COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1577, 22 October 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SEAEES. No business was done in -investment shares yesterday, and the quotations were as under:— Bnyers. Sellers. £ 6. d. £ s. d. Bank — 6 2 6 Squitablc Building - 917 6 Jf.Z. and River Plate - 2 2 0 Well. Trust nnd Loan — 7 10 0 Well. Deposit - 0 7 6 Christohurch Gas 8 0 0' — Fcilding Gas 10 6 - Gisborno Gas — 212 o Well. CSiie l£10) — 18 0 0 Well. Gas (third issue) ... - 14 15 0 Gear Meat (£1) 3 4 0 — Meat Export (£4) — 5 0 0 Well. Woolleu (ord.) 3 14 0 - Hikurangi Coal 0 17 6 .0 18 6 Westport Coal — 18 6 Leyland-O'Urieu 16 6 — Taringamutu Totara 2 5 9 — C. 51. Banks — 10 6 Golden Bay Cement — 113 Sharland'a preference — 13 0 W.F.C.A. (£5) ; - 7 5 0 GILT-EDGBD SECURITIES. During the past twelve months there has been 'ft, great fall in the market values of KJlt-edßed securities, and the measure of this decline may be judged from the table appended:— Oct. 18. Oct. 19. 1812. 1911. Fall, 2j per cent. Imp. Consols 73 1 3 78 0 0 4 18 9 4 percent. N.S. Wales 102 0 0 104 10 0 2 10 0 3J nor cent. N.B. Wales 94 10 0 98 10 0 4 0 0 3 per cent. N.S. Wales 84 00 86 00 200 4 per cent. Victorian 100 0 0 102 5 0 2 5 0 3J per cent. Victorian 95 0 0 98 2 6 3 2 6 3 per cent. Victorian 81 0 0 85 0 0 4 0 0 3* per cent. S. Australian 94 00 98 00 400 3 per cent. 8. Australian ..... 78 0 0 82 0 0 4 0 0 4 per cent. Queensland 101 0 0 102 10 0 1 10 0 35 por cent. Queens-. land 92 0 0 96 0 0 4 0 0 3 per rent. Queensland 80 0 0 84 10 0 4 10 0 4 per cent. New Zealand 100 0 0 103 10 0 3 10 0 3J per cent. New Zealand 92 0 0 97 15 0 5 15 0 3 per cent. New Zealand 81 0 0 85 15 0 415 0 3i ncr cent. West Australian .... 92 0 0 95 10 0 3 10 0 3 nor cent. West Australian B5 0 0 85 10 0 0 10 0 3J per cent. Tnsmaniaii 92 0 0 97 15 0 5 15 0 3 per cent. Taemanian 81 0 0 84 10 0 0 10 0 Tho loss involved to investors is enormous, and this will lie readily seen, if wo take the New Zisilnnri fiftures alone. The-e are shown below:— Total slock. Loss. Totnl losp. Uale. .C £ s. £ 4 per cent 29,155,302 3 10 p.p. 1.020.260 3{ per cent 17.201,843 5 15 p.c. 989.106 3 per cent. 9,659,980 ■! 15 p.c. 458.849 The total loss amounts to £2.468,215 on New Zealand stur.lw alone, during the past twelve mouths, and the aißri'itatfi for 1h« Australian States would make tin n very Ini'sjc sum. The trouble apurar,- to be due to a irrea.l. mass of M>enritiv* lii-inc bi-lil in first. hamM. The "Investor.-' Review" of a. recent date t-nys: - ■"/'he ni-nuiif-icliiie of new securities In Kngl&ml. Vraure. lu Germe.ny, and in the United States Urabqen on on uajrecedontli; largo soaJa

durins the past few years. Jt is noinput«il, for example, thai new securities u> an amoiml considerably in erne** of .fiI.UCO.OOO.(103 have been put upon the London money market during the, latt turn- anil a half yeai«. France lias followed within the saniß tiuit' with an output of between .£600,000,000 and £700,000,001), nnd tlio Oeruiaii output hats been between .C400.000.0C0 and £500,000,000, while tliat of the United Stntes n-mresato probably approaches, if it does not, exceed, our own. llow much of this paper remains in the hands of the originators nnd middlemen, the banks? It is impossible to say, but we are told that bank-; illl over the United States are rilinply, spedkins vulgaris-, 'bunged up with this clafs of stuff, , a.VI every now and a-jiin symptoms come to the surface at Home which point in the same direction, viz., that the banks are carrying for clients inconvenient lumps ' of recently manufactured securities for which the public has no appetite." The fact, of the ninttor h that there has been over-borrowing everywhere, and a period of rest is now rniiuircd. It- accounts for the compar.'ilivcly hlfth rate of interest now rtiline almost everywhere for Kilt-cdßed securities.

I'APAROA COAI. COMPANY. . It will he remenihereil that when the additional capital for the above company was obtained fiomc weeks ago, the directors undertook to resign in order to giver the shareholders an opportunity to "ap-v point a new baard. For the (seven seats 1 here are fifteen candidates, and six of the retiring directors—Messrs. ,1. R, Blair. C. V. Knight, J. P. Maxwell H. ¥. Xces, \V. Walton, and T. S. Wet-ton again offer themselves for election. Mr. .1. Studholme, the other Fitting member, is not a candidate. The other nominees are Messrs. .1. Jt. Butt", A. D. Crawford. F. G. Dalztell, J. Duncan, 11. Humphries, J. D. Ljrnoh. 11. Pearcc, J. A. Plimmer, and the lion. 0. J. Johnston. Customs duties collected at tho port of Wellington yesterday amounted to £3331 15s. 9d. HIGH COiniISSIONEK'S sCABLE. The Department of Agriculture, Industries, and Commerce has received the followins cablcsra-m from the High Commissioner for Sew Zealand, dated London. October 19. (Quotations, unless otherwise specified, are average market prices on spot):— •Mutton.—The market, is rather quiet, but holders are not anxious to soil in anticipation of moderate supplies corainp forSand, fid!"???"* 4W " PCr lb ' : Sortb

Lamb.—The ma-rket is quiet, with a tendency in favour of buyers. Supplies of JJomo-urown lambs ore heavy, and ere lowering prices of New Zealand. Canterbury. snd. per lb.: other tban Canterbury, 5 3-Bd. l!cef.-The market is verv dull. Supnlic- are increasing. Xew Zealand hinfii:. 3;d. per lh. : fores. 23d.

'Butter.—The -martet is firm at the adviuioo, and active, with a. good demand. The s.e. Ka.ikour.a's shiprnent of unsalted !)sttor arrived in (food condition, and is nir-crocl at- 1345. per civt. (in second hand); Danish. 131?.; Sibori.iii, 1125.; Australian, ll?st; Ar-rentine, 12s>.

Ocee.-The mnrt:ct. is quiet, with a tendency, in favoilr of buyers. (!anadia.n vhite. 645. 6d. per civ*.; coloured, 655. 6<l. Hnmp.—The roarliot remains firm; the clijmpnd tor snot ;s r.noil, ami also to arrive. Spot: New Zi'nhiul good fair Er.irte, re- ton, .£3l 10.=.: X.-v Zsnlaud fair gmlc, .f. T io Ws.: fair current JteuiHi, £30 10s. For--.vni'-l shinnwnt: Ko-.- Zealand good fair ftraiK X 32-. fair. £30 IC-'.; fair current M.inila. £31. The .nitwit from Manila for the week was 36,000 imN-s. Wool—The market remains firm. . LONDON MARKETS. Bir Tolceranli—Press Association—Cooyrlihl London, October 20. Copra.—There is only a moderate business p.iSPiiJR. South Sea. bagged, afloat, is offering ml- £25,125. ("i. j;er tou. .lilt?.—Native first marks ofl raw jute, OctobcriNovomber shipment, are selling iu Dundee ; at £25 per ton. Kcw 'Zealand hemp is iirm. Januaryllareh ckijim-euis, £52 per lon.. ' Ootton.— October-November shii/ments of American middling arc clearing at 5.88 d. per lb. liubbcr,—Fine hard raxa, is quoted at <\3. 7(1. per Jo. Linseed oil, spot pipes, is offering at £30 ss. per ton. ntdes.—Tlierc have been only eniall offerings and prices ha<'o advanced a farthing per lb. ■ . Antimony is ciuoted at £8 lCs. per ton of 50 per cent. ore. THE WHEAT AFLOAT. London, October 20. Shipment? of wheat nnd Hour afloat on October 19, a weak previously, and a year previously were:— Oct. 19, OH. 13, Oct. 1912 1912. 1911. Quarter:! Quarter? Quarters Tinited Kingdom* ?.,<lGri.CfO 2.49f1.C00 2,585,000 Continent 2,135,000 2,M5,0C0 1,200,000 4,600,000 1.635.C00 3,785,000 The wheat shipped from the Atlantic and Pacific Constii of North America during the pa-st wool;, the previous wee's, and the corresponding week of l<wt year is estimated by "Brattetrect's" to be;— Atlantic Coast .. 479,000 6M.0P0 169,000 Pacific Coast 30,010 75X00 12,000 509,000 576,000 181,000 The quantities of wheat and flour shipped to Europo from the countries cnunicra£?d were as under:— Argentine 88.000 74,000 60.W0 lliKrfa- 32M00 WOO P95.0M Danubian States K6.0C0 M 3.000 275.00!) India 179.000 170.000 55.M10 Australasia 54,000 36,000 90.K0 787,000 953,000 775,000 Total shipment* to Europe from all esportiv? nountrlos for the paft week totalled 1.-'.eO.CM) ouartens, acrain.st 1,69(1.000 quarters in, fts previous weak, ami 1,071.000 quarters in tlw corresponding week of last year. WHEAT MAKKET. London, October 20. Wheat cargoes are qu'e.t. hut steady: 41s. Jtt. is asked" anil «s. bid for New South Wales, ofT const,, 395. U aslied at four porta for Januarv-Felmmry. nml 3fs. 9d. for Fch-ruarv-Mnrch. 'liivprwiol futures Jiave advanoed by a hi. to sd.