COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1419, 20 April 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. A sale of Wellington Deposit shares at 83. was the only transaction recorded yesterday. The buying and selling quotations were as under:— Buyers. Sellers. £ s. d. £ s d Bank New Zealand 11 6 0 .11 8 6 National Bank — 6 2 0 Well. Doposit 0 7 6 0 8 6 Well. Oa.s (£10) 18 2 6 18 7 6 Christchurch .Meat — 15 7 6 Union Steam 2 8 3 2 8 6 Taupiri Coal 12 0 — Westport Coal 16 9 — Loyland-O'Bricn — 18 9 Tariugamutu Totara — 2 8 6 C. M. Hanks, Ltd - 18 0 Crown Brewery — 1 15 0 Pouaghy Rope and Twine — 12 0 Golden Bay Cement — 14 9 Siiarland's preference 14 0 — MONEY" IN AUSTRALIA. According to the Melbourne "Argus," some of the banks have raised their ratea of interest on fixed deposi'ts by j per cent., and the rates now current for twelve months' deposits are 3 to 34 per cent., instead of 3 per cent, as lately quoted by all the banks, and for two years and upward* 5J to 4 per cent, instead of tho previous general quotations of nor cent. .The advance which has now "taken place in the deposit rates follows the recent steps taken in the wav of limiting advances by the banks. Discussing this matter, the "Argus" goes on to say .— "The period of ease was based upon extraordinarily good seasons, in which a heavy, and in tome instances a record, production of the leading Australian staples was accompanied by seod prices In the markets of the. world. Freeh accumulations of money took place at a rapid pace, and an increase of a little under 10 millions sterling in bank deposit*; in Australia and New Zealand during 1909 was followed by an increase of 15) millions in 1910 and nnother increase of 13 millions in 1911. For a time the demand for money did not expand in proportion to tho increase in supplies. During the past 12 months, however, the demand for accommodation line exceeded the tendency to further accumulation. In 1510. when bank , deposits increased 15* millions, an increase of only 91 millions took place in advances in Australia and New Zealand, out in 1911 an increase of 13 millions in deposits was accompanied by an increase of nearly 151 millions in advances. ' For some little time past also it has been annareilt that the expansion 'of business ao I'ollee.tcd in the volume of imports into the ' Commonwealth has been going beyond what was justified by the ordinary conditions of production and exports, the value of which for tho 1911-12 season fe affocted bv the lower average prices realised for wool, and by tho reduction of fully 30.000.C00 bushels in the Commonwealth wheat harvest. Against this, however, a special form of support was given by the borrowing operations of State Governments in connection with the Commonwealth noto issue, the effect of the provision which ambled 51 millions of notes to be reprc-'onted by securities, instead of by solid gold, being to promote inflation to that extent. But further Government borrowings have become necessary to meet tho requirements of the- States, and there has lately been a tendency to press upon the money market within the Commonwealth. For instance, the Western Australian Government, after borrowing £571,855 in Australia in December, and a million in London in February, has lately again been on the local market. The Victorian Government loan of 1} million w only isv.ed lnist week. In Now South Walcw the proccedn of sole of funded stock in Sydney during the nast three months alone "amounted to £426.832. In view of the active demand for money on the part of Government and private borrowers, and the tendency toslackening in the rate of accumulation, the hardening in deposit rates is the natural outcome of the situation. Customs duties collected at the port, of Wellington yesterday amounted to £3856 lis. 6d. CANTERBURY GRAIN MARKET. ißy Teleera.uh--Pres! Association.; Christchurcli, April 19. There arc fair offerings of wheat locally, and the market is very firm, prices having advanced a halfpenny per bushel during the week. Hunters and Tuscan are nowquoted at 3s. od. to 3s. 6Jd., and pearl at 3s. 7id. at country stations. I'earl is more in demand among millers, but merchants who are looking to a. ncxport trade are more desirous of securing Tuscan. Several thousand sacks are being shipped to West of England ports by the Sussex. The present demand for space in Homo boats cannot, however, be satisfied, and it is reported that the Sussex can only take 70CO sacks of grain out of the 27,000 for which spaco was applied. The oats market is also very firm, and, except for Algerians, prices have improved by a halfpenny. A Grade Cartons are now quoted at Is. lid to 2s. Did., and B Grade at Is. lid. to is. 115 d. The North Island demand for Algerians has fallen off in consequence, it is said, of the high rates now ruling for this variety. There is a fair quantity of uats offering. There are still inquiries coming to hand from Sydney, but supplies are wanted at lower rates than thoso here. It is reported that some of the Australian purchases havo been resold in the Dominion. Shipments of oats brought forward are now fairly large to Australia. There is nothing fresh to report in the barley .market, and prices are steady. There is not a large quantity of oat sheaf ohaff offering. There is a good deal of difference in the quality, prime lots selling up to 555. at country stations, and extra prime would probably command a ; half-crown more. Potatoes have made a rapid advance in prico during the week and £4 is now being offered at country statidns. The reason givon is that the main crop is not turning out well, especially on the heavy land, and the duality is not all that could be desired. Onions aro firmer, in sympathy with the rising market in Sydney for delivery in a fortnight £7 is now being offered, this being a ri=e of 10s. per ton. There is a fairlv large quantity of peas offering, the yield in most cases turning out very satisfactorily, but the quality is not as good as usual, on account of tho rain during harvest Partridge peas aro somewhat easier," and are now quoted 'at 3s. Prussinn blues aro worth ss. to ss. 6d., an 4 white ivories, 4s Tho cocksfoot market is vorv quiet tiicro being no demand from the 'North Island. TARANAKI OIL WELLS. '(By Tclegraph-Prsaa Association.) - New Plymouth, April 19. A private London cable message states"The Taranaki Oil Wells- shares are at a promium of is. 9d." A rush is anticipated on Monday. The market is strong. Tlie New Zealand applications are simply pouring in." VICTORIA PRODUCE PRICES. I By Telegraph—Prose Aesociation-Copyright Melbourne, April 19 Wheat, 4s. 2d. to 4s. 2;d.-. Hour, £9: bran £6 55.; pollard, £6 155.; barley, seed ?" •' malting, 6s. to 6s. 4d.; Cape, 4s. toil "to , ss. 4d.; nats. Algerian. 3s. sd. to 3s. 5M • ' feeding. *s. 3£d. to 45.: maize. 4s. 4jd • pittv toes, £7 ss. to £8; onions. £11 to £11 ss. LONDON WOOL SALES. , ~ • LontlOf., April 18. The wool market is firm, and prices are unchanged. There is strong Continental competition for all fine-haired merinos. -v. , „ • London, April lE. Tho following are prices reali=cd for tho fleece portion of clips named;—iin-jwif, i.,',;

LONDON BANK OV AUSTRALIA. By Telegraph—Press Association-Copyright London, April 18. The London Bunk of Australia's profits for the year total £124,647. A dividend of 7 per cent, has been declared on preference shares, and 5 per cent, on ordinary shares. Tho sum of X4O.CCO has been added to the reserve fund, £2000 to the provident fund, and £25,042 carried forivald. (Jlcc. April 19, MO p.m.) London, April 19. Tho London Bank of Australia balancesheet shows transferable deposits, £802,159; other deposit-. JC-1.3C2.202: cash investments. £2,253,911; bills, £4,374,023. BANK OF ENGLAND RETURN. Ay Telegraph-Press Association-Copyrlchl (Received April 10, 9.10 p.m.) ■London, April 19, The Bank of England return issued for tho week ended Wednesday, April 1", j s as under:— I6SDE Department Kote Isbus ... f51.570.000 Gov.dobt ... in.ois.oOO Other sccuri tio3 ... ». 7.431,000 Gold 35.430.000 £54,679,000 £51,879.000 BINHING DKPAIITSrEsI. Proprlotors' Govt, socurlcapital £14,553,000 ties £14,261000 Tublioda- Other 6ecuriOpoßits ... 18.097,000 ties 86,747,008 ther doposits ... 41,6(59.000 Notoj „ 26,250,000 Best, 7-day wd other bills 3,547.000 Coin ... _ I.gsS.OOO f75.6CC.000 £76,666,000 The leading itoms of the Bank of England return afford tho following comparison:— Ibis woel; Last weak. Last year £ £ £ | Bullion 3C.450.0C0 35.031,000 35,417,000 Reserve 27.638,000 25,901,000 26,63D.tX» Note circulation 28.639,003 28.942.0)0 28.033,000 Public Deposits 18,070,000 22.003.100 17.6J2.UU0 Other Doposits 41,t'6'J,0UU 40.355.000 33,564,000 Proportion of reserve to > .. liabilities ... 45.38 4-2.55 47.72 GOVERNMENT SECURITIES. The following are the latest quotation) for Qoiernment securities, with a comt parisou of those ruling last week:— Variations — compated Tries. with , last week. £ s. d. 2J% Imperial Consols 78 i! 0 2s, 6d liiylic- 1 4 ..N.S.W.IOMJan.-July 103 10 0 Unchanged 35-„X.S.\V.IOISJIar.-Sop. °3 ju 0 Unchanged 3 ,X.S.\V.VJ33 Apl.-Ocl. 60 0 0 Unchanged 4 „Vic. 192UJan.-Jtily 102 0 0 Unchanged 3} „ Vic. 1021-6 Jan.Jnly 98 ;o 0 Unchanged 3 „ Vic. lMWWan.July 84 JO 0 Unchanged ill „S,A. lSlliJan.Jnly 97 0 u Unchanged 3 ,S.A. ldlti Jmi.-July 85 10 0 Unchanged I „C!'l'd]olo-2lJan.July 102 10 0 Unchanged 31 ..(J'l'dllUl-aojan.Julv ?ti 10 0 Unchanged 3 ~Q'l'(U922-47Jan.July B!'' 0 0 UixlmngO.l 4 ~N.Z. 1920 llay-Xov. 102 10 0 Unchumjcrt 35 „X.Z. V.140 Jan.Jnly 1)7 0 0- Unchanged 3 I'Jli, April-Oct. tB 10 0 Unchanged 34 „\V.A. 1920-40 May-Nov 94 10 o Unchanged 3 „\\.A,1915-25Muy-Xoy Moo Unchanged 3) „ Tas. JOlOJau.July 111 0 0 Unchanged a ..Tits, limp Jan.Jnly 83 I) 0 UnelmiiKcq BANK RATES OP DISCOUNT. The Bank of England rate was, on December 1, 1910, lowered from 5 to 41 per cent.; on January 27 it was lowered to 4 per cent., on February 16 to 3i per cent., and on March 9 to 3 per cent. On September 21 it was advanced to 4 per cent., and on February 8 it was reduced to 31 pur cent. * Tho Bank of France rate was reduced from 3} to 3 per osnt. on January 23, 1903, and continued at tho latter figure until September 21, 1911. when it was raised to 3} 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 further reduced to 4. per cent. On Scptsmber 19. the rate .was, raised, to 5. per cent. MARKET-'RATES OF DISCOUNT.' Tho following- are the markbt rates for best three months" bills:— London* Paris Berlin rate. rate. rate. percent, percent, pcrccut. This week 37-16 3 35 Last week 31 3 33 Last year 2* . 2j 23 Short loans are emoted at 3} \kt cent., as compared with 3 per cent, last week, and "3 per cent, last year.

1 COLONIAL AND OTHER PRODUCE. I Wheat.—Tho markets are quiet, but fairly steady, at a Blight reduction. Five Australian causoes sold at 395. 3d. to 405., 1 parcels that have arrived at 40s. and 40s. 1 3d.; April-May shipment. 38s. 41d. There is . a quiet trade for wheat, on. spot, at, 425. Flour is quiet. Australian, 275. 6d., ex i store, 265. Oats are easier. La Plata, April-May shipment, 18s. 6d. Beans and peas are firm and unchanged. i Butter—The market is lifeless, and there are no buyers. Danish. 1245. to 1275.; choicest Australian. 110s. to 1125., against 116s. to 118s. last week; secondary, 104s. to 108s.; choicest New Zealand. 112s. to 1125., last week, 1205.: unsalted, 1165., last week, 1225. The market closed with a downward tendency. Cheese is dull. New Zealand is. quoted at 725. - Sugar.—German, beet,,,.88 per cent, net titre, 4d. lower at !3s. 6d. ner cwt.;.-first mark, granulated, f.o.b. Hamburg, 4d. lower at 16s. Bd. ";' .' ' '••■". Bradford Tons.—The market is firm. Sixty-fours, 25Jd. per lb.; super sixties, 24Jd.: common sixties, 24id.: fifty-sixes, 2td.; fifties. 173 d.; forty-sixes. l<iid.; forties, 13Jd.; London Wool sales.—The lleccc portions of tho clips named realised as follow:—Hikorangi, top price. 10« d.; average price, 9Jd.; 'Shcrcden, top 10d., average 9id. THE METAL MARKETS. Coppor. on spot, ss. lower at £70 ss. per ton; three months, ss. lower at £71 2s. 6d. Tin, on spot, ss. higher at £198 per ton; three months, 10s. higher at £194 15s. Lead.—lmports, 22,323 tons; exports, 4047 tons. Pig-iron, lid. higher at 535. lOd. per ton. Spelter, £25 10s. per. ton. Wolfram, 30s. to 31s.