COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1437, 11 May 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. There were no transactions in investment shares yesterday. The buyine and selling uuotatione were a3 under:— Buyers. Sellers. £ s. d. £ B. J Bank Now Zealand 11 11 6 — N.Z. and Itiver Plate 2 0 0 — Well. Trust and Loan ... 7 12 0 - OhristchuTcli Gas - 9 0 0 Well. Gas (£10) - ■ 18 I 6 Meat Export (525. 6d.) ... — 3 0 0 Union Stcnm : 2 8 9 — Well. Woollen (pref.) - 21? 0 Ta-npiri Coal 110 116 Westport-Stockton Goal ... 0 2 6 0 2 9 Leyland-O'Brien — J 5 2 Taringamutu Totara — £ 8 o O. 11. Banks, Ltd - J 19 6 Golden Bay Cement — ! , 2 Sharland's ordinary — 1 o * MARINE LOSSES. During tlie month of March twenty-two vessels were reported as lost or missing, and the total estimated value of ships and cargoes was £726,700. Ffve large steamers, which were overdue at the time and were practically uninsurable, were not included in the list. Among these five was the Koombana, which wo now know is lost. The total loflsca during the first ouartCT of the current, year may bo summed up as follow.— Total losses in Jannary 6G0.0C0 Total losses in February 332,000 Total losses in iiarch 1.C68.700 £2,050,700 Aa the losses through bad weather in the last quarter of 1911 were notoriously heavy underwriters seem to have ground for thinking. They are, in fact, comparing the experience with exceptionally bad yoars in the past which have become listoric. Thus, the years 1864-5 stand out on account of the many vessels that wore lost in the Calcutta cyclone, but, fortunately, because those were the days of sailing ships, the settlements for loe<-«s were spread over a long period. The next year whioh stands out is 1872, when many vessels foundered owing to their faulty dimensions and weak construction, weakness attributed to the keen competition between the classification registers of those day©. Another bad period was in the early 'eighties, and again in the winter of 1599-19 CO many vessels were lost, espcci'ally in the North Atlantic. Since those memorable years the tonnage of the world has, of course, increased enormously, but it seems likely that the winter of 1911-12 will take its placo, among the notoriously bad. underwriting periods. The'presont yoar has started inauspiciously and should by any rir-ince there he faillire to sn.lvc the bulk of the gold and silver in tho Oceana., it would probably be easily the worst for underwriters that has ever been known. REFRIGERATORS' THIRD CONGRESS. Next year the Third International Congress of Befrigerated Industries will be held in Chicago. The work done at last congress was of eo much value to tho frozen meat trado of tho world that it is not unreasonable to predict aji enually good result attending the congress of 1913. Refrigeration in relation to foodstuffs is now such an immense industry, and has so large an international outlook, that conferences such as have been inaugurated must hsivo a very material effect upon the cold-storage undertakings of tho world. The day is past when neoplo looked neltanco at frozen meat and produce. It has been incontcstibly proved that such foodstuffs are in all essentials equal to tho - bost unfrozen articles, but ereat as is the business done in refrigerated produce it is a mere fractional part of what could bo dono and what should bo done. These congresses are the means by which a more universal knowledge of the utility and valuo of refrigeration may bn spread; but they are something more Hi an that, for they provide opportunities of discussing matters of vital interest to all those connected with the com. mercial nldo of the industry. It is this aspect of tho industry which naturally appeals to those whotie capital nnd labour are Involvo-l in it, Australia has much at stake in tho frozen meat trade (saye the "Meat Trade's Journal"). It is. therefore, desirable that orrancirnenta RhoHld' be made at an early date by the freezing a,nd cold storaao companies for Dronor representation at the congress nest year. One of the matters to be dealt with will be the nnestion of European trade and tho oponins of Continental ports to frozen, meat, and in connection with these mattors alone Australia will find the neod of strong representation. THE WASTE OF FT7EL. As one result of the recent industrial crisis in England, increased attention if being devoted there to methods for th< prevention of waste of fuel, which is com mon at cnßincerinc works and badly or eaiiised manufactories. An expert ciigineoi has osti'maled that on an average 15 pei cent, more coal than is necessary to f> tain the power raised is burm.-d undci boilers in the United Kingdom. With i view to economy, many of the large firm, ore reported to lie considering the ones tion of substituting electricity Tor steam and electrical engineers arc counting or considerable additions to the number o: their mutomor* fl» ft connoauonce of Uni li\TwUK»Uon.» now boln* conducted rn

ccia.l consumption may bo found possible by the lu-e of suitable feed-water: healers uiid ftipor-heators. .Modifications of shaftiiiK niul tlic provision of improved clutches for disconiiertliiff temporarily unnecessary machinery may prove of assistance. A more frcoucut overhaul of plants also would Ri'vc Increased efficiency, and much mirht be accomplished by alterations to furnaces proved by experience to bo desirable. But not tho least obvious method of lessening tho dependence of manufacturers upon coal Is the adoption of oil fuel, a means for tho nower-raisins which seem!) to bo painlne rapidly hi favour in all parts of the world. COST OF SHIPBUILDING. Within the last few months there has been an appreciation, which is estimated al quite 25 per cent,. In shtpliuiiding costs, and as a. consequence shipowners are evincing a disposition to purchase second-hand tonnage in order to avoid recourse to tho buildors. The acquisition of even secondhand shipping, however, is becomme an i'ncreasitiKly expensive process, and it Is doubtful whether buyers really benefit to any extent worth mentioning by tint expedient. The principal materials used in shipbuilding have advanced substantially, and there *>eems to be a qc-neral iinprescion that in the near future costs must undergo a further upward movement. As for the probable duration of the existing activity in shipping, it Is believed this will continue until the supply of tonnage available is considerably greater than at present, and as far as can bo nesn just now owners of ocean carriers are likely to retain their ability to charge relatively high freight rates for at least twelve months to come, and perhaps longer. The state of affairs prevailing bears out the anticipations of tho leading shippln* interests with headquarters in the United Kingdom, most of which took steps some timo ago to protect themselves against tho developments which have since occurred, and to this foresight is dift in no small degree tho faqt that they arc now enjoying a measure of prosperity such as has rarely been their lot in previous yeare. CUSTOMS DUTIES. Customs revenue collected at tho port of Wellington yesterday amounted to £1323 193. 7d. CANTEKBTJRT PRODUCE'MARKET. (By Telegraph—Press Association.) Ciiristchurch, May 10. THo local wheat market is quiet from the fact that there is not a largo amount offering. The firmness of prices anil the upward tendency lately manifested having mado growers more inclined to hold in tho hope of a further advance, prices are without change, 3s. 7Jd. at country stations being the highest figure reported. Tho oats market is in much the same position as wheat, the offerings having fallen off. Shipping to Australia, in fulfilment of forward purchases, is the principal business doing. As showing the largely increased shipments of New Zealand oats to Australia this year, the arrivals at Melbourne up to the end of April totalled 47,343 sacks, as compared with 1182 sacks last reason. Large shipments have also boon uiailo to Sydney, The "Australasian" reports the arrival of a lino of '■ South African oats, but the quantity available ie limited. There is not a large amount of business doing in cliaH, the price for primo oaV phcaf being 575. 6d. to 60s. at country stations. Potatoes are firmer, and they are now quoted at £4 15s. to £5. Owing to the wet state of the soil the heavy land growers nro pitling their potatoes, as they are not in a condition to bag, and this will consequently tend to restrict offerings. The complaints regarding the shortage oi freights are not altogether endcrcsd by locnl merchants, the firming of the markets will more than compensate them for tho delay in setting their shipments away. The outlet in Australia for oats has considerably cased the position so far as ehipmen! to tho United Kingdom ie concerned Onions are firmer, and are now worth £1 10s. to £8 at country stations. BANK OF ENGLAND RETURN. fiyTelerraph—Press Aeeociation-Coßrrtrtt (lteceived May 3, 8.45 p.m.) ...London, May 10, The Bank of England return issued foi the week ended Wednesday, May 8, is a: under:— ISSITE DBPAnT3IF.HI! ■ Koto Inu«... £5fi,657,000 Gov.dobt ... 411.015,00! Other securl tloj ... m 7,434,001 Got J 33.563,001 £50,687,000 . f56.657.00l Bunccra Defawbisnt. Proprietors' Govi securlcivpital . £14.553.000 tios , iU,165/»l Public de- Other Eeciiri- . posits ... 17.301,000 tios 51.459.00' Other deposits ... 39,755.000 Netoi „. 27,361,00 Beet, 7-day m<l othor bills... ... 3.563.C00 Colli ... _ 1,351,00 474.802,00) X 74.863.00 Tho leading items of the Bank of En* land return afford the following comp».ri son:— Thlsweu'-c IJasiweek. lAstjea .£ £ £ Balllon ... ... 85.538,000 38,263,000 35.835,60 Reserve !5,212,0M -29.061.a00 Z7.2f13.C0 Note circulation 2&82G.O00 20,080,003 J8.855JM Public Doposit3 17.301.0 M IS.MS.COO 14.(560,00 Otbor Deposits 33,755.000 41.3M.GU0 39,607.00 Proportion o( reserve to liabilities ... 61.20 43.91 60.64 OeVEKNUENT BEODRITIE3. The fallowing are the latest quotation for Gorernment securities, with a con parison of those rulins last week:— I Variation «« compared Met, with last week. £ b. d. 24% Imperial Consols 78 7 6 -2s. 6d. iilgue 4 N.5.W.1833Jan.-July 105 II) 0 Unchange 34 ,>\S."W.l9l3Mar.-Sep. 08 10 0 Unchange 3 N.S.\V.IM3ApI.-Oot.l 86 0 0 Uncbansc 4 Vic. 192JJa.n.-JulS' 102 0 0 Ur-change 34 „ Vic. 1941-6 Jtn.-July 03 10 0 Unchange 3 Vic.rJi9-«Jan.-July 8) 10 0 Unchango 3i S.A. 1916 Jan.-July 97 0 0 Unchange 3 , S.A. laifl Jan.-July t7 0 a ics. higher 4 ~QTdl9ls-'24,1aa.-July 102 10 0 Unriianfie 34 ~Q'l'dl9j!WoJan.-,!uiy ■56 10 0 Unohango 3 ~Q'l'd 19-2:-47Jnn.-Ju!y B< 0 0 U: chnnge 4 ~N.Z. 1029 May-Nov. 102 ID 0 Unchange 34 ~K.Z. l!! 10 Jan.-July 97 0 0 Unchnge 3 ~N.Z. ll'-lr. April-Qcfc. 66 10 0 TJnohanCc 34,, W.A.ie-iO-lOMay-Kov 94 10 0 Unchangc B ~W.A,1915-3o.May-Nov 66 0 0 Unchango ai ..Taa. ISUOJfin.-July i-'S 0 0 Uncha,n(!t 3 ~Ta°, IM-40 Jan.-Juiy 65 u 0 Unchanged BANK RATES OP DISCOUNT.. The Bank of Eneland rate was, on Dscember 1, 1910, lowered from 5 to 41 per cent.; on January 27 it was lowered to 4 per cent., on February 16 to 31 per rant., and on itarch 9 to 3 per cent. On September 21 it was advanced to 4 per cent., oit February 8 it was reduced to 3} per cent., and on May 9 to 5 per cent. The Bank of France rate was reduced from 3J to 3 per nsnt. on January 23, 1988, and continued at the latter fleure until September 21, 1911, when it was raised to 31 per cent. The Imperial Bunk of Gzrmany reduced Hβ rate from 5 to 41 per cent, on February S. and on February 19 the rate was ber 19. the rets was raised to 5 per cent. MAEKET KATES OP DISCOUNT. . The followine are the market rate* for i best three months' bills:— I London Paris Berlin rate. rate. rate, percent, percent percentTale week 23 3 33 Laet week 3 3 33 Last year 2J 2 23 Short loans are nuoted at 2J per cent., us compared with 2J per c«nt. last week, and U per cent, last year. COLONIAIj AKD OTHER PRODTTOE. Wheat—Tho markets are inactive, and sli"htly easier on heavy shipmonts. An Australian cargo sold at 39a. 7id. Holders are asking 40s. sd. for South Australian January shipment, 395. sd. for April, <os. for Victorian, and New South Wales February shipments, and 395. and 395. 6d. for parcels afloat. There is a retail demand for Australian, on spot, at 425. 6d. and 43.=.. New Zealand 41s. Flour.—Australian Is Bparinsrty offered. There is little demand for New Zealand. Oat? are scarce and flnn. La Plata, lln-y-Juno shipment, 18s. Peas are firm and unchanged. Beans a-re neglected, and are nominally at 37a. 6d. to 3Se. M. . Oliceee is vary Orra. New Zealand is auoted at 70s. to ?ls. Butter te stendy, and ell prices are firm and uncha.ni;cd, thouijh European supplies are increasing larßoiy. SiiKar.—Oerman meet, «! per cent, net title. 2d. lower at 15s. 3d. j»r cwt.; first n'ark crnnttJatcd f.o.b. Hamburg, 2d. lower Ilrndford Tops.—The market is flrm and unchanged. METAL MARKETS. Copper, on spot, lln. 3d. hieher at £70 J', 9d. per ton; three months. 7s. 6d. llilthcr at £70 155.; electrolytic, 25a. hicher Tin on spot, !ss. lower at £205 15s. per ton- throe months, 20s. lower nt £206 10s. Lead—Soft, foreign, michansrec! Nt £16 ICp. per ton. PiK-iron, Si. low-er at 533. Bd. per ton. Spelter, 2s. 6d. hiKhor at £25 17s. 6d. psr Silver—Bar silver is quoted at 27 13-!6d. ■ per ounce standard. nOXDON MARKETS. . Me-srs. Dalgety and Company, Limited, Wellington, have received cabled advice under dale May 9, a-s follows:— Beef.—The demand is checked by the i M*h crloM, but tbc- mnr!«>t 1» flria, omlni: to flnht jjtack*. Quolationji Vaxis liL. i folnflrt 4Jt4,

Lamb.—Tho demand is active, and market firm owing to Ucht stockr,. Quotations: Prime Canterbury, lieht. Gd.; pn'mo Canterbury, heavy. Eid.: prime N. 1., light, 6d.: prime K. 1., heavy.. 51d. . . JSutton.—Any chanßO in prices is in favour of aellora. Tho demand ia principally for Hi-ht-wcichte. Quotations: North Inland, heavy. 33d.; North Island, light. 4d. Tallow.—Tho market u very quiet, and since our last cablegram prices are par to 3d. per cw€ lower. . ... Rabbitskins.—Primes are unchanßed. At tho sales 1900 bales wore offorcd, and 18d3 Bold. . J WHEAT MARKET. c By Telepraph—Press Association— Copyriettt d (Hoc. May U, <M 0 a.m.)- i Sydnoy, May 10. ' Wheat Is easier, and is now quoted at s 4s. 3d. to 4s. 4d. a. bushel. n —*———- a RABBIT SKINS. v London, May 9. I At the rabbit skins sales iB6O bales were t offered and 1750 sold. There was a (rood e market. Summer parcels were unchanged, f winter were a halfpenny dearer. j VICTOEIAN PRODUCE MARKETS. ( Mclliourno, May 10. t Wheat 4s. 3d. to 4s. 3ld-: Hoar, £9 ss.i 1 oats. Algerian, 3s. sd. to 3s. Ud.; whites. | & 4d. to 3s. Sd.-. maize. 4s. bli. to 4s. 83d.; ( brari £6 155.; pollard.. £Jss. : potatoes, £6 103. to £8 IDs.; onions, £10 to £10 ss. \