THE MONEY MARKET.

Dominion, Volume 3, Issue 816, 13 May 1910, Page 8

THE MONEY MARKET.

The returns of import? and cxporte to March 31 (says the 'Trade Bcview") throw interesting light upon Die banking re-' turn's to the same date.' The excess of exports over imports which the fiKiircs disclose, presents' a. pleasiiiK contrast to the conditions existing at the same date in the last two preceding years. Thesubjoined figures sivo the total values of-our. exports and imports for the last three twelve-monthly periods closing with March 31, apart from specie:— 1907-B.' 1908-9. 1909-10. .£ £■ £ Exports 17.863,842 16,767,818 21,467,387 Imports 17.iK6.4Zl 16.313,759 14,773.821 Excess ... £397,421 £454,059 £6,693.566 Tho bad results of the trading of 1908 aro here spread over two years, and ivo see that that period yielded only an excess of £85i;480 instead of about £7,000.000,. the approximate amount, required to meet' the outsido'interest obligutious-oi tho'lio-,

minion during tho two years. To this tho Latest your offers a gratifying contrast, as it shows, »,' surplus more than sufficient to malic up for tho deficiency of ono of the preceding years. The effect of this improvement showed itself in the banking returns in a substantial ■ increase of deposits and decrease of advances. Tho increased ease shows itself also in the Tost Ofllcc Savinge Bank returns for the same quarter. There is a good supply of money in the open' market, though we hear that there is some paucity of sums of £6000 or £10.000 or over. Advances on freehold security are readily obtainable for smaller amounts at from 5 to 5* per cent. We anticipate that the returns to tho end of the season's truo year—to September 30-will yield still more satisfactory' results. / . CUSTOMS EEVENTTE. Customs revenue 'collected "at WellißEton yesterday amounted to £1573 os. 10d. SILVER. By Telesrr&ph—Press Association—Oo^yrlelit ■ '.".•• London, May 11. Silver is quoted at 24 15-16 d. per ounce. • : WHEAT/ fly TeloeraDh—Press Association—GoorncM •'" ; ■ London, May ■ 11. The American visible supply of wheat is 44,907,000 bushels. - . ... .TALLOW. .:.•■• ■ By Telerrraph—Press Association— Coorriirhi London, Ma.y. 11. At the tallow sales, 906 casks were offered and-330. sold. Mutton, fine,'3Bs. 6a.:' medium. 355. 6d. Beef, flue, ■ 385.; medium. 355. LONDON WOOL SALES. By Telesriph—Press Association—CopyriEhl London, May 11. There was a good 'sale, and prices were' unchanged. Messrs. Murray Eoberts and Co., Ltd., have received the following wool market cablegram from their London agents, Messrs. Sanderson, Hurray and Co.. Lon'don, dated May 11, 1910:—"The fourth Series of wool sales mil be limited to 160,000 .bales new arrivals." ■. ' (Bee.' May 12, 10.30 p.m.) London, May 12. At - the wool sales the following prices for clips were realised:—TVaiau, top price. Is.; average, 9?d.; Ilighden, top price, lid.; average, IOJd.; Merrivalc, top price, llid.; average, 103 d. . ■ The. fourth series of wool sales -will bo' limited to 160,000 bales.' . PBIOES OP METALS. By Teleeranh—Press Association-Copyrleht. (Eec. May 12, 10.30 p.m.) London, May 12. Copper.—On the spot, £56 18s. H.; three months, £57 17s. Bd.; electrolytic, £58 15s. per ton. Tin.-On the spot, £150 12s. 6d.; three months, £152 2s. 6d. per ton. Lead, £12 12s. 6d. per ton. P; AND 0. CO.'S DIVIDEND. By Tclesraph—Press Association—Copyright . . (Eec. May 12, 10.30 p.m.) ' London, May 12. The Peninsular and Oriental Company ha-9 declared a dividend on deferred shares of 7 per cent. ■ ' ' AUSTRALIAN PRODUCE MARKETS. B> Tblesrraph—Press Association—Oopyrieht (Eec. May 12, 1135 p.m.) Sydney, May 12. Wheat, 3s. 9d. Flour; £10. Oats, Tasmanian Algerian feeding, 2s. 4d. to 2s. 5d.; milling, 2s. 6d. Barley, Cape feeding. 35.; seed, 3s.'2d. Maize, 2s. Bd. to 2s. 9d. Bran, £5' ss. Pollard, £5. Potatoes, Tasmania!), £4 to £5 15s. Onions, £i 10s. Butter, prime, 108s.; medium,'9Bs. to 100s. Cheese, 6*d. to 7d. Bacon, 6Jd. ,

Melbourne, May 12. ' ■ Wleat, 3s. 10d. Flour, '£9. • Oats, milling, 2s, 4d.'; heavy feeding, 2s. 2id. ' Barley, pi-imc , malting, 4s. 4d.; good, 3s. 9d. Cane malting; 2s. 7d.; feeding, 2s. Id. Maize, 25.-9 d. Eran,£s 10s. Pollard, £5. Potatoes, £3 10s. to £5 2a. 6d. Onions, £2 17s. 6d.

AdelaWe, Ma,y 12. Wheat, 3a. 10d. Hour, £8 10s. Bran and pollard, Iβ. ■ Zd.

HIDES. By Teleeranh—Press Association—Oopyricht (Eee. May 12,, 11.35 p.m.) ; ' • • ' Melbourne, May 12. In the hides market prices of heavy sorts were firm, medium and slippy id. lower. ■ , • ,

■ \ , 0.0. AND D. CO. ■',•■■ ' Kapler, May 12. Tiio 0.0. and D. Company telegraphs as follows on the frozen meat market.—There is a further fall in , the value of mutton. Tho lamb market remains stca'dy. Todays prices are as follow:—Canterbury mutton, 3Jd.; Napier, Wellington, and North "Island, 3Jd. Lamb,' first quality. sJd'.; second, sd. ' Beef, hindquarters, 4Jd/: forequarters, 33d.. ...