COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1024, 13 January 1911, Page 10

COMMERCIAL ITEMS.

IrTYESTMENT SHAKES." Transactions'" in investment shares recorded yesterday-comprised Bank of New Zealand at £10 12s. 3d. and £10 145., and Rational Insurance at 345. 6d. Tho nuotations wero as.under:—

WOOL POSITION IN AMERICA. The position of wool in America- is just now very interesting. Tho dutes imposed by tho - United Spates on foreign wools and woollen goods are almost prohibitive, and consequently the cjtizaii3 of tho States have to pay very dearly for their woollen clothing.. Sorao little .time ago there was a strong demand for a revision of tho wool dutic3, but President Taft declined >d interfere with them cicepi as regarded a few minor items. However, to meet the situation, ho sot up a committee of' three experts, 'who aro officially designated the Tariff Board, and this hoard is now gathering wool data from foreign countries, to show the difference in the cost of production.

Tho cost of production in South America has been furnished by Mr. Hope Gibson, of Gibson Brothers, largo cstanricros in Argentina. Two estimates are given, one .for sheep kept near the centres, and tho other for up-country land. The cost of producing a pound of wool 'near the' hub" is.given at 33d.,'and on "up-country land" «3d. On tho average tho cost is 4d. -In regard to the' production of mutton, Mr;' Gibson estimates', that it cost him 2d. to maKo a pound of mutton. The New Zealand figures must be considerably higher than this. In the December number of tho "New Zealand Farmer"- a correspondent' has a. lengthy article, and-estimates the total cost of one sheep for one year at 6s. 9.3d. Apportioning ' the cost/between wool and meat .he estimates that wool represents fiveeighths,' and. meat, thrce-oighths of what a ! sheep returns. Taking the export of mutton and lamb, and local'consumption; ho estimates that.each sheep produces 151b. of meat annually, and the average weight of fleece in 1908 was 7.31b. On this basis it., costs 6.96 d. (or nearly 7d.) to produced, pound of wool, and Jd. to produce a pound of mutton. It should he stated that the cattle and horses in the country have been taken into the calculation, the cattle at the rate of six sheep to the beast, and tho h'orEe as equivalent to eight sheep. The estimates do 7 not take into account tho profit from the production of lamb, or the natural increase .of tho flocks.'

The object of the American Tariff Board in seeking to obtain the cost of producing wool in foreign countries is for the purpose' of justifying or otherwise a revision of tho woo! duties. If tho cost, of production is lower in other countries than in tho States there will bo eo reason for tho President recommending a reduction of tho duties. The American woo! trade will continue to bo very much protected.

FItOZEN MEAT. ' Of the 419,550 tons of meat that past-ed through Sniithfiold Market last vcar, only 23 per cent, was.-supplied by tho United Kingdom itself, the balance coming from foreign sources. The largest 'contributor was Argentina and Uruguay with 122,345 tons, or.ur.rto 29 per cent, of tho whole! Australasia caino second with 105,732 tons, equal to 25, per cent., Canada and the United States providing only a litt'c over 10 per cent., or 44,203 tons.'The tendency towards ' decentralisation of frozen meat importations, the provincial markets receiving steadily increasing supplies direct from abroad, ardently' checks expansion in the Smithficld receipts, the total of which last year was slightly below that of 1909. In the latter period the consumption of beef.' mutton, and lamb in the United Kingdom was estimated by Messrs. VTcddcl and Co..at some 1,197,843 tons of beef and 579,110 tons of mutton , and lamb. Of the latter 228,402 tons ..were in the form of frozen carcasses, of which Australasia contributed nearly .50 per cent., the ratio such shipments bore to the total consumption of mutton and lamb in tho United Kingdom being about 18 per cent. Thus Aiistralnsia'is an important source of supply of this, foodstuff to Great Britain, and there is not .the. slightest doubt that. when, the figures are compiled for the year just terminated our .proportion will show a satisfactory expansion. The great improvement in tho .trade of the United Kingdom during 1910 has assuredly been accompanied by a corresponding incrcaso in the consumption of meat. That for tho year 1909 works out at 59.81b. of beef and 28.91b. of mutton and lamb per head of population. Judged by the Australian standard of living this appears to bo a very small proportion of meat for dwellers in a temperate climate. Customs revenue collected at the port of Wellington yesterday amounted to £3593 Is. 6d. METAL MARKETS. Dy Telegraph—Press Association—Copyright. ■. London, January 11. , Copper—On the spot, £55-12s. 6d.; three months. £56 13s. 9d.; electrolytic, £58 15s. Tin.—On tho spot, £104 155.; three'months £185 ss. Lead, £13 3s. 9d- '

" • •:■ • RILVEIt. By Teicgraph—Prosa Association-Copyright. (Rcc. January 12, 5.30 p.m.) London, January 12. Bar silver is quoted at 25 5-16 per ounce standard. , WHEAT. Dy Telegraph—Press Association-Copyright London, January 11. Three cargoes of Australian wheat sold at 365. lid, per quarter. (Rec. January 12, 5.30 p.m.) London, January 12. Wheat—The American visible supply is 77.468,000 bushels. . . •WOOL SALES. By. Telegraph—Press Association—CopyriguJ. London, January 11. Tho period of the woo! sales has been extended to February 3. TALLOW. By Telegraph—Press Association-Copyright. London, January 11. At the' tallow sales <93 casks were offered, aind ■ 431 sold. Prices were unchanged. UXION BANK OP ATJSTEALIA, LTD. DIVIDEND OF TEN PEE CENT. • By Telegrapli-Press Association—Copyright. London, January 11. The Union Bank of Australia, LUI., has declared a dividend of 10 per cent, and a. bonus of 2 per cent. The sum of £15,CG0 has been added' to tho reserve fund for depreciation in investments, £20,000 has been added to tho ordinary reserve fund, and £41,392 carried forward.

. Buyers. Sellers: Sale? > £ s. d. £ s. d. £ s. d Bank N.Z _ 10 14 6 10 14 0 National Bank ...... 5 13 0 514 0 — Well. Investment... 011 0 — — Christchurch Gas 9 12 6 — — Well. Gas (£10)'•...... 19 2 6 - . ■ National'Insurance — — 114 6 Gear Meat (£1) ... 3 1 6 - - $»?" 'Steam M6 6 117 0 - Well. Woollen (ord.) 3 15 0 _-.._.- Taupiri\Ooal ...; 10 6 '— ' D.I.O. r/rcference ■;:.-■ — K3 6 ■*-"•" LQyiand-O'Bnen ... 16 6 "— - — •-" Miramar, UA — -0 2 0 '— ' N.Z. Con. Dental ... 1 2 6 —' — Taranaki Petroleum 011 0 — — Taringamutu Totara, 2 4 6 — • ■; — ■■