COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 788, 11 April 1910, Page 10

COMMERCIAL ITEMS.

. INVESTMENT SHARES. On Saturday sales were reported of We!-, lington Gas, £6 15s. paid, at £13 10s., and I.oyland-O'Brien Timber at £1 Ss.; Bank of New Zealand, buyers £9 135.; New Zealand Loan and Mercantile, buyers 65.; New Zealand and Kiver Plate, buyers £1 18s. 6d.; Wellington Trust and Loan, buyers £7 2s. 6d.; sellers £7 45.; Feilding Gas, buyers £1 Is. 6d.; Wellington Gas, £6 15s. paid, sellHrs £13 12s. id.; new. issue, sellers £2 7s. 6d.; Gear Meat, £1 paid,- buyers £2 13s.;' Meat Export, £2 123. 6d. paid, sellers £2 15s. 6d.-; Union Steam, buyers £1 11s. 9d.;. Wellington Woollen, ordinary, buyers £3 25.;. preferenco. buyers £2 9s.'; -..Westport Goal, buyers £6 45., sellers £6 fis.; Leyland--o'P.rien Timber, buyers £1 <\a. 6d.; sellers i£l ss. 3d.; New Zealand Consolidated Dental, sellers £1,45. 6d.; Bharland's ordinary and preference.buyers £1 2s: 3d.; Taranaki Petroleum, sellers 9s. 6d.; Wnrd and Co., sellers £5. • ' '■• . : LONDON MONEY. MARKET. '. The movements in the Bank of England return last , week are sufficiently suggestive. There was a further shrinkage of £250,000 in tho metal reserve, and tho circulation increased by' £200,000, together' accounting for £450,000, and there was a decrease of £81,000 in the amount of. the coin in tho banking department, 1 - these : throe items practically accounting for the reduction in the reserve, which on Wednesday evening last stood at .£22,765,000, as against £25,299,OCO the previous week. The amount of the "other securities" in' the Banking Department increased during the week by £5,005,000, and this expansion at. the ond, of tho quarter is,.unusual, andlia diio entirely to tho extraordinary position, in.'which the Treasury stands. ' As a rule', it' is not necessary for tho Government to borrow at the end of March, because the Government balance then stands at a high point, owing to the influx of the .income tax. This year this tax has not been collected in lull, and all tho banks have refunded such collections. The Treasury has had to Eeek the assistance , of the-Bank , of. England, consequently there is a substantial increase in the amount of the Government securities. The "other securities" have increased by £971,000, showing that the: bill ■ brokers and others have been obliged to borrow from the bank. This is a normal movement, because towards the end of , tho quarter in order to met the demand occasioned by the falling due of dividends, salaries, rents, etc., bankers call in a por-', tion of their deposits with brokers, and, , as the reserve which the latter are in tho habit of keeping is not enough to meot heavy claims, they have to borrow from the bank in order to repay. There is an increase in the "public or Government deposits" of £1,793,000, andMn the "other deposits" of £3,754,000. Tha latter stand at £46,864,000, as against £44 824CfiO'a year ago. This , is important, for itshows very clearly that there is no actual shortage of' loanable credit, and it will ' bo found . presently that the pressure of i this unlent money will cause lenders to beat down rates in their anxiety to use up the funds under their, control. Of ' course," there is the effu-s of gold to bo reckoned with, and the export of the metal has been fairly continuous, but as the market has responded to the bank's initiative, an adjustment may soon be expected. In the meanwhile, it must be noted that the discount rate for three I months paper is J higher in London and Paris, but unchanged in Berlin. Usually the German rate is the,highest, but no doubt the Imperial Bank of Germany 16 desirous of holding the market in an easy state, pending tho issue of fresh loans on the part of the Imperial German Government and the Prussian Treasury. Call money in London had a sharp advance, going up from 3H to 3J per cent. The return for the current week should see movements bringing the position. back to normal. Tho outlook is for easier monetary rates, but the trouble with the British Treasury must be soiled first. , THE RUBBER BOOM. • : The eagerness of the British public to invest in rubber renders them an easy prey to the company promoter. Any sort of-a prospectus passes muster apparent!}-, and it is doubtful if Uie ffreat majority of subscribers to new ventures in robber pro- , duction have any idea of the part the vendors ...play in tho business. A striking illustration of tho greed of these gentry is furnished by the Manchester "Guar- ' dian in a- recent issue. A rubber company has just been floated, of which the capital is £53,000 in 50,000 participating :• preference shares and 3000 ordinary shares of £1 each. Applications wero invited for the former only, which are entitled to one-half of the'profits available for dividend until the holders have received an amount equal to the'nominal amount of preference shares issued. Thereafter the profits to be distributed in dividend in any year shall be applied first among the holders, of the preference shares nari passu of the aggregate amount of £10,000, and secondly, in payment to the holders of the ordinary shares of a dividend at the rate of 5 per cent. .Tho point to bo emphasJEnd is that, should certain options mentioned in the prospectus be esercised, the capital will bo raised to £350,000 by the creation of a further 297,000 ordinary shares, which will be issued as fully paid in part payment of the purchase consideration ' It follow!!, therefore, that although these additional Eharos will receive a dividend of 5 per cent, only, they will virtunlly swamp the capital of 50,000 in preference pharos for .which public subscription is now invited. In other words, tho ultimate profits of the compnnr will he avnilable ns to onc-Bovcnth to the holders of preference share." and as to rix-sevontlis to fh" vendors .because of their holding of ordinarv shares. Despite this important consideration, the capita! wan subscribed forty times over, and a premium of 13 p e r cent ' was quoted upon the sharcj. ' . FROZEN MEAT. The Now Zealand Loan nnd Mercantile Apcncy Company, Ltd.. have received tho following cablegram from their London house, undpr date April 8:-'-Frozcn Meat. ' —Market affected by high prices."

FRUIT AND S.PEODUCE SIABKET. ; Tho Now Zeolana Produce Co. report:— Apples and pears still continue very plentiful, consequently low prices prevail. Tomatoes being nearly over, the prices .have advanced. rA good,demand exiutß for best pears,' the favourites being . Winter

and Autumn Nelis, and Winter Cole; • Eggs are' in short supply.- Bananas from Fiji arrived too ripe, the prices being low "for ripe fruit, but good for. green fruit. Oranges from Baratonga came to a bare market, and good prices were realised. Vegetables are about the same as last week. A special brand of peas we sold realised Is. per peck. The following gives a fair indication of prices ruling in our market during the past week:—Potatoes, ss. to 6a. ewt.; onions, 3s. 9d. to 4s. cwt.; swedes, 2s. cwt.; turnips, 3s. Back; carrots, 3s. to ss. sack; parsnips, 4s. 6d. to 6s. sack; beetroot, 2s. 6tl. to 3s. 6d. sack; cabbage,. Is. 6d. to 4s. 9d. sack; cauliflower, ss. to 9s. sack; peas, 7s. to 12s. sack; marrows, Is. to 2s. sack; tomatoes, 3s. to ss. 6d. case; fceans, P.. 3s 6d. to 6s. sack; beans* 8., 2s. to 3s. 6d. sack; lettuce, Is. to 3s. sack; cucumbers, ss. to 6s: pack; apples (cooking), 2s. 6d. to 3s. 6d.; apples (dessert), ss. to 75.; plums (cooking), 4s. to 55.; blackberries, 13d. to 2d. lh.; pears (cooking), ss. to 65.; pears (dessert), 6s. to 95.; pears (half-case), 5b.; grapes, 7d. to Bd. per lb.; peaches (cooking), 4s. t& 55.; peaches (dessert), ss. 6d. to 65.; oranges. (Californian), 7s. to 10s.; oranges (Island), 9s. to 10s. 6<1.; pines, 7s. 9d. to 10s.; bananas (ease), 7s. 3d. to 9s. 6d.; bananas (bunch). 3s. 6d. to 55.; ■ lemons (Messina), lls. 6d. (150); lemons (Sydney), sb. to 65.; persimmons, 4s. 6d. to 65.; passion fruit, 6s. to 7s. box; eggs, Is. Bd. to Is. 9d.; bran, 9s. per sack; ehnff, £4 to £5; wheat, 4s. to 4s. 2d. bushel; ducks. 4s.' 6d. to ss. per pair; hens, 3s. to 3s. 6d. pair; peanuts (Japanese), 20s. 6d. sack. '■'FEILDING MARKET REPOKT. A. H. Atkinson and Co., Ltd., report brisk business all round on. Friday, .and • large entries of fruit, produce, grain, etc. l'igs show no quqtable change in valuos, medium light porliers. A quantity of prime dessert pears and applea were for'ward, and sold well. Wo quote:—Hens, at each, 9d., Is., Is. 2d., Is. 3d. to Iβ. 6d.; roosters and'cockerels, Is., le. 3d. to ls.'6d.; ducks, Is. 3d:,. Is. 7d. to Is. 6d.; hen and chickene, 2s. Bd. Pigs: Wcaners, 3s. 6d. to 35.; good sorts, ss. 3d., ss. 6d., 65., 6s. 6d., 7s. 3d.; slips. 9s. 3d. to 9s. 6d.; poor stores, 95., , 10s. 6d. to 135.; forward sorts, 17s. to 195.; porkers, to 325. 6d. Horses: Aged horses, 10s. to 305.; saddle pony, '£4; harness sets, £4 to £7 10s. Produce: Chick wheat, 3s. 6d. bushel; whole, 4s. 5d.; chaff, 3s. 3d. to 3s. 6d.; maize. 4s. 3d.; white cats, 2s. 9d.: Algerian do., 3s. 5d.; wheat and tares, 35. - 6 d. to 4s. 6d- sack; bran, 55.; rice meal, ss. 6d. to, 75.; dessert pears, 65., 6s. 6d. to 9s. 6d.; apples, 35., -4s. 4s. 6d. to 65.; onions,.3d. per lb.; quinces, Is. bag: cucumbers, 9d.; marrows, Is. 6d. to 2a. 6d.; pie melons,, Is.; potatoes, 6a. 6d.,, 7b. to 10i. 6d.; factory bacon hams, 7id.; sides, 53d. . . . ■ LONDON MARKETS. By Telesraph—Preaa Association—ConyrJEht (Rec. April 10, 5 p!m.) . London, April 9. ' Hemp—The market is. slow, and the quotations are unchanged. Copra is firm. There is a little Sonth Seai offering, in. bags, at £26 ss. per ton. Cotton.—The Liverpool quotation for American upland middling cotton is 7.66Jd. THE ; METAL. MARKETS.. Copper, on spot. £57 10s. per ton;,three months, £58 lls. 3d.; electrolytic, £60 15s. .. . Tin, on spot, £150 ss. per ton; threemonths, £152. ' ■ Lead, Sα 129. 6d. per ton. ■ Antimony, £8 ss. .Silver.—Bar silver is Quoted at 24 3-16 d. per ounce standard. ARGENTINE TRADE. ' ' '

ABSENCE OF NEWS. (By Telesraph.—Press Association.! - Maplor, April 9. Comment was made at yesterday's meeting of tho Chamber of Commerce on the absence of reliable, news concerning Argentine trade. One member pointed out that a drought of an extensive character had 'occurred, and this had affected the output enormously. Prices, went up in London, and this information would have been very useful to ■ Dominion producers if it had been obtained promptly, inetead of having to be waited for six weeks. The chamber decided, that the Minister for Agriculture be asked to , make arrangements with .tho High Commissioner for cabling reliable information as to what is happening in the. Argentine' as affecting New Zealand trade'. 1 ".' '" ' ■