COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1581, 26 October 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARER A sale of C. M. Banks, Ltd., shares at £1, , cum. dividend, was the only transaction recorded yesterday. The quotations were as undor:— Buyers. Sellers. „ . t £s. d. ■ £.s. d. | Equitable Building - 917 6 Metropolitan — 1210 0 Well. Trust and Loan — 7 10 0 ' Well. Deposit — 0 7 6 Christchurch Gas 8 Z 6 — • Well. Gas (£10) — 18 0 0 Well. Gas (prcf.) 10 0 — , Gear Meat. (£4) 12 10 0 13 0 0 Gear Meat (£1) 3 4 6 - I Meat Export (£4) — 5 0 0 Meat Export (525. 6d.) — 3 0 0 N.Z Shipping 13 17 6 14 2 6 Well. Woollen (ord.) 3 14 0 - Wcstpor.t Coal 18 3 18 6 Leyland-O'Bricn — 18 0 Tarlngamutu Totara ... 2 5 9 2 6 3 C. M. Banks, Ltd 10 0 - N.Z. Drug — 2 10 9 Saarland's Ordinary — 12 6 . Sharland's Preference .... — 12 9 • THE FREIGHT PROSPECTS. Ship owners are now experiencing a state of affairs which would have been considered impossible two years ago, and the question naturally presents itself as to how lons this boom in oversea, freights will last. In a report just issued by the Prince Line, the directors state that "there are indications that the prosperity has reached high-water mark." and some owners arc of opinion that there will be a collapse similar to that which occurred in 1900. On that occasion, however, there was a vast amount of tonnage, released by the conclusion of the Boer war, which- swamped the freight market. The present demand for transport is the result of increased trade throughout the world, and is not I duo to any of the. artificial causes which brought about the previous boom. Moreover, costs of running ships have largely increased of late, so that whatever may be the fluctuations in the rates of freight, a permanently higher level should be established if vessels are not to be a, source of loss to the owners. A feature of the position is that freights are high, both outwards and hoinowards, and Illustrations of the movements therein arc given by "Fairplay" in a series of charts, as well as of the fluctuations in the price of a ton cargo steamer. Taking the latter first, it is shown that from the end of 1910 to September of the present year the price of this style of vessel has risen from £37,500 to £52X00. The highest level was reached .in 1900, when £60,630 was paid, and the lowest in June, 1908, when £36,000 was accepted. Freights homewards from the Plate have advanced in tho la6t two years from 7s. 6d. to 305.; from Kurrachec to United Kingdom or Continent the rise is from 10s. to 225., and from Odessa tho ! appreciation is from ss. 6d. to 14s. per ton dead weight. In the same period freights . on Australian wheat per mailing vessels , have increased from about 20s. to 375. 6d. WOOL IN AMERICA. According to advices received by tho "Manchester Guardian" early in September tho woollen and worsted trades in tho States were reviving rapidly, and New England manufacturers were enjoying something like a boom. American buyers during the present year have taken up to the present date far more wool from tho London auction than they did during the whole of 1911. Moreover, these purchases in London have been accompanied by lin- i usually large takings not only of English but also of "cased New Zealand crossbreds; the shipments of both these classes 1 from the West Hiding have, it is said < been larger than ever during August. NEW ZEALAND LOAN AND MKRCINTILE AGENCY CO., LTD. The head office of tho company in New l Zealand has received cabled advice from London authorising tile payment of a bonus of 5 per cent, to the staff, calculated on the salaries paid for tho financial year I to end of June last.

Customs duties collected at the port of c WslliflffVsH youMt'dajf a.)»gwit«d te £iiil <, fa. Ma, 5

OAflTiatDOTtr GRAIN MARKET, (By Telegraph.—PreM Association.) Chrlstohurch, October 23. A little more business vra-s doing in grain, though th? offerings from tho country were not large. Tho Ilomo markot for oats » firm, and good business could bo done it only space were available for shipping grain. Homo fair sales 'have bcon made of oats to bo shlppod to West of England porta by steamer to load next month. There in a, fair inquiry for oats, but merchants aro not in a position to give outside prices, and, consequently, high freights. Tho advance in the price of 1 potatoes has had the effect of bringing ) forward larger supplies than were autiei- . patcd. Stocks arc selling freely, and £7 i 10s. is now being paid at country stations. ", LONDON. MARKETS. Messr*. Dalgoty and Company, Ltd., have , received tho following cablegram from I their London office, dated October 24:— , Frozen meat: Demand is very poor. Jfut- ! ton-Prices unchanged. Lamb—Jlarkot weak at last quotation. Beef—Prices are Jd. I per lb. lower. Tallow—Since our last ! cablegram, medium and Inferior descrip- ! tion? are 9d. per cwt. lower. Other dei scrlptions—Any change in price is in favour of buyers. Demand is limited. HANK OF ENGLAND RETURN. By Telegraph—Press Association—Copyright (Roo. October 25, 9 p.m.) London, October 25. The Bant of England return issued for the week ended Wednesday, October 23, is as under:— Issue DEPAitTMinn Notolism «54,«2,000 Gov.debt ... £11,015,030Other securities ... ». 7.43«,000 Gold 55.993.000 esua,ooa ■ m,u2,000 BiKETKa Departjiext. Proprietors' Govt, seourlcapital £14.553,000 ties £13,013,000 Public d»- Other seeuriposlts ... 11,363,000 ties 52.726,00e Otherde- ■ •■ - poaita ... K. 129.000 , N«ts« «, 2J.90T.000 Rest, 7-day and other bills 3.5-20.003 Coin.- „ 2,591,000 ■■'. £73,265,000 £73.265,000 The loading items of the Bank of England return afford the following comparison :— This week Last week. Last year Bullion 35.093,000 36,112.000 35.292,000 Reserve 27,501,000 27,388.000 27.211.C00 Note circulation 29,535.000 28.628.000 28.600,000 Public Deposits 11,363.000 9.360.000 7.268.000 Other Deposits 44,129.000 46.700.000 44,232,000 Proportion of rosorvo ta liabilities... ' 40.53 48.74 62.60 GOVERNMENT ' SECURITIES. The following are tho latest quotations ' for Government securities, with a comparison of those ruling last week:— Variation ! — compared PrIo«, with i ; - last week. - £ s. d... 2i% Imperial Consols '-. 73 0 0 Is 3d lowor 4 „N.S.\V.l933Jan.-Julylo2 0 0 Unchauaod' 35'„N.5.W.1030-50.Mr.-Sp'ol 0 0 70s lowor 3 ~X.5.\V.1935Ap1.-Oct. tl II I) Unchanged 4 Vic. 1020 Jan.-July 100 0 0 Unchonfiod , 34 ..Vic. 1920-j'J Jan.-July 80.0 0 100s lowor 3 ~Vic.l!H9-49Jan.-Juiy 80 0 0 20s lower 31 „S,A. 1916 Jan.-July 93 0 0 20s lower 3 ,3.A. ltllG Jan.-July 78 0 0 Unchanged ' I „QTdl9ls-24Jan.-July 101 0 0 Unchanged '■ 3J „0'1'd1924-30Jau.-July W 0 0 Unchanged I 3 „QTdl922-*7Jan.-July 80 0 0 Unchanfied , 4 „N.Z. 1029 Jlay-Nev. 100 0 0 Unchanged 34 ..N.Z. 1910 Jan. July 02 0 0 Unchanged 3 „N.Z. 194", April-Oct. 81 0 0 Unchanfied ! 34,, W.A.nKO-JOMay-Nov' 92 0 0 Unchanged • 3 „\V.A,1913-35May-Nov 85 0 0 Unchanced 1 8J ~ Tas. IWOJan.-July 92 0 0 Unchanged I 3 „Tas. 1920-40 Jan.-July b4 0 0 Unchanged • BANK RATES OP DISCOUNT. The Bank of England rate was, on January 27, lowered (o 4 per cent on February 16 to. 31 per cent., and on March 9 to 3 per cent. On Septem- < ber 21 it was advanced to 4 per cent.. , on February 8 it was reduced to 3* per i 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. - l Tho Hank of France rate was reduced 1 from 3} to 3 per cent, on January 23, 1908. BJid continued nt the latter figure until 1 September 21, 191,1, when it was raised to ' 31 per cent. ' On May 17. 1912, it was ro- ; duccd to 3 per cent., and on October 17 it was raised'to 3J per cent. Tho Imperial Bank of Germany reduced its rate from 5 to 4} per cent, on February 6, and on February 19 tho rate was j further reduced to 4 per cent. On Scp'teni-' ' ber 19. the rato was raised to 5 per cent., £ on June 11, 1912, it was reduced to 41 per t cent., and on October 24 it was raised to t 5 per cent. j MARKET RATES OF DISCOUNT. i ■ ■ Tho following are tho market rates for • best three months' bills:— ' London Paris . Berlin ■ rate. rate. rate., 5 per cent, per cent, per cent. ' This week 43 '3} u I Last week 43 3J 4J-8 n Last year 3j 3 4j- v Short loans are quoted at 3} per cent v os against 31 per cent, last week, and 24 M per cent, last year. r

COLONIAL AND OTHER PRODUCE. Wheat.-Tho markets , arc sensitive, and will probably remain so during tho war Cargoes closed quiet; 15,000 quarters, Feb-ruary-March shipment, Gold at 395. 3d. Liverpool futures are quoted thus ber delivery, 7s. 10Jd. per cental; December delivery, 7s. %.; March delivery, 7s. Bjd. Australian, on spot, is in small supply; and is quoted at 425. to 42e. 6d.; best New Zealand, 395. 6d.

Flour meets with moderate inquiry. Australian is quoted at 28s. 6d. per Back of ZBolb.. ex store! and 275. for November-De-cember shipment. Gate are dull. "A" grade Gartons. November shipment; 255. 9A. to 265.; La Plata October-November shipment, 18s. lOd. Deans arc'in small'supply, and are Ann. Peas are dull of sale, and buyers eie scarce.

Sugar.—German beet.. 88 per cent, net titre, 3d. lower, at 9s. 3d. per cwt.;-first-marks, granulated, f.o.b. Hamburg, Bd. lower, at lis. 7d.

Butter.—The market is quiet, pending tho arrival of new colonial, but there is a firm tone, and quotations are nominally unchanged. Bacon 16 firm. Experts are highly ■ pleased with tho parcel of Australian; they consider it ia almost equal to Danish, and expect it to realise a, high price. Bradford Tops.—The market is quiet. Prices are as follow .-—Sixty-foure, 273 d. per lb.; super sixties, 263 d.; common sixties, 25Jd. ; fifty-sixes, 22d.; fifties, 19Jd.; fortysixee, 16d.; forties,'l4ld. . THE METAL MARKETS. Yesterday's . closing quotations were :— Copper.—On spot, 15s. lower, at £75 10s. per ton; three months', 275. 6d. lower, at £76 2s. 6d.; electrolytic, 15s. lower, at £80 10s. - Tin—On spot, £230 per ton: three months', 555. higher, at £228 10s. Lead, soft foreign, £19 6s. per ton.' Pig-iron. Middlesboro', N0..3, 86s. 2d. (?>, against 695. last week. Spelter, 2s. 6d. higher, at £27 Us.'per'ton. BERLIN BANK RATE. •Berlin, October 24. The bank rate Is now 5 per cent., against 4 3-8 per cent, last week. VICTORIAN PRODUCE MARKET. Melbourne, October 25. Wheat, 4s. 6d.; flour, £9 lCs.; oats—Algerian feeding, ss. Id.'to'3s. 2d., New Zealand 3s, 3d. to 3s. 4d.; maize, 36. lid.; bran, £6 55.; pollard, £7: pdtatoesT-looal £16, New Zealand £13 to £14.