COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 672, 24 November 1909, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHAKES.' ' For .the. Bccond day in succession no transactions were recorded in investment shares. Tne quotations', were;.uncnangecl.■ ■ iNatibnal Bank' uuyers £o; EQUitablo'lluiniing. buyers ±* 3s. ta.; tiutt and i'etono tiuiloing, ta paia, sellers £4os • national Mortgage, buyers ±2 lfcs. 6a., sellers w; feildinK Oas, uuyers alls.: Napier Gaa, soflers £12 Vs.- 6a.; Palmeratou-Mortu' Uaa.-sellers.-£H; Wellrngtou-Gas, l £6.i55. paid,-.sellers -iUj-Stan-dard Insurance, buyers *i':la. 6d.; Gear Meat, £4 .paid, buyers 'iiU bs.; £1 .naiu, buyers t2 12s. 6d.; New Zealand bhlnping. buyers £V 10s.. sellers £b; Wellington \voouen,, buyers' £3 35.. sellers £3 ds.; Taupiri Coal, sellers IDs. 6d.; Westport. Coal, sellers £6, 45.; Manning '\ and 'Co., ouycrs £o 12s. w.; Wcw Zeaianu xirug, nuyeis £2 l)B.,Csellcrs £2 Vs. ; 6u.; New Zealand Portland Cement. £1 165.; bharlanu's preierence, buyers £1 Us. 6d.; Taranaki Petrolerau. sellers'Bs.; Wcllinßton Opera House, sellers i'Mvu-ou.''

•'.■';''. ' THE WOOL SALES.; :;.;,'.;' ;i The London wool,' sales, sixth series, menced. yesterday,: anil by "noon to-day v brbiefs .will ha\o received ■■ tneir cables aavising tap: movements, 'X'nere'i?.'-comparatively utUo wool offering, and;the demand is bciicveu.'to bo auito equal to, ■if not, in excess, or supplies. OrbssDfed wools, it is thougnt.-niay auvanco & nor cent.,',. or, perhaps; a littlo more, but. business 13 bounQ to bo restricted, • becausu vaiues ut-'tho moment are high. The writer of tho wool notes in '''l'hp liconomist" of October i, in deaiine with tflb' 'American demand; says-.—"Some • authorities expeot , tnat buyers from the United States of America now m Australia will take about HO.Cinj bales Irom tho various Commonwealth markets direct tor the United States of America during tho present season, but supposing:, they tako double-that quantity,, or about. MI/.COO bales,, that will only, bo,about tho:increase which I liavo ventured ;to ibrecastiin.-'tho size of tho. Australian clip;'so that -there- will still bo left'more for'the requirements of tho Homo and Continental sections of the trado thnn.waß tho cast:, during the wool year. 19UB-9. Then it should not'be lergotten/.th'at already there is a vast quantity of, wool .lying in' tho Oustomn warehouses of Boston;^to."'-which, apparently, large - additions ■ will ■. soon he niado from Australia, New Zfcaland, and South' America.''■ Now oftenor .than either onco or .twice : in iho past I have known Yankees .buy morethan they could ■ consume, and on such occasions tho butplub of their-purchases had to bo sent back to London from Boston, for realisation. . Ii do. not say that, this "is' likely to-' happen,'' this '"year?' but l when ' probabilities ore, being estimated it" 'is always as well to remember that tho improbable mayi and; Christmas'tn'O' trad 6; wjll have to . ttnd ah .unusually largo' amount yof money, lor, ibosidbsV the'..November .auctions,-'in London the!- , ,w&kly'£s'ales. t in tho various Australian very largo, whilst early iiext;.'mohth v the v '.sD3son will open infi Now increase in the clip.iis'cer,tain'.fi;.'Buyersaitals season; jso lons aff'fvilue> i .'.tlSiiain'-'bn'''thcir'sl>rcsent very'higji level, v/ill fin'd.'their credits exhausted, much sixinor than' was "the case v last'-yoar*; for each, balo on the-'averago this year is'worth about- £5 more than last season.-\ When an Operator'bnys. 20,000. balc^-tand. there are some who buy' Eorc than that quantity-rhd will' find that he hasHo pay "£lCo,o,oo:more for.them.-; Thoso grower* .whenre fortunate enough to. markot their clips whilst present! prices '-. last- will have. cause:to;'congratulate. themselves. .Granted that, I tho present high level of: values 'continues, which, however;'-is granting a good deal,'.'then tho,pastoral industry is in for a most prosperous year, the- one 'fly in the ointment (being'tha -very low prices obtainable for surplus stock owing to the extremely low rates'obtainablo for.frozen mutton -and lamb' in^.the" x li6ndom.\whble3'a)o- -'market, wnero mntton is worth no moro than from 2d. to 3d. arid-lamb.from 3d.'to tft. per. lb.-: '■-, "Littlc-'necd be; said about' Bradford. ', Thero wool'is dearerithan tops, tops-dearer than yarn, and all threeidearer than,goods. -This is nearly always the, case, in a. rising market. ..Machinery is everywhere'fully occupied, and this means that-tho;.demand for goods ;.will. Boon bo overtaken. . '.Moreover, manufacturers: next month will have - to. ; demand - much higher,-,'prices, for.! their/ goods ■ than they charged last, year, and then y, ill come tho .tug-ofywar. ,In,.,thd> mean-, time, should thero occur' any: weakening in values of: the raw material in Australia,, the situation will; become inercasinEly difficult for the manufacturer. -,■■ On- the whole, experience has proved that' timer like tho present are best,dealt with by spinners and manufacturers buying strictly from hand to mouth.- and refuslncto be naught-with much: stock,, either in wool or.tops, at what may prove.to be, and mostly, likely :Wlll prove to'be: tho highest point.'* :

v:'-.;{:).| ! f : '-;.CHiiiFi)..'.iißAT ; thad£*';!'.v;' ,-./■ ■Liverpool shipowners are seriously considering', what steps shall'bo taken\ to counteract the oiforts of a new 'syhdicato 'which proposes tobuild fifteen'new-Bteamers to-.'engage ,in tho Argentine chilled' meat • business.. Shipowners now engaged naturally dislike the idea of for-, their Competition. '.■ Contracts;, in. forco'.for the, carriage, of moat from.-ArgontinaHo Grcpt Brit-ain-and tho Continent' rule' at', the rata of abouta halfpenny per pound;'or.' perhaps, a" fraction mote,which is. regarded \ as' the'- lowest at which - a properly-equipped steamer can with, .anything like-prollt .perform'the work.:- There'is, more-' over, no lack of -space tonnage .available, so much so,, that the best freight an .."outside"' boat can command is as low as a farthing per. pound, and that these conditions are not likely to bo greatly altered in the immediate future is .shown .by tho fact that the freoaine; housco in Argentina are already working to their fulllimit.' 'Taking.-this-.into'.'consideration,, it is' clear that the. creation'.of fifteen*new-6teameTs' will render the freight position extremely acute. The ■ American originators .of the scheme, it is'. pointed-out,'appear-to have all the advantago on their side.- Thf.ir interests are bound up with the.production'of the meat; their endeavour is that other- people's capital shall be'invested in'the nevr-'Bhips. The lower the freight, there-; fore, the more they \\ill benefit.: It is the British shareholder, investor, arid shipowner upon whom the stress will fall,- and the- British shipping firms alrea'dy in existence are anxious that thiß point should be fully appreciated., .■*.-.- .

.'Customs'revenuei collectedat Wellington yesterday amounted to £1725 35.. 7d. '•:■•'■;-'; '.WHEAT ANDFLOIJE. ■".'w : . ;(By' Telegraph-Press Association— Copyright! ' London, November 22. The" total iouantity, of.: wheat and Sour afloat for the United Kingdom is 2,080,000 quarters, and. for. the- Continent 1.870,000. Atlantic shipments,' 571,000 quarters; Pacific, 160,000. The total ship-, mohls tt: Europe for tho week are 1,915,000'0uar-. tors'. Thero' were no shipments from the Argentine .and. Uruguay. :'. - ~ i'.':'- :: ; '■ GRAIN. ' ' '. ■' :v : Illy Tclecrapli—Press Association.! . "Dunedln, November 23. -J Oats: The market remains about in'the same condition as last week. If freight wore obtainable more business could be done, but through scarcity of freight shippers are inclined to recu-. late operations accordingly. Primo v milling; Gartons. Is. Bjd. to In. 9id.,- prime milling, SparrowbilU Is. Bd. to Is. 9d.; good to best feed, Is. 7d. to Is. Bd,; inferior to medium, Is. 4d, to Is. 6d. per bushel'(sacks extra). •Wheat: The market for primo milliner remains practically unchanged, with.little business passing. Good whole fowl wheat is in fair demand and meets with ready sale at o.uotationß., Primo milling. 4s. 4d. to 4s. .'sd.j medium to good. 4s. to 4s. 2d,; best whole fowl wheat, 3s. .-iOd. -to 4sld.; inferior and smutted. 2s. 6d. to 3a. (id. per bushel (sacks extra), '■'.••■■■' ■■;•; '• j'TEE - AUCKLAND WOOL SALES;. ''..': ~ ..--.'' Illy Tclccrauii.—Special GorresDondcut.l , 'Auckland, November 23. The total .listing for the Auckland wool sales to-morrow - is 7632. bales, or 2906 bales more than the quantity forwarded for the first sales of last year. Tho quantity.in 1907 "was 4380 bales, which was'"an: increase over, 'the previous", year, of 370 bales. In fact, there has been a. steady, increasj .'nil along the line since tho -1905 sales. .Tho.-ordcr of sale for 10-inorrow is as follows:— New- Zi-aland Loan and Mercantile. Agency. Co., Ltd.; 2604, bales, (with- a; supplementary catalogue i of about'4oo, bales In preparation) ;: Alfred Buck

land and Sons, 2032 bales; Dalitety and Co;, 800 bales;. The Now Zealand Farmurs' Union, 850 bales; G. W. Blnney and :,Sons. 546 bales. ■ Prices m unison with r the satisfactory flßures paid at, the recent New Zealand sales aro fully expected, and, as this season's wool is exceptionally lisht in grease by reason of the copioUß rains, tlie' cards of producers aro expected to turn up-trumps. While a decided improvement is evidenced in the scUip and packing,of tho wool, there is yet a fair amount that cannot be expected to bring hishest ■ prices in tho respective grades. A Generally Rood avorago of 'returns is, however, anticipated. Super half-' brads will doubtless excite bidding in excess-of ls,-possibly ranging to Mid. or 15d.-while. from Hid. to Is. will probably be obtained for mediums.: •..'.■'' Three Homo trading vessels will *be 'in port I'l'multaneously with the wool sales. The Shawj Savill liner lonic arrives to-day upon her first | trip to. Auckland. She loads wool until Saturday, when she proceeds to Wellington, to leave lor London on Decembnr 2.' Tho Tyser liner Star or Scotland, which arrived at Auckland yesterday, is to load woo). 9kins, etc., until Saturday, having been specially detained in port for that purpose. She also sails for London, via southern ports. The Kew Zealand Shipping Co.'s Opawa will bo here on Saturday, and will also take wool for Home, via Wellington.

THE SPEINGFIELD ESTATE. (By Tolecraph-Prcss Association.! _, : ' Ashburton, November 23. the sale is reported of 1947 acres, being the balance of the original Sprinjrfield Estate, near Methven, to Mr. Thomas Dowlinß, lato of Tjowcliffc. .- The original ■: estate, comprisinß 21,000 .acres, was purchased by' the lato Mr. 'George Gould and' Str. Duncan Cameron, partly from Messrs. Hill and Bray and partly from the Government, at £2. per acre in 1869. and Mr. Cameron became sole, owner in 1889. on the death ofhis partner. In 1902, 4600 acres wero sold, at an averago of £10' pet acre, anddurinE the last few years other blocks havo been disposed of at about £23 per acre.