COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 890, 9 August 1910, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAItES. No transactions were recorded yesterday, but that is the characteristic feature of JEonday. The strength of the market is well maintained, and there appear to be plenty of buyoTs. Tho quotations were as under:— '. . ~ Buyers. Sellers. •£ s. d. £.s. d. Bank X.Z.-. - ". ° ° National Bank - '" Equitable Building 9 10 0 - Metropolitan..Building;..:.l2 0 0, ■.;■•- Loan and Mercantile ... ,— ° 12 6 Wellington Investment ... 011 0 , - Wel'gton Trust and Loan. 7 9 0 - ■ Wellington Deposit 0 8 3 0 9 0 Christchurctt. Gas. - .„ ■ 10 °. "• Wellington Gas (£10) IS 0 0 - Wellington Gas (£6 155.) 13 10 0 - Wellington Gas, '. new , issue* (prem.) ..:. ' 2 5 0. 2.7 6 National Insurance 111 6 — N.Z. Insurance '..... 319 0 - Ohristchurch Meat 13 2 6 - Gear , Meat (£4) ..: 10 5 0 - - Gear Jteat (£1) ■■■. 2» 6 - Meat Export :(&)> ■ ' ~ ' f® J Meat Export (£2.125.. 6d.) • - 39 0 Wellington Woollen (ord.) 3 7• 0 — Wellington Woollen (prof.) , — 215 0 Hiiiuranpi Coal 10 0 — Westport Stockton ...... 0 6 9 • — Leyland-O'Brien .1 16 6 17 6 N.Z. Drug : - . 212 0 N.Z. Paper Mills 12 3 , -. Sharland's (preference)... 1-10 . - TaranaUi Petroleum ... — • 011 u Taringamutu Totara 19 0 — Ward and Co 5 2 6 - LONDON MONEY MARKET. The London money market continues easy, but it is obvious that the bank rate is not to go lower than 3 per cent. The irreducible minimum rate is 2 per cent., and it a long time since, .such a low rate was in force;, when" tho bank rate was 2 per cent trade was exceptionally dull. The 3; per cent, rate is an- excellent one for business purposes, and British trade this year shows considerable expansion. . The bank will bo able to maintain its. rate for a few weeks longer, but towards tho end of next month when tho autumn pressure begins, to'be felt the rate may be raised as a measure of protection. Although money is comparatively cheap it is interesting to note, that Consols aro down to £81-10s.; this is a low price, but it is not the. lowest touched. On August 12, 1907, Consols were down to £80 15s. There are two reasons for the decline iin Consols. ■ The first is that investors are looking for a better return than is.yielded by these gilt-edged securities,, and capital is going into industrial securities and foreign investments, mainly the latter. The other and more important reason is- that Consols' at the present quotation yield less than they did "some years ago.' At "£Bl Ids! the yield is £3 Is. 4d., and although this is: a' better, return than .has been, obtained in-, recent years it' falls below' what was-obtained, up to and prior to 1879. ' ■-'■ ■ .. ( -INDIAN COAL V . ... ■ The : production of'coal'in India is an important matter. During the strike in Newcastle, New South Wales, Indian coal; was made available to the railway authorities, and one if-not two ; shipments were obtained from the great dependency. The last Indian railway report gives figures showing that' the-. coal output of India is increasing- very quickly. In 1903 the total for -all: India was. 7,438,386 tons, in 1909 it was -. 11,870,064 tons. But the output of 1909 was. less than that of 1908, when it reached 12,769,035 tons. For the seven , years . from 1903 to 1909, both ini elusive, the figures were:—l9o3, 7,438,386 tons; 1904, 8,216,706 tons; 1905, 8.417(739 tons; 1906, 9,783,251 tons; 1907,-11;147,339 tons; 1908, 12,769,635 tons: and 1909,' 11,870,064 tons.: The greater .portion of .this is. mined in-Ben-sal; but .there are collieries in the Central Provinces, "in., Assam,. in Central■• India, and in the Nizam's territory. But roughly Bengal produces all but about a- million tons of the total output, and the mines, in the Central Provinces and in Central India. contribute the .smallest proportion of tho whole. However, India can supply not only her own requirements, but she has some to spare. > The railways consume on an average about 3,500,000 tons a' year.- .'■:.,.: •'."' '. . . !;-' EUBBEE. ' ' : '.' Fine Para rubber is now down to Bs. 5d., which represents a big fall on the boom prices'o£ some months back. On the one hand tho ontpnt has increased, and on the other the high'prices have checked consumption. But what is. really affecting, the position is the prospect' of new sources of supply,, and, the output of .substitutes. ■ Another source • from which rubber may be. obtained is announced. A cloudy emulsion pressed from the g'reeh fruit of' the : Martinique banana has been found to contain 10 per, cent, of rubber, equivalent to . 50 .per ,cent; of tho dry weight of* the expressed juice. L Analysis showed that the greon banana skins contain as much as 20 per cent, of rubber, while Vie dried skins yielded 7 per cent, of • rubber and 7 per cent, of wax,. rosin, and chlorophyll. Some varieties are reported to be even richer in rubber than the Martinique banana. Extraction seems to offer no special - difficulties. . 'CUSTOMS REVENUE., Customs..'revenue; collected at Wellington yesterday (amounted, to £1470 2s. 2d. . ■■ )l FEOZEN MEAT. Bj Teleeraph—l'ress Association—CoDrrlihl ■•'"'■■•.•. - London, August 6. ' The Frozen -Meat ; Trade Association's Smithnejd market quotations for the undermentioned classes of frozen meat are based on actual sales of not less than one hundred carcasses of mutton or lamb, and twenty-five Quarters of beef of fair average quality: Tho quotations are not for selected lines, but for. parcels fairly representative of' the- bulk' of the' shipments ' now on the market. Tho prices which follow are on ao average a farthing per lb, more than the value ex ship, this -difference representing an average cost in expenses, handling, conveyance, and Belling the meat;— July 30. Aug.,6. Rlutton— d. d. . ; Canterbury, light. , 311-16 38 : , Canterbury, medium 5 9-16 3| . . •:.- Canterbury, heavy -~-.. 3J.;' : M :■: Southland ...:..:- - •',. North Island, be5t:.......... 37-16 39-16 North,Lilaud, ordinary... 38 3J ■ Australian, light ..; 23 2J Australian, .heavy 2j . 3 Eiver Plate, .light'.. 3,; 3i , '.Eivor Plate, heavy 31 3g>.:.lifMnb— ' ■ Canterbury, light ......... 5 5 Canterbury, medium 41 45 '- Canterbury, heavy 47-16 4J ,: Southland . 42 43 ■ •'. North Island, selected... 43 43 North Island, ordinary... 411-16 411-16 Australian, best 4J 4} ' Australian, fair 32 35 Australian, inferior — . —: •'■Eiver Plato ..../... — — ' - Beef- ' . ■ .New Zealand, ox fores ... 23 .25 . New Zealand, ox hinds ... 3j 38 : Australian, ox fores 2§ 23 . Australian, ox hinds 38 31 : Itivcr Plate, ox fores ... 2g , 213-16 Kiver Plate; ost hinds ..'. 38 3J ' The New Zealand Loan and Mercantile. Agency Company, Limited, have received the following cablegram from their London house, under date August s:—Frozen moat: "The market for mutton has improved slightly, lamb is steady, and beef has an upward tendency."' ■; ■' l HIGH-': COMMISSIONER'S CABLE. The Commerce and Tourists Division of the Department of Agriculture, Commerce, and Tourists, has received the following cablegram from the'. High Commissioner, dated London August 6:— ■ • Mutton.—The market is quiet but steady; on the whole there is a slight improvement during tho week. Tho average price .for," Canterbury mutton to-day is 33d. GQod quality Canterbury light weight 32d., North- Island heavy-weight 33d. per'lb. , Lamb.—There has been a better tone 1 in tho market this weelt, and a good demand continues.. Canterbury sd. Other than Canterbury 4Jd. per lb. '

Butter.—The market is quiet, but moderate business doing. Best finalities aro getting very scarce. Siberian, a good demand at 101s. per cwti Danish 112s. per cwt. Cheese.—The market is firm and supplies are decreasing. White 575. Coloured: There is an increasing dema-nd at 565. per cwt. Canadian 555. per cwt. Hemp.—Tiie market is dull, and very little business doing. New Zealand. good, fair on spot, per ton, £24. Fair grade £21 ss. Forward shipments, about tho same price. Stock of New Zealand hemp 327 tons. - Fair current Manila, on spot, nor ton,-£20." Forward shipment £20 ss. The output for the week from Manila wae 24,000 lyiles. Cocksfoot Seed.—The market is somewhat, steadier, and there is a better demand this week. Average bright clean New Zealand cocksfoot seed, weighing 171b. to bushel, on spot, per cwt., 645. Bradford Tops.—The market is active with a good demand. 36's low crossbreds Is. . Ud., 40's. low crossbreds Is. 2Jd., 44's medium Is. 4d., 50's halfbreds Iβ. BJd., 56's quartcrbreds Is. HJd., 60's merinos 2s. 4d. ARGENTINE SHIPMENTS. The Commerce and Tourists Division of the Department of Agriculture, Com--I'inorce, and Tourists, has received the fol-' ' lowing cablegram from Buenos Ayres, Argentine:—"The following shipments of produce were dispatched from the Argentine to tho United Kingdom during June, 1910: Beef, quarters,, frozen, 326,084; beef, quarters, chilled, 176;596; mutton, carcasses, 184,983; butter, nil." . ■ . PETROLEUM PROSPECTS. (By Teleerapii.—Press Association.) New Plymouth, August 8. The manager of the Standard Oil Company of New Zealand reports that drilling operation's, which have been suspended for some time, aro now progressing favourably. The well is down 3000 ft., and in good oil-bearing country with, at times, a good show of oil and strong gas. He expects important, developments any day. The .. Taran.iki Petroleum Company's Mcial general meeting of shareholders today passed a resolution submitted by tho directors for an increase of capital from £120,000 to £150,000 by ..fte is3uc of 30,000 preferential shares of £1 each. The resolution was carried by 102 votes to one, the only. dissentient being a representative of some. Wellington shareholders. It was pointed out that the present capital was only sufficient to carry on till the end of the year, and that the then directors would be forced to accept almost any terms- offered by outside capital for' the purchase of the company's interests, whereas, by carrying the resolution, they conld continue for two or three years, prospect further properties, and greatly strengthen the hands of the directors in negotiating with prospective buyers. ■ The manager reported that the oil sold, mostly from No. 2 bore, was 14,751 gallons, whilst they .had in stock some 76,000 gallons. . : '; . A statement was made by Mr. Carter (chairman of directors) that tho companv had secured an extension of two years in which to' commence borin? on some valuable options, whose original term wouldhave'expired in October next.