COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1695, 11 March 1913, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. - The gales recorded yesterday were: Christchurch Gas, £7 10s.; Wellington Gas, preference, 20s. Id.; and New Zealand Insurance 'at £5 3s. The quotations were /as under:— • .

THE MONEY MARKET. Tho demands on the money markets of Europo for defence purposes will prevent the rates for money from easing for some time to come. The Bank of England discount rate has been maintained at 5 per cent, ever since October 17 last, and there is no present indication of its being lowered; on t.he contrary, tho bank's last return shows many -adverse features that may result in a higher rate being imposed. Germany is likefiy to have some trouble in raiding the huge sum she requires, not because the money is not available, or that German crcdit ia impaired, but because t.he taxation to meet the new loan will hit the moneyed classes-. France will bo able to raise her loan requirements without trouble, but other European Gov? who look to Prance to finance them arc certain to meet with trouble when they go upon the, market. London will, of course, reflect the European conditions, and therefore the London money market will be stringent. This again will be reflected in all parts of the Empire. BUTTER MARKET. Messrs. W. Weddel and Co., in their Dairy Produce Circular, dated London, January 17/ have the following remarks:— "Foreign butters in British mnrketi? show no improvement in demand, and prices remain. at last week's figures: There is a general dullness in the butter trade all over the country, which is alleged by many

to be due to two main cnuscs—the high prices of 1911 and 1912, and the resulting increase in the consumption of margarine l . It is certainly not duo to the imicn-etl imports of butter, na they are 14,877 tons Icrrs than in the year 1911, and 16,019 tons below 1910. If we turn to the import* of imirgarino they show an increase of 27,400 tons more than in 1911, and -11,580 tons more than 1910." NEW ZEALAND AND AUSTRALIAN LAND. An extraordinary general meeting of the shareholders of the New Zealand and Australian Land Company, Ltd., was held at Edinburgh, on January 27, to consider resolutions for the capitalisation of the sum of £500,000 at present standing at the credit of capital reserve fund. As there is no unissued capital it is necessary that the capital be increased to .62.5C0.CC0' by the creation of 500,000 new ordinary' shares of £1 cach, which will be allotted among the holders of the ordinary stock in proportion to their holdings. The new shares will in due course be converted into stock. The capital of the company at present is £2,000,000, .divided into JEI.CCO.OOO in cumulative four per cent. "A" preference stock, which may be redeemed at 105 per cent., and £1.000,000 in ordinary stock, including £450,000 issued in 1910, without payment, through the capitalisation of the reserve fund. There arc outstanding h: addition to the ordinary and preference capital terminable debentures at from 3* to 4 per rent, for £17,200 and debenture stock at 3* to 4 per cent, for £677/00. The principal of the debenture stock is redeemable at the option of the company now or at any future date, by drawings, at 105 per cent, as regards the four per cents, and at par as regards the three and a half per cents. The borrowing powers of the company are limited to £1.250,CC0. Customs duties collected at the port.of Wellington yesterday amounted to £2942 18s. Id. LONDON WOOL SALES.

Messrs. Levin and Co.. Ltd., have received advices from their London agents that the following clips have been sold on their account at the sales now current, —the prices named being the average price realised for the fleece wool in each ininstance:—WElvA, Feilding, 11 Jd.: FH over lIUIA, Bulls. 11 3-16 d.: MOUTERE, Bulls. U 7-16 d.; ELDEJISLIE, Oamaru, llid.; PAERATJ BATLEY, Moawhango, Hid.: KKK, Ohariu, lljd.; PTRINOA, Martinborough, 113 d.; PAIIANUI, Foxton, lid.; WWC, Nelson, lljd, HIGH COMMISSIONER'S CABLEGRAM. The Department of '.Agriculture, Industries, and Commerce has received the following cablegram'from the High Commissioner for New Zealand, dated London, March 8 (quotations, unless otherwise specified, are average market prices on spot):— Mutton.—The mutton market is weak. The market is affected by expectation of heavy arrivals. It is very generally known that 1,500,000 carcasses are afloat. Canterbury, 4Jd. per lb.; North Inland. 4Jd. Lamb.—The market is o.uict, with a tendency in favour of buyers, in anticipation of. heavy arrivals. One million carcasses are afloat. "Canterbury, 6id. per lb.; other than Canterbury. 6d. Beef.—The market is firm. There is' a better demand. Stocks of New Zealand beef on hand are light. N.Z. hinds, 32d. per lb.; fores, 3Jd. Butter—Tho market is firm for New Zealand, with a good demand, owing to the loss on the Turakina, but the market is quiet, and prices are slightly weaker for other butters. Choicest N.Z., per cwt., 117-?. (salted). 120s. (unsnJted); Australian. 110s.; Argentine, 1095.; Danish, ,1335.; Siberian, 110s.

Cheeso.—The market is firm, with imdemand for best quality. The a.veroge price .for the week for finest New Zealand cheese, per cwt.. is 61s. 6d. Hemp.—The market is nuict, but holders are firm.. The market is speculative. New Zealand trood fair grade, per ton, £34: fair grade, £31; Anril to June New Zealand £ood fair grade, £34 10s.: fair fcra.de, £31 10s. Prices are nominal. Fair current Manila.; spot. £34. Forward shipment. £35. The. output from Manila for the wtek was 18-OCO bales. Hoos.-Tho raa.rket is firm, with an un•vard "-tendency. Slock is being rednccd. Enciish, 105s. per cwt.; Californian, 955. . Kiver Plat/; shipments received during the month of February, 1913:—

209,403 36,605 February, 1912-Mutton, 272,436; lamb, 87,644. WIIEAT AND FLOUR AFLOAT. ' By Telegraph—Press Association—Copyright i London, March 9. Shipments of wheat and flour afloat for Europe" on March 8, compared with a year ago, were)- , Mar-hS, March 9. 1913. 1912. Quarters. Quarters. United Kingdom 3,620,000 3,625,0C0 Continent 3,1J0,CC0 1,215,000 ' 6,750,000 4,840,C00 The wheat shipped from the Atlantic and Pacific Coasts of North America durinc the past week and for the corresponding vreek of last ye.vr is estimated by "Bradstreet's" to be:— ■Atlantic Coaet 231,000 146,000 Pacific' Coast ■. — 1 25,000 231,000 171,C00 The total shipments to Europe from all exporting countries during the week amounted to 1,325,000 quarters, including 83,000 from Australasia, as against 1.010.CC0 quarters, including 136,000 from Australasia for the corresponding week of last year. WHEAT MARKET. ® The market is steady, and there is moderate inquiry. For La Plata grain, ohiefly for the Continent, 375. 9d. is asked. 'Australian, loading. 375. 9d. to 38s. for February shipment, 375. 6d. for March, and 38s. 3d. for February in steamer. LONDON MARKETS. . London, March 9. Copra.— I The market is firm.- South Sea, in bags, £28 per ton. Cotton.—March-April shipment, 6.51 d. per lb. S Hemp—Tho market is quiet. JanuaryMarch shipment, £34. 10s. per ton. Jute—Native first marks, March-May shipment, £26 10s. per ton. Rubber—Fine hard Para rubber is quoted at 3s. lid. per lb.

• , Buyers, Sellers. ' £ s. d. £ 3. d. National Bank — 519 0 N.Z. Loan and Mercantile 0 9 9 — Well. Gas (prcf.) 1 '0 0 10 3 N.Z. Insurance 5 0 0 5 3 0 S.B. Insurance 3 16 6 3 18 0 Ciirlstchureh Meat 15 5 0 — Meat Export (52s. 6d.) ... 2 18 0 3 0 0 Well. Woollen (ord.) 3 11 0 - Well. Woollen (prcf.) . — 2 16 6 Lcyland-O'Brien Timber — 16 9 N.5S. Portland Cement 0 16 6 0 18 0 Sharland's ordinary — 1 1 u W.J.O.A. (.£5) ,\ - 7 5 0

Mutton. Lamb. lionclon 91.7H R997 , Liverpool 93.MS 19,538 Cardiff 3.CC0 SCO Hull 5,303 1,725 Southampton 8.851 — KV.vrastlo 5,794 « Ireland 1,598 —