COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1210, 19 August 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. A sale of Westport Coal shares at 295. was the only transaction recorded in investment shares yesterday. The buying quotations were as under:— Buyers Sellers. • £ e. d. £ s.'d. National Bank _ 6 0 0 , — N.Z. Loan and Mercantile 017 0 ■ — .Wellington Deposit —. 0 8 3 Feilding Gas - 12b Standard Insurance 1 11 9 — Christchurch Meat — - 16 2 6 Union Steam 2 16 — Well. Woollen (ord.) — ■ ■ 4 0 0 Well. Woollen (pref.) - .316 Westport Coal 1 B'9. ■ — Wesitport-Stockton — 0 2 0 Leyland-O'Brien '1 8 3. - Manning and Co — •-' 4 5 D New Zealand Drug 2 10 i — Sharland's ordinary — 15 0 Taranaki Petroleum 016 0 ■ 017 0 WOOL EXPORTS. Thero is given below a comparison of tho wool exports from Australasia for July and the corresponding month of 1911). The m'onth of July is the first, month of the naw wool year, and the figures show a docrease of 18,950 bales, but no great importance can bo attached to tills decline:— . •'.- v ' : " Bales. Bales. , ■ .. 19U. 1910. ' Victoria. .'.. 8,580 5,983 \ N.S. Wales ;.!".' 12.666'' 20,428 , Ql*enslajid 7,315 21,244 S. Australia '.. , 176 267 , W. Australia ; . 850 769 ; Common n-calth 29,607 48.691 ; New Zealand 11,9{0 11,766 • .-■; 41,507 60,457 ' The bulk of the deficiency rises in New South Wales and Queensland, especially the latter, which accounts for a, shrinkage of 13,929 bales. There is an increase of 2597 bales from Victoria, and 134 bales from. Now Zealand. ■ " . . ' AMERICAN WOOL INDUSTRY. An expert correspondent of the "Financial TMcs," in an article.published in that journal on' July' 10,.in* dealing with the proposed-alteration ' of the American iariff, makes? the following .in-terestinz statements':^'. .'"'-'i. - : ' . • "It is-'quite'strue that sheep ..stock's ,in ' America' have 'risen since the passing., of : ■ the Dineley', Tariff,-.-but' they .are , , 'sensibly : less than th'ey;Verc so recently aa 11903,: arid . 6omohow;l:,'ha've ail!impression;thai, duty, or no duty; they will , become o"diminishing quifntjtyt;-as tho,'years, roll ■ do we flridi-. to-day ? : ylnstead of'.Ainerifdri-: -'. grown ■tvopl •reapmgv.tlie benefit:'-..of■■:.'. imnort "duty of 6d. "per lb., prices have fallen to' ail exportinc paint; in othor worda, there is something like Is. per lb. difference in tho value to-day of oleaji scoured 'American-grown' wool and the price it could be bought for in London .">.nd imported into Boston or New .York. .In fi'Ct, it is to-day possible to obtain in London equally as good,'if not a, better, price./ for American-grown■" wool than can bc> got . in Boston; nnd.'yct American shecD-brecd-' ors ' have' all' aJong ben labouring-under the fallacy tliat an import duty; on the ' foreiEU-groyh.' article of 11 and .12' cents per lb.-niiant'-.that they, w'cryj receiving a -European'"'value for their'; fleecis, plus the. import diitj;. . I know., as' a positive fact thnt "Ainerican-fjrown wool has sold in Bradford, within the last fortnight on a clean ecour'ed basis.of 47"cotiIr,' We combing, the same otialitv of woql 'bought in-.London' and imported into any American port could not bo' la-idVVdJMni: • under 68 /cents. American shebp-' f breeders, to-dny a re' actually disndiiher '■:<>(• , their own domestic wools ot a Ic c e' ; iirifft than KnHioli for corresponding nullities, and I do not think , that' oven a. freo wool tariff was ndopted (hey ; would fnro a fraction worse than they are ■ doing at present." '

SHIPBUILDING. : .■;'■■ >%*. t From the' returns compiled by. I/lord's ' "Register-of Shipping" it appear,?":.tftat,j > excludine warships, thcro were 496 vessels of 1.476.394 tons gross under construction' in the United Kingdom at the close o£,thi!...' ciuartcr ended June 30, 1911, The .tonnaee ' now under ■ construction is about.., 102.00!) tons more than that which was at tho end of la«t e,\iiirtv>r, nn<J- exceeds hy 358.000 tons the tonna.2o building "in Juno. 1910. The figures ore the highest reported in the society's ouarterly returns, being 62.000 tons more thau the previous record total, which was reached in Sontempcr. 1901. The fleures in June. 19C9— namely. 745,000 tons—have been practically doubled is the lust two years. Of the vf«.-3l? under construction in the United Kingdom at the end of June. 371, of 1,000.528 tons are'ijuder the suocrvision of the surveyors nf Lloyd's "lU>2istcr." with a viMy to' classification hy this society. In addition, 64 vessel? of 237.072' tons nre build'ug abroad to the fociety's classification. The ' total building at the present tir'c und"r the s'"iervision - of T.lnvd's "Register" is thus 455 vessels of 1.237.6C0 tons. GOLD OTJTPTJT. Tho gold output of Australasia, continues to show shrinkage, and the tlzuros for the seven months ended July 31 disclose a, decline of 158.509 fine ounces, when compared with those for the corrcsnondine portion of 1910. Tho totals for the two periods are given below:—

The Commonwealth shrinkage amounts to 131,609 fins oz. Osteins duties collected lit tHo port nf Wellington yesterday amounted to £2977 9s. id. BANK OF ENGLAND. RETtTKN. By Tele<rra.ph— Press Association—Copyright Kec. August 18,. 9.15 p.m.) . ■'. ■ London, August 18. The Bant of England return issued for Hie week ended ■Wednesday, August 16, is as under: —". ■ . . , . ■ . • '. ' ItSDE DEPAUTSTENT . N«toIi!U«- «7,38i,0M Gov.aebb ... £11,015,033 ■'. .' •• ■ Otber securi- .. ,:. . ; i ties. ... 7.41-I.MO Gofl " ... 35.935.0C0 . .-£57.381,000; . ~-i67,35i,C00 BIXETXG DEPAHTJIEST.' Proprietors' * • Go.vt.'.Bccuri-' ■ capital £H.553.0M" tins..". ::-. £H,067,0M Public de- ' Other securinosits ... 7.820.003 tics £5,026,000 Other do- . i posits ... 43.313.C03 Noto3 '' _ 27.460.C03 Rest, 7-day »nd other . hills... ... 3.576.WV1 Coin ■■ - 1.10.000 i08,C02.00J £J9,202,C00 The leading items of the. Bank of England return afford the following comparison :— ■. ' This week Lastwook. Last year . ■ £■ ■£'■■£ million ". 33.933.003 53.J7-2.nM ?,5.7C3,003 Keicrve ..:. ... 2S.6W.IXX) 2V.iMI.COO 'JO.aiO.lXXl Note circulation 20.!>21.003 30.<i4j060 -25.413.0U3 Public Deposits 7.5>0.003 7,5t2.00J 1f,,5(560UU Othbr Deposits 43.313.WJ J3,470f103 33,7J0,0M Proportion of . reserve to '. ■ ■ liabilities ~ 55.01 51113 53.10 . GOVERNMENT SECURITIES. The following are tho latest quotation) for Government securities, with a comparison of those ruling last week:—

BANK KATES OP DISCOUST. Tlie Bank of England rato was recluroil on Juue 9 from 4 to 3 per colli.; on September 29 it was advanced to i per cent., and on October 20 to 5 ser cent. On De-

comber 1 it was lowered to 4* per cent., ou January 2? to 4 nor cent., and on February 16 to 3i per cent., aud ou March 9 to 3 per ceut.

The Bank of France rate was redured from l\ to 3 per rent, on January 23, 1908, and remains at the latter figure. The Imperial Hank of Germany on January 2t. 1309, lowered its rate from 5 to i\ per cent., and on February 10 to 4 per cent. lint on September 26 it was raised to 5 per cent., on February 6 it was reduced to 4J 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. per cent pei' cent, per cent. This week 25 2 ih Last week ......... 2 9-16 2J 3 Last year 25 2 3J Short loavs are Quoted at 1J to li per cent., as against 2j! per ceut. last week, and 15 per cent, last year. COLONIAL AND OTHER PRODUCE. . Wheat."—The markets are firm, but inactive; buyers are reserved. 35s per quarter is' asked for South Australian, March shipment, 355. 9d. July-Aucust-September shipment, and new crop. South Australian, Victorian, and New South Wales, JanuaryFebruary, 345. 9d. For parcels afloat thero is a limited inquiry. For Australian on Epot the Quotation is 375. Flour is firm. Australian, ex store, 255. Oats' arc quiet. La Plata August-SeD-tember shipment, 16s. 3d. Butter.—Business has. been _resumed, but tho market is Eomewhat diforganised. The drought and strikes are causing great firmness, hut exact auotations arc impossible. Danish, about 1345.; choicest, Australian, 120s. to 1245. Cheese is very firm. Now Zealand, 645. to 665.; Canadian, 625. to 645. Sugar.—German beet, 88 per cent, not titre. 3d. higher at 14s. 7d. ner cwt.; first marks granulated, f.o.D. Hamburg, lid. higher at 17s. 2d. Apples.—The season is expected to commence about the middle of September. Nova Scotia will probably establish a record with a million barrels. Ontario probably 45 per cent, in cicess of last season, California • and Orc-goa rather below last eeason. Rabbit, skins.—2237. bales were.offered, and the bulk was sold; incomincr best cdvaJced Id. to 2d.; autumn backs. Id. to Hd.; summer kittens and suckers. Jd. The strikes curtailed tho offerings by fully bales. Bradford Tops—The market is at a standstill, .owing to the strike. METAL MARKETS. Copper, on spot, Is. 3d. higher at £56 ss. per ton; three months, 2s. 6ft. higher at £57 Tin, on spot, 255. lower at £190 ss.' ner ton; three months. ss. lower at £187 ss. Lca<l, ss. higher at £14 Is. 3d. per ton. Pig-iron.—Jliddiosboro" No. 3, 4s. 3d. lower at 425. 7d. per ton. Spelter, 17b. 6d. higher at £27 per ton. LONDON MARKETS. ..' .:....•.- London. August 17. ' Rabbit'skins, have advanced-by about a American visible'supply of whoat- is''6J.76l.oCo bushels.- . -■•■• . Silver, 24d. per ojruce. . . ■. ;, : ;; J ,'. ■'■■/ ' YOBAIN. , . AND ' PRODUQE." ; / (By 'l'dcETiiDli —Prr.'W A psoci nil on.l Christchuroh, August 18. During the last few days thero has been fluent on the firmer tone in the Home market, and the temporary ri-so in Australia. There has been a, fair amount of business passing between merchants,. and some trade has also been done with the •North Island. Prices are about a penny nor bushel better than they were, and several sales have been effected at n.n oven greater advance. Thero is very littlo wheat offering by growers, but a few salc3 have been juado at 3s. 4d. to 3s. sd. for Jluntcrs and' Tuscans at country stations. Pearl is worth 3s: sd. to 3s. 6d., but is evidently scarco,. as none is offering. . There is also good.inauin' for oats, but what business is passing is between merchants, as there.are. nractically none forwsrd fromv growers. V; v-iThoro'is:a.'.littlo;mb.ro inouiry tor r.veiTrade'ih'chaff' isicuiet, and tho price. Eds: "at . country stations, remains un- " ■ ■ ■ •There is a fair demand for potatoes, and '508."is tho price most generally paid at "country stations. - '

: ' '. Fine oz. Fine. oz. 1911. 1910. Victoria 301-37?. 336.758 N.S. Wales JM.8M 1.M.99Z Queensland 21fi.'37 2S5.PSB W. Australia 785.079 0M372 Tasmania .... : . ' 10.350 26.W0 s; Australia. 7,250 5.CC0 rommoriK-caitli I.«n.i76 1.5B1.21O New Zealand ...;..'... 252.312' • 259,767 1.682.<88 .1,840,997

Variations _ compai od Prieo. with last weol{. S s. i. 31»i Imncrial Consols 78 7 C f.s. hishcr 4 N.S.W.1033Jan.-July 101 0 0 UncliniiKcil 3j "N.S.W.131S.Mav.-Sop. 58 0 (I Uncll.aiWil 3 "S.S.NV.li«3A|il..Ojt. 67 10 0 Unclliinijctl 4 ' Vic. lsiiaJan.-Jtily ! 101 10 U OnuhaueoJ 35 "Vic. l'JJl-li Jan.-Jnly I !'H 0 0 Unclmnwrl I 'Vic.lWJ-WJan.-July E4 1U 0 Unciianseil ;ii "S.A. l&lOJnn.-.Iiib- 9d 10 U Unclianj;u;l 3 S.A. DIGJiui.-Jufy ft! II « UucliauM:l i ,QM'Uli)lV2l,Jan.-Jiily 10J I) 0 Unclmnno.! Si gTdlllJl-aOJau.-JuIy OS 0 0 Uuehans;o;l 3 , (J'l'd l!«Jij7J<iii.-July M 0 u Unchant'o:! N.Z. 1!UJ 5Iay-Nov. 101 0 0 Unclmnao.i ii ,,N.Z. lUtO Jan.-Jiily 01 0 0 Unclinuseil a ,.N.Z. lOift April-Oct. M 10 0 Unchanged 3i,,\V.A.1020-iO.Mny-Nov l>7 7 li Unchansod a \V.A.lUlo-35May-Xov M 10 0 L'ucliangod 8S „ Tjs. I'.UOJan.-Jiily VI 0 0 UnclianKcd J ..Tas. UiJ-1'J.Iau.-Iuly 8i 10 0 Undmutiitl