COMMERCIAL.

New Zealand Herald, Volume LX, Issue 18496, 5 September 1923, Page 7

COMMERCIAL.

NORTHERN BO OT COMPANY.

DIVIDEND OF is 9d PER SHARE.

The net profit earned by the Northern Boot and Shoe Manufacturing Company for the year ended July 81,' 1023. : was £2414 if;s Sd, which, together with the amount brought forward from last year's balance at credit of profit and loss account, shows a total of*!£ol64. The directors recommend the payment of a dividend at the rats of Is _9d per share, which, together with tho directors' honoraria, will total .£1062 10s, and transfer to reserve account £500, leaving a balance of £252 6s 8d to be carriod to, the credit of profit and loss account, which will, then amount to £4001 10s. 2d. Ten per cent, has been written off the plant and furniture aocounts for depreciation. At the annual meeting of shareholders to be held at the company's office this afternoon, the .business includes the election of two directors. Tho retiring directors, Messrs. George Winstono and R._C. Carr, offar themselves for re-election. Following is a comparison of tho company's results for the last three years 1921 " 1922' .1923 £ .4 £ Brought forward .. 3549* 355R 3749 Net profits .. « 1007 2355 2415 Dr-idond: Rate p.o. ~ 5 81 8J Amount . 750 1312 1312 Directors .. . . 250 350 350 ixeserve account .. — 500 500 Carried forward £3556 £8740 .£4002 * After paymont of, income tax, totalling £2953 10a,

FIRE INSURANCE PREMIUMS.

CRITICISM OF THE REBATE.

.The lost report of the Wellington. State Fu'o iuciiranta office is the subject of the icaamy aUiolo in tae last issue of the Australasian Insurance Jttecoru. After setting out the results of the year's operations— undeAritins surplus of nearly 23 per cent, — the journal says:—ln considering: these results it must be remembered that the business. of the State office consists very largely oi picked business— is, of dwelling-house risks—and -that it has the further advantage that a good deal of it is free of procuration expenses. It is. therefore, hardly fair to compare thesq results with those of the companies doing ti general business and meeting; the demands of the mercantile and manufacturing section o? the community to an extent which is not possible for tho State office. It then comments on the ' rebate on renewals of current policies:—Although ths> announcement of a bonus was not unexpected, the fixing of it at so high a rate as 15 per cent, was scarcely looked for, but possibly the. Government, in making as handsome a distribution as possible,, had other objects to serve besides redeeming an old promise to its policy-holders. It was, of course, Only to bo expected that the insurance companies should have decided to make a similar rebate to their insured, which was no doubt necessary for the protection of their interests, though their business is in the main of a different class, a.ud it is perhaps open to argument whether a large section of it, which is of a more hazardous character, or i" which the. sums liable to be lost by one fire are very much larger than th<) average of the State office's business, should not be excluded from the benefit of the rebate. . ... In view of the statement contained in the report that the investigation of the loss experience of fire offices is under] consideration by tho Government Statistician, the announcement of a 15 per cent, rebate all round seems open to tho criticism of being «ompwhat cruao and hasty. A. scheme, for mrhishine the Government with classified returns of premiums and losses ha-s actually been adopted Binoe the issue of the report, and tlie tabulation of .these figure* will, in course of time, furnish some guide a* to the averaK® loss experience of various clashes of risk*. It may be that tho results v-ill show that some cla n °o « are actually ent'*'d to tv larger rebate than 15 per cent., while in others the cu-r»nt rates may prove inadequate and call for an increase.

MARKET REPORTS.

FRUIT AND PRODUCE. * There was a fair supply of fruit on the Auckland market yesterday. Oranges brought from the Cook Islands by tho flora were oSered. but a largo percentage of the shipment was bad. Tomatoes and bananas brought by the same steamer were in fair condition, the' former being very much in demand. ' . FRUIT. Delicious apples sold at from 10a to 13s I a case. Dougherty's from 7a 6d to' 8s 6d, | Munro's from 5s 6(1 to 7s, Ballarat's, which were poor in quality, from 3s to fin, and poor Bturmer'o jrora 2s to 3s 6d. - A number of varieties of apples brought from 4s to 5s 6d a case. Nellis' Dears realised from lis to IBs, other lines .from 4s to Bs. Fresh lemons ■ were in plentiful' supply and. sold at from 5s to 10s. while cured lemons broughtbetween lis and 15s. Ripe bananas realised from ' 18s to 21s, and green ftarotongan bananas from 14a to 15s a case. Repack orange* sold at from 18s to 225. and oriffmals at 15s. while poorman oranges, which are still' in ' fair supply, brought from 4s to 5s 6d. Some rejects cold. as low as from 4s to 5s 6d. Tomatoes found a ready market at from 7s to 10s a case. PRODUCE. Southern potatoes . brought from 12s to 12s 6d a cwt.. onions from 8s 6d to Ds 6d, pumpkins from lis to lfla' Gd. and swede turnips from 4s to 5s a cwt. New potatoes realised from Id to 5d per lb., and kumaras from lid to 2id. Cabbages brought from 10s to as high as 21s a sack, and caullflowers from 3d to Is Id each. Lettuces fetched from 3d to 2a 6d a dozen, hothouse cucumbers from 23 to 1281 and parsnips, carrots, and beet from 9d to Is 4d a dozen. DAIRY PRODUCE. Hen eggs were in medium supply and brought Is 9d a dozen. Duck eggs wore a glut on the market, and sold at from lid to 11M a dozen. : Farmers butter brought from Is 2d to Is 4d per lb., and honey, in tins, from 6d to 7d.

CANTERBURY MARKETS. POTATO PRICES HIGHER. [BY TELEGRAPH. —PRESS ASSOCIATION.] CHRISTCHUECH. Tuesday. The potato market has become quite excited and a rise of 5s per ton. was recorded to-day. Sales were made for f.a.q. whites at £9 per ton f.o.b. 5.1.; Dakotaa, A 9 7s Gd. and whites. £9 IBs. The last-mentioned were sold to go into store. The wingatui will probably not : reach' Auckland until Thursday week. ■ .The singular feature about the position is that enquiries from Auckland came to -hand immediately this week s consignments arrived so apparently merchants aro realising that reports of flood damage in May wete not entirely bullish. Nor.; partisan observers have all along expressea the view that darrago early, m the season was sufficient to affect the yield materially. An investigation of many potato areas has confirmed that' conclusion, and in addition there was the unusual early demand from Otago for potatoes. Provincial town. m Wellington district are . now inquiring, so it would seem that Canterbury will have to keep the country going for the next two months Merchants' stocks are pretty well exhausted and a number of growers are disposed to -hold the small balance of their output left, unsold and see how the market g °Oats have improved. Sales of EG art oris wero made at 3s Id yesterday and 3s 2d to-day fob S.I. Inquiry has set.m for Cocksfoot There is a. little more inquiry for chaff with no difference m price.

HOWARD SMITH'S DIVIDEND. Subject to the usual. audit of the company's accounts/ the directors of Howa.ru Smith, Ltd., have decided to pay an interim dividend for the Half-year ended Juno 80, at the rate of Is Gd per sharp. Although income from the company a shipping and .colliery interests shows _ considerable shrinkage, due to the strike at the Maitland collieries, the usual return to the shareholders has been maintained-.by drawing upon other resources* Tho dividend will be payable on September 20. FROZEN MEAT MARKET. The New Zealand Loan and Mercantile Agency Company, Ltd., have received tho following cablegram from their London house under date August 31:—Frozen Meat.—New Zealand lamb, lid per lb (average). Mutton: Wether and maiden ewe, light-Bid'per lb, heavy 7Jd per lb; ewe, light 6id Per lb., heavy 6Jd per lb. Beef: Ox.hinds 4id per lb., fores 25d per lb.: cow. hinds 4id per lb., fores 2id per lb. Market slow. DAIRY" PRODUCE IN LONDON. The New Zealand Loan and Mercantile i Agency Co., Ltd , have received the following cablegram from their London house under''date August 31:~~ 186s to 190b per Butter-New Zealand, 186s to 190 a per °^Cheese. Zealand, 11C3 to ' 120s per cwt. Markets firm. WAIRARAPA MEAT COMPANY. [us TELEGRAPH.PRESS ASSOCIATION. J MASTERTON. Tuesday. Tho Wellington . Farmers' Meat Company, in liquidation, now being reconstructed as the Wairarapa 'Frozen Meat ' Company, ■ is making good ; progress; A considerable capital sum has, 'been subscribed, and it is evident that the necessary amount will be forthcoming. The works sriJl »aasa «a farmers' own account