COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1180, 15 July 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. The sales recorded yesterday were:—Meat Eiport, 625. 6d. paid, at £3 55., and Union Steam at £2 Is. 9d. The buying and selling quotations were as under:— Buyers. Kellers £ s. d. £ s. d National Bank — 6 2 0 Union Banlt 67 0 0 . — National Mortgage 3 8 6 — N.Z. Loan and Mercantile 116 0 — Well. Investment 0 11 9 — Well. Trust and Loan ... — 710 0 Wellington Deposit — 0 8 6 Christchiircli (ins 9 15 0 — Meat.Export (£5) 6 5 0 — Meat Export (525. 6d.) — 3 5 6 N.Z. Shipping — 11 13 0 Union Steam 2 16 — Well. Woollen (pref.) .... — 33 0 Taupiri Coal — 12 3 Westport-Stockton — 0 2 6 Lo.vland-O'Brien 17 9 18 6 N.Z. Drug 2 9 3 — N.Z. Paper Mils — 119 Sharland's Ordinary .... 13 9 14 6 Tar.malii Petroleum ,0 16 6' 0 17 0 T.irl-ngamutu Totara 2 6 0 2 8 0 Well. Opera House — 7 5 0 LONDON WOOL SALES. There is really nothing of importance to record with respect to the . London wool, rales. It is true that merinos show a hardening tendency, but New Zealand's interest in this olass of wool is very restricted, for comparatively little is produced here. Crossbred wool is unchanged. That is, the initial decline of 5 per cent, continues. Crossbred wool, as already explained, is influenced by the European clip. At the present time, thero must be an over-supply of the staple, and users naturally drop tho price. The position may be different at the September sales. BRITISH FIKE OFFICES. • The "Economist" of May 27 deals with the accounts of 18 British lire offices for the. past year. Their net premiums received in 1910 amounted to £21.169,527, or to £<82.978 more than in the previous year, while, after meeting losses and all expenses. the balance in hand was £3,453,220, or £309,374 more than in 1909. At tho same time their reserves:.for unexpired risks were largely increased, and amounted to £8,455.124. Their fire funds were increased to £11,377,850, general reserves and profit balances to £8.932.252. and their paid-up capitals were £7,646.394. making their total resources .£27,956,496. That appears to be an ample margin for all eventualities. The year's fire losses vtere £10,016,222. or 47.3 per cent, of the premiums. The Commercial Union secured £3,139,967 ill premiums, tho Liverpool and London and Globe £2,758.849, the North British and Mercantile £2,203.6-67, the London and Lancashire £1,555,209, the Sun £1,471.197, the Phoenix £1,410,C0t. the Allianre £1.357,48'?. the Northern £1.273,732, the Norwich Union £1,087,817. and tho Atlas .£1,041.194.'the remainder' being under a million each.

THE SPELTER MARKET. Considerable attention has been attracted in industrial circles to tlic steady rise in the price of spelter, which is now £24 ■ 12s. Ed. per ton. tho highest point touched for the last three years. It compares with £23 18s. 6d. at the .end of 1910, and with £22 7s. 6d. twelve months ago. The advance has not been caused by manipulation by the international syndicate, but is due entirely to the expansion of the demand, to which the revival 111 tho galvanised sheet trade has contributed. The position of tho spelter industry is unique in that it is to a large extent dominated by a syndicate which has not aroused the opposition of consumers. The avowed object of the syndicate is to. maintain tho price of'the metal on .1 permanently stable basis at between £51 and £23 ner ton, and to this fact ja probably duo the coiuplaconc.y witli which it" is regarded. The syndicated works entered into a new agreement at the end of last "year to subsist until April, 1914, by which it is proposed that stability shall be imparted to tho market by restricting production when stocks arc accumulated by tho syndicated firms to tho estcnt of 50,000 tons and tho price falls below £22 per ton. In the event of anynew producer entering the field provision is made for increasing the production and stocks, but should such new works attain an output of 10,000 tons if, is understood that the syndirate would automaticallv come to .an end. Tho syndicated worlw are divided into thrco groups, and comprise cenls" 11 ' h| Bc 'E>an and English con-

GOVERNMENT SECURITIES. Tlie following aro the latest quotations for Government tecnrities. with a comparison or' thoso ruling last week:—

BANK KATES OF DISCOUNT. The Bank of England rate was reduced on June 9 from 4 to 3 per ccnt.; on September 29 it was advanced to 4 per cent., and oil October 20 to 5 per cent. On December 1 it was lowered to 41 per ceut., on January 27 to 4 per cent., and on February 16 to 3i per cent., and oil March 9 to 3 per cent.

The Bauk of France rate was-- rcduccd from 3J to 3 per cent, on January 23, 1900, and remains at the latter figure.

The Imperial Bank of Germany on January 21. 1909, lowered its rate from 5 to 4i per cent., and on February 10 to 4 per cent. But on September 26 it was raised to 5 per cent., on February 6 it was reduced to 4i per cent., and on February 19 to 4 per cent.

MARKET RATES OF DISCOUNT. The following are the market rates for best three months' bills;— London Paris Berlin rate. rate. rate, percent, percent, percent. This week 115-16 2* 23 Last week 21-16 2* 25 Last year 21-16 2* 3q Short loans are quoted at 13 peT cent., as against 1§ per ccnt. last week, and 13 per cent, last year. COLONIAL AND OTHER PRODUCE. Wheat—Tho market 13 inactive; unfarourablc crop reports from Russia and Germany and droughty weather in Europe nave maintained priccs, though shipments are hoavy. The English crop prospects aro good; 345. 3d. per quarter is asked for South Australian, March-April-May shipment's, 31s. for steamer shipment, early in July, and 345. 6d. for Victorian, steamer shipment mid-July; 335. has been paid for South Australian and Victorian parcels arrived. There is a slow demand for Australian on spot at 355. 6d. to 365.; best New Zealand, long berry, 353. 6d. Flour is in poor demand; spot, 2<e. to 245. 3d. . Oats arc steady. New Zealand is scarcc. Gartons, 21s. to. 22«*. 5d.; Sparrowbills, 20s. 6d. to 21s. 6d.; La Plata, July-August shipments, 15s. 9d. Butter is very firm. The continuanco of heat is seriously affecting the output iu England, Ireland, and the Continent, especially France, where, it is reported, foot disease has broken out Siberian shipments are greatly reduced. Danish, 1193. to 1205.; choicest Australian, lC4s. to lC6s., unsalted, 106s. to 108s., occasionally 110s.; secondaries, 925. to 100s. Stored butter i 3 selling,freely. Cheese is tirm. New Canadian make is improving in quality, and is quoted at 53a.; New Zealand. 7505. to 60s. 6d.; Victorian, small, 533. f.o 565.; large, 58s. to 59c. Tho sale is rather slow owing to plenty of Canadian.

Sugar—German beet, 88 per cent, net titre, lCd. higher, at 12s. 6d. per cwt.: firstmark granulated, f.o.b. Hamburg, Bd. higher, at 14s. 3d. Bradford Tops.—The market is cheerful, but priccs aro unchanged. THE METAL JIARKETS. Copper—On spot, Bs. 9d. higher, at £57 Is. 3d. per ton; three months', Bs. 9d. higher, at £57 12s. 6d.; electrolytic, 7s. 6d. higher, at £59. Tin.—On spot. 4Cs. higher, p.t £196 10s.; three months', l£s.- higher, at £189 10s. Pig-iron, 7d. higher, at <6s, 7d. per ton. Spelter.—7s. 6d. higher,. at £25 per ton. Lead.—Tho imports for the past monih totalled .20,445 tons. Australian, 3464 tons; tho exports were 5662 tons. LONDON WOOL SALES. By Telegraph-I'rpss Association-Copyright London, July is. There was strong competition at the wool sates. Prices for erossbrcds wore unchanged. A capital selection was offered of merinos, which showed a, hardening tendency. Tho following priccs were realised for the fleece portion of the clips named:—Kaitepai, top price lid., average 9id.; Okare, Bd.; Kaputone. top price 171 d., average 153 d.; Braemar, top price 223 d„ average 22d. (Eec. July 14, 9.30 p.m.) London, July 14. Tho following aro the prices realised at the wool sales for tho floeco portions of the' clips named:—"Waiouri," top prico 15d„ average 133 d.; "Gear,'-' top price 12Jd., averago 93d.; "Pauikau," top orico ltd., averago BJd.

. H.B. -PABJIEES' CO-OPEEATIYE. ; (By Telezraph—Press Association.! Napier, July 14. The annual meeting of shareholders of the Farmers' Co-operative Association adopted the report recominendinK a dividend of 8 per cent., a bonus of 25 per cent, on commissions, a. bonus of 2 per cent, on goods purchased, bonus of 5 per cent, on salaries earned, and XIOCO carried forward. In moving the adoption of the-report, Mr. 15. D. 1). Jl'Lean, chairman of directors, said the prospects for the wool market were very bright. A Bradford man had informed him that the market would bo good for the next ten years. He also referred to the prospects of introducing Kbiv Zealand frozen meat into Continental markets. The meeting resolved to increase the share capital to £200,000 by the creation of an additional 20,000 shares of £5 each

GRAIN AND PRODUCE. (By Telegraph-Press Association.) Christctiurch, July 14. There Jin?, been a slight revival in the wheat export trade consequent upon the improved tone of the London market. The Drayton Grange has sailed with 12,0C0 saclw from southern ports and Lyttelton, and the Marere, now loading, is expected to take away another 15.QC0 saoka. There is very little wheat changing hands, as the slight advance in price has been met by growers increasing their reserve?. Tuscan wheat has been sold up to os. <d., and Velvet up to 3s. fi?d. for prime linca at country stations. The census returns showing the area in crop this last reason and the amended estimate of the yield indicate that there is ample wheat for all requirements this year, as only soiue three Quarters of a million bushels have been exported. The considerable decrease shown in the area sown in oats this last season has had the effect of causing a little more innuiry, but offerings locally arc scarce, and sales are few. Chair is easier, only 7£g. to EC?, at country stations being offered; but there aro no sellers at these prices, as chaff is worth more in country .districts for local consumption than for export. , ■. The potato market is dull in consequence of heavy supplies going forward to Auckland. During the Tast week some 11.CC0 or, 12,0c0 sacks have been shipped north from the Bluff, Oamaru, Timaru, and Lyttelton, and tho crop in the Oamaru district is turning out very much better than was expected. There is little demand for potatoes iu cousoqucneo of the quantity going north, and the best offers are SC-s. to 555. at country stations. As showing how potatogrowing has decreased in different provinces in tlio Dominion during the last ten years, a comparison of the 1911 census returns with the figures for tho season 1833-10 <thc latter being given in parentheses) is interesting:—Auckland, 41C3 acrc6 (71C7 acres); Taranaki, 503 (1565); Hawke's Bav, 1247 (2261); Wellington, 2272 (4156);. Marlborough, 508 ( 753); Kelson, 367 (1198); Westland, 41 (3CSi; Canterbury, 9407 (12,424); Otago, 6111 (5211); Southland, 3C30 (15921 All J.he provinces hare decreased except Southland, where the area has nearly doubled. Tho decrease in .-potato-growing in tho Dominion is,'of course,-due to the loss of the Australian market through the blight a few years ago. , THE PAPAITONGA ESTATE- SALE. Nine hundred acres of the Papaitonga Estate are now subdivided into'sections of from 25 to 90 acres in area, and are to-be sold by public auction by Messrs. Abraham and Williams, Ltd, and Dalgety and Company, Ltd., on Wednesday, July 25. In situation the property lies about halfway between Palmerston North and Wellington. The climate is good, and freo from devastating winds. The soil is said to be of beautiful quality, and, generally, it offers inducements to dairy farmers and fruit and poultry growers. Amongst its other attractions is the Papaitonga Lake. It has been mentioned that the Government propose to acquire the lake and bush surrounding it, and to turn it into a "National Park" and a home for native birds, etc., though some people think tho Levin borough authorities are missing " a great opportunity of acquiring a beautiful pleasure ground for their citizens of tho future. The property' is' being offered bv tho representatives of the estate of the late Sir Walter Buller, who aro gradually realising the various properties' belonging to the estate.. The terras'aro stated to be most exceptional, and within the means of the most limited capitalist. All things considered the firms engaged in the business should have a most successful sale.

j Variatious •- compared Tvtez. with I last weok. 53% Imperial Consols 78 17 d ('i ! 2s. Gil. liitflier ''i - j!Jan.-J illy 101 0 0 Unchan^eil a! „N.b.\\ .l»13/Iar.-Sop. S3 111 0 Unchanged 3 ,.N.S.W,ia)5 A|)l.-Uct. 57 I) O' 10s. lower 4 Vic. 102U Jau.-July 101 10 0 J CnchanjcJ 35 \ic. lftJMi.fan.-July I'H D U; 10s-higher 3 \ic;i l Jt9.Ji)Jan..J»ly ill o| Unchanged 35 „S,A. iDio.Jan.-.Tuly U U ! •i ,.b.A. Ulli Jau.-JuJy hi 10 0! Unchanged ti Jau.-July 10.! 0 0 ! Unchanged "3 „ Q I uiU-l-c!i)Jau.-.hily, 33 0 u Unchanged u o3 0 U Unchanged f. *9-0 May-Xov. 101 0 0 Unchanged #•) „N.Z. 11)10 Jan.-July Ui 10 0 Unchanged j{ ll'l'. April-Oct. fca 10 U Unchanged j»i^.A.llteO-jU.tlay-Xov U7 'I ij L'nchaniitid NV.A,lD15-o5iluy-Nov 1) 0 Unchanged „Tds. H)j0jftu..,july W 0 U 10s. higher <i Tas. M'j-jq Jan.-Julyl ti 10 0 Unchanged