COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1762, 29 May 1913, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. Tlic sales recorded yesterday were: National Bank, old issue, at £5 3.".; N.Z. Insurance at £5 -33,5 and Union Steam at £2 ss. The quotations wore as «indcr:~ liuycrs. Sellers. £ s. d. £ j d. | National Bank (old) 5 3 0 — National Bank (new) 4 19 6 — Metropolitan Building ... — 12 9 0 Well. Invc3twet;i. 0 11 0 — Well. Trust and Loan ...726, — Weil. Deposit 0 5 0 — Ohristchureh Gas 7 5 0 Well, fias (£10) 15 17 6 16 2 6 Well. Ga* (prcf.) 10 0 - N.Z. Insurance 5 2 6 Meat Export (£4) — 5 2 6 Meat Export (5&?. 6d.) ... 2 19 6 — Union Steam . — 2 3 5 Westport Coal 16 3 16 9 Totara 2 4 0 Golden Bay Cement ~ 10 3 Manning and Co 4 2 0 «- Ward and Co 4 19 0 5 1 0 W.F.C.A. (£5). ~ 7 3 6 W.F.C.A. (£1) .. ~ 18 6 KALTj IN FREIGHT "KATES. According to the "Financial Timctf of April 18, a slump of some fcvcrity has taken place in connection with shipping freights all over the world. "It is not anticipated .that the dcclinu will prove to : he of a permanent nature, the general view in shipping circles heing that a recovery will take place before lons. After the protracted period durintr which iricrwpine freight rates have prevailed, and have itnpn-ed a heavy burden upon shippers of all descriptions, it is certainly time that a reaction occurred and the present condition of the market, is not umvclcomc to a i good many interests. In the ease of Black Ken, freijjiitM, the decline which has cently occurred is attributable to the "oil season," this being the time of year between ' the-final shipments of old crops anil the ' commencement consignment® in rcsncct i of the new season. There is no reason to v anticipate that there will be any rcduci tion lu Biinuner busine.-s frorj tills part , of the world, but it would, of course, be i_ better to allow events to speak for them- '' pelves before liakine any very definite pi'i*- " diction in this connection. As regards the i Ilivci' Plate, which has been the stronßoat department ol tic freight Market for. many

months pnst, the slumn whirh has been in progress hero l'or some weeks is thoiiclu in many quarters to have touched bottom, thero having been a slight recovery during the paf-% few day-?, but here ntrniu it i* necessary t-o observe caution in discussing the fnture. There is plenty of business about, but there are large numbers of boats also. Far Eastern freiphlo are lower than thev were a- month aco. and (show littlo sitrn of recovery just at present; here again, however, the new crops may, and probably will, in duo course lead to better market conditions, from-the shipowner's poiut of view.

■LLOYD'S NEW POLICY. Lloyd's underwriters and the marine insurance companies have decided # upon a new construction-risk policy, designed to recognise various important points in favour of the assured for which hitherto there has been no provision. Ud to now premiums oil time policies have been graduated over periods of one year, eighteen months, two years, two and a half years, and three years. Under the agreement now arrived at the corresponding periods will bo fifteen, twenty-one. twenty-seven, and thirty-three months. In other words, the graduation hitherto observed has been altered in favour of policy-hold?r«f. In hdait'oa to this, sixpence per cent, per annum will be returned in future if the shop risk on parts be excluded for the entire period of the insurance. Finally, all policies in future on ships under con' struction will embrace the entire value instead of tho instalment system hitherto observed. In other words, the complete value of the ship must be covered at the timo tho keel is laid, instead of increasing the amount of tho policy from timo to time, which has been the course hitherto in vogue. These terms will apply equally to men-of-war and merchant vessels of a value of £250,0C0 and upwards, no matter where they -are built, and will be equally applicable to hull or machinery in cases whero these arc covered by separate policies. Altogether, the change ia one or very considerable importance, and is likclv to have far-reaching result*. It affords further evidence of the desire of underwriters to accommodate themselves as far as possible to the requirements of shipowners of all classes.

ARGENTINE . MEAT. The .Department of Agriculture, Industrits, aud Commerce has received the following cablegram from the High Commissioner for New Zealand, dated London May 27: —'"Largo shipments are arriving from the River Plat? of chilled beef, and arc being thrown on tho market. The hot weather is damaging it, and almo3t any price being accepted. . PHOPEIiIY SALE. Messrs. Murray, llobarts and Co., Ltd. report having -sold .to Mr. Thomas Harris at satisfactory prices, Messrs.* Feast Bros.' farm, and part of Mr. C. 0. .Evans's property adjoining, 'at Martinborough—in all, -about 800 acres. FROZEN MEAT. Messrs. Gilbert Anderson and Co. (3fessrs. Meils'op, Kliott airft Co., agents) writing under date London. April 11, report as follows:— . , .

Tho prices for lainb conti'mie their upward progress, and the lieht shipments of mutton rather than any pronounced demand on the spot have helped prices, for sheep to the extent of l-16d. to Jd. Home-grown.—Beef: Kcotch, 7d. to 75(1.; English, 6 3-Bd. to 63d.; Irish, 61d. to 63d. Mutton: Scotch, 7d. to Bd.; English, 63d. to 7id.; Dutch, 63d. to 7ad. Tegs: Scotch. Btl. to 9Jd.; English, 7jd. to Bd. Ewes. ojd. to 53d. Lamb: English, 9id. to Is. Veal 7jd. to Bid. Pork. 73d. to Bd. Chilled Beef.—A material advance has been seen, in view of short supplies. Fores. 4d.; hinds, 55d. Frozen Beef—New Zealand forre, 3Jd.; hinds, 4Jd.; Australian, 3 7-16 d. and 33d.: Plate, 31d. to 4id. Frozen Mutton.—Oanterbury, 411-lSd.; 56-64. 4 7-16 d.: 64-72, 4Jrt.: best Nortu Island, 56-64, 4ftd.; ordinary 4id.: ewes, 3id.; Plate wethers, 56-72, 4(1.: owes. 33d.

Frozen Lamb.—The top of tho market has not yet been reached. Canterbury. 28-36. 36-42, 6 lt-16d.; 42-50, 6Jd.; best North Island, 26-42, 61d.; 'ordinary. 63d.; Australian, 28-42, 6d.;'fa£r. 53d.; f'late, 28-36 5M.; 36-42, 5Jd, / The New Zialand Loair and Mercantile Agency Co., Ltd., report:—lfe held our weekly Pahiatua sale at the P. F..A. yards on Tuesday last, when we offered a very hi;; entry of both sheep and cattle to a, big attendance of buyers, who were present from Shannon, Eoxton, Palmerston North, Masterton, and the surrounding districts. There was a, pood demand for sheep, and keeu competition. Competition for lambs waa very brisk, and these sold at prices fully 9d. per head in advance of late rates; We sold a line of fat ewea. at the excellent price of 16s. lid. Wo yarded 343 head cattle, and the bulk of these changed hands to Ma.nawa.tu buyers. We sold empty store ewes to 6s. 3d.; for.ward ewc3, from 13s. to 13a. 9d.; fat ewes, to 16s. lid.; ewe lambs, to. 10s., 7d.; wether ■lambs, to 10s.: mixed sex ■ lambs. 10a.. 3d.: smaller sorts, to Bs. 3d.; forward cows. £4 125., £4 16s. to £4 195.; springing heifers, to £5 55.; dairy heifers, r.w.b., from £3 2s. 6d. to £3 155.; 6toro cows, from £2 to £3 18s. fid.; woaiier steers, from £1 3s. to £1 8?.; wcaner heifers, from £1 3s. to £1 6s. 6d.; mixed wcaners, from £1 Is. to £1 65.; bulls, .from £2 18s. to £3.

FINANCIAL CABLEGRAMS. By Teleeraph—Prcas AESooiation—OopyriihY ■ London, May 27. Yesterday's closing quotations wcro a<s follow:— - , , „ ~,r Bank of Australasia, sellers £115. Bank of New South Wales, buyers £38. tellers £40. 1 Bank of Victoria, buyors £4 2s. 6d„ sell-, era £4 126. 6d. Union Bank of Australia, buyers £58 sellers £59. • National Bank of Australasia, buyers £5, sellers £5 19s. • National Bank of New Zealand, buyers £4 155., sellers £5 ss. Bank of New Zealand, 6ellcrg £11 12s. N.Z. Loan and Mercantile Arcncy 4 per cent, debentures, £94 10«. Oily of Melbourne. 4 por cent, debentures, £98. Melbourne Harbour Trust, A per cent, debentures, £97 Melbourne Tramway Trust, 4J per cent, debentures, £100. Melbourne and Metropolitan Board of Works, 4 per cent, debentures, £97. Australian Mercantile debentures, £95105. Dalgety and Co., 4 per cent, debentures. £92. Dalgety and Co.'s sliaros. buyers £6. sellers £6 10s. Melbourne Ga,s Oo's debentures, £99. City of Sydney, £99. Goldsbroueh, Mort and Co.'s debentures. £96 10s.

WHEAT. London, May 27. Official quotations,for wheat:—South Australia, Now South Wales. Victorian, prompt dolivery, 375. 74d. ;■ on' passage, 38s. 6d. The Liverpool ouotation for American wheat, on spot, is 7s. 7d. per cental; on passage, 7s. 53d. METAL MARKETS. .London, May 27. Copper is quoted at £68 10s. Tiu, £222 to £218. Lead, £20.