COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1651, 18 January 1913, Page 8

COMMERCIAL ITEMS.

,-' INVESTMENT SHARBB. ,- . There, were ho transactions.in investment shares 'yesterday.'' Tho .market .tiulct,still.thero were quite'a'number of buying orders that could-not.be flliod. The quota-., tions. Wero as under:— :' ■•■'.•■", '1 Buyers,, 'Sellers.'' National Bank ....'..V.'.'V.:;.: 5 17 iO-';'-' "5 IS- 6' N.Z.-Loan and Mercantile''-' ~-'.'•■ ;'>'■■■.-}• ■■■■'■ (10s.) ..::.:.'....'..'..;...,'. i ..:'..'.,' 0'8 l 6' " •*-•■ N.Z. Loan aad Mercantile ■.•.■: (305.) ..;•. ;..,..';.....-. 1.1, i - ,- , Tr - ~,.; 2 1 .9. 'tending d«'6>.;.; .:.;..i;;.V' iJ ~:.:'J.";■ .1 ;o-3', Napier.: Gas ,(£10) .; :.'.; — ■'. , . '21.0 0; 'Napier Gas (£5) ..;.- ' -. v 11'.- 0 0 ..Well. Gas (third issue) >.. 15 ; 5. 0. 15 10 0 National;'.lnsurance',.:.'..:. .2 2. 0 ; . ' ,y°<—, ' . N.Z.i Insurance .....;r.....:-.::J' .414:.0 ; :■• -,-'— ' 6.8.- Insurancef ..•.:..'..;...-..'..: ',— > : -.'• 3'14 0Standard, Insuranco .:.....: — ' 112 3 Meat Export (525. 6d.)..... 2 16 0 2 18 0 'N./j. Shipping ,'....: 14 00' .-' Union Steam ..: .-. — ■ 2 6 9 Kaiapoi Woollen •. .V...'.,, — ,550 Well. Woollen (ordinary) 315.0 -, - Oamaru Woollen — . -.1.6 3 llikurangi Coal - ....'.... — 110 Wcstport Coal ........-,..:. 1 ;:. 1 ■ 1 7- 0 .-— ;• Golden Bay Cement -~.:.-., :■—>■; ,1,,0,5 N.Z. Drug-;.-,.-:. „...'./)..-.■,;','-- :•,.,- 2.10i.J, hiiarlanu's.ordinary.'.-,.„-.,'';:~..',, ' 1/ l'"0' Ward and.' Oif. ' .-,.,..i^;:,.'.; ; ,' 5 y 4';'() ';,' .5' 2. ; 'f ;■■-. •-' ft IWtnt »«lll»|i| ,-!l<!«.Js.l:JcS.-1./i •'• Customs '.iuties,!eollecteo pjirtfof' Wellington.' yesterday 'amount'ed"'to : ; £«I41. 9s. lOd. •■'''"■'■ "-. •■'• " ; '>-'- ■- ■•'■■"

"' ■;>" AUSTRALIAN . CREDIT; ;J : Applications for ■• the Queensland 4 per cent, loaufor £2,000,000 closed on Wednesday, • and the .cable meiisago significantly adds that the underwriters anticipate ceiving a.large-proportion; as.a matter of ■fact they, get 81 per cent." The loan was an attractive ono judged .by- the standards i'of two or three years ago,. but not 'so now. Investors are looking for-higher rates, and,they aro getting them, because, the .'demand'for: credit is.in excess of tho supply; furthermore, capitalists, like others, have struck for a' lai'gcr income 1 - to meet, tho expenses of tho higher cost of -liv'ng; Queensland has boon a persistent borrower during the- past twelve months. .Two loans each for £2,000,000 were issued in-London last year, and the underwritors.; had to carry- tho greater part of,tho load. Tho continued indifference of tho publio to Government loanß has failed to arouse the underwriters, 1 ' and the'r experiences during tho past eighteen months must. presently force them into stiffening their terms. It seems very probable that colonial Government 16aus will be forced to boar a 5, per cont;' rate, if money is to be obtained at all. When u, loan is a. fniluro the-general opin'on; appears to bo that the English investor is Ignorant of tho conditions, or if ho does know anything at all he is prejud'eed. Probably he' is a little', bit;'prejudiced, but he is ..far..from being, .ignorant, of- the conditions.: One London ."Investor." answer-, cd.this charge rather effectively, 'Ho'said ho know too much'of"Australia: ahd Australian affairs, and'tho-lessons ho .had learned had sunk' deeper in than he had relished; Ho was; he said, a-'ehoreholdor in several. Australian land companies, and not. only had tho market ;value- of -his shares been depressed through tho • Federal land tax,, but ho was: also unfairly discriminated against as an absentee; ho who had never been in Australia, and from what had recently happened,'.he was not particularly encouraged to go there. Tho London investor has -plenty.- of choice of securities, and is quite independent.

PLATS-GLASS CONVENTION. ' .. The : existing International -. Plateglats' Works Convention, according to tho Brussels, correspondent of "Tho. Times," is to bd definitely renewed l ' for' nino' years, namely, from August .17, 1914,,t0' August' 17, 1924. Tho'object of "tho convention is to.Tegulato in all markets the prices and conditions of sale; of finished ■ plateglass,. and to limit tho output of tho different works, competition at present- being practically limited to packing, quality and time of' delivery;- -Two works, one in -Belgium and one in England, are outside tho convention, though they aro observing the prices arranged. • It has also been decided to form a trust of the plateglass industry under ,tho name of Union Internationale ct Commcrciale des Glaceries, the organisation of which- is being . considered by. those interested.. This combination is not intended to take the placeof'tho convention, but to act as a,-, big exporter, buying tho'output, at a given price, of allthe. works in proportion to. the orders re--ceived; and reselling at'the prices- and conditions fixed by, tho convention. The main advantage aimed at.by this organ- ■ isation will bo the complete suppression of all-competition, both-as rcgaTds prices and conditions of sole, and as to'the conditions of ■ packing and tho quality of platcglnss., . ' ' .' , . . ' GRAIN .MARKET. (By Telegraph.—Press Association.) Chrlstchurch, January 17Thore is no information to report in connection with the wheat markets. Several samples of now oats, both Algerians and Gartons, have been offered. Some of them arc very pood, others- very light. Growers arc asking 2s. for them, and buyers aro not offering more than Is. 9d„ consequently no business has resulted. A- sample of hew barley seen is light, but of beautiful/colour. If the .present fine, woathor ' continues, barley should he right in colour this season. Excellent barley crops axe reported in the'Marlborough district,'and somo heavy yields are being recorded, - '.■ •' '' . '. . ' LltUe biwlnwu.ttsMTflt boon dono In- ijmgi. tead, <u, the eirly simploa ue not attrac. Ut< to buy«ri, .. .

■ •■ • DUNEDIN- WOOL SALES, •-• • (By Telcgraph-Prcsß Association.) _ • . Dunodln, January 17. lor tho second wool sale of tho season, to' be held on Tuesday, 2C.550 bales ore catalogued-a record entry. Tho number ol bales forward for tho second'sale last year wa5.21,225: in 1911, 22,139; in 1910, 24,176. . SOUTHLAND 'WOOL SALES. i. 4i. ■ , Invdrcarglll, January 17. At the wool sales hold to-day, there was a cataloguo of over 12,000 bales submitted. 1 rices were on a par with recent Duncdin and Christehurch sales, being Jd. to 3d. Detter than tho corresponding sale of last . year. The Americans did not buy, largely, tnc purchases being mostly for' Bradford, LONDON WOOL SALES. By Telegraph—Press Association-Copyright London, January 15. . At tho wool sales ■ prices were firm at full ;opening rates. There wan good- competition in all sections. (Itcc. January 17, 11.25 p.m.) London, January 17. Si j .?? 01 Ealcs tio ae °x consignment realised 13d. top price, and IZJd, average prico. LONDON MARKETS. , ■ Messrs. Daigoty and Co,, Ltd., Wellington, havo been advised by cable from their London office, under date January 16, as follows .--Frozen Meat: Mutton, firm at last .quotations. New Zealand lambs unchanged. Beef, majket Btcady, prices unchanged. Itnbbitskine: At the sales 2860 bales were offered, 1904 sold. For cutters, mixed winter skins, and outgoing winters, prices aro lower by 3d. to Jd. For incoming winters, prices aro from.&d. to Id. lower. For autumn prices aro from id. to Id. lower. Light racks and kittens unchanged. Tallow: Prices ore unchanged. VICTORIAN PRODUCE MARKET. By Telegraph-Press Association-Copyright _ ■ ■• Melbourne, January 17, "Wheat, 3s. 7d. to 3s. 7 4 d.; flour, old £9 lte. new:£3 IDs.; bran, £5 55.; pollard, £6;' barley; malting, prime, 4s. 9d.; oats, Algerian feed 2s. 3Jd. to' Zs. sd„ milling 2s. 5Jd. to 2s.' 6d.; maize, 4s, 3d. to 4s. 3>d.; potatoes, £4 to £4 10s.; onions, £4 15s. to £5. • BANK OF AUSTRALASIA. '■■ '■ _■■,•'■ London, January 16. ' The' Bank ;of Australasia has approved .of the proposed issue; of new shares. '..BANK; RATES OF. INTEREST. Bank of England rate was, on February 8, 1912, reduced from 4 to 35 per cent., and on May 9 it was further reduced to 3 psr cent. On August 29 it was raised to 4 per cent., and on October 17 to 5 per cent. . - .-...■...

The Bank of Franco rate was reduced from 3J.to.3,per cent, on January 23, 1908, and continued at the latter flguro until 3J per cent. . On May 17, 1912, if was re-a-uccd to 3 per cent., on October 17 It ,w«a raised to 3} per cent., and on Octobor .30 to 1 per cent. .The Imperial Bank of Germany reduced 'J 3 rata from sto <H per cent, on Juno 11, 1912. on October 24 ft was raised.to 5 per cent., and on November 14 it \vos-fur-ther raided to 6 per cent, MARKET BATES OP DISCOUNT. ; The following are the market rates for lest three months' bills:London Paris Berlin ■■'■, rate, rate rate. •■ ',•.'.• por per per ■ ■•. ' ■ .cent. cent. cent. This week ;. 48 3J " « ■ Last week: 41 3J 4 3-8 ... Last: year ■......... 3J ' .33-8 3' ShDrtloane are,quotod at.3j per cent., a* against 33 per. cent: last week, and 3J per cent. la6t year.

i COLONIAL "AND OTHEE PRODUCE. '". '''.market,is firm, withYa.horfV"SK;jSnW!}e*' a fair .'demand ■Xo^-bd#<ifc3, I :and ; ono f -s6id at 38s. 3d.:':Vio-.tonanflJiinUary-Fcbruary shipment is 'quot-' ed .ait /38s.' i'Liverpool■■ futures, .March' delivery, -75. ; ,6 ,3-8 d; per cental! May delivery,' 7e. 4d.; July delivery, 7s. 33d. There' is good inquiry for Australian on spot, and considerable sake have been made at 395. to 39f. 3d. per Quarter.., New Zealand Bold freely at' 365. to 375.

' flour is quiet. Australian is clearing at 27c. 6d. per Eook' of 2801b.' New patent, January-February shipment, is offered' at 27f1.,'C.1.f. :•■ ...-■.". . : Oats.—Tho market'is quiet. "A"- grade' Gartons, on spot, are moving out at 255.-"to 26s.,3d.i'SparrowbiiIs, 225. 3d.' to 24e.-9d; per, quarter of'3o4lb: La Plata, Jaaunry- .-, BedHß.-tJThB market: is- active.. New^Zcß? - land, on' spot,' 395, 6d. to 40s.' per' quarter M tMlbiiv... -,-'■-■■ •<■-,■: ■/■:■. -~ >•:•.' Peas.-Tho market is dull. Spot quotations.: aro unchanged.; On-passage parcel, f.a.q., sold at 375. 6d.

.'i '.market"ia.'very dull,:: but prices'.are' 'unchanged. " Danlßh,- 12651' ■to 1275.;. choicest Australian, 110s. to 112s:; secondary, lOCS.: to lOBs.; New Zealand, .choicest, 116s. to 117 a.; Argentine,' 108b. to 110s. ,'"■■ Oileosa—The market is steady. New Zealand is-quoted at 60s. Sugar.—German beet, 88 per cent, net titre. unchanged, at.\ 9s. 2d. per cwt.: first marks granulated, : f.o.b. Hamburg, 2d. higher, at lie.. 6d. .''■;•■ Bradford Tops.—Business is limited. Sixty-fours.'. 295;: impcr sixties,- 28Jd.; common sixties, 271 d.; fifty-sixea, 23d.; fifties, 21 Jd.; forty-sixes, 165d.;.forties, 15Jd. .; ~, ;../ METAL MARKETS. - • '. iC.oppcr.—Qn spot;- £70 ..5s.V three' monthß', '• •■•••-". ' 7 spot',- £227 10s.; threo months'; '•gll&i <."*'• ,wi:->e.JL ,:!,'*:,,> -.-. r ,i.. ~.. .. 15,322 tons'; cxnorts,i-,4647 .tons; ■'. ' . ■-. ! Roelter,' £26 ss. :! ~ -..' Pig-iron.—Middlcaboro', No. 3, . Is. -4d. lower, at 655..8 d. per ton.