COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 955, 24 October 1910, Page 10

COMMERCIAL ITEMS.

' ; '.'■; r.-.'INTIiSTMENT SHAKES.';■,'■"■;',V'., Sales - of ,•' National Bank at' £s'iss.' 93;,'' Equitable''Building at £9,125. 6d., and New Zealand Consolidated at £l 2s. were recorded». ; on 'Saturday The-'fluotations 1 wore unchanged':—, .'.■': : : .';,'•::.'' "•.'-'■'■""'■'■;', ..Buyers' Sellers; -Sales, ■'■■ '■'■■ . '■'■ ■. £ s.d. £ B.d, ' £s:d National' Bank ....... •5 15 6. 5 16' 6 515 9 Building —" ,"; — ,9,12.6 N.Z. Loanand Mei-- " "-: '.-', ':.''.' '. cantile : . ; ':.' '....;. 010 0 — ,; — N;Z.' and Kiver Plate — • - 2 1.0 ' —. Well. Tryst &-Loan 7 10, 0 . ■,— .■: — , Well; Deposit ...... : . -i- ... 0..8 6. •■-'•: Ohristchurtih Gas ..-'• ■ - : - it- ;9 16 0 ■■ , .— . Standard-Insurance 15 6/ :—,:'.-. —' Ohristchurch, Meat 14 2 6 — " '• .Gear Meat (£4) ...12 5 0 - '-*'-' Gear Moat (£1) ... 3 2 0 — ..-' ••—' Meat Export (525.' -, ■'. fid.) ~.;.. ;...;, ■- '-..,3 4 0 iivi-^'-v Well. Woollen (ord.) 313 0 3 16' 0 --; Well, Woollsn (pref.) 215 6 - - N.Z. Con. Dental ... — 12 0' 1:2 : 0 N.Z. Drug .......'....... - 2110' -.--•■ N.Z. Portland Ce-, • .-'. . • .- . ' : ment ' •• — ' 116 0 — ' Taranalsi Petroleum', 09 0 0 10! ,0 — ■;''■

'.. ■.. LONDON ' MONEY,, MARKET. ■,;. ,■ The advance in the Bank- of 'England discount;;rate- from A to 5. per . cent, will: occasion;.no '. surprise,..'for,-the' probability; of an upward',movement:has; been,' strong-; lyin evidence for ! 'thd':past two'or'threo weeks. ;t;At" tto' corresponding, date last year we; had a 5 per cent, rate, and. it imposed \ no very serious check.on trade. The conditions' appear to be slightly: different how. The hardening of money taken in conjunction .with the weakness of trade, in the United States, has. caused commodity values' to' 'recede.' Thus; we find wheat and oats are tending \ downward, ;the outlook for the butter, market is one of weakness; the sngar'market is easier, whilo the wool market is appreciably, lower. Thq metal markets are only very.'slightly, affected; tin shows, a 'very strong advance, due to market manipulation; and silver is in the same position, but copper and pig-iron. are slightly easier. ,'-,:■. '-'■'" ,•■•",'•■■ -.■'-•'- -„■■■■•■'■'■: It is .'difficult to say what is in'store in the immediate future. Bank rate' may go a, little, higher, but that must necessarily depe'nd .upon, the foreign demands for gold.'. There are several countries 'with' large; credits in a. position to' take gold from ! London, and the .extent of their demands cannot'bo. ascertained, at-this distance. The situation in' America :is by no moans.i satisfactory,-notwithstanding, that tho National' Banks .have ;been' pre•paring for a period'of monetary l string-' ency.. It 6eoms' that, the recovery following upon tho crisis of 1907 was too rapid, and was therefore, more or less, fictitious. Now, there is .coming a reaction. The recovery referred to was: in the nature of forcing up '• commodity • prices, and the complaint's of the high cost of living which began in America have spread to Europe. The Americans wore'.responsible' for the advances recorded in wool, hides, skins, beef, mutton, and.other food products. • Now there is apparent a movement, in the other direction, and commodity, values . are declining. Whether wo arp approaching a period of low, commodity . prices it is impossible to say, but of this we-can make certain that strenuous efforts will, bo made at each decline' to check the downward tendency.. At the moment, the position is far from satisfactory.., •,'•■,:,.■'.,.. : - .. , "■■.;'

CANADIAN PEOGEESS. According to figures' compiled by .the 'Monetary Times," of- Toronto, the total Canadian borrowings in London . during •the first 6even months of this year amounted .to £29,056,366. Of this sum the Government was responsible for £10,000,000, railways for, £6,472,500, municipalities for '£1,945,800, and. the balance .was absorbed by industrial nnd;other enterprises. Since'l9os to July 30.last Canada has obtained the sum .■ of £128,040,000 in Great Britain through the medium of public borrowings, of which 75 per cent, was acquired since'the beginning of 1908. The same journal' also publishes' a table 'Ghowing.'the additions.-to the wealth - of the community through the cash-and effects brought by immigrants during the last five years. . These are estimated at £65,200,000, of , which £40,000,000 was , In cash, the balance'being plant, stock, and household effects. Tho number of irami-: grants'.in' the' period mentioned totalled 931,902 'pcrsonE, of whom 375,460 were from the United. Kingdom, and 314,520. from the' United States, Italy coming. next with 35,000 persons. . Amongst the remainder Australians figure to the extent of 1061 persons, and New-Zealand contributed 336 to: the Canadian, population. A- census, will be taken next year in Canada, and it. will" bo interesting to note the gains to the community by immigration during tho past ten years'. CUSTOMS DBA WHACK. The United States Customs arrangements inciudo drawback' facilities whereby 99 per cent, of the duty paid on imports may be refunded on the re-export of' the material in some manufactured state. These facilities are used to allow export, meat packers to buy Wclfli tinplalo for their cans, and some 1 £350,000. odd was refunded on that head in the last American fiscal year. A sum only slightly smaller was rebated in respect of refined sugar, showing that the American export confectioner likes to escape from the Sugar Trust. Itebato of X27GO was pa-id on apparel, an item that doubtless includes the garments of American tailoring made from exported English cloth and retailed at high prices in London last year. Twelve million yards of cotton cloth and 25 million jute bags, were exported with benefit of drawback, as were 55,000 dozens of typewriter ribbons, which had doubtless been cut fr«n

Bolton cloth. The ciport of 4«,8151b. of wool noils, on which a refund of 25,091 dollars was made, is less comprehensible. The weight multiplied by the import duty per 'pound does not in the least resemble tho total .refund recorded by the British Consul-General at New York,, and the 25,000 dollars is more than twice tho value of the noils exported from the English noil-produciug area in tho same year. Thero may bo some natural surprise at tho comparatively large refund on the i minor article noils and ' none at all on I wool. A largo Bum was paid upon re-ex-ported leather. • NOTES. The official enumeration of the sheep in Uruguay this year gives the total at 26,286,296, as compared with 18,608,717 'in 1900, tho increase being 7,677,579, or 41.6 per cent. Efforts are being made by leading pastoralists there, to improve tho breed. ■ ' For some time certain Canadian municipalities have been granting free land and tax exemption to manufacturers who were prepared to carry on undertakings within their boundaries. Net profits amounting to £13,338 were earned by the Royal Bank of Queensland, Limited, during the half-year ended September 30 last, as against £13,211 for the preceding six months and £12,826 for the corresponding term in 1909. With £938 brought forward, the • directors had available £14,276. Dividend at the rate of 41 per -cent..-takes £11,311; the sum of £1000 is added t-o the reserve fund, raising ite total-to ,£75,500; interest and other charges amount to £916, and £1048 is carried forward. Including paid-up capital, £519,237, reserve fund £74,500, and profit and lose £14,276, liabilities to shareholders appear at £608,013. : Other liabilities comprise bills payable £8590, , duo on Treasury notes £33,500,. and < deposits, ' etc., £1,398,152. Liquid assets amount to £645,783,- bankpremises, etc.. £69,160 and discounts and advances £1,333,291. ''■"'■" ' ' " CUSTOMS. The, Customs revenue collected at the port of Wellington on Saturday totalled £1245 7s. 10d., the revenue for the week being. £20,092 os. sd. Compared with tho corresponding dates of last year, the receipts . for the past six weeks were as under:— •• ' ' .1910. 1909. -:'■■:■;, ■ .-' ■ £ ' £ 'September 17 ... 19,836 . 9,383 September 24 ... 23,542 17,192 - October 1 v. ....„;..'! 11,171 10,202 - October 8 '.;..:....- 21,318 20,074 ■ i i October 15 ...; 10,021 7,320 ■ ' October 22 20,092 15,626 '•■-.'■ . 105,950. :■ 79,697 •,' The beer duty collected last week'totalled £320'75. 6d., as compared with £205 4s. in the previous week, and £294 10s. in the corresponding week of last year. FROZEN MEAT. B> Tolecraph—l'rcss Association—OopTrlskt ■ (Rec. October 23, 5.5 p.m.); London, October 22. Tho Frozen, Meat Trado Association's Smithfleld market quotations for tho undermentioned ..classes of frozen meat are based on actual sales of not less.than one hundred carcapses 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 the bulk of tho shipments : now on the' market. The prices which follow arc on an average a farthing per'lb. moro, than ..the value, ex ship, this difference. representing. an.. average cost in expenses, handling, ■ conveyance, and eelling the mcati-r 0ct.15. Oct. 22. Mutton-; d. ; .... " d. "/ Canterbury, light .'. 4J .— ■'.'. Canterbury, medium ...... 41 ,— .' Canterbury, heavy '....' 4 ■ — Southland • ' — < 4 '". North Island, best '4J '.-•'' 4J . ' North' Island, ordinary.;. 4 ; - ,'-. 4 •' Australian, light i 33 ; , ;32 Australian,, heavy ......... 31 ~ •' 3J JUvijr Plate, light :... 39-16 39-16 . -,Uiver Plate, 'heavy- 33, ,-..:3J, : Lamb——.'- .'. -;.'. ; ' : '.. '\ ";■ : ',.'.'• ' •''',■'■' •'■ , .'Canterbury, light 61 . . 53- : ' -Canterbury; medium 55-16 ..'sl? Canterbury, heavy ......... 515-16 - 51 Southland ; — 5j .North Island, selected ... 5J.-.;.. 51 North Island, ordinary... 5 5-16 - - --. :'Australian,.'best: '-i.'.i!.-..'... ::—.■-.,■ —.." ■ Australian, fair .....;. — -•'., '—. .Australian, inferior ...-...— 'V- ' — Biter, Plata '—■ — iieef-i' ; ""; : '■''' .'; ■'■".'■ \; ■ /' . '■'~ New'.Zealand, ox fores 1 ...' 21 -';'. 2} Now Zealand, ox' hinds... 33 '(31 Australian, ox fores ... 23'".■;; 23 •'Australian,i.ox hinds ... 31 .'■■ 31 . . ~. I' River Plate, ,ox fores,?,... 21 ':': 2} /.' •River Plato,'ox hinds'... 33 •/'^i . 31 Rabbits are firm, and the prices/are unchanged. ■. , t.:'j '. , ;

'■'.-', .■./•'■IMPERIAL CONSOLS.,.. . By Telegraph—Press Asßociation—Copyright. • ■■;..,. Londonj'October^!. Consols touched £79 13s. 9d.,' but' recovered i.to". £79 17s. 6d, f ••■' ■V .. , MONET MARKET. ..'" .'■. By Telegraph—Press Association—Copyright. •'' i. ■• ''••■'' . tpridon, ..October.'M;.';' The .open ■ market .rate for bcst,,rthreo months', bills is, in' London ,43-'por. cent., in Paris 28 per cent.* and, in." Borlirt\lg .percent;- V jv ■...;-.■ •.',• : >%: .•'-,;-. " . : f.---.-- .',■;•'■ .SHEEPSKIN SALES., . By Telegraph—Press Association—Copyright. -'"'""'''' London, Ootobbr 21. . : The sheepskin,.sales' have; concluded. Merinos, recovered 6lightly at.the olo'se'. Prices were par to Jd. below those of the September sales, and crossbreds 3d. to Jd. lower. "':■'■',■ .- : .■'■■•' :.:■'■ ■'■■'■')'■■ : - '■■ SILVER:.".._'' ,; By Telegraph—Press Association—Copyright. x '.'-■■■■ London, October 21. Bar.silver is Quoted at 26 3-16 d. per ounce standard. /■; ; ' ■ MINING NEWS. '%'■; '. : '-'":-' WELLINGTON' SHABEMARKET. ■•; The market ; . was i extremely dull and quiet on Saturday, and a single sale'of Talismans at 545. 3d. was: all the ussfc, uess recorded. The Quotations were, as' under:— '■.'''■'■ ' ,■ '■'-."■ ■' ; Buyers. Sellers; Saleß. £ s.d.< £s. d. £s. d. Kuranui Oaled'n ... . —. 0 16' — May Queen ..,........'.' 03 11 04 1' —• New Sylvia. .| •.... 0 3 2 0 3 4 .'•—■■. Old Hauraki — .033—. Saxon 0 16 0 17 — Tairua Broken Hills 0 11 .0 1 4 -. — ..:. Talisman .....214 6 215 0- 2 14.-3 Talisman, (new) ... il6 0 —''■"—.". Waihi ■'. 6 12.6 614 0 - Waihi Reefs .:' 0 4.0 0.4 4 — Waihi Extended ..; .02 9 : —'■■' Waihi G'd Junct'n 113 9 114 3 "-"..■' Waitangi - 0.111 — Watchman ':..... ■•-■ 0 210 —■■■' Con. Goldfields ...:. 116 12 6 '.'"— . New Big River ..... 217 6 • — —.. Progress ..:. 014 9, 016 0- , —.■ Ross. Goldfields: 0 29 0 211 .-/ The course of sales during the past week wa3 as follows:—. ■ '■ ' • Bromner's Freehold,.ls.,lOd.... . . May Queen, 4s Id., 4s. Id. Mountain King, 7id: ■■ ■; '" ' : Now Sylvia, 3s. 6d„ 3s. 6d., 3s. 6Jd. '■ <01d Hauraki, 3s. 6d..- 3s. 2d., ;3s. lid. ; Saxon, Is. 7d. Tairua Broken Hills, Is. 4d: -• Talisman, 545., 545. 3d., 54s'. 6d„ 545,,, 635. 9d.. 645., 535. 9d., 545.-. 545. 3d. . Talisman (now), 35b. 6d. ,'.''■ . '• Waihi, £6 13s. .'•'- ■■'■<■■ Waihi Grand Junction, 345., 345. lid., '345. 3d.; 345. 3d., 345.' 3d., ! 345.; 345. 3d.,-345.,'345., 345. 3d. Waitangi, Is. 9d:, ... Watchman, 2s. BJd; ' Ross Goldfields'/35., 35.,'25. lid., 2s. : lid.. 2s. lid. 1 STOOK EXCHANGE QUOTATIONS. (By Telegraph.—Press Association.) Christchurch, October 22. The following sales were reported on the Canterbury Exchange this morning:— Christchurch Gas (£5), £9 15s. 6d. ' Kaiapoi Woollen, £5. ' Waihi, £6 13s. 6d., £6 Ms. Tho following business 'was done -on the Stock Exchange to-day:— .Sylvia, 3s. 4d. , . . ' . Bromner's 'Freehold, Is. 3d., Is. 4d. '■'■' Komata--Reefs/6d. . . Tairua.-Broken' Hills, Is. 3d. £2 15a. 9d. to £2 16s.'6d. Taranaki Oil, 10s. 3d., 10s. ' Saxon, Is. sd. ■ .. : Hauraki, 3s. 2d. Crown, 4s. sd, ■ Waihi, £6 15s. '■■.'■ ; . Waihi Extended, 2s. lOd. May Queen Extended, 6d, . Auckland Gas, £3 7s. New. Zealand Cement, £1 16s. Duncdln, October 22. Stock Exchange sales. are reported 'as follows:— Waihi. £6 12s. 6d. Walotahi, 3s. 7d. , D.I.C. (preference), £1 4n. BREDGING RETURNS. (By Telegraph-Press' Association.) Duncdln, October 22, The following dredging returns are to hand:—Rise and Shlno 11, 50oz. 6dwt.; Bising Sun, 470z. 4dwt.; Golden Bed, 38oz Bdwt.; Rise and Shine I, 30oz. 2dwt.; Sandy Point, 290z. 7dwt.;.Waikaka United I, 250z 15dwt.; Molyneux Hydraulic, 20oz. lOdwt: Olrig, 20oz. lOdMrt.; Waikalsa United'LLi 15os. IMwt.