COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 881, 29 July 1910, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. Bank of New Zealand shares changed hands yesterday at the record price of £11, a, prior sale was made at £10 18s. 6d. The price represents a. premium of about 230 per cent," New Zealand and River Plate shares sold at £2 25., and New Zealand Drugs-at £2 12s. 2d.. The quotations and last sales are given below:— Buyers. Sellers. Sales. £s. d. £s. d. £s. d. Bank N.Z 10 17 0 11 0 0 11 0 0 Equitable Building 910 0 ' — — Metropolitan B'ld'g 12 0 0 — — : WoWnKton Trust ana Loan - — 7 12 6 — WcU'g'tn' Deposit ..083 - - N.Z. and Bivcr Plate "..... — ■ 2 2 6 2 2 0 leilding Gas - 12 0 - Wel'gton Gas (£10) 18 10 0 Wellington Gas (£6 155.) 13 12 6 - — Wellington Gas (new . . . issue), prem — 2 10 0 — • National Insurance — 112 0 — N.Z. Insurance 4 0 0 - — Ohristchurch Meat 13 0 0 - — Gear Meat (£4) ... 10 5 0 - - Gear Meat (£1) ... HI 1 - .- Meat Export (£5) ..600 - - Moat Export (£4) .. 5 0 D - - Meat Export (£2l2s. 6d.) ■■ •■•• 3 7 G — — W'gt'n Woollen (or.) 35 0 — ■ — Kauri Timber (155.) 017 0 — ■ — Leyland-O'Brien ... 16 9 17 0 -. N Z Drug — — 212 2 Sharlaml's pref. ... 1 1 0 - - Taraualsi Petroleum 0 8 0 011 0 — Tajingamutu Totara 18 0 — — . LONDON WOOL SALES. The outstanding feature of tho London wool sales which closed on Tuesday is the heavy carry-over amounting to some 32.000 bales, of which 25,000 bales are New Zealaud wool. There is no doubt but that coarse wool registered a decline during tho July sales, and this fall is attributed to the absence of American competition. The heavy withdrawals seem to iuiply that the owners of tho wool anticipate an improvement at the September sales, and it is to be hoped that their anticipations will be fully realictd. Too inuch rcliauco must not bo placed on American support, for all the evidence available gooa to show that trade in America is becoming slack, and that a process of adjustment on a lower price basis is proceeding in that country. . The .Americans are .not pessimists, and when the American papers draw attention to the unsatisfactory conditions it is because tho position canuot louger be overlooked. But crossbred wool is not' affected entirely by tho absence of American support—there is something to be said for fashion. Fine wools arc now fashionable, and so long as this continues, the coarse wools must bo neglected. At the September sales thr market will have a pretty accurate idea of the Australasian clip, and the most acceptable, because best informed authorities agree that tho clip will be larger than in the past year; About-' 80 ■ per rent.' of -the - new clip will consist of fine wools, and the market will have as much as it can handle in this. It would bo a very good thing for coarse wools if tho price of lino wool advanced, because under such conditions tho tendency is for manufacturers to endeavour to popularise the fabrics made from the cheaper coarse wools.

. THE.HEMP POSITION. New Zealand hemp is struggling with a weak and quiet market, but our fibre is not the only one 'that is feeling the position. Sisal is also affected. According to the Colonial Office report sisal appears to be at present in a somewhat parlous condition, prices having gone down 60 low that it can in many islands hardly repay cultivation. For this condition of affairs the duty charged in the United States ot America, and the cutting of immature fibre are no doubt partly responsible, but the main cause i= the growing competition and enormously increasing output of other countries, and against this factor it is difficult to see what remedy there cuu be. New Zealand hemp suffers from almost the same causes. . : NOTES. The Argentine Government has recently issued a Customs regulation which may prove healthful. KiU'henware and other articles of use coated with compounds containing more than 1 per cent, of lead, zinc, antimony, or arsenic are declared to be prohibited imports. The coal trade statistics of the Straits last year were significant. Singapore imported 37,801 tons more than in 1908 from Borneo, 25,715 inoro tons from Bengal, 22,567 more tons from China, and 16,234 more tons from England. But she obtained 77,404 tons less from Japan, 72,778 tous less from Australia, and 2704 tons less from Natal. The Dorneo and Chinese coalfioldE are coming to the fore. The first cargo of meat from the re-cently-erected refrigerating establishment in Venezuela was expected to reach London early in June. This year's Argentine crop of maize, according to the final estimate of the Ministry of Agriculture, will yield 4.465,000 tons, showing a reduction on tho estimate of January 30 of 545,000 tons. Last year no official figures were issued, but in 1908 the crop produced £,45(i.(i01> lona. A currespuudent at Buenos Ayres estimates the probable surplus available for export at 2,500,000- tons. Lust season 2,309,000 ton 3 were shipped, and 1,775,000 tons in 19081909. The record Argentine' crop was in 1906, when if reached 4,951,000 tons, out of which 2,600,110 toim were exported. This season's crop is therefore 500,000 tons belmv that of 1906. Minerals of the value of £1.721,386, exclusive of gold, were won in Queensland ill 1909, against £1,868,933 in 1903, the gold yield for tho year being £1,935,178, against £1,975,554 for the preceding twelve months. The output of copper showed little variation in quantity, but its value, owing to the fall in the price of metals, was £582,901, against £853,196. The tin output decreased by 1000 tons in weight and £100,000 in value, and there was also Borne reduction in tho yield and value of "the lead aud silver produced. The Suez Canal Company last year for the first time took a record of the various descriptions 'of merchandise which passed through tho Canal. There passed from Huez to Eort Said (that is, towards Europe):-IMcc, 1,708,013 tons; oil seeds, 1,231,181 tons; wheat. 964,106 tons; raw jute, 855,951 tons; minerals, 512,245 toUH: cojira, 500,464 tons; soya beans. 442.339 tons; tea, 411.C93 tons; manganese, 407,972 tons; wool, 363,752 tons; sugar, 310,296 tons; hemp, aat.,623 tons; juto sacks, 238,614 tons; and ground nuts, 237,963 tons. Theee are from the official statement. Dut it appears to us that there must bo material omissions, including JmUan cotton, skins and hides; and we should have thought that frozen produce would have reached a sufllcionily substantial total to have been included,. The Speysido Distillery, Kiiigussic, Invernessshire, which was built in 1896 at a cost of £20,000, was sold in Edinburgh recently at the upset price of £7CO. The iiropevty is a pure malt distillery, and the low price realised is due entirely to tho extreme depression nrcTiiiiimr in the Highland innlt whisky distilling industry. CUSTOMS JJEVBXTjf. Customs revenue collected at Wellington, yesterday amounted to £2338 2«- H4.-

TALLOW SALES. By Telegraph—Press Association—Copyright. London, July 27. At the tallow auctions 1757 casks were offered and 867 sold. Prices realised:— Mutton, fine 375. 9d. medium 355.; beef, Hub 365. 9d., medium 345. WIIEAT. By Telegraph—Projs Association—Cotjyrtehl. London, July 27. The American visible supply of wheat is 20,614.000 bushels. An Australian cargo of wheat Bold at 38s. 6d. The New Zealand Loan and Mercantile Agency Company, Limited, have received the following cablegram from their London house, under date July 27 :-"Whcat: Sales of Australian parcels have been made at 38s. 6d., c.i.f. The market is" quiet but. steady, and tho outlook uncertain, owing to unfavourable crop reports." METAL MARKETS. By Telegraph—Prose As&ocir.tion—Copyright. London, July 27. Silver is quoted at 24 13-16 d. per ounce. Copper.—On the ipot. JES3 17s. 6d.; three months, £54 Us. 3d. Tin-On the SBOt. £148 2s. 6d.; three months, £150. (Eec. July 28, 11.15 p.m.) London, July 28. Copper.—On spot, £44 2s. 6d.; three months. £54 16s. 3d.; electrolytic, £57 15s. Tin.-On spot, £148 2s. 6d.; three months, £150 ss. FEOZEN MEAT. . (Bγ TelegrapiL-Prcsa Assor.li.tlon.', , Napier, July 28. The O.C. and D. Co. to-day cabled tho following report on the frozen meat market:—"Owing to heavy stocks the value of iamb has declined. To-day's prices:— Mutton: Canterbury. 3Jd.: Napier, rt'eiHiißtnn, and North Island, 3Jd. Lamb: First Quality, 5d.: second, 4§d. Beef: HindE, 3Jd.; fores, ZJd." AUSTRALIAN PEODUOE MARKETS. Dy Telegraph-Press Association-Copyright (Kec. July 28, 11.45 p.m.) . Sydney, July 28. /Wheat, 3s. lid. to 45.; flour, £9 10s.; oats. -Algerian feeding 2s. 2d. to 2s. 4d., milling 2?. 5d.. Tasmanion 2s. 6d. to 2s. 7d,; barley, Cape, 3s. ,to 3s. 2d.; maize, 2s. Bd.; bran, £4 55.; pollard, £4; potatoes, Tasmaniaus. £7 10s. to , £B; onions,'£3 10s. to £4; butter, 1225.; cheese, 6d. to 6id.; bacon, 6d. to 6£d.

Melbourno, July 28. Wheat. ■ 3s. lid.; (lour, £9 IDs.; oats. Algerian, Is. lOd. to 2s. 2(1.; barley, prime mallinET Chevalier 4s. 3d., Cape 2s. 6d.; maize. 2s. 4o\; bran and pollard, £4 10s.; potatoes, £4 ss. to £6 55.; onions, £2 10s. to £3 ss. Adolalde, July 28. Wheat, 3s. lid. to 45.; flour, £9 10s.; bran and pollard, Us. 6d. itEIiBOUKJTE HIDES MARKET." By Telegraph—Press A isolation—Copyright. (Ecc. July 28, 11.45 p.m.) Melbourne, July 28. There was keen competition for hides, and the catalogue was cleared in sellers' LONDON. WOOL SALES The Commerce Division of tho Department of Agriculture, Commerce, and Tourists lias received the following cablc-'-•ram from the High Commissioner, dated London, July 27, regarding: the closing of tho fourth scries of colonial wool sales;— Wool sales closed. There is great competition for best quality wools, which are. in small supply. There is an active demand for coarss crossbreds of all grades, light in grease, and the decline in price has recovered; 25.5C0 bales of New Zealand wool are held over. Estimated values:— Superior merino, Is. Id. to Is. 3£d.; medium, IOSd.-to Is. 0»d.; inferior, 7!d. to IOd.; fine crossbreds, all grades, Is. Ud. to Is: 4d.; medium crossbreds, H<l. to Is.' Id.; coarse crossbreds, all grades, B}d. to IOSd. Messrs. Dalgety and Company, Limited, rcoort having received the following cabled advices from their London office, under date July 26:—W00l sales continue firm. As compared with closing, rates of wools are unchanged except short, faulty, and irregular scoured, prices for which are 5 per cent, to 10 per cent, lower. Crossbred wools, medium and coarse -quality, greasy, unchanged; scoured, 5 cent, lower. Fine Blino wools, unchanged; coarse. 5 per cent, to 7* per cent, lower. The total Quantity (net)

■•vailalile amounted to 159,000 bales; 85.C00 bales of the above were sold for Homo consumption, 42.000 to the Continent, 24.0C0 are not offered, whilst 32.000 bfii.es were carried forward to next series. The qnan-

■• bflW over in first hands comprises '.2.0(10 lailcs of New Zealand wool, whilst the quantity of Australasian wool taken for America amounted to only 300 bales.