COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 877, 25 July 1910, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. A Ealo of Rational Bank shares. at £6 was the only transaction recorded on Saturday. Dault of Sew Zealand, buyers-£lO 145.; Equitable Building, buyers £9 10s.; Wellington Deposit, buyers,-ts. 3d.; New Zealand Loan and Mercantile, 6ellers 12s. 6d.; Sew Zealand and ltiver Plate, buyers £2 1«„ sellers £2 2s. 6d.; Feilding Gas, tellers, £1 25.; Napier (las, £10 paid, sellers £25; Wellington Gas, £10 paid, buyers £18 10s.; £6 15s. paid, buyers £13 12s. 6d.; new issue, sellers £2 10s. premium; A'atioual Insurance, buyers, £l-10s. 6d.; Standard Insurance; buyers £1 4s. 6d.; Gear Jieat, buyers, £10 ss. and £2 14s. for tho respective issues; Heat-Export, buyers £6, £5, and £3 6s. for the several issues; New Zealand Shipping, fellers £10; Union Steam, buyers £1 14s. 9d.; Wellington Woollen, ordinary, buyers, £3 55.; Le.vland-O'Brien Timber, buyers £1 6s. 9d„ sellers £1 Vs. 6d.; Kew Zealand Drug, buyers £2 lis.; Sharlands preference, buyers £1 Is.; laranaki letro* leuin, sellers lis.; Tariugamutu Totara. Sawmills, buyers £1 Bs.; ffairarapa Farniers, sellers £7. ' THE MONEY MARKET. From tlio reports in the London cial papers, there is a probability that monetary -stringency \nU be experienced about September. There seems to be a fairly geuerai opinion in Irench iiuancial circles that a period of monetary tension will be felt in consequence ol; the heavy demands recently made on Irench gold m the shape of important public issuer According to M. Paul Leroy-Beaulieu, no kss than £80,000,000 of this gold wis draiuod out of the country in 1909 us a direct consequence of -French investments in foreign bonds issued in France. .Aiiother trench economist and specialist on financial subjects says that uo country, however wealthy, can .go on with impunity providing sums, in single issues, of £2,000,t00, £4.000.000, £8,000,000, and even—in one 111fftaucc —as much as £20,000,000, without eventually feeling the heavy drain. . He, therefore, prophesies a period of monetory tension for the forthcoming Autumn at Home. . . ' The American financial situation, as is well known, is far from satisfactory. A readjustment to a lower basis is going on in industrial and mercantile affairs—a readjustment that will prove - highly beneficial if completely carried through. Unfortunately, tho country has become so accustoincd to high pressure activity and advancing prices that it cannot experience any movement in opposite directions without becoming unduly discouraged. It is a question if the national business verve has not been weakened by too prolonged Prosperity, since it now takes unnecessary fright at the slightest sign of reaction. A time of stringency is expected in America, in fact, it has already begun. The unpromising outlook in the United States is the cause of the drop in wool, hides, basils, and other commodities; however, since the financiers are aware of the prospects they may be' trusted to take stops to minimise tho effects.

WELLINGTON MEAT EXPOBT COMPANY. ( The balance-sheet of the Wellington Meat ; Export Company, Ltd., tor the year ended . Juno 30 last sliows .that after providing : for doiirccialioii, there is a crcdit balance ; of £22,110 Bs. 4(1., which it is proposed to ; oiiftrioute as under:— £ s. d. | Dividend of 8 per cent. ... 8461 6 0 i Bonus of 2 per cent 2115 6 6 Sneiual reserve 6CCO 0 0 IR'serve lund 2(XO 0 0 Insurance reservo ICCO 0 0 Carry forward 215 10 JE22.UO 8 4 The spccial reserve is for tlio equalisation of dividend* The company has done i«r belter than in the previous year, when the dividend was reduced. The report states that during the past voar the sehomo of extension has been completed by the construction of premi\c* aud up-to-date plant for the treatment and cure of sheep pelts, and tile augmentation of water supply, and the season's pelts have been dealt with ana exported on own account wnh satisfactory results. From the experience _ot lust year and the very general opinion arnonys moat men at Homo and here that the prices in the meat trade in the Umtea Kingdom would rule low, tho directors state that they have followed a cautious policy, and have worked almost entireil ou c.i.f. sales. This policy, which was not practicable last year, has been attended with .very good .results, and generally the outcome of the, years operations has enabled the distributing of the bonus equivalent to the amount short ot 3 per cent, per annum paid last year. ■ POST OFFICE SAVINGS-BANK. Tho Post Office Savings-bank return for 1909 is very interesting when the for a series of years are compared. Jho total amount at credit of all open accounts, and tho average of each account, show as under:— Total. Average. £ £ s. d: 1909 12,666,898 35 4 3 1908 12,159,294 3o 10 11 ; 1907 11,523,231 26 0 9 ! 1906 9,953,-J65 6 4 | 1905 6,662,123 al 7 ° i Turning now to the number of I openod aud closed, we obtain tho followk Opened. Closed. Total Year- No. No. remaining. 1909 77,400 59,763 . 359,7x4 1908 80,133 57,829 342,077 1937 74.671 , 319,7/3 1906 60,015 43,113 2/6,166 There were fewer accounts opened last year than in 1908, .while nearly two thousand liiore were closed. llie result ~t til • close of the year is to show a gayill Me number of open accounts ot 17,MfThe'number of deposits and withdrawals aii'ord the following comparison:— . Deposits. Withdrawals. Year No. 1909 724,601. 520,971 1908 706,101 484,672 1907. ' 650,990 433,796 1936 593,764 386,536 1905 509,112 346,022 Both deposits and withdrawals arc heavier than, in 1908. The totals of the deposits H.nd withdrawals are given in the table below.— _ . Excess of Deposits. Withdrawals. Deposits. - , \ r nn T .P. £ 1909 9,Gi1,119 9,499,320 111,799 1908 .... 9,674,075 9,417,620 256,255 19G7' ... 9,351,664 8,125,123 1,226,541 1906 ... 7,907,154 6,907,104 1,000,050 1905 6,625,744 5,984,184 641,560 The- savings in 19C6 and 1907 were exceptionally large, especially 1907, when tho ' excess of deposits amounted to the large sum of £1,226,541. The figures for 19G8 and ' 1929 are poor in the extreme, and show the- severe effect of the slump. Another interesting table is the average amount of the deposits and withdrawals, and this is given below:— Average Average Deposits. Withdrawals. Year. £ s. d. £ s. d. 1909 ; 13 5 4 18 4, 8 19A8 13 14 0 19 8 8 1907 14 7 4 - 18 14 7 1906 13 6 4 ' 1717 5 1905 13 0 3 17 5 11 CUSTOMS REVENUE. 1 Customs revenue collected at Wellington on Saturday amounted to £1299 9s. Bd. The total foy the week was £9079«155. lid.,, beer duty £266 17s. 2d. > FROZEN* MEAT, ■ • - Messrs. Dalgety and Company, Ltd., report having received tho following cabled advices from their London office, under date July 22.—Frozen Meat.—Lamb: There i is a fair demand,' but owing to heavy arrivals prices are gd. to 3d. lower. Alut- , tont There is a poor demand, prices being weak, at last. quotations. Chilled Boef: ; Owing to light supplies, prices are higher id. to 2d. Beef: Prices arc dd. per lb. | higher, and there is a fair demand at these prices. ' Now Zealand Loan and llereantllo j Agency Company, Ltd., have received the 1 following cablegram from their London i house, under date July 22:—"Frozen Heat: [The mutton market is slightly weaker; | lamb has declined; and the beef market h4is a. harder tendency."

. FEILDING MARKET REPORT. Messrs. A. 11. Atkinson and Co., Ltd., Feilding, report on Friday's market as follows:—A good 1 yarding of pigs and poultry, and a quantity of grain, producc, timber, and general sundries came forward.. Pigs were somewhat easier than last week's rates. Poultry sold well, with keen inquiry for good young birds and turkeys. We quote:—Aged gelding, £2; horse and dray, £20. Pigs: Weaners, 6s. 9d., Ts. 9d., Bs., Bs. 6d.; slips, 95., 10s. 6(1., lis. 6d.; stores, 14s. 6d, to 19s. 6d.; light porkers, 175., 19s. 6d., 205., 225.; medium weights, 325. 6d., 355., 365.; sows, £3. Poultry: Hens, per pair, 2s. 9d., 35., 3s. 3d., 3s.' 6d. to 4s. 9d.; cockerels, 35., 3s. 6d., 45., 4s. 6d., 4s. 9d.; ducks, 45., 55., 65.; geese, ss. 6d.; small turkey hens, 7s. 9d. Produce: Barley, 2s. 9d. to Ss.; wheat, 35., 4s. 6d. to 4s. 9d.; bran,. b«.; hay, 35.; pollard, Us.; tablo potatoes, 95., 10s. fid. fro 135.; seed do., 6s. to Bs. per cwt.; pig do., 3s. to 3s. 6d. per sack; pumpkins, 3s. to 3s. 6d.; pie-melons, 6d. cach; factory bacon, sides, 7d.; hams, B£d.

HIDE AND SKIN EEPOKTS. ■ Messrs. Dalgety and Co., Ltd. (Palmerston branch), report:—At our monthly sale held at Palmerston on Friday, we offered a. large catalogue to a full attendance of buyers. Competition was keen for all lots offered, and we have lo t report a total clearance at the following satisfactory prices:—Wool: Our catalogue consisted mostly of medium to inferior crutchings, which, although keenly competed for, allowed a decline of id. to id. on last sales' rates, in sympathy with other markets. We quote: -Crutchings, test lots, 53d. to 6d.; medium, from 5Jd. to sad.; inferior from 4Sd. to 5d.; rough crossbred, from 62d. to 7Hd.; dead wool, to 63d.: locks and pieces, from 33d. to 4id.; black wool, 6d. Sheepskins sold on a par with about last sale's rates. Coarse crossbred, from 6id. to Vid.: medium to fine crossbred, from Ciri. to 7Jd.; half wools, from 5Jd. to 4id.; lambs, from 6Jd. to 7d.; dead, fi-om 5, ] : d. to 63d.; inferior,. dead, from 3Jd. to 4Jd.; dead hoggets, 6Jd.; pelts, from 4£d. to 5d.; inferior aud damaged crossbred, from 3id. to 5Jd.; butchers' crossbred (at per piece), light skins, from 3s. 9d. to 4s. 9d.; medium, ss. to ss. 9d.; heavy, from 6s. Id. to 7s. to 7s. 3d.; lambs, from 2s. 2d. to 4s. Id.; lilted crossbred, from ss. 3d., ss. 9d. to 6s. 7d.; Exalted lambs, from 2s. 7d. to 4s. Hides: These sold under keen competition, but prices showed a decline on last' sale's rates of from £d. to 2d. per lb./ Ox hides, medium, from 6j>d. to 6£d.; .light, ud.; steers, 53d. to 53d.; cow. hides .best lines, from si]d. to 6Jd.; medium, from s*d. to 53d.; inferior, from 4Jd. to sid.; cut, from 42d. to s|Sd.; slippy, to 42d.; bulls, from 4Jd. to 4.? d.; yearlings, from sd. to 5U1.; cut aud damaged hides, from 4UI. to l ']d.; horse hides, to 6s. each; calkskins, best, to 9gd.; good, from fid. to 82d.; cut and slippy, from 4d. to 63d. Sundries: Tallow, in tins, to 235. 6d.; casks (inferior), 235. 3d., 255. 3d.; rough fat, to 15s. 9d. per cwt.; horsehair, from Is. 4M. to Is. 6d.; rabbit skins. Bd. to 9d. per lb.; tails, to Is. 4d. per dozen. Sir. Hugh Roberts, of Feilding, reports having held his monthly sale on Friday, when he offered a catalogue comprising 45 bales and 70 bags of wool, 1400 skins, and 200 hides to a large and representative attendance of buyers. Competition was keen at full market rates. The wool offered was principally crutchings, which showed a decline on last sale prices of id. to 3d. per lb. as expected. Quotations:—'Wool—Flcece, medium 7iid. to Bd., cotted 6d. to 7*d, dead '6Sd. to 7id, black 6d„ locks and picces 3d. to,sd„ crutchings (bright) 6d. to 65d., medium, Od to 53d., good crutchings (seedy) s]d. Skins. —id. to iid. wools fine. 7id; coarse, 7d.; inferior. 53d.; shorts. 6d.: inferior, 43d.; lambs, 7d.; half wool and inferior, 6id.; crossbred, rough, 41d.; broken, s*d. to 31d.; Very inferior, Ud; black, 5Jd.; pelts, 4id.; dead, 6Jd.; dead hoggets, 53d. to 5d.; green salted, light, Is. 9d.; half to tlireequarter wool at cach 7s. 6d., 6s. 9d.,

6s. 7(1., 65., ss. 5(1., ss. 3d., ss. Id., ss. to 3s. Id ■ dead half dry. 3s. 6d. to Is. 5d.; inferior hoggets, half dry. at each 7d. Uides.-Calf, sound. Bjjd. to 73d.; slippy, 3fid.; cut. sid.; vparlines. sid. to Id.; cow (butchers), 6d. to iJd.; cow (settlers), 5)d.; rough, 4Jd. slippy, ,33d • ox, 6d. to 6Jd.; cut, o/.d.: bull, bd.; hora;, at each Bs. 3d. to 3s. 6d. Tallow.— Cask (not in shipping order), 255. 9d. per oivi.; tills, 235. 6d. cwt. Horsehair, Is. 3*d. BANK OF ENGLAND RETURN. By Telegraph—l'rcss Association—Oopyrieh*. London, July 23. .•The Bank' of England return issued for tho week ended, Wednesday, July 20, is as under:— ISSUE Department. Note Issue- Gov. debt ... £11,015,003 Other securities ... 7,431,000 Goiu 40.1/I,OJJ | ' £55.670,0|)3 £Sb,S7(J,tWJ Banking Department. Proprietors' liovt. securicayit&l £14,553,000 tteo X17.372.00i) ruunc do- Oihorsecuriposits • ... 17,591,000 Uus 20.353.0ij0 Q.uer deposits - *3.300,W0 Notes ... 30.155.000 itcbv, <-day u ua oiner Coin ... m 1,070,000 uuia 3,514,003 £78,955,0Q'J £76,056,C00 The leading items of tho Back of Englaud return aitord the following cumijiu'iflou This week. Last week. Last year. Jl X X" Bullioii 4U,IUI.(XK) 40.103.000 39.'257,C00 lieberve 01,i.03,uW iy.oa/.uxi itoto circulation lij.uijO.iXJJ i-uoiic Deposits li,uu.i,oUJ I'J.oio.cW 6',3di,.^uj Oilier Doimsus Ai.'jo-.uaj l-ropurtiou oi reserve to ' iiuuiiitiea ... 51.10 50.32 52.03 GOVERNMENT SECURITIES. The following are the latest quotation! for Government securities, with a comparison oi tnose ruling last week:—

BANK RATES OP DISCOUNT. Tho Bank of England discount rate waa raised on October i last from 2J to 3 per cent., on October. 14 to 4perceut.,aodoii.oc-' tober 21 to 5 per cent. On December yit was reduced to per cent.; on January 20t03i per cent., and on February 10 to 3 per cent. On &.arch 17 it was again raised to 4 per cent., ou June 2 it was reduced to 3i per cent., aud on June 9 to 3 per ccnt. Tho Bank of franco rate was reduced from 3i to 3 per cent, on January 23, 1908, and remains at the latter iigure. The Imperial liauii of Germany, on September 20 last, advanced its rate from 3i to 4 per ccnt., and on October 11 to 5 per cent.; lowered same on January 21 to per cent., anu on February 10 to 4 pel cent. IIARKET RATES OP DISCOUNT. The following are the market rates for best three months bills;— London Paris Berlin rate. rate. rate, percent, percent, percent. Judo 21 21*16 2J 3 Last week 21-16 21 Last year 17-16 11 2d i Short loa-nB arc quoted at li per cent., as against 13 per cent, a week ago, and 13 per cent, a fortnight, ago. *, ( COLONIAL AND OTHER PRODUCE. Wheat.—The wheat markets are firm, and buyers inactive. At Chicago September wheat is yuoted at 105 to 107} cents per bushel. Two Australian cargoes have been sold in London, at 375. and '375. 3d. per quarter respectively; while 375.. 6d. is asked for Australian oil' the coast. A West Australian March shipment has been sold at 36s 9d„ and a New South Wales March cargo at the same price. For Victorian parcels, July-August shipment, 365. 6d, has been paid, while 38s. Sd. is asked for Australian oil the spot.

Flour.—There ia little inquiry, and high prices are checking business. Australian on the spot makes 275. iier sack. Oats.—Market ciuiet. La Plata, August shipment, 13s. 4j>d. l>er quarter. Butter quiet. Colonial quite neglected; prices nominally unchanged. Weddel's annual review says:—'"The quality of t isew Zealand uutier was never to Rood as last year. Australian did not improve, and Queensland is tfoing steadily back. JL butters were graded on arrival here over 90 per centum of New Zealand would be classed as lirst grade, while Victoria, New South Wales, and Queensland would be under 70. 60, and 50 per centum respectively. Last season's average prices of Australian were Ills. 9d., and New Zealand 115s. 5d." Clicese is steady. New ..Zealand coloured, 545. per cwt.; white, 565. to 575. Sugar.—German beet, £8 per cent., is 3d. , higher, at 14s. Ud. per cwt.; lirst marks ■ granulated, unchanged at. 16s. 9d. , Bradford Tops.—The market is cheerful, and prices for ail sorts are hardening. . Forty-six's are quoted at 16id., a rise of id.; other counts are unchanged; forties, , 14id.; common sixties, 28d.; super sixties,' 29d.; sixty-four's, 29id. THE METAL MARKETS. Copper ou spot, 51s. 3d. higher, at £55 per ton; three months, 31s. 3d. higher, at £55 12s. 6d.; electrolytic, 10s. higher, at £57 10s. Tin on spot, 17s. higher, at £149 10s. per ton; three months, 16s. 3d. higher, at £150 12s. 6d. Pig-iron, sd. higher, at 495. 2d. per ton. Load, £12 12s. 6d. per ten. Spelter, 2s. 6d. lower, at £22 ss. per ton. ■ Silver.—Bar silver is quoted at 25 3-16 d. per ouuee standard. 1 COLONIAL AND OTHER PRODUCE. I Uj TelecraDh—Pre&.s Association—Gopyriirhl j (Bee. July 24, 5.5 p.m.) London, July 26. 1 Rabbits are firm and uncnanged; the : demand is unusuall> good. "The Fish Trades' Gazette" warns the trade that it I is very risky to buy rabbits for delivery 1 after October at tho high prices now i asked. 1 Jiorap is dull and unchanged. I Copra is in good demand. South Sea, in bagd, £25 las. 6d. per ton. Cotton.—The Liverpool quotation for American .middling upland cotton is 7.60 id. per lb. Rubber.—Best Para- rubber, on spot, is quoted at 9s. %1. per lb. London, July 22. At the wool sales clips realised:—Pungatana, top price lid., average 93d.; Agaia,. top price 16d. .average 15d.; Tetanga, top price 16d„ average 15id.' London, July '!&. There was an animated sale, all combing wools selling at the highest price of the series. Faulty scoureds were slow of sale, at. 5 per cent, below the opening rates. (Rec. July 24, 5.5 p.m.) London, July 23. At tho wool sales the following prices were realised for the clips named:—"Waihora," top price, average price lid.,* Warateu," top price 14£ d., average 133 d.; "Korine," top prico, 15d., average 14£ d. THE METAL MARKETS. (Rec. July 24, 5.5 p.m.; London, July 23. Copper, on spot, £54 13s. 9d. per ton; threo months, £55 6s. 3d.; electrolytic, £57 15s. Tin, on spot, £149 ss. per ton; three months, £150 7s. 6d. Antimony is quoted at £8. Silver, 25jd. per ounce standard.

Variations M compiled Prico. wisii last weok. £ a. d. Imperial Consols 8117 6 Se.lowor 4 105 U U Uncbanycd a? yy 10 0 Unchanged a „r*.ti.s\.ifdaApi.-Ui;i.J 8sS 10 0 Uucnangod I „\ic. WiO Jan.-July 102 0 U Unciiauuud b£ „\ic. li'il-o Jau.-Juiy iiS 0 0 Uuciiticyed 3 „ Vic.lwiMyJau.-Juiy 85 10 0 Unchanged „S,A. Ibiodan.-Juiy 9/ 5 0 £2s.lid. lower a „H.A. Jan.-July W a U iis.tkl. higher 4 „yTdrJl5-'2iJaiwuly 1U4 0 0 Unchained »yi'uly-i-aOJuu.-Juiy l'B 0 0 Unchanged 3 „ tjl'il ibiM7Juu.-July S55 10 0 Unchanged J „ is.Z. 1920 May'iSov, 106 ID 0 Unchanged Ui lyiU Jau.-July Ma 0 0 Unchanged 3 iyii»Aprii-Uct. b7 15 0 $s.bi&'her .. \N'.A..iy*(M0 May-Aov W 10 u Unciiangud 3 „ W.A, jauy-i\'ov tS U 11 Unchanged 3j „Tab. lWUJ&a.-July l jd 10 0 Unchanged i „ 'i'as. Jaa.-july bi> 0 0 Unclaimed