COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1587, 2 November 1912, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. ' A salo of 0. M. Banks, Ltd., sharco at £1 was tho only transaction recorded yoHterday. The quotations wore aft under:— Buyers. Bollors. £ B, A. £s. d, National Bank — 5 15 Equitable Building - 916 6 N.Z. and River Plato ...... • - 2 19 Well. Trust and Loan — 7 10 0 Christchurch Gas 8 2 8 - Well. Gas (£10) - 17 17 6 Well. Gas (third issuo) ... - 14 10 0 WclL Gas (prof.) 10 0 10 9 Gear Meat (£4) ■■■■■•> - 12 17 6 Meat Export (523. 6d.) '—. 3 0 0 N.Z. Shipping 14 0 0 - Well. Woollon (ord.) 3 14 0 - Well. Woollen (prcf.) - 2 17 6 Hikurangl Coal 017 3 Leyland-O'Brien 17 9 18 6 Taringannitu ■ Totara 2 5 9' 266 Golden Bay Ooinont 10 0 110 Bhorland's ordinary — 12 6 Shariand'a prefcroneo ...... — ... 12 6 Ward and Co ; 4 19 0 5 16 THE MONEY MARKET. The advance in tho discount'rata of thn Bank of Franco from 31 per cont. to 4 per cent., which was hiudo on Thursday, is-significant. As a gcheral rule tho French bank rato is very seldom varied. From January 23, 1908, to Heptomber 21, 1911, tho Tate was maintained at 3 per cent., whilo with the Hank of England during tho namo period there wore 22 changes. . This difference arhieß from tho fact that tho' Bank of Franco can pay out in gold and silver, while the Bank of England must pay in gold on demand; For thlw reason, when foreigners want largo amounts in gold they find it more convenient to obtain, tho metal from the Bank of England. Early in September tho Bank of Franco hold £131,353,000 in gold., and £31,156,000 in Bilvcr, while at tho\samo date tho Bank of England hold £40,938,000 in gold, and practically no silver, except what was required. aB till money. With' its enormous silver reserve tho Bank of France having the legal right to pay in tho white metal, can fix the proportion of gold and silver to bo paid to any individual or firm, hut tho Bank of England must redeem its notes in gold. It is obvious that-tho French institution is-financing the Balkan War, for it is a wcll-linown fact, or at all events, it was stated in the cablegrams, that. Bulgaria and Serviahad credit balances in Franc*. It is probable, too, that Russia is.withdrawing her balances,, which, at the end of August last, 'amounted to the'.hu.ge sum of £24,264,000. The heavy' demands b.n Paris would .naturally force the-.Bank of Franco to'take protective measures; and the a'd- ■ vance in the discount rate • may prove effective. But this movement is likely to force the-Bank of England -into.raising its rate, for it is not unlikely that the demands .will bo transferred to London. Dear money will prove a, big set-back to trade and commerco,'which at-the moment were excellent.' « ' ■' N -.' '■ • . ■ ■■ DALGETT AND CO., LIMITED. ■■■ .The superintendent of Messrs. Dalgcty and. OomnaUy, Ltd,, has received a cable message'from the head ofllce in. London, stating that the annual "meeting of.tho company, will bo held on, Noveintrer 14. _ . The directors purpose declaring a dividend of Ms. per share, being at-..the rate of 8 per cent, per annum, and making with the interim dividend already, declared and paid,'B per cent, for the twelve'months ended Juno .30, 1912. After making due provision for bad and doubtful debts, and ; allowance /for all possible contingencies, there remains, to credit of profit and loss account, inelusive of balance brought forward from last .year, £274,151, of which £40,000 was paid.for half-year ended December 31, 1911, -leaving £234,155-, which it is' proposed to appropriate ns follows.— £40,000 in payment of a dividend at the rate of 8 per cent, per annum; £60,000't0 'the reserve, -fund,, raising it; to. £500,000;. £40,000 to- writing down cost of premises;. £10.CCO to.staff 'benevolent', fund; £84,155 .carried fonvird;-'.'to'tal, £234455.' ■ ,'"•'' , '".'.'. . Cußtoras'duties collected at; the port' of Wellington:yesterday amounted to-£3680 os..7d. „-■ ■:■■■■ ■>~■;.- -,;-■; -'-..V . ..TABANAKI- OIL OPERATIONS.. , . ' fßy Telegraph.-Pross Asioclatlft»> ."'. New Plymouth, Noyember I.' Good progress-is being made- at the ,Taranakl OilWelis, Ltd.,'works. Tho'refinery buildings are in course of erection, and the plant.-is coming to hand. Tho .derrick fort he first rotary drill has been completed, and the' plan is mostly en the ground, .The railway-siding into', the .'works; is well :unde.r way. .Vvells ate. 'all flowing freely.-- The bpro at Bell Block is now .'d'oiTO-110ft.,--and '-preparations ar o well stairtifig 3 in, that localifj',' ;: ' Bricklayer's are' badly ' vrnin'ted;«::'"<' ■;• .'■- ■ ■■;-'.; ;- ; -' : -,■■•-..•...', ; ; l':\y\.'- .GRAIN!AND;PROPIJOE,(.'' / ' i ! .'..'."f. .Chrlstqluirch,'Notember I,' '-- 'A'"few 'odd- :; lihcs'p.f.-Wheat;continue-to bp;purchased; .mqs'tly'at..3sV Bd'.' at*'country ! stations, 'but offerings are-' scarce. There-is-a-rather .better.'.'demand for. ■oats, a few sales haying:lately been made to Australia. For. that market, however', ■ Oartonaorily are required;:. .There.is "very little local business doing,.'and, . on account of'ishbrtage'in offerings, prices are rather firmer. • " ' : There is very little demand for chaff, and growers are declining, to sell k at under 50s. on trucks. Potatoes are selling at £B at tho doun- ' try stations, and stocke are now very short. • '■ LONDON MARKETS. - Messrs. Dal'gety and Company, Ltd.,'Wei-, lington,-have .received cabled' information, from'thoir London lioUsd,"dated:October 31, • as follows' i-Sheopshins: iMerino.and-cross-bred full-wools;-.are;'Id.; pe'r, : Jb. s )iiglier.-' Crossbred*,:- coarse-• and .medium,': iinchang : . od; Crossbred half-wools; from' par. to |d.por lb..'higher.';.-sliorMvoolled. mid'shornpelts, from par to 3d. per. lb, higher; crossbred pelts and lambskins, price's are unchanged. Tallow; Medium and inferior descriptions, since our last telegram, unchanged. Mixed-, -good to prime, 3d. per ewt. lower. For best quality buyers are. waiting for lower prices. - Frozen meot: Market verv quiet. Mutton and lainb, prices aro unchanged. Beef, prices are from par to"Jd.' per lb. lower. '";■'•' Now Zealand Loan and Mercantile Agency Company, Ltd., and Reduced, have received the following cablegram from their London house, under date Octoher 30:—Wheat: There is very little demand, buyers are holding Off, and the outlook is discouraging. We'quote per quarter, c.i.f,:—New Zealand: wheat,. long-berried, buyers are berried, 365.. 9d. ■■ Oats: We quote -GartoUs 245."'6 d., Sparrowbills 235. 9d. ' The market 'is quiet but steady. Wool; : Wool is Very Brnfi and quotations are unchanged since our last advices. ' New Zealand: Loan arid Mercantile Agency Company, Ltd:,' and-Reduced, have received ' the' following cablegram' from their London house, dated October 31:—Merino and . fine crossbred sheepskin's .are! slightly, dearer. Tlio market is firm .for others. ; Mesas. Murray,. Roberts 1 and - Co., Ltd., have received tho following, cablegram, dated October- 31, from Messrs. ..Sandereon, Murray and Co,:'—"Sheepskins: -Merino, market has advanced Jd, per lb.; crossbred, fine woollcd, sheepskins, market shows similar advance. Market .for other descriptions shows no' material change."- . : r— '.- I •- • BANK OF ENGLAND EETTJftJf. By Telegraph—Press Association—Copyright (Eec. November 1, 8 p.in.) London, November 1, ' The Bank of England return issued for the week ended Wednesday, • Octoher 30, is as under:— .. ' • •'' v . Issue Depabtsient NoleI»su« £ 51,351,000 Gov. debt -.£11,015,030 Other seouri* ties ... ... . 7,434.000 Gold ... ... ,15.00-2,000 ' £54.351,000 ' £54.351.000 . BiKXrao Department. Proprlstors' Govt. seCuricapital JEW.553.000 ties... ... £13,03.8,000 Pnbliode- Other securl--posits ... 11.751000 ties.,. ... 54.633.00b Otberdo- • - ■ . ;.■'■• i posits ...45.245.000 Jlotsi ... 2i5.762.003 Rest, 7-day . araiother bills.,. '.... 3,220.003 C01a... ... 1,436,000 £74,760,030 £74,700,000 The leading items of the Bank of England return afford the following comparison;— This waek Last week. Last yoar , Bullion . ... 35.002,000 35.003.000 35,247,000 Basirfvo ... 27,103.000 27.501,000 25,7.W.000 Noteolroulation U5.66Q.0T0 29,535,U00 29.1W.U00 Public Deposits ' 11.751.000 11.363.000 7.202.000 Other Deposits 45.245,000 iI.iiO.OOO J2,550,000 Proportion 0f... - resorve tq liabilities «,70 . -49.53 63,09 . .GOTORNMENT SECURITIES. The following aro tho latest quotations for ■" Government securities, with, a comparison of those ruling last week;- "' .". Variation. M .-, eomparod Prloj. with last week. ' : " £-. s, A. •&% Imperial Consols ' 73 15 0 lc ß higher 4' ,N.8.W.1933*tii.-Ja!y 101 0 0 Unclmniied 3* N.5.W.103Q-50Mr.-Sp 91. Q. 0 Unchant'ed $.. N.5.W.1035 Apl.-Oqt. ; 84:0 0 Unbli'Slised 4 ,Via, 1020 Jan 100 0. 0 UnchangedS* 'Vtii.-IOJ9-4SUatt.July 90 0 0 Unclmngert 3 Vic. 1020-WJan.July 70 ; 0 0 20s lower 3A "S,A. 1010 Jan.-July 03 0 0 Unchanged 3 ' 3.A. Ul6 Jan. July 79 0,0 Unchanged 1 'QTdIOIS-OlJan.Jmy 101 0 0 Unchanged 3J „QTdlO-21-30Jan.July 92 0 0 Unchanged 3 „Q'l'dl922-47Jan.Jury 80 0 0 Unchanged ■ 4 „N.!5.11)20 May-Nav,. 100 0 0 Unclmiiged 31 N.a'l!HoJan.July 0a 0 0 Unchanged 3 N.Z. 1945 April-Oct. 61 0,0 Unchanged ' 3i W.A.1000.-JOMay-S'av I>J 0 0 Unchanged ' 3 „W.A,1915-35May-Nov BJO 0 Ms'lower ' »J „«»«, )040Jan,July Si 0 0 Unobahged 3 „I'm,lO'W-lil Jan; July :■ St q 0 :.Unohanttßd !

BANK RATES OV DISCOUNT. ■ This Hank of England fate yita, on January 27, loworoil to 4 per cent., on foprtiary iC to 35 per. cont., anil on March 9 to 3 pur cent. On Soptcml)(ir 21 It wail advanced to 4 por cent., on February B It waft roduced to JJ per cent., and on May 9 to I per cont. On August 29 It v/ns raised to 4 por cent., and on October 17 to 5 por cent. Tho lian.li of Franco fate was roduced from 3} to 3 per cont, on.January 23, 19.08,' m.iid continued at the. latter figure until September 21, 19(1, when it wan raised to 3} per cent, On liny 17, 1912, 11 was re . duced to 3 per cent., on October. 17 it was mined to 31 per cent,, and oh October 30 to 4 per cent. The Imperial Bank of Germany reduced itß ralo Irom 6 to 4!r per cont. On J'cbruary 6, and on February 10 tho. rate was further reduced to 4 nor cent, On Soptcmbef 19. Uio rato was raised to 6 per cent.; on Juno 11, 1912, it was reduced to 4J per cent., and on October 24 it was raited to 5 por cent. MARKET RATES OF DISCOUNT. Tlip following aro the market TAtes for best tbreo months' bills;—London Farls Berlin rale. , rate. rate. percent, percent, percent, Thle Wcok. 6 . 34 «i ' U»t week 43 31 41 Last year ..,. 3 7-16 3 4j Short' loans aro quoted at 4J per cent, as against, 31 per cent, last week and 2i per cent. lost year. COLONIAL AND OTHER PRODUCE. Wheat—The market is quiet, and buyers aro reserved; 38a, 9d. U asked lor Australian January-February shipment, apd 38s. 6d. for February ahl.pnie.3t. • Liverpool futures i»re quotod thus:—December delivery, 7/83 per cent.) March do lfi-ery 7/7j.- , Flour is dull and unchanged. Australian, 28s. 6d. por sack of i301b., ex store. The market has an easier tendency. Oats aro dull.; titt Plata, ii.ow. crop, Decem-ber-January shipment, 17*. 3d. . Jlaticy is quiet, but firm. .. Buttcr.--Tho market is dull, with a downward tendency, tho open weather causing plentiful supplies in England and the Continent, and 'especially in France. Choicost new Australian, unsalted, .iiEa. per cwt., salted, 112s. There is no inquiry for stored buttor.. ■ ■ , '.'■'.' • . Sugar.—German beet, 88 per ccJit.net litre. Id. higher at 9s, 4d.- per• cwt.; first marks granulated, f.o.b. Hamburg, Id. lower at .Us. 6d. '• Sheepskins,—At the sales '5044 bnndlcß Aufr tralian and. 1157 Ngw Zealand were offered. There wai' a large attendance, and Epiritcd competition, Everything sold.. Merino combings and flno crossbreds advanced Jd, to Id.; others Were practically unchanged. 1 Bradford' Tops.—The market is stagnant and unchanged. Prices are aSfollow:—Sixtyfours, 271 d. per lb.; super sixties, 265.; common sixties, 253 d.; fifty-sixes. 22i; fifties iSid.jforty-Sixeq,! 6d.j rorties, 143 d. THE METAL MARKETS. . Copper, on spot, 7s. 6d. lower at £75 2s. •6d. per ton-; three months, 7s. 6d. lower at : £75 15s. Pig-iron.-tMiddl.Cßboro', No. 3 t Is quoted at 575., as against 68s. last week. Lead—Soft foreign, ss. lower'at £19 per ton. ' ' '. " Wolfram Is quoted at 31s. -6d. , Til—On spot, £229 55.; thrco months, £229 ss. FRENCH BANK.BATE. Br Telegraph—Press Association-Copyright ■ Paris, October 31. The barik rate, of discount is now 4 per cent, as agajn6t SJ last week. ■ VICTORIAN PRODUCE 'MARKET, ■ Melbourne, November 1, Wheat, 4s. 6Jd. to 4s s 7d;;.uoUr, £9 10s'.; bran, £6 55.; .pollard,. £7; oats, firmer, New Zealand's 3s. 3Jd. to 35.. 4d., Algerian feed 3s. '2d: to'3s. 21d.; maize, ; 35.. IQidv; peas, 4s. to 4s. 2d.; potatoes', New Zealands: £13 to £14: ■others, :£ls 10s. to £1,6;: onions—Spanish £13 10s. to'£l4;'sliversßins, £8 to £9.