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COMMERCIAL & FINANCIAL

BANK OF NEW ZEALAND. It is now eight years feinee, tho colony onmo to tho nsaiHtuncu of tho ahuroholdoi-H of tho Hank of New Zealand sxml saved that institution from collapse. Tho provision mudo in ltJ94 wan found inadeiiuato, and further legislation was noeossary in 1895 ; and aineo then tho Bank has boon steadily recovering its pomtion, n» i» shown in tho tablo appended, which gives tho not profit for oach your of Bovon years: — 1896 35,709 1897 39,391 1898 , ... 85,03 i 1899 93,920 1900 145,020 1901 „t 210,665 1902 k 209,501 £819,239 This is oqual to an avorago annual profit of £117,034, which is £40u0 loss than the estimated not ourniugs arrived at by tho Banking Committoo in 1895. Tho pnst two years lia\o proved oxcoptionnlly proDiablo to tho bunk, and if tho prospuots ooutinuo ns now tho profits of tho noxt two years should bo quito as largo. It is currently roportod that tho directors of tho bank intend declaring a 5 por cent, dividend on tho amount paid up by shareholders, and as this distribution is sanctioned by tho Banking Aot, it is vory likoly that tho modest sum of £21,366 will bo rosorvod for this purpose. Assuming thi» to be correct, tho distribution of the •oven yours' profits, aggregating £819,239, is as follows: — £ Paid to Assets Board 451,135 Written off Estates Company Assets in Liquidation 139,988 Written off Debenture Conversion Account 68,445 Qoodwill Account, written off ... 75,000 Written off Bank promises ... 42,910 Written off Colonial Bank pro- _ P«-ty 15,000 Written off Furniture Aooount ... 5,395 Dividend to Shareholders 21,366 £819,239 NEW 7P.AT.AVT> HEMP. At tho beginning of the year tho London quotation for hemp was £33 10s; oarly in March the prico rose to £39 10a por ton ; in April, tho spot quotation was £37 ; in May, £35 ; last mouth, £34 ; and this wook tho Agont-Gonoral's cablo gives tho prico at £28 10s. This shows a fall of £11 por ton from tho highest quotation of the year, and a fall of £5 10a ns compared with the prices ourront last month. The preiont price is £3 pei* ton better than a year ago, but tho outlook is not as favourable. Tho hemp markot is ruled by the supplies of Manila. When the ports were closed and production checked through tho operations of American troops, tho prices of all grades of fibre were favourably affectod, but now that civil administration has boon restored in tbe Philippines and the ports thrown open supplies are coming forward freely, and with the inoroaso in supplies price* nro recoding. Privato advices from Manila show that the natives aro turning their attention to tho production of hemp, and if this proves corroot, the valuo of mow Zoaland homp must witness a further deolino. Tho prico may go below what is now regarded aa the lowest cost of produotion, but that teems improbablo in view of the faot that manufacturers have now a full acquaintance with tho texture, tensility, and use« af Now ZoaUna hemp, while machinery has been adapted for its special treatment. Evon if the prico falls below £25 por ton in London, thoro ought to bo a modest profit loft to millers. The floods of some weeks ago and tho wot weather recently oxperioncod havo chockod production, and many rnillors aro behind hand in their deliveries. Merchants are covering their shortages by buying in London rather than in the colony, because tho spot quotation at Homo ia relatively less than tho prioo asked f.o.b. Wellington. According to tho AgentGeneral, stookn are accumulating in London, the quantity now hold being 530 tons against 267 tons last year. GENERAL TRADE. Trade within the colony keepa fairly active, and engagements are well met. Prices of most commodities show very littlo variation Sugar. — Tho reduotion recently announced by tho Colonial Sugar Company may bo takon as tho first of such downward movements, and the rosult of the unsettled stato of tho sugar markot of tho world. European advioos show that tho recommendations of the Brussels Conforenoe havo not yot boen ratified by tho German Government, and strong opposition is manifostod chiefly by thoao intoreated in tho industry. The aotion of tho Indian Government in submitting •» now Sugar Bill, propoaing to countervail tho Cartel bounties, in addition to the direct bounties, is reported to have created a sensation in Berlin. In addition, thoro is a surplus in tho world's visible supply of 1,000,000 tons in oxcess of tho supply available last year, so that altogether tho position is a very mixed one, full of ploaslng possibilities for the consumer. It fa worth noting that German beet sugar is now quoted at 5s lid per owt, as against 9a lid A year ago, a drop of £3 4a 2d a ton. Rice allows, an upward tendency, and an advance ia reported from Japan. Tho present wholeialo quotation la £15 10a per ton. Currants. — It will be some timo before tho now fruit reaohes the local market, but in tho meanwhile speculative quotations at 16s, f.o.b. Sydney, aro boing mado by Australian houses. The latest advices from the centres of production are not definite, and tho moat that can be said ia that a bopoful tono prevailed. Salmon. — Low grado descriptions are selling as low as 3a 6d per dozen in bond, while the better grades run up to Bs. Thoro is a scarcity of Horrings in To1 mato Sauoo, and values range at 8s 9d to 9s. Prosh Horrings and Kipperod Herrings ore in full supply, with no variation in prico. Bovril, in 2oz glass lure, ia soaroe, and is now quoted at 15s 6d por dozen. Robinson's Patent Barley and Groats are also scarce. Townshond's Sarsaparilla ia now in plentiful supply, the shipment ox St. Fillana relieving the pressuro. American Evaporated Fxuita of all deacriptions aro scarce, and a big advance in prioes ia reported. Tho diversion of ihipraenta to tho Philippines ia probably the oauso of the adverse movement. Thero is a ateady demand for explosives of all kind, and the consumptive demand for tobacoo is also very good. Stocks of Juno Tobacoo are running short, but the Star of Now Zoaland, shortly due, is bringing fresh supplies, which will rolievo the market. M'Lean's Imperial Cheese, in Jib and Ub jars, imported from Toronto, Canada, has met' with a ready aale in this colony, retailing at 3a per lb. the market is bare of this oheose at tho moment, but another large shipment ia expected to arrive in tho course of a fortnight. The sale of this cheese is a reproach to our oheesemakers, who cannot realise more than about 7d por lb in the local markots. Thoro ia evidently a profitable market for high-grade cheese within the colony, and it ia a wonder that some of our oheese factories do not make a- bid for tho trado. Tea.— Private advioea from Ceylon indicate a probable rise in secondary descriptions. "-" THE PRODUCE MARKETS. Potatoes have deolined from 10a to 15a per ton during tho past fortnight, and are now quoted at 80s per ton wholesale. Onions have fallen a further 10a per ton to £6. Oats are firm and steady. Maize has deolined 3d per bushel, and the reason assigned for this is that Australia is boing furnished with supplies from Argontino. Oatmeal has deolined 10a per ton during the past fortnight. Flour is quoted at £11 per ton for aaoksi o.i.f. THE FRUIT MARKET. Trade continues on an evon basis, and there ia very little of moment to report. New Zealand-grown apples and pears are in ample supply, and quito equal to the existing demand. Owing to the drought in Australia tht supplies from Sydnay are OdmparatiYoly m»»gra. Th« mandarins

and lemonß, which tiro in-nctically thu only fruits fioin Now South AVidcn, aro pooi in ciinilily Tin) lil.nicU a iv now fuinißluiii; tho bulk of supplies, and orangiw, pineapples, and biiiiiuiui uro coiuiii^ over in (luiuitilieu, uiul inoetinii wall rnudy bide FROZEN MKAT. Tho quotations for fiozon moat huvo witne-isoil aiuithi'i- full, niitl eomp.irod \iilh a year ago, pruva aii> nbout lower for the higher grades. The iiwrkot usually hiacken.s at thin limo ol tho year, owing to tho huppheu nl Iri'bli meat lieing more pluntitul, but tlui ponitioii is woi'mo than it wild tit this timo laat year. North lalund mutton hluiwh to lulvautngo in tho comparwon with la.st year's prices, hoiug 7-16 d higher. Tho lamb market i« vory much depressed, but tho low prices are bound to xtunulato consumption and so afford a natural correcttvo. Beof continues firm, and compnrod with a year ago ox foros aro 1 3-16 d higher, and ox hinds lid higher.

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/EP19020710.2.11

Bibliographic details

Evening Post, Evening Post, Volume LXIV, Issue 9, 10 July 1902

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1,448

COMMERCIAL & FINANCIAL Evening Post, Volume LXIV, Issue 9, 10 July 1902

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