COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1836, 23 August 1913, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. Sales of investment shares recorded yesterday were: National Bank at £5 65.; Wellington Trust and Loan at £7 25.; Ohrietchurch Meat at £15 Es.: and Union Steam at £2 4s. Tho quotations wero as under:— Buyers. Sellers. £ s. d. £ a. d. Bank New Zealand 10 7 6 — N.Z. Loan and Mercantile 010 4 — Wellington Investment ... — 011 B Falinorston North Gas ... 9 0 0. — Wellington Gaa (£lo> 15 15 0 — N.Z. Insurance 6 4 6 5 5 6 Meat Export (525. 6d.) 3 0 0 — • N.Z. Shipping : 15 10 0 — Union Steam 2 3 6 — Well. Woollen (ord.) 3 13 6 — i Well. Woollen (pref.)... 216 0 — Taupiri Coal — 116 Westport Coal 18 3 — Golden Bay Cement — 10 0 Manning and Co. 4 4 0 — Sharla.nd'B preference .... — 119 Ward and Co — 5 10 W.F.C.A. (.£5) - 7 2 6 W.P.C-A. (£1) ' — 18 3 GERMAN FINANCE. Tilg industrial and economic conditions in Germany appear to lo in a most unsatisfactory state. Tho shortage of gold fs said to be assuming a serious aspect, and tho State Departments have hcen instructed to retain all gold and pay out in paper. During tho first liaaf of tho year- Germany secured most of tho new gold reaching London, and on June 26, tho Imperial Bank's reserve totalled £55,745,000, which was claimed as a record. It was stated further that the reserve was being steadily increased by systematic restriction of gold payments by the bank. In spite of this wo are now told that tho shortago of gold is assuming serious proportions. The German bank rate tliroiighout the year has been exceptionally high, and the stringency of tho money market has greatly hampered trade. Early in May thero were indications that the trado boom was about to collapse, and in Juno it wag fully admitted that the boom was a.fc an end. A cable message dated August 19 statod that tho trade depression was becoming worse throughout Germany, and that the increaso of unemployment was daily growing more serious. Tho decline in trado has had the effect of dissolving many of tho cartola or combines, especially thoso connected with tho iron and etccl trade. With the diminishing number of orders, thoso falling to ■some of the smaller concerns were vory few; indeed, and tiheso decided to break away and exploit tho markets for themselves. The production of pig-iron in Germany was maintained at a high level, notwithstanding the indications of a trado depression, and now we are likely to witness tho flooding of foreign markets with German goods, which will, of course, bo sold at cut

prices. Thus tho German trade depression is n. meno«e to lis, for tlio German competition is bound to affect British trade, and British manufacturers to meet the competition, must either also cut prices or be content' to capture et.ray orders, in either case it means throwing a lot of British workmen out of work. A clump in British trade will react on the prices of our produce, and this is a feature of the situation that tho farming community must keep well in mind. CHINESE EXPORTS. During 1912 tho quantity of cheese, exported from New Zealand was 577,070 cwt., and tho quantities and values of the product- sent to the vovious countries importing our cheese were as under , Cwt. £ United Kingdom 572,562 1,664.859 Victoria 595 2,170 New South Wales 758 2,965 Queensland 2j> S. Australia ol "1 W. Australia 129 <07 Tasmania 1 Fiji 155 535 Bengal • 65 247 Oape Natal 1.65" 5,199 Ginada — 1 China .... 21 64 East Africa 46 144 Uruguay } § Friendly Islands 31 114 Navigator Islands 20 75 Society Islands 3 12 577,070 1,680,393 AUTUMN GOLD MOVEMENTS. Tho July number of the London "Bankers' Magazine" contains some interesting particulars regarding the drain of,specie to which the Bank of England is subjected every autumn. Statistics arc given showing th-a movements of gold from the beginning of September to the middle of Novembor during the years 1881-1912, inclusive. The channels of distribution aro divided into four classes, comprising the excess of oversea exports over imports, the sums sent to Scotland, Ireland, and the provinces. During the four years, .19091912, the annual drain on the gold coin in the hands of the Bank of England has been not less than £9,0C0,C00 on the average, the moan of the four years to 1909 being only £4,600,000. The "Bankers' Magazine" does not think that the great expansion in the last four years can be attributed altogether to incrcasod requirements for crop moving purposes, but that the great increase of tho gold coinage throughout the world must also be taken into consideration. The expansion in this respect during the last thirty years lias been very substantial. In 1881 the Director of tho United States Mint placed tho gold coined at £29,C00,0C0,C00, whereas in 1910 the same authority estimated it at £91,000,000. Whatever ntav be the causo of the outward flow of gold from the Bank of England in tho autumn, the movement recurs annually with unfailing regularity.

TIN" PLATE INDUSTItY. The chief cause of the recent depression in tho tin plate industry in South Wales was not tho suspension of trade consequent upon the international complications iu tile Balkan Peninsula, hut tho increaso in American production and tho aggressiveness of the manufacturers of that country. In respcct to skilled labour at mechanical equipment, the industry in Wales was never more efficient that it is at present, and the quality of Uie outturn is shown on comparison with that of America to be well maintained. In certain quarters it was contended that the depression in South Wales wa3 a result of the increase of plant in oxccss of tho needs of tho trade. A similar plea might havo been urcjed against manufacturers ih the United States, where, however, there' has been no occasion to concede that the provision made has been more than sufficient for ultimate requirements. An unconquerable optimism has directed the growth of the trade in American tin plates, aud that optimism has, with brief intervals, been justified throughout. The expansion there 'lias been attributable less to increased consumption than to successful competition. Tin plate was no novelty which enterprising makers boomed into .a universal fashion; on tho contrary, it was a well-known -and widely-utilised article of commerce when the Americans entered the productive area. They have since stimulated the demand, both in the United States and abroad, but they have accomplished a great deal also in the direction of depriving other makers of markets in which heretofore they havo enjoyed freedom from tho Tivalry of the American tin plate manufacturers.

WELLINGOX WOOLLEN COMPANY. The report of the Wellington Woollen Manufacturing Company, Limited, for the year ended July 31 was made available last evening. The directors that "after tjanef erring £2000 to reserve, tho balance available ena-bles tho directors to recommend tlie distribution of a further dividend of 5 tier cent. (£5767 10s.), making with the interim dividend paid to January 31 last, 8 per cent, for the year. These allocations leave tho sum of £44C8 4s. 2d. to bo" carried forward. As was foreshadowed In tho last report, tlie mill buildings are being enlarged by a hosiery mill of two stories, and a wool store of three stories, in bick and steel. Possession of tlieso additions will be taken immediately, when considerable advantages in economy and working are expected. As is customary with tho directors, they have maintained the plant in its efficient state out o? revenue, and to keep abreast of requirements have added new machines to the value of £3202 10s. Bd. The sum of £SCOO has been written off the plant and property for depreciation. The gross profit for the year amounted to £28,697 3s. 4d„ and £70 7s. 6d. was received from rent and transfer 'fees, making the total incomo £29,767 10s. lOd. Tlie expenses, includin'intercst, discount, rates, and taxes, and provision for bod debts, totalled £11,666 17s 7d., and there was written-off' for depreciation £5000, leaving the net profit at £12,100 13b. 3d. CUSTOMS REVENUE. Customs duties connected at tho port of Wellington yesterday amounted to £5996 Bs. 2d. WHEAT, OATS, AND POTATOES. (By Telegraph.—Press Association) Chrislchurch, August 22. There is a littlo inquiry in tho local market for wheat, apparently from a southern source, but the price offered for wheat in store does not come up to holdrs' requirements. A little business has been done during the week on behalf of growers, and o, lino of Tuscan has changed hands nt 3s. sd. at a fairly distant sta-

tion. Tho only inquiry for oats is limited to seed lots for spring sowing. The potato market is still on the declfne, and £1 10s. at country stations is now the best offer. Had tlio Sydney market not declined .business with that quarter would have been possible. LONDON MARKETS. Messrs. Dalgety and Company, Ltd., Wellington have received cabled advice from their London office, dated August 21, reading:—Frozen Meat: Market very quiet, and prices unchanged. Tallow: Good colour, mixed and or beef, is a shado easier; low and inferior descriptions, 3d. per cwt. higher. Mutton Tallow: Scarcely anything doing. Pabbitskins: Good demand at the parity of last sale's values.

BANK OF ENGLAND RETURNS. By Telegraph—Press Association—Copyright (Rec, August 22, 8.5 p.m.) London, August 22. The Bank of England return issuod for the week ended Wednesday, August 20, is as under:— Issue Department Note Issut ££6,190.000 Gov.debt ■'■£11,015,000 Gthor securities ... .„ 7,434.000 Gold ..-. ' ... 40,741.000 £50,100,000 £59,100,000 BINKINd Departitest. Proprietors' Govt, aecurlcapital £14,553.000 ties... ... £12,453,000 Publio do- Other securiposits ... 10,343,000 ties 57.814.000 Othor deposits ... 43.214.000 \ Notes ~. 29.84G.003 Rest, 7-day and other bills S.SG-2.C00 Coin... ... 1,553,000 £71,671,000 £71,671,000 The leading itom3 of tho Bank of England return afford tho following comparison This weak Last woek Last year Bullion 40,741,000 30.501,000 30,534.000 Reserve 31,401,000 29.015.000 30.105.C0J Note circulation 29,344,000 29.575.000 29.254.1.0J Public Deposits 10.312,030 11,311.000 17.551.0U0 Other Doposits 43,214.000 42,'210.000 42,890,000 Proportion of reserve to liabilities... 58.02 53.07 49.60 GOVERNMENT SECURITIES. The following are tho latest quotations for Government securities, with a com' pa,rison of those ruling last week:— Variation — compai od Price, with last week. £ i. d. 25% Imperial Consols 73 17 6 Unchanged 4 „N.S.\V. 1933 Jan.-July 100 0 0 Unchanged 34 „N.5.W.1030-50Mr.-Sp 00 10 0 Unchanged 3$ ~N.S.\\ .-1030-50 fil P 0 Unchanged 3 ~N.S.\V. 1925 Apl.-Oct 82 0 0 Unchanged 1 „"Vic. 1020 J&n.-J uly 0!) 0 0 Unchanged Hi „ Vic. 1921-0 Jan.-July .03 0 0 Unchanged 3a „ Vic,-1929-49 CO 0 0 Unchanged 3 ~Vic. 1029-49 Jan.-July 77 0 0 Unchanged 33 „S,A. 1916 Jan.-July 89 0 0 Unchanged 3 ~S.A. 131b Jan.-July 73 0 0 Unchanged 4 „QTdl9ls-21J0,n.-July 101 0 0 20s higher 33 „Q'rdlo2'2-47Jan.-July 03 0 0 Uncban"cd 3 „QTdlo22-47Jan.-July 78 0 0 Unchanged 4 „N.Z. 1920 May-Nov. 101 0 0 Unchanged 35 „N.Z. ll)12-iOJan.-Jnly 91 0 0 Unchanged 3, „N.Z. 10-20 April-Oct. 17 0 0 Unchanged Bl „\V.A.1015-35May-Noy S3 0 0 20i hiclior 3 „W.A,lOlu-35May-Nov 61 0 0 20s higher 3J ~l'as. IWOJan.-July 60 0 0 Unchanged 3 ~'ias. 1020-10 Jan.-July til 0 0 Unchanged BANK RATES OF INTEREST" The Bank of England rato was. 0 n February 8, 1912, reduced from 4 to 3J per cent., and on Hay 9 it was further reduced

to 3 per ccnt. On Aucust 29 it was raised to 4 per cent,, and on October 17 t-o 5 per cent. It was reduced to 41 per cent, on April 17, 1913. The Dank of Franco rat© vras reduced from 31 to 3 per ccnt. on January 23, 1908. and continued at the latter figure until" September 12. 1911. when it was raised to 31 per cent. On May 17, 1912, it was reduced to 3 per cent., on October 17 it was raised to 3J per cent., and on Octobcr 30 to 4 nor cent. MARKET HATES OP DISCOUNT The following are the market ratos for Dest tlires months' bills:— London Parii Berlin rato. rate, rate per per pcr , , cent. ccat. Tlus week 31 33 5 Last week 3J 33 5 Last year 3 3-16 ■21 4 Short. loans are quoted fit 3 per cent as against 3 per cent, last week, and lj per cent, last year. COLONIAL AND OTHER PRODUCE. Wheat.—The market is firm, though the demand for cargoes is inactive. Two Australian cargoes sold at 355. per quarter Australian on spot is not offering. Flour is quiet, but is firmly lield; 275. is asked for Australian afloat. Oats.—The market is firm, and 15s 10! d has been paid for La Plata afloat. IJeans and peas are quiet and unchanged Butter.—The market is very dull, and ali pricea aro nominally unchanged. Oheese.—The market i« firm, and prices are unchanged. Now Zealand, 655. to 67s Bacon—The market is flat. Australian flitches aro quoted at 625. to 68s. Sugar.—(Jerman beet, 88 per cent, net litre. Id. higher nt 9s. sd. pcr cwt.; first mark, granulated, f.o.b. Hamburg. 2d liighor a.t 12s, 6d. Bradford Tops.—The market is quiet, hut firm. Sixty-fours, ?.9Jd.; super sixties, 29.V 'common sixties, 22d. to 2flsd.; fifty-sixe°' 223 d.; fifties, 20Jd.; forty-sixes, 16? d.; forties, 153 d. THE METAL MARKETS. Copper, on spot, 225. 6d. lower, at £68 12s 6d. per ton; electrolytic, £72 ss. . Tin, on spot, 255. lower, at £187 15s. per ton; three months, 403. lower at £186 10s Pig-iron, Middlcsboro' No. 3, 41d. lower at 545. 9d. pcr ton. Spelter, 2s. 6d. lower at £20 12s. 6d. ner ton. MARGARINE FRAUDS. (liec. August 22, 8.5 p.m.) London, August 2. The Colonial Butter Committee, in conjunction with the selling ngents, have formed a Butter Sellers' Protection Sorlctv to prevent khi» fraudulent sale of nwirKariiw as butter,

VICTOIIIAN PRODUCE MAIIKETS. Melbourne, August 22. Wheat, 3?. 83(1.; flour,'£B 155.; oate, 2s. to 2a. 3>d.; barley, Eu{fli=li, 3s. 9d. to <3. Id.; Oape, 2s. 11(1. lo 3s. 2(1.; maize, 3s. 3d.; bran and pollard, £4 155.; potatoes, £2 55.; onions, £6.