COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1204, 12 August 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. No sales, were recorded in investment shares yesterday. The buying and telling quotations were as under:—

WOOL AND' TALLOW EXPORTS. According to figures compiled by Messrs. Dalgetv and Co., Ltd., the exports of wool from New Zealand during July were as under, the figures for 1910 being given- in parentheses:— ' Invercargill, 16C3 bales (1455); Dunedm, 835 (917); Oamaru, 33 (-): Tim.iru. 1481(1202); Christchurch, 3981 (3542); Blenheim, 486 (-); Nelson, - (14); Wellington, 1872 (1589); Wanganui. 170 (515); Waitara, - (133); Napier, 615 (Kill); Gisborne, 341 (5j3); 'Auckland, 483 (854); total. 11.900 (11,765). Tho sales of wool in New Zealand during July were:— Offered. Sold.'Offered. Sold. Invercargill — - ~ ~ Dunedln 6= §5 .246 211 Timaru. 30 .30 66 66 Ohristchurch 438 433 363 363 Wellington ;■... 760 726 746 708 Napier' 242 210 311 Gisborne .- ■■ — • — ■ ~ ~ Auckland 51 51 83 83 Totals 1586 1515 1815 1736 The tallow exports for the month were as follow., tho 1910 figures being given in paronthfsis *— I Invercargill. 306 '168); DunedV. 184 (91); Oamaru, — (23): Timaru, 140 (158): Christchurch; 225 (136); Blenheim, 26 (-); Wellington, 413 (383); Wanganui, 44. (99): . Wai-. tara, - (29); Napier. 45 (232); Gisborne. 65 (105); Auckland, 107 (209): total. 1555 (1633. Tho sales of tallow during July totalled 122 tons. MARKET "RIGGING." The "Mercantile Gazette," in an editorial under the above heading, in its last issue, states'.—"lt is not too sweeping/ an assertion to say that there-are brokers in Auckland and Wellington who buy and sell mining shares on «3wn account, and, at the E.-11HC time, do a brokerage business. That this is wrong in principle, and unfair to private speculators, must bo obvious to everyone. A broker buying and selling on his own account is not bound by any rules as to the amount oE profit, which ho may wake. llany of them buy and sell on a halfpenny margin at times, but it is different with tho private speculator. . . . Tho practice of overselling shares has becomo quite a common thing with licensed brokers, and tho markets. have been reduced to such a state ol nervousness that, a, seller of two.or three; thousand shares of anv one mine can: break tho market. The p'rospects of the 1 mine, and .the developments. Rood "or" bad. do not influence' raluos, which "depend:-.entirely upon -the. attitudo of speculating brokers. And this gamo of over&ellint; has been. Efcitly facilitated bv the strict non-observance of. the Stock ExchanEO regarding the delivery of shares. According to'this rule, delivery i 3 due at anv time within ten d.ays. That is to say, delivery cannot bo enforced until ton days after 1 tho contract note has been given and received. As things stand just now, delivery is not roado for four, five, and sis weeks;, giving .the. ,snccul,atpr.'i;.ample time to cover their commitments... Of course it must not. be supposed that the speculating brokers inako a profit on every

ileal. On the contrary, some heavy lorces have been incurred by the more reckless plungers, but tli.it iloca not set over the fact that the speculating brokers are violating a sound principle. It is-useless expecting stock exchanges to take action in this matter, for the simple reason that too many of the members are speculating, and they nrc not likely to condemn themselves. Legislation may do some good. . . . Legislation, however, would be clumsy in dealing with a trouble of this nature,'and the most effective remedy is in the hands of the public." Customs duties collected at the port of Wellington yesterday amounted to £27C9 16s. 3d. WELLINGTON MARKET REPORT. Messrs. Laory and Co., Ltd.. Wellington, report wholesale prices ruling on the market as under:—Wheat, good whole, fowl's, Js. lid. to 4s. Id. bushel: oats eood feed, 3s. to 3s. 2d.; oats, duns, 3s. 2d. to 3s. 4d.; oats, seed, white 3s. 3d.; oats, seed Algerian Victorian, 3s. 7d.; rye com, 3=. 10d.; maise, 3s. 2d. to 3s. 5d.; fowls' 'barIcy, 3s. 3d.; Cape, 3s. 6d.; crushed malt, 7s. 6d.; partridge peas, 4s. 6d. to 4s. 9d.; pollard, £6 15s. to £7 per ton; bran £5 15s. to £6; flour. Atlas £9 ss. 6d.; chaff, oaten sheaf, £5 15s. to £6 55.; rice flour, £6 por ton; rice meal. £5 per ton; potatoes, table £4 ss. to £4 155.; potatoes, seed TJp-to-datcs, £5 10s. to £6 10s. Ncr ton; Northern Star, £6 10s. per ton; onions. £7 Is.; bonedust, £5 155.; basic sLig. £4 ss. to £4 10s.; superphosphates, £4 15s. to £5: oatmeal, £14 10s.; rolled oats, in 4's, 9s. dozencheese, medium sized, 63d. per !b.; cheese', loaf, 61d. to 7d. per lb.; butter, mime hulks. Is. to Is.. 2d.; fresh eggs, Is. Id. per dozen; honey, 56's, bright, 4d. per lb.; linseed nuts, 13s. per cwt.; linseed cake.' crushed, 13s. 6d. per cwt.; bacon, sides. Bd. per lb.; bacon, rolls, 83d. per lb.; hams, 9d.'per lb.; fowls, hens, 3s. to 3s. 6d • young roosters, 3s. to 45.; ducks, 4s. 6d'. to 55., all at per pair; turkeys, gobblers. Bd. to 9d. per lb. livo weight; hens. 6d. to 7d. BANK OF ENGLAND RETURN. Ey Telejraph—Press Association—Copyright (Kec. August 11, 8.35 p.m.) London, August 10. Tde Bank of England return issued for the week ended 'Wednesday, August 9, is as under:— , I6SCE DEPAimreXT K«tolssue... £57,021,000 Gov.debt ... £u,ois,aM Other securities ... i.iM.ma Goli ... 3i.i7-2,00Q £57.021,000 f57.021.WD Banking DErAn-ntF.s-r. Proprietors' Govt, securicapital £14,553,000 ties £14,967,000 Public do- Other securiposits „. 7,652,003 ties 20.526,000 Other deposits ... 0,470,000 Kotos _ 15,557,000 Host, 7-day »nd other •> ius - ... 3.481 JOT Coin .- ..■■ l.lOi.COj £60,153.033 £59,156, CM The .leading items of the Bank of England return afford the following comparison:— Thisweok Last weak: Last year £ £ £ Bullion 33.572.003 33.001,000 55,-2(J5,003 Reserve 27.6G1.0U0 25,375.WX1 2!U73.000 Note circulation :0.4;4.003 30.234.000 28,660.000 Public Deposits 7.6.W.00J 7.971.00J 16,561,000 Othor Deposits 43.170.00J 41,060,003 40,557,000 Proportion of reserve- to liabilities ... 51.10 c 1.5-3 51.05 GOVERNMENT SECURITIES. The following are the latest quotation) for Government Eecurities. with a comparison of those ruliug last week:—

BANK RATES OF DISCOUNT. The Hank of England ralo was reduced on June S from 4 to 3 per cent.; on September 29 it was advanced to 4 per cent.. and on October 20 to 5 per cent. On December 1 it was lowered to 4J per cent., on January 27 to 4 per cent., and on February 16 to 3J per cent., and on March 9 to 3 per cent. The Bank of Prance 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 4J 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 4J per cent., and ou February 19 to 4 per cent. MARKET RATES OP DISCOUNT. The following arc the market rates for best three mouths' bills:— London Paris Berlin rate. rate. rate. percent per cent, per cent. This week 29-16 2J 3 Last week 2J 2/, 2 2-3 Last year 23 21-16 2 3-16 Short loans are quoted at 23 per cent., as against li per cent, last week, and 13 per cent, last year. COLONIAL AND OTHER PRODUCE. Wheat—The market is firm, but spot business is impossible owing to the strike. The English harvest is nearly completed, the bulk being of excellent quality and condition, but tho absence of rain in India, bad crop reports from Russia, and black riist in America, and Canada, are rendering holders "bullish," and prices are hardening. There is a good demand for cargoes; 16.0C0 quarters South Australian Juls'-August shipment, and an Australian cargo sold at 3£s. 3d.; 6CCO tons South Australian and Victorian. AugustSeptember shipment, 355. 4d.; cargoes. 345. I 9d.; another cargo and 10,000 quartets South Australian, per sailer, March shipment, 345. 10jd.; 16,000 quarters per sailer, AugustrScptember s.hipment, 355. 9d.; parcels, August shipment, 545. 6d. to 355.; Australian, on spot, is nominally 365. 6d. to 375. Flour.—There is a fair demand for Australian patents, at 245. to 245. 6d. ex store. Oats are scarce. Gartons, 21s. 6d. to 235.; Spaxrowbills, 20s. 6d. to 21s. 6d.; La, Plata, July-August shipment, 16s. 3Jd. Peas.—New Zealand. 41s. ex store, and 38s. 6d. for August shipment. Butter.—Absolutely impossible to receive delivery of butter and cheese, owing to the strike; prices are nominally unchanged. The Danish quotation has been raised 4 kroner. The principal importers in Tooley Street arc discussing whether it is advisable to close the warehouses; decision postponed until Friday afternoon. Sugar.—German beet, 88 per cent, net titre. 6d. higher, at 143. 4d. per cwt; first mark granulated f.o.b. Hamburg, 7d. higher at l£s. 3d. Bradford Tops.—The market is firm, aud prices are unchanged. TnE METAL MARKETS. Co'ppcr.-On spot, 2s. 6d. higher, at £56 3s. 9d. per ton:, three months, £56 17b. 6d. Tin.-On spot, 20s. higher, at £191' 10s; per ton; three months. ss. lower, at £187 10s. Lead, 2s. 6d. lower, at £13 16s. 3d. per ton. Pig-iron—Middlesboro' No. 3, ljd. higher, at 465. lOd. per ton. Spelter, 12s. 6d. higher, at £26 2s. 6d. per ton. AUSTRALIAN WHEAT. fly Telegraph-I'ress Assoeinri-on-COByHeM (Rcc. August 12, 0.55 a.m.) Sydnoy, August 11. .There is a distinctly firmer feeling on tho wheat market, 3s. 7d. is being freely offered. Holbourne, August 11. Wheat is strong, and 3s. 7}d- is finely offered ex store, and 3s. Bd. alongside. GRAIN AND PRODUCE. . (By Telegraph-Press Association.) Chrlstchurch, August 11. There is a firmer tone in the local market, no doubt duo largely to tho rise in Australia. There is a fair amount of' business doing.between merchants, but farmers arc how declining to sell under 3s. Cd. at country stations. ... This price is. beyond buyers' limits, and consequently 110 sales-are-being effected. There is no change iu oats or chaff. There i 3 a fair 'mautity of potatoes on oiler, but merchants are unable to obtain much business with northern ports in consequence of cheaper offerings from tho south. Prices to growers range from 45«. to. 50s. at country stations, according to quality and distance from tho porL 1( ,,..,. Tho supply" of "onion's, '.'..is"'.getting ' into small compass, and tho ' price now advanced to 755. at country stations.

\ I ItuyerB. Sellers. £ s. d. £ s. d. Bank Xew Zealand .' 12 7 0 — N.Z. and Eivor Plato 2 0 0 — Wellington Investment .... 0 11 6 - Christchureh Gas — 917 6 Feildine; Gas -- 12 6 Well. Gas (£7 10s.\ — 15 10 0 Standard Insurance. ..!... I'll 9 Christchureh Meat — 16 2 6 Meat Export (52s. 6d.) ... — 3 2 6 Well. Woollen (ord\) — ' 4 0 0 Taupiri Coal : — 12 0 Westport Coal — 19 3 Leyland-O'Brien 18 3 - Manning and Co — 4 6 0 N.Z. Drug 2 10 3 - N.Z. Paper Mill? ';... — 119 Sharland's ordinary ... ■ — 15 0 Taranaki Petroleum .... — 0 17 0 Taringamutu Tolara ... — 2 7 0 Ward and Co. 4 19 0 - Well. Oaera Houso> — 7 5 0

Variations — compaicd Prico. • with ■ ' last week. !Tn i\% Imperial Consols 78 Mi 2s. 6d. higher ■1 101 0 0 . Unchanged .34 „S.S.W.li)13jlar.-SBp. P8 0 D Unchanged 3 ■ , ; Jf.S>.Vr , .l!H5AjjJ.-Oct. 37 10 0 •Unchanged i „Vic. 1920 Jan.-July 101 10-'0 unchanged 3J „ ie. lihil-6 Jan.-July fid 0 0 Unchanged 8 „Vic.lStfM9Jan.-July fc'-l 10 0 Unchanged 3J „ S, A. 1911) Jan.-July Oct 10 o Unchanged a ,.S.A. 1J1B Jan.-July WOO Unchanged i „QTdl915-'21 Jan.-July 102 0 0 Unchanged 35 „ <jTctl9.il-30Jan.-July £3 0 0 Unchangsd a ..yTdltfiiiTJan.-July 35 0 0 Unchanged i „it.Z. 1029 Mny-Xor. 101 0 0 Uuchangoi A „N.Z. 1910 Jan.-July U7 () 0 Unchained 3 „N.Z. 191.'.April-0.ct. SilO 0 Unchanged ii6„W.A.iaip.JUilay-Nov W 7 S Unchanged ,3.;,\V.A.1915-3SJlily-Nov t« 10 0 Unchanged Si „ TAs. 10<OJan.-July 97 0 0 Unchanged 3 '„Ta3.WSJ-jO Jan.-July 8i 10 U. . Uuchinged