COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 794, 18 April 1910, Page 10

COMMERCIAL ITEMS.

| / INVESTMENT, SHARES. - ' !• No transactions in investment, shares I were recorded on Saturday.' National Bank, buyers £5 125.; National. Mortgage, buyers £3; Wellington Trust and Loan, buyers £7 25., sellers £7• 45.; 'Napier' Gas, £10' paid, sellers £24; £6 15s. paid, sellers £13 lOsi; National Insurance, buyers £1 Bs. 6d.; New Zealand Insurance,, buyers £3 16s. 6d.; Gear Meat, £1 paid,' buyers £2 135.; New Zealand Shipping, buyers *,7 155.; Leyland-O'Brien, sellers £1 4s. 6d.; New Zealand Portland Cement, buyers £2 25.; Taranaki Petroleum, buyers 9a., lers 9s. 3d. • ..j .LONDON'S DEBT.-.. The. aggregate nett debt 'of London secured on the rates'on March 31, 1909, was £110,621,600. \as against, £109,983;174 :on , the corresponding date -of the previous ; year, an increase of £638,426.' This isVlcss ; than one-half -the-,increase ".of> the'' previous year, which was less than>,one«hal(' of the' increase of the year • before/that. This addition to the nett liability, 'inasmuch as a sum' of no,less than £2,595,165, was paid off or set aside for redemption of 'debt during the year 1908-9, represents the "creation of a fresh debt to the aggregate amount of £3,233,591,"a large part of which, however,i has been incurred •' for - revenueproducing services. • The total'nett debt in its rolation to the rateable'value of London shows a reduced percentage. On March 31, 1909, the nett debt was equivalent to 254.28 per oent. of-the rateable value of London, whereas on March 31. 1908, it worked out to 255.04 per cent. I

. STOOK;EXCHANGE. SPECULATION.,; Recently several cable messages' have been published indicating, that thero is very considerable speculative activity in rubber and oil shares on the ~London Stock Exchange. Commenting on this gTowth of, speculation „and decline, in. investment business, the "Financial Times" asserts that there is a distinct danger that enterprise is developing into. gambling,

"which ,cannot but have effects ultimately." Tho present activity and rapid l appreciation-'in-rubber shares and the rush of new companies coincides with a quotation for Coleols, which .is only a fraction above the. lowest price'\since they were converted . into their. present form. In • these matter's v-the • publio is - only too apt' to go. to extremes, v- Its ■•'unfortunate experience for the last fifteen • -years in giU-odged,. and.- other .high-class' invest.ments is partly responsible for the re* action in favour of rubber, oil, mining, and other securities of .tho ,mo9t speculative character. The losses which investors have suffered in tho best class stocks have not been bo serious as we fear they will be in some of the' recent speculative favourites. ' Until, however,. some serious disaster entails loss -in the latter direct tion, present tendencies are only too likely to continue. Indeed, the large profits made by a largo body of investors and speculators in ( rubber shares, for example, have ihide them ready to seize any oven remotely promising opportunity that may arise in some other direction, the la-te&t example of. .this being the sharp recovery in oil shares. It is a curious feature, but it is nevertheless true, that it is only necessary . to, advance the y price of any plausiblo speculative favourite Tapidly enough at the present time to induce the public to follow it up." V ' / SILVER COINAGE'., ■ . ' , The' "Argus". (Melbourne), -dealing, with, ; tho Australian, silver mintage, remarks, that tho position caimot be satisfactory-to the New Zealand Government. It sees both Great Britain and the Commonwealth obtaining seignorage- on the issues of silverr coin, and yet is unable to share in it unless it can come to terms with one or the other country. There can be little, doubt, that,of. the two .the New Zealand Government would "prefer'that any profit should go to Great Britain, ; All the same, tho advantage to. the travelling public between- Australia and the Dominion of • having one silver coinage for Australasia, is so great that business:'considerations may outweight sentiment.'". If the Commonwealth and the New Zealand Government could come to terms as to a portion of the seignorage on the silver currency: in uso in New Zealand being allotted to the Dominion, any antagonism to the' circulation of Australian . silver coinage would disappear. Until some 6uch agreement is come to, it cannot be expectedthat the New Zealand' Government will, view with equanimity tho ; inflow of the Australian currency. So far, the quantity, of Australian silver coins that has reached New Zealand is small. The' banks, it can be presumed, are not likely to take any action that' will in any way discredit t thoAustralian " At the saiao time.! it cannot be 1 expected that; they will nushsuch coins into circulation if mat is. against- the wish of the Government of the, State. Hitherto supplies of silver _ coin', wanted by New Zealand have been shinned thither from Australia by tho banks, and; there is plenty of British* coin in stock, in Australia to meet tho demand. Tho view taken in New Zealand .appears to be that there is no reason why* the Dominion should pay an indirect tax to Australia in the matter, or why, by using the Commonwealth coins, with theirs distinctive de-, sign,; a minting prestige should be eiven to Australia, as well as a cheap advertisement.. , The Customs revenue collected at "Wei-' liagton last week amounted to £10,325 3s. 5d., and the beer duty for the. week' amounted to £205 18s. Id. Saturday's Cus--toms revenue totalled £1341 3s. 3d.

feilding market report. Messrs. A. H. • Atkinson and Co., Ltd.. of Feilding, report pigs in f better demand and higher values ruling last week. Good stores and porkers sold well, also weaners, Poultry,-most of indifferent quality, filled tlie '-pens, and prices were on a par with values lately ruling. Prime dessert, applc3 and • cooking pears were offered, in con-, siderable quantity, and sold'at quotations.. Good sound potatoes made up to £6 per* ton. Quotations:—Horses: to £6 6s. Pics:' Weaners, 2s. 6d., 3s. 6d., 4s. fid., ss. 3d.; good sorts, 65., 6s. 6d. to Bs. 6d.; slips Andstores, 7.5. 6d.\ Bs., 10s., 11. 6d., 125., 145.,. 14s. 3d., to 165.; light porkers, 215., 225. to 28s. Poultry, at each: Hens, 9d., Is. to Is. Id.; pullets, lOd. to Is.; chicks,-6d.; cockerels, Is., Is. 3d., Is. sd. to Is. 6d.; ducks, 2s. 3d.; turkey hen 6, 3s. 3d. to 3s. 6d. Produce: Bran, 4s. 2d.; ricemeal. 7s.- 6d.; wheat, 4s.' 6d. to 4s. Bd. bushel; maize, 4s. Id.; oats, 2s. to 2s. Bd.;' ryegrass seed, ss. per bushel;' tomatoes, Is. 6d.; dessert apples, 4s. to 55., 6d.; others, 2s. to 35.; pears, 25., 35., to 45.; pumpkins, 45.; marrows, 35.; pie melons. Is. to Is. 9d. each; onions, 2d. per lb-; prime potatoes, 10s. 6d. per sack; factory hams, 7Jd.; sides, 62d. per lb. Plough, £5; harness, £3 10s. to £4; saddles. £3 10s. to £4 10s. LONDON MARKETS. The New Zealand Loan and Mercantile Agency CJomrciny, Ltd., have received the following cablegram from . theiT. London house under date Apnil 15:—"Frozen meat: Arrivals are in excess of trade requirements." ' According to the TJnited States Minister at Buenos Ayres there appears to be favourable opportunity for tlio investment of capital' in the erection of tanneries in the Argentine province of Ohaco. This is one of the northern provinces, and its capital (Resistencift) is located on the uavigable river Parana. Reaistencia is not only connected by railway with Buenos Ayres (30 hours by express), but there is also another line running from it north-westerly, across the entire breadth | of the province of Ohaco, thus opening up that provinco and giving it exwrt facilities both by railway and river. Thecattle grow to a largo size in that section, and tho Ohaco hides are considered to make particularly good leather. Que--bracho sawdust (largely exported in the log to the United States for use in tanning) is plentiful in Chaco, and costs there only about 30 pesos (equal to £3 35.)- per ton. How much freight adds to the cost of this article can be seen fromthe fact that even at Buenos Ayres it costs double the Chaco price. Tho Leyland'-O'BrieriV Timber • Company's interim dividend was- paid-in- Wellington' Yesterday,:- ' . 1 -: v' •

. ; "BANK OF ENGLAND RETURN. By Telegraph—Press Association—COpyrteht. London, April 14. -The Bank of England return issued for the week ended Wednesday, April 13, is as under: — Issue Department. Note Issue — £50.163,000 Gov. debt H . i 11,015,003 Other securities ... 7,434,C00 Gold .' 31,714,000 jE50,163,033 ' £50.163.000 BANKING Department. Proprietors' Govt. Eecuricapital £14,553,000 • ties... ...£18,475,000 Publio de- Other Becuriposits ... 10,658,000 tios 29,324.000 Other de- • poaitß ... 43,053,000 Notes ... 21,507 000 Best, 7-day and othor Coin 2,117,000 bills 3,150,000 £71,423,000 £71,423.000 The leading items of the Bank of England return afford the following comparison:— This week. Last-week. Last year £ £ £ Bullion 31,714,000 32,028,000 37,468,000 Reserve ... • ... 23,624,000 2'i,765.000 27.036,000 Note circulation 28,656,000 28,032,000 119,495,000 Public Deposits . 10,658,000 10,673.000 14,244,000 Othor Deposits 43,053,000 4C.86i.000 43,110,000 Proportion of , reserve to liabilities '43.95 • 30.55 48.70 GOVERNMENT SECURITIES. The following are the latest quotations for Government securities, with a com* parison of those ruling last week;-! . Variations - Prica compaied with. ' ' - ____ last week. / ■' ■ • £ s. a. GJ% Imperial Consols 81 2 6 2s. Gd. lower 4 „N.S.'W.l933Jan.-July 107 0 0 Unchanged 3% „N.5.W.1918 jiar.-Sep. 93 10 0 Unchanged I 3 „N.5.W.1935Ap1.-Pcfc 88 0 0 10s. higher '■4 „ Vic. 1920 Jan.-July - 103 10 -0 . Unchanged 3$ „ Vic. 1921-6 Jan.-July 93 0.0 •7s.6d,higher 3 „ Vic. 1929-19 Jan.-July 86 10 0 Unchanged 3J „ S.A. 1916 Jan.-July . 93 10 0 2b. 6d. higher 3,; S.A. IJI6 Jan.-July 64 10 0 ■ Unchanged 4 ~ QTdl9ls-24Jan.-July 104 10 0 Unchanged 3J „Q'l'd 1024-30 Jan.-July 57.0 0 Unchanged 3 „ QTd 1922.47 Jan.-July 87 0 0 Unchanged ■4 „ N.Z. 1929 May-Nov: 106 10 0 Unchanged 3J „ N.Z. 1940 Jan.-July 9712 6 .Unchanged 3 ..N.Z.l&JSAprikOct. 87 •Q- 6 2s. 6d.higher 3i „ W.A.1020-40 May-Nov 97 10 0 Unchanged 3. „ W.A,1915-35 May-Nov 67 10 0 Unchanged Hi ~'Tas. 3WOJan.-July • 98 10 0 Unchanged 3 ~ Tas. 1920-40 Jan.-July *86 10 '0 , •• Unchanged BANK BATES OF DISCOUNT. ; The Bank' of. England discount rate : was raised on October 7 last from I>\ to 3 per «>nt., on October 14 to 4 per cent., on October 21 to 5 per cent.; on Deecember 9 was reduced to 4J per cent., on January 6 to 4 per cent., on January 20 to. 3£ per cent., and on February 10 'to 3 per cont. On March'l7 it was raised to' 4 per cent.; at which fleure'it still remains.' ' ■ ' - The Bank -of France, rate , was reduced from 3J .to 5 per cent, on-January 23, 19C3, and 'remains ,at the latter figure. ~ The Imperial Bank of Germany, on .September 20, advanced its rate of discount from 3| to 4 per cent., and on October 11 to 5 per cent., lowered same on January 21 to 4i per cent., and on February 10 ;to 4 per cent. J -•

MAEKET BATES OF DISCOUNT. ■ The following are the market rates, for best * three months' • bills

'London Paris "Serlin rate rate , rate per cent, per cent, per cent. •April 14 3 2i' -3 Last Aveek 3 13-16 23 /3 Last year U lg 2 Short loans in London are. h per ccnt. lower at 3J per cent. •

| COLONIAL AND OTHER PRODUCE. ' Wheat.—The wheat .markets are very I quiet. American is, weak, owing to the I favourable weather and poor consumption I and demand. Thero is a, probability that ! largo reserves of old. wheat will, be car--1 ricd forward to the new : season; Chicago i May UOi to 1121/ cent's a bushel; 1 July, 1103J to 105J-cents. Cargoes are firmly held. . Adelaide and Victorian (March steamers) j are quoted, at 395., sellers at 395. 3d. ! Steamers parcels (April) are . quoted at 38s. i 6d. Australian, on the spot, . is dull 'at I 41s. 6d. , , . i Flour.—The market : is quiet. MarchI April is being pressed for'sale. Glasgow, I 295. 3d. to 295. 6d., landed, with no buyers. I Butter is a shade easier, owing to weakI ness in Danish, which is at 1245. to 1265.; j Australian, 1165.-to 1205.; New Zealand, 11225., and occasionally 1245. . ! Oheese.—New Zealand cheese is easier at I 60s. to 61s. 6d. t owing to tho; arrival of the I Kaipara's shipment, which is fetching i about 2s.' : less. I Sugar.—Gormaai beet 88dcg.,' 3d.' lower, at 1 14s. sd. per - cwt.'; first-mark granulated, f.o.b. Hamburg, 3d. lower, at 16s. 7d. ; Bradford Top?;— Fo- fine crossbreds the, market is firin, coarse crossbrfeds • are easier.' Common '60's, 27d.; super 60's, 28d. : per lb. - Kauri Gum.—At the kauri gum sales 648 cases we're offered, and 400 sold, at late rates. 'THE METAL MARKETS. :jViCopper.—On the spot, 13s. 9d.-'lower,- at £57:5 a. per ton; three months', 15s. lower, and £58 ss. ' •Tin.—On the spot, 12s. 6d. lower, at £149 •155. : ; per ton; three "Months', 17s. 6d. lower, .at -£151 12s. 6d. '' \ . .Pigiron, Bd. lower, at 60s. 10d.. per ton. VSilver is,quoted at 243 d. per ounce .stan- .. • the money market. .• > .The London financial message published thia morning shows that the Bank of England has lost-moro gold.. A fortnight .ago . the stock of gold in tho issue department l '•stood at £32,286,000, while last week it was -down to £31,714,000, a decrease of £572,000. 1 .A'year ago the amount stood at £37,468,000. During the next two or three weeks the i'Sbotch banks will- be needing the metal <-for-tho May disbursements, and if this de,.fiiand is prdnounced.it may force the 1 bank to raise its rate a little higher, j Apart from this, the bank figures are satisfactory. The "other securities" in the !• banking department havo shrunk 'from I £33,983,000 to £29,324,000, a decrease of 1 £4,659,000, and the -"other deposits" have I been reduced from £46,864,000 to • £43,053,000, a' shrinkage of £3,811,000. The reserve of 'notes and coin has risen from £22,765,CC0 to £23,624,000, and the proportion of liabilities from 39.55 1 per cent, to 43.95 per cent. The rates for money are easier in London, call, money-being :i'.per cent, lower at 3i per* cent., and three'months'.bills I lower at 3.3-16 per. cent. .. .. - v'v TRUST AND AGENCY COMPANY. By Telegraph—Press Association-Copyright (Eec.' April'i7, 5 p.m.) .London, April 16; . The Trust and Agency Company of Australasia has declared' a dividend of a shilling per share, and added £3000 to the reserve' fund. FROZEN MEAT.; iiy Telegraph—Press Association—Gonyrlebt (Rec. April 17, 5 p.m.) - : - v v . London] April le. •• The Frozen Meat Traide " Association's Smithfield market quotations for the undermentioned classes'of frozen meat are jbased on actual sales of not less than one hundred carcasses 'of- mutton or lamb, and twenty-five' quarters of beef of fair average quality. / Thc: quotationo are not for selected, lines,- but. for parcels fairly representative of the bulk of the Bhip-

ments now on tho market. The prices which follow are on an average, a farth.ing per lb. more than the value ex ship, this difference representing an average cost in expenses, handling, conveyance, and Belling the meatsApril 9. April 16. Mutton— d. d. Canterbury, light 4i 4i Canterbury, medium 4 7-16 43-16 Canterbury, heavy — — Southland ; — — North Island, best 4 5-16 45 North Island, ordinary ... 4 3-16 4 Australian, light 33 ' H Australian, heavy 3iJ 33 Iliver Plate, light 41-16 3g River Plate, heavy 4 — LambCanterbury, light 57-16 53-16 Canterbury, medium — — Canterbury, heavy — — Southland — — North Island, selected ... 5A 5 North Island, ordinary ... 4g Australian, best 5 42 Australian, fair 43 4§ Australian, inferior 43 4$ River Plate 43 4 BeefNew Zealand, ox fores ... 3| 3g Now Zoaland, ox hinds ... 4} 4& Australian, ox fores 35 3i Australian, ox hinds 4i 4 River Plate, ox fores 33 3g River Plate, ox hinds .... 4& 41-16 Milling News will be found on Pa-go 9 of this isue. ' '