COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1384, 9 March 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. There were no transactions in investment shares yesterday. The buying and selling nuotatioiis were as under.—

TIIE MONEY MARKET. Tho tightness of money is beginning to be £clt throughout Now Zealand, and various reasons are assigned tov this. The position arises from the fact that the imports exceed the exports, that is, the country i 3 in debt and must economise to recover its position. The demand for money i 3 in cxcess of the supply, and as a consequence rates have advanced. The insurance companies are finding no difficulty in finding evcollcnt investment for all the available funds thev have at 6 per cent., while a year or two ago 5 per cent, was difficult to obtain. The banks will, of course, help their customers as far as tlicy nowlbly can. but as a rule they do not lend on real estate. From present indications, the position is likely to get worse before it becomes better.

to ttie neglect and the ineffectual character of the audit of the accounts by the . plaintiffs, and last July they gave notice that. proceedings would be instituted a»ain«t t.he auditors for the loss sustained by the companv. Tile directors suggested ' thai the auditors should resign their oiucc, . and had instructed a well-known ilrm of " chartered accountants to investigate the books. I'laintill's repudiated the suggestion, '• denied that they were under any liability . to the company, and refused to resign their 1 oilice. The defendants also refused to allow S the plaintiffs to liavo acres.; to the boohs, " and bv the present action the plaintifls asked for a declaration in accordance with . their claim, and moved for an order giv- 1 ing tl'em access to the books, and all in- j 1 formation to which, as auditors, they J claimed to be entitled. Objection liad L been taken to such relief being granted oil an interlocutory motion, but having re-o-a.rd to tile fact that the present was the time of vear when the accounts were prepared, a'nd that the ma.ttcr a race on a 1 point of law, lie thought that objection was untenable. The duties of auditors v.ere to appertain whether the statement's in the balance-ehoct were true and were rorrcct15* entered from the books, and also whether tliey showed a true view of the affairs of the company. But no one would sav that was the whole of t.he auditors' duty, 0.11 d t.he Court, of Appeal had said ( that th'\v were bound to ascertain whether ; the book's themselves showed the company's true position, and Rich investigations must range over vouchers, invoices and other things, constituting the matters out of which the entries originated. It was not , necessary lor him to consider whether the Act empowered the company to remove the : auditors from their position during the ' year of officc, as the auditors had declined ; to resign, and tho company liad taken no steps to removo them. The auditors were bound to exercise the statutory duties for 1 which they were appointed. In his opinion the charges of incompetency and negli- | pence formed no sufficient aiißwer to the claim mado to exorcise those duties. As to the objection that the audit would allow the plaintilTs to see entries and other matters which would help them In their defence to an action, that was matter which must come out on discovery. He must hold that the motion was well founded, a.nd that he ought to make a mandatory order In the terms of the motion. EXPORTS OF PRODUCE. The values of tho principal products exported last month aggregated £2,984,753, as compared with £2,346,744 for February, 1911. For the twelve months ended February, 1912, the total was £17,646,480, as against £20,128,096 for tho previous year. T'lo figures for the month are aa under:—

VTOOL SALE. (Br Telegraph—Press Association.) Dunidin, March !. The fourth and final wool sale of the season was held to-day, when 1622 bales were offered. Buyers were present from Home firms, but not from the Continent or America. Local mills and fcllmongerics were wsll represented, and secured a good proportion of tho offering. The catalogue comprised chiefly stragglers' wool, odd lots, and lots passed in at previous sales. Fleoces sold at about the same rates as at last sale, but pieces and locks were a little easier. GRAIN AND PRODUCE. Christchurch, March 8. The bulk of the wheat now offering is more or less out of condition, being very cold to the feel, and it will require a contiderable time in store to bring it round again. There is no change in prices, but only primo dry lines aro selling at 3s. 5(1. at country stations. The quantity of oats now on offer exceeds the demand, a.s no fresh business can be done with Australia at the prices now being offered from there. Tho market is consequently easier, and only very prime lines will make 2s„ at which price a lino of 4000 bushels of A Cartons lias changed hands. Tho quotations for B grade are now Is. 9d. to Is. 10d., and A grade, Is. lCd. n.nd Is. lid., .and up to 2s. for choice lines at country stations, according to dlsi ta.nce. ■ There is'no change in the barley market, prices ranging from 4s. to 4s. Gd. for medium malting quality, ami up to sa. for prime imweathcred samples. The ryegrass market, is somewhat Armor, without change in priccc. ; For Peninsula-grown cocksfoot, 4d. to 43d. 13 being paid. Thorc is a fairly large quantity of 6eed offering, but much of it i is light, and not as clean a.s usual, on ac- . count of t.he rank growth' of other vege- , tution along with the cocksfoot. Early varieties of new notatoe3 fire eell- • ing at £2 103. to £2 12s. 6d. at country stations. For onions, £5 is being paid, i Oatsheaf chaff remains at 5Cs. per ton at - country stations. ' Customs duties collected at the port of ! Wellington yesterday amounted to £3366 . 19s. 4d. ' LONDON MARKETS. ' Messrs. Dalgety and Company, Ltd., Wei- • lington, have received the following cable- ' gram from their London office, under date • March 7:—Frozen meat: Since our eable--1 gram of last week, position is unchanged. • Tallow: Finest qualities of beef aaid mutton : are unchanged. All other description!? are ; 3d. to 6d. per cwt. higher. liabbitskins: : Since our last wire, prices aTe id. to Id. per lb. higher. BANK OF ENGLAND RETURN. \ By 'fclecraph-Press Association-Copyright (Received March 8, 7.0! i p.m.) t London, March 8. ? Tho Bank of England return issued for the week ended Wednesday, March 6, is . as under:— 6 'ISSUE DEPAnrstF.MT 0 Kotolssua— £56,091.£ XX) Gov.flohfe ... £11,115,033 0 Other secm-i " tio.i 7,131,000 GoU 37.612,000 J £56.091,000 £56,031.000 J BIXKCSG DnpAntOT.-iT. 6 proprietors' Govt, securl--0 capital £14,533,000 ties £13.116,003 ' Public do- Other securiposits ... 83.668.003 ties 39.978,003 6 other tie--9 posits ... 12,453,000 Note! .. 27.335.000 0 Best, 7-day 0 and otlier : bills... ... 3.603.000 Coin - _. ],«7.003 6 £Sl,3!>--,003 ' £3i,3GD,0J0 0 0 The leading items of tho Bank of Eng- ' land return afford the following comparison:— This weo'c Last woa't. Last year £ £ £ Unlllon ... '''".612.003 33.7.M.030 37.-J-2-J.OOI e E,™"' umfiia so,-,:h.oo) -B.Mii.uM s Kote circulation i8.253.C00 27.081.00) 27.i46.0H3 l " Public Deposits 2!.G65.000 ai.571.Wl ai.WJ.OUO ,3 other Doposits 42.153.00J M.83U.0J3 3e,665.')00 ' 3 Proportion of •3 I'Pi.TVe to B liabilities ... 15.07 51.29 g GOVERNMENT SECURITIES, e The following are (he latest quotation! a (or Government securities, with a como parison of those ruling last week:-

DANK KATES OP DISCOUNT. t The Bank or England rate wan, on D-3- A comber 1, 1910, lowered from 5 to 41 por J tent • on January 27 it was lowered to 4 3 per cent., on February 16 to 31 per cent., j! and on March 9to 3 per cent. On Septem- 5 bcr 21 it waa advanced to 4 per cent., anil I on February 8 it was reduced to 31 vni •: The Bank of France rate waa reduced B from 31 to 3 per osnt. on January 23, 1908, • and continued at tho latter flguro until k September 21, 1911, when it waa raised to | 31 per cent. E The Imperial Bank of Germany rediiccd B its rate from 5 to 41 per cent, on Febru- K ary 6, and on February 19 the rate was P [urther reduced to 4 per cent. On Septain- {< ber 19. the rate was raised to 5 nor cent. MARKET HATES OF DISCOUNT. Tho following arc tho market rates for best three months' bills:— London Paris Berlin E rate. rate, rate, percent, percent, percent. This week 3 7-16 3 4J Last week 3S 23 41 Last yea,r 21 2J 3J Short loans aro quoted at 31 per cent., an compared with 31 -per cent, last week, and 3J per cent, last year. COLONIAL AND OTHER PEODUCE. Wheat is dull; buyers are awaiting developments. Cargoes are firmly held; 395.3d. is asked for South Australian off coast, 375. 9d. for February shipment, 375. 3d. for New South Wales loading, 37b. 3d, for Australian, February-March. 365. 3d. has been paid for a parcel of Australian, April-May shipment; 40s. for .Australian on spot, and 38s. 9d. for New Zealand. Flour meets with a quiet demand; Aubtralian, 265. 9d., ex store, and 255. 9d. for Kow Zealand. Oats are firm. La Plata, March-April, 17s. 3d. Beans and peas are quiet and unchanged. Butter is depressed, owing to the coal strike; retailers are nervous, and are Keeping their stocks at the lowest level. Dnnish, 1355. to 1385.; Australian, choicest, 1225. to 1245.; New Zealand, 1255. to 1275. The quality of many Australian lots ii; unsatisfactory. Cheeso is very firm, with a, strong consumptive demand owing to its cheapness as compared with meat. New Zealand is quoted at 755. to 745. per cwt. Sugar.—German beet. E8 per cent., net titre, 3d. lower at 15s. 4d. per cwt.; first mark, granulated, f.o.b. Hamburg, 7d. lower at 17s. Hd. Bradford Tope—The market is firm, and business is limited. THE METAL HARKETB. Copper, on spot,' 16s. 3d. higher at £H 16s. 3d. per ton: three months, 30s. 6d. hifeher, at, £65 Us. 9d.; electrolytic, 10s. higher at £67 10s. Tin. on epot, Ss. lower at £192 6s. per ton: three months, ss, lower at £188 10a. Lead, eoft foreign. Is. 3d. lower at £15 15s. PC l'lg-iro'n, le/ higher at 60s. 3d. per ton, Spelter, £26 ICe. Der ton. RABBITSKINB. Hi Telejraph—Press Association—Oopyrtirhi London, March 7. At the rabbit-skin 6ales, 2579 balee were catalogued. There was a strong demand. Australian fair to good was a. halfpenny dearer, and common and inferior a. penny, and occaeionally twopence dearer. New Zealand, fair to good, averaged a halfpenny dearer, and lower sorts a penny to three-halfpence dearer. Furrier descriptions were irregular at a penny to twopence dearer.

tJUUlilWWIO IKil, «»»'•' • Buyers. Seller?. £ s. d. £ s. d. National Bank 5 16 0 Bank New Zealand 10 18 0 11 2 6 OhriFtrhurch Gas — 9 5 0 Well. Gas (£10) 13 0 0 18 10 0 Well. Gas (third issue) ... — t 12 10 0 Veil. Gas (prof.) , 0 8 0 - Meat JCxpovt (£5) 6 2 6 — Meat Export f£4) — 5 0 0 Meat Export (52s. 6d.) 2 17 6 . 2 19 0 S.Z. Shipping — 15 0 0 Well. Steam Ferry 0 12 6 0 15 0 Kuiapoi Woollen — 5 12 6 Well. Woollen (pref.) 2 17 6 2 19 0 Woslport Coal 1 .7 0 17 3 Tarinjramutu Tolara 2 6 6 — Uonaghy Hope and Twine — 12 6 Golden Bay Cement 14 3 14 9 Manning; and Co — 4 11 0 N.Z. Cjii. Dental - 12 0 N.Z. Drupr 2 10 0 — fiharland's ordinary — 14 6 fiharland's preference — 14 6 Ward and Co — 5 4 0 W.F.C.A. (£5) — 7 5 0 W.F.C.A. (£1) - 18 6

1912. • 1911. £ - £ Butter 366,066 308,423 Cheese 258,649 152,171 Heef 29,873 3',810 "Mutton, carcasses ... 235,953 109,001 Mutton, lejs, eto. ... 9,316 4,616 Lamb 210,382 224.455 Wheat 58 8,951 0at6 7,975 966 Potatoes 530 417 Hemp 29.228 30,161 Habbits — 1.542 Tow 1,731 2,237 Kauri gum 33,504 72,039 Groin and pulse 1,638 7,861 Hops 823 191 Hides 11.608 13,021 Shins 52,223 56,82.1 Tallow 67,105 41,828 Timber 29,423 36,255 Wool 1,477,950 1,181,672 Gold 132,233 1C6.939 2,934.753 2.346,744

r ' Variations * compa'od Frica. last weok. " I £ (1. Imperial Consols 77 !•> 0 l-2s. Gd. lower 4 N.S. W.39S3Jan.-july 10"> 10 0 Unchanged qk 'X.SAV.MS-tfar.-Sop. 07 0 U Unchaugoi c a "N.S.W.1931 Apl.-Oct. 67 0 0 Unchanged 2. 4 *Vic. li)20 Jan.-July 10110 0 Urcham;cd )0 g.j "Vic. l ( JiL-o Jan.-July Wi '0 0 40s. higher R- 3 " Yie.llSlMOJan.-July 81 10 U Unchanged 3- 3} "s,A. 19IG Jan.-July 97 0 0 Unchanged l' 3 "S.A. 1J16 Jan.-July 85 0 0 Unchanged .s 4' , 'Q , r<11913-2lJan.-J«ly 102 10 0 Umhantfed i! yi "c)'rdl921-30Jau.-July t'ii 10 0 Unchanged 3 3 "(jTdl922.47Jau.-July M 10 0 Unchanged !• 4 "N.Z. 1929 May-Nov. 104 0 0 2s. I'd. lowor o m* "N.Z. 15)10 Jan.'-July 0 0 10s. lower c 3 "x.Z. April-Ocfc. WOO JKto lower n 10 0 Unchanged 1- 3 " W.A,1915-IJ5JIay-Nov b 7 0 0 Unchanged if ai "Tas. IMOJan.-July 0 0 Uneli nged n u "'I'ftfl. li>23-40 Jan.-July b. r » O 0 Unchanged