 23, £rom their London office a? follows rBeef: Demand limited, hut a firmer tone prerailo. A reaction is probable, however, as chilled supplies will bo much larger nest week. Prime New Zealand fores, 3Jd.; hind?. 4d. Lamb: Demand is poor- New Zealand nriine crossbred lamh, Canterbury, heavy, old.; light. 5Jd.: North Island, heavy, 4Jd.; light. 43d. The demand for Australian is limited. Good average nnalitr, heavy and lipht, 4d. ner lb. Mutto'n: Tho demand for New Zealantf mutton is poor. New Zealand prime, North Island, heavy, 3gd.: light, 3Jd.; Australian, heavy, 2jd-; light, 23d. The New Zealand Loan and Mercantile Agency Compnny, Limited, have rncei-vod the following cablegram frnm their London house, under date If arch 24:—Frozen meat: The mirkct for mutton and lamb ir- overstocked, and has a downward tendency. The marlict is firmer for beef (sides). NORTH OTAGO GRAIN MARKET. (By Telesraph.—Press Association.) Oamarii, March 25. A good deal of activity has been experienced in the wheat market this week, and a larger quantity has changed hands than for Eoreral weeks past. The sales included ?. number of lines of ICCO sae'us or over, besides others rantcing up to BCO sacks. Prices ohow a further slight advance for Velvet. The bulk of the business was done at 3=. and 3a. C\ft. (net to grower) on trupkn at country stations, while 3s. Id. (ex store iii Oamaru) and 3s. I'd. (delivered in Oamarti) were paid. Red chad was sold at from 2s. HJd. tn 3=. 05d. net at country stations. Tuscan brought a little Ices money, the bulk of the liusincss beinp: at 3s. (reducible by brokerage) at country stations. There has been practically nothing doinj; in oats, which are Fcaroe. Business in potatoes has been checked by the prevalence of the moth. Sales of small lots have, however, taken place at £2 17s. 6d. net at country station*. • FEILDING MARKET REPORT. Messrs. A. H. Atkinson and Co., Hβ.. of Feilding. report or. their sale, held on Friday last, as follows:—A lot of poultry were forward, and a. small yarding of pigs, the demand for the latter beinc very limited, l'oultry. war. of hcltcv quality than that lately offering;. A largo quantity of general produce and fruit sold lit quotations. Poultry: liens (at per pair), 2s. 3d., 2s. 9d., 35.: cockerels, Is. 6d., Is. 9d., 25.. 2s. 3d., 2s. 9d., 35.. 3s. 3d. to 3?. 6d.; pullets, 3s. 9d. to is. 3d.: ducks, 3s. 9d., 4?., 4s. 3d.; turkeys, 10s. 6d.; gce«e, Is. 6d. Stock, etc.:—Weaner heifers, 16s. to it?.; yearling heifer, £2 Us. 6d.; horses, to .CT; harneSe, £? 17s. 6d.. £2 15=. Pigs: Weaners and slips. 2s. 3d. to 's.: small stores, Es. to 10e. Produce: Pollard, 125.; bran, 55.;. oats, 3s. 3d. to 3s. 6d.; wheat. 4;i. 6d. ; potatoes, 9s. 6d., 10s.: onion?, 7s. to Bs. per cwt.; pear. l -:, 3s. 3d.; apples, 2s. to 3'j. 6d. per rase; pic melons, Id. per lb.; tomatoes. 3s. to 3s. 6d. per rase: peaches, 3s. to 45.; factory bacon, sides 7d., hams 9d. per lb.