COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1264, 20 October 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES The quietness of the investment share market is very pronounced at present. Again (yesterday) no transactions were recorded, and there wore comparatively few buying and selling quotations:— Buyers. Sellers. £ s. d. £ s. d. National Bank 6 10 6 2 0 N.Z. Loan and Mercantile 0 17 3 - Well. Deposit - 0 8 0 Fcilding Gas ; 116 12 6 Well. Gas (£7 IDs.) 15 10 0 - Christchurch Meat — 15 0 0 Taupiri Coal 116 — Wcstport Coal :. — 19 0 Loyland-O'Brien 18 9 — N.Z. Paper Mills 10 0 - Sharland'.s ordinary — 14 6 Taringamutu Totara ... 2 5 0 2 7 0 Ward and Co 4 19 0 — Whitcombc and Tombs ... 612 6 — THE WORLD'S HARVEST. In their latest report Messrs. Bathgate and Company give some interesting estimates of tho world's harvest of wheat for the present year. The figures for 1911-12 arc 423,0C0,M0 quarters, including the forecasts for Argentina, Ohilo and Australasia. Tho United States contributes Ea.MO.OCO quarters. Canada 21.0C0.CC0 quarters, Russia 68.CC0.CC0 quarters, and India —for tho realised crop of 1910-11—a total of 46,000,000. Messrs. Bathgate p.iint out that this crop is roughly the same as in the previous season, or very slightly more. The chief factor is the increasing vearly consumption, amounting to about an additional 7,0C0,CC0 quarters. In addition there is tho increasing home demand of the United States, Canada, and Argentina. On the other hand, it is expected that importing countries will require less foreign wheat this season, although Russia is unlikely to export anything approaching the usual 20,CC0.000 quarters during the current season, owing to damaged crops. A GERMAN "BLACK MONDAY." On Monday, September 4. such a collapse in tho prices of industrial shares took place on tho Berlin Bourse that a .journal. to little prone to exaggeration as the "Frankfurter Zeitung" did not hesitate to affirm that it would remain for long in the memory of German investors, as a "Black Monday," and lhat to seek a parallel for it in Germany it would be necessary to go back to the Pomeranian Bank crash in the crisis of 19C0. Falls of 5 to 8 per cent, were not infrequent, but there were also some recorded of 10, 20. and even 30 per ctnt. It was not referable altogether to political apprehensions, but seemed to consist mostly in an accentuation of the selling tendency which had declared itself in the previous week. Besides voluntary, there were a good, many forced liquidations. The former originated to a certain extent in appwehonsiori of further depre-. ciation. while tho latter were partly duu

to tho fact that bankers pressed for a readjustment of accounts when the depreciation in tho paper securities pawned with them had caused a disproportion with the amounts advanced by the banks as overdrafts.

FHOZEN MEAT TBANSPOET PROFITS. Tho earnings of llouldcr Brothers and Co. the frozen meat carrier?, increased by over ti nor cent. during 1910. the total of £63,300 now shown comparing with £51.2C0 for 1909. Tho dividend on tho ordinary shares is maintained at, 7& per cent., to which" 1 level it was raised twelve months ago, the figure for 1958 having boon 5 per cent. On the other hand, tho reserve fund receives an addition on this occasion of £31,6C0 out of revenue, and also a further sum of £1200 accrued in respect of tho sale of certain shares, tho total at credit of the account being thereby increased to £186,700., In accordance with the terms of DSttlcment arranged rccenllv regarding certain litigation, Messrs. Furness. Withy, and Co. have acquired a controlling interest in Houldcr Brothers anil Co., and their- nominees have been appointed to act as the company's managing directors. These changes will not involve any alteration in the nature of the business, but it is believed that the capital can be rendered moro remunerative under FurnescWithy administration. Since the commencement of this vcar 10.CC0 additional ordinary shares havo been issued, and will rank for future dividends. CONDITIONS IN AMERICA. Depression continues in the United States and alongside of this there is great extravagance. Early in 1910 there was a burst of prosperity which wa3 quickly followed by a depression in all branches of trade, commerce and finance, and ended in stagnation, which has been carried into 1911. The reaction in trade wr.e duo to hand-to-mouth purchases, the reaction in stocks and bonds was in a large measure duo to Federal and State dealings with corporations, press attacks, and to the sweeping Democratic victory at the polls and the amendment in the tariff. Tho reaction in commerce and industry was due mainly to over production effected by doing business very largely on a credit basis, with an unduly smr.il margin for covering unprofitable business. In spito of all this the. importation of diamonds has largely increased, and the motor-car industry has made enormous strides. Vaet sums arc now invested in luxuries which formerly went Into wealth-producing industries. There has rcallv hpen no thorough recovery from the panic of 19C7, and practically no legislative measures have been taken to prevent the recurrence of a similar catastrophe.

Customs duties collected at the port of "Wellington yesterday amounted to £2C62 173. Id. • WHEAT. By TclegTaph—Press Association—Copyright London, October 10. The total risiblo wheat supply is 62,633,000 bushels, • SILVER. Bar silver is Quoted at 24* d. ounce. TALLOW. Bs Telegraph—Press Association—Copyright London, October 18. At the tallow sales 1450 casks were offered and 11C5 rold. Prices, realised:—Mutton: Fine, 38s. 6d.; medium, 355. 13cof: Fine, 365. 3d.; medium, 355. Gd. AUSTRALIAN PRODUCE MARKETS. Uy Telegraph - Press Association—Copyright (Rec. October 19, 11.20 p.m.) Sydney, October 19. Wheat, os. £6d. to 3s. 7£d. Flour, city brands, £8 155.; country brands, £7 17s. Oats, Algerian, 2s. 6d. to 2h. 9d.; Tasnuanians, 2s. 9d. to 3s. Id. Barley, English, malting, «Js. 6d. to 55.; Cape, feeding. 3s. Maize, 33. Gd. to 3s. Bd. Bran and po-llarrt,. £5. Potatoes, Tasmanians, £6 IPs. Onions, to £3 15s. Buttor, selected brands, 12Cs.; prime, IGBs. to 116s. Cheese, 7d. Bacon, 7d. to 7Jd. Melbourne, October 19. Wheat, 3s. 9d. Flour, £8 10s. Oats, Algerian. fcedin, 2s. t-o 2-. 2d.; milling, 2 3£d. Barley, Capo, feeding, 2s. 3d.; milling, 3s. OX. Maize. Z-s. sd. to 3s. 7d. Bran and pollard, £5. Clir.iT: The market is quiet, with a moderate demand. Onton. dumped, £3 15s. to £3 17s. 6<t.; compressed, uncovered £4. covered £4 ss. Potatoes, prime, to £3 ss. Onions, to £2 Its. Adelaide, Octobcr 19. Wheat, 3s. 7d. to 3s. Bd. Fiour, £8 lCs. Bran and pollard, 12kl. MELBOURNE niDES MARKET. By Telegraph—Press Association—Copyright (Rec. October 19, 11.20 p.in.) Melbourne, Octobcr 19. Hides were in average supplies at the ' Kilc3 to-day. Competition was keen, and prices were very firm. LONDON MARKETS. The New Zealand Loan and Mercantile 'Agency Company, Limited, have received the following cablegram from their London house, under dato October 18:—Wheat: Wo have sold an Australian ea.rgo at 3Gs. 9d. c.i.f. The market is quiet, but steady* The position is owing t-o buyeru holding off. The outlook is uncertain.