COMMERCIAL ITEMS

Dominion, Volume 3, Issue 924, 17 September 1910, Page 8

COMMERCIAL ITEMS

. - INVESTMENT . SHARES; , V : v Yesterday there were sales of' New Zealand Loan'and Mercantile sliares .at<9s. 6d; : , and; Loyland-O'Brien' Timber at' 275. 9d, All shares'were lirni at full market rates. Tho/ quotations ■were as under. . • ' Buyer) Syllera 'Sales ' £ s. d £ s. d. £ s. d National Bank ...... 5:-.15' 0 • . —. , — :. Metropolitan . 12 * 0 0 * — . — • National Mortgage ' ' : — ■ ' 3 6 0 N.Z. Loan and iter- • ' ; • . • cantilo 0 9 0 ' 0 9 6 Well. Deposit :...... — i 0 8 9, — •Napier Gas (£10) ... 24 0 0 ' —. . Well. Gas (£10) 18 15 .0 - -: - National Insurance .1 10 .0/ — — . N.Z. Insurance • 5 19 6 — — Gear; Meat (£4) 10 15 0 Gear Meat (£1) v ... 2 17 6 .. . — — Mea£ Export (£4) — 5.5 0 — Meat iispurt 1£212 a 6d.) - 3 4 3 Well. Woollen (ord.) 313 6 .- Well. Woollen (pref) 2 14' 0' Wcstport Coal — 6 9. 0 . —. AVeslport-Stockton !. 0 7 0 . — — Donftghy. Rope ...... .— . 1 4 ;3 r — licylancf-O'Brien .... — . 1 8 0/ 1 7 ,9 N.Z., Coil. Dental — , 1 P fi. — : Sharland's (0rd.)... — 12 3 — •Taranaki Petroleum — 0 .9 6 . — Taringamutu Totara 1 15 6 2 0,0 , — ■ Ward and Co. ...... 5 2 0 — • •-[ ' , COTTON DILLS. - The decision of the conference of international. bunkers not to accept cotton bills unless guaranteed by Hhe United States banks is an important matter, and will have a tremendous effect on the cotton market and the trade in the staple. This" question of financing cotton bills was forccd to tho front ( by tho fraudß die-

olosed in conncetion with, tlio cotton brokers, Messrs. Knight, Yancey and Company. Tho fraud was discovered by tho port authorities at Bremen in April last, who wei'o led t-o doubt the genuineness of certain bills of lading bearing tlio signature of an American carrier. A German firm ordqred a; certain consignment of cotton from Knight, Yaiicey and Co., who filled up'the bill of lading for shipment, and then, without actually delivering tho cotton t-p tho carricr- and obtaining his agent's signature, a facsimilo of tlic agent's signaturo was set to the bill. .They thou attached tho -signed bill of lading, which tliey had obtained to their draft upon tho importer, and - tho • importer accepted the draft. Meantime,' he Yecoived no cotton. VTlicn complaint was made-of tho delay, Knight, Yancey and Co. > contrived to- get tlio cotton and to have shipped it otF about a month later. Certain discrepancies were discovered, and the fraud was exposed.. Knight, Yancey and Co. bankrupted, and many importers suffered heavy 'losses. - _ In July last the most important banking interests in Europe met in conference and-., passed tho , following . resolution 1 The-. baulis comprised in this committee iagreo that'in-the caso of drafts'drawn upon the banks .against bills of lading for cotton negotiated through exchange buyers in America, tho banks ; will decline from ■October ■ 31 onwards to ;accept against the bills of lading relating to such drafts, unless the genuineness of the bills of laaing,. both as to the..signaturo and as to the . possession of the cotton by. the . carrierup; to the time of issue, be guaranteed by, such exchango buyers to the satisfaction of ; ' the banks concerned.-" - ; ; The uncomprisin'g nature-of tliis 'rcsolu tionihad a marked etfcct on ; New York, and, arrangements were immediately made for , five' delegates; representing banliiig, railway, and other interests,'to visit London and confer with the ■'European bankers. -.This conference'appears, to have .been ; futile, for,-'according to i cable message published .this morning,, the English.; and Continental banker's have decided . to' adhere J.o the. terms of. the resolution /quoted above.. The. 'financing ithe cotton exports, will, fall upon,; the American bankers, and - as ;it;',means finding, a; very considerable sum- of, money,",'it, will ''cause "a grea;t ' deal :of inconvenience., ..The' New York buyers',-of- exchange k on"'l(ohdou, Paris, ; and: Berlin ytill be unable -to; deal■ in' ..cotton bills; : unless, the requirements of. the European' banks: are complied with, 1 , and 'the inland, banks who have made advances against cotton .for, shipment'-;must either carry the' bills until tho cotton , is actually delivered, or comply with/the' : .conditions fixed. ;Tl!e. new rules -will : sweeten the business, and elilninate' such, frauds as: led to the downfall, of .Knight, Yancey ■ and- 00. . . CANADA'S PHOOEESS. . < v The progress of;. Canada, as. viewed by a Oahadian appears^in a' recent issue of. the. "Statist,and tho figures presented therein 'ore very ■ impressive. \ .•'•ln. 1899 the railway 1 mileage , of .Canada was 17,000. 1n'.191)9, it had grown •';to just, over':30,000:.; During 1909 the ' railways carried freight nearly. 67,0C0,0C0 tons, . or three times what' it was twelve; years' ago;--,;On: December 31, 1909; Canadian';bahks had' on. 'deposit' '.£170,429,538. —about ' double - ..the amount'twelve years,-ago. In 19(.8-1909:'th(i trade of the 'Dominion reached £116,538,828. Last year' the imports;were £63,190,318,iand the £53,348,480,' The increase in; tho twelve year3:;was 167' per cent. The natural effect' ofthis 'increase;-;in'. trade has ,been to direct "■ to Canada'ia'! great volume of-im-migration, and.'-that,-.;again, lias" .reacted! for the: benefit of .business.. The total immigration'. for ..last' 'year, .was •' 184,281. All Bigns.point to this,'being the greatest .immigration year-in the. history of Canada. Sbiho, idea ol , Canada's progress', may be gathered from her industries.' The capital employed: in Canadian,-manufacturing concerns"; amounts. to. over ■ £240,000,000, and - tho Values of the products- of.'these manufac-turing.'-'concerns '.! exceeded' ■ . -£200,000,000;. against- ; £100;000,000 in 1899. it is estimated that at'least' 1,000,000 workers are employed in- Oanadian manufacturntr concerns. Agri-. culture : in all 1 its ITranches has shown, a marvellous .expansion during; the last !,ten. years,; and in almost:every department.the •lnorease.'iis.' fully 70- per: cent., except in dairying, -which • is showing , occasional decreases; because of- the' steadily increasing home consumption.' The. wheat production: in: 1899' was' almost 48,000,000- bushels, .while in'l9o9 : it was 167,744;C00 -bushels.','. The total value of!' .Canada's ;" field crops for ,1909 amounted' to £108,730,000. : ~, ;. ; :i! ; ;;i V " : :, CUSTOMS REVE-NTTE; . . ■ Customs revenue: collected -at! tho port 'of ; yesterday, amounted to! £1178 4s. Bd.' ."Iv- -,:; ..... : ' : FRITIT-'AND PKODTTCE EEPORT. : . ■.' The New Zealand' Fruit and. Produce Co:: Ltd., reports:—The market, keeps-good forfruit' and vegetables, r. Tho .price toes keeps firm. ' Onions, have, advanced; in "sympathy with'the Melbourne market, ' a.

fairly lnrgo shipment of Sydney fruit arrived this week, and met with a good demand. Prices during.the week have been as follow:—Potatoes' (Now Zealand), Bs. 9d. to 9s. 3d. cwt.; potatoes" (Australian), Bs. to Bs. 6d. cwt.; onions, 7s. to 7s. 6d. cwt.; swedes, 2s. cwt.; carrots, ss. 6d. to 7s. sack; parsnips, 10s. 1 to lOs. 9d. sack; cabbage, 7s. to 10s. 9d. sack; - turnips, 3s. to 4s. sack; caulillowers, 6s. to 10s. 6d. sack;' pumpkin,. 3s. to 4s. sack; peas, 4d. per lb.; lettuce, 2s. to 3s. 6d. case; cucumbers, lis. to 13s. case; ce!erj'i.2s. to 4«. duzrai;. apples (Washington), 7s. 9d. to Bs. 6d.; applc3 (stono pippin), 7s. to Bs.; app'.es (Piokewood),. 7s. to Bs.; apples (Epps' seedlings), 4s. to ss. 6d.; apples (Sturmcrs), 7s. to Bs. 6d.; apples (cat's head), Bs. to Bs. 6d.r Hobart apples (Scarlet Permains) 9s. to lis., Stose Pippin) 7s. to ..Bs., (French crabs), 7s. 6(1. to Bs. 9d.; (liussets) 9,5. to 10s.; passion fruit, Bs. to 95.; oranges (Sydney), ss. 6d. to 75.; bananas, 15s. to 18s,; manda.rins (gin.), 13s.' 3d., (bushel), 10s., (packers), Bs. 9d.; lemons, 7s. to Bs. 6c1.; poars (cooking), 7s. 6d. to 83. 6d.; pears (dessert). 4s. 6d. half-case; pines, 10s. t to 125.; eggs, 11(1. to : ls. dozen; chaff, £5 to £5 15s. ton; oats (A grado Gartons), 2s. 8d.); rice, 6s. 6d. (56!b.) mat; bran, 7s. 9d. sack; wheat. 3s. 9d. to 4s. 3d. bushel; straw, 2s. to 2s. 3d; bale; pollard, £6 ton; ducks, s 4s. 6d. to 6s. pair; peanuts, 235. sack; lions, 3s. to 3s. 6d, pair. • PALMEKSTON WOOIJ. SKIN, AND' HIDE ■ . •; ■ . SALE. • • . 1 Messrs. Abraham and Williams, Ltd.', report.—Wo held our usual monthly sale on Friday', and submitted . a large catalogue to a good attendanceof buyers. •Competition for skins and hides was exceptionally keen, and .we sold the whole of. our offering/"'with the ..exception .of two lines., . The wool offered consisted-chiefly of crutchings,' and sold readily. We quote; • clean,. 53d: to 6*d.; medium, 33d.'to 5Jd.; blade,-.Sd.; dead, 6ld. to 73d.;crossbred, 5Jd.; 6eedy lambs, 3d.; dead and pieces, 2d. • Skins: Crossbred, fine, Bd. j crossbred, medium, 6d., 63d. to 73d;; dam-'. :aged, 3d. to 43d.; dead, 6Jd.; hoggets, 6d.; quarter-wools,' 5?d.; lambs, 7id.; black, sid.; pelts, 13d.; .butchers' Bkins, 3s. id., 4s. 3d., ssi 2d.'; ss. 6d., ss. 8d„ 6s. Id., 6s. 2d. : , 6s. 5d.,' 6s. 6d„ 7s. 4d.,'75. 6d., 75.'.8 d., Bs.,' Bs. sd. .to 10s.; dead, ss. 6d.; green', 55.; liides. ox, "601b. >nd' over (gd.,"(iai, 68d. to 6Jd.; 501b. and over,: 6Jd;; light, 53d.; slippy, 4id.; cows, 501b. and over, 5Hd., 53d. to 61d.; light, -5Jd.; to 58d:; slippy, 4>d.; cut, 51d.;' bulls, sgd.; heifers and-steers, sd. -to ,53d.; .stsgs, Sd.;.; horse,. 65.. 9d'., to lis. 3d. We' were complimented by the buyers on the ge'Mip of our - calfskins, and .the ' prices ".realised constitute a. record for'this season. >Calf, 'sound, '93d.. to, 10id.;. calf, inferior,' 73<1; cut, 6Sd.; dry, 7{d.; slippy, 2{d.; yearlings, 6d.-. to 63d:; slipny, 4d/; cut,',43d.; sundries: tallow, tins, £2'4- 10s. per ton; casks,; £27 155.; rough' fat, 105.,: ,15s. 9d. : to 18s., 3d.; horse.hair, Is. 1d.,,,15. 4d. to ls.j7d. per.lb.; cow, hair,- 7d.;. cow tails, Is: sd. per ' dozen. Our next sale will be held on: October 14. . Messrs. Dalgety and Company, Ltd.; re-, port, having hold .their"usual fortnightly sale at iEketahunai oh Friday. No 6heep' were yarded,;,but cattle .came, in' in, excess of ; advertised : nujnbers, : tho; entries. chiefly comprising dairy' stock. The. prices .realised showed' a slight improvement on last sale. .; Wo ouoteTwo-y«v steers,,to £4 7s. 6d.; weaners, £2>l7s. 6u. to £3;' 2y'eaT. empty' heifers, to £3 :155.;- dairj stock, spring l cows, £4: sb. to £6; spring heifers, £3 10s: to. .£5; . . , V;^' : : • METAL" MARKETS. ;•.;' : , By Telegraph—Press Assoniatioh—Copiqig.hl .'London; September 15. Ooppei-.—On; the' spot, ,£55 35:,..9 d.';,;, three months; £55 ,18s. '9d. ' " Tin—On tho, spot, £158; three months, '£157 55.; , .. .. ••"■: ;< Silver is. quoted at .24. 9-16 d. per . ounce standard. .. . LONDON ■ PRODUCE OPEBATIONB. By Telegraph • i'i-.i-' • • :. i.pyright, . ' (lloc. September 16, 8.45 p.m.) • .• " . . London, September. 16. ■ The wheat markets are dull and easier, owing to large shipments and, heavy.;arTi: vals-.. Continental buyeTs are, not confident.' ;Chicago December wheat-is Quoted at 99 cents. : Cargoes are. neglected.' Thirty-' seven and sixpence ' is. asked for , Austrar lian now crop at three ,p6rts; Jaituary■Febriiary- jhipnient,' 395.; South' Australian: steamer 'August ■ shipment, Thirty-seven shillings/was' paid . for a' South Australian parcel,. September : shipment.': There is .slow .trade, in' -Australian spot at 395. 6d. :• ; ; Flour:" .Dull and unchanged: ■ • ; ■ : : Oats;. Quiet. . La- Plata,. ber shipment, l .l3sl. 7&d.'; Butter ;"Firm; , Danish, 116s.;to'118s." New; Victorian sold 1 , readily. . Choicest salted sold at 1145.: to i 1165.; :v.hsalted,' 116s,;..excoiitionally good,: l!ss. . There ■ is' little in(luiry . fdi'./storcd .' j"^ : ' V. *-.v .: Messrs.\ 'Da!gety' ' and' Company, .'Ltd., 1 re- 1 : porfc: having received ; following i.cable, ".advices from,tho London- house, under .date.

September 15:—Frozen Mutton and Lamb: Limited demand; holders are asking ?,d. per lb. more. Beef: Prices are unchanged, but nothing doing. Chilled Beef: Low prices, owing to heavy supplies. Now Zealand Pork: -This lias been sold from 6d. to 6£d.. per lb. GRAIN AND PRODUCE. • (By Telegraph-Press Association.) Chrlstchurch, September 16. There is improved demand for wheat for shipment to fho "United Kingdom by steamers loading within tlio noxt few weeks, but while, there is a. better tone in the market there is no improvement in prices. So varied .is tho quality of wheat offering, however, that values can only be'determined on inspection of samples. A number of lines aggregating several thousand bushels have been purchased during the few days, at-prices ranging from 3s. ?.d. for Rlifjlitly sprouted, up -"to 3s. bu. for sound .wheat,'.it country stations, a line of 900 bushels of. Hunters was .obtained nt 3s. at-a country station, wtinu other shipping parcels have changed hands afc 3r. 4d.. f.o.b. A short timo ago, when the Millers' Association were inquiring tor pearl wheat.^-there was little nn offer, but situg good linos are now coming forward. Millers are, however ,not operating,, as the nricei asked for pearl ..urecludes its nurchase for, shipment. The latest return furnished by tlio Department, of Agriculture estimated the total yield'of wheat this Jast season of 8,661,000 bushels. Less than three-ouarters of a "million bushels have yet. boon shipped, so that it would appear as'if there was still a large surplus beyond requirements till .next harvest on hand. ' There is. no changc to report;.in other produce, and the only business > doing is in seed. Potatoes show, no chnn<re in . Supplies are coining forward very ' slowly. '