COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1800, 12 July 1913, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. No transactions were recorded in investment shares yesterday, and the quotations were as under:— Buyors. Sellori. £ s. d. £ s. d. Bank New Zealand — 10 17 6 National Bank (old) ...... 5 3 0 5 4 0 Metropolitan Building ..." — 12 7 6 N.Z. Loan end Merc. (10s.) 0 10 4 — N.Z. and Biver Plato 1 19 6 — Well. Deposit 0 5 6 — Napier Gaa (£sl 8 0 0 — Well. Gas (£10) 16 3 6 National Ins 2 3 6 — \ N.Z. Insurance 5 6 0 — Standard Insurance 1 10 6 — Ghristchucfh Meat 15 5 0 — Oear Meat (£4) 12 7 6 — Gear Meat (£1) 3 4 0 — Union Steam .' 2 3 6 2 4 0 Westport Coal 17 3 — Wo3tportrStockton 0 4 0 0 4 6 Taringamutu Totara 2 3 9 — Golden B«y Dement — 10 0 Ward and Co 5 2 0 — BRITISH NATIONAL DEBT. A return relating to tho British National Debt recently issued shows that the gross liabilities of the Unitedi Kingdom, including Treasury Bills temporarily paid off, amounted on. March 31, 1912. to £724,806,428, and at March 31, 1913, to £716.288,421, making a net decrease of £8,518,007. The funded debt at tho commencement of the year stood at £602,200,092, and was reduced by £8,746,235, including the following:—By conversion into life annuities and annuities for terms of years, £1,165,817; application of sums derived from land tax redemption and composition of stamp duty. £313,985; new pinkinp fund. £2,939,739; old sinking fund, £4,024,499; application of sum received on account of the China indemnity, £262,116; and by sundry means, £40,079, leaving the funded debt at £593,453,857. The estimated capital liabiliity in respect of terminable annuities stood on March 31, 1912, at £33,044,389, and on March 31 last at £31,519,908, showing a net decrease of £1,524,481. Unfunded .debt (including Treasury bills temporarily paid off), which at the commencement of the year stood at £39,500,000, was Teduced £3,000,000 during the twelve months by anplication of tho sinking fund. Other capital liabilities at the commencement of the year stood at £50,061,947, and at tho end of the year wero £54,814,656. . showing a net increase of £4,752,709. Besides reductions due to the operation of terminable annuities and the redemption of Exchequer bonds, amounting together to £3,735,291, additional borrowings in -the year led to the following'increases:—By creation of terminable annuities, £1,488,000; by issue of- Exchequer bonds (Telephone . Transfer Act, 1911), £7,000,000. A summary of the return shows reductions as follow:— ( Funded debt, £8,746,255; terminable annui- ; ties, £1,524.481;- unfunded debt, £o,C00,C00: 1 total, £13,270,716. With an increaso of ' £4,752,709 under "other liabilities." , the net decrease of gross liabilities in 1912-13 works out at £8,518,0-07. j Customs duty collected- at the port of , Wellington yesterday amounted to £2198 19s. lOd. | ■AUSTRALIAN REVENUES. . j All the States of Australia, except West Australia, have, issued revenue returns for ' the past financial year ended Juno 30, f and the figures compare with those for ■ the previous year as under:— 1 . 1911-12. 1912-13. New South Wales 15,776,816 . 16,053,806 Victoria 9,936,662 10,075,555 f Queensland 5,989,347 6,378,212 S S. Australia 4,450,739 4,504,719 Tasmania 1,083,383 1,206,055 ( i 37,236,947 38,218,347 All the above show increases. New South Wales, notwithstanding the expansion in revenue, has finished with a debit balance of £1,167,017, while in tho financial year 1909-10 there was a credit balance of £989,707. The Labour Government came into office on October 21, 1910, so that in two years tho "joy ride" in unsound finance has Tesulted in this marked deficit. LONDON WOOL SALES. 4 By To]czranh—Press Association-Copyright ® London, July 10. At the wool tales, prices for good wools were well maintained. "Faulties" ivere i slow of tale. Ii (Rec. July 11, 8.50 p.m.) 5 London, July 11. The following were the. prices realised for ' tho fleecc nortions of tho clips named:— . "Makuku," 'top price lid., average price ; 10id.; "Kaputonc," top 23Jd„ average 20Jd.; ) "Motuai," top 12id„ average Hid.; Isla., ; top 13d., average 113 d.; "Suicdloy,' top lid.. £ average 10 3-Bd,; "Glendhu," top lid., aver- x age lOgd. , \ Messrs. Levin, and Co., Ltd.. have received y cable advi'co from their agents in London v that the following clips havo been sold on their account at the sales now current (the prices named being the average nrice realised for tho fleece wools in each instance):—AßD, Nelson. 10 13-16(1.; AG, Nelson, 93d-; SEVENOAKS, Mastcrton, lid.; FG over N, Nelson, 81d.. 10 5-16 d., and 11 15-16(1.; PC', Mastertou, 10! d.; PRE and T in c'iamoud, Mangouoho, 10Jd. t Messrs. Murray. Robert; and Co., Ltd.. ha-vo to-day received a rablepr-im from their London friends, Sandeicon. Murray and Co.. undec data Juiy 10. ta

follows:—"Market irregular, compared with last London sales' closing rates, merino, except for tho bret descriptions, and cross- - bred creasy, medium to fine, declined 5 per cent." LONDON MARKETS. Messrs. Dalgety and Company, Ltd., Weilington, have received tho following cabled information .from their. London lsouaa. under date July 9 and 10:— Frozen Meat-.—Lamb: Demand good, but tho market is weaker. Inquiry was chiefly for very light-weights. Heavy-weights aro very dull Quotations: Canterbury, light. 53d.; heavy, 43d.; North Island, light, 5Sd.: heavy, 4jjd. Mutton: Demand is only fair, and the market is weaker. Quotations: ' -Canterbury, light 4gd.; heavy, 4 11-16 d.; North Island, light, 4 3-Bd.; heavy, 3£d. Beef: Demand is fair, but tho market is weak. Quotations: Prime ox fores, oid.; hinds, 4d: Tallow: For descriptions in I general, prices a-ro unchanged to 6d. per cwt. higher. BRITISH AUSTRALASIAN OIL CO. By Telegraph—Press Association—Copyright London, July 10. A separate report of the British-Aus-tralasian Oil Company attributes the company's present position to the exhaustion of the capital before the works had been completed, and the rushins of products on to tho Australian market before their suitability had been demonstrated. It commends the adoption of Mr. Law Eon's report. AMERICAN COPPER STOCKS. London, July 10. American copper stocks total 52,904,6M1b. SILVER. London, July 10. Bar silver is quoted at 265 d. per otmce. VICTORIAN PRODUCE MARKET. Melbourne, July li. Wheat, 3s. Bd. to 3s. 85d. Flour, £8 15s. Oats, feeding, Is. lid. to 2s. 2d.; seeding 2s. 4Jd. Barley, English, 3s. 9d. to 4s. Id.; Cape, 2s. lid. to 3s. Id. Maize, 4s. Bran and pollard, £4 15s. to £5. Potatoes, £3 to £4 15s. Onions, £6 10s. BANK OF ENGLAND RETURNS. By Telegraph—Press Association—Copyright (Kee. July 11, 8.50 p.m.) London, July 11. ■ The Bank of England return issued for the week ended Wednesday, July 9, is as under:— Issue Department Koto ISSUQ £51,289,000 Gov.flabt •■•£11,015,000 Other security 7,134.000 Gold 35.810.000 £54,269,000 £51.260,000 BiXEIKS DEPiniHESI. Proprietors' Govt, securicapital £14,553,000 - ties £12,757,000 Public do- Othor securiposits ... .10,731,000 ties 30.8o3,00« Other daposits ... 11.057.000 Kolaj 21,688,003 Best, 7-day. and other bills... ... 3,466,000 Csio- ... 1.M2.000 £60,830,000 £69,830,000 The leading items of the Bank of England return afford tbo following compari. son This wgsk week Last yeai* Bullion 35.840,003 35.452,000 38,920.000 BeservJ 26.220.000 25,663,000 29,272,000 Note circulation 29.621,000 29.630.000 29,566.000 Public Deposits.' 10.731,000 14,737,000 17.892.010 Other Deposits 41,057.000 16,646,000 40.355,000 Proportion of reserve to liabilities... V 60.23 42.14 60.23 GOVERNMENT SECURITIES. . The following are the latest quotations for Government securities, with a comparison of thoso ruling last week:—

BANK RATES OF INTEREST. The Bank of England rato was. on February 8, 1912, reduced from' 4 to 3i per cent., and on May 9 it was further reducod to 3 dot cent. On Aucust 29 it was raiEed to 4 per cent., and on October 17 to 5 per cent. It was reducod to 45 per cent, on April 17. .1913. The Bank of France rate was reduced from 35 to 3 per cent, on January 23, 1908, and continued at tlio latter figure until September 12, 1911, when it was raised to .4 per cent. On May 17. 1912, It was reduced to 3 per cent., on October 17 it was raised to 31 per cent., and on Octoher 30 to 4 per cent. MARKET EATES OP DISCOUNT. The following aro the market, rates for best three months' bills:— London Paris Berlin Tate, rate, rate, per per per cent. cent. cent. This week 4 5-16 33 43 Last week 4 5-16 33 ' 5 Last yean: 215-16 23 3J' Short loans are quoted at 3 per cent., as against 3 to 3J per cent, last week, and 21 per cent, last year. COLONIAL AND OTHER PRODUCE. Wheat.—The market is firm, and there is a good Continental inauiry on adverse crop .reports from France. Two Australian carocs sold at 370. 3d., and one at 37*?. 6d. Flour 13 quiet. Australian afloat, 275. per sack, ex ship; Juno shipment, 265. 6d.i Oats aro firm. La Plata. Juiy-Aujusc shipment, 16s. 3d.; lauded, 16a. 9d. to 17s. Beans are quiet.. Butter.-Choice is firm, but tho market is overstocked with secondaries. Danish is unchanged. Siberian is easier at 945. to 98s. Tho market for Ausrtalian is nominal and unchanged, and few secondaries are selling. Cheese.—Tha market is strong: it is bo- j licv'ed that there is a shortage in tho new , make in Canada. New Zealand, coloured, 645. to 655.; white, 663. Bacon 19 steady, and unchanged. Best Australian flitche3, 665. j Sujar.—The market is quiet. German . beet, 88 per ccnt. net titre, unchanged at 1 9s. 3d. per cwt.; first marks granulated, t f.o.b. Hamburg, unchanged at 12s. • Bradford Tops.—There is very little inquiry, and tho market is practically at a I standstill. Sixty-fours, 29} d.; super sixties, j 29d.; conimon .sixties, 281 d.: fifty-sixes, 23& d.; - fifties, 21id.; forty-sixes, 17d.; forties, 16d. , THE METAL MARKETS. \ Copper, on spot, 7s. 6d. lower at £63 per ( ton; three months, 6s. 3d. lower at £63 3s. ' 9d.; electrolytic, 255. lower at £67. ' Tin.—Thero is now less pressure to sell. On spot, £5 10s. lower at £179 per ton; three months, £5 lower at £179 15s. Pig-iron, Middlesboro' No. 3, 3d. lower at 555. 6d. per ton. Spelter, unchanged at £20 10s.

Variation — compared Prict. with last weak. £ «. d. 25% Imperial Consols 7-2 5 0 5b lower 4 ..N.S.W. 1033 Jan.-July 101 0 0 Unchanged 3i „N,S. W.1930-50Mr.-Sp 07 0 0 Unchanged 3i ,,N.S« W.»19d0*C0 89 0 0 Unchanged 3 „N.S.W. 1925 Apl.-Oct 5'2 0 0 Unci}ringed 4 „Vie. 1020 Jan.-July SO 0 0 Unchanged 34 „ Vic. 1021-6 Jan.-July 03 0 0 Unchanged 3 5 Vic,-1929-49 90 0 0 20s lower 3 „ Vic. 1029-49Jan.-July 77 0 0 5s higher ' 83 „S,A. 1016 Jan.July 89 0 0 Unchanged 3 „ S.A. 1016 Jan.-July 73 0 0 Unchanged 4 „QTdl915-24Jan.-JuIy 09 15 0 10s higher 85 „QTdl022-47Jan.-July 02 10 0 5s lower 3 „QTdl922-47Jan.-July 76 0 0 Unchanged 4 „N.Z, 1029 May-Is'ov. 100 0 0 Unchanced 3$ „N.Z. 1012-i0Jan.-JuIy 00 0 0 l5g higher 3 „N.Z. 1U20 April-Oct. 77 0 0 Unchanged 3i „\V,A.1915-35 May-Nov 8S 0 0 Unchanged 3 „W. A,1915-35 May-Nor BO 0 0 Unchanged 3J „Tas. 3920Jan.-July 68 0 0 Unchanged 3 „Tas. 1020*10 Jan.-July 61 0 0 Unchanged