COMMERCIAL, ITEMS.

Dominion, Volume 4, Issue 1020, 9 January 1911, Page 8

COMMERCIAL, ITEMS.

TAXATION A SCIENCE. Tho doiire for armament',' and the ox- | tension of State and municipal trading have caused Government'expenditure in i most countries to advance at remarkable rate. The Chancellors-and Treasurers have, in consequent, been forccd to do- 1 vise new schemes of taxation, but tho efforts at taxation in mo-st • places are feeble compared with what is being accomplished in. Germany. A correspondent ol tho "Economist" (London) tells Hip following story', "which, fhoush amusing to'-readers hero, is serious enough tothoso immediately concerned:—"The letters which you printed showed hov; German direct taxation affccts th'j fairly well-to-do. Will you permit me to point out how it hiU= tho poor, and t3 take, as an instance, the ca&o of a servant trirl earning about £15 a, year. Income tax is levied in Saxony on . persons only . who have an income of at least £20, .and one might reasonably espect a servant earning only. £15 to-bs exempt. Uo. .eir! 'Income' h a, mr/it elastic term. It. inclurics the servanda food, lodging. Christmas box. and other gralui-. ties, the money value of all of which items the employer is bound to declare over his signature. Taking, then, the ralary at £15, food, etc.. at the lowest computation, the authorities will pass, cay, £20, we get £38 as the servant's total income, and this brings her into closs 3 of the income-tax scale.- The kingdom of Fnsony asks from her, under this ccale, 4b. s

til 9 city of Dresden, for gcnernl purposes, Js.; tho city of Dresden, for Church and trhool, about 3r.. 6cX.; total Inx, ID?. 6d. • Tlio Oliuic'i and coliool tnx varies slightly, according to whether people are Protectants - , IJoman Catholic?, or Jew?. The latter pay most. Should the pivl bo fortunate enouph to have a few pound? in the caving?; bunk. ?he mnsi. dcc'.nro her revenue through interest. anrl if cither the caid interest or the liberality of hoc mistress at. Chri&tman bring the total income to £'*0, our servant get.? n. rum? higher in the scale, belongs to class 4, income from £40 to £47 10s., and pays about l&s. fuses. All these petty exactions inflicted on the hnmblost clasr, in a. country which 'ranker the foreigner pay's As Saxonv to the most industrialised portion of Germany, one might cxpcct her to derive ino?t benefit from the 'scientific' tariff wall raised rou-'l the Empire, hut it. ic just, in Saxony that the poor are hit the hardest."

SPIRITS FROX WOOD-PULP. Tho ncwly-csfablishcd industry for tho manufacture of spirit from tho waste lyes of sulphite wood-pulp mills is bem? rapialy developed in Sweden. Tho pulp milts of Sweden are capable of producing annually about 25 million litres of absolute alcohol; a mill in Larkruddcn has already an output of 6C0.0C0 litres per annum, and it is shortly expected thai- this mill will be producing 1,200,000 litres p:r annum. It is. admitted that the future prospeets of the developments' of the industry.; will depend largely upon, the cast of production, the • amount of taxation, and tho demand. The latter is of particular importance, for since the rulphide pulp spirit is a sort of denatured alcohol, najy industrial sources of consumption will have to be opened out. Tho spirit cau ijo produced at a co-!t of 1.2 d. p n r litre, but a.5 tho tax 02 production, becomes heavier a?. tho production is increased, a mill producing sixty tons of colluioM a dav would bo able to produce 1.3 million litrefc per annum at a t cost of about seventeen shillings per IDO litres.

HAWEEA COUNTY ELECTEIC COMPANY. Aceordiiis to ..sr. announcement appearing in another column, the Hawera. CounU Electric Company is issuing 5 per cent, first, mortrage debentures to the amount of £24,CC0, ar.d the debentures appear to be a, good investment. The area covered by tho company's operations comprises 239 souaro miles in South, Taranalu, Kawera, and the \Vaimato Plair.-:-, and the controlling rishts are secured to the company'by Act of Parliament (1902). Tne source of power, the WainKongoro River, is one of tho very few water powers exempted from the monopoly secured to the Crown, under the Act of J.ast -ses, l ion.. t Tho company is in full working order, with a lame undeveloped Ecope for extended operation-•. it has got over the preliminary troubles, and has reached the stage when new connections are nearly al! profit. The company is onerotin? in an excellent district, which ,is eloselv settled, ar.d there are ciuto a number of towns and villages that reo.uirc electric lidi* and power, ana tlio numerous dairy factories are also rroinrr in for electric power and lieht. .Til* have a currency of 10 year", and the interest of 5 per cent, is free ot income tax.

CUSTOMS. The Customs revenue collected at- the port, of Wellington cn Saturday Inst totalled Ids. 9d., the amount for the week beir.f £8143 £s. Compared with the corresponding periods of the previous year, the receipts for tho past eight weeks are as follow:— . 1010. 19C9. S £ November 10 , 17.571 JS.OSa November £6 ;... 13.595 10.7.11 December 3 15.570 December 10 J2.9f.1 12 .W5 December 17 21.367 17.374 December M 13.SH ll.R} December 31 11.930 10.99G 1911. 1910. January 7 8,143 10,599 ! The beer duty for the week totalled £417 Is., as compared with £221 7s. in the corrcspondiug week of last year. NOTES. . The coal raised in the United Kingdom during the past fifty years has reached considerably over O.U'O.OCfH-f.'O tons, with avalue at the pits of about £3.OCO,CGO,QCO. 'Che highest value of Ihe coal raised was in 1900. when'it reached £121.652,0W.0r well over 10.:. a teu or. the average; Whereas, in. 19C9, tho average was barely Be. Id. The expansion in the trade of India this year is very fTrc.it. In the seven months to Octoter 51 the exports reached £68,690,075, as compared with £55,204,337 'in the oorrcrponding raven months last year, ar.d with £57,77-1,253 in 1903. Tho.imports during tho. revcu months were £60,123, to that, tho excess of exports exceeded £20,COO,CCD, in spite of .largely increased imports of gold.

Tho value of tho United States espovt trade to China, has been sinking -during the last ihe years,'but at the end of tho present year is. expcctcd to rhow the lowest total for a very lone; period, according to a 'bulletiii from tho Department of Commerce and Labour recently issued at Washington. rrom a maximum of about £11.954,000 in 1905 exports t'> China h-.vc declined ta approximate l .!,- £3,160,000, whieh is the total estimated for the present year. • For tho nine months ended with Peptember tils total was only £2,6C0,CC0. The falling-off in the value of American exports to the Cclcr-tial Empire occurs chiefly in cotton and mineral oily.

.HIDE AND. SKIN SALE.; . Messrs: Dalgety • find - C 0.,. Palmerston North, report:—-At our usual mor.'.iily sale oil Friday we had a pood catalogue to offer, which was koenly competed for. by the fair attendance of buyers present. Wool and roupli .ekins ruled somewhat lower, but popd butchers' pelts, and all, of hides sold well; prices realised bciiic fully r.p to previous rales' rates. Wool: Crossbred, Bd. to CJd.; inferior and lorr-stained, 7Jd. to 75d.; lamb?, 7id. to 73d.; dead wool, 6Jd. to 7d.; black, from 6d. to CJd.: bellies and pieces, sd. to 5Jd.; piece?; 4id. to «d.; locks, 3id. to 4d.; crutchi::?s. sd. to sid, Slieopsldns: Crossbred. full wool, 6sd. to 6id.; medium to fino, Cgd. to 7id.; best lambs, to 6?, d.; others, lid. to 53d.; dead, <Jd. to- 5Jd.; dead lioirgets. 4?d. to 5d.; pelts, from 3d. to 4d.; inferior and damaged crcfsb'rcd, 3Jd. to 5d.; butchers' pelts, at each, Is. 3d,, Is. 9d., Is. lid., 2s. to 2s. 2d.; lamb pelts, to'lod. each; lambs, Is. lOd. to-fa. 6d. oach. Hides: Ox medium, 6sd. to 6*d.; ox hides, heavy, to 6£d.: ox, licrht, 6d. to 6Jd.; cows, best linec, 6*d. to 6*d.; e:ood, 6d.; rough and inferior, 6Jd. to 5Jd.: bulls, from sd. to sid.; - yearlinprs. 6£d. to 8ld.; ox and cows, cut, sid. to sid.: cows, slinny, 33d. to <d.; horsehides, to 6s. Calfskins: Best lots,'9Jd.;' medium'to good. Bd. to Bgd.; cut and slippy, to 53d. to 63d. Sundries:l Tallow, in. .tins, to ,225. 6d. to 245.; inferior, from 15s. 9d. to 175.; horse-hair, to Is. 4d.. per lb. • Our next sale will bo held on February 3.

FEILDING MAItKET DEPORT. Messrs. A. H. .Aitkinson and Co., Ltd,, report "a heavy yarding of'pigs on..Friday, aud a. somewhat dragging Gooci medium weight porkers sold well, but anything elco was difficult to quit. A number of good well-bred.. sows to farrow early were penned, and left the yard's unsold. Poultry was in good supply, sold at prices rather under those ruling un to Christmas. Potatoes, fruit, and produce lines were forward in large quantity, and sold at Quotations. Good Quality tomatocG are now coming forward, al~o good grade peaches and plums. . Quotations:— V/caners and slips, 75., 7s. 6d., Bs. 'Id. to 9:s. 6d.; store, 145., Ms.. 9d.6d. to 20s. Gd.; light uorlicrs, 295.,. 20s. 6d., 235. 6d.. 25c. to 275; sows, 20s. Poultry: Hens (at cor pair), 35., 3s. 6d., 3s. 9d., 4s. to. 3d.;, cockerels, 3s. 6d. to 3s. 9d.; chiolcs and half-grown, Is., .Is. 6d., 2s. 3d. to 3f.; duckn, 35., 3s. 3d., 3s. 9d.. 4s. to 4s 3d.; ducklings, Is. 9d. Produce: Potatoes, 6s.

to 8?. cwt.; cauliflowers. Is. 6d.; cabbatre, Is. 9d.; benns, 9s. surall hap; appler. 2s. td 3p. 6d. half-case Miearhes, 4s. to fc.*6d.; plums, Is. 6d., 2<?., 2s. Gd., 2 r >. 9d.; tomatoes. 2s. 9d. box; cucumbers, la, 6d. to «s. 3d.; lemons, Is. 3d. to 2s. Cd. ; FROZEN MEAT. By Telegraph—Press Association-Copyright. (Rcc. January 8, 5.10 p.m.) London, January 7. The Frozen Meat. Trade Association's Smithfield market quotations for the "undermentioned classes-of froznn meat are based on actual sales of not less than one hundred. carcasses 'of mutton or and twenty-five ouartors of beef of fair average quality. The quotations are not for selected line s , but for parcels fairly representative of the bulk of tho shipments now on tho market. The prices which follow aro on an average a fatthint? per lb. more than the value ox ship, this difference representing an average lost, in expenses, handling, conveyance, and selling the meat:— Dcr.di. Jan./. ilutton— d. d. Canterbury, light — — Canterbury, medium — — ' Canterbury, heavy — — • Southland ~~ Korth Island, best — North Inland, ordinary... <H Australian, lisht 3MS 31-15 . Australian, heavy 3 "River Plate, lisht- - «. Bivcr Plato, heavy 3& Lamb— r Canterbury, light — — Canterbury, medium — — Canterbury, heavy — — Southland - North Island, selected... — — North Island, ordinary... — — Australian, best 51-16 5 Australian, fair <3 W Australian. ' inferior 4\ River Plate — 4* BeefNew Zealand, ox fores 2? 25 New Zealand, cx hinds ... 31 Australian, ox fores 23 ?3 Australian, ox hinds 33 River Plate, ox fores ... 2X \ River Plate, ox hinds ... 23 31-16 ' BANK OF ENGLAND RETURN. By TeJesrraph—Press Association—Copyright London, January 6. Tho Bank of England return issued for the week ended Wednesday, January 4, is as under:— Issue Department Note Issue... £19,497,009 Gov.dobt ... £11,015.09 Other securi- " ties ... 7,434,000 Goli ... 31.043.000 ' £49,497,C00 . £10,407.<.w Banking Depahtitent. Proprietors' Govt, securicapital ties £14,740,000 Public.de-. Other securi- • posits ... 12,54G,CM LiOs 40.385,000 Other do-, ... ; ; posits ... 40,203.000 Noies 4 ... 20,97G,C00 Best, 7-day ami other Coia... •* 604,C00 bins 3,603.600 • j57i3.995.003 £70,993,000 The leading it«ms of the Bank of England return afford tho following comparison:— . Thiswook. List wcok. Lastyoar £ £ £ Bullion 31,018,000 n0.')49,00Q 3-2,791,000 K6aerve iil.B7o.as) • til.l9o.UoJ 5i3.2>8.y0:) Note circulation 23,52],003 'JS,(510.000 tl^.So'l.COO Public Deposits J 1.7(j9.(XX) 0.937,0 X) Other Daposits 4tS.iOJ.WJ 41.253.WJ 49,139.000 Proportion of - ; reserve to liabilities ... 35.40" 37.85 39.10 GOVERNMENT SECDRITIES. Tile following are the latest quotations for Government securities, with a ' com* parison of those ruling last week:— • Variations ' M ... coa3 p ave j rrio3. with last week. £ 8. d. Imperial Consols 79 10 0 2s.Gd.hiyhcr 4 „ NiS.W. 1533 Jan.-July 105 0 0 iLS.fid. higher 03 1J 0 lOs.-htehcr 8 „N'.S.W. IWj Apl.-0»:5. 67 U 0 • 10s.hi;her 4 ~.\ic.'lC'2o'3iiu.july 191 0 0 10s. higher 3i \ic. 10Jl-ti«Jr.u.-July i>7 0 u j>76.'jd. lower 3 „ Vic. 10*2fl*li)Ja.u.-July WlO 0 «JOs. tower '3i „ hi,A. 1910 Jan.-July 0.51U () Unchanged 3 „S.A. LU'j Jau.rJuiy bl ]0 0 Unchanged 4 „QTdiyis-24,fau.-July 102 0 o Unchangod & „ UTdlih!l-iMJr.n.-July Lti U) U lower 3 ..Q'l'd ltalM?Jan.»,July c 3 10 0 17s.iid. lower •i „N.Z. 1929 May-Xov. 30i 0 0 iUK.hiaher »A „N.Z.ioiojaij.-Juiy 95 17 « lOs.hif-hcr 3 „ N.li. 10-ir*Ai>ril-Ocif. bi> 10 0 Uuchnnsed M \V.A.1920-lu.A[ay-Nov C 7 0 0 Uachan:;od 3 „ \\ , .A.I I JJ;;-Us.May-Xov b3lO 0 ,UnchanGod Hi „Tas. J94oJau.-July ' 97 10 0 * :Ws. loirer 3 ~'l'as. IU2J-49Jau..July StJ 0 U Unchau^ed BANK BATES OF DISCOUNT. The Bank' of England rate was reduced on June 9 from 4 to 3 per cent; on 'September 29 it was advanced to 4 per rent.. •'and - on October 20 to 5. per c-ent. On December 1 it ,was lowered to 4£-per cent.,' at which rate if 6tiU stands. Tho Bank of Prance rate was from 3J to 3 per cent, on January 23. 1903, and remains at tho latter figure. The Imperial Bank of Germany un .Tanu-ary-21,19C9j lowered its rate from 5 t-3 4J per cent., and on February 10 to 4 r,or cent. But on September. 26 it was rained to' 5 per cent., at which rate it remains. MABKET RATES OK DISCOUNT. The followiug arc the market rates for best threo months', bills:— London Paris Berlin rato. rate. rate. • percent, percent, percent. This week 3i 23 3J Last week 3 7-16 23 4i Last year 3 5-16 23 3J Short loans aro Quoted at 23 per cent., as against 4£ per cent, laft week, and 2i per ccnt. last year. COLONIAL AND OTHER PRODUCE.. Wheat.—Tho eolder weather, has stimulated tho wheat market, enabling holders to advance prices. Buyers, however, aro cautious. Cargoes of Australian aro firmly held, 365. 6d. per Quarter being asked for South Australian and for Victorian January-February shipments; with 355. 6d. for parcels to arrive January and February. There is a small inquiry for Australian on the spot at 355, to 375. 6d., and a better demand for New Zealand average quality at 235. to 335. 6d., whil-3 exceptional lines bring 335. 9d. to 345. 3d. Flour is meeting with a poor 'demand, and but. little business is passing. Australian patent • brands on tho epot r>ve ouoted at 255. 3d. per tack, ex store, and on tho passage 235. 9d. to ,245. Oats—The market is steady. Gartons being Quoted at 17s. 6d. to 20i5. 6d. per quarter; Sparrowbills, 17s. to 19.1. 6(L; La Plata," February»lilarch shipments, 13s. 3d.

' Bariey.—Australian .barley is quoted nominally at 265. to 275. per Quarter. Butter.—There is a greatly improved demand for butter, th? colonial arrivals beinsr well cleared. Danish is unchanged. Choicest Australian realised 102s. per cwt. for raited and 102s. to 104.'?. for unsalted makes. New Zealand malted sella at lGfo., and unsaltod at 107s. to 108s. Secondary Australian makes range from 9<!s. to 985., and similar makes of New Zealand 98s. to 104s. Argentine choicest butters are

quoted at. 102s. to lNs. The market closcs firm with an upward tendency. Chc:-3e.—The market is flrnv, New >a*«land white reslic beiw: nuotai at £6s. per cwt., find coloured at 57p. to 58s. Susar.—Herman heat sugar, 83 per cent., net litre is Id. per cwt. dearer for first mark*, which arc Quoted at lis. per cwt. Bradford Tops.—The Bradford rpot ouotat.ions for tops aro as follow:—64'fs, 2*ld. per pound: super 69'?, 252 d.; rornmdn. .605., 25d.; 55's, gad.; 59's, 19d.; <6'*, 15Jd.: <?o's, 13Ad. There his boon a decline. c? . id. per pound on the week in C 4's, super 60's, id. on 56' c, and Jd. on <o's. JIETAL MARKETS. Tin.—Spot, £181 per ton: thrco months, £179 155., an advance of £5 10s. for the , week. . Lead.—Soft, foreign, £15 3n. 9d. per ton, a rise of 3s. 9d. or. the week. Pis iron.—lTiddlesbro' No. 3 is lid. per ton higher at 60s. Id. per ton.