COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1678, 19 February 1913, Page 10

COMMERCIAL ITEMS.

■ INVESTMENT SHAKES. / There were no transactions in investment shares yesterday. Tho.buying and selling Quotations were as under-.— Buyors. / Sellers. .£ s. d. £ a.'d. N.Z. Loan and Mercantile (10s.) ...:.:.!;...'w:.: : . • 0 9 J — N.Z. and Eiver-Plate '. —.'.., 2 0 0 Well. Investment '-'" ■ 011 0 Well. Trust and Loan ...-...— .■•'.;,.:' 3 0 N.Z. Insurance 5 2 0 — N.Z. Shipping 15 17 6 16 10 0 Union Steam ...-. 2 9 3 2 11 0 Kaiapoi Woollen — "50 Taupiri Coal .— } 5 , Golden. Bay Cement ...;.. - . JO3 AMERICA'S CURRENCY SYSTEM:' Tho annual report of the Secretary of the Treasury at Washington. contains a strone a strong indictment of tho existing currency system of the United States. Secretary MacVeagh declares that as lonj as tho banking and currency conditions remain unrcformed the iraraeasurabls disaster of a panic is a possibility. Tho system under which the American nation .is living will not only not.prevent a panic, bu'; in certain circnm6taiiccs will make it in evitable. As long ao the financial methods created by, the Federal laws remain unchanged nnd uureformed, the Government ■ will bo exclusively responsible for the commercial, financial, and social disasters which result from panics. The present banking and currency system, continues the Secretary, never premits entirely free commercial,, financial, or industrial action at any time, because ito liability to sudden constraint and restriction is always a part ot tho nation's" financial consciousness. This, he says, is true even in the quietest Doriods of the year, but there always comes in- the crop-mbvin? sbas'on a spochl stress and constraint which not Only affects tli« imaginations, but the actsial resources of tho banks. Speaking of tho Treasury, re-, serve, the Secretary says that ho resards it aB fortunate that the financial world has been able to finance the enlarged business of tho country this autumn without resort to the.Treasury accumulations, but that at tho same time tho anomalous relation between the Treasury Department, and things to be reformed. Mr. MacVengh feels ctronsly that taking large sums of actual money out of ordinary financial. use and iocking it up as a dead mass in the vaults of tho Treasury is a proceeding as unscientific and unreasoned as any part of tho unscientific and unreasoned banking nnd currency system of the Uitited States.

HOARDING IN INDIA. Exception is taken by "Capital" to some recent references to the hoarding propensities of tho natives of India. One critic remarked that the great prosperity of that dependency results largely in- the accumulation of dead capital, in marked contrast to a country with a highly-or-ganised finance like France, whose savings aro utilised to promote the. trade of tho world. It was pointed out that it iwould be greatly to tho advantage of India when tho natives learn to dispose of some portion of their savings into remunerative investments. Meanwhile, the bulk of the hoarded wealth of India is hidden in tho ground, and almost tho equivalent of the gold dug in South Africa is buried afresh in India. In commenting on this criticism, "Capital" states "it is ,undeniably" true that most of tho sovereigns- which aro finding their way to India are being used, for hoarding, which is to the Indian raiyat the 1 only safe way of putting by for a rainy day. All agree that this is falso economy, but it is not easy to change tho habits practically forced upon a people by centuries of misrule. To compare Indja with any European country except Turkey is absurd, and to hold up the example of France in contrast argues nn. attei - , iimoranco of tho conditions prevailing in India. If the.raiyat were as Intelligent and educated as the French peasant, and knew tho value of investment, where would he find a safo 6ha.nnel? Agricultural banks aro only beginning, and tho raiyat cannot bo blamed for holding back his money until ho is convinced that they are trustworthy. It will take at least another century of good government and pcaco before the Indian penrant is weaned frora his habit of accumulating dead capital." • . . THE WELLINGTON TRUST, LOAN, AND INVESTMENT COMPANY. At an extraordinary general mooting of ths shareholders of tho Wellington Trust. Loan, and Investment Company, Limited, held at the Chamber of Oommcrco Inst night, tho resolution adopting "new articles at the exclusion of all the existing articles of the company," which was carried at the annual general meeting hold on February 3, was duly confirmed by the shareholders, STANDARD INSCTRANCE CO. Tho balance-sheet of the Standard Insurance Company, Limited, for tho year ended December 31 last, shows that tho premium income amounted to £139,358 2s. 5d.; interest brought in. £8610 l9i. 7d., and transfer fees. £16 4«. 6d., making the total income £147,985 6s. 6d. The losses totalled £47.792 4s. 5d... the reinsurances, discounts, and return premiums amounted'to £48,917 Is. Cd., and tho expenses of ■ management totalled £31,475 16s. 7d., leaving the year's profit at. £19,800 As. There was brought forward from the previous year £13,449 ICs. Id., malting available £33,2« 14s. hi. Out of tin's £7500 has. been added to the reserve fund, £3CCO"to the rein6r.rar.ee reserve, the dividend and bonus paid Decomber, 191.1,' absorbed £5500, Md the (n----torlin dividend to Juno 30, £3000. The dlnow nropow to pay * dividend ot

8 per cent., absorbing £CCCO, ar.d making 12 per cent, [or, the year, and to carry forward £tU9 Ks. Id. The directors have called (in extraordinary meeting ,to adopt new Articles of nrt-ociation for tho purpose of bringing tho company's regulations into mora modern form, us hat. been done by other companies "in recent years. TRADE IN ALLEN STREET; Vegetables—All varieties of seasonable vegetables, except green peas, are' in plentiful eupply, arid are.Gelling at'low prices., iPotatoes.—Consignments are coming in from the Hutt district, and also from as far as north of Auckland, and are selling at £7 to £8 per ton, according to sample. ■ Onions.—The market is well supplied with Auckland and Canterbury grown. The quality of the northern consignments is excellent,. and prices range from' 7«.'to ICi5. 6d. per cwt.: pickling onions arc selling- at Id. to lid. per lb. Hour.—Some heavy rales have been made at £8 lCs. to £8 155.,'.f.0.bv south,-, bakers' being evidently desirous of securing supplies of old flour. Pollard is in- short supply, . and tho price locally is £6 10s. to £6 15s. per ton. .Bran is in heavy supply,--arid is offering at £5 to £5 5;. per ton on snot. Maize has fair inquiry at 4s. 9d. to 4s. lOd. per bushel. . Oatmeal.—Some forward sales have been made on the basis of £12 Ida. per ton, f.o.b. eouth, but millers are not anxious to write orders at this price. Rolled oats, in 41b. bags, are quoted at 9s. per dozen, and oatina at 9s. 6d. t Oats.—New season's oats are now offering freely. Short feed rule at 2s. 9d. to 2s. lid. per bushel; feed Algerian, 2s. 9d. to 2s. 10d.; Eccd Algerian. 3s. to 3s. 3d.; old Dun oats, 2s. lCd. to 3s. ■ Hay ia slow of. sale, at £4 10a. to £4 15s. per ton. Chaff—Now season's is selling a-t £4 15s. to £5 per ton. sacks in. , Fowls' Wheat.—Prtmo whole ts In good demand at 4s. 3d. to 4s. 4d. per bushel. ■ Fresh cgre are in good supply, and realise le. <d. per dozen. Fruit—The Manuka, duo from Sydney today, is bringing moderate supplies or grapes, passion fruit, and pineapples. Heavy supplies of all varieties of. New Zealand-grown fruits arc on tho.market, and extremely low prices aro rulmg for pears, apples, peaches, and plums. • Tomatoes— Hutt-grown aro . coming forward freely, and supplies aro also available from the Nelson district. Poultry-Hens, 2s. 6d. to Is. 6d. «. pair; cockerels, ud to ss. a pair; ducklings,-ss. to 65.; Indian Runner duckS, 43. to 55.; turkey gobblers. lCd. - to Is. per lb. live weight; hens, Bd. to 9d. , Customs duties collected at the port of Wellington yesterday amounted to ±6J« Ua. lid. ' . GRAIN MARKET. Br Telegraph—Press Association—Oppyrieht Cliristchurch, February 18. Wheat 13 selling fairly freely, millers toking advantage of offera of early threshed wheat, as it is in such excellent condition. Tho p-neral range of prices is:Tuiscan, 3s. 5d.;- Hunters, 3s. _ 5Jd.; and marl. 3s. 6d., at country.stations. Hunters are unusually scarce, as owing to the weather little winter, wheat was sown.. i Oats are somewhat difficult to procure, as growers arc . not sat sued with ruling nrices and merchant*, ill tho absence of an outlet, are unable to advanco their '"'lough not in any active demand, prime malting barley ia saleable, and up to M. will bs paid, for really prima samples, which aro soaiowhat scarce. •■ There is no change to report in other lines. . . . LIVERPOOL MARKET REPORT!Messrs. G. and R. Munro send. thei following Liverpool market report, datod January 9:- ' ,_ . "■■<■'' Frozen Beef. River Platc.-The market is well supplied'! by arrivals, but tho 'domand is dicappointing,' and prices aro certainly.weaker at tho moment. Tho continuation of mild weathor is restricting tho demand, and no-improvement can be oxpected until .the coldar weather • sots in. To-days prices aro: Best' brands'-foros, 160 to 2C01b.,2M. to'3d. per lb.; hinds, same weights, 3 3-Bd. to 3id. per .lb. Australianl-Tho supply of g.a,q. ox crops seems to be about exhausted, but there, are' several linos of, light ox and cow 'crops ■ offering-'at Wd. per lb., at which price it is not difficult to find buyers. Very low'prices .have to be accoptod for ox hinds to effect sales, principally because, tho weights offering are so light. Several sales have been effected this week at 3d. and 3}d. per lb. Oow hinds are only saleable at very bw prices. • . Now Zealand.--Nothing doing on the fipot, and no' forward sales reported. Frozen Mutton, River Plate.—Moderate supplies and a good' steady trade; in fact, tho demand for mutton at this time of the s'oar. is unprecedented,-due, it is generally agreed, to the mild and unseasonable weather. Best wethers/4 3-Bd. to 4Jd. per lb.; heavy weights, 4jd. per lb. Australian-Heavy shinracnts have reached this market recently, and owing to cortain holders being compelled to sell prices ex r.hip and ex store Liverpool are much weaker. F.a.o. wethers, 30. to 5011;'.. and Sydney owes, 30/ to si)lb„ ' "Clover" brand, hove been sold at 3Jd- and 8 3-Crt. per lb., ex store, and a. line of Melbourne owes were sold at 3 9-l£d. per lb. c.i.f.. ex Btoamer in (lock. These prices are fully id. nor lb. down as compared with tho previous week. ' No e.i.f. sales are reported, nltboneh some brokers are inviting offers of 3 9-16 d. and 3 13-16 d. per lb: c.i.f. for Sydney ewes and f.a.q. wethers respectively, January shipment.. Buyers aro not prepared to, purohaso forward, as they anticipate lower' prices on the opot when New Zealand resumes shipping, mutton, and heavy supplies are expected from Patagonia about the samo time, about March and April next, which -coincide with ary shipment from: Australia; ■' , Frozen Lambs. Now Zealand.—None on the market. Oi.f. buyor3 will not operate freely at present prices, which are considered dangerously high. Janiiary-Fobruary-March shipments aro offering at 5Sd. • per lb. c.i.f., without any result. Australian.—This market .is well supplied, and sates are mado freely at 5 3-Bd. to 5)d.. per lb. The demand ils due to the mild weather prevailing. River Plato—Moderate shipments aro arriving from this source of supply, and sell readily at lov.'cr prices than Australian. River Plate Chilled Beef—Disappointing tradia owing to mild weather, and a supply which exceeds tro demand. ' Best fores, JJd. per lb.; Iliads, 4d. ~to 4Jd. per lb., according to condition. All prices quoted herein aro ei store Liverpool, unless otherwise stated,.the cl.f. equivalent boin? Jd. per lb. les3.

TRADE IN ALLEN STREET. Vegetables—All varieties of seasonable vesetables, except green peae, are' in plentiful cupply, and ore.Gelling at'low prices..

LONDON HEAT ItAEKET KEPOUT. Messrs. Mcllsop, Eliott, and Co., agents for Messrs. Gilbert Anderson and Co., report under date January 10:—Irish supplies of mutton and lnmb havo almost dried up. Scotch and English also are short, and first arrivals of. Now Zealand lambs are looked forward to. Tho pvobablo strike of slaughtermen in New Zealand is causing some anxiety, and ineat for immodiato shipment is in good demand. Home-grown beef: Scotch, 7d. to 73d.: English, EM. to 63d.; Irish, sd. to 6jd. Mutton: Scotch, 7Jd. to Bd.: English, 63d. to 7Jd.j Irish and Dutch, 6}d. to 7d.; Scotch tegs, aid. to 93d.; ewes, sd. to 6id. Lamb: English, lid. to Is. Id.; Irish and Dutch, 7d. to 7id. Veal, BJd. to Wd. I'ork, 73d. to Bd. Chilled beef: Supplies havo been on a level 1 with last week. Prices: Fores, 3Jd.; hinds, 3ld. Froieu beef: New Zealand 'force, 3!d.; hinds, 3 11-16 d.; Awtralian, 3d. to 3id.j l'lote, 3d. to 3gd. Frozen mutton: A temporary weakness In Australian sheep. Wethers, 3 15-16 d.: ewes, 3 -13-16 d.; Plate, 4 3-Bd.; New Zealand practically flnlshod. North Island. 4Jd. Frozen lambs: What few New Zealand lambs thern are bear ovidenco of lrmp "tor"-™. Onn-tor-bury, .23-42, 5Jd. and bOd.; Australian, best sid.,*fatr-55d,, inferior 5Jd. WHEAT. By Telegraph—Pressi,Association—Oopyrtght ' (Eeo. February 18, 10.50 p.m.) London, February 18. The wheat market is quiet, but firm, owing to tho less favourable political outlook. . SILVER. London, February 17. Bar silver is quoted at 2BJd. por ounce standard. MINING NEWS. WELLINGTON SHARE MARKET. Tho market was dull, with no transactions recorded. The quotations' were as under:— Buyers. Sclleri. . £ s. d. £ a. d. Murray Creek (new) : 07 3" — Murray Creek (old) 0 5 9* — Itoss Reconstructed 0 6 6 0 5 9 Talisman 1 !9 S 2 0 3 Waihi' • 1 13 3 — Wa'hl Grand Junction .... — 12 0 Wtiotahi :... - 8 6 1 "Premium. STOCK EXCHANGE. (By Telegraph.—Prcsß Association.) Auckland, February 18. The following business was done on 'Ohantro this morning:— Waftangl, 6d. . Watchman, 2s. sd. Ross, ss, 9d. Waihi, £1 1&. 9d. Union Steam, £2.105. 3d. Tho following business was aone at tho 3.15 p.m. call:— ' Gisborne Gas, £2 ss. j New Wnitcia, Is. sd. Dunodln, February 18. ■ The followinc salea wore made o.i tho Stock Exchange to-day ;- WaLUi, £1 13s. M. .„..'. UIM and Bhino, £1 10). Uaian Btaua. £> U*. 64. (tnro parosk).