COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1815, 30 July 1913, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. A salo of Union Bank rislits to new issue, ait £5 153., was the only transaction recorded in in,vcetmeiat shares yesterday. The auotations were as under:— iJuyers. Sellers.

RUBBER. Tho price of rubber lias boen falling steadily for tome 'time', and now ytund-s at About 2s. Bd. per lb. In; 1910, during tho rubber boom, tho price reachcd as high as 12s. 6d. per lb., ctud this had th 6 cffect of inducing capitalists to exploit the rubber industry, and now, with largely increased production, tlio price looks like falling to 2s. 6d. per lb. In view of this the Mincing Lone Tea and Rubber Sharebrokers' Association urges all t-huso inter- ! ested to take &tcpd to foster new uses for : the product. It is pointed out that an orsanitation exiitc! both in India- and Ceylon. for pushing sales of tea, from these countries, but ,£o far no attempt in this direction has'been made by growers of rubber. The Mincing Lone Association 'proposes to offer £105 at the rubber exhibition to bo hold in London next year for tho best now use for rubber. It Is contended, that it each individual rubber company took a •small interest (in the object of pushing plantation rubber, it would probably result In a larger consumption, and it is suggested that an association l be formed with a view to achii<yving this end. There arc over MO rubber companies known, in Minting La.no. and if each subscribed 10s. for every £1000 capital to such a scheme, a fair yum would be available for propaganda, work. As ther» would be no promotion espem-rca in forming such an oil moneys subscribed would be available for practical demonstrations of benefit to tho industry. There is no nucstron that tho problem of readjusting supply end demand is a pressing one, and the first stage lias occurred in the recent decline in price. Another method is to lower tho cost of production in: every way that will not interfere with the efficiency, and to that point attention ie already being given, Reduced dividends invariably have a healthy effect on administration, and there is undoubtedly room for economies in many companies created in the "boom" timee\ When plantations come imto full bearing, it is estimated that tho cost of rubber f.o.b. should be Bd. per lb. in Ceylon; 12d. per Jb. in the Malay States*; and lOd. per lb. in Sumatra. It is difficult to see how the output of Brazil, now about 4D.CCO tons, can bo maintained .in the face of competition from tho East. INTERNATIONAL MERCANTILE' MARINE. Tho formation of tho International Mcrcan'tiio Marino Company, in 1902, by the late Mr. Pierpont Morgan, caused feeling# of trreat perturbation im British shipping circles, the questions arising whether British. methods were played out, whether the mcthodis of American trusts and combines were henceforth to form the model for. ndoption- in the shipping trade, and whether" the leading position in tho shipping trade was to pass from England to America. Subeemienit events have settled these questions in favour of British, a<? against American ideas on the subject. There has certainly been a tendency for various shipping interests to corabino to a greater extent than' formerly, but whatever has been done in this respect has been/, generally speaking, oiu a business baais, with duo regard to earnings and tho circumstances of the trades An which different lines are engaged. The International Mercontilo Marino Company, however, bought it 3 steamers at excessively high i;oom prices, end was thusr .ha-ndioa.ppcd from the beginning; while it only required a few years' experience to show that, wherever the financial arrangements might be centred, the business management wouW require to be British, if the combine was im any way to hold its own in competition. But it has not ,yct paid a dividend on either its preferred or common, stock, whilo it 3 provision for depreciation during the. 10 years has been, email, though during the pact few year/ an. improvement in this respect has taken place. Tho account:' for 1912 fhow total rarniucfl 43,725,508d01., or approximately £8,745,101, against £7,830,C(>3 for 1911. After meeting all fixed charges and operating expenses, the surplus for the year is £767,502, against 1 £931,853 for 1911. Adding £1 4,212 brought forfraird. tho total available is £921,794, out of which £731,114 is appropriated for depreciation on steamships, leaving £190,679 to be carried forward. Tho preferred utock amounts to £10,346,194, and the common stock to £9,986.347, the total capital being £20,332,541; whilo bend* and debentures Htand at £15,463,620. Tho iraurance fund i<* £101,594, and the depreciation fund £3,514,684, Adding loans on mortgage, curremit liabilities, etc., the balanco-sheet total is £42,047,859. Tho properties and investments stand at £40.261,981, .The number of vessels in the different fen-ices is 119. representing a ero-s tonnage of 1,071,635 tow-'. In addition. 10- ftcamers aro building, of 208,775 ton 9, making a total of 1.280,410 tons. The earnings have been affected by various strikes, as well as by the lose of the Titanic. TRADE IN ALLEN STREET. • Fruit —Shipments of Tsla-nd crargcs, bananas, and coconuts were landed hero yesterday ex Talune, ftt Auckland, from the Cook -Islands. It if) a light consignment, and should it reach tho market in good condition, excellent prices should bo obtained. Tho Navna, from Fiji, brought only a light consignment of bananas for Wellington, and other ports, consequently it is being traur-hinucd at Auckland by the Monowai, which is duo here on Friday. Fijian tomatoes arc iite-n coming by the Monowai. V/hiUt there U no direct steamer from Sydney thi* weak, a phi all <*onrigmnent of mandarin l ?, oranges, and lent- . oils i* r.nmins: via Auckland, and may .be

looked for about Friday, Retailor consignments of Dougherty apples are coniiwr from Port Albert, and are realising satisfactory ra-tos. Tho Nikau, from Motu-ck-a, is briiiß-ms forward rcsn:2<ir supplies of dessert and cooking apples, for which thero in a good dem-antl. By tho incoming steamer from Tasmania only a light shipment of poa-rs and apples is expected. Vegetables.—Cauliflowers aro drug in tho market; pumpkins and marrows aro in strong demand, and consignments aro recommended. Cabbages are without change: parsnips are short of requirements, and an excellent demand exista for wiite celery.. Potatoes—Tho market continues to exhibit. a- declining tendency. Prime table potatoes aro selling at £4 10". ito £5 per ton. Seed potatoes have vory good inquiry. Up-to-Date, £5 6s. to £5 10s. per ton; Northern Sta.r. £5 103.; Gamekeeper, ■ £5 15s. to £6; Euirly Vermont, £7; British : Queen-, £6 10s.; Beaiuty of Hebron and Early , Hose, £8 ss. ito £8 10s.; Kidneys. £3 ICe. Oniona—Tlio first of tho Ja.pa nose-grown \ onions came to hand in poor condition. Victorian-grown are plentiful, and aro sell- ' ing at £9 10.9. to £10. » Flour.—A steady business is doing on the > basis ol £9 per ton, f.o.b. south. Bran lie in good supply, and is soiling at ( £5 to £5 ss. por ton. Pollard lies gocd inquiry at £6 lCs. to £7 per ton. 1 Jlaizo is dull of Kilo ait ss. to ss. .2d. per • bushel. Soiled Oats.—Thistle brand, in 4}lb. bags. > 10s. per dozen. Oatmeal—Leading brands are clearing at £15 per torn, in 251b. bags. Oats.—Vc-ry little business doing. Bhor-t------feerl. 2s. lid. to Zs-. per bushel; feed Al- > Korian, 2s. Bd. to 2s. l!d.; seed Algerian, -:V. to w. 3d.; heavy Dun oats, 3s. to 3s. Id.; discoloured and soft-, 2s. 6d. to 2s. 7d. Ilay—Prime rye and clover hand-pressed has fair inciuiiry ait £5 10s. to £5 15s. per ton. Chaff.—Values aro inclined to oaeo; prime auality. £5 ss. to £5 10s. por to®, sacks in; for medium quality, lower rates have to be accepted. Fowls'-whcat.—Prime auality, 4s. <d. to 4?. 6d. per bushel; medium (juciity, ,4s. to 4s. 3d. Eggs—Tho market is very unstea-dy. Fresh eggs are quoted at Is. 7d. to Is. Ed.; preserved. Is. <d. to Is. sd. Butter.—Prime milled, in bulk, is short of requirements, and is celling at Is. to Is. Id. per lb.; good aua-Uty, lid. Partridge psa-s are dull of tale at 4s. to 4s. 6d. per bushel. Prussian Blue rcas have very little inquiry at ss. to ss. 6d. per bushel. Feed barley is exceedingly dull of eale at 3s. to 3s. Id. per bushol. Cape barley.—Tlio market ia lifole?u. and the quotation is nominally is. 3d. per bushel. Poultry.—ltems, Js. 6d. to Is. M. per pair; eoekertfis. to 65.; i'tags. 3s. fid. to <t=. 6(1.; AiV'losbury and Pckin ducks, 6s. 6d. to 7s. 6d.; Indian Runner ducks. ss. to 69. 6d.; turkey gobblers, Is. por lb. live weight; hens, 9d. CUSTOMS BE VENUE. Customs duties collected ot the port of ■Wellington yesterday amounted to £2187 Bs. sd. CANTERBURY GRAIN MARKET. (By Telegraph—Press Association.) Chrlstchurch, July 29. Beyond .a little inquiry for oats for ocaetwiso shipment, there is no movo in tho local grain market. T»lerchants and minors are still holding off tho wheat- market, and no sales have been, reported for some time past. The steady fall in tho price of potatoos lias caused growers to review their position. They havo been holding very firmly for prices always above market Tates, and the latter have given way in consequence of the limited demand from the North Island. There a-re reported to be lairge stocks of potatoes held in the province, and, from being firm holders, growers are now showing a desire to sell. Buyers are only offering £2 IDs. at handy stations, and at this price a lair quantity lias changed hamda A good dumo.md for all kinds of agricultural socds exists. FROZEN MEAT. Messrs. Gilbert, Anderson aid Co. (Messrs. Mellsop, Eliott, and Co., local agents), wxitins under date London, Juno SO, report ao follows;— With tho return of the warmer weather trade has been slow. Supplies of frozen lambs havo been a-niple, and rates havo declinod Id., all rcuind. Home-grown.—Beef: Scotch, to 7d.; English, 6d. to 63d.; Canadian (London killed), 6d. to 6Jd. Mutton: Scotch. 73d. to Bid.; English. 6}d. to 74d.; Dutch, £3d. to 7id. Lamb: English, 7id. 'to 10d.; Dutch, 7ld. to 9d. Veal. 6id. to Bid. Pork, 6d. to 7id. Chilled Boef.—Forca 3!d.. hinds 4!d. , Frozen Beef.—New Zealand fores 3Jd., hiinds 3Jd. Australian crops 3 3-16 d., hinds 3jd. South American fores 3}d„ hind 3 3Jd. Frozen Mutton—A good inquiry prevails at lato rates, pi.rtieuforly for the medium and henry grades, .which are likely to bo ■short in. tho near future. Canterbury, 48 to 56. 43d.; 56 to 54, 4 3-Ed.; 64 to 72. 4 1-lGd. Best Now Zen-lands. 56 to 64. lid.; ordinary,41 d.; ewes. 33d. to 32d. Am?tra:!ian wether 6. 35 to 50. 3gd.; ewes. 3Jd.; South American) wethers, 56 to 72, 4d. Frozen Lamb.—A feature of tho lamb mairkct is the big dill'ercmce between Canterbury n to 35 and 35 to 42. This is accounted for by tho heavy specifications now earning to hand. Canterbury, under 36. 6 J-Bd.; 55 to 42, 53d.; .42 to £0, 55d. Best New Zealand, 28 to <2, 5 15-16 d.; ordinary, 5 13-16 d. AUSTRALIAN BANK OF COMMERCE. By Telegraph—Press Association—Copyright (Rec. July 29, 10.15 p.m.) Sydnoy, July 29. At tho half-yearly meeting of the Australian Bank of Commerco the net profits wore shown na £62,153. A dividend of 3 per centum was declared, and a, sum of £10,000 was added to the reserve, £3999 being caiu'iod forward. SILVER. London, July 29. Bar silver is Quoted at 27 3-Bd. per ounce standard.

£ B. (I. £ s. & National Bank (old). 5 16 5 3 0 Bank Now Zealand — 10 17 6 Union Bank (rigilits) 5 12 6 — Metropolitan Buildins .... — 12 6 6 lioaji and Merc 0 10 4 — . N.Z. and Eiver Plato 2 0 0 - WeMiaBton Investment ... — 011 8 Well. Ti'ust and Loan 7 10 — Ohi'istehurch Gob — 710 0 StacdaTd Insuramco 111 0 OJiristchurch Meat 15 3 6 — Gcav Meat (£4) 12 7 6 - Gear Meat (£1) 3 4 0 — Meat. Export (S2s. 6d.) 3 10 — tXnion Stooim 2 3 0 2 3 9 Well. Woollen (ord.) - 3 14 0 Well. Woollen, (pref.) 2 15 0 — Westport Coal 18 0 — I/ejitojd-O'Brien — 15 0 Golden Bay Cement — 10 0 Hanototr and Oo 4 3 0 4 6 0 Sharlcutd's preferenco ... —119 Ward and Co 5 3 0 — ,W.F.C.A.„<£5) - . '726 W.1?.C:A'. (£1) - 18 3