COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1390, 25 March 1912, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHAKES There were no transactions In Investment shares on Saturday. The buying and selling quotations were as under:— Buyers. Sellers. £ s. d. £ s. d Bank of New Zealand £ 11 0 0 — National Bank — 518 6 Ohristchurc'.i Gas — 9 5 0 Gisborne Gas — 2 18 0 Well.: Gas (£8 10s.) 16 0 0 — ■ Well. Gas (third issue) ... — 13 10 0 Christchureh Meat — 15 12 6 Gear Meat (£4) — 13 0 0 Meat Export (525. 6d.) 2 17 6 2 19 0 N.Z. Shipping 13 17 6 — Union Stcnm 2 2 3 — Well. Woollen (pref.) ... — 218 6 Westport Coal , 17 0 - Taringnmulu Totara 2 7 0 2 9 0 O. M. Banks, Ltd — 0 19 6 Donaghy Rope and Twine — 12 6 Ooldcn Bay Cement 14 6 15 6 Manning and Co — 411 0 N.Z. Con. Dental - 119 N.Z. Drug — 211 6 Hharland's ordinary — 14 6 Ward and Co., Ltd — 5 4 6 NOTES.

Owing to bettor returns from their South American and Australian voyage ß , the North German Lloyd Co. show increased proDl9 for the year 1911. Our cable messages mention JEZ.O7S.CCO as tho amount of the earnings, which compares with gross receipts of £1,907.530 in 1910, the improvement, on the twelve monlh3 bsins £167,470. On the previous occasion coste of moj;agem;nt and other charges absorbed £593.90), to depreciation £1,021.974 was allocated, insurance fund received £72,379. reserve ee.l other funds were strengthened by dividend at the rate of 3 per cent, required £187.5C0, leaving a. small balance of £3CO approximately to be carried forward. Prior to 1910 no dividend had been paid for two years. Imt assuming that the charges have not increai-.ed in the same ratio as the earning*, it appears as if the shareholders would receive a considerably larger return for the term under review. At the end or 1510 the share capital van £6.255,CC0, and there were outstanding loans to tic amount of £3,5W,CC0.

The final oßicial report on i.lic Indian cotton crop for the 1911-12 season states that the tctal area in. all territories reported on is computed o.t 20.393.0C0 acres, against 22,595,Cf0 acres for the Drcripus '■Ciioon. or a. decrease of, 2.202.CC0 acre, nc-.irly 10 p»r cent. The total estimaled outturn is 3, 1 35.CC0 bales of <CCl'j., against 3.053.CC0 bales for tho previous ■>eason, represent iu.? n decrease of 718.C00 li.ilc-=, or 13.6 per cent. The official estimates of yield, however, fall phort of the rmantities HEJiI by niilis ond exported. During the twelve months ended September 30, 191). tii= n0 , ., cipurts wc.re 2,5:2.E0 bales, niill consumption outeidc mills (conje' , - tural) «O,C-!3. or a total of 4.3C3.CG0 bales, nuam-st the estimated yield of 3,853,CC0 bales for 1910-11, the estimated yield thiu showine a. shortage of «O,C« bales: while in 1909-10 there was a fimiiar shortage, of 210.C00 bake, and in 19CG-9 a Ehortaec of 5C3.000 bales.

The advance in ,=i!ver which took place during tho week ended February 8. when the spot quotations reached 27 '9-lSd., tho highest, since November 7, 1907 was due according to Mwsrs. Vixlcy ar.d AbullY, circular, to covering by shorts and purchases on Indiiin account, much of tho latter being to replace nalea made in India to China. The premium of ■:{. for i-pot ovfir two moil His' Hilvev wr.a dun to anlicipntiou of a scarcity of ppot, silver later on, UiOHKh for iiiiinjiliritc i-oiiiurcinonta tlic supnlv f.pimircd to bo .Ti?iicin:e. Tlio t'tiKil;.* in lioiiibny .on Fi'liina'v 8 were l!:.ao ua:-.5, wiih p. tiily offtake" of about to bar.i. I-.sporls of r.ilvpr from London to India from Jatiuary 1 lj February S arc sin led by. IU-wra. Pixl?y mid Abcll w iCSM.oCO, against £1,332,K0 . tor the cor'-cs-pomliiiE period last yeiir; and to China £350.0C0, £176.CM. Imports of tallpw and ,-:tcarino into the United Kingdom uurins January compare aa follow:— 1510. 1911. 1912. Prom- Civt. Cwt, Cwt Aastralin 93.2.5.5 92.529 87,696 Now Zealand... 26.337 22 292 17 72' France 4,795 <I/15 '9(ij Unitod States... CM 2 767 14 its Argentina. 1n.7?.7 16.015 48 769 Other countries 13,257 1U.7C4 11.282 Total imports 154,95.5 156.722 180.597 lic-iiuporis 73.273 75.CC6 t.i,i9j Set imports 81,630 81,516 H0.5:" Arrivals from tfcs United States and Arireutina durine January akow a consider-

able ilicrr.isc. The total or 158,597cwt. con-si.-ts of !71,iV|'ewt. tallow anil 6E«9cwt. stecrinu; while the re-exports consist or 39,735 cut. tallow and 360cwt. eteurinc. During 1911 the number of uoinpanies registered in Kmjlnnd was 5960, a<; ai:ain:t 6707 in 1910, and 5E33 in 19C9, the registered capitaj being £150,734,CC0 last year, £206,146.C1C0 Cn 1910 (of which ivj IciK than £7S--OCO.OKI. or 38 per cent, of the total, related exclusively to lubber and oil propositions), and £152.10,0 min 1909. I.a't year rubber resist rations represented only one-ilfth of till! capital iinportancc of (hose of 1910 being for £9,5C0,CC0, the registrations in the lntlcr half of the year Jnllins tA the level of the period pro;cdi'ns the boom. Oil companies did not <=how 'o decided a reaction, Mic capital reeislerd (£!6,CCO,OGO) being ju-t under one-half of that of 1910. The returns for mi nine ami exploration companies ..bowed that the revival from the dcpre?.=ion o.f 19J8 and 1907 wa.s maintained. The "fliNincß" group shows great expansion. Jtany new investment companies have been formed, both as investment trusts and loan companies for financing tl'.3 development of the colonics and foreign countries. The figures also include .those of two banks-the Anglo-Hiiefinn Hank (capital £I,CfO,COO) and the Yorkshire Penny Hank '(capital £l,ott',CtO). A more specul-itive department of enterprise, which 01~0 allows great expansion, is that of land and umldinj (capital £16,OMvM0) which includes two'or Hire?" very large "improvement and development" companies working abroad.

FEILDING MARKET REPORT. Messrs. A. H. Atkinson and Co., Ltd., sold on Friday a large entry of poultry, Pigs, fruit, and general auction lines. ligs were a little easier in va'.ie. Poultry, of which wo sold some 310 head of mostly unfinished and cull quality, sold irregularly. There is a Rood demand for pats, and wheat is wanted, but very little is yet offering. Potatoes sold at from <3. to 53. per cwt., and good sound table sorts are now on the market, in any J uan Jity. We quote:-Pigs, at 75., 35., 9?. 6d., Us. for wcaners; slips, 13s. 6d. to 155.6 d.; Btores, 175.. ffls. to 226. 6d.; medium weight porkers, 28s. to £1 lCs.: sows, 245.; purebred boars, £3 35.; and eovn>, to £3 10s.; hacks, £4 to £6; dogs. 5.«. to 9s. Hens (at per pair), Zs., 2s. 6d.. 3s. to 3a. 6d.; small cockerels, Is. 6d. k> 25.; others, 2s. 6d. to 3s. 3d.; duck?., 3;. 6d., 3s. 9d. to 45.; hen and chicks, 3s. 6d. Peaches, 3s. 6d. to 4s. 6d.; tomatoes, 2s. to *s. Gd.; apples, 2s. Gd.; melons, 3d. to 6d.; strawberries, 9d.; pears, 2s. to 3fi. case.

BRITISH BANKS. there was an increase of over £23,000,000 last year in the deposits of foup.ccn London joint stock banks, as compared with the ligures of 1910, these institutions show only a trifling Expansion in net earnings. Several causes were responsible lor this disappointing result, chief of which were the failures of the Charing Cross and Hirkbeck Banks at JJome, and the collapse of the Hank of s Ph ," Position was further aggravat.e(lJ's, the succession of labour troubles, and the dislocation of trade and industry duo thereto. The "Investors' Bcview" is of opinion that one important influence affecting net profits is the interest allowed on deposits, the cos: of which, to the lourtccn banks, varied last year between a and 33 per cent, of the gross income, tt lion current rates for loans and discounts arc adverse to the banker who bases his deposit rats on the official minimum, the latter item of expenditure must bear with increased severity 011 net results .The sum absorbed in writing down the value of lineaments, costing £90,000.000, £728,000 was taken from profits, und the balance was withdrawn from reserves. The amount provided for depreciation in 1911 «?<? 60 ' 0 ? 0 IDSS than lhat E ° utilised in 1910, bit; the total of the two years ended December 31 last exceeds JE2.600.0C0. The real property held.by the fourteen banks, representing mainly premises figures now at £14,370,000, or £611,000 above the total of a. year earlier. Sony) of this increase is due to amalgamations, but as £205,000 was no: aside out of profits to write down cost of buildings, something like £816.000 was sunk in premises by these fourteen banks in 1911. Dividends wore maintained, but a fair proportion of the institutions ill question showed some difficulty in avoiding reduced realms to shareholders.

SICKNESS AXD ACCIDENT INSURANCE. One of the British insurance companies lias recently formulated a scheme whereby provision may he made for • the payment of m?dicnl and other expenses incidental to sickness or accident, which may incapacitate a policy-holder from following his usual vocation. The scheme is in:ended to appeal to persons who are outside the scope of the National Insurance Act, on ocoount of their incomes being over £160 per annum, and whose salaries usually arc paid during a short illness. The • rates scheduled are nioder.V.e, and are regarded os likely to, secure -.he support of those for whose circumstances the scheme has v!cn designed. For an annual premium of 18s. an entrant between the rtgei of 20 and 40 years next birthday can assure the payment of medical end other expenses, not exceeding £1 per on ;ho avenge, and up to a maximum of £1(1 in all Up to 50 years of age the premium for the Eame benefits is 205., and if the maximum benefit is extended to £20, the premiums aco to 235. and 30s. respectively. Policies are not issued to females or to persons over 50 years of age, and all policies are terminated whan the insured attains the ace of 50 years. No restrictions as to foreign travel, but benefits are not payable in respect of ailmentg contracted outsid" fcuronc. A discount of 10 per cent is allowed to total abstainers, and n. further allowance is mads to holders of life acsurance policies in the comnanies that aro operating the new moihod.

MUTUAL LIFE OF NEW,, VOHK. The figures of tho Mutual Life, of New lork, show a year of notable achievement in 1911. The close of the sixty-ninth year m tho history of the oldest company in America shows an increased amount of in--5S r /S?«» in J orce, - i5 09.029.7C4—a gain of £8,438,678—and an increased amount of now J,?= l -!L allco nalcl for during the year, £23.-955722-a cam of £4,161,518. Other prominciu features of the year's record are:Asseta, £120,560,628; policy reserves, £97163,328; total income, £17,455,109; total disInuvcmcntv 04 042,733; payments to policyholders. £11,776.945. The one feature, however, which will command more attent ion than any other is the laruo distribution of cash bonuses among the policy-holders. Thrs bonuses have increased since 1906 beyond any parallel in the history of life insurance, and it is stated -.hat tho amount apportioned for distribution this year£o,liC,?,o2, is a larger sum than has ever been apportioned for cash bonuses in a, slnplc year by any other company in tho world. In many respects the Mui.ual Life of Jsew Jork showed unprecedented progress during 1911.

HOLLER SKATINO CTiAZE. Of all "booms" in company promoting, that in connecion with roller skniin" in Great Britain was surely ths craziest. The mania started in 1908, and by the end of the following year some 270 ventures had been floated, reprosentinc a. subscribed capital of well over £2,000,000, and debenture issues of the same amount. Whoro the population was to come from to supply remunerative patronaee for the numerous rinks, of which they were as many as cishi in one town, was no-; disclosed by the promoters. The capital of individual companies was not krire. althoujrn several ventures were on the £100,000 ma.rk, but unless tho inhabitants had fore'ino every o:her form of exercise, rolbr ing rinks were doomed to failure. "Tim proccos of disintegration set in early in 1910, and hmndations have succeeded each pth.?r rapidly ever rinco. The returns' to the e'ld of 1911 show that the n°rr»»ate of collapses for the two years is "132° renrcsentinc a. capitalisation of £1.262,5C0. This accounts for about 38 per cent, of the comeanie? aiul for ott 5' per crut. of the capital authorised * Of courf, many othpr companies lnv.V heon struck, off .the resistor, nr have died from jhepr immtion. shareholders not troubling further nb'jut them as nit worth even official burial. Th 3 record to date will ), e evidence to (Icmonstratc Uie 'iieer fiitilitv of investors in embirkinsr l u ■■'>* sums of roonsy in a «n--cn!aM3n built I'u n, basis iio more enduring a ~.„,„ fashion in popular recreations. MEAT MAIIKET. New Zealand Loan and Mcreantil-> Vemi-v Liniilsd. bavo . received the foilSwins cablcjrram from Hieir London bou'o unc'n"date March 22:—Moderate demand for niuY ton. Market severally better, lamb; m. lr . ket quiet, beef. CUSTOMS. Customs revenue-collected at tin port of Wellington on .Saturday amounted to HT-i Vα. Id., l-hc total for tbc week £9222 1?5. 3d. The returns fov oaoli of tl"e p.-j't eight v.-ceks, compar:d with the figure l ; for the con-cspondins periods of last year show as unaci':— 1912. 19U. £ e. February 3 12,125 12 958 February HI 24.751 7 372 February 17 11,f!54 21,«7 K«!iru:ii-y 24 IJ.S;iS 57.':01 J-Tr.rcli 2 13.54H 12.614 lli-.rch 3 10.973 ll.IfS Mnri'li 16 26.2i3 IS.E'II Mart-h 23 9,C£o 21.5E4 119,620 -3-1.191 The duty colleciod during tlin past week totalled £'ii 2, as ngninnt. £230 Bs. for the corresponding week oi' lar-t year. GItAIN AND PRODtiOE. (By TcleErapli.-Press Aseociation.) Oaniaru, March 23. There has been a Rood dsmnnd for wheat, ami buyers have been found for the Greater bulk of the oficrini;? durins Ine week, Imt only a, email proportion of the (imp lias yet been threshed, and tho market can scarcely be said to have opened i>; iea! earnest-. The greaier part 01 the samples submitted have beon of excellent quality. Prices have varied a penny.u bushel, railage diitanco cud quality -bcimj factors m determining buying The greater portion of the businccs done has been at 3s. stl. a bushel net, or lesn

commission at country Etatione, while a few Email liiwg dimmed hands nt 3:<. 4d net on truck,-;. Some good-sized lines changed hand.-- during tlic week. Oats ha/e not been offering as freely us might have been expected, and Uioh- coining forward have met a. ready market. Clarions Irive constituted tile bulk of the ofrorinEs ai'd prices have been on a level with those of the preceding week. * T JiSn prl:i, i ,ilKl J B!, 'o .ropor.tccl was a lino of 20CO sacks, for which 2,5. net was given with delivery in Oainnru. Oilier pales include lir.es of from 5"0 i:;>ck.s downwards (it Is. !ld. net. at. country stations and some pales of Cape Dnrlcy have becii 'made at 2s. Od. net at country stations. \ few lots of cocksfoot lnvc been made, at f.d for farmers. Jipiißli dressed seed potatoes have been offering but moderately during tliß week, and the closing vahiei of the previous week have been inislained. the sales reported being at. £3 and £3 2<«. 6d. net on trucks, and £3 2s. 6d. net delivered in town. LONDON MARKETS. Br Telegraph—Press Association-Copyright (Eec. March 24, 5.5 p.m.) London, Itarch 24. Rabbits.—Tho market k flat; best Sydney?, ex store, 16a.; Victorian, 14s. 6d. . Wheat—Four Australian wheat, cargoes have been sold at 363., 3fc. ljd., 38s. 3d., and 3£s. 4«d. per crunrtor ench respectively. Cotton, March-April shipment, 5.86 d. per lb. Copra is firm. South Sea, in bags, £24 17s. 6d. per ton. Jute, Jlarch-April shipment, £24 15?. per ton. Hemp is quiet. March-May shipments, £21 15s. per ton. Jttibbcr is quoted at ss. 2d. per lb. Hides arc Arm.