COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1649, 16 January 1913, Page 10

COMMERCIAL ITEMS.

V INVESTMENT SHAKES." ' ; " -There wero so transactions in investment scares yesterday.' The buying and soiling quotations ' were rs uuder-— ' Buyers.' Seller*. £ b. d. £ s. (1 Bank Now Zealand 11. 0 0 — N.Z. Loan and Mercantile 0 8 4 ■'. — N.Z. and lliver Plato — 2 19 Well.'Tiust. and Loan ... — 7 10.0 Foilding Gas — 10 3 Palmerston N. Gas ,'8 15.0. '— 5.15. .'lnsurance ■ — 314 6 .Standard Insurance — . 112 3 Rear Meat :£4) ' 12 5 3 -. Meat Export. !£•)) — 5. 'i 0 Meat Export (525.. 6d.).„. — . . 2 18 0 N.Z. Shipping 14 0 0 ' ~f ■ Kaiapol Woollen (pr0f.)...: — 5 5 0 Kaiapoi Woollen (ord.) ... 5 .3 0 — ' Well. Woollen (ordinary) 3 15' 0 ' — Westport Coal T. • 1 6 10 — ', Golden 'Bay Cement , — .. 110 Shariand's ordinary — 110 W.F.C.A. 7 0 0. .7 5 0 FROZEN MEAT. • /; .Tho outlook for frozen meat appears to bo excellent, first because consumption is likely to. bo stimulated owing to the extreme prosperity prevailing in Great Britain, and secondly, becauso the statistical position is ono of strength; Tinder normal conditions, the exporting capacity of Now Zealand is not equal to any groat expansion, and with . a Btrlko, pending there will bo reduction in tho volume of exports.. Australia' may be ablo to send .a little more, but.it will not be a very great deal. Writing oh frozen meat under, date, London, Decembor 6, Messrs. W Weddeland Co. state that there has,been an cxcollcnt inquiry ,for frozen lambs, and recent arrivals have been, readily absorbed. Australian lambs which havo come to hand so far, howovcr, havo been- very disappointing ' as far .as quality: is concerned,, only - a small percentaso being ol really flrst-claßs quality. 'These have been tin easysale at. sjd. •' per lb." for. light-weights, and f.a.q. and inferior, descriptions havo also sold well at sd. to 5 3-Sd. per lb, Medium and heavy-weights, 1 however, particularly. the latter, aro moro difficult to sell, and are quoted Jcl. per lb. under tho priccs' rulin'g for tho light-weights . Stocks.of mutton in store aro very light, and prices keep at a high level. . For tho few primo Canterbury ohcep available, 4Jd., per lb. is obtainable, and primo . North Islands also. command about the : siuno figure. Naturally at these prices - buyers confine, their operations', to practically daily requirements. Secondary , descriptions ■ are firm at 48d. per lb. Australian mutton iB a shade ilea.rcr, and cannot now bo bought under 4 l-16d. to 4jsd,. per lb. Ewes havo also improved, and realise 4d. per lb. Diver Plate sheep are quoted at 4Jd. to 4Jd. per lb There hns been a. brisk inquiry for beef, both forequarters ' and hindquarters showing a, sharp advanco in price. River Plato fores cannot now be bought •under 3Jd. per lb., and Australian crops at 3'l6d. to 3. 3-Bd. per lb. New Zealand forea are very short, and realise 3»d. per lb. Australian' frozen hinds, especially good,; weights, are in strone request, and 3}d. to 3;3-Bd. per,lb. lliver Plate hinds aro offered at 3id.' per - lb..- and New Zealand hinds'aro offered at 3Jd per lb. Supplies of oliilled beef aro again short, and with a good demand prices are again quoted a shade higher. Closing prices (December 6), are:—Force, 3id. per lb.; hinds, ,4Jd. per lb. , ' / . TALLOW,- " Compared with ' a year ago, tallow is very much dearer.. especially , for fino , grades. 'This'is illustrated in the following' table:— :. : :. Jan.. 8; 1913. Jan. 10, 1912. £ s. d. £ e. d; :. • Fino mutton <0 10 0 ' 36 10 0 >' . Medfum mutton 34 10 0 33 5 0 Fino teef ......... 38 0 0 35 0 0 Medium beef"..:.:.. 33 10 0 32 10 0 Tlio market lias .Improved, very considerably, especially for finer qualities, and this is partly due to shrinltago in supplies and increased' ; demand, especially on the part of margaMno manufacturers. Tho London tallow statistics Mr the past'year show a' docrease■ of 5549 tons, in imports, . and a'decrease of 2269' tons in deliveries! while stocks are 1203 tons below those at the end of 1911. : Tho' December imports wore 2494 tons, against 3266 tone for-De-cember. 1 1911, and deliveries for tho month wero 2152 tons, against 2307 tons. . , The following is a comparison of tho totals for tho last three years:— ■ ' Tons. Tons. Tons. . 1910. 1911. " .1912. Imports 35,977 45,272 39,723 '..Deliveries 35,848. .. 43,089 <0,620 Stocks, Deo 31 2,487 4,670 3,467 "MEHOERIBBD" SILK. The old ' misdescription , "mercerised" milt.now and again crops up, and the latost was in the Marylcbone Poli'cc Court, London, when Ilenry Dobb, Ltd, of Wostbourno Grove, London, was charged by tlio Board of Trade with applying a false description and exposing and selling goods . 'with a false trado description. The summonses were taken out at tho instanco of the Silk Association of Great Britain and Iroland. It was stated that in Juno last tho defendant company issued a catalogue of various things in connection with its summer sale, /In that catalogue it had a drawing of what it called a golf ooat of wool, advertisod at 18s. lid., and ■ next to it was displayed n similar coat of "meroerised silk," the sale prioc of which was 163. lid. A lady who went to inquiro for one of these latter coats was told 011 two occasions that they wero sold out. On a third occasion she nga'n asked for ,'a silk mercerised coat, as adverticed, and was supplied with ono. At her request the coat was described as "mercerised silk" on tho invoice. Sho subsequently sent tho coat to.Mr. Warner, the prefiden* of the BUk Association, and .it was found to bo niado entirely of cotton. The prosecution had been instituted to put a stopto any largo and growing practice of describing cotton goods as silk. Tl"> dant company pleaded guilty, and on its bohialf it was. stated that tho lady who had: tho solo authority to make out tlio sale catalogue had simply given , to the goods the description which she had been acquainted with for a long time Thcro was no such thing as "mercerised" silk. "Mercerisod" meant silk, and to talk of "mercerised" • Bilk was similar to talking ' of gilt gold. Nobody could bo deceived in the matter. It was intended that tho description should bo morccrifed cotton Tho firm took the entire responsibility, and would not visit on the assistants the pen- . ulty which tho magistrate might impose. The magistrate declared that a inoro glaring examplo of an absolutely untrue trade description it would bn difiirult, +•" reive. Tho false description would be likely to lend, to its sale; otherwise tile article would not bo adverticed with tho description. lie could see 110 ground for imposing anything but a 'very substantial penalty. The defendants would bo fined . £30 011 each of the two summonses The' magistrate ordered the payment of 3 ' guineas costs. ' PACKING TINNED ■ FISII. The British Vice-Consul at Bergen, Nor- : way, reports that, according to tnu L.t-nl Erbss, an improved proccaa for drying and oiling herrings, sprats, and other fish for tinning has been invented by an on-

gincer of Staveger. In* the older method f the flsh wore dried in special ovens for 1 about four hours at a temperature of about 86deg. Fahrenheit, and'-then boiled i by being dipned in boiling oil for a (short j time By the now method the flwi nro i dried at a temperature of from 158deg. t to 176deg. P., which means that the second t boiling in oil is unnecessary, as tho fish < are boiled during the drying process. The high temperature also reduces tho time of drying to about 20 - or 25 minutes, eo j that smaller furnaces can be used. Tho t ovens hitherto used cannot maintain th) 6 i high tomperaturc on account of tho open* 1 ing of the door every time tho flsh aro i moved in or out. In the now design 1 a small flap is fitted over the opening for i oaeh tray, and thus the temperature of ) tho oven as a whole iB not affcctcd. < IRON TIIADE COMBINE. : . i In Great Britain combines of maniifac- j turers in tho iron and stool trades have 4 proved notoriously. unstable, but one now ( in operation promises to be the most important yet formed. This combine (writes a correspondent of tho "Financial Times") includes the great bulk of the manufacturers of what are known in the trade us • light castings, consisting of grates, 6tovcs, ranges, gates, railings, and suchlike goods. The aggregate capital interested in this branch of the trade is very large, and tho , annual valuo of tho products enormous. Tho new body i 3 • known as the National Light Castings Association. It has been ; , in existence for some time, but is now seeking to perfect, by organising and re- . gulating the distributing trade,, the organisation which it was formed to inaugurate. Distributers liavo been divided into four ' classifications, ooch entitled to different terms, .and they are being invited to sign an agreement binding themselves to maintain certain minimum prices. Failing the acceptance. of the agreement or its sedulous observance, their supplies of tho goods in question are liable to be cut off. In somo Quarters'it is reported there is a natural hesitation among distributers to sign the agreement in view of rumours to the effect that independent capital to a substantial amount is about to sceki remunerative employment in the industry. Certainly those new developments would appear to ensure a wider margin of profit than lias hitherto been available. WOOL AND HEMP. ' During the four weeks.to January 6 tho Wellington Harbour - Board handled a record quantity of wool and hemp '. Comparing: the figures with 1911-12, we get tho MloWinß: - \ 1911-12. 1912-13. Bales. Bales. Wool ..'. 21,466 37,566 Hemp 2,996 4,649. .... 24,<62 <2,2:5 Tho represents 17,753 bales, and tho wholo of the wool and homp came by rail. The fino weathor experienced during • the period is no doubt responsible tor this. - FINANCIAL CABLEGRAMS.Bj Telegraph—Press Association-Copyright' • London, January 14.— Bank of Australasia; buyers '£119, sellers £121. . : .'BanH of New South. Wales, buyers £39, sellers £41. ' . , . Bank of Victoria, buyers £4 55., sellers £4 15s. ■■■ . ' i I Union Bank of ' Australia, buyers £08 I 10s.. pollers £59 10s i National Bank of Australasia, buyorß £4 155., sellers £5. . " ; 'National Bank of Now Zealand, buyers S £11 10s., sellers £12 103.. Daigety and Co., buyers £5 17s. 6d., sell- : i ers £5 ss. I ) Bank, of Now Zealand 4 por oent. guaranteed stook, £98. - ■ . ) ;. New Zealand Loan and Mercantile Agency 4 dot cents, £99. Oitv of Melbourne 4. per cent., £98. : . Melbourne Harbour.. Trust 4 per cent. ) bonds, £97. 1 Melbourne Tramway Trust, 41 per/cent, i debentures, £99. V Melbourne and Metropolitan Board of Works, 4 /por cent, debentures, £99. ' Australian Mercantile Debentures, £94105,. ' City of Sydney debentures, £100. 1 Daigety and .Co.'s 4 per cent debentures, ■' £96. .■ Melbourne Gas debentures, £ICO. I Goldsbrougb, • Mort and Co.'s debentures, I £97, 10s. • f ... ; BABBIT SKINS. '. ( . London, January 14. i . Messrs. Anning and Cobb's report on the r rabbit skins sales showß that ,two thousand sltiris wero offered and 12C0 sold Cut- . ting sorts declined, by a halfpenny to a i penny. All for furriors .wero withdrawn, I there being no bidding, ' ' i ' SILVER. London, \January 14. ' , Bar silver is Quoted at 29,1-16 d. por ounce j standard; " , ;■ j LONDON WOOL SiVLES. v ; MERINOS HIGHER: CROSSBREDS, FIRM, t By Telegraph—Press: Association-Copyright 3 London, January 14.. 3 Tho wool solos have opened.' There is a • Tory firm tone. Prices for merinos aro ' against buyers. !" HIGH COMMISSIONER'S .CABLEGRAM. 3 . Tho;Department, of Agriculture, Indus--3 'tries, and Commerce has tccoived tho folt lowing cablegram, from the High Commis--3 sioner for New Zealand, , dated London • January 14, 1913, regarding tho opening > of the first series of. colonial wool sales:— ' "The wool sales liavo commenced. • : Thcro • is a general and active demand, especially • for merinos, which are.slightly higher. For t crossbrcds, the market, is steady at pre- > vious ouotations. Supplies will be moder--1 ate,' Trade is good. .It is. expected that f present prices will continuo or advance. J Thirty-five thousand balgs of New Zealand 1 wools are catalogued." ; 1 . 1 . PRIVATE CABLED REPORTS.;,: v The Bank, of Now Zealand has received i the following cable advice from its Lon,don office, dated January, 14:—"The sales i, have opened with strong competition; and large attendance of buyers. Thero is an ' activo demind by Home buyers. Prices have a' hardening tendency for crossbred, lino greasy, average. Prices liave an easier 3 tendency for crossbred,' coarse and medium greasy, average." ' • ■ Messrs. Daigety and Company, Ltd.; Wellington; are advised by cable from their London office,''under dato of January 14, as follows:—"Wool talcs. opened. Attendance of buyers is large, and. competition animated.' . There is a good selection, and, compared with tho closing rates pf 'ast Series, merino and fino crossbred pricos • aro very firm,'and change, if any, in sel--1 ler's favour.; For medium and coarso 3 crossbrcds. change, If any, is in buyer's B favour For merino wools, .heavy, earthy, 3 and .vasty, prices aro irregular." , : The New Zealand, Loan ■ and Mercantile ! Agency Company, Ltd., and Reduced, havo / treeoived tho - following cablegram from , their London house, under date January 14:—London Wcol Sales.—There iwas a good ! attendanco: at the opening of the sales' s to-day,' competition by Home and Oontinr cntal • buyers being spirited, and prices, as compared with the close of preceding series, ruled par to 5 per cent, higher for merino and' fine greasy crossbred wool. The opening catalogues' were representative, and America is buying suitable lots of crossbred. Tho market for coarse greasy orossbred. wool is slightly easier. Messrs. Abraham and Williams, Ltd., , have received the following cablegram from London, under date, January .14:—The salsa '■ liavo .'opened with good competition, The " market is firm for merinos, fino and mer diura crossbreds, at prices on a, par with ' closing rates of last series, whilst for 0 coarso crossbreds tlisro is a steady mar--3 ket' at from, par to 21 per cent decline. f Messrs. Murray, Roberts and Co., Ltd., 1 have received the following cablegram from D their London friends, Jlessrs.- Sanderson, . Murray and C 0.,, under dato January 14,' i 1913:—"Sales havo opened firm—market t shows no material change, e*cont for f greasy merinos, which have advanced a j shade" t The United Farmers' Co-opcijitiVe A srociaf tion, Ltd.. 149 Lambton Quay', Wellington, have received tho following cablegram from s their' London agents, under date January 1 14:—"Tho first series of wool sales opened 1 to-day, and wero well attended by Home, , Continental, and American buyers. Com- !• petition was animated, and prices aro prac- '- tically unchanged. Fino and medium croasy bred shows no quotable change. Coarse f crossbred sold at par to 5 per cent, dc--1 clino as compared with closing rates , of !• previous sale." James Macintosh and Company report : having received tho following cable nicsrafro • from their London agents, under ' dato N January 14:—"At tho wool sales today prices for all grades remain ung changed." I INVERCARGILL WOOL SALE. . ; (By Telegraph-Press Association.) : , invercarglll, January 15. 1 The entry for the wool salo on Friday o consists of 12,860. bale®, compared with , 15,083 in • January, 1912. Tho decrease ia j due to tho quantities sent to the northern . sales, and to tho increased private buying