COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1074, 13 March 1911, Page 8

COMMERCIAL ITEMS.

SHARES. On Saturday there were sales of rnion Steam at 373. 9d.. and Taupiri Coal at 21' 9d. The- buying and selling quotations were as under.:— Buvera Sellers £ s. d. £ s. d. National Bank - 6 2 0 National Mortgago 3 4 0 — Wellington Investment ... 0 11 0 0 11 6 Well. Trust and Loan... 712 6 • — Christchurch Gas 9 15 0 — Feilding Gas — 12 0 Palmerston Gas — 9 0 0 Wellington Gas (£10) — 19 1 0 Wellington Gas (£6 15s) . 13 12 6 — \Vrll. Gas (new issue) 2 12 6 — N.Z. Insurance — 4 5 0 -Christchurch Meat 15 15 0 — Gear Meaf(£l) 3 4 0 '— " Meat Export (£5) 6 5 0 — Meat Export (£4) 5 3 6 — Meat Export (525. 6d.) ... 3 0 0 - N.Z. Shipping — 1315 0 Union. Stenm ; 1 17 6 - Kaiapoi Woollen 5 2 6 — Well. Woollen lord.) 4 0 0 4 2 6 Well. Woollen (pref.) 2 18 0 3 2 6 Taupiri Coal 116 — Wcstnort-Co.il 18 3 - Lcykind-O'Brien 16 1) 16 9 Manning and Co .'.. 4 10 6 4 12 0 Miraroar, Ltd — 0 2 6 N.Z. Con. Dental 12 6 13 6 Rharland's Ordinary — 14 6 Tar.inaki Petroleum — 0 14 6 Taringamutu Totara 2 7 6 2 9 0

LONDON WOOL SALES. The second of the series of London wool sales will commence in Coleman Street to-morrow, and the prospects are not very bright. Tho quantity to bo offered is restricted on this occasion, but, notwithstanding that, values are not expected to show.nny improvement. The new arrivals totalled 477.C00 bales, of which 251,500 bales wore forwarded .direct to manufacturers leaving to 215.5C0 bales, to which must bo added 17,000 bales over, carried over from the last sal-ss, making a total of 323.5C0 bales to be catalogued. Last year only 140,472 bales were catalogued. Judging by the Antwerp sales prices should see an improvement, for at those sales last week merinos advanced 7} -«!r cent., crossbrcdn 5 per cent., and pieces 10 per cent. Private cable messases, however, indicate that no change is to be expected in crossbreds, as stocks are heavy. This will be bad news for tho dealers who bought at the December and January local sales for resale .in London, for many oi them will lose,' and lose heavily. It is doubtful whether the market will show any vitality during the first half of the current year. The May sales will be affected by the European and North American e'.ips, which will then be in sight; at the July sales this wool will bo on the' market, consequently it will be September before, wo can' look for any change for the better. Tho fine tone of the Antwerp market indicates that the Continental trade is fairly active, consequently the Drcsent dullness has to bo attributed to tho unfavourable conditions prevailing in tho United States.

AMERICAN CONDITIONS. t Sir Edward Holden, chairman of the London City and Midland Bank, at the annual meeting of shareholders of that institution hold in January last, referred somewhat fully to American conditions. He pointed out that it was difficult to understand the present position. The political question, the State attacks on the corporations, and the currency question, are at the present time all to tho front, and people do not really know whore they are or what may happen. Of the three quer,ton 3, by far the most important is tho currency question, and the most serious part of that is the gold underlying and protecting America's liabilities. She is not retaining the amount of now gold necessary to protect her increasing credits. After having taken from" London large quantities of gold in 1007, she lost in 19C8 about six millions sterling, and in 1909 about eighteen millions, while in 1910 it was only by special efforts that she wa3 prevented from losing any more. Against this loss of 24 millions in three years her. home production amounted to about 58 millions cterling. Tho amount used in the arts and manufactories in tho same period was' about 18 million 3 sterling, leaving about 16. millions more gold ore balance in the country that at the end of 1907. For tho twelve months ended December, 1909, there was an excess of exports over imports of about 50 millions sterling, and the excess for 1310 was about 60 millions, making the surplus exports for the two' years 110 millions. But as her additional liabilities for interest, etc., payablo abroad must approximate from 80 to 100 millions sterling per annum, she would thus, taking tho larger figure, bo deficient on tho two years about 90 millions sterling. To pay old liabilities by the creation of new oner, cannot be repeated often with impunity. To prevent repetitions of this species of finance, cither her exports must increase or her imports must diminish.

EDUCATION AND ASSURANCE. A large and increasing business is being done by the British Life Offices generally in 'providing.cither a lump sum or a short terminable annuity for the benefit of a child on reaching any fixed age. and it would be hard to over-estimate the good which such a provision may bring with it. The premiums are not large, and a feature of great value is that by paying a trifle more, the whole payment of premiums ean cease on the death of the narent or guardian, so that there is no risk of the contract proving a. burden instead of an advantage. According to the flzurcs of one society, a yearly payment of £23 9M. secures for a child of under three eight half-yearly suras of £50. the first receivable on the sixteenth birthday. Should the child at any time die More the whole transaction is completed, all the premium;; ire returned, less any annuity payments which may have been n">di>. If the yearly charge is increased to J525 ss. no more premiums would have to he paid should the father (age 351 die before the child had reached the selected age. Other amount-; are charged '"or at proportional rates, varying only with ago of child and of the parent. There are a number of varieties of such contracts offered by the Life Offices, and thov arc always ready to Quote for any snech'. typ" which would suit the convenience of the purchaser.

N.S.W. RATINGS BANK. According to the report of the trustees of the Savings Hank of New South Wales, the deposits standing at the credit of 130,35'. depositors with the institution at the end of 1910 was £7,263,10'!. or £415,950 more than at. the corresponding date'in 1909. The largest increase in the number of depositors was ill class £20 and under, and the largest increase in deposits wis in class £20(1 to £3CO. The. average amount ill. the credit of each depositor on December 31 last was £55 Ks. <Hd.. or £1 6s. sd. more than in the previous year, while the average amount of interest added to each depositor's account for the year was £1 12s. 9jd. The haul; allows ~sh Dcr rent, '.atcrcst per annum on deposltE un to £200,

The sura of .£275.537 was earned nn the, hank's investments during 101(1. The interest paid to depositors aggregated £222,954, charges were £27,144, and £25.701) w placed to the credit of the various funds, leaving ££372 to be carried forward. Reserves now total £394,021. Investments include £1,049,945 lent on mortgage Government stock and Treasury bills £-5.572.037, city of Sydney debentures £1,129.522. Smaller sums are placed on deposit with the various banks, or are invested in municipal stocks.

THE JLOTOK INDUSTRY. The infant industry of manufacturing motor-cars has made astonishing progress in the past, fifteen years, especially in America,- where the output of the motor factories to-day is double that of the shipyards. The value of ships and motor-cars manufactured in recent years in the United States has been as follows:— Ships. Automobiles. £ £ 1093 H.OCO.C'CO 31,400 1900 15,0C0.0Cn 540,000 1905 15,600 COO 6.C00.C00 1980 37,008.C00 16.600,000 1909 11.CCCC00 19.6M.tC0 1910 20.0C0.DC0 "O.CCO.COO For two years the- United State 3 has put twice e.s much money into automobiles as it has into ships. It is computed that there are now considerably more than 1200 freight motor-cars running in New York city streets. CUSTOMS. Tho Customs revenue collected at the port of. Wellington on Saturday totalled £6774 ss. Bd., the amount for the week totalling £13,225 9s. lCd. Compared with the corresponding periods of last year, tho receipts for the pact eight weeks show as under:— 1911. 1910. £ £ January 21 9,439 7.465 January 28 25,246 20,336 February 4 12,958 11,356 February 11 7,372 21,467 February 18 21.C06 9,335 February 25 27,001 18,939 March 4 12,614 11,988 March 11 13,225 18,345 128,861 119,232 The beer duty for the week totalled £405 135., as compared with £204 ss. for the corresponding period of last year. LONDOX MARKETS. Uy Telegraph—Press Association-Cosyrisht (Rcc. March 12, 5.5 p.m.) London, March 11. Hemp is Srm. March-Hay shipments, £20 7s. 6d. per ton. Rubber.—Fine, hard Para rubber is quoted at 6s. Bd. per lb., a fall of 4d. on the we:k. Copra- is firm, after some pressure to sell. A parcel of South Sea now due to arrive sold at £19;. March-April shipments are quoted at £20 per ton. Cotton—The Liverpool quotation for middling Upland American cotton is 7.44 d. per ; lb. THE METAL MARKETS. By Telegraph—rross AEsociallon-Gonyright. (Rec. March 12, 5.5 p.m.) London, March 11. The closing flotations yesterday were as follow :— Copper.—Cash. £54 15s. 3d. per ton; electrolytic, £57 10s. Tin.—On spot, £180 per ton; three months, £179. Antimony, £9 10s. Lead—The imports for tho past month totalled 17,799. tons, including 6055 tons from Australia; the exports amounted to 5810 tons. FROZEN MEAT. Tho New Zealand Loan and Mercantile Agency Company, Limited, have received tho following cablegram from their London house, ur.dcr elite March 10:—Frozen meat: Mutton—Market, very weak. Ecef— Market steady. Lamb—Demand moderate. Market glutted. All descriptions have declined since last report.

LOXDOST SHEEPSKINS SALES. The Bank of New Zealand has received cablo advice from its- London office.as follows:—"Compared with the average of lar.t sales, prices for all kinds of merino skin* aro 5 per cent, higher, and for all kinds of crossbred sinus prices aro unchanged."

WHEAT. (By Tclegraim.-l'resa Association.! Oamaru, March 11. There has been more inquiry for wheat this week, but no change ia prices can be reported. A good many sales have been made, but mostly in linen of small dimensions, running between ICO and <C 0 sacks, and selling at present quotations. Still a good many transactions have been registered. With few exceptions, however, the sales have beer, of small parcels. Ono lino of 800 sacks of velvet was taken at 3:>. net. delivered in Oamaru, and the same terms obtained for , another , line, of 300 sacks,, besides several smaller 'lot's. For velvet at country stations the prircn paid were 3s. and 3s. Old., less commission, the former figuro being accepted for a line of 650 sacks,. besides several others ranging up to about ICO sacks, while 3s. Old. was given in very few instances. A line of 400 Gacks of Marshall's white chaff was sold at 2s. lid. net at a country station. A line of 350 sacks of Tuscan was acquired at a country station for 2s. ICJd., less commission, but for other lines of smaller bulk 2s. lid. and 2s. Hid., less commission, were given at country stations. Tho same prices were paid for red chaff, of which •only a few parcels were sold, none of them reaching 3CO sacks. Tery few offerings of oats are to bo met with, growers holding on to them in view of possible necessities for hand-feeding stock, owing to the dry v;eathor and tho baronet of fields.. One line of 700 sacks of Gartonn was acquired at 25., less commission, at a country station, and for several smaller lots is. lid. and 2s. net were given at country stations, a line of 250 sacks commanding the higher rate. No oatensheaf chaff is coming forward, holders, as with oats, reserving their stocks to meet feed necessities. Potatoes arc distinctly weaker, and merchants have become a little cautious in doing business owing to rejections during tVe week, because of the tubers being affected by the worm-borer. Tho sales effected have been at £2 15i net, on trucks. There is not much doing in shipping business, and present f.o.b. quotations aro from £3 ss. to £3 10s.