COMMERCIAL ITEMS,

Dominion, Volume 6, Issue 1771, 9 June 1913, Page 8

COMMERCIAL ITEMS,

INVESTMENT SHAKES. Tho eales recorded on Saturday were:— Meat Export (£4 paid) at £4 18a. 6(1., Wellington Woollen preference at £2 15s. 6d., and W.F.C.A., £5 paid, at £7 Zs. 6d. The quotations were as under:— lluyars. Bailors. £ s. d. £ fl d. N.Z. Loan and Mer. (pref.) 96 0 0 99 0 0 N.Z. and River Plato 1 19 9 2 0 6 Wellington Investment ... 0 11 3 — Well. Trust and Loan 7 3 0 — Well. Deposit 0 5 6 — Christchurch Gas 7 9 6 — Well. Gas (£10) 16 0 0 16 6 0 Wellington Gas (pref.) ... 1 0 0 — National Insurance — 2 4 0 N.Z. Insurance 5 3 0 — Christchurch Meat 15 10 0 — Meat Export {£4) 4 17 6 5 0 0. Meat Export (525. 6d.) 2 19 0 — N.Z. Shipping 15 10 0 —I Union Steam 2 1 6 2 2 3 Mosgiel Woollen — 3 12 0 Well. Woollen (ord.) 3 10 0 3 13 0 Hikurangi Coal 0 12 6 — Westport Coal 16 9 — Golden Bay Cement — 19 5 Ward and Co i 4 19 6 5 1 6 THE MONEY MARKET. Tlie financial cables published on Saturday do not throw any light on tho money crisis of the week, on the contrary tho liank of England returns are more favourable than In tho previous week. There was a 6hrinkago in tho gold reserve of less than £200,000, but that means a considerable loss, for all tho new gold that reached London during the week has been taken on foreign account. T.he proportion of reserve to liabilities stands at 52.27 per cent,, as against 52.04 per cent. in the previous week, showing a slight gain. The "other deposits" aro contracting, indicating that there is no accumulation of credit. The money position is nevertheless critical, and the market will experience a trying time during tho next three or four weeks. It will be noted in the return of quotations for colonial Government securities that there is a decline in most stocks, but this is more apparent than real. The quotations arc ex interest, which makes all the difference. In tho open money market slightly higher rates are quoted for short loana and three months'.bills. Tho financial cable messages of the next few days will bo full of interest. FINANCIAL CHANGES. Finance is at the end of tho old order, states an American student of economics, and no one can tell what will be evolved. Society, which has the making of the new order, is in a state of forment, and does not know clearly what it wants. Idealists are clamouring ceaselessly for legislation to cure every fancied imporfection, and there is a mania for. making laws. Thcso conditions nro world-wide, and greatly favour the politician in his efforts to magnify himself against the background of discontent. In Germany ana Franco statesmen are dismayed at the growing powef of the people, while in Great Britain Socialistic experiments in government are being carried far beyond anything that lias been hitherto imagined. In the United States tho loader of American, finance, who connooted tho old order with tho now, has parsed away, just as the-moneyed interests were beginning to see the necessity for adjusting themselves to changed conditions. In timo the old leaders may be replaced by men of equal ability, but meanwhile bankers all over the world aro cautious, and closely scrutinise every project submitted to them. Undoubtedly great changes are pending ill "the relations between capital and labour in the United States and clßewhere. No wonder that a conservative policy is pursued by controllers of finance and that there is no money for speculative enterprises. CUSTOMS. Customs duties collected at the port of Wellington on Saturday totalled £916 10s. 6d., tho amount for the week being £14.631 Is. 2d. The returns for each cf the past eight weeks, compared with the figures for the corresponding period of the previous year, show a.s undej:— 1913. 1912. April 19 14.297 2?,.603 April 26 16.050 12.150 MB.T 3 15,172 16.093 May 10 17.123 1 0,339 May 17 16.644 18.29S Jlny 24 32.51 A 11,453 May 31 ■ 13.813 10,224 June 7 14,031 15,564 120,443 116,924 . JJl# bow duty wllMtsd for tfio pajt svcok,

totalled £207 25., ae apalnst £257 2d. for t.Lic corresponding neck of laat year.

OAMAIHJ MARKETS. (Br T#l«grapU.—Prcai Association.) Oamam, ,7uno 8. Business tills weelt has been interrupted by the Diuiedtn ehow and raccs, but apart from that tlicro is little disposition to buy at prices asked. Wheat millers aro fairly well stocked, ond will not buy unless farmers rnako concessions. Business lias confrequently been slow, ajid 3s. lid. net on trucks at country station.? has been tho top prico for velvet, but small lines have changed hands at 4b. and 4s. OJd., lesii commission. Marshall's white has ohanged hands at 3s. 6d., less commission, but velvet in not in largo supply, and it is not expected that tho drop will be permanent. Other varieties, however, are moro abundant. Tory few oats aro offering, and sales have been confined to <i few small lots. "A" prude Cartons have boon sold at from 2s. 2d. to 2s. 3d., less commission, and "B" grade at 2s. 2d., delivered at store. Cowcrass seed lias been offering freely, and merchant*? have bought at from £d. to 9ld. net, delivered according to sample. Oatsheaf chair lias been going off freely at from £3 lCe. to £3 155., tile market boing Dunedin. Potato-growers now show moro disposition to noil, the hope of a -market in Australia not having materialised. Offers to sell at £3 10s. were made but declined, and £3 7a. 6d. was tho general prico paid, and later in the week £3 6s. was tho best offer, and it is doubtful if that prico will bo long sustained unices something unexpected turns up. v SHEEPSKIN MARKET. Tho Bank of Now Zealand has received tho following cablegram from its London, office, dated Juno 6:—"Compared with the averago of last sale's prJcos for all kinds of merino skins are unchanged, and prices for all kinds o£ crossbred eking are 5 per cent, higher." ' FROZEN MEAT. By Teleeraph—Press Association—Oopyrtih*. (Hoc. Juno 8, 5.10 p.m.) London, Jane 7. Tho Incorporated Society of Meat Importers' Smithfleld market quotations for tha undermentioned classes of frozen meat aro based on actual sales of not less than ono hundred carcasses of mntton or' lamb, or twenty-fivo quarters of beef of fair avorago quality. Tho quotations are not for selected lines, but for parcels fairly, representative of tho bulk of the shipments now on tlio market. Tho priccs which follow are on tile average a farthing per lb. moro than tho values ex ship, this diflerenco representing tho avcrago cost in expense, handling) conveyance, and selling tho meat :—

May 31. Juno 7. Uutton— d. d. Canterbury, light 45 45 Canterbury, medium 43-! 43-0 Canterbury, heavy 41-16 41-16 Southland * * North Island, beet 4 3-16 43-16 North Island, ordinary... 45 41 Australian, light 3J 31 Australian, heavy " ' River Plato, light • * River Plate, heavy 313-16 313-16 Now Zealand! owes 33 3J . Australian, ewes 33 311-16 River Plato, ewes * * Lamb— . Canterbury, light 67-16 61 Canterbury, medium 6J 55 Canterbury, heavy : 6 , 58 ' Southland 6 6 North Island, ordinary ... 6 515-16 North Island, selected ... 6J 61-16 Australian, best ' * Australian, fair * * Australian, inferior * • River Plate, first 55 5J River Plate, second 55 5J Now Zealand, ox fores ... 35 3} Now Zealand, ox hinds ... 4 35 Australian, ox fores ... 3J 3!: Australian, ox hinds..:... 39-16 3 9-16 River Plate, frozen, fores 32 3J River Plate, frozen hinds -35 33 River Plate, chilled fores 23 31 River Plate, chilled hinds 5i 55 ♦None ofTorinir. KAURI GUM. London, Juno 6. No kauri gum was offered at tho sales. Stocks total 203 bagis. POLLARD. Sydney, Juno 1. The prico of pollard has been advanced to £5 per ton.