COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1102, 15 April 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARKS. . A sale of New Zealand Paper Mills at Z-s. was the only tronsaptfon in investment snares recorded on Thursday. The buying ana selling Quotations were nr> under:— Buyer?. Sellers. n , „ Xs.d. £s.d. Bank of N.Z 11 7 0 — National Bank — 6 10 Equitable Bnildine 915 0 — 'm l «F ton investment... 0 11 3 - "ell. lrustand Loan 7 15 0 — Christchurrh Gas 912 6 — Gisborne Gas 3 2 6 — Well. Gas (£10) 18 18 0 — well. Gas (£7) 14 0 0 Ohristchurcli Meat — 16 0 0 Meat Export (525. 6d.) ... — 3 7 0 Union Steam 2 0 0 2 16 Hell. Woollen (pref.) 3 0 0 3 2 0 Taupiri Coal 119 - Westport Coal — 19 4 keylnnd-CTBrfo/n 16 3 - Manning and Co 4 11 0 — Mirauiar, Ltd — 0 2 6 N. 55. Con. 'Dental 12 6 13 0 N.£. Drug 2 8 6, 2 9 9 N.Z. Paper Mills lib Sharland's ordinary ....... 14 0 — Sharland's preference ... 1 4 0 — Taranaki Petroleum 0 15 0 0 14 0 Taringftmutu Totara 2 8 6 2 8 9 Ward and Co 5 0 0 — AUSTRALIAN BUTTER. The favourable climatic conditions »x----perienced in Australia will result, so it is said, in butter and chcesc beine made all through the winter months. The exports of butter from the Commonwealth from July 1 to April 6, as compared with: the figures of the three previous season?, j show as under:— | Season. Tons. • : 1910-11 39,967 ' 1909-10 27,210 1908- 9 14 427 1907- 8 20,639 Australian, and particularly Victorian, butter is being freely pushed for sale by both wholesalers and retailers. and it is mainly owing to this competition that New Zealand butter is' low in price. IMPERIAL CONSOLS. A foreign correspondent of the VEconomist attributes the depreciation in the market value of British consols to the fact that tuis security is subject to income tax without remission of any kind if held aDroad. As a justification of his refusal to remit this imposition in the cases where the holders of British securities arc foreigners, the Chancellor of the Exchequer stated that unlike residents in Great Britain,- they escaped the burden of indirect taxation, and that it was only fair for them to boar a larger share of the direct taxes. It is pointed out by.the correspondent in question that whilst applicable possibly to British subjects living abroad this argument is not relevant to the posiJ> lon of foreign holders. No one will contend that the latter are bound to contribute to the indirect as well as to tnu uirecb taxes of Great Britain, or that if they fair to do so, they are to be treated more severely by the exchequer than if. they were resident British subjects. But this, it is stated, is exactly the course pursued, for by massing all holders of consols residing abroad without distinction of naI, tonality, relief has teen refused to lorcign : which, is granted to certain sections of British subjects. It is further affirmed that unkss this obnoxious taxation is repealed, foreign holders of consols will clear out their investments in that stows m first, favourable opportunity. It is evident that certain foreign investors hare lost confidence in the scrupulous justicc-of the British Government, and the facts'as represented appear to justify this feeling. NOTES. The sixty-second annual meeting of the Australian Mutual Provident Societv is announced to take plscc in the Y.M.C.A. Hall, Bathurst Street, on Friday. May 19, when the annual report will be submitted. The usual election of two directors will also be held, and we are informed that Mr.'B. J. Black, M.L.C., and Mr. F. E. Wirtchcombc,- M.L.C., the retiring director?, .on-this occasion, have given the requisite noticc that they are candidates for reflection. Buenos Ayrcs is now considerably the largest city in the Southern Hemisphere. Ik. was estimated to hold t 189,CC0 persons in m. an£ * DOW holds considerably more, rho second largest is Bio de Janeiro, whiOli was estimated to contain 856,CC0 persons in 1907. The third is Sydney, with 631,600; and the fourth Melbourne;, Probably San Paulo. Santiago, and Monte. Video follow in the order named.

Imports into Japan last year exceeded exports by £600,000, despite the fact that it is estimated Japan has to find £6.CCO,CCO per annum interest on its foreign debt.

The Maypole Dairy Company is one of the moat successful of the English multiple shop concerns dealing with Australian and New Zealand dairy produce. Its not profit for 1910 was £401,863. an increase of £99,0CQ on the preceding year. The issued share capital is £985,0C0. and the reserve fund £600,000. A bonus of £!CO,CCO has this year been distributed anions the staff,- and the turnover of the comeany and-the.-allied concerns is £10,000,000 per annum.' These magnificent flprnres are an indication of how a huge provision business can. be built up in Great Britain under free trade.

Tho report of the British and Foreign Marine Insurance Company for, 1910, adopted in Liverpool on February 22. stated that ' the underwriting account for • 19C9 resulted in n profit of £44,383, and the interest received in 1910 was £65,122, and with £143,235 brought into the account, th" profit and loss 'balance' was ,£252,7<!0. A dividend of 25 per cent;- Jeft- the surplus-at "6,993. The premium* ..for 19W were

Immigration.'in. Argentina during 1910 exceeded that of any previous year since 1889. But numbers, of Italian labourers are leaving, as owing. to tho failure of the crops there is,'not sufficient work for all who arrived. The new "hotel" for immigrants has opened; it will provide all necessary accommodation for them. To prevent the delay in the landine of passengers who arrive in steamers from Europe, caused by the strict measures of sanitary inspection, it has been resolved (hat a sanitary officer shall embark at liio tit Janeiro in every steamer from Europe and his report or to tUe sanitary condition on board will be accepted as conclusive. , ■BANK GF ENGLAND RETURN. By Telegraph-Press Association-Copyrisht (Rec. April 15, 0.45 a.m.) _ ■ . Lon(Jl "ii April 13. The Bank of England return issued for the week ended Wednesday, April 12, is as under:— Issue Department Note Issue... jE53.461.0C0 Gov.dobt ... i11,015,0M Other securities ...- 7,434,000 ■ _GoU ... 35.015,000 x 53,464,000 JE03,46J,C00 ' BANKING DepABTJIEXT. Proprietors' Govfc. sociiricapital £14,553.000 ties .£15,093,000 Public de- Other securiposits „. 17.552.003 ties... .... 36,167.000 Other deposits ... -11,522.000 Kotea ... 24.51-2.COa Rest, 7-day md other bills... .... 3.235.C00 Coin 1,061,C00 ' -. j577.135.003 jE77,135,C00 The leading items or the Bank of Eng. land return afford the following comparison:— This week. Last week. Last year " • ' i> £ £ Bullion 35,015.003 36,776,000 31,714,000 Reserve 55.573.UX) 27.9fc-J.UOO U3.6-2j.001l Kote circulation 33,65-2.003 28,376,000 2^,656,000 Public Deposits 17.55'2,C00 13.787,00J 10,658,003 Other Deposits 41,52-2,(WJ 12,066.(J0J :13,053,18J Proportion of reserve to liabilities . ._ 43.55 45.2-2 43"G5 ' '; GOVEENMENT SECOKITIE3. The following are tho latest quotations for Government tecurities. with a comparison of tlioso ruling last week:—

BANK ItATES OF DISCOUNT. The Bank of England rate was reduced on Jrno 9 from 4 to 3 Dcr cent.; on September 23 it was advunccd to 4 per cent., and on October 20 to 5 per cent On December 1 it, was lowered to <i per cent., on January 27 to 4 nor cent., and on February 16 to hi tot- cent., and on March 9 to 3 per cent Tho Ban!; of Franco rate was reduced from 3b to J per cent, on January ij. 19U8, and remains at tho laUer licure. Tho Imperial Dank of Germany on January 21,1919, lowered its rate from 5 to 4J por cent., and on. February 10 to 4 ver cent But on Septembeo 26 it was raised to 5 per cent., on February 6 it was reduced to 45 per cent.-, and on February 19 to 4 per cent, ...

■MARKET- BATES OF DISCOUNT. The folio wine arc the market rates tor bust three months' bills:— I.o'Jiion Paris Berlin t, rate. rate. rate, t, percent, percent, percent g This week 2 5-8 2A 5 Last week 2 5-16 2i 2js i. I'Hsl .year 3 5-16 2* 3 '• Short loans are quoted at 3 per mil., as . again.-, t. 3 per cent, last week, and 3] per cciit. last year. COLONIAL AND OTIIKK PRODUCE. Wheat.—Milder weather has cheeked the demand. The market has a General holiday tune. 335. 6d. per Quarter is asked for (1 Australian, per sailer, April-May sliip--0 mcnt, 53.;. 7Ad. for March shipment. 335. 6 lCd. has been paid for nearly due parcels. 0 There is limited inquiry for Australian on spot at 355. sd. to 355. 9d. New Zealand 4 practically exhausted I-'lnur is quiet. Patent, 245. 6d. On spot, 235. c.i.f. £ Oats.—There is a better inquiry. Gar--0 tons, IDs. tjd. to 225.; Sparrowbills, 10s. to 5 225. 6(1.; La Plata, April-May shipment, 13s. 9d. Beans.—New Zealand, 345. 6d. fo 355. Butter.—Danish, HJs. to 1175., as against Q l"0s. to 1225. last week; Australian is iirm y and unchanged at 104?. to lC6s. New Zea- • land i.alted ICSs., as against HCs.: unsalted is scarce at HCs. There is a slightly better demand for secondaries nwiiiL' to a temporary decrease in supplies, but a downward tendency is expected after the t holidays. Home supplies aro crowing; -» heavy colonial supplies are imminent. Cheese is firm. New Zealand. 625. to 635. 1 per cwt., as against £2s. last week. i Sugar,—German beet, 88 per cent, net , litre, unchanged, at 10s. Bd. per cwt.; first mark granulated, f.o.b. Hamburg, unchanged at 12s. Bd. Bradford Tops.—The market is animated. Sixty fours, 27£ d. per lb.; super sixties, 27d.; common sixties, 26d.; fifty-sixes. 23? d.; fifties, 19Jd.; forty-sixes, laid.; lorties. llid. i THE METAL MARKETS. ' Copper, on spot, Us. 3d. lower, £53 15s. per ton. Tin, on spot, £6 15s. higher, at £193 15s. ton; three months', £3 15s. higher, at £183 ss. , Spelter, £23 12s. 6d. per ton. t [ THE METAL MARKETS. 1 By Telegraph—Press Association—Copyright 5 (Rec. April 13, 10.20 p.m.) i London, April 13. Copper.—On spot. £53 13s. 9d. per ton; i three months, £54 6s. 3d. per ton. Tin.—On spot, £194 ss. per ton; three months, £189 10s. per ton. : ' SILVER. 1 By Telegraph—Press Association—Copyright (Rec. April 14, 5.5 p.m.) London, April 13. Bar silver is quoted at 24!. d. per ounce ' standard. WHEAT. • By Telegraph—Press Association-Copyright London, April 12. The American visible supply of wheat is i 62,217,000 bushels. $ TALLOW SALES. ,• By Telegraph-Press Association-Copyright London, April 12. At the tallow sales 762 casks' were offered and 737 sold. Prices realised:—Mutton, flue 355. 3d., medium 335.; beef, fine 345. 6d., medium 325. KAURI GUM. (By Telegraph—Press Association Copyright! (Rec. April 14, 5.5 p.m.) A , , London, April 13. At the sales 173 cases were offered and 78 sold. Priccs were unchanged. AUSTRALIAN PRODUCE MARKETS. By Telegraph—Press Association—Copyright (Rec. April 13, 9.30 p.m.) , . Sydney, April 13. Wheat, 4Jd.; fiour, £8 55.; oats. Algerian, 2s. 3d. to 2s. 6d.; sparrowbHls. 2s. 10d.; Gartons. 2s. lid.; barley. Cape, 2s. £d. to 2s. Bd.; maize, Victorian, 2s. 9d.; local, 2s. 6d.; brail anil pollard, £4 10s.; potatoes, iaomaniaii, £6 to £7 5k.; onions, £2 to £2 10s.; butter, £65.; cheese, sid.; bacon, 7d. ■ Melbourne, April 13. were fair supplies, which met with good competition, prices are firm Wheat, 3s. 4Jd. to 3s. 5d.; flour, £8 to £8 55.; oats, Is. lid. to 2s. 3Jd.; maize. 2s. 6d.; bran and pollard, £4 10s.; potatoes, £3 to £4 10s.onions, £1 15s. , ~ Adelaide, April 13. Wheat, 3s. 4d. to 3s. 5d.; (lour. £8 to £8 55.; bran and pollard- Is. I'd.; cats, 2s. 3d. . LONDON MARKETS. The New Zealand Loan and Mercantile Agency Company, Limited, have received the following cablegram from their London house under date April 12:-Wheat: ■Have sold wheat, New Zealand parcel, at ,325. c.i.f. There is a fail- demand, but the market is not likely to improve at present. We quote per quarter, c.i.f. for New Zealand wheat;— Long-berried. 31s. 9d.; shortberried, 31s. 3d. Tallow: We onotc present spot values for the following descriptions--Fine mutton, 345. 9d. per cwt.; good beef, 335. 6d. per cwt.; mixed, 325. 6d. pel- cwt Market firm. . GRAIN MARKET. (By Telegraph.—Press Association.) . ' Oamaru, April 14. . Tlieic is very little movement to report m the grain and produce market for"the wee,; just ended, the Easter holidays no doubt interfering considerably with bus'-' ncss in wheat. A few odd lines of velvet changed hands .at 3s. on trucks at country stations, and a small ouantitv of Tuscan was turned over, at 2s. lid. on trucks. Oats and potatoes are practically at a standstill, some odd lots of the former having been placed at 2s. 2d. on trucks. There is', however, giod inquiry for Duns and Algerian oat,s, also Cape barlev and rve corn larmors r.rc apparently ho'.dinz on to then- stocks of wheat and oats in anticipation of a rise. MINING NEWS. WELLINGTON SHARE MARKET. A . fair business was done in raininc senp on Thursday with practically no altci ation in values. The sales recorded were :\s under:— New 'Sylvia. 2s. Bd. (first calU. <J a J'i 5m m n : P' ,??- 50s ' M ' l£CCond call); 50s. 9cl. (third call). Waihi, 645. (first call}. chilli Grand Junction, 275. 6d. (second The buying and selling quotations were as under;— Buyer?. Sellers. Hi , - £s. d. £s. d. lilackwater 17 0 18 0 Bremncr's Freehold — on 1 Con. Goldflelds — 018 6 Dixon's Con 00 15 o0 21 kapanga. 00 7 00 8 Kuranui Caledonian 0 10 0 12 May Queen 0 19- Dill N.Z. Crown 0 3 6 _ New Sylvia 0 2 8 0 2 9 Occidental 0 0 3 — Old Hauraki 0 19' 0 111 Saxon ... 0 2 1 0 2 3 lairu.a Broken Hills 0 11 — Talisman 2 10 9 2 11 0 Talisman (new) 2 4 0 2 5 0 Waihi ... 3 3 9 3 4 6 Wailii Extended — 0 18 Waihi Grand Junction ... 1 7 6 18 0 Watchman — 0 2 5 The course of sales during the week was as under:— Kapanga, 7d., 9d. New Sylvia, 2s. Bd., 2s. "id., 2s. 7d., 2s, 7d 2s. Bd. Saxon, 2s. 2d. Ta!ism?n, 50s. 9d„ 50s. 9d.. 51s. 3d.. 51* 3d ' 51s. bd.. 5Cs. 9d.. 50s. 9d . 50s. 9d.. 50s. 9d. '' Waihi, 635. 9d., 635. 6d., 635. 6d., 63s 6d 635. 6d.. 645. 3d.. 645.. 645. Waihi Grand Junction, 275. 6d., 275. 6d Waitnngi, 25., 2s. STOCK EXCHANGE. (By Telegraph.—Press Association.) i Auckland, April 12. Business at this morning's call on 'Change included:— May Queen. Is. lCd. Monbwai, Is. 4d. Sylvia, 2s. sd. Golden Cross, lCd, Saxon. 2s. 3d. . Gotrten Eclt. <ttd. > Talisman. £2 lis. t Waihi, £3 4s. 6d. . Grand Junction, £1 7s. 9d. Mountain King. sd. Dixon's Consolidated (paid), 3d., 3}d, Dixon's (con.). 2d., 2id. ' ( Occidental,' 3d. I Standard Insurance. £1 9s. 3d, Korthern Steam (con.), 7s. 6d. ' Wilson's Cement (ord.j, £2 is. 3d. i Duncdin, April 13 1 Stock Exchange sales:- t Waihi Grand Junction, £1 7s. 6d. Sales reported.;— Waihi, £3 4s. Waihi Strand Junction, £1 7s. 3d. i New Sylvia, 2s. 7d. , DREDGING. j (Hy Telegraph—Press Association ) 1 Duncdin, Am-'' 14 ' Dredging Returns:—Electric 11. 270? f, j d-.vt.; Electric I. 21oz. 4dwt.; Karnunui 18oz. 9dwt.; Koputai, 15oz. 16dwt.; Waiknii' c 14oz. 17dw1.; Masterton. 4oz. lldwt. ' ' t c

I Variations - v _ compmod Prioa. with _: Inst week, ' £ s. d. 2j% Imperial Consols SI 17 0 a-,, higher 4 ,,N.S.W.1933Jan.-July 100 0 0 Unchanged 3i ,,K.S.W.l'J18Mur.-Sop. Oα 0 o Kb higher t ,,X.B.W.l!U5Aii!.-Oct. fl/10 0 Uneliant'od 4 „ Vic. 1020Jau.-July 105 10 0 Unchmit'cil Si „ Vic. lSat-6 Jan.-July SIS 111 0 Unchanged 3 ,,Vic.l!KO-l!)Jan.-July S3 0. 0 10s liMicr 34 ,,S,A.Wl(JJun.-July 0.110 u Unchanceil 3 ,,3.A. U10,lan.-July SJ10 0 UnchanSod i ..Q'rcU'Jlj-ui.laii.-JuIy 101 0 0 6s liiuhcr 24 ..UTdiasMOJan.-July SSS 1U 0 r,l hisW 3 ..Q-rdllHirtJaiL-July M 3 6 Ss.Gd. higher 4 ,,N.Z.195)May-.Nov. 101 10 0 10a lower 3i ,,N.Z. 1010,Ian,.j,,ly 03 0 li Unchanged it ,.N.Z. liM5Aiiril-Ocfc. trti 30 (I Unchmiuod Si „ W.A.lO-iO-iUMay-Xov "5 15 0 Ss.hiulier 3 ,,.W.A,lMM5May-Xov tG 10 II lUe. higher 34 ,,'ras. lUiOJan.-July U7 10 0 Unchanged 3 ..Tas.liliJ-lJJaii.-Jiily S3 10 0 Unchanaeil