COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1096, 7 April 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. I Sales of investment shares recorded yesterday comprised National Dank at .C 6 Is. 6d., and National Mortgage at £3 6--. 6d. The buying aud selling quotations were as under:— Buveri Seller* £ a. d. £ s. d -Vational Dank - 6 16 National Mortgage 3 6 0 3 6 6 Wellington Investment ... 0 11 3 - leilding Gas l 2 (I 12 9 Christchurch Meat ". - 16 5 0 .Gear Meat (£4) - 14 2 6 Gear Meat (.£1) - 3 10 0 Union Sto;.m .: 2 0 0 — Well. Woollen (pref.) 3 0 0 - Taupiri Coal 116 - Westport Coal 19 0 19 9 Leyland-O'lSrieii 16 9 — Manning and Co 4 11 0 — Miramar. Ltd — 0 2 6 ■N.Z. Con. Dental 12 6 ■N.Z. Drue- : 2 8 0 - X.Z. Paper Mills 13 6 1 4 0 .'Kharland's ordinary 13 6 — Sharland's preference 13 6 — Tara,naki Petroleum - OHO Taringamutu Totara, 2 8 3 2 6 9 Ward and Co 5 0 0 — THE OCEAX ACCIDENT AND GUARANTEE. .The Australian general manager of the Ocean Accident and Guarantee Corporation has received a cable message from London .as follows:—"At the 40th annual meeting of the Ocean Accident and Gu.ir.inicc Corporation, Limited, held, in London, the income, for- the year 1910 was reported to have.been £1,727,069. The balance to the credit, of profit and loss account, after : paying all claims and expenses, and including provision for outstanding claims, was £1,015,380. The reserves at December 31.,£2,028,127; and the. total assets £2.320,093." The increases are:—lncome. £190.9-!3; balance, £182.124; reserves, £254,169; total assets, £216,524.

COJIJIOXWEALTH NOTE ISSUE. According .to a, return furnished by the Federal Treasurer on March 29. tho value of the notes, issued hy the Commonwealth under tho terms of its new Act has reached . the sum of £4,548,361. When the Act -was brought. down last year the Prime Minister spoke first-of. an issue of .E3.CG0.000 ■anil, subsequently of. one. of- £4,CC0,000. Already tho issue has exceeded the latter estimate by over £SCO,CCO. The amount and nature of the notes now issued are shown as under:— Dehomina- . Aggregate • tion. . Xumber. Value. . £1 ... 1,498,106 £1,M3.456 ■' £5 235.613 1,178.055 -,-£lO ' ; 101,349 1,013,« a . £20 ■ ....:.; ■.....•.-. ;.. 15.025 300.5C0 , £50 ■ .: 8,471 <23.550 v£lCo ' •.„ 1,3« 134,300 Totals 1,660,247 £4,548,361 .The amount of gold held by the Treasurer for the purpose of the Act at this dato is .£1,525,005, or as nearly as possible one-third of the wh.ole. ■ .There is still some , amount of misapprehension as to the position and. future of notes .issued .by. private banks. Tho Secretary to. the Treasury explained recently that up to July. 1 these notes could circulate as. at present, but after that dale any bank sending .them out across it 3 counters, would have to pay the Federal tax of. 10 per cent, on each note. This will mean, of .course, that tho banks will find it more profitable to deal in Commonwealth notes, and their own will pass out of use. Tho banks will, nec-dless to say, pay cash or Federal notes for their own whenever presented. In Queensland tho new era, begins earlier than in other States, namely on May 1. CHEAPER COTTON. Notwithstanding tha great activity in the Lancashire cotton trade at present, the federation of master spinners is already discussing the question of running short time. The explanation of this retrograde step is that the output of yarn has overtaken the demand from the. manufacturers of cloth.. and stocks are acciimiilalin:: in tho hand 3of spinners. The rapidity with which American cotton came forward this season, owing to pressure put upon planters by country bankers in tho United States, enabled 'spinning operations to bo .conducted with great vigour. The great expansion in the number of spindles two years ago under the stimulus of the hugo profits made by existing mills, is now commencing to tel! upon the industry. New looms were not set up in nearly the same proportion, and consequently the homo requirements for yarn are mot much more speedily than in former times. The spread of the plague in China, too. has had a deterrent effect on shipments of cloth, and at the current high prices it can hardly be expected that, .foreign customers will buy as freely' ar, if costs wore on a lower level. In India the industry ie hampered by the dearness of the raw mntcri.il. the native crop of which was 4.385,000 bales, as aciinst "4,716.f00 bales in the previous season. The shortage in the American yield will stimulate the demand for Indian cotton, with all its faults, and there will thus be less available f.ir home consumption. It is.becoming increasingly evident that the world's supplx' of cotton will not suffice to keep all the mills at work throughout the year.

EXPORTS OF RA.BBITS ASD HARES. .Great strides have been made in New South Wales in exporting Irozcn rabbits -ansi-hares, and rabbit and hare skins. The Government Statistician has collected figures which brings out this fact very plainly :- Babbits' Hares' Year. Skins. Skiu?. Total. 19,10 4,537 4,162 8,719 .1901 6,233 . 13,291 19,524 .:. 1902 12,145 38,094 50,237 .1903 37,653 38,233 75.83S ' 1934 56,C07 105,952 161,959 ' ■ 1905 145,268 162,783 308,051 19C5 218.507 516,929 565,436 1907 305,078 241,099 544,177 ■ 1903 248,981 163/57 <12,42 a . 1909 331,609 '.220,743 552,257 1910 4C6.762 359,616 735,373 . The export, trade, which is principally with tlii' United Kingdom, amounted to £552,257 in 1909; but these figures by no meann represent the total return from rabbits and hares, which may be set down as approximately £652,000 during this year. In the State itself, these animals now form a common article of diet, ! >oth in the metropolis and the country, especial?/ during, the winter month?, when large numbers of men are engaged in their capture and distribution. The fur is largely used in the manufacture of hats. But, notwithstanding.these facts the Statistician notes the return thus brought to the State is. by no means commensurate with-the fir.ancial losses cauc-ed by the depredations of the pest.

LOCAL. BODIES' DEBTS. The Sydney "Daily Telegraph," in referring to these debts, says:— , ■ "The indebtedness of New Zealand local governing bodies (counties, boroughs, water, tramway, and harbour boards) has distinctly more than doubled in the past ten years. We give below the loans raised publicly at • intervals .of ten years, and also the additional indebtedness to the Dominion Government: making together £16,863,291. Against tbis there are sinking funds in hand £1,171,883, giving a n»t £15,691/08. The interest on these local debts and tho sinking funds absorb £835,059 annually. Ot . the publio . loans £7,967,385 have been raised' in New Zealand and £6,970,300 outside New Zealand.

DEBTS OF NEW ZEALAND LOCAL GOVEBNING BODIES. Outstanding Debts to Per Year. Loans. Government. Head. 1831 £5,039,807 — £5 10 0 1890 5,978,059 £329,279 10 2 0 19E0 7,057.350 810,102 10 5 0 1910 14,937,685 . 1,925.606 16 15 6 trom 1390 t0'.1900 the increase was very qlight, and per head, it was almost stationary.-; •.

COLONIAL AND CONTINENTAL BUTTER. Thp'-great margin between the values of Danish and New Zealand butters has already attracted attention, and an explanation for. the marked difference. Hitherto there have been complaints that, notwithstanding the fact that enormous quantities of colonial butter are arriving in London, the proportion that finds its way into the provinces is not, relatively large, and that it is not nearly so hrt'c as it might.bo were there hotter facilities for grocers to obtain regular supplies and an absence of price manipulation. This season many provincial family grocers who had hitherto fought shy. of box butters, gave, a trial to the liner finalities of colonial. The profit was for a time satisfactory, and the nuality being good, strong efforts were mnde to push it. Hut. they say, no sooner had they got their customers used to the coloury, flavoury grass butter from .the colonics th.in, as n. result of manipulation, up went the price. Local wholesalers feared to stock it. and flius grocers were forced back to the very nale butters from the nc:*.r Continent. Then down come 3 the price of the colonial article again, hut'the grower is unwilling to risk paving his trade upset by fresh experiments. The result of all this is thai. the margin of price between colonial and [ Continental butter lias been much widened to the advantage of the last-named.

NOTES. The Cunard Steamship Company had a much better experience during 1910 than in previous years. The accounts show, as lately cabled, a profit of X994.K9, while those for 1909 showed a profit of £660.420. comparing with £165,075 for 1908. £5:8,978 for 1907, and £557,273 for 19C6. The profit, as hero stated, is subject to deductions for interest, etc., which for 19f.9 absorbed £133,933,' and depreciation, £376.463. Appropriations for insurance anu reserve a rear aEo were £146.598. No diridpnd. Jus

been declared since that of 5 nor cent, for the year ended December- 31, 1337. but a dividend of 5 per tent, i; no-.v resumed. The report of the German-Australian Steamship Company, of Hamburg, slates that the accounts show .1 workiiiK surplus of £256,000 in 1910, as acain.-t. £130,1X0 in the previous year. After writinc off f.ISi.CCO for depn't-iatbn, as romparr:! with £97,000 in 1909, and after making other approfits' of' £74,K3, as' ajra'inst £57X00 in 1909. It i.s intcnclcd t-> pay "a dividend of 9 per rent, for 1910, r.s c-onirafted with 7 per cent, in the preceding year. So prevalent has become the bleaching of (lour in Knrimii bv artifici.il methods that fome LnndDn dealers in the lommodity reouire a pperial warranty that the fiotir sold to them is pure. Not only is the Hour artificially bleached, but it would appear that it i? sometime:' adulterated with aci't phosphate so a? to add to its breadmakintc reputation. There need he no fear tint such methods arc practised with Australian flour, a= fram wheat frrown in the Commonwealth there is produced a sufficiently white fhur without any chemicals; am! sue , ; Hour makes up into a loaf of jrno-i finality. From one point if view it may he Fiid that the Pcotrh whisky trade is in r.ither a. better pnsitbn than it i*-.s twelve months hack (writes an that j is 1.1 pay. production has fallen off bv I J.iOfl.nra rrallon*. making the total outnut of Z2.CCT.OCn (rail-ins the lowest in the last. 16 years. In p"it" of this, however, stonkn have increased !«• l.finn.riiO pnllons. and now amount tD Hs.rrD.ooo callous, which is eoual to six years' consumption at, the nresrnt rate, f> that in reality t.li» trade is in a very harl way. and outnnt. will have t-vbe slill further '•nrtfl.ilnd beforo it r->n ho mnsidcred on the road to a. really he.ilMiv position. How the stock': arc and it is impossible M avoid a, fear tt-nt of the Snfch bank- w'll have djw. rultv in \r-!r! v -ipcr el»ar of their commit, ments in »'iif direction without more or less material loss. In referring to currants, the "Produc? Markets Eeview" of February 18 remarks that the strong nosition of the market seems <:tllv justiped if figures of the stocks unshipned in Greece are correctly e-.timat.pd, and thov seem to be confirmed by the fact, that offers of fruit for shipment. are extremely difficult to ect. and are confined almost entirely ti the lower trades. Since the hednninfr of the yeir the chief Hemand has been for sm-U fn.nt. and for any currants that, ivnuld come in under Ws. and show valne. hut Tately the fade ha? shown a disposition to buy finer riualitics.

Custnms duties cilhcted. at the p.-/r« of Wellington yesterday amounted to £7603 7s. 7d. WHEAT, By Telegraph—Press Association—Copyricbt London, April 5: The American visible Ftirmlv of wheat is estimated at 63.9W.CG0 bushels. THE. METAL MARKETS. By Telegraph—Press Association—Copyrieht (Rec. April 6, 9.20 'p.m.) London, April 6. Copper.—On spot. £J4 ' 7s. 6d.: threa month?. £54 18s. 9d. Tin.-On spot, £191 ICe.: three months, £183. Lead, £12 17s. 6d. SILVER. By Tclccraph—Press Association—Copvriehi London, April 5. Ear ri'ivcr is quoted at 2<ld. per ounco standard. TALLOW SALES. By Telegraph—Press Association—Coprrieht London,. April 5. At the tallow ca'.es 973 casks were offered and 8!0 told. Prices realised:—Mutlon, 355.; medium, lir-.; beel, fiiie, 345.: medium, 52i. fd.

AUSTRALIAN PRODUCE MARKETS. By Telegraph-I'ress Associatioa-Copynsht (Bee. April 6, 11.10 p.m.) Sydney, April 6. Wheat is unchanged. Shippers are asking from 3s. Id. to 3s. 2d., and millers 3s. 3ld. Flour is steady, at £8 ss. O.its Tasmaniaii, SparrowbiHs, 2s. 9d.; Giants, 2s. U"d.; Algerian milling. 2s. Ed.; feedinc ?.s. 3d. Barley, Gape, 2s. 6d. to 25 Sd Bran, £1 ss. Pollard, £4 10s. /Maize 2s CI Onious, .£2 to £2 10s. Potatoes, £7 10s Bacon, 7d. Butler. 85=. Cheese, 5Jd to Eld. Melbourne, April 6 Wheat, 3s. l\i. . Flour, £8. Oats, Algerian milling, 2s. Id.; feeding. Is. 8»d. Bar. ley, Cape. 2s. <d.; feeding. Is. M. Mnizc. 2s. 6d. Brand and pollard, £4 10s. Onions, £1 15s. (? £2 155.). Potatoes, £4 ss. Adelaide, April 6. Wheat has advanced twopence, to 3s. 4d. Flour, £8 to £8 lCs. Br.in and pollard, 125(1. Oats, Algerian, 2s. 3d. Barley. Cape, 2s. 2d. MELBOURNE HIDES 3IAKKET. By Telegraph—Press Association—Copyrisht (Roc. April 6, 11.10 p.m.) Melbourne, April 6. Hides are in fair supplies, and prices are unchanged.

KAM AND EWE FAIE. ' (By Telegraph.—Press Association.) , : Oamaru, April 6. ' The annual ram and ewe fair was held to-day, when the entry was 471, against 802 last year. The only demand was for ' Border-Le'icesters, but the sales were not ' extensive. The highest-priced rams sold . were tlirco offered by Mr. T. S. Little, j which realised 12, 10, and 9i quineas. The other . sales did not exceed 3 guineas. The . recent . drought was responsible for the , smallness of the sales. LONDOX JIAEKETS. ' The New Zealand Loan and Mercantile - Agency Co., Ltd., have received the fol- : lowing cablegram from their London hoiuo under date April 5:-Wheat sold at 32k. c.i.f., a handy Australian cargo. Thero is a fair demand, and unfavourable crop reports. The outlook is uncertain for the market prospects in Russia. We quote, per quarter c.i.f., New Zealand wheat:— Long-berried, 31s. 6d.; short-berried, 31a. Tallow: We quote present spot values for the following descriptions :-Good ; mutton, 545. 6d. per cwt.; good beef, 335. 3d. per cwt.; mixed. 325. per cwt. Market quiet. LONDOX WOOL SALES, The Bank of 'New Zealand has received cable advice from its London office, dated April 4:—"Current prices for North Island farmers' lots, in average condition:— Coarse crossbred, 36's to 4'j's quality, 9Jd. Ito 10d.; medium crossbred, s to 46's quality, IOJd. to lid.; fine crossbred, SO's quality, 12Jd. to 13Jd. MINING NEWS. WELLINGTON SHAKE MARKET. Another dull day was experienced yesterday, and only three transactions were recorded. They were:— Talisman, 50s. (third call). Waihi, 635. 6d. (first call), 635. 9d. (third call). The buying and selling quotations were as under:— ' Buyers. Ecllcrs £ s. d. £ s. d. Bonanza , — 0 0 5 Breinner'g 0 0 3 0 0 6 Con. Goldfields 0 18 0 0 18 9 Kapanga 0 0 6 0 0 7 Kuranui Caledonian ... 0 1 0 0 12 May Queen 0 19 (1 1 11 New X.eoland Crown 0 3 6 — New Big Eiver 3 6 0 310 0 Occidental — 0 0 3 Old Hauraki 0 1 10 0 1 U ■Saxon : 0 2 1 0 2 2 Tairna Broken Hills ... 0 1 0 — Talisman 2 9 6 2 9 9 Victoria — 0 11 Waihi 3 3 6 3 4 0 Waihi Grand Junction ... 1 7 0 17 6 Waitangi 0 1 11 - Watchman ' — 0 2 6 STOCK EXCHANGE. (By Telegraph.—Press Association.) Auckland, April 6. Business done on 'Change this morning: May Queen, Is. 9d. Hauraki I>cfs (con.), 6Jd. Kapanga (con.), 6id. Talisman. .£2. Waihi, £3 3s. Id. ' Duncdin, April 6. The following sales were reported on the Stork Exchange to-day: - Waihi Grand Junction, £1 6s. 9d. Waihi, £3 3?. Talisman, £2 Its. (two parcels). ; No Town Creek, 6s. M. ' The following business was done at the j 3.15 p.m. call to-day :— ! Hauraki Reefs (con.). 7d.. 7id. , Kapanga. 6id. ; Waihi Ueefs Consolidated. 2s. 2d. Waihi Grand Junction, £1 7s. 3d. i Tairua Monarch, lid. ' Saxon, 7.?. l<l. i Waihi, £3 45., £3 3s. 9d. I Northern Steamship Iron.). 7s. <d. j Wiseman's, Ltd (prof.). £1 os\ 6d. Christchuroh, April 6. Pale? reported on the Stock Exchange of Canterbury:— ■ N 7,. Insurance. £4 7s. 6d. > Canterbury Frozen Mr.it. £8 7s. M. ii Christchurch Meat Co. (£5 paid). £?17s.M. s Christ.rhiirehMc.it Co. (£2 paid). £3 2?. 6tl