COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1708, 27 March 1913, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAItES. The brokci-6 resumed yesterday, but as usual on the opening day of business after a . holiday, there were no transactions. The quotations were aB under:— Buyers. Sellers. £ 6. d. £ s. d. National Bank (rights)... — 1 0 S Bank of New Zealand ... — 11 7 6 N.Z. Loan and Mercantile 0 9 9 — Well. Investment 0 10 6 — - Feildiug G-as — 10 3 N.Z. Shipping 15 7 6 • — Union Steam — \ j » ICaiapoi Woollen (0rd.)... — 5 2 6 Well. Woollen (pref.) ... — 216 6 Taupiri Coai 13 0 14 0 Westport Coal 17 0 — Leyland-O'Brien — 16 0 Taringamutu Totara, — .5 ° 5 N.Z. Drug (rights) — 5 ? S W.F.C.A ; - 7,5 0 •Premium. COLONIAL BORROWERS.

Some pertinent remarks, applicable equally to the Australasian as to tho Canadian borrower, were made recently by the president of the Canadian Bank of Commorco. The speaker first devoted himself to considering the causes of Canada's rapid growth, and whether in the methods of its expansion there was anything that needod to be checked. Ho pointed out that Canada's financial needs were mainly determined by the volume of immigration. After mentioning the remarkable fact that in the last two years Canada had added ten people to each 100 already there', and emphasising the country's great need of more railways, rolling stock, warehouse and port, facilities, roads, bridges, and dwellings, ctc., the president went on to sound the of caution which he • had. set out to give. He said that at this moment the borrowers throughout the world exceeded those whose savings took the form of loanable capital. ' It was, therefore, for the country to consider not so much its need's, as tho opinion of the investor regarding its securities and tho condition of the world's money market. If 1 the Canadians • did this they must conclude to restrict their building operations as much as possible for the moment, and must espect to pay a higher rate of interest for their requirements. In particular, municipalities were warned against entering into contracts involving large expenditure, before consulting the banks a.g to whether the necessary capital could be raised. This admonition, coming from a leading Canadian banker, should be taken to heart by colonial i 'State Treasurers and public bodies.

i JAPAN'S MERCHANT SHIPPING. During the past twelve months, states "Fairplay," a great many British steamers havo been sold to Japanese buyers,' and it is understood that they are in the market for further vessels, the lax of £1 per ton forming no deterrent to ; purchasers. In some. instances, Japanose who have bought foreign steamers have been unable to pay the whole of the purchase pricc, and some of the lnarioe insurance companies and bankers in Japan have advanced them up to 70 per ccnt. of tho purciiare money upon mortgage. These .bankers, etc., charge as much as 3.5 sen per ICO yen per day, which is ecjual to 12.776 per ccnt. per annum, and all the ship's papers, insurance policies, etc.. are handed over to'them with a view to giving them as much security as pc&nble. The mortgage of the vessel is duly legalised by a notary public nominated by the mortgagees .and registered in tho Government register office. On a steamer of about SCCO tons gross,' the tax would amount to about £50GG, • registration stamps, another £500, and repairs to meet tho requirements of the Japanese authorities would amount .to anything from £ICCO to £2000, that a Japanese owner who borrows heavily on mortgago lias a lot of financial dead weight to carry.

TVESTPOKT-STOOKTON COAL OO: Tho annual report of tho 'WestportStockton Ccal Company for the year ending December '31, 1912, states:—"Tho sale of New Zealand coal generally appears to have considerably increased,- and the company has shared to the extent o£ beinrr able to 6o!l' all the hard coal it could produce without nearly satisfying • tho dejtx'vjhl. The output lor the year has been 1?.5?D31 tons, an increase over last ypar of 37,795 tons. It is very satisfactory to note that a larger Quantity of hard ccal has beon discovered in the present workings than was anticipated, so that the sunply from tho new field when opened will bo considerably augmented for some time to come. The various contracts to connect the eastern field are, being pushed on a® rapidly as possible, arid it is hoped that tho tramway will be completed in June. The net profit for the year amounts to £3363 IBs. 2d., of which sum £2330 19s. lid. 13 absorbed by the debit balance of last year, and the remainder, £1£32 18s. 3d., it is proposed to carry forward."

FINANCIAL CABLEGRAMS. By Teleuraph—Press Association—Copyright London, March 25. Yesterday's closing quotations were fls follow Bank of Australasia, buyers £110, sellers £112. I'.ank of New South Wales, buyers £38. sellers £<0. ' Bank of .Victoria, buyers £4 2s. 6d., sellers £4 12s: fid. ' Union Bank of Australia, buyers £56, sellers £58. National Bank of Australasia, buyers £5, sellers £5 10s. National Hank. of NZealand, buyers £4 10s„ sellers £5, ex righte. Bank of New Zealand, buyers £11, sellers £12. N.Z. Loan nnd Forrp-ntile Asrcncy 4 ccr cent, debentures, £95 10s. _ City of Melbourne, 4 per cent, debentures. £98. Melbourne Harbour Trust,l4 per cent, debentures, £9?. '» Melbourne Tramway Trust, 4i per rant, debentures, £IDO. Melbourne and Metropolitan Board of Works. 4 per cent, debentures, £90. Australian Mercantile debentures. £95 Ids. Dalgety and Co., 4 per cent. • debentures l , £95. ' ' WHEAT. (Hec. March 27, 0.53 a.m.) London, March 26. The wheat market is firm, but quiet. The American visible supply east 'of the Rookies is eetimated by Bradstrees at 110,689,000 bushels. THE METAL MARKETS. (Rec. March 27, 0.33 a.m.) London, March 26. CopDer.—On 'spot, £64 12s. 6d.'; three months, £64 17s. 6d.; electrolytic, £69. Tin.—On spot,, £211 10s.; three months, £208. Load, £16 2s. 6d. ' SILVER. London, March 25, Bar silver is quoted at 26 1-lGd. per ounce standard.