COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1402, 30 March 1912, Page 10

COMMERCIAL ITEMS.

; INVESTMENT SHAKES. The transactions recorded vcstc'day vcrc: Wellington Cia.s (£10) at £18. 7s. 6d., Westport Coal,. 275. 3d.; Taringamutu Totara, <Bs.; ,and Golden Bay Cement, Us. . Cd.; T'riioh Steam shares ri-'jd, and the be-t bid -was. <ss. agajnst sales at 525. on the previous 'day..; The buying atd selling quotations were as under:— . Buyeri Sellers. £ j. d. £ 8. d. Bank of .New Zealand... 11 2 6 — National' Bank .-. — 5 18 6 K.Z. and liiver Plato ...119 3 20 0 Christchurch Meat ......... 15 76 15 11 6 Union Steam ■. :... 2 5 0 2 9 0 Well.-■■ Woollen (prof.) ... - . 218 0 X.7.. Powell Process — 12 6 Taringb-mutu-Tot-ara — 2 9 0 Grown 'Brewery-, v.:. ..,...' ,— .. .'. 115 0 Donaghy Rope and Twine ' — ■ 12 6 Golden Eav Cement....: •'■:— .'1 ■ 5 0 N.Z.Con. Dental-...: ' — ,1 1 9 N.Z. Drug ..:...:.•. :;;..:..•.■ . - -2 11-6 Sbarland's ordinary. ........ ■ — -. :•"' 1 ; 4-6 JIOXEY'."IX "• AUSTKAIjIA. " Money is becoming nporeciably dearer in Australia, and according to the Melbourne "Argus" of a recent date, bankers and heads of financial institutions have lately adopted a particularly cautioc.s attitude in their transactions with borrowers, and the result is that, in many cnies it is not found as etuy t,o secure accommodation as a few- months ago. An inclination to use credit with rather too nmeli freedom has become evident, and as an actual result of this tendency the high price of real estate may be pointed out. Such signs were the forerunners of the disastrous experience Victoria '■ passed through some years ago, r/id those in command of the situation recognise that if the speculative spirit goes unchecked, history, might repeat itself. At present lending business is not being pushed, and the period is rather one of marking time. In addition to the desire to convey a timely warning, the uncertainty of tho season is a factor calling for due consideration. While there is no cause for alarm since rains a few weeks hence are likely to bo much more bcncfici.il than any experienced during the past few weeks, there is evidence that ports of the country arc dry. and n rainfall is needed. Till this assurance of a satisfactory season is forthcoming tho stringency in regard to money will doubtless continue.

COST OF SAILING SHirS. Sailine shiosarc sharing in the general prosperity in common with other shipping property. From an interesting eomparifoh of values, based wn actual sales effected from 1906 to 1911. it is seen that the average price per not ton register for vessels of fifteen to twenty years old was, in 19%, £5 5-,.: in 19C7. £3 155.; in 1908, £2 165.; in 1909-10. £2 2s. 6d.j and la-nt yea.r, £2 12s. 6d. Prices, it is Mated, are now advancing:,' a recent sale bcins made at £2 19s. per net ton. for a. vessel which was built in 1896. It must be borne in mind that failing fihio property ruffered an abnormal depression through the unnatural comoctition of bounty-fed tonna~e of some of the Continental couutries, French particularly, which flooded the market some ten years ago. , Thin opposition helped to-drive many British concerns out of the. business altogether, and forced their •voncrty on to the market at practically sorap-hcan prices. Fortunately. ■ there has of :lato been some; amelioration of the position, the disastrous competition having been removed, through the cxniry of- the French bounty 6yst«m, by effluxion of time. With sailing ship freight at present levels, which constitute a good payable basis, tonnage in the • region of twenty years old should find diminished difficulty in'realising a. figure more normal than has been possible of lato -years. At all events, the general feeling is ono of confidence, and £1 por ton net is indicated as a. rate which is likely to be obtainable in tho near future/

BANK OF-ENGLAND RETURN. By Telegraph—Pres« Association—Copyright (.Received March 29, 8.20 ;p;m.) London, March 29. The Bank of England return issued for tho week ended Wednesday, March 27, is as nnder:— -. . Isstns Depabtstent Notelisul... £55,160.000 Gov. debt ... £11,015,000 Other Bccurl ties ... .«. 7.434,000 Gold '86.711,000 £55,160,000 . £53.160.000 Bmnsa DipinijrE>ii. Proprietors' Govt, securlcapital £14.663.000 tics £14,283,000 Publiode- Other sccuriposits ... 15.856,000 ties 41.100,000 Other deposits ... 89.371.000 Netoi .. 26,666,000 Reßt, 7-day , and otbar bills 8,833.000 Coin ... _ 1,664,000 £83,613.003 £83.613.000 The leading items of the' Bank of England return afford the following compari■on:— ■' ■. , ■ ■ This week Last week. - Last year £ £ £ Bullion 36.711.0W 36.851,003 35.452.000 Eesorve M.230.000 28.737.000 80,301.000 Noto circulation 28.494.001 23.0-57.000 ; 27,803X00 rubllc Deposits '25.855.00!) 24.5W7,0un '.. 55,383,000 OtherDoposits 39,371,000 41,£07,T0 , 39,<61.00J Proportion of rosevvo to liabilities ... 43.30 43.13 . 46,71 GOVEKNKENT SECURITIES. The following: aro tho latest ouotatlom for Government securities, with a comparlton of those,ruling last week:— Variations _ . coinnarod Prlco. with ' last weok. ~ ' £ -~1. d. 25% Imperial Consols 78 0 0 7s. Cil. higher 1 , N.5.W.1033Jan.-Ju]y 105 10 0 Unchanged 3i ..N.S:W.I9ISMar.-Sep. W 7 6 Unchanged 3 N.S.W.WMApI.-Oct. 87 0 0 Unchanged 4 . Vic. MSJJan.-Jiily 102 0 0 j 10s. hlKhor 3) , Vic. 1021-6 Jan.-July i'-H 10 0 ! -Urchnnged 3 , Vic.lMO-4UJnu.-.7u)y : SI It) Oi Unchanged 31 ~S,A. lOlßJnn.Jiily. 1 Of 0 ll! Unchanged 3 .S.A. W16 ,lan.-.hily : S5 to 0 . lCs. higher 4 ,C!'rdlUl"j.'2).lnii.-,lulv, 182 II) I): Unthangod 3i „QTdM2i-80Jan.,liily: W 10 0: Unchanged 3 , K'i'd 11122-47Jaii,..hily: SI I) u : Unchanged I , N.Z. IP2O May-Xov, 101 0 u Unchanged 31 „N.Z. V.liOJan.-July U7 0 0 ; U.chnngort 3 , X.Z. lt'4.'. April-Oct. . WlO U Unchanged 3i ~ W.A.IOiO-iOMay-.Nov U 10 0 Unci) used 3 ~w.A,lM.>isMay-Xov' '7 I) 0 Unchanged oi „ Tas. JMOJao.-July , WOO Unchanged 3 „Tas. IJ2J-13,1an .-July Mu u . Unchnmscrt

cent.; on January 27 it wbb lowered to 4 per cent., on February 16 to 35 per cent., and on March 9 to 3 per cent. On Scptcm. • bcr 21 it was advanced to 4 per cent., and on February b it was reduced to 31 per cent. The Bank of Franco rate was reduced from 3! to 3 per c,2nt. on January 23, 1908, and continued at tho latter, figure until September 21, 1911, when it was raised to 31 per cent. The Imperial Bank of Germany reduced its rate from 5 to 41 per cent, on February 6, and on February 19 the rate was lurtner reduced to 4 per cent. On September 19. the TOte 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 7-16 3 4S Last week 3 9-16 3} 4 Last year 21-16 2i 31 , Short loans arc quoted at Zh per cent., as compared with 31 per cent, last week, and 3 per cent, last year. COLONIAL AND OTHER PRODUCE. Wheat.—Tho market is firm, and buyers are pressing. Holders are asking full late rates for cargoos. 38s. 9d. has been paid for Australian parcels nearly duo, 375. 9d. for March-April shipments. Vhero is a quiet demand for 6pot Australian at 40s. 6d.; Now Zealand nominally 38s. 6d. to 395. Two Australian cargoes sold at 38s. 6d. and 39a. 6d. respectively. Flour is quiet. Oats arc firm. "B" Grade Gortons, AprilMay shipment, offering at 20s. 3d.; La Plata, April-May shipment,, 17b. 3d. Peas.—The market is Oat, and unohansed. Beans—Tho market is Drm, Old New Zealand, 37b. to 395. Butter—Tho market is demoralised. AJ. though supplies arc small, buyers are refraining from purchasing. ■ Danißh, 131s. to 1345.; choicest Australian, 1225., occasionally 1245.; secondaries almost unsaleable at 1163. to 1205.; New Zealand choicest, 1245. to 1265. Cheese.—The market, is quiet. New Zealand, 745. to 745. 6d. Sugar.—German beet, 88 per cent, net litre, 4d. lower at 14. 6d. per cvrt.; -first marks granrjated, f.o.b. Hamburg, 2d. lower at 17s. 4d. Bradford Tops.—Tho market is firm, and unchanged. TIIE METAL MARKETS. Copper.-On spot, 475. 6d. higher at £68 ?6. 6d. per ton; three months, 50;. higher at £69 53.; electrolytic, 655. hia-hcr at £72. Tin, on spot, 555. higher at £193 per ton; three months, 455. higher at £189 10s. Pig-iron, 6s. lower at 51s. 6d. per ton. Spelter, 255. lower at £25 per ton. LONDON MARKETS. Messrs.-Dalgcty and' Company, Welling, ton, have received the flowing cablegram from their London office, dated March 28:—Tallow: The market is quiet. Prices are 3d. to 6d. per cwt. lower for low and inferior descriptions. Fine mutton tallow is steady, and for all other descriptions any change in price is in favour of buyers. Frozen Meat: The market is firm; 'owing to small stocks tho prices are unchanged. Demand i 3 small. Customs dutioß collected at the port of Wollington yesterday amounted to £1912 ss. Bd. YICTORIAN MARKETS. Bit Telegraph—Press A«-«iriatlon-Cooyrlßhi Melbourne, March 29. Wheat. 3s. 105 d.; (lour, £9 10s.; bran, £5 155.; pollard, £5 55.; barley, Cape, 4s. lOd. to ss. 2d.; English malting to 6s. to 6s. 5d,; oats, os. 3Jd. to 3s. 41d.; maize, 4s. 3d. to 4s. 4d.-; potatoes, £5 10s: to £7 10s.; onions, £8 ss. GRAIN AND PRODUCE. IBy Telegraph—Press Association.l Christchurch, March 29. The wheat and oat markets remain firm. Thoro is a considerble amount of gram coming forward, but it, finds a ready market. Wheat is being ottered in better condition than at the beginning of the season. The annual trouble about tho shortage of railway trucks is commencing, and .it is expected that it will bo aeute '' during Easter week. „ .

There is still a shortage'o{ -Algerian' oats, and very little, has been done in them this week..' ■ Onions are firm at £6, and potatoes hive advanced to £3 2s. 6d. Both thoso lines are coming forward in sufficient quantities to supply the deniooid. i Chaff is quoted at from £2 10s. to £2 12s. 6d., but there is not much business doing. There has been a muoh bettor inquiry for ryegrass, and prices have advanced all round. . ■ ~ . .-,, ~ , Barley is Arm at 4s. 3d. to 4s. 6d. Extra prime Unas aro fetching more, but very few are in.