COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1639, 4 January 1913, Page 8

COMMERCIAL ITEMS.

■ THE WOOL SALE. | The woolbrokers of WoHington'wcre never k so busy as they have been during tho tpast two or three days. The January sale b: is always a big one, but this year it. will 1C be exceptionally big, for the catalogues pi to be submitted on Wednesday will aggro- p gato quite 25,000 bales. Almost before the t< wool sold on December- 6 was dolivored cl to the buyers, fresh wool camo pouring £ in, and the fine weather experienced has si cu-abled everyone to ccmpleto shearing, h and wool has literally poured into the fi city. Ttot so very long ago the woolbrokers fi provided increased storage, and it was b felt that the- requirements for fully ten ii yoars had been met, but the experience of 1] to-day 'shows that tho storage is iuadc- li quate. Wool is being' stored in-various 1, odd corners wherover Bpacc is available, s and'since the local sales are increasing r in popularity it is obvious tbat\ tho brok- b crs will have to faeo.tho question of pro- £ viditig further storage accommodation. It P is a big question, for storage means expense, .and next .year :.,may not see a repetition of tho conditions which provail' to-day. Thero, is every promise that the attendance of. buyers will bo exceptionally large, and tho battalion is expected to arnvo in tho city'this even- s ing from Napier. Valuing in the stores V will begin on Monday, and on Wednesday t those who visit the Town Hall will bo en- a tertailned in a most novel and aggreablo h way.' I ",' THE FREIGHT MARKETS; ;• J In a,recent issue tho "Statist" discusses v tho freight market, and -brings forward j facte ! which, in its ' view, militate against , any substantial easing of that.. market, j Tho situation is ruled, that newspaper 0 points out by the total supply of merchant > tonuago in tho/world in relation to tho f amount of' traffic to be carried, and tho ] total'supply is insufficient, and is shown i by the 'freight markets all over. Tho'ad-. j vanco in freights began a year ago, and j the extent to which shipowners have ac- j 'tually benefited is only. now being made | known by tho issue of balance-sheets. Tho J figures published show that tho earnihgs ( for the first six months of this year wero j fully 59 per cent, moro than in the corresponding portion of last yoar. As' to tho futuro there are certain facts and probabilities- which'no ono can ignore. Thero is the.great and growing trafflp-of .J tho world, and the necessity for increased 1 and accelerated; movement of grain caused ; by the irregularities of tho harvests of ' the world. Thero is tho .exceptional' distribution of tonnage all over > tho world, so that there is.no appcaranco and no present prospect of any ovcr-eupply in any ono lino of trade. What this means can bo realised by those who remember how in past years fleets of rcssels wer.o run out from England to America, to tho Mver Plate, to India, or elsewhere, and in default of return cargoes' had to, go in Blioals into ballast half round tho world to got another freight. ;But now outward freights are as strong as homeward, and it is doubtful, the "Statist": believes, if_ at any former time shipowners have been' in such a position as to command handsome profits both ways, and.as often as they can enter tho lists. Thero aro very - good reasons for expecting the present turn of prosperity to last for Eomo time yet, and certainly over tho coming winter of course, a great" European . war,,*or a. contest between East and West. " MELBOURNE STOOK EXCHANGE. '; j Eeviowing. the course of tho market on the Melbourno Stook Exchange during tho last year, the "Argus", says:—"The fact that, holders of mining stocks have, on the .whole, fared better than holders of investm-ents hocomes ' apparent. ; . There have, of, course, been exceptions in both divisions, but thp outstanding' factor has bceii tho exceptional prosperity of industrial metal companies owing to the' bus-" 1 taincd high, prices ruling for their products. On the other hand, so fax' as investment companies wero concerned,, after tho opening : quarter;-' of tho year had - proved favourable for both now and old In- , vestment companies, there was a lull. Prospective new companies were withdrawn, ' accommodation was difficult to secure, and established investment stocks lost' some of the market advantage gained as the rei .stilt-of the previous prosperous intcrhido i and the defeat of tho referendum. With . tho prospects of an indifferent.season that movement was likely to have become ac- [ contuatcd. Signs of a rcriral have, however, developed in this important side of [ tho market during the'past few weeks, in ► response to the improved pastoral ■ and i agricultural outlook, despite ' the resub- . mission of tho referendum proposals. Dop benturcs have been Blow in responding to ,] the influences that have braced up other ; securities, owing to tho number of new 1 j loans nnnounced or mooted. The most ■ striking change-, of tho year has been in 1 tho Broken Hill stocks, in regard to which j metallurgical advance has kept paco with . metal rates, and tho contents of tho oro have been turned to moro profitable-.ae- ' count, notably in the direction of recovering tho sine values. Had an adcauato r supply of efficient labour been availab'c, - still more striking figures would have been - furnished, by these companies.' Copper--3 mining : was also stimulated by , a ~ high • metal price, but that condition 'was not ' expressed in dividends so much n.s in the progress of new fields. Tin. mines took somo time to reflect the advantage of .tho high price of the metal, but Sio.m ventures In . which Australian capital is l invested have been- consistent profit earners; and New South Waios and Tasmanian sluicingclaims have lately made a better showing with tho advent satisfactory rainfall. The gold-mining industry continued 8 to drift, but encouraging features wore 1 not wanting." i -. ' • -.' BEET STJGATI'. , ; ' 0 It becamo evident within the last few weeks that tho estimates of the outturn ■ of beet sugar for tho 1912-1913 campaign 1 would have to undergo alteration, ospecis ally in so far as Rußsia i's concerned, s Early in the season Licht put out a cale culation which promised ..a yield, of api- proximately. 8,936,000 tons. Since that foro--0 cast was made, however, tho news from . 1 tho Russian beet fields has bedn. tho re--1 terso of encouraging, rather serious dam't ago resulting from frosts. So Eerious wero L " tho consequences -, that ono authority expressed tho view that more than 30 per - cent, of tho roote would be ißst, although 1- there remained at that time a. possibility ; that part might be recovered by prompt .' removal from the ground and immediate '.' working up. In certain instances—though '■ to what cxtent.is not yet known—this was '! done, and by this means, the set-back, y It was hoped, would bo minimised. In j other Eastern countries, which go in for 0 beet production, lack of labour for tho •-. fields has been added to the difficulties of j. cultivators, who have also had to contend ' against Adverse' weather conditions. Some : " of tho largo factories endeavoured to -i overcome the labour insufficiency by pay- '- Ing doublo wages. One cable message ro- ; ccivod yesterday discloses that Licht has r deemed it prudent, in tho circumstances, ~ to lower his rjrlginal ostimate of European ,l production, and he now indicates an output of only 8,420,f00 tons, which'represents '" a reduction of 516,000 tons on the figures V first montionod by him for tho current -; campaign. It is stated that of late stocks t, in England had been accumliln ting. _ More--1 over Bpcculotive orders hove been in evi- .* denco recently, these, according to Messrs. '' 0. Ozarnikow, being based on war rumours, ?' sinco dispelled. In London a new prin- '■ cinle has been adopted of invoicing back 3> all contracts at a uniform lD,?t-placo ;r price, in tho event of Germany—whence fa •t drawn most of the sugar supplies of tho io United Kingdom—becoming involved invar , with a first-class European Power. Tho "'. world's position in beet sugar will certainly require attention for some time to come from a trading, if not from an international, standpoint;le —: ■e Custom.? duties collected at the port of , Wellington yesterday amounted to £7694 d ss. sd. V WELLINGTON MARKETS. • i' Mossrs. ' Laery and Co., Ltd., wholesale l produce merchants, Allen Street, report prices ruling on the Wellington market;— s " Fowl wheat, te. 2d. to 4s. 4d. per bushel; s - fowl barley, best, 3s, fd. to 3s. 9d. per s- bushel; Oapc Barley, seed, 3s. 9d. per l- bushel; oats, short feed, ?tf. Bd. to 35.; oats, ii seed Algerians, 3s. 3d.; oats. Duns,,2s. lOd. ' to 35. ; mnizc, <s. 9d: to ss. per bushel; 3 Prussian blue peas, 6s. 9d. to 7s. per buslicl; • partrldgo peas, 4s. to > 4s. 3d. per r ' bushel ihorte beans, 4a. 2d. t0.4«. 4d. per bunh- »', luoiocina, £7 par toniv flour, Atlu,

brand, £8"lli. 6d. per ton: oatmeal, £13 |F 10s. to J3l4'pei- ton; pollard, £60165-. to £7 por ton; barley meal, £5 10s. per ton; peamoaJ, £6 per'ton; bran, £5 15s. per ton; chaff, prime oatensheaf, £5 per ton; chaff, straw, £3 15s. per ton; straw/baled, £3 to £3 10s. per ton; • factory bacon, shoulders Bd. por lb.,..sides 91d. per lb.; J haras, 9jd. per lb.; rolls, 10Jd. -per lb.; I factory cheese, medium-sized, 63d. per lb.; factory ohcese, loaf size, 75d. per lb.;honey, • bulk, in £61b: tins, 4}d, per lb.; margarine, I in 281b. tins; Bid. per'lb.; whole linseed, 16.9. per lb.; linseed, ground, 225. per owt.; linseed cake, Ms. per cwt.:. linECcd nuts, 13s-.-66V per cwt; basie'dag, £4 ss. por ton; superphosphates, £4 15s. to £5 per ton; rolled oats, 9s. fid. per dozen; rollod oats, bulk, 16s. per 100;' potatoes,, prime table, £3 to £10 per ton;, Victorian onions, £? per ton. . .'. NA2IEE WOOL SALES. (By Tolegraph.—Press Association.) 1 Napier, January 3. The second series' of the season's wool sales, under tho auspices ■■ of tho Napier •Woolbrokers' Association, was held here to-day, before a largo and representative attendance of\ buyers, and a reoord number of bales, 25,751 :Was submitted? as compared with 21,055 in January-of last year. Bradford wools wero keenly sought for, >.' and realised satisfaotoryiprices.-but Amori- , can i buyers wero hot operating freely, and wools suitablo for that market showed-a decline of from id. to 23d. a lb. Lambs' wool sold extremely well. Bellies and pieces also oaused good competition. The appended figures show ; the-range- of prices, with tho - figures for ■ the ■ corresponding a sale of last year given in parentheses:— Best ■'half bred, 12{d. to 13} d. (lljd-j 13d.); medium, 10}ff., 12d. (lOid., Hid.); fine, cross- ' bred, lid., 123 d. (103 d., Hid.); racdinm, 93d.,' 103 d. (9d., 10Jd.); coarse. 9d.; lOd. (7Jd„ 83d.); inferior, 83d„ 9d. (7d., 7*d.); pieces, 7d„ 93d. (Gd., 9*d.); 'bellies, 63d., Bd. (s}d*. 7Jd.); - lochs,-ad., 5Jd. (3}d., 4jd.); lambs, Bid., 124 (6id.,.11d.); dead, 7Jd.,' 9Jd. (7d„ lOid.l. Fourteen bales scoured'pieces realised 15Jd, : ' . . TALLOW. ''■ '/. Now Zealand Loan and Mercantile Agency Company, Limited, have received tho followiue oablegram from their London house ■ under date January 2;— Tallow; Bpot market unchanged. , ; .; BANKERS' CLEARING .3011813. '".yi -A RECORD TURNOVER. .'•, | "y Telegraph—Press Association—Oopjrlttht I : - . London, January 2. The , Bankers'. 'Clearing House turnover for 1912 .was £16,000,0C0,0C0-a .record. TABMANIAN LOAN ' PROSPECTS. ' London, January 2.. Tho Tasmanian loan prospectus has been . issued;' It'oloses on January 6; the final instalment being payable on March 26. . MOTJNT LYELL MINB. ■ -•■•• Melbourne',, January 3. i Mount, Lycil returns ' for'' November 23 ' to December 25 inclusive, show that 9212 ' .tons ore, also 4904 tons of thajeis• fluxes, were treated in tho converters, and produced ninety tons of' blißtcr. copper, con- , tairiing: copper.- B9 tons; silver, 16,612 ounces; gold, 353 ounces. ! BANK OF ENGLAND RETURN. ;■ \ By Telegraph—Press Asßociation—Copyright , i (Reo; January 3, 9.45 p.m.) ,•':. , {>, . London, January 3. '. The Bank of Englandi return issued far •- tho week is as under:— Ibsite Dnr-uronsHT ' i- Note lisnt £18,626,000 - £11,015,000 j • Ottaorseourl- -.'■-' ties ... >. .7,434.000 'Gold ~. ~'.. 80.377,000 , j £18,8-26,000 i £-48.826.000 f ; ■ ,- • Bissmo DnrinTUBST. 1 " Proprietors' G.vt. securl--0 capital £11,563,000 ties..;' ...£14,835,000 1 Public d«- Other securlt posits ....,14,165,000 ties 49.630,000 '■■ 'Other do- i i ■ posits': ~.52.055.000. Note! . ... 10.620,000 f Best, 7-day .''■•"' i «,nd other I ■ bi115....' ... 3,342.000 C»10... _ D2<,000 ■- £85.015.000 • £35.015,000 0 The leading Itoms of the Bank of Eng- * land return afford the following compart- , son:— , ■ ■' .'' -. ' • " ■» . Thlswesk Laßtwo«k Lostyoar J' ■ '■' £ > ' - £ -" h Bullion ... - ... 50.077.000 29.291,000 33,635,000 II Hescrvo . .. 20.550.C00 19.500,000 23,63'2,000 0 -Note circulation M.293.0W. 20.273,000 ,29,100.000 !• Public Deposits .- 14.165.000 12.430.000 10.677.000 -• Other Deposits 62,055,000 39.050.000 49.352.000 o proportion of . _ . . J, resorve to ' . ■ n liabilities... . ' 30.65, ', 37.85 - 35.85 . GOVERNMENT. BECUEITISS. j t ■ The following are the latest quotations} o for Government securities, with o com-

s- BANK RATES OF INTEREST. h The Bank of England rates ' was, on | v January 27, lowered to 4 por cent., on' it February 16 to 31 per cent., and on March I Z 9 to 3 per cent. On September 21 it was 1, advanced to 4 per cent., on February 8 it .a was reduced to 3J per cent., and on May It 9to 3 por cent. On August 29 it was raised n to 4 per cent., and on October 17 to 5 per , r cent. ,„ Tho Bank 'of Franco rato was reduced ,f from 3j to 3 por cent, on January 23, 1908, d and continued at tho latter ,figure until ,p Soplomber 21, 1911, whon it was raieod to o 3J por cent. On May 17, 1912, it was reL duced to 3 por cent., on October 17 it n. was raised to 31 per cent., and on October .» 30 to 4 per ; cent. , ■ Tho Imporial Bank of Germany reduced n its rato from 5 to 41 per cent., on Fcbrut. ary 6, and on February 19 the rato was hJ furthor reduced to 4 per cont. On Scptcm- j ;3 bor 19, tho rato was raised to 5 por cent., it on Juno 11, 1912, it was reduced to 41 per is cont., on October 24 it was reduced to 4} per e- pent., and on November 14 it was raised to ■i- 6 per cent. s. ' *l MARKET RATES OF. DISCOUNT. :k Tho following aro tho market rates- for io best three months' bills:— i ! *. ' London . Paris Berlin 10 rate. rate. rate, i ir ' per cont. por cent, por cent. I 10 This" week 48 3J 6J , r - Last week ' 413-16 33 6 £ Last year 31 31 33 Short loans are quoted at 4 per cent., as against 4 per cent. last week, and 2j jf per cent, last year. 94 COLONIAL AND OTHER PRODUCE. Butter'.—The market is dull. * Buyers ore in active, and it is difficult to clear '? the supplies which have accumulated durrt ing the holidays. Danish is quoted at r 1295. and 1305.; choicest Australian, 1123. l! and 1145.; secondary, 106s. and 110s.; Now Br Zealand, 118s., 1205.; Argentine, 110s. and L ' r 112s. ". ■ 5'- Cheese-Quiet. New Zealand white, 60s, ?■ 6;1. and 61s. Coloured, 61st. and 62a.

j, r Woodß' Great Peppermint Cure, Is. Cd. j, For Chronio Chest CcmtiUinbi,*

It pgrison of those ruling lagt week:— o Variation ■. 'fl . — compared d • Prloi, with -,' a . . last Tteolt. E' : ~ ~ £ i. d. K 81% Imperial Consola 75 7 6 20s higher ': i K.8.\V.1933Jan.July 101 0 0 Unchanged " s Bi "N.S.W.lOSO-SOMr.-Sp 00 0 0 Unchanged °. ',8- "N.S.W.1035 Apl.-Oot. Ei 0 0 Unchanged 1 'Vio. 1020 Jan. July 100 0 0 Unchanged Si " Vic. 19-20-10 Jan. July .03 0 0 20a lower . 8 " Vic. 1029-«Jan. July 78 0 U Unchanged Si "S,A. 1010 Jan.July 83 0 (I Uuchangod ir 8 "b.A. 1816 Jan.July 76 0, .0 Unchanged n 1 'Q'l'dl015-'2(Jan.July 100 0 0 Unchanged n 8i QTdl921-30Jati.July 0*0 0 10s highor, i- 3 QTd 19-2i-17Jan. July 70 0 0 Unchanged i i 'N.Z. 1029 May-Nov. 101 0 0 Urtchangod 1. Si' 'N.Z. IIH0 Jan. July 01 0 0 Unchanged > 3 , N.Z. 1945 Aprll-Oct. BO 0 0 Unchanged D 3i W.A.lO-20-JOMay-Noy 01 0 O Unchanged t, 3 „W.A,101o-35MayJ)»r b4 0 1; Unohangod » Si Tas. lOMUan.July 01 0 0 Unchanged ■' 3 ,,1'qg. 1020-10 Jan.July i>3 0 0 20a higher