COMMERCIAL AND FINANCIAL.

Evening Post, Volume LXXX, Issue 113, 9 November 1910, Page 4

COMMERCIAL AND FINANCIAL.

Evening Post, "Wednesday. The annual report of the National Insurance Company of New Zealand shows the net revenue to 30th September to havo been £IW fiW 8s 3d. After paying an interim dividend of £7500 there remains a surplus of £28,536 0s lid, which together with balance from last year, £30,361 14-a. amounts to £53.897 14s lid To tho reservo fund £20,000 ha 9 been added. A further dividend of Is ie roeominended, makiut; la 9d in all distributed, which will absoib £10,000; and it is proposed to carry forward £38,897 14s lid Mr. It. G. H. Knibbs, Commonwealth Statibtician. gives the gross values for Australian exports and imports for tha past tv.o years as follow: — 1908 1909 •Exports— £ £ Aitßt. tjroduce... 62,118,903 62,843,711 Other uroduee... 2,192,155 2,475,125 Total exports ... 64,311,058 65,318,836 Imports ... 49,799,273 51,171,896 Total trade ... 114,110,331 116,490,732 The total trade in 1907 was £124,633,280. The average value per head of exports of Australian produce in 1909 was £14 10s lOd, against £14 15b 6d in 1903, and £16 16s in 1907. The average value of imports was £11 16s lOd in 1909, against £11 15s 3d in 1908, and £12 9s 4d in 1907. The average value ofimportß in 1904 was only £9 7s 3d, the increase which has since taken place being the result of good aeasons and greater prosperity. In all probability Nelson's direct exports of fruit to the London market this season will greatly exceed the initial shipment made last year. Prices on.' the whole were exceedingly good, notwithstanding that there was much to be desired in the packing and get up of the New Zealand fruit. It is understood that the New Zealand Shipping Company will make provision this coming season for loading a large quantity of fruit at Nelson. While it is no doubt a desirable thing that New Zealand should be represented in the London fruit ma'.-ket, it must not be overlooked that, large as London is, the market can be overdone. The Tasmanian orchards are now growing 1,500,000 cases of apples for export. The trade is mostly with London and Germany, and Australia, the last being the heavipst cousumer. But the Tasmanians are looking for other markets. For some time past fairly large lines of excellent well packed and graded, and neatly got-up fruit from Hobart have been passing through Wellington to ..Argentina and Brazil, where they have realised very satisfactory prices.' But. in five" years Tasmania expects* to ' have available for export 3,000,-OOp bushels, and in ten years 4,500,000 bushels. Obviously, then, some other outlet than 1 London Inust' be -found for the fruit. To India and > the -Far East Tasmanian Txuit has already found its way, but it must ever be beyond the purse of the natives, so that its consumption is limited to the- European population of the East, that in comparison, with the coloured peoples is infinitesimal. To London Tasmania sends about 500,000 cases a year, and 4s a case in Hobart is considered a satisfactory price. To Australia and New Zealand some 30,000 bushels are sent away weekly for the -best part of the year. In 1911 it is proposed to try the United States market by way of New York, with 90,000 to 100,000 cases. Buckley and Nunn, drapers, Melbourne, paid for the year ended 9th July, 10 per cent, dividend, out of net profit of £23,793 (£23,538 for 1909, and £21,443 for 1908); transferred £7,797 to special reserve, making it £20,000, and carried forward £12,395. At the annual meeting in London the results were considered very "satisfactory. In his annual address to shareholders of the Colonial Bank (Melbourne), Mr. Agar Wynne, M.H.R., referred to both the Commonwealth note issue and to Commonwealth expenditure and taxation As far as the Colonial Bank was concerned, he said, the profit derived from the note issue was not large. With regard to Federal expenditure and taxation to meet it, the bank could not well escape their effects. The expenditure would amount for the year to £15,000,000, and the State (Victoria) and Federal expenditure together would probably'amount to £45,000,000. The new Federal tax vyould affect land values, and iiNwas upon land that the sum of some £250,000 000 held been lent by way of mortgage The municipal advances made by the banks had lpeen secured upon land which had always been worked upon. a,i th© safest security It was inevitable, then, that sucb security of £5000 in. value and over could escape depreciation in. mortgagee must always reckon that properties may fall into their hands and be charged on the highest rate. This must reduce the value of the (security so far as banks and other public institutions .were concerned. Lever Bros. (Sunlight Soap) have increaeed their capital to £14,000,000 by the creation of £5,000,000 shares of £1 each. It was only in July last that the capital was increased from £6,000,000 to £9,000,000. ■It is believed that the company contemplates the ab&orption of anothei soap businpss. It already controls Brookes (Monkey Soap), Vinoha, R. S. Hudson (Dry Extract), and Hodgson and Simpson (Liverpool). The company was registered in. 1894 with a capital of £1,500,000, and has built up its capital at tho "rate- of about three-quartere oi a million a year. A further heavy shipment of machinery from England will be despatched from Wellington this week to the Golden Bay Cement Co. It is understood that the shares in this company, although not yet quoted on the Stock Exchange, have recently been sold at Is 6d to le 9d premium. HEMP.— The market has had a setback. ' 'London nominal prices may be taken to be about £20 7s 6d for good fair, and £18 for high point and £17 10s for low point fair grade. It would seem that London is the only buyer in the market, as neither America nor Australia are enquiring. In the States it would seem quite clear that sisal is entering more and more into competition as a binder-twine fibre, touching both Manila and New Zealand hemp. An experimental shipment of New Zealand hemp is going forward to San Francisco by the next direct steamer i Some twenty-five tons will be shipped in Wellington. The freight is rather against it, working out at £3 12s 9d pei ton of 20001b, as against £2 10s for the game weight direct to London'! A Wellington firm, in almost daily touch "with London by cable, foilnd it difficult on Monday to reconcile the- High Commissioner's report of the hemp market as published on Monday. A cable was despatched on Thursday offering good fair grade hemp for November shipment a,t a price, and the best possible counter offer 'that could be obtained in reply was £24, c.i.f.e. On Saturday (the date of the despatch of the High Commissioner's cable) it was reported that there was "no change in price's," 'and .giving 'a quotation for good fair £24 -103 per ton, on the spot and also for forward shipment. , • SKINS AND HIDES.— The local skin and hide sales on Friday were marked by brisk bidding and a large attendance of buyers. Sheepskins were lower in price than at the previous sale by 3d to gd per pound for dry skins. Gj-een skins held their own. Hides showed an advance of id to fd per pound, and were in strong demand. Tallow of all descriptions realised excellent prices, good mixed in shipping or/cler up to £30 a ton. DAIRY PRODUCE. -The state of the London batter market is far from encouraging. According to the High Commissioner's cable, there has been a drop" of 3s per cwt on the week. Prices in shillings per cwt compare as follow: — This Last Last week. week. year. New Zealand ... 109s 112s 118s Danish . . . 113s 115s 128s Australian ... . 106s 109s 116s Siberian . - . 102s 104s U?.i The quantity of butter arriving in London for the week ended 29th October was 71,000cwt as against 62.000cwt for the corresponding period of 1909, an increase of 9000cwt. According to private advice^. dated Sydney 23th October — "Tha season throughout the Commonwealth is .shaping well for a record production. South Australia anticipates double last year's output. Victoria will probably evceed all provious records while both ■New South Wales and Queensland have.

up to date, shipped considerably more than last season." Commonwealth exports of butter to London from l&t July lo 4ch November amounted to 8107 tons us, compared with 4656 tons for the corresponding period of 1909, and 1961£ tons for that of 1908. MEAT. — The New Zealand Shipping Company's s.s. Kaikoura, after visiting Picton, will pay her first visit to Tokomaru Bay, where the new freezing works t will shortly bs running. She will also load wool at the new port. There are reported sales of Canterbury lamb for December at 5Jd per lb c.i.f. and s|d for January. The London beef market is weak. Locally prices for stock are exceedingly high, so that very little export business is being done. Mutton is firm. Sales of Southland are reported to have been made at 3ld for November shipment. GROCERIES.— The severe shortage of the French and Rhenish vintages and the reduction of the crops of Italian and Spanish grapes are likely to have a still further hardening effect upon the cream of tartar market. British caustic soda makers will reduce the price of this article as .from January next. New season's sultanas are expected to arrive here op the 23rd November. Prices are expected to be Id to lid dearer. New American fruits have already arrived, via -Auckland, and are being distributed ; also new season's dates, viaSydney. Private cabled advices firm Colombo are to the effect that all common teas are about id per pound dearer, and likely to rise still further. Messrs. Laughland, Mackay and Co. repjriing on the Mediterranean fruit marker on 22nd September, state that the cju.il'iy of new currants promises to be good; that high prices asked for sultanas have somewhat affected the demand for new fruit; and that the Valenciaß are small, but in good condition, but that the crop is much less than last year. Muscatels give promise of good quality, and are about the same price as last year. Jordan almonds have turned' out to be of excellent quality. PRODUCE. — No change is reported in the price of flour, which remains at £9 tb £9 10s per ton; nor of oatmeal, which ranges from £10 103 to £11 per ton, both fio.b. South Island. B grade oats remain at 2s l£d per bushel with Id per bushel more for A grade. 'Barley is from 2s 2d to 2s lOd per bushel, according to sample. Partridge peas 5s per bushel and Prussian bJues 6s 3d, all f.o.b. South Island. Maize is obtainable at about 3s per bushel irt Auckland. Chaff has hardened at a rise qf 5s to 7s 6d during the past week, and offered at £5 12s od, f.o.b. Blenheim, with Melbourne chaff at £5 12s 6d in Wellington. Fowl wheat is quoted at a. bout 3s per bushel, f.o.b. southern ports. New Zealand potatoes in Wellington ranged up to £12 10s per ton, with Australian £10 10s to £11. Victorian onions in* Wellington were obtainable at £8 to£B 10s per ton.