COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1575, 19 October 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. Sales of investment shares recorded yes* tcrday were: New Zealand Insurance at £4 135., and Union Steam at £% 6s. The quotations were as under:—

ADVANCE IN BANK HATE. The minimum discount rate of the Bank of England has been advanced 'from 4 to 5 per cent. This movement was inevitable, and it was obvious some days ago that the bank would put up it rate, for, on Monday last, it was announced by cable that the bank was refusing to discount bills at less than 5 per cent. What has happened since is that at the weekly meeting on Thursday the Governor and Court of the Bank of England formally fixed the minimum rate at 5 per cent. This is tho direct result of the war in the Balkans. When the Continental capitals were forcing salw of securities on the London Stock Exchange it was for the purpose of withdrawing gold, and tho higher rate will have the tendency to check this practice. A 5 per cent. Tate is not formidable, though very inconvenient to trade and commerce. Wc had a 5 per cent." bank rate in 1910; it was on October K) of that year that the rate was raised-from 4 to' 5 per cent., and was maintained at the higher figure for a period cf 4- days, until December 1. There was also a b per cent, rate in October, 1909, and again during the American financial crisis of 1907-1908. The discount rate of the Bank of France has been advanced from 3 to 3J per cent, simultaneously with the upward movement in the Bank of England rate. The French bank very seldom varies its discount rate. It ruled at 3 per cent, from January 23, 1908, to September 21, 1911, a period of about three years and eight months. On May 17 this year the rate was reduced from to 3 per cent., and has kept at this low' rate until Thursday last. The rates" of all the other European banks have no doubt been advanced, and it is very probable that the Imperial Bank of Germany i<3 charging G per cent., and the Bank of Austria-Hun-gary 6 to 7 per ccnt.

D.1.0. BALANCE-SHEET. The twenty-eighth annual report and balance-sheet of the Drapery and General Importing Company of New Zealand, Ltd., for the period from August 20, 1911. to August 20, 1912, which will be submitted to the annual meeting of shareholders, to bo I held at Dunedin on October 24, states that, the net profits for the past year were £20,994 ss. lid., which, with £8312 9s. 3d. I brought forward from last year, shows a total to the credit of profit and loss ac- 1 count of £29,306 15s. 2d. On May lan | interim dividend was paid on preference shares at the rate of 6 per cent, per annum for the half-year ended February 20, which absorbed £3750, and leaves £25.556 15s. 2d. now available for division. . This sum the directors propose to deal with as follows:—To payment of a dividend at-the rate of 6 per cent, ner annum on preference shares for the half-year ended August 20, 1912, £3750; to payment of a dividend at the rate of 7 per cent, per annum on ordinary shares, £7516 lie. 5d.: to addition to reserve fund (which will then stand at £37,000), £50C0; to balance to bo carried for* ward, less a bonus of per cent, to holders of ordinary shores on the amount of their purchases, £9290 3s. 9d. Customs duties collected at the port of' Wellington yesterday amounted to £1627 ss. Bd. BANK OF ENGLAND ItETTmtf. By Telesrapli—Press Association—Copyright (R«c. October 18, 10 p.m.) London, 'October 18. The Bank of England return issued for the week ended Wednesday, October 16, is as under-.— ISSUE Department Notelasuft £54,561,000 Gov. debt '"£11,015,000 Other securi7.434.000 Gold 56.112.0C0 £54,561,003 -£54,661.000 BANKING DEPARTJreXT. Proprietors' Govt. Eccuricapital £14,553,000 ties £13,033,000 Public de* Other securiposits ... 8,360,000 ties 33.506,00® Other do--posits ... 46.796.000 N«toj 25,933.003 Rest, 7-day . and otliar bills 3,223,000 Coin... ... 1,455,000 £73,032,000 £73,932,000 Tho leading items of the Bank of England return afford the following comparison:— This weak Last week. Last year £' £ £ Bullion 36,112.000 36.418,000 38.142,000 Reserve 27,388.1)00 27.103.C00 27.112,000 Note circulation 23.6-23.000 29,171.0' X) 28.659.Q03 Public Deposits 9.360.000 10.3r.7,000 6.715.000 Other Doposits 46,796,001) 45,293,000 45,0ij,000 Proportion of reservo to liabilities... 43.74 43.81 52.40 GOVERNMENT SECURITIES. The following are the latest quotations for Government securities, with a comparison of those ruling last week

BANK BATES 0| DISCOUNT. The Bank of England rate was, on January 27, lowered to 4 per cent on February 16 to 3} per cent., and on March 9 to !, por ccm, On SeDtom. .bBJ.AJt .3tM >4iumed iaX.»n.tsssu

on February 8 it was reduced to 35 per cent., and on May 9 to 3 per cent. On August 29 it was raised to 4 per cent., and on October 17 to 5 per cent. Tho Hank of Franco rate waa reduced 1 from 3J to 3 per cent, on January 23, 1908. suid continued at the '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., and on October 17 it | was raised to 3J per ceilt. , The Imperial Bank of Germany Teduced I its rate from 5 to 4J per cent, on Februl ary 6, and on February 19 the rate 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* per cent. MARKET RATES OF DISCOUNT. The following are tho market rates for best three months' bills:— Loudon Paris Berlin I rate. • rate. rate, i per cent, per ceut. per cent. ' This week 43 3i 4g Last week 315-16 3 4ji Last year 311-16 — — Short loans arc quoted at 31 per cent., as against 2 pet- cent, last week, and 2 to ; 2i per cent, last year. COLONIAL AND OTHER PRODUCE. Wheat—The market is easier, and closed steadier. Australian cargoes sold at 40s. 9d. per Quarter, while 4s. 6d. is asked for off coast, 395. 9d. for January-February shipment, and 38s. 6d, for FebruaryMarch. Liverpool futures are quoted thus:—December delivery, 7s. 9sd. per cental; March delivery, 7s. 7d. per cental, as against 7s. 6?d. last week. Australian, on spot, is quiet at 425.; NewZealand, 41s. 6d. Flour.—The market Bhows an easier tendency in sympathy with wheat. Australian, on spot, is clearing at 295. per sack of 2801b. Oats are dull. La Plata, October-Novem-ber shipment arc offcriri'g at 19s. lid. Peas are steady and unchanged. Best 1 New Zealand maples, October shipment, are realising 41s. per quarter of 6041b. c.i.f. Butter is firm and unchanged. The tone of the market is bullish, owing to the dry weather in Australia and the small shipments compared with 1911. Sugar.—German beet, 88 per cent, net titre, 9d. higher at 9s. 6d. per cwt.; first-mark-s granulated, sd. higher at 12s. 3d. Bradford Tops.—The market is quiet. Prices are as follow:—-Sixty-fours, 272 d. per lb.: super sixties, 263 d.; common pixties, 253 d.; fifty-sixes, 22d.; fifties, id. higher at 19£ d.; forty-sixes, id. higher at 16d.; forties, id. higher at 143(1. THE METAL MARKETS. Yesterday's closing quotations were:— Copper, on spot, 20s. higher at £76 ss. per ton; three months, lis. 3d. lower at £77 10s.; electrolytic, £81 ss. Tin.—Three months, 275. 6d. lower at £225 15s. per ton.

Pig-iron.—Middlesbro' No. 3, ss. Id. higher at 695. per ton. Spelter, 2s. 6d. lower at £27 7s. 6d. per ton. Silver.—Bar silver is, quoted at 29 5-16 d. per ounce standard. • LONDON MARKETS. , Messrs. Company, Ltd., Wei-, lington, have received cabled advice from their London office, dated October 17, as follows:—Frozen meat: Reef—Demand is poor,s tocks are heavy. New Zealand fine ox fores, 23d.: New Zealand fine ox hinds, 3id. Lamb—The market is weak, and demaud limited; Canterbury heavy, 5Jd.; Canterbury light, 53d.; North Island heavy, sJd.j North Island light,* SJd. MuttonDemand poor. Canterbury lieavy, 4gd.; Canterbury light, 4gd.; North Island, heavy, 4Jd.; North Island light, 4Jd. Tallow— Sincc our last cablegram prices are unchanged, except for lower and inferior descriptions, which are 3d. per cwt. lower. VICTORIAN PRODUCE MARKETS. Bj Telegraph—Press Association—Copyright MolDoursa, October 18. Wheat: The maTket is quiet, the nominal quotation being 4s. 4d. to 4Jd. for new, and for January-March delivery, 3s. IOJd.; flour, £9 10s.; bran, £5 155.; pollard, £7; oats, quiet, New Zealand, 3s. 2d. to 3s. 3d.; Algerian feed, 3s. IJd. to 3s. ZJd.; maize, 3s. lid.; peas, 4s. to 4s. 4d.; potatoes, prices steady and market quiet at £16 to £16 10s.; onions, £15 to £16. GRAIN AND PRODUCE. fßy Telegraph.—Press Associations Christchurcti, October 18. There is a little .more grain, particularly oats, offering as the spring threshing results arc now coming on the market, but very little business is doing. Though the Ruahine and Ara-wa are taking a small quantity of grain, : c'xportiug is now 'practically atva standstill; in the absence of shipping space. • , • Oats are now eai'ieiv Gartons being .tf.ly worth Is. lid, t'o Id'.'; duns, 2s.;' and Danish, is. Ud. at country stations, and these are outside -pripes. Coastwise busi-' ness is likewiso. ,very. limited. Chaff is easier in consequcuce of poor demand, and quotations now are 455. and 50a. at co.untry stations. • The potato trade i$ nearly over, for the season, and for. the few lots now offering £6 10s. at' country stations is being paid. The result of the shipment to Melbourne by the Manuka will probably curtail any further business with Australia this season.

Buyers. Sellers. £ s. d, £ s. d. National Bank 6 0 0 6 1 3 Equitable Building - 917 6 N.Z. and liivcr Plate —' 2 2 0 Well. Trust and Loan — 7 10 0 Christchurch Gas 8 5 0 8 12 6 Feilding Gas 10 6 — l'almerston North Gas ... 9 2 6' — Woll. Gas (£10) - 18 0 0 Well. Gas (third issue) ... — 14 12 6 Well. Gas (prcf.) 10 0 10 9 New Zealand Insurauce ... — 4 15 6 Gear Meat (£4) — 13 0 0 Gear Meat (£1) J 4 0 - Jlcat Export (£4) — 5 0 0 N.Z. Shipping — 14 7 6 Well. Woollen (ord.) ...... 3 14 0 — Well. Woollen (prcf.) — 2 17 6 Hikurangi Coal 0 17 3 — Wcstport Coal — 18 3 Leyland-O'Brien 16 6 17 0 Taringamutu Totara 2 5 9 — C. M. Banks, Ltd — 110 Golden Bay Cement — 113 N.Z. Drug — 211 0 Sharland's ordinary — 12 9 Sharland's' preference — 13 0 W.F.C.A. (£5) - 7 5 0

Variation — compaied Pric®. with last week. £ 9. d. ' 2}% Imperial Consols 73 1 3 IGs&llowrr 4 N.S.W. 1033Jan.-July 102 U 0 20s lowov 34 „ N .S.W .1916 Mar .-Sop. 94 10 0 Unehanceil 3.. ,-,.N.S.W,19J5 Apl.-Oeb. fii 0 0 UuchaS 4 „Vic. 1920Jan.-July 100 0 0 "Os lmvor 34 „ Vic. Jan.-July !!j 0 0 Unubanued 3 „ Vic. 1020-MJau. July B1 0 0 Dnclianted 34 „S,X. 1016 Jan.-July 01 0 0 UuXngcd 3 ,S.A. Ml(i.Inn. July ?s 0 0 Unclinnccd 1 ..liTdMlS-ilJaii.JuIy 101 0 0 Unclmlv-cc 34 „QTcU921-30Jau. July 9-2 0 U UllcliaupM 3 ,.Q'l'dl!>22.j7Jan.July 60 0 o! UnchS < „K.Z. 1020 May-Nov. 100 O 0 j '20s lower 3J „N.Z. 1!H0 Jau. July 8-2 0 0 [ iO.i Uwcv 3 „N.Z. 1010 April-Oct. 6t 0 i). '20s lower 3i,.\V.A.1920-10 May-Nov ft! 0 o! ite W 3 ,W.A.101;j-355Iay-Xov MOO -20s lower 35 ,,1'as. ItllOJan.-July 1)2 0 0 Unchanged 3 n'las. 1920*10 Jau. July. 0 0 I UuchauRcd