COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 754, 1 March 1910, Page 10

COMMERCIAL ITEMS.

' INVESTMENT SHARES. ■ No transactions wore recorded yesterday. National Bonk, buyers £6 3s. 6d.; New Zealand and liiver Plate, buyers £1 165.; Wellington Gas, £10 paid, sellers £17 155.; £6 15s. paid, sellers ■£13 18s. 6d.; Standard Insurance, buyers £1 3s. 3d.; Gear Meat,£l paid, buyers £2 135.; Wellington Meat Export. £5 paid, buyers £6; £4 paid, buyers £4 165.; N.Z. Shipping, buyers '£7 12s. 6d.; Wellington Woollen, buyers £3 Is.; Westport Coal, buyers £6 Is., sellers £6 25.; Westport-Stockton, buyers 7s. 3d., sellers 7s. 9d.; Leyland-O'Brien Timber, buyers £1 3s. 6d.; Saarland's preference, buyers £1 25.; Taranaki Petroleum, sellers Bs. fcl.j Ward and Co., buyers £4 -15s. • . Tho course of sales during tho past month was an under:— National Bank, £6 3s, £5 3s. 6d., £6 3s. 6d,. £6 35., £& 3s. 6d. • ; Dank of • Now Zealand, £9' 10s., £9 125., £9 12s. 6d., £9 13s. 6d., £9 13s. National Mortgage, £3. ■ N.Z. Loan and Mercantile, 3s. 3d. Feilding Gas. £1 Is. 6d. Wellington Gas, £10 paid, £17 15s. Wellington Gas, new issue, £2 10s. premium. Now Zealand Insurance, £3 15s. Ohristchurch Heat, £11 Is. 6d. Wellington Meat Export, £5 paid, £6. ' Wellington Meat Export, £4 paid, PA 16s. Wellington Woollen, £3 35., £3 Is. Hikuraugi Coal, £1 4s. Westport Coal, £6 65., £6 Is. 6d., £6 2a. Wcstport-Stdektou, 75., 7s.- 3d., 7s. 9d., 7s 64., 7s. 6d., 7e. 6d.,75. 6d., 7s. 3d., 7s. 6d., 7s. 3d. Leyland-O'Brion,. £i 3s. 6d. N.Z. Consolidated Dental, £1 2s. 6d. N.Z. Drugs, £1 7b. 3d., £1 7s. 6d. Sharlaud'p preference, £1 2a., £1 2s. Taranaki Petroleum, 10s., 95., 95. , 6d., Bs. 6d. THE WHITE METAL. For some time silver has been fluctuating between 23Jd. and Md., and in their review of the courso o£ the silver market during 1909, Messrs. Samuel Montagu and Co call attention to the narrow range of price fluctuations. The cot difference between the highest and lowest prices of tho year was only 1 13-16 d. per oz., and in certain periods fluctuations ceased entirely, notably for eight successive days in August. It is a curious fact, remarks this firm, that notwithstanding this extreme rigidity of. price, the yenr was prolific hi business, with the turnover nnusually large, and tit the very, time the pointer rested is August at 23jd. transactions were on cuitc a substantial scale. More or lees throughout the year there was a. prolonged contest between India, tind China-. \ceorditw to nnother authority. India has enjoyed an •jxecUent season, and it is now recognised that an abundant harvest there will be (fathered,' and give rise to great activity in shipments of wheat, cotton, and the olio." special products of India. The effect of this has already been noticed* for there

has been a rise in exchange to the point at which it is profitable to send sovereigns. The increased wealth of the natives may reasonably be expected to be utilised in purchases of silver in the bazaars for ornaments, and for accumulation. The Indian Government evidently sees a source of income in this crazo for silver, and it is proposed to impose a duty of 4d. per ounce instead of 5 per cent. This means increasing the duty from Is. in the £ to about 3s. 4d. in the £, which must restrict tho importation of tho metal, and cause the value to drop. If this check proves sufficient India will be a. largo importer of gold thiß year. Apart from the cobalt mines of Ontario, thero is little need to comment on the world's supply of gilver. It is anticipated that tho total f3r 1909 was in tho neighbourhood of 25,000,000 ounces. Favonrab!e news oontinues, to .come, from the mines, and, for tho present at any rate, a possible advance on these figures may be takon into account. Tho ore is so rich that the silver markets of the world would soon be glutted if tho veins were as Jarge as thoso of the ordinary silver mine. But, while .the ore is exceptionally rich, the veins are small.

AMERICAN "FREE POUT."In view of tho anticipated .increase in America's foreign trade oa the complcMon of the Panama Canal, ,tho suggestion has been made that a "free port" be established in tho neighbourhood ■ of New York City. The case of Hamburg is cited as an raamplo of the benefits which tho free port offers to exporting merchants. in a protected country. Under the present tariff American merchants who buy. Cuban and"'South American goods for reshipment find it advantageous to buy these goods at Hamburg and ship from that port. It io not likely that exporters in the United States will be willing to transact their business from Germany when the dearlybousht facilities of tho Panama Canal became available. Tlio suggestion ig arousing interest in shipping ■ circles. An important factor in the case is the existence in Now Jersey of a considerable amount of suitable seaboard land. If.a free port were established on the. model of Hambui'2, where goods are not only received and sold, bntj also remanufactured, a large area is essential. The question of land would be less important in the case of a' port like .'Bremen, which acts merely as a distributing centre, no manufacture being allowed within the free district.

;LIFE INSURANCE ABSORPTION. Some particulars of the absorption of the Standard Life Association by the Colonial Mutual Life Assurance Society are now available. According to the Sydney' papers it appeals that the Colonial Mutual has purchased the bulk of the shares in the Standard, and has paid ninetecn-twcnty-flfths of their face value, which is £1 each, or £12,500 in all. The shareholders, therefore, get £9500. As it. is understood that a valuation of the liabilities and assets of the Standard shows a considerable deficiency on , the basis.of an immediate winding-up, tho absorbing company virtually finds £9500, which the shareholders receive in cash plus the, amount of such deficiency, for which it becomes responsible. What tho absorbing company doubtless believes is . that the fact that it will obtain an added premium income of £55,398, of which'£29,oo2 represents industrial and £26,396 ordinary business, will sufficiently compensate it both for the immediate outlay and the added resnon-, sibility. What it is now endeavouring to' do is to induce policy-holders * in the Standard to transfer to the Colonial Mutual, and this they will have every interest in doing. It would seem that both tho shareholders and the policy-holders of the Standard have dono well out of the doal, the former Retting back portion of what loolted liked virtually lost capital, while the latter Ret greater security. Certainly those shareholders who paid a premium for their shares and have had no dividend may not feel that tho investment as a whole has been a very h&sziy one. Nor.has it. But they might easily have got very much worse terms than the Colo, nial Mutual has offered them. ; FEBRUARY EXPORTS. Tho valuos of the principal Now Zealand products exported from Wellington, during the month of February are as. follow, tho figures for the corresponding month last year being given in parentheses:— Butter, £55,178 (£79,850); cheese, £27,099 (£34,630); beef, £4510 (£15,186); mutton, £28,ffi8 (£72,511); lamb, £»0,226 (£60,453); Has. £37,298 (£12,548); tow, £2024 (£1446); hides, £5900 (£11,147); skins, £13,263 (£18,255); tallow, £26,275 (£28,745); wool, £436,065 (£353,325). Customs revenue collected at Wellington. yesterday amounted to £2183 2s. lid. WELLINGTON MARKET REPORT. Messrs. Lacry and Co., Ltd., Wellington, report wholesale prices rutins oa the market:—Wheat, fowl 4s. 3d. to 4s. 6d.; feed oats, 2s. 2d. to 2s. 6d.; dun oats. 2a 4d. to.2s. 6d.; seed oats, 2s. 6d. to 2s. Bd.; algerian oats, 2s. 4d. to 2s. 6d.; maize, 3s. lid. to 4s. Id.; crushed malt, 75.; fowl barley, 2s. 6d.; Cape barley 6eed, 2a. 6d. to 2s. 9d.; flour, New Zealand £11 ss. to £11 10s., Australian £11 15s. to £12; bran, £4 to £4- lCs.; pearl barley, 155.; peas, Prussian blue, ss. 3d. to ss. 6d.: split, £17 10s.; bonedust, £6 155.; superphosphates, £5 to £5 55.; pollard, £5 is. to £5 10s.; basic slag, £4 10s ■ chaff (oatenshcaf), £4 to £4 10s.; oatmeal, £11 to £11 10s.; potatoes, table, £3 to £6 ton; onions, ss. cwt.; molasses fodder, £5; bacon (factory), i sides 65d.. hams Bd., rolls 7Jd.; butter, prime bulk, 9d. Poultry: Hens, 3s ; ducks, 3s. 6d. to 4s. 6d. per pair; turkeys, gobblers, 18s. to 205., hens 10s. to 145.; fresh egffs, Is. 6d. to Is. Bd. dozen; preserved eggs, Is. sd. dozen; cheese, sd. to 53d. per lb., loaf 6id.; Akaroa machine-dressed cocksfoot, 6d. to 7d. per Ib.; farmers' dressed cocksfoot. 4d. to sd. per lb.; ryegrass, 3s. 6d. to 4s. 6d. per bushel; Italian ryegrass. 3s. 6d. to 4s. 6d. per bushel; white .clover, 70s. to 755. per cwt.

FRUIT AND PRODUCE M3POKT. The New Zealand Fruit and Produce Co., Ltd- report for the week ending February 28— A good demand exists for potatoes free from blight, and of a good size. Also, thero is a good demand for onions, peas, and cauliflower. Stone fruits moot with a better sale. The following avo tho prices ruling in our rooms last week:Potatoes, 4s. 6d. to 6s. 6d. cwt.; onions, 6s. 6d. cwt.; turnips. 3s. Back; swedes. 2s. 6d. cwt.: carrots, 6s. to 7s. 6d. sac);; parsnips, 6s. 6d. to 7s. 6d. saofc; beetroot, 4s. 6d. sack; cabbage, 4s. to 7s. sack; cauh flower, 4s. to 7s. 6d. sack; peas, 6s. to 9s. 6d. sack; marrows, Is. 6d. to 2s. sack; tomatoes, Is. 3d. to 2s. case; beans (F.), 3s. to ss. 6<l. sack; beans (B.!, 3s. to 4s. 6d. sack; lettuce, Is. to 3s. case; cucumbers, Is. 6d .to 3s. 6d. case; apples (cooking), j3. od. to 4s. 9d.; apples (dessert), ss. to Bs.; plums, 45.; t'rceti gages. 6s. to 7a.; pears (cookin"), 4s. 6d. to ss. 6d.; pears (dessert), 6s. to Bs.; plums (Pond's seed), 4s. to 4s. 9d.; nectarines, 7s. 6d. to Bs.; peaches (cooking). 2s. , 6d. to 3s. 9d.; peaches (dessert!, ss. to 75.; ■ oranges (CaUtonuan), 7s. to 10s.; ovihiecb > \ ilslancl} 6s. to Iβ. 64.; bannuas (ca?e). ss.' i 60..; bar.anns (bunch), 3s. to 3s. 9d.; lemons \ (Messiiia\ !2s. 64. 1150); pines, fe. to 7s. 6d.; b eirifii, Is. 6d. to Is. Stf. ((rood demand); • eli.i.T, £5 Ws. (o £1 Ws.; bran, 9«. per i sack; wheat, 4s. Bd. per Imchel; ducks. 5s t to 6s. Der pair; hone, 4s. per nail'; poaajiiute (Jftpanoso), 20a. 6d, per. saot

FROZEN MEAT. By TelocraDli—Press Association—Copyrleht London, February 26. The Frozen Heat Trado Association's Smithflcld market ■ quotations lor tho unbasod on actual sales of not less than one hundred carcasses of mutton or lamb, and twenty-five quarters of beef of fair avorage quality. The quotations are not for selected linos,- but for parcels fairly representative of tho bulk of the shipments now on the market. Tho nrices which follow are on an averane a farthing per lb. more than tho value ex ship, this difference representing an averago cost in expenses, handling, conveyance, and selling the meat:— Feb. 19. Feb. 26. Mutton- d. d. Canterbury, light — - Canterbury, medium — — Canterbury, heavy — — Southland 33 — North Island, best 3j' 311-16 North Island, ordinary ... — — Australian, light ■ : 3 3-16 3} Australian, heavy 3), 33.16 Eiver Plate, light 3& 3! River Plate, heavy 37-16 3 7-16 Lamb— Canterbury, light 51 51 Canterbury, medium 51 51 Canterbury, heavy 51 51 Southland — — North Island, selected ■ 5* 5J North Island, ordinary ... 48 43. Australian, best 4i 43 Australian, fair 4 ■ 41 Australian, inferior 33 4J River Plate 4 4J BeefNew Zealand, ox foree ...... 2J 33 New Zealand, ox hinds ... 3$ 4J Australian, ox fores 23 3 Australian, 01 hinds 3 ■ 31-16 River Plate, ox fores ' 23 3 Eiver plate, ox hinds 33-16 3i Rabbits aro scarce and the market is firm. The new Zealand Loan and Mercantile Agency Co., Ltd.. have received the following cablegram from their London house, under date February 25:—"Frozen Meat: Mutton market firmer; lamb market steady; beef market better." HIDES AND LEATH3E. Small business doing, and prices are unchanged. Basils have declined a farthing. HIGH COMMISSIONER'S CABLE. The Commerce, and Tourists Division of the Department of Agriculture has. re. ccived the following cablegram from the High Commissioner, London, dated February 26 ;— The sale of all qualities of mutton is dull. The supply is small but constant, and meets the demand. Holders are firm. Canterbury mutton, which, is extremely scarce, averages 43d. per lb.; North Island, 33d. Lamb is firm; there has Been a better tone in the market this week. The average price :of Canterbury lamb (in small supply) is'sjd. per lb.; other New Zealand lamb, sd. There is a better dsoiand for beef. Stocks, of New Zealand beef on hand are light. Average pxices: Hindquarters, 3gd.; fore quarters, 3J,<l. per lb. There is a better demand for butter, and tho market is firm. Light shipments are expected from the Continent, and market prospects in genor'al are favourable. The average price of choicest New Zealand butter is 120s. per cwt.; Australian and. Argentine, 118s.; Siberian, 1165.; Danish, 1276. Buyers of cheese are holding back, expecting prices to go lower. The average arico of New Zealand finest white cheese is 595. 6d. par cwt:; coloured, 58s. 6d. There are no complaints of "off" flavour in New Zealand cheese. . Ths hemp market is depressed. A poor business has been done, and buyers are cautious. New Zealand hemp, good fair grade, on spot, £26 per ton; fair grade, £25; Manila, fair current, £25 10s.; forward shipment, good fair, £25; fair, £24; Manila, £24. The Manila output for the week is 32,000 bales. The cooksfoot seed market is quiet but steady; buyers are not keen to do business. Tho average price of New Zealand brisnt clean 17ib. seed is 735. per cwt. The hop market remains firm.