COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 906, 27 August 1910, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. _ There were no'transactions. yesterday in investment shares, and the market was quiet. The quotations were as under:—

GOLD AND THE HONEY MARKET. Tho gold held by the principal banks of issue in Europe at the end of June compared with the figures for tho correspond-, ing period of 1909 is disclosed in tho taulo annnndefh— - '

The total at. the end of Juno last was £474;696,146, as compared with £469,865,552 at the end of June, 1909, tho increase for tile year being £4,830,594. The most noticeable feature of the .above figures is the decrease in the' gold holding of the Bank of France, and the substantial increase of the Bank of Kussia. The Bank of England exhibits the -small increase ot £1,3D0,000. Germany has lost a fair amount, and so has- Austria-Hungary. Some of the Continental banks are largo holders of silver, and tho figures. of tho white metal compare as under:— 1909. 1910.

There is a decrease of ; £2.162,000, which is a mere trifle. Tho Continental'banks'find it convenient to hold so largo, an amount of silver because they arc free to pay out in gold or silver, or.both gold and silver at their option. -Furthermore, they, have large note issues to provide for, as owing to the restricted use of cheques notes tal;c their place. . ; Although the Bank of England holds practically tho smallest amount'of gold as compared with the more important Con-tinental-banks, ; yet the English bank rate ,\vas lower than any of the others. At the cud of'Juric last tho. Bank of England'rate of discount was 3 per cent., It. was the same in France; in Belgium it was 3J per. cent.; it was. 4 per cent, in Germany .and Austria-Hungary; .4i per cent, in Eussia and Spain, and s'per cent, in Italy and' Holland. •■'■,

r Dealing with these figures the "Financial Times" says:—"As disclosed by . the returns of the leading European banks of issue, there is nothing to indicate the likelihood of < any- serious disturbance of the money market. Our own position , is complicated by the lago amount of shortterm Government borrowings still' outstanding, which, have probably tended to increase the amount of foreign credits in this country, but the strengthenine of the Itussian badlt's resources is a decidedly favourable feature, and Franco could well afford the drop shown in her metallic reserves from' the extraordinary high level of last year. The ieccnt demand for gold which has sprung upon the Oontinent, and which has ; prevented the South African gold shipments from going to swell the coffers of the Bank of England, arrears to bo partly at least a reflection of the weakness .in America, and -the i fact that tho United States is already, beginning to'call for 'gold need not necessarily bo taken as no likelihood- that tho withdrawals will be 'sufficiently large to cauEe any disturbance on.the; London market, and tho taking of precautions thus early may lend to .prevent any extreme stringency later in the year." ■ ....

Tho Gustom3 revenue, collected at the ■port of Wellington yesterday amounted to £5154 10s. 4d. ■ ■ V

FJUJIT AND PKODUCB BEPORT. The New Zealand Fruit and Produce Co., report •:—The demand continues good for both fruit and vegetables, with the exception of cauliflower, which has declined, in price, in consequence of the increased supply. Potatoes are still advancing, but wo do not think that they will'rise higher, as supplies from Australia arc landing at lower rates than local prices. Eggs are now down to Is. per dozen. These cannot go much lower, as suppliers are preserving rather than accept lower rates. We report as follows:—Potatoes, Bs'. to Bs. 6d. cwt.; onions, ,6s. Gd. to 7s. cwt.; swedes, 2s. 6d. cwt.; turnips, 4s. to 4s. 9d. sack; carrots, ss. 6d. to Vs. sack; parsnips, 10s. to 11s. 6d. sack; cabbage,'4s. to9s. 6d. sack; artichokes, ss. (part bag); cauliflower, 4s. to 83. sack; pumpkin. 3s. to 4s. sack; marrows, 2s. to. 3s. sack; lettuce, 35.; u> 6s. 6d.- case;; spinach, 4s. to: ss. case; marrows, 2s. to 35.; cucumbers, 10s. to 11s. 6d.; peae, 4id. 'per lb.; apples! Washington 7s. 9d. to ■ 85. fid. , , Stone Pippin 7s. to Bs., Rokewood 7s. to Bs., Epps's seedlings, 4s. 9d. to ss. (id., Stunners '7s. to Bs. 6d., .Cat's Head .Bs. to Bs. 6d.>, Hobart apples, Scarlet Permains 11s. 6d. to 11s. lCd., Stone Pippin 9s. to 10s. 3d., French Crabs Bs. 9d. to 10s., Eusscts 9s. to 10s.; passion friiit, 65." 6d. box; oranges, Sydney, 7s. 6d. to 95.; bananas, 15s. to 18s.; mandarins, 10s. to 10s. 6d.; lemons, 83. to 95.; pears, cooking 7s. 6d. to Bs. 6d., dessert 4s. 6d. half-case; pines, 9s. to 10s.; Sevillcs, 4s. to 55.; eggs, ,Is. -doz.; chaff, £5 to £5 ' 155. ; oats, A grade Cartons, 2s. Bd.;.rice, 6s. 1 6d. (561b.), mat; bran, Bs. 3d. sack; wheat, 4s. to 4s. 3d. bushel;. straw, 2s. to 2s. 3d. bale; pollard, £6 per ton; peanuts, 255. sack; ducks, 4s. 6d. to 6s. paid; hens, 3s. to 3s. 6d. pair.

WOOL, HIDE AND TALLOW SALES. Messrs. Dalgety and Coinpauy, Limited, report 'having held their fortnightly salo of wool, oKin=, maes ana taliow yesterday afternoon. There was a representative attendance, of buyers and competition v.-as very animated. Wool: Prices were slightly in sellers' favour, and some superior lots showed a rise of id. 'as compared with last sale rates. We quote :-Jlalfured, 93d.; cmtchings, sd. to 6*d.; lambs, 6Jd. to 6Jd.; washed pieces; 51d. to 7Jd.; bellies and pieces, 3Jd. to 5.? d.; dead, Sijci. to 73d. Sheep- , skins: Prices for all lines of dry skins wore on a par with last sale, but-green skins showed an advance. We quote: • llalfbrcd, fid. to 83d.; crossbred, good, 7Jd. to 7Jd.; crossbred, inferior, sld. to 63d.; crossbred half-wools, 3»d. to 7Jd.; merino, 63d.; lambs, 7d.; dead and.broken, 4d. to 63d.; butchers' crossbred, green, 4s. Bd. to Bs. 5d.; lambs, damp. 3s. 7d.. to 4s. sd. Hides: AH good hides ohowed an advanco of Jd. per lb". 'Wo quote: Ox, medium, 6d. to 63d.; cow, medium, 53d. to 63d.; calf, good, 83d. to 91(1.; calf, inferior, 3d. to '7d.; horse, 10s. to 155.; bull, 5Jd. to 5Jd. Tallow: In shipping order, 275. 9d. to 285.; in tins audv barrels, 245. 3d.; rough fat, 19s. 3d. Kabbitskins, 13d. to 15|d. per lb. Messrs. Abraham and Williams, Ltd., Wellington, report on their salo us follows:—Wo offered a good catalogue to. a largo attendance of buyers. Bidding was keen for everything offered, skins and hides being lira at a substantial advance on lust sale's prices. We quote :—Wool: Hough crossbred, 7M.; good crutchings, 6Jd.; medium crutchings, 5Jd. to 5Jd.; second' crutchings, 4Jd. to 4-jd. Skins: Fine crossbred, Bld. to 82(1. ; nicdiuin crossbred, Bd. to Bid.; coarse crossbred, 73d.; lambs, 7id.; dead, C2d.; short and inferior,'4sd. to 62d.; butchers' half-dry and green, heavy, Bs. 4d. to 9s. 2d.; medium, 7s. 4(1. to 7s. lid.; light, 6s. 6d. to. 75.; lambs, 4s. lid. to ss. 11(1. Hides: So heavy ox offering. Medium ox, Gjjd. to 63d.; light, 6d.; heavy cows, 6,(1.; light'to medium, HA. ; calf, B'.d. to 9{d.; damaged, std. to 7Jd. Tallow, in tins, 225. to 245. 3d. cwt. The New Zealand Loan and MercantileAgency Company, Ltd., report aa follows: —At our fortnightly sale yesterday wo offored about 30 balcß-wool, 2100 skius, also chides, calfskins, rabbitskius, and tallow,

There was keen competition from a good attendance of buyers, and prices for wool were higher by Jd. per lb., sheepskins id. to Jd., and hides Jd. to Jd. per lb., than last sales. Wo quote :—Wool: Merino medium, 8»il. per lh.; half bred, inferior, 9d.; crossbred, line IGJd.; pieces, Sicl. to 6d.; pieces, inferior, 3d. to 3»d.; crutchings, good, 5Jd. to 6d.; crutchings, inferior and seedy, 3d. to sd. Sheepsliir.s: Jlerino, sound, s*d. to 7*d.; merino, damaged, 2Jd. to 4Jd.; half bred, 9d.; crossbred, medium to fine, Bd. to BJd.; crossbred, coarse, 7d. to 73d.; dead, siu. to 7id.; broken, 23d. to 33d. Hides: Ox, medium, 6*d.; cow and light ox, sjd. to 6d.; faulty "hides, 3d. to 52d.: calfskins, sound, 83d. to 9d.; calfskins, damaged, sil. to 6M.; horsehides, lCs. each. Tallow, in tins, 245. 3d. per cwt.

Jfessrs. Levin and Company, Limited, report -.—\Vo. held our fortnightly sale yesterday, when we ofTercd 20 bale= of wool, 1100 sheepskins, 1050 hides and calfskins, and .a quantity of tallow aud horsehair. There was a good attendance of buyers. Wool: Sold generally on a par with recent prices, with crutchings in better demand. We quote:-Fine crossbred, Btl. to 93(1.; coarse crossbred, 6£d. to 73d.; lambs' wool, 6S to Bd.i pieces and bellies, 4d. to 5d.; locks, 2Jd. to 4Sd.; crutchinge, 4d. to Ski. Skins: Dry skills show a riso o£ n. farthing per lb., while green skins were in good demand at better prices.. Wo quote:—Fine croEsbreds, Bd. to C3d.; medium crossbreds, 7d. to BJd.; ooarse crossbreds, 6u. to 73d.; dead hoggets, od. to 63d.; lambskins, 53d. to 7Jd.; quarter to half-wools, 4|d. to 63d.; dry pelts. 2»d. to 5Jd.; green sltins, ss. Bd. to Bs. 2(1.; lambskins, 2s. 6d.' to 4s. 9d. Tallow: Was very firm. Parcels in shipping order, £28. Tins, £20 to £24 55.; rough fat, £10 to £19 ss. Horsehair, Is. to Is. 6d. per lb. Horns, ss. to 15s.' per hundred.. Covrtails, Is. 6d. per dozen. Hides: Occasionally showed' an upward tendency, 'amonnting in some cases to a. halfpenny per lb. Calfskins were film at last sale's prices. We quoto:-Ox.hides (heavy),. 61d. to 7jd. ox hides (medium), 61d. to Bid.; ox hides (light), 5Jd. to 6jjd.; cow hides, Sid. to 6Jd.; cut and slippy hides, '3d. to 53d.; stag hides, 4d. to sjd.; bull hides, 4d. to 53d.; yearlings, sd. to 6ijd.; calf, best, 9d. to 9jd.; calf, medium, 7Jd. to B}d.; calf, cut and slippy, sd. to 7d.

i Messrs. Murray, Itobcrts and Co., Ltd., report:—Our catalogue yesterday comprised 40 bales wool, 2300 sheepskins, 1501 hides, and some tallow and horsehair. The attendance of buyors was good, and those present evinced considerable keenness in bidding. . Prices all round were firmer, and sheepskins and hides were, on the whole a farthing per .lb. higher than a fortnight ago. Prices realised wero as follow: —Wool: Crossbred ileece, rough, seedy, etc., 7d. to Bd. per lb.; pieces, locks, etc., lid. t0,5d.; crutchings, clean, light, Gd. to 6Jd.; crutchings, medium, SJd. tu sJil.; erutchings, heavy, inferior. '4d. to sd. Skins:, Super halfbreds and comebacks, 83d. to 93d.; halfbreds and fine crossbreds, Sd. to BJ<3.: crossbred, medium and coarse, 7d. to 73d.; crossbreds (off pelts), 6d.V to 73d.; crossbreds, dead, etc., sd. to 7d.; lambs, 6d. to 73d.; dead hoggets. 5Jd.. to. 71d.; broken and badly damaged, 2d. to 4Jd.; uutchers',' green, damp, etc., 6s. 6d. to 7s. 6d. each. Hides: Ox, heavy, 6Jd. to 81* per lb.; oi, medium and,light, 6d. to 6Jd.; cows, good, 6d. to 6Sd.; cows, ordinary, 55(1. to 6d.; damaged, cut and slippy, etc., 4d. to 55d.; bulls, stags,y43d. to 5Jd.; calf, prime, 9Jd. to 10} d.; calf, medium, Bd. to 83d.; calf, damaged, 4*d. to 63d. Horsehair, Is. 6d.,'to Is. 7*d. per Ib. Cowhair (tail picked),' to 113 d. Tallow, in tins. 235. to 24b. per cwt.; in casks, 275. 6d. to 28s.

BANK.OF ENGLAND RETURN. By Teleeraphx-Press Association—Oopyrleh'. . •' ' , (Kec. August 26, 7.10 p.m.) • London, August 25. The Bank of England return issued for the week ended Wednesday, August 21, is as irador:— ISSDE DEPATITMEXT. Noto Issue... £57,534.000 Gov.debt ...;£U,015,00J 1 Other Eecuri- ' tios , ... 7,<3«,000 . Gold . „ 39.035,000 £57,534,000 , - SalJßUfim BiKKIXO DEPARTMENT. Proprietors' Govt. socuricapital £14,653,000 ties... ... £16,011,000 Public do-■■ i Other securi])o3its ... 17,029,000 ' ties 29,420,000 Other do- .... posits , ...30,901.000 Xotes „. M,2H,C00 Best, 7-day and other • Coin... „, 1,245,000 bills.:.. ... 3,517,000 . ' £75,933.000 . £75,033X00 The leading items of the Bank of England return afford tho following com' parison:— ■ '. - , This week. LoEtwook. Last year . £ ■ £ £ . ■ Bullion 39,085.000 38,763,000 38.70J.000 Ecßurve ... ... SCUcO.OO'J. 5!9,U6!!,000 5U.-2J0.D00 Kote circulation slS.yla.OCiO 58.413.UU «J,47U.000 Public Deposits 17,ft!!).UH IU.aCt.UM 9,7i7.WU Other Deposits ■. 09,!,«1,W) 3'J.7iK),000 45,248,000 Proportion o(. resoi-vo to liabilities ... 63.05 53.19 53.11 ' , ' ' ' • " ' ■■■ ■ ' ... \ ; GOVERNMENT BECUEITIES. i >The foljovpins are tho latest quotation) for GoYeriiinent eecuritici. with , a com' parison ot those ruling last week:— s ~ "• • Variations \ "" • Prlco.' ■ with ' ; last weok. ■ £ 3. d. • . • 2J% Imnorial Consols 81 U 0 Unchanged 4' ..Ji.B.y.lßMJan.yuly 105 0 0 linchanued 3J OS 0 0 UncDaaiiod 3 ~N.b.W.is3sAiil.-Oct. 83 0 0 Uuohanaod 4 ~Vio.W2UJan.-July •"■- 103 0 0 Unchaugod 3i „ Vic:llBl-SJau.July id 0 0 Unchanged--3 ~Vie.l'J-i9-49Jiin.yuly 6510 0 Unchanged 34 ..S.A.aMliJaii.-July 97 6 0 ' Unclmniied 3 ~S.A. UlUJan.-July 81 !( Uncuuuaod 4'..QTdMlMl.lau.-July 10J 0 0 Unchanged 34 „ (J'l'dllKMWan.-Jiily i 3 0 0 Uachauscd 3 ..gTdlWMVJau.July Sj 10 0 Unchaut'ed i ~N.i4.IMJMaj-->iov. 101 U 0 255.10«-or 3i ~-N.Si. 1910 Jan.-July % 0 0 Unclmiißed 3 ...N.Z. 104,'.April-Ocb.- b8 0 0 Unchanged 34,, W.A.1180-40iIay-Nov W 10 0 TJiichaused. 3 „ W.A.lUli-MJtiir-Nov US U ,0 Unchanged 34 ..TasMiilOJan.-July W 00 Unchftiißcd 3 ..'l'M.lttHMOJan.-Jilly t6 0. 0 UuchaHaed BANK RATES OP INTEEEST. s The' Bank of England discount rate was raised on October 7 last Irom 2J to 3 per cent., on October 14 to-4 per cent., and on October 21 to 5 per cent. On December 9 it was reduced to % per cent.; on January 20 to 35 per cent., and on February 10 to. 3 per cent. On March 17- it was again raised to 4 per ceut., on" June 2 it was reduced to 3i per cent., and on Juno 9 to 3 per cent. .. The Bank of France rate was reduced from 3* to 3 per cent, on January 23, 1908, and remains at the latter figure. The Imperial Bank of Germany, on September 20. last, advanced its. rate from 3J to 4 per cent., and on October 11 to 5 per cent.; lowered same on January 21 to 4J per cent., and on February 10 to 4 ,per cent.. . ■ _ ~ MAEKET BATES OF .DISCOUNT. . The following aro the market rates for best three months' bills :— ■•,'-. London Paris ■ Berlin rate. ;.. rate. 'rate, per cent per cent. per. cent. August 25 3V\. . 2J 31 Dast week 2jj. . 2 3| v Last year 1J ■ 1J 2J Shurt loans are Quoted at 2 to 21 per cent., as against 1* per cent, last week, and 18 per cent, a fortnight ago. ' COLONIAL AND OTHEE PEODTJCE., .Wheat.-Tlio weather in Great Britain and' the Continent is generally favourable with occasional heavy showers. The markets arc steady, but inactive. The French crop is estimated at six to ten million (iuai-ters below requirements.' The American markets aro lira owing to frosts in Canada, and less favourable weather in Argentina. A cargo of Australian sold at 38s. per quarter. South Australian afloat is quoted at 38s. 6d.; September-October shipment, per steamer, 38s. 9d.; Victorian, July shipment, 395. 6d.; South Australian and Victorian parcels, September-Qctobet shipment, 375. Flour.—Australian, 275. 6d. to 28s. on spot London, and 285., ex store, Glasgow. Oats are steady. Gartons, 18s. 6d. to 21s.;' Sparrowbills, 17s. 6d. to' 19s. 9d.; La Plata, August-September shipment, 13s. 7£d. Butter.—There is a scarcity of finest quality, but a good supply of secondaries.Danish, 116s. to 118s.; Australian, unsalt-' cd, 112s. to 1145.; salted, HCs. to 1125.; New Zealand, 114s. to 116s. New season's Australian butter, per s.s. Orontes, secondary quality, 106s. Cheese.—The market is dull and unchanged. Now Zealand, white, 585.; coloured, 575. per cwt. , , Sugar, German beet, 88deg.. 4d. lower, at Ms. 7d. per cwt.; first-mark granulated, f.0.1i. Hamburg, 2d. lower, at 17s. 4d. Bradford Tops.—The market is firm. Forties, lid. higher, at 143 d. por lb.; fortysixes, Id. higher at 163 d.; common sixties, •.mi'hangcd, lit 263 d.; super sixties, unchanged,' at 27Jd.; sixty-fours, unchanged, at 28Jd. TIIE METAL MARKETS. Copper.—On spot, 7s. 6d. lower, 'at £55 17a. Cd., per ton; throe months', 6s. 3d. lower, at £56 12s. 6d. Tin.-On spot, £4 15s. higher, at £159 per Ion; Hires mouths', 355. higher, at £157 7s. 6d. Lead, £12 Us. 3d. per ton. Spelter, 2s. 6d. .lower, at £22 15s. per ton. Pig-iron, 4d. lower, at 495. 9d. per ton. TIIE JtETAL MARKETS. By TeleEraph-ProBS Association—OoDrrichr London, August 25. Coppor.-On tho epot, £55 Bs. 9d.; three months, £56 55.; electrolytic, £58 2s. 6d. Tiu.-Ou tlio spot, £157 65.; three months, £156 ss. 1

' OANTERBUEY GEAIN MAEICET. (Dy Telegranli.-Pross Association.) Christchurch, August 26. Business iu tho grain market has been very slack during the week. .Millers, who were recently making purchases, have apparently replenished their stocks, and prices asked by growers for wheat aro beyond tlie limits of exporters. Transactions in oats are confined to small lots, and the demand for oatsheaf chaff is limited. Potatoes have .still further advanced. There is a demand lor coastal shipment, and, as offerings are short, buyers are now offering £6 15s. at country stations. Thci'o is good, inquiry for grass seed for spring sowing, the demand being stimulated by the fine weather now prc : vailing.

Buyers. Sellers. £ 6. d. £ s. (1. Bank of N.Z - 10 10 0 National Bank - 517 0 Equitable Building 9 12 6 —. Metropolitan Building ... 12 0 0 — Loan and Mercantile ) — 0 10 6 K.Z. and Paver Plate -' 2 10 Wellington Gas (£10) 18 2 6 Well'gt'n Gas (new issue) — 2 10 0 Gear Meat (£4) 10 5 0 - Gear Meat (£1) 2 15 0 - Meat Export (£4) — 5 5 0 Meat Export (£2 12s. 6d.) - 3 5 0 N.Z. Shipping 9 16 0 10 0 0 Well. Woollen (ord.) 2 12' 6 3 16 0 Well. Woollen (pref.) ..... 2 13 0 - Taupiri. Coal 0 19 0 .- Wcstport Coal - 611 0 Westport-Stockton 0 6 9 — Leylaud-O'Brien 17 0 1 8. 0 N.Z. Con. Dental — ' 1 2 6 > Sharland's preference .... — 13 0 Taranaki Petroleum 0 8 6 0 10 0 Taringamutu Totara 111 0 — Ward and Co ; - 5 6 0

appended:— End of June. 1909.. 1910. Bank of £> £ England 41,073,202 42,396,351. Germany ...; 38,233,850 36,710,000 France 147,952,000 135,157.250 Eussia. ; ■. 105,953,CCD 123,882,000 Austria '. 56,351,000 55,459,000 Italy 47,720,000 48,240,000 Holland 10.118,500 9,147,265 Belgium 6.489,000 6,464,250 Spain : 15,975,000 16,240,000

1309. 1910. Bank o£ \ £ £ ' Germany ; .'.._. 13,200,750 . 14,629,700 Franco 35,928,000 35,279,640 Kussia 8,771,000 8,691,000 Austria ; ;.. 12,950,000 13.269.GC0 Italy 6,200,000 5,«0,C00 Holland 3,523.000 ■ 2,256.310 Spain ;. 32,455,000 31,360,000 '113,087,750 •'■ 110,925,650.