COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1729, 21 April 1913, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHAKES. The sales recorded on Saturday were: National Bank (new) at £4 19s. and £4 19s. 6d„ Wellington Gas at £16, and Union Steam at 42a. Tho quotations were as under:— Buyers. Sellers. £ s. d. £ 6. d. National Bank (old) .... 5 2 0 — National Bank (new) 4 19 0 — Bank New Zealand 11 8 0 .11 11 0 l-JquiUibJc Buildup — 9 10 0 N.Z. Loan and Mercantile 0 10 0 — Christchuroh Gas 7 7 6 — Well. Gas (£10) - 16 2 6 Well. Gas (pref.) 10 3 Meat Export (52tt*. fid.) 2 18 0 — N.Z. Shipping — 16 0 0 Union Steam 2 1? Kaiapoi Woollen (ord.) ... — 5 2 6 Westport Coal 17 0 — Golden Bay Cement — 10 3 Y/ard and Co 4 17 3 5 1 0 W/F.C.A. (£5) ; 1 - 7 5 0 W.F.C.A. (£1. 1 - 19 0 INTERMINABLE STOCKS, The great jcint stjick banks of London are losing fcith in British Government interminable fitocks, and ate investing more and more in some other form of ascurity. The persistent fall in capital value cf Consols and allied stocks during ieceut years ha-s compelled bank 3 to set aside enormous sums for depreciation. Last year eleven institutions had to provide no less than £1,400,000 for this purpose, aud such serious inroads on profits have led to the selection of short dated securities for the investment of reserve fwids. Ju the ease oi* tlie Jr.i,'.»;r a shrink* r.ga in market price is nzt oi such vital Importance, as the louder kuov-j thr,t ho will receive face vainc on a fixed date. This prefererc* :cr other than British Govora Lieut stocks is aot :oi:iiaed U) banks; in fact, 0110 '?err in-nranco company is gradno.liy rid of theso depreciating securitiw, L',nci reinvesting ita IV.nds in foreign gilt-edged and American public utility boatls. At one time Consols were held by all financial institutions on tho ground that they were always saleable. Since the iramence increase of trus too securities, however, Consols* havo lost, this characteristic to a great extent, and eonac.juentlv it i? only reasonable that they should no longer be attractive to those who must keep their resources fairi.v liquid. Treasury biiis ar.d short-dated bonds are now recognised as ideal investments for banke, and even iu times of financial tension borrowers can raiso money in- this form when lenders, would not look at other securities.

LONDON' MEAT IMI'ORTKRS" SOCIETY. Tho report of the Incorporated Society of Meat Importer!-. London, for 1912, stated that the membership had been further increased during the year to a total of 105. The dispute that arose as to the interpretation to be placed upon tho condemned meat agreement in the matter of an importer having the option of affre-cinc on tho price for condemned meat with an outsider. was edit led by the Corporation in tho importers' favour. The council suprcestixl to tho Corporation of the City of London that It would be in the Interests of the trade if the deportments of tile medical officers of health from th? City and tho I'ort of London were to bo amalgamated under one head. Tile Court of Common Council decided aeainst adopting tho proposal. Members of tlio society had since tendered evidence before tho Dominions' Jtoyal Commission with tile view of ths commission using its influence to bring about tlio desired amalgamation. After being considerably retarded by labour troubles, the inquiry comineuced at tho instance of tlio society with a view to obtain ins a reduction of tlio charges on frozen produce had resulted in a revision of rates, which were to come into force on January 1, 1913. Tho council regretted that the Tort of London Authority hod not seen its way to reduce tho charges to a figure nioro in accordance with the views of the trade. A reduced rato for the second month and subsequent periods of storncc had been adopted, and tho port rates lowered. The, council was st.ill not, satisfied. and had strain protested. The views of the trade with regard to tlio objectionable features of the Agricultural Produce Marks Hill and the Meat Marking (Ireland) Hill were laid before the proper authorities. A 6 in previous years these Hills were not proceeded with beyond tlio preliminary staces. Arrivals of frozen meat in the United Kingdom during 1912 were as follow:— Carcasses Carcasses Qrs. Mutton. Lamb. Beef. Australia 1.643,790 1.239.659 732.384 New Zealand 2,315,453 3,179,838 157,850 Itiver Plato 2,713,363 913,032 1.8C6.C65 Ditto, chilled ... - - 2,221,669 Total 6,672,606 5,332,559 4,917,965 THE ALUMINIUM MAEKET IN 1912. According to a report of Messrs. lliess and Oscnberg, of Berlin, the position of tho aluminium market in 1912, both aa regards consumption and pricce, showed a steadily increasing tendency. Increasing consumption manifested itself towards the end of 1911, and a continually increasing demand lasted throughout the whole year, and became particularly strong towards its end. Ths reasons for this arc several. On the one hand, they consist in t.he aluminium industry being generally well occupied,. while 011 the other hand tho use of aluminium for kitchen, -utensils, for vats and storing casks in browerie.-j, for electrical work and motor-car accessories, as well as for many new purposes, goes on increasing to a. remarkable extent. In addition. America, whence aluminium u-sd formerly to he shipped to Europe, purchased considerable quantities during the last quarter of 1912. Tile price of aluminium consequently increaeed from about .65 in the autumn of 1911 to some £8 lCs., and oven £9, towards the close of 1912.- 011 Octobcr 1, 1912, the International Aluminium Syndicate, to which belong all producers, with the exception of one smaller firm, and which lias been formed once more, after lengthened negotiations, began its activity. Sales for 1913, based upon the syndicate priccs. nre turning out. satisfactory, so tluit a corresponding business may be expccted for the current year, provided that, as it Eeems. there aro no further political complications. PIG-IIION AND STEEL. The total quantity of pig-iron produced in the world during 1911 is estimated at

about. 63,CC3,000 tons, the principal producing countries beinp the United States, Germany, ancl the United Kingdom, which between them account for about sevenninths of the world's output. Particulars for the first. half of 1912 show that the output of pig-iron for the five principal produciiiE countries during thai; period was about. 29/00,000 tons, which compares with 27.600,000 tons ilurins tlie second half-year of 1911. For t.lip sccirad half of 1912 the United States produced about 15,600,000 tons of pis-iron. Germany 9,277,050 tons, and liclpiuni about 1,203.000 tons. The combined output of steel in the United Kingdom. (J or ninny, and the United States in 1911' exceeded 45 million ton.?, whilst the world's outmit. irf estimated at between 59 and 60 million tons. A comparison of the approximate outputs of the chief producing countries shows that the United States produced ill 1911 53.676,0?0 tons. Germany 14.778.C00 tons, and the United Kingdom 6.555,000 tons. A noteworthy feature of the returns is the increase of about 24 per ccnt. in Germany's steel output, whereas that of the United Kingdom and the United States remains practically stationary. CUSTOMS. Customs duties collected at the port ol Wellington on Saturday totalled £2.108 18s. 7d thci amount for the wee!; being £14 296 18?. lOd. The returns for each of the' p:i"t eight weeks, compared with tK. figures tor the corresponding period ot thu pririous year, show as under:— 1913. 1912. .C £ March 1 13.680 2.U40 March 8 26.516 10,978 March 15 12.427 26.25.5 March 22 18.610 9,283 Mnrch 29 19.126 25.256 5 16.40?. 18,597 . April 12 14.421 10,971 ApVit 19 M.297 22,003 135,479 147,481 > The beer duty colleclcd for the past wcolt totalled £209, n*- against £287 15s. 2d. for tile corresponding week of lost year. FEILDING MARKET KIiPOIIT. Messrs. A. 11. Atkinson and Co., Ltd., of Feilding, report a small yarding of pigs on Friday. Produce and fruit lines were in full supply, and everything was cleared at top prices. There is keen demand for all descriptions of vegetables and fruit. Suckers. 45.: slips, 9s. 6d.; medium-weight stores. 15s. 6d. lo 19s. 6d.; heavier sorts, 255. lo 255. 3d. Poultry, at per p.iir: Cockerels, 2?.. 2~. Cd„ 3f.., 3s. 3d.. 3s. 6d.: pullets, 3*. 6(1. to 4s. 3(1.; hens. firl., 2-. 6d„ to 3d.: ducks, 3- «.i. to (id.: ger«p, I.irlify hone. 4«. 65.; c"l>M;-.r.=. 3s. pur-, 3s.' 6il. Prodni-e: T:uc', ii. Gtl. pit

1 bushel; barley, 3s. to os. 6(1; ryegrass seed, 2ri. to 35.; poll;iid. 12s. Gd. per bag: pig meal, lis. 6d.; feed oats, 2>\ 6d. to 3?. 3d. pur bushel; seed, os. 5d.: tabic potatoes. 10s. to lis.; pig do., 3«. 3d. per sack; pic melon:;, 6d. e.'R'li; marrows, 6d.; pumpkins, 9d. to Is. Gd.; oranges, 6s, to 3s. fid. per cnso; apple*, 4«., fa. to G-r. per ease; preen tomatoes, is. to 25.; carrots, Is. to Is. 3d.; turnips, 3d. per bushel; cauliflowers, 2d. lo 3d.;'cabbages, 'UK lo 6d. c-U'li; onions, 1 jd, ]>cr lb.

GRAIN AND I'HODUCfi. tßy Tolosraph.—Vre»p A.seouin-tlon.) Oamaru, April 20. A good deal of business lias been done in wheat during" the week, Velvet beimc most in favour. At the end of the week sales were as high as 3s. lid. net at country stations, and 45., Jess eommissio-j, for a good line of Velvet. For red chalV. os. 7d. and 3s. 6d. net is paid, while 3s. bid. and 3s. 7d. is the ligure for Tuscan, less commission. I'or lied Tuscan and Marshall's White 3s. 7d. net at country stations has been paid. Prices of oats have moved upwards, and a good amount of business has bean , done. A Grade Gartons have been eold !at 2s. 2d., and a shade under :iet at coutii try stations at the beginning of the week. 1 but later sales were made at 2s. 2Jd. to 2s. 3d. net, B Grade has sold at 2s. Id. to 2s. 2d. net; Algerians at 2s. 3d. liet.- delivered; Duns at 25.. less commission; and Danish at Is. lid. net at country stations. Oat sheaf chaff has sold at up to £3 net on truoks. In potatoes there is a little ' more inquiry, but growers aro not disposed to accept the price offered, which ranees from £4 to £4 10s. at country stations, according to quality and railage distance. SIIEEPSKIKS Messrs. James Macintosh and Co. report having received the following cable message from their London agents, under date of April 18:—"Sheepskins: Crossbred fu)!woollen, fine, and crossbred half to three-(juarter-wooilcd fine, advanced par to id.: crossbred full-woolled coarse advanced par to Id." LONDON MARKETS. ' By Telegraph—Press Aasooifttion— Copyright (Ilec. April 20, 5.5 p.m.) v London, April 19. Copra—The market is depressed, and there i? little business doing. South Sea, in bags, April-May shipment, £27 153. per ton, Cotton—April-May shipments of American middling cotton are clearing at 6.61£ d. per lb. Jute.—Native first marks, April-May shipment, are selling in Dundee at £29 ss. per ton. New Zealand Hemp—The market fa quiet. April-June shipments, £33 10s. per ton. Itubber.—Fine hard Para rubber is quoted at 3s. 41} d. per lb. SILVER. London, April 18. Bar silvor is quoted at 2s. 3 9-lfid, per ounce standard.