COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1505, 30 July 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. There were no transactions in investment shares j-csrterday. The buying and selling quotations were ns under:— Buyers. Sellers. ; . £ s. d. £ s. d. X.Z. Loan and Mercantile 0 9 0 — N.Z. and Hirer Plate ... 1 19 G 2 0 6 Well. Investment : 011 9 - Well. Trurt and Loan ... 7 15 0 - Christchureh Gas 8 12 6 — KeildiiiK Cias 10 6 - Well. Gas (prof.) 10 0 110 Mosßiel-Woollen - 3 8 0 Well. Woollen (ord.) 310 0 . - Well. Woollen (nref.) - 2 18 3 Taupiri Coal 12 6 13 0 Lcylnnd-O'llrien - 16 9 frown ]:mvcry 113 9 — Donaghy Hope and Twine 14 9 — Goiiten Buy Cement - 110 Manning and Co — 4 3 0 TIi'ADE PROSPECTS. The wet weather of the month hns affected trndn, an;l moat of the merchants are believed to have dons less during the month than for July of last year. It is also believed that the smaller purchases by country storekeepers is in part due to more restricted credit. The transport strike in London is ca.ut.ine short delivery of (roods here, and it will be fully eight or nius weeks before normal conditions are restored. The outlook, r-owever, is regard-' ed favourably, and with the first touch of sprinsr weather improvements in trade may be expected. THE TEA TRADE. The annual roview of the tea trade by Messrs. Wm. Jas. and fly. Thompson states that the past twelve months' record has lieen one of increased prosperity to growers, and those interested- in the production of large yields of common tea, have again chiefly benefited by the comparatively hi eh level of value, a handsome return on cost of production being assured, while some encouragement has been given to the production of the better dualities. To the. distributor ,:onriitions have not been so favourable; pressure of competition and a non-yiplding basis of price for such grades iifi comprise the bulk of public demand have made trade raoro difficult and profits reBtricted and problematic. High prices have attracted increased crops from all sources, but the world's raniiremcnts have been sufficient to absorb a record supply, and active demands have helped to maintain the hieh level of value which has been gradually developing during the last few seasons. At the close of the twelve months' working a. strong statistical position is disclosed, no accumulation of fitocks being apparent. A noticeable feature has been the somewhat lower standard of all growths, while the ouantity of hichclass tea has been below ,average. The crop in Northern India, for 1910-11 constituted a record, and is given as 245,000.000 lb. for export, or au increase of about s,Kfl,oColb. over the previous season. At the end. of last August the out-turn showed an increase of 12 to 13 millions, bpt adverse weather conditions during subsequent months reduced the excess. The decrease in the direct trade between Russia and India has been a factor of considerable importance in the market, and had an average rate of progress been sustained from Calcutta instead of a marked retrograde movement, the position would probably have- been acute in the directiou of supply. As regards the outlook, it is remarked that under normal climatic conditions, moderately increased crops seem probable, but the cost of production will he somewhat higher owing to increased cost of labour and charges. In India large quantities could be secured by freer plucking, but deliberate efforts to produce quantity at the sacrillce of ouality would be of temporary advantage only. In spite of the marked falling-oil in Kussian trade, the aggregate production, though plentiful, has not been sufficient for universal requirements, and the .fact that this obtains in face of a continuance of enhanced prices over a lengthened period tends to support the view that a more general use of tea is not only actually taking place, but may still further expand. In America mill Canada, there is room for extended use, while Rus'i.i may recover Rome of last year's lost ground, though immediate prospects are not really good.. Broadly speaking, the indications are that a. fair increase oan be nbsorbed at a remunerative level of price without inconvenience; on the other hand, there is not rmich margin in the event of n shortaA. which would proha'bly seriously disturb markets already sensitive. CHINA AS 'A MARKET. The great scope which China offers as a market was,well illustrated in a recent article which appeared in the London "Financier." It is shown that the yearly importations into China amount to not less than .£SO,CCO,OCO, -it large sum actually, but represeutine tes than Eβ. per head of the population of 400.C00.000. If China became an iniport- market only on the samp relative basis as Japa-nt its annual buying would amount to as much as £«0,0C0,0C0. or about X25.0C0.CC0 more than those of the United Kingdom last year, althswth at present Great Britain heads the world as an -importer. If China actually reached the British and Australian import, standard, the value of merchandise landed yearly at Chinese ports would amount to the huge Bum of £4,8C0,000,C00. or more thanthe entire trade of the world at the present time. Such a figure is. of ccurse. altogether outside the scope of practical commercial politics for many years to come, but it is. distinctly within the scope of China's potentialities, when the character of its population is taken into consideration: Customs duties collected at the- port of Well'inglon yesterday amounted to £2564 9s. 3d. HIGH COMMISSIONER'S CABLEGRAM. • The Department of Agriculture, Commerce, and Tourists has received the followi'ng cablegram from the High Commissioner for New Zealand, dated London, July -27, 1912. [Note—Quotations, unless otherwise specified, are average market prices on spot):— General—The striko is unsettled and deliveries are still restricted.. . Mutton.—The market is quiet, but rather steadier. No change in prices, viz.:—Canterbury,, 4j,d.: North Island. 3iid. per lb. Lamb.—The market Is slightly weaker, with loss demand. -Holders are anxious to soli, and supplies are increasing. Canterbury, 5Rd. to 6?, d. per lb. (according to quality); other than Canterbury, s}d. to 52d. per lb. Beef.—The market is weak and inactive. Supplies of River Plate are heavy. N.Z. hinds 4d. per lb.; fores, 3Jd. per lb. Butter.—The market is firm. There is a better demand. New Zealand is firmly held in second hands. Choicest N.Z. per cwt. is 1165.; Australian, 108s.; Siberian. lCfc.: Danish, 125;. Oheese.—The market is rather more active. New Zealand white,-655. 6d. per cwt.: coloured, 665. 6d. Hemp.—The market is very firm. A scarcity of best finality. Spot: New Zealand pood fair grade. £26 per ton: fair grade. £24; fair current Manila. £24; forward shipment: Ju'y-September, at the same prices. The output from Manila for the week was 44,CC0 bales. ■ Wheat.—The market Is dull, very little business doing. Oate.—The market Is aulet, priceo slightly weaker. Peas.—The market Is steady, but demand only moderate. Beans.—The , market is irregular, and without business. Now Zealand grain is not at present in store. Cocksfoot Seed.—The market is ouiet. Buyers are not keen to do busines in cocksfoot 'seed. Wool.—The market is firm. A eood demand for all descriptions. FROZEN MEAT. By Telegraph—Press Association—Copyright London, July 28. The Incorporated Society of Meat Importers' Smithlicld market quotations for thu undermentioned clarecs of frozen meat are bated on actual sales of not less than one . hundred carcasses of mutton or lamb, or twenty-live , quarters of beef of fair average quality. Tho quotations arc not for selectfld lines, but for parcels fairly representative of tho bulk of the shipments now on the market. The prices which follow are on the averaged, farthing per lb. more than the values ex ship, this difference representing an average cost in expenses, handling, conveyance, and selling the meat:— - July 20. July 27. Mutton— d. d. Canterbury, light 43-16 4 3-16 Canterbury, medium 4 3/5 Canterbury, heavy 31 313-16 Southland 33 33 North Tsland, beat 33 33 North Island, ordinary... 3 11-16 3 U-16 Australian, light 3! 3S Australian, heavy 33-8 33-8 /.iver Plate. Ugly, - Hiver.Plate, heavy 3is 3i| New Zealand ewes 3J 3J Australian ewes 33-8 33-16 liiver Plato ewes 3 3-8 3 3-8 Lamb— Canterbury, light 6h 6J Canterbury, medium 53 58 Canterbury, heavy 53-8 5 3-8 K-nithlnml 515-16 511-16 North Island, ordinary ... 511-16 5J North Tslaml. Fclcctcd ... 53 511-16 Australian, host 5J 5& Australian, fnir 5 3-8 5 3-8 Australian, inferior — Itivcr Vlate, first — _ liivcr Plate, second — — BcoTNew Zealand ox fores ... 33-8 33.8 New Zealand ox hinds ... 4 Australian ox fores U 33.0 - Australian ox hind:-. 3J 31 Jtlver I'late ox fores 3 3-8 3J River I'late ox hinds 4 ,y Ilivev Plate chilled fpves i\ ■ 33 8 I'iver Hate chilled hinds 4j.- 43.8 LONDON WOOL SALKS. London, July 28. At the wool.Kile* there was a'moderate selection. Prices for all sorts were firm aiwl unchanged. The following are the prices realised for the lice™ portions of the clips unincd"Piripiri." top price ICJd., average 9d ■ "ScaforLh, ,, lid. and 9iri.: "Moawlinti'iil" 11 Sd. a.nd lOJtl. " ' To rtnlc K9.OW half have l)e«» offered and 18WJ0 sold,

DAIRY PItODUCE MAHKET. WKDDEL'ti ANNUAL HEVIEW. By Teleeraph—Press Association—Copyright London, July 28. Messrs. W. Wcddel and Co., liltl., in their animal review on the dairy produce trade, state that wider application of the pasteurisation system in Now Zealand lias resulted in an all-round improvement, rj»»Lic\larlv with regard to tho texture-keepimr properties of t.hc butter, the flavour of cowiness beinu largely reduced, anil tho flshincss boi'nß now practically absent. Now Zealand should, the firm thinks, erect dual plants-butter and clicesc-in view of the po.-r-ibility of Canada censing to export cheese in the not distant future. Messrs. Wcddel estimate that prices for Australfan and New Zealand butter and cheese next senson will be much below those of last season , , but above the avorac<s of the preceding four yeare. WHEAT AND FLOUR. London, July 28. The wheat and flour afloat for tho United Kingdom totals 3,565,000 Quarters; for the Continent. 1,705.000 Quarters: Atlantic shipments. 166.009. The total shipments to Europe during the week amounted to 1.175.CC0 quarters, including 290,000 ouarters from tV.c Argentine, 235.000, Russian, 69,000 Uanubiau, 326,000 from India, and 30.K0 from Australasia. ' ADVANCE IN COXSOI/S. London, July 28. Imperial Consols are £74 10s., a rise of 10s. on last quotation. PRICE OF TIN. . Lo/ldon, July 28. Tin..—£2o2 10s. to £199 15s. The rise is due to the announcement that tho Holland bimonthly sales for 1913 are to be reduced to three hundred tons. MINING. NEWS,' WELLINGTON SHABE MARKET. Only two sales were recorded yesterday. Talismans at 395. 6d.. and Vi'aihi Grand Junction at 21s. 9d.. and both were reported at the inornine call. Waitangi were firmer, but no one appears to know the reason for this. The buying and sellinequotations were as under:— Buyers. Sellers. £ s. d. £ s. d. Kuranui Caledonian — 0 14 Now Bis River .490 — New Sylvia 0 0 4 0 0 6 Ross Reconstructed — 0 5 9 Talisman ; 1 19 0 1 19 9 Waihi - 114 6 Wa-ihi Grand Junction ... 1 1 6 12 0 Waitansi 0 011 . 0 11 STOCK EXCHANGE. > (By Telenraph.—Presa Association.) Auckland, July 29. Biisines done at the firet call:— Waiotahi, Is. lOd.. Iβ. 9d. Waiting, lid., 105 d. Wailii, £1 14s. Grand Junction, £1 Is. 9d. Waihi-Paeroa, £1 17s. - The following business was done at the 3.15 p.m. call:— New Sylvia, sd. Waitanei Consolidated, Hid., Is. Id.. Is. 2d., Is. 3d. Ross Goldfields, ss. 6d. Talisman Consolidated, £1 195., £1 19b. 3d. Waihi Grand Junction, £1 Is. 9d. New Waitaia, Is. Id., Is. 2d. Wailii, £1 14s. Bonanza, ljd. Dunedin, July 29. Tho fallowing sales were made on the Stock Exchange to-day :— Talisman Consolidated, £1 19s. 6d. ■Waihi, £1 14s. 3d. . Waitanßi, Is. Sales reported:— Wnitangi, 10d. Waiotahi, Iβ. 9d. The following aro Stock Exchange auotations;— Dredging Stocks: Electric, buyers 35.; Koputai. buyers £s.: Rise and Shine, ecllere £1 2s. 6d. Miiiin;: Stocks: Ross Go-Tdflelds. sellers ss. 10d.; Consolidated Goldfieldis,-sellers 14s. 6d.; Kuranui Caledonian, buyers Is., sellers Is. 4d.; Old Hauraki. sellers Is. Bd.; May Queen, sellers Is. 3d.: N.Z. Crown, sellers 3s. 9ci.; Waitangi, buyers Is., tellers Is. 2d.: Ta,Msman Consolidated, buyers £1 195., sellers £1 19s 9d.; Wnihi, buyom £1 14s. 3d., sellers £1 155.: Wailii Grand Junction, buyers £1 Is., sellers £1 Is. 9d.; W'aiotahi, sellers Is. lid. Investment Stocks: National Bank, buyer? £5 195.: National Insurance, buyers £1 195.: N.Z. Insurance,' sellers £4 IBs.; Union Steam Shipning Co., sellers £2 55.: Milburn Lime and Cement (£1), sellers £1 9e. fd.i N.Z. Drue Co., £2. buyers £2 10s. 9d.; Wright, Steplienson, buyers £5 10s. ; WEST COAST RETURNS. ... Rcofton,. July 29. Pactolus' (dredging): 19oz. ldwt.; 127 hours. New Bis; River: Battery—973oz. 10 dwt. melted cold from 650 tons; cyanided 950z. lCdwt. bullion; total value, approximately, £4150. . ' • ' ' WAITANGI CONSOLIDATED. '' The Auckland directors of the above company, toßCtlier with Mr. Weston, representme- the Wellington shareholders, met Mr. Stansfield, the superintendent at the mine, on Monday of last week, and wont into the entire position of the workings. They found that tlie main drive had at last intersected the , break, which had prevented the drainage of the two upper levels. Mr. Stansiield had always expressed the opinion that the future of the mine depended upon the reef after this break was intersected. This reef is wider than the drive, and is of a totally different character to those prcviouslj* met with in the levels above. Mr. Stansfield did not exnect to pet values until they pot to the hanpinp:-wall. In writinu to Mr. T. S. Weston on July 26, Mr. Stansflcld said:"Thc twenty-ciphth sample from main drive for a, width of 6ft, from footwall, and a total distance of 3555 ft.. ha.? been asayed, and gives the return of £4 ss. 63d.. per ton.". A telegram was received from Mr. Stansfield yesterday, which reads as follows:— "Twenty-ninth sample from ; drive 3563 ft., width 6ft., assays seven pounds." It is apparently this improvement in the outlook that is causine the shares to rise. WAIHI GOLD MINING COMPANY. By Telepraph—Press Association—CoDyricht London, July 28. Tho directors of the Wnihi Company, in a circular to the shareholders detailihs tho. circumstances of the naners' strike state that it has been decided not to make a, now agreement with the Miners' Union until the union has been ( repistered under tile Arbitration Act, and that hence it is impossible to say how lone It will bo before work is resumed. Though payine a dividend of 2s. in September, the directors point out that a furthor distribution cannot be made until the strike ends*. Even th<>n, the 6nbw.ow.nt effects aic likely tc affect the dividends adversely.