COMMERCIAL & FINANCIAL.

Evening Post, Volume LIX, Issue 127, 30 May 1900, Page 4

COMMERCIAL & FINANCIAL.

Evening Post Oflicc, Wednesday. FROZEN MEAT. Those who aro now landing stocks of frozen meat in London will be very pleaded with the tone of the market. Primo Canterbury mul ton is quoted at 5d per lb: Dunedin and Southland at 4|d; and North Island at 4^d, which represent the highest prices touched for a very long time. Tho advance since the beginning of the year is equal to 115-16 d per lb on Canterbury mutton; 113-16 don Dunedin and Southland brands; and 111-16 don North Island mutton. Tho upward movements, however, has been most marked since the Ist April, for since then Canterbury mutton has advanced 17-16 d; Dunedin and Southland, lid; and North Island, Jd. There are special circumstances nttonding this movement and they arise from the fact that amongst the live cattle landed at Deptford from tho River Plate foot and mouth disease was discovered, and Her Majesty's Government gavo notico early in April that after the 30th April the importation of live stock from the Republic would be prohibited. The absence of this frash meat has no doubt disturbed the' market; at any rate tho advance in prices began, as soon as the disease was discovored and the prohibition of imports seemed probable. Speculators in the meat markets have to look well ahead, and any such event as the decrease in the imports of live stock would naturally causo them to look to frozen meat to supply the deficiency. The market has been steadily advancing ever since the beginning of April, and whether prices will advance still further will depend upon the supplies available. Another disturbing factor has been the withdrawal of refrigerated tonnage on account of the war in South Africa. From, the beginning of October to the middle of April the charterings for the War Office totalled 215 steamers with a gross registered tonnage 0f.1,664,250 tons. Many of these vessels were engaged in the meat trade from the Argentine, «nd this disUtrbanee has shortened the supplies. From New Zealand the withdrawal of the Waiwera "for one trip and the lengthening of the voyages of +,he Waimate, Waiwera, and Maori, in consequence of having to take the route via Capetown, has in a measure disorganised the export trade of this colony. The chief disturbance to the London market aVises out of the peculiar conditions of the meat trad© in the River Plate just now, but the difficulty will soon be overcome by shipping frozen meat instead of live stock. High prices such as now prevail invariably induce heavy shipments —they did last year under somewhat similar circumstances, and the imports in July of last yeat were the heaviest on record—and with heavy shipments there will be a decline in values. Farmers who aro not fully informed will naturally expect to receive for their fat sheep prices corresponding with those now ruling in London for mutton, but it must not bo overlooked that sheep bought in the paddock today cannot be marketed in London inside of two months, and by that time values will probably have come back to their normal level. The market is very good just now, but it cannot hold. ARGENTINE COMPETITION. The Argentine competition, though sometimes ignored, is nevertheless a fact, the importance of whioh cannot and should not be discounted. In tho bid for the South African trade it is a question whether we are not outclassed by the South American Republic in all descriptions of produce. Large quantities of cereals and fodder have been sent from the Argentine, to South Africa and a Bueno3 Ayres contemporary writing under dato 12th March says: —"Every day that passes sees the trade, with South Africa increasing. It is estimated that 10,000 eteers and 45,000 wethers will be shipped to Capetown this month, besides fodder, maize, flour, etc. The English commissioners aro aleo ctively engaged in buying horses, and have on hand ready for fihipinent some 2000. All this represents quite a little fleet of steamers, and as long as the- war continues, or, rather, as long as the British troops remain in South Africa, the demand for Argentine produce will be sustained. The superiority of Alfalfa over any fodder produced in tho English colonies is admitted, and as regards live stock the short voyage to tho Cape must always givo this country an advantage over other competitors. Even after tho conclusion of the war, when things have settled clown a little in South Africa this country ought still to be able to keep up a portion at least of the trade, as war leaves its traces behind, and the Capo colonies will doubtless be dependent for a time on outside sources for part of their food supplies." It will bo seen that we must reckon on the competition of the Argentine in any efforts we may make to secure a footing in South Africa. COMPANY REPORTS. The report of the Australian Mutual Provident Society for the year 1899 has been circulated, and is interesting as marking the further progress of the Society. The new policies issued numbered- 15,238 or 274 more than in 1898, and the new premiums totalled £135,339, as compared with £127,332 in the previous year. Th« totel premium income for the year exhibited an increase of £72,225, representing a growth of 5.10 per cent. The total revenue for the year amounted to £2,243,644, against £2,152,177 in 1398, showing an increase of £91,467. The claims under policies including bonuses totalled £528,919, or £69,625 less than in the previous year. The funds at the end of 1899 amounted to £16,074,741, an increase of £895,692. The increase in the business in New Zealand last year was represented by 1396 policies, assuring £284,511. One point of interest in connection with the accounts of the Society is the amount paid in taxation. The Society is heavily taxed in New Zealand as compared with the other colonies, and the following table shows the payments under each head in each colony: —

The taxation in New Zealand is more than 50 per cent, of the whole, and arises through the operation of the tax ,on mortgage investments. The Mount Lyell Mining and Railway Company, whose balance-sheet for the half year ended 31st March last has just reached us, has had a prosperous career. In the first half of the year the net profit amounted to £182,596, and in the second half to £134,377, making the total net profit for the year £316,973. Out of this dividends aggregating £199,015 have been paid and £25,000 has been set aside as a, reserve 'fund. During the year £35,267 has been written off • for depreciation, £11,353 has been paid in taxation and £7671 has been spent on mine prospecting. The increased output of copper and the higher price of the metal have been mainly responsible for the excellent results shown by the company. The coat of producing blister copper for the past hnlf year was £1 3s per ton, as against £1 4s 5d in the previous half year.

Coloay. Ll «f e &' M.S. Wales ... . — Nl-w Zealand 200 S. Australia... 30 Queensland ... — I'iismauia ... SO W. Australia 30 Victoria ... •— Income '. Tax. £ 3,173 1,729 2,230 1,562 Property 'lax. £ 1,2»2 7,720 59 47 Total, £ 4,15 c 9,64£ 2.31S 1,562 97 3d £310 £8,694 £9,108 £18,112