COMMERCIAL.

Dominion, Volume 2, Issue 398, 6 January 1909, Page 10

COMMERCIAL.

SILVER/AND! ITS/PROSPECTS;.!:.!

"- ■'■■The''price per ounce'of ' Standard'; silver"in : ; v August,vl9o7,■ was ■• a2id; : ;;vto r aay.-.'it.;is„;.;23}d:. .'Within.the last seventeen months it .has,- there- >-\ fore,' experienced; a decline: of :9|d.,';or. abput per-cent.':; .What;accounts 1 for-this: eitraordi-' ■'i!! nary'. fall?.i'-The demand'for:the ihetal-h'as'riot: 'corresponded with the supply.-'The year, 1907 ';/■■".'was'i'a period 7 of famine for;.lndia; .;the' ; bi,ggest '^silver-consumer, '■ and■ the export-'of;.;'the l :iuetal. i -was reduced to a sb';'''th"at"'as",'there, ::-was practically no demand'for rupees, ; the Gov-': > : ernment;,'could notMnorease.the existing our. - ; rehcy,' and -hence - has not bought a single ounce >'■' of silver, for. fifteen months; .The silver market - "has, therefore, had, to do without. I ,this powerful ./.customer.'-;Keen;^^ A latioh.rtaking advantage ; of; the-absenw-. off the' ;■-,lndian,Government',from 'the.market,.has •de- .': .pressed quotations continually.'and has,operated '■'".■ most 'J:' successfully.; -;': Similar >' !:;ments tookplace'lathe. year;i9o3;,'which;'ih,.th&. jr.-Bame wayj.was'ior.lndia ;a'tyear'iof, famin'e';and t .';-) a period: of.tranquility,, for ..the .Indian:mints. '■"'; -Nevertheless;lndia absorbed:in,l9o3at; an aver?; : ': ; age'price-of'2ijd. a quantity.ofVsilver,swhich ; -.-•"equalled the -world's' output: of ■ a/whble.f'yea'r'.' v :fiThe market 'for -thejmetal is bpund/.to: improve y );!when shows)a recovery;!; : \;; v-\; 1 - r -^.' ; ;; : r

*;v:In:! thei' .United: Kingdom' th'ere:;are; 98\tram : :;'ways '.by; ..mnnicipalities and.'lU.tram'- : '.ways worked by. public 'companies; <• Practically, -'all: of'these; have'been,-construoted':sihcel9oQ.:

: Previous to thatdateonly 32; line's Ha'd'beeii ;iopened,-so'that progress has - been" very rapid'.; ;;p;Lfteds ; the first; mraicipality :_tq_ construct. '/'■ and .work an electrib' line, the . first - section of . seven miles having been . opened:- in;* August;,.- " 1897. ' The city now has a system':'aggregating .' 51-miles. Glasgow/Corporation,) which .opened s its.; first; electric iltae*i&V.lß9&' n by.'ihas i b':: : ,.90 v ya're,» •' employed.: ■ The London County: Council- lad .'no electric: tramway,until. 1903,ibutvit>;has'Bow- ■ « 68 miles and over: 1000: cars.-.. In .the conrse-of (,; a few years its cleotric system; will, no doubt; • v ; .be "enormously ■' increased,:: and probably . over - 5000 cars will be required. During / the: "past . ; few years municipal tramway undertakings ■j^:laTe'; : ■fV- tban''those-promoted-by, J companies. : ; The; suni -. invested'? by amounts ■ now -to the -i total-' of : 41 ; millions:;sterling, ''arid',, the v-; : pa?sengers carried on -their lines exceed 2545 r.i;.-. jnilliohs. - -j.A'; 'majority- ■of ;the (undertakings,: according to the analyses of accounts given •' in the- ''Tramway World,". show some; profit; after payment of interest / arid /sinking . - fund' ■ '--.'-charges; -but in most' 'cases : ,the (marginiis;: sq\ rthe '. ratepayers 1 .: derive -little; V-if'- - o ; J;'ahy, advantage/;vln,'.Birmingham, -.Glasgow, 3.-ef/cis, .Livernool, Manchester, and: Sheffield. . ' '.however, substantial sums are paidj,in^relief ; ! of ' rates.-;. Fares'-;are^low, ; ;aiid .wage's, l ' as'' a' .rule, are- fixed on a very generous scale! NEW USES FOB MAIZE To the ,Am'encahsHs;:due ;ihe'{initiation' of •a' : ./ißihovemei't ;for< finding: ri6w/-uses;f6r iniaizs^-th'e', .V",:'occasion, being, the-^en6rmous.;maize;/.'ct , ops , '.'6f;'' seviraltyears,:; ag'o,-/and : :Germany;was--:selected'; /v-'i-aSitheycomtfy : thG m'anuEactrure consumption/; of-: maize ■■ I;®bread.-.i':;These? efforts : haVe' ; n6t:-: yet;ibMrii> very:,' > ;: successful, but there is no doubt thoyMvill be . ;/U vigorously; renewed: -if;-! Germany.;, should.: reduce: - its ;iin'port duty on this cereal, as -is not..un-. likely; and {if the inaizb ; bread can' be' mar-■'"-;;:>keted; somewhere'(near/ 1 the i vJ®Abread,:it' ! 6ught.;tO; vtastel;, :?In:;;the' Uiiited-.States,:':«sp?qfally ;.amoh^"t'itte!: ? pbrMuat;Vu^6ldi'df-Vdiet^a£d-'j^;-^^doo^iitfi& r the*'') S 1 oodstuff,-,' in'' the v siine! v /bread-is bnt m'little request, the pain -.forms* the basis .of many papular £!!£:: j.Vft'Bidis.;,being .used:' inj.largei; quantities. ;:by the: ; breweries, .distilleries,; and iglucose " factories/'' an jridustiyV v ha.s ; .grown : up::tovlaEg6Vproportipns,: . for the •' production of maize; oil, used chiefly •' '?& for;coo]niifc r :but; alsb'invpaintingvand' as' a'lu- : . i bricant._ may '•: .have 'putfa'n''end' ifor;-;the''mp-' ' ment to any danger of overproduction, seem? ;; ijj. that/thck^exportable':surplus■ from -the. United ' ; l O^V::Tbe,;'' , ; . : '.ton :.yesterday;-'iim.Qjin'tedr;tb':JC3l3Z' ,2s;'-'Sd.';y,/ : '. stokjz exchange'sales. 4 , (BY TBEEQEArS—TPKESS ?. - - - Dunedin, .Taiiuary 5' ;Muddy £2 LIVE STOCK SALES" ' , Messrs. Abraham, Williams and Messrs. Dal- :. c Pahiatua yesterday, 'but',"-,owingi tojindleinent Jii i/.iweather, no came, forward, and, there_ was ".: only. a moderate yarding" o{ cattle, 'wfiich'-real-; . lscd prices as follow 475.. ; 6d. to S2e.'..6d< s'.:2)-year; steer8 > 'c6Ss.-»to >12a- r '. 6&-? ■rjjv 3-year-ysteers,-cows, 100s.forward^empty ! cowS^^;s2s^j6d.v:;.;j ; ::; . The'next wool sale'.to;:boiheld.at , whichwill be on-! Fridays will,, seov a- trecord v';;-.£ a . be', offered,:,and :of;,this4quantityoaboutv 9000 ■^-'ibdes.^iUi-be'^cataloguedC'ljy.'.'M^^^ i- : Co./' The selling brokers anticipate -j^.'>Athe;i-lul^:"of::. , 'We/'bffenngs;- i^':'Some'.idasMS''; of:' '& staple may. : :b6;:ieglected^ ; -less.; enthusiasm', as thj 'Noveni'-' : ji,i.that tyalues:'mU-'isKow'." ;b'acki-??i.The ;g;i.yNapier ::sales-;held' yesterday, appear' to.;liave . passed otf:„very .;.vrel!, there; was -a, large" attendance of buyers-and keen bidding; and values on the,: whole , ;;wero'/;well . i "maintain'ed: r : BraiSlyt «speaking, : a';in'ore:/optimistic i'view-holds'-'-withj w. ;;:; respect :ta;;tha*future- of■.•.WQllii^d':tKoi' l f6UbT& : .' . ing, . change has -'cbine the ; ; d6ubly-;.welcome,'' : be6ause. .''•;rv:it shows.'tb'at';;the : ;raw;,'material'-ikin''aisoundCT 'arid that; prices- riow'look ; has. been tjie fe^SojP : . ableness" ; o£ .-wootshould --stlinuiatei bbhsumptibn.': \ To iny miiid,'-there is no sounder argument foi';-th6:, 1 than4'thol;c6m-v ;. '. parativo ; steadiiieSs..:of:.the ? last -few-i weeks. f'manufacturers;have-,b'boked vVV: larger, contracts .than vthey<haye ;for.'sii-'inontHs?! ~-f: V ;. expected • | :^'*-\^'the;tireatK^.v'is'"somewhat retarding-ithe,'.whole-: ,- •••.•sale and '-retail- clothings trades, and f a'-'cold . . snap' . very open'wedtlicr has nipped in the bud all Av?A-r-l^P»te, i as' . a rule a fa'it;quaiitity,,of orders ,forjnext-spring i . are being iexeculed, and during the past fort--" night a showing. for'.the winter season; : ot-1909-1910,'' and- so : far- : the styles' - ■ taken up .are ,-the average.- - - -My Own.:vieWj"is ; V that '■- rates'Vfor;;wool'- : ;aT6 . - gbing ;to j supplies'-; early n -xt ,-;. year will 'iraht'/j udiciously;.handling'is .-was,' the vM.case, this iyear.-butvif --H',:proves a ifurther,'advaiicie'jis\ i :wen : -''within ;thb '. range of possibility." y '.. ... ./ - Owing caWbgueiite-wciol. sale ... to -be held: On:-Friday''.will begin at 2 p.m.; this will; given:.;plenty.;of time.- to; examine;,the wool; > '^Heir , '!valuatidnfcrT-TieVqiaii';. : tities to -b^o'ffered. by . the /.various; brokers ; are' H-S jSV--'"■■T,''" -;;:v ''"i!--Bales. Dalgety! and : .Co/ ... . ... :;..- -8200 ... Levin anil Co 3600 .. -. Loan and Mercantile.;..' 3300 • : . - Murrayi'lloberts and Co. 3000 -J- Abraham,-; and • (Williams.; j;2000. '< '■ ;■ United-Farmers' 1 Co-op. 700 -. Wairarapa FCA 250 / 21,050

"WOOL SALE AT LEVIN. ' - Messrs. Hudson'and.;:Marriott;- Limited, report as followsWe held -'our monthly .sale, 0f... wool, Aides, and sheepskins at our wool'store in Levin;: yesterday. We offered a good catalogue 1 patb.y. 1 : '■ quitted oi!o9stred, .7d.S-''"la'mb3';6{d.; . coarse. an3' : sanay, ; 53d.; dead, -;"sd.'; pieces;;; ■ wpolled,-sid:S* f |reehj;.'ss'.'''3a;;ip^lt6;r4!d;;;, , gr6en lambs'-,ls. iilOd. j. /green.'pelts;;Vl6'.^"2uV;,isalted, pelts, Is. 9di', - id(!ad,'.4ld. " : •. . V.:*, ; : Hides.—Ox, 5Jd.; cow, did. to 4Jd.-; lyearlings, id.; farmers', 3Jd.- . • : Calfskins.—Sound, ; -7jd, cut,. : 3d.; slippy;'^.; drs, Gd. cacli. :> ' "SSS-." Tallow.—ln..ling, 1 • 18s; 6d.'; '.casks, Hor6ohair.-rrlldi'.to.fls.- , .ldi.^,Tips ) i'l^.'i^K.-.jiJ' NAPIEE 'WOOL SALES. ' A RECORD CATALOGUE.,, : ' (BI TELEaBiPE—rBESS . ASSOCIATION.) . Nflpier,-January: 5/ The second wool', sale .of "the, s'easoiuwns Keld to-day,''-whfci:- the' 'recdrd'- t catAldgife'-'"of'' 13,698 bales was £ large attendance of buyers', and - for,, the most part was keenly 'immated." were' very varied, andHnbluded.'S'largo"' percentageof small clips' , of ; coarse quality, - which, al-

they, i sold-.well,',did not arouse enthusi.asm./ Fiheicrossbreds'sold .at;from 9d. to lljd. •pcrib;;"meainm : 6f6ssbredsi-7}di"to BJd.;.coarse crossbreds, ■ 5Jd. to.':7d. Lambs'; .wool did. not appear to ■■ be competed fori, and, probably •9,X i P£:t6 R.'fallihgjpff inequality, prices ranged -from,sJd;fbr.ijnferior,to'Bd. for better grades, Pieces' Bold at -from' 3jd; to ijd..','.'"' ; ■~ ■';

:','. Writing' in mid-November respecting colonial correspoHdent ,of;'"The! .Economist" offersj.the;' following: opinions:— •' ''."■■'. ' .

;,; "J.^st!-now the .colonial wool trade .is, so to say, taking care of itself, and; to: db'it justice, :iUdoes'.'<not r seernVto' b'e- unequal' to-, the; task. It*: is .'said that'Some 1 weeks' ago.!'.a ; powerful ;bear< oraid'.'_ on prices' was ; being -"organised at '(Bradford', in;;order": to. depress- .v!alues> ; at:.-the ■Au'straliaii a'uotions, ; then ; about, to commence. -If-'So>'m'ad was ever ..contemplated, it was soon abandoned, and now these bears seem, ,:to.'.be',' hibernating. So far as the" bulls''are ccnpicerned,",the"reVare indications that they "are contemplating'' a ■ oharge, but most probably .their 'bankers,-, after ,'Uast, year's"-.-experiences; ~yili;!takßscareA!tliafc, their ■ operations/are-kept. ;within very moderate'limits..--The present situ-' 'Stibn'.is .'the.'.exact'anthithesis of what it; >yas 'Mout'.'a_year.',&gq; j,Then consumption was at'it's, •height' ,'arid".-a- wool, -famine .was freely-pre-; dieted;'; Prices were very high, although money : was dear-and:lobked'.like,going dearer.'' Labour, and oqal ; and.almost everything used in' the pro- ■ ductioh'_.of; : .'wppllenAand worsted. '. fabrics were. at; racordiprices, and. the .position...was. fraught witfr: danger, i; .-The collapse sodn, came,! and the frantic efforts of the bulls to.stop the rot jin'pticSs',which' 'then set in ..proved quite in-effeofual.-ari'di'-indeed *ere compared by •; lead-' ing; -West :Riding!;.dealer.:. to .flogging.; a dead horse.' 1 .•:• Qncevbegun;' the decline,never! stopped until the'raw material'had fallen from 25 to 50 per cent;,, all classes ; of. topsifrom 6d.;,tq.9d.. per lb.i'.':!Por months the market "was in a weak -andinervous.oo'nd}tion, and "but:for the,skilful handling,oftthe situation by!the London cominiittee'iVof.'Umporters and" brokers, the losses of.speoulatprs,: which were quite' heavy enough been miiah. heavier than Uhey-iwere. ; ;' ; ; A's usual; just when matters were "at' tti'eir r .-Woiist', ; ;'and, all'hope',flf imprbvenieot seemed.: in : some . quarters : to ; ' have been, .abandoned,'.shrewd users: who; ha'd;!-Jteptrthemselves; dear, of.the'mad speculation, which" had ended •in' 'such'-disastrous., consequences; came to the -.rescue,- and' snapped up thousands Of packs of tops. which were being .thrown.on the market by. exhausted bulls:or by their : bankers.. Super 60's, which: at the : top' had. beenJabout 30.1., -.dropped • to below. 20d., .(whilst M's, '- 'which; at the fop.-had■ touohed.lßd.; fell'-to.Jess-than Sd. Thencame a sharp: rally about 2d. per lb., and mth comparatively, slight fluotua-. tiohs 'the market remained on:this: until 'about';a'-.-'fortnight' ago'. "Amongst;experienced traders-it 'was.''thought that- signs were ,not wanting..of: improvement: in the demand: for '.woollen''aM' worsted .fabrics aqd reports from -the' Continent,: and-especially from the United States,, began to be much more hopeful. . During the last! ten'days at Bradford, these, conhave:? told on 'a';'ina'rket' 'bare_ of stock • and 'a: smart advance in .quotations ■■ i as been :tho result.'..: The cablegrams'.'which pass; ■between: consuming centres in'.UuropP .and i the various; selling -centres, in /Australia; are apt to' abt"ahdi:feact: oh-each.'other. !'.'LaSt,. year, after; .therfirst;check;;to"prices' caused.:-by/.the; cpm-.; .me'n'c'em'eh't', pi {-the-; Ameri6ari financial 'crisis,' ~ tb:el'de^e^d«'aw«'ntsAr^iyed''f^m_Bradfbi/8 i ' rand-Roubaix-.'o'au's'e'd; prices 'tq.droop;-in.all:.the', Australian the'-wjataess' at,'.the' ''caused- increased" depr'essibh'.'at Brad-, ior'd',;'ttnH ffiisVyfeht-Toh xintU'.tb»'..a,TictioiiS' : liad'. to': be suspended 'in 'Australia;;;ah'd absblute. stagnation jprevailed'-: at Bradford: -Just; now, the'yerj"'ppppsite':bf all.'this':seemsi-tp'be'the 'oiaeT.'lof/'we'/da^ rter markets'; aFßrtfdfbrd :and.ftoubaix;have been seht;:'out;;''and!"" now cablegram's, are;,-b'eih'g', re-:. 'ceive'd'r'ep6ftin'jj , 'a^rise ? '.in ; 'all the , epmmom • : w'eaiW markets of-irom's .to. Id per' cent;, cpm-, ! 'pared''with,'!the , oMhihg:pnce , s':pf.,'the,'prbseht. -Eba'sbn.. Pr'obßftly'Duy'ers'hay'e'had sample bales-' b'f" ; th'e'iFearly:purbhases tested -'by, scohring.'.and '.found''that the■".wobl".this'■ season is:'peldihg betteVlt&anFfnieyTahticipated. -..Much,is made' :of..tEe l .'SUppose"d. , '6c?,''rcity. of gppd : w^ol; M)l s is'v ; said- :iihatliHthis^j/xlass l will be.; : very; .i'scarce": .later ;j ! ,•; pn^ r ,;l:: : reports. ,Gue''of the'largest'grpwers.m , South •.Australia has sent me'a. sample-of;pno ♦clips:.,: :;It;;is! simWy->/spkndip>rdeep;stapkd,: sound, and':bf a-good'.'snper ~6o's .qdality;;.and: ;sb 'light• ih grease~thaf;it will. yi01d,;f,u11y..52 ■ iter'cent; of clean'wbol;. This wpoV was grown in'the lower:north district;of, Spqth'Australia, Se ? son ' B ff* M ' than 20,000" bales", of. tHs warp; wool., .

HIGH COMMISSIONER'S CABLE .:The :.Cpmmerca. has received the followingcable from the High' Commissioner, ajidated i London, : . January 4, is very. driljiianfr-there; vis scarcelys.'&ny-de'mand. : Prices:M'e!mlinwioeaj solely because- stocks - of: niuftoii o.n hand,, aro. light/ an#'are-" ffiffltf. held . iii ,few. Kaiids;''i.Ths f olloMiiffi 'arp'^tliftXflorreot, : quotat jor(s:—Canter-' butyjmutiSMtil^'-North Islanded:lus-;.' tralianj ,3d „K«cr Kate, 3Jd per lb. , ' ./•• TherV l i§-MT(^ly v any' demahdy.foriil • tirrtn 1 CanWrfiur'y' at ; , : .4id; £ef "lft" Australian? stock' isa'craraulatiiig, and ,ls : quoted 'at; 4Jd.', ( per: lb ~rThe b?ef market is quiet, hindquarters being, quoted- at <-3Jd.;Y;and lb.;*' "i'•"? ~ I''. "•' ' ' The■-bitter 1 ' mow i demand; The: market. has; besh\ ,abli Jaffected owing ■ to::the' severity:.. of the' weajther.nespeoiaUy. for New Zealaud brands.; OniaiidQunfi'ofi-the ifire? bnv,the'S^s*Pap.aioa;- t 'choicest New Zealand'b'utter.iis quoiedvait .iJSs.',' jibiSiiali-'itiid'. -Other; quotiitions 'are''as follow -. —Danish, Ills.; Siberian, '- 1025.; Australian, ,108s. j^'jfagentwe,M 6 ,?,-. per'cwt.—" '•' . •';' - : ,--.-V ; ,-The - cheese market, is firm, and there is. ;a better demaud:.^^hiteJ makes ,arequcited;, at, 585.; col6ufed' : ,'owt.''- ' ■■ 'J'-,'.'-. .;■; ; The- bemp- market is" weak-land, inactive; and prices are ' nominally •as , followi-rGoqd ; fair grade,' on. .spot,",'w62l'- 155. - ; fair 1 grade, on; spot/ £11 spot,-- /jsi : .Ms. • J&air? fair. lOs/'-.'. Last', amounted' to ; 25,000 bales'.' ; The' cocksfoot^s'sed;;market -'.isV. quiet;■'-'and 'buyers'!are'not keen' to do. bu*siness. : '--Bti_eM clean 171b:. .seed - is. quoted;' ' at7Bs. ew't; : nominal',;;'.-i J',< ■'■•- \ V; --; ;' : X- ; '■ i- I ':''"/V.'-v 'Tliokanri guin .'market. itf, firmer,.and .there, is " more demands . Current-.'quotations.' are 'as follojv:—Ordinary to fair three-qu'arter Bcraped, 1655.,; fair;half.-scraped; _1025..'6 d;; -brojvn, fair; half .'to three-quarter scraped,- 85s'. ;:.brown, pickings,' common to good, 60s, ;i-bush,/fair. to good palO;aud amber scraped, 1405.., ' - This hop: . and . prices: are well, maintained..'.. . '' V .' ..; Th'e; : wool market signs' of .'strength:: • '..'Bradford tops"are quoted; as'fpllqrf:-r-36's low crossbreds.'.lla;; - 40's: low' c'rosSbreds, lljd.; :M's -mediuni .;''or6ssbreds, v vJs7 ■?'OJd.; : -50-s.;,half-breds, Is. 4id.; 56's qu'artd'r-breclsV &Jd.; 60's meri-' ;rios;-;ls.' lid/';. . The' following shipments:' arrived; from the ,'Eiver Plate 'during : ",tlie; month -of .December';— ' :• ' Mutton. '..Lamb.

London-.'-,'-:,..;"•■".»•'139,279/:,; : 18,633 U Liverpool*?' ?';..'■>■•'.■.•;-:166;320;;- :.Vi7,585'- : V;\ Newcastle ':/ .-.-■ ;.. ■• ..v : 12,729". "„-,' 1,981 , - Southampton:' w« - : ' :.: , • 4,991.-v.- v 3,006"'».'' <■'■ Cardiff* ;■ r ? ; /;\V/ -':;:■. 16,716^•.i'-i , .-2,000.:v.' ::,.;;:;■■ H--852- y'W-:' 149 '■.',■: Glasgow ! ' ! ■»;:. - 2,500 :fe^v : 7oo /■ : ' Irelana;M : W ; --V : 3>57T -"v;■: Bristol*';,;//''/,;:/</:';;.,'' ,3,000--: 7; : i- 300' Butter'.^li'ondott^fand;' Soutaampton,';: : lliß6s cwt '"''•"'•''.'■ ; ' . : '-;^':' : - " : ' :Mv/ : ', : : ! '"'- "'

PRICE OF SILVER.

fit TELEGBAPH—PEESS ASBOCIAirON-pCOPIEIGBT.) London, January 4 Silver is quoted at 23Jd ; per ounce standard.