COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 907, 29 August 1910, Page 8

COMMERCIAL ITEMS.

HTVESTMENT SHAKES. No transaction? were recorded in investment shares on • Saturday, and values were, unchanged. The buying and selling quotations were as under:—

' THE MONEY MARKET. Tliero'.was a sharp rise. in Lpndon last week 'in the discount rate', for. .three months' bills, and' also -for short loans. Tho discount rate was advanced from £2 12s. 6d.'per' cent. to £3 2s. fid.,., while tho short loan rate went up from l£ per cent, to 2 and 2J per cent: There appears to bo a strong demand for money for the "other securities" ' iuf the banking • department which represent the loans ( mane by thp Bank of England increased from £28,390,000 to £29,426,G00, an increase'of over a million sterliug during the week. It is not unusual to witness a strong. demand for money at this time of the year, .but tho special feature just now is that tho demand should bo so. pronounced. When the facts are made public it will'-no : doubt be found that the demand comes from America. The situation in the United States -has been causing a good -deal of> anxiety/ On' the' last day of Juno there was a considerable break in prices on the New York Stock. Exchange, which nearly into a..panic. If is stated that utter demoralisation would have prevailed luid; not • certain large banking in-, terests supported the market when it was going down seusationally under the heaviest volume of selling since the panic, disturbance of 1907. . The collapse . came within an, hour, or so after'.tho -market opened, arid for a time almost pandemo- - niura prevailed. One hundred stocks fell to . new low records for the year, and thOi liquidation, was so heavy that,'at tho i moment when panic seemed imminent, the 1 trading. was at a. volume of 5C0,C00 shares an hour. America is : likely to experience 'another time of financial trouble. At least,' that appears to be the' opinion in high financial circles in Europe, and tho banks in Great Britain and the Continent have been preparing for this contingency. • ' STOCK MARKETS. The quotations for Consols and Australasian stocks show no change, with one exception, New Zealand 4 per cents, being 25s..'lower on the weeld This, is a big. decline, and it is difficult to account for it. The interest on the stock'is. payable on May 1 and-November ,2. so'-.that £2 percent.; is due, on November .1. > According to Stock Exchange rules the stock would, be quoted ex interest one month before the interest" falls, due—in. this case on October 1. But the decline referred to above takes place on August 26, practically six weeks before the stock can be quoted ex interest. Sometimes a stock; eases in anticipation of a fresh loan issue,V and that might be the true easO'Uti'Vthis instance. No doubt some explanation will be ( forthcoming. shortly. * ./ 5 PRODUCE MARKETS. .The London quotations for colonial produce' disclose some interesting- movements. Choice butter appears to be in restricted supply, and the prices ruling are extremely satisfactory./',-..'New. Zealand butter',is. making 114s. ,to. 116s), : and all. other; sorts: of sbhoice.butter are making good" money: Second quality butter is also comparatively • high in price, new season's Australian mak-. ing.lOfis. ' The outlook for. butter is ex-, ceedingly'. promising. The,, cheese marketis reported dull, still there; is' no'change in values;, and at 575. to.' 58s.' per .. cwt.' cheese should be a paying proposition! * The most-cheering item is the firmness of the Bradford top market. According'to the' latest' quotations . the; coarse- wool counts have advanced;' forties', are. l|d. per lb. higher and forty-sixes r Jd. higher. If; this firmness next month tho September.sales should result satisfactorily and an-impetus will be.given to .business', in the new wool season. There if! a good deal of^ promise in the-situation.,. Customs revenue collected at the port of Wellington for £he week ended August 27 amounted to ..£26,169 Bs. 7d. ; • Beer- duty, for the'week amounted to £243 Bs. 3d. ■ WELLINGTON MARKET REPORT. Messrs. Laery and Co., Ltd., Wellington, report wholesale prices ruling on the market's:—Wheat, 1 fowl, 3s. Bd. to 3s. 9d.; feed oats, 25.',5 d.' to 2s. 7d.f dun oats,*2s.: 7<l. to 2s. 9d.; seed oats. 2s. lOd. to 35.:. Algerian oats. 2s. 7d. to 2s. 9d.; maize, 3s. 3d. to 3s. 5d.; crushed malt, 75.;• fowl-barley.-2s.- 9d:; Capo barley , seed, 35.; flour. Now Zealand £9 >'ss. to £10; peas, Prussian blue 6s. 3d., split, £18; seed peas, 3s. 9d.; partridge peas, 55.3d. per bushel; boneduEt, £5 15b.; superphosphates, -£sto£s ,55.; basic slag,- £4 10s.; pollard', £6 10s.; bran, £4 ss. to £4' 10s;; pigmeal, £5 ton; pearl, barley, 155.; chaff (oatebsheaf), £4 155.: to £5 65.; potatoes, table,, -£8 10s. 'to £9;' seecl, Up-to-Dates,' £7 ss. to £7 155.; onion's, Victorian,' £7. ton; molasses fodder, £6; bacon (factory), sides 7id., . bains 9d., rolls, Bd.; butter, prime /bulk,. IQd. to lid. Poultry, hens, 3s. 6d.; ducks, ss. to 6s. per S air;, turkeys, gobblers 18s. to 205., ens 10s. to 145.; fresh eggs, lid. dozen 1 ; cheese, 5Jd. per lb.; ' Akaroa ma-. chine-dreßsed cocksfoot, ?d. per ID.;, farmers' dressed couksfoot, sd. per lb.{ryegrass, 4s. 6d. per bushel; Italian ryegrass, 4s. to • 4s. 4d. per bushel; white clover, 90s. per' cwt. FEILDING MARKET REPORT. ■" At their weekly market at Feilding. on Friday Messrs. A. H. Atkinson and Co., I Ltd., had only a medium entry, of pigs I with slack demand, except for weaners, for ; which there is strong inquiry. For poultry there was more than the usual strong competition, and every bird sold at increased values. Well-grown chicks made- up to 4s. 3d. a pair, and at present young birds realise top prices, with young turkeyß. of medium weight in Keen demand. Of barley the firm quitted a quantity at 3s. per bushel. Table potatoes are'scarce, with fair inquiry for good sorts. The firm also sold a.' lot of farm sundries and general goods, furniture, etc., at good all-round values. ' Quotations:—Poultry: Roosters, .at per pair, 4s.', 4s. 3d.; single birds; 2s. 3d., 35., 3s. 3d., 3s. 6d., 4s. 3d.; mixed pens, at per pair, 3s. 3d., 35.'9 d., 45.; hens,'3s. 6d., ,45., 4s. 6d., 3s. <3d.; 6s. 3d.; pullets, 3s. 3d.; turkey hens, 10s. 6d. to 12s. per pair; , gobblers, 6s. 6d., 7s. 9d. each; ducks and ' drakes, 45., 4s. 3d., 4s. 6d., 4s. 9d. per: pair., Pigs: Well-bred Berkshire sow,'£3; porkers, 20s. 6d., 255.; stores. 14s. 6d„ 165., 16s. 1 6d.; slips, Bs. Gd.,'los. 6d., lis., lis. 6d.; suckers, ss. 6d., 7s. • 6d.„ Bs.. 9s. 6d.; sheep and cattle : dog, 6s. 6d.;, aged gelding, £6 6s. i Produce: Horse carrots, 2s. 6d. per sack; 1 *ble -do., 9d. per bag; pig potatoes,. 3s„ 3s. 6d. per sack; .seed do., 95., 10s., lis., 13s. 6d. per,', sack; Nelson dessert apples, 1 Bs., 9s. per case; local do., l*d. to 3d. per lb.; onions, 3d. to Id.: cauliflowers; 2d. each; Algerian oats, 3s. 6d. per bushel; imrtons, 35.; barley, 35., 3s. Id. per bushel; factory bacon, sides 7d., hams B£d: per lb. ACTIVITY IN TIN. . By Telegraph- i'res.- -Copyright. London, August 26. Tho "Financial Times" declares that tho rise in the price *of tin is due to tho "bulls" catching the "bears" who relied on an increase in the Straits supplies. The rubber boom, however, caused many small prospectors to turn to rubber. ! The tin-plate works have-, orders booked months ahead. ; A strong American demand continues. 1 (Itcc. August 2f1,« 5.5 p.m.) London, August 27. Mr. Vivian Younger, tho well-known authority, states the tin aro ! covering heavily, but the East (Strait Settlements) arc marketing large quantities daily, and the indications arc for full shipments for next month. Warrants are tightly held, but the market is somewhat unhealthy, and the rise is palpably due to manipulation. \ v Spot supplies aro ample. -

FROZEN MEAT. By Telegraph—Prcjs Association—Copyright (llcc. August 28, 5.5 p.m.) Londorii August 27/ Tho Frozon Meat Trade Association's Bmithfield market quotations for the un« dermentioned classes of frozen meat aro based on actual,sates,of. not.less,than one hundred carcasses of mutton or lamb, and twenty-fivo Quarters of beef of fair average quality. The quotations are not for selected lines, 'but for parcels fairly representative' of tho bulk of the ship, ments now on the market. Tho prices which follow are on -an average a farthing per lb. more than the value ex ship, this difference representing an average cost in expenses, handling, conveyance, and celling the meat;—

Messrs. Dalgety and Company, Limited, report having received the following cable advice from their London house, under dats August 25:—Frozen mutton and lamb: Holders are.firm. Thero ? is, a poor.demand, and prices are unchanged. 'Beef: id. per lb. lower. .' The New Zealand Loan and Mercantile Agency Company, jLimited, have received the following cablegram .from their London house, under date August 26:—Mutton market steadier. Sales of lamb progress fairly well. Beef has a downward tendency. • • ■ ■ • • • BABBITS. ' • High prices aire restricting the demand, * and there are no frozen rabbits competing. HIDES, LEATHER, AND BASILS. Hides.—Three thousand five hundred were offered. There, were no bidders, and prices are unchanged. Leather is unchanged. Basils.—Light, neglected; heavy have ad. vanced a penny. First Wellington, 193 d.. The. newspaper controversy, regarding the prospectus issued by Bowron Bros., Ltd., has taken up-a good deal of space' in the "Sydney Morning Herald," and probably when , the news reaches Sydney of the retirement of three of the local directors, Mr. Joseph Joseph and Drs. Knight and Collins, interest in the. subject will bo stimulated. As a matter.of fact,'the prospectus appears to have excited a - gooddeal more interest in Sydney than it has in New Zealand. • ■

Buyers. Sellers. £ b. d. £ s.' d. Bank .of N.Z - 1010 Q Equitable Buildin? . 9 12 6 — Metropolitan Building ... 12 0 0 7T , Loan and mercantile — • 0 1° j} N.Z. and River Plate — ? 1 0 "Well. Deposit — 0 8 9 Feilding Gas — 12 0 Wellington Gas (£10) .....18 5 0Well'frt'n Gas (new issue) — 2 10. 0 N.Z. Insurance ;... — - 4 0 0 Gear Heat (£4) 10 5 0 — Gear Meat (£1). 2 15 0 7 Meat Export (£4) — 5 §•? Meat Export (£2 12s. 6d.) — 3 5 0 N.Z. Shipping 9 16 0 *9 2 Well. .Woollen (ord.) 3 12 6 3 16 0 Well. Woollen (pref.) 2 13 0 •, 77 , Westport Coal — 6 11' 6 Westport-StoaUton 0 6 t " ' , T « Leyland-O'Brien • 17 0 18 0 N.Z. Con.' Dental / — 12 6 N.Z. Paper Mills 12 3 — Sharland's' preference .... 1 1 9 r ." —; Taringamulu Totara 111.0 *7 .Ward and Go - . 5 6 0 j

• Aug. 20. Aug. 27.' Mutton— il. d. Canterbury, light • 3J 35 Canterbury, medium 33 3J Canterbury, heavy ......... 3J i 39-16 Southland : — Korth Island,, best 3§ 3jj North Island, ordinary '.. 3916' 39-16 Australian, light 22 . 22 Australian, heavy 3 3 Eiver Plate, light 3£ 3J Eiver Plate, heavy 3j 3a . Lamb— Canterbury, light 5 5 Canterbury, medium ..;... 42 ; 42 Canterbury, heavy 4j 4j Southland : 43 43 North Island, selected... 4| : ■ ; 4j North Island, ordinary... 411-16 411-16 Australian, best 4} 4} Australian, fair - 32 32 Australian, inferior ....... — - Eiver ■ Plats ; — — Beef- ■ ' New Zealand, ox fores ... 21 23 New Zealand, ox hinds ... 33 3i Australian, ox fores 23 2& : Australian, ox hinds ..." 31 3A- • • ltivcr Plate, ox fores .... 23 2b Eiver Plate, ox hinds ... 33 .31