COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1313, 16 December 1911, Page 8

COMMERCIAL ITEMS.

investment shares. A sale of Mannins anil Co.. brorery shares, at .£4 10?., was t!io only transaction recorded yestertlp-y. Tho buying and sellic? quotations were aa under:— Buyers Sellers £ b. d. £ s. d National Bank - 519 0 Bank Xc-.v Zealand It 5 0 11 10 0 Equitable Jjuiiding 917 G — Metropolitan 12 7 0 — N.Z. and River Plate ... — 7, 1 0 Well. Investment 0 11 6 0 12 0 Well. Trust and Loan ... 7 12 6 — Well. Deposit 0 5 0 0 8 0 Ohristehurrh Oas 9 11 6 — Gisborne Gas — 3 0 0 Nnnier Gas 1.C5) 12 0 0 - Pahnerston North Gas ... 910 0 — Well. Gas (£10) 18 10 0 - Welt. Gas (£B) 15 10 0 Well. Gas. (third issue) .. — 12 0 0 Well. Gas (pref.) 0 3 0 0 3 9 Ohrlstchuroh Lleat 14 17 6 — Well '.Von'i-.t, 'n-c! I - 3 Ifi 0 Well. Woollen (pref.) - 3 0 0 Hikurani'i Coal —, 10 0 I.cylanrt-O'nrien 1 8 J — O. M. Tianl;=. Md - 10 0 GoMen Bay Cownt 12 0' — N.Z. Con. Dental .'. — 12 5 N.Z. Dru? .. 19 3 2 9 9 S.'/,. Pnner Mills 10 0 Ward and Co 6 5 0 5 12 6 THE MONEY IIAUKKT. . Rays tho "Tr.ldo Review":—'The derided imorovcrr.cnt in tl'e v;r>ol ir.arliot ii; splendid news for the TJ-jminio'j, as if. lecnjis <i considerable addition to tlio country',; income. anil ma'erially a/reds tl'.o sunply of money here. Our dairy profim:? n!<o is realisins excellent nriees. As rec.'irds tho volume of the season's output, it, is a little early to estimate what that will bn, as the vcather lias retarded onerationp to n prent extent, for the season, as far as we have cone, our cxnorls are behind last year in ourmtity, but. this may bo made tip to a sreat extent as the season Tu-osrosscs. IVo banking a-uthorilieo have recently conitneitl.cd on tho rapid trrov/th in t.he scale of importation, and have issued a nofo of warning as to tho ro.mU of I his growth if continued. We luive referred I-> this matter before in our f-hnrn:-. n7id have pointed out that if t':i« i:"ov;t'i in imports rontinues. v.-ithont a i-'-respondin? crovth in tho value of our cznorts, the result will he a hnrckoiinrr of the money market. Money has bren fairly plentiful for comc little time post, lint a Rliphtiv firmer tendency is noticeable noiv. althoilTh Ihere is still e- sufflcient supply nvni'nble for all ordinary reouirenicntii. and no real strinseney i 3 to bo anticipated in the near future.

AUSTRALIAN BUTTO. The total shipments of butter from July 1 to November 2fl this year, and in the two previous years, shows ns under:— 1911-12 1910-11 1509-10 Box**®. Boxes. Boxep. New South Wales 119.334 130.4 M M Victoria 369.437 3 r >?.<tfo Wfl.'S!* Queensland 18.172 70.1*2 4?..2- s 0 South Australia ... 18 840 41,608 21,441) £23.773 594.693 407760 Tbo Australian contribution, though smaller than !ast year, is still very large. but not sufficiently so to moke up for deficiencies from other sources. MANT! F ACTUR E OF ALUMINIUM. The frrcat increase in manufacture** of aluminium of rccnt years particularly of articles of household use. is rolleetcd in the Azures of production. The estmordinnry ri?c in the industry may bo gathered from some fimtres supplied by tbo "Frankfurter ZcitiinK." showine the production in tho world since 1890. when 175 metric tons were produced. In 1900 tbo nsure<? bad ri c en to 7300 metric tons, in 1909 to 24,200 metric tons, and in 1910 to the larro toM] of 34.000 metric tons. Hr. Wilfried Ko.??mnn, in hip new work on the subject, states that there arc only 12 works in the prodnrv tion of the li?ht metal; rfx of tho«e pre in France, one in Switzerland, and one each in Germany, Scotland, Ameriea, Italy, and Norway. It i? not so much the geographical position of the deposits of bmixite that determines the production of aluminium as reserves of cheap nowcr, sunh as water, and the difficulties of some aluminium companies not favoured v-Rh cheap water-nower a.re proof of this. Tho metal, from its initial nrica of ICOfl marks a kilogramme in 1P55, was to be had at mnvo rea.sonr?hle ralue of. 27 marks in IffT', then it raoidly fell away to 3 mnrkr in 1905, and to about H marks in 1910. T*tn Aluminium Syndicate. formed in 1901, proved for n, time to be n rcrent fticcoph. and the works were enlarged. Then natcrt. rights ran nut. nev works were started, and in 1908 tfv? pvudioato wan dissolved and th* price reached the unremuncrafive level of 1 mark 10 pfennig (about I*. Id.) Per kilogramme. But has *ccommenced, cud the French companies have come together apnin. • GEAR MOAT COMPANY. ANNUAL METING. Mr. W. IL Mihvard. managing director, presided at the annual meeting of the Gear Meat Preserving and Freezing Company. hold at tho offices of the company last evening. In presenting the annual report (already published), the chairman said:- , , Gentlemen,—As the balanco-shect presents no new feature, I presume you will take it as read. The result will, f am sure, be pleasing to you all. mid I roneratulate you upon the snr-cesßful outturn of ft yeas b operations which hate . been fryrffbi idUi crc&t difficulty. Tha tatr>

Ii"l fur million and Innili oticncd al lilirh filcurcH, hut. when i.lilpmwil.-i hem Ani-lio, lilt oml At'Kcntififi, romhinrd v/Hh Mjo.o frnin fho iN.mlMlon, errived in ir»t atcr (jii/ilitllic;t, f"H nwa.y, nfid .May urulu kmv low pili'.v. Tlii- c'WNpauy'n nupplic.i were ilfji't, r.ith cniitiuiiily ami, I need hordly mhl, were not. iiin'rlllccd. <'hillcd beef from Hoiit.li Amcrlca hac, ln'cn at tiimiii pnjio.ed upon llm I'.ritlidi market in (•xt'iMvH ul tlie |-r<|tiircmciihi of (ho trridc, ami exceciliutfly low Huurea Imvn Ikwi tiilien. Advlcen from I'micmmh Ayrc:< Indlc:ile llial. owI! to the contlimamwj nf l.ho llrof 'rrmd.'ii competlliin, tl«? i/i?ne four.') will he iMlopl'Ml I jt(« yeur, fro/.eu heof will lie Mtrl-uirly /ill't-clrd, and, Iteiicr.illv Mpcaldn?:, that bi-imr the mo»:t iiDpiiiat* di>li. It. ii< nnl)l:ely If It rcmniun i-heap lor muttoJi or lamlj lo ho dear. Ho far i»* he"l' Itj.elf in j-otnerilc<l, tlie Kl'int. I'rowlh of tho dairy Industry line hi Jite fwoltcil enlllo nrea.4 that there ia Ifti'-H nv'nilal)lo Llum imeit lr) lm tlm «;m<\ and, ii", llm local «-)ii-:iimi>tlon reiiiiire:i over half of the nunnllly fatleuf.-d, tuc export i.-« hcoinl ot le> : n importjiiiec in f«er,. Ino recorda of (a: t. n-jiron nhow a t*ro.at «icciiiie, KU'orts i<» open t!i« Continental markets have liardly been nmecMffnl. Sp«hmodlc iditpmculii have been »u:ide under upccial ammtfcm'.'nlH, whiili hnve jdmc » n moU Ins'taiierw ni?)di:ied or cancelled. Tho derman ulcclionu in .lanunry may tirodm-o a c)ian;:e, but. (uir mutton ond l-inib will n«>l, lie illrclly silfccted, beef and P'>rli heinu tlie principal iioma or consumption in IhnL country. (U rourMi, in common with Australia ttnd Argentina, the Domlnio'i will reap an indirect liei/cl.t. \Vool fell materially dnrin;: the latter half of the mmikoii, hut December haß wen a revival, and, with tho prospect of ;»n early reduction in the United Klate.'> tarjll, the outlook irf very mncJ? brighter. l)ur. injr the year tlio company lot two oi lU city fdtopn on Kiitlvfacjory tc.rnip, nnd concentra t.c<l a larjce part of the bui;lnc»H done In r.nhn .Street al the hpniblon Quay establishment, with material benefit in tho mailer of workitur cost. All the plant ona premiscH h«ve be->n maintained in the usual lirnt-cIuKH order. Keveral improveoienlH Irive been introduced clnrini' the year which add ti the cllicleney atnl cconotitv of lite worliß. The stall' have, as umkU, v.'orlied with creat Itociinosn and mlelliEcncc, and we are deeply imlebfeu to tliein for their exertions. 1 cannot rlorc without a reference lo the death of oor late esteemed chairman, Mr. James hear--the founder of Ihe business. After HUfferlnit with ljatiem-e for many vearn lie passed lo his rent in April last, the memhers of the board placed 011 record their appreciation of his services hot.i to Uio company itr-elf aud to the me>ut in K The' l ! l noti"n adoptinc the rejiort was ?«- ended by Mr. J. f niafr ami The chairiron then moved that, /i «i> idend of 10 per cent, for the year ended November 30 (less the 5 per cent, paid in ■lunch and an oddition.il bonus or 5 per cent, from the Insurant reserve be Paul. This was seconded by Mr. 11. !)• I>wl ca i&\ n . P. Anderson and' J JL D. tho retlrina directors, were re-elected without onnositlon, and Mm:«rs. Badham and Hunt were reannointed auditors at the same reiunneration as formerly. , , On the motion of Mr. 1 urns, seconded bv 7.1 r. M'Kcrrow. a vote of Uanks v.as p,»..eca to tho ofliccrf and employees' cf the company. RneaMnc in the motion Uc chairman said he agreed with the m their references to Ihe "odT\\^\«re°forthe oßicers and omplojces They weie lor tiinal-e in havinjj an esc<■-•HMt si[air.^: udtl.e employees were a. particnlarlj line ttann of men. If those b»". £J-e" htid , ever , y ft soil to he nrmtil or ,them from too to bottom. (Ileor, hcan) Cisterns duty collected »' thf F? rl £ c C oj Wellington yesterday amounted to £-UB 7s. 9d. BANK OF ENGLAND "RETURN. '■ By Tclecraph—Press Association— Oopyrlcht (li«c. December 8, 8.05 p.m.) London, December 8. The Bank of England return issued for tlie week ended "Wednesday, Bccenibcr (J, is aa under lasim Hrpatitvitwt Koto lasu«... £53,«8,«« ©ihor Recuri UO3 ... ~ Goii ... frt3.-US.OW £53.44U<^U BiNKixn DRrAnTsfß*?'?. ' rropr'olors' Oovf. fjecurlcapiUl £14,553.003 tioa £10.037,003 TuWicdo- ' Other sccuriposits • ... 14,439.003 ties... ... -^.SOO.OCO C posita fl 1 - 37.K8.0Q) Notoi 24,757,C00 Rckl. 7-day MKlotiior , biha 3,150.000 Coin - (ICG,OOO £59.75D,0W £G'J,750,0-0 The leading items of tho Bank of Eng* land return afford tho. following comparison:— This week Lanfewoak. Last year £ £ £ BnWon - ... 54.999.001 36.171.fM 33,«eft,00) Reserve 25.7t3.uN Cfi.Vs.rW) (vj Note circulation #*.C!)t,UOJ 'ii'.Tf.'B/CO rublicDeposits' UAhWI 11.-fSi.CW) Other DoposiW 59.547.U0J 41.<lCrj,0vX) Proportion of to liubiliUcJi ... 49.40 52.43 5C.00 GOVERNMKNT srcIIIUTIKS. The following are the latest quotation! for Government recuritics with a com parison ol ihuse. last .week:— . . Varintious _ conjjf.'A oJ Pries. with last wook. ~ £ 9. d. 24% Iraveria! Consols 77 5 .0 7s. 6d. hijibcr 4 N.H. \s .lOsiJait.-Jnly 103 0 0 Unchanged 3i ~ N.S.W .lutd aar.-Hop. I. : S 10 6 iOs. lowor 3 , N.S.Vs .I'JJi Apl.-Oct. £<}' 2 C Un?ran*.od 4 M Vie. ldsWJan.-J«ly 101 U 0 10s. lower 3i ~ Viii. WJi-o .lan.-JtJiy Du i 0 0 10s. lov/or 3 Vic.2.-9-4yJaii.-JtjJy 8J ii 6 j 7s. Oil. lower yi „S,A. IWiJ Jftii. ? 7uly 0/ U.O iJOs, luwor 3 , S.A. Ulii Jau.lJuJy hi) 10 0 30s. lower 4 ~Qr<im^2l,Jan.-Juiy 101 10 0 s*. lower 31O'l'ti I'-iiJ^OJan.July 1* 10 0 Unchanged 3 . QTd ):>2v-'ii4an..July =4 10 U Unchanged 4 „N.//. 1921 IMuy-Nov. loi 0 0 V'rehanfied 3i ~N.Z. l:iit).lan.-,luly UG 10 0 Unciitiuitod 3 ISM*- Aj>ri»*Oct. 16 10 0 Un 31„ NV.A.ISKO-iOMuy-Nov 0 3 „ \V,A,l , jl.w6.»iuy-Nov 0 0 Unchanged it „T.xh. l«.HO.Tiin.-Ju!y 16 JO 0 lhu;!i;in.veil 'i ~Ta?.U2J-4J Jaa.'July b5 0; 0 Unchanged BANK KATES OF DISCOUNT. Tho Hank of Hngland rato waa, oti December 1. 1910. lowered from 5 to 44 per cent.; on January 27 it was lowered to 4 per cent., on February 16 to 3j per'cent., and on March 9 lo 3 per cent. On September 21 it was advanced to 4 per ccnt. The Ilank of France rate was rcducod from 5£ to 3 per rent on .'nnunrv' 23 19?fl arid continued at tlie latter flpuro unlil September 21. 1911, whc/i it ivaa raised to 3j per cont. The Imperial Hank of Germany reduced its rate from 5 to per cent, on February 6, and on February 19 tho rntn was further reduced to 4 per cent. On September 19 the rate was raised to 5 per cent. MARKET RATES OF DISCOUNT. Tho following are tho market rates for best three mouths' bills:— London Paris Berlin rate. rote. rate, percent, per rent, per cent. This week 33 3} 5 ■ Last week 3:! 3ft 4 Last year 3 7-16 2fi 43 Short loans arc quoted at 33 per ccufc., as compared with 3 per cent, last week, and ll per cent, last your, COLONIAL AND OTHER PRODUCE. Wheat.—The European wheat'markets arc firm on unsettled weather reports fro:u Argentina, though the American and Canadian markets are weak imder tho influence of the enormous vibililo supply; 355. 9d. is asked lor Ai:>:trnlian off coast; 355. 3d. per steamer, December-January shipment; 355. 9d. per sailer. September shipment, 355. 3d. has been paid for a parcel December shipment. There arc occasional sales of Australian, on spot, at about 375.; Now Zealand, best. 355. 3d. to 355. 6d., medium 34g. 6d. (o 355. Flour is inactive, Australian, on passage, is oil'eriuff at 245. 6d., c.i.f. Oats are firm. There is a ffood l.Tado in "J>" prnde Garlons, March-April shipment, at 20s. 6d„ c.i.f.; La Plata., December shipment, 16s. 7id. lloans are firm and unchanged. Peas, on spot, are neglected. Butter is quiet. Danish is at about 1365., Australian and New Zealand are unchanged, except unsa!ted t- which is slightly in buyers' favour, owing to plentiful suppli*'s. ospceinily lots without iimervativc, which are oiTcrinjr in London through the abf-enco of Continental demands. Cheese meets with good trade, and prices arc unchanged. Bacon is very filow. Danish, 50s. to 525.; Australian nominally 46a. »Su£ar.~Herman boot, 88 per cent, net litre, HI. lower, at 16s. per cwt.; piuuulatcd, f.o.b. Hamburg, unch<inscd, at IBs. Bradford Tops.—Tho uiarhet is st-cady and uncha nired. Sheepskins.—At the poles practically oil the lots offered wore sold. Compared with the October sales, merino-, crosK.brcds and clothings, were a id. to 3-Sd. higher; juerino cs->rjjbin;?s, id.; line cro.-jsbml coiubljiss, and coarse crossbred eombiiiKs id. to 2<l. higher. TTIK KFiTA.L MARKETS. Copper.—On spot, 575. 6d. Uijrher, at .£6l 3s. 9d. per ton; three months', ,C 3 higher, at £Ci 2 Ifi. 3d.; cicctrolyti<», it 3 12s. 6d. Tin.~On (.-pot, 1-ower, a! /'l9B per t-on; three months-. 15s. lower at .€l3! lCs. Lead.—Soft foreign, ss. lower, at £15 10s. per ton. Pig-iron, Is. 3d, higher, at 495. 3d. per ton. Spelter, 2s. 6d. lower, at £26 17s. Cd. per ton. LONDON MARKETS. Mown?. Dalsety and Oomjxtnv, Limited, rcooireu tlie foUowlitu cfthled frrrra thdr XjOndOA PfilOft. llAtfid

eeinber 11: Khcepiiklns: The rales continue linn, mill hi Ii ly reported rates arc fully iii:ii■■ tillii'-il. rtlnce our cable of yesterday, eoiti:.e <■ rinnlm-il kliliis have advanced furl.lier h.v id. per lit. frozen meal: For inutlon anil lauili (lie ii'.arl'.et Ih ipiict, and |irlrc;i an* iiuclianged. I-'ur l.rf'.f t.lle market Is lino, mill pilios are uiicliiinged. Tallow: how iirtif Inferior descriptions are 6d. lo 9d. per cwl.. higher. Oilier deseriptioiii! are nucha ii'„'e<l. The New /.calami lioon and Hereantilc Agency Company, [limited, linve received I lie f'jllnv.i in; c.nhle'.f nini from their liondoii li'iin.e, niiilel' date Decern her 11: Kheephliliih: 'I'l'.e market linn advanced Ad. to ill. per Ih, for merino slnriekliis ami cronslilr.d Inmh kl,lnn, Itl. to r J(I. per 11). fur erofifdireil ramliiiig, anil ill. lo J-tld, for croHjilired i;bort anil kliojii descriptions. TAUANAKI Offi WIIMiH. TIIK COMING IIIiVIi'IiOI'MCKTH. (Ilr T<!lpbtiinil.—Pri'M AssoclMlon.l flew Plymouth, December H, Homo vrry i/iiftorhutl jutinnnhr-vmt'Htß roMio oil jmJiJ«U'y jn t)jfj colony vvn(tnilly tiroi in Jncwv IMyrnoutli lo icnlnr wort; kjihlo ;ii tho jinnitfi,! mwlinK of the IpfiiMJUii I'ctrolf.'urri Comptinv. Mr. OhriHtophrsr Carler, <'.)u>.inn;in of (ui'fM'MirH, \vh>; hail iiiKi rcliirncl from Imiu'l'uhl [j.fl/cr :i KurrcuHful million resultiiMC in tins illi'i'-Jf 4 *'! of Hie cimpfiny'n lntoronU lu Lli<i /IriLiwli firnnlro Ollfk'ld« ('ornliHiiy, two nn fuwoitnl of ( irrj wjjotl.'Uionß af. konu'.. In th<j oriclnnl nxrvetncnl the price w.'ih lix'.f) n<< J.HO.IW, v/ilh J.UO.OiO jo»;»l if oil •,ven> rtnick in No. !>, Vvonh ,'irnui/:cmcn(..s tod the prino at .CK'S.IOO, irjT.4f>i w, tivo of wheUa-r oil wore «fcmck or not at No. b. 'J ho lotnl capital wms iJ'lOG.r'.fl, Iciivinjr a working capital of £7.00,000 aflcjr paying tho piirr:hn/'-c und flotation e\pcnni!B. Tnc new company pr»ys for all plant purchnwl afU-r Jun« 1, 1911. nli'o 1.1)0 nrcliminary co j l,r (if flotation .and it. p.iys« 4(1. per gallon for t'.ll oil In Htock, Tlio o!<( roivpany, hov.cvor, iakcß the OveuntiK'nl l)omj(j. Tho time lor the compl(!tinn of the pnrciinrc hnn b«cii cxt'.Tulotl to January 31. 1012. A i;fipulatlon v/r«H rnadc that present fchnroholfkTH, flo?iron» of Hhare.i in the now company, f-honltl linvo uiiderwritin'r privilci r es extended to them, which meant, a navinff of Xsol'o or XG- r OO. He reJorrcd at length to the proposal to erect a relincy to treat "the oil already won find bciittf won, and which the Ftated) wp<j of the finality in tho world. Me also touched on the enormoun potentialitie? of the Industry, lie lxallirnied hln conviction that they wore on the eve of important development. l ?, this heinK due to the introduction of Uritir.h caoitnl to develop the oil industry. Mr. (!. I. IJrown, chairman of the British Oil Trust, and the most nrominent oil man in Mritoin, had eu!o£i. c ed the plucK of the pioneers in i ti'.lun:r t-o the oil borinir at Jloturoa for jvany yearn in the face of many dllllculUw. Knclis hcapital was now turning its attention to the J>rilifih rolonic?, because it was rea!i?cd that, to live, the Empire must be prepared for wnr. and oil fuel was* an important in tho eouipmo.nt of modern Klups. This was in fact the a«e of oil. Active measures would be I a ken in respect to the property at once. Oeolopfrte wonld comc out early, and survey fit/:?, and they would a!so pet experienced drillers to d.riii <;iT hore? as test wells to a, depth of five thousand feet or more for experimental purposes. A suitable reflncry would be erected «t oncc to deal with the oil and th** by-products wee very valuable. The pro:'no*iJ:rs will be issued in January. Carter and OUey will .represent the London boar don the local directorate, anil two other directors arc to be appointed locally.

TBfAKU WOOL SALES. . (By Tclecraph-l J re=? Association.) Timaru, Deccraber 15. The second wool tale of the reason todav attended by ft record number of "bnyars for Timaru; 76C0 bales were offercil, a? compared with IO.CCfI at the second rales last vear. The wool was of better quality than at the Crst sale, and there was keen competition. Nearly every lot gold at prices satisfactory to vendorß. f Tho lmll; wns crossbred, suitable for the larkshire mills. Most of the best hp.lfbred was bought by colonial mills at lC;d. to llifl., the latter being the top price at the sale. Medium hah'hred made 9£d. to 103 d.; ferior, B?d.'to 9{d. As compared with the Chri't/chureh sale, prices were filiffhtly higher for like classes of wool. GIIAIX, AND PKODtJCE. i'Hy Telei;r-ph -Press Association.l Cftrlstchurch, Dceembor 15. Business in all departments of the and produce market ia exceptionally (jUict, nor is any movement likely to take plcee till alter the New Year. There is some wheat offering, but in view of the prosnicc of :i Rood eron this scawn millers are not die posed to add further to their stocks at present. There arc no oat 3 on the innrKct, and practically no demand for ehati. Beports of live stock. sales and' wool, slcin, and hide sales will be found on l'age'l3, and miniiij news on Pai'e " oi this issue.