COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1049, 11 February 1911, Page 8

COMMERCIAL ITEMS.

I.VVE3TJIENT SHAKES. Jlost iovestment shares continue in cood demand, and prices all round aro high. Vcotcrday thero wero sales ol Unnk'of New Zealand shares at £10 16s. 6d,; Union Steam at 375. 3d. and Lojiand-O'Drien at 275. Tho buying and 6ollins Quotations were as under:— Buyers. Sellers

SILVER. Bar 6ilvor la quoted just now at 23 11-16 d. per ounco standard, while in October last tho quotation was 26Sd. Messrs. Sharp and YV'ilkine, in their annual circulaT dealing with tha silver market, point out that in May last year continuous sale 3 wcro made by China for delivery in two months, so that tho oversold portion from that quarter amounted to about £1,000,000 sterling, which silver had for tho most, part been absorbed by India. Tho taking up of ai. silver as it becanio due reduced the available stocks in London to a very low level, and when tho Chinese operators were required to buy back spot silver against their provlous sales, either to cover up or to carry on, a heavy premium had to bo paid to adjust their operations. With continued pupport from India, assisted by substantial inqDiry from tho Continent in connection with German coinago and shipments of silver to Russia ; and Central Asia, the price of silver continued to rife, attaining Us highest • point, 26tf., on October 20. It is presumed by soino that China will continuo to bo a large ucor of silver, as means of communication ere opening up tho country to trado and making it possible to bring to market tho produce of tho manv thousand fquaro miles of the Chincso Empire, tilled with the energy of its vast and industrious population. The preliminaries havo recently been arranged of a foreign loan of £10,COO.OCO, having for ono of its principal objects the reform of tho inland currency by the coinigo of a uniform dollar to tako tho plßcc-of tho cumbrous system of sneeio payniontG in taels of many denominations which now obtains. This project, although proclaimed bv Imperial edict, is, howovcr, admittedly difficult of achievement, and can onlv bo made effective by slow stages in fnco of tlio opposition of so many vested interests in the old order of things, but, notwithstanding tho elowncfß of reforms in thnt imperfectly organised country, ■there is'no rcor.on to doubt that winner or Inter the need of increasing supplies of silver will bo felt and accommodated. ARGENTINE EXPORTS. Tho Commcrco and Totrists Division of the Department of Agriculture, Commerce and Tourist* has received tho following cablegram from Buenos Ayres, dated February 9, 1911:—"The following shipments of produce were dispatched from the Ar'gontino to United Kingdom ports during .Tnnnary, 1911 (compared with January, 1910):Qu.irters. Quarters. 1911, 1910. Proton bMf H7.684 .107.18S Chilled Beef ; .176.842 C 6.297 Carrpstes. Cnrca*.vT. Froien mutton 317.r92 133.661 Frozen lamb 66.537 22,243 Cwt. Cwt. Butter .- 720 16,406 Customs revenue collected at tho port of Wellington "'yesterday amounted to £1194 18s. 9d. ••" BANK OF ENGI.AND RETURN. 5y Telrcrnph Pros'" AssociaMpn-OopTrUk' (Be?. February 10, 0.15 p.m.) London, February 9. Tho Rank of Rnsianil return issued for tho week ended Weducsdav,' February 8, is as under:— ISSUP. DOTMITJIKSt Kot« Issuo... .f54.6U.pt0 Gov. debt ... Ill.nis.no') Othor 6ecuri- • tioi ... 7,t'U.OPO QoU ... ' 3S.Wi.OUI ' • •J531.8H.003 fy,M,M BIXEIXG DnpAnT!re\-T. Proprietors' , Govt, cecurl- • capital XH.E53.000 tics £11,005,000 Public do- Other securiposits ...11,716,000 ties... ;.. "8,510,000 Olhcr deposits ... 11,751.000 Notes ... 2G.51V.C00 Fctt,7-<lay and othor -, . bills..-. , „. a.SSft.eoO Cola ... „ 1.9-H.OOO ;■/' - : , X71.G1a.000- ;V ; X71.610.C00

Tho leading Items of tho Bank of Em?.' land return afford tho followint com. parisonj—

• GOVERNMENT SECURITIES.' , ' Thei followinc aro tho latest quotation! for Government securities, with a comparison of thoso ruling last weok:-

BANK BATES OF DISCOUNT. The Bank of Encland rate was reduced on Juno 9 from 4 to 3 per cent: on September 29 it was advanced to 4 per cent., and on October 20 to 5 per cent. On December 1 it was lowered to 4$ per cent., and on January 27 to 4 per .cent. Tho Bank of Franco rate Was reduced from 3J to 3 per cent, on January 23 1908, and remains at' tho latter flenre. Tho Irapcriai Bank of Germany on January 21.19C9, lowered its rate from 5 to 4J per cent., and on February 10 to 4 n:r cent. But on September 26.it v.-as raised to 5 per cent., and on February 6 it was reduced to 41 per cent. •■■'■•■• MARKET -RATES - OF DISCOUNT. Tho followinc aro tho market rales for best threo months' bills:- •'

. Short loans aro quoted at 23 per cent., as against 35 per cent, last week, and 15 per cent, a year ago, COLONIAL AND OTHEB PEODTJCE. , Wheat—Tho markets aro.quiet, and buyers generally aro inactive. Two parcels of twelve to fifteen thousand quarters of Australian February-March shipment wcro placed at 345. 3d. and 3<s.' 6d., and eleven thousand quarters at 345. 6d. Holdcre aro asking-3£s-,for Vietorian: .South Australian, at. 355. 3d.j parcels afloat, aro quiet; Australian, on spot, 375. 3d. to 37e. 6d. Flour ia dull. Australian pitctits, 265;, ex storo, and 25s< 3d. to arrive.' Oats aro slow of sale. Li Plata, MarchApril shipment, 13s. Jld. Butter.—Danish, 118s. to 120s. Thoro are heavy supplies of colonial, which was depressed; tho,market recovered slightly, closing rteady. Choicest Australian Ealtcd, 98s. to 1025.; unsaltcd. lMs. to lC6s.; secondaries, 923.-to S6s.; New Zealand, salted 104s. tn'1063.. unsaited, scarce, at 108s.. occasionally lira.; secondaries, 963. to 100s. Cheese is fllghtly easier. Canadian white, 605., coloured 625.; Now-Zealand, whito 575., coloured 605.; Australian, white, £65.. coloured sßs.'. • '. . Sugar.—German beet, 83 per cent, net litre, 2d. .higher, at 9a. 3d. per cwt.; first mark, granulated, f.o.b. Hamburg, 2d; higher,, at' Us. 3d; ..-.. \ Bradford Tors.—Tho market is quiet. Forties, Id. lower, at 13fd.; forty-sixes. Id. lower, at 14Jd.; fifties, unchanged, at 16Jd.; fifty-sixes.-unchanged.' at 21id.; .common sixties, unchanged, at 24jd.j super eixties, unchanged,. at ■ 25idj <••:. 'j" _.AraiI^TOTATJ-'ilAßßETS.,'.■:''■ Copper.—6a 3d.' per" ton; threo'.months', 18s. Sd. lowor, at £55 Is. 3d.: electrolytic, 10s. higher, at £57. , Tin.-Oh ipot,£2l lower, at £172 per ton; three months'. £21 lower, at i",171 15s. Le.ad.-Soft foreign, fa. 3d. higher, at £13 3s. 9d. per ton. Pig:iroil:—Jliddiesboro'. No. 3, 7d. lower, at 48s. <10d. : tfor ton.' Spelter, 3s. 9d; highor, at £23 7s. 6d.' per ton. .- ■■ ■>■■■■■ ■,„..';• ...i-u;-'. : .... '.., ' _ ~ SILVER, Teleffraph-Prefs AsendatioD--Cooyrt«ht ... , London, February 9. Bar silver Is quoted at 23 11-lfid. per ounce. ';•;:' v l ' '•,;',''•'.'l-..',:': ■ TIN MARKET:. GREAT EXCITEMENT. by Telegraph-Press /ssociotinn- Copyright (Rec. February 10, 11.35 p.m.) / London, February 10. In the tin market dealings on a hugf scale are takin"_nlaco, and great oxcit« inent prevails. Tho rapid'and succes«iv. broalts.aro duo to heavy manipulation"bi big operator!--.... ~.,,.. ; , t "

AMERICAN COPPEK STOCKS. By Telegraph—Press Associarfon-Ccpyrf jrht , London, February 9. American stocks of copper total 142,439,000 pounds. LONDON MARKETS. Messrs. Dalgcty and Company, Limited, havo received tho following cable from their London house, dated February 9:— Frozen Meat—Market quiet. There aro considerable stocks of mutton and lamb on hand, and if any chango takes plaeo it is expected to be in favour of buyers. Tullow.—Sines our last cablegra-n prices in general aro unchanged. Mutton is a shade firmer, but low and inferior descriptions pzc a shado easier. CHRISTCIIUKCH GRAIN MARKET. (By Telegraph—l'ress Association.! Chrlstchurch, February 10. Since the local, wheat market assumed an easier tone, offerings have eased off, farmers not being willing to accept rates ■ below those lately ruling. Very littlo business has been dono during tho last few days, and it i 3 expected that it will only be resumed on an export level of prices. Oats aro still scarce, as they havo practically all gono into stcok, most of tho stoolt threshing having boon confined to wheat and'barley. Tho only demand for barley is for very prime malting, which has been sold up to ss. 6d., but other descriptions aro neglected. • Oatsheaf chnff is now felling at 6£s. at couutry stations, though not a great deal of business has yet been done. Partridge peas aTe still in active demand for immediate shipment, and sales have been made up to 3s. lCd. at country stntions. Tho grass seed market is unchanged. High nricea are being asked for cocksfoot, and business in town in this seed fe limited in conseeuence.

£ 6. d. £ s. d Bank of New Zealand .... 10 16 0 — 1 National Rank 5 19 0 — Metropolitan 12 0 0 - N.Z. Loan and Mercantllo — 0 10 6 1 Well. Investment 011 0 OIK Well. Trust and Loan ... 7 11 6 — Welt. Deposit — 0 8 0 Christchurch Gas — 10 0 0 Well. Gas (£10) 19 2 6 - Well. Gas (£6 15s.) 13 17 6 ~ New.Zealand Insuranco — 4 5 0 Christchurch Meat 15 0 0 — Gear Meat (£1) 3 3 0 - Meat Export (£5) — 6 7 6 Moat Export (£4) - 5 5 0 Meat Export (52s. 6d.) 3 0 0 3 2 0 Union Steam 117 3 1 17 6 Well. Woollen (ord.) 3 17 0 4 0 0 Well. Woollen (pref.) ... 2 15 0 2 18 0 Taupiri Coal 110 116 Manning and Co 4 10 0 — N.Z. Drug '. - 2 10 0 N.Z. Paper Mills - 14 0 Taranaki Petroleum . — „ 0 13 3 Taringamutu Totara 2 6 0 2 8 0 (Vard and Co - 6 0 u

This week.. LastweeU. Last year £ £ £ Bullion M.SOJ.000 S5.453.0OO 33.4C2.000 Uesorvo 28.4M.0OO 27,21G.OM 'J7.22f.CO0 Koto circulation 23,207.OX) 27,701,000 27,799.000 Publio Deposits 11,7-lli.UW 10.053.OX1 7,69t.00O OtliorDoposits < 1,751,001) 41,637,00) 41,7C4,WO Proportion of resorvo to liabilities .»••• 63.23 61.40'• {1.69 •

Variations — 'compared Prico. with — lftflt wook. £ e. d. 31% Imperial Consols 60 U 0 5s. higher *, 103 0 0 Unchanged l i "vS-H% 8, i n^ So "- M ° ° Unchanged 3 . •'?,: b 0Vi 0 ?- ,Apl -. Oc '' 971 ° ° Unchanged i.'..yje-WaJan.July 10) 0 0 Unchanged 5 i "J.! c '™"?„ J, " , - Ju, y !«5*0 0 Unchnncod 3 „ Vie. 1920-13Jan.-July £5 U 0 lOs.hi hoc 3J „S,A. lOlGJau.-Jnly Oil 10 0 Unchanged 3 ..S.A.]j)18Jan.-Jiily ' 83, 0 0 ' KM. higher ii "?.n, d ,^r, 1 i an - Jl «y 1C J 0-0 -Unch&ngod ! J "H .!H?i 1 / 30Jan - Ju ly x ''° ° Unchanged 3 ••Hl, d , 1^' 4 ' Jnn '- J uIy S) 0 0 JO*, hichcr i, •• &-S- JRt3 itay-Xov. 105 0 0 Js.M. higher 3 i « 0,'S - }S° J «n.-.luly . MOO Unchanged r, •.J;r.- 1 J tr,A " ri| -Oct. to o o ios. higher 3 i»)y,'A.1030-jOMuy.Sov OV 0 0 Unchanged S. .."•A.lJlo-35May-Nov &3 10 0 Unchangod 3j „ Tas. l(MOJan.-July 07 10 0 Uncbanced 3 „Tas.rj-20-10Jqni,.July ei 0 0 Unchanged

' London Paris Berlin rate.' rate. rate. . percent percent percent. This week ....'J • - '?,* , 31-3 Last week...:. 2 7-16 Z& . 33 Last year ZJ :jj 23