COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1131, 19 May 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT -SHAKES. Yesterday there were transactions in ChristcliuTch Meat shares at £16, Taranaki Petroleum at Ks., and Mountain Einni at-30s. The buying and seeing quotations were as under :- r Buycrs. Sellers. Bank New Zealand 1117 6 ~ — National Mortgage — 3 9 0 N.Z. and River Plate 1 19 6 — Well. Investment 0 11 3 0 11 6 Well. Trust and Loan .... — 716 0 Well. Deposit 0 8 J 0 8 9 i Well. Gas" (£10) - 19 0 0 I Ohristchureh Meat — 16 0 0 Heat Export (£4) — 5 7 0 Meat Export (525. 6d.) ... — 3 7 0 N.Z. Shipping 1114 0 12 0 0 Union Steam 2 0 6- — Well. Steam Ferry (18s.) .. 0 12 0 0 18 0 Well. Woollen (ord.) — 4 2 0 Well. Woollen (pref.) 3 0 0 — Taupiri Coal 110 — Westport-Stockton — 18 1! Loyland-O'lirien 17 0, — Miramar, Ltd — 0 2 6 N.Z. Drug ■..- 2 9 0 — N.Z. Paper 'Mills 12 6 13 0 Tar.inaki Petroleum I) 14 0 0 17 6 Ward and Co 5 16 — DAIRY EXPORTS'. Shipments of butter and cheese for the first four months of the year show a consiclorable shrinkage as compared with the corresponding months of last year. Thus there is a shortage of 17,611cwt. of butter, and 29,682cwt. of cheese, mid this decrease is no doubt due to climatic conditions. The monthly shipments of butter show as under:— - , . 1911.. 1910. cwt. cwt. January :■ 69,162 53,685 ■■' February 60,088 47.744 March. .. 29.039 45,090 April 9,598 37,979 • 167,837 185,498 The April shipment is about one-fourth of what it was in the same month of last year, and the sudden drop from 23,039cwt. to 9598cwt. is rather startling. It is difficult to assign a cause unless it is that the milk supply has run short, and the factories have been unable to manufacture. Tho 'total value of the butter exported during the four months was £861,590, as againsl, £9«,416 for the corresponding period of last year. . Tho cheese shipments compare as under: 1911. 1910. cwt. cwt. January 86,513 54,872 February 57.188 7.3,546 March 73,531 84,258 April 39,856 . 74,094 257,088 286,770 Tho decrcaso is 29,6830\vt. or about 11 per cent. Here again the ApTil shipment is exceptionally small whether compared with the previous month or with the corresponding .month of last year. THE "0.1. F." CONTRACT. A. decision of importance to the mercantile world in relation to "c.i.f:" contracts was lately given in England by a Court of Appeal, consisting of Lords Justice Vaughan Williams, Farwell, and Kennedy, in the case of Bidden Bros. v. E. Clemens, Hcrst, and Company. Tho question was whether under a "c.i.f." contract, tho terms of which wero "terms net cash," a buyer of goods was liable to pay for them upon presentation of tho shipping and other documents of title, or whether, as the plaintiffs contended, they were not bound to pay until they lad had an opportunity of examining the shipment, which could not be done til! it had armed in England. Mr. Justice Hamilton, from whose judgment tho plaintiffs had appealed, acting upon his commercial knowledge, had held that tho buyers were bound to pay against documents. Lord Justico Vaughan Williams, in the appeal case, said that, although the words "cash against documents" were frequently included in "c.i.f-" contracts, thero was no such inclusion in the present case. Neither, in his opinion, was there any evidence of commercial usage to justify tne Court in introducing those words by implication, lie did not think the Court, ought to allow that to bo the basis of a decision between litigants where there wan no evidence aud no judicial recognition of such a. usage. By a majority of tho Court the appeal was allowed, and judgment entered for the plaintiffs. It was intimated that the case would probably bo carried to the Hou&o of Lords.

COLD OUTPUT. Tho .cold production of Australasia, continues to decline. The Commonwealth production for the first four months of the year totals 801,884 fine ounces, this being 89,354 fine ounces loss than for the corresponding term in 1910. Including New Zealand in the calculation, the decline in the output is 6Wollen to 103,119 fine ounces, tho aggregate yield in the Dominion showing a decrease of 13,765 fine ounces. Tho output of each State is shown below:— Fine oz. Fine oz, 1910. 1911. Victoria 189,278 172.614 N.S. Wales 63.457 . 53,991 Queensland 139,893 113,435 W. Australia 431,110 444,344 S. Australia 2,500 2,500 Tasmania 15,000 15,000 891.238 801,884 New Zealand 142,063 128,303 1,033,5C6 930,167 Customs duties rollectcd at the port of Wellington yesterday amounted to £7065 18s. 4d. LONDON WOOL SALES. By Telegraph—Press Association-Copyright London May 17. At tho wool sales there wan spirited competition for all combing sorts, and prices wcro very firm. Messrs. Abraham and Williams, Ltd., have received the following cablegram from their London agents, under date May 17:— "In comparison with the prices of the corresponding period of last sale, fine crossbred and merino show no change, but medium and coarse crossbred have advanced 5 per cent. The market continues firm for merino, fine and medium crosshreds, and is now very firm for coarse cvoesbreds." TALLOW SALES. Ily Telegraph—l'ress Association-Copyright London Hay 17. At the tallow sales. 1933 casks were offered and 1389 sold. Jfutton, fine, 365. per cwt., medium 325, 6d.; beef, Hub 34g., me- . diiini 325,

LONDON MARKETS. By Telegraph—Press Association-Copyright London May 17. Har silver is quoted at 24 9-lCd. per ounce. Wheat.—The visiblo supply of American wheat east o[ the Rockies is 15,625,000 bushels. Tho New Zealand Loan and Mercantile Agency Company, Limited, have- received tho following cablegram from their London house, under date May 17:—Wheat: Wc have sold at 335. 6d., c.i.f.. a parcel of Now Zealand wheat. Tho market is quiet but (Heady owing to favourable crop reports. The market prospects in America are likely to decline. Wc quote per quarter, c.i.f.. New Zealand wheat, long-berried 335. 3d., short-berried 525. 9d. Messrs. Levin and Co., Ltd., have received by cable tho following prices for wool sold at tho sales now current in Londonbeing the average price for the fleece wool: —TJJI! in square, Nelson, 9£d.; Kawa Kawa, Whatarangi, lCd.; JJI over WHO, Masterton, 9Jd.; Te Kumu. Wanganui, 9 15-16 d.: Karamu, Marton, 9*d.; RW over T, Taihane, 91d. KAURI TIMBER COMPANY. By Telegraph—Press Association-Copyright (Eec. May 19, 0.55 a.m.) Melbourne, May 18. The Kauri Timber Company has declared an interim dividend at tho rate, of 8 per cent, per annum. ' AUSTRALIAN PRODUCE MARKETS. By Telegraph-Press Association-Copyright (Rec. May 18. 10.55 p.m.) Sydney, May 18. Wheat.—Little business is reported; shippers, 3s. 4d. to 3s. 43d.: millers, 3s. 6d. Flour is steady at £8 10s. Bran and pollard, £4. Peas, Tasmanian Blue, 4s. 9d. to ss. Bd. Barley, Victorian, Cape, 2s. 6d. to 2s. Ed.; English, 2s. 3d. to 2s. 6d. Tasmanian Sparrowbills, 2s. 10d.; Giants, 2s. lid.; Algerian milling, 2s. 7d.; feeding, 2s. 3d.; seed, 2s. 7d. Make, local, 2s. 7d. to 2s. Sd.; Victorian, 2s. 9d. Onions, £2 10s. Potatoes, Tasmanian, £6 Es. to £6 155.; local, £3 to £6. Butter, 925. Bacon, 6id. Cheese, 5Jd. to 6d. Melbourne, May 18. Oaten hay. truss manger, £4 to £4 15s. Chaffing sheaves, £2 ss. to £2 15s. Wheat is dull at from 3s. 5Jd. to 3s. 6d. Flour, £8. Oats, Algerian, 2s. lid.; feed, Is. 7d. Barley, Capo malting, 2s. 5d.; feeding, Is. Sd.- Maize. 2s. sd. Bra-n and ooilard, £5 los. Onions are in heavy supplies, and are quoted at from £1 10s. to £l 15s. Potatoes, £3 to £5 15s. _„ m , ' Adelaide, May 18. Wheat—Tho market has declined by a penny to 3s. s>d. Flour, £8 to £8 ss. Bran and pollard. Is. lCd. Oats, Algerian, 2s. Z»,d Potatoes, £2 12s. 6d. Onions, £2 6s. MELBOURNE HIDES MARKET. By Telezraph-I'ress Association-Copyright (Rec. May 18, 10.55 p.m.) Molbourno, May 18. There was keen competition at the hides sales, and prices were Arm at last week's raws.

DONAGHY'S EOPE AND TWINE. (By Tolecraph.—Press Association.) Duncdin, May iS. At the annual meeting of Donaghy's Rope and Twine Company, the directors' report stated that the net profit for the year was £3505 17s. lid.-, to which had to 1)0 added £3016 4s. 7d., carried forward from last year. The report recommended tho payment of a dividend of 7 per cent., absorbing £1645, leaving £1877 2s. 6d. to carry forward. Owing to an exceptionally dry season and diminished crops, the demand for binder twine had been exceedingly poor, while- (lax values had decreased heavily a, few months after they had contracted for and purchased the year's supply at figures which were thought likely to prove tho lowest market rates. Tho subsequent fall in values could not have been forecasted. The stock was written down to tho lowest current purchasing value, this entailing the writing off of some- £1400. The report was adopted. At an ■ extraordinary meeting, held afterwards, it was resolved to increase the capital by £23,500.