COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1538, 6 September 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. There were no transactions in inTcst'ment shares -yesterday. The buying and 6elling quotations were as under:— Buvors. Sellers. 2 i. d. £ s. d. Equitable Building - . 10 0 0 N.Z. and River Plate ... - 119 9 Fcilding Gas ; 10 6 — Well. Gas (£10) - 18 2 6 Heat Export (525. 6d.) ... — 3 10 Well. Woollen (ord.) 3 12 0 — Taringamutu Totara — 2 6 6 Golden Bay Cement 10 6 1 1 0 N.Z. Con. Dental - 12 0 Shn.rland's ordinary 12 6 13 0 W.P.C.A. (205.) - 1 10 0

WORLD'S CAPITAL ISSUES. Since 1905 the International Statistical Institute has dovoted itself to the compiling and checking of statistics relating, inter alia, to capital issues subscribed in the principal countries of the world. A recent publication gives the result of its researches in the form of a Eeries of complete comparisons for the five yearly periods from the end of 1870 to the close of 1910. The figures show that during the lustrum 1871-75, the world's total of fresh capital subscribed amounted to £2,250,000,000; from 1876 to 1680 to £1,555.000,000, and from 1881 to 1885 to £1,205,C00,CC0. The high lovel of 1871-75 is. ascribed to the after effects of the Franco-German war, which were visible in a great leap forward for German industrial and commercial activity. For each of the next succeeding periods 1886-90 and 1891-95. new issues reached a total of £2,020,000,000. Then ensued an era of extraordinary activity. In 1896-1500 the figure was £3,000.000.000: during 1901-1905 it. amounted to £4,185X00.000. and in 19J61910 it touched £5,5C0,000.050. The part played by America in the rail for fresh capital was significant. In 1894 that country contributed only 5.4 per cent, of the total, and 1898 something under 7 per cent.: but in 1902 American issues, were 17.7 per cent, of the aggregate: In 1901 they stood a.t 25.4 per cent.; in 1905 at 33.3 per cent.; in 1906. ai 20.47 per cent.; and in 1908, under the influence of the reaction following the panic of 1907, at as much as 42.45 per cent. The institute sets down the face value of the pnoer securities in circulation throughout the world at the end of 1911 at. between £22.8C0,000,000 and £24,000,0C0,000. The • wonderful economic! development that has occurred all over the wbrld during the last ten or fifteen yenrs is, amply.illustrated by theee authoritative statistics.

. ' UNION BANK. At the annual meeting of the proprietor*: of the Union Bank of Australia, Ltd., hold in London on July 22, the chairman stated that the future position may bo considered generally very satisfactory. While there had been serious losses of stock in Australia, which must inevitably result in some decrease in next season's wool clip, universal rains had come in time to save the crops. It was pointed out that, opart from £1,000,0C0 set aside for reserve fund, liquid assets ror.resent about 7s. Bd. in the pound of nil liabilities to the public. Since the. date of the balance-sheet there had been a serious fall in Consols ami other gilt:odged securities, for which depreciation provision had to be made on the basis of current quotations at the end of June. Hecognition was given to the services rendered by Mr. Hallamorc during the 38, years ho hart been with the bank, during ten of which he was general ma.imtrci'. and the appointment of Mr. Charles W. T. P. Russell aa his successor was announced.

PKOSPFjCTS fob butter and chf.ese,

In their annual review of tho dairy produce markets, the New Zealand Loan and 'Mercantile Agency Company, Ltd. (and reduced), state with respect to butter: "While it is, of course, difficult at so early a date to forecast with any degree of certainty the future course of the market, there seems reasonable prospect that both New Zealand and Australian shippers will again experience u good and profitabjc season. The English and Irish make; arc both at their flush, while it is said that the Siberian output will be 20 per cent, heavier than lift vcar. . Holland and France arc producing in excess of Inst year, whilst florin an v is experiencing a. favourable season. Against, this Denmark and Sweden will export a much smaller auanUty, .white

Zealand butter r-hipiucutJ nrc likolv to lie lißlitcr, owing 1o m-vitiiJ large and impartunt factories havinsr decided to make cheese. In all European countries consumption is on a large mile, in spite of the higli level oT prices prevailing as compared with Iho tame time last year, whien leads to the assumption that when the autumn approaches the demand will overtake the supply, and with buyers forced to direct their attention more fully to the Australasian article Rood markets •should prevail." "Cheese.—Yt'c think, in spite of the increased make In New Zealand, satisfactory markets should again prevail, Canadian imports are much below last year's figures (it present, and while the Knglish make is heavy it is being sold rather than lielii for the autumn. At the present, rate of consumption we see no reason for any accumulation of stocks, anil arrivals from New Zealand should therefore meet a ready sate.

LYONS SILK MARKET. Tho history of the Lyons silk market In 1911, according to a Consular report on the trade of that district, iu a melancholy record of disappointed expectations. The previous year had closed its rather dismal career with a. brisk revival all round. After the disasters of 1910, when the French cocoon (Top was reduced to exactly half its normal figure by the cold and wet spring, it was hardly to he expected that the silkgrowing industry would make more than a. partial recovery in 1911. and in the event, those expectations were amply justified, for, though less bad than 1910, the 1911 crop was only some 65 per cent, or the average for the wars 1901-9, amounting as it did to but 11,240,73711). of cocoons, as against'on average harvest of 17.216,7601b. In spite of bounties totalling 4,000,000 francs (£160,000) a vc.tr, it is further stated the French silkspinning industry remains in a condition that is far from flourishing. Scarcity of labour, plant in excess of requirements, tho operations of speculators (who buy up the new cocoons, often months in advance of the orop. and dictate their own terms to tho spinner), the scantiness of the French crops of the last two years compelling tho ppinner to fall back more and more on foreign cocoons—all these have doubtless contributed to the present unhappy state of this once prosperous industry; hut tho primo •cause of all is beyond Question IKS competition of the Far East, which iM only produces silk in increasing quantities, but is alio constantly improving its quality.

BREAD COMPANY REGISTERED. In tho list of companies published by the "Mercantile Gazette" there appears tho following:—Denhard ISrcad Co., Ltd. Registered as a private company September 3. Office: Wellington. Capital, £5448, divided into 5448 shares of £1 each. Subscribers: ■Wellington-H. 0. Denhard, 1143 f.p.u., 135 cont.; A. J. Clcgg and H. C. Denhard, 762 f.p.u.; C. M. Denhard, 762 f.p.u., 90 cont.; L. M. Midlane, 762 f.p.u., 90 cont.; A. R. Clegg, 1 762 f.D.u., 90 cont. Greymouth—B. J. Tavlor, 381 f.p.u., 45 cont. Charters Towers, Queensland—E. Short, 381 f.p.u., 45 cont. Objects :—To take over and acquire, as a going concern, tin? business of bakers, etc., carried on by the late Henry Denhard up to his death, and of 11. C. Denhard and A. J. Clcgg, his cxccutoTS since then.

, WELLINGTON MARKETS. Messrs. Lacry and Co.. Ltd., wholesale produce merchants, Allen Street, report prices ruling on the Wellington market:— Fowls' wheat, best, <Is. 2d. to 4s. 4d. per bushel; fowls' barley, best 3s. 6d. to 3s. 9tl. per bushel; Capo barley seed. 3s. Vi. per bushel; oats, short feed 2s. Bd. to 3s. per bushel; oats, seed Algerians 3s. 4d. to 3s. 6d. per bushel; oats. Duns 2s. lOd. to 3s. per bushel; maize, 63. 4d. per bushel: Prussian blue pea-s, fc. 9d. to 7s. per buphel; partridge peas, 4s. to 4s. 3d. per bushel; horse beans, 4s. 2d. to 4s. 4d. per bushel; sucroscne. £7 10s. per ton; flour, Atlas brand, £9 lis. 6d. per ton; oatmeal. £13 10s. to £14 per ton: pollard £6 15s. to £7 per ton; barley meal, £7 per ton; .pea meal, £7 per ton; bran, £5 15s. per ton; chaff, prime oaten sheaf, £5 to £5 10s. per ton; chaff, medium quality oatensheaf, £4 ss. per ton; chaff, straw, £3 15s. per ton; straw, baled, £3 to £3 10s. per ton; factory bacon, shoulders, Bd. per lb.; sides, 9Jd. per lb.; hams. 9Jd. per lb.; rolls. lOld. per lb.; factory cheese, medium sized, 73d. per lb.; factory cheese, loaf sized, 73d.. per )b.; honey bulk, in 56113. tins, 4Jd. per lb.; margarine, in 261b. tins. Bid. per lb.; whole linseed, 18s. per cwt.; linseed, ground, £2s. per cwt.; linseed, cake, 14s. per cwt.; linseed, puts. 13s. 6d. per cwt.; basic slac. £455. per ton; superphosphates, £4155. to £5 per ton; rolled oats, 9s. 6d. per dozen; rolled oats, bulk, 16s. per 10(1; ootatoes, prime table, £8 to £9 per ton: seed potatoes, Tjp-to-Dates £6, Beauty of Hebron £10, Early Bose £10, Gamekeepers £8 10s., White Elephant £7; Californian onions, £21.

Customs duties collected at tho port of Wellington yesterday amounted to £2711 14s. 6d.

LONDON MARKETS. The New Zealand Loan and Mercantile Agency Co., Ltd., and Deduced, have received the following cablegram frjm their London house, under date September 4:— Wheat: Wc quote an Australian eoigc at 40s. c.i.f. The market is firm, but inactive owing to unfavourable crop lepins, and the outlook is encouraging. We nimto. per quarter, c.i.f., New Zealand wheat, kngberricd, 375. Oats: Wc quote Cartons, 235. 6d. Good demand. Tallow :.ffc quote present spot values for the following descriptions:—Good mutton, 375. 3d. ,ier nvt.; good beef, 355. 3d. per cwt.; mixed, 325. 6d. per cwt. J .The market is quiet. Sheepskins: Tho market is firm for merino sheepskins.

HTJDDAET-PAEKER DIVIDEND. By Telegraph—Press Association—Copyright

Melbourne, September 5. The Huddart-Parkor Proprietary has declared an interim dividend for the halfyear ended June 30 of 6 per cent, per annum on tho amount then paid on preference and ordinary shares.

AUSTRALIAN PRODUCE MARKETS. (Rcc. September 5, 10.15 p.m.) Sydney, September 5. Wheat, 4s. 4}d. to 4s. sd. Flour, city brands, £10; country, £9 17s. 6<l. Bran, £5 10s. Pollard, £6. Oats, Algerian feeding, 3s. 6d. to 3s. 9d.; seeding, 45.; New Zealand whites, 33. 4d.; Giants. 3s. sd. Maize, 45.. 7d. to 4s. 9d. Potatoes. • Tasmaninn, £14; New Zealand, £1110s. Onions, Victorian, £22; Japanese and American, £16 to £20. Butter shows a further fall of 45.; selected brands, 1265.; prime, 114s. Cheese, Bid. Bacon, 9d. Adelaide, September 5. Wheat, 4s. 3d. to 4s. 3}d. Flour. £9 Ee. to £9 10s. Bran, Is. 2\d. Pollard, Is. 3Jd, Oats, Js. sd. WHEAT. (Rec. September 5, 11.15 p.m.) Sydney, September 5. Wheat, is 6low of sale, and the market is easier; 40s. 3d. is aslted for Australian off the coast. Parcels are dull of sale, at 3d. decline. SILVER. London, September 4. Bar silver is quoted at 28 15-16 d. per ounce standard. TALLOW. London, September 4. At the tallow sales 2839 casks were offered, and 1094 sold. Prices were unchanged.