COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 830, 31 May 1910, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. No transactions in investment shares were recorded yesterday, and the~uuoialions were without change. National Bank, buyers .Si 17a.; National Mortgage, buyers £3 35.; New Zealand Loan and Mercantile, buyers 135.; Wellington Trust and Loan,, buyers £7 Is.; Wellington Depotit, buyers Bs.; Wellington Gas, £10 paid, buyers £18; Gear Meat, £4 paid, buyers, £iO 55., £1 paid, buyers £2 145.; Wellington Woollen, ordinary, sellers £3 55.; Tauniri Coal, sellers 19?. 6d.; LeylandO'Brien Timber, buyers £1 4s. 6d.; New Zealand Drug-, buyers £2 6s. 6d.; Tarannki Petroleum, buyers 11s.; Tariugamutu Totara Sawmills, buyers £1 45.; Ward and Co.-, buyers £4 16s. Ed.; Whitcombe and Tombs, buyers £5 7s. LONDON MONEY MARKET. There is a distiuct tightness in the call money market, and, last week, borrowers on short loans were compelled to pay 4 per cent. This must be only a temporary stringency, and, by the end of the week when tho payments for the month have been met, there should be considerable easiness.' The Bank o! England returns show some striking figures. The "other deposits," which are the deposits of the general customers of the bank, total £37,785,000, as against £42,332,000 a year ago, while the Government deposits amount to £21,296,000, as compared with ■ £14,518,001). The Government is no doubt collecting the taxca under the new Budget, and applying any available balance to the redemption of the. short-dated loans issued against the passing of the Budget. Another striking feature is the lact that bill brokers have had to borrow heavily from the bank during the past week for the amount of the "other securities" has risen during the week from £28,678,000 to £ii,905,U00. It is this heavy demand that has caused the short-loan rate to advance. Adjustments will follow with the close ot the month, and the position should be very much better next week. A WHEAT DEAL.. Mr. James I'atten, the "bull" operator on the New York Cotton Exchange and the Chicago wheat pits, is reported ' to have lost £300,000, while two of his brothers dropped £200,000. The Pattens made a miscalculation as to the outlook ' for wheat, but the loss is comparatively small, for, a year ago, Mr. James Patten closed a successful "bull" campaign in May wheat, with an estimated profit of £1,000.000. This season the anticipations of a shortage have not been realised. Iu January, Australian wheat was quoted in. London at about 40s. per quarter of 8 bushels, or ss. per bushel, c.i.f., while, last week, the market was lifeless with transactions down to 325. There is no prospect of the markets improving, unless there is serious damage to the European and American crops. The 1908-9 crop was a poor one, the 1909-10 crop was somewhat better, while the 1910-11 crop gives indications of being a splendid one. This is about the iisual course followed by wheat, and if the cereal is in ample supply for the next twelve months, trade and commerce will receive an impetus and industrial activity will be stimulated. THE BEEP MAIIKET. The London • quotations for frozen beef are excellent, and it is obvious that the American shortage is beginning to have an effect.. The greatest scarcity is in chilled beef, and this seems to support our view. The high prices should cause a. wide distribution should be obtained for frozen beef. New Zealand exports have been expanding steadily in recent years, but there is still room for enormous growth. The quantity and value of the beef shipp6d in the past fire'years'ended March 31 arc as under:— Oirt. X £ 1906 _.. 155,036 * 181,519 1907 .'. 320,815 330,984 1908 354,147 420,205 ™ 373,390 455,012 1910 478,930 546,392 TV prices quoted for beef last week compared with those of a:year ago are shown in the table appended:— May, '10. May, '09. d. ' d. ■ New Zealand, ox fores -til 21 New Zealand, ox hinds ...... 5 '33 Australian, ox fores :.. 4J 21 Australian, ox hinds 4J 33 Hiver Plate, ox fores 43 2i Kiver Plate, ox hinds ..; 5 33 The advance in price is very marked, and must bo both pleasing and profitable to farmers. NATAL TRADE. Mr. P. Davis, chairman of the Natal Bank, Ltd., gave some' informative figures relative to the new State's trade during the past,year at the annual meeting of shareholders recently. He pointed out that Natal's total imports oversea, durin* 1909 were valued at £8,419,033, as compared with £7,137,866 in 19C8, an increase of £1,281,167. Of this increase £362,000 represented specie, the remainder (£919.000) goods. Adding the imports overland the total increase was £1,816,872, including bullion and specie amounting to £469,000, or an increased importation of goods alono of '£1,348,000. The export figures were even more encouraging, £9,622,474 in 1908 having been increased to £11,277,765 in 1909, an advance of £1,655,291. The deduction from this amount of £213,000 for bullion and specie leaves ■ the increase in goods alono at £1,442,000. In round figures, the principal export increases were as follows:— Wool, £223,900: maize, £210,300; sugar, £125,500; hides and skins, £111.200; wattle bark, £54,500; coal, £38,500. Those figures, of course, include produce iu transit from other colonies. GERMAN UNEARNED INCREMENT TAX. The Unearned Increment Bill provides that 50 per cent, of the yield of the tax shall go to the Empire, 10 per cent, to the Federal States, and 40 per cent, to the local authorities. The amount of the unearned increment is calculated as thedifference between the purchase and sale prices of property. The tax is graduated, and starts at 5 per cent, of the increment value where the latter equals 10 per cent, of the purchase price, increasing by * per cent, with every additional 10 per cent, of the increment value up to 100 per cent. Where the increment value varies between .100 per cent, and 200 per cent., 10 per cent, is charged, and between 200 per cent, and 400 per cent.- 11 per cent. Above 400 per cent., the increment tax amounts to 12 per cent. Where the property remains less than 30 years in the same hands, 7 per cent, of the amount of the tax is added for every year under that period. On the other hand, where property is held over ten years deductions from the increment value are allowed for every year over ten up to 10 per cent, of the whole. The tax is not leviable in the case of inheritance or of a genuine deed of gift. The owner is allowed to deduct the cost of improvement from'the gross increment value.

CUSTOMS REVENUE. Customs revenue collected at Wellington yesterday amounted to £3176 16s. 4d.

WELLINGTON PRODUCE HAEKET. Messrs. Lujry ■ and Co., Ltd., Wellington, report wholesale prices ruling on tho market:—Wheat, fowl, 3s. 9d. to 4s. Id.: feed oats, 2s. Bd. to 2s. IOd.; dun oats, 2s. 7d. to 2s. 9d.; seed oa,ts, 2s. 9d. to 35.; Algerian oats,-2s. 9d. to 35.; maize, 3s. Bd. to 3s. 9d.; crushed malt, 75.; fowl barley, 2s. 9d.; Capo barley seed, 35.; flour, Now Zealand £10 ss. to £10 155.; Australian, £10 155.; peas, Prussian blue 6s. 3d., split £10 10s.; bonedust, £5 155.; superphosphates, £5 to' £5 65.; pollard, £510s. to £6; bran, £4 ss. to £4 10s.; pearl barley, 155.; basic slag, £4 10s.; chaff (oatensheaf), £4155. to £5155.; oatmeal, £12 10s.; potatoes, table, £6 10s. to £7 ton; onions, 4s. to 4s. 6d. cwt.; molasses fodder £5; bacon (factory), sides 72d., hams9d., rolls Bd.; butter, prime built, ad to 9}d. l'oultry, hens, 3s. 6d.; ducks, 4s. to ss. per pair; turkeys, gobblers 18s. to 205., hens 10s. to 145.; fresh eggs, Is. 9d.; preserved ogga, Is. 3d. to Is. 4d. dozen; cheese, 53d. per lb.; Akaroa machine-dressed cocksfoot, 6d.- to 7d. per lb.; farmers' dressed cocksfoot. 4d. to sd. per lb.; ryegrass, 3s. 6d. to 4s. 6d. per bushel; Italian ryegrass, 3s. 6d. to 4s. 6d. per bushel; white clover. 70s. to 755. ner cwt. LONDON HAEKETS. By Teleeraph—l'ress Association—Cod; right London, May 29. Wheat.—An Australian cargo sold at 325. per quarter. Hides.—The hides sales were neglected, and offerings- were withdrawn.. Leather.—The leather market is quiet. Wellington, lirst dressing, 18Jd. Basils are firm. First Wellington's, 203 d. METAL GOODS. Angle steel, £6 3s. 6d.;tram rails, £5 12s. 6d.

HIGH COMMISSIONER'S CABLE. The Commerce nnd Tourists Division of the Department of Agriculture, Commerce and Tourists ha 3 received the following cable-ram from tho High Commissioner, dated London, May 28:ilutton.—The mutton market is steady, and prices well maintaiucd at last quotations. There has been a better tone in the market this week. Canterbury 33d., and North Island ojd. per lb. Lamb.—The market is linn, and there is a general and active demand. The output is satisfactory. Canterbury 52(1., other than Canterbury 5Jd. per lb. Ikef.-Thc market is firm, and prices continue to advance. Supplies of America:! chilled beef are small.. There aro signs of improvement in the beef market. New Zealand hinds 5d., fores 4Jd. per n,. Butter.—Tho market ia Quiet, with a

tendency in favour of buyers. Choicest New Zealand butter to-day is 106s. per cwt.; Danish 1155., Siberian 100k., Australian 101s. Cheese—The market is rather quiet. Finest Now Zealand cheese to-day is 565. per cwt. Heinji.-Tho market is very depressed. A 7 e\v Zealand good fair on spot, per ton, £25; Now Zealand on spot, per ton, £24: fair current Manila on spot, per ton, £23 10s.; forward shipment, Kew Zealand good fair, per ton, £24 55.; New Zealand fair, £23 5=.; fair current Manila, ,£22 ss. per ton. I'lie output trom Manila for the '.reck was 23,000 bales. Cocksfoot seed.-The market is dull, and buyers arc not keen to do business.