COMMERCIAL ITEMS

Dominion, Volume 3, Issue 664, 15 November 1909, Page 10

COMMERCIAL ITEMS

.:• INVESTMENT BHABBS.; '"•'.■■/ ■■ Sales of Equitable Building at £9 2a. 6d. and Leyland O'Brien Timber .were, reported on Saturday. National Bank, £5, sellers £6 Is 6d.; 'Bank of Now Zealand, sellers £10; Welling■ton' Invostmont,.:buycra-..U5., ."sellers lis. -6d • Wellington Tru3t.and Loan, sellers £7 2s. id.-Feilding-.Gas; buyers £1 Is. 3d.';, • Napier Gas-, sellers - "£l2 7s: 6d.!:Valracrston North Gas, sellers £8; Wellington Gas, £6 10b. paid/sellers £10; National'lnsurauce, oollerd £1' 95.; Standard Insurance, buyers £1 2s. .6d.',".sellers £1 2s. 9a.; , OhristoliurcU Meat, sellcrß £5;, Gear Meat, £4 !Ptud'„ r buyers<£lo 55.; £1 paid, buyers £2 12s. 6d.; 'Meat Export,-third issue, ■ buyers"£2 155.;• New' !\Zea.land Shipping, buyers £7; Union Bteam, isellers £1 135.; Wellington ■ Woollen, buyers £3 ;35.; Hikurangi Coal, buyers 19s. 6d.; Westport ,!Coal, sellers. £6 55.; Westport-Stoclitori, buyers fjs. 6d„ ■sollcrs 75.;-Donagliy Hope and Twine, buyers 215.; - Leyland-O'Brien Timber, sellers £1 ,3s. Gd.; Now Zealand Consolidated. Dental, sellers '£1 4s. 6d.; Saarland's preference,' buyers £1 Os 6d.; Taranaki Petroleum,,buyers 7d.' 3d., sellersßs. V :'■. '■■■• 'TIIE METALS AND TRADE."'• '■ ■■ ''.'.'. ' Evldcnce'bf the' world-wide revival in general trade is afforded by the increasing activity in tbo production and /consumption of pig-iron .The latest'Btatisties from tho'Uni?cd States show , that, the, production of pig-iron, there,has .now ■again reached the rate: of 27,0C0,C00 tons per amiuin..-"Far : the. eight months tho production amounts to 15,230,M0 tons, a3 compared • with .9,320,000', tons ' in Hhe ■■corresponding period of ;last year. "The iron; trade reports from the ■ United States (says and . English paper) are characterised by the most exuberant optimism and record tho belief that imports of Cleveland No._ 3' pig-iron ;aro imminent. Consumers are said to be.tjager .buyers.into nest year. Blast ; furnaces.'are', being 'blown :-'in throughout' the' country, and it"is thought that in a' fow months prodncors will-be working atthe top of their estimated capacity of 32,t'00,0C0 tons per annum Although-thc.price of pig : iron in (jreat Britain has not now'.the importance that it once l had as; anindex ;to the "course of trade, it may "still bo ■regarded .as one of. the readiest measures of :trade, prosperity .that wo have.- Looked at from Ms', point. c4\: view;, the/advance of something' -like:'ss. per :tbn in thoprice of Cleveland pig;»»^>dju3^L:Uio'.flast;,feir months 'vfonid iuixt

been more satisfactory had it been 'accompanied by more tangible signs of an expansion of. the demand on the part of consumers. : "Recent advices from Gortnany, which haß been for some years second only to the United States in pig-iron production, indicate that thefo.also there is some recovery from the recent acuta depression. Tho, Berlin Bourse lias of-late taken a much more hopeful view of the outlook, but it' is worthy of note, that this change of feeling has been pronounced by eminent trade authoritics to bo 'undoubtedly optimistic' Notwithstanding the severe restriction of' the demand,' the production, of pig-iron ,in Germany has all along been maintained at little short of its' highest point. Tho output last month amounted to 1,100,000 tons, bringing the total for the eight months up to 8,441,000 tons, which compares with 7,996,000 tons in tho corresponding period of "1908, but falls but little short of the- record figures. The maintenance of the' output in "excess'of the' demand is attributed to the.big mixed works, which, by the exigencies of their situation, have been compelled to turn out pig-iron- whetherthere was a ready sale fbr'it or not. The re suit was competition of tho most cut-throat description. In this country the stocks in public store continue to increase'steadily, and at over 280.C00 tons liavo been exactly doubled since the beginning of thc : year, although, of course, this is a trifling Quantity in proportion to'the consumption. It may bo taken that the mainspring of the' recent advance was, ,-th.oj., buoyancy.- of American trade advices. There is a widely'en-tertalncd.-j.ticliof that American consumers will bo comooll'jd to have recourse to the surplus stocks in Great Britain .and in Germany, *ibut. although the recent' reduction,of 'the :American duty on pig-iron to 2J dollars will facilitate such' operations, tho disparity between .the two markets will have to become wider before any considerable- ; weight of pig-iron crosses the Atlantic."

SPECULATION IN ARGENTINA. '~ The prosperity of Argentina has been a subject of Consular comment for the last year or two, and, according to Mr. Consul Hugh M. Mallet, who reports upon,. the important, dis'--trict of Eosario, ths conditions in that region last year-were very< favourable. The .exports of cereals wore considerably, larger.than in '1907, and the, activity In the construction/of new works created a good demand for labour. Un: fortunately, British trade did not profit by the favourable conditions, and the .imports from this cbnr.t'ry into the Eosario district declined,,to the benefit of tho United States, whoso trade was helped by the more direct steamboat service with Now York. The cost of living in' Argentina has, it appears, .'greatly increased, and the purchasing power of a sovereign is only about half what it is in the United Kingdom. .Tho snecession of good harvests has caused a great rise in tho value of property, both urban and. rural. ~" "In fact," Mr. Mallet remarlsß, "the speculation in the' buying and selling of landhas been exceptional, and, perhaps it iB being overdone. One or two had harvests would certainly, cause a 'reaction for' a time. ' Transfers" and sales of real estate.during'tho year, within tho province of Santa' l'e. .reached the large sum of £8,700,000, and mortgages £2,800,000." No wonder tho Argentina.land companies have been enjoying prosperous times!, ,; . -.-''

. - \ :iiAEGE;gold hoards.- , The banks.. in Europe'• held very • extensive i hoards of gold at the end of September as. compared with the corresponding : poriod .of 1908. The following figures disclose the positions ■.•■;. Sept. 30,1909. Sept: 30," 1908, Bank of— - £ ■ <S ''■.■..-. - England '_. .. 37,235.058 • • 38,017,545 Franco .V. ._ ' 129,657,067 ':- /Germany- ......; 39,499,350 39,600,000 . '-Russia ......... ; : .' 131,804,000 .' 120,052,000 ■'■• Aus.-Huhga'ry --.;:.'....:. .57,402,000 :,..-;' 48;548.CC0 . . - Spain- .:..'.....:...t..,;;...'..'<16,050,000';' v .15,724,000 . Italy ;.........„.....' 38,386,000" • 37,037,000 Netherlands :.. . 7,769,600 'Belgium .:............'....... 4,256,000- 4,016,000 .. Sweden „....'-.'4,383,000 -.' 4,132,000 - • SwitSerland'..._...:..-.: "-■' 4,970,000 4,604,000 /Norway ...... 1,695,000 1,629,000..' -.';''■"';, ,'- £491,69.3,368 £450,783,212. ''.• "There was an'iacrease as'compared with-last year of £48,910456, which. is just. about 8 per cent. The gold holdings in' France and Sussia. are enormous, and both have increased, very' largely iri the past'year. In addition to tlie gold several of the banks held. silver, .the; total us Et. September 30 last being £110,108,130, as com-, pared with £112,'589,709. In • spitc..'of this heavy holding of metal in Europe, London is the .only, free- cold market in the world yet London works on a smaller metal rescrvo than anv of the other more important institutions, -simply, because a very full use is made of the cheque. The metal is economised in'a: wonderful way.

I ,: COLONIAL" SUGARS V. . The half-yearly meeting of the, Colonial- Sugar Co..was held a'few days ago'in Sydney;.under the presidency of "Mr. Kater, M.L.C. The report submitted showed a profit for tho six > months ended :'-September .30 of £168,880., which, with £56,501 brought forward, - made £225,382 availablo for distribution. The directors recommended a dividend at'tfce rate of ,10 Jper-cent.-per annum,absorbing, £H2,soo,J,,leaving T,£82,652 to. be carried forwiud. Tho chairman' said . that since they'Jast mot the, company had been concerned in its first-strike/ the men employed at the Goondi Mill, in ..Queensland, having been induced to break their written agreements and to : cease work. Thedomanda made were not in themselves, important, but the principle involved was,, and as there was no- genuine grievance they refused to. give way. The' strike having ended, tho work was then being carried on under former conditions,- The field hands emploj'ed~by tho'.'cafie-gfdwers wero ; 'a!Bo persuaded to break, their contracts, and, the delay caused, might involve the' farmers in'some loss-if-'the.*.' had an' early,wet season. l .. The.;men .concerned had.'on their part, lost.a. good deal,, and their sacrifice., was to be'.-regretted; for-it:'was stated that a majority.'of, them.,.were unwillingly compelled -.to. join those 'who!'.went' out "on' strike.: "Otherwise,- the- 1 season's' work was notrunsatisfactory, thoughthe .crops were, generally .short. They, would have seen, that the Federal Govern-ment-proposed to; appoint.",* non-political commission to inquire into tho position of tho sugar industry. To such an investigation, if, con-' ducted on reasonable lines, no one Could object; yet .the cuestiou; might; well'."be i, asked .'why-'in Australia an inquiry, of-this 1 ■ sort-'usually followed legislation instead of preceding it. Tho matter of .'•qr.ecttaglf another„mill':in • Fiji', had again come up for" consideration, as tho" differences, of opinion on the subject, to "which he referred at .thc.ilast meeting, no longer existed. Th-. district ■ chosen for examination, wis -.very suitable for. cane-grdwing,- ■• but the'. transport difficulties would be serious, and they must see their.,way . through these, boforo they pould come.'to a "decision. •. Speaking -generally, -they regarded' the extension of" their business'in Fiji 'as desirable.,. Diiring..the..twelve' monthn just ended the" refineries had for the first tinte melted over, 250,000 tons of raw sugar, being doubio the ;• quantity put, through': fourteen years ago.. Of course ,it could not be expected that this.,rate, of increase'.would be,maintained,' unless there was a large influx of population from Europe.'.,.. i.v-X ,-,..• ..■ - ™'

: Customs revenue collected-.at Wellington on Saturday amounted to £703 is".sd. ,Tho total for the ..week, was, £6252 10a. 6d.,- ; beer duty amounting, to'.'£lß7 3s: --• ,'- . •;.. ' ~ .-,-..- ~.-,--: /..." .'FEIIjDING MARKET:-EBPOjRT. ;-. ■ Messrs. A. H. Atkinson and Co.;'-'Ltd.,'report a.;.goodVentry of pigs and a continued strong market, particulaxly in weaners and slips although little of prime quality was offering iQ ' 6 ? lall supply sold at famine ipriccs, with strong demand from all quarters. We sold a quantity of grain l and at': quotations. Pigs—Weanors, IDs., lis.,. lls".-;6d., 12s.> 9d., to 14s • :slips, 14s'.. 3d., 15s?; :15s. ,3d'.-j ,16a., 165." 64,; 17s to !l6s.'; Btores:<to''22s.'i light VporKers, 24sY,'to 255.'.6 d •' • Sows,' £2.3a.'6di,.£2:53.,..£2''-95.-.6d., to'f2 l7s'.'6d TPoultry (at "oachJ-^HeDS/'.Ja.;--light' re-,3tcre,'. 2o' '3d., 25.,5d.,'-2s. B&;'2siy.lld.;--;E.'B., to'4s.; hen and .chicks, ',63.;hen'anddu6klings,'4s.3d.'. Horses—Sid•dle pony,£s; others;'£3:- Produce—Pig-meal, 5s ; •brati, '55.: 6d.; >!\barlcy,'-'7s.:-'*6d. to lis.; chick 'wheat, -13s.' 3d. to"l7s.!'.pbUaTd; 95.; Algerian oatß, 95,; prnssian blue peas, 'Bs. 6d.; table potatoes Bs. to Bs. 6d.; rhubarb, 6d. bundle; factory bacon, sides-7Jd., hams Bd. per lb. - \-.rf ... ■ +r.-, : ' BANK"OF ENGLAND EET%N. i '■ . ; t. .'. { ' ; ---'' ■-;'' ■', '-''V''i .I. ■ -.. .London,* November 12iThe Bank of England retnrn issued for the week ended Wednesday, November 111, is -as 'under':—'""" ....-■■.■,•.•..... .; ■'....' - ISSUE DEPARTMENT.''if. V ■ Note Isarw ». £50,169,000 Gov.socnrities'£ii,ois,cod -.; ■,-" .'." Other securi-', " ties,' i.,/7,434,008: : Gold .;.'.-31.84(l,t«). -~:■; ■"' ■■2».SB9.bao\_;- ~"".'• r^^OMS/M ■'■;, BASKIKO DnPABTMRXT.i',-'. proprietors» '.'.''" ' .Qovt. securi"-:,.■ : ; ..capital. £14,553,000 ties ...''£16,158,000 . Public de- ''.*-. '■','■ Other securi-: ■- ■ y .. posits..'.;' 5,354;000' -ties ;:.;,23,730,0M '.Ctber.de-' ■ ... '.. '■■',■■ :.-.•'. '..'i ■■ * "'.".posits .:... ,'30,175,000 Notes- " ;..',-• 21,680,000 i: Best, 7-day '.'•.- . ■ «.'-.- '. Vanu other ,-••' '.Coin'; ~. ; l.!:d4,<Xrf . -.' ~ Lilis .... . / 3.1E0,C00 '■-.; : /<:.'.' £62,722,000 • '•'• ':'•. ':. £62.732,000 '■ The leading items, of the Bank of England return afford the following comparison;— .: Thisweek. last week. Last year '•■>■" .;■; ' '*■'■ ■'■ *. ; ' ■■ £'■•■ ; Bunion ... ... 31,910,0)0 50,830,C00 34,090,000 lieserco... , ... 5'2.844,0:0 21,411,000 15,371.000 JSote circulation .28.800.U0J 25U68.00 tb,710.000 Publio Uoposits 6,£54,C0J 6.4i»,WJ 6,oti),Ujo .-. Other Deposits , 31M73.0J0 ~ 40,776,000 41.737,000 Vtof.ortiOQ of '. '..'-' riiFerve- to ■>. . . ■ -:.'-. -liabilities..- 50.71 45.42;; £3.03 '..'';' '] GOVERNMENT SEOUEITIES. .- ')] The following arc the, latest'-' quotations for Government securities, with a comparison of those ruling last week:— ' ..-'• , ....'.- , : -. . v- ■ • ■•■■ Varlationjj p.....', compMoi; ■:..--:, ' ~. -. - ■ .; " nca :,-- " with.!! ■ • ■' ■ - - - ; .- lastwoah. ■" - • ■■",'£ s.a.:, -~ 2'.% Imperial Consols... , ... : 82 l'i tiV Gs. 3d. hisher I „ N.y.W.1353Jin.-July ... 107 15.0 Unchanged 'ai -N.S.W.iniSMar-Sopt ... 0B 10 o'.''. 17s. M. lower B „*uS.W.ID3SApI.-Oot. ... 85 1o:o.. 10s. lower 4 „ Vic.lllMJun.-0u1y... . ... 103"'10 0- -" ss.ldwot i,4„ Vic. ... K715 0 Unolianyod !, „ \ic. 1620-10 Jan.-Juiy ... 86 0 0 55.6 d. hlisher - ,3i „fa.A.ll<ioJan.-July ... ; >UBIO 0-. Onchmit'ed "3 ' ..S.A.lOlBJan.-July-.- „.' 84 10 0 r Unchariiicd 4 .'Q'rdlMd-SWa'n.'Ouly : .„ 104 0 - 0 "r Unchaiiijod ii ..(j'l'ullil-bOjao.-Juiy '~. . OT-10-10l Unchansod I , UTalita-47Jan.July , ... '36 s ! ov '6s.hißhor . 4 ,K.a..'ll2!iMay-Nov, ... 105 U;t).- lOn.ldwor . ■ ; si, „'M.Si., IBW Jan.-July ■ : : -.. ; : '■■ 08 If,! 0 •' Dnchanscd 3 „N.Z:W4s'April-Oct.-"-.;. 86 O/.O'! 7b. Gd: lower ' it „'W^.l9iO-4oaay-A , ov. '~. 07 10;O"' ; ' ss. lbtfor l>: „\V.A.IUI&.36May-iN"ov ■ ... . 88 0 I'o.. Unchanged ' 3S „ 'J.ab.lt>Djau.-July. : .... '97 10!0'-. 25.6d.10w.6r »■ . Tu, I*MO Jaa.-July_ L= B7 U -8., Unohsußod

THE HONEY. MARKETS. ■ • The Bank of .England discount rate is s'per cent;;'to which it was advanced on' October 21, The - opcn.i.marlfet irate, of discount;,for, three months'i bills is unchanged af 4J per cent* The short loan -rate iB unchanged at 43 per cent. ■■■';■.,'■'' COLONIAL.AND OTDSeVpKODTJOE. Wheat;— The markets are firm on" stronger American advices, and rumours of frost in the Argentine, but are inactive. Australian, landed, 425. 6d. to 435. 6d.; October shipment,- per - sailer, 415.; new crop, December-January Bbipmcnt, | 38o.; JanuaryTFebrnajy nhipmout. 375. . 9d,: Feb-ruary-March shipment, ,375. 2Jd. Parcels, Decem-ber-January shipment, have changed: hands at--385.-, per quarter. • .■■'.'■: ;'Flour.—The miwket: is'steady, but ouiet'.v Australian, in London, 31s:, ex store;. Glasgow, no : sales of new crop; old, 335. ' ; Oats.—There is a ; slow -market. -La Plata, January-February shipment, 14s. lid.; Sugar.—The market is Arm,'with.a> speculative demand; on/loss.: favourable crop reports'-from France." German beet, BBdcg., sd. higher, at 125.; first . mark granulated,, f.o.b. Hamburg, ~sd. higher, at 133. 9d. per cwt. '" Kauri Gnm.—Stocks' ainonnt'.to-311 cases... Butter.—There is . a strong demand for best grades. Salted, unchanged, at 112b. to 1145.;' un'nalted; unchanged,-at.ll6s. to 118s.; secondaries,' ;2s. higher, at 1065.-to 110s. , The Paparoa's shipment now' landing; is 'making 118s.; Danish-is quoted-at- 130s. to 1325.. . Bradford f, Top?.—The .market i 3 -dull. '. Topmakers . have. advanced spot • and: futrcrc ■ quota-' tions by. a far'hing per \b., ..but business. IB limited. .-■ ,'vO}'- ■■■-,':' ,- '■■ -'':"' THE MMAL MARKETS. .■.;/■■'■■'. Copper-Spot, lis: 3d.' higher, ,at : '.£sß'3s."9d.j three jnorrths', 21s. 3d. higheT, at £59,185. 9d. per. ton. 1 ■ •• ■- ~ '• "'' / ,■' 'i »"■'• .- ■'- -'- -Pig-iron, lid- lower, at 50s. Hid. per .ton. : ..: Lead—lmports. 15,750 tons; Australian, ,2857 tons; exports, 3377 tons. .'-..; . (By Telegraph.—Press ~Association.--Copyright.). (Eec. November 14, 5.5 pjn.) ; <', '■;;-, London, November 13.. Copper.—Spot, £58 15s:; three months', £59 17b. .'6d.; electrolytic, £69 155.-per tori;, - - '. '-, . ;' ;.. .Tin.—Spot, £138' 2s. 6d;;; three 'months', ..£l4l- - ton. ,■••■'• .1 " -,-.',' -Lead, £13 .per ton.'■", ■■• --.;-■';-- COPBA-IN DEMAND. :.;',. '" : , pbiceV iMPEOvk'',;, ■ ,y..' ,;;- (By Telegraph—Press A-ssodtttioh-^Gopyrißhli.)'.' (Eec November W,'5.5-p.m.) ;. ..'■■!-'-; '■ ; '■ -tomJon, 'November, : 13. , ; '•' Over a thousand tons!; of, copra;--.. South' Sea,, were'.sold 1 early in-.the week, at' a deraino' of ssr An improved demand -has. since 'prevailed/; bags, £21 12s. 6d. to £21 15s. iaSf." Great Britain, and £21 17s. 6d.-cJJ:..Continent..- The; week's Baleß amounted to about'.2ooo:.; tons.'- ' v'(; , ' ,J-,- .' ;. ~ ..FROZEN,'.MEAT. ■•■[ I-/:}.: ;y , The-New Zealand Loan and'JKercantilc Agency'. Company, Ltd.,,'has; received -the' following; cablegram from their -London.house, underrtiate, November 12 H-„ : - ■■. -';. : ,' '. i'- ■'■'■■ J.; "Frozen Meat.—Mutton: matket. weak; Lamb: market very. weak. ». Beef:;,market, easier.".