COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1518, 14 August 1912, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHAPES." A sale of Wellington Investment shares at lis. 9d. was tho only transaction recorded in investment shares yesterday. The buying and selling' quotations were a& under:— Buyers. Sellers. £ s. d. £ s. d. National Bank ! — 6 0 0 N.Z. Loan and Mercantile 0 9 0 — N.Z. and Kivor Plate 1 19 9 2 0 0 Woll. Trust and Loan 7 15 0 7 16 6 t'eiiding Gas 10 6 — Well. Gas (£10) 17 17 6 - Woll. Gas (third issue) ... — 13 15 0 Standard Insurance ....... 1 11 9 112 6 Meat Export (525. 6d.) .... — 3 2 6 Union Steam ... 2 7 6 — Mosgiel Woollen — 3 8 0 Well. Woollen (ord.) 310 0 — Well. Woollen (prof.) - 2 18 0 Taupiri Coal 12 9 — Wcntoort Coal — 18 6 Taringamutu Totara 2 5 6 — v l)nnaehv Hope and Twine 1 5 0 — N.Z. Portland Cement .... 14 9 — N.Z. Paper Mills - 116 Sharlanil's preference ... — 13 6 NEW ZEALAND'S FINANCES.' At the general meeting of the National Bank of New Zealand, Jlr. Eobert Logan, who presided, called attention to tho necessity for financial caution in tho affairs of' the Dominion. He emphasised tho restriction of imports, which, during the past year, have exceeded the exports by JE7SO.COO, whereas twelve months ago they wera £4,000.000 less than tho exports. This striking change in the balance of trading has aroused a great deal of comment in many quarters, and Mr. Logan was expressing the views of most of the leading interests connected with New Zealand when he insisted on the need for a-pause in expenditure and Ices borrowing "both by the Government and tho trading community." .Ho went on to add that- recently the colony had narrowly escaped serious labour troubles, which, had they matured, might have further swollen the excess of purchases from outside sources as compared with home production and exports. LOSS OF THE STAR OF CANADA. The "Financial Times" of July 5 has the following'"The fate of the Star ol Canada, a modern steamer of 72£0 tons, which went ashore at Gisborne. Now Zealand, a | few days ago, has been sealed, for after sinking on a soft bottom tho action of the sea has so embedded the vessel that there is practically no hope of saving' her. A , head of steam has been maintained with a view to assisting the salvage operations, but. the only result seems to have been to embed the vessel more firmly. The rcpreKont,alive of the underwriters has arrived at the scene, but ho has been able to do no more than satisfy hiim-clf that the position of the steamer is hopeless, and on his report the reinsurance rate at. Lloyd's has risen to over ninety guineas cent. Had the vcsFel been of smaller dimensions thcro is no doubt that, the salvage appliance-i available would have sufneed >0 eSfct, her rescue. but she lias been hampered from the outset -by her own bull!, with unfortunate conscouences to —wo rf Mo-il's members. T'us is tho first serious loss reported at Lloyd's dur. ing the past.five weeks, and while it is thin'* to be abl» to say that underwriters have enjoyed a comparative immunity from the 'perils <\f the'pea" during that oeriod. the loss which they are now called upon to face is of such a nature as to dispose of the greater part of whatever improvement, may have been F.linwn in underwriters' accounts siure the end of May. The need for more powerful salvage appliances in Australasian waters has long been felt in .shipping circles to bo a 'wrious matter, and the fate of tho Star of Canada serves to emphasise Ibis noint la dramatic fashion.

SHIPBUILDING TJIOUBLES. . The altered position of the' fhipliuildini: industry in ilitMtrnted liy an .incident referred to in "Fairplav," of July <1, which states that an Australian company recently iuvlted tenders for the construction of another vessel, but the builders did not seem at all anxious to lose ,£2(I.CCO on the construction of the ves-el, as one builder is said to have' done with one of the company's vessels recently, with the result that the company have refused to placo the order. "Fail-play" adds that many ship.building firms, except for special work, arc losing on contracts at present- in hand, as it was impossible in their tenders to allow for the advances in wages which have taken place, and the enormous delays which have occurred in the de-livery of j vessels. In one instance a cargo steamer I building on the North-East, Coast, is not expected to be delivered until six 1 months after contract time, while other .vessels I will he delayed much longer, even assum- . ing that no strike takes place. FROZEN HEAT TRADE. In writing on .frozen meat, under date London, July 5, Messrs. \\". Weddel and Co. state that although the trouble at the docks w by no niean.) at an end, the number of men who have returned to work is gradually increasing, and, consequently, supplies aro beiiii; discharged mora f reel v. The demand, both at Kmithfield and in the various .provincial centres, continues good, and all available supplies are. being taken up by buyers as as'tliey are discharged. Light-weight/lambs are meeting with a good inquiry, and it is a difficult matter for buyers to obtain a sufficient quantity of this, description at the moment. Medium and'heavy-weights, however, are slow of ealo, particularly the latter, values for which are practically 2d. per lb. below, those quoted lor light-weight carcasses, i and sd. per lb. below those quoted for me-dium-weights. The few Australian and j River Plate lambs available are quoted at i from sd. to. 52d. per lb., according to ] weight. In miitloii there has becu a fair, demand at S.mithfield for small slieep, and these. are firm at last quotations. The lieavy-welghts have also come 'in for some ■ attention, principally, however, from' those buyers who have contracts running. Australian sheep are quoted at 3Jd.. and 3Zd.. per 1b.,, and Kiver Plate at 3Jd. to 3Jd. per lb. Beef kerns firm, and tlie small quantities availabl'e are being freely absorbed at current quotations. Australian crops are quoted at 3Jd. to 3?d., hinds 4Jd. per lb.; New Zealand fores 3Sd.. hinds'-id-Tier lb., delivered at Sraithfield. Chilled beef-.closes at 3£d. - per - lb. fores, and 43d. per lb. liinds. - . TEADE. IN, ALLEN STREET. Onions are very scarce, and are nominally quoted at 16s. 6d. per cwt. Californian onions are duo to arrive to-morrow, and should command excellent prices. , " Feed, barley is dull of sale, at 3s. 6d. per bushel, and Cape barley is also dull at 3s. 9d. Oats are steady. Seed Algerian, 3s. 3d. to 3s. 5d.; short feed and Dun oats are quoted at.2-3. Bd. to 3s. per bushel. Oatmeal.—A good business is passing at £13 10s. t-o £14 per ton. Rolled oats, in 41b. bags; arc ruling at fc. per dozen; and oatina at 9s. 6d. Maize has very little inquiry, at ss. 3d. to Sg. 4d. a bushel. . Pollard is in strong demand at £7 ss. to £7 10s. per ton. Bran meets with fair business ■at £5 Ids. to .£6. • Potatoes are in good demand, and are quoted at-£7 to £7 10s. per toil; e-ced potatoes . are selling at .€6 to £9 10s. per ton, according to variety. liny, has good inquiry, at .£5 to £5 10s. per'ton'for prime quality, rye and clover. Chaff.—The market is well supplied, prime oaten sheaf £5 to £5' te.;' medium quality, £4 to £4 10s. ■ Eggs.—l-'resh- eggs are more plentiful, and the price has declined to Is. per dozen. Butter.—Tho markot is well supplied: prime milled, in bulk, lid, to llid.; second quality,- 9d. to lOd. . i. Margarine, in 281b. tin's, Scotch manufacture, Bd. to 81 d. per lb. Lard.-Rest'factory lias good inquiry, at-Ed.-per lb. Cheese.—Best factory, medium size, 7id. to 7>d.; loaf, 73d. Rico meal haa moderate inquiry at £5 155... and. rice .flour £6 per ton. Split' pea.s are worth 17s. per cwt. Prussian blue peas are quoted at 6s. 9d. a bushel. . Partridge peas have good inquiry for seed purposes .at 4s. to 45., 3d. per bushel.. Whole linseed is quoted at 17s.- 6d.- to 18a.' per.cwt. ' ' Linseed nieal is* Selling'at-225. per cwt. Crushed lin-seed cake,' 14s. per. cwt. Lirisced nuts are quoted at 13s. 6d.. per cwt. Vegetables exhibit improved values, and then is a good demand. Consignments- of cauliflower:?, celery, parsnips, marrows, and pumpkins can be rccdmmcndM. . Cut glooms of jouonil's. daffodils, and fresia.s continue in good demand, and cotugood prices. Pniit.—Cookine apples continue scarce, nnd consignments nrir recomnien.'W. The ATnitni. due from Fvd.n<n- to-dny. in bringInc the usual consignment of pinennules, , lemons, passion fruit, Seville sv.-cet oranges,' and mandarins. The Ma- ; nuka. is due from the Cook Ttlend;? to- 1 morrow with tfcc usual montMy sliipmcnt, ; of oranges and bananas, s>nd t.he - Kru- j rol.o. d.Vo flue lo:7norrow. fs the , usual monthly consignment of Fijian fruit. ( PROPEETT SALE. J The New Zealand Loan and Mercantile r Agency Company, Ltd., and Jlednced. Pal- , merston North branch, report:-On Thurs- ' dav at Foston we. offered a property by -I nubli'c auction, on account, of Mr. Jas. 1 Robinson, and sold it iWer keen nompeti- „ tion to Jlr. Joseph Collinscn at £61 per , acre. j Customs duties collected at tlje nnrt of ' Wellington yesterday amounted to £1613185. £ CONSOLS. " By Telegraph—Press- Association—Copyrfeht j. (Ecc. August'l4, 0.30 a.m.) London, August 13. ' t Coiicob aTe ouotcd at £74 15s. ( k WHEAT. , ' v (Ecc. August 14, 0.30 a.m.) ' London, August 13. ! Wheat; 2COO quarters, of Austrnlian, 1: illoat. have been sold at 38s. 4{d. The i narket- is quiet, but firm. Liverpool, fu- a ,ures; October, 7s. 4 3-Bd.; December, 7s. 33d. „ SYDNET POTATO PRICES. " (Eec. August 13, 10.15 p.m.) Sydney, August 13, Tasmanian potatoes are selling at £14, I uid New Zealand at £10 10s. per ton. SILVER. S| London, August 12. £ Bar silver is quoted at 28/, d. per ounce itandard. jj ' : ' tl