COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1681, 22 February 1913, Page 8

COMMERCIAL ITEMS.

. INVESTMENT SHARES. Tho' 6alcs reported yesterday were: Ohrujtchurch Gas at £7 10a.; Meat Export (525. 6d.), at 665. (id.;. Now Zealand Shipping, two ealos at £16 ss. each; and Whitcoinbo and Tombs, at £6 7s. Cd. Tho quotations were as under:— liuyere. Sellers. £ 8. d. £ b. u. Bank Now Zealand 11 2 0 — Equitable Building — 9.15 0 N.Z. and Eiver Plato — 2 0 0 Christchurch Gas 7 10 0 7 1-6 I'eilding Gas .' — 1 0 a N.Z.' Insurance 6 4 6 — Christchurch Meat — 1510 0 N.Z. Shipping 16 5 0 — Union Steam — 14 5 Kainpoi Woollen — 6 6 0 Well. Woollen (ord.) 3 1Z 0 — . Taupiri OoaJ — 1 1 ' Golden Bay Cement — } H „ N.Z. Portland Oement... . — 10 0 Kharland's ordinary — 110 Whitcombe and Tomba ... — 6 8 1 WOOL PROSPECTS. Messrs. Ghailes Ualme and Co., of London, in their annual rovlev; of the wool trade, thua summarised the prospects for the current year:— ... - "The prospects for 1913 oro favourable. Everything points to the maintenance of high prices as supplies arc deficient and tho requirements of machinery undor existing, trado conditions aro enormous; indeed, even allowing for some contraction in business as the Iresult of the disturbance to credit caused in some parts of Europe by the war in the Balkans, it seems doubtful whether the quantity of merino wool available will prove . adequate to the demand, and as consumers', stocks have been reduced to an unusually low level during the' pttstj year, it ia possible that the pro-' ce3s of replenishment may lead to still higher prices in the future. The position of crossbreds is also dominated by scarcity of the raw material, as, in addition to a more or loss stationary production in the colonics and romo reduction in tho output of South America, the English clip haa decreased considerably owing to tho dry summer of 1911. It is difflculf to gauge tho probable volume / of the American demand for crossbred wools in the future, in view of tho possibility of alterations. in the wool schedules of r the United States tariff; trade, however, ia at presont go active in that it seems probable that manufacturerf' requirements wilt prove an'important sourco of strength to the market for the coarser grades of gool." : Bradford appears to be looking forward to a good time when Hie Aiherican tariff question is settled. The "Yorkshire Observer," in its issue of January 6, states:—

Apparently no heavy demand is to be expected from the United States for the next fow monthe. Wliilo tho extant of tho reduction of duties is etill uncertain, American buyero. are evidently going to hold their ha.nds. But the special cession of Congress cal)ed for March is expected to Bet to work on the. wool tariff at once, and progress is likely to be rapid. IVhen tho now duties aro fiscd, American, us-?rs will at once be on the pounce, and it is perhaps not, a. matter for r.nmirc-l 'satisfaction that their first grab will be at tho 'English clip. There is also, of course, a probability tfcnt the American demand, when it comes in earnest, wiil not bo con-' fined to wool, or even to wool and pieces. It, mny embrace tops and yarns as wellall donends on tho principle of the revision and tho extent t" which it is carried. In any case a, much bigger pieeo rata with f.ho United States may be looked for during the current year, Stocks of manufactured goods in the country have roidom besn lower, and the ■ ITonm industry is scarcely able to cope 1 with' tlio present demand.

' 'OUTLOOK FOR FROZEN MEAT. 11l attempting to,forecast the pro?pccts of tho market for frozen meat in the current year, tho Colonial Consignment and Distributing Co., Ltd., assert that it is necessary to . hear in; mind the relative' increase of' population as compared -with, stock throughout tho world, the possible enlargement of the area of consumption; and tho expected cotdition of trade and eonsequcnt resources of the, industrial claa-es. Thg tendency appears to be in the direction of tho demand, incrcadiig out of- proportion: to the supply in. res-pccf.to moot of tho products of tho docicc-'io animals,- such as wool, tikins, hide 3, and tallow, and it only, seems to bo a matter of time for meat to ha in the same position. " Great and populous manufacturing countries, eueh as tho United States and Germany, aro on tho verge of importing meat on a large scale. Such a diversion of rapplies from 1 Great Britain would inevitably affect prices. Dealing, however, with ters as they are, it appears reasonable to expect a year of satisfactory trade nationally, leading to a fair dair.ar.d for imported meat. The output from Australasia is not liknly to be excossivo, and Home-grown supplies will probably G.how tho .cffoct of tho" conditions «\pericneedduring tho pest year. If, tliovafore, . tlio export from Souili America is .kr.pt- within reasonable bc.unds, there i 3 no special eauno ■for anxiety with regard to prices, which should show a satisfactory average over the year, but it is necessary to remember that the fricrca=c in the capacity of freezing workij and the nccessary engagement of tonnage may lead to congested eupplies, should there be no other important outlet in addition to Great Britain... •THE WORLD'S TIiADE IN 1912,' Although' the year, began under warlike au*picC3 and ended without a-settlement of tin present Balkan trouble, it has, nevertheless, witnessed a general 1 improvement in trade that, tis far as tho figures aro already available, considerably exceeds tho average increaso of the last ton years. With tho exception of Russia and France, imports have increased in every.European country. In tho case of Britain and Germany, as well ao that of tho United States, this increase has even been considerably larger than that of the two previous years. Tho decrease in France and Russia is but a trilling one. amounting to more than £100,000 in the of the first named. ' British imports head the list with £612,500,003, then come Germany with nearly £425,CC0,CC<1, tho United States with £316,650,W0, and France with £262,5C0,000. In the matter of exports. • Great Britain, with £SCO,OCO,CCO, alto heads the list; JJext in order is the United States with £391,Et0.0C0, and Germany with £362,500. Aa in tho case of imports, the exports from tho United States show a larger increase than thews of Great Britain, which country, in her turn, exceeds tho figures of the German Empire by one-tenth. Taken all. togothor, the aggregate trado figures of the reven leaving European countries exceed tlioso of the preceding year by nearly £3C0.0C0,C«). The returns already published . of tho world's harvest in 1912 reveal an enormous increase'with regard to all of the more Important crops. It has been calculated that the Wheat crop in the 25 principal grain-producing countries exceeds that of the previous year by 6.4 per cent., whereas the rvo crop of the 19 principal countries concerned shows, an Increaso of 22.2 per cent. Tho barley crop in 22 conn trios haa Increased bv 5.7 per cent., ntia that of onts in 21 countries by 21.4 per cent., while maize (in 14 countries) shows an increase of 21.8 per cent., and the beetroot crops exceed tliose of 1911 by 17 per cent. The gold production in 1912 lias also been largor than in 1911, the mines In tho Tranflvaal colony having alono produced coilrt to the value of £36,150,000, wliicli, compared with tho production of tho previous year, is equal to an increa-se of £3,550,W0. Of tho extra-European countries, Canada, Brazil, the Argentine Itepublio, Australia, and Japan renuiro to bo specially mentioned, although tho final figures for 1912 aro not yet In every instance quite complete; N.Z. LOAN AND MEBCANTILE. The New Zealand Loan -and Mercantile Agency Co., Ltd.. aro in receipt of advice from thefr London oCDco that the final order tho company's scheme ot rearrangement of capital account has boon granted. The words "and reduced." Which, for the period of the company's application to tho Court, havo of necessity been added to the company's title, will now be discontinued. The sum of £«30 2s. 7d. was oollceted'in Customs-duties at tho port of WelliVgton yesterday. ( CANTERBURY GRAIN MARKET. (By Telojtranh.—Fro?<i AMoelatlon.l Chrlstchurch, February 13. The wheat market is firm and steady, and tho nuanti'ty offering is not lurce. Both millera and merchants are frco buyers of any lines that are offering, quotations being:—Tuscan, 3s. Sil.; Hunters, 3s. 55d., and pearl. 3s. 6d. to 3s. 6>d. at country stations. The rain that is falling at tho timo of telegraphing will interrupt threshing operations 'for some davs and check offerings. Oats nro inclined to be ea-?icr. a~ ■ merchants hove now secured I stocks and, at present, thc.v arc not finding nti outlet. There is a, considerable nuantitv offering, but growers ore not. disposed to ncropt present quotations, and salos have not been ca'.y to cfi'cct. A little business has been done in new chaff at 553., but growers are now asking COs. at. country stations. Business is fairly nuirt In other Unci of ireJn s-ncl pro. duos.

LWKRCAItC.II.L WOOL SALE. (By Tclegiapli.—Press Association.) Invsrciirelll, February 21. The final wool salc3 wore held to-day, <682 bales being catalogued. • Practically no sii)>or stuff was forward, and the quality all round was not high. From the commencement to the end tho bidding was brisk, n. keenness being evident throughout. The sale is said to bo about tho best that has evor been lield in Invereargill. • Prices woro from Id. to lid. all round better than at tho January Bale?, and quite on a par with tho prices th.*.t ruled at Duuedin at tho beginning of the week. BANK OF ENGLAND RETURN, (llec. February 21, 8 p.m.) London, February 21. The Bank of England return issued for the week ended Wednesday, February 19, is lis undier: —' ISSBE DumnTMF.NT Nolo Issue £55,101, MX) Gov.dobb £11,015.000 ether securities ... ... 7,<M.nnn Coia sc.gm.oco £55.101,003 £55,101,000 BtNiuNS Department. Proprietors' Govt, sscurlcapital <CU.M3.000 tics £13,03.5.000 Publio d«- • Oilier socuriposlts ... 23,640.000 ties 57.957,008 Other d»posits ... 87.616.000 Kttai M . 27.313,000 Rest, 7-day * wdotaar v bills 3,5!)7.C00 Colo- „ 1,061.000 £79,366,000 £70.30^,000 • Tho loading Items of the Hank of England return afford tho following compaiiton:— ... This iroak Last week L»st year £ £ £ Bullion ... £6.652,000 86.DM.00G 88.CW.000 Reserve' ... 23,374,0110 27.76U.000 30.670.000 Kotecirciilition 27.7E5.C00 ii 7.081.0(» 27.653.U0J Public Deposits 23.5J0.020 £0,903,000 22,727.0CX1 Othor Doposits 37,076,000 30,082,000 40,283.000 ■Proportion of reserve to liabilities... 46.32 .51.81 48.54 GOVERNMENT securities. The following arc the latest quotation! for Government securities, .with a comparison of those ruling laot week:— .

BANK ItATES OF INTEREST. Tho Bank of England rate _ was, on February £j, 1912, reduced from 4 to 3-\ per cent., and on May 9 it wa3 further reduced to 3 per cent. On August 29 it was raieod to 4 per cont., Qnd on October 17 to* 6 per cent. •, Tho Bank of France rate was reduced from U to 3 per'cent, on Januajy 23. 19C8, and continued at tho latter figure until September 12, 1911, when it- was raised to JJ per cont. On May 17, 1912, it was reduced to 3 per cent., on October 17 it was raised to oi per cent., and on .October 30 to 4 per cent. , The Imperial Bank of Germany reduced Its rate from 5 to 4i por cent, on June 11, 1912, oil October 24 it wna raised to 5 per cent., and on November 14, it was further raised to' 0 per cent.; \ MARKET BATES OF • Tho following are tho market rates foi best three monthfi' bills;— .• London Paris. Berlin ■ rate, , rate, rate, .* !• per per per ' cent. cent. cent. This week '3 23 5J li£-!t week 4/1 W , 5 year 0 7-16 . - ■ Short loans are quoted at! <3 per cent, a!' against Q per cent, last week and il to 3 3-8 per ccnt. last year. COLONIAL AND OTHER PRODUCE. Wheat is quid, but .steady.. Liverpol futures. March dollvory, 7s. £Jd. per contel, May delivery 7s. 3d., July delivoryjs. 3Jd. Australian on spot is quoted at 4ta. M.; ; Flour is steady- Australian ex store : is, quoted at 26°. '„i .. . 1 Oats are! Slow of- sale.. I«a- Plato, Feb- ; ruary-Jlao:ch shipment, 15s. 10>d. ■ Ilea.ns are quiet, and show an easier tendone?.:, ~ •• •. . ~ ■ Butter.—Owing to colder weather, butter of all 'grades has . hardened, especially choicest, which Is in strong domand. Danish k quoted at 130s. to 1335.; colonial .is EClling at full rates. • ■ Choose is firmer. New Zealand is quoted at 60s. to Cls. „ Bacon is firm, with a good inquiry; New South Wales Cumberland, 625. to, 645. Sujar.—Gorman beet, 63 per : cent, not titrc. Id. higher at 9s. Bd. per cwt.; first mark gratmlatsd,' fio.b. ; Hamburg, Id, •higher at 11b. 9d. . ■ ' Bradford' Tons.—The market, is ,'firm and u.nchamrod, Hixty-fours, 30Jd,;.; super sixties, 23id.; common sirtiec, 535 d.; fiftynixes, 2?((.: fifties, 22Ju.; forty.-si'xcs, 17id.; forties, ( METAL MARKETS. Copper, on spot, 40s. lowor at £64 7s. 6d. per ton; tliroe months, £64 103. . Tin, on spot, 655. lower at £218 10s. per ton; three months, 80s. lower at £215. Lead, soft foreign, unchanged, at £16 lis. 3d. per ton. • PiK-iron.—Middlcsboro' No. 3, 2s. 3d. lower at CZb. por ton. •"Silver—Bar silver Is quoted at 23 3-Ed. per ounce standard. VICTORIAN PRODUOE MARKET. • Melbourne, February 21. Wheat, ss. 7id.; March delivery, 3a. Old. Flour, £8 15s. Oats: Feeding, 23. 3d-, to 2s. Gd.; milling. '2s. 6}d. Barley: English, 4s. to 4s. 6d.; Capo, 3s. to 3s. 6d. Maize, 3s. 9d. Bran, £6 10s. PolbW, £5 15s. Potatoes, £5 ss. to £6. Onions, to £8. -

Variation.. _ eowp&'ed Pries. with 1 lftf.t irao*. £ s. (1. 2S% Imperial Cons®lr! 71 7 G 2/6 highor i 11 N.S'.WJQ33Jau.-<Tuly 101 0 0 Unchanged 34 N.S.W.iOW-oOMr.-Sp Gfi 0 0 Slower 3? IX) 0 0 UuchaiwjetT 3 M K.S.W.l'J25 Apl.-Oct Si 0 0 Unchanged 4 Vie. li>20 Jan.-July llXi 0 0 Unchanged 8i „ Vic. Wil-ti Jaa.-July ii 6 Unchanged 8-1 .M O 0 Unchanged 3 .."Vie, 11529-49Jan.-July '78 U U Uncnauficd yj „S,A. 1810 .Jan.-July OL 0 0 Unchanged 3 ,,H.A. IdltfJan.-Juiy Y.j 0 0 Unchdnyod 4 QTdl&rwH.lan.-July 100 0 0 CUs lower yi „ QTdiy2'2-'i7.I&u.-.!uiy 94 0 0 Unchanged 3 QTdl9-22-47Jan.-July .78 0 0 Unchanged 4 N.Z.l!)2DMay-Nor. GO 0 a 20s lower • Oi „N.Z. 3012-40 Jaa.-July DO 0 0 GOs lower 3 ,N.S5. ll 5 20 AprJl-Oct. WOO Unchanged 33 „ W.A.1915-U5 May-Nev 00 0 0 20s lower 3 „W.A,J015-H5 May-No* WO 0 Unchanged 3i „Tas. IWOJan.-July- 8U 0 0 «!0s-lower 3 ..'i'liiUdid-AO Jan.-July fc3 0 .0 . Unchanged