FINANCE AND TRADE

New Zealand Times, Volume LXXI, Issue 4425, 3 August 1901, Page 8 (Supplement)

FINANCE AND TRADE

o;ie of the great electrical companies of Berlin has received orders from the city of Afanchester for electric lighting machinery, from Sydney for cables, and from he Cape Colony Government for motors, the whole amounting to about .£350,000. The builders of locomotives have also been encouraged with orders from ihe Prussian Government for 305 locomotives, costing .£875.000. to he delivered early next year. A Cassel-concern, too, lias re. ceived a considerable order for locomotives from the Egyptian Government.

The wool trade remains in the same life, less state. The new clip of English wool is coming to hand very slowly, farmers being unwilling to take the low prices which staplers »re obliged to olfer-

Alossrs Ronald and Roger’s monthly report on the Liverpool wool sales is as follows;—Miscellaneous clothing wools were brought forward on April 16th, but of 10,30 a bales offered only 3500 bales changed hands, chiefly washed Peruvian, at Jd to Id per lb decline from previous quo. tations, with some unwashed Chili at re. latively steadier prices. The fourth auction of River Plate wool for this season took place on April 17th, when 5816 bales were catalogued, and 5150 bales sold, with a rise of fd per lb from February rates on merinos, while crossbreds icst fd to Jd per lb. The fifth sale will be Held on the 12tb instant, when 5000 kales be available. The third series of East India wool auctions lasted from Alay 21st to 23rd. when 17,835 bales were brought forward, including nearly 3000 bales native skin, goat hair, etc., and a good many shipments in unusually dirty condition, so that, on the whole, the selection ’vi,less attractive than usual. The bidding, at no time very brisk, was fairly steady, especially for middle yellows wanted for France, but orders from America were scarce. Compared with March figures, Joria and Kandahar whites went about jd per lb cheaper, other clean sorts being practically unaltered, and wasty yellows-, .grej's, etc., Id to Id per lb down. Adding r'orae placed immediately afterwards, the total quantity disposed of wa.- 13,700 bales, of which 9450 bales went to the Home trade, 3100 bales to France, and only 1,150 bales to America.

The “Economist” says:—lt has been pointed out to ns from Australia that in the articles of March 23rd and April 10th, we referred to the “three hanks which sur_ vitad the crisis of 1893 without having recourse to reconstruction,” as if these were the only banks in Australia that did not close their doors. We should perhaps have made it clear that we were speaking of Ihe banks with whose accounts we were dealing, and which did not of course comprise the whole of the banks in the Australasian colonies. A number both of those which did and did not reconstruct were omitted, owing to their accounts not being immediately available or for other reasons. No doubtsome of the banks not included in our statement and which did not reconstruct are quite local institutions, but others have business connections here and in other countries. We regret that an injustice should have been done to any of them, even if only by implication, by our remarks quoted above.

The market for New Zealand butter during th e season 1900-1901 may be considered to have come to an end with the aiTival of the Kumara and ' Karamea. The only butter afloat from that colony being 3000 boxes in the Wakanui, due June 14, and 2000 boxes in the Mamari, due June 30. This will make for the yearended June 30 a total import from New Zealand of -about 175,000 cwts., which is about 17,000 cwts. in excess of the previous year.—W. Weddel and Co.

After so many weeks of depressed trade, says latest Home files, it is satisfactory to be able to report a rather better state of affairs at Smithfield. The demand generally is better, and without any mark, ed improvement m values the tendency is firmer, particularly so for lambs. Small mutton keeps firm, and although heavy weights are still slow to move, there is not that keenness to realise that was noticeable a little time back. Canterbury sheep.of the best weights arc firm at 3|d to 4 per lb; large sheep are quietly steady at 2|d to 3id per lb. Second-class New Zealands from 2Jd to 3Jd per lb, all a matter of size. Australian mutton is making more money: small weights, 3Jd to 2id per lb; carcases over 501bs, 2Jd per lb. Plate sheep show no change. Frozen beef continues very quiet, and sales are not freely made, while values are certainly no better, Australian fore quarters being almost' unsaleable at 2d to 2Jd per lb; hinds, 3d to 3|d per lb.

The manufacture of spurious shillings out of genuine silver, an offence wholly unknown till very recent times, is still going on actively. The root of the difficulty is the great fall in the value of silver bullion. Roughly speaking, an ounce of silver is just now worth only 2s lit (I, but when coined at the Mint it becomes worth 5s 6d. The fraud, cannot be detected by weighing, for the weight is that of a good shilling; neither will ringing the coin on the counter help one, for the silver is genuine and of the right standard.

The 42nd annual meeting of the Victoria Life and General Insurance Company, which comprises practically the same shareholders and directors as the Insurance and Guarantee Company, was held in Melbourne the other day. The chairman of directors, Mr B. Miller, who presided, stated that during the year .£9785 17s 4d had been received for interest, and .£4263 16s 6d for renewed life premiums. The balance standing to credit, after reducing the contingency life assurance fund from .£70,000 to .£60,000, and transferring the .£IO,OOO to the general account, was .£15,020, out of which a dividend of 5s per share was declared, payable on Monday next. The claims under policies during the year totalled .£10,698. The assets of the company, in cash. Government, corporation and Board of Works securities, mortgages, house property etc., totalled .£357,601. Mr Mil. ler observed that the company was going on remarkably well. Some of the “'lives” were getting old, but the number of claims during the year was not above the average. The office was still taking a large amount in premiums, .£4263 having been secured during the past year.

An interesting prospectus is in circulation inviting subscriptions for the .£15.000 capital of the Incandescent Trust. This is the result of the recent meetings and negotiations among the incandescent trade and the money is to he used to test in the law courts the ability of the 1893 patent of the Welsbach company. It is proposed to protect small traders from the alleged aggressive nature with which the company uses its monopoly. Subscriptions are, of course, not invited from the public, but from the traders interested in the movement. It may prove a matter of some importance to shareholders in the greatly overcapitalised WelsbacJl com. pany.

.The "barbarian” Chinese Government has set an example in its financial me. thods that many "civilised” countries might do well to imitate. Throughout the recent terrible experiences, which have resulted in untold loss to the Celestial Empire, all engagements with creditors have been honourably kept with commendable punctuality. The funds requisite to pay at the end of the current month the interest on the £3,000,000 6 per cent, loan of 1896, have just been remitted. The monthly instalments of the coupons on the 5 per cent, imperial Railway loan are also being made with regu larity. That the country has maintained its credit, despite all that has occurred in the past twelve months, should cause investors to give some consideration to Chinese securities at their present quotations.

The half-yearly report of the Queens, land National Bank, to be presented in Brisbane on August 15, states that the net profit in the six months to June 30th was £28,350. out of which £16,350 was carried to the contingency account, and

the remaining ,£12,000 was divisible in accordance with the scheme of arrangement, namely, to repayment of the Government .£3OOO, to private depositors’ repayment fund ,£6OOO, and to reserve fund -E3OOO, making the last named fund ,£21,. 000. In reality, (he deferred debt to the Government was reduced by ,£28,000 iu the half-year. The business has otherwise in. creased.