COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1078, 17 March 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. Sales of investment shares recorded yesterday were Wellington Trust and Loan at .£7 I'*. and £7 155., and Wellington Woollen at £4 2s. The buying and'selling quotations were as under:— Buyers Sellers £ s. d. £ s. d. Hank of Xew Zealand 11 4 0 - National Bank — 6 2 0 Metropolitan 12 0 0 - National Mortgage H 0 — Well. Investment HI I 0 11 6 Well. Trust and Loan 7 13 0 — Christchurch Gas 9 15 0 — Fcilding Gas — 1 <■ J Palmcrston North Gas - 3 0 0 South British Insurance sll'i — Standard Insurance* 17 9. — Gsar Meat (205.) 3 5 0 - Meat Export (£5) 6 7 6 - Meat Export (£4) 5 3 5 - Meat Export (525. 6d.) ... 3 1 0 . — N.Z. Shipping - „ 1312 6 Kaiapoi Woollen 5 5 0. — Well. Woollen (pref.) 2 19 6 i 2 0 Taupiri Coal 1 1 ° , —- Wcstport Coal 18 9 19 0 Levland-O'Brien 1 '6 3 1 1 p Miramar, Ltd. - - 0 2 6 N.Z. Drug 2 ' J N.Z. Portland Cement. ... 1 14 6 — Shnrland's ordinary'....... - t 4 . & T*rihgamutu Totara 2 7 6 ; I Ward' and Co. ......' 418 6 5 0 0 Wbitcombe and Tombs ... 6 5 U — EXCHANGE. HOLIDAYS. - T'ms Stock Exchanges in Wellington, Auckland, Christchurch, and Dunealn will lis closed to-day and to-raorroiv. As business is remarkably dull, and tho fljhine season will soon terminate, brokers arc raak'n'- a 'ong week-end holiday. Inci-. dentally there is the mild excitement o. not knowing how the prices will move after such a- break. JIOMET MARKET. Very little alteration is noticeable in financial conditions locally: there are still ample supplies of money available tor investment, but the majority of securities offering are not considered very satisfactory by investors. We are nearly tnroueh the March riuartor, in which the bulk of our exports eo forward, and tho various returns for this period will be looked lor with interest. The bank returns will most likely show a fairly heavy excess of deposits over advances, resulting from t-lio realisation of the season's produce, though the heavier scale of importation that is going on will work in the opposite direction as it will necessitate a reduction of the available funds of the banks. Unfavourable weather was experienced early in the season, ajid latterly tho want of rain has been felt in most parts or the Dominion. The exndrt of wool, which kept up well *n the earlier part of the season. -Is now dropping off considerably, and it is s'ated bv some that the season s clip will bo from five to ten per cent, short of the previous season. The export of mc:it wan affected by weather early in the season, but is picking un now, and heavv shioments ate goinsr forward. Dairy produce gives promise of a cood season tin to the present, but a reduction must be looked for from now onwards. . On the whole, wo think tho value of our exports for the season will reach a substantial and very satisfactory level, but do not expect to see them reach tho high level of the 1909-10 season record—"Trade Review. j COMPANIES REGISTERED. ; Amongst the companies recently reeis- ' tcrod are the Ga'no Milking Machine Co:'. Ltd., a private company with a, capita! of 1 £2CCO, divided- into 40 shores of £50 each. , The subscribers arc H. E. Jenkins, 30 : shares; S. A. Jenkins. 2; .0. P. Wake. 2: T. H. Jenkins, 4; H. D. Pitcher, 2. The . objects are to acquire the goodwill and take over as a going concern the milking ' machine supply and agency business ear- ! r'ied on by Barry Reginald Jenkins, of ■ Eltham, and the , , , ) Electric Light Co. of New Zealand, Ltd.. with a capita! of £.5000. divided into 2COO i preference shares and 3000 ordinary shares ' of £1 each. Tho subscribers are J. C. P. ' Kirkwood, 2C30; S. H. HiEgs, 10; F. K. ■ Cooper, 10; A. C00k,'25; J. D. Sievwright. I 10; P. M'Wliannoll. 1: T. H. Oates. 1: R. Williams, 1. The objects- are to take l over as a going.concern the business of c importers and dealers of electric light fit- • ings, plant, etc., of electrical engineers - and contractors for electric lighting, now l carried on by James Parke Kirkwood and James Charles Parke Kirkwood. The office of the company is at 88 Willis Street. '" Wellington. I : LONDON WOOL SALES. '. '■ Tho tone of the London wool sales. = which opened on Tuesday last, i 3 as satis- ' factory as could be wished. Fortunately ■ there has been an improvement in the e Continental trade outlook, and this was t mado apparent at tho Antwerp wool sales. , CoMeciuently, the. support received from a this Quarter has given the market a n firm and confident tone. Had American support been available, the market would have exhibited a strong upward tendency; v as it is merinos and fine crossbreds show l- a disposition to advance, and in some in- ; stances 5. per cent, above the cloeing j prices of the last Scries has been obtained. Continental buyers are showing a II better interest in crossbreds, and for d this Nov; Zealand growers must be thank--1 ful, as otherwise a. fall was inevitable, as ;. stocks arc said to be heavy. « ' e -. . - GOLD MOVEMENTS. * Last year's gold movements of the n United Kingdom constituted a record. The .1 total gold imported amounted to £57,321,767, as compared with £54,691.629 in 1909; whilst the exports came to £50.898,445, as comS pared with £47,249,536 in 1909. Of the eold V imports no less than £40,640,773 took the i, shape of raw gold, o? which £31.074,421 wa? 0' supplied by the Transvaal. £2,497.586 l)v :s Rhodesia, £2,220,253 by India. a=d £1',604.C6S r by Australasia. Itcfincd bar Bold was received to the amount of £2.165,215. Sove- '■ reigns to the amount of £6,171,334 were i- also received, of which £1.805.944 came from V France, £1.700.570 from Ecrynt. £767.259 from e Germany, £941/05 from Australia, and £750r 722 from Brizi!. Foreicn cold coin to the extent of £7,799,045 was also received, of which £6.586,529 came from tho United *• States, and £1,142,971 from France. Of tho r- "xports. £24.141,095 was in the shape of , bar gold, of which £8,164,445 went to ,f India. £7.649,655 to Germany. £2,717.400 to the United States, and £1.558,500 to Russia. '■• The exports of sovcreicne were t: verv ■'' similar amount, no less than £24.682.858 i. beint: sent on*, inclndiar £10.770,000 to d Egypt. £2,176.262 to Franco. £1,931.015 to ,n Argentina and Uruguay. £1,849,000 to ~ Brazil, and X1.631.CC0 to Turkey. s. COMMONWEALTH NOTES. le Mr F Huth Jacteon, president of the London Institute of Hankers, recently referred to the Australian Notes Act, and quoted Mr. Cor.ant's "History of Modern Hanks," as und-ir:— A Government paper curroncy has rarely been issued to promote the oonveniem-u I of commerce, and has seldom contributed c to that end. Experience a,s well as theory m has proved that Government paper moncv ■h ic essentially different in character from •y banking paper, and opens a Pandora's box re of. evil for every nation which uses it. id The difference between a Government paper r e currency and bank-notes is not ose of s pxperience or accident merely; tt is a dif. s, fcreiics which is fundamental, Banking

paper is basket br.sincro trails-actions, and is limited b\- their dcmar.dr,; Government miner is ha-wl upon the will of Hl2 State, mid is limited only by its necessities. Tiie almost invariable rule of Government pancr issues Is that one beirets another, until the entire volume exceed:- the legitimate demand;: of business, upsets values, and go:;s bevond the reach of restriction oJ (he metallic standard. . . . Even a limited issue of paper b maintained at- par by a Government, with much greater difficulty tin:: by well-regulated banks. The reason ::: fundamental. The Government ha 3 no r;ii:ck a«sct:; . It :-s not wealth in the abstract that currency must represent, bet -euickly negotiable wealth, the Government bar, o:i!v two resources (beyond the cash in hnnd)-the pledge of public property and the power of taxation. The peculiar strcnEth of a. bankins currency liea in the enormous mass of nmek assets behind its demand liabilities. NEW- MEAT COMPANY. A.meeting of those interested in the acquirement of The Bants Meat Company's property at NgahauranEa was held to-day. at which resolutions were carried approving the purchase and authorising the formation of a, company to erect freczine works, to be ready for operation at the beginning of next reason. A strong provisional- directorate wna formed, and a, prospectus will.be issued at an"early date. Ar. James Macintosh was appointed chairman of provisional directors, and Jlr. \Vm. Nicholson, secretary, pro tern. Customs duties. rollected at the port of Wellington yesterday amounted to £1920 12s. ■ lid. LONDON WOOL SALES. FINE WOOLS ADVANCE. By Telegraph—Press Association—Copyriclit London, March 15. At the wool sales, biddirie wa6 animated. Jlcnnos. and fmc crossbreds were at par to 5 per cent, above the prices at the February sales. TALLOW SALES. By Telegraph—Press Aiislociation-Copyrieht l-ondon, March 15. At the tallow sales 1082- casks were offered and 1056 sold. Prices realised:—Mutton, fine. 365.; medium, 345. 6d.; beef, fine, 355.: medium, 345. WHEAT. By Telegraph—Pijess Association—Copyright London, March 15. . The American visible supply of wheat is estimated at 67,738,000 bushels. SILVEK. By Telegraph—Press AreociatiDn-Oopyrisrht London, March 15. ■ Bar silver is quoted at 2<2d. per ounce standard. THE METAL MARKETS. By Telegraph—Press Associatlon-Conyricht (Roc. March 16. 10.24 p.m.) London, March 16. Copper.—On spot. £55 Is. 3d.; three months. £55 13s. 9d. Tin.-On spot, and for delivery in three months, £177 15s. Lead, £13 3s. 9d. MELBOURNE HIDES MARKET. By Telegraph—Press Association—Oopyrirht (Hec. March 16, 11.25 p.m.) Melbourne, March 16. Hides are in fair supply, and are Id. dearer in all classes. AUSTRALIAN PRODUCE MARKET. By Telegraph—Press Association—Copyright (lice. March 16. 11.25 p.m.) Sydney, March 16. Wheat is Arm. with small offerings: shippers are offering 3?. 2d. to 3s. 3d., millers, to 3s. - 4Jd. - Flour' is p.uiet - and unchanged at £8. Bran and pollard. £'1 ss. Pcas,.Tasma'nian, <■>.• 9d-.. ss. id. Oats. Tasmanian, SparrowbilM,'23. Bd.; Algerian', milling', 2s. - C-d.; feeding, 2s. 3d. Barley. Victorian. Cape, 2s. 6d. to 2S. Od. Maize. 2s. 6:1. Onions, £3. Potatoe:-, £5 If*, to £6 10s. Butter, 86s. Bacon, 7d. Cheese. sd. to sid. Melbourne, March 16. Wheat, 3s. lid. Flour, £7 15s'. Oat 3, Algerian millins, 2s. Id.; feeding. Is. lljd. Barley, English malting. 4s. 9d.; Codo feeding, Ss. osd. Maize, 2s. 2d. to 2s. 3d. Bran arid Pollard, fA lCs'. Onions, 23. sd„ Potatoes, £3 Id', to £4. Adelaide. March 16. Wheat—There is a demand for shippers' lots at 3s. 4d.; sellers are asking 6lightly mere, and little business is doing. Flour is dull at from £8 to £8 ss. Bran and pollard, Is. Oats. Algerian, 2s. Id. to 2s. 2d.; champion, 2s. 6d. Barley, malting. 3s. 9d.