COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1253, 9 October 1911, Page 8

COMMERCIAL ITEMS.

■INVESTMENT SHAKES. The sales of investment shares recorded on Saturday ' were:—Wellington Gas (rights), 2Jd'., 2d.; 2d., and New Zealand Insurance, £4 12s/ 3d. The buying- and selling quotations were as under :— • ' ' Buyers. Sellers. '£. s. d.- £ s. d. Bank New Zealand 12 0 0 — Well. Trust and Loan ... 7 10 0 — Well. Gas (£10) .....-...; - 19 0 0 Well. Gas (new) - 3 0 0 Well. Gas (rights) 0 0 2 0 0 3 Union Steam — 2 0 3 Wcstport Coal ; 18 9 — li'cvlaii'd -O'Brien 18 9 — N.z; Paper Mills 10 6 110 Sharland's ordinary — 14 6 U.S.A. BANKING. In the ■ course of a Consular report on tho- trade, etc., of the States of Now- York, New. Jersey, Khode Island, and Connecticut, for 1910. Mr. Consul-General Bennett says:—"There are now in tho United States more than 7200 .independent national banks under the eye of one official bureau at Washington, and a still larger number of- State bank? and trust companies subject to no national supervision, but regulated under a variety of laws in tho several States. Under these circumstances regulation and supervision that is confrtantly effected is extremely difficult to obtain, and a real effort is being made to i.reate a central banking authority. Whilst wealth in the country generally is showing a tendency to be more widely distributed, the wealth of New York City appears to be coming more and more absorbed in the hands of a banking syndicate, which of lato has come to bear the same relation _to financial New York as the Bank of England does to London. It is generally recognised that if money is required in New- York for a large financial transaction it cannot be obtained unless-the support of this banking syndicate -is secured. . . . There is no systom in tho United States of a bank with numerous branches under which profits and losses can be shared and a large reserve accumulated to tide over financial strains." DIAMOND PIiOIiUCTION. Tho official lfctiini o! the diamond output of the Transvaal for the statistical year ended Juno 30 last shows tho production at 1,795,008 carats, of a value of £1,266,992, and the totals compare with previous returns as follow:— Value. Year. • Carats. £ 1902-3 33,672 . 46,358 1903-4 497,917 685,720 1904-5 ' 995.002 1,198,530 1905-6 758,406 968,229 • 1936-7 1,545,336 2,203,511 1907-8 2,184,490 1,879.551 1908-9 1,929,491 1,295,296 1909-10 2.098,528 1,317,479 1910-11 1,795,008 1,266,992 The quantity produced last year, it will be noted, is the lowest since ISO 6-7, and the value the smallest since 1905-6.

STEEL WOBKS IN INDIA. In the course of a month or two tho first Mast furnace of the new Tata iron and steel works will be blown iu, and early in the New Year the steel furnaces will be in operation, and the mills will lie turning out steel rails on.a largo scale. Jlcssrii. Tata, who are among the very first of tho wealthy and enterprising Parsce houses in India, have spared no effort to ensure success. Experts in every department have been brought to India, and the plant erected is staled to be the most efficient that money can buy. Tlio company, moreover, has at hand every natural advantage in the form of fuel and ore, as. well as labour. When the works are in operation, the stall' will consist of 160 Europeans and Americans, and 25C0 Indians, including clerks and labourers. Indian labour is cheap, but it ha.- tho disadvantages which generally attach to choapness. But labour-saving devices of the most elaborate character have been introduced in every department, and it is noteworthy that (in view of the importance of the seven million firebricks with which the furnaces and chimneys arc lined being skilfully, laid) Scotch. Belgian, and German bricklayers were brought out to perform tlus taek.

CUSTOMS. Customs revenue collected at tho port of Wellington on Saturday amounted to £1906 55., tho total for the week being £15.117 6s. 9d. The returns for each of the past eight, weeks as compared with the figures for the corresponding periods of last year show as under:— 1911. 1910. .C £ August 19 11,592 11,161 August 26 15,965 26,169 September 2 ... 18.156 , 11,395 September 9 ... 23,406 12,849 September 16 ... 15,455 19.856 .September 23 ... 21,591 22,542 September 30 ... 7.593 11,171 October 7 15,117 21,318 126,875 136,441 The beer duty for tlio past week was £453 4s, ltd., as against £214 Bs. for the corresponding week of last year. LONDON WOOL SALES. Ry Telegraph-Press Association—Copyright London, October 6. At the wool sales there was good competition for everything, at full late rates. The following are prices realised for the fleeco portions of the clips named:— Mangaitore, top, lOd.; average, 9f,d.; Tolraoro, 9d. and Eld.; Kaputone, 201(1. and 19jd. (Ecc. October 8, 5.5 p.m.) i London, October 7. The following are the prices. realised far the fleece portions of the clips named:— "Evcrton," to price, Hid.; average lOgd.; "Kerarangi," top price, 10£ d.; average, 9Jd. LONDON MARKETS. By Telegraph—Press Association—Copyright (Eec. October 8, 5.5 p.m.) London, October 7. Copra, is neglected. South Sea, in bags, £26 15s. per ton. Wheat.—Australian cargoes sold at 355. 4Jd. and 355. 6d. respectively. Jute—October shipment, £21 2s. 6d. per ton. Hemp is quieter.—October-December shipments, £20 per ton. Eubbcr.—Fine hard Para rubber is quoted at 4s. 6d. per lb. Cotton.—October-November shipment, 5.27 id. per lb. Kauri Gum.—ln stock, .434 bags. COLONIAL AND OTHER PRODUCE. By Telegraph—Press Association—Copyright London, October 6. The market for butter is very firm. Danish, 1525. to 1553. per cwt. The rise is regarded as largely artificial, and the London market is unlikely to respond. Choicest new Australian is in good demand. Salted and unsaltcd, 1355. to 1365. The demand for secondary oualities is irregular. Quotations are 118s. to 128s. The high prices are checking the demand. There is a strong demand for cheese at late rates. German beetroot sugar. 88 per cent, net litre, is quoted at 18s.. per cwt. (unchanged); first marks, 20s. lOd. (2d. lower). BRADFORD WOOL MARKET The Bradford top market is slow, and ■prices are unchanged, with a weaker tendency. PRICES OF METALS. Copper on the spot is quoted at £54 18s. 9d. per ton, at three months, £55 15s. Tin on the spot, £183 per ton, at three months £182 15s. Spelter, £27 15s. per ton. Pig-iron—Middlesbro' No. 5 is quoted at 465. sd. per ton (a rise of 2d.). Bar silver is quoted at 241 d. per ounce. KOTUKU OILFIELDS. The following is the report from the Kotuku oilfields for tho week ended Friday, October 6:—lCO feet were drilled in the Kotuku bore, making the total depth of the well 500.-feet. A little petroleum is showing, and the plant and machinery are working well.