FINANCE AND TRADE.

New Zealand Times, Volume LXXVI, Issue 5288, 28 May 1904, Page 16

FINANCE AND TRADE.

Messrs Dalgety and Co. report:—The third series of Loudon wool sales continues to be well attended, and according to last cables received from our London house, prices are tending upwards. Merinoes are reported to bo higher than at tho closing of tho March sales. The shortness of stocks of merino wocl is now being realised by manufacturers, who evidently have orders on hand which they will have to execute, and we therefore look forward with confidence to very lively competition at our sales which will bo held here on the 2Uth iust., when fully 3000 bales will be offered. The world’s coffee market appears to have slightly recovered irom the re-cently-reported irregularity which was Uie outcome of temporary inflation in supplies and hear speculative operations. \> ruing oi the inantet on April 2, the “Uroduce Markets Review” states that in first terminal markets prices were steadier, and where any change had taken place, the higher quotations were influenced by the continued lightness of the daily receipts in Santos. The report of date mentioned says:—“The New York market, which has for some time been tho weakest point, has led the advance, as operators mere apparently find an increasing difficulty in forcing rates down in face of the shortness of new coffee. The auctions have again been fairly well supplied, and contained a larger quantity of Costa Rica, arrivals of which are now coming to hand more freely. Prices have been well maintained for all home trade qualities, but a few export lots sold at a slight reduction. Columbian lias again attracted more attention, and quotations are mostly Is to Is Gd dearer. On the other hand, Salvador and Guatemala have sold at rather easier rates. There is no change to report in East India, but the quality already shows some signs of deteriorating as it usually does at tiro end of tho season. The market will remain closed for the Easter holidays until Thursday next.” London stocks on date mentioned were 34,346 tons, as compared with 33,340 tons a year ago. Following quickly on a “cotton picker” comes from die United States word of a new agricultural macliine called a “boot harvester.” Beet culture is said to be a back-breaking job. The cost of labour is greatly enhanced owing to the physical energy which has to be expended iu cultivation and harvesting. This, however, promises to be a thing of the past. It is reported that a couple of men in Red Willow County, in the State of Nebraska, have devised a beet harvester which will prove practicable. Its operation requires one man and four horses, and, thus equipped, it is said that it will dig, top and load three acres of beets a day. A waggon accompanies the machine to receive the beets. It is said that this harvester does the work formerly performed by fourteen men and four horses, and that it can be put on the market at £25. Much interest will attend the testing of this implement in actual field work, as it will open up a new avenue for beet production in all parts of the world. The Japanese £10,000,000 6 per cent, loan, issued on the security of the Customs revenue at 93, in New York and London, has proved a popular one. The cheapness of money and the continued success of the Japanese forces since its announcement have doubtless contributed to its success. At the moment loanable capital is probably cheaper in London than in New York, and that may be taken to account, in part, for the subscription of the amount, thirty-fold there,-as compared with but America. The last news of the Bkfissian 5 per cent, loan, taken by a French syndicate is to the effect that the stock was nominally 1 to 2 points under the issue price of 98, but that the syndicate does not care to put the stock on the market for subscription at present. The accounts of the Comptoir d’Escompte, issued in Baris in anticipation of the annual meeting, give the profits on the year 1903 as amounting to £352,898, against £352,122 for 1902. The increase would have been larger, but for an appropriation of £4901 written off for depreciation of buildings. The hill ease on December 31 rose on the year from £15,625,412 to £16,286,053, the debtor current accounts from £2,321,314 to £3,727,721, the advances on securities from £2,971,590 to £3,624,964, and the financial participations from £321,443 to £568,298. In tne liabilities, the drawing and discount accounts increased from £13,421,962 to £14,545,914, and the current accounts from £5,936,998 to £7,980,237. The deposits at fixed dates declined from £3,820,466 to £2,520,842. Out of the total profits, amounting, with the balance brought over from 1902, to £330,000, says the correspondent of the “Economist,” a dividend of 5( per cent, on the share capital of £6,000,000 will be paid, the same as for 1902, and the rest will go to the reserves, the board, founders' shares, or be carried over. It would seem as if the English people are a century in advance of the French m the matter of abstinence from recognised gambling in stock exchange transactions. The “Times” publishes an adrertiseihent from its issue of April 6, 1804 advertising prizes to the amount of £262,500 in connection with, “English State lotteries.” Such .a practice would not now be tolerated in London, yet in connection with the City of Paris Metropolitan loan of 170 millions, £6,800.000 to be issued on April 10, it was stated that with the bonds of 500 f. in 24 per cents, which wore' to be sold at 440 f., a price representing nearly 3 per cent., there would be four drawings annually for lottery prizes amounting to £28,000 for the year. It must he remembered that Paris’ is a trifle nearer Monte Carlo than London. The great British fire insurance offices, which have had tor a long series of years tc stand the brunt of losses, are nowissuing their statements of accounts for the yeay 1903. The report of the directors of the Phoenix Assuranqfe Company Limited shows a net premium income of £1,421,187, a sum collected in various other parts of the world besides the British Islands. On December 31 last its paid-up raru’tal and reserves amounted to £1,798,091 and there was a calling power of £2,419.920. The chairman of directors is Lord Avebury. The accounts of the Alliance Assurance Company Limited, in which" is incorporated the Imperial Insurance Company Limited—a company that was represented in Australia for over half a century — show in the fire department a revenue of £889,138. and at the end of the year a fire insurance fund amounting to £2.126.164, besides capital £765.625, and sundry reserves amounting to £883.510. The chairman of this company is Lord Rothschild. Both institutions, the Phoenix and the Alliance, fared very well last year, hut-the current year, what with the Baltimore conflagration and other casualties, has opened very badly. Apart from the experience of the rest of the world, fire insurance

business in Australia and New Zealand has been very unsatisfactory during the last throe or four months. But the great fire insurance companies have been founded on sound and permanent lines. They may, however, yet be called upon to face the losses of greater conflagrations than have yet occurred, for modern conditions appear to favour the aggregation of risks, in both volume and value,