COMMERCIAL

Southland Times, Issue 17966, 6 March 1917, Page 4

COMMERCIAL

SJIETOH STOCK SAZiE. The National Mortgage and Agency Co. report that they yarded 1300 sheep for the monthly sale at Dipton, also a number of cattle. The quality was good and the sale was a most satisfactory one from vendors’ point of view, everything being disposed of at the hammer at prices well up to those ruling of late. We sold as follows: —Account A. H. Beer, a line of fat lambs to W. Swale at 116/10; 119 ewes to 10. Chilton, 10/10; till lambs, W. Swale. HO/-; account A. Peat, 69 two-tooth ewes, J. Burgess, SO/-; account ,1. Wilson. 6k do., J. Burgess, Ml’/-: account .1. Stewart, 34 wethers, W. Swale, 33/-: 49 wethers, J. Gulden, 119/6: account G. Clelland, 24 3 f. and f. ewes, .1. Calcler,. 21/3; 137 do., Mrs Sinclair, 17/11; account G. McKenzie, 5 rams, J. Gray, 14/-: account ID. McKenzie, 5 steers, J. English, £fl 4/-; 2 heifers. If. Bussell, £3 S heifers, H. Cunningham, £6", account T. Harrison, 2 bullocks, J. English, £lO 17/6; and account W. J. iove, bull, H. Cunningham, £6 10/-.

STATE rXBE OTSUBAKCE. A .RECORD YEAR. A NET PROFIT OE £35,000 MADE. ‘The State Fire Insurance Departments twelfth financial year closed on Xiecember 31 last, and 1 am pleased to be able to report that the results have proved most excellent,” stated the Hon. W. D. S. Macdonald (Minister in charge of the Department) to a New Zealand Times representative yesterday. "Good as the previous years have been (added the Minister) the year 1916 establishes a record far in advance of that previously attained. The gross surplus for the year amounts to £39.274, which will be allocated as follows: —To unearned premium reserve £2577, to investment liuctuation reserve £IOOO, total £3577, leaving a net profit to be carried to general reserves of £35,699.

"The previous largest net profit was made in 1915, and amounted to £25,65:1. The loss ratio for 1916 is abnormally low, reaching 28.22 per cent, only of premium income. Previously the lowest loss ratio reached was 38.6 per cent, in 1915, and the largest was 70.9 per cent, in 1908 —the latter being the only year in which the office has made a loss. The net losses for 1916 amounted to £21,897 as compared with £27,176 for 1915. "The net premiums increase for 1916 is £6113, and compares very favourably with previous years, more particularly in view of the fact that solicitation for business has been greatly reduced owing to over 30 per cent, of the staff having left for the front. “The total accumulated funds at the Close of the year amounted to £155,958, showing an increase on the previous year of £39,274. This £155,958 is made up as follows —Ordinary reserve fund (net profits) £121,915. Investment (luctuation reserve £3OOO. and unearned premium reserve £31,034. Under ordinary circumstances with this sum in hand we would seriously consider the question of the distribution of a bonus to policy-holders, as provided for in the State Fire Act, but owing to the depleted staff and the large amount of labour involved in making the assessment, the question must necessarily be held over pending the termination of the war. Before the assessment can be made it will be necessary also to secure extended office actum raodation. "Reviewing the twelve years' operations of the Department and comparing the first six years witli the second six,” said the Minister in conclusion, "1 may alate that the total income for the first Six years was £1 60,153, and for the second six years £393,2 12, the average.s per annum being £26,692 for the former period, and £65,54 2 for the latter period. The total profits for the first six years were £7046, and for the second six years £114,469; the average per year being £1174, as against £19,145. The working expenses ratio for the first six years was 36.6 per cent., and for the second six years 27.3 per cent, the loss ratio being 51.06 per cent, and 40.45 per cent. Respectively.”

LONDON MARKETS. HIGH COMMISSIONER'S REPORT. (Per United Press Association.) WELLINGTON, March 5. The High Commissioner s cabled market report dated London March 3 (quotations unless otherwise specified are for average market prices on spot) Is as follows: — Meat —All descriptions of meat continue in poor demand on account of decreased consumption. New Zealand frozen meat prices are unchanged. Argentine lamb prices are higher owing to continued small supplies of New Zealand mutton and lamb. New Zealand mutton, BTfsG: ewe mutton, BV 2 d; Argentine mutton, heavyweights, 10% d; lightweight, 12 !<1 d.

N.Z. beef —No supplies available. Argentine beef—No arrivals this week. Butter —The market continues firm, but there is no quotation, with the exception of French, per cwt, 212/- to 219/-; Irish factory, 194/- to 202/-; Australian, 214/- to 218/-: exceptionally good, 220/-; nnsalted, 214/- to 218/-; N.Z. salted and unsalted, 221/- to 220/-; good to fine quality, 21S/- to 222/-. C3iee.se. —The market is practically cleared, and there are no quotations, with the exception of Canadian white and coloured (stocks light), 172/- to 176/- per cwt. The estimated Canadian and United States cheese stocks in London, Liverpool, and Bristol are 49,500 boxes, against 96,000 at the same time last year; estimated N.Z, and Australian cheese stocks in London and Bristol, nil, against 21,100 crates at the same time last year.

Hemp.—The market is quiet but firm. It is reported that shipments are going

direct to Amprica and nothin?; is offering here. The Manila market is stronger. Quotations, nominal, fair, £Ol per ton: coarse, £77: good-fair, £6l 10/-; fair, £6" in/-; .March-May shipment—good-fair New Zealand, £66: fair. £6 1; fair Manila. £'.lo; coarse, £7.1 10/-. The output of hemp at Manila for the week ending last Saturday was 10,000 bales. The market is firm, with more enquiry Australian, S2 -; Canadian, SO/6; Argentine, 79/-, to arrive. Oats—The market is firm owing to reduced supplies; New Zealand, 51/- per quarter. Now Zealand Loan and ALA. Co. have received the following cablegram from their London house under date 2Sth ultimo: Tallow—We quote present spot values for the following descriptions:—Fine mutton, 65/- per ewt; good beef, 59/6 per cwt; mixed, 54/6 per cwt. Market strong. WHEAT, BABBITS, ETC. T XiNDO.V, March 4. Wheat—There is fair enquiry, and the market is unchanged. The rabbit market is flat, the demand restricted, and supplies small. Prices are maintained. New South Wales blues, ex store, about 36/- a crate; Australian and New Zealand mutton, 9V4d; lamb, inVid: South American, 10"sd to 11 %d. Rubber, Para. 3/3 per lb; plantation and smoked, 3/3 ■'isd. BAITS OF AXTSTXtAXASIA. LONDON. March 3. The Hank of Australasia's dividend is 11 per cent, per annum and the bonus 12 - a share. A sum of £30,000 is added to reserve, and £122,654 is forward.

SONOOK WOOL SALES. LONDON, March 5. Received March 5, 10.15 p.m. At the wool sales there were very poor offerings. All classes met with animated competition, especially crossbreds, which sold substantially above last week s rates. Merinos were firm and unchanged. A meeting of the Bradford trade decided to ask Mr Forster and Sir A. Stanley to receive a deputation protesting against Government control.