COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1590, 6 November 1912, Page 10

COMMERCIAL ITEMS.

■ INVESTMENT SHARKS. A sale'at teyla'nd-o'Brie.ii Timber shares at 28s. wfla the only transaction recorded yesterday. The ((notations were as midor:— Bayers. Sellers £ a. d. . £;..d. National BanS • — 6 10 Equitable Building — 9 16 0 Metropolitan ■ — . 12 10 0 N.Z. mid Hiver. Plato — '216 Well. Gas (£10) — 17 17 6 Well. Gas (third issue) ... — Y 14 12' 6 Gear lleat. (£4) — ' 12 15. 0 Meat Exflwt (<B4) — 5 0 S Meat Export (625. td.) — 3 0 0 ] N.Z. Shipping l<l 0 0 • — I Well. Woollen (ord.) 3 14 0 — Lcylaad-O'Brieii- _ ■ . 18 5 Taringantutu'i'otara. ...... 2 5 9 Golden Bny Cement 10 5 — . N.Z. Drug ' _ 2 10 6 ASIKKTCAN' CQMrjipifS. ' Messrs. Benry Clews a,nil Co., writin* under date Now Tori;,. September 14,' state"—Any ■ owtt, comprehensive . view »if the important conditions whose iniluence promises to be exerted on the market for Gecuntite! can hardly tail to contribute a feeling 01 distmet i optimism. General business throughout the country is already rospojiding in 2, significant manner to the majty-sided benefits that can confidently ue expected to spring from a year of such .bountiful crops that are noiv so clearly in -nraepoct. Qur railroads have 111 sight- it greater volume of business t'-an their euuipfiiMt.-can md.ily handle; there will not ftloiiQ be the rgo iuov-eiheut of agricultural produate to market, but there mil be Mid increase in the export demand. which in turn means a greater haul to the seaboard. Heyotol this we must not forget the active return movemeut of morcluindikSG, representing jhivofeasoj by the offricnltwil districts of the products of 0111 wills—a condition that invariably follows a season of bountiful harvests at high price?. Notwithstanding the large increase in production, it .is fig. m(leant that wheat at Chicago is about 10c. a bushel higher than a- year ago, and eoTii about 6c. higher, while cotton at ilia Southern marttsts is rirling at virtually last year's prices. This indicates tt tierce of prosperity even greater, e.speciallv so far as the West is concerned, than i.i m."gmled by the mere volume of production. Tim increasing activity in industrial pursuits is emphasised by the reports that (ire so general in all sections of the country of the scarcity of labour. What Is •of still greater importance is that the remai'kable activity represents a demand at prices for nrociitcts tlint are profitable to the mills, Tn view of the large export movement: of cur cotton : [Uul grain that is now in sight, foreign banker?, are showing 110 hesitation in (ifeconiiti'is American, finance bills that on maturity will be to jraU covered by cotton 04111 grain bills v.

American balances have bucn quite generally drawn down abroad, a.n.( Uurmany, it is understood, has very largely repaid the American loans which proved so advantageous (taring. tUo latter part of last year and the early months of 1912, when her other foreign credits were bo generally reduced. Our exports are continuing on a satisfactory scale, but imports are also reaching larger totals. The tatter is the natural result of flic demands for raw material by our manufacturers, and is a part of the current revival in our own industrial and mercantile situation. It may also ha ascribed to some extent. to the appreciation that there is not likely to be a. change in the tariff in time to affect immediate importations. oiii sui'i'tY OP Tnf; WORLD. Tho sustitution of oil fuel, for coal as a, steam r-aisor is engaging close attention, and while Kome oil oiithusia&ts believe that oil will altogether supplant, coal some day, that date may be it very long way off because of the insufficiency of oil. Sir Bevci'ton Redwood, who is » member of the -Ko.val Commission on Liquid Fuel for the Navy, contributes some useful end interesting figures on the world's supply of oil fuel, lie goes on to say tliat sonre of the older oilfields of the United Slates arc becoming exhausted, and at Iho present rate of increase Dr. David Day, of the American Geological Survey, considers that tlio known oilfields <if that country will, on the basis of the minimum quantity of oil obtainable, be exhausted by 1935; this, lis it remembered, represents oi-el* 65 per cent, of the world's present production. Of course, declares the "financier," we arc looking far a considerable expansion in other directions, and very largely in liurmail, Canada, Sew llrimswifiii, Trinidad, the fiold Coast, New Zealand, and Borneo, whilo the Kuss.ian and Cialician supplies a,re regarded as no. more than exploitcil--in foci, oil is said to be obtainable everywhere—but over every district 'there must hang the same fate as is approaching the older fields of tire United States.,-At present the whole production would not do mere tli-an replace 5 per cent-, of coal produced, or, say, 15 per cent, of the isial used in producing steam, ft is a curious fact that at present I'linntfylvania, erode oil is the dearest of all the oils exported. The prict works out at £2 <s. Ed. per ton, while liaku id £2 9d. and Galieia £2 2s. til. BRITAIN'S SKA 'HtADE. "The Navigation' and Shipping ltettiw o£ the United Kingdom for 1911. help us lc realise 1o some extent the predominani position Uritaiu occupies in the ocean carrying trade of the world. Whatuvci other industry may be imperilled of shou signs ot decay, there is no evidence ol colfapee in the British shipping business and over 60 per cent, of the tonnage thai ■enters and (dears, ports ill the Unltcc Kingdom is British, which is within 1( per cent, of the proportion of fifteen year: ago, notwithstanding the natural gr-i>wtii of the mercantile marine of other nations and in.spite, of the fact that the aggre gate, has nearly doubled in that time Even a considerable- amount of' the for oign tonnage is really British, and i.< only foreign by virtue of the partic-ulat flag it may happen to ily. The total ton liago engaged in the foreign trade whlel: entered and cleared during the past llvi years ia as under:— Entered. Cleared. Tons. Tons. 1907 65.240,900 67,030,800 ' 1909 . 66,459,100 . 65,977,1C0 1909 66.3C9.5C0 66,958,200 1910 .... 66,660,400 67,369,900 1911 69,161,500 69,744,5C0 The incrcaso of last year on 1910 is about 4 per cent. INDIA'S JUTE. CROP. The final official forecast of the jute crop of India, which was published on September 23, is accepted in that country as "not worth much, except as a pretty good guess." It differed little from tlic preliminary estimate in rejari to acreage and outturn, the tatter being set down at 9,580,000 bales. The General opinion, however, according to "Capital," is that the actual yield will run somewhere between 9,750,000 and IO.COO.COQ bales, although tiers seem to be no really good • grounds dn which to base the higliej' expectation. It is questionable whether these preliminary statements ever can be regarded very seriously. Experience has shown that in the past they have been more often wide of the lirark titan near the 'actuality. . In this respect, however, there is promise of reform. For next year the official compiler is intent on arriving at a more accurate idea, of the acreage than lias been obtained iu former seasons. Special efforts are to bo made to get at the cultivator direct and to obtain from him the exact number of acres sown, Whether the Agricultural Director of India- will be abl«-to dc so with the agency at his command is.another matter.' Kext year he hope*; to start this intimate census by the , middle of April and, to-linish"'it in time for the preliminary forccoii't of the crop for; 1913. Given a fairly accurate acreage, the chic! difficulty, of an .approximate forecast will be. removed. Up to this the estimate o! acreage ■ lias.- been cgreg.iously haphazard, "It i 3 notorious," state "Capital," "that cortain district officers have returned the t;ame figures for successive years, and tlu variations' subsequently given to the public have been'due to the sense of humour oj the getise of responsibility of the authorities. With a' Vigilant Department of Agriculture, inspired' by. a realt dseiro to get at facts, t-liere is no reason why iutc crop estimating sltauld'iiot become satisfactory." CHAMBERS OF COMMERCE. With a view of widening the influence ol the Sydney Chamber ax Commerce, the ex ocutj>-e council recently appointed a conn try sectional committee to go into the fol Sowing matters(a) Country membership (b) country chambers affiliation; (c) til! question of ■ holding a conference of th< country'members and chambers under tlu auspices of the Chamber, A reduced fee i: to be charged. .In addition to the question cf encourag ing the admittance of country members to the chamber, two of the articles are note worthy. Article 5, authorises the coun.ei to invite to a seat on the council the presi-dent-or chairman of any mercantile asso ciiition of Sydney, such representative not having any control or voting power, witli regard to the general management or funds of the chamber.- The provision automatically widens, the sympathies of the chamber, while giving the bodies sr invited it direct interest in. the work dona. Another' important alteration refers to the membership of sectional committees, ant 1 ■should be an inducement, for outside associations to come in and conduct theii operations under the auspices of tl-.e Cham ber of Commerce, tn the old, ;'uie tlu masimtim number of members on a- fee tional committee was fixed at nine. This has been found to be too small, arid it has been decided to remove'the nrn-ipmm, tjiu: making the strength unlimited. BANK OF AUSTRALASIA. The report of the Bank -of Australasia for the half-year ended April 15 .last states that, after providing for rebate on bills current, tor Tlrte'sh and colonial rates and taxes, and for all bad ami doubtful debts, the net profit for the half-year amounted to £208,170. To this sum must be added £16,073 .brought forward from the previous half-year, making a total of £234,244, out of which the directors have declared a- dividend for the half-year at t-lie rate of 14 per cent, per annum, or .£2 16s. per share, and r. bonus at the rajt.e of ,3 per cent, per annum, or 12s, per share, together £3 6s. per share, free of income tax. Tlio dividend and bonus will absorb ,£136,000, and- the directors have further appropriated £5?,C00 to the T'-ese.rvo ftni-'l, and ,-BEO.CDO iu roiluction of the cost of bank premises. Thcrs will then remain £18,244 to ba carried forward. MOSGIEL WOOLLEN CO. The balance-sheet of the Mosgiel IVoollen Factory Company, Ltd., for Hie year ended October 6 is now available. The gross profit for the year amounted to ,£22,5J6 10s. 5(1. The expenses totalled £11,814 .IBs. 3d., the sum of £3000 has been written off for depreciation, and £2530 has been ret aside for new machinery and new buildings, waking the total £17.314 18s. 3d., and leaving the net profit at .£oZ2I 12a. Id. To litis must he udded £1802 Ife. sd. brought forward from the previous yea.r, and £1005 4s. 2d. profit on the -sale of land at Taieri, elvow.iSg £8129 12s. Bd. as available for appropriation. The directors recommend a dividend of 7 per cent., which will al'-f-orb £5842 fe. td„ leaving" £2287 12s. 2d. to be carried forward. NOTES. According to the "Board of Trade Journal," the British Consul at has reported, on the authority of the local press, that in Norway a company has been formed to work a- French electro-chemical patent , for the manufacture'of ammonia from the nitrogen of the air, and- its conversion into sulphate of-ammonia by a process invented by an Austrian engineer. Tt is intended to commence producing in the autumn of 191J-thc factory t« be completed a year later. The estimated annual output is 40,000 tons of sulphate of ammonia. ... A steamer ef 20C-t> lons deadweight building on the Continent, which was contracted for in January at £17,5C0, has just been sold at £19,5 M. This gives a fair indication of the rise whifch has recently taken place in the value of shipping. . In December last a stea.incr of -51C6 tons gross, built, in 19C6, was sold for £20,250, while in March this year £ZS,GK) was offered and refuted for a sister vessel. In January this year a steamer of 4765 tons, gross, built in 1931, wiis sold for £30,630; while in Juno a sister vessel was disposed of for £35,000. A steamer of 3344 tons grcKs, built in .1901, was sold in January for £21,950, and in May a' vessel of the sinii ieadwoight and aim was purchased for 524,e03. A steamer carrying 3450 tons ile.i'd. weight, and built iu 18EB. was sold three tveoks ago for £7500, and within » week tva.H resold for £8250. This weult the owm-" lias received an offer of £10, COD for the. fessel. -. Customs duties collected at flic port. oF Wellington j'cslcrday ■ amount-cd ty X"0:0. Is. 44. •

TRADE IN ALLKN S'i'BEKT. Vegetables.—An excellent demand exists for cauliflowers iineJ green peas-. Heavier supplies of cabbages are available and values are a ehftda easier. Daily consignments of ni-w potatoes arc coining by rail from the Auckland district, and iheet witlj :i goad .demand. Parsnips and carrots have good inquiry, and prices are ruling lush. Tho market is being well blip plied with rhubarb, which is earning w from the Canterbury and Lower llytt districts. Fruit,—'Tlic Manuka is due from Syflnej to-day with the tr-ual weekly shipment ol oraiiKcSj lemons, pas-viofl fruit, and pine applet. 'I'lle JLoana is -expected to arrivj on Tim rid-ay Vdth i-lripnie.nl: b -of apple! from California, aiid bananas, qrangos and pineapples from the Oook Islands The Fijian steamer is also due on Tlrurs day with eases and bundle.-; of bananas also a few pineapples, Hothouse-growi tomatoes aro arriving from tlie Nelson anc Lower .Mirtt diijtfi-cts and excellent prices aro rulintr. Oniaii-i.—California!! are selling ivt 14s to 16s, per rase of about ICOlb. Flour is quoted at £8 Ite. to £8 15s. pe ton, f.o.b. rautii, according to brand, am lesH the customary diteountfi. i'oilard iin« good inquiry at £6 15s. lie: ton. Bran.—Fair ealcs aro being made at £ si>. to £5 10s. iter ton, . Maine.—Fairly heavy shipments of gotrtl Al'riiin" are arriving, vki> Sydney, 'flu samples are excellent, and prices rule a ss. to ss. 3d. per bushel; imported eeei maize. "If.ickory Kin.','," is selling at 6s. 6d Oatmeal continued at £13 to '£13 lCg. Pc ton, Oat?.—The ■ Market Iris a tendency ti firm. Short-feed and Dim oats are Kcllini at 2s. Sd. to la. per bushel; eecd Algerian 3s. 3d. to ss. 6d. For sitmples of disco onred oats low prices have to be accepted li-ay i-3 in strong iteiiiarid; prime rv and clover is quoted'-at .£5 lEs. to £fi pe toil; modiuiu .quality ifi dull of sate {it £ Iff?, to £4. Chuff.—Prime oatoceheaf is scntcc Mi is ruling at £4 15s. -to £5-;; medium quality : -i-3 155., all saelm In.: Fresh eggs are in excellent dem.ti.iMl at le per dozen. _ Buffer is in light supply. Prime millet in bulk, lid. to llld. per lii.; good quality 9d. to lOd. . Margarine, in 28]b, tirtfj, ,Scottish ttianu fiielure, is iinotod ;it Bd. to dill. per lb. Cheese.—Sew season's factory made, m< ilium Bjzo. i« imoteil at 7(1. per lb,; loai 7id. to 73d. lticemc.il i« dull of wrtl.c at £5 15f1., wit! riee Hour at £6. Split peas arc otiotcd at 17a. per c-wt. Partridge pefta have fair inquiry at 3; 9d. t-o 4s. 3d. par buslir-i. Whole Unseed is tolling' at 178. to Ift per cwt. Linseed nitta and crushed liiisetfil ea.lt are n.Uoted at 13s. and 14s. per cwt. ri spectively. TAIEEI AND PENINSULA CO. - ANNUAL MEETING. (By Telegraph.—Press Association.) Dunedin, November 5. The twcnty-eiglith annual meeting o ijharcholdors of tile Taieri uud j'eitinsul -Alill; Supply Company was presided ove by aCr. \Y. S. Bolt. The report of the directors contains the following,—The profit for the year, ii: eluding the balance brought forward fror last year, is £9179, which the directors re commend to- be dealt with as follows Payment of dividend at the rate of 6 pc cent., which will absorb about £2150; pas insntr of bonus to suppliers for ehees . manufactured, jn accordance with ai rangemtmts made with them, amounting t £1931; baia-ncc, amounting to £SCUB Ms. ?d be carried forward. The .supplies o mills for all purposes has been very satif factory, the output slisming an inci'eai; of ?D1 tons of butter, 152 tons of checsi and 37,373 gallons bt mlik and erea-ili fo the town trade. In. moving the adoption of the repoM the chairman paid that the result woul' have been very much bott-er,-as Jar as th butter export business waiS concerned, bu for the Unfortunate -strikes in Britain, lie fore the strikes eost-meneed o sinail nuat tlty. sent on conisigiiment, rcalieed &s hig' ae 1375. -per cwt. She widespread dist-res tliat followed the strikes ajfected the mai kst so seriously that thp price realised fo : Several shipments was less thaji the prle paid t-o fa.rnicr.-:, tin; result VTeiug tha there was ito profit left for divieiou aslioiius on this bra-ilcih of business, Th i clf-oct on the. cliche market was cntirel; different, the high price of meat cauriti: | a larger demand for eh.ccee ss a SubstituU The Canadian supply of olieese -bad falltj oif to a great extant, thus .also causiug greater dunuwni lo.r tlie New S'.eatand prt duct. The prospects of the dairy indust-r were never e-o brijlit as at the prescn time, but the dilßtnttty of obtaming sui' able'labour foi'milking was sefioiifitj- .feli : and the result was that many fa-rmsi word Riving up dairying wherever lar. was suitable for other products. "The syi torn of liomo separation," continued th : chairman, "will, I am a.fra.id, have a ser. : ous eltet on tiie quality of export buMci in my opinion the law regarding th branding of export butter requires eeriou iionsideratioii. At present I'iome-sepo.ra.te ; crcian, wfeicll was never near a cMainerj . Is branded 'e-reamcry butter.' Whey bul ter, made at elieese factories, is also brao'f ud 'cfea.mei'y butter.' T.Uis probably wi have a bad effect on KeW Zealand cta-it produce." . The motion to adopt the report was ca' ried. COMPANY DIYIDKNfi. By Telegraph—Press Association—Copyrigh {Ree, Noveinlier 6, 13.'10 a-.ni.) London, November 5, The Kaw Zealand and Australian Lan Company has declared a dividend at- tli ! rate of 4 per tent., and a boiius of -6 pc I cent. y WHEAT. (Eec. Jsovember 5, 9.20 p.m.) London, November 5. The Wheat market is inactive. Sive Plato 'eporirs fAate t.ljat rain is dama-gin tile crops in some districts.