COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1194, 1 August 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. Yesterday ttaero were two sales of Christchurch Meat shares at £16, three sales of Wairarapa Farmers' Co-op, at £7 55.. and Taranaki Petroleum at 17s. The buying and sclliii<; quotations were as under:— Buyers. Sellers. £ s. d. £ e. d. National Bank 5 18 0 — National Mortsapc 3 9 6 - N.Z. and Hirer Mate 2 0 0 —I Standard Insu.ra.nco 1 10 0 — Christchurch Meat — 16 2 6 Meat Plxport (£5) 6 5 0 6 8 6 K.-at Export (£4) — 5 6 0 Meat, Export (525. 6d.) ... — 3 5 0 Well. Steam Ferry (155.) - 018 0 Katapoi Woollen (pref.)... 5 5 0 — Well. Woollen (ord.) - 4 0 0 Ifjlcurangi Coal — 019 6 Tnupiri Coal — 1 2 U Wcstport Coal ...: — 19 6 Leyland-O'Briun 18 3 — N.Z. Paper Mills - 119 Taraiiaki retroleum 0 16 9 0 17 3 Tarinsainutu Tntnra 2 6 1) ! 1 t The courjo of sales durintc the past month was as under:— National Hank, £6 1?. 6d.. £6 Is. 9d., £6 U. U: £i Is. 6(1.. £6 Is. sd. i Erniitable Buildinc, £9 155., £9 155., £9 155., £9 155.

Wellington Trust and Uian. £7 lCs., £7 11.-.. £7 11.-*. New Zealand and .liivrr Plate, £2. Fpildin" (l.v; 3d., 22.-. 3d. (iisborns (ias, £3 2>-. Xapicr (las. £25. £25 2s. 6(1. South r.rit.ish Insurance, £3 155., £J 15f. 6(1., £3 15--. 3d., £3 15?., £3 15s. 6d. Chrisldiurch Meal, £16, £16. £16, £16, £16, £16. Jle.it Kxport (525. 6(1.). £5 ss. New Zealand Khinpiiig. £11 15s. Union Steam. «s. 9d.. 41s. 06. Wellington Woollen, ordinary, £4 Iβ., £4 Is., £<t. Levland-OTtrion, 2Si. 6d. Xc'w Zealand Drus. £2 9s. 3d.. £2 9s. 3d. Skarlanrt's, ordinary, 245., 245. 3d. Kharland's. preference, 245. 9d.. 255. Taranaki Petroleum, 175., 17?.. 175., 16s. 9d ljs Sd., 17rf.. 16s. 9d., 16s. 9d., 16s. 9d., 16s. 9(1., 17=.. 17s. Tiirinpamutu Totara. £2 S?. Wairarapa Farmers, £7 55.. £7 55., £7 55., Wellington Harbour Board, >i per cent. Debentures, £98 10s. w.vitD and co., ltd. The balance-sheet of Ward and Co.. Limited, for the'year ended June 3D last, shnwi that the proiit for the year (including £1783 if. Id. brought forward) amounted to £13.036 7p. 2d. The dividend for Die year, at the rate of 10 per cent., absorbs £8000. The rain of £3CCO is added to the reserve fund, which now stands at JM3.COO. a»d the balance of £2036 7s. 2(1. is carried forward. Through v. misnrint in the report, the amount carried over is given as £6036 7.-. 2d. The receipts for the twelve months totalled £14,143 3s. 4d.. and rents, interest, etc., amounted to £7338 7s. lCd. ,

WOOL IN AMERICA. Tho following extract from the Bradford "Wool Eecord" will bo read with interest by wool growers :— "An item of considerable importance is the decision of the War Department of tho United States Government to adopt woollens instead of worsteds for army use. This is a. significant departure, and undoubtedly is a direct hit at a certain section of the American textile industry.. We must admit that we were surprised to learn that worsteds hitherto have been the solo fabrics worn by United States soldiers, a thing almost unparalleled in the present liiitory of the world so far as relates to clothing for army purposes. Wo have no quarrel with worsted fabrics, and when properly made they are both good and warm, but what tho British Government does can be adopted with absolute safety bv other natioiu. and it is a wellknown fact that practically all the standing armies of Europe are clad in woollen goods. Evidently the American War Department is determined to break loose from the urrip of tho Woollen Trust, and we feel certain in saying that, having adopted 'all-wool' fabrics made on the woollen principle, they will never again return to the use of worsted materials. It appears that the War Department has been pay::ig something like 9s. Cd. per yard for 220z. worsteds, 55in.; and £6. 4d. and upwards for 13oz, cloths, and no worse fabrics will be supplied tho Government so far, as wear and corfort is concerned at from 2s. to 2s. per yard leas. As a rule worsted fabrics are seldom milled or felted like woollen clothe, and thoso who are familiar with the method of making army cloths by West Biding manufacturers, (mow how essential it is to use real gootl wool, and subject the piece when made for some considerable time to the milling operation. Wo certainly think that tiie AVar Department of tho United Suites Government has made a wise departure, and one vrhicii will bo adopted lor many years to como."

RUBBEIt VALUATIONS. Recent reports from Argentina, ought to moderate the zeal of those investors who propose to withdraw funds from Australia in order to make advances in the Soutn American Republic. A I'ucnos Ayres correspondent of the "Frankfurter Zeitung" states that the marked decrease in this year's wheat and maizo crops in the Argentine has caused tha European banks established there, as well as the National Bank, to be very cautious with regard to credit, and particularly with respect to loans to the smaller landowner and merchants. The agricultural prosperity of the country is apt to be overrated, and the- recklessness with which new companies havo been formed riurins tho past few yearn is deplorable. European capital has been pretty freely subscribed to such ventures on the strength of the optimistic promises made as to financial results, and the '■Frankfurter" correspondent thinks that these will by no means be generally fulfilled. The severe crisis through which tho country passed in the early ninctien was largely the result of the execssivo credit then granted by European financial institutions. The potentialities of Argentina, arc undoubted, but, unless more discrimination is shown, and only really sound propositions arc placed before the investing public, tho future o£ tho country will be detrimentally afl'ected. Good crops aro the backbone of the fiepublic's prosperity, and if those fail importing interests arc bound to be early sufferers.

LIFE INSURANCE. Several important innovations have lately been made by insurance companies in connection with annuity schemes. Impaired lives are now granted some reduction in tho purchase price after medical examination, and a return of a, portion ol tho purchase money is randc by some companies in cases where death has occurred before tho natural expectation. It is also possible to surrender annuities and to obtain a, return of part of the nurchase money in proportion to the age of the annuitant and the time that has expired since the contract was entered into. All those aro reasonable concessions, and are likely to remove in many cases the objections entertained in respect ol the purchase of annuities. A further concession ia now offered by an enterprising company in the form of an annuity scheme under which tho payments pro guaranteed for .1 definite term approximating to the expectation of life, but are continued beyond that period for so long as the annuitant lives, while in the event of death before tha expiration of the period defined tho remaining instalments are paid to the legal representatives of the deceased annuitant, or may be commuted for a lumD sum. It is also permitted under this scheme to chajise the annuity into a life policy on favourable terms, subject to medical examination aud provided the annuitant has not passed the ago of 65.

■WOOL AND LABOUR. Referring to t\\e scarcity and dearncis of labour. Messrs' Dalsety's "Wool Review" states that Australian and New Zealand stockmasicrs have shown the world how to grow wool, and place it uno/i the market, which fact has been fairly admitted, not only by the wool buyers, but also by breeders and wool-growers in other countries. But there is danger ahead, even an regards tho large clips, and that is tho lack of labour and the prohibitive rates which are expectod for she<t work. Present wool-classing rates will probably be considered reasonable for skilled men, but it is the unskilled .labour which ie asking wages that, if granted, will undoubtedly result in a. great many growers engaging fever hands, aud dispensing with the careful treatment of tho skirtings, which has been such a feature in the past. And for the.simple reason that it is verj doubtful indeed whether it would pay :.-. have the work done. It i 3 an unpleasant thing to mention, more especially whcii our greatest competitors in wool productions, viz., the Argentine and South Africa, are improving their wool and methods of shed wages go much' higher, the Australian and New Zealand wool clips will show a. serious falling-off in preparation for market. The position is all the more unfortunate, bciause. in both the Arccntine and South Africa, labour is much cheaper than it is in Australasia.

Customs duties collected at the port, of Wellington ..yesterday amounted to £1993 FEOZEN MEAT. By Teleiraph-l'rcas Association-Copyristbl London, July 30 The Frozen Meat Trade Association's Smithfleld irarkot quotations for the undermentioned classes of frozen meat aro based on actual sales <if not less than ono hundred carcasses of mutton or lamb, or twenty-fivo quarters of beet of fair average, quality. Tho quotations arc not for selected line?, but for parcels fairly representative of the bulk of tho shipments now on the market. The nrices which follow aro ou an avcraeo a fnrthins per Ib. more than the valuo ci ship, this difference representing an averago cost in expenses, handling, conveyance, and sellinc tho meat:— July 22. July 29. Mutton— A. d Canterbury, Iteht if, 33 Canterbury, medium 33 3J Canterbury, heavy 311-16 311-16 North Island,' "best "'.'..'.' 311-16 3 tH6 North Island, ordinary ... 3 7-16 i\ ..Australian, Hunt ih z\ Australian, heavy 3} 3.{ ■ ]tivcr Plate, litrht 3?, u itiver Plate, hnavy 3i! 35-16 New Zealand ewes 3A 31-16 Australian ewes 33 3J Hivor I'latc ewes 3/, 31-16 Lamb:Canterlrary, licht 5S 5J Canterbury, medium 4?, 5 Canterbury, heavy 4* 4J Southland 413-16 43 North Island, selected ... 413-16 413-16 North Island, ordinary ... 43 43 Australian, best — — Australian, fair — — Australian inferior -- Itiver i'lai.e. first 4?, 4'; Itiver Plate, second <5i 4J Bcef:Ncw Zealand, ox fores ... 2.'. 2', .Now Zealand, ox hinds ... Si 35 Australian, ox fores 2 3-16 2> A/iUralian, ox hinds 3 1-16 3 Uiver I'b.tc, ox fares 2!, 2,1 Hivcr Plate, ox hind? 3} 3 3-16 Uiver I'late. chilled fores 2J 21-16 . Bum: i'latt, chilled Iliads Ji i 3-16

ntfilt COMMISSIONER'S CAIM.K. Tho fbmmcrre nil Touri.-t Division of the Department of Agriculture. Commerce and 'J';mri--t« has received Hie following cablegram from the High Commissioner for New Zealand, dated London.. July M. INotc.-Qiiot.-itioiii-. unless otherwise sr.ci-l-lied, nro average market pr>cc-. on snnti:— .Mutton.—There- Iris been no alteration in the market since lift week. Tho weather is too dry. Cfuiterh-.ir.v 3jd., North Island Slil., per II). lianib.—There i? a better demand. Canterbury 5d.. other than Canterbury 43d. I>er lb.'; Ifiver I'latc. 43d. per Hi. Beef.—The market i< very dull, nnd-tfctre is scarcely any demand. liiver Plate chilled— ;i large Mipplv. 'It is reported that chilled beef has been stored and frozen. Xew Zealand hinds 3>d.; fores. 2ld. per 11). Butter.-Tlie market is firm, with a. hardening tendency en account, of the draught. Australian, life.; Ifcwhh, 1225.: Siberian, 110s. per out.: New Zealand f-econd-clase quality, stored, KBs. per cwt. Chee.-e.—The market is steady, with e. very good demand, at laf-t quotation?. Coloured, 615.; white, «!?. per ewt. Hemp.—The market is very nuiel. an;l there is nothing doing. New Zealand nood fair, on spot, nor ton, £21.; fair (trade. £20; fair current Ma-iila. £21; .July-September, at the same, price. The output, from Manila, fof the week was 23.CC0 bales-. Cocksfoot Seed—The market, is dull, -but, holders are. firm for New Zealand seed on account of small supply; cannot nuote. Continental and American eroDs are renortcd to be heavy and of pood duality.