COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1491, 13 July 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. A sale of N.Z. Paper Mils at 21s 9d was the only transaction recorded in invest. ment shares yesterday. The buying and selling ■ quotations were as under:Biiycrs. Sellers. £ s. d. £ s. d. N.Z. and River Plate — 2 0 0 Well. Trust and Loan ... .7 8 6 — Feilding Gas . — 10 9 National ■ Insurance — 1 19 3 Standard Insurance 1 11 0 — Christ-church Meat 15 3 6 — Meat Export (525. 6d.) 3 10 — Kaiapoi Woollen 5 5 0 — Mosgiel Woollen — 5 7 6 Well. Woollen (ord.) 3 8 0 ._ Hikurangi Coal 0 18 6 — Taupiri Coal 119 i — Westport Coal — 18 3 Taringamutu Totara 2 70 2 8 3 Donaghy Kope and Twine 14 9 — Golden Bay Cement ■ — 12 0 Manning and Co — 4 2 6 N.Z. Drug _ 2 11 3 Ward and Co — 5 3 0

BANKING COMPETITION. The Commonwealth, having decided to establish a State Bank, is endeavouring to attract to this institution the depositors in the various savings banks, and ,the States have been forced tp take action to meet the competition. In Victoria, in addition to steps to be taken to enable Victorian State Savings Bank depositors to take up Government bonds, the limit on which interest is allowed is to be raised from £250 to £300, tho rates of interest being 3$ per cent, up to £100, and 3 per cent, on tho excess from £101 to £350. Tho latter limit is £50 higher than that named by the Commonwealth Bank, and the stops now taken should be pretty effective In enabling the Victorian institution to maintain its position. The commissioners, In deciding upon raising the limit, have no doubt considered not merely the competitive aspect of the case, but also what is intrinsically sound. The raising of tho limit will involve an additional disbursement in interest, but on the other hand they have' the advantage of having "accumulated a reservo fund of £450,000, which has added to the earning power of the institution. That the element of competition should enter into the conduct of Savings Bank bueiicas at all is regrettable, but for this the State authorities are not responsible.

AN ARGENTINE MEAT CO. The high prices ruling for live Mock ill Argentina and the extremely low rates obtained .in the consuming countries are Riven as two of the chief causes which during 1911 operated to the serious detriment Jf the La Manca Frozen Meat Company, one of the principal concerns in the South American fiepublic. For the tirst-mentloncil drawback tho big beef combine may be fn some measure responsible. For the other adverse factor the explanation offered Is that the fall In tho markets of England and the north of Europe was brought about by an abnormal production of fresh meat, due to the- prolonged drought, which necessitated the slaughter of a much larger number of animals than was customary. Those circumstances, together with an abundance of ,pork, game, etc., so militated against the company l , that the ycar'e trading resulted in a not loss of £31,253. It Is suggested that the frequent labour troublesand the general industrial unrest in England also were dopressJne elements in th> position,-the strikes "having affected trado n a very rapid and serious manner." It is hoped by the directorate that the current term will witness a resumption of nornril conditions, ajid that as a consequence the wIU JSif able to. n,.ake B ood last year s losses. The- reserve lunds of the La, Blanea stand at £162.035, the whole of which was appropriated during 1909 and 1910 TL-a directors consider that sum sufficient to cover any troub e that might arise in the near .future, and iu view of the result of last year s operations they do not propose fnJZ ° "ffaWMni?, 'or depreciation; The board men ions incidentally that tile company s freehold land has Increased in value 50 per cent, within the Inst threo years.

;■ " BRITISH i TRADING COMPAJfIEfi;.' ' The-net profits ' and dividends of representative trading companies in.Great Britain, as issued during the past quarter, and referring therefore to the year. 1911. are given in the "Economist's" quarterly review. The liet, though not selected, does not exclude certain concerns whioli work in foreign countries in whole or in part, but it is pointed out that the inclusion of these is not sufficient to vitiate the conclusions when applied as an index to .the state of British trade. The' net profits of the 279 companies included in the eur■fey amount to £18,767,C60, an increase of £941.75? over last year, or 5.3 per cent as compared with an , increase, of 10' per cent, in the corresponding quarter of last year. The distribution of the net profits among the ordinary dividends (55.5 per cent.), the preperence dividends (21.3' per' cent.;, and. the reserve and carry forward (23.2 per cent.) remain practically the same as,last year. ■ The capital of the companies is £214,649.000. and the net profits, therefore, are 8.7 per cent.; the average ordinary dividend being 7.7 per cent., and the preference dividend 5 per cent. The preference dividend is ;the same as last' year, and the ordinary only 0.1 per cent, lower. The average net profit of 5.3 per cent., coming after an increase of 10 per cent., is evidence of prosnerity gained in epitc.of the transport strikes in the docks and on the railways last summer.

; COST ■ OF.' LIVING.' In the official "Year Book," just issued, tho Comm9mvealth Statistician observes that any direct comparison of the results of inquiries as to the cost of living in Australia and other countries is practically impossible. This he attributes mainly to the- fact that inquiries have not generally been conducted on similar lines, and that budgets have not been obtained either for corresponding classes of persons or for similar income groups. Any adequate Comparison of dost of living in different countries requires tho dissection out of the general result of the standard of living, prices, rates of wages, social classifications, and general economic conditions. Mr. Knibbs has now. rereived from Professor Irving Fisher! of Yale University, interesting documents relating to the proposed international commission on the cost of living. The professor stated in a letter that, with the passing of the moa.sure establishing the commission, invitations would be iesued to tho statistical departments of the world to share in its work. The system to which Mr. Knibbs refers in tho ''Year Book" as essential for the proper comparison of statistics would be aimed at in the scope of the inquiry. It Is further pointed out in the "Year Book" that, even m the cas?s of the United States a.nd tsermany, direct comparisons have been till now impracticable,, for in Amor> ica. the inquiry, for which statistics were available was limited to working class families, while in Germany the average incomes are much lower than 'in Australia or the United States. A rnramrieon of the goneral percentage distribution of expenditure in these countries is Eihown. Vint in order to mn.ke the flguree more fully comt>ara.hle family groups havo liecn selected for the United States and Germany with Incomes approximately the tame as the general o.vernge in Australia. The comparison of distribution of expenditure is as follows:— .. ■ Aus. United tralia. States. Germany. EbTisits ....: 13.70 17.40 14.90 Food • 29.50 36.45 30.31 Fuel and light... 3.46 , 5.03 3.12 ClothlTi? 12.72 " 15.72 14.91 - General ..;....' 40.82 25.40 36.76 Fj-om a, comparison of the expenditure on food in Australia and'other countries, Mr. Knabbs finds tha.t the weekly cost of food por head ie higher "hero than in all other countries except the United States and France, whilo the percentage of expondituro on food is less than in any other country. As far as sociological knowlcdgo can contribute to national success, Mr. Knibbs concludes that peoplehave the advanta.|?o whose investigatora discovered tho largest body of 6oientiflc truth, and whose practical nven arc the most prompt in the application of it in social organisation.

rommitteo, the headquarters of which aro at Jirussel.sand which Keeps in touch with the constituent, organisations and tho Governments of all countries. The President of the United Ktateu is honorary president of the American General Committee, and tho nierce and Labour arc honorary vicepresidents. At' the last meeting of the council of the Sydney Chamber of Commerce a very cordial invitation was received from the Boston executive of the International Congress to send" representatives. Accompanying the invitations were booklets Issued by the American cities on the route of the proposed tour, showing that the nongress will"bo carried out on a. large scale. The executive also notified that all transportation while delegates wore on tour in the States would be entirely free.

Customs duties collected at the port of Wellington yesterday amounted to £5691. ■ GRAIN AND ■ PRODUCE. (By Telegraph.—Prese Association.) Chrlstchurch, July 12. The local grain markets are in a very dull state, which tlie break in the weather has not tended to alleviate. There is practically nothing changing hands beyond a limited turnover between merchants. • No improvement is looked for until some export business can be done. The only movement is in.potatoes, the. market having further firmer. This is duo to the shipments to Australia from the south, and to an improved demand from the North Island. The wot weather has also a firming effect upon the market, aa it will delay deliveries. ' The price how paid a-t country stations ie £4 per ton.

FARMERS , CO-OPERATIVE ASSOCIATION. ■ ■ Naplor, July 12. The Farmers' Co-operative Association made a profit last year of £28,583 12b. 7d. At the' annual meeting it was decided tx> pay a dividend of 8 per cent, on paid-up capital, a bonus of 12}' per cent, commission contributed by shareholders, a bonus of 2 per cent, on goods purchased by shareholders, a bonue of 5 per cent, on salaries. The. sum. of £1000 is to be added to the reserve fund, and the balanco carried forward. The chairman (Mr. R. D. D. M'Lean), in congratulating shareholders', mentioned that twenty-one years ago the association had 1(10' members; there were now over 1000. Mr. J. W. Harding wa« elected "hairman of djrectore.

BANK OF ENGLAND RETURN. By Teieeraph—Press Association—Copyright (Rec. July 12, 8.10 p.m.) London, July 12. The Bank of England return "issued for the week ended Wednesday, July 10, is as under:— Issde Department Koto Issue... £57,369,000 Gov.debt ... f 11,015000 Other secuvl ties ... '„. 7,434,000 ' Goli 38.920.000 £57,369,000 .. £57,369,000 BixKixs Department. Proprietors' . ■ Govt. secufi- ' ! ■capital £14,553,000 ties... ..,£13.984,000 Public de- Other seouriposits ... 17,892,000 tics... ... 33.064,000 Otberde- . ' . posits ...40,355.000 Notea .„ 27.803,000 Best, 7-day ' ■ ■ and other . bi115..., ... 3,5-20,003 Coin... m .1,469,000 ■ £76,320,00] ' ,•, £76,320,000 . The.leading items of the Bank of England return afford the following comparlton:— • ■-.■■-.• ■ ■ . Ibis week Last woek.. Last year £ £ . £ . Bullion... ... 38.920.000 38.921.000. ■'39.468,000 Reserve 29,272,000. .28,870,0P0 '29,822X00 Note circulation 29,566,00:) '2fi.973.000.' '29,285,0<J0 PublioDepoeits 17,892,0J0 11,376,000 G. 278.000 Other Deposits 40.355.0U0 J8.369.1XU 47,909,000 Proportion of •.'.-,.■ reserve to . liabilities... 60.23 41.35 ~ 62.12 ' eoVEKNMENT SECURITIES. " The following are the latest quotatloni for. Government securities'with a; comparison of those rulinc last week.— ~

BANK RATES OF iDISCOUNT. , The Bank of Encland ; rate was, on Dicomber 1, 1910, lowered from 6 to 41 per cent.;, on January 27 it was lowered to 4 •per cent., on February 16 to 31 per cent., and on March 9 to 3 per cent. On September 21 if was advanced to 4 uor cent., pn February 8 it was reduced to 31 per cent., and on May 9 to 3, per cent The Bank ol France rate was reduced from 3J to 3 per osnt. on' January 23, 1908, and continued at the latter figure until September 21, 1911. when it was raised to 31 per cent. On. May 17, 1912, it was reduced to 3 per cent. . . .'...,' The Imperial Bank of Gsrmany- reduced Its ratefrom 5 to 41 per cent, on February 6, and on February 19' the..rate- -naa further reduced to 4'per. cent. On Septumber 19, the : rate was raised-.to 5 per cent., and on June 11, 1912, it was "reduced t6 44 per cent. . ■ . ... ~.-■. ' MARKET BATES OF DISCOUNT.. ''. The following are the market rates for best three months' bills:—; ■'...". ... ; " London Paris Berlin ) - rate. . rate. . . rate.' 1 ■ "". percent, percent, per cent; This week .......*.-" 215-16 - 23, . .. 3* - ' Last week '.. 2* 2j. . 3J. , Last year 115-16 2J .■ 23 .' Short loans are Quoted at .24 per cent., as cjmpared with 2i per cent."last week,.and U per cent.'last, year; .." : • COLONIAL AND OTHBE PRODUCE. Wheat—The market is very dull.owing to fine weather in Europe and America. Australian cargoes have been sold at 40s. and 415.; 40s. jd. ia tasked .for New South Wales March shipment, 40s. 3d. for April shipment; 41s. for South Australian Maroh shipment, and 395. 6d. for June; 40s. 3d. for Victorian April shipment, 38s. 6d. to 38s. 9d. for parcels afloat; and 41s. 6d. for Australian on spot. Flour is dull. Australian, about 28s. ex store. ■ Oats are -firm. ■ La Plata, June-July shipment, 16e. 3d. ■'. Barley 1e inactive. ~ ■ :. Beans and peas- are steady, and unchanged. . ■.■'■■ Butter Is dull. Danish is quoted at 120s. to 1225.; Siberian, 100s. to 104s. Quotation* for colonial are nominal. Choicest Australian, 104s .to 1065.; nnealted. 108s..'to 110s.; New Zealand, 112s. to 1145.; unsalted, 116s. Cheese U dull. New Zealand, white and coloured. 675;, ae against 695. to 70s. last week. ' : Sugar—German beet, 88. per cent. ' nei litre, sd. higher at 11s. 6d. pcr.cwt.; flret mark granulated, f.o.b. Hamburg, Id. highei at 14s. 10d. ■ Bradford Tops.—The markot is very stTong; sixty-fours, 27Jd. per. lb.: euner sixties, 26Jd.; common sixties, 25Jd. • flftveixes, 21! d.;' fifties, ISJd.; forty-sixes, 15d • forties, 14d.

Tlu.-On spot, 30s. lower, at' £203 Ids. per ton; three months, 50e. lower, at £198 10s. Lead.-Soft foreign, 5?; lower, at £18 ss, por ton. ■Spelter, unchanged,, £26 2s. 6d. per toll. Pie-iron, 2d. higher, at Kβ. led. per ton. ttolfram, 28s. 6d. per cwt.

LONDON- MARKETS. \ Messrs. Dalgety and Company, Limited, have received the following cablegrams from their London office, dated July 11:— "Tallow; Sinco our last cablegram, prices are nominally unchanged. There is very little business doing. Frozon meat: For frozen meat generally, there ia very little demand. Lamb: Prices aro Jd. to Id. per 11). lower, the decline being chiefly on medium qualities and heavies. Beef and mutton: Prices are unchanged." •

LON.DON WOOL SALES. By Telegraph—Press Aeaociation-CopTriteht London, July 11. At. the wool sales, competition was fully maintained, and the prices realised were the highest of the series. ■ (Rcc. July 12, 8.10 p.m.) London, July 12. The following are the prices realised for the fleece portions of tho clips'named:— "Glencoe," top price' Hid., averagn Sjd.s "Ata-wahai," top price 12jd., average 12d. AUSTRALIAN PRODUCE MARKETS. (Rec. July 12, 11.30 p.m.) Sydney, July 12. Bran and pollard have reduced by 10a. per ton. Wheat—Holders aro offering freely at 4s. lid., but buyers are holding off. Melbourne, July 12. Wheat, 4s. Id, to 4s. 2d. Floar, £9 ss. Bran, £6. Pollard, £6 ss. Oats, Algerian feed, 3s. 4d. to 3s. 6d.; Eced, 3s. 9d. to 4e.; New Zealand, 3s. 3d. to Js. 4Jd. Maize, 4s. 3d. to 4s. 4d. .Oha-ff, £4 15s. to £5 12s. 6d. Potatoes, £7 ss. to £10 ss. Onions, £12 to £12 10s. Butter, Is. 3d. to Iβ. 4d.

■ .-,■.' .. ' ' •; Variation — ■ compared : . . . Price.; .. -with , ; ■ ; last wcok. ' ' £ s. <1. 2J% Imperial Consols \ 75 12 6' 10S lower 4 ,.N.S.W.1933Jau.July 103 0 0 'Uochansoa 3J ,,N.S.\V.l918Mar.-Sop. ■ 98 10 0 Unchanced i 'v^L 1 ?? AP t I -, Oc '' M1U U U^haneed aj,,V|c. Jen. July 95 10 0 UnohaS 3 ,.Vlc;i92D.fflJin.-July : ft! 0 0 'lOslowtt? 31 ,,B,A. 1916 Jan. July 93 10 0 Uncbangod 3 .S.A. iai6Jan.July 79 0 0 10a lower i ,,QTdl915-24Jan.July 10010 0 Unohanficd 31 ..QTdl92t.20Jan.July S3 7 6 Unchanged 3 ,,Q , l , dl922.«Jan, ( July 62 0 0 10s lower 1 ,.N.Z. 1920 Maj-Nov. lM 00 ■ UnchanBea •8-.,,N.Z.a04f..Aprll T Ocfc .6410 0 --Unchancea '?' " w ; NavNov :' W'W 0' Unchanged a .85.0 0 Unchanged Hi „ l'as. 1910Jan.July Iβ 0 0 10s lbwor 3 „Tas.19-20.40Jan.July ; b4.0, 0 Unchitnficd