COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1122, 9 May 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES.. There -were no transactions in investment shares yesterday. The buying and selling quotations were as under:— Buyers. Sellers £ 3. d. £ a. d National Bank 5 16 0 519 0 Bank New Zealand 11 12 0 — National- Mortgage 3 7 0 — AVell. Investment 011 3 . 011 6 Wellington Gas (£10) — 19 0 0 Standard Insuranco 19 9 — Meat Export (£4) — ' 57 0 Meat Export (525. 6d.) — 3 7 0 Well. Steam Ferry (185.)... DUO' _ Well. Woollen (ord.) - 4 2 0 Well. Woollen (pfef.) 3 0 0 - Wcstport Coal ~ 18 3 18-9 Leyland-O'Brien 16 9 — Miramar, Ltd — 0 2 6 New Zealand Drug 2 9 0 — Taranaki Petroleum — 0 14 0 Taringamutu Totara 2 9 0 2 10 0 Ward and Co 5 0 0 - LONDON WOOL SALES. The third of the series of London wool sales will begin in Coleman Street this evening, but. it will not be until about midday to-morrow before local brokers receive cable messages indicating tho tone of the market. A little uncertainty usually prevails on tho opening day of a scries of London colonial wool auctions, and, consequently, it not seldom happens that wool on that day eolls a little cheaper than it does during most of the first week. The last series was no exception to the rule. On the opening day values showed no change as compared with those which obtained at the close of the January auctions, but, chiefly owing to a strong Continental demand, prices gradually hardened. Whether the same general conclusion can apply to the present series remains to bo seen. The belief is somewhat freely held that right from tho start values will show an advance of 5 to 7J per cent. Crossbreds are likely to be in full supply, but this class of wool is.expected to show some appreciation in values. PRODUCE MARKETS. The meat market may be said to be satisfactory. Lamb is in better demand, although stocks are said to be heavy. The Eiver Plate shipments of mutton and lamb wore heavier than in April last year. Beef is steady owing mainly to supplies of American chilled beef being heavy. In the next few weeks shipments from America are likely to be heavy in anticipation of the Coronation demand. The butter market is weaker, supplies of colonial being heavy while the Home and Continental production is increasing. Choicest New. Zealand butter is quoted j.l 1095.. while, a year ago, the price was 108s. Thero is thus not very much difference, and the market may bo said to be normal. Cheese is firm, and (at 625.) is from 3s. to 4s. more than it war, a year ago.

BRITISH BOOTS AND SHOES. Before August 5. 1909, when the present United States tariff came into effect, tho anoi'.".) exports of boots and shoes from the

Leicester district, which is the centre of liritish industry, to the United States did not exceed £IC'J per year, hut following that date and up to the end of the year the exports amounted JB73C. while for the year 1910 they amounted to JEI7.OCO. The American Consul for the district imports that these are invoked as "highclass walking boots ami shoes." Shipments of these goods have been made to Cincinnati, Boston (two firms), New Vork (five different firms), Philadelphia (two firms), San Francisco, Pittsburg-, ColumDus, Otiio (four firms), Chicago. Cleveland, Kansas City, (six linns), and Portland, Oregon. A good proportion of the hoots and shoes exported to the United States and Canada, are shipped at the Manchester Docks, the goods being forwarded bv rail direct from the manufacturing centres to alongside the steamers, thus reducing the cost of transit and handling of the goods to a minimum. Through railway rates are nuotcil from Nottingham, Leicester, Kettering, Northampton, and other manufacturing centres, not only to the Manchester Docks", but also through to the Western States. SCOTTISH BANKING. It appears that managers of Scottish banks have determined to make a much bolder bid for public deposits than hitherto, those deposits, it is complained, have not kept pace with the growth of the population, the falling off being especially marked during the last decade. At one time deposits, which axe the life-blood of a bank, were obtained with comparative ease, but now the competition for the favour of depositors is extremely keen. Accordingly, with the view of attracting deposits of large amounts the Scottish banks, as we recently noticed, have resolved to allow { per cent, additional interest on deposits of £10,000 and upwards which remain with the bank for a period of three months. If the deposit is not renewed the extra rate will not bo continued. Then, if any depositor wishes to have the deposit or part of it before the three months have expired any advance made to him will be treated on the basis of an ordinary loan in respect of the interest chargeable. This new development is intended to compote more particularly with corporations, trusts, and public bodies which atlvertisc'for loans at 5 per cent, in excess of tho bank rate, and the banks hope to secure a good share of the large floating supplies in the hands of the big limited liability companies, private firms, and wealthy individuals. The banks also intimate their willingness to meet borrowing corporations, etc., to this extent, that if they give a written obligaJ 3'on that thoy will not take deposits from the public, except for a, year's term the hanks will lend the bodies in ouestion money at local bill rates for fixed p"eriod3.

, or part of it before tho three months have - expired any advance made to him will be treated on the basis of an ordinary loan ' in respect of the interest chargeable. This . new development is intended to compote - more particularly with corporations, trusts, t and public bodies which atlvertisc'for loans 1 at j per cent, in excess of tho bank rate. and the banks hope to secure a good share f of the large floating supplies in the hands of the big limited liability companies, pri- ■ vate firms, and wealthy individuals. The , banks also intimate their willingness to ; meet borrowing corporations, etc., to this i extent, that if they give a written obliga- ! J 3on that thoy will not take deposits from the public, except for a year's term the hanks will lend the bodies in ouestion money at local bill rates for fixed periods. I TEA PLANTERS' UAl'Pl" POSITION. ; In discussing the position of the tea trado '■ of the world, Messrs George White and Co., of Loudon, state that "if statistics can bo s relied upon as a true indicator, and they i cannot always be regarded as an unerring , guide, prospects for tea are more rosy than perhaps has been the case since India, Ceylon, and Java, became the chief suppliers of the world's demand. A possible uncertainty as regards the future is what effect, if any, will the high level of value now reached by ordinary common to medium consuming qualities have on the world's consumption? Is Russia, for instance, which is now the most important market outside the United Kingdom, so wedded to the admitted superiority or tho products of the above-named coun- ' tries as not to revert to the '.owcr-priccd poor class tea from China? Such considerations it is impossible at this juncture to answer, but to many they give rise to the hope that the coming season may prove a prolific one. so that prices for common tea may not bo suddenly forced to an unduly high level, and so jeopardise the everertending use throughout the world of British-grown tea." Continuing, tho same firm points out that, while a remunerative level of prices may be looked forward to with confidence by producers an abnormally high basis is not to be desired, as it, would disturb the usual flow of trade, and may result unfavourably. - Customs duties collected at the port of ■Wellington yesterday amounted to £1026 Is. lid. .FROZEN MEAT. By Teleiraph—Press Ass-jciation—Copyright. Londcn, Hay 7. Tho Frozen Meat Trade Association's SmithficM market quotations for the undermentioned classes of frozen meat aro based on actual sales of not less than ono hundred carcasses of mutton or lamb, or twenty-five quarters of beef of fair averago quality. The quotations are not tor selected lines, but for parcels fairly representative of the bulk of tho shipments now on the market. Tho prices which follow aro on an average a farthing per lb. more than the value ex ship, this difference, representing an average cost in expenses, handling, conveyance, and selling tho meat:— April 29. May 6. Mutton— , . . . d. d. Canterbury, light .-. 33 3* Canterbury, medium 38 3J Canterbury, heavy 3J 3J Southland — - North Island, best .-. 211-16 211-16 North Island, ordinary ... 25 28 Australian, light 2 9-16 29-16 Australian, heavy 2* 2J Elver Plate, light 23 23 River Plate, heavy 28 25 New Zealand ewes ' 2 7-16 — Australian ewes 2 7-i6 2* River Plate ewes 27-16 — Lamb :— Canterbury, light <£ 4 5-16 Canterbury, medium 5 5 Canterbury, heavy 5 5 Southland 4 3-16 4 3-16 North Island, selected ... 4 3-16 4J North Island, ordinary ... 33 3? Australian, best 3J 3* Australian, fair 3H 3 7-16 Australian, inferior 31 33 River Plate, first 35 35 River Plate, second 3i 3J Beef:— New Zealand ox fores ... 23 213-16 New Zealand ox hinds ... 33 315-16 Australian ox fores — 23 Australian ox hinds — 313-16 River Plate ox fores 2ft 213-16 River Plato ox hinds 33 315-16 River Plate chilled fores 23 315-16 River Plate chilled hinds 4J 5

WHEAT AND. FLOUR. By Telegraph—Press Association—OonyriEht London, May 7. The wheat and flour afloat for the United Kingdom totals 3,305,C00 quarters; for the Continent, 3.3C0.C00; Atlantic shipments, 65,000; Pacific shipments, 15,000. The shipments to Europe during the week totalled 1,210,000 quarters, including 354,000 from Argentina, 356,000 Russian, 75,CC0 Danubian, 87,000 from India, and 160,000 from Australasia. HIGH COMMISSIONER'S CABLEGRAM. Tho Commerce and Tourists' Division of tho Department of Agriculture, Commerce, and Tourists has received the following cablegram from the High Commissioner, dated London, May 6. (Quotations, unless othcrwto specified, are average market prices on spot):— Mutton.—The market is depressed as the result of heavy arrivals. Canterbury, 3jd.; North Island, 2Jd. per lb. Lamb—Thoro is a better demand, but stock is heavy. Canterbury, 4Jd.; other than Canterbury, 4d. per lb. Beef,—The market is steady. Supplies ot American chilled beef are small. New Zealand hinds, 3jd.; fores, 2nd. per lb. Pork.—Tho ruling price for New Zealand pork is 5Jd. per lb. Butter—Tho market is slightly weaker, with less demand. Buyers, aro holding back expecting prices to go lower. Choicest New Zealand, 108s.; Australian, ICOs.; Danish, 1125.; Siberian, ICCs. per cwt. Cheese—The market is firm, with an improved demand. Nov; Zealand, 625. per cwt. Hemp.—Tho market is quiet, but steady. New Zealand good fair, on spot, per ton, £20; fair grade, £19 ICe.; Manila fair current, £19 lCs. Forward shipment about tho same. The output from Manila for tho week was 23,000 bales. Stock of New Zealand hemp. 662 tons. Cocksfoot Seed.—The market is very firm. There are light stocks on hand. Bright New Zealand feed, weighing 171b. per bushel, 775. per cwt. Wool.'— The market remains -firm. Mutton and Lamb.—River Plate shipments received during tho month cf April 1911, are as follow— Mutton. Lamb. Carcasses. Carcases. London 117,768 30,147 Liverpool 137,419 49,078 Hull 630 569 Cardiff 11,025 4.1J0 Southampton 21,018 2,722 Bristol 11,176 — Plymouth 759 36 299,845 66,702 April, 1910 225,047 84,315 SALE OF KAINIII ESTATE. The unreserved salo of the Kainui Estate, Taupiri, tho property of the late Captain Worsp. took place at the rooms of Messrs. T. Miindono Jackson, Customs Street K., Auckland, on May 4, and, as was anticipated, attracted a very large body of buyers, and the sale must be recorded as one of the most successful auction sales of farm properties yet held in Auckland. The property, which is situated one mile from the Taupiri railway station, consists of 2<oo acres rich dairying land, and has been subdivided into 16 farms ranging in area from 82 to 270 acres, and the prices realised lor the different sections, which are appended, are highly satisfactory:-Lot 1. 228 acres. £13 per acre; lot 2, 237 acres, £6 15s. petacre; lot 3. 149 acres 2 roods, £8 per acre: lot 4.159 acres 3 roods 14 perches, £4 ss. per acre; lot 5, 270 acres. 3 roods, 14 perches. £4 15s. per acre; lot 6. 125 acres 3 roods 25 perches. £10 10s. per acre: lot 7. 145 acres 1 rood 35 perches, £12 per acre; lot 8. 132 acres 1 rood, 33 perches, £3 15s. per acre;

lot 9. 11l acres 0 roods 14 porches, £11 15 5 - per acre; lot 10, 82 acres 2 roods 12 perches, £13 15?. pci . aera . i ot ii, 96 acres 2 roods 34 perches, ,€l2 per iv:n; lot 12, 111 acres, .£4 Ss. per acre; lot 13, 109 acres 3 roods 30 perches, £5 ss. per acre; lot 14, 113 acres 1 rood 38 perches, £5 ss. per acre; lot 15, 109 acres 2 roods 20 perches, £6 ss. per acre; lot I'. 179 acres 1 rood; £5 ss. per acre: air] the Church lease, £180 for the good-' will. Prior to the sale, this firm also sold Manftaneso Point property, situated in the Wliaiiprarci harbour, consisting, of E6O acres, and also 149 acres at Papatoitoi, the total purchase prices running into over £i3,C20.