COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1386, 12 March 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. A sale of West-port Coal shares at 275. was the only transaction recorded yesterday. Ths buying and selling quotations were a≤ under:— Buyers. Sellers. £ s. d. £ s. d. National Bank 516 6 519 0 Hank of New Zealand ... 10 18 0 ■ — N.Z. Loan and Mercantilß — 0 17 6 Well. Gas (£10) 18 0 0 18 7 6 Well. Oas (prof.) 0 8 0 - Christchurch Meat — 1512 6 Meat 'Export (£4) — 5 0 0 Meat Export (525. 6d.) ..... — ■ 2 19 0 N.Z. Shipping — 14 10 0 ICo.iapoi Woollen — 5 12 6 Well. Woollen (ord.) — 3 16 0 Well. Woollen (prof.) 2 17 6 3 0 0 Taupiri Coal 116 _ Westport Coal 17 0 — Parker-Lamb Timber — 19 0 Taringamutu Tolara 2 6 6 2 9 0 C. M. Banks, Ltd — 0 19 6 Unnmrhy Itope and Twine — 12 6 Golden Bay Cement ..-. 1 4 J 14 9 Manning and Co - 4 11 0 N.Z. Con. Dental — '12 0 X.7.. Drug — 211 9 Sharland's ordinary — 14 6 fcharland's preference — 14 6 Ward and Co — 5 4 3 W.F.O.A. (£s] - 7 5-0 W.F.C.A. (£1) - 19 0 DECLINE IN CONSOLS. Since the beginning of the year the pries of Consols has varied considerably. It hes been as high as £79 2s. 6d., and as low as £77 7s. 6d., a big variation for so important a gilt-edged security. For some considerable time now the decline in the vain , of Consols has engaged the attention of bankers and financier:-, and various reasons have been assigned for the fall. As the "Financial Times" observas, "there is probably no one with any pretentions to financial knowledge who would care to honestly maintain that the reduction of £3,000,000 in the new sinking fund, the practical abolition of the old sinking fund, and the heavy increase in direct taxation had not materially infhwneed the decline of Consols during the last few .years." Many other causes have, however, played an important part, such as the inclusion of colonial stocks as trustee securities, and the constant increase in the volume of municipal loans and other first-class guarantesd stocks. There is another important factor which so far appears to have attracted very little attention. Mr. A. 11. Gibson, the author of that useful annual publication. "The Bank Kate," shows by means of a. eh.Trt that there is o> very close relationship between the jiric.3 of commodities and the price of Consols. As the cost of living increase so in the same ratio docs the price of Consols decrease. The "cost of living" is very largely affected by the burden of taxation and by the industrial conditions in force, and it is an unfortunate fact that higher wages, shorter hours of labour, and more satisfactory working conditions among the industrial clashes inevitably increase the cost of production, and by raising the cost of living give rise to fresh claims for better remuneration, thus completing a- vicious circle. Extra taxation, direct or indirect, has th« same result. BROKER AND CLIENT. In re Burgo. Weodall and Company, ex pane Seryiue-. decided in England on Do- . comber ili last, is an important case upon the rights of the public who deal with brokers on the Stock Exchange. Before the bankruptcy of th,3 debtors, Mr. Serymes had carried on business with them under an arrangement of a very common kind— namely, the brokers advanced part of the purchase price of the securities bought for him, he paying the balance in cash, and the advances made by the broker* being obtained by them from their bankers on the deposit of such securities. Jlr. Herymes thought that his securities were only plcdecd In the amount of those advances, but. it apprmd that the debtors bad lodged his securities with their own with their banker? as security for their current overdraft. The debtors having become bankrupt, the bank satisfied the amount due to them on Ihe overdraft by the sale of Mr. Scrymps'ii securities, and handed over ilie surplus .securities l<i the trustee in bankruptcy. The amount clue t<l Jlr. Kerymos from thti debtors on balance wan about £1(00, and in claimed from the trustee

those surplus securities towards Efl-tiEfAc-tion of that sum. The trustee's contention was that Mr. .Scrymos was only entitled to prove in the bankruptcy. In the result Itr. .SiTyincs's view prevailed. Customs duties collected at the port of Wellington yssterday amounted to £8486 Be. 6d. NEW ZEALAND DRUG COMPANY (By Telocraph—Press Association.) Dunodln, March 11. At a meeting of the directors of Kempthorne, Pressor and Co.'s New Zealand Drug Company, a dividend nt the rate of seven per cent, per annum was declared . HIGH COSnOSSIONKH'S CABLE. The Department of Agriculture has received the following cablegram from the High Commissioner for Now Zealand, dated London, March 9. (Quotations, unless otherwise specified, arc average market prices on spot):— Gsiiernl.—Strike is seriously impeding business. Mutton.-Tho market is dull. Canterbury, "Id. per lb. (nominal); North Island, s|d.; Australian, 3Jd.; Eiver Plate, 3Jd. Lamb.—'flic market is steady, although there is less demand. Canterbury, 5Jd. per lb.; other than Canterbury, sd. per lb.; Australian, <Ud.; Plato, 4 3-Bd. I!c2f.—The 'market is dull. Now Zealand are not quoted; none offered in the market. muter.-Thc market is lifeless. There is only a small demand; buyers arc cautious. The average pric; for the week for choicest New Zealand butter, per cwt., is 1275.; Australian, 1235.: Argentine, 1225.; Danish, 136.=.; Siberian, 1265. Cheese—The market is firm. There are email supplies on hand. Now Zealand white, 735. 6d.; coloured, 735. per owt. Hemp.—The market is quiet but steady. No change in prices, viz.—Spot—New Zealand, good fair, £9.1 1C?.; fair Grade, £20 10s.; fair current Manila, £21 10s. per ton. Forward shipment—New Zealand, good fair, £21 10s.; fair grade, £20 10s.; fair cur-rc-nt Manila,'£22 per ton. The output from Manila for the week was 30,000 bales. Stock Now Zealand hemp, 301 tons. Wool.—The second series of colonial wool sales, which were postponed, will commence on April 11. Wheat.—The market is a phafe weaker, in anticipation of heavy arrivals. Mutton and lamb—Hivcr Plnte shipments received during February, 1912:— Mutton, Lamb. London 71,794 23,184 \ Liverpool 156.112 48,087 Hull 6,128 1,152 Newcastle 32,633 1,640 Southampton 12.428 12,401 Cardiff 8,361 500 Plymouth ' 1,118 620 Ireland 3,862 60 272,436 87,644 February, 1911. 294.87J 64,747. FROZEN MEAT QUOTATIONS. By Telegraph—Preaa Association—Copyrlch* London, March 10. The, Frozen. Meat Trade Association's fimithflold market quotations for the undermentioned classes of frozen meat are based on actual sales of not lees than one hundred carcasses of mutton or lamb, or twemy-llye Quarters of beef of fair averago quality. The quotation. , ] are not selected lines, but for parcels fairly representative of tho bulk of tho shipments now on the market. The prices which follow are on an average a farthing per lb. inoro than the value ex ship, this difference representing an average cost in expenses, handling, conveyance, and. eollins the meat:— Mar. 2. Mar. 9. Ifutton— a. d. Canterbury, fight — — Canterbury, medium — — Canterbury, heavy — — Southland - - North Island, best 41-16 315-16 North Island, ordinary 313-16 3 5-16 Australian,, light 3 5-16 3 3-16 Australian, heavy 3 3-16 3 1-16 liiver Plate, light 3J 3» liiver Plate, heavy 3J 35 ' New Zealand, ewes 3j 3Mβ Australian ewes 215-16 ?J Ilivcr Plate ewes 3 3 LambCanterbury, light 5 9-16 5 9-16 Canterbury, medium 5 9-16 5 9-16 Canterbury, heavy — — Southland - - North Island, selected ... 5} 5J • North Island, ordinary 51-16 51-16 Australian, best 4 3-8 4S Australian, fair 41 4 3-8 Australian, inferior 4J. 4J lUvcr Plate, first ;... 4 7-16 4J Hivcr Plate, second 41 4 3-8 BeefNew Zealand, ox fores .... — . — New Zealand, ox hinds... — — Australian, ox fore's'.;..'.. 2S ' 215-16 , Australian, ox hind 33J 3i River Plate, ox fores 2J 2J River Plate, ox hinds ... 3 IM6 311-16 Hivsr Plate, chilled fores l\ 3i River Plate, chilled hinds 41 41 WHEAT AND FLOUR. London, Harch 10. The wheat and flour afloat for the Dnited Kingdom totals 3,625,000 quarters; for tho Continent, 1,215.000 quarters: Atlantic shipments, 146,000; Pacific shipments, 25,000. The total shipments to F.urope during the week amounted to 1,010,000 quarters, including 221,000 from Argentina, 135.0C0 Russian, 120.000 Danubian, 129,000 from India, and 136,000 from Australasia. LONDON WOOL SALES. London, March 11. The Colonial Wool Merchants' Association ha 9 fixed the second series of wool salce for April 11, with a limit of 250,000 bales, and the third series for June 11. The limit for these sales is to be decided later. Consideration of the dates and quantities for the fourth, fifth, and sixth scrips was deferred.