COMMERCIAL.

Dominion, Volume 2, Issue 479, 12 April 1909, Page 8

COMMERCIAL.

THE LONDON MONET MARKET. The London monoy fnarket is decidedly easy, and the' Bank of England return shows that . there is'an abundance of loanable credit. The reservo of bullion has decreased, and so has the reserve of notes and coin, but this is due to the usual quarterly payments, and by next week , most of, this should be back in the bank. The other deposits amount to nearly forty-fivo millions sterling, and most of this money is available to' the markets. The discount rate on ; three months' trado paper in the open market 'is at ifil 15 s. per cent., whilo short loans are being done per. cent. The movements in . colonial stocks i are generally upwards, but both the West Australian denominations and New Zealand 4V are'much lower, but this ■ fieems due to: the quotations being ex dividend. The only real declension is in Queonsland 3's, •which tire lQs. , below - last week's quotation. Money is now almost as cheap as it was in 1834-6, and this should have the effcct of stimulating trade and industry. The shipbuilding industry,) one of the main industries of Great Britain, shows a splendid improvement, and this'must cause a certain amount of activity 'V, in ■'the .allied.industries. • NATIONAL MORTGAGE,. ' I The report of the National; Mortgage and Agency Company for the year ended September SO, 1903, states that, after paying all Homo and ■ colonial'expenses, also interest on debentures, and making full provision for bad and doubtful debts and depreciation on premises, plant, etc., the not profits amount l 'to .£35,455 12s. 5d., which, together with X774G 12s. 3d. brought for- . ' ward from last, year, gives an ayailable Balance of .£43,202 4s.'Bd. . From ,this an interim divi'dend of one shilling and sixpence per share has already been paid, and it is proposed now to pay a further dividend -at the.same rate,'with' a bonus:of Is., per share, both free ,of income tax/ making 10 per cent., for the year, to add ieiiooo ■ to' the reserve fund, and to carry forward ,£8202 4s. Bd. to next account. In moving ' ' the adoption of the report and balance-sheet, the Chairman said :r-" We . are extremely ■ anxious ;not. to overtrade or to undertake liabilities in excess'of what we consider the capi-. tal/Of the company, can cany with perfect 6afety. We have, therefore, requested the V general manager in the Dominion to limit our commitments,, and,; indeed,-in. the case of. some of the larger, accounts, to reduce them as far > as possible.'■ The necessity for caution in the conduct of the,business is,-in.our.opinion, still very essential,as ".we", are not "at ; all cortain V that New. Zealand .'is,'yet at. the''end of /.the period'of depression, though ,as to her ultimate recovery there can bei.no doubt. Indeed, looking to tho 'future, •we already see an up- : ward, tendency; The . price of wool has risen, ' and we hope that other.. things ( will follow in '. '.'t.he sanie.tfirection."' '. •

v THE.SILK TRADE. A change for tho better has come over the ' prospects for the silk.trade, and it is now confidently predicted that the year 1909 will be a ' ; great , improvement ;on ,its.;. predecessor.The ' somewhat- prolonged period. ~of ■ which is'now'apparently coming to an end ; was. largely due to three causes/ viz.,. over-produc- , tion, the American financial crisis, and the . vagaries of.fashion. All of'these obstacles to 1 • the prosperity, of the industry./have now'to.a' '.greater or less extent been removed. Manufac- ' tnrers were induced to restrict their output by . the comparatively low prices which. prevailed. . In the United States, for instance,,the slump ,' in the silk market was very strongly felt, and : even yet: the. number of ! looms in operation . shows a fednction of fully 25 per . cent. The /■financial crisis in the JJnited States had an' 'undoubted i effect/ upon , the silk indnstry throughout the world, for the American publio ' are among the most liberal, consumers of silks. It is doubtful if it;can be said with perfect J truth .that silk is ever out of. fashion, and it is not unlilcely jthat the.demand. for it ; isvto a- ■ very large extent regulated bv the prosperity . or otherwise of trade generally. It is also practically indisputable that, the price, especially since, artificial silks began.to make such heaiway,'<has a marked, influence *on the de-. ; mand, and accordingly it is not surprising to rlearn that the recent low level of prices has jhad'the .effect; of stimulating interest, on the part of consumers. ■ ;:p CUSTOMS RETURNS. . , The Customs Revenue'and beer duty collected at Wellington last week amounted to -£1-1,0-13 15s. 10d., and 19s. Gd. respectively. On Saturday , the amohnt of 'revenue, collected was ■ ,' JE277 IDs. ed. . ■■! > • ■; '". -