COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1415, 16 April 1912, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHARES. There were, no transactions in investment shares yesterday. It is Jioricea'ole that the shares of the Hank of New Zealand and the .National Bank are higher in price and very firm. The annual reports of both institutions are due in June, and the firmness of the market is significant. The buying and selling Quotations were a≤ under:— Buyers. Sellers. ■ ' . £ s. d. £s. d. Bank of New Zealand ... It 5' 0 — National' Bank •'...: 60 0 6 3 6 Well. Trust and Loan ... — 7 13 0 I'almerston Gas 9 0.0 910 0 Well. Gas (£10) Iβ 2 6 - Christchurch Meat — 15 10 0 Gear Meat (£1) ■ '. 3 4 0 3 6 0 N.Z. Shipping - 16 5 0 Union Btcam — 2 9 0 Taupiri Coal — 116 Westport-Stockton 0 2 6 — Lcyland-O'Brien - 18 9 Taiingamutu Totara ... — 2 8 0 C. M. Banke, Ltd — 10 0 Crown Brewery — 1 15 0 Donaghy Rope and Twine — 12 3 Golden Bay Cement - 14 9 N.Z. Con Dental — 116 N.Z. Drug — 211 6 LONDON WOOL SALES. Tile sales are progressing very eatrfactorily, and this is to be rcen in the excellent clearances. For the three telling days of last week 26,049 bales were offered, and 24,084 sold. Furthermore, the market continues firm, Continental buyers aro concentrating on merino wool, while the Americans as usual are buying the niio crossbreds.' It is to bo hoped that the American competition for thoir operations appear to exercise a wonderfully stimulating influence. TRADE IMPROVEMENT IN THE UNITED STATES. Everywhere in the United Slates there are evidence 1 - of an improvement in trade conditions, demand .n; cxpaiidi'iig , , and betterment is extending to those centres which have hitherto been particularly quiet. As yet the pace is only steady (writes "Bradstrcets"), but it teems to be consistent. Trade in dry goods, wearing apparel, shoes, gro.ecrice, and other essentials reflects the inilucnees of slow but steady improvement. Cotton goods continue to gain i in strength as regard* prices, one line after another being "jacked" up as order books present better aspects. Of course, there are still somo makes that can be purchased below co:-t, but the point is that the general undertone is steadily improving. Wool is very firm, and shipments from the country's leading market since the opening of the year'heavily exceed last year's, thus indicating future activity for the finished goods industry. There is a, little better demand for machinery. Bond offerings aro coming out in goodly volume in order to take advantage of a cheap and full money market, and responses aro sufficiently free to suggest the existence of a good investment demand, while the whole movement augurs well for future expenditure, which in turn means more or 1093. industrial activity. Incidentally, the shippiuz trade is very active, vessel room is difficult to obtain, and rates are high and very firm. Foreign trade for January is of record proportions for that month. SAVING SECURITIES. When tho vaults under the Equitable Building came to bo opened aftt-r the recent great fire, the officials of the United States Life Assurance Company found that X6CO.OCQ worth of bond certificates kept in tin boxes bad been badly soaked. Clerks (say 6 the New York correspondent of the "Standard") were set to dry them with blotting paper, but after a week's work this was found to bo useless. So a new method was tried, and one of the officials tells the story ae follows:—"President Munn telephoned to one of the electric supply companies of the city and ordered half a dozen electric fans and half a dozen electric irons. When these were sent down to the vault wo connected the fans and the irons to the electric light wiring of tho vault. We strung other -.vires across the vault, and hung the 3COO bond certificates out to dry. The certificates were attached to tho wires with regulation wooden clothes-pins. As soon as each security was made partially dry by Uμ breeze from the whirring electric fans, one of the officers of the company under President Munn's direction would epreid it out on an ironing-board and would carefully iron it out with one of the electric irons. The ironing of 3COO pieces of laundry isn't easv work, even for a trained laundress. It took us ten daya altogether, and the hands of most of us wore red and blistered beforo we eot through. . Now. however, that the work is ail over, we arc quite proud of ourselves, for not one of the entire 3COO bonds is in the slightest degree torn or damaged." . A HEAVY INSURANCE. Tho "financial Times" of February 24 says:—The Jlamburg-Ameriean Steam Packet Company's new liner Imperator is being offered for insurance on the Continent and in London for a sum of. £1,OCO,C«), which, however, is less than her actual value. The only other single vessel placed with underwriters for a similar amount is tho White Star liner Olympic. It is hot anticipated that any difficulty will be experienced in obtaining the cover required for the new Hamburg-American steamer, but, of course, the arrangement of suoh an enormous sum ■requires a little time. Assuming ihat the leading marine insurance companies take £10,000 each, which is the usual maximum for individual risks. , it will be seen that the various centres both in this country and at the various Continental centres, will have quite as much as they can do to digest such a large sum. ..The exact terms on which tho risk is being offered have not been disclosed, but it is anticipated that'underwriters will stipulate that a portion of the risk shall be- retained by the owners—that is to say, that no claim shall be made on the policies until 3, or perhaps 5 per. cent, has been paid by the Hamburg-American Company. itsolf. This is a very usual provision in policies of this nature for large snms and protects the underwriters' position. Whilst on this subject, it may be pointed out that while the building of mammoth liners has rendered necessary the construction of larger docta than have ever been' known before, it is probable that somo alteration will have to be made in the regulations which have hitherto guided tho insurance market; that is to say, while a. sinclo risk such as that under discussion can be placed within a comparatively short time, if, as seems probable, the number of theee ocean leviathans increases, the insurance market may very easily become congested. According to present indications it will not be very lone before the Cunard Company has one of these "floating towns" ready for commission, and consequently a candidate for insurance. Other vessels will doubtless follow, and underwriters are already commencing to discuss the new position which appears likely to result within the next few years, and will necessitate "covers" which a fow years ago hardly entered into the calculations of the insurance market. It seems probaMe that marine companies, at any rate, will require more capital.

HIGH COMMISSIONER'S CABLEGRAM. The Department has received tho following cablegram from the High Commissioner for New Zealand, dated London, April 13, 1912. (Note—Quotations, unless otherwise specified, are average market prices on spot):— Mutton.—'flic demand is quiet, but steady. Light-weights are reported tu he in smnll supply. Canterbury arc not quoted, hut the average price is nominally 4Sd. per lb. ' North Island, •!(!. per lh. for light-weights; for heavy-weights, JJtl. per lb. Lamb.—The market is firm; there is a good demand for all lamb. Canterbury. 53d. ner lb.; other than Canterbury, 5Jd. per lb. ISecf.—Tho market is firm; there is a better demand for beef. New Zealand hindfi, 4Jd. per lb.; fores, 3Jd. per lb. Butter.—Thi! market is dull. Thero is less demand; holders are disposed to meet buyers. The average price for the week for choicest New Zealand butter, per cwt.. is 1215.: Australian. 1175.: Argentine, 1165.: Danish, 1285.: Siberian, 117s. Cheese.—There is a good demand. The average price for the week for finest' New Zealand riiecso, per cwt.. is 7Se. 6(1. Hemp—The market Is very quiet; nothing doing. Spot: New Zealand good fair grade. .£2l 10s.: fair grade. £20; fair current Mnnila, £21 per' ton Forward shipment.: New Zealand good fair grade, £Z0 12s. 6i1.: fair grade, £20 55.: fair cur- ' rent Manila. £21. lOs. per ton. The outnut from Mnnila for the week was 26.CC0 bales. Stock, New Zealand hemp. 289 tons. Knurl Gum.—The market is rtcadi'er. Dark brown selected rewniped. £6 to £8: day iirowii Uircc-minrter scrivpeit, BC-3. to 95V • dark brown chips drossy, 30s. to 40s • rcscrapcil pale .amber, £10 to £12; threequarter nale scraped. £8 to £8 10s.; dickers' chips, good. 45?; to 50?. per nv|. • 230 rases offered, 75 cases sold; stock, 519 Wlieat.—The market I' firm, with an improved dcinnnd. Oiits.-Tho market js firm. Ton.'.-The market, is quiet, the demand is ECttin? better. florins.—The. market 1? steady, and holders r.ro firm. Cocksfoot Rood.—Tho market te quiet,, Buvan mro uot kcon tu da bwlnosi in jiQiiflloot ccoa«

Jlutton and Lamb.—River Plate Ehipments received during March, 1912:— Mutton. Lnmli. London 81,601 37,292 Liverpool 193,689 29,594 Hull 11,138 1,363 Newcastle 8,246 1,353 Cardiff 6,3Cfl I.OCO 271,024 70,602 March, 1911 210,846 40,264 LONDON MARKETS. . . By Telegraph—Press Association-Copyright London, April 14. Henin.—The hemp market is dull. AprilJune shipment rciliscd £21 .55.; June-April-May £23 Ss. 6d. Cotton, 6 2S£(l. per lb. Rubber, 4s. iOjd. per lb. Copra,—There lias been fait business. South >i?a, in bags, £25 2s. 6(1. Kauri Gum.—At the kauri gum sales, 222 cases \»ere offered and 70 sold. Threequarter scraped realised 1375. to 110s.; stocks, 519 eases. Wheal.— Two. Australian cargoes sold at 395. and 40s. respectively. METALS AND METAL GOODS. By Telegraph—Press Assoeiation-CopyrlEht London, April 14. Tinplatcs, 14s. 3d. and 15e. 3d. Fencing wire.. 160s. Iron bars, 140.-:. Wire netting, 535. Old., and 2J to 5 per centum on" listAntimony, £7. Quicksilvor, £8 12s. 6d. SYDNEY. PRODUCE PRICES. By Telegraph—Preea Aesoclatlon—Oopyrlf ht (Rec. April 15, 11.30 p.m.) Sydnoy, April 15. Tito Millers' Association hae advanced the price of flour and pollard by 10s., and of bran by ss. Flour is quoted at £9 ss. for city brands, and £9 2s. 6d. for country brands; pollard, £6 108.; and bran, £6.