COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1186, 22 July 1911, Page 8

COMMERCIAL ITEMS.

■ INVESTMENT SHAKES. Quito a number of sales were recorded yesterday. There wero transactions in Ecmitable Building at. £9 155.; Foilding Gas at £1 2s. 3d.; Christclmrch Heat, at £16; and Taranaki , Petroleum .it 16s. 6d. The buying and selling Quotations were'As under:—

THE WOOL OUTLOOK. Ile.nling with the future prospects of tlm staple, Messrs. .Dalsety and Co.. Lid., in .their "Wool Review" rtates that tluiueh there will bo some further increase in tbo jroduotion of raw. wool,-it.will n?t be. suffi.

cient to cause any possibility of a surfeit of supplies, and, as hm liei'U mentioned, wool is not d-.-ai' at present prifup. No (loulil. those who want wool will grasp at every straw of evidence in favour of lower value-. Boner.nlly. .Much will bo made. ot the position in the United States of America, also of the fact that comparatively hiirli prices have ruled for some years, but in the latter connection it should bo romcmliored that values for past decades are no criterion of the future, especially of wool.

Tho true te«t of the sincerity of belief ii ■a decline would be the willingness of tho.-i who hold this view to enter into .'iirei contracts for future delivery at a decide', reduction from the current market, level Of this there arc no sipiis at prossiit— ever the pessimists deem such an operation tot risky so long as spinners and manufacturers aro full of employment, and wool i< beine worked up at the rate at which it if at present. Any tentative amount, or bear selliiic is not calculated to exercise much oirovt o:: values, so lone as the general situation remains such as it is to-day. THE SUGAK POSITION. Tho advance of 50.?. per ton in the world's price of siwrar diirimr the last six months seems incomprehensible, in view of the anticipated increase in the world's production. The inward movement can only be explained by a, general expectation that the crnji of cane sugar will turn out considerably less than had be?n anticipated by Messrs. Willett ar.d Gray, the recognised American authorises on this sub'cpt. For the year ended September 30. "1910, the worlds output of sueor amounted to 14,917,277 tons; of which 8,328.682 tone wero the nroduct. of cane. For tho current twelve months, the production is estimated at 17,046,720 in the a EcrjreKate. of which 8.464.500 ton 3 are credited to pane, 8,127,0C0 tons to Euronean .beet, and 455,220 ton? to beet in the Fnited States. The increase, as estimated, amounts to 2,129,443 tons, of which only 135.838 tons represent car." sujar. Considerably more than one-third of the cane EHKar produced in the world i>s the pronuct of th»- Tiritisb Kmnire. list yo.ir India alone yi-ldins- 2,127.100 to::s. , "The- nnxt country-in order of importance is Culm., with 1 824.349 tons: Java coming third, with I.BCH.MB tons; ' and Hawaii fourth, with <62.613 »on<i. The only producer of onus piicnr in Enron* i 3 Spnin. with an nutmit. ot WOOO ton?; but. with the exception of the United Rtntoi. beet-is confined to tha*. continent. ' One-half the sue.ir consumed in the «-or!d is nrndnced from beet, but tin nronortioriof that, from cane tends to inT>w>. ■'o'"inr to the improved machinery !ntrod"ced into pp.ne-irrowir.it "ountrien since the cessation of foreign beet'bounties. . BANK OF ENGLAND RETURN. By Telecraph—Press ABSociation-Copyrieht (Kec. July 21/8.50 p.m.) , London, July 20. Tho Bank of England return issued for the week ended Wednesday, July 19, is as under: — ' i' lisoe DF.pjinTsreNT Kot) lisa«... '.CaS.KN.CW Gov.'debt ... £11,015,033 'Othc/securl- ■" • '■■■■■ « t i^ ; •■• ™™-m . ■ . .■" GoU „. 30.660,000 £38,109,00 D fe.IOO.COo ,' BiSKIXG DEPARTJIEXT. Proprietors' Govt. securicapital j£1J.553,000 ties £14,067,000 Public dc- Other securi- . posit; .„ 9,331,000 ties £9,243,000 posits ... 16.002.000 JJotoj ... 28,783,000. Best. 7-day and other bills 3.456.000 Coin ... m 1,2i9,C00 .£74.212.003 . . £71,212,000 The leading, items of the. Bank of England return afford the following comparison :— .■.:■-. I This week Last week. Last year ■ s ■' £ £ '£ ■ Bullion 50.6G0.000 80.468.000 JO.I-21,003 Reserve 30.032.0U0 29,822,00() 31.233.C00 Note circulation 3J.335.0in 29.265.000 08,419,000 Public Deposits 0.331,003 .9,278.000 17.5ni.0X) Other Deposits 16,902,001) 17.G09.00J 13,300,003 Proportion of . reserve to ."'■'. liabilities ...-. ...53.33. ■ 52.1-3 . '51.10. . GGVEn.NMENT.:SEO.OP.ITIE3._- -, The following J are-thoilatest (juota'tionv lor Oovernnient Eecurities.. with a com>: parisoo of thoso rulinß last week ;—

' BANK RATES ,OP DISCOUNT. The Dank 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 oil October'2o'to 5 jief'ccnt. On December lit wae: lowered; ta-Mt. per .cent.,. on Janiary 27 to'4])cri cent.', and on February 16 to 3J per cent.,' and on March. 9 to o per cent. The Dank of Franco rate was reduced from 3J to 3 per cent, on January 23, 1908, and remains at the latter figure. The Imperial Bank of Germany on January 21. 1909. lowered its rate from 5 to 45 per cent., and on February 10 to 4 per cent. -Hut 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. MAIiKET. RATES OF DISCOUNT. .. The following are the market rates for best three 1 months' bills:— t London Paris Berlin ' . rate. rate. rate, percent percent, percent. . This week 2 i\ 21 Last week • 115-16 2J 23 Last'year 2M6 2J ' 3 Short loans are Quoted at 1J per cent., as against, 13 per cent, last week,' and 1J per cent, last year. , /COLONIAL AND. OTHER PRODUCE. Wheat.—Tho niarketsare'nniet, asd buyers are o=ly filling' immediate reciuirement's, as the harvest in 'expected to commence in England and France in a few days. Chicago September shipment. E63 cents to 88J cents. Cargoes are neglected, holders are asking 335. 9d. for South Australian March shipments, 345. for April-May, 345. 3d. for Victorian July-August shipment, ar.tl 325. for South Australian and Victorian parcels afloat. There i= a r;uiet demand for Australian on spot at 365. 9d. Flour i:-, steady. Australian to arrive is Quoted at 235. 9d. Oals are firm. Lα Plata, August ship- , msiiti,. 15s. 9d. Butter is very firm, tho drought continuins. ■ Danish. 120s. to 1225.; choicest Australian o:: spot, IC6=. ' to lOBs.; im£a!ted 108=. to 110=.; secondaries 9£s. to IC2=.stored butters aro clearine well. Cheese is firm. New Zealand, 60s. to 6KCanadian, 58s. to 605.: Australian is'scllinE slowly at late rates. Bacon.—Australian is seHinz at about 56.i Susar.— fiennan beet. 88 nor cent, nH titre, Id. lower, at 12s. sd. per owt.; firstmark granulated f.o.b. Hamburg, Id. higher at Ks. "M. Bradford Tops.-Tha market is cheerful and vrlzte are unchunKcd. fl"ool Sr;les.-T,lie folloivinE are tho prices realised for the clips named :—"TaTa4n.hi." top. prico 14Jd., avorase prico 10Jd.; "Howard, top price lid., avcratte price IOBd Coppor.—The nuoUitions for snot and W 3 a t a £E8 U r^ anEOti - H »?• Tin, on spot. £5 lower at £191 10s. per ton; three months. £5 lower at .£lB4 ICs. Pis-iron, stl. higher ;..<• 475. ner ion. Load, soft foreitrvi, j>l3 lls _ ZA t Silver.-Bar sdver is cuoted at 24 5-lDd per ounce standard. ZINC CORPORATION. ByTclccraoh-I'rossAssoclation-CooyriEhl (Rcc. July 21. 8,50 p.m.) London, July 20. The Zir.c, Corporation has been registered with a capital of £575,CC0. LONDON WOOL SALES. By Tclegrapli-Press Association-Copyrieht London, July 20. At tho wool sales to-day bidding was keen for all descriptions at tho highest prices of the series. Tho Bank of Now Zealand has received the following cable adviro from its London office, dated July 20:—"Current prices for North Island farmers' lots in average condition: Coarse crossbred, 36-40's miality, 9d. to 9Jd.; medium crossbred, 4'W6's. 9?d to 10»d.; line crossbred, M's, lid. to 12d." Current prices for South Island farmers' lots (Canterbury style); in avcraec condilioii: Inferior merino, common. 60-64's pualitv Bid. to 9(1.; superior merino, super" CO-64's 12d. to 13d.: half or nuartcrbrcd merino super M's, 9Jd. to IOJd." CHAIN AND- PUODrjCK. (By TelCEraph—Press Association.! Christciuirch, July 21 Tho local grain and produce market is in a very dull. state. There is no wheat or oat 3 offering, holders of .wheat evidently being prepared to wait till later to oiler

their stocks. The agricultural statistics nre contidc-red as showing a creamer average yield than the actual result.:, and this is tending to make holder.; firm.

There is no business (loin;; in chaff, except for local consumption, and the price is nominally BCn. on trucks. The potato market is weak, but growers decline to accept. less thai; 60s. at country stations. The Department of Agriculture ostitnatos the yield at an average of 4.90 tons per acre, but this is manifestly to;> low. n« tlie late crops were unh.sua.lly flood this year, and in raanv ea-ej over 20 tons per acre were recorded, indicating th.it, tin.- season was exceptionally favourable. Last, season the Department's estimate was 6 tons per acre, but this was considerably over the mark, many large local growers r.ot digidntr- more than two tons ner acre, whereas they obtained 12 and l<l tons per acre this season.

WOOL, niDK, AND TALLOW PALES. Mcssre. Abraham and MTilliams report on their wool, hide, and tallow sales as follow:—At our monthlv sale held at Palmerston yesterday we offered a large catalogue to a good, attendance of buyers. Our entry comprised 21 bales and 108 sacks of wool, 21C0 sheepskins, 250 calfskin.;, and 300 largo hides. The competition throughout was very keen- for all lots, ami hides, especially were eagerly sought after. Wo fliiolo:-Wool: Orutchings. 3d., 4d. to 53d.; crossbred, medium, Gd. to 7id.; lambs, 6Jd. to 7id.; dead, 65d. to 6d.; locks and piecos, '■d. to 55d. Skins: Cros-bred. fine, 6d. to 62d.; crossbred, inferior, 4d. to s}d. to 6)d.; black, 43d.; dead. s£d.; cuarter to half wools, 4Jd.; lambs, 6Sd. to 6'.d. to 63d. Butchers' skins, at per piece: "Crossbred. Bs. 4d., 3s. Bd.. 4s. 2d., 4s. .70"., ss. 2d., E». Bd. to , Bs. 4d.; hogget's. Is. IOd.; salted pelts, 2s. Id. to 4s. Id. to -4s. lid.; calfskins, sound, 7»d. to 9d.; cut and slippy, 5Sd.: yearlings, sd. to 7d. 7d.; slinks. 3d. Hides: Ox, heavy, 63d. to 7W.; medium, 6gd to 7d.; light 6d.; cut.. s}d.; cows, heavy, 63d. to 6jd.; medium, '6?A. to 7d.; light. s|d. to 6*d.; cut. 4?d. to 53d.; heifers and steers, 6,id.: bulls. 5Jd.; horee, 10s. each. TallowCasks, £25 Jss. per ton; tins ar.d drums. £23 ss. to £23 10s. per ton: rough fat.. £18 15s. per ton. Rabbit skins, 6d. per lb. Horse hair, Is. <d. to Is. 6d. Cow tails, Is. sd. per dozen.

i '.'•', . . ! Buyers. Kellers '■ • ■■ ••■■.-. . . £ s. il. £ s. d TTnion Jlanl: 67 0 ,0 — •National -Bank .'. 5 18 0 — National MortpraEo 3 8 6 — N.Z. Loan and. Mercantile. 0 16' 9 0 13 0 Wellington Investment... Oil 9 - Well. Trust and Loan...;.. — 711 0 Christcluireh ■ Oas ......>..... 9 17 6 • - FeildiriE Gas ..." 12 0 - ' OisboiTie P.as 3 0 0 - Well, tins (£10) 19 0 0 — Well. Oils (£7 10s.) 14 15 0 - Well. Gas liicw) — 3 6 0 Meat Export (£5) 6 5 0 - Meat Hxport ,<5Ze. 6d.) - 3 5 6 N!z. Shipping : . - . 11 12 6 Union' Stoam ..2 16 ■Well. Woollen (ord.) ......' - 4 0 6 Taiipiri Coal ■ ■. - 12 3 Westport Coal 19 3 19 9 Wcstport-Stockton — 0 2 6 Iicrland-O'lJrieii Timber... 18 3 N.Z. Pnucr Mills -- 119 ShnTlaiirt'p Ordinary '13 9 - Tarivnaki Petroleum 0 16 3 0 16 9 Tarinsarautu Totara 2 6 0 2 8 0

— . ' comparccl Vtias. - ■ with , : ;_ 'last week. £ s. d •■-■ ■ ~ 2J% Imperial Consols ■'. 78 10 6 -in , . $d. lower 4 ,,N.S.W.1933Jan.-July 101 0 0 Unchanged 31 ,>.S.\V.M3Jlav,-Sep,,,K).m 0 UnehanBcd 3 ,,N.S.\V.10a5'AJ)l..ffot. 37VO 0 ' Ubchinssecl 4 , Vic. 1020 Jan.-Jnly 10110 0 Unchanged 35,, Vic. 1921-6 Jan.-July «8 0 0 Unchanged 3 ViQ.lS-20-JOJan.-Jnly 8U0 0 Unchaneed 3J ,,S,A. lDlCJan.-Jiily 0310-0 lOs-'hlsiher 3i ,,S.A. 1J18 Jan.-July 13 0 D IDs. higher 4, ..Q'l'dWlo-ai.Tan.-July lei 0 0 Unchanged 34 ,,QTdlO21-3OJan,-July 08 0 , 0 Unchanged 1 3 ,;QTdlt22-(7Jau..Juij. SGOO Unchanged i • 1 ,N.Z.1923May-Xov. 101 0 0 Unchanged H „ N.Z. 1910 Jao.-Julj' 0a 10 0 UnclianSed a ,,N.Z. 19«Apnl-Oct. SW 10 0 Unchanged 34,,\V..U92040May-Nov 'W 7 S Unchsused 3 „ W.A,1013-25May-Nov M10 0 UnrhiniEcd el ,,Tas. IWOJau.-July 07 0 0 Unchanged 3 Vl'as.mj-M Jan.July 8j 10 0 Unchanged