COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1825, 11 August 1913, Page 10

COMMERCIAL ITEMS.

INVESTMENT 6HAUB& A rale of Union Bank tiiiares (£lO paid) at £15 17s, 6d., (vas the only transaction rtcordcd in investment shares oil Saturday, Tho quotations were as under:— Bayers. fc'eliera. £ s. d. JS i. d. National Bank (old) 5 3 6 — N. 2. Loan and Merc (J 10 A ~ Wollinrrton Investment ... — . 01! 8 Weill. Trust, and Loan ... 7 1 6 — ■Wellington Gas (£10) — • 15 17 6 N.Z. Insurance *— 5 8 0 Meat Export (525. 6d.) ...5 0 0 — Well. Woollen (ord.) 3 13 0 — Westport, Cool 1 7 ' ~ VestporUStocliton 0 4 1 — Leyland-O'Brion ? Ooldan Bay Cement — ; ? 2 ■ Sharland's preference .... - ;} „ Ward and Co - 5 10 W.F.O.A. (£5) - H.O.A, (£1) - 183 AMERICAN NATIONAL BANKS. Recently when tho American money markets showed extreme' stringency, the united States Government offered assistance to the jJuaitional Banks by way of deposits, but this procedure has not been unanimously approved by those institutions. The innovation requires that interest shall be paid on the additional deposits at the rate of 2 per cent., but tho National City Bank, the National Bank of Commerce, the Chemical National Baal;—all of New lork ftnd four bonks in other cities, have refused to accept funds on the new terms. It is undarstood, states "Bradstrcote," that vaxioois other bonks, wJiito not taking such a decided stand, liavo signified their desire that their Government deposits. be reduced to. a minimum, cn tho apparent ground that the cost of■ handling a Government account oxcoeds any direct benofit therefrom. Tlie National City Bank, of New York, in a. recent oiroufer, discusses the matter as being; determined largely by the difference between the 2 per cent, rate of intorent 'the; .depository bajilis must pay the Government, and tbe rate of interest they receive from the bon'J.? used- to secure the deposits. Such profits are mcapre, and the value of a depository account is stated to be still further reduced by tho .number of Government cheques which ha\-e to be handled. The circular mms tho matter "wo by saT.iing that, all things considered, tilicjr?'is little beyond n«-ortTortirlire value aitt.ichin.» to th" dciiosots in cmcrtion, except,- it is! to be presumed, in times of financial panic.

IHDIA AS A WHEAT-GROWER. India supplica a considerable quantity of wheat-, and is moro a factor in tho market than Australia. In a period of forty years the- area under wheat in India has increased from 16,C00,CC0 acres or thereabouts to 30,517,800 acres, and tho normal harvest of tliat cereal has grown, from about 5,000,C00 tons to close upon, doublo that quantity. Thie ei-panision is roveajed by statistics which lutve been published in. the Londoni "EconK>mi3t." In a. series of tabulated comparisons, that journal shows that both as a,'producer aiid cs an..exporter of wheat the importance of India is steadily developing. For the mean' of the five years ended March 51, 1696-97, the o.rea. ifl given as 25.910.0C0 'acres, the yield aj 6,532,0N tons', and-the exports as 33,647 tens, or 5.1 per cent, of the yield. 'In 1910-11 the production was 10,040,500 tons, from 30,439,CC0 acres, and the shipments reprcsjn'ted 1,351,164 tons, equal to 13.5 por cent.; whilßt. the latest. totals available which deal with 1911-12, indicate that from 30,517,800 aorcs 9,528,0€0 tons of grain wero garnered, of which the exports accounted for 1,650,163 tons, or. 16.9 percent. The Fmnripai *-heat-grow-iiig districts are ;the unjab and the United Provinces. .Since the export of wheat became a feature of the trade of India, the, annual shipment* have exceeded 1,000,000 teas in. each of thirteen years,. the piaximtim being rca-chea in 1904-1905, when the exports amounted to 2,150,000 tons. The United Kingdom is India's best customer in "this particular dcpartmeut, England's share of the shipmeJH-ts in tho five-yearly . periods ended 1897-53 to •1912-13 having equalled 66, .55, 78, and 77 por cent, respectively. Belgium is the next, biggest buyer of Indian whetat, and then follow France, Italy, and Germany in that sequence. The latest- official forecast, of the crop of 1912-13 estimated the area fowl! at:' about '30.0C0.0C0 acres., and with, satisfaotory atmospheric condition? it is eipecteil that, fully 1,500, CM tons of wheat will be available for shipment to Europo in DIJ-H.

OIL HARDENING PROCESS. Tho oil hardening process is making its influence felt in various directions. Aa a means of making various oils availo-blo for purposes for which tallow has hitherto been mainly employed, it is tonding to reconstitute the position of tallow m tho markets, and, at the eame time, it is leading to now demand for oils for the purposes in question; tho field for their consumption being enlarged. One of the latest elf rots to bo recorded lias to do with linseod oil, -which, after, a period of high prices, ha 3 fallen during tho past 12 months to a, moderate level. But ■ large quantities of linseed oil have been purchased by one of tiho leading soap maniifacturing .conceriu in England, and this demand appears to be responsible for a greater degree of firmness in the linseed oil market than might otherwise have been looked for. The oil hardening process, according to "The Times," is based upon catalysis, which has been utilised in tho development of three industries—the production of sulphur trioxide, tho production of ammonia, and the hydrogenation of fats—the laet-named constituting a.-new .in(taatry. In describing the process, "Tho Times" states that, in addition to platinum, it wa.s discovered by Sabatier and SoKidereiis that other finely-divided metals, suah as iron k cobalt, copper, and particularly nickel, ha,ve a catalytlo effect upon' hydrogen; while in 1903 Normaun patented ithe use "of a finely-divided metallic catalyst for converting un-'o-turjitod fatty acids, or their glycerides, that is, fat-3 or oils •themselves, into saturated compounds." By this process the oil fat, or fatty acid, takes op' hydrogen, ansl becomes converted into a saturated compound, which is generally harder, melts at a higher temperature, fl.rod is more useful for many purposes. In tho maniufaotttro of foap it i.o thus possible to utilise oils and fats which have an 'offensive odour, or which are too soft to be themselves employed in soap-making. ARGENTINE SHIPMENTS. The Department of Agriculture, Industrie.', and Coinmerco has received tho following co.hlegw.tu from Buenos Ayres, dated August B:—The following shipments of produce were dispatched'from the Argentine io the United Kingdom during July, 1913 (compared with July, 1912):— 1913. 1912. Frozen beef, quarters 145.C00 192,000 Chilled beef,'quarters 254.0C0 220,000 Frozen mutton, carcasscs 72,000 228.C00 Frozen lamb, cajcaesos ... 37,000 69,000 Butter, cwt- 853 — PRODUCE EXPORTS. Tho values of tho principal products exported during tho month of July, compared' with the figures for tho corresponding month of last year, show- aa under 1913. 1912. Bate .. 24,554 18,160 ■ Oheeso 13,236 ' 14,845 Beef 40.640 38.805 , Mutton, carcasses • 170,(52! 129,094 • Mutton, 'letg3 and pieces .- 4,120 1,647 "Limb 304,868 154,677 W"hoat 3.691 7.593 Oats . . 1,443 42,846 i Potatoes 705 14,783 ITomip 61,663 13,159 Jiabbits . 9.167 2.445 Tow ... 5.202 1.822 Kauri gum 70,308 38.205 Grain and pulse 9,009 5,468 Jlons 2,121 15 Hides < 34,910 37.571 Skins 131,930 ' 45,489 Tallow 39,847 41.C94 Timber 27,829 36.727 Wool 366.631 146.264 Gold 154,319 149,346 £1,536,516- £940,860 The fignres show the substantial incrcaso of £596,456 for tho month.* CUSTOMS. ■ Customs duties collected at ■ tho port of Wellington on: Saturday totalled £931 12s. 10d., tho amount i for the week beinf £24,193 17s. 7d. The, returns foa- each of tho post eight weeks, compared with tho figures for the corresponding period of llio previous yca-r,'show as under:— , 1913. 1912..' £ ' £ ' ■ Jane 21 ...' 10.829 ' 21.732 . Juno 28 20,442 12,150 • • July 6 9,614 10.382- ' July 12 22.236 22,931; . .Tuly 19 13.709 9.067 July 26 21,928'. 11,292 August 2 12,540 ■ ; 12,348 . August 9 24,194 10,479 135,492 110,381 " Tho beer duty collected for tho past we,ek was £209,' as against.£96 16s. 6d. for. the corresponding week of last year, NOTES The year 1912 was an exceedingly profitable period for British cargo boats, to judge from the summary of the balancesheets of fourteen companies compiled by "Fairpla-.v." The book value of tho tonnage comprised in the calculation was £3,585.758. the prolit- in 1912 was .t1,1«.244, of which £682,7G9 was allocated to deprooiation, and £303,997 wa-s distributed amongst sharehoidere, Tho figures clearly

show that managers arc not distributing i most of their profits a? dividend, as was 1 often the ease in 1900, ainl while tho dividends have increased from £141,667. or 5.74 por cent, ill 1911, to £303,957, or 12.99 per font., the amount sot in-udo from £22L509, or 9 per cent. on tho capital, to £632,7C9, or 27 pur cent. This will enable the companies concerned to ffl-ce any period of depreicfiion with greater confidence than ever before. A statement- ho<? been prepared by the Commonwealth Statistician, which shows the aggregate public indebtedness of the i Australian States, together with tho amount per head of population at the i end of tlie last ten financial yoare. This | may be reproduced as follows:— Total debt. Per head. Date. £ £ k d. , June 30, 1503 220,830,598 56 12 4 ' June 30, 1904 225.352,421 57 0 3 June 30, 1905 228,562.919 56 18 7 .Tun* 30, 1925 235.115.076 57»11 1 June.3o, 1907 236,141X61 56 IB 2 June 30, IWB 239,723.120 56 13 5 Juno 30, 1909 247,623,745 57 6 6 Jun'e 30, 1910 252,846,657 57 3 7 Juno 30, 1911 261,684,904 58 6 3 Juno 30, 1912 271,422,238 58 10 3 Only inoreased immigration could reduce the avcrago per capita debt. ftecent quotations for olive oil in the London market reveal a eomewhat substantial decline in values. ' The movement is rather remarkable in view of the fuct that the supply for tho season ii? known to be short. The price of Cretan oil at tho opening of the feason was about £50 per ton, and that of Spanish about £54, tho prospect at 'the time being that the rates for both would later on reach the neighbourhood of £60. The actual course of the market has been exactly tbo reverse of that which was expected, tho tendency being, According to latost English files, still downwards. The principal'caues of the fall in rates appears to have been financial. Usually a great quantity of olive oil is' retained by small holders, who keep thei rstocke until nearly tho time when the new crop should be ready. This yca.r* these holdors have apparently run short of cash, and have been, forced to realise earlier than, was their custom, with tho reemlt tihat theiir supplies hxivo been 'forced suddenly on the market.

Kapok from Java last year was not of the eaimo high quality as that af the previous year, yet prices remained high. The crop was larger ttoa.n that of 1911,-the principal consuming markets being the Netherlands, Australia, and tho "United States. Exports for tho year aiuocmtcd to 10,080 tone, against 99C0 tons in 1911. An American Comsuikvr report states that firo destroyed 20,000 to 22,000 bales of kapok fibre at Samarang, Java, in mid-JLarch. This, writes tho London "Chambor of Commerce Journal." with about 14,000 bales burned at Sourabaya, Java, six weeks previously, accounts for 15 per cent, of the island's orop (and practically the world crop). A bale of cloan ka.pok weighs 881b. As a consequence of the firo. prices are paid to have risou about £15 per ton in India and £7 to £11 per ton in Amsterdam.

N.Z. FARMERS' CO-OPERATIVE. (By Teloeranh—Press Association.) Chrlstchurch, August 9. An extraordinary mooting of shareholders of tho New Zealand Farmcra' Co-operative Association was held to-day, when it was decided to increase tlie nominal capital of the association to £1,260,000 by the creation of 50,000 prefcrenoo eliad'cs.

CANTERBURY GRAIN MARKET. Oamaru, August 10. A fair quantity of wheat has changed houdd duitinigt the week, buyers coming forward for She lots offering. Tllo pnice'S ■were on a level v.'ith those given during the past few weeks. A fair-sized line of velvet fetched Is. Hill, not, and other smaller lots at <3., and chaff has cliangod lianda at is. Bd. and 3s. Bid. not. , A fair-sized line of Tuscan Was quitted at 3s. 5Jd. not, and at the same price a lino of Marshall's white found a, purchaser. But littlo is doing in oats, and 2s. l£d. and 3s. 2d. for "A" grade Gartona wore the prices going, and "B" grado at 2s. to 2s. Id., all net. Owing to merchants having to fill ordors for the north, there was a temporary spurt in potatoes during the week, and for these 525. fid. up •to 575. 6d. was given not on trucks, but those requirements, having been satisfied, the market -wont back, and one lot offered at 475. 6d. was refused. LONDON. MARKETS. By Telegraph—Press Association—Copyright (Roc. August 10, 5.5 p.m.) London, August 9. Copra.—The market is dull, and there is only a small business doing. South Sea, in hags, July-August shipment. £31 ss. per ton. , X.Z. hemp is dull. High-point fair Octo-ber-December-shipment, £29 10s. por ton. Juto.—Native first mirks, August shipment,' £31 per ton. Cotton.—August shipments of middling American cotton are clearing at 6.11 d. per lb. Rubber.-f-Fine hard Para rubber is quoted at 3s. 10dl por lb. Kauri Gum—The stocks total 336 cases. Antimony is quoted at £6 10s. to £7 per ton for 50 per cent. ore. MINING NEWS. WELLINGTON SHARE MARKET.There were three transactions in Talismans, each at 415., and a sale of liors Reronatructed at Bs. 9d. recorded on Saturday. The quotations wero as under Buyers. Eellors, £ s. d. £ s. d. Blackwator 10 6 — Con. Goldficflds 0.12 9 .-. . - Murray Creek (new) — *0 8 0 Progress 0 8 3 0 8 9 Ross Reconstructed 0 8 8 0 9 0 Talisman 2 10 2 16 Waihi ...» 2 T 0 2 7 9 Waihi Grand Junotion ... 1 1 9 12 3 Tarakani Oil Wells — 0 13 3 •Premium. STOCK EXCHANGE. (By. Telegraph—Frees Association.) 5 Auckland, August 9, Sales on 'Change to-day:— Ross, 83. 10d., Bs. 9d. Talisman, £2 Is. 3d. Grand Junction, £1 Is. 9d', Waihi, £2 7s. 3d. .Now Sylvia, Is. 2d. Christchurch, August 9. Sale reported National Insurance, £2 6s. 6d. / Dunedin, August 9. Galea on 'Ohange :—Woihi, £2 Bs.; Union Steam, £2 3s. Reported sales:—Junction, £1 Ib.: Waihi, £3 7s. 6d. DREDGING. . Dunedin, August 9. The return for the Rise and Shin© dredge wao 230z.- lldwt.