COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1625, 17 December 1912, Page 10

COMMERCIAL ITEMS.

• . . . INVESTMENT SHARES. . Influenced.by the pending holidays, the '.investment -market was quiet yesterday, the only transaction,recorded being a sale of Leylaad-O'Bricn shares at 275. The rVMtotions were as under:— Buyers. Sellerß. £ si d. £ s. d. National Bank 5 17 0 6 0 0 Well; toa''(£lo) 16 10 0 Weil. Gas (pref.)' 019 0 . - N.Z. Insurance 413 9 — •Moat'-Export,(s2s. 6d.)' .... - 2 18 6 :N.Z. Shipping 14 .0 0 . - Union. Steam 2 6 0 2 7 0 Kaiapoi Woollen (pref.) ... — " / 5 5 0 Well. Woollen (pref.l 2 17 0 -' - Wcstport. Goal 1 6 10 - L;y land-O'Brien. 1 610 — Taringamutu Totnra ... 2 4 0 — Golden Bay Cement - 10 9 N.Z. Drug •' - 2 10 0 BANK OF NEW SOUTH WALES. The balance-sheet of the •> Bank of New Couth Wales for the half-year ended September 30 will be found, on another page of this issue. The chairman, Sir Normand llJcLaurin, in dealing with the figures at the meeting of shareholders in Sydney, raid :— "The deposits now show the smaU mcresoe of £230,CC0 in.the aggregate. For your information I may state that tho fixed (lepo;-il3 from the' public show a fair increase;- the . current accounts derived from the same source a small ■-. increase; while on the other, hand there, is a considerable decrease in the aggregate of the deposits held from the Commonwealth and the various State Governments which keep accounts with us. The aTreet in the growth of the deposits is a feature of -banking generally in Australasia at present, it may, in brief, bo ascribed to a spending impulse-public and private— which has arisen- out of a rather. Tapid expansion of the deposits in the few preceding years. This impulse has outstripped, for the lime being, the accumulative power derived from the money- receint? for our primary nroducts. Tho expenditure referred to has manifested itself in directions 'which have caused an increase in the imports., and as there has been no corresponding incrca&e in the exports the annual savings of the people, as represented by deposits, have decreased, The bills payable account to some extent reflects the situation likewise. There is a large increase here of £671,000. but in this case tho •increase is to a great extent due to" trade requirements of an exceptional nature on the import ride, which may be viewed as abnormal and not likely to recur. On the -peset side, coin and its equivalents, have ■ decreased £350,000. But short call money in London is more by £206,C00. Government and municipal securities are less by £137,CC0, while bills receivable in London and remittances in transit are more by £268,000, due to operations in connection ■with the bills payable expansion, referred' to just now. The aggregate of all thce-o -accounts, which wo. coneider to be our specially liquid assets, i3-only Eomo £35,000 less than at September, 1911, which is a purely nominal difference. "The loans and advances, which include bills negotiated in London on Australasia, represent the obligations of clients at this end of tho world. There has been an in-, crease here of £938,000, which is a small increase compared with that of the preceding year. To Eome extent this increase is due to bona flde requirements of traders, arising out of increased imports. But a good deal of it arises from commitments of country ■ clients in connection witk extensions of their holdings, more particularly in relation to tho cutting up of large estates for closer settlement. Wo still coni sidor it deßirablo to maintain a strictly ' conservative policy, consiatentkfi however,.

wa'th a. reasonable support of legitimate trading requirements, especially those in connection with the financing of tho wool and wheat crops, which at this time of year call for a good deal of money to inovo them. Wo hope that the steadying iniliicnco which banliers generally throughout Australasia, in the exercise of.a prudent forethought, are using towards. tholr borrowing clients, will c-oon have tho effect of restoring the flnancdal equilibrium; But it cannot be too' clearly lundoretood, that this steadying, influence-to bo thoroughly effsctive must be exerted all round by tlioeu who have tho control of tho largo affairs of tho country—public and ■■private-ami■ "una ia applicable to legislation a 6 well as to action,"

STOCK EXCHANGE VALUES. In its customary review of the course of the stock-markctu, the "Bankers' Magazine for October statw-tha-t the Stock Exchange had been subjected to-tho baneful liinuehces attaching to war-scares, emphasised by a, vnet amount of Continental liquiaat,ion. "At one tamo stocks fell in almost semi-panicky fashion, and had the prices of the worst period of the slump been taken,, our monthly valuation would liayo shown an enormous depreciation. As it is, our list of representative clocks R h? w ", a total net decrease of about .C6S.COO.CCO, tho actual flgurco bring as follow :-Aggregate value of 387 representative securities on September 20, 1912, JE3.tC0.177.CE0; aggregate value of 387 representative securities on October 19, 1912. JE3.536.007.0fJ0: decrcflro, £65,170,CC0, or 1.8 per cent. Although Consols have latterly shown coii?idcraWo steadiness in face of the war in Mw Balkans, the premier security by no means oseaped the influences affecting the markets, and there is a. substantial full in British funds of about £12,000,00). Consols standing in onr valuation fully.l per cent, imdcr that of a month'ago. Colonial (lovernme'nt stocks liavo a.IK) fallen heavily, pa.rt.lv in-fiympathy with the. general dopredion and partly on rumours of impcndin.g fresh loans as soon <u~, ilnimoinl conditions become more favourable. Art might bo supposed, however, 'he heaviest depreciation for the month lias been in iator-Boun'e .-locks, and our list -if representative foreign Government sticks mows a. fall for the month of over i?.t ,000.000. Tli.!* has been due not merely to the fail in c;t"rks of tho« countries actually c.iiccrncd in the Balkan conflict, but to the acuto weakness of the Paris Bourse. Customs duties .collected at tlic port of TMlington yesterday amounted to iSBM 16s. <d. • DUNEDIN tf'OOT- SALE. ANIMATED COMPETITION. (By TolcEi-aph.—Press Association.) □unodln, December 16. The first of the loral wool tales was held to-day, when there was the largest Catherine of buyers ever scon here, representing British. Continental, and American purchasers, in addition to New {,caland buyers. The total offering comprised 8721 bales. Tho condition'ot the wool was superior to that of last season, but there woro a. number of good clips spoiled by old seed, which cut out American competition and reduced prices by fully 2d. per lb. Competition was extremely animated., The following is the range of pricesMerino: Super, 124. to 13d.; medium to good, lOd. to lljd.; inferior to heavyconditioned, 8»d. to 9Jd. Half bred: Super, 13d: to Md.; medium to good, 101(1. to 12* d.; inferior, 9d. to lOd. Crosbred: Super, 12d. to 13? d .; medium to good, 9Jd. to Ilia.; inferior, BSd.'to 9d. Pieces: Super, IOJd. to 12id. ; medium to good, BJd. to lCd.; inferior, 6Jd. to 6d.; locks, 4d. to 7d.

. HIGH COMMISSIONER'S OABLEGEAIi. The Department of Agriculture; Industries, and Commerce, has received the following cablegram from the High Commissioner for, New Zealand, dated London December -11. (Koto.—Quotations,- unices otherwise specified, are avera-se, market prices oil spot):— Mutton'.—The market is firm; stocks on hand arc'light, and are firmly hold iii few hands.,- High' prices are TCEitricting business. .Canterbury, 43dJ.per 11).; North.'.lsland, 4Jd. '.;'•■ Lamb—There is a.good demand for all lamb, with- d.-small supply of New Zealand and Australia*. -.- Supplies' are increasing. Canterbury, ,53d. per lb.; other than Canterbury, sgd. Beef —Tho market is firm, with more inquiry. Stocks of Kew Zealand bcci on hand are light. New Zealand-hindis,' 33d. per lb.; fores. 3Jd. ' - Butter.—The market remains'firm. There is o fair demand for better' grades for Christmas trade, hat foi\ ordinary quality tho market is quiet at the advance. Values are extremely difficult to decide. Choicest New Zealand, per ewt, 1223. to . 1265.; ordinary quality, first grade, per owt., 117s. to 1215.; Australian, 1175.; Argentine, 1165.; Siberian, HCu.; Danish, 131s. ' Cheese—The market is quiet, but steady. New Zealand white, per cwt., 61s. 6d.; coloured, 62a. fd. Hemp.—The market is steady, and a fair business doing. New' Zealand good fair grade, per ton, £33; fair grade, £31 Ito. for any position. Pair current Manila, £33; forward shipments, £34. The outnut from Jfantla for the week was 29.CC0 bales. Wool—The market ie strong. IMPERIAL CONSOLS. By iffelegraph—Press Association-fjopyright London, December 15. Consols are ouoted at £74 7s. 6d„ a fall of &. since Friday. WHEAT AFLOAT. London, Decomber 14. Shipments of wheat. and flour afloat on, December 14, a week previously, and a year previously, were:— Dec. 14, Dec. 7, Deo. 16,. 1912. 1912. '1911. Q.uar- Quar- Quarters, tors. tors. United Kingdom... 2,220,000 2,340,0C0 2,700,0C0 Continent 1,860,0 M 1,925.000 1,160,K0 4,050,000 4,265,0C0 3,850,000 Tho wheat shipped from the Atlantic and Pacific Coasts of North America during tho past week, the previous wee!;, and tho corresponding week of last year, is estimated by "Bradstreet's" to be:— Atlantic Coast ... 483,050 620.0C0 271,000 Pacific Coast ...... 70,000 15.C00- 45,CC0

553,000 535,000 316,000 Total shipments to Europe from all exporting countries for the past week totalled 1,225,K0 quarters (including 23,CC0 quarters from Australasia), against 1,225,0C0 quarters last week, and 1,010,0C0 quart-era for the corresponding week of last year. LONDON MARKETS. London,. December 15. ■ Wheat—The-market is steady. For Janu-ary-February shipments. 365. IOJd. is asked, and far February-March, Ms. 6d. ■ Oopra.—Firm. .South Sea, bags, £25 7s. 6d. and £26 2s. 6d.' per. ton. Hemp.—Firm. October-December shipments, £33 10s. per ton. Rubber.—Fine hard Para rubber, 4s. 6Jd. per lb. Linseed Oil.—Spot, ■ pipes, offering at £25 I£g. per ton. Cotton.—December-January shipments are quoted at 6.81Jd. per lb. Lead.—lmports, 16,969 tons, including Australian, 4595 tons; exports, 5837 tons.