COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1589, 5 November 1912, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHARES. Thore were no transactions in Investment shares yesterday. The buying and selling quotations were as under:— Buyers. Sellers £ s. d. £ s. d. National Bank — / 6 1 6 Equitable Building,, — , .. 9,16. 0 Metropolitan ' 12 JO 0 N.Z. and Biver Plate ......' — 2 16 Feilding Gas ! 10 6 — Well. Gas (£10) — 17 17 6 Well. Gas (third 'issue) ... — 14,12 6 Gear Meat (£4) — 12 15 0 Meat Export (525. fid.) ....... — '300 N.Z. Shipping 14 0 0 — Union Steam — 2 6 6 Hikurangi Coal 0 17 6 0 18 6 Taringamutu Totara 2 5 9 2 6 6 Golden Bay Cement 10 6 113 N.Z. Drug — 210 6 Sharland's ordinary — 12 6 Ward and Co. 5 0 0' — W.F.C.A. (£1) • '.. 16 9 1 8,6 WOOL AND COTTON. While prices of . wool are on the up grade, tlioee of cotton are steadily receding. . The mgheEt point touched this year by middling American on the spot in Liverpool was 7.53 d. per lb. on July 29, and a, fortnight later the figure was 6.V2d. per lb. To .iudge from the" drop in our cabled quotation for future delivery, spot values must have Buffered a further substantial decline in v the last month. In commenting on the heavy break in prices one of the reoognised authorities in Liverpool states that the market had been wildly inflated by unwarranted speculations baeed on irresponsible reports of disaster to the growing crops. The huge production in the United States, amounting to 16,138,426 bales, found the markets of the world denuded both of cotton and cotton goods. This season, the position is exactly the reverse, a large proportion, of the trade having covered their forward requirements, and many of them hold futures for two .years ahead. It was only by such a process that so vast a crop as that of 1911 could be disposed of, and the one certainty in regard to it is that it renders a moderate American production this year all that will be called for by tho wants of tile world. In this connection no estimates have-yet been submitted, but tho area under cotton in the' United States is set down at 13,500,000 acres, as compared with 14,250,000 acres tn 1911. On the basis of the yield in the latter year, the production of the current season should.be.somowhoro about 15,000,000 bales. The' average, crop of the four years to 1911-12 is 13,173,410 : bales, and after a record yield a comparatively email output would not be surpris- ' 'iff-

LOCAL WOOL'SALES. ■ The postponement of the Wellington and Napier Gales, which were to have been held this week, transfers the opening sale to Ohristchurch, where the rale is fixed for Thursday, November 14. Last year there wore no sales at Wellington or Napier in Novcmbor. At the first Ohristchurch ealo last year, B4CO balpS were offered, but it is doubtful whether quite so largo a quantity will be available next week. There is every prospect that prices will be in favour of sellers.

FROZEN MEAT. W. Weddel and Co.,- Ltd., in their weekly'produce report, dated London, September 20, write aB« follows' with respect to.; frozen meat:— . Mutton;— New Zealand: The arrivals during tho past two weeks amount to 189,677 carcasses.. Stocks are still on the light Bide, but tho high prices ruling have resulted in a curtailment of sales. Canter, bury sheep under 641b. are worth 46d„ and the heavier weights 4id. per lb. Prima North Island brands sell at 4}d. and 4Sd. per lb., and secondary descriptions at 4jjd. per lb, Ewes keep very firm, and realise 4Jd. per lb.

■ Australian: During the past fortnight tho arrivals amount to 35,553 carcasses. Tho few; Australian ..sheep' available sell at 4Jd. per lb., but the demand is'by no means brisk. • Bwes are quoted at Jd. pur lb. less. South American: The arrivals amount to 33,634 carcassos from tho River Plate, and 2772 carcasses from Uruguay. The demand iS slow at present prices, but stocks in store are undoubtedly light. Up to 4gd. per lb. is obtainable for medium weight Sheep, the heavier carcasses being offered at about id. per . lb. less. Lamb.—Arrivals during the past two Weeks amount to 249,109 carcasses from New Zealand, ICO7 carcasses from Australia, 8190 carcasses from the Kivcr Plate, and 152 carcasses from Uruguay. The market has not benefited to any extent by these comparatively light arrivals; in fact, values are, if anything, a shado easier than thoso ruling a fortnight ago. This is mainly owing to the exceptionally Blow demand for frozen lambs that has been experienced both at Smitlifiold, and in tho provinces. Scotch and Dutch Bhoep and lambs are now arriving in fair quantities, and selling at prices approximating to those ruling for the frozen article, naturally to a certain oxtent talte the place of the latter. Fairsizned consignments of Irish lambs are also being marketed at Smithfleld, and have sold down as low as 61d. per tb. Canterbury lambs are now quoted'at 53d. per lb. for under 421b. carcasses, and 53d. per lb tor 42/501b. grades. Southland and North Island lambs aro quoted at 55d. and 53d. per lb. for under 421b. grades, and 5Jd. per ib. for 42/501b. grades. Secondary lambs are a slow sale at sjd. and 53d. per lb. There are practically no Australian and •River Plato lambs available.

• Beef.—Frozen: Tho arrivals amount to 43,756 quarters from Australia, 18,568 cjnar* ters from Now Zealand, 54,306 quarters from tho River Plate, and 3594 quartora from Uruguay. Trade has been quiet off the hooKs - at Smlthfleld, but soma ex store buying has tjikefl place at a about market

rates. Foi-cnnnrters are a- shado firmer in pricc, but hiiidquartcre do not show uiiy cliangc. Chilled: quarters have arrived slnco last report, lrade on tho "whole has boon more satisfactory this fortnight than dur< lIS J lho . l l'. t ? cell 'ne one, but at the close heavy pitclnnga have caused prices to flaao, and tho market closes il shade weak. DAIRY PRODUCE. Commiesioiior'fl' edible message published this morning will not be pleasant reading to tlioso- "interested jn tho dairy industry. Tho butter nwirkot is weakening, } i\e\v raako of lSo\v* Zealand butter ia not 0 yet on the mfl.rkct, anil if prices nro going to fall now they will certainly go lower when tJio .heavy &liipmcTitß from Aiiaimlasia reach the market. The supply ia Baid to be plentiful, and bc&ides this thcro appears to be a largo, amount in cold &bor« • age. The cheeso market i» irregular, and tho supply of Knglish chcces is 'latgo. Thti buropcan summer, tliougli very wet, lias not been unravourable to dairying, And the present ..position, of both butter and. clioceo shows how difficulty it is to fore, cast the market. Custonm duties coUeotcd at tho port of Wellington yesterday amounted to £1668 19s. 3d. LONDON WOOL MARKETS. Messrs. and Company, Limited, welling'ton, have received tho following 1 cablegram from thoir London office, dated r November 1:—"Wool: Tho market is firm, . but quiet. It is expected that pricce will bo fully ma.intain.ed at the nelt series. , 'Bradford Tops: We received a further 5 cablegram, dated November 2, giving tho ) Bradford top quotations to October 31, aB - follow :-36'a, 141 a.; 40's, 143 d.; 44'b, 15i1.; t 465, 16a.; We, 183 d.: 56' a, 21jd. : sß's, 23d.; 60s common, 26a.; CO's super, 26Jd.; 64's, 27id.; 70 8, 28d. There is no clmngo as • compared with October 10, except 60com- ' mon, which aro jd. higher." > HIGH COMMISSIONER'S CABLEGRAM. , Tho Department of Agriculture, Indus- ' tries, and Commerce, ,hss received tho \ following cablegram from the High Commissioner for Now Zealand, dated London Novembor 2, 1912. (Note.-£juotation«, unless otherwise specified, are averago market prices on (?pot):— > Mutton.—The market is quiet, hut steady, on account of a moder.alo supply. Canterbury, 41d. fter lb.; North Island, «d.; River Plate', Id.;' Australian, 33d.; English ewes, 4d. ■ . Lamb.—The market is weaker, though not . actually lower. Canterbury, 5Jd. per lb.; other than Canterbury, 5Jd. Reef.—The market is vory dull. Tho sup-' . ply exceeds the demand. New Zealand hinds,33-f}d. per lb.: New Zealand fores,2id, Butter.—The market is weakening, with signs of a dcclinc. There is less demand. Supply is plentiful. Buyers aro holding back, expecting prices to go lower. Danish, 130s. per cttti .Siberian, 1098.; Australian, 1195.; Argentine, 119s. Cheese.—'Phe market is unsettled. Price 3 ate irregular., The supply of English is largo. Canadian white, 635. per cwt.; coloured, 645. Hemp.—The market is strong, and has advanced. Spots New Zealand good fair 1 grade, .€34 10s. per ton; New Zealand fair ' grade,' £33; fair cttrront- Manila, £34 10s. Forward shipment, about the same price. The output from Manila for tile week was 31,000 bales. River Plate shipments received during October, 1912;— Mutton, Lamb. London 1W.233 20.548 ' Liverpool ......... 113,840 18,779 Cardiff 2,000 — Newcastle 8,000 — ■247,073 30,327 October, 1911 246,320 . £6,719 1 . SYDNEY BUTTER- MARKET. By TeleEranh—Press Association—Copyright (Rec. November 5, 1.0 a.m.) Sydney, November 4. Thore has been a drop in butter, and sq-. lccted brandis are now quoted'at 1125., a fall of ss. per . cwt. —i —r DALGETY AND CO., LTD. ANNUAL BALANCE-SHEgT. ' London, November '3, During, the year Messrs. Dalgoty and Co., Ltd., made e, profit of £274,155,' A dividend of 8 per cent, has been declared. There has'been placed to the reserve fund £60,000; writing down premises, £40,000; contribution to staff benevolent fund, : £10,000; and.£84,155 has been brought for* ward. ■ j LONDON MARKETS. . | London, Novembor 3. ■ Copra—The market is weak; South Sea, ; .bagged, af10at,,425 15s. per ton, | • Hemp.—This market id lirm'. New Zea- j land hemp, January-March shipment, 16s. higher, at £34 15s. per ton. , 1 Jute.—Native first marks .-of raw jute, J November-December shipment, are Celling i at £26 lte. per ton, 12s. 6d, higher.' i Rubber.—Fine hard. Para. rubber is £ Quoted at 4a. 3Jdi per ib. . Cotton—October-November shipment of American middling cotton ia selling at % 6.27Jd. per lb. ■. . 1 Linseed oil (spot pipes) is offering ait £30 t per ton, a decline of £3 6s. per ton since ] October 4. . Tallow—ln stock, 3932 casks; imports, 3128 casks';, deliveries, .6681 casks. ? • t WHEAT MARKET. ' <j London, Novembor 3. i. Wheat.—Prices for slow cargoes have a lowor tendency; 38s. 9d. is asked for South 6 Australian February-March, and 395. 6d. a for Australian January shipment. I

THE WHEAT AFLOAT. London, November J. Shipments of. wheat and flout afloat on November 2 > .a'wcek previously, and a year previously, were Mov. 2, Oct. 26, Nov. 4, 1912. 1912. 1911. Quar- Quar- Quar-

\ tcra, tots. ters. United Kingdom... 2,370,000 2,285,000 2,860,000 Continent ... 2,175,000 2,350,000 1,260,000

4.545,000.,4,635,000 4,120,000 The wheat shipped from this Atlantic and Pacific Coasts of North America during tho past week, the previous week, and the corresponding week of' Inst year is estimated by "Bradstreel's" to be:— • . Atlantic Coast ... 495,000 590,000 357,Wi0 Pacific Coast 65,000 i 40,000 36,CC0 630,000 .353,000 • The quantities of wheat and flour shipped to Europe'from the countries enumerated were as under:— Argentine 72,000 36,000 27,000. Russia. 260,000 415,000 380,000 Danubian States 171,000 90,000 88, : 000 India 118,000 167 b OCO 61,000 Australasia 33,000 77,000 1.85,000 654,000 785,000 731,000 Total shipments to Europe from all exporting countries for the past wenjt - totalled 1,345,000 quarters, against 1,265,000 quarters for tho corresponding week of Jaisfc year. METAIjS. London, Novorabo? 3. Tin.—Stock#, 1112 toiiH- on tlib spot., 2159 tons; afloat, 3745 tons; deliveries, 3537 tons. Copper—Supplies, 35,612 'tone; deliveries, 37,216 tons; in stock, 43,300; afloat, 6COO I-oiib.