COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1515, 10 August 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. The transactions recorded yesterday Were two salos of Equitable Buildine; at £10 each, and a sale of TaTins.imutu Totara at 465. The buying and selling quotations wore as under:— Buyers. Sollors. £ s. d. £ s. d. Bank New Zealand — 1017 6 National Bank — 6 0 0 EdiaitaMo Building - 10 2 6 N. 7.. Loan and Mercantile 0 9 0 - N. 7.. and Itivnr Plato 1 19 3 2 0 3 Wellington Investment ... — 0 12 0 Well. Trust arid Loan — 7 15 0 Foildint Gnu 10 6 - Well. Ga* (£10) , 17 17 S —. Moat Export (525. 6d.) — 3 3 0 Moieiel Woollen — 3 8 0 Well. Woollen (ord.) 3 10 0 Well. Woollen (pref.) - 2 18 3 Taupiri Coal 12 6 — Wcst.port Coal 18 0 — ' Tnriiißamutu Totara 2 6 0 2 6 6 Donaffhv Ropo and Twino 15 0 — Golden Bay Dement - 110 Manning and Cn 3 19 0 — N.Z. Pencr Mills - 116 Sharland's preference ... - 1 3 .6 COMMONWEALTH FINANCE. Two leading features of Commonwealth finance have been tho rapid increase in expenditure und in the weight of taxation (luring recent years. The exuendituro for the past, three Iliiancial years, with the estimate tor 1912-13, presents the following comparison:— Charged Payments. to Year. £ £ 1909-10 8.155.656 +7,199.517 1910-11 11.321.354 +13.158,529 1911-12 14,297,572 T. 14,721,938 •1912-13 16,604,791 +14,3«,2E0 'Ertliiiate. iAfter deducting cxpcndlturo out of Drior accumulaUanj, llaoludlfls.

subsequent expenditure. That the expenditure line so far been defrayed out of revenue is due partly to the imposition of the laud tax, and partly to the rapid expansion iu the Customs mid excire revenue resulting from extraordinarily good seasons. The growth of taxation collected by tho Commonwealth Government (partly handed over to the States) is shown as follows:— Customs and Land Excise. Tax. Total. ££ £ ■ 1909-10 11.593.165 - 11.593,165 1910-11 12,980,444 1,370.345 W,350,769 1911-12 14,710,199 1.366.454 16.076,653 1912-13* 14,511,000 1,300,000 15,011,1100 'Estimate. THE MOTOR CAR IN AMERICA. The Washington Government Bureau of Statistics show that motor-car mamif.ietm--ors turned out more cars for 1912 than for any previous season. The 1912 models total something like 210,000, and are now practically sold, and makers are concentrating their efforts upon the 1913 output. It is thought by trade authorities that there will be an increase in the number of medium and low-priced machines turned out during the coining rca?on, but that the grand total will be a little below that of 1912. During the past few seasons production has varied according to following estimates :— Total value. Cars built £ 1904 20,100 8,040,CC0 1908 55,400 16,620,000 19M i 82,000 19.680.CC0 1910 185.CC0 48,400,000 1911 140.0C0 35,0C0,0C0 1912 210,000 64,386,000 NOTES. ' When tho last mail left London a provisional agreement had been entered into for the purchase by the Commercial Virion Assurance Company, Ltd.; of the business and insects of the Imperial Accident Insurance Company. The production of quicksilver in the United States in 1911 was the greatest since 1907, the total output being 21,256 flasks of 751b. each, valued at £231,997, against a production of 20,000 flasks, valued at £239,788 in 1910. California was the greatest producer in 1911. While there was an increase in the total output, the amount produced over 50C0 flasks below the average for the decade ended 1911. United Texas begun production in 1899. California supplied practically the entire output of the United States for the lost half of the nineteenth century. Quicksilver is consumed mainly in the manufacture of fulminate for explosive caps, of vermilion, of drugs, of electric lighting apparatus, of scientific apparatus, a.nd in metallurgy in the recovery of gold and silver by amalgamation. The proposed tax of the French Government on the landscape advertisements which disfigure the scenery along the railway routes, is graduated according to the size of the hoardings, and varies from £2 to £16, the fcal? being, moreover, doubled, tripled, or quadrupled according to the number of advertisements on any single hoarding. Messrs. Lever Bros., of Port Sunlight, the great soap manufacturers, are increasing the capital to £20,C00,0C0. PROPERTY SALES. Messrs. J. T. Horn, Ltd., 37 Panama Street, agents for Tasman Fruit Land 3, Ltd., report having sold during the months of June and July the following sections on the Tasman Estate :-Sect.ion 47. 2CJ acres, to .Mr. Hopkinson. Moutere; Section 51, 36i acres, to Mr. P. Hercus. Christchurch,; Section 134, 115 acres, to Mr. W. A. J. Dutch, Wellington; Section 88. 93 acres, and Section 68, 55 acres, to Mr. W. Wells. Southbridge, Canterbury; Section 112, 233 acres, to Mr. E. Townshend. Christchureh; Section 115. 281 acres, to Mr. T. W. Snow. Wairoa, Hawke's Bay; Section 113, 161 acres, to Mr. Hunter Brown, Sydney; Section 100, 23* acres, to Mr. U. R. Duncan, Nelson; Sections 83 and 86, 15} acres in all, to Jlr. H. A. Blake, Wellington

Customs duties collected at the port of Wellington yesterday amounted to £1M Is. WAIMATE GAS CO. (By Telegraph— Press Association.) Walmats, August 9. At His sixth annual meeting of the Wa;mate Gas and OoaJ Company lost night, Hid report showed a. profit of over £iOO on the year, notwithstanding that over £2CO was spent during the year on the renewal of retorts. Two additional retorts were put in chirini the year, making iime in good order. The capital paid up amounts to £7500. A dividond was declared last ni"ht of 8 per cent. The borough council hold? an option of the purchase .-it the end of seven years. This is exomsablc "in October". 1913, and fix months' notice must be Riven, maldiii it a Question for tlio ra-tenavers to decide, before April next, lne purchase price is £12.000. Dirrin-j its six years , ' existence the company has averaged seven per cent., and also paid ofr all preliminary expenses and depreciation. If the boroiisrh does not purchase next year the option continues, but the price is to be fixed by arbitration. GKAIN AND PRODUCE. l (By Telegraph.—Press Association.) Chrlstchurch, August 9. There ifi still no business doing in wheat. The oats market is reported to be weaker, but so little grain is changing hands that the position is difficult to gauge, especially as there is practically no demand. A little more business is doiiiß in chaff at lale rates; and a. larger quantity is now offerine than for some time past. There is a cood deal of complaint on the part of morchants regardhiß the shinning space of produce for the North Island. The chief complaint, however, k in regard to chaff, and it is stated that this produce is continually beinc refused by the .Union Company. The reply to this complaint is that so far as chaff is concerned the merchant won't eend it direct from the paddock to ship, and in the event of anything preventing delivery the space bookid for chaff is left vaoirat on the vessel. It is also contended on behalf of the shipping companies that if merchants were Lid to the bookings of space there would not be .the same difficulty warding carco D< The potato market remains with very little chance, the tendency heme towards a firmer tore. Most of the orders for immodinte delivery have been filled, and £S is still the rulinc price for forward delivery and for certificated lote. BANK OF ENGLAND RETURN. fly Teieeraph— Press Aasociation-Copyrieht (Eec. August 9, 8.10 p.m.) London, August 9. The Bank of England return issued for the week ended Wednesday, August 7, is as under:— IeSUR DEPHnTMEIIT Note Issue £58,789,000 Gov.dobfc -£11,015,000 Other securities 7,434,000 Gold 38.310.000 f58.769,003 A 58.750.000 B4NKINO DEPAnTW.VT. •rvopriotore' , Govt. securlcapital £14,553,000 ties £13,982,000 Tublic do- Other eocuriposits ... 16,617.000 tics 33.614,008 °p b oeit"°" ... 41.351.000 Kotai ... 23.151,000 Rest, 7-day and othor bills 3,676.000 Cola.- .. 647,000 £77.307,000 £77,397,000 The leading items of the Bank or England return afford the following comparison:— This week Last week. Last year £v £ £ Bnllion . ... 38.3)0.000 3M65.000 38.57:2.000 Reserve. ... 23.154.t00 i 8.089.000 27.6G1.U00 Note circulation SO.OSa.O'X) 30,084,000 30.J81.000 Public DopO3its 1G.317.C00 17.073.0J0 7.85-2.000 Olnor Deposits 41,351,000 41.602.000 43.470,000 Proportion of resorvo to liabilities ... 48,80 43.66 54.10

GOVERNMENT SECOKITIES. Tbe followine aro the lntcet nnotationi [or Government tecuritics. frith a oon> parieoa ol' Uiobo rullnt last week:— Variation Pries. with last weak. £ 9. rl. 2J% Imperial Consols 1i 10 0 Unchanged i , N.S.\V.lO33Jan.-July 102 0 0 Unchanged 3j N.S.W.lOlB.Miir.-Sep. 07 0 0 SOs lower. 3 ' U.S.W. 1U35 Apl.-Oct.I 65 0 0 JnchiuiKcd 4 Vic. lQaUau.-July 1100 10 0 Unclianac<l 34 "Vic. m-BJan.-July ■ i'j 0 0 Unchanifcil 3 ' Vic. IOiO-iOJan.-July! Si 0 U Unchausod 3 J 'S.A. IWG Jan.-July | Dl 0 0 imclmnßed i ,'B.A. IJI6 Jan.-July | 7!l 0 0 Unuhaiife'ed i ~Q'l'(ll { Jls-2J,ran,-July! 100 10 0' Unclinnnod 34 QTdI'JJMOJan.-July! 01 10 0 i Unchanged 3 , Q'l'd llßi-47Jan.-Julyi 6-2 0 01 Unchausod < ~N.Z. 182!) May-Nov. 10110 0; Uncliantfoil 34 ~K.Z. 11)10 Jau.-July I 04 0 8 UnolinnUeil 3 , N.Z. l«<r. April-Oct. Si- 0 0 Uucliniificd 34,, W.A.IMMOMuy-Xovi 04 10 0 UnchanKod a \V.A,11115-35May-Novl Bli 0 0 Unchanged 31 M Tin. IWOJan.-July j Ua 10 0 Bβ lower 3 .. Tas. IUAMi) Jan.-Jiily| f4 U 0 Uiiehniicrd RANK KATES OF DISCOUNT. Tlio Hank of England rate was, on , J)elumber 1. 1910, lowered from 5 to 4J per cent.; on' January 27 it was lowered to 4 per cent., on February' 16 to 3), per cpnt., and on March 9 to 3 per cent. On September 21 it wilt* advanced to 4 per. cent., on February 8 it was reduced to 3J per cent,, and on May 9 to 3 per cent. The Uunk of France rale . was rodwed from 3i to 3 per cent., on January 23, 1908. land cont.imicd at the latter figure until September 21 ,1911, when it was raiser! to lh per cent. On May 17, 1912, it was reduocd to o per cent. The Imperial Bank of Germany reduced its rate from 5 to 4.1 per rent., on February 6. and on Tebruary 19 :.hc rate was further reduced to 4 per cent. On September 19, the rate was raised to 5 pur cent., au<l on Jane 11, 1912, it was reduced to 4J per centr

MARKET HATES OF DISCOUNT. Tlio following arc tho market rates for best three mouths' bills:— London Paris Berlin rate. rate, rate. percent, percent, percent. This week 215-16 2 3-8 33 Last weak 3 2i 3i Last year 2 5-16*- ZJ ,3 Short loans a.ro quoted at 2i per cent., as against 2s per cent, la-st week, aald 2 3-8 per cent, last, year. COLONIAL AND OTHER PRODUCE. Wheat—Heavy raiu in Hie United Kingdom and the Continent, though it has caused little damage, lias delayed the harvests i« causing «• better demand to manifest itself for near cargoes. It is expected that the French crop will be equal to that of 1911. but tho quality will be inferior, necessitating the importation or three or four million quarters. Two Australian cargoes sold at 40s. each: Victorian, per Kulcr, May shipment, is held for 395. 9d. Australian, new crop, per sailer. January-February, is offered at 375. Sd.j parcek afloat, 38s. 3d. to 38s. 6(1. Australian, on spot, 425. 3d.; Liverpool futures, October, 7s. 4 3-Bd.. December 7s. 3Sd. Flour is quiet. Australian, 275. 9<1., ex store, 265. 9cl. to arrive. Oats are firmer. La Plata.. July-August shipment, 16 ; . 9<l. _,„!•« Butter—Danish is unchanged. Choicest colonials sue scarce and very firm. Australian 112s. to 1145., unsalted Ills, to 116s. New Zealand 120s. Cheese is firn'. New Zealand, white 65a to Ks~, coloured 676. Su^ar—German beet, 88 per cent, net titre 4d lower, at 11s. lid. per owl.i flrstmiarlC' granulated, f.o.b. Hamburg, 4a. lowBradford Top.—The market exhibits a holiday tone, but is nevertheless very firm on a small turnover. THE METAL MARKETS. Copper.-On spot, unchanged, at £78 per ton: three months, Is. 3d. lower, at £78 S Tin.-0n spot, 10s. higher, at £204 15s. per ton: three months' lite, higher, at £202 10s. Lead.—Soft foreign, 10s. higher, at £19 "pig-iron! 6d.'higher, at 595. 10d. per ton. Wolfram, 28s. 6d. per cwt. ' FROZEN MEAT. Messrs Dalgoty and Comnany, Ltd.; Wellington, have just received the following cablcram from their London hours, under date August B:—"There is a slightly better demand for frozen meat at prices somewhat in sellers , favour, except for heavy descriptions of lamb, for which the market is dull." HIGH PRICED ONIONS. By Telegraph—Press Aesociation—Copyright (Hoc. August 9, 9.10 p.m.) Sydney, August 9. Onions have been sold at £20 a ton, tho highest price since 1905. VICTORIAN PRODUCE MARKETS. Melbourne August 9. Wheat-Market firm at 4s. I'd. to 4s. 2d. Flour £9 5s- Bran. £5 15s. Pollard. £6. Oats:* Quiet, New. Zealand, 3s. Id. to 3s. 3d : Algerian feed, 3s. 2d. to 3s. 3d.: seed. 3s. 9d. to <a. Maize, 4s. to ss. Id. Peas: Dun seed, 4s. 3d. to 4s. 4d.; greys, 4s. 4d. to 4s. 5(1. Potatoes: Firm, at £9 10s. to £10 10s. Onions: Firm, at £20. TALLOW SALES. By Telegraph—Press Association—Copyright,

London, August 0. At the tallow fales 2808 casks were offered and 19J3 sold. Mutton realised: Fine, 365. 3d.; medium, Ms. Beef: Fine, 365. 6d.; medium, 335. The New Zealand Loan and Mercantile Agency Company, Ltd.. have received the following cablegram from their London house, under date Ausuft B:-Tallow: V,o ouote present spot values for the following description*:—Good mutton, 355. 9d. per cwt.; good beef, 345. 3d. per cwt.; mired, 31s. 9d.i per cwt. The market is firm. WHEAT. The American visible supply of wheat is 34,718,000 bushels. SILVER. Bar silver is qcoted at 28 l-16d. per onnce standard. AMERICAN COPPER STOCKS. By Telegraph—Press Association-Copyright ' (itec. August 9, 11.35 p.m.) London, August 9. The American copper stocks . total 50.280,00011). '-