COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1447, 23 May 1912, Page 10

COMMERCIAL ITEMS.

TXVESTJIKXT SHARES. There were no transaction-i in iiivc:-tmcn< shares yestordny. The buying; and seliii>g (iiiotntioiis were as under:— Bnyars. Seller*. Well. Oa; (£10) is' 4 V ■ L d Kauri Timber liJf.) — 1 n 9 Lpyla.nd-o'Bi-ien -- ■ 1 8 fi D.t.C: Preference ' 1 5 3 Ooldnn Boy - [if. Sli&rUnd's ordinary « — I 4 i

DEAIiKI! iIOXKY IN Al T ST]IALIA. Tho Sydney "Daily Telegraph" of May 18 remarks that it appears somewhat of an anomaly that while money has distinctly cheapened in London, it has distinctly hardened hen:. I\jit London money, which would under similar conditions flow to Taris, or lierlin, or Xew York, or even Egypt, does not flow to Australia. There was a time when it did so, but that is past. At present, what London money not permanently invited there is in Australia is flowing back slowly, but steadily, to whence it came, and thai, with other reasons, helps to tighten money here. To summarise tho position, the Government has now formally recognised the altered conditions, and has put up its rates, and it has borrowed again in London, which is likewise a sign of the times. Mortgage and insurance offices have raised their lending rates: prices of goods have goo,? steadily up: and advances also rule higher. Some of the financial institutions, have also taken deposits on terms more favourable to depositors, and it is a. question wh?ther a formal notification should not be made on the subject. Money has certainly become dearer, and. if so, it is a. noint to be considered whether depositors should generally participate in the upward movement. At present the rates are 3 per cent, for one year and l\ per cent, for two years, hut the three- Queensland banks pay 3i and 4 per cent., and it would be better if it were recognised that all depositors are now entitled to the higher rat-??.

NEW GERMAN COMPANIES. According to statistics published by the German Imperial Statistical Office, 405! limited liability companies with an aggregate capital of £19.993,500 were registered in 1911. In 1910. 3872 companies were registered with £16,776,500 capital. In addition 597 existing companies increased their capital in 1911 bv £4,997,000. while 73 companies reduced their capital by £683,500. As many as 1180 companies, representing a capital of £5,445,500, went into liquidation, while bankruptcy proceedings were opened in the case of 228 companies, rcproscntiiig a capital .of £907,000.

__At the end of the year there were 22,179 limited liability companies in operation, as against 19,650 twelve months previously, the capital represented at the end of 1911 and 1910 being respectively £211,474,500 and £194,034,000. Th-jre were also on December 31 last 2629 companies in liquidation, as against 2437 twelve months previously, the capital represented at the two dates being respectively £17,836,500 and £17,007,000.

enormous orr> consumption. From authoritative American statistics it is found that in 1910, the last complete year for which universal statistics are available, the total production of petroleum amounted to 327,472,000 barrels, or 13.7E3,e59.0C0 gallons. The United States output of 209,556,000 barrels constituted noarI ly 70 per cent, of the world's total. liussia. ! was responsible for 21J per cent., and Galicia, the next in imnortanco, came a long way after with 12.672.0C0 barrels, or less thnii 4 ner cent, of the world's output. The Dutch East Indies h'ild its own with 3.27 per cent., and Ituniania- recorded an increase of 4 per cent, over the previous year, at 2.97 per cent, of the world's supplies. Only two other, countries succeeded in producing 1 per cent, of tho world's total—lndia, with 1.67 per cent., and Mexico, with 1.02 per cent. The Indian production, at 6,137,000 barrels, showed a decline of over 500,000 barrels; but Mexico recorded the largest proportional increase of any producer, namely, 34 per cent., the total output being raised to 3.332,000 barnsls.. Last year's figures will show a biff variation in these totals, as many new centres have been developed. Even Australia is now playing her part. , , THE PANAMA CANAL. One effect of the opening of tli2 Panama Canal which is regarded as inevitable will be a substantial increase in the American mercantile marine. • Discussing the significance attaching to this certain cipansion, llerr Ballin, the head of the HamburgAmerica Line, stated recently that he considered it would bo extremely foolish if foreign steamship companies were to view the development, with misgiving. British shipowners, it is reported, do not entertain any feelings of uneasiness on the ground mentioned; but, on the other hand, they do look with suspicion on the action that has been taken with the idea of inducing the United States Uureiument to pass a Bill enabling American vessels to use the cano.l without paying toll. Such an exemption, it is maintained, would l>e entirely against both the letter and the spirit of the Hay-Fanncefote Treaty, if it were confined in its application to vsfscw engaged in tho American coastal trade it would not affect foreign shipowners; but if extended to all American vessels it would givo that tonnage on advantage over outside competitors to the extent of the canal dues, which would mean the imposition of a very serious handicap on tho latter. The general readjustment of routes which will ensue on tho opening of the canal is already in preparation by some companies, the Pacific Steam Navigation Co. having notified that its ternrinnl no.rt. which heretofore has been at. Callao, in Peru, will for the future be at Panama. ;

NEW ZEALAND PRODUCTS. The values of the principal products oxported from New Zealand during the first half. of the current month, as compared with the ■ figures for the corresponding period of May last year, as furnished by the Department of Agriculture, Commerce and Tourists, are ns under:— Half-month. Half-mouth. 1912. 1911. Butter 1M52 3,849 Cheese 43,886 40,727 Beef 33.168 18,574 Mutton, carcasses ... 128,167 83,071 Mutton, leg>3 <t pieces 5,342 3,513 Lamb 224,400 166,169 Wheat 3,443 30,110 Oats 45,059 507 Potatoes 1,323 294 Hemp 41,835 8,837 Tow 3,340 1,380 Kauri gum 34,719 35,011 Grain and pulso 10,806 9,022 Hops 6,407 8 Hides 7,804 8,318 Skins 72,763 51,025 Tallow 90,983 42,898 Timber 21,695 29,076 Wool 477,530 359,794 Gold 68,310 142,054 1,337,462 1,034,237 BUTTER. AND CHEESE. (By TelcEraph.—Press Association.) Eltham, May 22. Mr. G. H. Buckoridge, New Zealand agent for Henry A. Lane and Company, London, has received a cablegram stating that a, shipment of cheese by the' Wairaana realised a price which will bring 7d. not f.o.b. The cablegram further states that the market is very promising for New Zealand cheese, which is ouoted at 735. to 755. The Canadian production is short, owing to the lateness of the season. The butter market is firm, with an upward tendency, NewZealand is quoted at l!4s. to 1163. TARANAKI OIL WELLS, LTD. Now Plymouth, May 22. K cablegram received from London this morning states that the manager of the Ta.rana.ki Oil Wells, Ltd.. leaves London next month for New Plymouth with the first shipment of machinery for the refinery; experts are also being sent out, and the local directors are instructed to proceed at once with tho drilling of naw Sir'Geo. Clifford has joined the board of directors.. METAL MARKETS. By Telegraph—Press Association-Copyright. (Rec. May 23, 0.20 a.m.) London, May 22. Cooper.—On spot, £73 15s. per ton; three months'. £74 55.; electrolytic, £76 ss. Tin —On spot, £208 per ton; three months', £202.' MINING NEWS. WELLINGTON SHARE MARKET. "At the morning call yesterday a sale of May Queen .at Is. sd. was made on 'Change and p.t the afternoon call a sale of Waihi at 365. 9d. was reported. These were the only transactions recorded yesterday. The buying and selling quotations were as unBuyers, Seller's. f. * A. £ s. d. May Queen 0 15 - Occidental ■■■■■■ "H ?J J Ross Reconstructed f - 0 5 1 Talisraau i i i , A I Waihi ~~ 1 16 3 Waihi Grand Junction ... 1 t 0 12 9 Waitangi »" I\\ Worksop Dredijc : .". A 5 Jt ' tmstoras duties collected at tlie port, of WeH'ug'on yesterday amounted to £2522 ss. Id. ' STOOK EXCHANGE. <By Telegraph.—Press Association.) Duncdln, May 22. The following sales wen? reported on the <;tnrl: t:-;ekango to-day:—Waihi Grand .runeMoil £1 2s. 10(1.; and D.1.0. (prof.), £1 3s. (two parcels). c|) , |slchurchi ,„, 2 , Sales reported:-New Zealand Fanners' fo'.orfrative, 495. Loorxrai. Auckland, May 22. The following was the business dor.o (it tb" 315 p. l "- ca " to-day:—Waihi. 3£s. 3d.; Waihi Grand Junction, 225. Gd.; N.Z. Insurance, 975, 6d.