COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1138, 27 May 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. A fair business wa3 done yesterday, especially in Taranaki l'c-tvoluum shares which sold at ISs. 6d., 17s. 6<1., 16.?. Oilier silks were: Meat Export (£1 paid), ;'t £5 55., and Now Zealand Drue at <S9s. 3d. The buying and selling anotations were as iindor: — Buyers. Sellers. £ s d. £ s d. National Bank 519 0 6 0 0 Bank of New Zealand — 11 17 6 Well. Trust and Loan ... — . 7 16 6 Well. Deposit 0 8 3 0 8 V Christchureh Gas 9 15 0 9 17 6 Well. Gas (£10) — 19 0 0 Meat Export (525. 6d.) — 3 6 0 Union Steam — 2 10 Well. Woollen (pref.) 3 0 0 — Taupiri Coal 110 — Wo.Uport Coal 18 6 18 9 Leyland-O'llricn 17 0 — Miraraar, Ltd — 0 2 6 N.Z. Drag — 2 9 6 Sharland's Pref 1-10 Taranaki Petroleum 0 17 6 0 18 0 Ward and Co 5 0 0 — BPiITISII-GKOW TEA. The tea- market has advanced considerably, and there are many who maintain that a further hardening of values is likely to take place. Various causes have been assigr.jd for the rise in values, and it i-5 difficult to say which is correct. A London financial paper has made a statistical iiiPiiiry into the po?i'.:cn of liritishttrown ten, and arrives at tho following conclusions:— 1. That the output last year was 26.0C0,CCOlb. heavier than it wan two years before. There has been no falline-off tho total supply. 2. That the ?ma!l increase in the u-.» of Britisli-Rrowii tea in the United Kingdom dees not account for the movementit omly amounts to 2 per cent—keening pace wkh inercaiii-g population, while the. porccntaso used has actually deeiinctj 3. That business with the Continent stands still, and continues to be Sod small to influence the market. A. That in n!mo-t nil othor cuarters trade hos crown larger, and 5. That tho addition of RCOO.CCO'b. to the quantity taken by itiissian operators is the cause of n,U that lias occurred. Th = is what h™ .-hanged tho position: without it there would have been p!.;r.tv a ( | Ca f "p fvcpyonc cU:c. liothiiiK to make tho'mar. kfl particularly iiitcrrstinp. and .•» ",m pienl rcasMi fur Biioh an advance in vilno Kince 19CB there lias bco- no falli ir iff in the total output, lint (here has K • K Ci fr 'it ! '! e i to i'"' "!' J,ntitv renuircd outside the Uii'tnl Kinsdnm. and niaiiiK- | )v Europe s weMern countries, so i.™ -n, to rha-iiKc Ihe aspect and outlook of tiio mn.rket, and to alter tho of valu" The iimiik-y him becircor.lincd to n'ritiVh trrown tea. bccaiise it is th? ruling factor if not the only oils that count* Thp trade in Java lea is .still too r. ma ll to alFect Hid mark.., and its value is Ao.e v adjusted to that of tho sort of ImiSi. and Ceylon that it most, nearly ,Wembie •-the thro? varieties bci::- nracticalh- =iitcrchaiiKcablc in the normal -blend" " n r low-nriccd tea now universally sold hv retailers. Tho export ror? from ;/, CCO rcnili in 1903 to 40.500.CCC11,. in 1910 S OI Jj per cent, of it beinc: consigned to tho Netherlands and the United Kingdom A* jecartU f usa, tea, the position is now eo

little affected by it that if the complete details cf its export business are known in London-vhieh is doubtful—they arc only published sit infrcciuenl intervals. milled, this truly inislit to foeio extent revive, bul for tho time it ij almost left cut of account in the calculations of the Mucins L:i"-' buyers and seHoi =, and receives very little attention in the brokers' circulars, of whom some now frequently ignore transactions in it altogether. Indian and Ceylon teas seem almost to monopolise the attention of buyers and brokers alffie.

GOLD CIRCULATION IN INDIA. Morsrs. Samuel Montasu and Co., tUc well-lino.™ bullion brokers. dcalillß witll the statement of the Governme.Tt of India

"that their opinion the balance of cvic'.cucD supported tl:u conclusion thnl Tile use of sovereigiii :if currency was increasins, and no w;».s made to force pold into circulation," point out that it is the Indian r.ativc who is forcing Riipplie.'i of icold—coined or otherwise—into Did country. This desire on their part is tho natural outcome of the makeshift system which wai adopted when Uie. J'int was closed to free coinage of silver. Tho thinking part of the community recognise. that they po.=~™ss an asset in sovereigns superior to the silver currency of the country, for the Treasury is bound to rrivo out rupees against gold, but not vice versa, though in practice sovereigns havo moved freely either way. Jt n obvious that if gold could not be obtained freely from outc-klc, silver rupees would reaume their normal place in the currency. It is possible that tho desire to rehabilitate, the silver rupee may impel the inumn Government to devise some ■ method by which the tendency to drive tho rupee out of circulation may be arrested. The whole currency scheme of India is a compromise, and if it results in the imposition of a duty upon imported cold—an operation economically unsound in normal conditions—the innovation would be most remarkable, and tho extraordinary position might bo witnessed of an import tax upon both gold and silver at the same time. In any case, the Is. <d. basis for tho exchange k not in tho least endangered; for, whatever difference of opinion might have existed as to tho closing ot a free Mint for silver, tho Government has succeeded in maintaining a. steady exchange between India, and tho outside world. This is increasingly important, as the tale of India's trade mount!! steadily upward. Tho introduction and rstontion of capital from the West has also been fostered, providing backbone to the Etrength and sinew of India's labour.- As tho world's output of gold is just now at a, Ktandstill, an increasing demand for India, such as is indicated, would din deeply mto tho world's stock.

BANK OP ENGLAND RETURN. By Tclecranh-Press Association-Copyright ißcc. May 26, 9.5 p.m.) London, May 26. The Bank of England return issued for the .weak ended •Wednesday, May 24, is as under:— 1350E DF.PARTSIF.XT Note. Issue... £55.5C3.0Ce Gov.dcbt ... f11,015,050 Other securitio.i ... 7,4:H,0M GoU „ 37.1H.003 £55,563,003 XoS.otB.GOO BiXKi.NG Department. Proprietors' Govt. securicapital £14,553,000 ' tics £14,071.000 Knbiicde- Other securi]>osils ... 15,0W,C03 lies 20,503.000 Other doposits ... J0,551,C00 Notes „. 27.5E8.C00 Rett. 7-day iud other bins 3.3H.CQ0 Coin ~. ». 1,318,000 £73.170.003 £73,«0,C00 The leadins Items or the Bank of England return allord the following comparison:— Thiswook Last weak. Last year £■ £ £ Bullion 37,114.000 36.141,000 57.C03.003 Reserve SB,SOIi,(JU3 2?,'278,(!0U M1,998,«M Kote circulation 37,075.000 27.573.000 23.131..U30 Public Deposits Id.Om.CUJ 13.03i.C03 21.205.1W Other Deposits 43.C51.mXJ , 41.178.U0J 37,785,000 Proportion o< reserve to liabilities ... 51.76 51.27 . 49.08 GOVERNMENT SECURITIES. The followins aro the latest quotations for Government securities, with a comparison of thoao ruling last week:—

BANK KATES OF DISCOUNT. Tho Hank of findand rate wa3 reduced on Jrno 9 from 4 to 3 per cent.; on September 29 it was advanced to 4 per rent., and on October 20 to 5 per cent. On December 1 it was lowered to 4i per cent on January 27 to 4 per cent., and on February 16 to i\ per cent., and on iiarch 9 to J per cent fr Th ° <f "f 3 "pop'"nt 6 „"'?,„"", SIW on Januarv2l 19C9 lowered its rate from 5 to 4J per cent., aud on February 10 to 4 ver cent Hut on September 26 it was raised to 5 per cent ou February 6 it was reduced to 4} per cent., aud on February 19 to 4 per cent. MARKET RATES OF DISCOUNT. Tho followiiiE aro the market rales for best thrco mouths' bills:— London Paris Dorlin rate. ratn. rato. porcent. percent, percent. This itrt 25,11 > 2 23 j'"t Izik 21-16 2 22 Lalt year 39-16 2S U Short loans are Quoted at 1? per cent, as asainst U per cent, last week, and 4 per cent, last year.

COLONIAL AND OTHER PRODUCE. Wheat.—The markets are dull and speculation has ceased, owing to the breaking up of the drought in Southern Hussia, and the enormous world's shipment; Prices show a slightly easier tendency; 355._-4d. is asked for South Australian per sailer. February shipment, 355. for March shipment, and 31s. 9d. for April, May, Juno shipment; 345. .IOJd. for.Jiow South Wales March shipment, There is a slow demand for Australian on,spot at i6s. 6d. to 365. 7d. New Zealand, 355. to 356. 6d. Flour is dull. Or. spot. 245. 9d.; forward, about 235. Oats are scarce. Cartons. 20s. 6d. to 225.: Sparrowbills, 20s. to 21s. 6d. Butter is dull, English supplies filling all country markets. There is no demand for colonial, aud prices aro practically unchanged, but tending downwards; large quantities aro being stored. Cheese is dull. New Zealand white, 58s. to 58s. 6d.; coloured, 595. Sugar.—German beet, 8B per cent, net titre. Id. lower at 10s. sd. per cwt.; first mark granulated f.o.b. Hamburg, 2d. lower at lfe. sd. Bradford Top?.—The market is quieter, with a slightly weaker tendency. METAL MARKETS. Copper, on spot. lls. 3d. higher at £55 per ton: three months. 3s. 9d. at £55 115.3d. Tin.—Three months, 40s. lower at £188 10s. per ton. Lead, unchanged at £13 per ton. I'ig-iron.—Middlesboro' No. 3, Bid. higher at 46-. lCd. per ton. Spelter, 2s. Cd. higher at £24 7s. 6d. per ton. LONDON WOOL SALES. By Telegraph—Press Association-Copyright London, May 25. At the wool sales there was good business and kecu competition for crossbreds. WILLIAMS AND KETTLE, LTD. ißy Telegraph.—Press Associalion.l Napier, May 26. Tho annual report of Williams and Kettle, Ltd.. submitted to shareholders yesterday, showed the net prolita for the year, after providing for all necescary depreciations and bad debts ,to be £K,436 18s. 7d., to which had to bo added tho undivided balance from last year, £2726 Bs. Zd. The tot.il available for allocation was £17,163 6a. ?d. The directors recommended that thir. bo appropriated as follows:— Payment of a dividend of 7 por [■cßit., and 1 per cent, bonus on the capital; bonus of IS per cent, on n!l goods purehasc:l by shareholders. 10 pw cent, on land commissions, mid 20 per cent, on other commissions contributed by iftwcholdcr: , £IKO to be placed to recerve. ?.:vl \ho balance carried forward., A sum of £600 was voted for bonuses to tho staff.

OEAIN AND PIiODUCE. (By Telegraph—Press Association.! Christciiurch, May 25. There is HH!e change to report in the local wheat market, and business during the past few days has been exceedingly slack, llcrch.an.ts cannot haadle grain at

the prices holders ask. and the lattet will not come down, so there is a. deadlock. Practically v.a lines ol any coiiec(juciwc li<«ve cliiiiißod Imtds.

' Oats roiiiiiju us formerly quoted, and the niarliet is quite firm.

Chaff also is r/.cady at about £4 ss. per ton at couury stations. The potato niarliet in quiet, and no chance is reported. Buyers will give 655.. but there is very little offering, and the dc in and is weak. Ouions have advanced tea shilliues per ton, and partridge peas dropped about 2d. I;i dairy produce all urades of butter have V"i:en—factory. Id., and farmer£', Id. WOOL SKIN AND HIDE SALES. Messrs. Abraham and Williams, Ltd., report:—At our Pa'.mcrston North wool, ultin. and hide sale we offered a cood cataloeuo to ii fail' attendance of buyers. Wool and skins sold well up to late rates, but hides showed a slight drop. We quote: Wool, crossbred, 7d., 7Jd., 7>.d.; lambs, 63d. to 7Jd.: dead, f-td., 6id,. 7Jd.; pieces. 3»d. to lid.: nrutchincs, 4»d.. 5d., s!d. to sid.: loelw, lid.-. black, 6ld. Hlur.s: Crossbred, fia=, 6ijd. to 7.1<1.; crossbred, butchers. 5Jd., SJd., 6Jd., 61d. to 6Jd.; crossbred, medium, 4id., 5d., 5)d.; crossbred, damaged, 2?d. to ii.; quarter to half-wools, sid.; pelts, 3Jd.; lambs, line. 7Jd.; lambs, medium, s{d. to 52d.: lambs' pelts JJd.; dead, 5!d.; dead hocKcts, 43d.; crossbred, creen heavy, £s. "d. to 7s. 4U.; crossbred, medium, ir,. Id., <s. 2d., 4s. 3d.. 4s. 7d. to ss. id.; crossbred. lißht, 2s. Cd., 3.3., 3s. Jd. to 45.; black, 2s. 9d.; lambs' pelts, Is. sd. to 2s. 2d.; crossbred, salted, 2s. 6d., Js. lid.. 4s. 3d.; calf. 7d., 7!d. to 72d.; caif, slippy, 4d.; ycarlines, did. to 6Jd. Hides: Os, no heavy offerinc: medium, 6Jd.; light, CJd.; cow;, heavy, 61d.: medium, 6d. to Girt.: !icht, 5Jd., 55d.. 5W.: cows, cut, <?d.; bulls, 5d.; heifers and B2ers, 5Sd.; horse, Bs. Sundries: Tallow, in tins, 245. 6d.; tallow, in casks, 265.; hors; hair, Is. 5d., Is. 6d., Is. 6id. to Is. 9d.: cows' tails, Is. 6d. per dozen; horns, 2s. 6d. Messrs. Levin and Co., Ltd., have received cable advice from thoir London aßcnt3 intimating that tho following clins have been sold at the sales now current. The prices named arc the averou'c realised for tho fleece wool in each instance:— EY in diamond over P. 'Fcatherstou, 94d.: WMK over SV, Alfredton, 10 7-16 d.; JI over FEKNLANDS. Mastcrton. 9 7-16 d.; CTS over WAIAIWniTI, Tenui. Sgd.; NB, Wanganui. P 15-16 d.; liANGIPO, Waiouru. 98(1. i EH over MANGAJIAHU, WaiiKanui, Bid.; LAKE MEADOWS, Featherston, lCd. FEATHEESTON PEOPEUTV SALE. A land sale took p'.aen a.'. FcaUierston yesterday, when Messrs. Levin and Co., Ltd., acting under instructions from Jlessrs. Touiifc and Trine, solicitors for tho trustees of the estate of the late William Nicols, offered at auction, at the Town Hall, 1360 acres o' farrainff land near the township. There was a larco attendance, and biddinc at £14 per acre, and bid 3 quickly followed up t<; £23 per acre, at which nrico tho property was sold to Mr. Brace Speody, of Feathei'Bton. The total value of t'-io property is £31,280. Captain White, of Pahiatan., has sold his freehold farm to Jlr. A; M'Kay, of 51a 1 :- t:rton. The a.vc-a -is 13C0 acres, and tho purchase price v.ao approximately, £16.C00. The sale was conducted by Mr. John Praser, ill conjunction with Mr. W. Indis Husband. MINING NEWS. WELLINGTON SHAKE MARKET. liusiness was very nuict yesterday, and there were comparatively low transactions. The sales recorded were an under:— New Sylvia, 2s. Hid., (third call). Old Ilavraki, 25. «d., 2s. sd. (first call): 2s. 4ld. (second call). Wai'ii, 635. (first call); 635. (third call). The buying and selHne Quotations vero as under:—

' STOCK F"CIIANGE. " (By Telegraph—Press Association.) Auckland, May 26. Business done at thia morni-g's call on 'Change included:— New Sylvia, 3s. Occidental, 4Sd., W. " " Victoria, lCd. Watchman, Is. 6d. Hauraki, 2s. 4d. Bcndigo, 3d. Golden Cross, 10d.. Tairua Golden Hill*. Is. 2i. Tairua Mines, Is. 7d. Talisman. £2 10s. 9d. Waihi. £3 35., £3 3s. 3d. New Zealand Insurance, £4 7s. 6d, Northern Coal, lfe. 6d. Tho following business waa done at tho 3.15 p.m. call to-day;— New Sylvia. 3s. Kapaiißa, Bd. Talrua. Golden Hills. Is. 3d., Is. 2d. Talwraan Consolidated. £2 11s., £2 10s., 9d. Waihi, £3 Js. 3d.. £3 3s. Waihi Grand Junction. £1 7s. Occidental Consolidated, 3id. Tairua Minos, Is. 7d. Auckland Trams (pref.). £1 ss. 3d. Westport Coal, £1 9s. Duncclln, May 26. Stock Exchange sales reported:— Bank of New Zealand, £11 166. 6d. Union Steam, £?. Is. New Zealand Drue, £2 9s. 3d. Milburu Lime, SZ Cs. ed. Talisman Consolidated. £2 10s. 6d. National Insurance, £1 15s. 6d. Wcstport Coal, £1 Bs. 9d.

YFAIHI GOLD MINING COSIPAXY. (liy Telegraph.—Press Association.) Auckland, May 26. Tho VTaLhi Gold Mining Co., during the four-weekly period e::ded May 13. crushed and treated 29,906 tons of ore'for a return of bullion of an estimated value of £63,170. Tho total value of ore won from t.ho rnino to date is £9,371.713. while dividends to date amount to £4,160,685.

MOUNT LYELL' RETURN. By TelcEraph—Press Associatlon-Ccpyrletat Melbourne, May 26. The roturns from tho Mount Lyell mine for the four weeks ended May 17-Ehow that 28,219 tons treated produced 728 tons blister of copper, containing 719 tons of copper, 16.6W ounces of silvor, and 723 ouncos of gold.

DItEDGING. (By Telc&raph-PrcEß Association.) Duncdln, May 26. Dredging returns-.-Karanui, «oz.; Wailiaia, 28oz. 12dwt.; Electric No. 2, 260z. lCdwt-.; Koputai, 240z. 9dwt.; Mastcrton 2!oz. 3dvt.; Central Chailton, 14oz. 2d\vt.: Mystery Flat, 9oz. 13dwt. . .

Variations "" Tries. with last week. £ s. d. 21% Imperial Consols 61 5 0 Unchanged < ,,N.S.\V.l933Jau.-Ju1y 10S 0 0 Unchanged 3i ..N.S.W.liHSJlar.-Sep. 00 0 0 UuchinEed 1 ,N.S.W.-W33Ai>l.-Oo!i. 87 10 0 Unchanged 4 „ Vic. 19«) Jan.-July 103 10 0 Unchanged Si i, Vic. 1021-6 Jan.-July (,9 0 U ■ Unchanged ! ,,Vic.lui9-40Jan.-July 66 0 0 Unchanged 3i ,,S,A. lOlSJau.-July 03 0 0 Unchanged 3 ..S.A.Ulli Jan.-July 8210 0 Unchanged t ..QTdlOlo-W.Tan.-Julj. 101 O 0 Unchanged 3i ., Q'l'diailsiOJau.-July G8 0 0 Unchanged 3 ..Q'l'dliBiiTJau.-July 50 0 u Unchanged i ,,N.Z. 1320May-Nov. 101 0.0 UnclianSod ii ,,N'.i5. lOlOJan.-Jiily US 0 0 Unchanged 3 ,,N.Z. lOJr.April-Oct. M 10 0 Unchangod S4,, W.A.lS-20-iOiIay-Xov W 7 6 Unch&nc«a a ,,W.A,1015-aalUay-Xov M10 0 Uncha»eed US „Tas. IMUJan.-July W 10 0 Unchangod 3 ..Tas.iaaj-M Jan.-July £0 0 0 Unchanetd

Buyers. Boilers. £ s. A. jj e. o. Blacltwater - 18" Rrcmner's — D 0 4 Dominion — 0 0 2 Kur.inui Caledonian — Oil M.iy Queen 0 14 0 16 Maorilaiid 0 0 4 — New Bin River 3 17 0 — New Sylvia 0 2 11 0 3 0 Occidental — 0 0 5 Oid Hauraki 0 2 3 0 2 5 Raxon 0 1 11 0 2 0 Tairua, Mines 0 16 0 17 Talisman 2 10 6 2 11 0 VX l *..=== ii * III Waihi Extended - 0 17 Waihi Grand Junction ... 1 7 0 1 7. 6 Waitanei 0 2 1 0 2 3 Watchman — . 0.16 Eoss - 0 2 0