COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1676, 17 February 1913, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHAEER A sale of New Zealand Drug shares at 495, 3d. was tho only transaction recorded in investment shares yesterday, 'file quotations were as under:— Buyers. Sellers, • £ b. d. £ s. d. Bank Now Zealand 11 2 0 — National Bank — 6 10 "Well. Trust and Loan ... — 7 4 0 Feilding Gas — 10 3 Well. Gas (prcf.) .' 0 19 6 1 0 3. fnsuranco 5 10 —. Meat Export (525. 6d.) ... 2 15 6 —■ N.H. Shipping 15 17 6 — . Union Steam 2 7 9 2 I! 6Well. Woollen (ord.) — 314 0 Taupiri Coal — 13 3 Westport Coal — 17 9 Taringamutu Totara 2 4 0' — Golden Bay Cement — 10 3 N.Z. Paper Mills — 10 9 BORROWING IN LONDON. Tlio amount borrowed by British colonies in the London market in 1912 totalled £32.790,K0, as compared with £19,813,100 in 1911. Tho distribution of the loans in the two years was as under:— 1912. 1911. Canada 11,365,500 6,068,400 India 5.C00.0C0 4,833,300 Newfoundland ... 4CO.CCO — New South Wales 5.C00.0C0 — New Zealand ... 4,500,C00 161,400 Queensland , 4,C00,C<;0 2,C00,C00 S. Nigeria. — S,CCO,C(i3 S. Ehodcsia — 100,100 W. Australia ... 2,525,000 - 1,650,CC0 32,790,500 19,613,100 Canada continues to be the, most prolific colonial borrower, and last year secured over 40 per cent, of the aggregate. Canada was also responsible - for no less than 84 per cent.-of tho total municipal boji-owfng '-v tl"» oversea nortions of the /Empire. Out of sixteen colonial civic issues last i ear „iuy two—tno'so of Perth . and Sydney—were by cities outside Canadai

INSURING FLUCTUATING STOCK., With tho object rf providing an adequate means for. insuring .fluctuating- stocks', against -Are at considerably loss cost and' trouble than hitherto has been practicable, an enterprising British company has devised a scheme which, it is believed, will nil the requirements. Heretofore the insured had "the option of 'insuring for the maximum value that his stocks might touch in a year, in which case he would generally be over-insured throughout the greater portion of the term; and, of course, would ue paying heavier premiums than were aotually necessary. On the other hand, ho might insure for an estimated average and tako-out-short term policies covering the periods during which his stocks rose above normal in valuo. Tho drawback to this latter alternative would be, naturally, tho • relatively high rates levied class of policy. >Undcr tho pystcin that lias been devised, tho insurer may take out; a, policy for tho maximum value which his stocks arc likely ; to represent at any time in. a year, but the initial prerainiri paid is only, half the; premium for that amount at tho annual rate per ccnt. and the insurance fn force at the "out-set is therefore only SO per, cent, of the face value of tho policy. A declaration may bo made. ,to. tho insurance company at any time, increasing the amount of insuranco up to'any aggregate not in Excess of the face value of the policy and for the increased cover thus secured, an additional premium is paid equivalent to one-twelfth °: vl e ? nl ? u .al premium on such amount at tho original rate per cent, for cach month during which tho increased Insurance remains-in -force.

FREIGHT AM) TONNAGE. intcrestinß comparisons showing shipping freight fluctuations dur1 1 m ywr has been compiled by "Fair.play. Tho statistics show that on Australian wheat cargoes to the United Kingdom or Continent, the rates per ton advanced from 2«s. 9d.. to 435. 3d., or over 60 per cent. In..the case of toilers the movement was from 2£e. to 395. 3d. per ton, or nearly the same proportional increase us was recorded in connection with other cargoes. .The higher level ..of chargcs touched in 1912 cargoes exported by other than sailing-vessels have - been maintained up to the present, although on Bailers there has bcoiT a slight mcoeuro of relief, the rates mentioned at tho opening of .the year being 435. 3d. and 355.' 6d. respectively. As to tho future, "Fairplay" can eeo "less propitious times for ownors! a,nd espocially*. tramp owners," and on the strength of its opinion as to what is likely to occur some distance ahead the journal utters a, word of warning to tioso whose Interests' specially v it seeks to safeguard in iregard"to contracts for new tonnage.' "wo can assert outriuht," it states, "that now .tonnage, jirocurod. at £8 lCs. per ton will not pay in the long run. and must Dvontually rault in a, big loss being made. Freights upon to-day's levels do not justify such a price. Labour condition's may account for it, but trado does not and never will. In a few years' time, probably less thnn-four yoars, shipowners t will lose the carriogo to South Americfc of at. least , S.CCO.CCO tons of coal, prob*b!y more, for within five years at the outcJde the whole of the Argentine rsJlways, will probably be using liquid fuel., If oil fuel should be generally adopted', by railways, a very large proportion of the t.ramp steamship trade will be permanently gouc."

SHODDY OF ANCIENT ORIGIN. Among the cloth-consuming public no fallacy is deeper-Tooted (says a writcrdn the "Journal" of .tho Royal Society of Arts), than that, tho rage for cheapness, and the accompanying sophistication of goods, is a product peculiarly bf these later days. On this point the records aro reassuring, to the extent of showing human to be much tho same at different dates. George Dodd, in "British Manufactures" (1844), deplores the "carious exccss r of. ingenuity" exhibited in choapening goods. lie refers to "a proccfis termed 'plating,' which bears ■the samo relation to the real silk manufacture as metal-plating to. the manufactory of silver." The process oonsisted in winding a. coating of silk on a core of cotton, and there is Dodd's word that "the history of our textile manufacture within the last ilozen years is full of examples of this kirtd." Each complainant blamea his own time, neglecting those Inquiries which show that even in 1623 "many illdisposed persons have used to mixe and putte. Flockes and Thrumes and alsoe Noiles and Ha-ires end other deceiva-blo things into broad Woollen Cloths." Th'e aesurance comes from tho statute book, and is equivalent to saying that under James I woollen manufacturers made use of shoddy. ' It was their reprehensible way to apply tallow and much more l offensive agents to their cloth. A, document of the period adds: "If a cloth prove tender and will not thick kindly in, tho mill, then havo they medicines to help it, with'oatmeal and such like." A century before that time Parliament had been invoked to regulate the class of oil that manufacturers should employ. The evidence does not exhaust tho indications that our case is not seriously worse than ever, and there was never a time when textile mills produced greater quantities of genuine articles than is done at pre;ont.

WORLD'S MINERAL OUTPUT. . Any estimate of the value of the total minoral output of tho world can be regarded as only modiratoly approximate, and with that reservation the aggregate of £910,000,000,' which lias been, given in the last report of the British Home Office on foreign and colonial mining, may bo accepted. Tho same document mentions that the people employed in mining and quarrying number somewhere about 6,250,000, that aggregate, however, not including workers in oro minos. and quarries in the United States, for which particulars are not available, and miners in countries such as Bolivia, China, Persia, and Turkey. Nearly one-fifth of the total i 6 employed in tho United Kingdom, and onc-'tliird' is within tho British Empire. The output of coal is given as 1,164,019,677 mctrio tons, and in that branch of tho mining industries more than 60 per cent, of tho miners is engaged. , The production of iron, is set down at 64,055,150 metric tons, of which 4-3 per cent, is obtained in tho United States. The .British Empire produced 57 per cent, of the gold output, tho United States, Russia, and Mexi'co following in that order. Tho totf.l value of gold won in 1910, tho year dealt with in the return, ir«« £95,000,000; coal representing an aggregate vsluo of £420,000.000. or about 7s. 2d per metric ton. Coal'obtained in' France has the highest value, beins §tated at 12s. per metric ton, whereas in the United States tho product is worth only - sj, Bd. per ton. The aremge of the American coal is, extremely low, probably bocauso it is got mainly from surface seas, a fact which is disclosed also by the large output.per head. The aecrego-te production nearly equals the figures for Great Britain and Germany combined, whilst the millers number only about half those employed in the other two countries.

IKON AND STEEL IN AUSTBALIA. Tho establishment of iron and iteel works upon a- large scale within thi Commonwealth is of interest to us in New Zealand, for it means providing supplies at «. near ccntre. The board of the Broken Hill Proprietary proposes , to mnilufacture sUsel from its own iron ore by what i« known as the basic open-hearth process. The first section of plant to be installed will be able to produce 400 tons of finished steel mils per working day or 120,000 tons per year The board lias been assured by its technical expert that it "can oeeemble at Newcastle the iron ore, coke, and limestono for pig-iron production at a lower cost per unit of iron produced than is possible for the United State Steel Corporation, tho largest and cheapest producer jn its country." Tho first plant will consist of ono 350-ton modqfii blast furnace; three 65-ton open-hearth steel furnaces, one blooming mill, and one heavy mil mill. The oro will be obtained from the company's Iron Knob oiul Iron Monarch properties, situated near the head of Spencer Gulf, South Australia, and ari! estimated to contain many millions of ton j of material worth CD pr,r cent, metallic Iron. Acting upon thn prlnoilla that It VfiU Ulis moro too* cl coal

than tons of iron oro to .make a ton of finished steel, tho iron works should be nearest the coal, other considerations being equal. Newcastle was selected as tho site, bocauGC thero is abundanco of the coal best adapted for furnacing in the vicinity, and becauso tlio labour facilities available give ready access to the markets for the finished product. Tho capital of tho company is being increased to meet this now expenditure. ■ NOTES. The annual report of tho Queensland Meat Export and Agency Company shows a profit of £42,844. A dividend of 8 per cent., Snd a bonus of 4 per cent., is declared, and £10,995 is carried forward to tho reserve fund. Owing to tho unfavourable season, tho contribution from stations to this-result was not so satisfactory as last year, but the frozen meat prices in tho United Kingdom were an improvement on tho previous year. In consequence of the increased competition and higher prices paid for stock, tho directors deem it necessary to get into closer touch with the consumer. With this object' in view, advantage was taken of the presence in London last year of three directors-Messrs. Philp. Yuill, and Harwood-and arrangements wero mndo whereby the company s products will b© distributed direct from various' centres in tho United Kingdom.. The difficulties raised by Eussia on the occasion- of tho renewal of the Sugar Bounties Convention, at Brussels, were founded on the assumption that, as a great sugarproducing country, it was entitled to a larger quota. This assumption proved true in "1911, owing to tho drought in Western Europe of the 6,278,579 tons produced in that year, more than 2,000,000 > fell to tne share of Eussia. and li millions to that of Germany. That Eussia's position was but an exception, has been proved, however, by tho returns of 1912. According to these, the total European production amounted to 7.750.CC0 tons, of which Germany produced 2,600,000 tons, whereas Russia only contributed 1,166,C00 tons, so that she is even surpassed by Austria-Hunsrary, where the production amounted to 1,750.000 tons. A remarkable feature has been. the increased beetroot cultivation and sujrar production in Spain. A sugar refinery lias even been built in England, but so far the oiitput has only amounted to some 4000 tons; In any case, with the exception of Eussia, Rumania and Sorvia, Europe has larger supplies of her own sugar than was the case twelve months ago.

.Oompleintfl are being made by German shipbuilders, according to the "Frankfurter Zcitung," that unsatisfactory prices are seriously diminishing tho profits of some of the shipbuilding firms engaged in tho construction of warehips and other veescls of large dimensions. This state of affairs is due, it is r.iid, to. extensive underbidding amongst shipbuilders, which, in conjunction with a. lack of experience, often leads to the contractors underestimating the cofft of construction* with \dire TCBulta. In view of these conditions, efforts were started somo time ago in Berlin to form a syndicate among shipbuilder", but no consummation has- yet boon effected, principally owing to tho widely divergent interesta which must neoessariiy be reconciled. The' negotiations aro still proceeding. For the Eix months ended December 31, the Bank of North Queensland, Limited, made a net profit of £7601, as against £6062 in the Juno half, and £5383 twelve months ago. The balance ava.ila.Ulo is £8806, of which tho usual dividend at the rate of 6 per cent, per annum absorbs £3917. Income tax takes £275, and a balance of £4614 is carried forward. During tho half< year the paid-up capital has been increased by £51.437, to £151,437, and shareholders' funds now amount to £185,243. Deposits figure at'.£906.214 and other liabilities at £78,610. Liouid assets total £423,972 and fldranocs £692,596, while premises stand at £53,500. ' . ...' ',

CUSTOMS. Customs duties collected at the port of Wellington on Saturday amounted to £3021 15s. lid., tlfe total for the week being £14,418 10s. Id. Tho returns'for cach of tho past eight weeks, compared with the figures for tho" corresponding period of the previous year, show as under;— 1912-13. 1911-12. -. ■ £ Decenlber 28 ' 5,968 12,535 January 4 i*. 18,051 15,434 ■ January 11 23,057 24,024 January 18 i 21,491 . 13,87 .January.'2s 28.191 23,468 Fobruary 1 13,912 12,125 ■ February 8 i , 22,262 24,751 i February 15 14,418 11,834 . ' ' ' ' . 144,350 137,978' ' The beer duty.,collected.for tho past week totalled ,£492 65.".9d< as-'against £238 17s; for. the corresponding,week of last year. ' FEILDING MAIiKF/T REPORT. On Friday, H, Atkinson and Co./ Ltd., of Feildinp, sold weaner pigs at 76.,, Bs., and 95.; stores, 16s. 6d. to 175.; a«ed horse, 225.'6 d.; hens. Is. 6d., 2s. 3d.. 2s. 9d.; chicks, Is. 3d.; ducks,'2s. 9d;'to "3j.; halfgrown - cookerels, - 25.. 3d. to 2s. 9d., all.at per pair. Poor grado peaches, 2s. 6d. to 35.; others. 45.; plums, Is. 6d., 2s. to 45.; bananas. Is. 9d. to 2s. 3d.; .apples,' 2s. to 2s. 1 6d.;' potatoes, 9s'. per cwt.; cucumbers, 2s. fid.; rhubarb, 6d.; marrows, 3d,;-onions, lid. lb. " ' . .' '•

. OAMARU GRAIN HATES. , (By Telegraph—Press Association.)'" " Oamaru,,February 16.' •During tile week a little more' life lias been infused into tho grain market, especially in old, wheat for mixing purposes, and some large lines "have been quitted. A . mixed lino, of 1500 Backs, and a straight line of 1000 sacks velvet changed hands at 3s. 9d, - at less commission, and a lino of■ 1200.sacks (900 velvet and 3CO tusenn). wag sold at 3s. BJd. 11 the same terms. New wheat has been, 6old .at 39..;6d, and 35..61 d., less commission!- at country stations, and red chaff at Js. s*d., less commission., Tliese prices may be taken as indicating the market. Tor new oats also there are buyers; A Cartons having been sold at 2s. not on, trucks at country stations, and B Grade at is. lid. and Is. lljd. ChevalieT barley, but not of top malting quality, has realised 3s. 10d., less commission, at country stations. For Capo barley, 2s. net has been offered, but refused. Several lots of rye corn have been, sold at equal'to 2s. 3d. net at country • stations. ' Cooksfoot ■ has been selling at from 3d.-to 3Jd. : ' BRADFORD, MARKET. " ' ' Messrs. Murray, Roberts and (Jo., Ltd., I have tJiis day received tfco following. cablegram', dated February 14, from their London friends Messrs. Sandet'son; .Murray and Co."Bradford market stronger. - Tops advanced id. to 3d. this month. Large- cAn--sumption. Prospects icem encouraging." LONDON MARKETS. , By Telegraph—Press Association—Copyright , . (Rec. February-16, 5.5 p.m.) .... London, February 15. Wheat Is dull; Oargoos are weak owing to pressuro.to sell La Plata grain. Copra is in fair demand. .South Sea in bags, £23 per ton. Cotton.—February-March ' , shipments of. American middling cotton, are clearing at 6.67 d. per lb. Jute.—Native first marks of raw jnte, February-March shipment, are selling in Dundee at £26 7s. 6d. per ton, N. 7,.: Hemp—Tho market is, inactive, and prices are unchanged-. Rubber—Fine hard I J ara rubber ■ is quoted at 4s. 2jd; per lb. KAURI OVU. f London, February 14. •At the kauri gum sales, 50 caees were offered'"and 25 sold, at full rates. Dark brown gum, three-quarters scraped, ,100s. MANUFACTURED METALS. 'Tinplates, I.G. coke, 15s. 3d.; 1.0. charcoal, 16s. 3d. - Fencing wire fs quoted at £8 per ton. Tram railß, ,£5 15s. 6d. per ton. Wire netting, 55 per cent., and 1} per cent., to 5 per cent, off .list price. BRAN AND POLLARD. (Rec. February 16, 5.5 p.m.) Sydnoy, February 16. Bran and pollard have advanced 4s. per ton. MINING NEWS. WELLINGTON SHARE MARKET. Sales of -mining aharca_ reported on Saturday were: Now Sylvia at > Hid., and Wailti at 33«. 6d. The quotations were as under:— Bayer*. Sellera. ' £ i. d. £ i. d.' ICuranui Caledonian , — ,01 0 Murray Creek (old)i 8 4 J *0 6'6 Murray Creek (new)) 0 5 9 •— Rc«s Reconstructed — 0 510 Talisman 1 19 9 2 0 6 Wnihi 1 1J 3 1 14 0 Wailii Reefs — (10 Waihi Grand Junction ... 116 12 0, Wailansi OSS 817 V The Wellington Btook Exchange received the following tol»grami on Saturday— ■Worksop Dredge.—Return, Hoi. 13os. for 126. hours. Murray Creek.—"Still on stonn one foot i in thickness—may bo more. Not breaking ' down roof." The report states that gold can bo 6cen in tlio stKne. '