COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1516, 12 August 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. A sale of NIZ. and River I'lato shares .at 40s. was tho only transaction recorded in investment shares on Saturday. Tho buying and selling quotations wore as under:— Buyers. Seller?. „ , £ s. (1. £ s. d. Hank New Zealand -- 10 16 6 National Bank — 6 0 0 N.Z. Loan and Mercantile 0 9 0 N.'/,. and Kivcr Plate ... 1 19 9 — Well. Trust and Loan ... 7 15 0 , — Feildinß Gas 1 0 fi - Well. Gas (£10) 17 17 0 - Well. Gas (third issue) ... — 14 0 0 Standard Jnsnranec 1 It 3 - Meat Kxport (525. 6d.) - J 3 0 Union Steam 2 4 3 . — MofKiel Woollen — 3 8 0 Well. Woollen (ord.) 3 10 0 -- I Well. Woollen (prcf.) — 2 18 0 Tanpiri Coal 12" Wcstport Coal 18 0 18 6 Taringamutu Totara ... 2 5 fi 2 6 6 nonashy Uopo a.nd Twine 15 0 -- Golden Bay Cement - I i It N.Z. Con. Dental -- 110 N.Z. Paper Hills , 1 ( { 116 .siadwa'* .sMtaaaiUa... - k.h lJ

QUEENSLAND SUGAR PRODUCTION. From the report of the Government Statistician of Queensland on the sugar industry iu that Slate (the main points of which have already been dealt with) it is apparent that little, if anything, practical has been accomplished in the direction of preventing the deplorable waste of molasses. "This valuable by-product," the report state, "is still largely unutilised; much of it that, leaves the centrifugal is not even recorded." The* known quantity obtained daring last year wa,; 6,451.192 gallotM, and even of that total approximately one-third wn~ subsequently run to waste, leaving 4,603,859 gallon? of the 1911 production to be accounted for. There was, in addition, a stock of 1,640,240 gallons held over from the immediately preceding s'ear, making an Aggresato quantity of 6.244,099 gallons available. Of this it is estimated that about 1.197,626 gallon* were retained m stock at the end of last vear, Jeaving 5.046.473 gallons. A* feed for'stock, 789,664 {callous were u*cd, 233,000 gallons were retunred as having been absorbed as fertiliser, and 2,393,669 gallons were sold, the bulk cf it for purposes of distillation for the manufacture of sugar spirit. Theso figures still leave uncertain the disposal of some 1,640,240 gallons, the quantity left over from 1910. It is admitted that "the records with regard to molasses are evidently very crudely kept by the mill authorities," who apparently regard as worthless this "valuable by-product," as it is termed by the Government Statist. For this neglect on the part of the mill owners to turn molasses into a cash asset more than is now attemped, there are several reasons. One of these, doubtless, is the distance between the mill and the markets, to got over which involves heavy transport charges. Another is the high cost of the casks in which the product is marketed. Some years ago an effort was made in Queensland to evolve a process for converting molar: es into a colid; but those endeavours met with only partial success, and subsequently were abandoned. There can be no doubt as to tiie worth of this product as an article for stock, and even human, food, and therefore it seems a pity that such good material should still havo to he regnrtfad as a waste by-product of the sugar industry. GERMAN CREDIT SYSTEM. In a recent Consular report issued by the British Foreign Office some interesting particulars are given in regard to the system of credit in Germany. In order to prevent the dependence of German firms on foreign capital, an unpleasant illustration of w,hich was given at the time of the Morocco crisis, the Government ha 3 lately refused to allow certain foreign loans to he issued in Germany. It isargued that German capita.l should find outlets at home in manufactures exported to foreign countries, and should support German industries and commerce. It is remarkable, adds the report, that the use of bank cheques is on the decrease owing to ths stamp duly levied thereon, "whereas payments by pci*t office cheque arc greatly on the increase. The system of paving bills by post office cheque hats now iieen in existence three years. At the end of its first year the number of accounts opened at the post office Amounted to 36.427: at present this number has more than doubled. Tho amount turned over in the first year amounted to £50,0n0.0C0, in the second year 1 3. £W>M«M, and in the third year to £I,EOO,CCO,OCO. The Government intends extending the number of post offices at which the accounts may bo opened. An immense amount of money is invested in hgrieulture over a. long term in Germany. The total is estimated at £725.000,000, of which half has been lent by institutions of land credit, ravings banks, and public companies, and the other half hy private capitalists. The industrial group of borrowers, however, has absorbed approximately £1,760,000,000 directly and indirectly, while various Governments and municipalities have incurred liabilities to the extent of £1,225.C00,C<10. Theso figures give some idea of the amount of capital required to keep moving the wheels "of industry and commerce in Germany. Wealthy as is that nation,.extensive credit is a matter of increasing importance to the welfare of the Empire. SHIPPING FREIGHT MARKET. According to the "Shipping World," a full demand and a limited supply of tonnage continue to be the chief features of iho lrcight market so that producers need not anticipate any relief in respect of the costs of transport overseas. Not only do coal freights maintain a high level, but the homeward markets, in spite of-occa-sional fluctuations, as in tlia Black Sea. trade at the- moment, are also quite remunerative. Eastern, American and Baltic homeward freights are all good. The revival in the iron and steel trades argues sustained activity in ore freights, while as to oil freights it can truly bo said that they are tempting to the last degree. Time charter rates, too, remain high, and thero is a remarkable tendency to engage boats on long term i charters. Quite recently charters for live and even nine years Have been reported, and now there is an inquiry covering the phenomenal period of twenty years. Shipowners who are now enjoying the sweets of prosperity are not anxious as to the immediate future. It is only the pessimists who croak about over building. As a matter of fact thero is no over building of tramp tonnage just now, as ship owners are well, aware, nor is there likely to be while prices rule at their existing high level. The liners, it is true, may cut in for moro and more of the work hitherto, done by tramp steamers, but for-some time to come the competition will not be between one tramp steamer and another, as in the past, with disastrous results. There is more than enough work for all, and likely to be until the supnly of tonnage overtakes the demand, which will not be this year, and perhaps not even next. The shipping outlook, in a word, is no less hopeful than that of the shipbuilding trade. Both industries seem destined to experience, a period of sustained prosperity. letters Latent insurance. The Letters Patent Insurance Company, Ltd., has been formed in London with a capital of £250,000 to undertake insurances to cover the liability of patentees and others so far as the law allows for the costs and expenses of prosecuting and defending actions in connection with letters patent, designs, trade marks, and other monopolies, including any damages awarded against defendants in such actions. The prospectus states that the company will further, after duo investigation and special examination where necessary, issue policies to guarantee the value of a patent, trade mark, or design, or other monopoly, including tho costs of upholding the same. It is proposed that the insurances shall extend over tho life of the patent, trade ma.rlt, or design, and that the company shall charge an annual premium for tho same. The insurance of patents will also carry with it (if so desired) an insurance on the life of the patentee or owner, for which a. separate policy will bo issued by some well-known life insurance company. Thereby e, patentee or manufacturer will not only be protected against the expenses of defending an action or of fighting infringers, but any loss likely to accrue owing to the death of the inventor or person working the patent will be covered by an insurance. COMMONWEALTH TRADE. The reports of merchandise from Australia during the twelve months ended June 30 last amounted to a total value of £66,602,954, against £67,785,683 for 1910-11, and £63.577,317 for. 1909-10. Commenting on the trade figures, the Melbourne "Age" says that unless a great stimulus is given bymeans of heavy Government borrowings, the inference to bo -drawn is that imports of merchandise on the same ecale as for the twelve, months ended June 30 la/;t, namely, 71} millions sterling, will not be warranted. For a number of seasons the value of merchandise exports has exceeded that of merchandise imports; but for the 1911-12 season the balance was the other way to the extent of • about 41 millionis, this change in tho position leading to heavy gold shipments. Unless some readjustment takes place, it can onlv be anticipated that the adverse exchange position will continue (with the exception doubtless, of the active period of the export season for wool and other produce); and that this will be reflected in the position of the money market. A reduction in the ordering of goods to come forward is already in hand, but against this there aro two special factors to be reckoned with. One is that goods ordered from the United Kingdom, the shipment of which has been felayed, have still to come forward: while tho other factor is that, with a short crop of sugar in Queensland, an importation of sugar to the vn.lno of about, 1} millions sterling during the 1912-13 season has to bo provided for. AUSTRALIAN FROZEN MEAT. The exports of Australian frozen to the United Kingdom during the past eight seasons, the season being taken as from -Tuly 1 to June 30 iu each year, show ae under:— I Mutton Lamb Reef Scn-son. carcasses, carcasses, quarters 1904-5 381.345 672.101 4127"' 1905-6 566.143 1,232.799 25 4C9 1936-7 850.P94 1,249.399 30V,0 1907-8 601,200 1.399.997 66 364 1908-9 1.1.66.445 1,318,747 155F64 1909-10 2.343.639 1.278.176 391'860 1910-11 2,111,756 1,661,897 587 251 1911-12 1,909,088 1,450,651 450,559 CUSTOMS. Customs revenue collected at the port of Wellington on Saturday amounted to £318 35., the total for the week beiti" £10 479 lis. Bd. The returns for each of the past eight weeks, compared with the figures for the corresponding periods of last year thow as under:— 1312. 1911. £ £ June 22 8.254 0.5£5 June 29 21.732 9(187 July 6 10,362 2!,.1-:2 •'»!>' >•> 22.93! 27.889 .Tulv 20 9.C67 J5.;-Y, July 27 11,292 2uii August 3 12,348 ]l -- f j August 10 ...._,.- 10,479 , 25,JJ6 VH.'ii 139.396 There is *, decrease ot £33,911, which is jr&Uier. asrioaj, but jr.tad it to Mmcabwei

that London shipments have been held up hy tins transport strike, the position is not quite so bad as the figures represent. ■ Tho beer duty collected, for the week amounted to £96 16s. 6t1., as against £205 4s. for the corresponding week of last year.

FEILDIXG MARKET EEPOBT. Messrs. A. 11. Atkinson and Co., Ltd., of Feilding, report a large entry of pigs and poultry at Friday's market. Some 160 birds sold at aji average price per pair of ',s. 3d. for hens, and ta. 9d. for cockerels. There was a keen demand for pig£, and weuncrs were wanted, but none came forward. Potatoes sold at 10s. to Us. per sack, and in ton lots at £5 15s. Apples, 3s. to 4s. per half-case; parsnips. Is. to 2e. per small hag: cabbages, 3s. to 4s. per sack; onions, ss. to It's, pea' cwt. Pigs: Slips and small stores, lis. 6d., 145.-6 d„ 15s. 6d., IGs. 17s. 6d. to 205.; light porkers, 225. 6d., 2Js. 6d., 255. 6d.: medium-weight, 295.', 33«., to 345.; aged horses, £4 5-i. Poultry, at per pair: Ileus, 3e. 3d.,'3e. 6d., 3=. 9d.. 4s. 6d„ 65., ss. 6d.; cockerels and roosters, 4s. 3d., 4s. 6d„ 4s. 9d.,'fe., ss. 6d. to 6s. 3d.; ducks, 55.; pigeons, Is. NORTH OTAGO MARKETS. (By Telegraph—Press Association.) damaru, August 11. The dullness of the wheat market continues. There have been more transactions, but these were limited to small 'lots, nt the following prices net at country stations:—Velvet, 3s. 6d. to 3s. 6fcd.; Tuscan and redchaff, 3s. SJd. and 3s. 6d.; Marshall's Whale, 3s. 5d.; solid etraw Tuscan, 3s. 4td. Oats are in the same condition, the only sale during the week reported being Is. lOid. for good feed Gartonß. There has been some activity in the potato market, this being duo to merchants purchasing for the next Sydney boat about a fortnight hence. Two lots of Derwenta were secured at £5 7s. 6(1. early in the week. Up-to-Dates were bought at £5 29. 6d. a.nd £5 ss. not at country stations, but later £5 10s. has been paid, and £5 15s. is said to have been obtained for prime lots in new sacks, but no transactions at that figure are reported. FROZEN MEAT. By Telegraph—Press Association-Copyright {Ecc. August 11, 5.5 p.m.) London, August 10. The Incorporated Society of Meat Importers' Smithfield market, quotations for the undermentioned classes of fi-o7.cn meat arc based on actual sales of not less than one hundred carcasses of mutton or lamb, or twenty-five quarters of beef of fair average quality. The quotations are not for selected line-?, but for parcels fairly .representative of the bulk of the shipments now on the market. The prices which follow are on the average a farthing per lb. more than the values ex-ship, this difference representing an average cost in expenses, handling, conveyance, and selling the meat :— Aug. 3. Aug. 10. Mutton— d. d. Canterbury, light 4 3-16 45 Canterbury,, medium 4 4J Canterbury, heavy. 3 3-8 33 Southland .'. 53 4 •North Island, best 33. 4 • North Island, ordinary... 311-16 3j Australian, light 4 4 Australian, heavy 3J — River Plate, light - — River Plate, heavy • 3S 3H . New Zealand owes 3 3-3 311-16 Australian ewes 313-16 313-16 River Plate ewes 33-8 3 3-8 LambCanterbury, light 6 6 Canterbury-, medium 5 9-16 5j Canterbury, heavy 51 5J Southland 58 511-16 North Island, ordinary... 5 9-16 5B North Island, selected... 5S 5 Jl-J6 Australian, host 53-8 53-8 Australian, fair 5J 5J Australian, inferior ...... — — ' River Plate, first — — River Plate, second — — BeefNew Zealand, ox fores ... 35 35 New Zealand, ox hinds... 313-16 33 • Australian, ox fores 35 31-16 Australian, ox hinds 33 31 River Plate, ox fores 3JJ 3 River Plate, ox hinds ... 33 33 River Plate, chilled fores 35 35 River Plate, chilled hinds 33 . 55Rabbits are firm and unchanged. The New Zealand Loan and Mercantile Agency Company, Limited, and Reduced, have received the following cablegram from their London house, under date August 9:— The market is firmer for mutton, steadier for lamb, and slightly weaker for beef. LONDON MARKETS. Messrs. Dalgcty and Company, Limited, Wellington, have just received the following cablegram from their London office, under date August 9:—"Tallow: The market is unchanged, and practically all the offerings were sold." WHEAT. By Telegraph—Press Association—Copyright (Rec. August 11, 5.5 p.m.) London, August 10. Wheat meets with little demand. Australian cargoes are quoted at 40s. 3d., 40s. 9d. is nsked for cargoes off coast; and 38s. for January-February shipment. At Liverpool futures, October delivery, 7s. 4!d.. December 7s. 3Jd. The Chica.go quotations for delivery September arc 92i cents to 935 cents, December 92J cents to 93 3-8 cents.