COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 712, 11 January 1910, Page 8

COMMERCIAL ITEMS.

INVESTJIEST ,SHAKES. ' ■Tho. tone of tho.market was quiet, and thero- is . nothing; surprising in that,' for after the long holiday brokers had, as it were,: to feel'their way. Sales were 1 reported of Feilding Gas-at. £1 Is. 3d., and Now Zoaland Insurance at £2 Ms. Thero were,more buyers than sellers, which pro-, miscs well for the. future. National Bank, ■ buyers*;£ 6, cum rights. to the now issue-,' Equitable Building, buyers £9 55.; Weilinjton .Trust and Loan; buyers £7 3s. ,6d.; Wellington Deposit, sellers Bs': 6d. ; Wellington Gas, £6 15s. paid, buyers ,£l4; - New Zealand . Insurance, buyers £2 133. 6d.; ■ New Zealand Shipping,' buyers £7 103.; Wellington Woollen, sellers-- £3 9d.;-Westport Goal, sellers £6'ss'.; West-port-Stookton Coal, buyers 6s. 9d., sellers 7s. ■ 6d.;; Leyland-O'Brien Timber, : bnyers £1 3s: ; 3d!; Manning and; C 0.,. buyers £3 165.;; New Zealand . Drug,- buyers';£2 ,65.; Sharland's,ordinary, sellers £1 Is., preference, buyers £10s. ;6d.; Wellington Opera' House;. sellers £7 .17s. - 6d.. : ; ; - . CAPITAL - INVESTMENTS. Tv '' ' According:to the '."Economist," - the new capital raised .last; yearv amounted .to £182,349,000, which is- about £10,000,000 leas than, in 1908. ; The inew capital lssues.'dnring the past seven years compare as un- 1 der;— , ■■■•■■■ -y. '■'-■' ■ I • Year. . *~ • Amount. , ■ "■.v ■"■'. .v-:;. & ■'■' . : 1903 ; 108,427,000 ; : ', : -1904" 123,020,000 .-''i-1905 167,188,000,. ; 1 -,'; ■';:> 1906 120,174,000 ;.. ' Jr 1907 -123,630,000 ' "■■'■• ' ,'. 1908; 192,204,000 ■ -' -'' ■-, : 1909 -182,349,000 The,' United kingdom's .borrowings, totalled £18,6£1,<.CQ. or just about ,10! per; cent: of,the .total, the borrowings of British 'possessions, aggregated a>7i,7£0,000, or about 40: per cent.,-:jwhilo foreign countries': borrowings amounted , to £88,917,200,- or inearly, ;50 ,-per,; cent.; The; smallness of., the capital issues- for 'purely -.British: ' undertakings .has ; been -the subject of a great deal of - comment, .and the- conclusions arrived ;at by some authorities -is that' tho Budget of Mr.' *: Lloyd-George,-has ' Beared investors. 1 • This majN.or-may-not- bojcorrect, but .it is■singular; that the. proportion;, of; borrowings for the; ITnited.. Kingdom 1 ' should have dropped from 26 per - cent. to lO per. cent. .. : ' (In - the ''Bankers' ..Magazine"for Novem- ,, ber,; attention'was : ."drawn' to' the subject, and a comparison, of'.the .figures for . a de-. , cade were, given. ■ The figures -for 1909iWere made. np to-September 1 -18, the others .for,;-the Calendar- , years, ' but .with " the cabled figures .the f totals for ,1909. can' be: 'dealt .with. : .Tho : comparison is' as under U'-v-:-'r ; X" r;'-- - ' ; - Total ■ ''•■ "''v... : ;-,U.K. 8.P.; -F. 0..: External I , Per Per Per . Per ( ;; -.' Year, cent. ■. cent.; cent, cent; , -...- 1839 . 53 . 22 ■.- 25 47 " '. ' - ~ 1900. EO 14 6v 1 ' .2a 1901 . 75 - 18 7 25 - • 1902 65 ",26-Yi' 18 : "44;^ ; .1903 33 -■ 47 '14 , 61" '. ', /; 1904 «0 23 31 /6S ' . ; 1905 '■ 31. '. 29 : « ' 63 ■ ■ : - •;-• 1906' '30 22 <3 70 ; - • - 1907 25 22 '53 75 r , . ' ISOB-, 25 .32 . -.42 ■ . 74' ; ;i-;';;-'1909. V.-10'P 50 .50 That the ! ' United Kingdom 'proposition, should' be'Bojper .cent, in-1900' and'only 10' per. cent.' in' 1909 -Eebms'incredible; ' but -it. 'must be /remembered that;. inl9oo and' 1501 tho-war -.loans raised by Groat Bri-. tain .'affected ..tho; proportion;. .If -we take, ■the. . five ;years 1904-8;. as being , a normal 'period, . 'then. ..-tjho..:average' foir the " ii-.'i' 1 -years is.3o per'. cent., and ;tho ! proportion in 1909 is thus one-third of the average, i There must -bo' some. strong reason 'for' this .decline, and. it 'may .be that the Budget! ■has ihad,-some -influence matter;. Of! .the.-: £163,000,000 advanced to foreign countries and British; possessions, vprobably, a third; of- the amount'-wiU'-be expended ill a .way; to provido work, for British .labour 'and 1 : 'faiitpries;, ..That'/-is-, the .temporary gain.-: ,Thb ..permanent result:- is in the, main ■ ex.ternali- The 1 £2,800,000,000, of British capital :iri, external.(loans and;enterprises,- and .the £140,000,000; she .receives'.; annually, in ■ interest, are -of great importance to vher welfare.;'.! '■ ; :: .; ■

BRITISH TIUDE British "trade: has expanded . very considerably '- during .the past three- months thttß:—' V \.:.V 'V ,• V Be .: Imports. ~Exports., exports. i' In-:":-. '• In-.. In- ." -',: - crcased. /creased.'. creased.' October II9C6,CCb' "■: :■. - November- .'.:.ll,701,000 4,174,000 : - '69,700 , December c :. ..;..' v 3,960,000388,C00 1,448,000 ; .': 17,567,0009,485,000 .' 2,056,700 The gain ,in'imports'.in;;Noyember ; 'and,' ■December must." ; have -beenv'Ereatly: infitionced' by: the ihiith'er. .' prices •> of'.i cotton, wool, and some of the industrial..'metals; The /trade for": the.year,V compared with, the ' four . preceding years shows ' .'as • ■un-der:—^'.vV-"..'".5" -Vv.- ■ v.^'Be-^: _ Imports.... Exports. • exports.. 1909 '. ' .v.,.,. ?624;823,8C0' i: 378,376,70091,365,400 1938 ; 593:459,536 i: . 377,201,366.-^.,79,247.480 : 1907-,646,049,320 426,203,864 w 91,971,060 .1906 ; 607,888,500 •. 375,575,338 , / 85.102.4E0:. 1905 .; ; . 565,019,923 329,816,614 , 77,779,913 :In import's V-and V'lri /exports .', of British merchandise,.-the .past year l is better-than' in- any of the'previous-years: except 1907,' which was-.a; year l . o£ phenomenal' trade; , The great .that' has, taken' place in the past two months is no doubt, the basis,of;the many, optimistic pr'oEnos-: ticationa that have emanated from • those: connected . ■witli:> the'..' Sritish ' 1 Board -- of-' Trade.- ■:,••■; .y-'M .' . ' ■.. . . ■On the : cbmpletioij7 'of' .'the "■ first' nine months 0f.M909 i; the,'-BoarJ.of/I'rade issueda ' r ®kurn ••'showing, the ..foUowinj?.-comparison, of the: trade <■ of • the j leading countries for . the: periods named :rT 1939. ' Inc.over 1908. . Imports—-;:/:", v.: Great - Britain".-'..i 1 382,400,000 • : 4.336,000 - v.. TJnited 1 States > •... .'222,608,000 '•'■ '56,254,000' ' V-Oermany; :' ...::..;.... ■,296,975,000 1 20,648.000 ■; ~ .France.„.'. r^»^,,;> «3^M(10.-*;- ! 7,831.000 . Exports— , ." : Qreat - Britain.,; 277,337,000-. Dec. 8.32M00V ( United , 5tate5..."",237,670,000'iDed. 14,902,000 .- Germany;. 235,778,000 'Inc. 3:122,000, " France . 159,536,000 ' 1nc..'11,147,000.: Britain; it 'is . pleasinc 'to -note,'' maintains a :trade isupremacy, the .voluino of her trade \beinegreater, than any of the others; -:,- : ; ,•, ;,.. v - ; . ... . i-.-'i;..'. Customs revenue. col'iecKed at Wellington yesterday amounted: w ,'£3320 3s. 7d. :

WELLINGTON'; MAEKET - EEPOET. "''.-.t ' Mossrs. iiaery :an'd Co.,': Ltd.',' Wellington, report wholesale. prices v ruling -1 on' •. tho :markct:—Wheat,-:fowl;. 4s. Bd. to '4s. 10d.:' ;feed - oats,; 2s. yZd.vto: 25.: 6d.;2s. ■ 4d. to- 2s. ;6d.;;, seedoats,: 2s: . 4d; ; ti>: j 2s. 8d.; : -maizo,4s.;/; crushed' ' malt,' 75.; f fowl -, barley, 2s. -4d.' 2s.' 6d; : Capo, barley .seed, .-2s. 6d. :to 25.'9 d.; flour,' : Now Zealand £11 ss: to £11" 10s.; ,Au3tra' ■lian £12 to. £12 103.;'bran,.£4, to-'.:£4 '55.; : pearl ... barley, 155..; ' peas, . Prussian bluo f?c c ® s * split-£l7. lOsij'- boncdust, £5 .■ 155.; superphosphates, •£5 to £5 • ss;: .pollard, £4;155. to-£5 10s.;,basio slag, £4 10s.;,chaff, (oatensheaf), £3'ss. to-£3.155.;-oatmeal, £11 to 1 £11- 105..; ..potatoes,' old table, £2. to £3; v potatoes, new, ' £5 to: ■ £8 10s, per,.- ton; :•■ Victorian \ onioiis, 8s; cwt.; moiassos. fodder, £5; bacon (factory),' sides 63d., • hams 7id.; rolls 7Jd:; butter, prime ; .bulli, Sd. ■ Poultry—Hens, -35.: to 3s.- 6d.'" ducks,'ss. to 55.-' 6d.; geese; 55.: to. 6s.' per pair; . turkeys, - gobblers,> IBs. " to 205:,; hens, . 10s. :to 14a.;' fresh' 'eggs, :is. Id. to Is. 2d.: doz.;;cheese, s?d. to 6d. lb., 1 loaf 7d. - to 7irt.; Akaroa machine-dressed'cocksfoot, 73d. to .Mi -per-lb.)' farmers' dressed cocks-' foot, sd. to 1 6d;-per-lb.; ryegrass, -3s. 9d. to. 4s. 6d.'per bushel;'.ltalian ryegrass, ,3s. sd, to ,4b. 6d., bUßhel; white, clover, 70s, to 755. :pcri cwt.:, red clover, : 7Ss. per- cwt.* cow grass,-.75h. per cwt;;. alsikc," 82s. 6d." owt.; , 1 mustard,: ,40s. cwt.;. rape seed, 26s.:cwt.;'timothy;.32s.' 6d. owt.l.Swede and ' tuftlip, seed, 50s. to 60s. cwt.

. LONDON MARKETS.. f. ; : ' Messrs. Dalgety and Company, Limited,' report having received tho following cablo messages from their. London house, under, date' January 6:—Wool: Market' very firm; . expect present prices'for merinos and fino crossbreda to.be maintained at next sales and expect crossbred wools of mediumand coarso ' quality to rule. 5 per cent, to 7J per cent, higher.;as compared with" last, sale's closing, rates; Tallow: Prices for mutton are unohanged; other. descriptions, 3d. to 6d. higher; demand chiefly for low and inferior, descriptions. Frozen .MeatThe market for beet is weak. 'Stocks of New Zealand mutton are nearly exhausted, and there is a fair demand' for: Australian Stocks'-, of Nejv Zealand lamb : are very ; small., but Australian' lamb,' is "in better demand; Quotations are' as follow:—Now Zealand' primo ax» beef,-. fores, 23d.; : do hinds, 31d.; Now. Zealand primo .crossbred : lamb,: Canterbury- heavy:,s3d., do. light, ; 4id.; New Zealand - prime "crossbred lamb, North Island,? hca.vy. 53d.,"' d 0.,, light: 33d.; New Zealand' prime' crossbred mutt-on, •North . Island,/.'light, '.3Jd.; other descrip-

tions New .Zealand . mutton not quoted. Australian good avcrago Quality crossbred lamb, heavy 33d„ do., light 4d.; Australian prime crossbred .mutton, heavy SJd., do., light 3gd. .. ' X . *- * ;VWHEAT. By Telegraph—Press Association—Copyright London, January 9. Fivo cargoes of Australian havo been sold at 40s. 9d. per . cargo; a. car?o and 6003 tons, January' shipment, .at 415.; two car* goes at 41a. 3d.; a cargo at 41s. 13d.; and 14,000 Quartern, January-February ship* niont, at 40s. 7Jd.' COTTON. Tho Liverpool quotation'for January-Feb-ruary shipment, American Middling Upland cotton, is 8.06c1. .per lb. ' - THE METAIi HAKKET3. T Copper, on the spot, £6118. 3d. per ton; three months, £62. , . . . . . Tin.—Spot, £149 7s. 6d. per ton; three months', £150 12s. 6d '- - , . Lead.—£l3 15s. per" ton. • ! 'Silver, 24id.. per ounce standard." ' Tin-plates,: 13s. 10id.; : I.C. coke; 14s. lOid.; fchcing wire, £7 7s'. 6di;. cement, ss. and 4s. 9d., . according to brand.

SECOND ATTCKLAND WOOL SALE.' • (By Telegraph.—Press Association.) Auckland, January 10. . The second wool sale of tUeseasdn takes .place on-Wednesday, "when 6378 bales of wool will be submitted at auction/ Most of tho lots,coming, forward are back-coun-try consignments, and ,the quality is not 60 good as tho , general average of tho November offerings. The majority of the farmers iu aid around the Hauralri, Gulf disposed '.of;-their clips at the- first sale o! the season, and. very little, ifariy, was passed /in; The January salo is usually the occasion for a'big offering of. backcountry -wool, ■ and this year is: no exception to the rule.

; . HIGHCOMMISSIONER'S CABLE. v ; The; Commerce and Tourists.Division has, received .the following' cable from the High Commission, •. London, dated January B,' 1910:- • ,;• .

Thero, has "been ; a. better tone in . the. mutton market this week; the stock on hand is being reduced. . The average, price of Canterbury mutton' is> ,4Jd.per' lb.; supply practically eshausted;--North'-Is-land, 3|d.V... • r , The lamb market'-is quiet.'' The stock of Now Zealand lambis .small; many stale' carcasses.-aro being -placed: on : the -market; prices range from 4jd.«to 35d. ner lb. 'The • beef, market. is r : weak, "•with- little demand; New-Zealand hindquarters'average 3id. per 'lb.;' forequartcrs, 2£d.: .There is a better - demand, for butter.•The' market .is- firm with,',a' hardening tondenoy. :<• Holders are less , anxious to' sell. ; ,The -shipment of ; butter, and cheeso' per s.s. Rimutaka arrived in Koodcondi" tion. Now -Zealand-butter is: giving -satisfaction to .buyers. The average price of ohoicest Now,. Zealand is 1125.,- per -, cwt.;' Australian,' Argentine, and Siberian, 108s.: Danish,; 1225. •; / - •:

There is a • tetter demand- for 'cheese' and . the market is firmer.'. New Zealand cheese, 'is giving; satisfaction- to buyersaverage prico of finest.white, 565.' ner est.coloured, 55a.•. ••

.market is very' quiet;'nothing is douig, ' and : quotations'aro •- * nominal. • good . . fair.- grada on spot/ : £27; 'Manila, fair ourrent, £26 10a. January-March shipments: Good- fair,: £27;. fair,- ,£26 Manila. '£25 10s. ;?hei stock.'oi, New/Zealand hemD on hand ia 157. ton's,. The/Manila'output during the last :two .weeks .was/JJ,OOO- ba'ea." ' ' .'Tho wool-market; is, -flrm, aiid -nrices continue to - advance.-.- Prospects, n ro. fav» ourablo..-. Onrrent. Bradford quotations for tops: are:-^6s: low. ..crossbreds, -133 d. v nbr breas, 16id. - - per. lb;; ,50's halfbreds M|d.; 56'b quarterbrcds, 23u.'; 60's. meriuog!