COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1354, 3 February 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. There were sales (2) of Wellington Gos preference shares at Bs., and Golden Bay Cement at 245. The buying and Eellinr quotations w;re as under:— Buyers. Sellers. £ s. d. £ k. d. National lianlt — 5 15 6 Bank N.S. Wales 45 12 6 - Well. Investment 0 11 3 _ Well. Trust and Doan ... 7 10 0 — Well. Gas (pref 7s. Cd.)... — 0 8 3 Meat Export (525. 6d.) ... 2 15 0 — N.Z. Shipping — 15 0 0 Union Steam — 2 0 0 Taupiri Coal 110 12 0 Wcstport Coal — 17 3 Taringamutu Tntara 2 4 6 2 6 0 C. Jl. Hanks, Ltd — 10 0 Donaghy Hope and Twine — 12 6 Golden Bay Cement 13 6 — Manning and Co — 4 12 0 N. 7.. Con. Dental — 12 6 N.Z. I'aper Mills 10 3 — Sharlaiul'.- preference — 14 6 Ward and Co 5 3 6 5 6 0 ENGMSII AND AMERICAN BANKS. A comparison lias recently been made, in the columns of the "Boston News Bureau," b2tv,een the magnitude of Eng. li?h joint stock banks and that of tlio leading national banks in the United St.itos. A table is presented, showing the capital <uid deposits of the chief instltutioJifi in tla two countries, from which

it can bs seen that five of the London joint stock concerns have deposits ranging from £51,C00,C00 to £81,CCO,COO, against £50,000,000 deposited with the National City Hank of New York. The latter is by far the largest hank in America of its kind, its paid-up capital being £5,020,000, or nearly £1.0 M,OOO larger than that of Lloyd's lianlt, which heads ths list of London joint, stock concerns. The relatively greater Fcale of the operations of the principal English banking institutions is, however, striking, and a natural comment upon the circumstance is that the fact is probably larger due to the branch banking system in vogue throughout fireat Britain, whereby the London banks have numerous branches at the centre and throughout the provinces. In the United States the hanking laws allow 110 such privilege to the national banks, and the American people seem absolutely opposed to the adoption of the system of branch establishments. While it is admitted that monetary panics would be of much rarer occurrence in the United States if branch banks existed in conjunction with organisation amongst the various institutions for helping racli other wherever there was pressure, there is another contingency regarded as even more to bo feared than a financial crisis. That is the concentration of too muck power in the hands of one inan, or even group of inen, in case stability slionld be secured only at tlio risk of tyranny.

EMPLOYEES' LIABILITY. Employers' liability insurance does not seem to hare teen established on a sound footing as yet, judging from the results disclosed in the reports of some of the English institutions engaged in that class of business. There is, of course, a number of carefully 'guided profit-making offices, but unfortunately, there are many others whose losses make up a very considerable aggregate. Not a few of the latter have gone so fast and so far that tliey are practically unable to stop, because any decrease of speed would be likely to precipitate a crisis in their affairs. It is declared that during the last few years a premium on mismanagement has been oirered by the practical certainly that any "going" business would he taken over on ridiculous terms; but the tide lias turned, and in future "wrecks" will be purchased as such. Last year the tariff oOices in Great Hritain, as a group lost .£94,C00, equal to 4.77 per cent, of their en'.ire premium, whilst the nontariff institutions lost £147,000, or 25.81 per cent. Taking all tile offices together, the total premiums, which represented £2,557.000, had to meet claims and expenses amounting to £2,739,000, so that there-was thus a trading loss of £212,000 011 the year's transactions. This fact notwithstanding, it is no unusual thing to hear complaints on the score of "unduly high" premiums.

PALMERSTOX SKIN SALE. Mesirs. Abraham and Williams, Ltd., report:—We hold our usual sale on Friday, when, owing to it being within three weeks of tho last tale, only a small catalogue was offered; bidding was spirited, and pood prices were realised. 'We quote: WoolCrossbred fine, 83d.; crossbred medium, 6d. to BJd.; lambs, 6id. to 9d.; lanibs and crossbrcd, 6Jd. to Vsd.j dead w001,'65(1.' to 72d.; black wool, s : |d. to 7id.; dead'and pieces, 5Jd.; locks and pieces, 35d. to yd.; bellies'and pieces, 6sd. to 6id.; crntchings, 4d.; lambs and picccs, 6jd. Skins: Crossbred fine, 7d. to 7Jd.; crossbred medium, 6d. to 63d.; crossbred inferior, 43d.; lambs, 5.) d. to 6Jd.; hoggets, 5(!.; dead and damaged, 41(1. to black, 4Jd. to 5d.; quarter-wools, 5Jd.; lambs, at per piece, 5d., to 2s. Sid.: wools, at ]#cr picce, 2s. lOd.; salted skins, crossbred line, 2s. 5d.; crossbrcd, 4s. 6d. sack; lambs, 10d.; quar-ter-wools, 3s. Id.; black, lid.; pelts. Is. 7d., 2s. Id., 2s. 4(1.. 2s. 5d.. to 2s. lOd. Hides: Ox, msdium weight, 7d.,7id.; cows, medium, 6 3-Bd. to 7d.; cows, light, 63d. to 63d.; cows, cut. Gsd.; heifers and stocrg, s*d. to 63d.; calfskins, sound, 9d. to lid.; cut and slippy, sd. to Gld.; yearlings, 7Sd. to 75d.; cut. Cd. Sundries: Tallow, casks, £25 ss. per ton; tallow, tins, £23 15s. per ton; rough fat, £18 15s. per ton. Customs duty collected at the port of Wellington yesterday amounted to £2002 4s. sd. THE MOTUKOA BORES, (By Telegraph--Press Association.! Nelv Plymouth, February 2. Mr. J. D. Henry, British oil expert, has completed his second series of investigations in the Taranaki district, and last night left New Plymouth for Auckland en route to London. Before leaving lis told a "News" reporter that the prospects at the field were distinctly encouraging, and hs hoped that, before leaving Australia, oil would be struck in No. 5 bore. CANTERBURY GRAIN MARKET. (By Teleeraph—Press Association.) Cilrlstcluirch, February 2. There is a good inquiry for all kinds of grain, and supplies are still very short of requirements.' Good progress is being made with the harvest, but very little threshing has yet been dono; there is very littb wheat offering, and holders of last season's grain are still asking prices beyond buyers' limits of value; the more settled weather has eased the inquiry somewhat for old wheat. There is a good demand for oats, and inquiries are coming to hand for forward delivery. There is, however, not a' great deal done in this way at present, os marchants are awaiting till it is seen how the harvest will- x turn out; there is a good demand for immediate consumption, and the prices ruling are those paid for grain for this purpose. Duns ars commanding the highest figure for immediate use for feed, Algerians being a little easier, and though 2s. lias been paid for Cartons buyers are not inclined to give more than Is. lid. at i country stations.- There is, however, little difference being mado in Ul3 prices for the different varieties, Algerians being quoted according to quality at Is. 9d. to Is. lid.; Duns, Is. 9d. to 25.; and Gartons, Is. lOd. to la. lid. at country stations. A few lines of barley, continue to change hands at 4s. to 4s. 6d„ but the sample must be specially prime to command the higher figure. On the whole the barley is coining in In better condition than was expected, considering the season.

LONDON MARKETS. Messrs. Dalgcty and Company, Limited, Wellington, have received the , following cablegram from their London house, dated February I:—Frozen meat: Position is unchanged since our last cablegram. Sheepskins": Sales continue firm. As compared with closing rates of last series, coarse crossbred combing shins are Jd. higher. Other descriptions, prices are unchanged. Messrs. Murray, Eoberts, and Co., Ltd., have received the following cablegram, dated February 1, from their London friends, Messrs: Sanderson. Murray, and Oo.:—"New Zealand sheepskins, coarse to medium, market has advanced id. per lb." The New Zealand Loan and Mercantile Agencv Company, Limited, have received' the following cablegram from their London house, under date February ItSheepskins: Coarse crossbred sheepskins are id. dearer; others are generally the same as laiSt. BANK OF ENGLAND RETURN'; By Telecraph—Press Association—Copyright (Rec. February 2, 9.10 p.m.) London, February 2. The Bank of England return issued for the week ended Wednesday, January 31, is as under;— Issue Depuitkeni Kole:ltsu«... f55.633.C00 Gov. debt ... £11,013,003 Other securl tio3 ... 7,434.a ,1 0 Gold 37.384.000 £55,833,000 £55.833,000 Banking rinpAp.Tirv.',"?. proprietors' Govt, securlcaiiilat £14,553.003 ties £15,370,000 Public de- Other eecutiposits ... 17.981,000 tics 33,615,008 Other us* posits ... 41.113.000 Notes _. 27,576,000 Rest, 7-day e.tul other bills 3,461.000 Coin ... ~ 550.000 £77,411.ax> £77,' 411,000 The leading itemß of tho Bank of England return aiford the following comparison:— This week Last week. Last your £ £ .£ Bullion 37,384,000 37.010,003 35.153.000 Reserve . ... 28,525,W0 28,cai.lXM 27,KM,<100 Note circulation 28,257.0*1 27.811,00J -27.701J.00 Public Deposits 17.054.1100 IfJ.Ga7.tXW 10,933.000 Other Deposits «.4KWX» SO,2IJ,ttXI -11,867.001) Proportion of reserve to liabilities ... 43.01 48.70 51.49 sovEimrENT sFcunmr.s. Tlio following aro the, latest nuotatiosi (or Government tecurities. with a coia* parison of thoso ruling last week:—

BANK RATES OP DISCOUNT. Tho Hank of England rate was. oti D<s comber I, 1910, lowered from 5 to 4i per cent.; on January . 27 it was lowered to 4 per cent., on February 16 to 3J per cent., and on March 9 to 3 per cent. Oil September 21 it was advanced to 4 per cent. The Hank of Prance rate was reduced from 3J to 3 per cent on January 23. ISOB, and continued at the latter flgura until September 21. 1911, when it was raised to 3J per cent-. The Imperial Dank of Germany reduced its rate from 5 to per cent, on February 6, aud on February 19 the rate was further reduced to 4 per cent. On September 19 the rate was raised to 5 per cent. MARKET RATES OF DISCOUNT. The following arc the market rates for best three months' bills:— London Paris Berlin rate. rate. rate, percent, percent, percent. This week 3& 3J 3& Last week 3 11-16 3 3ft Last y.?ar 27-16 23 33 Short loans are quoted at 33 per cent., as compared with 33 per cent, last week, and 31 per cent, last ysar. COLONIAL OTHER PRODUCE. \Ylicat.— I The markets are quiet. Argentine shippers are offering more freely. Au Australian cargo sold at 375. 3d., and the same figure is asked for New South Wales per steamer, January shipment, and Victorian and South Australian per sailer, .January _ shipment; 365. and 365. 3d. has bean paid for parcels January-February shipment. There is a fair demand for Australian, on spot, at 38s. 9d.; New Zealand longberry at 375. 9d., ehortberry 375. 3d. Flour is dull and unchanged. Oats are firm. Sellers arc asking 235. 6d. for Cartons, April-May shipment, which is 2s. abovs buyers' ideas of value. La Plata, January-February shipment, 16a. 9d. Peas are in large Bupply. Naples, 38s. to 40s. Beans are firm and scarce. New Zealand, 375. to 3Ss. Butter is steady with a fair demand. Although the week's arrivals of colonial exceed 100,000 boxes buyers are still backward. The quality of many of the Australian lots has been affected hy heat. Cheese is quiet. New Zealand, 71s. to 735. Sugar.—German beet, 80 per cent, net titro, 2d. lower, at 155.; first mark granulated, f.o.b. Hamburg, od. higher, at 17s. 9d. per cwt. Bradford Tops.— I The market is unchanged, but there is an easier tendency. THE METAL MARKETS. Pig-iron, 3d. higher, at 495. 3d. per ton. Spelter, 10s. lower, at £26 per ton. Silver.—Bar silver is Quoted at 262 d. per ounce standard. SHEEPSKINS. By Telearraph—Press Association—Copyright London, February 2. At, the sales 7800 bales were offered, and practically all sold. Coarse crossbreds were a farthing dearer, but all other sorts' were unchanged.

Variations compared Pricii with last week. ' £ s. d. 22% Imperial Consols 77 10 0 2a.«ij. higher 4 N.S. W.lQ&JJan.-July lGo 1U 0 Unchanged 34 "X.S.'NY.WlSMar.-Sei). CU 10 0 10s. higher 3 " N.S.W. 1LW3 Apl.-Oot. S7 U 0 Unchati(,*od 4 Vic. lflAJJau. -July 101 10 0 Unchanged 3i ' Vic. lDJl-'i Jiui.-July IW 10 0 Unchanged 3 " Vic. IteSMOJan.- -July 84 10 0 UnchangcJ 3\ ti.A. 19H> Jan. -July I 07 0 0 Unchanged 3 , S.A. liHti Jan.-July | 85 0 0 Unchantfo.i •1 QTdW13-'2J.Ian.-Jiilyi 10*2 0 0| Un; banned "yrdl ( .Ui-30Jan.-.Iulyj 5u 10 0 J Unchanged 3 „QTd Kl 10 0; Unchanged •I N.Z. 1021) May-Nov. 101 2 li 'lTs.iid. lower 3i „N.J4. 1!M0 Jan. -July i 07 10 o| Unchanged 3 N.Z. lt'4'' April-Oct. j b7 10 0 Unchanged 3* IS 10 0 | Unchanged 3 ' b 7 0 0 I U chamjcd »ii „Xah, IMOJan.-July I W 0 Oi UnohnRcd 8 M Tm.iaM4Q P 0 1 Unolian^ed