COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1732, 24 April 1913, Page 10

COMMERCIAL ITEMS.

LONDON WOOL SALES. Tho third of the scries of London wool Eatcs opened on Tuesday evening, aud it wilt be seen from tho reports of the brokers that there has been no change in prices as compared with the last ionic. This was what was expected, and some wool men hold the view that the position will be. very much better at tho July . sales, for /by then the Balkan troublo will be over, (ho tariff changes in America will bo settled,- and the money market is likely to he easier. There is much to ho sniit for this view, and if it is generally held thore will bo some withdrawals of Kew Zea.l-anil wool at the 1 current sale. The wool outlook is very satisfactory. EAjVK OF ENGLAND. After providing 'for ullj contingencies, the 'liank of Ungl-jna shows a profit of £655,460 for the half-year omled February 28. Tho ,balance at credit- of profit and loss account on "rest." a-s it is called, amounted ffl .53,675,655, of which the usual dividend nt the nvto of 9 per cent, per annum absorbs £654,C85, leaving the "rest" at £3,020,770. The present price of bank stock is 246J, oil which tho yield is about £3 lfc. per cent, l'lie "Statist" considers that in view of tlic fact that tho bank's securities have been written down to n, very low figure, those needing a very higii elas3 inveistment should purchaee this stock. It is pointed out that when uKirkct values of jjilt-ertged securities recover. the profits of the hank will be largely increased. Only once ill tho Inst twenty years has the market value of the stock been below the present level. Uvea in 1894 nnd 1095. when the first halfyearly dividend); were at the rate of 8 nor cent., as against. 9 per cent. Tor the' Inst nine years, the price of bonk stock never weni. below 322. Tn 1893, when the dividend was. restored t.o 10 per cent.',' tlio stock touched 367, high water mark in recent i'lao?. H.UI'LOYIIEiVT OP fORBIGXEKS. A quest-ion of moment- to British' trade is often asked in commercial circlet?— whether It, is politic to admit young foreigners «>; volunteers into warehouses ami shipping houses in Kuglish -cities!' ?,'o particular objection is made, to their entrance 'as students into tho commercial and, technical schools and colleges,-in which . they may possibly get some insight, into business methods: "but tlic contention is that- the custom of accepting the services, without salary, of these young fellows, especially as foreign correspondents, js an injustice to the workers on the spot, to the young men who have acquired a knowledge of lancufigcs. and are thoroughly capable not only of foreign corrci-.pondcnce, but of many other duties on which trade depends. U is ni&crled (according to the "llritisb Trade llevicw*') that firms in London. ter, Liverpool, and other business cenhave lo oblisrc foreign customers, or to reduce working, expenses, taken such volunteers into Iheir offices, with the result that positions ou the permanent stall's have been imperilled. Inasmuch ns it i.-, a leuiptalion lo linm; to ilis'Mise with salaried men if they can get the work done for nothing. Xor.. in the opinion of business experts, is it <il!o----celhcr v.i.-e to give tlic-. foreigners a free run in any establlshmenl. serine that their chief motive in coining to England and offering gratuitous twice Is to pick up trade secrets, which they can anpl.v in their own business when they have left the country. Employers are tolerating the custom because must of the foreigners iboy have taken into their ofliccs p.i-s • lite ■ sous of customers, and their rejection might mean a. loo? of order.-*. Then, again, the practice Is not limited to the transfer of foreigners to the businrvo houses in British cities. Eng. lisli manufacturers, warehousemen, and -flippers are t-'ending their son,-, or other volunteers, on temporary service to French. German, and Smith American firms to enlarge their training, and to improve their linguistic scope. Conseimcntly. though the foreigners, coming to England have perhaps the greatest advantage, the custom cuts two ways, and may be. certainly in many instances, a help rather than a hindrance, to llritlfh trade. Til tue.t, numbers of these young men. becoming familiarised with foreign markets, do much as agents of English houses towards the extension of our foreign businass, nnd are now aud again [offered luaajtive Hositiviis fa .undertake

the tfiiporv.hion. of brnnrlif*-- in tho colo« uk\-\ in Central and South Auiorir/j. in Africa, and in IndUi. China, Japan. AKG KNTLVE CONDITION. 'Until uuniparatiu'ly recently the pictures of Argentina were eoiiaideml a l * by f«r the mo.-1 important <i.:i-L't of that country's .national wealth, lint with thu discovery of thy wheat belt and thetrmU. uf Jatid suitable for a ueisorul range of cerealn the agricultural industry grew rapidly in importance, and a.< -a •ro»i-ie(|i!en:. , u immoral intei'i>yt.? have *ufferad in ;v somewhat- t-übrftantial mixisury. Hie result, of ttiis competition between tlu' two primary industries has been strikingly evident, this summer. The drought* of t!iv Jnoil three years have given ri-e to iiiiiu.mer.ildo complainte oil I In: ix*rl of agriculturists, whose harvests ikivi.' fallen below expuctal ions, whilst little has hern heard of losses of cattle and. live stock in genural.- II is ileal', nevcrtlH'lci-'-, thai, during laic vivirn the herd- of Argentina have either' manured numerically stationary or huva decreased, throughout tile dry periods the killing of cattle was continued at the sa.iuo rate as in more propitiom; seasons and therenov; exist; for the lirst time parliaps since tho ifajvi of the old Hiver I'late provinces an extraordinary, wealth |of grass and pastures siniuUnicoi'.sly with an exceptional dearth of cattle. From an economic point of view the result to the landowner in peculiar. In face of the surfeit of pasture, and the absence of lieaets to feed on it, the difficulty of finding tenants for the wrass arcat" lias increased, • a ? , "t ere ;l tendeney 'for tlia, price of land to move downwards rather than Jit the opposite direction. Another factor in tlic present position is the shortage of heef. a shortage which, ai; the London "I/cniiomist" mentiona in a iliseuscioii of the case nl Argentina as n meat producer, is world wide. This comparative scarcity, though so far little noticed bv the public, will undoubtedly make itself felt in the near future, and many of thcec whoso interests'are'deeply involved in Argentine affairs are earnestly advocating the legal prohibition of tho killing of young cows until such time as the numbers of cattle ill that country shall have readjusted themselves more closely to a normal level. It is patent that tlia remedy lies largely from within. No importation of live stock could have any ['significant immediate influence, and, in the opinion of a competent authority, whose views' ar» pet out in tho columns of the journal mentioned. "it seems umiueslionablc that one of the most efficacious, as well as' the most rapid, solutions of the problems which n.t. present confront, the pastornljsU' is to be found in the enforcement of a law such as the one proposed." J'ltOl'KitTT SALK. Au important transaction in landed property. situated in Taranaki Street, was concluded yesterday. The land consists of the section on which is erected.a two-storv brick building, well known as the Druids' Halt. The Druirin' Wall was for /inany years one of the principal dance halls and political meeting-places in the city. The purchasers are Messrs. Watkins, Tyler, and Tolan, Ltd., printers dnd publishers, who luivo instructed their architect to proceed with necessary alterationa to make tho building an up-to-date printing factory. The property was purchased through tho agency of Jlcssrs. Thomson ami Brown, tile purchase prico being £5100.

CUSTOMS REVENUE. Customs duties collected at the uorl of Wellington yesterday amounted to £1554 Us. iOd. FINANCIAL -fcABLEGItoMS. By Telegraph—Press Association—Copyright London, April 22. Yesterday's' closing quotations wore as follow:— Bank of Australasia, buyers £110, sellers £112. Bank of New South Wales, buyers £38, sellers £40. . Bank of Victoria, buyers £4 2s. 6d„ sell, era £4 12s. 6d. f Union Bauk of Australia, buyers £56, callers £57. National Bank of Australasia, buyers £5, sellers £5 l r -s. N/ttioual Bank of New Zealand, buyers £4 155., sellers £5 -ss. ' Bank of New Zealand, buyers £10 10s., 'sellers £11 10s. : N.Z. Loan and 'Mercantile Agency 4 per cent, debentures, £94 10-5. City of Melbourne, 4 per cent, debentures, ' £98. Melbourne Harbour Trust. 4 per cent, de* boiUurcfe*, £97. Melbourne Tramway Trust, 4* per cent, debentures, £100. Melbourne and -Metropolitan Board of Workf, 4 per cent, debentures. £96. Australian Mercantile debenture.*, £921Cs. Dalgety aud Co., 4 per cent, debentures, £93. Dalcrety aud Co.'s shares, buyers £6, sellers £6 10s. . Melbourne" ; Ctos : Co.'s debentures, £99. WHEAT. By Telegraph—Press Association—Copyright (Kcc. April 23, 10.40 p.m.) London, April 23. The wheat market is active aud firm. • Three Australian cargoes have been gold at 38s. to 38s. 6d. The ofltakil mioUtions are:—Prompt delivery, 38*. JJd.; on passage, 38?. 3d. to 33a. 3jd.

METAL JIAEKETS. (Itec. April 23, 10 p.m.) London, April 23. Copper is quoted at £67 18s. 9d. to £68 ss. Tin. forward, £221. J'j'B-iron, £68 lis. Lead, £17 15s. j SJLVEIi. London, April 22. Bar silver is auoted at 27 IL-I6d. per ounco standard.