COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1224, 5 September 1911, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHARES. A sale of Taranaki Petroleum Sharon at 18s. was tlio only transaction recorded yesterday. The buying anil selling quotations were as under:— Buyers. Sellers. £ s. d. £ s. d. N.Z. Loan and Mercantile - 0 IV 9 Well. Investment 0 11 9 0 12 9 Well. Trust and Loan ... 7 9 0 ChriFtehureh Gas 9 12 6 9 15 0 FciWins (las 119 12 6 Saiiier Ga3 (£5) 12 0 0 - Well. Gas (£7 10s.) 15 0 0 16 0 0 Well. Gas (rights) 0 0 4 0 0 6 Ohristchurch Meat - 16 2 6 Union Steam - • 2 2 0 Weil. Woollen (pret.) - 3 16 Taupiri Coal 113 — West-port Oonl 18 9 — licylaiid-O'Dricn 18 4 - N.Z. Con. Dental — 1. 3 0 Sharland's ordinary — 14 9 Taranaki Petroleum 0 18 0 10 0 Taringarautu Totara, — 2 C 6 Ward and Co - 5 10 N.Z. FARMERS" CO-OP. The balance-sheet of the Now Zealand Farmers' Co-operative Association for the year ended July 31, is to hand. The cross profit for the year amounted to £106,093, as compared, with £94,801 for the previous year, the sources of revenue ehowine as under:— 1911. 1910. Profit on , £ £ Merchandise 69,534 62.206 ■ Commission 22,849 22,801 - Interest,- etc 12,152 8,752 Grain and wool 1.524 I.COB Transfer fees 34 34 1E6.C93 94,801 The gros? profits were thus £11,292 larger than in 1910, which is very satisfactory. The expense of management absorbed £57,0(4. as compared with £54,469, and the amount written off for bad debto was £1298 13s. 9d., as against £1965 173., leaving the net profit at £47,720 as compared with £38,365 in 1910. With the sura brought forward from the previous year there is available for distribution £50,152 Bs. 3d. The dividends and bonuses are practically on the same soale as last year, except that the bonus of 4 .per cent, on sundry salaries and wages doss not appear this year. 'This is made good, howovOT. by the announcement that a, sum , of £500 ha 3 been placed to a snecial account of nucleus of a- staff superannuation scheme. The goodwill and amalgamation > expenses which figured among the assets last year are now wiped out, thereby considerably improving the balance-sheet. There are several changes in the statement of assets and liabilities. The freehold and leasehold nronerties amount to £112.145. as against £87,273 in 1910, Etock of goods in stores £173.760 as again**. £151,630, advances against stock, etc.. £295,456. as compared with £238.110, sundry debtors £110,478, against £92,730, cash at bank, on deposit, etc., £52,138, as against £62.230. The- reserve fund now stands.at £80.CC0, as against £.71,252 10s.. deposits fixed with tne association ' £208,422, against £183,901, 0-mount at credit of shareholders'- current accounts £154,576, as compared with £124,938. . ' : As there are only 1531 of the ordinary (shares remaining unallotted, the directors intend asking shareholders for th« necessary, authority for the creation of a further 100,000 ordinary, shares at £5 each. ,' CONSUMPTION OF SPIRITS. A recent Hoard of Trade return, dealing with the consumption of spirits over a. period of fifteen years, gives the fieure per head of population in the United Kingdom oa having been low (1.10 proof gallon) in 1895, from which point it increased yearly to 1.09 gallons, in 1899, and to 1.12 gallons in 1900. Later it decreased each year to a total of 0.66 srallons in 1933, and 0.70 callom; in 1909. In 1910 a further reduction to 0.65 gallons pel' head is shown. .As regards the British Self-Governing Dominions, tho consumption of spiriti per head of the population in 1909 exceeded that of the United Kingdom in Wow Zealand, in Australia, and in Canada, Taking tho average of the five years,. 1905-09, however, the consumption in both Australia and New Zealand fell short of that in the United Kingdom, the average figures being 0.86 gallons per head in the United Kingdom. 0.82 gallons in Australia,- and 0.77 gallons in New. Zealand. In Canada the average consumption per head exceeded that in the United Kingdom, being . 0.87 . gallons- Of tho consumption in the Capb of Good Hope a considerable amount, representin!; nearly one-tenth of the consumption in the Union of South Africa, was used for the fortification of wine. 'The consumption of spirits per head of population in Britain is lower than in any of tho northern and central countries of Europe, except Norway and . Rumania. The consumption, however "in'vthe southern countries of Europe included in the tables, viz., Italy, and -Bulgaria-, is lower than in the United Kingdom. Tho greatest consumption per head is attained in Denmark, where it is nearly three time? as great as in England. In the United States the consumption per head of population was less than in the United Kingdom from 1695 to 1900. Sinca 1901 it has been greater than in the United Kingdom, having increased,, whilst the consumption per head in liritain diminished. COSTS OF LIVING. Comparative statistics relating to the movements of wholesale prices of raw and manufactured commodities in the United States during the; last twenty-one years have beon compiled by the Washington Bureau of Labour. The figures demon-Blrat-o that last year the highest point reached within the period .mentioned was touched. As measured by tho 207 articles included in tho investigation, wholesale rates in 1910 advanced 4 per cent, on the level for 19C9, and -were 1.6 per cent, ahovo the avcra.ge of 1907, the term of highest prices up to last yea.r. When compared with the year of lowest average for the term indicated, 1697, last year's figures disclose an increase of no less that 40.7 per cent. In September, 1908. a steady upward movement set in, and it, continued without a break until March, 1910, when wholesale .prices were higher than at any time during tho preceding twenty years. A slight decline ensued until June, but thence onward there was a recovery, and'the high level was maintained until the end of the year. Taking the individual croups of commodities, farm products in 1910 wer-o 7.5 per -cent, dearer than in 1909; funds, etc., gained 3.2 per cent., and clothing increassd 1-1 pe-r cent. In all the groups investigated, without ?. single exception, the ; fluctuation in wholesale prices was upwards, and the comparison .affords convincing official proof, if such were needed, that tho increased cost of living is in no eensc a hollow cry in tho United States. THE SKATING RINK "COLLAPSE." Recently a local prospectus cited the nrofitablo character of roller skating compajiies in England as an inducement to local investors to subscribe for shares. We then (says an English paper) gave some details of tho English experience, and as we have heard no more of the proposed company the assumption is that its flotation has been dropped. At all events, roller skating companies continue to fail in England in a startling nay. The list we gave some month or two back was brought up to the end of April of the current year. Since then 11 more companies have been wound up, having a share capital of £106,OCO, and five receivers have been appointed for companies having a capital of £77,5C0. Besides, nine companies have been, struck off the register at Somerset House by the Registrar of Joint Stock Companies. The "Financial Times" gives tho total recorded death-roll as 123, and the capital in-, volved as £1,289,000. Surely, it says, there was never so complete, a collapse of a boom. The proceedings at the meetings of tho Premier Einks recently, furnished some astonishing evidence as to the extent rinking properties have depreciated. It was stated that five of the rinks had never paid, and efforts to got rid of them had brought either no offer. , ; at all or only nominal sums. Thus one had been sold for £100, another for £500, and another for £275. For one property which stood in the books at .817.C00 a solitary bid of £1000 had ■been received. Some of the buildings were handsome erections, and thoroughly emiipped, but they are now of no use for'their original purpose, simnly because the craze has to all intents and purposes died out. CANADA'S BORROWINGS. Canada has borrowed from Great Britain more than £350,000,050, and continues to borrow at the rate of £40.CC0,000 per annum, according to F. W. Field, who writes on the subject in the "Financial News." Throngh the medium of public flotations in London alone, the- Domi-nion obtained, from 1933 to the ond of April, 1911, the sum o[ £148,835,436. The railways of Canada have been almost entirely constructed by means of the capital supplied by the Mother Country. During the past six years more than '£60,0C0,C00 has been borrowed for Canadian railroad development. This , money has beon.invested, not only for the immediate interest return, but also with ' the hope that tho railroads would foster internal cast-and-west trade, and draw i more closely together the ports of. Orp.it Britain' to the growing ports of Canada. ■ Tho Dominion lias borrowed large sums for , the conduct of her Government and muni- . cipal works; for light, power and general I industrial enterprises; for lam! and lumI her pulp and naper propositions. Last I vc-ar Canadian Government issues amount- ! cd to £11,CC0.000, of which 94.55 ncr cent, i was marketed in Great. Britain. These figures explain the fact that Canadian iml ports invariably exceed exports. I ARGENTINE CONDITIONS, i The conditions in Argentina, our greatest > rival in the world's markets, are not all I that could be desired. A partial failure of' the crops last season was followed by ! a restriction of credit on the part of the ' banks operating in the Republic, ainl a i number of firms which were accustomed to • cxi't on credit were brought to the ground. ' They started with little or no capital save that which .had been borrowed, and. as ' eoon as the pinch came they were forced

to go under. As a result, the statistical return.-; of meetings of creditor:-, bankruptcies, and civil and private settlements for the first live months of the current year reveal a very considerable increase over those for the corresponding portion of 1910. 'This increase, .although unsatisfactory, is regarded philosophically by the iDcn! pros.-, olie exchange stating that the position thus disclosed "has no fcriouu nature about it." and adding that "the wceding-oui. process i:i advantageous now ar.nl again." From the statistics it is teen that during the month of May last tho liabilities of all failures throughout Argentina amounted to £1.924,897. which was £1.022,043 more than the aggregate for the correspoudiiiK term in the preceding year. It is considered worthy of note that up to the end of May last, there has been no failure for any amount equal to £200X00, which shows that it is the smaller housja that p.tc beiiiK cleared out. a, fact which, apparently, causes but little rescret in the commercial community in that part of tho world. SPELTEE. Speller is now up to £27 15s. per ton, whilo a year ago it stood at £52 ,7s. bd.. and the present hieh price carries (he mind ba-ck to tho boom days of 19C6 and 1507. The advance is due to what is described as the vast, consumption of tho metal, which is said to bo extraordinary. Keports received from leading firms of metal buyers in Europe say that the spelter works on the Continent arc operating at full capacity, and are unablo to keep paco with the demand. As a very larse: sum of money is required to erect sine smelters, the proprietors are disinclined to embark on additional expenditure in that direction. Customs duties collected at the port of Wellington yesterday amounted to £130 4s. 9d. - LONDON MARKETS. By Telegraph—Press Association-Oopyri'ght London, September 3. Hemp is slow of sale. SeptemberNovember shipment, .£2O Us. Ootton.— September-October shipment, ' Jute.-Octob'er shipment, £18 15s. Rubber.-te. 9|d. per lb. Copra-.—Market active. South Sea, in bags. £25 ss. to £26. Rabbits.-The demand is , improving. Large Sydneys. Us. 6d.; Victorians. 13s. 6d. Tallow.-Stbcks, 5066 tons; imports, 2542; deliveries, 3864. s THE METAL MARKETS. By Telegraph—Press Association—Copyright London, September 3. Bar silver is quoted at 24id. per ounce. Coppcr.-On the spot, £56 3s. 9d.; three months, .£56 16a. 9d.; electrolytic, £57 17s. 6d.; supplies, 48,912 tons; deliveries, 50.023; stc-cks, 66;55(-Tin.-Forward delivery, £186 15=.; stocks, 16.174 tons; on the spot, 5951; afloat. 5808; deliveries, 2303. , Lead, £14 3s. 9d. ;'. HIGH COMMISSIONER'S CABLE. The Commerce and Tourists' Division of the Department of 'Agriculture has received the following cablegram from the High Commissioner for New Zealand, dated London September 2, 1911. (Note: Quotations, unlesa otherwise specified, are average market prices on spot):— . Mutton—The market is quiet and has been unfavourably affected by large arrivab and low prices of chilled beef. Canterbury 33d., North Island 33d. per lb. Lnmb.-The market irf stea-dy. There is a good demand for all lamb. Stock is moderate. Canterbury sid. per lb.; other than Canterbury, sd. .per lb. Beef.—Tho market is very dull. Supplies of Vmorican chilled beef are large and selling at: Hinds, 3 3-Bd.; fores. 21d. per lb. Butter.—Tho market is quieter. The supplies- that were not obtainable here on account of tho strike arc now available. Australian. 1205.: Danish, 1325.: Siberian, 1165. per ewt. Cheese.-The market is firm at the advance. New Zealand, 665. per cwt. The supplies of New Zealand cheese are nearly exhausted. Cheese prospects ior nest season are' encouraging. Hump.—The market dull. !New Zealand "good fair," on spot, ner ton. ~!9 lfa.; "fair" grade, £19; "fair current" Manila. £20. Forwnrd shipments: New Ze.abrd "goc-d fair." £W; "fair" grade, £19- "fair current" Manila, £20. The outniit'from Manila.'for ths week was 15.CC0 K>uri Gum.—D-rk lirovn selected (reswapcdl. £6 to £0 7s. 6d.: dirk bro-,»n (throe-ninrter scraprdl £4 to £4 15sr: dark brown chips (draw). £' 15s. to f>. 55.: rescraped pM.e nmupr. £in to --Pl 2: t.hrcc-nim-rtcr pnle (arrnnsdl. £» t* £5: diggers chins (g""d), £4 ]fs. to £5 7s. 6d. ~ Wool.-Thc market -is strong /or morinos and fine' rn>=sbredp. all gr.irtc.i. The market '« a. s'-'ido weaker for coarse croEsbrcds, all grades. FEttDING MARKET REPORT. Messrs. A. H. Atkinson nnd Co., Ltd.. of Feildimr. reporting on Friday s marltot, stat-9 that good pricc3 were the rule for poultry, of which there was only a small entry. Pigs sold well, and also good wc-raers. Some good horses were offored; and sold at or immHiatoly after, ths fall of tho hammer. Produce and grain values remain at late Quotations. Pigs: Forward floras 165., 195., 6d., 205.. 215.: slips, 6s. 6d., lfls. Gd.. 15s. to 15s. 6d.; purebred wcaners, 12s. 6rt.; sows, 335. Hack and harness horses, A3 to £7. Poultry, at rer pair): Hens, .V. A* M., 3s. 6d. to ss. 3d.: nockerelF. 35.. 3s. fit!., 3s. 9d. to 4s. 3d.; ducks, 4s. 6d. to Is 9o\; turkeys, 10s. to 135.; mips, 3'. to is. 6d. £ te.rpe consignment of po', plant", annuals, and birds of all descriptions, told at full values.