COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 721, 21 January 1910, Page 8

COMMERCIAL ITEMS.

: ..'■/ IK VESTMENT SHAKES. . , Sales were reported yesterday of : Wellington .Trust-and Loan at £7.45. 9d„ and ■Taupirl Coal at 18b. 9d. National Banlc, buyers £5 19s. 6d., cum 'rights: Wellington', Investment, buyers lis.; Wellington Trust-and Loan, buyers £7 4s. 6d.-, Wellington Deposit,. sellers. Bs. 3d.; NationalMortgage, buyers £2 :18s. 6d„ sellers £3; . Wellington Gas, £10 paid, sellers £18 55.; £6 15s. paid, sellers £14 55.; South British Insurance, .buyora :£2 ,-14b.; Gear Meat, £1 paid, sellers £2. 13s. 6d.;- Wellington' Woollon, sellers: £3,'45.; Hikurangi Coal. Irayers £1 55.; Taupiri Coal,, sellers 19a.; .Westport Coal, • sellers -£6 65.; WoatportSt.ockton, . sellers 7s; 3d.; Leyland-O'Brien Timber, buyers £1 35.,- 3d;-, New. Zealand Drug,, sellers £2 7s. 6d.; Sliarland's preference, buyers £1 os.. - 6d.; Wellington Opera House; sellers £7 17e.' 6d. . - j Wellington Stock Exchange will. bo closed to-morrow and Monday. - , .- > OHEAPENING OF /MONET. ;-' >; Owing to various causes money ,has been' accumulating with the building societies, and.'the! -banking returns dealt with :reccntly. showed a substantial expansion in both fixed and. free The lending institutions have not. found it quite easy, to secure. suitable investments at rates demanded by them. With so much money offering on deposit, it has been found necessary to lower the deposit rate ■from 4J to 4 per cent. The.lending rate i . .'^, !l ' J -- be correspondingly reduced, it is hoped, that' cheaper money will not lead:.to the. inflation of local'land values. • • ! ATJSTEALIAN, GOLD YHtfiD;;The, gold . yield - of .'Australasia for 1909 . was. approximately 3,429,549 fine ounces. - as 'BRSB*'- m >- and'. 3,661,5050z. in 1907. Every. Statem the. Commonwealth shows a reduction. Victoria • exhibits :"a :declip©iof 29,9740z., a rise in a large measure from .the lower output ofsomeof tho larger'mines.», The dredging industry has also : been -producing on a , smaller ecalc. « ftftA South- Wales the decline is about Z5,0000z., . tho cause : being the exhaustion ; ot -several. old claims. ... The decline of 1 ..over - in .Western. Australia is . at-1 tributahle to the lower grade otc' handled. , .Queensland Keeks -up/its yield.fairly ; well, I {^d.New. Zealand- reports an increase of A comparison: of the figures for 1939, with those ' for-.'the . two preceding years, is as . follows l . ;'/'.'. ■ ■ 1907.. 1903. 1909. _ , -. , Oz. • Oz. ■ : Oz. Victoria -.' 695,576 . 676,005 646,672 Now South Wales.... 247,353 . - 224,592: ''199,667.Queensland'.'.'.466.476 " 461,359 . 450,937. Western ;■ Australia 1,697,553 •: 1,648,505 '.-1,556165 South Australia.ll;B7l. : ■ 9,162 ' *7,420 -Tasmania :• 65,354 £0,712 44,670 i Total - Com'w'ltli 3,184,193 " 3,0£0,535 . 2, j -New Zealand 477,312:471,790:. .484,920. Total 3,661,505 3,552,325'. 3,429,549' 'Approximate.

DRAPERS' . /MUTUAL FIREINSURANCE. ; The latest, addition' to. the list of 'iiisuropco.' companies/ is' the Drapers'- Mutual • Tire j: and; General IcHuraiico . .Corporation, with, a capital-of-, i£500,000,. and the amount .subscribed/ mainly .by the trade, is £300,000. V, The * shares : are' of £5; denomination, but it ia not proposed to-call up more than' at present.".. The corporation will not begin: entirely without business, aa: it M.iiitended;'' to, take ..over, ;tho ■•/.' Drapers' Chamber: of. Ti'ade Mutual' Insurance Company, -which has.confined its operations to : oovermff • plate-glass risks.- Thcr preliminary . yof; the'.new :.'corporaMon are. ' estunated' at, £3500." No. underwriting com- • mission is -to.be- paid..: ; The directors are jall- mombera of- the Drapers' Chamber of • Trado/: and. therefore" .have-an "intimate knowledfie of the-details of the trade, and 'in- a position ; to appreciate , the insurance ' '.nsks ;. The • trade ■ is . . considered anite.. large -.enough.to maintain an inI'Surance office'devoted - particularly to : its | interests,' and : if, it be' well supported and ■.enough outside',business ; isvsecured' to en- !, able risks ; -to; be widely:, distributed, ;thero ( sterna. ;td bo no reason - -why the present 1 .venture should not* bo a success. It is intended,' as. far • aa- practicable; to - adopt <a. profit-sharing or bonus /system, on lines which will . give the ; insurer, .and' directly or indirectly, the': investor, special advantages, and --will -not involve any- additional - liability-whatever. .The .. corporation, is not-.-foundedvon ;the; strict: principle of mutuality/.' OBd ; membership ; wi11,. : . there•fore,' not; be" confined' to•• insurers.- Further, it is. not intended .-to-limit' the scope'* 'of-.the company to "the vdrapery ' trade.". Drapers in - Australasia, •- especially . those in a'large-way,of. business, will be glad to hear at this! new 'concern,, as ' many of thcm'i have: found vit / difficult/' to obtain .adeqaate' eover in' tho Commonwealth and 1 the. Dominion../,, ' .; u I

\Aii 'arrangement' : lias>beefl concluded by which the. ; Yorkshire, Insurance.'. Company,: Ltd.,■■; takes '■ over, almost:, the 'entire business of 'the YUnitcd Legal Indemnity Insur-' ;ance-Society, ..Ltd-V including V.the -currcnti liabilities,; the management' of the society .remaining-as \at;present,, /■: ';' '.'■'••. ■".•'■:'.;"' '^■: :: T>isimimm/jsE^ If The,'-, 'Department- 'of ■> : Agriculture;',■■ 'Commerce,' arid'.Tourists, .has .issued, its re-' tnrn.'iof;.ithe,-,auahtity 'of :hemp :and'tongraded during ...the. month .'of . December. It is. r aß .follows:—' ' .'; :.' ''■~ :.-... .; Hemp.—The total number' of : bales graded mas 14,662, ;as against .9761' for, the corres-ponding."-month iof - last year, an;'- increase .-or-4901 :,balo3.'.';,For. the aix ; months vended December-31,'.Ith'o. numberi'of; hales graded wag -44,501, as- against'34,22l for.the"corresponding. period.oMast year,'or'-an increase ,0fi;i0,260-bales..; Worked.iout o'n,;a:.percen-. tage basis,-the''quantity of., each -grade dealt'.with during, the: month was as fol-. lows:— . '■',•''■■' .!-.. . ■-.', ■;... ■;•!■■;■.-,.-..; ~-, '■'■■■"'■.■':■'■ '-Good •'-.- Com-.-Eejec-' Con- ,-, -vFine. '• fair. Pair., mon. ted. domned. , .-•• Ms',;-: 44.89 J; 46.26 ,; -.5.01 . ..55.-.1.02 '::., .; The':■ large'. quantity.' of t''fair"', as:'comipared with "gooti.fair" is owing-'to''the fact ■that- the - difference- in .-.price of > the •-two .qualities, is not. sufficient, to, induce-millers to strive for ■ the ■ higher grade,' : espeoially r as; mills .are 'working at. very, high pressure.. Present indications: point to the, probability.'of this.year's output being' about .'.twice; that' of last year,, though, ' owing .to the - reasons 'abovo. mentioned, the.-quality; will not:be/so- satisfactory. • /.quantities /of.' tow arc coming "forward, r - and - most-'- lines -.-''show considerable neglect -.in ! the shaking. . The market is very. quiot, spot ; and forward contracts show.a.-considerable decline on' the- values of a- few, weeks ago. Locally .there -were offers: last weekfrom £24 to £24.105. for'".'good, fair'':-and ■•'fair," from 1 523 to £23 ; 10s.' - In/; sympathy'.' with .'the Home; market,i.Australian'-buyers, show a tendency, to .slacken - off.'.-Complete' figures .f0r...a11: gra'dings: afe.'.as: follow-r- -,:,'-•

'''.TBADE OF ;UNITEDSTATES. .... The ' statistics,, of United 2States,': imports and.exports. recently;issued:;by„ the Depart mentol: Coinmorce and .: show:-; that during the 'last thirty , years ;a- steady'change lias been "taking -place'in the .character .of American-' commerce'* as.l'regardß the' 'proportion 'of food-stuffs' to manufau*. '.turing.:coinm.odities.-.''1n;1879 manufactured' goods and manufacturers',"/materials constituted only 56.59 per cent.,of ;.tho. total 1 imports;- they:', now' form 74.14 nor. cent. In tho ; oiportreturns these' -, goods , represent 72.78 per. cent, rof tho' total exports in 1909, .. against ;47.55' per ' cent, in ■1879. Porhaps the most significant- dovelop--mcnt is tho great' increase in the imports of raw material for manufacture, which have, risen during the . above-named period, from. 16.45 • por- cent, to -34.40. ner cent., .-wbilo partly manufactured 'goodshavo increased- from 11.15 ner cent, in 1(179 t0..16.94 per cent: - in . 1909; The docrease in .tho proportion 'of finished articles of manufacture' imported, viz.. from 28.19 per cent.' -to .22.60 per. cent., though not so great as is the. increase in .raw material., imports, proves ; that American -manufacturers are gaining - a larger place in supplying thoiv home market. Analysis of'tho export figures of manufacturers' . materials -, and. manufactures during tho last thirty years shows', that. raw. materials, havo increased from 28.45, per cent, to 31.80 per cent., partly manufactured goods.' from 4.32 per cent to 14.11 per cent., and finished articles of manufacture from 14.78 per cent, to 26 87 per .cent. - NOTES. . ■ Tho "Bankers'. Magazine" (London) offers a prizo essay competition to bank'officials' and bank clerks on the subject of "Is centralisation ■ in . banking, conducive to' "the best Interests-..of'.tho community?" The prizes are ten-guineas and five guineas, and the judges, Sir; Inslis Palgrave and

Hr. P. E. Barton; barriater-at-law. Essays reach v the editor by April 30. Ttie subject, should attract many competitors. ; There is a,'movement on foot to do away with- the ancient and- Unsuitablo -term, "Stockholm tar," .which is only, an ancient trade term, and no tar is now produced at or near Stockholm. . Traders in this Swedish ; commodity are invited to express their views on the advisability of changing tho trade description '-Stockholm tar" to a more correct one. I Tho gold yield of Western: Australia for 1909, totalled 1,595,265 fine ounces, as com* | pared -.with '1,648,505 fine' ounces in 1908, and 1,697,550 fine ounces in 1907. -The Commonwealth gold yield shows a steady decline. v Customs .rovenue collected at' Wellington | yesterday amounted t0;£1436 14b. lOd, ' ■ . ' THE METAL MARKETS. By Telegraph—Press Association—Copyright ' J Londorii January-19. Copper; on. spot. £(0, 3a. .9d.-ton;: three months, :£6l' 2s..6d.electrolytic, £62* 15s. Tin. Three months; <£148./ per ton. • Lead, £13 13s. 9d. -per ton. • Silver, .23 3-16 d.. per .ounce, standard... WHEAT. The American visible supply of wheat amonnts ' to 55,962,000 • bushelß,' as com* pared .with' 45,013,000 bushels; laßt week.,. : • ; TALLOW. . At the .tallow auctions 657 casks, were offered, and' 296 sold. / Prices declined 3d. per-, cwt. ;• ; i •, ; V LONDON MARKETS, , ■ London, January 20. \ Copper.—Spot, .£6O 125.. 6d.; three 'months', ,£6i ios, •./. v v;.'. -..' Tin,—Spot,' £147. los. : ' Wheat is very dull; Australian, sailers (February . shipment); offered, 4Cs.; steamers, fl)s. 6d.• ,7 -• . ...• • Opou 'wool, clip reaohed • 12£ d. (averaged Ud;). / ; AUSTRALIAN PEODUOE-, IIABKETB.. / ' (Eec. : January 21, 0.20 a.m.) \ 1 Sydney, January 20. ..Wheat,'4s.' 2Jd.j flour, £10 lOs.j-oats/ Algerian feeding,23. Id. toj 2s.- 2d.; Tas: manian, white,': 2s. 7d. v.to Bd.; barley, Cape, 2a. 9d. to ,3s;; : maize, 45.; 4d.; bran, £4; 55.; pollard, : £4. 10s.-; ;• potatoes, £7 to £8; onions,'.Victorian,'£4,los«; butter, medium, 90s. to 93a.; cheese,',6d.;;,bacon, Bid. . •; Melbourne,.January 20. ; \Wheat, 4s. ;3d,j flour, £10 ss.;' oats, feeding, Is. lid. ; to 25.;; milling, '2s. -1d.;.; barley, malting, 45.; ; Cape, 2s.- Bd.;/.bran, £4 12s. 6d.j pollard,,-£5 potatoes, ■£5 to £S 15s. Hides,- small- supply and-' good, demand. • Prices .are'unchanged.. Adelaide, January 20. ' Wheat,'4s, ;4d.;' flour, £9 155.; bran, pollard, Is. Id. •

: THE O. o.'AND D. COMPANT.' ' •// (By '.Telecraph^—Prcsa Association.) ' Naplcr, 1 . January 20..The '0; o..ahd-D. Company to-day cabled tho following report'with respcct to frozen ' meat" Tha. lamb market 1 is - weaker, owing t»j heavy l stocks, and : the values have declined' by |d.- ' Tho. beef-market is ailghtly firmer., .Today's"quotations .ore:—Mutton; Napier, Wellington, and North Island,, 33d. .Lamb::Urate,quality, 4Jd.SA second, '3|d; Beef :-Hind3 ( >3a;j .fores,- v' - ■ . /. ..

'■■.:'"■:■■ "■■■ : 'iV.'./:" '■'■'!' HemD.Y;. \\,: .'■,.'.",..'.; ..;;, .',,' ;." ■>r?'■■'■ ' ; : 'i- : ::/' : .■)..■.'•■'.GbbW-.'.'.'-' Com- :<:• ■■'''_' >■/■.Port;••■•-■■ I-.• Pine.-fair..:Fair. .mon. T'l;- ; Auckland ..i... 2 :. 839... 2373 .604 '. -3875 Napier, :....;..•..'...; —v ''204-.'i 112-'.■ — ' .316 •FoxtonV'...........;:..23 2067 ■' '.11' 2730 .Wellington'';:.-... 48' 2907 -'1514 ■.': 102 ■' 4571 Picton :.'„...;..;:;.: 105 ; ■ 146 '■ :.-118. . - '--369Blenheim ,™.:125 : . 96 ~ '.—',;:'— :248 Lyttelton '.;__;.." — •' '31'',.'.'41 ■■"—"■'■'-' 147' Dunedin ,^_i_"'—.: ; .'36' ; i''-764">- 69 ■ ■ - 869 :'Bluff'.- v V.:.:;'.ii;.,'.'', r —>i'..266'- 'l' : 1222 , ;-_' ■■ 49;.'', 1637: ••Totals 'v-fjiy: 330,'; 6582 14,662/ :;'■;/ i;V- "■1,-'.;: : ; ; ';!.To^;:?-Si/ '"'■ >r.;;-V' :".')'^-: ; : ' ' '.• "'•: '- .v! First:Second Third :';'" : ■ ;.■"■■■: ■• ..•'.-':•'■■•" ■'.;"■:..■■' grade, grade.'grade. T'l.. :Auokland,' : i.V..__.-....': — :• 637. .903 .,1619. Napier....'..;;;.™-'..™_....— ': : '' 67 ' 23 --■-. %■ Foxton>l.'.uiL'i-...-;.:;/146. -379.... 133 •• .658' Wellington'.;..../...!.'....;.- 577.' '" 583 -364..- 1524: .101 .'36; — - •• 137' i Blenheim -...'i..'..u.;......... 89 ,. .. 57 :;. —. ■:' 146 !Lyiteltbn'i....U'.:i_'...'.:..'" 20 • ■' ■"■+■ 64' ; 84 iDunedin'.'.™..;~;;.;..... ■ — .■'•' •.• 5 .'■ .17 - 1,: 22 •Bluff- ...;.„...-;_;.i....i.^:;>^;,, 238 '..;373: ■ ;;'617 „;.;...:.,.933. ': 2C02,.'.■: 1877 ■' .4897.