COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1073, 11 March 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. Sales of investment shares recorded yesterday were Wellington Gas, new issue, at sSs.,_ and Leyland-O'Br.jn at ZO3. 9d. The buying and selling quotations were as under:-

PUBLICATION RECEIVED. "Tho New Zealand Business Han's Compendium," by W. H. Hemingway, solicitor, Auckland and published by ilessrs. Hemingway and P.obertson's Accountancy Correspondence School, is a publication which will appeal to the average business man. It i« a book of reference and, as such, will bo found useful. It treats of tho common matters of modern business concisely. l r et tho information is sufficient to serve as a guide. The .principal subjects treated are accountancy, agent, arbitration, bankruptcy, bills of exchange, bills of sale, book-keeping, business law, companies, general, insurance, partnership, shipping, trustees and executors. The articles dealing with same are more or less exhaustive. Thus under the main subject of "Agent" there are notes on "broker, commission, commission agent, factor, mercantile agent, and per procuration." There is a brief explanation under each head sufficient to serve tho needs of the ordinary business man. For instance, under tho term "Hotchpot" wo got this:—"Accounting for money already received before fixing tho amount of the share of a larger sum to which a certain claimant may be entitled. For example, children w'ho have received advances from their father in his life-time have to bring such advances into hotchpot, when, after the parent's death, his property is divided, unless tho will directs otherwise."

Legal and technical phraseology ha3l:i>cn avoided, and tlip alphabetical arrangement provides an easy method of reference. Tho letterpress is in Rood dear typo. The book was printed by Sir Isaac Pitman and Sens, Limited, London.

i ARGENTINA FIGURES. Tlio Commerco ond Tourists Division of the Department, of Agriculture, Comnicrcc and Tourists has received the following cablegram from Buenos Ayres, dated March 9, viz.:—The following shipments of prodace were dispatched from the Argentine to United Kingdom ports during February 1911 (compared with February, 1910):— ' 1911 1910. u . nrs. Frozen beef 106.168 130 725 Chilled beef 1E9.141 BUI4 e'es. c'rs. Frozen mutton 113,£0G 198 Frozen lamb 27,236 25,492 cwt. c.vt. Butter 1,300 10,547

DAIRY PRODUCE PEE TOJTGARIRO. Leaving Wellington for London, via Monte Video and Tcneriffe, on Thursday last, the Nov/ Zealand Shipping Company's R.JI.S. Tongariro fool: tV.3 following dairy produce from Dominion ports:— Boxes Crates Butter. Choose. Auckland 9.345 40 New Plymouth 8.477 2,84!) Patea, 2,879 5J29 Wellington — 3,273 Lyttolton 4.846 — Duncdin — 1,145 Total 25 547 12,427

ARGENTINE CONDITIONS. The doings of this South American Republic aro of interest to the people of Australasia, because of tho fact that Argentina, is our formidable rival in the British markets. Last year the aizrieultural production of the Republic failed io show expansion—tho yield of all cereals except linseed being below that of the preceding year. The pastoral industry, however, in some respects, made considerable progress. According to returns of the freezing companies, as published in the "Review of the River Plate," tho exports of frozen mutton and lamb amounted to 3,413,725 carcasses, those of frozen beef to 1,434,0711 Quarters, and ot chilled beef to 1,608,608 Quarters. TheEe compare with

3,217,944 carcasses of mutton and lamb, 1,615,033 (iuarters of frozen beef, and 1,071,474 quarters of chilled beef in 19C9, an increase for the year just terminated of 195,781 carcasses of mutton and lamb, and 355,329 quarters of beef. Tho export of mutton and iamb has been practically

stationary during the past live years. In fact, as compared with 190G, v. shrinkage of some <00,000 carcasses is shown. in frozen beef there has a. steady decrease since 1906, but, on the other hand, the exports of chilled beef show a. very heavy increase, having risen from 455.459 quarters in 1900, 789,348 iu 19CB, 1,071,474 in 1909, to 1.CC3.60S in 1910.

It is worthy of note that the two works, owned by American linns, exported during 1910 30 per cent, of the carcases of mutton. 28 per cent, of tho quarter?; of frozen beef, and 50 per cent, of the chilled beef. This fact demonstrates the grip that the meat truat already possesses on tho supplies iu the Argentine, and they iincnd to increase their iiold still further. "With this objcct in view an offer has been made to purchase a third freezing works, known as the "Frigorifico Urr.guaya," and the shareholders of that concern have been called together to confer tho matter. 3loney apparently is ouito a secondary consideration with the Beef Trust in the initial stages of their scheme, and it is difficult to sec how- their designs can be frustrated.

AUSTRALIAN BUTTER. The dairy season in Australia commenced early, and is beiag prolonged owing to the favourable climatic conditions. The shipments aro beginning to shrink, but not so noticeably as in previous years. The season shows a marvellous expansion, and, if the weather conditions continue favourable, a further expansion may be expccted next season. The shipments from July 1, 1910, to February 2 P , 1911. compared with the figures for tho corresponding periods of the three previous seasons, show as under:— Cwt. 1910-11 1,372,656 1909-10 949,<29 1938-09 622,230 1907-C8 728,2C0 The increase for the current season is wonderful, anl it io this big output that has come into competition with New Zealand butter and depressed prices. If there is to be another big increase in the output of tho Commonwealth in the coming season, prices on the London market may bo lower even than they have been this season.

Customs duties collected at tho port of Wellington yesterday amounted to £607 2s. WELLINGTON MARKETS. The Xew Zealand Farmers' Co-operative Distributing Co., Ltd., report prices for tho week as follow:—Potatoes, prime, £3 It's, to £5 per ton; onions, Globes, £4 It's, to £5 per ton; cabbage. 3s. to 4s. per .sack; grum peas, Hutt, Is. 3d. per pock; Frcnch beans, 3d. per lb.; carrot*, 3s. per sack; swedes, 2*;. sack; cauliflowers, 6s. to 7s. per sack; marrows, It. -pur sack; tur-nips,-white, 4d. to sd. dozen; lettuce, choice, Is. par case; rhubarb, Is. to ! Is. Cd. dozen; blackberries, 3d. per lb.; cucumbers, 4s. per half-case; peaches. Is. 9d. to 4s. half-case; plums, Ogaus, 35.; Burbanks, 4s. 6d.; October Purple, 55.; Diamonds, 4s. per halfcase; nectarines, 4s. 6d.to6sv 6d. per halfcase; dessert apples, ss. 6d. to 6s. 6d. per case; cooking apples, 4s. fid. to ss. 6d. per case; tomatoes, Is. 6d. to 2?. per half-case; pears, dessert, 7s. to Ss.; cookers, ss. to 6s. per 'case; grapes, Is. per lb.; butter, separator, DJd to IGd.; dairy, 9d. to 9H. per lb.; cheese, best factory mediums, 52d. per lb.; loaf, 7d. per lb.; dressed pork, 70's to SG's, 4d.; 90's to ICG's, 33d.; baconers, *3Jcl.; choppers (heavy), 2d. to 2*d.; etfgs, fresh, Is. 6d. per dozen; bacon,'factory sides, 7d.; rolls, 9d.; hams, 9fd. per lb.; honoy, 3}d. per lb. (flow of sale); beeswax, Is. Cd. per lb.; fungus, 4*d. per lb.; walnuts, 6d. ptr lb.; tallow, tins, 265. cwt. Poultry: Cockerels, ss. 6d. for good birds; small, 35.; table roosters, 55.; table liens, 3s. to 3s. 6d.; ducks, 4s. to ss. per pair; turkey gobblers, lOd. per lb.; hens, Ed. per lb. live weight (poor demand). Mai&e, 3s. fid. per bushel; wheat, 4s. por bushel; barley (feed), 3s. per bushel; barley (Capo), os. Bd. per bushel; dun pear, 4s. pe.r bushel; pollard, £7 per ton; £6 15s. in ton lots; oat pollard, 2s. 6d. sack of about 901b.; bran, £5 per ton; molasses fodder, £4 IDs. per ton; chaff, oatensheaf, £5 Ss. por ton; hay, prime, £3 IDs. to £4 per ton; sncrosine, £6 10s. per ton; straw, wheaten, £2 7s. 6d. per ton; linseed oil cake, genuine, £13 per ton; coconut oil cake, Bs. per cwt.; cats, A grade, os. per bushel: oats, feed, Sparrowbilln, Cartons, Buns. Black Tartars, 3s. 3d.: Algerian.:, 3V fid. per bushel; oats, crushed, 3s. 3d. per bushel.

BA'NK OF ENGLAND RETURN. r 4y Telesrn.ph -Pre?* Associat'on—Copjrlcli* (Eec. March 10, 0.20 p.m.) London, March 9. Tho Bnnfr of England return i>sued for the week ended Wednesday, March 8, is as under:— Issur. Drpatitm 1 ?)** Note Issue... i'S-j.tfl.UtO Gor.dobt ... Other securiiioi ... 7,434,000 Goli ... 37.422,000 £35,971,000 £55,671,ttt) BANKING DEPATTOTENT. Proprietors' Govt, sccurieapilttl £14,523,000 tios £14,539,000 Fublic de- « Other securiposits ... i11,003,C00 tics 31,9i*2,000 Other deposits 3ii.cCc«ooo Xofcoa .m 23.025,C00 Rest, 7-day atuioshor bills n,70:1.C03 Coin ... 1,221X00 £76.420.00J £7tj,421i,C00 The leading Jtema of the Bank of England return aiford tho following cornyanson:— Thiswook. Last week. Last year £ £ £ Bullion 37.42-2.000 57.0C3.000 03,917,000 Reserve 2D,S4ti.IX» 29.05U00 •H.GM.UM Note circulation 27,520.003 •27,9^n t i>0U Public Deposits L>l.;'.O3.U)J 10.022.00J 5,072,U0J Othor Deposits 3G,CtiS.WJ 3£V2il,ooJ Proportion of rcservo to labilities ... 51.20 40.89 60.82 GOVERNMENT SECURITIES. The following arc the latest quotations tor Government tecurities. with a comparison oi those ruling last week:—

BANK RATES OF DISCOUNT. Fho Bank of England rate was reduced on Jrne 9 from 4 to 3 por cent.; oil September 29 it was advanced to 4 per cent., and on October 20 to 5 per cent. On December 1 it was lowered to 4J per cent., on January 27 to 4 Der cent., and on February 16 to '61 jcr cent., and on March 9 to 3 par cent The BanTc of Franco rate was reduced from 3} to 3 per cent, on January '£&, 1908, and remains at the latter ficrure. Tho Imperial Bank of Germany on January 21.19L9, lowered its rate from 5 to 4J per cent., and on February 10 to 4 rcr ccnt. But on September 26 it was raised to 5 per cent., on February 6 it was reduced to «!j per cent., and on February 19 to 4 per cent, I

MARKET BATES OF DISCOUNT. The following arc the market rates for best threo months' bills:— London Paris Berlin rate. rate. rate, nor cent, percent, percent. This week ?.-j 25 31 Last v/eclt 29-16 2J 3 Last year 21 2J 2J Short lonjis are quoted at 38d. per cent., as against, 33 per ccnt. last week, and ljj per cent, a year ago. COLONIAL AND OTIIER PHODTJCE. Wheat..—The markets are quiet, and the demand disappointing; cargoes are firmly held; 345. is asked for Victorian, January shipment. 33s 7{d. for South Australian, November shipment, 335. Gd. for loadiug. 535. 3d. to 335. 6a. have been paid for South Australian and Victorian parcels, March-April shipment. Thoru is a quiet trade in Australian, on spot, at 365. fid. Chicago wheat is quoted at 903e. to 91e. per bushel. Hour is dull arul unchanged. Oats arc firm. La Plata, April-Jlay shipment, 13s. Crt. ButlL-r.— I The market is dull. Danish, 117s. to 1195.; choicest Australian, salted, 965. to 100.-., occasionally 102=.; unsalted, 102s. to lMs.; New Zealand, salted, IMs. to 106s. All secondaries are very slow -of sale, and stock# arc accumulating. Cheese is firmer. New Zealand, white. 535.; coloured, 595. to 695. fid.

j Siitfar.—Gorman beet, G3 per cent., net titre, <d. Inciter, at 10:». 3d. per cwt.; firsrmark, granulated, f.o.b. Hamburg, 2d. higher, at 12s.

Sheepskin.-.—8977 were offered, including 4CCO Australian and 3500 New Zealand. There was brisk competition, and practically all sold. Compared with January all combines were uiichaused, merino combing par to a- farthing dearer, and merino clothings a farthing cheaper. Bradford Tops—The market is Jinn, and prices are unchanged. THE JIETAL UtAUKETS. Copper—On spot, 2s. Gd. higher, at £5-} ISg. per ton; three months', 7n. 6d. higher, at £55 Cs. 9d.; electrolytic, ss. 9d. higher, at £57 13s. 9d. Tin.—On spot, £5 ss. lower, at <£184 per ton; threo months', 3C<=. lower, at £182 15s. Pig-iron.—j[iddles:boro* No. 3, unchanccd, at 48s. Bd. per ton. WOOL RALES. By AssMclation-Copyriebt (Rec. March 11, 1.4 a.m.) London, March 10. Tho Antwerp wool tntez have closed. A total of s<iCs bales of La Plata were offered, and 3640 bold, LONDON WOOL SALES. The Ban* of New Zealand has received cable advice from its London officc as follows "The market is expected to show no change in price for all kinds of crossbred?. Stocks are heavy."

Buyera Seller* £ s. d. £ s d National Bank — ' 6 2 0 ifetropolitan 12 0 0 - Wellington Investment ... Oil G 111 i Chris [church Gis 9 15 0 .10 0 0 Wellington Gas (£6 15s) . 13 12 6 ' — Wollincrton Gas (new) .... 2 12 6 ■ — Gear Meat (£1) 3 4 0 — Union Steam 1 17 6 — Kaiapoi Woollen 5 2 6 — Well. Woollen lord.) 4 0 0 4 2 6 Well. Woollen (prof.) 2 18 0 J 2 6 Taupiri Coal 113 — Westport. Coal 18 3 — I.cyland-O'Bricn 15 9 16 6 Manning and Co 4 10 6 4 12 0 N.Z. Portland Cement .... 1 14 6 — Sharlaiui's ordinary — 14 6 Taranaki Petroleum — 014 6 Ward and Co 4 18 6 5 2 6 Well. Opera Souse 7 15 0 — Whitcombo ,and Tombs ... 6 6 0 —

Variations — comiia.cd Prica. witrli last week. £ s. d. 2}% Imperial Consols Si U 0 2s.6d. higher i „N.S.\\.19o3Jau.-July 10o 10 0 Unchanged N.S.W.rjlS ..»ai\-Sep. UO lu c, oils. iiieU'cr 3 „N.S.\\.XW5Ai>l.-Ocs. 67 u 0 Unchanged 4 „\ ic. l'J-0Jan.-July 10J10 I) Unchanged 3i „ Vic.rjii-udau.-Jiily \a 0 0 lGs.hi.hcr 3 to 1U 0 lus.hiyiior 3J „S,A. MiiJan.-Juiy 9H0 (J Unchanged 3 „S.A. lJl<i Jau.-Juiy trJ 10 0 lOs.hiybcr i 10j 10 0 Unchanged 3$ 10 u lUs. 3 =•> 0 0 10s. lower i lOJ'J 103 0 o Unchanged 3} „N.Z. lUiOJan.-July i?3 0 U lOs.bteher i liMfi Aprii-Oot. WOO Unchanged y.J „ \V.A.lih:(J-iU;\Iay«Nov t7 10 0 Unchanged 3 „ w •A,l , U 0 Unchauyed 33 „ T.is. iwoJan.-July iff 10 o Unchanged a „ I'as. lJ-iJ-aJ Jati.-July S5 10 Q IPs, iiighor