COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1553, 24 September 1912, Page 8

COMMERCIAL ITEMS.

INTERNATIONAL NOTES. A Bill has been introduced into the United States.Congress to provide for the establishment of a system of U.S. international currency notes. The first section provides for the preparation of notes by the Secretary of the Treasury bearing tho printed statement "that there has b:en deposited in the Treasury of the United States cold coin of the United States, or gold coin of equal fineness, to tho amount oi the denomination of the note; and, further, that such note will he raid at any of the sub-treasuries of the United States; on demand, in gold coin of the United States." By virtue of Sertion 2 the notes are to he known as "international notes." and will have their value endorsed in the monetary unit of any of the following rountries:—Austria-Hungary, Belgium, Denmark, Finland, France, Herman Empire, Great Britain. Oreece. Netherlands, Italy, Portugal. Russia, Spain, Norway, Sweden, and Switzerland. The notes arc to he issuable, in exchange for U.S. gold coin or gold coin of equal fineness delivered at the Treasury of tho U.S. or at the offices of any Assistant Treasurer of the U.S.. the coin £..-. deposited to be set apart cw a special fund, to be known as lira "International Note Fund." A New York contemporary states that the proposed lesislation, if carried through, would have the effect of attracting gold to tho United States, but banking authorities in London do not share this view.

PAPER EKOH COTTON SEED. The increasing difficulty of obtaining wood-pulp' for paper-making, owing to the exhaustion of the forests, is forcing manufacturers to look for sustitute products. A suggestion for the production of paper stock from cotton seed hulls, which was resently put forward, has caused the American Paper Pulp Association to have compiled some rather interesting figures. The computations of the organisation go to show that, if all the fibro needed were obtained from the hulls annually handled bv the cotton seed oil mills, approximately. 250.000 tons of paper stock would be available each year for the manufacture of high-grade papers. The nveraire American cotton cron, of something like 12,CC0,CC0 bales, yields about. 6,000.000 tons of seed. Deducting, say, one-third for seeding purposes, there remains for the crushing mills 4.CC0.C00 tons. It is estimated that the hulls represent about 42 per cent, of tho wiiht of the seed, which would leave a vield of 1,680,000 tons of hulls. Only about £0 per cent, of the total tonnage of hulls produced in the United States, it is calculated, could be profitably gathered for troatment, leaving available some 1,000,000 tons per annum. The average weight, of fibre recoverable is set down as nearly 20 per cent, of the hulls, which would indicate a maximum outturn of 200,000 tons of hull fibre, yielding 75 per cent., or 150.0C0 tons of paper stock. This represents roughly '50 per cent, of America's annual consumption, which stands in the ne:ghbouvhood of 300,000 tons of rags now used in paper making, and is calculated to be about 10 per cent, of the world's, annual output of not far short of I.CCO.CCO tons.

OUTLOOK FOll RUBBER. According to tho latest mail advices, the general trade outlook for rubber is considered to be very satisfactory, thanks to the steadily increasing demands on both rides of the Atlantic. America, continues to absorb supplies pretty freely, over GCO tons ot hard I'ara, just eold by the Brazilian Syndicate having apparently been taken for that quarter at about ss. per lb. The position at Para has been materially strengthened by the excess of exports over arrivals; tho aggregate shipments to tho United States and Europe in July being stated at 2490 tons. The old stocks at Porn, were thus appreciably reduced, which naturally tends to keep the pneo of that description rather high compared with fine plantation rubber', which is intrmscally worth more because of its greater purity. The total London and Liverpool stocks combined of all kinds of growths increased during July by 637 tons to 3839 tons, which compares with 5635 tons last year and 3550 tons two years ago. As the output of cultivated rubber increases, greater attention will have to be paid to reducing the costi of production. In this respect companies managed in London have considerable scope for effecting economies. For example the Yallambroso, ltubber Co. marketed last year 409,8801b. of rubber. The l cost of curing, paoking, and transport was 9.75 d., tho total cost of production including home charges and other expenses was Is. 6.09 d. per lb. Leavinc out the homo charge.! the cost was Is. 4.Vd. per lb., which indicates that the office expenses amounted to £2500, or 25 per cent, on the gross proceeds of the crop. Another instance where exact figures are given is that of the Sialing Bubbcr Estates, with it yield of 66,4511b., the f.o.b. cost of which 'was Is. 8.48.-1., ond the total cost of production Is. U.B2d. per lb. In respect to administration expenses there:' is'''little doubt that Australian managed companies will compare favourably with those domiciled in Loudon. .

SHORTAGE OF SILVEE. Belgium is probably the most highly developed ■ European country. It is one of tho wealthiest among nations, and yet the cost of living thero is less than in any other part of the Continent., For reasons that- have yet to be explained, Belgium for some time past ha 6 been suffering from a gfcat shortage of silver coin, and local trade is considerably inconvenienced thereby. This is owing to tho existing unfavourable condition of tho Belgium exchanges, by reason of which the silver coinage is being continually drained abroad in very large quantities, and has to be bought back again at a loss by tho National Bank. Littlo or no gold is in circulation in Belgium, but as a partner m the "Latin Union" Belgian silver 5 f. pieces circulate freely in France, Italy, Greece, and Switzerland. This fact leaves the way open to arbitrage operations in silver, as it is open to any person with money at his disposal to buy in France a cheque on a Belgian town. The purchase" of, say, 100,100 f. on Tournay would cost the French buyer 99,500 f. at the rate of Belgian exchange. When the cheque is presented for payment the bearer would receive 20,000 5-f. pieces, and on returning to Tournay with this monev, he would have cleared a profit of 500 f., iess travelling expenses. Turnay in Belgium is only half an houp s journey from Lille, in France, and this Kind of transaction is daily carried on by persons whose business frequently takes them from one country to the other. The Rational Bank of Belgium endeavours to discourago these speculators as much as possible by placing various difficulties in then- way; for instance, by wilfully displaying tho utmost slowness in paying over the silver in exchange for Bolgian notes. This continual drainage is, however, so costly to tho'National Bank that it hn-s long been seeking for somo means of preventing it, but so far unsuccessfully.

THE INDUSTRIAL METALS. Practically all the industrial motals are ruling at a high level. Spot copper is commanding £78 12s. 6d.. while the average price last year was £56 Is. 3d.; in 1906, however, tho average was £87 Bs. 6d., and in 1907 £87 Is. Bd. Till, at £226 Eg. per ton, is o.bout at the highest prico yet touched. The average price last year was £193, in 1901 it was £118 12s. od., in 1891 £91 35., in 1831 £91 17s. lid. The spot quotation today is equal to over 2s. per lb. Lead is now quoted at £22 10s. per ton, against an average last year of £14. TV o must go back to 1877 for similar high prices, for tho avcrago for that year was £20 4s. 3d. The persistent rise would seem, to have acted on the norves of those with whom load is a raw material, for, according to latest advices, the growing scarcity of near supplies has led to the placing of large orders to cover forward requirements. Spelter is quoted at £27 ss. per ton, against an average of £2a Is. The present price is higher than the average of any year going back as far as 1876. DAIRY PRODUCE. In their dairy produce circular, doted London. August 9, Messrs. TV'eddel and Co., Ltd., report as follows:— Butter—Tho unsettled showery weather which began at tho end of May still continues, accompanied by low temperature?. In somo places frost' has occurred at night. The market for Australian butter continues quiet, as there are ouly siiall arrivals. "Choicest" Australian is nakin" • 110s. to 114s. per cwt. There are neither Now Zealand nor Canadian on tho market. Arrivals for this week consist of ISO boxes in tl'.a Orvieto from Sydney. La a year at this date, Canadian arrivals were in good volume; this year,, there are rune at all. Australian arrivals for July, 1911, were over 30,000cwt., and this year they are only 11,300. New Zealand receipts in July, 1911, were 304cwt.., this year they are U3. Tho total imports of British Dominion butter from January 1 to tho end of July the year are 10,010 tons less th-x,i for tho .-ame period in 1911. and foreign imports :ire 4345 tons less, making a total deficiency of 14,355 tons, which is equal to an average of 2000 tons a month. Shipments tins week advised by cable consist of 555 1 exes, per Shropshire, from Australia. The demand for foreign butter, especially fur pjimsh and Swedish, is good, and prices arc \cry high for these two kinds. "Choicest" is making 128s. to 130s. per cwt. They are Bs. per cwt. above bet year at this date, though tiie Copenhagen official quotation in tlio same, viz.. 106 kroner; while Siberian and French arc 3s. and 4s. respectively below last year. It is difficult to account for this anomaly. The most reasonable explanation is to attribute it to the (Short production this year in Denmark, brought about by the reduction in tho number or cows there owing to last year s. drought, combined with a bigger demand from the United Kingdom and the Continent artiing from the same cause. The total import of Danish butter into the United Kingdom '.ince January 1. I' l2 - i l3 4522 tou3 than in 1911. In Germany, prices of luvt quality arc at record figures for the time of year. Cheese—This market is strody at last week's prices both for Canadian and ?x : \v Zealand. In Canada, and Mw bulled Stitsj. prices are uncfce.UEca on the v.ick, On the spot. Canadian makes from Mj, to

66?. per cwt., and New Zealand frcm 6as. to 675.. or ss. per cwt. liiglicr tl-aii last August. LONDON WOOL SALES. The fourth of the series of Lonibn wool ;a!e? will begin in Coleman Street this evening, and the rc.-iilts ehmilil provide vcrv encouraging: rending. Advieea will not. lie available until early li-iuoirow morning, but all expert opininnii a Dree that values will move upwards. The quantity of woo! to ho offered is not very large, end an advance of from 7'. cert, to 10 per' cent, is expected. Messrs. Helmuth, Hchwartzo. and Co.. writing with respect to the third series of soles, say:—"Merino wool sold at from par to 5 per re.it. advance, on Mhv rates. Crossbreds wi-ns in keen request all through the seiu-s. and benefited further by a. good American demaud. The bulk of tho wool suitable for the Home trade or for Continental use sold at par to 5 per cent, advance. Wool suitable for the State;, however, found buyers at a rise of from 7\ to 10 per rent, for the fine .qualities, and of 10 per cent, for medium and coarse wools." NOTES. During the first seven months of this year the immigration into the Commonwealth numbered 95,592, while the departures were 45,623, the net gain being <?,969 persons. It is estimated that tho output of motorcars in the United States this year will number 210,000, with an aggregate value of £65.075,000. or au average of £313 per car. This compares with 140,000 cars last year, of an aggregate value of £35,750,000. In 19C8 the output was only 55,«0 cars. Tito quarterly report to Jims 30 of tho United States Steel Corporation shows considerably higher earnings, while tho stock of unfilled orders on hand 15,807,000 tons) is tho highest since the end of 1909. In 1910 thev dropped to 2,675,000 tons, but in tho first quarter of 19C7 reached 8,044,000 tons. Between 1901 and 1911 the goods train milensrc in the United Kingdom decreased ICfCOjKIO mile>=, while, the tonnage, actually carried increased 107,600,000 tons, and the earnings therefrom increased £10,300,000. This has been due to the far heavier train loads carried, which is a most important point in the economic working of the. traffic.

Eceognieing the advisablcness of developing the social eido of membership, the council of the Sydney Chamber of Commerce, lias decided to inaugurate a monthly luncheon for members. The first of such will be held on Thursday, October 3.

The statistics of the consumption of imported timber in Victoria for the twelve months ended Juno 30 last shows that 152,925,0C0 super, feet were consumed, but after making allowance' for conversion of Pacific nine loss cud product exported to other States, tiie actual Victorian consumption for the past, ecasou is 144.925.K0 feet, which includes 15,'. M.OOO feet of NewZealand white pine and rimn? used principally for butter-boxes.

The Commonwealth Government is now paying annually £2,235,168 in old age and invalid pensions, tho total being equal to 9s. per head of tho population. The overage old age pension io 18a. lid. per fortnight, and tho average invalid pension 19s. sd. per fortnight.

JEossri?. .Tamer; Watson and , Co. state t that the world's output of pig-iron Inst- 1 war amounted to 65,663.926 tons, a dcclino of 1,938,362 tons 33 compared with tlis pre- ' ceding veer. Britain and the United States show eonsideiable declines, amount- i in» respectively to 453,030 tons and 3,649,000 tons. Germany, on the other hand, records an increase of 74!,000 ton*. Other large producers all eliow increases. The report of Messrs. Artlmr Guinness, Ron, and Company shows that A set back in earnings was experienced during the past twelve months. Brewing profit declined by £C8,2C0 to X2.538.1C0, while, on the expenditure side, exci-se and license duties increased by £22,500 to the huge total of £1,252(300. The net profit for the year shows a decrease of £106,700 at £1,208,400. The reduction of 50 centimes on tho transit duos of the Suez Canal U the third successive reduction made, and when the new tariff operates on January 1 the sums payable by shipowners will be 20 per ccnt. lower than they were three years ago. Customs duties collected at the nort. of 1 Wellington yesterday amounted to £3223 4s. THE WHEAT AFLOAT. By Telegraph—Press Association—Copyright London, September 22. Shipments of wheat and flour afloat on September 21, a week previously and a year previously, were:— Sept. 21, Sopt. 14, Sept. 24, 1512. 1912. 1911. Quar- Quar- Quarters. ters. ters. United Kingdom 2,280,000 2,160,CC0 2.255.CC0 Continent 2,315,CC0 2,250,000 1,710,000 4.595.CC0 4,410,000 3,965,000 The whqat shipped from the Atlantic Coast and Pacific Coast of North America, during the past week, tho previous week and the corresponding week of last year, is estimated by "Bradstrcet's" to betSept. 21, Sept. 14, Sept. 24, 1912. 1912. 1911. Quar- Quar- Quartons. • tors. tcrs. Atlantic Coast /... 374X00 240.0C0 257,CC0 Pacific Coast 50,000 — 60,000 4C4,0C0 240,000 317,000' The quantity of wheat'and flour shipped to Europe, from the countries enumerated were as under:— . Sept. 21, Sept. 14, Sept. 24, 1912. 1912. 1911. Qua.r- Quar- Quartern. tcrs. tf*rs. Argentine 125,C00 95,000 19,000 Russia- 515,0C0 575,000 100, COO Banuhian States >233,000 239,000 375,C00 India 280,CC0 235,000 54,0t0 Australasia 10, COO 74,000 70,C00 1,163,CC0 1,218,000 618,000 Total shipments to Europe- from all exporting countries for the past, week totalled 1,630.000 quarters, against 1.685,(00 quarters in the previous week, and 1.CW.5C0 quarters in the corresponding week of last year. ANTWERP WOOL SALES. Londan } September 22. The Antwerp wool sales clo?ed briskly, compared with the June ordinaries, at fully par. Fine merino and fine crossbreds showed five to ten and common crossbrcds ' up to twenty centimes advance. Ten ' thousand four hundred apd fifty-six bales' of La Plata wool was offered, and 7740 sold, at auction, besides, 653 privately.

LONDON MARKETS. London, September 22. Oopra.—The market is active. South Sea copra, in bags, £2-5 15?. to £26 6a. per ton. Jute.—First marks, September shipment, £24 per ton. Hemp—The market is firm, and prices are unchanged. Kubber—Fine hard Para, 4s. 73d. per lb. Cotton—The Liverpool quota-lion for American cotton, September-October shipment is 6.415**1. per lb. Linseed oil is quoted at 3ts.

THE METAL MARKETS. London, September 22. Copper—On spot. £78 Is. 3d. per ton; three months, £79 lis. 3d. Tin—On spot, £227 ss. per ton; three months, £224 15s. Lead, soft foreign, £22 10s. to £22 15s. per ton. Bar. silver is quoted at 291 d. per ounce standard. • BUTTER IN SrDNET. By Telegraph—Press Association—Copyright (Eec. September 23, 9.50 p.m.) Sydney, September 23. The supplies of butter coining forward arc increasing, and there has been a further decline in price of Zs. per cwt. to 116s. per cwt. '