COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1125, 12 May 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. "A sale of Wellington Investment at 11?. 6d. was the only transaction recorded yesterday. The buying and gelling Quotations were as under:— ■ Buyers. Sellers £3. d. £ S . d National Bank — 6 C 0 Wellington Investment ... 0 11 3 0 11 6 Woll. Trust and Loan ... 7 12 6 — Well', i Deposit 0 8 3 0 9 0 Palmers-ton Gas 812 6 817 6 Wellington Gas (£10; — ' 19 0 0 Standard Insurance 1 10 0 — Gear Heat (£1) - 3 10 0 Meat Export (£4) ' — 5 7 0 Meat Export (525. 6d.) - 3 7 0 Union Steam 2 0 6 2 16 Well. Steam Ferry (18s.) 0 11 0 - Wellington Woollen (ord.) — 4 2.0 Well. Woollen (prof.). 3 0 0 - Wcstpojt Coal 18 3 18 9 Leyland-O'Bncn 16 9 - Jliramar, Ltd - 0 2 6 N.Z. Drug •• z 9 ° , Taranaki Petroleum ... - ,i„ Taringamutu Totara - i 10 0, Ward and Co 5 ° & . LONDON WOOL SALES. The current London wool.sake are pro-, cording very satisfactorily, and it .a Sin- *o note that crossbred woo! meets withgood busing. . The improvement that has Taken place in the value of the staple just now is somewhat remarkable when all the circumstances are taken into consideration. There is. for instance, no activity on the part of the Americans and tho trade depends almost emireli upon the support accorded by }° rk sf;rc and the Continent. Then again, the European and North American clips are in sight, and will be availablo to users in the course of three of four weeks. this in-itself was sufficient to check any upward tendency in values, and we thus, therefore, assume that the rise is duo to increased activity in tho textile ir-aus-try, and this, no doubt, is tho case, lucre is another import-ant reason, and that is that the expected substantial increase in tho exports from Australasia is aot likely to be realised. Early in the year British wool users were warned to be cautious in their operations, because of this expected increase in output, and it is very probable that tho warning had eomo effect. Ten months of the statistical wool year have expired, and. according to the figures compiled by Dalgely and Co., instead of an increase of a hundred thousand or more bales, tho actual expansion is restricted to a„paltry 634 bales. The exports from, each State of the Commouwealth, and from Now Zealand for tho ten months to April 30. compared with tho figuros for the corresponding period of the previous season show us under:— 1910-11. 1909-10. . ' - ' Bale.-. Bales. Now South Wales 075.786 879.227 Victoria .• 494.917 '94.730 S. Australia 173.728 159.846 Queensland 200,295 194,550 W. Australia 72,(92 • 62,(03 Tasmania „. 19.818 17,304 : 1,835,6c6 1,857.657 Npw Zealand 449.407 477,752 2,286,043 2,285,409 New South Wales ard New Zealand show decreases, the shrinkage of 28,345 bales being most marked. The outlook for wool under those circumstances :s ccitainly brighter than macy believed it ppssible. COLONIAL MUTUAL LIFE. The report of tho directors of tho Colonial Mutual Life Assurance Society, Ltd.. presented to the annual meeting of members in Melbourne, shows the -rcma-rk-aule expansion which has talccn place curing the past year. It was undoubtedly tho record year in the history of the society. Tho new business completed . for ;the year in the ordinary department w:is £2.620,246, which represents an increase over the previous year of over £1,500.CC0. Tho total new busings completed during tho year in the ordinary, accident, and industrial departments, totalled the substantial Rum of £5,554.135. as against £1.992.697 in 1909, ah increase- of - £3,561,456. it it satisfactory to know that this huge increase in new business has been accompanied by. a. further reduction in the ratio of expenses. The actuarial investigation. • which has boon conducted on a mobt conservative basis, reveals the substantial surplus of £172.677; of this amount £64.858 will bo- absorbed ir. providing a reversionary bonus at the rate of £1 ss. per annum on each £ICO assured, and the balance of £107,819, -is carried forward. The bonus of £1 ss. per cent, is a substantial increase en the rate of all previous bonuses, the past, bonus-K have been allotted tjuinquennially, but, commencing from last year, tho distribution has been made an-annual one. The invested funds at the end of tho year amounted to £3,219,446. aa increase' of £107,789 being recorded for tho year. A further increase hau taken place in tho rate of interest realised on the invested funds.

EQUITABLE LIFE ASSUItAKCh. The figures of the Equitable Life Assurance Society for 1910 are now available. Total assets arc stated at £100,207,840. or £954,866 more than the fiEtircs icy 19C9. Payments of cash bonuses to policy-hold-ers wcro £2,171,711, an increase of £215.895 for the.year, and the provision made for tho current year is given at £2,625.CC0. Total payments to policy-holders were £10.923,112, Or nearly £300.CC0 more than iu 1909, the growth being largely due to the extent that endowment policies matured. Death claims showed a shrinkage of £232.000, tho total disbursements under that head amounting to £3,934',191. New insurance paid for was £22,888,821, the total insurance- in force on December 31, 1910, being tho huge sum of £276,841.111: the premium income being £10,744,947, while the income from rents, interest, and dividends was £4,485,855. The statement shows that the directors are .still keeping an eye on expenses, as. desnito tho increased business written, a reduction of £44,680 is reported, a3 against tho outgo under that head in 1909. The institution haa thought it'wijo to keep on deposit £100,000 of securities in the Hank of England, under the control of trustees, as a trust fund for the .security of British policy-holders, and it binds itself to replace any of the ."counties which may bo used by the trustees in meeting the claims of such policy-holders The question of the mutualisation of the society has again been revived, ii> New York, bu't it is understood that ilr. J P. Morgan and tho trustees have not vet determined what form the scheme shall assume. THE TINPLATE INDUSTRY. Mr. Henry Bond, of Richard Thomas and Co., Ltd., speaking at a tariff reform meeting at Caxton Hall. London, on Jtnrch 23 said there woro at present working in South Wales SCO mills, of which 400 were producing tinplatcs. These 4CO mills produced last year about 7CG.OCO tons of tinplates, valued at £9,5C0.CC0. and consuming about 850.000 tons of steel, to the value of nboiit JE3.7CO.CC-0. They also consumed 14,000 tons of tin, to tho value of over £2.0C3,CG0. Tho manufacturers used over 700,0(10 ■ tons of coal, and paid about £1,750,000 in wages to 16.000 or 17.CC0 hands Prior to 1891 Month Wales produced over 95 per cent, of tho total oua.ntity of tinplat's produced iu the world. In 1889 the British exports were 43.000 tons, in 1893 422,000 tons, and in 1891 448,000 tons. Th*n came tho M'Kinloy tariff in the United States, which country at- that timo con sumed more tinplatcs than all tho ro<* of the world put together. Owing to this x an !L PA 11 ' export by 1898 had dwindled tp .250.CC0 tons, but they then allowed ■> gradual recovery, and in 1903 reached Z93.C00 tons: in 1908, 403.0C0 tons; and "last year, 483,000 tons, or 35.CC0 tons more than 19 years ago. Tinplatos could be produced more cheaply and bettor in South Wales than in any other part of th« world. Twenty years ago the United Kingdom was consuming about 100,000 tonn of tinplatcs a year, and was exporting to the colonics 27.0C0 tons annualh—a total of 127,000 tons, or about 20 per cent of the total production. Last year this country consumed 225.C00 tons of tinplatcf? and exported to tho colonies 118.0 CO a total of about 350,000 toits. or about "t nor cent, of tho output of tinplntcs in fcputh Wales last year. Tho Welsh tinn , t0 iS,". ustr y ,viM ' consuming anntiallv about 850,000 tons of steel in tho mills n rl ifcl c Wnplat-es, and perhaps a further 100,000 tons in mills producing blaok-platl and blacls-sheets. Of this quantity titers i

was imported from Germany and the United States, perhaps. 150.CC0 tons of steel at u few shillings per ton below the price at which British material could be obtained. In the speaker's opinion, whatever cain resulted from this was not a! all commensurate with the !0.-.s sir-tained by tho steelworks ot South Wales. Customs duties collected at tho port of Wellington yesterday amounted to £1322 iss. Id. LONDON WOOL SALES. : ANIMATED BIDDING. By Telegraph-Press Association-Copyrieht London, May 10. At the wool sales biddi.mr was animated Cro=.st;rod.= were firm at- onenir.e; prices, ami merinos at about a halfpenny above inarch rates. SOME NEW ZEALAND CLirS. (liec. May 11. 9.30 p.m.) London, May 11. The following are the prices realised at the wool sales for tha fleece portion of the clips named-.—Gear, ton price. 12d.; .average. lCd. HeatlicHea, 9!d. and BJd. Ashmorc, 14d. and 113 d. The N.Z. Loan and Mercantile Agency Company, Ltd., have received tho following cablegram from thoir London house, under date May 9—Wool rales: There was a full attendance at the opening of the sales to-d.ay. competition by Homo a,w\ Continental buyers being active, and prices as compared with the close of preceding r-enes, ruled par to 5 per cent, higher except for coarse crossbred wcrp l , which was 5 per cent, higher. Tho opciing catalogues were fairly representative. WHEAT. By Telegraph-Press Association-Oonyriehi m . , . . ~_, London, May 10. ii ™«£ m u n l TlFlblc SUDrly of lv > Kat is 47,374,M0 busiels. (Eec. May 11. 9.30 p.m.) London, May 11. Wheat.—Two Australian cargoes have been sold at 355.. and two others at 355. M. and 355. 9d. respectively. SILVER. Bar silver is cuotcd at 24id. per ounce standard. ■ TALLOW SALES. By Telegraph—Press Association-Copyrieht London, May 10. At the tallow eaks 1416 casks were offered, and 954 sold. .Prices were unchansed. NEW ZEALAND A.TvD AUSTRALIAN LAND COMPANY. By Telegraph—Press Association-Copyrieht London, May 10. The New Zealand and Australian Land Company, Ltd., notifies on interim dividend on ordinary stock of 4 per cent. LONDON MARKETS. The N.Z. Loan and Mercantile Agency Company, Ltd., have received the followii"? cablegram from their Lcr.d-on housa. under date May 10:—Tallow: Wc quote present spot values for th-}, following scrintioflrc:—Fine mutton. 355. 3d. ir:r cwt-: good beef, 335. 6d. per cwt.: mixed, 325..3d. cwt. The market ir- 'o.uiet. Wheat: \ve have sold an Australian cargo at 355. 3d. c.'.f. There is.very lit;!? demand owin" to favourable crop reports. The general market are not likely to improve at nrcsen/t. We ouote rer quarter, c.i-.f., for New Zealand wheat:—L'ongborried, 335.; shortberried, 325. sd. P. AND O. DIVIDEND. By Telegraph—l'risp Assrci.a'icn--Copyright (Rec. May 11, 9.30 p.m.) London, May 11. The Peninsular and Oriental Steam Navigation Company has. declared a dividend of five per cent, on its deferred caoi-ta-1. ADELAIDE ELECTRIC SUPPLY CO. By TeleErarh—Press Association-Copyriiht (Rec May 11, 9.45 p.m.) London, May 11. The Ade.'.aife Electric Svnnly Company is issuing debentures for J5150.C-CO. ! AUSTRALIAN PRODUCE MARKETS. By Telegraph—Press Association—Copyriehl (Ere. May 11, 11.-50 p.m.) Sydney, May 11. Wheat, shippers, 3s. 5d.; millers, 3<5. 6'd. Flour, £8 10s. Oats. -Algerian feeding, 2s. 3d. to 2s. 5d.; ssr-dins. 2s. 7d.; oparrowbills. 2s. 10d.: gleets, 2'. lid. Barley, Cane, 2-s. M. to 2s. Bd.; yoslisli. 2s. 3d. to 2*. 6d. Maize, 23. 7d, to 2s. 9d. Bran and pollard. £6. Potatoes, Ta-smanian. M IPs. to .C 7 ss. Onions, to .€2 l£e. Butter, 925. Cnecse, s|d. to 6d. Bacon. 6!d. Niclbaurnc, May 11. Oaten hay, pressed ehaffins sheaves, 50,*.: maangcr sheaves, 7C-3. to 755.; dumped h-av. na-no in market. Wheat. 3s. bd. to 3s 6»d Flour, £&. Oat', Alrctnui feeding, Is. I!M.-m!l!ln-s. 2s. 3.M. Barlev. prune, raalfne English. Ss.; Cane. 2*. sd. Moizo. 2-* 5;1 Br.-.n ar.d pnlbrd, £5 15s. Potatoes £5' Onions, £1 15s. to £2. ~„ L , r , „, Adelaide, May 11. ; n hc Q v ' ;?i M V Fbu :- " 7 lt3 - B ™n and pollard, 4ld. . Oat 3, 2s. 3d. MELBOURNE HIDES MARKET. By Telegraph-Press Association-Copyrieht (Rec. May 11. 11.50 p.m.) Melbourne. May 11. The market is firm, and prices are unchanged at late rates.