COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1127, 15 May 1911, Page 8

COMMERCIAL ITEMS.

IXYES'MEXT SIIAKKS. A sale of IVcftport Con! shares at 28s. M. was the only transactions in investment shares recorded on Saturday. The imyiiiß ami eoUins nuoUtions wore as under:— Bvweti. SeVAsts is. d. £s.d. Bank of Sew Koa.ta.ml U'ls tt •- . National Dank - 6 0 0 National yiorlnagc -- 3 9 0 Well, Investment 0U S - NS'eW Trust, and Loan ... 7 1J 0 7 15 0 Well. Deposit ; 08 i O'J 0 ClwistctaTcAi Gas — 917 6 Palmcrston Gas — 617 6 Well. 0.-W faeivi - 3 0 0 Standard Insurance 110 0 — Meat Export (.£•!) - 5 7 0 Meat Exnori (525. 6d.) - SIS) Union Steam 2 10 — Well. Steam Ferry (18s.) 0 12 0 - Kaiapoi Woollen 5 9 0 - Wellington Woollen (ord.) — 4 2 0 Well. Woollen (pref.) 3 0 0 — Hikuransi Coal — 0 10 0 Westport Coal — 18 9 Dor.achy Rope and Twine 14 6 LcyJand-O'Bncn 16 9- - Mirainar, Ltd "— 0 ?, f> N.Z. T)ruE 2 9 0 2 9 6 N.Z. Paper Mills 12 3 13 0 Taranaki Petroleum ... — 0,14 0 Tarinpramutu Totara — 210 0 Ward and Co 5 0 0 - THE MONEY JIAKKET. The London money market is ehowine: an easier tendency. Tho Bank of Ensland reserve lias increased from £26,914.080 to £27,293,000. and the pronortion of reserve to liabilities is now 60.64 per cent. The short loan market appears to be well supplied with fund's, for tho rate is now \\ per cent. There has been n. reduction in the rato for three month?' bills also. The position is one of strength, and the probability is that tho Bank of England will reduce its official minimum discount rato from 3 to 2; per cent, this week. Government securities arc firm, with Consol3 huH-a-crown higher than they were during tho previous week.

TUEPENTINE SHORTAGE. Widespread interest in turpentino has been aroused as a result of the very hiph prices now rulinc. Tho present level of 745. per cwt. is very hiuh. whan compared with the record of values in recent years. No longer atro than 1909 as low as 265. Gd. was touched, while the hisliwater mark of lecent years was 635. 6d.. touched in 1905. The uvnvard miwoment. which has culminated in the present ohotations began about the middle of 19C9. and was at first regarded as a natural reaction from tho extremely low prices previously ruling as the result of a glutted market. The closins prices of last year were tho highest for the twelve months, and since then there lias been a, well-nieh continuous advance. The thrco principal sources of supply are tho United States. Russia, France, ar.d tho last-named two of which have hitherto not contributed very larscly to our imports. So far as the united States is concerned, supplies were wont to be drawn from Florida, Georeia and Carolina, but the forests ia tho lastnamed two States arc becoming exhausted and Florida, is now the principal source of eupply. The total Briti.-h imports last yonr amounted to 472.000cwt., against <43,M0cwt. in the previous year, a=d 573 COO cv.-t. in 19CB. Full 75 per cent, of last year's tola! was drawn from the United •States. Consumers have bc:n drive:: by the hijrh prices to look around for new (sources of supply, ar.d considerable uso has been made of substitutes. There arc Kmny purposes, however, £or which substitutes are of little use. and ticcnrdinelv consumers have been clad to aval', themselves of the largei , supplies of llussian spirit, which has been offering at a bis discount, as compared with tho price of tho American article. With tho adontion of more scientific methods, it is recognised that there is a much wider' field for Russian ■ spirit. More serious efforts are- r-leo being made to develop production in India. Pine trees flourish on tho Himalayan elopes ard in North-West India, while Burmah has also considerable. So far. the great nine forests of India have only been imperfectly prospected, and it i' 3 more f-han probablo that nrivato enterprise will receive a, marked stimulus from tho present high level of values. AMERICAN WHEAT. It has boen .somewhat generally assumed that in a comparatively few years the United Smite will be unable to (.'row enouerh wheat for her own requirements, and that importation:; will become noces sary. This opinion is based apparently on the fact that durine the last few years shipments of breadstuff's from America have tended to diminish, and, consecHontly, tho time is approaching when that country will consume all its own output of wheat a.nd flour. This contention implies that stress of circumstances will Not impel the American farmer to increase tho productivity of his land by improv inc his motliods of cultivation. Tho highest authorities a-ro of opinion that there- is an immense scope for advancement in this respect, and that under proper treatment the soil of the United Slates can produce all the food required for many decades to come. Even ia tho years of cereal shortage through unavoidable causes, it is doubtful if America would have- to import wheat, as crop failures invariably brine trade depression, which, in turn, causes reduced conGuraption. In years of prosperity America wastes immenso quantities of food, the margin between maximum and minimum consumption in tbo States being very largo. In times of trade depression econimies of all descriptions are enforced, and those practised ia reeard to breadstuffs arc partieulnrly striking. Accordinc to statistics compiled by the "Statist," tho consumption of wheat and (lour in tho United States varies from 4.22 bushels to 6.E5 bushels per capita. The lower figure represents tho averago consumption in years when trade was depressed, such as 1894-93. and the higher fleuro is that of a period of industrial activity. CUSTOMS. Tho Customs revenue collected at the port of Wellington on Saturday totalled £(185 17s. Sd., tho amount for tho wceU being £8087 7s. 7d. Compared with tho corresponding periods of last yczT. tlio receipts for the past eight weeks show as under :— 1911. 1510. £ £ March 25 ; 21,124 13,165 April 1 10,558 12,426 April 8 23,145 17.JM April 15 10.830 10.325 April 22 16,745 15,296 April 20 12.111 10,304 May 6 19,765 19,795 May 13 : 8.C87 6,9(8 122.425 105,574 Tho beer duty for the past week amountsd to £211 65., as compared with £196 7s. 6d for the corresponding week of last year. LOXDOJf 1 MARKETS. By Telegraph—Press Association—Copyright London, May 12. Wheat.—New Zealand wheat, new crop is is mioted at 355. 6d. (?), and old at 34s to 345. 6d. Lead imports total 14,907 tons, and exports 5797 tons. Kauri Gum.—At the kauri sales, 28 cases were offered, and 16 sold. Prices were- unchanged. Silver-Bar silver ia duoted at 24 11-16 d per ounco standard. HIDES AND LEATHER. By Telecraph-l'ressAssociation -Oopyricht London, May 13. Hides are neglected, and unchanged. Leather.—The market ia ciuict; fir«t Wei. lingtqn, laid. Basils have declined a farthing.