COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1701, 18 March 1913, Page 8

COMMERCIAL ITEMS.

STOCK EXCHANGE. There was no sitting of the Exchange yesterday, owing to holiday. AUSTRALASIAN LOAKS. , Australasia appears to be making big demands on the London money market. \vth the New South Wales issue « of £3,0C0,C0Q in short-dated debentures applications for which close to-morrow, seven loans have been placed on 'the market, three of which have been local bodies' Joaus. On, January 4 Tasmania placed a loan for £l,3Cti,C£o 'at 4 'per ccnt.'.* the issue price being &99." The loun was under--1 written, and the underwriters were left with 72 per cent, of the issue. Qu January 16 a- Queensland 4 per cent, loan for £2,000,000 at. 99 was-issued, and the underwriters" had to find 81 per cent. On January 24 the Auckland Harbour Board offered 5 per cent, debentures-for £250,000 at par, and the issue was fully subscribed. On February 12 the New Zealand 4 per ccnt. loan for £3,CC0,0C0 was placcd on tho market, tho issue price being 98, and the underwriters were obligc.l to find 80 per cent, of the money. They have sinc<j unloaded on the 'public. On February 19 Auckland City placcd -£ICO,COO of 4* per cent, debentures at par, and the amount was oversubscribed. On March 12 the Auckland Drainage Board offered £100X00 of 4s .per- cent, debentures at £99. the subscription list closing on Saturday. It is not likely that the New South "Wales .issue will meet with success, notwithstanding that it is a short-dated loan, and the underwriters are almost certain to becalled upon to find about 70 per cent. With the New South Wales loan tlie total to date is £9,750,000. which is fairly large for Australasia. An analysis of the public loan assists on the London market in 1912, compiled by the "Economist," discloses some interesting features. During the twelve months the return to lehders has, been rising, owing to tho activity of trade, and thus is illustrated, as far as floating capital i 3 concerned, by the fact that i tho average market rate for three months' bills was £3 12r-?. 7d., as compared with £2 18a. sd. per cent, in 1911. A corresponding tendency is disclosed in regard to more permanent investments, tho amount of debentures issued with a yield of less than 4 per cent. per. annum having fallen off by 60 per cent, on the year, .whereas those returning from 5 to 5i per ccnt. have increased by 50 per cent. Of preference shares issued in 1912 there has been an expansion in the amount raised between 5£ and 6 per cent., but a still larger increase in those returning 4 to 5 per but the latter is due to a single item of £3,000,000 at 4£ per cent. KOPANE ESTATE . SALE. Messrs. Abraham and Williams, Ltd., offered tho Kopane Estate (the property of Sirs. Walter Johnst-on, of Awahuri) for sale by public auction on Saturday at Palmerston. A great deal of interest was taken in the tale by farmers and others from Feilding, llongotea, and surrounding districts, au attendance of between 400 and 610 being present. Bidding was brisk, and 13 sections out of 21. changed hands. It is expected that the passcd-in sections will be disposed of this week. Tho following were the sections sold:—Section 1, passed at £51 55.; Section; 2. sold to Mr. J. MafcMfows, Awahuri, at £41; Section 3, sold to Mr. J. Matthews, Awahuri, at £45; Section 4, sold to Mr. A. Jagger, Marotiri, at £56; Section 5, sold toMr. A. Jagger, Marotiri, at £56 103.; Section 6, sold to Mt. A. Lancaster, Kairanga, at £50; Sectiion 7, sold to Mr. A. Rutiedge. Kairanga, at £45; Section 8, passed at £37; Section 9, passed at £36; Section'lo, .passed at £30; Scction 11, sold to Mr. G. S .Bumble, Ashhurst, at £25: Section 12, passed at £26; Soction 13, passed at £30; Section 14, sold to Mr. A. W. Duke, Rongotea. at £30; Section 15, passed at £51; Section 16, passed at £47; Section 17, sold to Mr. H. Toss, Kairanga, at. £50; Section 18, sold to Mr. H. Voes, Kairanga, at £49 55.; Section 19, sold to Mr. J. Hill, Taikorea, at £45 10s.; Section 20, sold to Messrs. Bod-dy and Evans, Feilding. at £55 55.; Section 21, sold to Messrs. Boddy and Evans, Feilding, at £54 lCs. WOOL SALES. By Telegraph—Press Association—Copyright London, March 16. At the wool sales there were catalogued 125,360 bales; sold, 114,316. There was more competition for crossbreds at late rates. Merinos were firm, and prices unchanged. The following are prices realised for flcece portions of the clips imined:— Whiterock, llid. and 10gd.; Tunanui, 13M. and 11 3-od.; Kaingaroa, 13d. and llgd.; Marchburn, 15d. ana 143 d. LONDON MARKETS. London, March 16. ' Copra.—Fair business is reported. South Sea, in bag?, £28 ss. per ton. Cotton.—The Liverpool quotations for American middling cotton, March-April shipment,' .is 6.574 d. Jute.—March-April shipment, £27 10s. per ton. Hemp—The market is dull. FebruaryApril shipments. £34 per ton. Rubber.—Fine lmrd Para rubber is quoted at 3s. llid. per lb. Linseed Oil.—Spot pipes offering at £24 per ton. Lead.-r-Tmporls, 11,840 tons; Australian, 4933; exports. 3848 tons. Galvamised-iron, £16 15s. per ton, first brands; £14 15s. second brands. Fencing wire, £8 Is. per ton. Angle steel, £7 2s. 6d. Tram rails, £5 16s. WHEAT AND FLOUR AFLOAT. London, March 16. Shipments of wheat and Hour afloat for Europe on March 15, compared with a year ago, were;— March 15. March 16, 1913. 1912 Quarters. Quarters. United Kingdom 3,770,000 3.950,0C0 Continent 3.345.CCG 1,430,000 7.115.CC0 5,380,000

The wheat shipped from the Atlantio and Pacific Coasts of North America, during the past woek and for the corresponding week of last year is estimated by "Bradstreet's" to be:— Atlantic Coast 243.000 122,CC0 Pacific Const 20,000 17,000 263,000 139,000 The total shipments to Europe from all exporting countries during the week amounted to 1,640,000 quarters, including 277,000 from Australasia, as against 1.215.CC0 quarters, including 190,000 from Australasia for the corresponding week of last year. WHEAT MARKET. The market is dull, and prices occasionally easier; 38s. is asked for Xcw South Wales, Victorian, and South Australian January shipment; 375. 3d. for South Australian April-May shipment; and 375. 6d. for Victorian February. MELBOURNE ELECTRIC LIGHT CO; By Telegraph—Press Association—Copyright London, March 16. The public subscribed £160,000 for a loan of £100,000 5 per cent. debentures for tho Melbourne Electric Light Company. Customs duties collected at the port of Wellington yesterday amounted to £3697 10s. v 3d.