COMMERCIAL.

New Zealand Times, Volume XXIX, Issue 4215, 23 September 1874, Page 2

COMMERCIAL.

MELBOURNE. The Arma of September 9 reports :—ln t' l ? lm P“ r ; market business has been eaceocUngly quiet and neither by auction nor yet privately has anything o much importance been allowed to transpire. . J rans derable amount of excitement has p«™lad «U day in commercial circles regarding the position or cornfto“ Brcadstuffs are very slow, and there Under the SJS this Soa at£« 17s. M. f« toe country flour and very quiet 3 of any mrccls being offered. Quotations for prime now stand at (is. to (is. Id., but, in the absence of sales, are in a measure nominal. Feeding gra ns are not active —in oats there is nothing whatever doing beyond what re-'ches us through the auction rooms. 800 bushels were cleared off at prices ranging from 4s 31d f(or low M_& were” disposed of, the balance being withdrawn for still higher rates. Brewing crystals brought £32 10s. to £3l IDs.; white counters, £33 to £34 ; soft yellow counters, £3l 10s. to £32 103.; and low to good browns. £2O to £2S 10s. Teas are not brisk ;we observe the quittance under the hammer of low to ordinary congous at up to Hid., and for Java teas up to is. Ski. was realised. Faulty candles still quitted by auction at low rates ; 500 boxes were ' cleared off at 03<L to 9Jd. Privately, it is difficult to meet with sellers at anything like auction rates. We hear of 1000 boxes sound Brandon’s having been sold for shipment at a very full figure. In liquids, wo learn of the quittance publicly of a parcel or 1870 MarteU’a brandy, at 9s. A meeting of creditors was held this afternoon in the estate of Mr. F. B. Hann, wholesale butcher and export meat preserver. Emerald Hill. The statement submitted showed liabilities amounting to ■‘■’lo 711 ss. 7d., with assets estimated at £0574 10s, thus showing a deficiency amounting to £4130 lo 7d. After considerable discussion it was agreed to accept of an offer of 7s. Od. per £, payable ss. cash, and 2s. Cd. by bill at twelve months.

MELBOURNE PRODUCE MARKETS. Messrs. Goldsbrough’s report, dated Melbourne, September 7, is ns follows : ■\Vooii. —About 195 bales, consisting of the usual follmongers’ parcels and a few odd lots to dose consignments, have been sold during the past month. There is a brisk inquiry for all descriptions, but until the new clip is offered quotations will be merely nominal. Shearing is now pretty general in Eiverma and Northern Victoria. We have received the first instalments of several large clips and have advices of numerous parcels having been despatched from the sheds, but owing to the somewhat unsettled state of the weather, the date of our opening sale has not yet been fixed ; it will, however, probably bo a couple of weeks earlier than last year. Judging from the lots to hand and the reports that have reached us, it is evident that the growth and condition of this years wool will compare very favorably with previous years. It is perhaps rather premature as yet to give an opinion as to the range of prices, but there is every probability of a spirited competition at our local sales. The orders to purchase already received will no doubt be largely augmented by the arrival of the next mail, as there is an increasing desire to operate in this market, both on European and American account; and prices may, therefore, we think, bo expected to rule satisfactorily. The Nubia arrived on the 21st ultimo, five days before her contract time, until advices to July 10, from which we leam that there was an active demand for our staple, the Home trade being particularly brisk. Our telegraphic advices up to 29th ult. are also very encouraging. The third series of sales in London opened on 18th August, the arrivals to that date being 200,000 bales. The attendance of both Home and foreign buyers was very large, and the biddings spirited, prices being fully equal to those ruling at the close of last series. The present rates of freight to London are £d. for greasy, and Jd. for washed wool, dumped; and Id. per lb. not (IU SnEEX-sKix3.—The regular auction sales held since the last mail left, have been well attended, all offering being taken by the local fellmongers late sd. to Sd, per lb. Any alteration in value being in favor of the purchaser. Hides.— There has been a full supply during the past month, and all sent forward have been disposed of at quotations, which show a decided decline in value, caused by the low prices ruling for leather in London. Wo quote•Ox hides, 225. to 325. each ;

cow hides, 12s. to 225. each; Victorian, salted, 4d, t< 4jd. per lb.; New Zealand, salted, 4jd. to 6Jd. per lb. calfskins, up to 7d. per lb.

Tallow, —At our weekly sales, wo have sold 1120 casks of all sorts, at about late prices, the market having been very steady throughout the month. Our quotations are : —For mutton, £32 10s. to £33 7s. Od.; beef, £3O to £32; mixed and inferior, £2O to £3l per ton. Freight to London is from 555. to COs. per ton.

THE NEW ZEALAND INSURANCE AND SOUTH BRITISH COMPANY. (From the Southern Cross, September 15.) Sm, —It i 3 surprising how nervously anxious some people are about the prospectus issued by the New Zealand Insurance Company. lam not going to notice anything that has appeared in print from anonymous writers, beyond the remark that they appear dull of comprehension, and do not seem to understand our prospectus ; but ns Mr. Boardman, manager of the South British, had written to you on the subject, and in rather strong language, I cannot allow hi 3 letter to pass without notice. In the Cross was published a comparative table, showing the advantages which are offered to the public by our prospectus. It is as follows : COMPARISON OF SIMILAR STOCK IS* THE MARKET. Income Selling Pre- as per last Paid up. for. mium. Balance sheet. South British £1 2 0..£2 13..133 p.c. .. £OO,OOO National .. 010 0.. 1 10..200 p.c. .. 50,000 New Zealand 2 0 0.. 4 10.. 125 p.c. .. 107,000 Upon this Mr. Boardman writes that " the statement as to the relative value of the stock of the two companies is based, not on their property, their assets, but on income from premiums received, as shown by the last balance sfteet." lam at a loss to know how Mr. Boardman can reconcile his description of tho table with tho table itself. I place tho two before the public, and leave them to judge whether the table is based on "income from premiums. '* Nowhere in the article of which ho complains is the Idea promulgated that " incomo and not property " is tho true basis of calculation in this question. I presume, Sir, the calculations of the " property " of the South British wero taken from their !a3t printed balance sheet; that is the only source of information open to the public. On reference to that I find their paid-up capital to consist of £42,187, or 225. Od. per share, and that is a very important element in the basis of calculation, which Mr. Boardman conveniently ignores. Mr. Boardman having dealt thus unfairly with the table referred to, proceeds to make out big own, which is a 3 follows : Assets. Assets Selling Pre- %on Shares £ persh. price mium. assets. N. Zealand 100,000 240,000 48s. Od. 003. 425. Od. 87fr S. British 37,500 80,000 425. Bcl_S3s, 10s. 4d. 25 TVowT.this-fifimttarfson is unfair and incorrect. It claims for tho South British Company credit for £BO,OOO of assets. These may exist ; probably they do. They can only, however, be obtained by taking credit for all their " income " up to the present time, a course not usually pursued by Insurance Companies ; but, having takon credit for everything of this kind, and reckoned it as " property," he denies to our new shareholders any prospective advantages which may, and (reckoning merely an average success), certainly will accrue to them long beforo they will havo paid up

their 905., which ho now debits them with, taking caro to forget that this 90s. will not be paid up until eighteen months have elapsed. Surely if the whole 90s. Is to be debited at once to the New Zealand shareholders —which is an unjust calculation—something should be put down for probable earnings in that tlmc.g

I will now give a table which is nearer tho truth than Mr. Boarriinan's table, and is based on " property and assets." It is giving to the South British shareholder credit for Mr. Boardinan's figures at their full value, and it correctly estimates the "property and assets" of a new shareholder in the New Zealand Company immediately after the allotment of his shares ; Assets Selling PreShares. Assets, per sh. pried', mium. South British 37,500 £30,000 425. Sd. 533. 10s. -Id. New Shares New Zealand .. 50,000 £57,500 235. Od. 30s. 7s. Od. The new shareholder in our company, upon payment Of 303. for each share, gctscreditatoncc forlss, of capital —say £37,soo—and acquires a right to £20,000 of tho re-lnsuranco.fund, equal to Ba. per share. This, with the 15s. of capital, gives 235. per share, "property and assets," which he gets immediately for his 305.; so that for 7s. premium, on the "property" method of calculation ho gets a share in the New Zealand ; and by the end of the next half-year I shall be quite propared to make another comparative table, and believe it will be equally favorable to new shareholders In my

company. But, Sir, we did not begin by making comparisons, and, wishing to live at peace with our neighbours, do not desire to continue to make disagreeable comparisons. Of this we have given ample evidence in our dealings with the South British in the

prist. I give Mr. Boardman the full benefit of the Important fact that ho has found out that in ono of our half-years tho losses and expenses exceeded the premiums received. Wo can afford full publicity to tills discovery, and I fancy before many years are over other companies will have similar facta to record. All these are small matters. The great facts are undeniable ; and I do not think even tho strongest

believer in the South British will desire to carry the comparison beyond Mr. Boarclman's feeble table.—l an, & c George P. Pierce, ' ' Manager New Zealand Insurance Co. BY TELEGRAPH. AUCKLAND. September 22. Mr. Alexander Saunders reports : —Sales : Fiji Bank 545. ; Bank of New Zealand. 3uss. ; Caledonian. 100 s.; South British, 505.; National Insurance aSs!; Bright Smile; 00s.: Royal Oak, 2s. Od. Sellers: National Bank, 715.; Thames, 40s.