COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1190, 27 July 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. Taranaki Petroleum shares were in great demand yesterday, and halt a dozen sales were recorded, two at 17s. and four at 16s. 9d. Sharland's preference shares changed hands at'2ss. The buying and (selling quotations' were as under:— ■' - Uiiyers. Kellers £ a d. £ s.d National Mortgage J 8 6 — N.Z. Loan'and Mercantile 0 17 0 — N.Z. and River Plato ...... 2 0 0 . — Christchurch' Gas 0 17 6 10 0 0 Foildi-ng Gas 12 0 - Meat Export (£5) 6 5 0 - Meat Export. (525. 6d.) ..... - 3 5 6 Mosgiel' Woollen 3 10 6 - Well.'Woollen (ord.) - 4 0 0 Taupiri Coal - '12 0 Westport Coal 1 9 (1 Leyland-O'Brien 18 3 — Taranaki Petroleum 0 17 0 0 17 6 Taringamutu Totara 2 6 II 2 8 0 Ward and Co 5 2 6 - THE CORNER IX TIN. In the middle of June, or (to b'c precise) o-a June 13, tin sold at £233 per ton "spot," which is easily the record price. This was the result of a "corner." hut, on .tune 15, the price receded to £193—a. drop of £31. A syndicate had control of the market for six months, and showed a very accurate knowledge of the financial position of the "bears," for, while the latter had nob been driven to actual desperation, there were not many who could have held out much longer. The promoters of the corner secured all the plunder which they had, hoped to get, and avoided the rather severe comments which usually follow upon a market smash.- A corner in tin was easily affected under the old contracts governing operations on the Metal Exchange. The determining factor-as to whether tin may be delivered against contracts—is not its quality, but its origin. That is to say, tin must be produced in tho Mtraits Settlements or Australia. Steps have been taken to alter this, and, in the proposed i:cw contract,- there will be deliverable tin from Banka and Billiton; as well as from China, and England, with varying deductions according to the purity of the tin. When the new contract comes, into force, it is likely that prices will be steadier, and a corner will be a. difficult matter to arrange.

TIIE FAI.Ii IN lUIBBEP,. Fine hard Para rubber was quoted at 4s. 7id. prr lb. in Mincing Lane last week while, a year ago, the price was lfs.por lb. -It seems that the decline in value is due to a slackening demand. The visible supply, of rubber on March 31 last v,':-.s 6116 tons, or. over ICO per, cent, compared with the same date ln.«t year, and per cent, was wild rubber. Plantation rubber has not yet affected the situation. Clearly, so large an increase in the visible supply is not accidental. It seems that, last year, there was a u'reat craze in America for autocars, which gave an extraordinary impetus to the motor trade. Enormous numbers were ordered for immediate delivery, and the demand for raw rubber rose in proportion. When the craze nliatcd, not only did the demand fall off, hut manufacturers were found with large stocks of rubber on their hands purchased at very high prices. In other countries, development has been more normal, but the increase does not seem to have compensated for the falling-off in the United States. There is thus every likelihood of prk-os going lower, for, sooner or later, the output of the plantations in the Far East will be sufficiently large to brine the price down to about 2s. to 2s. 6d. petlb. The over-capitalised rubber companies will have a trying time then.

FROZEN* MEAT. In writing on frozen meat under date London, June 16. Messrs. .W. Wcddol and Co. state that the consumption of lamb at present is exceptionally lr.rgc, and the been imiuiry previously reported continues, light-weights being particularly firm. Prime Canterbury lambs are being sold at 5Jd. for tr36, 4*d. for 36/42, and 43d. for 42/5011). Prime Southlands may bo quoted at ",<!• below these, figures, best North Islands are in good demand at 43d. to 5d., and secondary descriptions at 43d. to 4Jd. Australian and Hirer Plate lambs realise '\'J. "or small weights, and 4Jd. for the heavier carcasses. .Supplies of mutton arc only moderate, and, with a, good imiuiry, quotations are higher all round. Canterbury sheep are scarce, am! 3Jd. to 4,' d. is now obtainable for this class. Prime North Island sheep are firm at 33d. to 53d.. according to weight, secondary grades selling steadily at 3°d; to 3Jd. Light-weight Australians have advanced to 3id., with medium and heavy-weight carcasses a slow sale at 3!d. to 3Jd. South American sheep my be quoted at 3d. for light-weights, 33d. to 3>d. for medium-weights, and heavies at, not more than Sid. Trade in

fro7.cn beet has been very dull lor some time in consequence ot heavy marketings ami low prices of chilled. Towards the close, however. -uppHc; of the latter have fallen off somcwlini. and the position of the frozen article shows a flight improvell;tllt. Customs duties collected at the port of Wellington .yo-stcrday amounted to £1367 9s. 9(1. ■ ■ ■ LONDON WOOL SALES. By Telecraiih—Press associaiior.-OoDyrieht London, July 25. At the wool sales there was strong competition at full prices. The following prices were, obtained for the clips named:—Clent Hills, top priro 22(d., average. 21>d.; Argylc, 12' d. and lljil. dice. July 26, 9.50 p.m., London, July 26. The following arc the prices realised at the wool sales for the fleece portion of the clips named:—Clayton, top price 12d., average lid.: On-aoko, 19d. and 143 d.; Wnipohi, IJJd. and 12i1.-, Cairn, 13d. and lid. WJIKAT. liy Telegraph—Press Assoeiation-Oopyriehl London, July 25. Two Australian wheat cargoes have been sold at lie.- 6d. per quarter. (liec. July 26, 9.50 p.m. ) London, July 26. Y/hcat.—Two cargoes of. Australian have hcen sold at 535. lC'd., and four others at 335. 6d., 335. 7Jd., ard 345. .6d. respectively. THE METAL'MARKETS. By Telegraph—Press Association-Copyright , (Itcc. July 26, 9.50 p.m.) London, July 26. Copper.—On spot, £56 Is. 3d.; three months, £56 12s. 6d.; electrolytic, £58 7s. 6d. Tin-On .spot, £190; three months, £187. I,ead.-£S 17s. 6d. SILVEiI: ' 6s Telegraph—Press. lUsociatioD-Ccoyrleb*

London, July 25. Silver is quoted'at 24 3-16 di per ounce. BAXK SHAKES. By Telegraph—Press Association—Copyright London, July 25. Bank of Australasia, shares.are quoted at £120 to £121; National of New Zealand, £5 15s. to £6. AUSTRALIAN' BANK OF . COMMEKOE. B? Telegraph—Press Association-Copyriebt Sydney, July 26. Tho annual meeting of the Australian Bank of Commerce was held to-day. The report of the directors stated that the not profits for the year were £14,957, to which was to be added undivided profit £3546, making £18,504 available for' distribution. A dividend of 2J per cent, was declared, absorbing £14,550. The balance .of £3954 was carried forward. The business showed, a satisfactory growth compared with the previous year. Advances increased by £505,053, fixod deposits and current accounts increased by £454,758. Gold slocks and other securities increased by £230,000.

The chairman stated that the laud tax vros having a more severe effect, than had been anticipated, but the Federal notes tax had not had a very material effect.

MINING NEWS. WELUKGTO3? SHARE MARKET. Tho • mining skaremarkct' displayed a little more activity on receipt ot reports that there was to bo no strike, of miners at Wnihi. Grand Junctions were a shade firmer. New Sylvias were steady; Tairua Mines advanced a fraction, and Wailiis and Talismans were steady. The sales recorded were as under: — Consolidated Goldflclds, 19s. 9d. (second call). New Sylvia, 3s. 7d., 3s. 7d (second call). Tairua Mines, 2s. Id., 2s. Id. (first call): 2s. Id., 2s. Id. (second call); 2s. 1 lid. (third call). • Talisman, 555. 9d., 50s. 9d. (first call). Waihi Grand Junction,- 275. 3d., 275. 3d. (first call); 275. 6d. (second call). The buying and selling quotations were as under:— Buyers. Rellorfl £ 3 d. £ 9. d. Blackwalcr — 18 9 Brcmncr's 0 0 3 — Con. Goldfields — 10 3 Kuranui Caledonian — 0 15 May Queen 0 2 3 — New Sylvia 0 3 6 0 3 8 Saxon ~ .i;'.i 0 2 6 0 2 7 Toirua Mines ■ 0 2 1 0 2 2 Talisman ' 2lt 0 2 11 3 Wailu i 3 ft 5 4 0 Waihi Extended 0 17. - Wnihi Grand Junction ... 1 7 6 19 0 Waihi-Paeroa 0 12 3 — Waitangi 0 3 2 0 3 4 Watchman — 0 2 0 Ross .; — 0 2 0

STOCK EXCHANGE. IBy Telegraph—Press Association.) Auckland, July 26. Business, dene on 'Change this morning: May Queen/2=. 4d. " Magnet, lid. New Svlvi.i, 3s. 7d. Consolidated Goldliolds," 19s. 9d. Kapanga. (con.). sd. • Golden Cross, lid. Tairua Golden Hills. Is. 4d. Waihi, £3 3s. 9d., "£J 3s. 6d. Waihi Extended, Is. 3d. Grand Junction, £1 7s. 9d. Tho following business was done at the 3.5 call to-day:-New llagnet, lid., ljd. Kuranui Caledonian, Is. 4d. Occidental Consolidated, 2d. Bendigo, 4Jd. Waihi, £3 3s. 3d. Waihi Grand Junction. £1 Is. !d., £1 Js. Taupiri Coal, £1 Is. 9d.

CALLS OX SHAKES. The "New Zealand Herald" furnishes the following list of calls on.mining shares:— Calls. £s. d. Due. New Sylvia, July f 12 0 0 1 July 27 Tairua Golden Hills, July 12 0 0 3 July 31 Union Hanraki, July 18 0 0 2 July 31 Waihi-Pncroa, June 19 ...... 0 10 Aug. 7 Kew Magnet; July 20 '0 0 . CJ Aug. 9 Silver Stream Mine. June 2 0 0 4 Aug. 23 Good Hope, June 4 , 0' 0 CJ Au£. 24 BEPORT FEOM NEW SYLVIA. New Sylvia—The rrine manager reports: —During the week the following work has been done:-Tn the old shaft, between Nos. 2 and 3 levels, alt the ladders have been put in position, and the shaft lined with 9 by 2 timber for 40 feet. This work would have been .nearly finished this week, but one of the sets in the shaft, had broken awav. and a new one had to be put in. No. "3 level: The rails are laid into the junction, where the. crosscut from the shaft junctions with (he drive on the reef. Battery level: In this level several sejs of new timber have been put in, as tho old ones were crushing in badly. All the passes north of the crc-ss-cut are in position, and ready when the battery starts. The south rise has been let on contract, and is up 16 feet, the ore being heavily mineralised. Low level: The country is still very hard. The contractors have driven about 10 feet since they started. The battery will probably start running to-night (July 21). The battery superintendent reports as follows:—As already notified, the hattery was run on' Friday afternoon and evening with water power, when I had to hang up the stamps to tighten the stamper framework and mortar "boxes. The iiat--1 terv was run again on Saturday evening. ■Regular shifts are being put on from Sundav night. All the machinery is running very smoothly. Tho water-race: There was a larac slip on Wednesday morning which necessitated putting in over 100 feet of fluming. There were ateo other minor slips which have all been cleared. The race will carry easily the ncces«arv quantity of water for the engine and boiler. The-e have been completed, and run several timo.=. everything running as smoothly as rould be expected I had a. man from the Grand Junction to splice the rope for the engine drive.

TIIAMES DEEP LEVELS. (By 'i'clegrapu-Prcss Association.) Auckland, July 26. At. to-day's meeting of the Thames deep Levels Committee, Jlr. Uudson, the chairman, said they had now been something like 16 months upon the crosscut, and had expended about £5000. They had raised amongst the companies interested £12,C00, and when that was spent they had a subsidy of the XSCCO to come from the Government- Therefore they had actually only £12,000 to complete the tunnel, and there was still about 2000 feet to be driven, as the tunnel was only in 7J2 feet. At the present, rate of progress it would mean about four years and nine months to complete the main tunnel alone. Such slow progress was absolutely prejudicial to mining at the Thame*, lie hoped they would" Ret alone; more rapidly in the future. It should be remembered that the companies at, the northern end of the field practically got no benefit from the £5000 spent on uuwatoring the field to ICCO feet. The only ■company gaining from that was the May Queen. He mentioned these fact* so that the board would nso the utmost economy according with spcedv progress He wished to point out that tho companies only existed at the Thames on tho prospects of the deep levels. Therefore, the pumping to 1000 feet benefited the whole of them. That alone was a great advantage to the company. The board had a, good air plant at work, and the tunnel should progress more raipdly in the future.