COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1136, 25 May 1911, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHAKES. There were only two calls on the Wellington Stock Exchaiinc yesterday, the' afternoon being observed as a holiday. The sales recorded were: Wellington Deposit, Ba. 3d.; Christehurch Gas. .69 155.; and Donaghy Rope and Twine, 235. Id., ex dividend. The buying and selling violations wore as under:— ;, Buyers. , Sellers. £ s. d. £ s. d. National Mortgage 3 8 0 3 9 0 Well. Trust and Loan ••• ~ 15 b Well. Deposit 08 3 0 8 9 Christehurch Gas .....: 9 12 6 9 17 6 Gisborne Gas 3 0 0 - Napier One • 24 10 6 24 la 0 Well. Ous (.£10) - 1 j Well. Ga* (imv> jr — , 3 0 0 Christehurch Meat' 15 17 6 - Gear Meat WM) - 13 U 0 Meat Export (£4) - 5 ', £ Meat Export (525. 6d.) ... — 3 6 ° Kaiapoi Woollen 5 8 6 — Woll. Woollen (pref.) 3 0 0 ' - Hikurangi Coal - 019 0 Westport Coal 18 0 - Westport-Stookton — U J J Leyland-O'ilrien 17 0 rMiramar. Ltd - J J B TaranakL Petroleum 1| j 018 9 Ward and Co 5 0 0 — THE WOOL MARKET. That the London wool sales have seen prices maintained at the slight advance recorded at the opening is remarkable when one remembers that very little siidport is beir.g obtained from the United States, while the Continental support is not so pronounced as nniiht have been expected. The market has had to rely upon British support, and this has been accorded to the full. Fortunately, British trado is active, and users of the raw material aro able to absorb a considerable puantitv. Writing prior to the oncning of tho current sales, or. to be more exact, about tho first wcel; in April, the Homo correspondent of a Melbourne paper says :— . , Spinners and manufacturers in nearly every branch are doine very'well. They do hot obtain tho prices of last year, but, then thev have not to pay as much as they had'to do twelve months, ago for raw material, and they can easily afford even higher rates than those at present in force, and still reserve to themselves a ver:> ialf margin ol profit. Most strikins to-day is the improved position of the general run of coarse crossbred. As has been repeatedly pointed out. in this correspondence, users of this description of raw material have had nothing to complain of as regards orders for a. considerable time past. The enizma was how wool and tops remained weak and drooping in value, while those who employed them were so prosperous. The conviction that this anomalous state of thines was artificial is now being confirmed by the course of events. Tho epoch of exceptional profits to spinners at the expense of wool-growers, dealers, and topmakers seems now to be comiug to an end. Those who handle the article, either in its original condition or in the form of tops, now find themselves less undpr the thumb of tho users, m other words, their endeavour to assert themselves is meeting with oncouraiine success. So satisfied arc they that Mie future is in their favour that they are less keen to sell, oven at the rates now obtainable, than their customers are to buy. hence there is every likelihood of seeine the coarse fibred article on a decidedly higher level before the opening of the next Loudon auctions.

ARGENTINE TBADE. r Argentina, like New Zealand, depends a!-- v most entirely on the production of its t agricultural and pastoral industries. It c climatic conditions are favourable exports ( expand, and the reverse occurs when drought or floods are experienced. The ) Argentina Customs statistics for 1909 re- t veal that all was not well with the acri- t cultural industries, in the period covered r by the figures. ' Shipments of cereals tell j off by something like £6.8C0,C00, and total c exports chowsd a shrinkage of £5,CG0.0C0 ' approximately, but still amounted to the f respectable sum of £74,350,CC0. On xnc t other hand, imports increased by .£IOXOO.- 1 COO to J570.5C0.CC0, as compared with 1509. r and the abrogate oversea trade amounted - 1 to £144,85G,M0. The United Kingdom, Ger- , ma.ny. United States, aud Italy supplied i over 70 per cent, of the imports, and the countries to which over 66 per cent, of ' the exports were sent were Great Britain, t Germany, France. Belgium, and thd United f States, the order named. Great Britain i supplied 31.10 per cent, of the- imports, and | received about 40 per cent, of the exports. . but Germany is rapidly increasing her ' proportion. Amongst tho imports textiles I take first place with a value of £13,673.000. or nearly 20 per cent, of tho whole, and I of the exports, agricultural products head i the list with a value of £39.316,000, or over , 50 per cent, of the total, pastoral products coming next with £32,2C0,C00. ; NOTES. The directors of Kcuter's Telegram Com- ; pany, Limited, have declared the usual i dividend at the rate of 5 per cent, per annum 1 for tho half-year ended December 31 last. According to the balance-sheet., just issued, the total at credit of the various reserve funds at that date amounted to £132,521, being 40 per cent, in excess of the paid-up capital. The manufacture of condensed milk has made astonishing progress in the Commonwealth, especially in Queensland, and the article produced is auite eciual to that of any European brand. According to figures prepared by "Dalgety's Keview," while seven years ago in the northern State only about 41,184!b. was produced, valued at £7531, the output is now between 4,MO.O!)0 and 5,000,000, and may be valued at over £ICO,OCO. There is room, too, for gvcat expansion. Situated in districts where mill: is likely to be ever abundant, the lactones need have no fear of a curtailment of supplies. A condensory. too, often pavs the. farmer better than a butter factory. It was at one time supposed that, owing to her climate, tho development of the industry would be prevented in Queensland: but the skilful application of refrigerating processes has removed all thermal difficulties and tho milk is turned out from the- factories in the best condition. The number of branches of Llovd's Bank has been raised from 595 to 601, which will mako it the second largest bank- (in respect of the number of offices) in the United Kingdom. The London City and Upland has 680 offices, and other banks with numerous branches are -Barclay's ™ h J 9O V th ? Coital and Counties with - 439, tho National Provincial with 339, the London and Provincial with 292, Parrs with 264, and the London Joint-Stock with if; ? u , nns 191l 91 l th ? '"crease in tho nnmSwi °,V braDch ba nks opened in England and Wales, compared with 1909, was 176 and in tho United Kingdom 196. The total number of bank offices in 1910 was 8279 including 123 belonging to foreign and colonial banks having offices in London. , /he growth of banking business in recent 3 S'tfW cd , by „- the . fact tnat i» 1886 the total bank offices in the United i K R79 K ?h° m n 1 ! 15 , m - wh , i!st Eoin e back to 18/2 tho number was less than 3COO. Customs duty collected at. tho port of Wellington yesterday amounted to £2273 16s 4d. WHEAT. [ By Telegraph-Press Association-Copyright London, May 23. Wheat.—An Australian cargo sold at 355. 6d. - METALS. . .By Tel«graph~Press Association-Copyright : London, Mav 23. Copper-On the snot. £54 16s. 3d.; three . months, £55 7s. 6d.; electrolytic, £56 15s. Trn.-For forward delivery, £189 15s. LONDON WOOL SALES. By Telegraph—Press Association-Copyright 1 London, May 23. Competition at the wool sales was well majntaiaed, and prices wcro firm and un- ; changed. i LONDON STOCK EXCHANGE. JBy Telegraph—Press Association-Copyright 5 London, May 23. The following are cmotations on tho " London Stook Exchange:—Union Bank. ' buyers £63, sellers £64; National Bank of : Australasia, £5 7s. 6d„ ex. div.; Bank of : New Zealand, buyers £11 15s„ seUers £12 5s