COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 829, 30 May 1910, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHAKES. No transactions, in investment sliarCs wcro recorded on Saturday. National Bank, old issue, buyers £5 16s. 6cL; new issue, buyers £1 17s. premium; Bank of New Zealand, buyers £9 195.; Equitable Building, buyers £9 7s. 6d.; Metropolitan Building, sellers £12; Wellington Trust and Loan, buyers £7 45.; - "Wellington Deposit, buyers Bs.; National Mortgage, buyers £3 35.; Wellington Gas, £10' paid, buyers £18; new issue, sellers £2 10s. premium; New Zealand Insurance, sellers £3 16s. 6d.; Gear Meat, £4 paid, buyers £10 65.; £1 paid, buyers £2 145.; Meat Export, third. issue, buyers £2 155.; N.Z. Shipping, buyers £8 2s. 6(1.: liikurangi Coal, buyers 19s. 6d.; Taupiri Coal, sellers 19s. 6d.; Donagliy Hope and Twine, buyers £15s. 6d.; LeyJandO'Bricn Timber, buyers £1 65.; Taranaki I'etrolcum, sellers 13s. 6d.; Tariugamutu Totara Sawmills, buyers £1 45., sellers £1 6s.

NORTHERN STEAMSHIP COMPANY. The twenty-ninth annual report of the directors of the Northern Steamship Company states that the net profit on working account for the year ended March 31, after making provision for insurance, depreciation, and boiler and repairs account, is £11,230; transfer fees, £21; balanco brought' forward, £1062; total, £12,314. This amount lias been appropriated as follows:—To payment of a dividend at the ruto of 7 per cent, per annum (half of which was paid in November last), £11,277; leaving a balance to-be carried to the credit of profit and loss account of £1037.

RAW KUBBEK. Some indication of the marvellous expansion of tho rubber trade of tho United Kingdom in recent years can bo Ruined from the .figures that follow:— Iloine ConImports. He-exports. sumption. Year. Cwt. Cwt. Cwt. 1880 169,587 76,732 82,855 189(1 264.0C8 142.524 121*4114 1900 513,286 293,624 219 662 1905 £93.537 334,501 258.931. 1906 607,007 330,252 276,755 1907 607,294 349,026 318,268 1908 ...: 575,066 358,516 216,550 1909 700.062 397,924 302,138 Of the 1908 imports, 300,032cwt. were from Brnzil and 31.423cv/t. from the Straits Settlements, lie-exports were sent to the following destinations:—"United States, 115,C67cwt.; Germany, 88.398c\vt.; Itnssla, 60,452cwt.: France, 46,789cwt.

GREEK CURRANT CONVENTION. The organisation linown as !he Oreok Currant Convention, which was formed a few years ago for the purpose of regulating and improving , the . output, and distribution of currants grown in tho country

indicated, has obtained from the GrecK Parliament an important addition to its charter. The extra powers conceded include the raising of £400,1:00 or £500,000 to be distributed as cumpi'UMition to currant growers who are required to uproot certain of their plantations which are rn-fcv-rded as unfavourable for the production of fruit of good quality. Under tlics convention's scheme; the proprietor of a vineyard is paid about £5 per stroma—equal i,o three-quarters of an acre—for doing away with Vines, retaining, of course, possession of the land, which he may use for any other' purpose. Provision is made also for more stringent measures than formerly existed to prevent the export of unsound or msnflieienlly dried and cleaned currants. The necessity for the alters lions made in the charter has arisen front the fact that growers have been encouraged to increase their production, both in weight nml area, at the expense of the qualify of the Trull, and It has become desirable consequently that the uprooting of currant bushes shall be resorted to in the areas where inferior fruit is being produced. The extent of vineyard to 'which this c tin be made to apply do eft not exceed about 12,000 acres, and as that represents approximately only 8 per ccnt. of the land used lor currant growing tho aggregate output cannot be materially reduced. On the other hand, If the result of the recent amendments in the schcinn is the desired improvement in quality, consumers and others concerned in the tradn will Iw benefited.

INDUSTRIAL NATIONALISATION. Tho dangers of State industrial enterprise to national economy is discussed by the "Berliner Tageblatt," which remarlu? that, in addition to the railways, tho State of Prussia owns a number of coal mines, potash mines, iron ore mines, and ironworks, whilst other* Federal. Stateu have established their own works, particularly potash mines. But the Prussian State coal mines have not prevented native coal consumers from having to pay as high prices for coal as are demanded by private companies, whilst the leading position held, by Prussia, in the Potash Syndicate has not hindered potash consumers from having to pay prices at least 200 per cent, above the natural prime costs of the potash works. A reduction in tho prices to consumers from the co-operation of the State in the production is all the less to be expected, since the State works are more expensive to carry on than the private establishments.

The income derived by Prussia from t)ie State mines, ironworks and salines, apart from tho Hhares held in the liibenria Colliery Company, amounts to not more than £1,01)0,000 per annum, and the maximum ever attained ranged between £2,0C0,C1)0 and £2,350,C00. Such sums may not bo despised by the Minister'for Finance, but they only play a subsidiary role in the Prussian Budget, and if they were reduced, or even temporarily failed to appear, the equalisation of the Budget would not thereby bo endangered. But .the condition!} in the amr/iter Federal States are different, as their receipts often form the backbone of the whole Budget. This ia, for instance, the case in the Grand Duchy of Anhalt, where, according to the Anhalt Chamber of Commerce, the abandonment of the proceeds from the State potash mines would necessitate an increase in the by 12 units—that is to say, by,so per cunt, of the present tax. The Berlin newspaper, however, in expressing a warning against any large extension of' State industrial enterprises, observes that the disadvantages of the State regulating laws have always to be borne by consumers, ana that, a 9 already shown, no cheapening of products can be expected from Government participation in production.

FRUIT'AND PBODUCE REPORT. The New Zealand Fruit and Produce Co., L|.d., report:—Business has been brisk during the week. Potatoes are still rising, and high prices are likely to continue for some time. Dessert apples have risen in price, the supply is diminishing. Eggs are easier. Tho grain market continues firm. Following are- the prices ruling through the week:—Potatoes, 6s. to 6s. 9d. cwt.; carrots, 3s. to ss. sack*, onions, 4s. to 4s. 6d. cwt.; parsnips, 4s. 6d. to 6s. sack; swedes, 2s. cwt.; beetroot, 3g. to 4s. 6d. sack; turnips, 2s. 9d. to 3s. 6d. sack: cabbage, 3s. 9d. to 6s. 6d. sack; cauliflower, Bs. 9d. to 13s. 6d. sack; peas, lis. to 13s. sack? French beans, Bs. to 10s. sack;"broad beans, 3s. to 4s. Gd. sack; marrows, Is. sack; lettuce, 3s. to ss. 6d. ease; Capa gooseberries, 3*d. lb.; spinach, 3s. to 3s. 6d. case; apples, cooking. 3s. to ss. case, dessert, 63. 6d. to 9s. 6d; case;-pears, cooking 4s. tD ss. 6d. case, dessert 7s. to 10s. case; passion fruit,-6s. box; grapes, 9d. to lOd. per lb.; bananas, 15s. to 18s. 6d. case, 6s. to 7s. 6d. bunch; lemons, Messina U3. 6d. (150) case, Sydney 4s. to 6s. case; oranges, Island, ss. to 6s. 6d. case; piDesi Cs. 6d. to Bs. case; eggs, fresh 2s. to 2s. Id., preserved. Is. 5d.; bran, 9s. per sack; wheat, 4b. to 4s. 4d. bushel; chaff* £5 to £5 155.; hens, 3s. to 3s. 6d. pair; ducks, 4s. 6d. to Cs. pair; peanuts, 20s. 6d. sack; pollard, . £5 10s. ■ ■ •

niDE AND SKIN REPORT. Messrs. ;Dalgety iand Co., Ltd., report;—At our monthly wool,-?skin;■•hide, etc., sale,held on May 27, we offered a large'catalogue to the usual attendance of buyers. Competition' was keen for all lots, and prices were,'on a<. par with last sale's bred, frora-»7d. to 73d.; lambs, 7d. ti> 7ijd'.; dead wool, 7d., 7id.; locks and pieefcs, from 4d. to 4Jd.; dirty locks, from 3d. to 3Jd.; nrutchings, good, from 6d. to 6id.; medium, s*d. to s*J(t.; black wool, 6d. to 6id. .Sheep-skins—Half-wool crossbred, 63d. to 7d.; quarter-wool crossbred, 5d., 53d.;' lambs, 6.1 d. to 7Ad.; pelts, 5d.; dead, ssd; to 6d.; dead hoggets, s*d.; inferior pelts, 3d. to 3id.; damaged and inferior crossbred, 4d. to 4id.; butchers' crossbTed, at per piece, 45., 4s. 3d., 4s. Bd., 4s. 10d., 55., ss. 3d., to ss. 7d.; lambs, from Is. 10d.' to 2s. 9d.; woolly lambs, 4s. to 4s. 3d.; salted lambg, Is. lOd. to 2s. lOd.; saltqd-crossbred, ss. to ss. 3d. Sides—Ox, medium, 7d. to 7Jd.; ox, light, 63d.; steers,. cows, best lines, 63d.; good, 63d. to 6id.; wet and slippy. 6d. to 6Jd.; bulls, to 5Jd.; stags, yearlings, 63d;; yearlings, cut and . slippy, from 5Jd. to 6d.; cows, slippy, 4d. to cut, to SJSd. Calfskins—Good, from 9d. to 9id.; cut and slippy, 6d. to 6*d.; dry, to Is. Sundries—Tallow, in tins, 20s. to 255. per cwt.; barrels, 235. 9d.; rough fat, 15s. j::r cwt.; horsehair, to Is. 4d. per lb. As tho crutching season is now approaching, and the first of this season's lots were offered at this sale to-day, which met with keen competition, and realised satisfactory prices, although the quality of same was only medium, and, we can confidently recommend clients to forward any consignments they may have to our Palmerston sales.

Mr. Hugh Roberts, of Feilding,. reports having held his monthly. wool, skin, ana hide sale on May 18, when he offered a catalogue comprising 10 bales woo], 60 bags wool, 2000 skins, 400 hides and calfskins, 90 tins tallow, and the usual sundries, to. a good attendance of buyers. Competition was keen for all lines offering. Quotations:—Wool—Medium fleece, 9Jd.; cotteds, 73d.; very seedy, 6Jd.; locks, 32d. to 4d.; lambs, very seedy, 3Jd.; crutohlngs, medium 5Jd. to 6d. (no bright lines offering; bellies and pieces, sid.; dead, sd. to 73d;; black, 6\d. Skins—Crossbred medium, 63d. to 7d.; shorts, 52d.; half to three-quar-ter wools, 6£d. to 7Jd.; broken skins. Id. to 5Jd.; half dry and green skins, at each, 25., 2s. lid., 33. 2d., 3s. Gd., 45., 4s. 3d., 4s. 6d., 4s. 9d., ss. 3d., and 65.; dead, sd.' to 53d. Hides—Calf, sound, 9d.; slippy, 4d.; cut, '53d.; rough, 6*d.; yearlings, 63d.; slippy, 33d.; ox, heavy, good substance, none offering; ox, medium, 62d. .to ,7d.; rough, 6d. to 6Jd.; cow, 6§d. to 63d.; cut, 53d.; cut and slippy, 4£d. to'sJd.; bull, 5Hd.; horse bides, at each, Bs. to lCs. 6d. Tallow—Tins, 235. 6d.; second quality, 12s. 6d.; casks, not iii shipping order, 245. 6d., poor quality; horsehair, Is. 3d. /

FETLDING MARKET REPORT. Messrs. A. ll*. Atkinson and Co., Ltd., Fcilding, report that at Friday's sale thero was a good entry of pigs and a drawing sale. Feed is scarce, and there is little life in the market for -stores. Good weanors sell to best advantage. Poultry, mostly of indifferent quality, was forward in usual numbers, and sold at late rates. In produce lines we sold a quantity of barley and chick wheat at quotations. Potatoes were not in keen • demand, some good lines of table now offering. Quota-tions:—Pigs-Sucker pigs, 2s. 3d., 3s. 6d„ to 3s. Bd.; veancrs, 45., 4s. 6d., 4s. 9d., 55., 65., to 7s. 3d.; slips, 65., Bs. 6d., 9s. 6d., ,to 10s.; stores, from 125., 135., 16s. (3d., to 175., 18s. to 19s. Poultry, at per pair—Hens, Is. 6d., Is. Bd., to 25.; young birds, 2s. 6d. to 3s. 3d.; chicks, Is. to Is. 6d.; cockerels and roosters, 1 Is. 3d., 25., 2s. 3d., 2s. 6d., to 3s. 6d.; purebred, 45.; ducks, 3s. 3d.; turkey hens! Bs., lis., to lis. 6d. Horses—Harness gelding, £8; aged draught, £6. Produce—Bran, 55.; wheat, 3s. 9d. to 4s. 3d.; Algerian oats, 2s. 10d.; barley,' 2s. 9d. to 3s. 2d.; maize, 4s. to 4s. 3d.; Nelson apples, 65.; others, 4s. 6(1. to 55.; table potatoes, 9s. to 10s. 6d.: pig do., 2s. to 35.; marrows, 2s. to 2s. 6d.; onions, ss. to 10s. per sack; pic melons,.ls. to Is. Gd.; factory bacon, sides, 7d. per lb.; hams, BJd. CUSTOMS REVENUE. Customs revenue collected at Wellington on Saturday amounted to £772 ss. lid. The total for the week was £11,601 Bb. 7d., beer duty amounting to £270 3s. 9d. COLONIAL AND OTHER PRODUOE. By Telegraph—Press Association—Copyright (Rec. May 29, 5 p.m.) London, May 28. Wheat.—Two cargoes of Australian sold at 325. 6d. per quarter. Hemp is tlat, and has declined 255. Copra is Sonthsca, in bags, is nuotcd at £25. Rabbits are neglected and unchanged. Shippers arc asking 13s. for largo Sydney* to arrive in August, 14s. for September arrivals, and 15s. for October arrivals. The trade consider the prices too high. THE METAL MARKETS. I Uy Telceraph—Prcßß Associatiou—Copyright , (Roc. May 29, 5 p.m.) I London. May 28.. I Silver.—Bar silver is Quoted at 243 d, per I ounce-standard,. . .

• Copper-On spot, £56 12*. 6d. per ton; throe months, -£57 10s.; electrolytic, £59 10s. Tin.—On spot, £149 17s. 6d. per ton; three months, £151. Lead, £12 13.5. 9d. per ton. FROZEN MEAT. Ily Telegraph—Preos Association— Copyright (Itcc-. May 29, 5 p.m.) London, May 28. The Frozen Meat Trade Association's Smithficld market Quotations for the undermentioned classes of frozen meat arc based ou actual sales of not less than one hundred carcasses of mutton or lamb, and twenty-live (juarterg of beef of fair average quality. The quotations arc not for selected lines, but for parcels fairly representative of the bulk of the shipments now on the market. The prices which follow arc on an average a farthing per lb. more than the value ex ship, this difference representing an average cost in expenses, handling, conveyance, and selling* the meat:—

May 21. May 28. Mutton— -y d. d. Canterbury, light 33 33 Canterbury, medium 3i 3:, Canterbury, heavy 3 7-16 3 7-16 Southland - ~ iSoMrt island, best 3 9-i6 09-16 North Island, ordinary 3 7-16 3 7-16 Australian, light 3A . Australian, heavy 3 3-16 30-io River Plate, light 33 River Plate, heavy 3* h LambCanterbury, light 5J sjj Canterbury, medium — Canterbury, heavy 7- 5J Southland — North Island, selected... bh 03 North Islaud, ordinary... 5 sft ' Australian, best 43 4a • Australian, fair 41 43 Australian, inferior ... — — River Plato ....: — BeefNew Zealand, ox fores... 32 4j! New Zealand, ox hinds... 4i 5 Australian, ox fores 4J Australian, ox hinds 4J % River Plate, ox fores ... 3J 41 River Plate, ox hinds ... 41 5 All classes 7 of beef arc very scarce, but especially chilled beef. .

BANK OF ENGLAND RETURN. By Telegraph—Press Association— Copyrieh*. London, May 27. The Bank of England return issued for the week ended Wednesday, May !i>, is as under: — Issue Department. . Nofca Issue ••• £56,058,000 Gov. debt ... i 11,015,003 Other securities ... 7,434,000 Gold ... 3i.U09.000 £56,055,003 i56.055.C00 Backing Department. Proprietors' Govt, securicapital £14,553,000 tics... ... £13,910,000 Publio de- Other securiposits ... 21,296,000 tics... .... 33,905.000 Other de- > positß ... 37,785,000 Notes ... 27,037,000 Best, 7-day and other Coin ... 1,061,C00 * bills 3,188,000 i £76,822,003 . £70,822,003 The leading items of the- Bank of England return afford the following; com* parison:— This week. Last week. Lastyeay £ £ '£■ Bullion ... 37,60*1,000 36,718,000 30.W5.C00 Beserve" ... QS.OttS.OOO 28.3-26,000 27.21'J.100 Note circulation 28,121,000 27.9G6.000 29,374,000 Public Deposits 21,290.000 17.190.00U 14.515.C00 Othor Doposiis 37,7tf5,000 35.874,000 42,332,000 Proportion of reserve to liabilities ... 49.03 53.36 47.84 ' GOVERNMENT SECURITIES. The following are the latest quotations for Government securities, with a com- 4 parison of those ruling last week:—

Variations ' „ < compa.ud PnCB with : • ■ • .. . last week. £ 8. d. . , - 2j°o Imperial Consols 62 0 0 Unchanged 4 „ N.5,"W,1933 Jau.-July 107 0 0 Unciiaugod 34 „N.5.W.1918.»ar.-Sep. WOO Unchanged 3 „N.SAV.rJ3S Apl.-Occ. 83 10 0- Unchanged 4 „ Vic. 1920 Jan.-July 193 10 0 Unchanged 3i „ Vic. 1921-6 Jan.-July 19 10 0 Unchanged 3 Vic.1929-l9Jan;-Jiily 87 0 0 Unchanged 3i „ S,A. 1910 Jan.-July ,03 0 0 Unchanged 3 „S.A. DIG Jan.-July 84 10 0 Uuchanaed 4 „Q'i'dl9ls-24Jan.-July 104 10 0 Unchanged 3* „OTdKK>4-30Jan.-July 07 0 0 Unchanged. 3 „ Q'l'd 1922.}7Jan.-July 86 7 0 Unchanged 4 „ N.Z. 1929 May-Nov. 106 10 0; Uuchansod 34 „N.Z. 1940 Jan.-July 9ii 00' ,Uuchauged 3 „N.Z! 194f> April-Oct. 87 30 0 Unchanged 'ih .. W.A.19-20-40 May-Nov 07 10 0 Unchanged 3 W.A,1915-35 ;May-Nov 87 10 0 Unchanged 'aK, TasT 3940 Jan.-July 99 10,0 Uncnangod 3 Tas. I ( J'2O-40 Jan.-July 56 10 .0 Unchanged ; BANK RATES'OF DISCOUNT. Tho Bank of England discount rate was raised on October 7 last from 2i to 3 per cent., on October 14 to 4 per cent., on October' 21 to 5 per cent.; on December' 9 wot reduced to 4j per cent., on January 6 to 4 V per -cent., on January 20 to 3i per cent., aud on February 10 to 3 per cent On March-17 it was 'raised to 4 per cent., at which figure it still remains. The Bank of France rate was reduced •from ! 3} to-3.'per cent. 011 January-25, 1908. and remains at the latter figure. The Imperial Bank of Germany, on September 20, advanced its rate of discount from 3i to 4 per cent., and on October 11 to 5 per ; cent., lowered, same on January 21. to 4* per cent., and on February 10 to 4 per cent.

MARKET RATES OF DISCOUNT. Tho following arc the market rates for best, three months' bills: — . London Paris Berlin rate. rate. rate, porcent. percent, percent. 3fav 26 ' 39r16 2i 3J Ls y t w «k 3J a l\ Last year 1L <■ '5 Short loans are J higher at 4 per cent.

COLONIAL AND OTHEK PEODUOE. Wheat.-The markets-; . are declining steadily,, consequent on the continuance of favourable crop prospects ill Europe and Amcrica. Lat'go shipments and imports are exceeding the consumptive requirements. The Indian crop of 1910-1911 is estimated at 42 350 CCO quarters. Chicago July is at 953 to 99* cents. There is little' inquiry for cargoes, holders asking 335. 3d. Adelaide and Victoria sailers (January-February) is at 528. 9d.; New South Wales, February, 335. For New South Wales steamer cargocs loading there is small trade. Australian, on spot, 38s. 9d. , Flour—The market is slow. Patcuts are offering at 28s. on spot, Glasgow 275. (April-May-June). , _ _ . Oats.—Market quiet. La Plata, June-July, Market dull for Danish; Australian unchanged. New Zealand choicest, 104s. to IOGs. _ _ A , Sugar.—German 155.; first marks granulated, 17s. 4d. Bradford Tops.—The Bradford wool market is quiet, but cheerful. Prices are unchanged.