COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1723, 14 April 1913, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. A gale of New Zealand Insurance shares at £5 Os. 6d. was the only transaction recorded in investment shares on Saturday. The quotations were as under:— Buyers. Sellers. „ , ' £ s. d. £ e. d. Bank New Zealand 11 7 6 — National Bank (aid) 5 16 — National Bank (new) 4 19 0 — Equitablo Building — 910 0 N.Z. Loan and Mercantile 0 10 0 — N.Z. and River Plate — 2 0 6 Well. Truut and Loan ... — 7 2 6 Christchurch. Oas 7 7 6 7 10 0 Feilding Gas ; — 10 0 Well. Gas (£10) — 16 2 6 Well. Qaa (pref.) 10 3 10 6 N.Z. Insurance 5 0 0 — N.Z. Shipping — 1610- 0 Kaiapoi Woollen (ord.) ... — 5 2 6 Well. Woollen (ord.) 3 13 0 — Leyland-O'Urien — 16 9 Taringamutu Totara, — 2 6 0 Manning and Co 3 18 0 — N.Z. Con. Dental' 10 6 — Ward and Co — 5 10 W.F.C.A. (£5) - 75,0 COMMERCE IN 1912. Commerce and flna'nce in 1912 are tho subject ol an interesting renew in a recent issue of the "Economist." Tho year, notwithstanding that many adverso factors were in operation, witnessed the establishment of iccords in tho production of almost every commodity. "But though commerce has. done exceedingly- well," the review states, "in spite of great disadvantages, the situation is not entirely freo from anxiety." The rate of discount of the Bank of England at the date of tho review, February 22 last, stood at 5 per cent. The duration of its maintenance at that level has since been extended to about 25 weeks. This, however, is not a maximum period for a 5 per cent, or higher rate. During the Baring crisis, in 18891890 the bank rate did not fall below 5 per cent- for .13 weeks. On September 26, 1889, it was raised to that point, and subsequently when the financial position assumed an acute phase it ascended to 6 per cent. There it remained for about seven weeks, a reduction of 1 per tent, being effected on February 20, 1890; but it was not until March 6 in that year that it fell to 4J per cent. Another term of high raten occurred between October 11, 1906, and April 11, 1907, an interval of 26 weeks, which is the longest currency of a 5 per cent, rate or over recorded since the year 1874. Other factors of a harassing character which are enumerated by tho "Economist" include the large quantities of capital destroyed by the war in sout.hcastcrn Europe, where "a state of economic demoralisation exists which cannot fail to prejudice commerce in general." Again, "the rise in retail prices continues, and although wheat values at the moment are fairly low, thanks to a. large world's crop, the pinch will be felt when there is lc<w employment than at present." In tho total value of British foreign trade thrro has been (in incrcaso of about 49 per cent, in nine years, tho aggregate for last year being £i,;>44,169.0C0. The expansion occurred mainly in imports. It is estimated that price changcs accounted for a difference of no less than £24.CC0,0C0 in the trado aggregato for 1912 when compared with 1911. Labour statistics show that in November last unemployment in tho United Kingdom was reduced almost to vanishing point, whilst "advances in money wagos hac. for the timo being diverted attention from the problem of tho cost of living." Tlio most potent stimulus to tho general prosperity is stated to have been tlie disappearance of tho last trace of hesitation from tlie operations of the United States, where a premature boom in 1910 and its failure occasioned a. set-back to trade in 1911. SCARCITY OP GOLD. The scarcity of gold in France was tho subject of inquiry rcccntly in the French Parliament, and the Minister of Financo was asked what measures he intended to tako to remedy the disabilities so caused To this question the Minister replied that "the scarcity of gold proceeds principally from the circumstance that a" large number of individuals believed that they ought to retain in their own possession tho gold currency they received by way of exchange. Tho circulation of a lfljgcr autin- j

1 tit-y of gold by the Government would not mend matters, hccnuso the currency so provided would be either hoarded or exported. Such a measure-would only have the effect of weakening the gold reserves of the Bank of France, which might thereby be led to defend it-self by a- fresh increase of the discount rate." The question stud answer are very significant of tho uneasiness which prevails amongst large seclions of the French public, whose hoardings of coin last year were estimated at £30,000,C00. The panic process is going on in Germany and Austria, the underlying cause being the disturbed political outlook. Until confidence in the stability of peace ifi restored, tho huge sums that have been withdrawn from circulation will remain unproductive, to the great detriment of, trado and commerce. Under certain conditions.tho great unreasoning public is a factor to bo reckoned with iu the realms of finance. CUSTOMS. Customs duties collected at tho port of Wellington on Saturday totalled £924 &s. 5d., tho amount for tho week being £14,421 13s. 4d. The returns for cacli of tho past eight weeks, compared with thb figures for the corresponding period of tho previous year, show as under:— 1913. 1912. • February 22 26,686 11,255 March 1 13,580 23.340 March 8 26,516 10,978 .March 15 12,427 26,253 March 22 18,610 9,283 March 29 19,126 25,256 April 5 16,402 18,597 April 12 14,421 10,971 148,067 135,933 ' The beer duty collected for the past week totalled £33 16s. 6d., as against £222 6s. for tho corresponding week of last year. OAMARU GRAIN MARKET. (By Telegraph.—Press Association.) Oamaru, April 13. During tho week Velvet wheat has hardened. and Tuscan has weakened. At tho beginning of tho week 3s. 9d. net at country stations was given, but later the figure inoreased till, at the end of the week, as high as 3s. 10Jd. was paid, the bulk of the business being done at 3s. 9£d. net. lledchaff has fetched as high as 3g. 7d. and 3s. 7£d. Tuscan has' been offering freely, but _ only a limited business has. been done in this variety at 3s. 6d.< and 3s. 6id. net. There have been few offerings of oats, the Teported damage to the crop in Southland' being the inducement to hold back. A grade Gartons have sold at 2s. 2d. ond 2s. 2Jd., most of tho transactions being at tho higher figure, and for B grade 2s. ljd. was given, > all net, at country stations. Small lots of cocksfoot ■have, been < taken at 3*d. and 33d. Only for immediate reouirements are potatoes being taken, and these have brought £4 10?. net on trucks. There are few coastwise offers, and a, profitable business with Sydney is not likely to arise for a., couplo o£ months, even if then. COMPANY DIVIDEND. By Telegraph—Press Association—Copyright m , London, April 11. The Trust, and Agency Company of Australasia, I/td., has declared a dividend of 125 per cent., and added to reserve £12,000. FROZEN MEAT. (Uec. April 13, 5.5 p.m.) ' r London, April 12. The Incorporated Society of Meat Importere amithflcld market Quotations for tho undermentioned claesfccs of frozen meat aro based on actual sales of not less than one hundred carcasses of mutton or lamb, or twenty-five quarters of beef of fair average quality. Tho quotations aro not lor selected lines, but for parcels fairly representative of the bulk of tho shipments now on tho market. Tho prices which follow aro on tho average a farthinc per lb. raoro than the values ex ship, this difference representing the avcrago cost in expense, handling, conveyanco, and sellinc the meat:— April 5. April 12. Mutton— d. d. Canterbury, light 4 3-8 413-16 Canterbury, medium 43-8 4 7-16 Canterbury, heavy 4J 4J Southland * • North Island, best 4 5-16 43-8 North Island, ordinary . 43-16 4i . Australian, light 315-16 4 V , Australian, heavy - • Itivcr Plate, light • • River Plate, heavy 3J 4 New Zealand owes 313-16 3j . Australian ewes 3ft 33 River Plato ewes 3g . 3$ LambCanterbury, light. 6 9-16 6 11-16 Canterbury, medium .... 6} 611-16 Canterbury, heavy 63-8 6} Southland ♦ * . North Island, ordinary .. 6} ■ 6 3-8 North Island, selected ... 63-8 6j Australian, best 53 6 Australian, fair sft 53 ' Australian,, inferior SJ. * Itiver Plate, first • 55 ' Eivcr Plate, second ; * 51 BeefNow Zealand, ox fores .. 3 3-8 34 New Zealand, ox hinds .. 33 4j Australian, ox fores 33-16 37-16 Australian, ox hinds 3J 33' Kiver Plate, frozen foi-cs 3J 3J liivcr Plato frozen hinds 3 7-16 <U Eivcr Plate, chilled fores 31-16 4 River Plate, chilled hinds 43 5J 'None offering. Rabbits.— I The market is weak and a decline in values is imminent.