COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1629, 21 December 1912, Page 10

COMMERCIAL ITEMS.

INVESTMENT BIURES. There were 110 transactions in investment 6harea yesterday. The closing Quotations were as under:—

'' GROWING FIELD FOR OIL FUEL, : Further particulars are now available •regarding tho intentions of tho United States to reserve about' 37,000 acres. of oil land 3 in California, which will be safeguarded • as a permanent navy oil reserve.; Theso lands have tho .advantage of proximity to established pipe lines by which an outlot to tidowater can bo assured, and their, oil contents are estimated at 250,000,000 barrels, which amount is calculated to provide a twenty-five years' supply to t.ho navy. It is the purpose of tho Navy Department, witli the co-opcration of the Geological Survey, to develop tho property under its control and conduct operating for the desired product. In determining upon this procedure the Government officials have given due consideration to the interests which arc concerned in tho development of oil lands in California for the uso of oil cs fuel in the many commercial enterprises in tho "West, and no encroachment upon these rights need bo feared. In lino with this proposed plan for securing an absolute eource of supply for fuel oil for the navy, but of more direct application', is the announcement of the award by the American Government of a contract for the delivery ol 14,600 barrels of fuel oil for tho Pacific naval fleet. While'the quantity in question is not especially important, the event is heralded as a promising? token of the Government's further requirements.

CLYDE SHIPBUILDING. According to tho "Financial Times," tho revised figures show. that the output of tho Clyde shipbuilding yards during tho month of October aggregated 48,900 tons, spread over nineteen vessels. This raises the aggregate for the ten months of tho year to 520,C00 tons, and the number of launches to 229. It will he scon, therefore, that tho month's tonnage is about »n averts; but the aggregate for the ten months is 10,500 tons above tho previous highest for that ueriod of the year, which was recorded in 1936, and is higher by abput 23,700 tons than that of tho corresponding period of last year. Although it is fully expected that tho total for the year will constitute a new record the • margin is «. 6mall one, and to accomplish tho feat an output of over 110.000 tons during the remaining two monthc of tho year , will be necessary. This is admitted to be o- fairly large order, but it is believed that if worli at the yards is not interrupted by labour or other difficulties it will in all probability be duly attained. No fewer than 31.C00 tons of tho past -month's launches were accounted for by four veefels launched at Greenock.' The record as regards new work is fortunately very satisfactory. . In addition to a fair-number of liners,' contracts for four light ofinoured cruisers have been placed, three of the vessels to bo built at Dalmnir, and the fourth by the Fairfield Company. Among the liners booked is one for New Zeala-ud, to be built by Iftssrs. Denny; an Anchor liner, by Mcnsrs. Stephen; while it ia. believed that at least one of tho flvo Pacific liners, the contract for which has bpen acquired by Morers. Ilariand and Wolff, will ho laid .down at Govan.

IKON ItAILWAY SLEEPERS'. ' Some of the advantages of the iron railway sleeker over tho wooden article have been pro-rrd by exr.eTimontH which have been conducted in France. The first ta?t wfla me lie ao long ot[o as IBS 7, when 25,000 motel sleepers wore laid on the Stat-o railways of the Republic. Tho success of tho trial is indicated by the fact that after a lapse of a. quarter of a century it has not bean found to replace a single sleeper. In 1903 there were 615,448 metal clcepcrs in use, and last year on the 3tatc and Oucst-Etat systems a. track of 785 milra was laid with them. The use of tho iron article was stimulated somewhat unexpectedly by. a fire whic.h destroyed the stacks of i wood sleepers at three of the main depots, as an outcomo of which the total of tho metal supports In uee at. the besrinninj of this year had reached nearly or about 920 mileis of way, whilst the orders booked by manufacturers last ycsiT represented 75,000 tons. Certainly the firat cost, of the metal sleeper is inciter than thi.t of timber, tho difference in France workinp out at, say, Bs. Bd. to ss. Ed., but it ho 6 been found that tho value .of tho latter is increasing as supplies diminish, whilst its life ie only 10 years 08 *ar*,inrt 40 years of'tiraatcd for- metal Another point in favour of iron is that tho experiments in France have shown that only half the labour is needed to lay a given length as compared -with wood sleepers. ICsny years «?o «, section of lino in northern' Queensland was laid with iron sleepers, concave in shape. In that, instance the metal was chosen for tho reason that wood could not possibly have given- satisfactory, results, the country traversed being boggy, in addition to bein.* Infested with white ants of meet voracious appetite. .

Customs duties collected a/t the port of Wollington yesterday amounted to-£3914 Us. 2d. , DUNSDIN WOOL SALE. '(By Telegraph—Press Association.) Dunsdln, December 20. At the second wool ealo to-day nearly 19,000 bales were offered, and the majority were sold. The attendance of buyers was a record. Competition i was keen for most kinds, top halfbreds and low croisbreds were a shade oaaier, but generally prices woro on a par with recent sales in Dunedin ami' Christchuirch., The wool was heavier in greaso than at the previous eale. American buyers were lsocn bidders for suitable lots. OHRISTOHTJEOH GRAIN MARKET. Chrlstotltirciii December 20. The local grain market ©till retains a quiet tone, and theiro is evidently no demand for wheat, and no oats are offering. There iB also an entire absence of speculative inquiry, and' no movement Is antitinated until the new crop is available. The last fortnight's fine weather will have done considerable good to the growing crops, though no doubt thoeo that are forward would get considerably knocked about by. the nor'-west galo on Thursday. WHEAT. 1 The Now Zealand Loan and Mercantile Agency Company, Limited, havo received the following cablegram from their London house under date December 18: We have sold an Australian parcel at 365. Cii.f. The market is very dull, owing to favourable- crop reports. The outlook: for Argentine market prospects is discouraging.. LONDON MARKETS. .. The Now Zealand Loan and Mercantile Agency Oompany, Limited, and Deduced, have received the following cablegram from their London' house, under d'ate December: 19:—Sheepskins: 1 Merino and crossbred sheepskins, short and .Bhora, are 3d. to. Id. higher; others aro id. higher. Mssbto. Murray, Roberts, and Co., Ltd., have received ths following cablegram from their London friends, Messrs. Sanderson, Murray, artd Co., dated December 19 —"Sheepskins': Market for three-quarter to full-woolled has advanoed >.d. per lb., and id. per lb. for quarter to half-woolled skins." By Telegraph—Press Association-Copyright London, December 19. Jute.— shipment, £24 15a. and £24 6s. 64. . Sheepskins.—634o Australasian were offered, and practioally cleared. Thero was a. good attendance, and keen general competion. All dosoriptiona ware a halfpenny above Ootobcr rates, and some short-wool-led throo-farthings. VICTORIAN PEODUOB MARKETS. Holbourno, Dcoember 20. Wheat, old. 4a. 2d. to 4s. Jd.; new, ss. 7d. to 3a. 6d. Flour, £9 10s. Oats, now seasons' Algerian feeding, lis. 10d.; maieo, 3s. 9d.; bran, £6 Es.; pollard, £7; potatoes, £5 108. to £6; onions, £5. AUSTRALIAN WHEAT YIELD. Melbourne, Docember 20. The weekly paper "Australasian" estimates the wheat yield at 23,056,000 bushels, tn average of 103 bushels per acre. KATJRI TIMBER COMPANY. Bv Telegraph—Press Association—Copyright Molbourne, December 20. At the annual meeting of the Kauri Timber Company, the chairman 6tated that outside liabilities hod not increased. The assets were £809,000 lost year. During the year the company acquired more Umber than it cut, down, while enough timber hod recently been acquired from the .farrah sawmills property in Western Australia tor Utoaa to teeatsj

years' cutting. Tho prospects of the company wcro good. Tho report and balance-shoot wore adopted. HANK OF ENGLAND RETURN. By Tolegraph—Press Association—Copyright (Kec, December 20, 8.5 p.m.) London, December 20. Tho Bank of England return issued for tho weok ended Wednesday December 18, is as under:— Issue DcrAnTMr.XT Noto lisuo £10.655.000 Gov.dobb ... £11,015,000 Other securities 7,434,000 Gold 51.4CK5.000 £19,855,000 jE4D.655.000 Banking Department. Proprietors' Govt. liocurlcajiitai £14.553.000 tins £15.M5,000 Public do- Otlior eocuriposits ... 11,801,003 tios 34,157,009 Other doposits ...40.241.0C0 Notoi _. 21,101,000 Host, 7-day. and otiior bills... ... 3,257.000 Coin 1,060,000 £60,35-2,000 £69,342,000 Tho leading Items of tho Bank of England return afford tho following comparison:— ' Tills weok Hiasfa wcoU Laßt jour £ £ S Bullion 31,406,000 83,057,000 83.190,000 Reserve... ... 22,170.000 24.322.000 23.304,000 Koto circulation 28.754.000 28,374,1)00 20.2(16,000 I'ubUo Deposits 11,301.000 11.208.000 ' 15.217.000 Other DoyouHs 40,241,1)00 50,223,DU0 40,040,000 Proportion of rosorvo ta liabilities... <2.0$ 48.03 41.58 GOVERNMENT BEOURITIEB. Tho following aro tho latest Quotations for Government securities, with a comparißon of those ruling lnet week;—

BANK RATES OP INTEREST. The Bank of England rate was, on January 27, lowered to 4 per cent., on February 16 to 31 per cent., and on March' 9 to 3 per cent. On September 21 it was advanced to 4 per cent.,, on February 6 it was reduced to 31 per cent., and on May 9 to 3 per cent. On August 29 it was,r.iieed to 4 per cent., and on October 17 to 5 per cent. The Bank of. Franco rato v/ao reduced from 31 to 3 per cent, on January 23, 1908, and continued at the latter figure until September 21, 1911, when it was raisod to 3£ por cent. On May 17, 1912, it was reduced to 3 per cent., on October 17 it was raisod to 31 per cent., and on October 30 to 4 per cont. Tho Imperial Bank of Germany reduced its rate from 5 to 41 per cent., on February 6, and on February 19 tho rate was further reduced to 4 per cent. On September 19, tho rato was raised to 6 per cent., on Juno 11, 1912, it was reduced to 41 per cent., on October 24 It was reduced to 4J per cent., and on November 14 it was raised to 6 per ccnt. lIAJJKET RATES OF DISCOUNT. . Tho following oio the market rates for beet three months' bills:—

Short loans are quoted at .4} per cent., as against 4J per cent, last weok, and 33 per cent-, last year. COLONIAL AND OTHER PRODUCE. Wheat.—The market is quieter. The Anatrallan now crop is freely offered. An Australian cargo of 14,CCD bushels Belling at 38s. New South Wata December-Janu-ary delivery is quoted at 375. 4}d.; JanuaryFolrruairy, 375. 3d.; Februnry-March, 375.-; March-April, 365. 7Jd. Lfverpjol futures, December delivery, 7b. 4Jd. per coat.nl; March, 7s. 4-Bd. There is a email retail trade. Austro/Han quotations (on spot), 38s. and 405.; New. Zea'.apd, 365. and 395. Flour.—Tho marltot in dull. Australian (on spot), quoted at 265. Oats—Market flat, owini? to larso arrivals. There Is a' fair inquiry for A" grade Gortons, at 2fs. ; others arg.neglected. Beans—Firm market.. New Zealand quoted at 39a. 6d. and 40s„ in storo. Peas.—Market neglected; no sale. Butter—Tho market is quiiet. Danish quotations are unaltered. Choicest Australian it? quoted at 114s. and 1165.; secondaries, lOfl. and, 1125.; New Zealand, 12Cs. end 1225.; a few ore quoted at 1235. Cheese.—Mairkct firm. New Zealand, white, 61s. and 625.; coloured, 62a. and C3s. Suffar.—Gorman beet. 68 per cent, net titre. unchanged at 93. 6d. per cwt.; first market, granulated f.o.b. Ifambure, un-cliang-ed at Us. 7d. Bradford Tops.— I The market is quiet, and priccs are unchanged. Sixty-fours, 29d. por lb.: super sixties, 28d. ;• common fiixtios, 27d.; fifty-sixes,-23d.;' fifties, - 21Jd.; forty-sixes, 171 d.; forties; 17d. THE METAL MARKETS. ' Copper.—On spot. 3s. 3d. lower at £74 Bs. 9d. tier ton: three months, 3s. (id. lower at £75 9s. 3d.; electrolytic, ss. higher at £81 ss. Tin—On spot, 10s. liteher at, £226 10s. per ton; three months, £227.' PiK-itron. Middlcsboro' No. 2, 4d. lower at 665. 9d. por ton. Spelter, 2s. 6d. higher at £26 7s. 6d. per ton.

Buyers. Sellers. £ is. d. £ s. d National Bank 5 16 0 — Bank Now Zealand 10 16 0 — Equitablo Building — ■ 9 15 0 iN'./i. Loan and Jlerc. (30s.) 16 6 — N.Z. Loan and Merc. (ICa.) 0 8 10 — N.Z. and lliver l'latc ... 2 1 0 — , Well. Trust and Loan ... — <7 10 0Ohristchurcli Gas 8 0 0 — Feilding Ons — 10 3 Napier Gas (£10) — 22 0 0 Napier Gas (£5) — 11 0 0 Katmerston N. Gas .' 0 15 0 — Well.Ga.s (third issue) ... — 14 12 6 Well. Gas (prof.) - 10 3 National Insurance 2 10 — N.Z. Insurance 4 14 3 — S.B. Insurance 3 13 6 3 14 0 Standard Insuranco — 112,3 Moat Export (£4) — 5 0 0 Moat Export (52s. '6d.) .... 2 17 6. 2 18 6 N.Z. Shipping 14 0 0 . - Kaiapoi Woollen — 5 5 0 Well.. Woollen (ord.) i 15 6 - Wcatp'ort -Coal • 1 6 10 — Iieyland-O'Bricn • 1 6 10 17 6 Taringaniutu Totara 2 A 0 — Golden Bay Cement — 10 9 Shii'rland's ordinary — 110 W.F.O.A ' - ■ 7 5 0

Variation _ comnavod 1 rrica, with last woek. £ 6, d. 25% Imperial Consols 74 7. G 6s lowor 4 ,N.8.\V.10!J3 Jan.-July 101 0 0 50s lowor 3i „N.S.W.lfl30-50Mr.-Sp CO 0 0 {Ms lowor 3 ,N.S.\V.1935 Apl.-Oct. 81 0 0 Unchanged i ,,Vic. 1920 Jan.-July 100 0 0 Unchuntfod 3$ „ Vic. 19-0-40 Jan.-July 91 0 0 Unchanged 3 Vic. IMMOJan.-July 78 0 0 Unchanged 3J „S,A. 1016 Jan.-July 03 0 0 Unchanged '$ „8.A, li)16 Jan,-July 70 0 0 Unchanged 1 „QTd3915-'24 J&u.-July 100 0 0 Unchanged 3J „ QT«J19;M-30JAn.-Jujy S3 10 0 Uncimntfcd 3 „Q'l'd 1022-47Jan.-Juiy 79 0 0 Unchanged i' „N.Z. 192-} lUy-Kov, lOl 0 0 '20s lower H „H.Z. 1010 J&n.-July v 01 0 0 Unchanged B „N.Z. llMf. April-Ocb. feO 0 0 Unchanged W.A.l&HMOMfty-J»ov MOO Uii*bangod 3 „ \V'.A,l01.V25May-I>ov 0 0 Unchanged 24 ,,1'as. 3&40Jan.-July Gl 0»0 Uuchanjtod 3 „ Tag. 11)33-40 Jm.-July £2 0 0 Unchanged

London Paris . Berlin rate.-, rate. rate. - per cent, per cent. per cent. This week 5 ; 3J 6 TiRfit week 43' 3il 6 Last your 33-8 3$ 43