COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1801, 14 July 1913, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHARES. A- sale of National Bank, old issue, shares at £5 3s. 6d. was the only transaction recorded on. Saturday. 'lMio quotations were as under:— Buyer* Sellers. £ s. (1. £ s. d. Bank New Zealand — 10 17 6 National Barak S 3 6 — N.Z. nnd lliver Plato 119 6 — Well. Investment — 012 0 Wellington Gas (£10) 16 3 6 - Wellington Gas (pref.) .... 0 19 3 10 0 National Ins 2 3 6 — N.Z. Insurance 6 6 0 — Ohiristc-hurch Moat 15 2 6 — Gear Meat (£4) 12 7 6 — N.Z. Shipping 16 1 0 — Union Steam — 2 4 0 Wostport Coal 17 3 , — Taringamutu Totara 2 3 6 — Golden' Bay Cement — 10 0 Sharlan-d'a preference ... — ,119 W.F.C.A. (205.) - 18 3 LONDON MONEY MARKET. Thoutrh the London money market continues stringent-, a slight improvement is shown 3n> tho Bank of England figures. Tho bank has added nearly £500,000 to its stock of gold coin and bullion during tho 'week, but the total of £35,M0,0Cfl ds over £3,000,000 less than tho amount held a year ago. The rfSSTvo of notes and coin is largor than in the previous week, and the proportion of reserve to liabilities as now 50,7} per cent. If the 50 per cent, proportion can bo maintained the directors of tho Bank of England will 'bo disinclined to raise tho rate, but tho ratio cannot bo maintained because there is bound- to be a strong demand for gold very soon, and tho Balkan War looks like going on. Imperial Consols have deolined another 55., and at £72 ss. are at their very lowest. Colonial Government stocks show very little movement, but it i 3 oheering to note that Now Zealand 3i per cents, are 15s. higher than they were a week ago. THE lw)OL MARKET. The London wool eales'have not fulfilled tho -promises held out at the opening. Values have declined, except for some special classes, and the conditions generally aro not as favourable na they were. Tho adverse movement ia reflected in tho quotations for Bradford tops, aaid a comparison of the latest quotations with those current a. fortnight ago are shown in the table appendod „ _ . „ July 11. June 27. Tops. d. d.-Sixty-fours 291 293 Super sixties, 29 291 Common- .sixties 281 281 Fifty-sixes 231 24 Fifties 1 21i 22 Forty-sixes 17 171 Forties 16 1° It will bo seen from the above that fill counts liavo declinod except fortdes, which have maintained their value. The Bradford- market is reported to be at a standstill. ' THE METAL MARKETS. Tho prices of metals have declined whether compared with the values ruling six months ago or twelve months ago. Tho "bears" appear to have made a successful attack on tho "bulls," and prices have tumbled as the result of collapses of corpora and syndicate operations. Tho tin market slumped because' of the failure of a Continental fliun engaged on the "bull" side. It seems very probable now that prices will continue to fall owing to the contraction of trade. The quotations for metals compared with a year ago show as tUl^el ' July 11 July 10. 1912. 1913. £ £ Copper, spot 73 3-16 63 Copper, 3 months - 741-16 63 3-16 Tin. spot 2035 179 Tin, 3 months 198? 1792 Lead, soft 181 191 l'ig-'ron. 565. 10. 555. 6d. SpelteJr 261 201 With- tho exception of load, the prices of all the metals aro substantially lower. Pig-ironi was recently as high as 71s„ so that tho declino has been very large. The Balkan. War probably aoconnts to some extunt for the improvement in the price of lead. COST OF SHIPS DECLINING. In contracting for the construction of new tonnago recently, shipbuilders, owing to the maintenance of high pi-ices for materials, havo found it impossible to make any concessions, although for vessels now being built in the United Kingdom, and especially for craft on tho stocks, nnd which are intended for speculative sale, there is roportcd to be a tendency towards lower - rates. For instance, a 90C0-ton 'tween deck steamer at present building, and to bo ready in October next, was being offered in February for sale at £73,EC0. whereas, according to "Fair Pl*y," tho owners arc now prepared to consider an offer of £70,000, despite the fact that tho vessel lieinr nearer completion, tho movement in valuo should be in the direction of enhancement. An 8100-ton steamer, which :inight have been purchased for £78,000 in January, was sold a few weeks ago for £72,000. As to the future, it is considered unwise to forecast with any assumption of certainty, but there seems no reason to doubt that the prices current at the close of 1912 will not bo touched again for some years, unless the unforeseen should happen; because the earnings of steamers will show a vory serious diminution in tho future as compared with those recorded (luring tho latter half of last year. -Statistics clearly demonstrate that as a money earning machine a vessel is to-day worth considerably less than six months ago, notwithstanding that tho cost of building shows no reduction, and, in the opinion of some authorities, cannot do so during the next twelve months «t lenct.

CUSTOMS, OiistdiHn duties collected .it thp tvtr! if Kelllflston on Satwitay totailoi !&,.

Id , tlie amount for tho week bedim £22,235 18s. lCd. Tho returns for each, of the past eight weeks, compared with tho figures for tho corresponding period of tho previous year, show as under:— 1513. 1912. May 24 12,518 11,453 May 31 13.813 10,224 Juno 7 14,831 15,664 Juno 14 21,390 10,971 .Tune 21 10.829 21,732 •Tune 28 20,442 12,150 July 5 9,614 10,382 July 12 ■ 22,236 22,931 £125,673 £115,507 The beer duty collected for tho post week was £406 12s„ as against £219 16s. for tho corresponding week of last year. SOUTH CANTERBURY PRODUCE MARKETS. (By Telegraph—Press Association.) Oamaru, July 13. There is very little wheat offering, and those who hold show no disposition to sa'l, and there are few During tho week only email lots have changed hands at tho following prices :—Velvet, 3s. 11 jd. to 4s. net and 4s„ lees commission; Redchnff, 3s.- 7d. net; solid straw, Tuscan and Marshall's White, 3s. sd. net. In oats there has been a, slightly improved feeling, but offerings have been few, and on a small scale. "A"-grade Gortons have sold at 2s. Id. and 2s. lid. net, and "B"-grade at 2s. Id., less commission. In potatoes only actual requirements are dealt with, no confidence in tho future being shown by merchants. During the week silos liavo been made at 675. 6d„ and 655. net on trucks, but at tho end of the week 60s. has been mentioned as the value on tho basis of what con bo obtained in other markets. LONDON WOOD SALES. By Telegraph-Presa Association—Copyright (Rec. July 13, 5.5 p.m.) London, July 12. At the sales the following prices were realised for tho fleece portions of tho dins named:—"Bluo Cliff," top prico 14d„ average price 113 d.; "Titerangi," ton 121 d., average lOid.; "Waitara," top 13d., 'average 125 d.: "Clayton," top 12id., average 11 3-Bd.; "Upton," top lid., average 103 d.; "Ashwick," top 21id., average 19£ d. LONDON MARKETS. (Bee. July 13, 5.5 p.m.) London, July 12. Hemp—The market is inactive. New Zealand high point fair, June-August shipment £25 15s. per ton; fair, July-Septem-ber shipment, £24 10s. to £24 !Ss. Jute is firm. Native first marks, August shipment, £23 per ton. The Liverpool markets arc closed owing to tho King's visit. Copra, is very active at J a.n advance of ss. to 10s., owing to small supplies. South Sea, In bajrs. £29 10s. to £29 12s. 6d. per ton, Rubber — Fine hard Para rubber Is auoted at 3s. 9d: per lb. (Rec. July 14, 0.30 a.m.) London, July IJ. Wheat is quieter, in sympathy with the weaker American market. Four Australian cargoes havo been Bold at from 375. lid. to 375. 4Jd. For cargoes off the coast 375. 6d. is asked; for loading and to arrive, 375. to 375. 3d. Tho wheat and flour afloat total 3,280,000 quarters; for the Continent, 1,738,000 quartern Atlantic shipments total 501,000 quarters; Pacific, nil. Total for Europe, M 90,MO quarters; Australasia, 84,000 quarters, Bar silver is quoted at 27 l-16d. per ounco standard, 'l'ho rise is due to tho covering of Indian bear operations. TIN. Till Is now quoted at £185 10s. to £186 per ton. Tho East refraining from selling end activo speculative buying caused the rise.