FINANCE AND TRADE.

New Zealand Times, Volume LXXI, Issue 4207, 16 November 1900, Page 6

FINANCE AND TRADE.

The Cu-toms rid urns for yesterday .-.iiioinii t-.l io LB2P i)s 7d. With respect to the British harvest the latest advices state that with a iortnight’s splendid weather, the hulk of the year’s crops have now been practically secured. The results of threshing, so far as they have at present been ascertained, are generally disappointing, and while a good wheat yield has not altogether been expected, it would seem that in the matter of oats am. barley the early promise ol a fair return >vill prove a disappointment, as now tinresult is expected to be below the average. Boot crops have improved, and are now looking in capital condition and making weight as the result of favour able weather. Argentine prospects are thus commented on: —Only 80.U00 quarters sent from the shores of Bio de la Plata is a small shipment, and it promises to he a good deal less within a Few weeks. The stocks in sight have dwindled down to 189,000 quarters, a.s against about 800.000 quarters-a year ago. Thu crops out there are only spoken moderately well ot, and though the area sown is stated to he more than for the last crop, the young plant Ims not had a particularly good start.

"Beerhohm” gives currency to a- report from a Mannheim firm that the Russian wheat crop will be 12,(100,01)11 quarters less than last year. The prices asked for Black Sea cargoes are prohibitive, and the salts are nil to i'.uglamf. The -Bulletin ties Dalles,” a. french paper, has now ventured an estimate of the world’s crop this year, which it makes over 10.000.1’0U quarters below last year’s.

The half-yearly report of the Bank of Australasia, presented in London on October 4, stated that, alter providing for rebate on bills current, for British and colonial rates and taxes, and for all bad and doubtful debts, the net profit for the half-year amounted to £148,422 lb's 3d. From this sum. increased uy ti 1,152 12s 2d, brought forward from the previous half-year, the directors appropriated £’40,000 to the reserve fund, £20,000 in reduction of the cost of bank premises, and £.15,000 for the restoration to those members of the staff still in the service of a portion of the amount deducted from their salaries in IS9-5-7. The dividend declared will absorb £72,000, and there will then remain £12,575 2s 5d to he carried forward to next account. The dividend declared is at the rate of 9 per cent, per annum, or £1 10s per share for the half-year, and will he payable, free of income tax, in London and in the colonies, on the .sth October.

Dealing with flu- sugar market, Mr i C. Czarnikow’s “Weekly Price t'urrent,” dated London, 27th October, says:--! American purchases at the end of last week and the beginning of this caused increased firmness, with, an advance of about 2d on September and about Id on forward months. The United States have shown less inclination to operate, except for immediate shipment, which, combined with more favourable weather for the crop on the Continent, has brought about dullness, with a, decline of fid on last week’s quotations for September sugar, - and about Ijd on new crop. The trade, too, rely on larger offerings presently, and, having contracted to some extent for near deliveries (though less than usual), are in i the meantime not anxious to further' anticipate future requirements. In face of the greatly reduced holdings everywhere, renewed activity may again be | looked for. when once more accurate j figures of the ultimate beet crop come to hand, and, as frequently remarked,! a fair excess in beet su»ar production is required to establish values on a mod-! crate basis. j Nelson Bros., of Tomoana, received the following cable message yesterday : from the Colonial Consignment and Distribution Company, London,; —“Fro- ; zen Meat Market—To-day’s quotations are; Best Canterbury mutton, 4pi per lb; best Napier and North Island, .’Bel; lamb, first quality, 5-Jd; second quality, 4Jd”

NATIONAL INS Lit AN CE COMPANY. PKESS ASSOCIATION. DUNEDIN, November 15. The annual meeting of the National Insurance Company was held to-day, Mr J. M. Ritchie (Chairman of Directors) presiding. In moving the adoption of tne report and balance-sheet Chairman said:—The main features of the accounts, which, are distinctly favourable, arc—-An increase in the not premiums. which are fully £7OOO more than] last year- a small increase of something over £3OO in the interests and rent. l ?. 1 and a smaller proportionate amount of losses, though actually these are over £I2OO more than last year. These enable us to pay the usual dividend of Is fid per share (12) per cent, for the year); to wipe off Fite oinc-o furniture (£1000). which the directors thought was an item that had better disappear from the assets; to put £IO,OOO to the reserve, bringing that up to £80,000; and to carry forward a few hundred pounds less than was carried from tiie previous year The premium income having, increased since 1805 by 25 per cent., the responsibilities had grown correspondingly; indeed,, in larger proportion, because they were almost compelled to carry larger individual risks, and although these brought in better profits in good times, they ran chances of bigger losses in unfavourable years. They seemed to have got into a favourable cycle: of late, but, after all, if they examined the figures they would find the underwriting profit was only about 12 per cent. That was, for every hundred pounds premium taken they saved twelve. The investments, which were continually scrutinised, wore, so far as could be judged quite safe and sound. He bad no hesitation in saying the National was a thoroughly sound institution, with an excellent staff, to whom the Board was greatly indebted. Air G. L. Denniston seconded the. adoption of the reports, which was carried neni. dis. Air B. Hallenstein having resigned from the directorate soon after leaving the colony for an extended trip, tne number of the Board was reduced to six. Alessrs R. ■Glendining and T. tv . Eempthorne were re-elected directors, and Alessrs T. S. Graham and T. waliender auditors. A hearty vote of thanks to the directors and staff was acknowledged by tinchairman.

COMMER Cl A L CARLES. LONDON'. November 14. WHEAT. The quantity of wheat and flour afloat tor the United Kingdom is 2.081.000 quarters, and for the Continent 1.020.000 quarters. WOOL SALES. The Antwerp sales have opened. Buyers are numerous. The catalogues embraced good choice clips, and half the offerings sold at prices 2Q per cent, below the June sales. LEAD. The imports for October amounted to

1,072 ton-, ir.ciiKiug 8 ISO tuns Au-i r:i- ---■ inn. The exports totalled 4!Tl) tons. TALLOW. At Ibo tallow vales Ki.VI casks wore of S’ercd ami 1500 sold. Mutton, line, 2tL Jd ; medium. 2G- tkl. Beef. prime. 2S- : aiedium, '-’Os Gd. WOOL. MELBOURNE, Xovembor 15. At the wool sales competition was eery animated, and prices for good merinos and line crossbreds were 5 per cent, better than last week.