COMMERCIAL ITEMS

Dominion, Volume 22, Issue 212, 4 June 1929, Page 14

COMMERCIAL ITEMS

AUCTION SALES TO-DAY. Papawai, Greytown, 12 noon.—Sale of Jersey herd, account W. H. Gordon (Wairarapa Farmers’ Co.-op. Association, Ltd.) 8 Willeston Street, 1.30 p.m.—Sale of furniture (E. Johnston and Co.) TO-MORROW. Pahiatua, noon. —Clearing sale (N.Z. L. and M.) . , Panama Street, 2.30 p.m.—Sale of land and houses, 7a and 7 Vogel Street (Harcourt and Co.) 181 Featherston Street, 2.30 p.m.—Sale of land, account Supreme Court (Dunbar Sloane). . Reid’s Line, Bunnythorpe, noon.—Dairy sale (Dalgety and Co. and Abraham and Williams, Ltd.) Johnsonville stock sale. 8, Willeston Street, 10 a.m.—Sale of motor and cycle accessories (E. Johnston and Co.) THURSDAY. .

Gladstone Road, Uevin, noon.—Clearing sale (Abraham and Williams, Ltd.) Eketahuna.—Sale account Anderson and other vendors (N.Z. L. and M.A.) Keeble’s Yards, 1 p.m.—Special sheep sale (Dalgety and Co.) 91 Dixon Street, 10 a.m.—Sale of surplus store, account Defence Department (C. W. Price).

rates of wages * A statement recently Issued by the .Government Bureau of Labour Statistics in the United States, covering a survey of time-work trades in 67 important cities in that country, disclosed that compared with a wage index number of 100 in 1013, the tadex figure for all industries was 260, or an Increase of 160 per cent. The cost of living in that period had increased 71 ner cent From an international standnotat, wages in the United States were higher than elsewhere. Taking the basis figure of 100 in 1913, the index figure for Great Britain in 1927 was about 189, while the cost of living was on about the same scale as in the United States. In 1927-28 • a slight rise occurred in the United States wages, but in Great Britain there was a decline of two to three points. Contrasted with European countries, however, wages in Great Britain were high. In the iron and steel section, for instance, against 100 in England, the index figure in Germany was 70, that for Belgium 50, and France 45. The figures for Europe disclose the advantage which is held by the Continent over Great Britain in competing for foreign trade. In addition, European workmen work longer hours than in England.

COMPANY ACTIVITIES WAIHI GOLD MINING Dominion Special Service. Auckland, June 3. The annual report of the directors of. the Waihi Gold Mining Co,,.Ltd., has been.received from the company’s head office in London. The annual meeting was held on May 9. The report states that during the year 228,749 tons (of 26001 b. dry weight) were treated. Gold and silver sold realised £376,684. Sundry receipts, Including interest, amounted to £19,804. The value of power supplied by the Government of New Zealand in pursuance of the terms or purchase of the Horohora . undertaking was £108,625. Those .items amounted to £467,114. Expenditure in New Zealand and London, Including development work at the mine, but excluding, taxes of all kinds, amounted to £990,2841, leaving a gross profit of £116,824. A sum of £-3,347 was paid or reserved for income tax In London and New Zealand, and £7917 had been written oft for depreciation of plant and machinery. The balance remaining was £85,560, which, with a Balance of £32,190 brought forward from 1927, made a total of £117,750. An Interim dividend of Is. a share paid. In November accounted for £49,590, leaving a balance of £68,160, out of which the directors recommended the payment of a final dividend of laasta, absorbing £49,590, and leaving £18,569 to be Durlng d tl O e r yelr' 138,637 cwt. Of new ore were developed. The reserved at December 31, 1028, were in general account 215,319 tons wet weight, of an average assay /value of 325.; in suspense account, 103,010 tons, of an average assay value of 80s. id. The general account showed a reduction of 80 067 tons, and suspense account of 404 tons, a total of 80,524 tons. Although the results of the working for the year had been good, the results of exploration and development work had been very unsatisfactory. Deterioration with increasing depth had been shown clearly in the records of . total ore discovered at eacli level, and two important tests of Martha Lode during the year had given additional proof of impoverishment in depth. In November the position was very carefully considered by the company s executive in New Zealand, and It was recommended that no further exploration at depth should be undertaken. During the past two years a carefully considered programme had been carried out in all parts of the mine, Including the exploration at a number of levels of country rock surrounding a known reef system, in the hope of finding other ore bodies. That lateral exploration had satisfied the New Zealand executive that ore bodies were confined within a block bounded by the 'Martha, Edward, and Royal lodes, and worked by the Waihi and Waihi Grand Junction Companies through so many years. The New Zealand executive, therefore, had come to the conclusion that for the future exploration work should be limited to seeking out only such blocks of pay ore as were felt reasonably certain to exist. The tin proposition in Siam had received anxious consideration during the year. After protracted negotiations tlie directors, acting in conjunction with the Tronoh Mines, Limited, which was parlticipating with Waihi, had contracted for the purchase of a tin dredging area of about 6550 acres, situated in the Island or Puket. One half of the property was in course of transfer into the name of Tronph on behalf of the participants, and it was hoped the rest would be transferred within two or three months. Tronoh would take onethird of the undertaking, and Waihi twothirds, and the two companies would share in all respects on that basis. NORWICH UNION FIRE The accounts of the Norwich Union Fire Insurance Society, Ltd., for 1928, show- that in the fire account net premiums amounted to £2,255,515, and the net claims paid and outstanding to £1,119,276. After charging commission, lexpenses of management, and taxation abroad, and setting aside 40 per cent, of the premium income as reserve for unexpired risks, tlie sum of £144,846 has been transferred to profit and loss. The personal accident account shows net premiums £131,826, and net claims paid £73,677. After setting aside 40 per cent, of the premium income as a reserve for unexpired risks, and providing for outstanding claims, expenses, etc., the sum of £3044 has been transferred to profit and loss. The employers’ liability (Home) account shows net premiums of £255,854, and net claims paid £137,985. After meeting charges and expenses and providing the usual reserves, a sum of £3282 is carried to profit and loss. The underwriting account for 1927 closed with a loss of £lO,804, and this amount has been transferred from profit and loss. The marine fund amounts to £161,020. The general account shows that net premiums amounted to £l,424,835, and net claims paid and outstanding to £811,935. The amount transferred from this account to profit and loss was £50,857. The" balance? in profit and loss after providing for Home taxation amounts

tn £106,473. The dividend declared for is £6 per share, less income tax. The assets of the society total £6,096,431. LONDON ASSURANCE The fire premium income of the London Assurance for 1928 was £1,729,1138, compared with £1,784,548 in 1927, and losses, including all claims, -amounted to £805,144, against £799,751. The balance at the eredlt of the fund after transferring £117.688 to profit and loss was £1,650,000. In the marine department net premiums received for the year were £1,140,848. against £lO2l 583 for 1027. and losses paid and outstanding for 1928 and former years were £988,747. against £1,1.3,184. After transferring £313 to profit and loss, the balance at credit of the marine fund was £lOOO 000 In tiie accident and general department the net premiums amounted to £501,745. and claims paid and outstanding were £255.461. after allowing for £120,049 set aside in tlie previous year for estimated outstanding claims. The balance at credit of the fund after the transfer of £22 891 to profit and loss stood at £388,486 ’ The amount at the credit of profit and loss after writing off £25.000 on premises was £238,874. and the dividend for the year is Ils. 3d. per share, less income tax.

FOREIGN ITEMS PRICES OF RAW MATERIALS. Australian Press Association. London, June 1. Cotton. —Liverpool quotation for American middling upland cotton, July delivery, 9 ’Rubber.—Fine hard Para, Hid. per' lb.; plantation first latex crepe and smoked ribbed, 10 11-16 d. per lb. Jute.—June- July delivery, £3O 2s. Cd. per ton. „ . New Zealand Hemp. —None offering. Copra.—June-July delivery, £l9 15s. per ton. Linseed oil, £2B 12s. Cd. per ton. Turpentine, 445. fid. per cwt. BEET SUGAR PRODUCTION. London, June 1. Seven months’ beet sugar production is estimated at 5,863,028 tons. TALLOW STOCKS. London, June 1. Tallow stocks, 2330 casks; Imports, 1732; deliveries, 082. OSMIRIDIUM PRICES. London, June 1. Osmirldium is very weak. Tasmanian, £2« 10g, W IDs*) houlh AlrJoaa, £IU.