COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1569, 12 October 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. A saJo of Westport Coal shares at 28s. 6d. wan tm oniy uansaeUun recorded yesterday. The quotations were an under:— Buyorn. Sellore. £ «. d. £ i. d. National Bank — 6 3 0 Equitable Building - 917 6 Metropolitan - n 10 0 Well. Trust and Loan ■ — 7 10 0 N.Z. and Kiver Plate — 1 I I Ohxistshurcl Gas 7 18 0 — ff v e|£,gaa M3lS^ uir ~u-r - -»■ s. I*-^

Well. Oμ (third iEsue) .., - 14 15' 0 Well. Gas (prcf.) - 10 9 Moat Export (£5) 6 2 0 6 3 6 Moat Export (£4) — 5 2 0 Well. Woollen (ord.) 3 14 0 - Westport CoqJ 18 3 — Westport-Stockton - 0 4 9 Lcylaud-o'Brien 16 9 17 3 Tarinuamutu Totara. 2 5 9 — Golden Bay Cement — 110 bharland's ordinary — 12 9 Sharland's preference .... — 13 0 LLOYD'S AND THE'PKESIDENTIAL ELECTION. According to the "Financial Times" of September 5, a large omount of business has been done at Lloyd's in connection with the forthcoming Presidential olection in the United Stat«i. It is quite usual for the underwriters to Teccive applications for policies in connection with the periodical Presidential election in America, but this year the demand appears to be greater than on previous occasions. Possibly thie is accounted for by the fact that the struggle is a keener one than for a lonn time past, while the appearance of Dr. Woodrow Wilson on the scene marks an infusion of new blood which has been lacking for many years. The business transacted at Lloyd's is mainly on behalf of London and American stockbrokers and financiers, who consider that they will be affected by the outcome of the forthcoming contest. Judged by premiums Dr. Woodrow Wilson's chance of obtaining the coveted position is 75 per cent., while Mr. Taft'e prospects are appraised at 25 per cent,, and llr. Koosevelt's at 20 per cent. PAOIHO CABLE BOARD. A British White Paper has been issued showing the money issued from tho Consolidated Fund under the provisions of the Paoiflo Cable Act, 1901, anil the money received, expended and borrowed and securities created under the new Act to March 31, 1912, ■ together with a copy of the report of the chairman of the Pacific Cablo J3oa:rd. A statement shows that the sum issued out ol the Consolidated Fund amounted to £2,000,000, and that the cxpenditUTo wae £1,996,703, leaving a balance in hand of £3,296. The revenue from the cable amounted to £159,150, which, with £26,063 balance on March 31, 1911, and £33,218 received as a Parliamentary grant, makes tho total'£2lß,43l. Tho working expenses amounted to £122.104, and the total expenditure, including the ninth annuity payment of £77,545, was • £199,649. The excess of receipts over expenditure was £J7.0«, and the total balance on March 31 last was £18,762 Os. 7d. The sum of £37,046 was thus available towards meeting the annuity of £77,544 payable to the National Debt Commissioners in respect of interest and sinking fund on £2,000,000 advanced by them for the purpose of providing the capital required for laying and equipping the Pacific cable. This is £7712 more than was available in tho year 1910-1911, and reduces by an equal α-mouiit the sum to be provided by vote of thfi Imperial and Dominion Parliaments, which will be £40,498 for the year under review. The" increase of £18,749 in the net traffic receipts is due to increased traffic, and was more by £13,891 than was originally estimated by the board. The expenditure shows an increase over that of 1910-1911 of £12,761; it exceeded the original estimate by £11.129, and the revised estimate of December last by £7123. The preliminary forecast of revenue and expenditure for the year ending March 31, 1913, is as follows :-Trafflc revenue, £157,000; expenditure, £157,000; renewal fund, £30,000; workics expenses, £86,855. and excess £40,145. The renewal fund at the end of March last amounted to £286,289. ' ARGENTINE SHIPMENTS. The Department of Agriculture, Industries, and Commerce has received the following cablegram from Buenos Ayres, dated October 10:—The following shipments of

produce were dispatched from the Argentine to the United Kingdom ports during September, 1912, compared with September, 1912. 1911. Frozen beef, quarters 196,000 127,000 Chilled beef, quarters 170,000 189,000 Frozen mutton, carcasses ... 255,000 189,000 Frozen lamb, carcasses 36,00Ch 39,050 Butter, cwt, Nil Nil NOTES. The Victorian Statist finds that the average anniijg quantity of intoxicating liquore consumed in Australia during ths last five years was 12.76 gallons per head. The value was £14,235,100, and the value per head waa £3 6s. Id., or for adults over 21 years £5 18s. 6d. Tho linseed crop in North Dakota ia described as "more than ordinarily promising." Isolated patohes have heen cut In Southern Minnesota, and yields are said to have been satisfactory., Minneapolis elevator men, who have been through North Dakota, affirm that conditions there are almost matchless. It is truo that here and there severe damage has been done by wilt where tho seed was caTelas3ly sown, but theEe are inconsequential compared with the. total area. The trade is very optijnistic. The north-west expects to harvest a linseed crop this year somewhat more in keeping with the out turn of a few seasons ago. Statistics have recently been issued in relation to the production of crude petroleum throughout tho w.orld in 1911. The first position is occupied by the United States, which are credited with 28,933,000 tons, as compared with 27,941,000 tons in 1910, or an increase of 992,0(10 tons. Kussia ranks second with 8,884,000 tons, as against 9,378,000 tons iii 1910, a decrease of 494,000 tons. The third place Iβ taken by the Butch Indies, whose output increased from 1,496,000 tons in 1910 to 1,624,000 tons laet year, and the fourth' by Mexico, which made the formidable advance of from 444,000 tons in 1910.t0 1,600,000 tons in 1911. The production in Rumania rose from 1,352,000 tons to 1,543,000 tone in the Eame year, but that of Galicia. receded from 1,762,000 tons in 1910 to 1,270,000 tone last year. Tho ehafo of- British India declined from 818,000 tons to 800,000 tons, that of Japan from 257,000 tons to 253,000 tons, and that of Germany from 145,000 tons to 143.000 tons, whilst that of Peru rose from 177,000 tone in 1910 to 180,000 tons in 1911. The output in Canada, which is not returned for 1911, is states to have been 42,000 tons in 1910.

The average annual world production of farm crops, calculated on a, five-year period ■shows the important part played by tno United States in this connection. As a producer of maize, wheat, oats, cotton, tobacco and hops, the United States rajißs first of all nations; while in the yield of barley and flax seed it occupios the second position. Of the world's output of maize tho United-Btatee is responsible for 74 per cent., Its next important crop being cotton, of which it produces 59 per cent. Of flax seed and hops 25 per cent., of oat 9 24 per cent., of tobacco 31 per cent., and of wheat 19 per cent, ore credited to this source, bo that the crops of the United States are an international affair. Not only ie the rest of the world concerned as consumers of much of what the United States produces, but deficient yielde in that vast area react detrimentally upon trado and commerce throughout the globe. Last year tho harvest was relatively light, and business in America was consequents slack. In the current twelve months, however, the yields promise to be large, and a revival of trade activity is regarded as assured. In a normal year the amount, of money required to move the crops is about £16,000,000, and there are good grounds for expecting that the withdrawals of cash to the interior on tho present occasion will be substantially in excess of this sum. To what extent the United States will rely upon Europe for the desired funds is a moot point.

Customs duties collected at the port of Wellington yesterday amounted to £2165 12s. 7d. GRAIN AND PRODUCE. (Bj Tele&ranh.—Press Association.) Christchurch, October 11. Tho local grain market is lifeless at present, thero being very little offering. What odd lots of wheat are being submitted to buyers are chiefly in store, from which they must be cleared before the wool season commences. Potatoes aTe rather firmer, as the supply is now getting very short. Thero is still a demand' from Australia, and Sydney does not expect to have new potatoes available in any quantity till about tho end of November. New Zealand shipments are not expected to extend beyond tho end of the present month, as Up-to-Date variety will not stand the carriage in November as Derwents would do. Tho price is £6 at country stations. LONDON MARKETS. Messr3. Dalgety and Company, Ltd., Wellington, havo recoived the following information' from their London house by cable, dated October 10:—Frozen meat: Tory, poor demand. Mutton: Prices unchanged. Lamb: Prices unchanged, except second quality, which ie Jd. per lb. lower. Beef: Prices Id. to Jd. lower. Tallow. Since our last cablegram prices unchanged. Rabbitskins: Snlcs opened and closed firm, active, with brisk competition; for Furriers prices are higher by 50 per cent., other dcscriptione Id. per lb. higher. LONDON WOOL SALES. By Telegraph—Press Association—CooyrlEht London, October 10. Tho ■ wool sales closed with prices—tho highest of tho series—firm for all sorts. (Rcc. October 11. 9.35 p.m.) London, October 11. At the wool sales the quantities sold were for Home consumption 82,000 Ixile3, Continent 38,000 bales, and the United State! 6000, and 7000 bales were held over. There was the keenest competition throughout, llerinos closed 7* per cent, above July closins rates, shafty combing often realised fancy prices; fine crosebreds fully maintained July rates; medium coarse crossliTeds advanced 10 per cent.; medium sllpcs ft half-penny to one penny; tind coarse Id. to lid.; merino lambs were 5 ner cent., and 7J per cent, higher. The following are tho prices realised for the fleece portions of the clips named:—"ltcdoliffc," top price IOJd., average price 10 3-8(1.; "Aotcn." top lljd., average lOJrt.; "Dnrih Kurihckn," top 13jd., average 13d. Tho Department of Agriculture, Induf-

lowing cablegram from tho High Commissioner for New Zealand, dated London, October 10, regarding the closing of the fourth scries of colonial wool pales:—"The market closed very ftrons at best prices in the series. Thero is a fcencral and active demand. Consumption ie large. ludications are favourable for a continuance of the present prices. Four thousand two hundred bales of New Zealand wool are held over. Estimated value:—Superior merino, la. OJd. to la. 2d. per lb.; medium, 10d. to Is.; inferior, 8(1. to 9W.; fine crotsbreds, Is. Old. to Is. 3d.; medium, lOJfl. to Is. Id.; coarso, 9d. to 10d."

Messrs. Dalgoty and Company. Limited, Wellington, have received tho following information from London by cable, dated October 10:-"The tales Have cloecil with a firm market and prices are at their highest. As coinnared with the last sales' closing rates super merinos, scoured, par to 25 per cent, higher; other descriptions,. 3 per cent, higher; creasy super merinos unchanged; fair to medium, 6 per cent, to 7i per cent, higher: heavy earthy and wasty, 5 per cent, higher; croesbreds, line quality, creasy and scoured, par to 5 per cent, higher; medium quality greasy, 5 per cent, to 75 per cent, higher; scoured. 5 per cent, higher; coaree greasy 10 per cent, higher; scoured, 5 per cent, higher.; Blipe wools, fine, 5 per cent, higher; . coaxee. 5 per cent, to 10 per cent, higher. Total net quantity available amounted to 147.000 bales, 6000 bales sold to America, 86,000 bales home consumption, 48.000 bales Continent; 7000 bales carried forward. All wool available was offered.' The Bank of New Zealand has received tho following cable advice from its London office, dated October 10:—"The sales havo closed very firm, and prospects are good. Total quantity held over, 7000 bales, of which WOO bales are New Zealand. Current prices for North Island farmers' lots: —('oaree crossbreds, 36-40's, average condition, 9id. to lOd. per lb.; medium crossbreds. 44-46's. 10} d. to lid.; fine crossbreds, 50's, Hid. to 12id. Current prices for South Island farmers' ldts, Canterbury stylo:— Inferior merinos, common 60-64'e, average condition, 9Jd. to 10d.: Euperior merinos, super, 60-64's, 12d. to 13d.; half bred or threequarterbred,, 56's, average condition, Hid. to 12»d." Mosers. Murray, Bobcrts, and Co., Ltd., have received the following cablegram, dated October 10, from London:—"Wool sales have closed firm, 7000 bales being held over. Compared with laet London 6ale's closing rates, merino aoid crossbred fine, market advanced 5 per cent. Crossbred medium shows 7* per cent, advance, and coarse crossbred 10 per cent, advance." The New Zealand Loan and Mercantile Agency Company, Ltd., and Reduced, ha,ve received the following cablegram from their London house, under date October 10: —"London wool Ealcs.—The sales closed strong; 136,000 bales of wool sold, of which 48,000 were taken for tho Continent, and 6000 for America; 7000 bales were held over. As compared with laet sales' closing rates, prices are higher by about 5 per cent, to 7J per cent, for merino, medium and inferior, and ooarso scoured crossbred, and higher by about ■10 per cent, for coarse greasy crossbred." Messrs. Abraham and Williams, Ltd.. have received the following cablegram from London, under date October 10:—"There was active competition a.tthe sa-les to-day from a largo attendance of buyers, Americans operating moderately. The market ctoeed very firm with good prospects. Compared with the dosing rates of laet series present values show the following improvement:— Fine crossbred and merinos, 5 per cent.; medium coarse bred, 7* per cent.; and coareo crossbred, 10 per cent." BANK OF ENGLAND RETTJRr.'. By Telegra-ph—Press Association—Copyright (Kec. October 11, 9.35 p.m.) London, October 11. The Bank of England return issued for the week ended Wednesday, October 9, is as under:— Issue Department Note Issut £51,867,000 Gov.debt - £11.015,000 Other securities ... „ 7.434,000 Gold 80,418,000 £54.867,000 £51.867.0(10 BiMBNO DEPARTMENT. Proprietors' " Govt. securlcapital £14,553.000 ties £13.338,000 Public de- Other securiposits '... 10,357,000 tics 32,856,008 Other deposits ... 45.238.000 Kite! .„ 25.696.003 Best, 7-day and othor bills 3,179,000 Coin- „ 1,497,000 £73,387,000 £73.357,000, The loading iteme of the Bank of England return afford the following comparison :— This week Last week. Last year £ £ £ Bullion 5G.418.000 37.440.000 56.795.000 Boßcrpe 27,103.000 27,603,01)0 27,2-23,000 Note circulation 80.171,000 20.585,000 29.160.000 Public Deposits 10,357,000 13.047,000 6,430.000 Other Deposits 45,298.000 43,075,000 46,088,000 Proportion of reserve to . liabilltio3... 48.81 48.74 61.01 ■GOVERNMENT SECURITIES. The following are the latest quotations for Government securities, with 0. comparison of those ruling laet week:— Variation _ compared Prict, with last week. £ 8. d. 25% Imperial Consols .73 17 6 2s 6d lower 4 N.5.W.1933Jan.-July 103 0' 0 'Unchanged 34 ~N.SAV.I9IBJtar.-Sep. 94 10 0 60s lower 3 ~N.5.\V.1035Ap1.-Oct. 81 0 0 10s lower 4 ~Vic. 1920 Jan.-July 101 0 0 Unchanged 3i „ Vic. 1021-6 Jan.-July 05 0 0 10s lower 3 ~Vic.1920-40Jan.-July 81 0 0 Unchanged 3J ~S,A. 1916 Jan.-July 01 0 0 10s lower 3 ,S.A. 1816 Jan.-July 78 0 0 20s lower 1 ~QTdl9ls-21 Jan.-July 101 0 0 Unchanged 3J ~QTdlO!l-30Jan.-July 92 0 0 60s lower 3 ~Q'rdl9-2t47Jan.-July 80 0 0 iOs lowor 4 ~N.Z. 1929 May-Nov. 101 0 0 Unchanged 34 ~N.Z. WlO Jan.-July 03 0 0 Unchanged 3 ~N.Z.l94sApril-Oct. 8-3 0 0 Unchanged 34,, W.A.1920-WJlay-Nov 03 0 0 Unchanged 3 ~W.A,1015-35M»y-Nov 80 0 0 Unchanged 34 ~Tas. mOJan.-July U'Z 0 0 20s lower 3 ~Ta5.1920-40Jan.-Juiy 64 0 0 Unchanged

BANK RATES OF DISCOUNT. The Bank of England rate was, on December 1, 1910, lowered from 5 to 41 per cent.; on. January 27 it was lowered to 4 per cent., on February 16 to 3} per cent., and on March 9 to 3 per cent. On September 21 it wae advanced to 4 per cent., on February 8 it was reduced to 3J per cent., aJid on May 9 to 3 per cent. On August 29 it was raised to 4 per cent. Tho Bank of France rato was reduced from Z\ to 3 per cent, on January 23, 1908, (and continued at tho latter figure until September 21, 1911, when it was raised to 3j per cent. On May 17, 1912, it was reduced to 3 per cent.-

The imperial Bank of Germany reduced its rate from 5 to 41 per cent, on February 6, and on February 19 the rato was further reduced to 4 per cent. On September 19. the rate was raised to 5 per cent., and on Juno 11, 1912, it was reduced to 4) por cent.

MAHKET KATES OF DISCOUNT. The following are the market rates for best three months' bills:— London Paris Berlin rate. rate. rate. per cent, per cent, per cent. This week 315-16 3 4J Last week 315-16 3 . 33 Last yoar 4 33 4J Short loans are quoted at 2 per cent., Qβ against 2 per cent, last week, and 21 per cent, last year. COLONIAL AND OTHBK PRODUCE. Wheat.—The markets aie pausing, awaiting developments. Cargoes are very firm, and are 3d. to 6d. per quarter dearer. Per sailer, January-February shipment, offered at 395.; an Australian pa.rgo sold at ,10s. 6d. There ie email inquiry for Australian on spot, at 425. to 425. 6d.; New Zealand, good longberry, 39a. to 39e. 6d. j inferior, 345. upwards. Flour Is Blow of sale. Australian, on 6pot, 275. to 275. 6d. Oats aro quiet. "A"-gra.de Gartons, on spot, 275.; Spanowbille, 265. 6d.; La Plata, January-February, 17s. ljd. Boans are firm. New Zealand, on spot, 38s. 6d. Peas are quiet, but firm. Best New Zealand Maplee, October shipment, 415., c.i.f:; Tasmane, 403. 6d. Butter ie firm at full rates, with 'rather better inquiry for stored colonials, but prices are unchanged, with best available quoted at 114s. to 116 a. Susar. German beet. 88 per cent, net titre, 9d. lower, at Ba. 9d. per cwt.: first mark, granulated, f.o.b. Hamburg, 3d. lower, (it 11s. 10d. Bradford Tops.—The market is strong and exhibits a hardening tendency. Babbitsklne.—Anninj; and Cobb report that the market closed firm at full rates. Copper.-On spot, 21s. 3d. lower, at £75 ss. per ton; three months', 30s. lower, at £78 Is. 3d.; electrolytic, 2s. 6d. lower, at £81 12a. 6d. Tin, on spot, 30s. lower, at £228 per ton; three months', 17e. 6d. lower, at £227 2a. 6d. Piß-iron, Bd. lower, nt 655. lid. per ton. Lead, soft foreign, ss. higher, at £21 10a. per ton. Spelter, 2s. 6d. higher, at £27 10s. per ton. ' COJtPANY DIVIDEND. (Ecc. October 11, 11.10 p.m.) London, October 11. Tho Trust and Agency Company, Ltd.. of Aust.ra.lia has declared an interim dividend at tho rate of 7J por cent. VICTORIAN PRODUCE MARKETS. Melbourne, October 11, Wheat. 4s. 4d.: flour, £19' 10s.; oats, AlKorian, 3s. 2d.; New Zealand. 3a. 2d. to 3s 4ii.; maize, 45.; bran, £5 155.; pollard, £7; potatoes, £16; ouiona, £14 to £15. JIEIjBOUItNK HIDR SALES. Melbourne, October 11. At the hide sales there were moderate euppHea. Trices it<jio from id, to id. jtoKMi.-, ■ -fa