COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1746, 10 May 1913, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. There were no transactions in investment shares yesterday. The quotations were as under:—

BRITISH TRADE RETURNS. Th&rc was a, boom in British trade in 1912, somewhat marred, however, bv tho coal strike, ond the strike of transport workers. The trade this year shows remarkable expansion, and the figures for the four inonthc, compared with theiiEures for the correspondinc periods of last year, are very interesting. They are os under:— IMPORTS.

The net imports, that is, t.he imports less the re-exports totalled £210,100,076. ns compared with £200,149,958 for the four months of last year, showing an increase of £9,950,078. The exports of British merchandise increased by £16,9C0,797, which 5s very good,, but over ten million? of the increase waa obtained in April. These fisnres have interest for us, for they give md'eation that the prices of our produce arc certain to bo maintained.

THE TURPENTINE MARKET. Recent movements in quotations for American turpentine have brought values into close proiimity with record low level?. Not einco 1909 has the price basis receded to such an extent. In that year, after fluctuating in the neighbourhood of 265. to 255. per cwt., a. reaction sot in, and before it ended 7 J s. per cwt. was touched. In that year, after fluctuating in the neighbourhood _of 265. to 28s. per cwt., a reaction set in, end before it ended 745. per cwt. wa-s touched. Prior to that time it is necessary to go back to 1901 for a parallel of prices, and an investigation of record.? extending over 13 years shows that only twico within that term have turpentine rates been anywhere near 28s. per cwt. Ono of the causes for the decline in nnotations is paid to be the large stocks held ill t.hc United Kingdom. Another factor In all probability is the freedom with which supplies are obtainable from countries other than America. It is contended that the resources of the latter are now beta* fully drawn upon, but Russia la stated to be in a position to offer increasing quantities, the Minister for Agriculture directing special efforts to foster ita production from the vast areas of pine forest which represent a greater tract than the entire areas of Canada and the United States combined. When this- is accomplished, Russia must become a.n influence of some significance in the turpentine position. Tho Russians arc said to bo awakening to tho value of their forest possessions. Tho turpentine at present derived from that quarter, however, is very credo by comparison with the American article, but that is a drawback whie.li ought, to disappear on the application of more modern methods in Russia.

MARINE INSURANCE DEVELOPMENTS. According to tho "Financial Timos" of April 2, the directors of tho Cunard Steam Shin Company aTC about to seek powers to conduct miarins insurance business. It-i now appears that an alliance lias been entered into between this company; tho International Mercantile Marine, Corporation of Now Jersey, and the HambuvEAmerica Line to en,ter into mutual operations for the protection of their vessels against maritime risks. Possibly this will bo accomplished by means of a separate insurance undertaking to he formed for that purpose. The common lino of action agreed upon by tliesD companies is a serious matter for Lloyd's, for, quite apart from the amount of premium which it will take away from that institution (which, possibly, Js less than some people imagine), tho principlo of mutual risks is one which always appeals very strongly to shipowners, and it will not be surprising if before long, on many of tho principal routes tho 1 leading shipowners combine to do their own insurance work. Their argument is that by avoiding middlemen they can secure the same benefits as at present at a much lower cost, and they are consequently unwilling to spend money with underwriters which they believe they can keep in their own pockets. There is, of course, another side to tho q'uciition, and one may well inquire how shipowners would have liked to face the appalling loss occasioned by the sinking of the Titanic twelve months ago. Such a disaster would havo made n. great difference to the financial position of some shipping undertakings. For good or evil, however, the die has been cast, and f.'o far as concerns the North Atlantic the finest vessels plying on that route will in future bo covered against perils of the sea, by mutual arrangement between tho companies referred to above, This step •marks a new era in the history of marine i insurance. The scheme now adopted by the throe companies referred to above bears rather hardly upon underwriters who have had to fa-ce the brunt, of t-he recent period of unparalleled shipping disasters. but who now seem likely to be deprived of any benefit arising out of. tho highor premiums which have recently heen instituted. Doubtless, however, members of the underwriting profession will view the matter philosophically in tho belief that thero will be a reaction in their favour later on; nor is this view at all unreasonable, although tho period of waiting may ho a long and trying one. PROPERTY SALES. Messrs. James Macintosh and Co. report having Eold the following properties :-4CO acres at Jlauriceville; the goodwill of 100 acres of leasehold land at Mataiiiwi; 3584 acres of freehold land at Awapiripirl, East Coast, together with all the stork; also, in conjunction with other 6500 acres of freehold laud at Wellington, and 700 acrcs of freehold land in the Welkato district.

CANTERBURY GRAIN MARKET. (By Telegraph.—Preiss Association*) Christchurch, May 9. The local grain market lias been very Quiet, during the week, and business was chiefly confined to purchasing a few lines of oats. Practically no wheat is offering, but. Tuscan, for which there is not a very active demand. Hunters and Pearl being only inquired for. The former variety is firmer. The oats market is rather weaker in consequence of adverse reports regardins the probable demand from Australia. Holders are, however, firm and offerings arc not verv plentiful. The chaff market is firmer, and it i 3 reported that purchases for Dunedin are being made in Canterbu'ry—an unusual demand, the south is generally well supplied, and the present demand is no doubt on account of tlio adverse harvest FM.son in the south. Quotations are now £3 ss. to £3 10s. on trucks. The potato market is ciuict, and buyers generally are offering only £3 155., while growers ore mostly holding for £4. Somo sales liavo been made at £3 156. and £3 17s. 6d. at country stations. TIIE LONDON MARKETS. Messrs. Dolgety olid Company, litd., have been advised by cablegram from their London office, under date May 8, as follows:— Frozen Meat: Hccf-Tho demand is limited. Quotations: Fores. 3Jd.; hinds, 4d. Lamb: Demand is good, ond the market is very (lrm. Quotations: Canterbury, heavy, 6id.; light. 7d.; North Island, heavy and light, 6 3-Bd. Mutton: The demand is poor. Quotations: Canterbury, heavy, 4}d.; light, 4 3-Bd.; North Island, heavy, 4d.; light, 4 3-Bd. Tallow: Since our last cablegram, good colour, mixed, and beef, is 3d. per cwt. Other descriptions unchanged. Rabbitskins: There is an increasing demand for furriers. There if a good demand for cutters at the parity of last- pale's values. A total of 1570 bales were offered at the sale and 1134'eold. ARGENTINE MEAT. Br Telegraph--Press Association—Copyright London, May 8. Argentine f.!iipinoiit.s of mutton total 1?,f,352 carcasses; lambs. 116.315: frozen beef, lisisOO quarters; chilled beef, 258,500 quarters. AMERICAN WHEAT CROP. IJicc. May 9, 11.50 p.m.) London, May 9. ■j'l-.p W>fhin?*<>n Agricultural Bureau tima'tr.s the winter wb<at crop <it 513,571,0(0 bushels.

HANK OF EN GLAXO HETUUNS. (l!ec. May 9, 9.15 p.m.) London, May 9. Tho Bank of England return issued for tho week ended Wednesday, May 7, is as under :— lssoi: DFirMmiF.Ni KoteilßSUO i53.5-21.0aj Gov.ilabb ... i 11,015,003 Other Kccuritios 7,434.000 GoIU 35.1J75.000 iS'J,B-2J,003 CD. 821.000 Busking Dr.riTvnir.'J-r. Proprietors' Govt, soctivlcaiiital £14.553.000 ties X 12.670.003 Public do- Oilier securiliosita ... 1-1.163.000 tics 31.1C2.000 "lioBils" — 35.7C3.00) Notes ... '21.928.003 Best. 7-day uud other bills D.OTXffi) Coin... ... 1,502.000 £70.771,003 £70.77).0t0 The leading items of the Bank of Ensland return afford tho following comparison_ . Thiaweak Last waok Lastyeav £ £ A' million ... 35.675.003 3G.302.0M 38.238.C00 Reserve ... ... 20.120.001) 27.211.000 SMIIi.OOU Note circulation US.S9ii.OO3 '2.5.057.000 '25.826.0J0 Public Deposits ll.lfc9.oie U,730.000 17.301.1Ki0 Other Deposits c9,70.j.003 3.',y7-i,OOO 39.705.003 Proportion of roservo to tiabiJitios ... 49.00 49.22 ol—O GOVERNMENT SECURITIES. The following are tho latest quotations for Government securities, with a comparison of those ruling la6t week:— Variation _ coiujmicd Pries. with last week. " " £ s. d. 2J% imperial Consols 75 '2 0 10s higher 4 N.5."W.1033Jau.-July 101 0 0 Unchanged 3$ ''N.S.W.IOM-SOMivSp 97 0 0 Unchanged 3* ~N.S.W.-1930-50 90 0 0 Uncliauged 3* tI N.S.W.IO'2SApI.-Oct fi-J 0 0 Unchanged 4 .Vic. 10'20 Jan.-July 101 10 0 Unchanged ui ,','Vic. 1921-13 Jua.-July M 0 0 Unchanged 34 Vic.-UfcKWtf 0 0 Unchanged 3 „ Vic. IM9-49Jan.-July 79 0 0 '209 higher 3i „S,A. 1910 Jan.-July D 1 0 0 Unchanged 3 „S.A. 101(3Jnn.-July 75 0 0 Unchanged 4 Q'rdl9ls-24 Jan.-July 101 0 0 Unchanged 3$ „QTdl922-47Jan.-July 89 0 0 Unchanged 3 ~QTdl9"«{2-47Jun.«Ju!y 7S 0 0 Unchanged 4 „N.Z. 1929 May-Nov. 101 0 0 Unchanged 3$ „N.Z. IHlsMOJun.-July 89 0 0 Uucbangc;! 3 N.Z. lL : 2d April-Ocfc. 7b 0 0 Unchanged 3i „W.A.1915-35 May-Sov S3 0 0 Unchanged 3 „ W.A, 1915-25 May-Nov M 0 0 Unchanged 35 m Tas. 19-ioJau.-July bU 0 0 Unchanged 3 „Tas. 1920-40 Jao.-July fc3 0 0 Unchanged BANK BATES OF INTEREST. The Bank of England rats was, on February 8, 1912, reduced from 4 to 3fc per cent., and on May 9 it was further reduced to 3 per cent. On August 29 it was raised to 4 per cent., and on October 17 t-o 5 per cent. It was reduced to 4J per cent, on April 17, 1913. The Bank of France rate was reduced from 3* to 3 per cent, on January 23, 1908, ■and continued at the latter figure until Sept-ember 12, 1911, when it was raised to Zh per cent. On. May 17, 1912, It was reduced to 3 per cent., on October 17 it was raised to 3£ per cent., and oil October 30 to 4 per cent. Tho Imperial Bn-nJc of Germany reduced its rate from 5 to 4J per cent, on Juno 11, 1912, on October 24 it was raised to 5 per ccnt., and on November 14 it was further raised to 6 per cent.

MARKET RATES OF DISCOUNT. The following are tho market rates for best threo months' bills:— London Paris Berlin rate. rate, rato, per per per cent. cent. cent. This week 33 33 6J Last week 315-16 ,4 * 4 Last year 23 3 33 Short loans are quoted at 3 per cent., as against 35 per cent, last week, and 2} per cent, last year. COLONIAL AND OTHER PRODUCE. Wheat.—Tho market is quiet, but sellers are holding for late rates. Australian, on spot, meets with a retail demand at 40s. to 40s. 6d.; New Zealaud is nominally at 395. to 395. 6d. Flour is quiet, but-steady; 263. 6d. to 265. 9d., c.i.f., has been paid for Australian patents. April-May shipment. On spot, stocks are small. Oats are firm. Finest A-grado Cartons are quoted at 255. to 255. 6d. Deans.—The market is firm; 41s. is asked for new crop, f.a.q. . Peas—The market to steady. New Zealand Maples .are ouot-ed at 395. to 41s. Butter—The market is flat. Danish is nuoted at. 113s. to 1145.; choicest Australian, salted, 104s. to 1065.; unsalted, at 106s. to 10&3.; secondaries, 965. to 100s.; choicest New Zealand, 112s. to 114s. Cheese is quiet and unchanged. Sugar.—German beet, 88 per cent, net titrc, 3d. lower, at 9s. 6d. per cwt.; firstmark, granulated, f.0.b., Hamburg, 3d. lower, at 12s. Id. Bradford Tops—There is n- better inauiry and a, fair business is doing at flrin rates. THE METAL MARKETS. Copper—On spot, 40s. higher, at £69 per ton; three months - , 375. 6d. higher, at £69 2s. 6d. Tin—On spot, 30s. lower, at £229 10s. per ton; three months', 4Ds. higher, at £222105. Lead, soft, foreign, £18 £s. 9d. per ton. Pig-iron.—Middlesboro No. 3, Is,, higher, at 65a per ton. Speller, lCe. higher, at £25 10s. per. ton. WHEAT. London, May 8. The official Mark Lano quotation for New South Wales. South Australian, and Victorian wheat cargoes are; For prompt delivery, 375. 9d.; on passage. 38s. 9d. per quarter. Liverpool futures. Juno delivery, 7s. Bid. per cental; July delivery, 7s. 5 3-Ed. COPPER. (nec. May 9, 11.50 p.m.) London, May 9. The American copper slocks total 75,549,0C01b5. VICTORIAN PRODUCE MARKETS. Melbourne, May 9. Wheat, 3s. 9>d. to 3s. 95d. Flour, £8 15s. Bran and pollard, £5. Barley, good English malting, 3a. 9(1.: Cape, 2s. 9d. to fc. Oats Algerians, milling, 2s. 3d. to 2s. 4d.; do., feed, Is. lid. to 2<s. Id. Maize. £4 4s. Potatoes, £5 to £5 15s. Onions, £6 15s. to £7.

JJttycre. Sellers. £ s. d. £ s. d. National flank (new) — 5 0 6 Bank New Zealand 11 7 0 li 9 0 N.Z, Loan and jMcrcantjlo 0 10 3 — Well. Investment 0 11 0 — Napier Gas £5) — 8 10 0 Well. Gutf (£10) - 16 2 6 N./j. lusunuK'c 5 0 0 — 8.B. Insurance 3 12 6 — . Gear iVeat (£1) 3 2 6 — Meat Export (52s. 6d.) ... 2 18 9 — N.Z. Shipping 15 7 6 15 15 0 Union -Steam 2 3 3 2 4 0 Mos?.iel Woollen — 312 0 Westport Coal 17 0 17 9 Turingamutu Totarn — 2 5 0 Golden Bay Cement — 10 3 Manning and Co 3 19 0 — Sharland's ordinary 10 0 116 Ward and Co 4 19 0 — W.F.C.A - 7 4 0 Chrifftchurcli Tram Debentures (4A per cent.) — 92 10 0

1912. 1913. £ £ January 60,092,582 71,371,123 February 59,719,722 61,796 737 -March 61,192,589 61,112,058 ■April 60,415,114 62,966,313 241,420,007 257,246,231 EXPORTS OF U.K. MERCHANDISE. January <0,416,812 45,445,699 February 37,493,329 40,172,753 Starch 40,713,971 39,737,995 April 32,887,127 43,052,589 151,508,239 168,409,036 EE-EXPORTS. January 9,594,626 ' 10.705.961 February 10,724,619 10,746,251 Marnh 10.866.7C6 9,633.223 April 10,084,058 10,060,720 41,270,009 41,146,155