COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 872, 19 July 1910, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES., A sale of New Zealand Shipping shares at-£lO 3s. was" recorded yesterday. Bank of New Zealand shares show- 1 a further p.dvanca, and were in demand yesterday at £10 10s.; National Bank, buyers £6 Is.; Equitable Building, buyers £9 10s.; Wellington Trust and Loan,'.'buyers £7.95.; Wellington Deposit, buyers Bs. 3d.; New Zealand and Iliver Plate, buyers '£2 Os. 6d.; Feilding Gas, sellers £1 Is. 9d.; Wellington Gas, £10 paid, buyers £18 10s.; £6 15s. paid, buyers £13 12s. 6d.; new Issue, sellers £2 10s. premium; National Insurance, buyers £1 IDs.; Ohristchurch Meat, buyers ,£l2 18s.; Gear Meat, buyers £10 ss. and £2 14s. for tho respective issues; New Zealand Shipping, sellers £10; Union Steam, buyers £1 lis. 6d.; Kaiapoi Woollen, buyers £4 18s.; Wellington' Woollen, preference, buyers £2 Us.; Wostport Coal, buyers £6 lis.; Wcstport-Stockton, buy-, ers.fc. 9d„ sellers 7s. 3d.; Leyland-O'Brien Timber, buyers £1 65.; New Zealand Drue, buyers £2 i lis., sellers £2 12s. 6d.; Sharland's ordinary and preference, buyers £1 os. M.; Taranaki Petroleum, sellers lis.; Taringamutu Totara Sawmills, buyers £1 83. , THE LAST WOOL CLIP. Referring to the character of the last clip, Messrs. Dalgety and Co;, Ltd., in their wool review, remark on the general excellence, notwithstanding that the wool .comes from so vast an area and from so many difterent climates. Australasia had a favourable season, ana a better allround clip, it is . stated, hag not been pro--duced for many years. The staple' was much better grown and more bulity than -in the previous year, and carried less dust but more yolk, wliilo softness of handle was a marked characteristic. Tho excellence of the clip was partially due to tho season, but in a largo measure lu. the careful breeding of, and attention to, the flocks. Taken collectively, the Victorian clip wa£ a splendid one, the outstanding feature being good length and body, with softness of handle. As compared with the previous season's wool, it was not so line in quality. Queensland and flew Zealand clips will long be remembered for their marked excellence while that from New South Wales was above the average, and the other States unite up to, if not slightly above, tiiu general standard. ■ THE WOOL OUTLOOK. Dealing with tho outlook for tho staple tho reviews would be inclined to express optimistic views as regards the future uo. maud and prices. Hut it must be'aumittod that the outlook in the United States Is not reassuring. It seems fairiy certain tha America has enough wool on hand for immediate requirements, and that we cannot expect purchases for that destination to be heavy duiing the coming year.. The question Is as to the effect the curtailment of operations in America may havo upon the trade, and especially mo confidence of tho world at large. ho doubt those who want wool will grasp as every straw of evidcnco in favour of lower values generally! Much: will bo made of the position in the United States of America, also of tho relatively high value of wool to-day, but In the latter connection it should lie remembered that values for past decades are not criterion of the future, especially of wool. Though there is plenty of evidence, statistical and otherwise, in favour of a continuance of values somewhere about present prices, towards tho commencement of, the regular celling season values, in the opinion of DaJgoty and Co., will bo established on a somewhat lower plane. As thoro is loss disparity at present in tho cost of lino and strong wool than for many years, it seems reasonable to expect that crossbreds will bo more likely to decline than merinoes. In this respect, however, fashion may upset calculations. To conclude, unless something unforeseen happens, there should be no violent fluctuations in wool prices for some considerable time ahead, and everything points to another large clip from Australasia returning producers good remuneration - for their yaa.rV labours. • THE niDE MARKET.,"/ Tho hido market has experienced a setback which almost amounts to a slump. Hides havo declined about. 10s. each during the'past'few weeks, and tho bost price

obtainable locally just now is about 30s. This fall is duo to tho ■American uemaiid having ceascd. Messrs. llocke and Sons, Loudon, in their circular dated Juno 8, say:—"The expectations conlldcntly entertained at tho beginning of last month in the maintenance of tho then level of prices has not been verified, mainly owing to tho weakness in the United States markets. Americans are sellers instead ot buyers of hides, and, In consequence of this, prices have dropped materially, and it cannot yet be said that a new level of prices has been rebelled." With tho decline in the price of hides there is unfortunately a fall in the qubtHtions for frozen beef, and theso two -.idverse factors must operate in the direction of readjusting tho values of live cattle in the local markets. It will probably mean a lessened export of beef. . MAY IMPORTS PROM.HOME.' Tho following is a return of tho principal lines of goods' of British manufacture exported to Sew Zealand during the month of May", '1910,' for the five months ended May 31. 1910. witii tho figure.*! for 1909 shown fos the purpose of comparison. Compiled from the Board of Trade returns :— .' Month . Five months ended . ended May 31. May 31. 1909. 1910. 1909. 1910. £ £ £ £ Beer and ale ... 3,925 816 15,129 12,844 Spirits 13,877 21,846 81,708 94,266 Iron and steel . and manufactures thereof 57,921 64,818 307,291 384,641 Copper, wrought ■ ' and manufactured ■ 993 2,348 12,264 11,146 Cutlery .1,892 2,351 9,123 12,230 Hardware 8,340 7,079 39,692 42,397 Cotton, piece,'goods of all kinds 30,059 48,800 204,799 245,617 Woollen and worsted manufactures 20,430 23,044 121,743 136,779 Haberdashery and ■millinery 2,844 3,101 21,722 22,087 Jute manufactures 3,007 1,819 13,208 12,316 Linen, piece goods of all kinds 4,514 6,020 31,154 38,417 Apparel 16,690 19,369 169,589 187,199 Boots and shoes 5,526 4,858 66,061 64,426 Saddlery and harness 1,184 .1,742 9,873 12,338 China and earthenware 5,247 4,244 31,868 32,608 Writing and printing paper 12,920 6,580 47,965 46,969 Cement 2,153 1,356 12,032 8,301 Stationery, other than paper ... 4,479 2,975 16,838 15,210 INTERNATIONAL TRADE. Tho Board of Trade has issued a White paper, which enables the progress of the foreign trade of five large 'commercial nations to be compared for the first quarter of the year. So far as imports aro concerned the comparison reads:-- ■ Imports. Three 'Months ended March. 1908. 1909. ■ 1910. £ £ £ Germany. ... 93,130,000 97,722,000 103,682.000 Belgium ... 31,839,000 32,569,000 36,457,000 Franco ... 59,467,0C0 61,450,000 63,231,000 United States 53,930,000 73,980,000 88,906,000 United Kingdom ...140,819,000 133,255,000 133,407,000 'Tho increase in imports into Germany is rather greater than that into the United Kingdom, but' the most striking increase is shown in tho figures for tho United States. Exports are compared in the following table, the figures, being those of domestic produce only:—' Exports (Domestic). Three Months ended March. 1908. 1909. 1910. £ £ £ Germany ... 76,691,000 73,901,000 84,877,000 Belgium ... 24,530,000 22,844,000 25,540,000 France ... 48,296,000 52,342,000 55,919,000 United States 106,086,000 86,649,000 84,269,000 United Kingdom 99,268,000 88,732, CM 100,887,000 While tho United States shows s\mo falling off in comparison with previous years, the United Kingdom has not only the highest total, • hut the greatest increase. The significant fact is' that the United States has become for the first time in its history a country importing more than it exports, and this, although it is a. debtor nation. "GOODWILL." 1 According to Mr. Philip Tovey, in the "Magazine of Commerce," London, the sifce of a "goodwill" of business should be considered in relation to the profits, and two main rules of judgment should be borne in mind, namely, that the. smaller tho capital required to produce a given income, the larger in proportion must bo the goodwill;* "and' the"more skilled the supervision which the business requires, the smaller ill proportion should be the goodwill. In the commercial world a trading firm doing a. steady business with old-established connections .would perhaps command the . largest goodwill. , As a rough guide it may be said that the goodwill of a, private trading business ranges from one • to five years' purchase (based on tho average annual profits); of a manufacturing concern from one to four years; of a professional connection, one to three years; but that of newspapers and other semi-monopolies will rango up to ten years' purchase. CUSTOMS REVENUE. / Customs revenue collected at Wellington yesterday amounted to £7143 '16s. lOd. WELLINGTON MARKET "REPORT. Messrs. Laery and Co., Ltd., Wellington, report wholesale prices ruling on the markets:—Wheat, fowl, 3s. Bd. to 3s. 9d.; feed oats; 2b. sd. to 2s. 7d.; dun oats, 2s. 7d. to 2s. 9d.; .seed oats." 2a. 10d. to 35.: Algerian oats, 2s. 7d. to 2s. 9d,; maize, 3s. sd. to 3s. 7d.j crushed malt. 75.; fowl barley. 2s. 9d.;Cape barley seed, 35.; flour, New Zealand £9 15s. to £10; peas, Prussian blue 6s. '3d., split £18; paxtridgo peas, ss. 3d. bushel,- boneduet, £5 155.; superphos* phates, £5 to £5 55.; pollard, £6 10s.; bran, £4 ss. to £4 IDs.; pearl barley, 155.; chaff (oatenshcaf), £4 15s. to £5 ss.;oatmeal, £I210s.; potatoes, table, £7 55.; Tasmania Op-to-date (seed), £7 10s.; Carmen, £7 155.; onions, ss. cwt.; molasses fodder, £5; bacou (factory), sides 7Jd., bams 9d., rolls, Bd.; butter, prime bulk, lOd. to lid. Poultry, hem, 3s. 6d.; ducks, ss. to 6s. per pair; turkeys, gobblers 18s. to 205.. hena 10s. to 145.; fresh eggs, Is. sd. to is. 6d. per dozen; preserved eggs, Is. Id .to Is. 2d. per I dozen; cheese, 5Jd. per lb.; AJsaroa maI chine-dressed cocksfoot, 7d. per id.; j farmers' dressed cocksfoot, sd. per lb.;rye- ! grass, 4s. 6d. per ,bushel; Italian ryegrass, ! 3s. 6d. to 4s. 6d. per bushel; white clover, 70s. to 755. per cwt. PALMERSTON MARKET REPORT. Mr. Harry Palmer, of Palmerston North, reports fair entries of pigs and poultry, at improved prices. The demand for good wcauers is. increasing, and is likely to continue. Stores also aro in fair demand, and porkers aro rather better than previous quotations. There is a keen demand for good lines of poultry, more particularly good forward table cockerels and turkeys. There is also a good demand for all lines of produce. Good prime samples of table potatoes are scarce, and the market shows further signs of hardening. Inquiries aro now being made for good seed varieties, and several good parcels were placed on Saturday. Quotations:—'Weaners, 6s. 3d., Bs., Bs. 9d., 9s. to 10s.; slips, lis. 6d., 12s. 6d., 135.; small stores, 14s. 6d., 165.; bigger sorts, 165.. 175., 18s.; porkers, £1 4s. 6d. to £1 55.; empty sows, £2 each; ducks, 55., ss. 3d .to sa. 6d.; table cockerels, good, 6s. 6d.; fair, 4s. to ss. 6d.; young hens and pullets, 4s. 6d. to 6s. 6d,; any sort, 3s. to 45.; geese, 2s. 6d. to os. each; gobblers, very keen demand, Bs., 95., 10s., lis. each; turkey hens, ss. to 6s. 6d. each; prime. table potatoes (good), 14s. to 15s. 4d. per sack; pig potatoes, 3s. to 4s. per sack; so&d potatoes, Northern Stars and Early Puritan, £G to £7 per ton; Up-to-dates, £6 10s. to £8 per ton; cabbage, -3b. to ss. 3d. per sack; caTrots, £3 3s. 6d.; parsnips, 45.; mangolds, 2s 9d.; pumpkins, 2s. 6d.; swedes, 35.; table carrots, Is.. 6d. to 25.; pollard, 12s. per &ack; pig meal, Bs. fid. to 9a. 6d.; wheat, 16s. to 18s.; barley, 10s. to 125.; onions, 4s. 6d.' per /cwt.; bacon and hams, 6d. to Bd. We also conducted the most successful sal© held in town, for somo time-on behalf of Mr. Thompson. Prices were exceptionally good. We had a yory large attendance of buyers at Mt. Keiller s 6ale, at Bulls, and practically a total clcaranco was effected. • LONDON WOOL SALES. By Telegraph—Press Association—Copyright. .London, July 17. | Tho wool market, is active, and prices : firm. Tho amount, catalogued was 44,215 bales, and 39,235 have been sold. THE METAL MARKETS. By Telegraph—Press Association—Copyright. London, July 17. Copper.—On the spot, £53 155.; three months, £54 Bs. 9d.; electrolytic, £57 ss, Tin.—On the spot, £148 12s. 6d.; three months, £149 15s. Silver, 25 3-16 d. per ounce. •Galvanised iron.—Best, £13 12s. 6d.; secondary, £13- 2s. 6d. Tin 14s. 4£d. and 15s. 4id. Fencing wire, £7 2s. 6d. Angle steel, £6 2s. 6d. Tram rails, £5 15s. OTHER PRODUCTS, fly Telegraph—Press Association-Copy right. London, July 17 Cupra.—Market quieter. South Sea, in biigs. £22 7s. 6d. Rubber.—Fine, hard Pam on euo.t, 98.111

UNION BANK REPORT. By Telegraph—Press Association—Copyright. London, July 17. . Tho Union Bank of Australia's report shows that the deposits total £21,349,025; cash investments, £7,000,682; balance of remittances, £4,^7,756bi115, £14,356,601).' HIGH COMMISSIONER'S CABLE. The Commerce aud Tourist Division of the Department of Agriculture, Commerce, and Tourists has received the . following cablegram from the High Commissioner, dated London, July 16:— Mutton.—The market is very weak, and there is a, large supply on hand. Average price to-day for Canterbury is 3*d., North Island 31d. per lb. Lamb.—The market is quiet. There is a dull salo for heavy carcasses. Canterbury 42(1. per lb. Other than Canterbury 4'id. , Beef.—The market is dull, and tile stock on-hand is heavy. New Zealand hinds, 3Jd.; fores, 2id. per lb. Butter.—There lias been no alteration in the market since last week. New Zealand, 1095.; Danish, 115s. per cwt. New Zealand butter' is in very limited supply, and supplies from the Continent are increasing. : Cheese—The market is quiet but firm. There is a better demand for cheese. New Zealand white, 565. 6d.; coloured. 545. 6d.' per cwt. Hemp.—The market is > very depressed, and is dependent on Manila reports. New Zealand good fair, on spot, per ton, £24; fair' grade, £22; fair current Manila, £21 10s. Forward shipment—New Zealand Rood fair, £24; fair grade, £21 10s.'; fair current Manila, £21 10s; The output troru Manila for the week was 26,000 baleo. Cocksfoot Seed.—The market is quiet. The average price for bright, clean Now Zealand seed, weighing 171b. per bushel, on spot, is 665. per cwt. Wheat.—The market is slightly firmer. Oats.—The market is dull, and the supplies are large. t Beaus.—The market is rather moro active, and supplies are increasing. Peas—The market is dull on account of heavy arrivals. Wool.—The market remains firm.