COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1503, 27 July 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. A sale of Drug at 51s. was the only tran&ictiau in investment shares recorded yesterday. Tlie buying and' selling quotations were as under:— Buyers. Sellers. ■ £ s. d. £ s. d. N.Z. Loan and Mercantile 0 9 0 — N.Z. and liiver Hate ..;... 1 19 6 2 0 0 Foildiiis: Gas 10 6 — Well. Gas (pref.) 10 0 110 Meat Export (525. 6d.) 5 2 6 5 J 6 Mosgiel Woollen 3 7 6 3 8 0 Well. Woollen (ord.) 3 10 0 - Well. Woollen (pref.) .... t- 218 6 Hikiirangi Coal 0 18 6 - Taupiri.Coa.l 12 6 ■ — Dqna-ghy liope itnd Twine 14 9 — Golden Bay Cement — 110

QUEENSLAND MEAT COMMISSION. On July 18 the Queensland Government appointed a P.oya.l. Commiscion to inquire into the meat industry. The Commission eonsists of Messrs. \V. H. Campbell; M.L.C., Walter W. Hood (manager of Messrs. Dirt and Co.), and George Edward Dunning, of Drisbane. Mr. Campbell was appointed chairman,. and the report of the Commission ie returnable on November 22. The scope of inquiries will include alleged deterioration in the breed of beef cattle, and the steps necessary to insure improvement in herds; profltablenass of raising crossbred mutton sheep; the districts in which lamb raising may be carried on profitably; markets for varying grades of cattle and markets local and foreign; the capacity of meat works already in existence to treat stock available now and in the immediate future; the capacity of meat works for carrying stocks and cold stores; transport (railway facilities); necessity for establishing public abattoirs in populous centres; handling and disposal of moat and meat products in Great Britain and Europe; ruling pricee of fat. stock compared with Smithficld prices; retail prices at which meat is distributed to consumers; and to generally inquire into-existing syet-sm of production, methods and facilities for marketing, and for export and local consumption, and its effects on closer settlement. EASTERN TRADE. It appears that there is an enormous sale all over Asia in tinned meats, jams, preserves, and bottled fruits. New Zealand has done very little or anything to cater for this trade, and yot it seams important enough to engage attention. In catering for this trade, according to Mr; Suitor, New South. Wales Trade Commissioner in the East, the great object to have in visw is not only the quality of the goods, but the attractivences of the "got up." In regard to canned fniits in 2}lb. tins, patent openers are not so necessary, but in canned meats, tongues, butter, jams, and so forth, patent openers, such as a band being soldered on, and removed by a key provided, is an important feature. The tins, when in the tropics, readily become shabby in appearance, and the labels fall off. With the goods most in demand, principally of English make, the preservation of the tins seems to engage special attention. Generally speaking, and more especially in regard to jams, the tins are varnished a straw colour, a small labol giving the maker's name and contents firmly affixed on a email surface of the tin. An outside label, or band, of nicely-coloured and varnished paper, completely encircling the tin; la-stly, a further outside wrapper of soft-coloured paper enclosing tho whole tin. It is also noticeable that all goods are most carefully packed to. prevent the possibility of any damage when handling, even to the extent of sawdush to fill up any crevices. In regard to jams, the tins should be about 3}in. by Jin. diameter for all lib. tine, and' the contents should not be less than lib. net. . .

THE CANADIAN BOOM. .' A competent authority estimates that in tho lost seven years the : borrowings of Canada in London on public and private account have aggregated £172,0G0,K0. In conEDQUenco of this large Outlay and of the enormous number of immigrants from the United States and Europe, values of all descriptions-have become ■ inflated to an extent tliat may easily lead to disaster. In the older! provinces a. "boom" in real estate has occurred until rents have risen to an inordinate height, with tho result that the cost of living is excessive. In . thswest there, is nothing but "boom and boosters," to quote tho words of a. corrospondent to the "Investors' Review," and to maintain the swollen land values it would be necessary for many places to increase their population ten or twentyfold. The muioipa'lit'ies have not lagged behind in tho mad rush to accumulate liabilities, and, to keep the boom going, want to .continue borrowing. The four provincial Governments of Manitoba, Saskatchewan, Alberta, and British Columbia, in addition to contracting direct debts for experiments, have guaranteed bonds for new railways to the amount of £30,CC0,000. The in nation 'advocates argue that' bocausc the Canadian-Pacific has been. wonderfully successful every other railway scheme is bound to prove remunerative, even those leading to the suib-Arctic hinterland. Without doubt developed Canada will always bo a good field for tho investor, but the general recklessness now displayed by a large section of the community must be replaced by a saner spirit if a crisis is to be averted. If a check r cannot be given to existing expenditure local authorities predict a collapse as severe as any that has yet occurred.in Canada. FEOZEN MEAT TRADE. In writing on frozen meat, under dato London, June 14, Messrs. W. Weddel and Co. state that the available supplies of lambs during the week have been very short, and at-the commencement it was not a difficult matter to obtain 6Jd. and, 7d. per lb. for New Zcalands. The steamers, however, are now. discharging more expeditiously, and, with a slightly increased (inantity available, prices have cased off . \i. per lb. Frozen lamb is going straight into consumption as fast as it comes out of the boats. There have also been a few liiver Plate lambs nvnilable, which have been Gold at prices varying from 5Jd. to 6d. per lb., according to weight. In view of-the largo number of lambs lying undischarged in.steamers now in dock, many e;ellcrs are naturally showing great anxiety to quit their holdings at anything near present rates, but buyers decline to entertain parcels unless they are actually available. In mutton, there has been a good demand at Smithfield for Small carcasses, and as supplies are iiglit, prices keep at a high level. The medium-weights a.re a fair sale, but heavy-weights ore right out of favour, and only with the utmost diffl. odty ie it possible to move small quantities. A few small Australian sheep navo been sold at 33d. per lb.. and heavy-weights at 5Jd. per lb. River Plate mutton is a shade easier; and cannot now be quoted at over 3Jd. to 3?d. per lb. The limited quantities of beef available sell readily at 33d- per , lb. for fores, and 41d. peflb. for hinds fof River Plate and New Zealand. Chilled beef has been in plentiful supply, with the result that prices are considerably easier, and close weak at 3Jd. for fores, and 45d. to 4Jd. per lb. for hinds.

WELLINGTON INVESTMENT, TRUSTEE AND AGENOY CO., LTD. The twenty-sixth annual general- meeting of tho Wellington Investment, Trustee, and Agency Co., Ltd., was fixed for last night, but the election of officers could not he proceeded with for want of a quorum. Mr. J. B. Blair, chairman of directors, addressed the meeting in reference to the year's operations. Though there was nothing much new in tho balance-sheet,'ho "aid the psuftl progress had been made, the deposits increasing: by over £9000 and the mortgages, by over £7000. There wa,s a new item—other frcoliold properties, £1136 12s 6d.—this was a property that had fallen into the nands of the company, and, as the Government valuation was £2MO. It was' anticipated a good profit would bo made when it was fold. In commenting on tho growth of the bu&lnes* the chairman- pointed out that all tho original shareholders were now receiving a return equal to 11 por cent, on their original investments. A fow figures would sh"w how the liiulnoM had fluctuated since 1906. In that'year, tho profits were £4708, reserve fund £250, mortgages £177 280 deposits £137,412. Since then, the figures had been us follow:--1907, profits £4779 reserve fund £1760,' mortgages £183,554, deposits £l<8,016; 1908, profits £4916, T&scrvc fund £3500, mortgages £182,838, deposits £162.072; 1909, profits £4313, reserve fund R5500, mortgagee £166,864, deposits £151,0331910, profits £3769, reserve fund £7000. mortgages £167,217, deposits £157.231; 1911, profits £4.658, reserve fund £7750. mortgagee £176,329, deposits £165,465; 1912, profits £4967 reserve fund £9250. mortgages £183,363, deposits £174,644. The year just closed had been a record one, and, besides paying the w.iial dividend, the sum of £2000 wns to be c-arriod to the reserve fund, which would then stand at £11,250. Last year the hope wvts> expressed that, when tho reserve, fund Ivad reached a oortnin figure, there would bo an Increase in the dividend. Next year, if the pres&nt progress was maintained shareholders 'would receive an increase in dividend or a bonus. This announcement was made in order that they miglit not dispose of their shares without being awaro of the state of the company's affairs. Custom* duties collected at Ul3 port' of Wellington yesterday amounted to £1562 l<3. 9d.

GRAIN Nl) PMODUCK. (By Tclegraph.-l'res" Association.) Chrlstchurch, July 25. There is still no to record in the drain markul. There, is nothing ofTcrinc outlrt'buyers are indilVprcttt about maliiii" at prcTOiit prices. The potato market is reported to lie en.-ier in coiifpfiuetice of thero-bcjnp »ncd inouiry from Mie Xorlh li-biul. This is probably dun to n shipment being m.-ide frnm t.ho ftouth. but it Is not. era-utcd to Mrs uort Uus » lotororar} , eucA udou

the northern market. . For forward delivery, £5 is still Ming offered, but some buyers aro not offering more than £4 10s. to JE4 153. for immediate delivery. BANK OF ENGLAND RETURN. ByTeieeraph-PressAssociation-CoDyrlebt (Kec. July 26. 9.30 p.m.) London, July 2G. Tho Bank of England, return issued for fflio week ended Wednesday, July 24, is es under:— . ISSDE DEPMITMEST ' e Hole Issue £53,205,000 Gov.dobt -£11,1)15,030 Other securities 7,434,000 Gold ... ... 39.756,000 £59.205,003 f55.205.000 'BANKING DRPAIITJtF.NT. Proprifltorfi' . Govfc.-sccnrl-capital £14,553,000 ties £13,961,000 Public do- , ' Other sccuriposits .... 17,372,003 ■ ties... ~. 37.875,000 Other do- : • . posits ...'41.719.000 Kotos ... 25.573.C0J Be6t, 7-day , • end other bills... ... 3.517.003 C01a... „ 450.000 £77,191,033 £77,191,000 The leading items of the Bank or England return afford the following comparison:— . : This week Last week. Lastyoar £ £ £ Bullion ... . ... 39,756,000 30.620,000 39.960,000 Reserve 30.282.U00 30,068,000 30,4-22,01)0 Note circulation '29.332.U00 !H.3<4,K0 20,169.000 Public Deposits 17,372.000 17,581,000 (U90.0J0 Other Deposits 41,719,000 ■ 41,376.000 46,615,000 Proportion of reserve to liabilities... 50,40 60.93 51.50 GUTEKNMENT SECURITIES. ; The following are the latest quotatloni for Government securities, with' a com. parison of those rulins last week.— Variation _ compured Price, with . last weok. , £ 6. d. , 25% Imperial Consols 74 0 0 15 3 lower / 4 ~N.5.W.1933Jan.-July 102 0 0 Unchanged Si ..N.B.\V-.1918Mar.-Sop. 08 10 0 Unchanged 3 ,K.5.W.1935Ap1.-Ooli. 84 15 0 5s lower i ~Vic. 1220 Jan.-July 100 10 0 Unchanged 34 „ Vic. 19-21-6 Jan.-July .1)4 15 0 Unchanged 3 ~ Vic. 1529-49 Jan.-July 8110 0 10s lower 3 J ~S,A. 1916 Jan.-July 94 0 0 20s lower 3 .S.A. li) 16 Jan.-July 79 0 0 Unchanged * ~Q'rdlDls-24Jan.-July 100 5-0 5s lower H ..QTd1924.30.7an.Ju1y- 94 10 0 Unchaneed 3 ,QTd1922.47Jan.-Ju|y 82 0 0 10s-higher 4 ~.N.Z.1929.J1ay-Nov. 10110 0 Unchanged 34 ~N.Z. IMOJen.-July 04 0 0 10s lowor 3 ~N.Z. IMSAnrll-Ocb B4 0 0 Unchanged 34,,W.A.1920-JOMay-Nov D 4 5 0 5b lower. , IL " W.A.1D15-35May-Nov 85 15 0 15s higher js,,Tas.Jß4oJan.-Ju!y . U!ls 0 5s lower ' * „ Tag. 1920-40 Jan.-July ' bi 1) 0 • Unchanged

BANK HATES OP DISCOUNT. Tb» Bank it England rato was, on Dscomber 1, 1910, lowered from 6' to 4i per cent.; on January 27 it was lowered to 4 per cent., on February 16 to 3J per cent, and on March 9 to 3 per cent. On September 21 it was advanced to 4 per «mt., on February 3 it was reduced- to 3J per cent., and on May 9 to 3 per cent. The Bank of France rate was reduced from 3J to 3 per osnt. on January 23, 1908, and continued at the latter fieuro until September 21, 1911. when it was raised to •3j per cent. On May 17, 1912, it was rsduced to; 3 per cont. Tbo Imperial Bank of Gsrmany reduced its rate from 5 to 4J per cent, on February 6. and on February 19 the rato was further reduced to 4 per cent. On September 19, the rate was raieed to 5 per cent., and on June 11, 1912, it was reduced to 41 per cent; MARKET EATEB OF DISCOUNT. The following are the market rates for best three months' Mile:— ' London Paris Berlin . rate. , rato. rate. percent, percent, percent. This.week-, '31-16 --- 2J; =•-■--.- 33-8 ■ Last week ..„.;... 3- ■ 2J , '- ! ,3 3-8 Last year/..,,..;.., 21-16., .."2J.., ••.,,.,,. 2J ; .-; ; I ,;*T$.'.3J jijcr r 'cent,,,, . ■ ■ ; Short loans are. quoted at 2S per cent., as compared with 2j to 2} per cent, last week, and 13 per cent, last year. COLONIAL^AND OTHER PRODUCE. ■ Wheat.—The. markets' were 'temporarily firmer, owing to stroug American markets, duo to reports of heavy rains in Canada and North-West America, but is now quieter owing to continued fine weather in Russia. An Australian cargo sold at 395.' 4Jd., South Australian per sailor Juno shipment offered at .Hβ'., per eteamoi- AugustSeptember'39s., Victorian per sailer May i shipment 395. 3d., New South Wales April 395. 6d. Australian per sailer, new crop January-February 375. 3d., per steamer Do-cember-January 385., Australian parcels afloat 38s. to 38s. 6d., Australian on snot 425. 3d. . . ■ Flour-is steady and unchanged. ■' '. ' Oats are firm, but quiet. • La Plata, July shipment, 16s. 6d.; August, 16s. ljd. Barley is firm. • Butter is firin, but quiet. Danish has risen 3 kroner. Australian and-New Zealand are very firm and unchanged; arrivals are. clearing steadily.' Cheese is dull; New Zealand, 655. to 665.; Canadian, 645. to 655. ' Sugar is steady, but quiet. German beet, 63 per comt. net titre, -umchanged at'l3s. Id. per cwt.; first mark granulated, f.o.b. Hamburg, sd. lower at 156. 7d. ■ Bradford Tops.-The market iB quieter, owing to the irregularity, of the London market. Holders are firm, and prices are unchanged, , with practically no business' doing. '~''''';]'"'. '.': ~l' ; '■"■' •, ; ;. ' THE METAL MARKETS. ""'...!■ Copper, on spot, 50s. higher at £78 129. 6d. per ton; three months, 425. 6d. higher at £78 176. 6d.; electrolytic, £81 10k. Tin, on spot, 355. higher at £200 10s. per ton; three months, ICe. higher.at £197. Lead, soft foreign, 2s. 6d. higher at £18 12s. 6d. per ton. Pig-iron, 9d. higher at 58s. per ton. Spelter, unchanged at £25 15s. LONDON WOOL SALES. London, July 25. At the wool sales there was good competition at recent rates. (Eee. July 26, 9.30 p.m.) 4 - London, July 26. The following are the prices realised for the fleece ponions of tho clips named:— "Mount Palm," top price 13d., average price 12 3-Bd.; "Miunfcnden," top 13d., average 12gd. The New Zealand Loan and Mercantile Agency Company, ■ Limited, have received tho following cablegram from their London house, under date July 25:-The market is steady, and quotations arc unchanged since our last telegram, except as regards greasy crossbred wool for America, which is weaker. THE QUEENSLAND LOAN. By Teleeraph—Press Association—CoDyriEM (Eec. July 26,.9.30 p.m.) • ' London, July 26. Tho scrip of Queensland's now loan is quoted at 255. discount. RABBITSKIN BALES. (Rec. July 26, 9.30 p.m.) London, July 26. At therabbitskln sales, 2196 bundles were offered andi 1990 sold. There was a fair attendance. • There was a penny advance on all 60rt3 except furriers', which were slightly easier and mostly bought in. VICTORIAN PRODUCE. Melbourne, July 26. Whoat. 4s. Id. to 4s. Hd.; flour, £9 5s • bran, £5 155.; polla.rd, £6; oats, Algerian feed 3s. 3d. to 3u. 5d., seed 3s. 9d. to 45.; New Zealand 3s. lid. to 3s. 4d.; maize. 45.; prae, grey, 4s. 4d. to 4s. 6d., Duns 4s. 3d to 4s. 4d.; chaff, £4 10s. to £5 7s, 6d • potatoes, £8 to £9 55.; onions, £14.