COMMERCIAL AND FINANCIAL

Evening Post, Volume LXXXII, Issue 46, 23 August 1911, Page 4

COMMERCIAL AND FINANCIAL

Evening Post Office, Wednesday. The wholesale soft-goods houseß report prospects for the_ spring and summer trade ac steady, with father good enquiry from the country. The displays of new summer goods attracted a large number of those interested, t and all things Considered the outlook is much more encouraging than at this time last year. S'rom time to time reference has been made in this column to the abundance of mon&y seeking employment as reflected in the banking returns. The returns of Wo banks doing business in Australia, however, show that the plethora of unemployed capital is proportionately greater in the Commonwealth than ill New Zealand. For the twelve months ended 30fch June*-and the complete returns are onlj just available-^trading deposits held by the banks amounted to £13,500,000, and the aggregate d«po9lfa3« fixed and ffee, totalled £141,377,000. This is held to be unparalleled in the .history of Australia. In two yeafe deposits have increased by over thifty-one millions sterling. Advances, too, haye f increased, but not in proportion, deposits being £28,250,000 in excess of advances. The Life Insuranc* Company of Australia, a new organisation, sets > out to reduce the ordinary expense ratio, especially with fegard to the collection of individual premiums. The nominal capital of the n«w Company is £250,000, in 500,000 shares of 10% 'each, and 200,000 shares are to be offered to th© public and l0 t OOO shares are to be given to the promoter (plus £500), Mr. C. G. M. Wilson, late of the Royal Insurance Company, who will act as manager. There will be^ 290,000 shares # held in _ reserve. Country storekeeper^ will act' as collec- I tors. Agents will secure the business in the first placd. 1 Rev. Dr. Marshall, who presided -it a meeting of the Australian Widows' Fund Life Assurance Society in Melbourne, re* fprred to the advantages gained by union with the Mutual Lifo and Citizens. When it wa<s remembered, he sfiid, that the largest surplus for the quinquennial period of the "Widows" amounted to £142*904-, policyholders would realise the advantage of the^ union, which, on the basis of the past nine months, would provide ,a sura of £336,000 Bharo of surplus over a period of five years. from calculations mads it seemed certain that the share of surplus to the widows' fund section would in the future be on, the average more . than double the aniount which oould hate been paid by the Australian Widows' Fund alone. UNION BANK.-The 'directors of the Union Bank of Australia have resolved to declare a dividend at the rate of 10 per cent, per annum, equal to 25s per share'i and a bonus of 2 ( per cent., equal • to 10s per share, the dividend ahd; bonus together being at the rate of 14 per cent. per annum, and amounting to 35s per share, and to appropriate £10,000 in reduction of bank premises account in the colonies, £20,000 as an addition to the reserve fund, tfierebjr, making it £1,250,000, leaving £42,189 to bo carried forward. - BANK STAFF BONUSES.— The Argus, in commenting . on the -defeated proposals of shareholders in two Australian banks for direction to award bonuses to their staffs, observes that ifc is tolerably, certain that dissatisfaction with the remuneration of bank clerks is not Confined to members of the staff. At two meetings of' 'bank' shareholders last Week tho question of granting a bonus to the lower paid officers was mooted, and the suggestion \vas met with the usual stereotyped remarks on the part of the directors. The. only objeotion to the payment of a bonus is £hat> like the rain, it falls upon the undeserving and deserving alike, whereas an increase of salary is the reward of merit alone. On the other hand, a bonus permits the lower paid employes to participate in the ' good times without imposing a fixed charge upon the bank, Which might be found onerous in less favourable years. It will be generally admitted that much of tho work in a bank, especially ■in th« "metropolitan offices, is of a more or less routine charaefcett It should 1)6 possible to classify officers who *re engaged in such duties, so that they would clearly understand the limitations of the positions. _ Amongst tho conditions attaching to service in the lower grades of a bank's staff should be a provision whereby An ( office* in receipt of the maximum salary in his class for a defined period should be required to look for employment elsewhere in the event of ■ no vacancy existing for him in the higher grades of the serVIGA. It Aoes hot do the institution of the individual any good to have officfctt over ,a certain age occupying subordinate positions at a correspondingly low rftmtmeration. DAIRY PRODUCE.-Judging by the high prices that buyers are prepared to give lid to Hid per pound for the season's output of butter, and tho attitude of some factories in holding out for ll^d, there is a good time ahead for butter The weather has been favourable to tho industry and tho supply in the mildei' portions of the North Island has already begun. By Ist September: factories generally in the Taranaki and Wellington districts should be in full running order. It is understood that with 76 per cent, of the factories adopting pasteurisation, there should be a marked imttfoVetnent in the quality of butter exported this season. Locally the stringency has beeni- vefy great, some distributors not hating a box to supply Customers. t It would sfeetn that even whon factories are running Ml time there will not necessarily be cheap butter for home, cofisutfiption if the London, price is maintained at the level both buyers and makers would seem to think is probable. Buyers of cheese for export, too, are particularly keen at s|d up to 6d per pound. Makers are very firm, and are in no hurry to sell. In addressing shareholders of Lovell aria Chfietmas, at the annual meeting in London, Mr. J, C. Lovell stated that supplies of butter from Australia had constituted a record, and completely swamped the Loh* don market. The supplies from New Zealand were slightly smaller owing to a partial drought, bufc> notwithstanding this, as well as deficiency from other countries, tho huge supply from Australia more than made up for this. During the fifteen years that the company had been formed they had paid Debenture and Shareholders £660,000 and established a reserve fund of £114,000. MEAT.— The prospects of the meat market, in view of tho labour troubles in the United Kingdom, .are rather difficult to forecast. That distribution has been interfered with is beyond question, but at the time qf writing no reports have come to hand of exteneivo damage to held-up cargoes It is thought, however, that prices will advance all round, and that there will be a good clearance of stocks, which were already heavy before the troubles be^an. There, has been s local advance of rolls and eides of bacon during the week of id per pound. .WOOL.-rPresideht Taft'a .veto to the Amfeficah Bill 1 for th© reduction' of the duties on wool has been a disappointment to growers, who were naturally looking forward to come reduction of the rate of eleven cents oh greaey wool before the sales begih here in November next.. The effect will be best seen, however, in tho September ttaifes in London, which should i afford some light on the subject. Dal* gety's report a net decreased export of wool from Australasia, during July of 18,950 bales, compared with lite, corraspending period of 1910. The position is as follows i— , 1911. 1910; 1909. i . Bale*. Bales. Bale*. Commonwealth ... 20,607 48,691 38^418 N.Z. ... ... 11,900 11/766 14,145 Total* 41,507 60,457 52.563 Mail advices of the July sales in London are to hand. They show that the opening rates were mofe favourable than were at first expected j that half a dozen, Ame« rieiitt buyers were at the sales for the purpose of replenishing stocks; and that combing mills, being in wrak again, materially "helped" price* m growers' interests. "HEMP.—The labour troubles in London, t,hf> quantity of old stocks in Au«. tralia, end fhf dry weatbfir, in thi> ttlwtatgrowing districts of tho linited EiUtei ate

bclioved to be s6me of the causes operating Against Ihe hemp market at tho pfesent moment. Prices to millers are exceptionally low at tho present time^-£l6 15s per ton for good-fair, £15 15s por ton for lair grade. Tow was quoted on Mon* day at No. 1 £7 10s per ton, No. 2 £6 15s, No. 3 £6 ss. Tho mills are already running for the season, and stocks are begihning to accumulate. Buyers are exceed* mgly difficult to find, and it is found to bo fat from easy to keep tho market firm. DRIED tfftUJTS^Tho Bielefeld, with Mediterranean new season's fruit, is to leave Basfa on or about 20th September for Fremantle, Adelaide, Meitourfie, and Sydney. Shs will call at Leghorn, Catama, and Girgenti. The Linden, the second steamer, will leave Patras and Smyrna about the end of nest month for i Australian ports. j GROCERIES. — Mediterranean and Caluornian new fruits show no change during the week. Cfeam of tarts.* is firm, but there haft been no 'alteration in | prices. Bfitißh Colombia salmon, prices for the new pack are out and show an advance of 12J per cent, to 15 per cent. over last years prices. Alaska quotations are not yet to hand. TIN PLATES.— The Lydbrook tinplate works report outputs sold to January and supplies for eaflier shipment are obtainable only from sellers who have bought forward. OILS.— The Vacuum Oil Co. reports'that the only change in. the prices during the past week hae been in connection, with turpentine substitutes, as under:— Coccmy mineral turps-~19 3d per gal. in cases, f.0.b., Wellington, 30 days terms, and Is2id per gal. spot cash. Special deodorised Socony mineral turps— 2s per gal. in cases, f.o.b. Wellington, 30 days' terms; Is ll£d jper gaL spot cash. There has been a reduction of Id per gallon in the- price of eocony mineral turps, and 4d per gallon in the price of special ded-> dofised socony mineral turps. Linseed Oil is firm,' and the market is expected to advance. PRODUCE.— FIour and oatmeal remain unchanged at £8 10s and £13 10s per ton respectively, f.o.b. South Island ports. Fowl wheat is hardening, and may be quoted at 3s 6d per bushel f.o.b. Bran and pollard, £4 10s and £5 10s per ton re spectively, f.o.b. Chaft is beaming scarce in Maflborough, ,ahd is quoted at £5 10s f.o.b. Blenheim. Maize, 2s 8d to 2s 9d f.0.b., Auckland ahd Gisborne. Oats are very firm at 2s 8d to 2s 84d pet bushel for 'A^gVade, f.o.b. Sduth ' Island ports; and bfcfley 3s to 3s 2d per bushel. Potatoes are slightly firmer at £3 7s 6d to £3f3 f 12s 6d f.'o.b. Lyttelton. Melbourne onions m Wellington are distributing nt £6 10s t6 £? 10s per ton, according to sample.