COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1166, 17 June 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. Thero were no transactions in invest-! Mont shares yesterday, the buying and selling quotations being as under;—

WELLINGTON STOCK EXCHANGE. At the annual meeting of tlia member of thß Wellington Stock Exchange on Thursday afternoon, Mr. A. T. Bate and Mr.. E. Bucholz were re-elected chairman and vicechairman respectively, and Messp. J. Martyn Hume, F. H. Irwin, and A. T. Williams, with the chairman and vice-chair-man, were elected as the committee, and Mr. G. T. Georgo was appointed auditor. THE SEASON'S EXPORTS. In the interesting speech made by the chairman of the Bank of New Zealand at the annual meeting of shareholders yesterday, referenco was made to the current season's wool exports, the figures covering the seven months to April 30. The exports for May are now available, and the figures give a slightly better appearance to the totals. The roturns for eight months comparo as under:— 1910 ; !1. 1909-10. October 62,763 56*969 November 295 099 224/26 December 1,127,756 867,864 January 1,665,269 1,812,679 February 1,181,672 1,830,656 March 2,492,318 2,669,221 April 480,675 661,845 May 596,741 369,768 6,385,918 ' 7,137,695 This brings tho deficiency down to £751,777. The quantity, of wool exported last month was 147386,7841b., 'as against 7,981,1551b. in May, 1910, the increase is substantial, and is probably duo to a greater outturn of fellmongercd wool. Taking the gross monthly totals of tho exports, as disclosed in the lcaflots issued by the .Department of Commerce, the figures comparo as' under:— 1910-11. . 1959-10. £ £ October •. 720,383 822,248 November 1,041.183 1.070,461 December 2,161,769 1,856,625 January 3.025,016 2,845,421 February 2,346,744 2.962.778 March 2,492,318 2,669,221 April : 1,459,331 2,213,269 May ,1,824,216 1,566,947 15,071,960 16,006,970 "On the gross totals there is a decrease of nearly a million Eterling. and the difference will expand by tho time we reach the end of the next quarter.

CHINA'S CURRENCY REFOKH. China, has started on her currency reform, and lias authorised a. loan of £10,0C0,CQ0 for tho purpose. The decimal system is to obtain throughout—that is, ono dollar equals 10 dices, 1 dime equals 10 cents. 1 cent equals 10 cash. Tho dollar will weigh 7 maco and 2 candarccn3 of silver, 90 per. cont. fine. The 50 cent piece will woigh 3 mace and 6 candareens of silver, 80 per cent. fine. Tho 25 cent picco will weigh 1 maco and 8 candareens of silver, 80 per cent. fine. The dime will weigh 8.64 candareens of silver, 65 per cent, fine. Based on tho Haikuan tacl, tho dollars will weigh about 875 ounces troy per 10CO pieces; whilst the Mexican dollars, hitherto used so freely in China, weigh about 870.5 per 1000 when newly issued. Or, to eiprcss tho comparison in another form: Tho new Chinese dollar will have a legal weight of 419.97 grains, against 417.79 in tho case of the Mexican dollar. It must ho rcmombcrod that tho Mexicsn dollar has a legal fineness of .9327, against the new Chinese dollar's fineness of .900;' so that the now Chinese dollar contains legally 0.83 of a grain of fine silver icoro than the Mexican. It will he noted that the coins subsidiary to the dollar will he pnicd of lowor-ouality silver, and will thus afford a seignorngo to the Government. After the issue, hut previous to the full circulation of tho new rurren.-y, 1 dollar 50 rents new currency is declared t'o he equivalent to 1 tie! "good" Treasury sil-vcr--»Jiat is, silver of which 98.5 per cent, is mire silver. This is a Knping, not a Haiknan tad. and is equivalent in weight to 1.5419 Mexican dollars. Tho slight excess of value over the Mexican dollar will (it is thought) he a trouble, as the Mexican coin is popular in China.

Customs duties collected at tho port of fteliingtou yesterday amounted to £2829 13s. lid.

WELLINGTON MARKET REPORT. Messrs. Laery and Co., Ltd., Wellington, report wholesale prices ruling op the market as under:—Wheat, good whole fowls, is. to 4s. Id. bushel; oats, good feed, 2s. lid.to 3a. Id.; oats, duns, 3s. 2d. to 3s. 4d.; oat 3, seed white, 3s. 3d.; oats, seed Algerian Victorian, 3s. 7d.; ryo corn, 3s. 10d.; maize, 3s. 2d. to 3s. 4d.; fowls' barley, 3s. 3d.; Capo, 3s. 6d.; crushed malt, 7s. 6d.; partridge peas, 4s. 6d. to 4s. 9d.; pollard, £7 ss. to £7 10s. per ton; bran, £5 15s. to £6; flour. Atlas, £9 ss. 6d.; chaff, oatenshoaf, £5 ISs. to £6; rice flour. £6 per ton; rice meal, £5 per ton; potatoes, table, £5 ss. to £5 155.; onions, £4 10s. to £5; molasses fodder, £5 ss. to £5 10s.; bonedust, £o 155.; basic slap;, £4 ss. to £4 10s.; superphosphates, £4 15s. to £5; oatmeal. £14 lCs.rolled oats, in 4's, 9s. dozen; cheese medium-sized, 6>d. to 6'd. lb.; cheese, loaf 6'ld. to 7d. per lb.; butter, prime hulk, lOd. to lid.; fresh eggs, Is. tod. to 2s. doz.; preserved eggs, Is. 2d., doz.; honey, 56's bright 4d. lb.; lir-seed nuts, 13s. per cwt.; linseed cake, crushed, 13s. 6d, per cwt.; bacon rides 73d. per lb.; bacon, rolls BJd. per lb.; :am3, Sid. per lb.; fowls, hens 3s. to 3s. 6d., young roosters 2s. to 45.; ducks, 4s. fi tD „, s -' a! lat P cr PS' r i turkeys, gobi'jc", Bd. to 9d. per lb. live weight, hens 6d. to 7d.

LONDON MARKETS. Messrs. Dalgoty and Company, Limited, have received the following information from their London office, under dato Juno 15:-Sheepskins: Sales closed with market 3d. lower than previous sales' closing rates. Frozen meat: Beef—Market for Now Zealand dull, and demand limited. Quotations:— Fores 23d.. hinds SM. Price 3 for chilled beef are dearer. Lamb: Demand is principally on light weights. Market is very firm, and tending upwards. Quota-tions:-Prime Canterbury, heavy 4Jd., light 5d.; North Island, heavy 4}d.. light 43d. ?£utton: Demand principally on light weights. Market firm with upward tendency. Canterbury, heavy 33d., light 4d.; North Island, heavy, 3?d., light 3gd. Tallow: Mixed and medium tallow is firmer, hut for other descriptions prices are in favour of buyers.

The New Zealand Loan and Mercantile Agency Company. Limited, have received the following cablegram from their London house, under date Juno 14:—Tallow: We rinote present spot, values for the following descriptions:—Oocd mutton, 345. 6d. per cwt,: good beef, 325. per cwt.; mixed, 3C's. 3d. The market is active. Wheat: Wo have sold at 335. £d., c.i.f.—an Australian cargo. The market is weak with a. lower tendency, owing to fine weather. Market prospects arc not likely to improve at present. SHEEPSKINS. The New Zealand Loan and Mcrcantilo Agency Company, Limited, have received the following cablegram from their London house, under date June 15:-Shcep-skins: T'uo following descriptions of sheepskin; are lower-.—Pino crossbred combing by }d. per lb.: medium, coarse, and merino combing by 3d. per lb.; merino clothing and crossbred half-woolled, par to Id. per lb.

BANK OP ENGLAND RETURN. By Telcgraph-I'rcss Association-Copyrialit (Kec. June IG, 7.55 p.m.) London, Juno 15. Tho Bank of England return issued for the week ended Wednesday, Juno 11, is as under:— Issnn DupAnurEsi Sole Issuo... £56.GW,0G9 Gov. debt ... £ 11,015,003 Other securities ... 7..134.rra Gold ~, 38.'2C0,G00 jE58.619.iX1D £jS,6lO,Utt BiMnKO DEPiItTJIES-T. Proprietors' Govt, sccuricapital £11,553,000 ties £14,071,000 rublic do- other securipoaits ... 13.533.C03 ties 29,031,000 Other doposits ... 11,G-23,C00 Kotos ... 27.010.C00 I! est, 7-day mid other billa ••• ... 3,l£D,fW Coin ... „ 1.258.000 £73.233.033 jC73.20J.C00 The leading items of the Bank ot Knslaud return afford the following comparison:— Thiswook Lasiweel;. Last year £ £ 2 Bullion 33,200.101 37.7iiC,0M 11.073,003 Reserve 53.103.000 2S,oS;,ra> 33,1:!i.UX) Note circulation 2j,730.C03 23,267,000 27,702.1X0 ■Public Deposits 13.WJ.U1J 13.Ml.tttJ 27,;33,U>1 Other Doposits 41.C3i.UJU IM3.J7JOJ 30,055.003 Proportion of rcservo to liabilities ... 52.63 52.53 51.90 GOVERNMENT SECOBITIES. The following are tho latest quotation) for Government securities, with a com. parison of those ruling last week:—

The Bank of England .rate was reduced on June 9 from 4 to 3 per cent.; on September 29 it was advanced to 4 per cent., and op October 20 to 5 per cent. On December 1 it was lowered to 45 per cent., on January 27 to 4 per cent., and on February. 16 to 35 per cent., and on March 9 to 3 por cent. The Bank of France rate was reduced from 35 to 3 per cent, on January 23, ISCB, and remains at the latter figure. Tho Imperial Bank of Gormany on January 21. 1909, lowered its rate from 5 to 4J per cent., and on February 10 to 4 per cent. But on September 26 it was raised to 5 per cent., oa February 6 it was reduced to 4J per cent., and on February 19 to 4 .per cent. MAEKET KATES OF DISCOUNT. The following are tho market rates for best three months' bills:— London Paris Berlin rate. rate. rate. per cent, per cent, per cent. This week 23 25 35 Last week 2 2ft l\ Last year 29-16 2J 33 Short loans are quoted at 15 per cent., as against 1H per cent, last week, and 23 per cent, last year. COLONIAL AND OTHER PKODTJCE. Wheat—Tho markets arc inactive in view of the possibility of eariy nurvcts in Europe. Cargoes are fairly steady. 335. Bd. is being asked for Australian Febru-ary-March shipment. 34?. for June, and 335. 6d. for July, 325. 9d. has been paid for South Australian, Victorian parcel afloat, 335. is asked for South AustralianVictorian, May-Juuo parcel. There is a quiet trade for wheat on spot, at 365. 6d. Flour is dull. Australian, ex store, 243. 6d. to 255. . Oats arc firm. La Plata. June shipment, 14s. 9d. Butter.—Tho continuance of tho drought in Europe is already decreasing supplies, especially from France. The Siberian market i 3 very firm, with a good demand. Thoro aTo considerable speculative purchases. Choicest Australian, lC2s. to 1045.; unsaltcd, 104s. to 1065.; secondaries are brisk at 90s. to 98s. Danish. 112s. to 1145.; New Zealand supplies arc exhausted. Cheese is firm nnd unchanged. Sugar.—German beet, 88 per cent, not titre, 2d. lower at 10s. 7d. tier cwt.; first mark granulated, f.o.b. Hamburg, Id. lower at 12s. 7d. Bradford Tops—The market is unsettled, owing to the woolcombcrs' strike, prices are unchanged. Sheepskins—At the sales 91C0 bundles were offered. There was a fair attendance, and good competition, but nrices of all descrintions declined a farthing compared with last sales. THE METAL MARKETS. . Copper—On spot, 17s. 6d. higher, at £56 lis. 3d. per ton; threo months. 255. higher, at £57 10s.; electrolytic. £58 7s. 6d.. Tin.—The "corner" has collapsed. On spot, £9 lower, at £199 por ton; three months, 255. lower, at £189 ss. Pig-iron.—Middlcsboro' No. 3, 7d. higher, at 465. 7d. per ton. Spelter, £24 lCs. per ton.

WOOL, HIDE & TALLOW SALES,

Messrs. Daleety and Company. Limited, report:—We hold our fortnightiy sale of wool, skins, hides, and tallow ycr/.erday afternoon. There wan again a large offering of wool crutching;, and the attendance of buyers was largo and representative, and all lots were keenly competed for. Wool: = Prices generally were slightly easier. Crossbred, medium, 7d. to Bd.; crossbred, inferior, s?d. to 63d.; lambs. 6d. to 63d.; dead, 4Jd. to VJd.: oriitchings. Rood, Sid.- to 6J,d.; crutchinzs, inferior, 4d. to 5d.; bellies and pieces. 4.1 d. to 5d.; locks. Id. to 53d. Sheepskins showed a small decline, in sympathy with London market. Ilalfbrcd, s}d. to 7d.; crossbred. 6d. to 7d.; crossbred, half-wool, 5Jd. to 6!d.: crossbred, quartc-r----wool, 4Jd. to s*d.: crossbred, broken and damaged. 2d. to 5Sd.; lambs. i\i. to 6id.; dead, 41d. to 5«d.; pelt=. 33d.: crossbred, damp, 3s. Id. to 4s. Bd.; lambs, damp, 2s. 6d. to 3s. Id.: crossbred, salted, 3s. Id. to 4s. 4d.; lambs, salted, 3s. to .4s. 6d. Hides wero on a par with rates ruling at last sale. Ox, heavy. 6*d. to 7d.: ox, medium, 6d. to '6?, d.; ox. cut and slipo.v. 4Jd. to s}d.; cow. medium, 6{d. to 6Sd.; cow, cut. 4d. to s>d.; yearlings, s>d. to si|d.; horse, Bs.; horse, rut ar.d slipoy, 3s. to 6s. 6(1.; bull, 53d. to 5?d.; calf. good. 8?d.; calf, cut and slippy, B}d. to 63d. Tallow was firm at late rates. In shipping order, "lis. 3d. to 275. Gd. per cwt.; in tins, IZi. t-> V.-.\. 3d. per cwt.; rough fat, 225. 6d. Hide: Pieces: 3s. 6d. per cwt. Horsehair: Is. 6d. to Is. Bd. per lb. Rabbitskins: BJd. to ICd. per lb. • ,

Messrs. Levin and Company, Limited, report:—Wo hold our fortnightly Eale Yesterday, when we offered £0 balrs of won!, 2400 6hocpskins, 350 hides and calfskins, and a nuantity of tallow and horsehair. Wool: Thcro was a. large attendance of buyers from all parts of the Dominion. Crutehings were freely offered, but the high prices obtained at last rale were not maintained, except for the very best lines. Medium and inferior lots were down a halfpenny. Good crutehings. 6d. to 6sd.: medium, crutehings, sc). to 53d.; seedy and inferior crutehings. 3»d. to 5d.; medium crossbred. 7d. to Bid.: inferior crosslink. 6Jd. to 7d.; pieces and bellies. sd. to 5M.; locks, 3Jd. to 4id. Skins: Market a, farthing easier. Halfbrcds, 7d. to 7}d.; fine crossbred*, 7d. to 7c!.; medium crossbrtds, 6d. to 63d.; coarse orossbreds, 6d. to 6Jc'.dead skins, sd. to s}d.: dead hoggets Ct\ to 5Jd.: quarter to half-v.-oo!s, «d. to 6U! • dry pelts, lOd. to Is. 6d.; green skiiis'sn' 7d. to 6s. 4d.; lamb skins, 2s. Bd. to fo. <d.lambs' iiclts, 2s. to 3s. Tallow: Ensi"r; parcels in chipping order. £26 l?s.; tin'. £22 to £24 55.: rough fat, £16 to £20. Horsehair: Is. to 1«. Bd. ner lb. Horns: ss. to 13s. 6d. per hundred. Cowtai!?: !s. fid. per down. Hides: Steady. O x heavy. GJd. to 7d. ; n X hides, medium, Girt, to 6Jd-: ox hides, ligiit. 6d. to f'd.; r-w hides. 6d. to 6«.; cut and slippy hides. 2?d to 5Ad.; stag hid«s. 4d. to 5f.d.; hull h:d-r, 3d. to 5?d. ; yearling, 55d. to f : ,U- call best, Cd. to °>d.: calf. medium. 7d. to B!d.-' calf, cut and slinpv, 4d. to 63d.

The New Zealand Loan and Mercantile Agency Co. report as follows:—Th" eal-s yesterday were largely attended b- buvrs from nil parts of New Zealand, niddin" was bridle, and prires obtained for woo'' were rather better than last sales. Sheenskins were, if anything, easier, owing doubtless, to the cabled report of a a*->r, of Jd. to id. per pound in the current London sales. Hides sold at fnl'v »ncnl to last week's rates. Wo rmotc:—Wo-il-Crossbred fleece, stngglcrs. 7*rt. (o 7Jd. nor (b.; crossbred, medium, to BSd. nor' lb'.crutehings. good. Cd. to nor lb.; crutehings, medium. Ed. !o 53d. n n r Hi.- c-utch-ings. se»dy, 4<d. to ncr lb.: dead wool. M. to 6!, d. per lb.-, lamb-, medium. 6?d to 7?, d. ner !b.: lambs, seedv. sd. to 5M r,»r lb. Sheepskins: Crossbred half-wools, GUI

to 63d. per lb.; croisbred quarter-wools. £2(1. to 6d. net- lb.; hogget 3 .ind lambs, 6id. ti> 7d. pur lb.; dead and faulty skins, 2d. to Sid, per lb.; grci-n and raltc-d skins, 4f. to ss. 6d. each; jrrejii and r.altcd lambskins. 2.3. to 3s. cich. Hides: Ox lraivy, 7(1. to 7',d. liar lb.; ox, medium and light. 6(1. to 63(1. nor lb.; cow, (id. to 6Jd. ucr lb.; faulty hides. 3;d. to Lid. per lb.; yearling-,, sound, to Old. per lb.; yearlings, damaged, Oil. to 5Jd. per II). Tallow: In tins. 245. per cwt.; rough fat, 21s. 6d. per cwt.

Mesars. Abraham and Williams, Ltd., report on their sale as follows:—We offered a good catalogue of all classes of produce Vj a large attendance of buyers. Competition was keen for everything offered. Wool and skins sold on a par' with rates ruling at last sale, whilst hides were higher by a farthing per lb. flood medium crutchings, 63d. to 6id.; second duality, sd. to 5Jd.: inferior, 4id. to 4id.; pood crossbred, Sid.; inferior crossbred, 6Jd. to 63d.; lambs, seedy, sd. to 6d.; dead, 71d.; pieces, 33d. to lid. Skins: Medium halfwools, 65d. to 7d.; J-wools, 6d. to 6id.; lambs, 6\d.; dead, 6d. to 5Jd.; inferior and short, 51&. to 4srt.; butchers' half-dry green, heavy ss. to 6s. 9(1.. lighter 2s. Cd. to is. 9d., small 2s. 6«. to 3=.; shorn lambs. 2s. <d. Hides: licavy ox, 7£d.: medium ox. 6?d. to 6Jd.; heavy cows, £ad.: medium cows. 63d. to 61d.; dry hides, s*d.; yearlinr. 6'd.; inferior calf, 7( ; d. to 7id. Cow tails, !s. 3d. per dozen. Tallow: In shipping order. 265. to 275. 3d.; in tins, 225. Cd. to 235. 9d.

Messrs. Murray, Eoberts and Co.. Ltc, report:—Wo offered a catalogue of 85 bales wool, 3CCO sheepskins and 3CO hides, to a large attendance of buyers at our fortnightly sale yesterday. , Bidding for all lots of wool wa>3 keen, and prices realised fully on a '.eve! with last sale. In consequence of the drop in prices of sheepskins, as reported by cablegram to-day, prices here showed a similar decline in values. Hides realised well up to lact sales' prices. We cuote as below:—Wool: Crossbred, medium and coarse, 7d. to M. per lb.; crossbred, rough and seedy, 6d. to 63d. per lb.; piecos, t bellies, etc., 4*d. to 6d. per 11).; locks, Sjd. to 33d. per lb.; crutchings, superior, 7d. to 7.'.d. per lb.: crutchirns. medium and good, 6d. to 6jd. per lb.; crutchings. seedy and inferior, <id. to sjd. ner lb. Sheepskins: Crossbreds, medium, 65d. to 7d. per lb.; crossbred?, i;oarr«\ 6rt. to 6?d. per lb.; crossbreds, short-wool", sd. to E2d. per lb.; crossbreds. damaged, 4id. to 53d. per lb.: dead and inferior, 3\d. "to 4d. per lb.; halfbrcds, 6>d. to 7'.d. per lb.; damn and salted, short, Is. 6d. to 4s. each.: damn and salted half, and threeouarterwools. 4s. 6d. to 6s. 6d. each; and salted, woolly, to 7s. each. Hides: Ox, heavy (not stout). 63d. to 7;d. per lb.; ov, medium, 6ld. to 6J<l. per lb.; ox, light, 61d. to Csd. per lb.: cow, heavy. 6|d. to 6'd. r-OT lb.; cows, medium and light. 6d. to 6*d. ner lb.; damaged, cut and slinnv, Id. to C-3d. ner lb.: calfskin':, medium. Brt. to B'd "or lb.: calfskins, inferior. C?d. In 7»d. P'r lb.: calfskins, damaged. 6d. to 6d. p->r lb Tallow: Tins. 21s. to Ms. per cwt,; casks, 2m. 6d. to 275. per cwt.

Buyers. Sellers. £ s. d. £ s. d National Bank 6 0 6 6 16 N.Z. Loan and Mercantilo 0 12 0 — Wellington Investment 0 11 6 — Well. Trust and Loan ... 7 13 0 7 15 0 Palmerston Gas — 9 0 U Christchuren Meat — 16 5 0 Meat Export (£5) 6 5 0 - Meat Export (52s. 6d.) ... - 3 6 0 Union Steam 2 0 9 — Taupi-ri Coal 113 — Wcstport Coal 19 0 19 3 Leyland-O'Brien 1 ■'/. 0 — N.Z. Drug 2 9;0 - N.Z. Paper Mills - 12 0 Sharland'a preforenco ... 1 5 9 „ „ Taranaki Petroleum 0 16 0 0 17 0 Tariugamutu Totara ... ■ .— 2 10 0

Variations ». compared Priooi with last week, £ ',. d. 25% Imperial Consols !0 17 6 -2s. fid. lower 4 „N.S.Vi'.1033 Jan. July 101 0 0 Unchanged 34 ..X.S.W.lUlSMar.-Sop. 09 U 0 Unchanged 3 ,.X.S.W.l'J33Anl.-OoS. 37 10 0 Unchanged „ Vic. 18:23 Jan. July 10110 0 Unchanged 35 „Vic. 1921-ti Jan. July 07 10 0 Unchanged 3 „Vic.M2!M9Jau.Jnly b4 10 0 Unchanged 3S „S,A. 1016 Jan.July 97 10 0 Ms. higher 3 „S.A. LUG Jan. July si 10 0 COs. lower l „Q'rdi9iJ-'21,ian.July 102 0 0 Uncharged 35 „(JTdl921-30Jan.July 'Ji 0 0 Unchanged 3 „C!Td IsKiliJan.July =3 0 0 Unchanged i „N.Z.lS201Iay-Nov. 101 0 0 Unchanged '*3 „S.Z. 1840 Jan.July 03 10 0 Unchanged 3 „N.Z. lOl.'.April-Oot. bt> 10 0 Unchanged 3l„ W.A.10i0-i01Iay-\ov W 7 j Unchanged 3 „ tt'.A,lUlo-25MayA'ov tl> 10 0 Unclunsed Hi „ Tas. JSJUJan. July I'G 0 0 Unchanged 3 „Ta3.1iBJ-l;)Jau..July Si 10 0 Unchanged BANK EATES OF DISCOUNT.