COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 695, 21 December 1909, Page 10

COMMERCIAL ITEMS.

'-: :',;•'. IN VESTMENT-SHAEES,:'-/'. .' -- ; - Sales: of Meat Export,; third. Issue, at £2 16s. M.A Westport Coal at £6 ■-■ 4a., . and - Leyland O'Brien Timber o.t £13 8 3d, were recorded yesBank,.buyers £5 19e. 6d:,- Na.tional Mortgage, sellers £i; Wellington: Trust aild-.Loan, buyers £7'45.; Chriatohurch ' • Gas, buyers £9.153.; Wollineton Gas, £10 paid, tellers £18 Ha. 6d.; £6 15a. paid, sellers. £14 6a.; South Bntlsh.-buyers £2 135.; Wellington ■ Voollen, 1 sellers JE3 la. 6d.; Wostport Coal, - soHcra £6 Ga. Wcatyort-Stockton Coal, buyers Iβ., sellers 1 7s. 3d : Kaun Timber,.sellers 15a. 6d. ex dividond; Leyland O'Brien Timber, buyers £1 38. 3d.j Manninit ■ and Co., buyers £3 16s. 6d.; New Zealand Dm/ buyers £2 65.,-sellors'£2 7s. 6d.; Sharland's ordinary and preference, sellers 215.; TVard and Co., ecllors. £4 16a.j. Wellington. Opera House,

~,:/..;;: SPECTJLATIVE ■ OPTIMISM.' : : '"■'■:, :.' Notwithstanding that money has been comparatively dear since the .beginning of October, it has made; no difference to the 'SDeoulative mania in/l Jew York.:' The position has become so -serious that' the moro istaid papers/of New York havo. called .special attention to the dangers of thoi situation.- Thus tho ane Commerolal Ohroniclo" of New York of November 13, says:—"ln some of the commodity markets 'specnltttion ia proceeding at such a furious paoo, in utter.disrogard of the underlying and controllmg facts, that, one' is ■.inclined to think reason has been dethroned. ' Of course, , adyancless speonjation are the invariablo: concomitants of growing, trade prosperity/- but , it vis - seldom-that ■"the'restraining hand-l«.^d; ! conu)letely absent,aa at'the jresent

moment. '.'.: Ordinarily, dear money exorcises-a salutary influence, nipping speculative schemes and restoring tho equilibrium by limiting drafts upon tho monetary reservoirs to the demands of legitimate trade; but to-day, who cares whothcr money is cheap or' , dear? Tho whole financial world, and tho commercial and industrial world as woll, is proceeding in utter disregard of monetary conditions." Call money In Hew York 6n November 12 stood at 6 per cent., and loans* on time could not be obtained under/5 per cent. It is obvious that unless a oheok is placed upon this speculative. mania there will be another serious collapso o£ credit in New York.

, ;, THE INDUSTRIAL METALS..- '-. ' It is interesting to note that the industrial metals are advancing. Spot copper is now-ovgs £60, in the.first week in September it was at £59 7s. 6d., while during January it stood at £63 ss. Tin, on spot, was as low as £131 155., while it is now £148 12s. 6d., at tho same,timo-pig-iron advanced from 48s. 3d. to 50b. sd. Spelter advanced from £22 to £23 2s. 6d. This upward tendency in the prices of the industrial metals is a very strong Indication of the trade improvement that hae taken place. The reports by mail are very encouraging, an.d the outlook for the Now Year is thus all that could be wished. ,

\ ■/.■-... ' '.' STATE DEBTS. \..\ • - •'. 'The increase in the public debts.of the Australian States and New Zealand in the past finan-cial-yoar reached £12,855,386, of whioh Now Zealand accounted for £4,484,637, or nearly 35 per cent. It should be stated that the Australian States closo their year on June 30, and Now Zealand on March 31; tho figures aro as undor:— ■:■ : : ■-■ 1908. ; .1909. . Increase ■■■■•■.■■ .' !'•■■ ~ . £ ■ '..-£..- ' £■ New South ■ Wales ' 87,635,825 ' 90,307,418 " 2,671,593 Victoria 53,305,487 ' 55,099,902 .1,794,415 Queensland '...: .41,764,467 43,776,067 2.011,600 South Australia ... 29,985,858 30,436,183 450,325 Wost Australia - 20,493,618 ' .'21,951,753. 1,458,135 Tasmania ;. 10,150,233 '■ 10,134,914 ~■.. — • '■ ' - : '. £243,335.488£251,706,237£8,370,749 New Zealand .....65.453,897 70,938,534 .4,484,637 V, : .' £309,789,385 £322,644,771 £12,855,386 ■ It may bo safely claimed that' Australasia has developed a fairly decided borrowing policy, and for the current financial yoar tho increaso is bound to be much larger, Tho New Zealand Government'' has taken authority to borrow a larco amount besides what is required for tho "Dreadnought" Bift, and the same, applies to Australia.''The loan ■ estimates of New South Wales amount to £3,249,212, exclusive of issues for the redemption of existing debt,'which involvo another £2,863,700. The f Federal Government must'shortly figure as a'borrower for tho completion of its naval programme,- under which it is proposed to raise £3.500.000.

-■ J-\ ■■ INSUBANOB AMALGAMATION.;"'. J . According to . Australian papers the payment by the London and Lancashire Fire Insurance Company df £79,000,f0r.39,500 shares in the Anstralian Alliance Assurance Company under the terms of the amalgamation • agreement brings up the question of the future of the Alliance Company. Tho London. and Lancashire Com•pany stipulated that it must have a controlling interest in tho company, and iV was arranged «>av the agreement Bhould lapse unless at least .30,000 ,out of 50.C00 shares were-offered before November 30. But already ■ 39,500 ' shares' have been paid for, and over, 40,000 are stated to' be available. The" business of' the. Australian .Alliance -will be continued under. its old title as. and marine policies, bnt underus;* constitution the London and , Lancashire' ; ; Fire Company does not engago in life' business and it is proposed to reinsure the life assurance business with the' National Mutual ■

W-'■..?: ■'.;-■ ■' CHILLED BEEP. ■■!-■., .> '. Wn at tra %,« roula re/fronv Londoncontain references to the experiment, in tho. eiport of chilled beef from Queensland. Messrs. W. Wed- ' .kr and ,-?S mpany ' 51 date Norember.s, state • 7tj o ii.- lttle - « c , lte ™ent; was , caused, at Smithfield this week by the arrival of the first con-" ateument of chilled, beef from Australia Tho of 1131 hinds^and-2Oo' fores! ,M ot which were shipped/from the ; Kedbank Works, Brißbane. per the Marathon. The vov?S 5 - 62 . d wa. and when the hatches were :.W, th e .beef was found to be in, excellent .chilled condition. It had been carried™a 'temporatare of 301 de B . Fahr. throughout iS ?iL Bt Th lllßed andpurl s ed b y the.Linley pro nf if apnea ? ance an f'intrinsio quality much ItV.X 9 In , advan .™ of many Plato shipments ilts safe; arrival gives promise of creatine a vSch ,, ?n d H - *? 33d - por Ib- tor' fores-pricls p^^^y a eS^d w b^^:«

<; OANTEBBUEY. PEOZEn;MEAT COMPANY ■ 1 " 11 ? absorba -£U.C23 13s;; Wng £894 135.-3d. ;to be carried forward The Rtnnt f^jMf l the company's works wero--Bcl. M 7 984* inWil'Sl'W W W hcadi *™°™- h.iJi ,: fU'SIO.JW head, an.'incrcaEo of 87,463 . head /OT or. .the prenous- year's'figures.' - ° '

«nSVft| n:s

•■. ... ' WELLINQTON MAEKET EEPORT. ;i . ■ Messrs. ija'ery ' and Co.; Ltd., Welllneton r» TvhLf VhO f ee V e J" 00 ?, rallaß - ; »"■ ■ ""> market•7 ca V fo f'' <Si ' Bl *. to 4«. 10d- feed ■?."& 2S - Z /- '.° ; 23 - 6d - ! dun oats. 2s , U d 23.6 d.; seed oats,2s. 4d.to Zs.Bd. ; maize,4s. to la 3d.; crushed malt, 75.: fowl, barley, 2s. df to 2« Sd. Cape barley eeed. fa. fid. to 2s if Dour to £12 10s.;. bran. £3155. to £4: pearl barley. 15, • peas, .Prussian ;bluc, .3d. to 5a ' firf . »P«t.;£l7Uls.;,':'bo ne dn.t.£slss. : superphosphate.' £S to.-£sv 5a.; pollaid, : ; £4 15a. ■to £5 10s',' basici r slag, £4 MOs.j - chaff; ■ ■■onteb-ehdaf £3 ..ss. to £3 155.; (Jatmeal. £11. to £li 10s.: potatoes, old table, 1 £4 to £5; potatoes now,r£6: to',£9 per. ton;'. Victorian, onions, 9s' cwt.; .molasses foddXr, £5; ■■ bacon, facl Or ft 61 « s ' %" , hamaßid " ro " Bß S d: = butter,pr me bulk, Bd. : Poultry:. Hens, ,35. , to ' 3s. 6d • ducks,-ss. to ss. 6d.; gcescfe. to Bs.; turkejs' fobblejs, .■ 18s. ~to ,205.;.; .hens. 10s. to 14s.;',fresh . eggs, fs. Id., to Is. 2d;'. doien• cheese, 53d. to 6d. per lb.;-.loaf, 7d. to 7}d. per II).; Akaroa machlnedrestcd cocksfoot.. 73d. to !d.; farmern , dressed cockefoot. sd. to 6d nor Id-: .ryegrass, 3s. 9d. to 4s. 6d. 'per ■bujlielItalian ryegrass. 3s. 6d. to 4e. 6d. bnshel whit, clorer. 70s. to 755. per cwt.; red clover, 75s per" wt ' ."I." E^ aBS, 755 " owt;: alsike B2s. 6d. cwt.; m^ , If cj s " , ' , rape ? ecd; 26s - cwt -i timothr sZs.6d.ciTt.; Swcdo ; and. turnip, seed, 60s. to 60a'

■;>., high commissioner's '-\- : y,. ; J he ; Commerco;, and ..Tourists 1 Division >ha ß ' : received the following Com. missioner, dated iiundon, December 18:- , '... l'hero; is a bettor', demand for ,, mutton" The market is firmer,.on account of small shipments being eipected iYoin; Argentina, and' owine 'to the coal strike :in'Australia. Beat Quality Can , terbury mutton is in-email supply; ihe average price of mutton Is Ui. : tip 4Jd: > per ,Ib., according to quality. Worth Island mutton averages 3|d. per ib. •:-.' ' ~.•■ fuu^uu ;The. lamb market is' depressed. Quantities of stalo lamba are; bejng placed on the marketlow.prices for lamb aro increasing the output Australian' and:Kiver Plate.new, season's lamfu are freely.,offered at average prices. of,3Jd. to 4id.'and 3Jd. to 4Jd. respectively, accorcSaz' to quality.- (Last week's quotations for New Zealand iamb were :-Oanterbury, i3jd.; other Now Zealand brands, 3Jd.) , •.; . • The beef ■ market is dull. Supplies of Eiver Plato, beef. are. heavy.., The average price "of hindquarters New. Zealand'beef is ■Hα., and fore- , quarters 25d.'per lb.■:■■".. ':•:■. .' -■ . The butter market is steady with: a good demand, 'fho market for New Zealand butter is demoralised and in an unsatisfactory condition Danish fodder-fed butter firmly,held,.and pricos for it have j advanced sinco last telegraphinr. New Zealand butter, which ■ is -of excellent Quality,-is being pushed for sale' by' weak holders; prices • have declined. There is no concentration of .New Zealand interestsl The shipments of butter , and cheese per 's.s. Tainui' arrived in good condition. The average nricn oi choicest Kew Zealand butter is 110s. per cwt • Australian,..lCßs.;.Danish, 4275. :: •■"'... The cheese market is dull. 'The average Dries of New Zealand-finest whito. cheese ■is Sss. 6d coloured 645. 6d. -,:..: . . ' ..... ■ ■'' The hemp market is -very quiet. The price of New Zealand hemp, good fair-grade on soot is £28 per ton; fair grade £27; Manila:fair current, £27. January-Marqh Bhipmcnts:-,New Zea< land good fair, £27 10s.; fair,. £26; Manila," £26 The output of Manila for the weelt was 16 000 bales.- .- ■ ■■-: .':. ■- ' ■ f, -..- ; •.', ...'.'i;.... ..:/ . There has been no change in'the market for wheat acd oats. Last quotations were as follow:—New Zealand short-berried wheat, 39s • long-berried, 395. '6d.; sparrowbill oats, 19s. 9d • Danish'.oats, 17s. , '' -,■:; ■....', -,-',,■ '. •■■■.; Beans.—The' market is firm, owing' to /reduced supplies; tho price of' Mew Zealand beans, f,an now crop, per 6041b.,,is 40s. , .. . , ' Peas—The market is -flrm,- with a hardening tendency; there is a general and active demand; New Zealand .partridge peas, viiSa." per" So4lb. '..*. The bop market remains firm.- -Last-qnbta-tione:—New Zealand hops, 1155.; United States 1405.;- European,. 150b. ■ ■■■■•..•,'•.:■:.,.; ■•■■'.. The wool market is firm, especially for medium and coarse crossbreds. Current Bradford quotations for tops are:—36's low crossbreds, 13Jd • 40's low crossbrcdß, 14d.; 44's medium crossbreds' 153 d.; M's halfbreds, 20d.; 56's quartcrbreds, 223 d •' 60's merinos, 26Jd. •■ ... ..

COLONIAL AND OTHEE PEODUOE. : . - tlij . Tcicttraob.- -!'rcaa AniioctaLioa.—Gnpyrlebi.l ," London, December 19. New Zealand rabbits.—Fair trade. Largo ones brought from 16s. 6d. to 17s.i extra largo, 18a. Wheat.—Twelve : thousand quarters o£ Australian January-February wheat sold at 395. l>d ■ 14,000 quarters of Adelaide old or now crop' December 40s. . .:.'.. ■ . -. - ' Hemp.—Market dull. January-March. £28 per ton.:-". ■■- : ■-,■■ ■': - -.' . -. ■ ■- ' •■ ■ Copra.—A fair demand, for South Sea in bags.; / ;- : THE METAL MARKETS. - - V. : : : (By Teleeraph—Frets Association—Oopyrlghtii ''.■■■■ '•" ■'■'. ■"•:•-:■'-.:■■; /. London, December 19 Silver, 24 6-16 d. per bz. standard. .. Antimony, £8. '■■■'.■ ■■■ .- -.■:■•■ , . ■ Copper,-On spot, £59. Sβ; 9d. ;■ electrolytic £61 per. ton.'. :.;':.•:;.■. ..'.'..■ ■,--... ;-.;: ... . ; .: ■

Tin.-On spot, £148-128. 6d.s three'months; £150 15a. per ton.' ■ ■■■. •■: -. ..:

~■■ ' NATIONAL MUTUAL LIFE. '■ !; (Iteo. December" 21, 1.15 a.m.) ■[. ... . Melbourne, Deccsmber 20. At tho annual meeting of tho National Mutual Life Association, the chairman,; in moving tho adoption of the report and balance-sheet, congratulated members on the progress made. Now business, including a special transaction with tho Australian Alliance Assuranco Company, exceeded three millions. Tho income for tho year, which constituted a record, was £1,219,9£0,. and the expenses were £5195.1e5s than last year. The interest earned was JE4 14a. 3d. per cent., against £4 13s. 3d. during the preceding year. The addition to the funds is £612,876. Tho total funds are nearly six millions. . .' rno report was adopted. The retiring directors wero re-olected. ... y.