COMMERCIAL NEWS.

Dominion, Volume 6, Issue 1635, 30 December 1912, Page 8

COMMERCIAL NEWS.

WOOLLWN MANUI'ACrTJKBTtB WANT liAIIOTJH

'I'horo In a dearth of labour In Yorkshire, and especially In the wornted Industry. The tritdo In fihorl, of jfli'ln and nhort of lioyw. iLll,lmui,'h ilia ralmi of wagon oll'crod to tluiin do wit (iimiii l.<> h« imnaUfifiictor.v when (i()iii|KirlH,on In miulo with those obtainable in nUiiniutlvo oniplo.viiiPiilH. Tho iilioi'lnifo In ikjl now, and Ih stimdlly hemniltifr woi'no, Tim yoiini? pwiple do not .an Into tho mill Willi l.li« fl'iiiiiidiicy of 'former illtvri, :iml nnl only In the'mill hliuimkiil, liiil. nlhfi Hirhl. liuliifil.rlul omploVHiciiL nl. Ini'ifii. Tim '"I'nxtllo Trado llnvlmv" iH'llnvnn Iliat. Din chief cnueri i 3 Mm Iy ihi of ciliii'nllmi llml linn liccn coin. nliUirlly iidinlni*ii'(!(l for 40 yeiim, 'i'lio mill la li.fl. N.i l.li« i-iw'ii't of I hone wlm liiivii had l« Mum lliolr full i:linri< or Hi'hnolliilt, and II is lust, powllili. |.| m ( if l.lic Ri'liiiivlllHiliHil'M hud nlilliliHiil file wlinlu of their own wny llii'iu irmilil hum been no!, a 'jliorl-iißii nf liiliimr, Iml. u vnmiiim, "Tlin viiiiiiinii," Ibn "Ituview" ooiiUiiuoa, "Is piu'llnl nri'V, Iml, II limy liPiwnn nlwoInto' Inf<)|' If mil' inlfKiililiiil eiliicaflfiiilnia nornlal. In r.n»rn:n wlilnli urn frnuly nnoueh roiiilcmmiii wllfiu .tho ncoiiii nf nnl Inn In llnncni, JlYoryhndy tstui tho ftl.nplillly of UrtaatHK M. MUM MaM to tonlan jaa,

ductivo employments; but tho manufacture of; shop -assistants and clerks .remains tho signal achievement of the English public educational system. Befdro affairs grow seriously worse, it will bo well to liavo a-, revision, of . educational standards with a- view to the spreading of sano ideas in substitution for the false notions of respectability which now obtain."

AN INTERESTING-' DECISION. ■ An interesting ■ decision has just been given by the Privy Council in regard to ;a point raised by the British Linen Bank. It appears that this institution subscribed in 1897. for 2J per cent stock issued by the corporation of Edinburgh at 99 and .redeemable' at t pa-r after May, 1927. As the stock was only worth 70 in the market, 'the bank was anxrous to find out if the corporation was-bound to redeem, at the date named, or whether it had an option : in the matter. In a closely-reasoned judgment based upon the Acts regulating the debt remissions of the corporation, the Privy Council unanimously held that it ,\vas not a question of debtor and creditor, ■but one of buyer and sell of annuities. -Hence the obligation to redeem- at par •after May, 1927,. was. at, tho option of the corporation. In commenting on-this'case :the "Investors' Eoviow" states that the decision certainly accords with the usanes of the market and also with* what is the :usage in regard to many securities. As far as the Edinburgh 2i per cent, stock is concerned, tho full term of indebtedness allowed by law to this cornoration—namely, 60 years-yma-y be exercised. All that -the borrowers have to do until payment of the principal is peremptory, say in 1957, :is to go. on paying the promised 25 per cent, interest regularly, leaving the hold•er of the stock to bear the loss of capital incident to a sale. Presumably tho British Linen Bank raised the point 7 in connection ,with a revaluation of its securities, but as matters have turned out, it would Save been, better 1 for them if they had refrained from demanding a decision on the question. ■ ■

TJ.S.A. FOOD SUPPLIES. "- • Some; significant statistics boaring on the steady' diminution in the surplus food products which the United States has in band after supplying the rapidly-inoreasing' demands 'of tho population are given in the latest circular issued by the National City Bank of New York. At the outset it is shown that he, value of foodstuffs exported in the fiscal year 1911-12 was' £83,-,800,C-00. .whereas in 1900 it was £109,M0,C00. ;Even that comparison does not convey an accurate; idea of the decline fa quantity, because of the material advance in prices j'that occurred-in :tho interval, and a more startling variation is disclosed on a study, of the quantities-sent out of the country. In: 1900, 102,000.000 bushels of .wheat were exported, tho figures for 1911-12 beint? only 30.CC0.C00- bushels; flour declined from 18..500,000 to 11,000,000 barrels; corn from 209.000,000 to «;000,000 bushels: canned beef, from 55.5C0.CCf11b. to II.CM.COOIb.; and bacon from 512,000.C001b, to 209.000,0001b. Tho share which foodstuffs formed of the. total exports of the United States in 1911-12 represented 19.5 per,cent., the proportion in 1900 having been.39.B. per cent., in 1890 423 per.cent., and in 1860 '55.8 per cent. It.is made clear by the circular that foodstuffs are being supplanted by'manufactures. In 1880; when foodstuffs, as mentioned, rcpre-, sented 55.8 per cent, of the total-exports,' manufaetures amounted to only .14.8 per oent.; in 1890 they accounted for 21.2 per cent.; in'l9oo they had riseji to 35.3 per cent.;.and in 1911-12 tn 47 per cent, of the aggregate. From all the facts it is. hevond doubt that not only are the foodstuff requirements of the United States undergoing steady and ■ speedy expansion; but that at the same time, the- number- of ' persons engaeed in the agricultural industry is steadily -growing less, and that these processes, if continued, must ultimately lead to the disappearance of the United States as n. supplier of the needs of ■ the-outside-world in the matter-of human foodstuffs. ■~' CUSTOMS. ," ' ■•' ■" ' The Customs, duties-collected at the port of Wellington on Saturday:totalled £490. 4s. 5d., the amount for the ' week being £5968 19s. 9d. The returns for each of tho past eight: weeks, compared with tho figures.:for: ,thq,';corresponding. :period' : : of last-year show'as under:— i : .' ... 1912.- . 1911. ' ' November 9 -11.324 .15,689 • November 16 ..:....; 17,954 21,392 .!■ November, ,23 .'..........'..' ;11.083' '.■'•'■ 10,176- -'■- Novomber 30 ....:....;.. 10.008- 20,482' - December 7 , 23,217 9,870 ! December 14 -12,821 - ■: 18,858 . ' December 21 ■..;.....'..'..' 26,601 15,579 -. December 28 5,968 .12,536 ■|' ■'','-; -•:.. -,v - ! The bear duty collected for the "week totalled £515 19s. :

; BANK OF ENGLAND -RETURN. By Telegraph—Press Association—Copyright - (Rec. December -29, 5.5' p.m.) .:-■■'■'■-"' :■; . : * — London, December 28. '•' The -Bank of England return issued for tho week is as under :— '■-..'., '-.v'lssbe'-Depahtmest, -";';.:■ -,- ,: : ; Note Issue £47,743,000 Gov. debt "— £11.015,000 -' ',-■-. ■ Other securi- '-:■-••, '-/-ties .... V :...-, 7.434.000 , •■■..'■.' Gold, ... ... '29.291,000 £47,743,000'. ■ , £17,743,000 "-' BINKISB DEi>ABTStENT. r ' • •'.- -'~ -^ Propriotors' Govt, socuri-; 'capital' '£14.553.000' ties... , ; ... £13.035,000 Publiodo- -. Oihor socuri- '; posits, ...12,136,000 ties...' ... 86,782,008 Otbordo- ..'..'■■• . posits ■ ... 39.059.000 N«t»j .„ 18.470.000 Rest, 7-day '...'.:, -, andofchor ;bills'... ... 3.275.003. Coin..."•'. ... .1,038.000 £69,3-23.003 ..,: ~,': ■..£69.823,000. The leading items of tho Bank of England return afford the following comparison:— .-.'.'••-.■■• .- This weak , Last w«ek Lost y»ar . ."';£■' £ ".".'■ £ Bullion.,. ~. 29.294,000' 31.406.000 31.732.000 Reserve... .... 19.506,000 2-2.170.0U0 21,095.000, Note circulation 29.273,000 28,754.000 29,193.000 Public Deposits 12.436.000 11,301.000 16;331.000 Other Deposits 39,059,000 40,241,000 44,792,000 Proportion of. reserve ■ to liabilities... r .37.85 , 42.98- 85.48; 1 , : ,:GOVEENMENT SEOUHiTIES;"'■.': The following are tho latest quotations for Government securities, with a oompariaon of those ruling last'week:— .'. '.

;.BANK BATES'.OF INTEREST.' '■ The Bank of England' (rate }vas, on January 27, lowered to 4 per cent., on .February 16 to 35 per cent., and on March 9 to' 3 per cent. On September 21' it. was advanced to' 4 per cent., on February 8 it :was reduced to 3i per cent., and. on May 9to 3 per rent.. On August 29 it was raised to 4' per cent., and on Ootober 17 to 5 per cent..

The Bank of Franco rate was reduced from: 35 to 3 per cent, on January 23, 1908, and continued at the latter figure.until September 21, 1911, when it was raised to 3j por ,cent. On May 17,. 1912, it was reducod to 3 per cent., on October 17 it was raised to 3i per cent., and;oh October 30 to 4 per cent. . >

The Imperial Bank of Germany reduced its rate from 5 to 4J per cent., on February 6, and on February 19 the rate was further reduced' to 4 per cent. On September 19, the rate wtas raised to 5 per cent.. on Juno 11,. 1912, it was reduced to 4j per .cent.,, on October 24 it was reduced to 4iper cent,, and on November 14 it was" raised to 6 per cent. ." ■

MARKET BATES OF DISCOUNT. ' The following are the : market rates for best thveo months' bills:— London Paris Berlin rate. rate. rate. percent, percent, percent. This week 413-16 33 6 Last week 5 33 6 Last year : 33 3$ Al Short loans are quoted at 4 per cent.. as against 4i per, cent, last week and 3J to 33 per eont. last' year. ' ■ • . ' THE METAL MARKETS.' i Copper—On spot, £76 6s. 3d. per -ton; threo months, £77 6s. 3d. per ton. Tln.-On spot, £228 per Um; three months, £2!W ss. per ton. " Pig-iron, Middleeboro' No. 2, 68s. per toil. Lead, £18 Is. 3d. per ton, . . . Spelter, £26 10s. por ton. PACIFIO AND PAPUA PHODUCE. (Hoc. December 29, 5.5 p.m.) ■ . London;' December "8. ' The Pacific and Pnmri .Produce Company, Lit., with' a. capital of one hundred thousand pounds; 'has been registered. LONDON MARKETS. ■ (Kcc. December 29, 5.5 p.m.) London, December 28. Frozen meat: No quotations. owins to the holidays. . . . Rabbits: Tlib market is quiet, and prices a.ro unchanged. SILVER.. .1 ' London,- December 27. Ear ollver la quoted at SSSjjd, por ounco

, ■' \ Variation . — , compared ''■'•.■ •'"' '' Priooi ■' : ■"'with 'i ' '■ ■ ■ ■ '_. last week. ■ ■ £ i. a.' ' 25% Imperial Consols 74 7 6 Unchanged 4 ,.N.S.AV.1933Jan.-July 101 0 0 Unchanged ■34 „N.S.W,1930-50Mr.-Sp' 90 II 0 Unchanged 3. ..N.S.W.1935A»l.-Oct. 81 0' 0 Unchanged 4 „ Vic. 1920 Jau.-July 100 0 0 Unchanged 34 ■„Vic. 1929-19Jan.-July MO 0 Unchanged 3 „Vic.l929-49Jan.-July 78 0 0 Unchanged 34 „8,A. 1016 Jan.-July- 93 0 0 Unchanged 3 ,.S.A. 1916 Jau.-July 76 0 0 Unchanged 1 „QTdl015-24 Jan.-July 100 00 ■ Unchanged 31 „QTdl9J4-30Jan.-July 93 10 0 Unchanged 3 „QTd]022..i7Jan.-July 79 0-0 Unchanged 4 „N.Z. 1929 Hay-Nov, 1 101 0 0 Unchanged 34 „N.Z. 1910 Jan.-July 91 0 0 Unchanged 3- „N.Z. 1U4& April-Oct. ' .80 0 0 Unchanged 34 ..W.A.1920-10 May-Nov 61' 0 0 Unclmngod 3 „ W.A,1915-35May-Noy 84' 0' 0 Unchanged 34 „Tas. IMOJau.-July 91 O O Unchanged 3 „Tag. 1920-40 Jan.-July ' ba 0 0 Unchanged