COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1797, 9 July 1913, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHARES.. The sale*"of 'investment shores recorded yesterday • were N.Z. Loan and Mercantile at 101*. 4id„ Wellington Trust and Loan at £7 Is., and Wellington. Woollen ordinary at, £5 128. 6d. The quotations were o« under:— Huj-eri Sellers. £ s. d. £ 3. d. National "Bank (old) 5 3 0 — Metropolitan Bll.il.ding; — 12 7 6 N.Z. and River Piute '1.19 6 — Well. Investment ............ 0 11 9 — Well. Trust, and I.onn ... 7 1 0 7 ,1 6 CltrK'tclmrch Gas 7 7 6" — Napier Oaa (.85) 8 0 0 — Well. Gas (£10) 16 3 9 16 4 3 N.Z. Insurance 5 5 0 — Bear Moat (£4) 12 7 6 - Gear Meat {JED 3 4 0' — Meat Export (s£s. 6d.) :.... 3 0 0' 350 N.Z. Shipping 16 .0 0 — Well. Woollen (ord.) : 310 0. — ■ !F.auniri Cc-al — 116 Wastport Coal .17 3 ,18 0 '.I'ariniiamutu To tarn ...... 2 3 9 — Golden Bay Cement — 10 0 Rharland's prcfcrenco .... — 116 Ward and Co 5 2 0 — . W.F.C.A. (£5) - 7 2 6 W.F.C.A. (£1) . - 18 3 UNIVERSAL "DEMAND 'FOR CAPITAL. A well-informed writer, discussing in a recent issue of the New York "World" the monetary situation ill the United States, attributes to Mr. S. R. Guggenheim tho Following- interesting views on. 'the existing world-wide demand for capital:— "Throughout tho world , at ' tho present time there appears to bo more or less uneasino<?3 as to tho money situation, and in this country particularly this' apprehension seems to have assumed a somewhat aggravated form. I do not believe this condition affords any legitimate reason, for anxiety as far as we are concerned. Tho great demand for funds eevrywhere i 3 largely duo to tho extraordinary development that is taking place in a number of the old countries--that havo emefged" f rotn , commercial lassitude into a state of remarkable enlightenment and accompanying industrial progress, and in' several now countries whose latent resourcea aro being opened to Uodern efitfii-prisc. 'phe old countries that aro undergoing this transition aro China, Japana, India, and Morocco, while tho comparatively new nations that aro feeling the impulse of this Industrial evolution now under way in all parts of tho world are Chile, Peru, Argentina, and Bolivia, and Brazil in a lees pronounced degree. The expanding demand for capital is, therefore, the Tcsult of a thoroughly wholesome condition, and should have an inspiring rather than a restraining, influence on financial confidence. The question wo in America FhoOld o,»k ouTselves is whether we are keeping pace with this great movement, and whether wo are sufficiently participating In it* benefits. The extraordinary demand for large amounts of capital is not, however. confincd to the nations I have mentioned. Germany, England. France, and itht'rs of the old-world countries are in the' midst, of great industrial activity. It, !s a Tather unpleasant commentary upon our domestic situation .that we should he gold-to Europe at a tipno .wheq.

TO "should have ampl£ employment for it at home: Foreign countries, however, aro ready and willing to pay 7 and 8 per cent, for accommodations, not because, os many of our people hero seem to think, they ore preparing for waiv-tho Great Powers know that there ig to bo no war—but because they con employ this money at homo at .terms that justify these banking arrangements,. or because they sell their products to theso newer countries at a, handsome profit."

FINANCE UNDERWRITERS. Some interesting sidelights' are thrown on the methods of underwriters by a. correspondent to the "Financial Times." which help to explain .why the publio has failed to support many recent loans issued' in London. In the past, underwriting was apportioned amongst those who could help to place the issue, but now it appears that tho clique which is the controllinz factor in this business has adopted tactics that have caused considerable friction. The underwriting, it is stated, is given ill many oases to a favoured few, who probably do not send in any suscriptiona or help the loan in any way. but raercl.v eet out at the first opportunity. It is contended that if the various iesing houses would, interest those brokers who are willing to work for the success of the loan, a far 1 fetter response from the publio would result. As matters . stand, the ; broker has no inducement to support a new issue, and instances axe becoming numerous where prospective investors are warned to hold off, as by so doinj they will eventually get what, they wont in tho open market at unier. tho iEsue price. In brief. \ the underwriting cliauo has antagonised the general body of stock brokers to an extent that jeopardises the success of any loan, tho subscriptions to which are guaranteed. In commenting on this matter, tho "Financial Times" Btates that the margin between the prices at which loans are taken by the underwriters and at which they, are offered to the public tends to widen, and the sizo of tho intermediary profits is attracting tho attention of the investor. The extent of. these commissions must bo disclosed in the prospectus, and the wider the margin of safety for the underwriter, tho less will 1 be tho tion of the public to suscribe at the price of issue. One remedy is to fix tho latter more closely in accordance with the value of money at tho time, and another alternative is to enlist the activo sympathies of stockbrokers in general. EXPORTS OF PRODUCE. Tho values of the principal products exported from New Zealand during the past month, compared with the figures for the corresponding month of last year, show as ■/Tinder; — June, 1913. June, 1912. ' Butter a 15,462 22,268 . Cheeso .... J 67,649 91,686 < -Beel 74,576 65,577 ; Mutton— Oaroasse3 280,740 ' 120,049' Legs and pieces 5,786 6,819 Lamb 131,296 253.875 Wheat 37 9,839 Oats 1,428 78,639 Potatoes 660 5,263 Hemp 99;004 42,565 Rabbits 4,265 1.C04 Tow 8,702 3,164 . Kauri gum 44,369 23,971 Grain and pulse 14,763 25,711 ' Hops 2,957 5,096 Hides 28,282 19,161 Skins 137,725 90,736 Tallow 102,897 82,861 Timber 27,494 27,170 Wool 414,762 277,592 Gold 73,217 50,191' £1,835,971 £1,303,237

TRADE IN ALLEN STREET. Fruit—Shipments of repacked Island oranges came to hand from Auckland yesterday. and sold at satisfactory rates. The .Sydney steamer due to-day is bringing consignments of mandarins, pineapples, paesion fruit, lemons, and a few orances, and these should meet with, good sale. The Ni!;au brought 1000 cases of dessert and cookiny apples. Pears continue to come to hand, ex cool store, almost, every day, and satisfactory, prices oro being obtained. Vegetables— Cauliflowers are selling extremely well, and consignments are recommonded. "i Cabbascea aTe plentiful and price's are low; pumpkins are meeting with Eood inquiry; carrots are exceedingly, scarce. Olioico heavy lettuces aro making excellent rates. Qhoico celery is in 'st-rons: demand.•' t : ' ■

' Potatoes.—Tho market'is veTy unsteady. Good sound table potatoes are selling at £5 to £5 10s. per tot. Seed potatoes are in sood demand. Up-to-Date, £5 10s. to' £5 155.; Northern Star, £5 10s.; British Queen and (ian;el;ecper. £6 10s.; Beauty of Hebron and Early Rose are exceedingly scares, and aro realising £8 ss.' to £8 15s. per ton. Onions-The market is hearily supplied with Victorian-grown, and the cuirent quo. tation ie £9 to £9 10s.

Flour continues in Rood demand. The southern quotation is £9 per ton, f.o.b. for sacks, ]es3 the customary discount. BraQ is in full supply, and is bringing £5 to £5 ss. Pollard.-'Supplica arc again, offering from Australia, end moderate shipments or© coming' to hand. Tho Wellington quo* tataoni is £6 15s. to £7 per ton. llaize.—Tho market is still being furnished with supplies from Australia, and tho current Taiile is ss. to sa. 2d. per bushel. Oatmeal.—Loading brands are selling at £15 per ton in 251b. bag's. Rolled Oats.—'Thistle brand, in 4slb. bags,, at 9sv fid. per dozen. Oats.—The market continues steady, and thcro is'a fair amount of business doing. Short-feed, 2s. lid. to 3c. Id. per bushel; feed Algerian, 2s. fld. to 2s. tld.; seed Algerian. 3s. to 3s. 3d.; heavy Dun oats, 3s. to 3e. Id.; discoloured and soft, 2& 6d. to 2s. Bd. Hay.—A pood demand exists for fine-qual-ity rye and clover hand-pressed hay at £5 10s. to £5 15s. per ton. Ohaff.—Choice samples are scarce, and are Gelling at £5 10s. per ten, .with prime at £5 ss. Fowls' wheat.—A eood business is doing at 4s. 4d. to 4s. 6d. per bushel. . Eggs,—Tho market for fresh eggs is exceedingly weak, the current quotation being la 7d. per dozen, with preserved at Is. £d. Butter—"Prime milled in bulk, le. per lb.; good duality, lid. Partridge peas are dull of sale; first-elass samples are making 4s. 4d. to 4s. 6d. Prussian Blue peon have declined in raliie, a-p.d ore now selling at ss. 3d. to 5?. 6d. per bushel. Feed barley has fair sale at 3s. per bushel.

Cane hflvley is dull of sole at 3s. 3d. per bushel. "Poultry,—HeDfl,. 3s. 6d. to 4s. per pair; cockerels. 45.-to 5?. 6d.; white ducks, 6s. to 7c?.; Indian JUumer dUcks, 4s. 6d. to 55.; turkey gobblers, lid. to le. per lb., live weights hens, 9d..

■ Customs dirties collected at the port of Wellington yesterday' amounted to £6519 13e. lOd. CANTERBURY GRAIN MARKET. (By Telegraph.—Preiis Association.) ' Chrlstchurch, July 8. "Nothing o[ferine and nothing wanted" is the way in which 0. local grain mcr-cha-nt sums up the present position. There is no demand on the part of millers for wheat, and no other outlet presctite itself ftt present cither for wheat or oats. Tho good season which is being experienced in Australia has restricted the demand for oats from that quarter, and, oven if business could bo done, the cheaper supplies available in Southland would bo able to command it. There is no indication at present of cheaper freights to the "United Kingdom, and they would have to be lowered considerably before profitable business could be dono at the prices ruling locally. The chad market is practically the Eiimo a* tho oat market: no business is. being done. Tho potato market has weakened still further, and, at the prices being offered from Auckland, they ore not worth more than £2 15s. on trucks. At present, however, growers are declining to accept lower rates, and consecwntly business is practically at a standstill. LONDON WOOL S'ALBS. By Telegraph—Pres3 Association- -Copyright London, July 7. At tho London wool folcs all good wools were in strong demand. Shabby were irregular, with many withdrawals. The sales close on July 15. (Rec. July 9, 11.58 p.m.) London, July 8. ■ At the wool 6ales, the following prices were" realised for fleece portions (clips named):—Brays Hills, top price, 25) d.; avoragc. 243 d. Waipao, 12d„ llid. Take Mofeihi. lid., 10{d. RIVER PLATE MEAT. (Rec. July 8, 11.55 p.m.) London, July 8. THV River Plato shipment of mutton totals 113.5C0 carcaece; lamb. 35,000; frozen braf, 162,000; chilled beef, 283,250, BOARD OP TRADE RETURNS. London, July 7. . The Board of Trado returns show that for the month of June tho imports in'crea«cd by £7,654,965, the exports by £7,864,237, and the re-exports by £2,802,568, as compared with June, 1912. NEWCASTLE COAL. Sydney, July 8. While tho exports of Newcastle coal to the other State* and New Zealand (luring tho past half-year showed a 4 per centum increase, foreign csports considerably decreased, '•