COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1374, 27 February 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SIIAEES. Yesterday South British Insurance shares changed hands at £3 145., and thero were two soles of Golden Bay Cement at 245. 6d. The buying aud soiling quotations were as under:— Buyers. Sellers. £ s. d. £ s. d. National Banks 5 14 6 — . Bank of New Zealand ...10 17 6 — Ohristchurch Gas — 9 5 0 Napier Gas (£5) — 12 2 6 Well. Gas (prof. Bs.) 0 8 0 0 8 6 S.B. Insurance 3 13 6 — Union Steam 1 19 3 2 0 0 Kaiapoi Woollen 510 0 — Mosgiel Woollen — 3 10 0 Well. Woollen (ord.) — 3 15 0 Hikurangi Coal — 10 0 Taringamutu Totara 2 5 6 2 8 0 C. M. Banks, Ltd - 10 0 Crown Brewery — 2 10 D.I.C. preference 13 0 — Gulden Bay Cement 14 3 14 6 .N.Z. Con. Dental — 12 0 Ward and Co — 5 4 0

CLEANING SHIPS WITHOUT DOCKING. A Uobart inventor has invented a machine' which will clean a vessel while she is at the wharf loading or unloading without any loss of time and ot a trifling cost. Two or three men can handle and operate the contrivance, which consists of a hard-wire brush about a foot in dia. meter, and from 4ft. to 6ft. in length. Attached to the framework holding the brush is a watertight compartment containing an electric motor, which drives the brush at a speed of 150 revolutions a minute. • So that the eleaner may bo jammed tight against the side of tho vessel, a propellor is fixed on the opposite side to the brush. Thus the work is done with almost clock-liko precision, and operations may be carried on from the ship being cleaned or from a boat Alongside. A company with a capital of £180,000 of £1 shares has been registered in Melbourne for the purpose of dealing with the world's patent rights. , Tho world's shipping totals about 45 million lons, of which Great Britain accounts for 'something like 20 million tons. Warships are also fairly plentiful nowadays, and for these alone it is considered by experts the machine will prove of fabulous value. Each ship could carry its own apparatus, and be clcaned whenever the commander felt so inclined, as the machine is quickly, cheaply, and easily operated. The inventor's idea is apparently not so much to clean dirty boats as to keep clean boats clean. It is thoughtthat, tho saving thus obtained on the world's shipping in docking, speed, and fuel will run into millions of pounds per annum. It is enacted by law that every ship in tlie merchant marine must be docked at yearly intervals. Such vessels as the Mauretania-, however, are docked for cleaning every three months, at a cost of £10C0 per docking. The invention would save three of these dockings, or £3000.

DEARER MONEY. iloncy is becoming dearer in the Commonwealth, ond the "Sydney Morning Herald," in discussing the subject, makes some remarks which apply equally to New Zealand. The paper says:— (1) Bankers in concert, or through being influenced by a common cause, may figuratively close up their breeches' pockets, and though they have the money to lend, may not lend it. Or (2) Bankers may not be prepared to lend more because they have already pretty well reached the limit of their resources. To-day both these influences arc at work. Bankers are not too ready to lend because they think it undesirable to encourage speculation at the expense of legitimate enterprise. Their experienced eyes see danger signals ahead, and they know that to disregard these is foolhardy, and may be disastrous. They feel that the people of Australia are becoming unduly extravagant, and that the community as a whole is tending to live beyond its means. How do they know this? First of all they have the evidence of their own sense 3. They see extravagance all around them. Then. they have the evidence of their customers' accounts, which to the practised eye tell volumes. Thirdly, and to confirm tile rest, they look to the national statistics. They find that though the Commonwealth's exports of produce, excluding gold, decreased by ty millions sterling last, year, imports of merchandise increased by £6,186,848. This they feel is a move in the wrong direction. They realise, of course, that the' very prosperity we aro enjoying to some extent accounts for this expansion. The people are prosperous, and being, so are more lavish than usual in their expenditure, which is automatically reflected in tho statistics of imports. The farmer comes to town once in a couple of years, and having money to burn, he indulges in champagne instead of plain beer, and his wife gets the increased luxury of a silk dress and a diamond ring. Others in similar circumstances buy a motor car, while the wealthy squat-tor. who used to live most of liis time at his homestead pondering over bis mortgages and the wool market, with an occasional visit to town during the sheep sales, now permanently runs a town house with several cars in the metropolis, and in the country, while he has almost forgotten that there are such things as mortgages ill existence, and he is no longer affrighted by tho cold eye of liis unemotional banker. A little launching out when times arc good is a natural good thing. It adds a zest to life. The hard-working pioneer as he (liiairs his champagne feels that it has not all been in vain. But there is a limit. The line must be drawn between a little legitimate expansion and a reckless extravagance. What we nre inclined to do as a community is to pcriiuade ourselves that these good times arc going to last for ever. In our inmost hearts' wo know that it is a lie. but we are loth to let the truth prevail. Our national and individual incomes are above the average. If we spend right up to the limit, then wo are mortgaging the future. This is what bankers feel, and so they aro doing a public duty in putting on the brake. ilut bankers are moved by another consideration. They ore going more slowly because they have to. The demands upon their resources have of late been very great, aud there is a limit. Hankers have no secret fund, out of which their advances are made, 'l'hey have neither an

Aladdin's lamp nor a Fortunatus' purse. Their fund consists of tlie moneys of their depositors. In this State (luring the last year fixed deposits increased liy nearly 3 millions sterling, whereas advances expanded during the same period by over 6 millions. The pace could not lie kept up. It was too rapid. Tho law of supply and demand must prevail. Hence, the present stringency. A short period of relative tightness in the money market will probably be a good thing for the eommnnitv. It will have a steadying influence which should he salutary. Ilut investors will not like that depression in prices of securities that dearer money inevitably entails.

PBOI'EKTY SALES. James Macintosh and Co. report the sale of 1250 ocrcs on Account of ■Messrs ICunimer Bros.; also, in conjunction with Messrs. C. C. Koss and Co., tlie Langridge run, of 33,000 acres and stock on account of Mr. Geo. Shipley; 6500 acrcs and =tock on account of Mr. Moreland: 7200 acres freehold, and 25,000 acres leasehold, with stock, on accouut of Ml*. E. L. Holmwood.

Customs duties collected at the port of Wellington yesterday amounted to £7499 lis. 3d.

HIGH COMMISSIONER'S CABLE. j The Department of Agriculture has re- i ccived the following cablegram from the I'isrh Commissioner for New Zealand, dated London. February 24. (Quotations, unless otherwise specified, are average market prices on spot):— Mutton.—The market is riuict, prices sliHitly weaker. A fair demand continues Output is satisfactory. North Island, 33d. to 4Jd. per lb. (according to quality). . ' . Lamb—The market is dull, owing to o poor demand. Have sufficient supplies to last for present requirements. Canterburv. sii. per lb. North Island are freely offered at an overage of for Host duality: 43d. for secondary. Australian, 4'M.: iiiver Plate. 4Jd. per lb. "Beef—The market is ouict, small business doing. Chilled hinds, 4»d.; fores, 3d. P< Biittor.-The market is quiet, but firm. A feeling of apprehension prevails, however, on account of the strike that if threatening the coal trade. The average price for the woek for choicest ><cw Zealand. per cwt., is 132?.; Australian, 285.; Danish, 1385.; Siberian, 1295.; Argentine, 1275. " ciin e =e.— l The market is quiet, but steady. Prices are firm and unchanged. Now Zealand white 725., coloured 71s. 6d. per cwt. Ilemp—The market is quiet-, hut steady; very -few offers from the Dominion. Prices are more or less normal, at about quotations already given. New Zealand, good fair grade, spot, per ton, £21 35.; fair grade' -£20 ss. Forward shipment:—New Zealand, good fair, per ton, £21 10s ; fair grade £20 10s. Fair current Manila, snot, per ton, £21 15s. Forward shipment Fair current Manila, per ton, £21 10s. The output from Manila for the week was 32.000 Cocksfoot—Tho market is firm, but little doing. DaniFli is quoted at 775. per cwt., ex warehouse. Buyers are holding back until they know/what tho prospects of the cron are on the Continent. Wool-There is a better demand for merinos and coarse crossbreds at the last rate quoted.

FROZEN MEAT QUOTATIONS. Bj Tclezraph—Press A; iriatimi—Coovright London, February 25. Th° Frozen Meat Trade Association's Smithfiold market quotations for the undermentioned classes ol frozen meat are based on actual sales of not Ices than one hundred carcasses of mutton or lamb, or twenty-five quarters of beef of fair average quality. The quotations are not selected lines, but for parcels fairly represents tive of the bulk of the shipments now on the market. The prices which follow aro on an average a farthing per lb. more than the value el ship, this difference representing an average ccst in expenses, handling, conveyance, and soiling the mCat: ~ _ Feb. 17. Feb. 24. Mutton— d. d. Canterbury, light — ~ 'Canterbury, medium — — Canterbury, heavy — — Southland — — IN'orth Island, best 4 3-16 North Island, ordinary... 41-16 315-16 Australian, light 33 33 Australian, heavy 3 5-16 6 5-16 liiver Plate, light 33 p Kiver Plats, heavy 3J 38 New Zealand ewes 3 5-16 31 Australian ewes 3 3 Biver Plate, ewes 3J 3j LambCanterbury, light — — • Canterbury, mediant. ->■>■ .-«r-s!f:i Canterbury, heavy-..'.,,.-.:. — — Southland 5j 6J North Island, silccted ... 53 5S North Island, ordinary... 5.1 5 3-16 Australian, best, 4| 45 Australian, fair 'H ■ Australian, inferior 4J 4j Biver Plate, first 4i 4?) liiver Plate, Eecond 4 4J Beef— , •New Zealand, or fores .... — — New Zealand, ox hinds — — Australian, ox fores 3 3 Australian, ox hinds 3 11-16 311-16 Biver Plate, ox fores ... 3 2? Biver Plate, ox hinds 33 33 Biver Plate, chilled fores 3J 3 liiver Plate, chilled hinds 4J 4J Babbits—The market has further collapsed, ond there is little business doing. Best Sydncys, 15s. WHEAT AND FLOUB. By Telegraph—Press Association—Copyright London, February 25. The wheat and flour afloat for tho United Kingdom totals 3.260.000 quarters; for the Continent, 1,200,000 quarters; Atlantic shipments, 103,000; Pacific shipments, 16,000. The total shipments to Europe during the week amounted to 1,065,000 quarters, including 285,000 from tho Argentine, 150, OCO from Russia., 160;000 Daiiubian, 113,000 from India, and 164,000 from Australasia.