COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1572, 16 October 1912, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHARKS. The 6<atcs of investment sharer, recorded yestorday were: Meat Export (£5 paidj at £6 2s. 6(i., and Golden B:iy Cenieu-i at 21s. The quotations were as under:— Buyer*. ..Seller?. X e. d. £ s. d. National Bank — 6 2 6 1 Equitable. Building — 9 17 6 Metropolitan — 12 10 0 N.Z. Loan and Mcrcantilo — 0 9 3 N.Z. mid Hiver Plate — 2 2 0 Well..Trust and Loan ..... — 7 11) 0 Ciiri'stchurMi Gas : B 0 0 — Feilding Gas •. 10 6 — Palmerston North Gas ... 9 2 6 " — Well. Gas f£l0) - 18 0 0 Well. Gas (third issue) ... — 14 10 0 Well. Gas (prof.) — 10 9 Gear Meat (£4) ■ — 13 0 0 Gear Meat (£1) 3 4 0 — N.%.\Shipping • 14 0 0 — Kaiapoi Woollen 5 4 0 — Well. Woollen 3 14 0 — 'Wcatport Coal — '18 9 Westport-Stockton — - 0 4 6 Kauri Timber (155.) 0 17 3 — Lcyland-O'Brio.n — 17 0 Taringamutu 'fotara • 2 5 9 2 6 6 C. M. Bank:?, Ltd — 1 1 G Golden Bay Cement ...; l u 6 110 N.Z. Portland Cement ... 1 7 6 18 6 Sharland's ordinary — 1 2 y Sharland's preference .... — 13 0 NEW SOUTH WALES' FOREIGN LOAN. Shut out of the Lou-don- money market, by the high rotes for money and the difficulty of obtaining a loan even , at a high rate, the Government of New South Wales to Approached the Paris market, and is reported to have arranged satisfactory terms for a loan of £3,C00,C00 at 4 per cent., and presumably at par. Some years ago Now South Wales was offered money from New York, but the offer was declined. It is a question whether other facilities for borrowing in Great Britain are not available to the States. London is not- the only placc where loans can bo floated, and in this connection' the following remarks by a correspondent, signing himself "AngloColonial," are interesting"When an Australasian or any other Government requires a > loan in England their fir;-it movement ii? to approach a firm of financial agents in London, if they are satisfied with the terms offered they, and it may be others associated with them, guarantee th-o loan for a, certain commiscion. The colony or Government who arc th-e other parties to the agreement do not know that the brokers in London are only guaranteeing that the operative and otter inverting cln-r.-Os of Lancashire nr-1 Yorkshire will take up the loan when it is'advertised. In Lancashire and York-hire Mere are many millions sterling, deposited in Savin*-, Banks -uubih building and other provident societies, many millions in addition are invented in cotton and in other industrial pursuits. "Further than this, the numerous municipal councils of Lanoa'shife and Yorkshire receive money from the provident in sums of not. less than £50—. at a rate of interest ranging from 3 «er cent. to 31 per cent, per annum. Thelocal bodies of New Zealand appear to me to rperard' the Government to c.ssist t>«m in all of their financial requirements. Why do they not go to Enelaud with th-Mr wants. If the operative classes in the North of England were taught to know and believe in New Zealand, the Dominion could obtain all the money it requires to develop i-ts vast resources. If the present Government (or any future Government) will make an effort to tan the financial resource-? of Lancashire and York?biro it will be a goid buiiinc.«s for the Dominion, and indirectly for every person concerned. From my large experience in rarioii? colonic. I ray this much without fcr of contradiction that no colony or dependency of the Crown offers better pecurity for "icrtpy-tVm does the Dominion of New Zealand." ' PAYMENT BY CHEQUE. ' The question of whether a,debt has been paid when a cheque has been eent through the post has again beeii made the subject of decision by the English Courts, one of the parties in litigation being the Car and General Insurance Company. Mr. P. D. Head, barrister-at-law, in a review of the matter points out that creditors' who send the customaVy request "for a. cheque" do so at their own risk in the event of the cheque demanded falling* into the hands of a fraudulent person, but where there has been no request, even though the practieo has been continued for twenty yea-n? without protest, the Court lias decided against t-h-c debtor on the ground that there had been no request. The fact that the defendants had been in the habit of c-ettling their accounts by por-it was not sufficient. They had not been asked in this particular instance, or at any prcviouG time, to send a cheque, and the creditor was, therefore entitled to recover. The facts of the case of the Car and General Insurance Company, recently decided, were as follow:—The defendants were in tha habit of paying monthly premiums by means of craved cheques, an and- when they were advised by the plaintiffs the amount due. these amounts varying month by month, according to the number of cabs at work. The manager of the insurance company wrote for a. cheque in respect of a monthly premium, and the defendants inadvertently sent an open cheque through the poet. The cheque wnn fraudulently intercepted and cashed. Here t.h-sre wa-s a request, but, there any intention or agreement that, an open cheque should, he scnit? The jury followed a, strong direction of the Judee, and found for the plaintiffs, and the defendants had to pay asain. For, in order that the principle of Norman v. Bicketts should apply, it was necessary to show that the insurance company had asked for an open cheque. MEAT MARKET. Messrs. Gilbert Anderson and 00. (Mollsop, Eliott and Co., local agents), under date 'London, September 6, report as follows:—A firmer tone in all classes of meat, especially frozen. Dutch supplies of mutton and lamb rather more than last week*. Ycel and pork very dear. ITome-grown: to B£d.; mutton. 6Jd. to Bd.: tegs, 6Jd. to Bd.; owes, «?3d to 51d. {Dutch mutton. 53d. to 7d.) Lamb*, 7d. to 6ad.; Scotch hill lambs, 6d. to 6?d. (Dutch' lambs. 6d. to 7d.) Pork, 7jd.; veal, Bd. to 9d. Chilled beef: Supplies a little lighter: fores, 3d.; hinds, 42d. Frozen beef: New Zealand fores, 3Jd,: hinds, 3?, d.; Australiou fores. 3 l-16d.: hinds, 33d Plate fores, 3d.; hfrnls, 3£rl. Frozen mutton: There has been another sharp rise owing to anticipated light arrivals, and parcels are continually chmigintr hands without going into consumption. Now Zealand show an increase nU nnnd of an M. to Id. Canterbury, 48-56. 4?, d.; 56-64, 4Sd.; 64-72," <*d. Best North Islands, 4£d.; ordinary, the same. Ewes,. %1. Australian!*. 4 3-16 d.; Plate, 4 3-Bd. Lambs: Grades 36<!2 and 42-50 are rought after, and have ad-1 vanced an J to J. but ordinary grad*:= re-1 m?in unaltered. Canterbury. u-36, 5 13-16.d: I 36-42, 53d.: 42-50, 5 5-16 d.; Southlands and best North Islands, 5M.; ordinary, 5 9-16 d. I

TRADE IN ALLEN STKEET. Vegetables—A. stronsr demand exists (or carrots, parsnips, cabbape, and cauliflowers, and lrigh rates arc bcin? reMieed. Owing to the slip on the Main Trunk line, new potatoes have not come in from the Auckland district during the pnst few days; the first arrivals will reach a bare market, and realise good prices. Grn-?n peas from the Xel*on district are cominp in more freely. French beans, hothouse prown, realised extreme rates at yesterday's auction. Frnlt.—Tli-e Moeraki, clue from Sydney to-day, is bringing a small shipment of mandarines, lemony, nnssiou fruit, sweet, oranges, and 1 pineapple?, and these will reach a bare market, and should, there fore, command, pood prices. The Tahiti, from San Francisco, via way ports;, latuled li'.t shipment- of Californiau apples ami onion* and Co:>k Island banana-- in excellent condition, but the Inland onint?«s wore in more or lo.?.« bad condition. Very "ilitile donnmul for "rnorninn" ciranirtv. Consignments of New Zealand-prr.-wu leuious cum be recommended..Onions.- — Califoriniiii are «el!in" at lic„ to 16s. per c;i?e of about 1001b. Flour is. without alteration at £8 IC». to £6 15s, yen ton, according to brand,,

I f.0.1i. south, and less tlic usual trade discounts. | Pcllard llnd- ready sale at £6 !ss. to £7. llraii is rathsr duli of Gale, the current valua beiiiy £3 ss. to £5 ICs. per toil. Maize.—.Seme excellent rainples are corn* in? from the Hawked Bay district. The current quotations is ss. to ss. 2d. for feed maize*, and 6s. Grt. for seed maize "■Hickory King." Oatmeal has declined 10s. per ton, the demand, however, owing to the warmer weather, lias decreased considerably. The Wellington qiioUilJou is £13 to £13 • Its. per ton. Moiled oats, in 41b. bags, are quoted at Jte. per dozen, and Oatina :it ; 9s. 6d. Oats-Short feed and dun oats arc selling at 2k. 9d. tD 3s. par bushel, seed AJ* jyorians, cs. 3d. to 6<t. May.—Choice i.s in short supply: medium quality is quoted at £3 15s. to £4 ICs. per ton; prime rye and clover, £5 to £G.

Oliaff.—Prime oaten sheaf chaff, £4 10s. to £5 per ton; medium ouality, £3 lGs. to £3 155., all sacks given ill. Fresh eggs have advanced a penny, and ave now ouoted at Is. per dozen. Butter.—Prime milled, in hulk, lid. to llid.; good quality. 9<l. to I'M. Margarine, in 281b. tins, Scottish mann* faetitre, 8(1. to osd. per lb. Cheese.—Host factory, medium eizc, 7d.: loaf, 7»d. to 7Jd. Jliecmcnl has poor sale at £5 15s. per ton, with rise (lour at £6. Split peas- are selling at 17s. per cwt. Prussian blue peas are Quoted at 7s. per bushel. Partridge peas have moderate inquiry at 3s. 9d. to 4s. 3d. per, bushel. Whole iinreed meets with fair business at 17s. to 18s. per cwt. binseed nuts arc quoted at 13s. Crushed linseed cake, 14s. per cwt. Customs duties collected at the port of Wellington yesterday amounted to JEICOI 18s. 3d. CANTERBURY GRAIN MARKET. (By Telegraph.—Press Association.! I Chrlstchurch, October 15. The grain market is in its usual dull state, there being no business of anv importance passing. Oats are somewhat weaker in the ahscnce of an outlet. The potato market is now somewhat weak owing to the lateness, of the season and the warm weather, and the fact that only small lots are now offering for local consumption, £6 ss. being paid, and for export. £6 ICs., but lew lots arc for the latter purpose. LONIION MARKETS. Jlcssrs. Dalgety and Co., Ltd., Wellington, have been advised by cable from their London office, dated October 10, of the Bradford top quotations at that date. The figures in parentheses denote the quotatioiw at September 27:—"3G's, 14jd. (lfld.); 41*s, Kid. (14|d.1; 44's, 15(1. (15d.1; «'«, ltd. (16d.1; Si's, 183 d. (18Jd.); £6's, 21 Jd. (21d.) ; 59's, 23d. (23d.); 60's. common, 253 d. (?6d.); O's, smier. 26id. (26}d.)j 64's, 27Jd. (27Jd.1; 70's, 28d. (28d.). HIGH PRICE FOR WOOL. By Telegraph—Press Association-Copyright (Rec. October 15, 9.15 p.m.) Sydney, October 15. Queensland scoured wool has been ■ sold •it 24id. per lb. Tiii.s is a record for the season. WHEAT. (Rcc. October 15, 10.30 p.m.) London, October 15. The wheat market u strong: 395. 9d. per quarter lias been paid for Australian January-February shipment, and <os. is asked for February-March shipment. SILVER. London, . October 14. ' ißar silver is quoted at 19 ■ 7-lfd. per ouncc standard. MINING NEWS. WELLINGTON SIIARE MARKET. There was only one sitting of the Exchange yesterday, a.nd thero were 110 transactions in mining shares. The quotations were as under:— Buyers. Sellers. £ a. d. £ 3. d. Blackwater — 14 0 Con. (loldfields - ' 014 0 Dominion 0 0 2 0 0 4 Kuranui Caledonian 0 12 0 15 Mountain King 0,0 3.\- — Now Hig River -.. — 5 5 0 New Sylvia. 0 13 0 1 0 Roff< Reconstructed 0 5 3 0 5 6 Talisman 119 0 119 3 Waiiii — ' ® Waihi Grand Junction ... 1 2 3 12 9 Waihi-Paeroa 1 13 6 — Wadtangi 0 C 8 0 0 10 STOCK EXCHANGE. (By Tcleiraah—Press Association.) Auckland, October 15. Business done on 'Change:— • May Queen. lOd. Talisman,. £1 19s. Grand Junction, £1 2s. 6d., £1 3s. Waitaia, Is. 6d. Devonport Ferry, £1 179.. Kauri Timber Company, 18s. Ounedin, October 15. The following sale was made on the Stock Exchange to-day:—Bank of New Zcala.nd, £1' 2s. 6d. Tlie following sale was reported:--wa 111, £1 14s. 3d. LONDON MINING QUOTATIONS. London, October 14. Yesterday's closing onotations were:— Waihi Gofdminiug. 325. 6rt. (buyers), and 535. 9d. (s?!iers.l; Grand Junction, 225. 6d. and 235. 6d.