COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1517, 13 August 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. The salos .of investment shares recorded yesterday were:—Wellington Meat Export (523. 6d. paid) at 625. fid. and Taringamutu Totara.' at 465.. The buying and telling .quotations were as under:— Buyers. Sellers. £ s. d. £ s. d. National Bank — 6 0 0 Equitable Building ......... — 10 0 0 N,£. Loan and Mercantile 0 9 0 — N.Z. and Biver Plate 1 19 9 2 0 0Wellington Investment ... — 12 0 Well. Trust and Loan ... 7 16 0 7 17 6 Fcildinc Gas 10 6 — Palraorston Gaa 817 6 — ~ AVeU. Gas' (£10) 17 17 '0 ' 18 5 0 Well. Gas (third issue) ... — 15 17 6 Well. Gas (pref.) 10 0 10.6 Meat Export (525. 6d.) — 3 3 0 "Onion Steam Z 5 0 — Jtossiel Woollen — 3 8 0 Well, Woollen (ord.) 3 10 0 Well. Woollen (pref.) — 2 18 0 Taupiri Coal 12 9 13 0 Wciitport Coal — 18 6 Taringamutu Totara 2 6 0 2 6 6 Dooashv ltopc and Twine 15 0 — N.Z.. Con. Dental 10 0 110 N.Z. Paper Mills 110 116 Sliarland's preference ... — 13 6 FINANCIAL OATJTION. Tho president of the Sydney Chamber of Commerce had. something to ray on tho need. of financial cantioU at the annual meeting of tho Chamber on August 1. Tho matter had particular reference to New South Wales, but it may, with very little modification, apply to Now Zealand. Tho president is reported toi have said:— "Our capacity as a community to spend money depends mainly upon tho above primary productions. It will be seen that those are likely to bo short—certainly as regards wo-ol and meat, and pcesibly as regards wheat. Meantimo, imports continue to come into tho country in undiminished volume, and Australia's heavy 'interest load on oxternal debts lias to bo met. In good years these aro more than covcred by our exports; butt at tho moment, and in the immediate future, our export values are likely to be deficient. In theso circumstances, an undesirable monetary position may shortly bo sot up, as the trade balance is likely to go Eomewhat heavily against this country. The caoh shortage could he covered by fresh Government borrowings, and this would bo quite legitimate to tho extent of sums 6pent upon reproductive works. Tho Federal and New South Wales State Governments, however, appear to bo bent upon debiting expenditures upon worta as for as possible against current revenues. The gap m that case can only bo filled by gold exports. "How. then, does our situation stand as regards gold suppllos. The banks are, fortunately, very strong in thie particular conncction, holding in gold some 24 per cent, of their deposit liabilities. On the other hand, they have recently been parting with gold to rcdunc the State's adverse trade balance and to take up Commonwealth Bank notes, both for issue and for branch reserves. These considerations, in addition to the finance requirements of the business community, have rendered it necessary for the batiks to exercise caution. with the result, that interest, rates aro higher s.nd credit very much lesa Castle than was iae case sli montlw uo.

- SYNTHETIC RUBBER. Tho discovery of a process for the mnjiufacture of Synthetic rubber announced hy Professor P«rki» in the second week in June, and the formatiou of a company to further perfect Uie process, and in the meanwhile to produce acetone, which is one of the ingredient? required for the manufacture of smokeless powder, has led to something in the nature of a, slump in rubber share.". Most of the experts belittle tho discovery, but the sharon of plantation companies ehow ncEfj since the news \vll3 published, and there is little donbt that many investors havo been frightened into celling. Perhaps however, it- would be more correct to. say that they "have been alarmed by the recent weakness of the market-, naturally fearing that a real "slump" was imminent, though the weakness may be due. merely to bear operations taking adv.rntage of a- scare.

THE CANARY SEED CBOP. It appears that up to the third week in June the continuous drought, with hot southerly winds, had caused serious damage among the Turkish sowings. Parenthetically, it may be remarked that, owing to the wlwleHnle failure of practically all the ou'teiclc crops, tlie position hinged and still ln'nges round the Turkish production. An estimate of one of the largest firms handling gced in Constantinople places tho output at about 65,000 bags, probably On that basis the damage done would esuFily exceed 50 per cent. It was the confirmation of the shortage that, caused the resent jump in prices. Messrs. Whittall and Co., writing under 'date June 19 from Constantinople, remark"The available stock in Rodosto and Gnllipoli, the two principal centres, does not now exceed 60C0 or 7CCO sacks, our own holdings excepted." They estimated the uncovered forward new crop sales at from 20,C00 to 25,C00 bngs. Dealers and speculators in Turkey, who wore completely bare of rtock to a degree never known before, will absorb fully 10,000 to 12,000 bags more, leaving but a probable 30.CC0 to 35,000 sacks to meet the world's further requirements from Turkey over the coming year. The earthquake will no doubt cause further complications.

AUSTRALIAN HEAT TRADE. An amount of £5000 provided on the Federal Estimates for the development of the Australian export trade on the Continent of Europe will be spent in establishing agencies. When the Prim© Minister passed, through Paris, the British Chamber of C-ommcrce asked that something be done to extend the meat trade with France. During Sir George Rcid'a recent visit to Germany also he mot yvith many neglected opportunities for Australian trade. A number of reports have readied the External Affairs Department from Australian merchants in various countries, showing how trade can be developed. Tho Minister has no definite scheme mapped out, but he expects a report shortly from Sir George Reid, who suggested the grant. . The agencies will probably be on lines 'adopted in South Africa, where an Australian merchant ha 3 been prodded with office rent and expenses in return for acting as Commonwealth commercial agent. Customs duties collected at the port of Wellington yc&tcrday amounted to £1201 3s, 9d. HIGH COMMISSIONER'S CABLEGRAM. The New Zealand Department of Agriculture, Industries, and Commerce has received the .following cablegram from the High Commissioner for New Zealand, dated Loudon August 10. (Note—Quotations, unless otherwise specified, are average market prices on spot):— Mutton!—' The market is firm, with an improved demand for best duality. Lightweight caTcarecs aro getting very scarce. Canterbury, 3£d. to 4 3-Bd. per lb.; North Island, 33(1. to 4£d. per lb.; River Plate, 3Jd. to 4d. per lb. Lamb,—The markot is steady and fair business doing. There is a good demand for prime duality lamb. Canterbury, 5Jd, to 6d. per lb., other than' Canterbury, sd. to 52d. Beef.—The market is somewhat steady. New Zealand*.hinds, 32d. per lb.; for.es, 3id. per lb. Butter.—The market is quiet, but steady. There is a good demand for best quality of New Zealand, which is firmly hold by second hands. Choicest New Zealand. life, per cwt.; Australian, 1125.; Danish, 1295.; Siberian. 108e. Chessc.— I The market remains firm. New Zealand white, 655. Cd. per cwt.; coloured, 665. 6d.; Oana-diau, Is. less; English Cheddar, 735, . Hemp—The market is .firm at the advance. There is a better demand. Snot: New Zealand good fair, >£28 per ton; New Zealand fair, £24; fair current' Manila, £26 ss. Forward shipment: August-Octo-ber New good fair, £26 per ton; fair grade, £24 10s.; fair current Manila. £26 Ifts. . The output from Manila for tho weak was 25,000 bales. River Plate shipments Teceived during the month.of July, 1912:— Mutton Lamb carcn-p.ff.ss. carcases. Liverpool 175.962 55,796 London 55,143 14,468 Cardiff 7.597 - Hull B.COO • - Southampton ... 8.807 999 Newcastlo 2,903 771 Plymouth — 597 • Ireland 197 ' 31 259,009 72.662 July, 1911 ... 230,071 58,438

LONDON MARKETS. Br Tcleeranh—Press Association—Copyrfelit London, August 11. Copra.—Steady. South' Sea., in bags, £24 ss. per ton. Cotton.—AugnjGt-September shipment 6.59?, d. per lb. Jute.—Autnist shipment, £23 per ton. Bubbpr.—Fine hard Para-, ss. per lb.. Hemn. —August-October shipment. £H. Leathor.—Very firm. Best hea.vy Melbourne and Sydney, Is. to Is. 3d. Pig-irou, 60?. 6d. WHEAT AND FLOUR. ! London, August 11. The wheat and flour afloat .for the United Kingdom totals 2.830,000 quarters; for.the Continent. 1.555.000 quarters; Atlantic shipments, 172,000 quarters. The total shipments to Fumpe during the week .amounted to 900.000 ouarters. including 235,000 from t.he Argentine, 15W0 from Russia, and 87.000 Danubian. 158.000 from India, and 8000 from Australasia. AMERICAN CROP ESTIMATE. Now York, July 11. Tho Agricultural Bureau eptimntes that the winter wheat yield will he 390 million bushels, and tho spring yield 290,000,000 bushels. ' SYDNEY MARKETS. (licc. August 12, 8.55 p.m.) Sydney, August 12. flutter- has declined 4s. Bran has advanced s=. (flee. August 12, 11.35 p.m.) ' Wheat is quoted at from 4s. 2Jd. to 4s. 3d. Potatoes and onioito arc at famine prices, and local potatoes aro unprocurable. New Zealanila brought £10. Onions.—Japanese. £21. A few Victorians are offering at £24.