COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 783, 5 April 1910, Page 8

COMMERCIAL ITEMS.

' • • • -SHARES. The usual Monday tone was displayed by the investment, market; (here were very, few*.quotations and only .one sale. New Zealand Shipping shares at £8. There appears to be a good demand for New Zealand Loan and Mercantile shares, and also for New Zealand and River Plate. National Bank, rights only, buyers £1 10s. t sellers £1- 12s. 6d.; New Zealand and River Hate, .buyers, £1 18s. fid.; -Feiidiag Gas, buyers £1 Is. 6di; Wellington Gas, £6 15s. paid, sellers £13 12s. Gd.; Welling' ton Meat Export, £2 12s. 6d. paid, sellers £2 15s. ■ , 6d.;-.3fcw Zealand * Shipping, buy. cr3 £7 17s. 6d.; Wellington Woollen, buyers £5 2a.; Westport Coal, sellers £6 65.; Saarland's ordinary, buyers £1 2s. 3d., preference, buyers, £1 2s. 3d.; Tavanaki Petroleum, buyers Bs. 3d., sellers 9s. 3d,

■: LONDON MONEY MARKET.The last Bank of England return was matte up on March 30, or two days before the usual distribution of the quarterly dividends, and oh Wednesday and l'hurs : day of last week there must have been a' strong pressure for funds. There is. no' doubt, about this pressure, for- during the week for which' the returns'wore made up the borrowings from the bank increased from £30,712,000 to £33,012,000, while the deposits, both Government and public, increased from £49,631,000 Jo £51,990,000; Thus while tho' advances increased by £2,300,C00, the' deposits expanded by £2,309,OCO,. so that the advances havo created the deposits. The real reason for the tightness, of money is because the Government deposits are less than half of.what they wero in previous years; If we. compare tho figures for. four years we obtain the following.— . ■ ■ • Government Public Deposits. Deposits. Total. Year. £'■■£.' £ : 1910 8,880,000 43,110,000 51,930,000 1909 19,159,000 44,194,000 63.353.0C0 1908 15,000,000 43,«4,0C0 58,464,000 ■ 1907 13,495,000 44,051,000 57,546,000 Owing to the political crisis and the rejection of the Finance Bill, the Treasury has not: received the full amount of-, the funds necessary for meeting the country's engagements, and- the bank has not , had the command-of the same. ■ amount of capital as in previous years.' The public deposits, it will be noted, are, about normal, so that we are safe in ascribing tho stringency to the political situation. And this state of'affairs is likely to continue until the political outlook is clear.

CONSOLS AST) COLONIAL STOCKS. According to the Sydney papers the quo tation for Imperial Consols on March 25' was £81, while the figures cabled to New Zealand were £82. .There was no change in the. quotation last week, consequently the price £81. This is about the lowest Quotation we havo ■ had for some months, but the lowest'recorded in recent years was £80 155., to which price Consols fell on August 12, 1907* ;, There .is nothing alarming.in this, although at the. moment it may be, directly due to investors preferring, foreign eriltedged securities to Consols. The decline in the price can be traced to well-defined economic causes. The average price of Consols for the forty years, 1835-74,- was £93, ; and as tho rate.of intorest\then'was.3.per cent., the average ; return , to' the investor was £3 4s. 6d;.per cent, The.interest : rato'is now' 21 per'.cent., and at£Bl Consols' yield the investor .approximately £3 Is. 9d. per cent., consequently'there, is room for a further-decline. The price must drop to about £7,7 10s. for the'investor to get £34s. 6d. per. cent., as was the case in the forty , years referred, to. above. ' And" the tendency .''is" for, the'price to', fall,: because, 35 per ;,cent; appears .to bo ! the average working rate of interest as disclosed by the statistics .of the past seventy or eighty years.. ,This .rate- of ii per,cent, is the average , cliarge for .floating capital ■ or liquid credit, aridis the pivot'not only of : finance, but of commerce. "Great Britain's Declining. Credit" has been tho subject of'discussion in tho Paris "Matin." One writer pointed out that there wore very", definite onuses to account for the decline of 13.45 per cent, which took place between 1896 and 1906, but for tho further fall of 7.70 per cent, that,-has since taken place conclndes that the irresistible deduction' is that the chief, if not the sole, cause of the progressive decline. is "the violently aggressive policy". pursued by the Liberal Government with Mr. LloydGeorge as Chancellor of the Exchequer. But this is not a fair' presentation of the matter. The true test is the - yield per cent., and by this test British credit is still the highest■ in the world, and .tho British Government can to-day obtain its loan money at the lowest rate of interest.

Customs' revenue, collected at Wellington yesterday amounted to JE1413,45. 9d. ' '••' WELLINGTON iIAEKET. ,-. Messrs. Leary and Co., Ltd., Welliii'gton, report wholesale prices ruling on the market :-Whcat, fowl. 4s. to 4s. Id.; feed oats, 2s. sd. to 2a. 7d.; dun oats. 2a. ,6d. to 2s. Bd.j Boed oats, 2s. 7d. to 2s. 9d.; Algerian oats, 2s. sd. to 2s. 9d.; maize, 3=. Ud. to 4s. Id:; crushed malt, is.; fowl barley, 2s. 9d.; Capo barley seed, 35.; fiour. New Zealand £10 15s. to £11 55., Australian £11 10s.; peas, Prussian 'blue, ss. 6d.; split • £17 - 10s.; bonedust. £5 155.; superphosphates, ■£5 to £5 ,55.;: pollard, E5 bs: to £5 155.; bran, £4 to.£4. 10s.; poarl barley," 155.; basic slag; £4 10s.; chaff (oateusheaf).. £4 to £4 10s.; oatmeal. £11 to £11 10s.;' potatoes,' table. £3 to £6 ton; 'onions, 3s. 6d.j to 45. , 6d; cwt.' molasses fodder, £5; ; bacon ■ (factory),- sides 6?d., hams , Sd., rolls 7ld.j butter, prime bulk, 9d. Poultry: Hens, 35.; ducKs,.3s. 6d. to 4s. 6(1. per pair; turkeys, "gobblers, 18s. to 205., hena 10s. to egg 3 ' Is. 4d. dozen;, cheese, Kjd. peri- lb., loaf, 6id.; Akaroa machine-dressed cocksfoot 6d. to 7d. per lb.; farmers' dressed cocksfoot, 4d. to od. per lb.; ryegrass, 3s. 6d'to 4s. 6d. per bushel; Italian ryegrass, 3s.'fid.-to 4s. 6d. per bushel; white clover, 70s. to 755. por cwt. / . , •_•

Under, date April l.the Now Zealand Fruit'and Produce Company report:—During the past week trade has been fairly brisk, and- the tone, of-the market has improved; all kinds of fruit meeting with a better demand.. Keen inquiry still exists for , the • best varieties' of, dessert liears. Peaches.-how practically over, also meet with good competition. The apple market has improved slightly. . Vegetables rule about the same rates. Potatoes are weaker, but onions arc firmer., Egss aro in keen demand. The following prices were ruling in our rooms last week;— Potatoes, ss. to 6b.' cwt.; onions, 3s. 9d. to 4s. cwt.; swedes, Zs. 3d. per cwt.; turnips, 2s. 6d. sack; carrots, 3s. to 6s. sack; parsnips, -4s. 6d. to 6a. sack; beetroot, 2s. 6d. to os. 6d. sack; cabbaged la. 6d. to 45.-Od. sack; cauliflower, ss. to 9s. sack; peas, to; 12a. sack; marrows. Is. to 2s. sack; tomatoes, 2s. 6d. to 4s. case; .beans, French 3s. 6d.' to 6s. sack, broad 2s. to •2s. 6(1. sack; lettuce, Is. to 3s. case; cucumbers, ss. to 6s. 6d. ease; apples, cooking -3s. 6d. to 4s. 3d., dessert ss. to 65.; plums, cooking, 4s. to--55.; -blackberries, I'd. to'2d. lb.; pears,..cooking ss. to 65., dessert Bs. to 10s., half-case 55.; grapes, 7d. to Bd. por.lb.; peaches, cooking 4s. to 50. dessert: ss. 6d. to 6?.; oranges, Oalifornian 7s. to 105.,. Island 7s. to 85. 6d.; nines, 7s. 9d. to 10s.; bananas, case 7a. 3d., to 9s. 6(1., bunch 3s. 6d. to 55.; lemous, Messiaa llg. 6d. (150), Sydney ss. to, 65.; persimmons, 4s. 6d. to. 65.; passion fruit, 6s. to 7s box; cbbs, Is. 6d. to Is. Bd. (lieen .demand); chaff. £4 to £5; dncks, 4s. 6d. to ss. per pair; hran.'-'Js. per sack; wheat, 4s. Ad. par bushel; hens,'3s.-to 3s. 6u. per pair; peanuts (Japanese), 20s. 6d. per sack.,' ' FEILDINQ -MAHKET EEPOHT. , ' : Sfossrs. A. 11.. Atkinson "and Co., Ltd., report :—At Friday's. sale there were heavy entries in all 'departments anil (tcncrally a brisk sale. . Pigs were forward in cohsidorablo number, every pen boins ailed.' Prices •■ were Bomowhat oaaicr than thby

.wore a fortnight ago. and bidding was not keen. Poultry sold on a par with late quotations. We sold a quantity of oats, wlioat, maize, bran, and meal at quotations. Several pood horses were offered, and Bales made during the day. We quota.—Suckers and iveaners, 35., 3s. Gd., 4s. 3d., 4s. Gd., 6s. 3d., 6s. 3d., 7s. 3d.; slips mid stores, 75., to. fil., 11s. 6d., 12s. 9d.. 13s. 6d., 155., 15s. 3d.; 15s. 6d.; light porkers, 15s. Poultry, at each-Hens, 9d., lOd., Is. Id., Is. 3d., Is. 6d.; cockerels, Is. 2d., Iβ. <d.. Is. 5d., Is. 6d. to Is. Bn\; ducks, Is. 4d., Is. 6d., Is. 9d.; hen and chicks, 3a. 6d. Cattlo pup, 6-1. Produce-Algerian oats, 2s. 3d. bushel; white oats, 2s. 7d.; wheat, 16s. sack; bran, ss. 3d.; ricemeal, 7s. 6d.; maise, 4s. 3d.; tomatoes, Is. 9(1. to 2s. 6d.; quinces, Is. to Is. 9d.; dessert apples, 4s. 3d. to 55.; cucumbers, Is.; rhubarb, Is.; marrows, Is. to Is. 3d. half dozen; onions, pickling, Id.; potatoes, 63. to 10s. 6d.; factory bacon, sides 63d.; hams, 7Jd.

COLONIAL AND OTHER PRODUCE, ily Telegraph—Press Association—CoDyriehL London, April 3. Copra—The market is active. South Sea is being sparingly offered. In bags, £25 10s. ■ -~ Cotton.—April-May shipment. 7.721 d., a n'32 of 10 points, chiefly duo to sustained purchases on behalf of Chineso speculators. Tallow—ln stock, 31G7 casks; imports, 26« casks; deliveries, 3529. Wheat.—Tho wheat and flour afloat for the United Kingdom totals 4,180,000 quarters; for the Continent. 1,950,000 quarters; Atlantic shipments, 97,000; Pacific, 13.CC0. The total shipments to .Europe during the week amounted to 1.CC9,8C0 quarters, ineluding 250.0C0 from Argentine and Uruguay. . . ■

Two cargoes of Australian wheat -sold at 590. 6d.; two other cargoes and 14.0C0 quarters, at 395. 3d.; 13.0C0 quarters of January-February shipment, at 395. 7*d. METALS. Copper.—On the epot, £58 3s. 9d.j three months', £59 fis. 3d.; electrolytic, £61 ss. Sr.ppliea, 30,873 tons; deliveries, 32,836; Etocfcs, 11,432; afloat, 2800. . ■

Tin.-On tho snot, £152; three months', £154; stocks, 20,902 tons, spot 7300, afloat 2671; deliveries, 2350. HIGH COMMISSIONER'S CABLE. 'The Commerce Division of tho .Department of Agriculture has received the following cablegram from the High Commissioner, London, dated April 2:— Mutton.—The market is quiet', but steady, holders are firm in anticipation of moderate shipments. The average price of Canterbury mutton is 4jd. per lb.; North Island, 4id. Lan;j>.—The market is firm; although supplies are increasing. Average price Can'terbury, \5Jd. per lb.; other New Zealand lamb, Sid. '' Beef,—The market is steady. Stocks of New Zealand beef.on hand are light, and holders are not anxious to sell. Supplies of American chilled beef, are large. The s.fi. Marathon arrived during tho week with the Efcond shipment of Linley process Queensland chilled beef, which was landed in fo.ir condition, . and ros-iised &bout' 3Jd, per ib. for hindquarters. The average price to-day for hindquarters of. (frozen) New Zealand beef is 4Jd. per lb.; forequartera, 38d. • . Butter.—Tho market is firm; there is good demand, but buyers are cautiouß. The average price for'tho week for choicest New Zealand is 1225. per owt.; Australian and Argentine, 1205.; Danish, 128s. ;■ Siberian, 119s. .

Cheese—Tho market is firm, although high prices are restricting business. The average price of New Zealand finest white cheese is 625. 6d., coloured ' 61s. Hemp—The market is very. unsettled, with a- poor local demand. Prospects are uncertain and depend entirely upon Manila. The averago price of''New Zealand good fair hemp, on spot, is £24 lCs. per ton; fair, £23 10s.; same prices for forward shipment. Manila, fair current, £24 10s. on spot, and £23 for , forward ship: ment. Tho Manila- output for tho week was 28,000 bales. Cocksfoot—Market quiet, but firm. ;The average prices of bright, olean, 171b. New : Zealand seed, on spot, is 725. per cwt.-Wheat.—Ma-rket quiet; but moderate business doing. New Zealand wheat is •selling against shipment. ~ Oats.—Markot steady, with moderate demand. New Zealand sparrowbills, ex. granary, on spot, per quarter of 3841b., 195.; New Zealand Danish; , per quarter of 3201b.,17s. 3d. : „ . . , !: Peas.—Market quiet; email businese doing. New Zealand partridge, per 5041b., 545. Beans.—Market firm, with more inquiry. New Zealand f.a.q. old crop, per 5041b., Hops.-The market is quiet, but holders are firm. Buyers are holding hack on account of high prices, and doubt caused by tho delayed Budget. English hops, £7 per cwt.; Californian, £6. Wool.-The market is firm. Merinos are in active demand at full prices; crossbreds' unchanged. . ,'. .

WOOL, SKINS,' AND HIDES. ~ , Mr. Hugh Eoberts reports, on -Friday the monthly sale of the above, was,held,, and a catalogue 'comprising 80 bags' and 'three bales wool. ICOO skins, and 200 hides and calf ekins, 3 casks and , 9o tins tallow were 'offered to a good, attendance of buyers. Competition was. keen, and .all lots sold up to last month's values. WoolFleece, medium, 7Jd. to BJd.; dingy; 7}d.; seedy 6d.; lambs', medium, Bd. to 83d.; very seedy, 42d.; dead, 6»d. to 7d.; bellies, 53d. to 75d.; locks and pieces, 4d.; black,' 6Jd. Skins-Crossbred, 75d. to Bd.; 'half wools, 6Jd. to 6Jd.; shorts;-63. to 6Jd.: pelts, 43d. to-fid.;, lambs', 7Jd. to 7Jd.; dead, 33d. to 53d.; pelts, inferior, lsd- to 23d.; shorts, ,seedy, 4Jd. to 5Jd.; crossbred, broken, 4d.; 'half-dry skins, at each, shorts 2s. 9d., 35., 3s. 2d., 3s. 3d.. 3s. 9d.; lambs', 2s. 9d., 3s. 6d to ss. Id.; lambs', shorts Is. 6d.', Is. Bd., scalded Is. 3d. Hides-Calf; medium, B|d.; yearlings,V6Jd.; slippy calf, 5}<3.; cut, 6}d.j rough, 68d.; cut and slippy, 3sd.; cow, 6W., 63d., 6}d'., 6Sd.; cow, slippy, 5Jd.; rough, 4!d.; ok, 6*d. to 63d.; ox, cut, sgd.: horse, at each. 9s. 6d. Tallow-Tins, 225. 6d. cwt. and 11s. 6d.; casks, -255. 6d., 255.. 9d. owt.; horsehair. Is. 45d- Per lb.; curled hair, 6id.