COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1132, 20 May 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. A sale of Lcyland-O'Drien sharer, at 275. 3d. was the only transaction recorded yesterday. There was a- fair inquiry for Tarauaki Oil shares, 15s. was ottered in the morning, but in tho afternoon there were possibilities of obtaining 16s 6U. it is stated that the projected sale, if it eventuates, will mean 12s. Cd. per share In cash, and, share for share in the new British company, this is practically 325. 6d. per share, of which 20s. is in shares. The buying and selling quotations were as under:— _ ~ Euvcrs. Sellers. £s.d. £s. d. Bank Now Zealand - *? 2 S National Mortgage - " ' u N.Z. and River Plato 1 19 6 - Well. Investment J 11 3 0 11 6 Well. Deposit « 8 3 0 8 9 Cbristchurch Gas , , ? ~ Gisborne Gas 3 J ° Napier Gas 24 10 0 - Well. Gas (£10) - ' Well. Gas (new) - .\ » " Cbristchurch Meat - « \ \ Meat Export (£4) ....... - \ I X Weft Ml Kaiapoi Woollen , f S ' _ Taupiri Coal 1 l " , „ „ Wcstport Coal - l J > Wtstport-Stockton , — . " * " Leyland-O'Brien 1 7 o Manning aud Co 4 7 0 — Miramar, Ltd - ° 2 6 N.Z. Drug J9O - N.Z. Paper Mills 1 2 « » 3 ° Taranaki Petroleum 0 15 0 10 0 Taringamutu Totara ... Z. » o Ward and Co 6 l o — FROZEN MEATS. The shipments of frozen meats, beef, mutton, and lamb, for the first four months of the year show a, fairly substantial increase as compared w'ith the corresponding months of last year. The values show as UIKICr; - 1911. 1910. £ £ January 325,192 222,523 February 369,882 276,937 ' March 708,107 «o,fflo April 430,495 610,520 1,833,677 1,560,680 A gain of £272.997 is shown, which is very satisfactory. The heavier shipments were duo to weather conditions, but the expansion is none the less welcome. BILLS OF EXCHANGE LAW. The special cominitteo of the London Chamber of Commerce appointed to inquire into the above matter has issued its report. It says:-In view of the resumption of the congress in the autumn of the present year, the report deprecates any immediate modification of British law, but whilst agreeing with the British delegates to Tho Hague Conference that it would be inadvisable for Great Britain to adopt, in its entirety, the provisional draft uniform law which resulted from the conference, expresses the opinion that uniformity is eminently desirable, where possible, under existing conditions. The findings of the cominitteo are subdivided into:(1) Suggestions for the amendment ot British law; aud . (2) Suggested modifications of the dralt uniform law. . Under the first heading, the report suggests inter alia, that a chain of endorsements should uot be interrupted, even though one of them be forged or unauthorised: that hills falling due on a Sunday or public holiday should bo pajablo on the next succeeding business day; that days of graeo should be abolished, that 'protest for nonpayment should be permitted on the day a bill falls due and on the next subsequent business day; that whore a bill is drawn payable with interest, and no rate is specified. 5 per cent, should be understood; that a bill payable after sight should, in any case, he presented for acceptance within six mouths of the date of issue; and that no bills of exchange should become invalid by reason of non-compliance with local stamp laws. Under suggested modifications of the drain uniform law, the report further proposes the introduction of the convenient English custom of "noting" for protest; suggests that the return of a dishonoured bill is a sufficient notice of ,dishouour, and dissents from the article under which the holder of a bill dishonoured by non-acceptance is bound to take the acceptance of a drawer's, referee in case of need, as being apt to frustrate the holder's right of recourse. Finally, the comrnittce recommends that the conference on reassembling in September of the present year should consider tho difference in practice in regard to the inclusion or non-inclusion, in endorsements, of titles and descriptions. RICE SHORTAGE. Speculation in rice has proved disastrous to some operators in Burma, and they propose drastic methods to extricate themselves from their difficulties. It is stated that some rice mills arc losing heavily over forward business, which they accepted, as tliey anticipated that the crop would bo such as would ensuro a normal market. Speculators who were counting on underquoting the mills and shippers in nearly all markets were very badly hit, They have, however, found a way out of their difficulties. They held a meeting, and decided that they could not, and, therefore, would not, meet their obligations. In adopting this course they offered no justification, except that tho courts of law would consider the selling forward as a gambling transaction, and so would not interfere. But, even if the local buyers or buyers abroad could obtain decrees, they would find it cost more money than it would bo worth attempting to get their dues out of these speculators, - who aro men of no standing or capital., What has occurred is that tho sellers have been caught short, and tho shortage is not only in Burma, but in Siam. in Cochin China, and in Japan, and Java, alro is threatened. Tims, whereas through Saigon. Cochin China. I.OCO.CCO tons is usually exported to China, Ihis year only BCO,CCO tons wore exported, although China, where famine is still raging, would have taken much more. Of Siam it is noted that there was no rush in trade this season, and that so far growing crops were looking very' poorly. 'Those crops arc certainly short 35 per cent., while some put the shortage as high as 50 per cent., but this is nrob.ibly exaggerated. As to Burma, in February and March. Japan bought 7C0.0G0 tons from that country; Java is talking of buying, 'and there are also great requirements for the Levant rod Europe. The Government estimate, too. r-ti excessive, because the paddy threshed out. very lightly. What reduced supplies and increased demand entail needs no recounting. Customs duties collected at the port of Wellington yesterday amounted to £3644 7s. WELLINGTON MARKET REPORTS. Tho New Zealand Farmers' Co-operative Distributing Co., Ltd., report as follows:— Potatoes, prime, £4 Its. to £d It's, per ton; Up-to-Data seed potatoes,- Canterbury grown, £6 per ton; onions, Globes, £5 10s. per ton; cabbage, 3s. 6d. to 6s. per sack; French beans, 3d. per lb.; carrots. 3=. per sack; swedes, Zs. to 3s. per sack; cauliflower, 6s. tb 7s. per sack; marrows, Is. 6d. to 2s. 6d. per sack; turnips, white, 4d. to sd. doz.; lettuce, 3s. to ss. per case; pumpkins, 4s. per sack; pie melons, 4s. per sack; passions, N.Z., ss. to ss. 6d. desB2i't apples. 7s. 6d. to 10s. per case; cooking apples, ss. 6d. to 6s. per case; tomatoes, 2s. 6d. to 4s. 6d. per half-case; pears, dessert, 45.. to ss. per half-case; cookers, 53. to 6s. per case; grapes, lid. per lb.; butter, separator 10d., dairy 9>d. per lb.; cheese, best factory mediums 53d. per lb., loaf 7d. per lb., dressed pork, 70's. to 90's 4Jd. to 4Jd., 93's to 100's 4Jd., bac'oncrs 4d., choppers (heavy) 2i-d., suckers CSd. to 6d.; eggs, fresh, Is. lOd. per dozen; preserved eggs, Is. 2d. to Is. 3d. per doz.; bacon, factory sides 7d., rolls 9d., hams 95d. per lb.; honey, 3*d. to 4d. per lb. (slow of sale); beeswax. Is. 6d. per lb.; fungus. 4d. per lb.; walnuts, 6d. per II).; tallow, tins, 2;s. cwt. Poultry: Cockerels, ss. 6d. for good birds; table roosters, 55.; table hens, 3s. 6d.; ducks, 55.; turkey gobblers, 9d. per lb.; hens, 7Jd. to Bd.-pcr lb. live weight. Maize. 3s. 6d. per bushel: wheat. 4s. 2d. per bushel; barley, feed, 3s. 3d. per bushel, barley, Cape. 3s. lCd. per bushel; pollard. £7 10s. per ton: bran, £5 15s. per ton; molasses fodder, £5 10s. per tou; chaff, oatensheaf, £6 10s. per ton; hay, prime, £4 10s. per ton: straw, wheaten. £3 per ton; linseed oil cake, r.vnnino, £13 per ton; coconut oil cake. Bs."6d. per cwt.; oats, feed, 3s. to 3s. 2d. per bushel; oats, seed, Sparrow-bills, Gartons. 3». 3d.; Duns, Storm Kings, 3s. 6d.; Algerians, dressed Australian. 3s. Bd. per bushel; oats, crushed, 3s. 4d. per bushel. Messrs. Laery and Co., Ltd., Wellington, report wholesale prices ruling on the market as under:—Wheat, good whole fowls, Is. to 4s. Id. bushel; oats, good feed, 2s. lid.to 3s. Id.; oats, duns, 3s. 2d. to 3s. 4d.; oats, seed white, 3s. to 3s. 3d.; oats, seed .Algerian Victorian, 3s. 6d.: ryo corn, 3?. lCd.; maize. 3s. I'd. to 3s. 4d.; fowls' barley, 3s. 3d.; Cape, 3s. 6d.; crushed malt. 7s. 6d.: partridge peas, 4s. 6d. to 4s. 9d.: pollard. £7 ss. to £7 lCs. per ton: bran, £5 15s. to £6; flour. Atlas, £9 fs. 6d.; ehnn", ontcnshe.if, £5 15s. to £G: rice Hour, £6 ss. per ton: potatoes, table, £5 si. Io £5 155.; onions. £4105.t0£5; molasses, fodder, £5 ss. to £5 IDs,: boncdiist. £5 155.; basic sing, £4 ss. to £4 Ids.: sunerphosnhatcs, £4 15s. to £5: oatmeal. £14 lCs.; rolled oats, in 4's. Bs. 6d. dozen; cheese, medium-sized. Old. to 6VI. lb.: cheese, loaf 61d. to 7d. per Hi.: butler, prime bulk, iod to lid.: fresh esrgs, Is. IPd. per doz.; nre--1 served eggs. Is. 2d. to Is. 3d. ner diz.: honey 55's, bright. 4d. lb.: linseed mils, !3s. per cwt.: linseed, cake crushed. 13s. 6d. per ewt,; bacon, sides, 73d. per lb.; bacon, rolls, Bld.

per lb.; hams, BSd. per lb.; fowls, hens 3s. to 3s. 6d.; young roosters, 2s. to 45.: ducks, 'Is. 6d. to 55., all at per pair; turkeys, cobblers, Bd. to 9d. per lb. live weight; hens, 6d. to 7(1. ' BANK OF ENGLAND RETURN. By Telegraph— Press Association—Copyrieht (Rcc. May 18, 8.45 p.m.) London, May 19. The. Bank of England return issued for tlio week ended Wednesday, May 17, is as under:— Issue Department Kotolssuo... XoI.BD3.CCO Gov. debt ... £11,015.030 — Other securities ... 7.434,n00 Goli ~. 3G.44J.000 £51.503,000 £3t,693.C00 Banking DEFAivnnwr. Proprietors' Govt, sccuricapital £11,553,000 ties £14,071,000 Public do- Other sccui'iposits ... 13,951,003 ties 20,1535.000 Other dopo*its ... 41.176,000 Kotos ... 27,020,000 Rest, 7-day tnd other bills 3.150,000 Coin ... ... 1,558X00 £72.551.003 £72,684,000 The leading Items or the Bank of England return afford tlio followine comparison:— This week Last week. Last year £ £ £ Bullion £0,441.000 35.636.000 36.718,003 liescrve ... £8,'278,U00 27.20.W00 1'f1,3t6,C00 Note circulation 37,873.000 28,355,000 27,9r6,00U Public Deposits 13.551.U1J U.OGO.OOQ 17,190,000 Other Deposits 41,178,000 39,807,001 35,871,000 Proportion of liabilities ... 51.27' 50.61 03.35 GOVERNMENT' SECOKTTIES. The fallowing are tho latest quotations for Government securities, with a comparison of tlioso ruling last week:—

BANK RATES OF DISCOUNT. I'he Hank of England rate was reduced ou Jrno 9 from 4 to 3 per cent.: on September 29. it was advanced to 4 per .•ent., and on October 20 to 5 per cent. On December 1 it was lowered to 4J per cnt on Januarv 27 to 4 ner cent., and on February 16 io 3J per cent., and on March » to J per cent The Bank of France rate was reduced from 3& to 3 per cent, on January U. 1903. and remains at the latter figure. Tho lmpenai Bank ot Germany on January 21 19u9 lowered its rate from 5 to 41 par cent.,'and on February 10 to 4 rer cent. But on September 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 RATES OF DISCOUNT. The following are tho market rales for best tureo months' bills:— London Paria Berlin rate. rate. rate. porcent. percent percent. This week 21-16 2 23 Last week ......... 2J 2 2i Last year 3J 2} oft Short loans are quoted at 11 per cent., as against 1J per cent, last week, and 3J per cent, last year. COLONIAL AND OTIIER PRODUCE. Wheat—The marliets are very quiet.with a slightly easier tendency on reports of good rains in Russia; buyers are indisposed to operate, though sellers arc willing to make slight concessions; 15.CC0 quarters South Australian'wheat, March shipment, sold at 355. 3d., sellers are asking 355. 3d. to 355. 4id. for March steamer shipments, and 355. for Now South Wales per sailers afloat. There 13 moderate inquiry for Australian on spot at 375. 6d. Flour, is slow of .'sale. Australian, 245. 9d. ex store, and 245. 3d. to arrive. Oats are quiet. ■ La, Plata, March-June shipments, 14s. 6d. Butter—The market is dull and weak; European supplies are- heavy. Danish, lC7s. to 1095., against Ills, to 113s. last week; choicest Australian salted, 945. to 965., occasionally 98s. (2s. lower); unsaltcd, 2s. lower at 100s. to lCJs.j secondaries and inferior, 89s. New Zealand choicest salted. 1045.; unsaltcd, unchanged at 108s. Cheese—The market is iiat. New Zealand, 60s. to 61s. Sugar.—German beet. 88 per cent, net titre, Id. lower at 10s. 6d. per cwt.; first mark granulated, f.o.b. Hamburg, Id. lower at 12s. 7d: ' ■' Bradford Tops.—Tho market -is steady and uneiia7iged. METAL MARKETS. Copper—On spot, 18s. 9d. higher, at £54 Es. 9d. per ton; three months, 18s. 9d. higher, at £55; electrolytic, 2s. 6d. higher, at £56 7s. 6d. Tin—On spot, 555. higher, at £198 ss. per ton; three months, 20s. higher, at £190 10s. Pig-iron, Middlebrongh No. 3, 2*d. higher, at 465. Hd. per ton. Lead, soft foreign, £13 per ton. Spelter, £24 ss. per ton. SILVER. By Telegraph—Presb Association-Copyright London, May 18. Bar silver is quoted at 24|d. per ounce standard.

LONDON WOOL SALES. By Telegraph—Press Association—Copyright London, May 18. At the wool sales, crossbred:! and good combing merinos were very firm. Faulties were slow of sale. The following are prices realised for tho fleece portion of the clips named:—Tamar, top price 12! d. per lb., average 9Zd.; Otari, Hid. and 9Jd.; Arnpata, lid. and 103 d.; To Piirac, 11 Jd. and 103 d.; Okirac, lCd. and 9»d. LONDON MARKETS. Messrs. Dalgcty and Company, Limited, have received the following cablegram from their London office, dated May 18:--Tallow: The market is 6d. per cwt. lower for all qualities. Frozen meat: Beef—The cheapness of chilled is affecting the market. Quotations: Fores 2{d., hinds 33d. Mutton and lamb: The demand is checked by higher prices. Quotations—Lamb: Canterbury, heavy and light, m.; North Island, heavy and light, 4>,d. Mutton: Canterbury, heavy 3M., light 33d.; North Island, heavy 2Jd., light 35dBRAN AND POLLARD. By Telegraph-Press Association-Copyright (Rcc. May 20, 0.55 a.m.) Sydney, May 19. Bran and pollard have been reduced by £1 po rton since yesterday's quotation of £4 per ton. GRAIN AND PRODUCE. (By Telegraph.-Pres3 Association.l Chrlstchurcli, May 19. The news that -the London wheat market has declined 3d. per quarter this week has affected the market locally so far as shipping business is concerned, and an easier tono is -now displayed. There has been a fair quantity of wheat changing hands between merchants, but little business has been done with growers, though a few of the latter have accepted 3s. 3d. at country stations, and in one or two cases even more has been paid. Buyers arc not nowwilling to pay the same prices in consequence o fthe deelino in tho London market. Oatslieaf chaff is firmer, and tho break in the weather in the North Island will probably improve the demand from there. For export purposes 85s. is being offered, and for local consumption probably a little more would be paid to obtain supplies. The potato market is quiet in consequence of the limited demand at present from the North Island, which was lately so heavily supplied with southern shipments. Growers are now pitting their unsold crops, few being willing to accept 60s. to 655., which is all that shippers aro still offering.

Variations «. cornpaied Prica. with last week. £ 6. d. 25% Imperial Consols SI 5 0 2s. Gel. lower i >>.s.'U'.1933Jan.-July 106 0 0 Unchanged 'ih „K.b.W.l'Jia.uai'.-Son. 90 0.0 Unchanged S „K.S.\V.M33Ai>l.-Octi. Si 10 0 Unchanged i , Vic. 10iS)Jan.-July 10J 10 a Unchanged Si „Vic. I'JiHiJmi.-July 1.0 0 0 10s. higher 3 ..VicllMWilJan.-Jiily SB 0 0 Unchanged' 3J „S,A. lUliiJan.-July 03 0 0 10s. higher 3 „S.A. UlBJnn.-July bi 10 0 Unchanged i „C]TdUli3-'J4,Ian.-Jiily 101 0 0 Unchanged 3i „y , l'dl'JJl-30Jau..July BS 0 0 7s.M.lii,hcr S „Q'l'dl!*!i47Jan.July 5G 0 0 Unchanged i „N.Z. 1929May-Xov. 101 0 0 Unchanged i>5 „N.2!. liHOJau.-July 03 0 0 Unchanged i) „N.Z. 19J5A]iriI-Oct. "6 10 0 Unchanged ii ,. W.A.lM-iO.Uay-Nov W 1 6 Unchanged 3 „ W.A.lals-boAlay-Nov Wi 10 0 Unchasgcd »i ..Tas. IMOJan.-July 07 10 0 Unchanged 3 ..'x'as.WiWOJau.-July £G0 0 Unchanged