COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1709, 28 March 1913, Page 8

COMMERCIAL ITEMS.

'■' fi INVESTMENT SHAKES. • The sales recorded yesterday were N.Z. Loan and Mercantile at IPs., and N.Z. Shipping 'at', £16 2s. 6d. Tho quotations • were a3 under:— f 5 Bnyera Sellers. • ' £ 6. d. £ 8. d. National Bank (rights)... 0 19 6 10 0 'N;Z: Loan and Mercantile' 0 10 0 — Wcli;r'(laK*(pref.) - 10 3 Union 'Steam — 2 4 0 Well Woollen (pref.) — 216 3 .•Taupiri Coal 13 6 13 9 Lcyland'O'Brien — 16 0 Shartand'-j ordinary ; — 110 W.E.C.A.. (£5) - 7 5 0 A SEUIOUS GOLD PROPOSITION, i r Sir Edward llolden, chairman, of tlic London City and Midland Bank, Limited, at tho annual meeting of shareholder held on January' 24, made eomo pertinent remark.* Regarding liidia and th<j, gold •position; Sir Edward 1 pointed out that last year the exports from India exceeded tho import's by 59 millions sterling. Tlvo .Homo charges amounted to 19 millions sterling, r leavijis. a balance to he remit-4-ed of"4o''.'millions. Three and a half

millions wore remitted in silver, 8 millions wero returned by the India Council, and millions were remitted in fjold, and the probability is that this year the amount of gold tsent to india will be nearer 50 millions sterling. From another source some highly interesting figures relativo to the "absorptaon of. sovereigns by India have become available. Between January 1, 1900, and September, 1912, the net imports of these coins amounted to £74,642,000. The amount held by the Presidency Banks at the latter date, apart from the opening balanco on January 1, 1900, was £16,842,000, go that of the net imports during the period named £57,800,000 are either in circulation -or are hoarded; or have been melted down for ornaments. It is rjtiite certain, even from the figures cited by tho advocates of a. gold currency, the actual number cf sovereigns in circulation is small,, and as to the fate of the remainder there is not much doubt. It has to be remembered, moreover, that sinco the end of September last large amdunts in sovereign-* have been imported, and that the above figures do not include the receipts prior to 1900.

Sir Edward Ilolden, dealing with this matter, said:—"lt would appear that gold i® now coming more into use in India, and that there it? little probability of reverting to the full coinage of silver as somo would wish. We are, therefore, face to face with a serious gold proposition, end particularly eo when we consider the gold production of the world amounts to about 100 millions sterling, of which about 30 millions go into the arts and manufactures, and 30 millions to India, leaving only 40 millions, but of this amount about 20 ,millions are produced in the Uuitcii States, and largely retained there for currency and other purposes, so that only 20 millions remain to meet tho demands of the increased trade, the increa/fted credit, and the increased population o£ the other gold-using countries. Customs duties collected at tho pnrt of "Wellington yesterday amounted to £3552 18s. 7d. NEW ZEALAND DRUG (70. (By Telegtaph.—Press Association.) Dunedin, irarch 27. The annual meeting of the New Zealand Drug Co. was held to-day, when the report was adopted, carrying ' with it a payment of 7 per cent, dividend, absorbing £8050. The amount carricd forward is £8529.

LIVERPOOL MAIUSET. Messrs. G. and R. Mrrnro forward the following Liverpool market report, dated February 20:— Frozen Deef. ' . Hiver Plate.-The beef trade generally is improved, Plate fores .making 3Jd. firm, and hinds,' 3id. to 3i]d, per lb. for good weights. Australian.—Crops «re a steady, eale, and the .demand is good, and hinds.are fully Id. per stone better than last week. Today's prices:—Ox crrops, 3Jd.; ox.hinds, good weights, 3 3-Bd. to 3£d. The large Quantities of small, Australian ox and cow hinds in store, which have been depressing the value of hinds in this market for some considerable time, are, we think, coining to the finish, and this accounts for the firmer tone in the market. Very litt'e business doing forward, although we see possibilities of doing some in tho near future' at about 2s. 2d. for g.a-.q. sidc3, March-April-shipment. . : 'New Zealand.—No New Zealand beef on this market.

Frozen Mutton., River /Plate.—Tho demand }s good, «nd no change in prices as compared with last week, except in the case of heavy-weights which.are rather easier. To-day's prices— 4d. to; 4 3-Bd. per lb. for wethers, according to weights. Australian—Australian ewes are still an over-supply in this market, and although the prospects are rather better, prices are unchanged. Wethers are comparatively a good sale, and are making 33d. to 3ld. qer lb., according to weights and quality. Ewes cannot make more than 3 3-Bd. "off the hooks," and are selling freely ex steamers in dock at 3Jd. ex ship. ■ New Zealand.—Very little doing here, and stocks in London are very low. Frozen Lambs. ' .. Australian.—Demand . good considering the coldness of the weather. This market is well supplied with all grades of lambs which are making to-day from 53d. to sjd. per lb. New Zealand.—A few new seaeon's New Zealand lambs have been railed here from London, and are offering at 6Jd. to 6|d. per lb., but very little or no business is doing. ' Chilled Beef. River Plato.—Moderate arrivals meet a good demand, brought about by the shortago in Irish and Home-killed beef. Today's prices—Fores, 31d. to 3id.; and Kinds, 4Jd. to sd. per lb. , All prices quoted, herein, unless otherwise mentioned, are ex store, Liverpool, the c.i.f. equivalent being Jd. per lb. less, WHEAT. The New Zealand Loan and Mercantile Agency Company, Limited, have received the following cablegram from their London house, under date March 26"W0 have sold an Australian cargo at 375. 7Jd. c.i.f. The market is firm but inactive. The outlook is uncertain."

„ BANK: OF AUSTRALASIA. Bs Telegraph—Press Association—Copyright London, March 26. . The Bank of Australasia's report Bhows that for the year the deposits amounted t-o £17,906,492;" cash and securities, £7,321.274; and bills, £17,225,792. SILVER.' London, March 26. Bar silver is quoted at 26Jd.- per ounce standard. AUSTRALIAN PRODUCE MARKETS, (Rec. March 27, 9.55 p.m.) . Sydney, March 27. Wheat, 3s. 64d- to 3s. 73d. Flour. £8 15s. Oats, Tasmamian Spai-rowbills, 3s. to 3s. Id.; Algerian. 2s. lOd. to 35.; Giants, ■3a. to 3s. Id. Barley, Oape feeding,,. 4s. Maize, 4s. 6d. to 4s. 9d. Bran, £5 10s. Pollard, £5 15s. Potatoes; Tasmanians, T9 15s. -Onions, Victoria, £8 to £8 10s.; New Zealand, £7 ss. Butter, selected brands, 108s.; good, 107s. to 104s. Cheese, 6Jd. to 7d. Bacon, 9Jd. Adelaide, March 27. Wheat, 3s. 7id. to 3s. Bd. Flour, £8 to £8 ss. Bran and pollard, £5 15s. Oats, 2s. 2d. Holbourne, March 27. There were no hide eales this week.