COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1150, 10 June 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. A sale of Wellington Trust and Loan shares at £7 13s. 6d. was the only transaction recorded yesterday. The buying and selling quotations were as under:— Buvers. Sellers £ s d £ s d. National Bank 6 0 0 — Wellington Investment (J 11 6 — Well. Trusl- and Loan ... — 7 15 0 Auckland Gas 3 9 6 — Chris Lchurcli Gas 9 15 0 — Wellington Gas (new) ... — 3 0 0 N.Z. Insurance 4 7 6 4 10 0 Meat ISxp'ort (525. 6d.i ... — 3 6 0 Well. Steam Ferry (18s.) 0 13 6 — Well. Woollen (orci.) - 4 2 0 Well. Woollen (prof.) 3 0 0 - Taupiri Coal 110 — West-port Coal — 19 6 Wcstport-Stockton — 0 3 3 Leyland-O'Brien 17 0 — Nov: Zealand Drug ... — 2 9 6 Taranaki Petroleum 0 16 3 0 17 0 Taringamutu Totora. — 210 0 Ward and Co 5 2 0 — Wilson's Cement 1 19 6 2 0 0 LONDON AND LANCASHIRE FIRE. Tho annual report of tlio London and Lancashire Fire Insurance Company for 1910 shows tliat, in the Fire Dcpartmnct, the net premiums amounted to £1,555,EC8 10s. 6d., ar.d the net iofces paid and outstanding to £731,950 lis. id. The Fire Fund Reserve for unexpired risks has been increawd from £595,C10 to £625,CC0, and tho sum of £257,133 IGs. Cel. has been transferred to profit and loss account. In the Accident, and General Department the net premiums'? amounted to £534,945 Cs. Bd., and the net ioeses paid and outstanding to £311,751 <s. 7d. The Accident Fund Reserve for unexpired risks has been in* creascd from £205,tM to £215,CC0, and the sum of £20,622 3s. 7d. has been transferred to profit and loss account. In the Marine Department the net premiums amounted to £153,651 15s. Ed., and tho net losses paid and outstanding to £107,859 3s. 8c 1 .. Tho Marine Fund has been increased from £134,025 14s. 4d. to £154,681 135., and the sum of £15,CC0 has been transferred to profit and loss account. Tho financial position of the company after tho payment of dividend, etc., is as follows:— Capital paid up, £264,125; reserve fund, £750,000; fire fund, J&625/JCO; accident fund, £215,CC3; marine fund, £154,601 135.; staff pension fund, £75,205 7s. lid.; balance carried forward, £641,184 12s. Id.; total, £2,725,197 13s. ENGLAND'S TRADE SUPREMACY. Kerr Dcrnburp, who, somo years aco. secured a reputation as Colonial in Germany, writing to the "Berliner against the German Government's efforts to check German money being invested in American railroad yyjnrities, has the following to say of English methods:— On what does England s power m the trade cf the world rest? It rests for the most part on the freedom of entrance to a market wiik'h is certainly most favourablv placed, but to which everyone goc3 willingly. Why arc at least threefourths of the great world's raw produce markets in England, and why is there prncticnllv none in Germany? What a colossal tribute! Docs England make the whole world pay on securities and goodo by means of commissions, insurance'., warehouse due?, freights? It is the onlv gold market also, and England is all this becaure she is liberal is the real economic sense cf the word, and because her trad 3 is on a Free-trade basis, because taxes are imposed more upon what is earned than on general burinesfi. Germany has mere inhabitants than England by a good half; the German mercantile fleet ranks ::est to the English. Germany's army is the strongest in the world, and its navy has been most carefully built up to protect tho overseas trade. Germany's industry, for certain spccialiti':?, dominates the world's market; she has caught up England in tho heavy industrie*. Her consumption oT raw material is apnroaching tint of England, but wc remain dependent as a money market, n>? .a security market, as a merchandise market, on our cousins across the Channel. Why should not we, instead of narrowing our Ronrro nolicy. follow tho example of our neighbour ta the west, whoro spirit of enternrise is not so great as ours, no matter bow much in other vespe.-fs* we admi™* England'*; culture and intelligence? We ffinnot "dispossess" London, but we can little by little approach it in the abovementioned instance. • • • Gonr.nnv's real policy ir to bo far-seeing. A bad bu?inci=s man thinks only of tho near advantage: lie is like a. noor chess player who wins a pawn but loses the game. CHINA'S TEA TRADE. The China tea trade is said to be showing symptoms of recovery. The Chinese have not watched unmoved their cxnorts declining for several decades. They "tentcommissioners to Ceylon to stuuv the methods there, and to learn the secret of succcss. Feeble attempts were made to imitate black tea, and they failed. It cannst be done in China. Tea-growing there is for the most part what might be ternv od a village or a cottage industry, pursued by numberless small proprietors. The turbines and tho tramways. the spacious factories and costly machinery, the skill and supervision oC European managers— not to speak of soil and climate—which have given British growers the lead, are out of China's roach, and are totally inapplicable tc the conditions pr<»voilin»' there. Two suggestions of means whereby the lost trade can be regained arc now made. The first is to shut out imports from abroad, and thus compel the Russian merchants to buy nothing but China tea for use in their facfories; and the Russians do r.ot like it. The proposal in untimely. India is being asked alone to pay the prico for tire salvation of the Chinese opium smokers, and India hesitate*, as it- well may do, before consenting. Tf its tea trade is threatened with harm there may be a somewhat summary refusal. Tii? second suggestion is to cheapen the cost of China tea lo foreign buyers by removing the export and transit dues, tolls, and snueezes called the Li-kin. All told, they are estimated to amount to no more than 13d. the pound,, and those who ought to bo able to judge doubt if it would increase the sale of any but the cheapest and- commonest kind*, which would probably benefit by it. Why is Ru«sia buying po much from us now? Partly becausc enough cannot be otherwise obtained, but maiiilv because its expert taster?' find that we can sell them fine tea? between 9d. and Is. the pound that suit them just

as well as the China Congou that costs j many pence more. A mere lijd. reduction wili'njt be of much u.e to them, except upon the very lowest grades. , BRITISH EXTERNAL TRADE. T ! 'e following is a statement, relating lo the external trade of the United Kingdom in t' l ' l fir«t quarter of 1911, with special reference to Nov; Zealand, compiled by the Board of Trade. London:— The great expansion of the external trede of the United Kingdom, which was the prominent feature of the returns for the vopr 1910, continued dining the three month:; ending March 31, the value of the impo-U and exports of mcrch.indise during the ouartcr being greater than in the first ouartcr of any previous year. The totals were as follow:—lmports, £177,278,000; exports: United Kingdom produce, £114.2<B.CC'O; foreign and colonial produce, £27.81C.0C0. These figures represent increases over those for the first Quarter of 1510 of the following amounts:— Amount. Percent. £ Imports 12,115,C00 7.3 ExportsUnited Kingdom produce 13,361,C00 13.2 Foreign and colonial produce 1,035X00 3.9 The increase under the head of imports was chiclly due to the resumed importation of normal quantities of raw cotton, the supply of thia commodity available in 1910 having been, in consequence of the failure of crops, greatly rcstrictcd. Exports of cotton manufactures account for nearly half the increase under the head of exports of United produce, and there wore also large increases iu exports of machinery, iron and'steel manufactures, woollen tissues, apparel, ccal, and chemicals, drugs, dyes, and colours. The total values of the merchandise im- I ported into the United Kingdom from , New Zealand, and exported from the United i Kingdom to New Zealand during tho first quarter of each of the years 1910 and : 1911, were as follow:— 1910. 1911. Thous. Thous. £'s. £'s. Imports into the United Kingdom from New Zealand... 7591 6927 Exports from the United Kingdom to New Zealand— Of United Kingdom nroduce 1947 2456 Of foreign and colonial produce 182 193 Among the principal imports and exports were the following:— Imports from New Zealand— £ £ Value. Three months ending March 31. Articles. 1910. 1911. Mutton, frozen 6<9.Pff! 773/01 Butter 1.C9 000 93-'>.oo) Hheesa 62U00 562.C01 Won!, sheep's or lambs' 4,312,CC0 3,832,CC3 Tallow, unrefined and stc-arino 150.000 135.M1 Skins, sheep's 124,CC0 129.CC0 Exports to Now Zenlnnd (United Kingdom -produce)— Iron and steel and manufactures thereof (so far as separately distinguished in tho monthly accounts) ... 231 ?.V,0"0 Cotton piece goods 158,000 194,CC0 Woollen nnd worsted tissues 'including carpets and carpstrugs) M.fW) l'l/fr Apparel 151.CC0 197,CC0 Customs duties collected at the p,vt of Wellington yesterday amounted to £1073 ss. lCd. BANK OF ENGLAND RETURN. By Tcleeraph— Press Association—Copyright (Rec. June 9, 8.-10 p.m.) London, June 8. The Bank of England return issued for the week ended "Wednesday, June 7, is as under:— Issue Df.partmf.nt Note Issuo••• £,*6.215.0C0 Gov. debt ... £11.015,003 Other seciu'itie* ... 7.434.0 M Goii ... 37.766.003 £56.215.003' £56.215.100 Banking Department. Fropriftor6* Govt.' sccuricapital £11,553,000 tics £14,071,000 Fubhc do- Ctbcr securiposits ... 13,011.003 ties 28,800.000 Other doposits ... 41,192,000 Kotos ... £7.528,C00 Rest, 7-uay iml other bills 3.1G8.T0 Coin 1,039X03 £73.5'23.0JJ £i-2,8-25.C00 The leading items or tho Bank or laud return afford tho following companion:— This week Lasiiroak. LasSyeir ££ ■ £ Bullion 37,760.03.1 37.601,003 10.3:6,003 Reserve CS.DM.IXM 25.031,U» 31.941.UM Note circulation 2i'2S7.U)J -28.573,C00 123,007,000 Public Deposits 13/JH.LUJ 14,3fc..i;0J 21,0S ',000 Other Deposits 41,133,UW 41,351,(J0J 3T,«j7,Ut)3 Proportion of rcsorvo to liabilities ... 52.33 51.93 51.07 GeVEEUMENT SECURITIES. Tbe following aro the latest quotations for Ooverunient teeurities. tvlth a comparison of those ruling last weck:Yariations — compa'.od Prica. with last week. £ 5. d. 24% Imperial Consols MOO 255. lower 4 „ N.S.\\_. 1933 Jan.-July 10>1 0 U - 40s! lower 3j „ N.S. A .l'jls .uar.-Sep. 0!) 0 o Unchanycd 3 ~i*.b.\\.lJ33Apl.-Ocb, SI 10 0 Unchanged i Vic. ISHOJun.-July JOl 10 0 40s. lower 31 „ Vic. 10-1-0 Jan...July 07 10 0 30s. lower 3 ~ ic. IS-!M9Jan.-July fc'4 10 0 10s. lower 3! „S,A. lOlii Jan.-July 9j 10 0 ■ £os. lower 3 „S.A. liU6 Jan.-July UlO 0 10s. higher 4 ~Q 1 dlols-24Jan.-July 102 0 0 40s. lower 33 „ Q 0 0 Unchanged s oG 0 u Unchanged 4 „N,/. 1929May-.\ov. 101 0 0 Unchanged Hi „N.Z. 1010 Jan.-July 03 10 0 80s. lower 3 „N.X. April-Oct. fcti 10 0 Unchanged 3j „ W'.A.rjiO-aO-Uay-Nov 07 7 fi Unchantjod 3 „\\ kti 10 0 Unchanged 32 .. Tas. IWUJan.-July 16 0 0 30. 1 wcr 3 ~'i'as. IU2J-10 Jan.-July til 10 0 30s. 1w r BANK EATES OF DISCOUNT, i'ho Hani; cf England rate waa reduced on Jrne 9 from 4 to 3 per cent.; on i-cpteinber 29 it was advanced to 4 per cent., and on October 20 to 5 per cent. On December 1 it was lowered to <i per ccnt.. on January 27 to 4 per cent., and on February 16 to 3i per cent., and on ilarch 9 to 3 per cent Tho Bank of France rate was rcduccd from 3J hi 3 per cent, on January 24, 190H, and remains at the latter figure. The Inipenai Bank ol Germany on January 21.195. lowered its rate from 5 to 4j per cent., and on February 10 to 4 rer cent, Hut on September 26 it was raised to 5 per cent., on February 6 it was reduccd to 4} per cent., and on February 19 to 4 per cent. UAIiKET HATES OF DISCOUNT. Tlio following aro the market rates for best three months' bills:— liondon Parii Berlin rate. rale. rato. percent, percent, percent. This week 2 "J 3A Last week ~.. 2 1-15 2 2ji Last year 2J 25 3J Short loans aro quoted at la per cent., as against Is per cent, last week, and 3J per cent, last year. COLONIAL AND OTHEH PKODUCE. Wheat.—'The market has been inactive, but at the close was slightly more animated on unfavourable crop reports from America. Cargoes aro neglected. 345. 3d. is asked for South Australian, March shipmoats, and 30s. 6d. April shipments; 345. Cd. for Victorian March-April shipments. 335. 6d. has been paid for South Australian and Victorian duo to arrive parcels. There is a slow demand for Australian on spot, at 36?. 6(1. to 365. 9c1.; Kew Zealand, 355. 6d. to 365. Flour is beinpr sparingly offered. Oats are ouiet; New Zealand s being scarce. Oartons. 20s. td. to 225.; sparrowbills, 20s. to 21s. 6d.; La Plata, June-July shipments, l<s. 9d. . Butter is firm, and there is a hardening tendency all round, which is irenerallv attributed to the liot weather throughout Eurose, causing buyers to be apprehensive that- drought will restrict supplies. Considerable speculative purchases arc being stored. The course of the market in the near future is likely to denend upon tho weather. Danish, 108s. to 110s.; choicest Australian, salted 965. to 985., unsaltfd 1025.; New Zealand, salted IC4=. to 1C6.V.; secondaries, practically unchanged. Cheese is firm. New Zealand white, 685., coloured 5Ss. 6d. Sugar—German beet. 88 per cent, net litre, 4d. higher, at lCs. 9d.: first marks eranulatcd, f.o.b. Hamburg, 3d. higher, at 12s. M. , . Bradford Tops—The market is quiet, and unchanged. TIIE METAL MARKETS. Copper.—On spot, 12s. 6d. higher, at £35 13s. 9d. per ton; three months. 12s. 6d. higher, at £56 fs. Tin.-On spot, £6 lower, at £208 per ton; three months, £190 10s. Lead, £13 3s. 9d. per ton. I'ig-iron— Middlcsboro No. 3, 3d. lower, at 465. per ton. LONDON MARKETS. jlcssrs. Dalgei.v and Company, Limited, Wellington, have received cable advice from their London office, dated June 8, t-a the effect that there is an increasing demand for frozen mutton and lamb, and that, since last cabled adviec, prices are ild. to Id. per lb. higher. For frozen beef tha market is unchansod.

MELBOURNE niDES MARKET. By Tclfc^raph—Press Association—Copyright [j (Ilec. Juno 9, 9.30 p.m.) f Melbourne, June 9. jj Hides supplies arc moderate; quotations £ for sloppy are irregular,- and others arc l steady. F VICTORIAN CITAFF MARKET. I By Telegraph—Press Association—Copyright | (Eec. June 9, 9.30 p.m.) { Melbourne, June 9. I Chaff and oaten, choice, 725. 6d.: {rood, I 675. 6d. to 70s. p GRAIN AND PRODUCE. [ (By Telegraph-Press Association.) j Christchurch, June 9. W The week has been one of the dullest If in the grain trade during the season. M Merchants all report that there is no- | thing doing. For what wheat is being of- 0 fercd 3s. <d. to 3s. Gd. ir, ashed, while ra buyers' outside price is about- 3s. 3d. at E country stations. fj The only produce offering in any nuan- » 1 ity is oat sheaf chaff, but the demand |j is not very active, as at the price little 0 outside business can be done. The aver- H age price given at country stations is 85s. H The potato trade is quiet, and offer- h ings arc not being made very freely. The M nominal prices are 653. to 675. Gd. at coun- [1 try sta.tions, according to distance. W Butter of all classes lnis advanced Id. U per lb. H