COMMERCIAL.

New Zealand Herald, Volume XLIX, Issue 15094, 10 September 1912, Page 5

COMMERCIAL.

•:» _ I ■ \'■ f v ,HE LONDON MARKETS. i : . | ' HIGH COMMISSIONER'S ADVICE, •■'.-' ■ . '"■-"- ■".'-.. ' '.:.•"•■■:. i :.■ • ■;.-■ •., ' _____ .':^.¥.:-'' i '":'.' ■ . •■■_ I . ■ -: :■■ •■-.■'. •• : -.: .■'.:"' .".■' '-"■- '■ I pt TELEGEAJH.—PBESS ASSOCIATION.] IfBT Wellington, Monday". Wellington, Monday. The Higb Commissioner cables as folI* T '• lows (quotations unless otherwise specified &' V being average market, quotations on \ 61 ■ *"" MUTTOX. '- .;.'"■. ' Market remains firm, although high, •'prices are restricting business. Supplies .--' , will be moderate. There is no prospect I -'of &•■■ decline. Canterbury, lightweight' ~ ; <4d, heavyweight 4|d; North Island, Ii- lightweight 4ifi, heavyweight 4£d; ewes, *-$*' LAMB. • The market is somewhat steadier, with .""better demand for heavyweights. Can- - terbury, lightweight 5Jd per lb,, heavy- : weight s_d; other than Canterbury, s£d. '. BEEF. ''.;.'■:•: -'.'.'• The market is quiet, with small business doing in frozen. Quotations are v 7 nominally unchanged, viz.': New Zealand : i T- hindquarters, s|d forequarters, 3£d. S'-' ; ■•■*• ; '"'..' BUTTEE. The market is quiet, but. steadv. Dan- " ish. 123sj Australian', Ills; Siberian, 108;. ■ CHEESE. S . The market is firm, with an . upward The market is firm, with an upward tendency. Canadian, 67s for white, 67s •-' oi for "coloured. HEIO*. The market is not quite so firm, but '' buyers are holding back on account of " jiiHi prices. Spot Now Zealand good fair ' -, gnde, £27 ss; fair grade, £25 l&s; fair ! ; current Manila, £26 ss; October and December shipments of New Zealand, good I ri fair.-£27 as; fair grade, £25 10s; "fair current Manila, £27 to £27 ss. Tho out- : '. put from Manila for tho week was 26,000 : I '■ bales. woou The market is firm, with a hardening tendency for crossbreds. . Current quotations for Bradford tops are: 56's low ;, crossbred?, Is l|d; 40's low crossbreds; ■• 44's medium crossbred?. Is 3d: 50's half- \ breds.'ls 6d; 56's quarter-breds. Is 9d ; 60's merinos, 2s 2d. life. COCKSFOOT SEED. There has been no alteration in the • market since last week. Continental is : i: v offered at 44s 6d, with no buyers.

;•".■ River Plate meat shipments received ""clurine the month, of August. 1912, were as follows:— London: Mutton, 75,447 ii- carcases: lamb, 27,738- carcases. Liverpool: 111,071 carcases mutton, 50,219 carcases lamb. ;At Hull: 9114 carcases mutton. 291 carcases lamb. At. Newcastle: ■h\ 7089 carcases mutton. Southampton: *-""■ l&,S"2B carcases mutton, 9762 carcases lamb, Cardiff: 500 carcases mutton. - Totals: 222,949 carcases mutton, 60,010 1 carcases lamb. August, 1911:. 257,717 11 carcases mutton, 128,666 carcases lamb.

. ■....., , .■.-,: Messrs. Dalgoty and Company, Ltd., . are in receipt of*the following cablegram from their London, office. under date >:'■ „ September 6, 1912W00l very firm. lb '; - is expected that prices will be higher at the next series. Merino wools, par to 5 1 per cent, higher. Crossbred wools, 5 per cent, higher. j.

-SHE RESPONSIBILITY OF AUDITORS. fs£.'', Auditors sometimes overlook their responsibilities by taking too Optimistic a Mi view of businesses upon which they are M • called upon to report, with a view to Bile. ll'The late auditors of the Law, Guarantee, ||p Trust, and Accident Society, Ltd. (EngM land), in liquidation, paid over to" the liquidators of that company £20,000 by i way of settlement of any claim which the company might have against their firm for negligence in the performance of their ||; -duties, and as the firm had effected a policy ['■ of; insurance to cover/'any irregularities ¥•?■' in,.the .. performance ;of : their duties under «S : the-Companies .■-' Consolidation ..Act, 1908,' m Mr. Watt asked the President of the Board f: ? of -Trade in the House of Commons whether : . r the Government contemplated any legislation which would make it a misdemeanour V for any person upon whom certain duties ,t jj devolve under the Act from laying wagers J; '..'. 'JDjrj'way'.of policies of insurance or other- ."." wise with any insurance company as to SWhether such persons would or would not . be guilty of a breach of the duties cast , upon them by the Companies (ConsolidaV>i tion) Act, 1908, or any other statute. Mr. f J '' Buxton replied that the Government did >j§ not'" at present contemplate introducing '<? ■' legislation of the character suggested. ;,, A -ROMANCE OF INSURANCE. -v' A romance of life assurance was retold in the Legislative Assembly of Victoria on the motion of Mr. Mackey for the second - reading of the Colonial Mutual Life Assurance Bill. According to Mr. Mackey the society was registered in 1873 as an ordi- ' j nary "limited company,' and its 395 members, in place of shares, received foudation £$£. policies. In the course of years the busi- •., •? ness grew to large dimensions. Over .100,000 persons took out policies, not, as they believed in a limited company, but in a . : Mutual assurance society. As the new f-jiv policy-holders increased the foundation : 4"v,members dwindled away, until only 16 sur- •;-, - vived, and they had become scattered over v-;>. the face of the earth. The value of the ./" policies reached £3.000,000. In the course ■- of time the question arose Who really " : owns the business and its enormous as-. £->.-'sets? ' Two parties were interested, but '{- \ - neither had what could be called a clear title,. The foundation members were in v|j Ia . sense shareholders, but they had no ecrip; the policy-holders were managing \\ the business as a mutual society, but they p ~ had no standing in the company that had been registered. The 16 surviving founda- | tion members were sought out, arid asked ; .*r *°" give their assent to a proposal that p; Parliament should bo requested to consti:X- tute the company a mutual assurance so- :.' i. ciety, and to rectify all previous transac- :< tions. Thirteen of them agreed, and of f/ the remaining three, one was in England, Is | another was insane, and the third had S % placed his estate in the hands of trustees, ptefv said that they could not either op- ;? Trove or disapprove of the proposal. The k. '. Bill was accordingly presented. 'The Bill ? .was read a second lime, and was referred ;f to. a Select Committee for consideration.

• , : the new SOUTH wales gas ;. • RILL. •;■' Th& clause in the New South Wales Gas Bill providing that, dividends shall I bo paid on paid-up capital only, irrespec- '£.*•, tive of reserves and premiums on shares, i -"i l3 ' says an Australiaji critic, simply I .-spoliation in its worst form. The effect | ; ""'ill, to a largo extent;, recoil upon the r present Government, who must have ; : : •targe- sums of money to carry on their ruany projects, as the Bill has already | ; paused a jjreat amount oi alarm, both ..= •... liere and in Europe. This is evidenced .- "7 tlie largo number of first-class Australian investment shares sold on London, -;■:; account, and it is evident that it will bo BMich mare difficult to borrow money in II London if predatory schemes of this sort•f..yaro allowed. Now "South' Wales Govern- (:.. 4We stocks have already suffered severely, - "nd are likely to fall still further. This m orastic measure had <a depressing effect | -on. all classes of investment stocks, more particularly those, generally ' termed "giltedged," with the result that support has, i ;:V ,r .Mie time, been .suspended. Small ~ holders have become frightened, and are ,i-t ■ realising at a, reduction 'on previous , Values. :■:;-■ FRUIT AND PRODUCE MARKET. ;S;,•.'> [BY TELKGRArH.—r-lUvSS ASSOCIATION".] : ; « VrEU-IXGTO.V, Monday. "■X u ,^' a heavier quantity of Tasmanian apples p«s* hand last week, the local market is nu&|ier gyS«r-Jfew Zealand-grown, at- 7 « to £« for choice PW 6s to 6s 6d (or prime; cookers, of choice quaiity, in good demand, at. 7s 6d to 3* 6d fjlffiS'S'i prime. 6s to 7*. Pears: Choice, dessert. ffiSvy lis half-case. Tomatoes: Choice, Is 3d to -.'■** &d lb. Lemon*. Se 6d to 6s 6d ca*e. Island . orange*, due this wck, an, assured of a strong $i r o«Mffliand, owing" to the bare state, of the market. i U'£ : 2?* : fflar is also good for bananas. Potatoes: "-i&ice quality, 8a fed to 9s. est. For onions the market i* bare. jiending the arrival of Californinn '..'oijmwuts. Cauliflowers, 3* 6d to <sod sack; $$&! t& * i ha&&t 6o to 6s sack; lettuce, 5s 6d to 6s ease : •.'-'"*HMWws, Es to 10s ««&; pumpkins, 10s to 12s •Jprgwdf:'•■new potatoes, 3d to <d lb: rhubarb, 9» :WS? *"■ dCB «a bundles.. For fresh eggs tho market IS '**<&': rww potatoes, to <d lb: rhubarb, 9« jg 1?» desca bundle*. For fresh «jgi the market W stater. At lOid dost a. 111