COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 919, 12 September 1910, Page 10

COMMERCIAL ITEMS.

: INVESTMENT SHARES. Quite a numbcVr of transactions in debentures were recorded, on Saturday, and it. is to-be hoped this class of business will increase. - New Zealand Loan and. Mercantile, third debentures, sold at £105; City of Ohristchurch, 4 per cents., at 941 j Richmond Ward, at 94i; and Sydenham Waterworks,-at 96. There were also sales of Taranaki Petroleum at 95., and Tanngamutu Totara at 355. The quotations were as under:— 1 . Buyers. Sellers. Sales. ' £s. d. £a. d. £a. a. National Bank 514 0 516 0 — •Bank N.Z., 10 3 0 : - Etiuitablo. Building 912 6 * — "■*' Metropolitan i 12 0 0 — — National Mortgage 34 0- — — N.Z. Loan and - / ' Mercantile '0 9,6 010 6 —. N'.Z. and -River i - * Plato - - 2-.ro Well. Investment ... 0 il 0:011.6 — Well. Deposit - 0 8 ,9 - . Ohristchurch Gas... 9150 10 O'J ~~' Peilding Gas , — » '119 ' — Wellington Gas (£10) 18 10 0 — *~ Wellington : Gas (£6 :155.) : 13 15 0 - - Well. Gas (new issue) 2 7 6 — . — . N.Z. Insuranco ; 3 19 0 —' • ~ Standard Insuranco — 1 5 6 • . — (tear Meat . (£4) ... 10 5 0 .• Gear Meat (£1) ... 2 15' 6 — ; . ~* Moat Export (£2l2s. , 6d.) - 3 4 6' — N.Zr Shipping ,10 10 , , "Onion Steam ......... 115 0 115 9 Well. Woollen : (pref.) 213 0 215 0 ; - Westport Coal 9 0.:-Westport-Stocktdh.V~. 0.6 10 —' • ■ Kauri Timber (15s;) 0 16 6 Leyland-O'Brien 17 3 18 0 — N.Z.'Con.,Dental .... — 12 3/ — N.Z. Paper Mi 115,... 13 0 - Sharland's ord. ... — 1 2.6 — Rharland's-pref. ... • 1 ,1 9 — <. -Taranaki: — 0 9,6 v 0 9 0 Taringamutu Totara 114. 6 - — \« y / THE MONEY MARKET'. . . . 7 The- Bank of England. continues; to; lose metal, but > not sufficiently to make any impression on the rates. . The proportion of reserve to - liabilities is 52.06 per cent., and is only, a ; shade less. than at the corresponding date of ,last year. The position, is: quite unsettled, and it 13' difficult to say what : may happen during the next fortnight; , The open", market discount ■ rate is on a parity with hank rate,, while in tho two previous wjceks it .was slightly more. .This .is not the. usual.' condition, and points to the prospects of deal money in the-near-future.. . Hero' again it is.. ad-visable.-to.- state that a rise m the. bankrate at the 'close, of . the current month would bo in .accord with "the..usual trend of affairs. Money invariably-becomes dearer towards the end: of tho third' quarter, of the year; and continues: so until the end of tho year. : r > , .' ;--Tho;auotations/for. Stock Exchange: secu-. ritics show a downward tendency. Consols, are, lower by 205., and,. at £80 10s., aro, below the record low ;;price- touched' dur-; ing the 'financial' panic, of 1907, when Consols-, fell. to,£Bo 15s. - At. '£80,10s. this; gilt-edged-security has 1 established a new low level. ; Twelve months ago. the, price was £84 175.. 6d., so that there .has . been a depreciation/of £4 7s. 6d. It is a tremendous- decline - for-,-such-, a--high-class stock. •The depreciation .of ■ stocks Quoted .on tho. London. Stock . Exchange has , been Very marked. recently..;' -The;" Bankers' , Magazine" (London) in its monthly comparison' of Values;'deals only with. 387 securities out' of- the many thousands. officially quoted, and the depreciation in these between Juno .20 and July 20 amounted .to approximately, £26,000,000, and since the latter -date there has been, a ; further -shrinkage.ln American securities-the, loss during the ; jieriod men-tioned-amounted to over 151 millions sterling : on 17 shares', , and 'altogetherthe depreciation in:.-thpse from the. highest. of tho - year -i .was more than! 45 millions sterling.. .Gilt-edged- stocks' on July .20 showed an: improvement, nine different' securities increasing 'in value, in the month to . tho' extent,, ofTabout '2} millions, though,- ofcourse, much oi that improvement has since been' lost, as also , has most of the increase shown, oi'British railway ,-ordinary.. stocks. , The fact that'.railway preference stocks'!appreciated-, and .debentures' depreciated -considerably is due ..tor.'-tho fact : that tho :latter., lmye liad .their-" interest deducted,;in tho* period:.: mentioned. • :.:In mines.: there. has been a continued depreciation, but: a, satisfactory feature was ,the advance 'in some of .the textilo' companies' shares; The rubber share - market' has been much quieter with 'irregular 'changes,. the: valuation, of* 16 representative c6m-.i l>anies':on':,July ;20 being. £14,445,000.'against: £14;650,000 ' a .month' previously,'- the!nominal : capital ,being only '£1,313,000. ■,- - •: AMEBICAN PIKE LOSSES. . - According: to figures made' public Ijy. .the . ! "Journal ..of Commerce.' and Commercial Bulletin"'-, the fire losses in .the United. Statesj and 'Canada; during - the.,.flret.,',six. months of the . present.' year : have again been , considerably : below - the average of the last' ; ,-few.'. ..The figures for .1.910. are;given :':at £19;845,780, uas'compariSd 1 with* £20,720.600 : and £25.099.430 for: the corresponding periods of 1909-and •lSOS.respeotive,'V.' As many- of tho more: impoi.' ; o -nt Bri-' •tisllinsurance 'companies,- derive con-, siderahle: premium-, income. fromi-/North , 'America, and- ns losses: elSewher;'h'ayo.hot: been heavy',', it a:p'pears tliat. up to . the.•present .time' the . prospects of the'/com-* panies -for: 1910 are, somewhat, exceptionally, favourable. ..-Fire," underwriting/ however, 1 is -proverbially ~an'.:."uncertain: more especially, on theContincnt of-'North; America,j-,where.:a Finglo'-'conflagration .has; on more'/than'-: one ,occasibn ; ; absorbed-'the,'-profitß , made during, the year in . . other ,irts of-the world. Among' British-'com-' panies transacting fire business in..North' America the Commercial - Union, tho Liverpool,,. London, and:' Globe, .the; Nort.li British .and'.; Mercantile,: and tho. Royal are credited v-with the/largest' premium incomes, while -'among : important ic(impanies doing no in-the-:-United, States and veryy littlo businessin-: Canada- aro. the .Alliance, and, ! -BRITISH, SHIPBUILDING. Tho shipbuilding andustry of • the /United Kingdom:;gives signs of roviving, at least this is the,indication of the tonnage under: construction. The : following .shows-, the fluctuations'ta this' important industry:— . : ■, " . ■ ' ■■ Gross tons. ' ' Jun0.30;:1907 - ...; : 1,250,318 " June-30,'1908;..:......; ....i.......; 799,178 , June 30, .1909, 745,705 . *- Deo. 31, 1909 -913,374 ; 'Mar/ : 31i;1910.,v.:.;:..;...:. 1,057,636 ..June 30,1910 1,118,587 .. Tho above figures refer, to. the gross tonnage of merchant ships building at the, oloso of the. quarters, -i The tonnage underconstruction at (the . close''of the last qiiar-. ter shows 1 an. increase of , 372,882 tons,. as compared with the corresponding quarter of, last year. _Of the'latest total 659,899 tons were-for the Home .register, , and 301,754 tons, for. foreign, owners. Glasgow contributed 228,534 tons to thd .total,- Belfast 227,500 tons,' Greenock .159,297 ton's, and smaller amounts at other places.' It is noteworthy that the average size of - the ships building in Bel- : fast was 11,974 'tons; while in Gla-sgow it was 3131 tons.. Next to 1 the United. Kingdom, the United' States had the most ton-: nago (excluding .warships) under construc-. tion, the number, .being 67, and the ton- ' nage 130,351. Germany came very' close with 51' vessels' of 129,096 ■ tons; Franc<!,''23 of 82,432-tons; Holland,; 26 .of 48,572 tons;: and Norway, 28 of 19,515 tons. . As regards warship-building in-tho United Kingdom'at: the end of the'quarter, the . number was 66,'' with ■ 378,523 tons displacement, of which ten of 96,000 tons displacement were being built in Eoyal- dockyards, - and 56,0f 282,443 tons in-private yards. SAYINGS BANKS IN U.S.A. , ~ The United States Government has just decided to establish savings banks in. eon-, nection with its poet offices, and the necessary legislation has *been passed whereby the. Secretary to the Treasury, . tho At-torney-General' aud Postmaster-General aro. constituted . trustees •of the new Depart-, ment. The : movement is regarded- in the light, of hn experiment, as there are plenty of savings banks in operation in the United States that pay a higher, rate of interest to depositors than that offered by the Government. Tho latter will give 2 per cent/interest-on-.deposits,, but . customers may change their doposits into. United States coupons or'-registered bonds . of sniall denominations, bearing 21 per. cont. interest. Officials of' tho regular savings'banks do not anticipate that the new departure will load to any diminution of tho funds entrusted to ,their, care. ; It is, however, pointed out by competent, banking authorities that one of the. first effects of ,tho new system, when it comcß into operation, will be to call from hiding places considerable amounts of money now lioarded 'by persons who do not have confidence in the : established banking institutions, whether State banks, national banks, or savings banks. This iB suggested in a cir-' culax issued by the National Bank of New York, which estimates the amount of money thus held in practical concealment, and which may bo brought out by, tho postal savings plan, as rising well up into tho millions. The' curious fact is adduced that during one year some 128,000. individuals in the United States took out money orders payablb to tlio: purchaser aggregating tho large ' sum of £1,625,000. These orders, moreover, were issued in first and second class post offices alone, the official investigation not having extended to tho smaller offices. The'conclusion drawn by the Assistant Postmaster-General was that all these orders, were bought for saving. pur- ! poses by people who were willing to forego, interest in consideration of tlio security which a Government obligation of that ; class involved. ' RUBBER ENTERPRISES. Tho rubber boom was responsible for somo astounding valuations of rubber properties. Tho American Consul-General at Singapore cites an instance, as follows, to show" how the. investing public is somc"timcs taken in:—An estate was sold to promoters for £30,000, and the, syndicate got a planter who -knew the estate/to put a flotation value, on-it. *He named: £50,000,

hut the promoters, wcro not. satisfied, An- . other expert examined and reported. Hib . price was £70,000. British and American fold was pouring into the country. anil the get-rich-quick spirit was horn. Still another expert was called in. 110 was told of. the former valuations,. and that they were unsatisfactory, bo ho valued tlio . estate at £100,000. Just at this time rubher took a big jump in the London and New York markets, and another expert, was asked to report. He placcd tlio flotation price at £150,000, and the syndicate , made it an even £160,000, and offered it at this figure. People fought for the stock, the share issue was over subscribed, and many immediately sold at a pood advance. All this was done within a. few months .without the slightest improvement on'the property except,the natural growth of the few hundred acres of Para, plants which had recently been planted. OUSTOME REVENUE. ! Customs revenue, collected at the port of Wellington for thn week ending September 10 amounted to £12,849 143. 3d., the beer duty bc-ing £240 Us. Id. Revenue collected on Saturday amounted to £5226 16s. Bd. FEILWNG market report.. Messrs. A. H. 'Atkinson and Co., Ltd., report an overflow pig yarding,, with values littld/ better than of late. A good many rough sorts were forward. Poultry in. keen'demand, and every pen sold at top'prices. , For young birds of all sorts there is unlimited inquiry. Wo sold a considerable quantity . of produce and grain at quotations, potatoes showing a rise in .values. Several good liorses were offered,; also j vehicles, and a quantity of iarin. • harness," eto. Quota-; tions:—Small weaners and suckers, ss. 6d„ '65., 6s. 6d., 6s. 9d., to 7s. fid.; better quality, 95., 10s., 10s. 3d., 10s. 3d., Us. 9d„ to 135.; stores, 10s. 9d., 14s. 6d., 155., 15s. 6d„ to 165.;. light porkers, 205.; bows. 36b. 6d. to 425. 6d.;-backs', 325. 6d. to £4; hens, 3s. 6d„ 4s„ 4s. 3d.; . pair pullets, 4s. 9d. to 55.',6 d;; cockerels, 3s. 6d.,'35.. 9d„ 45!,:45. 3d. (nothing.: of quality offering); turkey gobblers, Us. to: 20s. for'-prime- birds; ,hens, Bs. 6d., 9s. 3d., 9s. 6d.. 9s. 9d.; guinea fowls, 4s. 3d.; -wheat, 45.-, to 4s. 2d.; Algerian oats, 3s. 3d.; pollard, Üb. 6d.; bran, 7s. 6d.; seed potatoes, 10a. to 135.'6 d.;. pig do., 35.; table, to 155.; carrots, 25.; onions. 3d.; apples, 'Bs. 6d. case; pumpkins, 35., 3s.- 6d.; bacon and hams, 7d.- per lb.; .factory bacon, sides' 7d., hams BSd.'perlb. >. FROZEN MEAT. . By Telegraph—Press Association—Oopyrltrbt (Rcc. September 11, 5.5 p.m.) . London, September 10. , Frozen Meat Trade Association's Bmithfield market quotations for the undermentioned classes of frozen 'meat aro based on aetual sales of not less than one ,hundred carcasses of mutton or lamb, and - twonty-fivo auarters of. beef of fair, overago quality. . The quotations ars not for . selected 'lines, :but for parcels fairly representative of- the' bulk, of the. ship l mcnts now on . the market. The .uricea which- follow 'are on'<an- average/a farthing per' lb.' more than the value- ex-' ship, this' difference representing 'an cost in expenses.. handling, conveyance, and gelling the - meats- '. - - Sep. 3. Sep. 10. ; Mutton— d., d. # .' Canterbury,- light, 4- -' , .4:- 1 ' Canterbury, medium 315-16 > 4 - Canterbury,, lieavy : ........... .33 t .. ■ Southland. ■ ■— ' ■ :i- —- . ■ , North, Island, best. 313-16 -313-16 p. North Island, ordinary... 33 .. '33 : . .Australian, ,'light !.. 28 : 3 . "Australian, heavy 3 :3J ■ River. Plate,/light 3J . 33-16 . " River' Plate, hfeavy . 33 3i - Lamb ... ■ . - - -' ■-■ . ■ light 5J ' 51 . . . Canterbury, medium . 45 ''5 ." . Canterbury, heavy 4J 1 ",45 .. . Southland;- ...........U....... 48 r . 415-16 ; North Island, selected'..'. 48 .48 j.- : North-Island, ordinary... j ,43 ■'. \ 41-16 Australian; bflst ;:4J ','. : ■ Australian, fair :38 . . — ■;.'> • Australian, ■ inforior. ....... — — . River Plato — — ißeef— ■ ; V ; /'v : : ; - . . Now: Zealand, or.fores.2| .,■. ,25 . : . . '. New Zealand, ox-,hinds ..-. 3J 35 ''Australian,- ox •fores. .:;... 2a ••••., ."Australian,",ox.,hinds 3jJ • -. 3 1 " . ' River':Plato,'ox fores' . ''2a ■ 2J. '.-River Plate, ox hinds3l : . ,3j ; ' Tho New - Zealand Loan .and Mercantile :Agcncy Company, ■ Limited, .havocrcceived" tho following cablegram ,'fr6m .their Lori-. donhouse,.-> under i .dat'o- September iFrozen meat: : 'Tho market-for mutton has, '.a (harderctendepcy; ilamb. Is. firmer; - and; beef steadier. . BRITISH CROPS. By Telegraph—Presß Association—Copyright.:: . - 11,, 5.5 p.m.) ..- ' London, September 10. ' ' "The Times", estimates the conditions of . the-British , wheat crop at-91.87 per cent.;V • 'barley;;--'92,;-:.per-,cent.;,;,audv;pats;, i ?0.56;..ier cent. ;r ' '. ' \ THE METAL MARKETS. !By Telegraph—Press Association—Copyright. ; ;i 10y,;!|.(E€0. September liiv:s.s< p.m.) : .M'.. . ' : London, Soptomber 10.- - i : Copper!—On spot, £55 10s. por'ton; three months. £56 -ss. , per ton".■ i. 'AmeVicari' 'stocks'-;of.\'eopper amount to; ! .168,081,000.', pounds. ;! : .'jspot,; .£l6l'.:los!;;. ; per ton; threo, months,-;£ 156.165., , . , ■ Bar, silver is quoted. : 'at 24id. per ounce, standard. " * !

v:--" PKOPEKTr SALES. ' Messrs. Dalgoty and Co.. Ltd.,. report; ■the l sale, of 385 acres at Ngapaeruru ; on acoount.of-Mr. :0. Olsen,:to Mr. J. Smithe*; :ranuDuring. the past two months tfiey.-have;.-disposed of four: properties direct,and.flve m conjunction with other:firms...'