COMMERCIAL & FINANCIAL

Evening Post, Volume XCIII, Issue 98, 25 April 1917, Page 4

COMMERCIAL & FINANCIAL

Evening Post, Wednesday. That the profits of underwriting marine war risks, notwithstanding the intense activity of enemy submarines, are considerable is shown by the following report of the United States Bureau of War Risk Insurance, covering the period from 2nd September to 17th November, 1916. and ju&t mado available: — Number of policies issued 1,684 Total amount insured $163,595,687 Total amount at risk 14,610,345 Known losses to date 833,925 Salvage received 59,056 Total premiums reed. $3,142,526 Net losses paid 774,869 Surplus premium on hand $2,367,657 In sterling there was a surplus on hand at 17th November of £473,500. For expenses oE tho Bureau 100,000 dol. was appropriated, but the expenditure, including cost of organising, salaries, stationery, and other incidentals, for the period under review have amounted to 39,114 dol., leaving a balance in. hand of roughly 60,000 dol. Tho provisions of tho Act authorising tho creation qt tho Bureau have been extended, co that it will operate for another year.

Col. Sanders, of the Indian Army, is in Australia, at present, arrangingl for the purchaso of supplies for tho Government of India. The Tcquirernents are cheese, condensed milk, biscuits, jams, and hospital comforts. Col. Sanders expecte to Temain. in Australia as agent for the Government of India for the duration of tho war. It is not yet known if ho will visit New Zealand on similar business.

HEMP.—^The London maxket is reported as nominally "very strong' 1 for any shipments neat at hand, also for distant shipments; but the tonnage difficulty still Tules the situation, and consequently business is much o£ a. liand-to-mouth character. Near at hand sales are out of the question, however, as present contracts are expected to take up all the space available for the next three or four months. In accordance with, the Railway's new policy for the restriction of carriage to essentials only, flax m not now being carried to Wellington. Returns of {Tradings for the month of March total 16,181 bales at all ports. High fair grade predominated, viz., 8827 bales',' and there wero 3812 bales low fair and 2516 good fair. JThe total gradings for the corresponding month of last year were 16,682 bales. The highest quantities graded ■were at Wellington, 6063 baJes; Foxton, 4254; Auckland, 3105; and Bluff, 1638. Tow graded amounted to 3458 bales for the> month;

WOOL.—Everything is pretty troll cleared up in tho wool stores of the larger centres of the Dominion, but there is still' a considerable amount of wool to b6 dealt with at the smaller porta. Wool exports from Australia and New Zealand for the period ist July to) 31st March, 1917, show a falling off of 453,579 balls, as compared 1 with the corresponding period of 1916. The exports were as follow: 1916-17. 1916-16. Bales. Bales. Commonwealth 1,006,416 '1,388,738 New Zealand. 344,523' 415,780 1,350,939 1,804,518 WOOLLEN TRADE.-Mr. Alfred A. Winslow, U.S. Consul-General in Auckland, reports:—"The woollen mills of New Zealand manufacture a greater portion of the wool consumed in this country than is the case in most other manufactured lines, and tho goods arc quite a superior quality in some lines, especially woollen bed blankets and steamer and coach rugs. Some of these ruga find a market in the United States. Tho woollen mills of this country have been rushed with work since the commencement of the European war and have done much to supply the h6me demands, and tho outlook is good for 1917. No attempt has been made so far to manufacture the better grades of suitings and dress goods in this country, but highclass medium piece and knit goods are produced here, and nothing but wool is used by the woollen mills here. This is a prosperous and growing industry." ,

MEAT.—The London correspondent of the Evening Post; in a letter dated 13th February; calls attention to tho disparity in prices of mutton and lamb in the Smithfleld market at that date. "PJate lambs to-day are selling at Ib, Smithfield price, as lfld {or best New Zealand and Australian; and Plate sheep at 10; cd as against B|d for Colonial carcases. The Americans must Still be doing well, and one does not sea any way out of this impasse. Efforts are still being made to see that American operators get a minimum of British meat, although ono has to acknowledge that in the present state of business when foreign interests secretly work through so many channels this cannot always be satisfactorily assured. However, the Board of Trade has a very close watch on this, and is working its best to this end."

DAIRY PRODUCE—There ia very little to report with respect to tho butter and cheese trade Apart from the market changes as cabled. A considerable' quantity of butier is still in tho freezing stores awaiting shipment. Had there been the tonnage for it, it would have participated in the phenomenal war prices that have hitherto ruled. As it iSj its value is lower by shillings per cwt. The commandeering of Australian butter by the British authorities is expected to be followed by requisition of supplies from New Zealand. The price- of English Cheddar cheese- is cabled out at 145s per cwt. There are heavy quantities of cheeso in tho Dominion still awaiting shipment. The Commonwealth Government's butter schemo lays down sufficient supplies of Australian butter for local needs, during April and May, and factories are expected to tend 80 per cent, of their outputs to agents for sale, tho remaining 20 per cent, to be sont into cool storage. For tins the Government pays 149s 4d per cwt. A local shortage is now believed to be impossible.

GROCERIES.—New season's Californiacanned fruits for shipment about August are reported as having advanced 6d per dozen average all round. Prices for oil bleached sultanas from tho Bam© market are cabled as having been withdrawn. Colombo reports new season's cocoa beans as opening up at prices about on a parity with opening- Tates last year. London cables an advance of £2 per ton on starch for export. This announcement, Tccoived on Monday, was preceded a. day or two before by a. rise of a like amount in tho price of tho Jooally-made article. British tinned herring orders are being booked by packers subject to prices ruling when the eeaeon opens next July- or August. Cornflour is being shipped from England to New Zealand now only subject to special permit. Exports of Now Zealand condensed milk are now being mad© "to the United Kingdom. In rough chemicals export of lump caustic soda is prohibited, but powdered linos are available. Soda ash, formerly shipped in oasks, is now only available in l>a,gs. **

ASIATIC" EGGS.—Tho Sydney Morning Herald reports that "there is every indication that no China, pulp will bo shipped to Sydney this year, and with the increaso of poultry farmers, especially as many returned soldiers are taking up land, it seems to bo only a matter of cheap feed and the public will bo assured of a supply o£ new-laid eggs all the year round at reasonable rates. If the production of new-laid egg 3is increased, the demand for cold-storage eggs by the public will probably cea^e, unless a great improvement is made in. the quality of the eggs released from the cold room 1". The public will prefer the bettor article i£ it is obtainable a.l a reasonable price, and the demand for stored eggs will b» for trado purposes only."

TEA.—Colombo market reports show "everything firm." Broken teas- advanced 1 to 2 cents, although of inferior quality. The .Calcutta market is now practically closed, although a "little business _ih odd lots'is passing. For March of this year Colombo shipments to' London reached 10| million pounds, as compared with 7i millions for March, 1916. ' Stocks being .low the New Zealand market is reported aotive at the moment. The United States it flow purchasing whole-leaf teas ia Aubir&lia. - ' ■