COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 13, 23 December 1911, Page 10

COMMERCIAL ITEMS.

BUTTER SHIPMENTS. Imports of butter into the United Kingdom during October amounted to 301 '96 cwt., against 292,628ewt. for October, 1910, larger quantities being received from Itussia and North America, but smaller quantities from France and Australasia Total imports into the United Kingdom for tho ! ten months ended October 31 uomparc as 1 follow:— i ' • 1910. 1911. ' From- • Cwt. Cwt. v £ toI Vv , - I9S - 925 315,576 | ■ al cs 177.293 243,023 ! Queensland 97.602 147.810 i New Zealand 279,389 228,794 ! 750,209 1 Denmark 1,432.470 1 ?79 Kus«ia 541,252 '. 1 ;89'222 Sweden 283,838 307,931 N'etherlands 138.62S 93.513 France 315.577 150.673 Argentina- 42,057 7 747 United States 651 . 21.854 Canada 16,699 57,640 Other countries 62.102 49.076 Total 3,583,481 3,679,193 TEMPEKANCF, AND GENERAL. At the annual meeting of the Temperance and General Mutual Life Assurance Society in Melbourne on December 15, the chairman stated that tho policies in r orcc numbered 170.CG0, and the sums assured over -£6,500,000. The profit for the year was £52,000. It was resolved to increase all bonuses on ordinary policies, and distribute a reversionary bonus on all participating industrial policies over 10 years old. This distribution of profits, it* was stated, marked a new era in industrial insurance in Australia. The .society has hitherto, divided the profits quinquenmally but now proposes to make annual valuations. r LAND TAX TROUBLES. The. annual report of the British Commissioners of Inland Revenue just issued exposed the failure of the new English land taxes with a completeness thai their greatest opponents could scarcely have hoped for. The Budget struggle is too fresh in the public mind to need much revival. It will be remembered that the valuation of land was such a trifle in the eyes of the Chancellor of the Exchequer the labour . was hardly worth considering, and the cost could easily be undertaken by the State without charge to the landowners. But his ideas underwent a chance long before the Budget had dragged its slow length through the House of Commons. People who had a practical knowledge of such work knew that the valuation must be a task that would eat up aJI the returns for many years t.o come, if it would ever be worth the outlay. The result so far is a revelation. Although a staff-con-sisting of one chief valuer, one deputychief valuer, 13 superintending valuers, 74 first-class valuers, 107 sccond-class valuers, and 1500 temporary valuer* and assistants have been at work, only 369,000 provisional valuations have been made out of a total of eleven millions! The officials have no room for complaint, for, should the Act stand, cveu the temporary one* would seem to be assured of comfortable situations for the remainder of their lives. "The valuation of undeveloped bnd," says the report, "ha 6 proved a troublesome matter, involving in many cases a. considerable amount of negotiation with the owner. Moreover, the numerous exemptions granted by the !. Act render it difficult for the valuer to .determine whether the land is pvoperly i chargeable to the duty or not." The tax | has returned to tho Treasury the sum of £1162 —almost sufficient to pay one of the ofllciuls' salaries. Only 559 accounts have been e.ent in, but the Commissioners propose to make investigations into the reasons for this laxity. The increment duty the saddsst i confessiou of all. The amount is so trilling that the Commissioners are ashamed to quote the figures. Only about 10, COO persons in England possess incomes exceeding £5000 a year, and their average works Out at about £12,500. All this labour and outlay, it is to be remembered, is incurred in Great Britain alone. Ireland is being separately treated. THE SUGAR POSITION. Messrs. C. Czamikow, writing on sugar under November 2, state that the Brussels delegates have accepted in principle the Russian proposal to increase her export .contingent exceptionally this season, provided a satisfactory treaty can be made to continue the Convention on the old basis during u further number of years. Whether Russia agrees will be seen on • December 8, when the nest sitting of the delegates will take place. The market ought to have been depressed on the acceptance in principle, just as it ought to liave been firm on the factory estimatci?, and in both instances it went, by rule of contrary, and May moved from 16s. to 17s. sd. to 17s. 12d. Operators were probably prepared for the delegates' action, and e> meantime the factory reports continue bad, the market improved, though eousumcrs are abstaining altogether. Imports into United Kingdom during four weeks are 55C0 fold purchased, against 39,000 tons beet, with o:>,OGQ. 20,000 tons, raw canc, to which has to be added

refined cane. of which no particulars arc given. In we shall have a- repetition of this as will be by the list of .lavas afloat, of which 39,CCD ton.-- will be removed next week with monthly figure, 11.COO almost arrived in United States and eight more r-teamers are sold to America, but further sales have lately )>ecn impossible, a.-: refiners sold cheaper to earh oilier. A kooil quantity of Indian reshiynnents are li!:ewh.e expertod in United Kingdom, but, on tho other hand, the reports of European rrons ore Mich that in Holieuiiaeertainly the factory intimate is exported to he lowered, and the same may have to be done in some other districts.' Anyhow, one German factory i» raid to hrivn jinis-hrd work, producing 4Kb against 31C0 tons, Another 900. against 6250 toil.-, and yet another 1500, against 5150 tons. Those rue. of course, exccptionnlly bad. lint instead of telling, it seems that Austria four principal source of supplies this reason) has sent nothing but buying orders. We have had bad years where the total extent, of shortage was not known in October, but that wan generally in connection with bad autumn weather. Thin year even the fabrieant may not have been sufficiently despondent, and. add Messrs. Cjxirnikow, "if we should have to reduce instead of increasing tlie factory figure*, our European table of October 19 would look worse for consumers." ARGENTINE WHEAT. Th 2 importance of Argentina as a source of supply for importing c/yuntrie? during the first few months of the year when that country has been favoured with a good crop, is shown in the following tabular statement, prepared by "]»?crbohm":~ Argentine Exports to Europe during January to April, for the past live years (iu quarters). 1911. 1910. 1909. January 750,C00 426,000 1.129.CC0 February 1,242,C00 1,417.000 2,874,C00 March 1 .*67,000 1,003,000 2.e07,0C0 April" 1,689,CC0 1,115,C00 1,173X0") Total .... 5,148,000 3,961,000 7,932,0C0 1508. 1907. January 1,335,C00 660.CG0 February 3.102,000 1,774,C00 March 3.870,C0D 2.025,CC0 April 1.739,000 2.M1.M0 Total 10.102.c00 6,490,C00 Tho yields during the past live yean? were as follow:—17,500,000 ouarters in 191011, 16,500,000 quarters in "1909-10, 20,150,000 quarters iu ISCS-S, 24.500,000 euarter.-- In 1907-03, and 19,100,000 quarters'. in 1906-07. "This year's crop, with favourable weather conditions • in November and December (write* the same authority) in expected to. exceed that of ISO 7 by 2,000,1X0 to 3,000,000 quarters; in th.i four months January to April, following the previous record rxop of 1907-8. the weekly exports overused about 576,000 quarter?, whilst in the same period of 1910, following tba small crop of 1909-10, the average was only 230,000 quarters. It will be seen .by the above figures how important the Argentine shipments arc at a period when the cx- ! ports from most other countries are on a i reduced scab, and this will in nil pro--1 liability be more than usually the case this season, when the total exports so far have been only about equal to ths current requirements. Stocks have only increased to a small extent, t-;o that importing countries will h* more in need of larpe supplies from the Argentine than during the past two years, when the enormous exports from Russia had euabled good reserves to be formed for the winter months. Customs duty collected at the port of Wellingtou yesterday amounted to £1776 3s. Id. BANK OF ENGLAND RETURN. By Telegraph—Press Association-Copyrigbi (Rec.- December 22, S.-A5 p.m.) London, December 2i The Bank of England return issued for the week ended "Wednesday, December 20, is as under:— IGSUT: DEP\r.Tjf;;s*r N«te Ifisu«». £>1,615,009 Gov. debt ... £11,01-1,030 Other securi tioj ... 7.414.000 Goli 31.1C6.0C0 X51.6i5.003 £51,615,W0 Banking DEPAimir.MT. Proprietors' Govt, securicapital £14,553.003 ties.,. ... *15,271,003 Fublic do- Other sceuriposits ...15,217,00) ties..,, .... .35,219,000 Other doposits ... .i0.9i0.0M Notes ... 22,359,000 Rest, 7-day and other bills... ... 17,617.000 Coin 945.C03 £73,701,03) £73,701,000" • lite leading items of the Bank of Englaud return afford the followiug comparison This waek Last wooU.. Last year ££ . £ Bullion ... 33.196,000 34.999.003 31,527.000 Reserve ... ... 23,304,00:1 2-i.670.1XK) Note circulation 2f1.286.r03 'JS.CCtI.UOJ -28.6H.a>l Public Deposits 15,207.000 H.-IfeIUXX) *6,872,0<X> Other Deposits 40.940.00J 37,.;5ii,1XX) 35.232/XK) Proportion of reserve to liabilities ... 41.56 49.40 46.35. GOVERNMENT HFCUIitTIES. The following are the litest quotation* for Government securities, with a com- . parisou of thoso ruling last week:— . | Variations _ | compared" Trica. with _J taut wcok. £ s. d. I 2*% Imperial Consols '770 Oj cs. lower 4 U .1933Jaa.-Jtilyj 105 0. 0; Unchanged ~N.S.\V,I'JIS Mar.-Sojv PS 10' 0 Unchanged 3 , Apl.-Oct. 67 0 0 'l7s.Gd higher 4 „ Vie. 1023 Jan.-July ; 101 0 Ot Unchanged 3j „ Vic. 1921-0 Jan.-July 1 Oti »0 0; Unchanged 3 t( \ic.lWJ'4'JJaii.-July | 81 2 6 I Unchanged 3$ f .S,A. 1916 Jan.-July : 97 0 I) j Giklmuged 3 ~S.A. Ijlis Jan.-July i tO 10 0 ! Unchained 4 „QTdl9ls-2J Jau.-Jul3'- 101 10 0| Unchanged ai,.QTdloJt-30.Jau.-July CS 10 Oi Uuchanyud 3 ~QTd l'>2J-47Jan.-July| i*4 10 0 I Uucliansed 4 „N./j. 1923 Jlay-Nov. jTO. r > o 0! Unchanged ~N.Z. 10-10 Jau.-July U6 10 0 ; Unchanged 3 „N.Z. lt?4fi April-Oet. j t6 10 0 Unehantfsd 3i.. \V.A.1920-10 May-Nov' o! Unchanged y „.A.lOl.KiSMay-Xovj fcf» 0 Oi Unchitnged 3j „Tas. 3040 Jan.-July j t'6 10 0 Unchanged •j „Tas. 102J-1J Jaa.-Julyj bg 0 0 [ Unchanged BANK ItATKS OF DISCOUNT. ' The llauk of England rate was, ofi DeI eember 1, 1910, lowered from 5 to 4£ per ! cent.; on January 27 it was lowered to 4 j per cent., on February 16 to per cent., i and oil March 9 to 5 per cent. On September 21 it was advanced to 4 per cent. | The Bank of. France rate was reduced ■ from Si to 3 per cent, on January 23. 1903. | and continued at the latter ligr.ro until September 21, 1911, when it was raised to 3J per cent. I The Imperial Bank of Germany reduced ! its rate from 5 to per cent, on February 6, and on February 19 the rate was further reduced to 4 per cent. On Sep tcinbcr 19 the rate was raised to 5 per cent. MARKET RATES OF DISCOUNT. The following are the market rates for best three months' bills:— I/ondon Paris Berlin rate. rate. raie. percent, perccul..percent. Tins week 31] Last week II 3i 5 Last year 2o <3 Short loans are quoted at 32 per <,->nt.. a? compared with 35 per cent, last week, and per cent, last year. COLONIAL ANI) OTHER PRODUCE. Wheat.—The markets are rjuist. Ilenorte of better weather in the Argentine induced more disposition to £t?lls 3w. 4td. is asked for Australian January-F?bruary shipment; 35«. 6d. for November shipment; and 35«?. 3d. has been paid for parcels for JanuaryFebruary shipment. There is little inquiry for Australian, on spot, at 375. 6d. Flour is quiet and unchanged. Oats arc firm.' La Plata, January shinmnni, is filing at 16s. lO^d. Beans are ilnn and utu'hn*i?ed. Butter.—The warm, damp weather and hea.vy arrivals of colonial butler have been slightly depressing tKa market; Danish, 1355. to 1365.; choicest Australian, to 126«.; secondary, 113s. to 12Cv.; choicest New Zealand, 128s. 130s. Unsulted is selling occasionally at lSie.. Cheese, is lirm. New Z»?aland. 69?. to 70«. Sugar.-Gcrman beet, 88 per cent, net titre. Is.' 6d. lower, at 14s. 6(1. per cwt.; ; first-mark, granulated, Is. sd. lower, at • 16s. 7d. ! Bradford Tops aps quiet, and prices are | unchaused. ! THE SIETAL IIAEKETS. Copper.—On spot, £63 2s. 6d. per ton; j three months', £64 per ton; electrolytic, ! £66 per ton. Tin.—On spot, £205 se. per ton; thTeo months', £193. Lead.~£ls 15s. per ton. Pig-iron.—sos. 7*d. per ton. Salter.—£26 15s. per ton. FROZEN MEAT AND TALLOW. Messrs. Dalgcty and Company,. Limited, have received the following cablegram from their London house, dated December 21:—"Frozen Meat: The market is quist, and prices unchanged. A better demand is expected after the holidays. Tallow: Since our last cabUgmm, priccs are unchanged." COMPANY REORGANISATION. By Tcliv-n;>h V^.icKiHoii-Copyright (Her. December 22, 8.55 p.m.) London, December 22. A meeting? of shareholders of the North British and Australasian Company Ins agreed to ihe reorganisation of the capital. J) REDO TNG. •Hy Tclesruuh A^nciatinol Dunedln, December 22. Dredging returns: •Koputai, «10»7.. 6dwt.; WaJkfliti, 360k. 12dwt.: Manuherikiu, 320z.; Myetcry Flat, 2202. odwt-