COMMERCIAL.

New Zealand Herald, Volume LII, Issue 15834, 3 February 1915, Page 5

COMMERCIAL.

MARKET REPORT.

THE MONTH OPENS WELL.

Business fnr the month has opened well, with a good round demand. Country trade is satisfactory, and buyers will no doubt operate with more confidence since the great improvement in the agricultural prospects brought about by the rain last Friday. Retail trade is good, ' but this week the drapery sales monopolise attention. Commencing on Monday, in perfect weather, a large amount of business was pub through. Shipping : Business is rather quiet this week, but the Athenic is loading a large cargo for London, the principal lines being butter and frozen meat. Potatoes: Large quantities are coming into the market, and unfortunately the quality is not always very reliable. This will not be improved by the rain last Friday, as most of the crops round Auckland are too far advanced to get much benefit from the rain, and as there will be a tendency to promote second growth farmers will no' doubt be actively engaged in digging all that are ready during the next few days. Best samples are selling at £6 ex store. Onions: Market is well supplied with locally grown. Some of the lots selling are not quite ripe, and are already getting a little soft through being bagged too early. Price remains at £8 ex store, but the market is not very firm. Oats : The strong position in this grain is well maintained, as Australian buyers are keen to operate at advanced prices for forward delivery. There is consequently very little offering in the South. Old stocks are now very small, and the new harvest is still rather problematical, as the rain that came in Canterbury and Otago a few weeks ago was too late to make much difference to the yield. Best feed is selling at 4s 3d ex store. Seed Oats: The position is still very uncertain with regard to Algerian seed oats. Samples are continually arriving from the _ South, but these are so far of inferior quality. The grade may improve later on, but it looks as if it will be difficult to get good seed this year. Australia is buying outside this season, whereas generally we can import a good quantity from there. Wheat : The market is kept going by further importations from abroad, and local sales are not of much interest, as all the rarge lines were sold logg ago. Fowl Wheat: Hardly anv tonSe had. Flour : The new price for local flour came in this week, £15 10s net per ton in sacks, with the usual extra charge for smaller bags. Bran and Pollard: Both maintain tho late advance, with * eood demand. Chaff: There is no chancre to report, as the trade is still confined to old chaff, aud this is now in very small compass. A few farmers are already offering new season's cutting, hut very little is selling as it is too early to use except when mixed with old, and it will not stand keeping in bags for any length of time. Maize: Not so much is coming in from tho coast, and the market is unchanged. A shipment arrived by the Atua from the Islands. Barley : There is a considerable call for barley, on account of the high price of wheat, and the price has advanced to 5s 6d ex store. Seeds: An improved business has commenced in grass seed. The rain has enabled farmers to get on with ploughing for grass, and the bush fires will soon be in full s-wiiiL-, to be followed by surface sowing. Every year more land is put into grass, but there is still room for very great extension in this direction, as the latest returns show only 14,214,000 acres in grass in New Zealand, which is less than a quarter of the total area. As Auckland Province has a smaller proportion broken in than most of the other provinces, it will be seen what great possibilities there are for increased production when settlement expands further, ittd embraces all those tracts of country at present idle.

Fertilisers: Demand has been rather quiet lately, but will rapidly improve with the increased sale for seeds.

Tinplates: The production of these in England is governed by the combine, and the prohibition 'of export to Scandinavia, Denmark, and Holland, will certainly not very materially affect the position, as any shrinkage in the demand will be immediately followed by a reduction in output. Galvanised Iron : London reports the market quiet, but as spelter is rising the price for the finished article is not likelv to decline.

Wire Netting: Stocks in makers' hands are extremely scarce, and command high prices. Tea : War has before now given rise to new tastes and habits, and it will not be surprising if the taste for tea increases in Europe. From sidelights thrown on life in the trenches it would seem that both the French and German soldiers are supplied at present with tea, although they are more accustomed to coffee. The German authorities, however, are said to give their men tea because it is more easily and readily made. The taste for tea once acquired is not easily abandoned. In a recent letter from one of our soldiers at the front there is a reference to the German foo comine into some ruined farm building to heat his cup of much-needed tea, while some of our own men were on a similar errand, and there appears to have been a temporary truce .during the operation. Flax : The increased inquiry during the past few weeks has enabled a fair amount of business to be put through, and shippers have been hooking orders up to March. Stocks are not very heavy, so transactions are rather limited on the loctri market, the prices given being £20 for cood fair, £19 for high point fair, and £18 for lowpoint. Common is worth about £16, but as there is practically no demand for this era do the price must be regarded as merely nominal. KAURI CUM. Supplies are up to the average of the last few months, and the quality is keeping up to standard. Good quality is still changing hands at about late prices. This refers to rescrapeM, good white, good hard white nuts, rescraped black, good black, and good hard black nuts. There is also a little business passing in bush, but prices are inclined to lie easier. Poor grades are meeting with little or no inquiry. Storekeepers would he wise to hold back these lines for the present, as Auckland stores are too full already. The small quantity of kauri eum on the Tokomarn was destined for New York LONDON MARKETS. By Telecrnph—Press Association Copyright London", February 1. WHEAT. In the wheat market, from 6d to Is advance has been asked. The demand for cargoes has been (becked owing to the i prevalence of favourable weather in the I Argentine. METALS. Copper : Spot, £63 12s 6d to £63 17s j 6d : three months,' £64 to £65. Electro- | lytic, from £68 to £68 10s. Supplies, ] 35.502 tons ; deliveries, 35.809 tons; stocks, 22.627 tons; afloat, 4400 tons; visible,' 35.125 tons. Tin: Snot. £174 10s to £175; three months, £162 to £162 10s ; stocks, 16.681 tons; on spot, 3308 tons; afloat, 3287 tons; deliveries, 3104 tons. Lead : £18 12s 6d to £18 15s. Spelter ; £36 10s to £37. TALLOW. Tallow : Stocks. 3178 casks ; imports, 2767: deliveries, 2804. FROZEN." MEAT. Argentine Shipments : Mutton, 69,436 carcases; lambs, 32,132; frozen beef, 93,174 quarters; chilled, 130,668 quarters.

NEW ZEALAND INSURANCE COMPANY, LTD. SUCCESSFUL YEAR'S WORK. . PROFIT OF £109,462. The annual report and statement of ( accounts for the year ended November ■ 30, 1914, of the New Zealand Insurance *' Company, Ltd., which will ha presented ] t" shareholders in the company at the forty-ninth annual meeting, to be held i next Wednesday, shows that the fire, marine, and accidents premiums, alter de-«- 1 ducting returns and re-insurances, ' amounted to £699.309 18s. The balance 1 brought forward from the last financial ' year was £48,379 16s Id, of which the j dividend at the rate of 3s 6d per share,, for the half-year ended November 30, 1913, absorbed £26,250, leaving. £22,129 16s Id. The surplus on the year's transactions, after making full provision for all ascertained losses to November 30, amounted to £109,462 3s Bd, which, with • the remainder of the balance brought forward, made a total of £131,591 19s 9d available for distribution. The sum of £85.000 has been dealt with as follows --Interim dividend of 3s per share paid in August last, £22,500 ; transferred to reserve fund, £40,000; transferred to investment fluctuation and contingency account, £22,500. Out of the balance of £46.591 19s 9d. the directors propose to pay a dividend of 6s per share tor the year (less the interim dividend of 3s- per share paid in August), which will absorb £22.500, leaving an available net balance of £24.091 19s 9d. The Hon. S. Thome George, Messrs. L. J. Bagnall, and Charles, Rhodes retire from the board, as provided by the articles of association, but are eligible and offer themselves, for re-election. Messrs. J. F. Buddie and A. J. Denniston again offer their services as auditors. The following is the statement of ac--1914 . for th ° year ended November 30, PROFIT AND LOSS ACCOUNT. Dr. £ * « d To Dividend for the half-year ended May 31. 1914 ... ... 22.500 0 0 Commissions. Salaries. and other Expenses ... ... 179,806 4 4 Government Taxes and Payment* to Fire, Marine, and , Accident Associations ... 22 313 17 6 r ire. Marine, and Accident Losses and Appropriation for Unadjusted Losses .435,396 12 4 Transfer to Investment Flue tuation and Contingency Account . ... ... „ ,• . 22.500 0 0 Transfer to Reserve Fund ... 40 000 0 0 ±,alanc « ... 46.591 19 9 £769.113 13 11 By Balance, at No- * ' * * "' d ' vembcr 30. 1913 48,379 16 1 Less Dividend for the halfyear ended November 30. 1913 26,250 0 0 — 22 l'"*9 16 1 Fire, Marine, and Accident Prerninrns. lees Returns and Reinsurances ... . 699.309 18 0 Interest and Bents 47.673 19 10 -£769,113 13 11 BALANCE-SHEET. MOBILITIES. Subscribed Capital— £ B . d. £ ■ d 150.000 Shares, * £10 each . 1,500,000 0 0 Less Uncalled Capital 150,000 Shares, £7 each ... 1.050.000 0 0 t, „ , ~ ■ 450,000 0 0 Reserve Fund . . 200,000 0 0 Ke-insurancc Fund ... 2d° 000 0 0 Investment Fluctuation and Contingency Account 25 967 19 9 Appropriation for Unadjusted Losses . 152,081 0 0 Sundry Creditors and Unearned 1 rem turn 100,848 3 1 1111100 46.591 19 9 £1.307,489 2 7 ASSETS. Investments £ .«" d £ a d Mortgages 195,409 17 Shares 395 0 9 Company's Freehold Office Pre mises and other Proper- _ lies ... 319,457 3 10 Government Securities and Debentures as per list on page 3 ... 521,978 15 1 rued Deposits 59.556 16 6 I Accrued Interest and lionts ... ' lo'Bßo 9 4 Branch and Agency Balances 96*016 8 5 Remittances in Transitu ... 5,500 0 0 Cash in Banks and in Hand at Head Office and Branches 68,295 7 1 £1.307.489 2 7 THE WOOL MARKET. FIRM DEMAND IN LONDON. PRICES UNCHANGED. By Telecraph—Press Association—Copyright London-, February 1. The wool sales continue good, with a firm demand at unchanged prices. Prices for clips were as follows: — Yanko, top, 14Ad, average 13id ; Breeza, lOd : ' Maswellton. 25d arid 24gd ; Evesham, 24d and 23id; Taplo, 12id and 9Jd ; Hopepara, Hid and 9Jd ; Belele, lid and 10|d. New Zealand : Teviotdale, 17d and 15|d. AUSTRALIAN BALES. t AMERICAN COMPETITION. i3y Telegraph— Press Association—Copyright. Sydney, February 2. Competition at the wool sales grew excited at times, especially when the American buyers, were operating. Crossbreds and Merinos, the most suitable wools for the United States, advanced in price by 5 per cent. Greasv wool sold at. Is 2d, and scoured lots up" to Is Bsd. Melboctlve, February 2. The wool sales continue to be brisk. A feature was the strong competition from American buyers. They secured a large share of the Merino clip.' The market generally advanced by 5 per cent. CANTERBURY PRODUCE. REPORTED SALES OF WHEAT. [by telegraph-—peess association.] CiiRibTCHURcu, Tuesday. The farmers are now busy harvesting, and there is therefore little grain on offer ; but in tho course of a week or so it is expected that offerings will be more free. Several s.iles of wheat, are reported at 6s to 6s 3d at country stations for immediate delivery. Millers are requiring some new grain to mix with old or imported grain, 'and it is stated that they are not buying for any distance forward. Oats are readily salable, and any lines that are offering are freely taken; but during the last few days there have been few offered. -f?ras.s seed coming forward is not of very good quality, but tho market is very firm. Sales have been made at 4s to 4s 3d at country stations. Up to £4 5s is offered for potatoes for delivery early in March, and £4 for later delivery. TRADE WITH AMERICA. PRODUCE MARKETS DEPRESSED. [BY TELEGRAPH. —PRESS ASSOCIATION.] Wellington, Tuesday. The New Zealand Trade Commissioner at San Francisco has cabled to tho Department of Agriculture as follows : — " The meat, butter, and cheeso market iB very depressed, and likely to remain so."