COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1837, 25 August 1913, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHARES,

Sales of investment f-hares reeorded on Saturday wore Union Steam at 445. 9d., and faupiri Coal at 21s. 3d. TJie Quotations were ad under:— Buyer®. S«Uera. £ s. d. £ s. d. National Bank 5 5 0 — N.Z. Loan and Mercantile 0 10 4 — Wellington Investment ... — 011 8 Chrjstchurcli Gas (rights) — 04 0 Palmerston North Gas ... 9 0 0 — Wellington Gas (£10; 15 15 0 — Well. Gas (prof.) 0 19 6 — National Ini'uirance 2 6 6 — N.Z. Insurance 5 5 0 5 5 6 Maat Export (52a. 6d.) 3 0 0 — N.Z. Shipping 1510 .0 - Union Steam 2 4 9 .2 5 6 Well. Woollen (ord.) 3 14 0 — Well. Woollen (prcf.)... 216 0 — Tjiupiri Coal — .116 Westport.Coal 1 8 0 — Golden Bay Cemont -.... — 10 0 Manning and Co 4 4 0 — Sharland's nrcfercnco .... — .119 W.F.C.A. (£5) . - 7 0 0 WjS.C.A. (£1) . . - 18 3 LONDON MONEY MARKET. While sihortage of gold is being experienced in Germany it. Ie satisfactory to "note that tho sirppliee of tho yellow metal are increasing in England. The Bank of England is the custodian of tho nation's ecTd reserve, and during the past few weeks tho bank has been adding to res serve rather rapidly, as the folio-wing will show:— 1913; 1912. Weekended £ £ July 23 37.169.000 39.756.CC0 July 30 07.744.0C0 39.365,0C0 August 6 37.520.0C0 38,340,CC0 August 13 39.501,000 ' 39.563.C00 August 20 40,741, OCO 39.534.CC0 It will bo seen from the above that during the past four weeks the metal reserve increased by £3,572,CC0, of which £2,921,CC0 was addr.d' during the cart two weeks; that is just wihen Germany has felt the 'shortage. The proportion of reserve to liabilities elands at 58.62 per cent., as compared with 49.20 par cent, a year ago, and under normal conditions ( the bank Kite would be reduced on isrncli a showing, but the bank J-s prc-mrin? . for tho autumn demands i for gold which, according to statistics, amount to not lc?s th.311 £9,000,C00 on the average, ond is ex-porienced from the bepLiininf? of September 1o the middle* of November. Thiis year the bank has made unusual provision, and: somewhat suddenly, indicating that eome financial disturbance is approaching.

ENGINEERING, ET ENGLAND. Doubts wero recurrinc in Lancashire whether the trade boom will last much longer: ftiill. business opened well for tho second half of the year, arod orders were' fairly numerous in tho "engineering branch??. Tho first half of tho yeo-r. writes the "British Trade lioview," was characterised by' unusual incidents in industry and trade, and the great- Ixtnooshire engineering firms had been put on their mettle in various ways. With the steady expansion- of foreign and cxvlonial markets they had all through tho six month/! had plenty of work on hand; but thay fntl to grapple with nuicldy-chnflginE conditionG in, tils direction. of incrcasro of wag 05, the higher prices of material, the working burdens of tho Act, and a very keen competition from American ai>.d Continental makers., In the marine op.gi.pee.Ting shops and t.he shipbuilding yards there was euch a glut of work and such imperative innnnry for ouick delivery. that the increased cost of output has not been of so much account; but. .in general engineering, both in heavy aud light machinery and machine toote. tho extra, cost of production hampered nnnuf.Ktu.rc.rs in ficurinrr profitable ord(m-->, though. most of tho well-known es-

tablishments a.ra still booked up far ahead. Both German and French firms, with the ndvojiita.se of a low-pricod labour market, were on tho alert to secure orders. and sevoral substantial contracts were lost to English houses because of the crafiiderahlc nnrlnr-cut, jn prices. Generally, however, Hritis.ll c.nigineOTS Im'd their own in iron end pteel work.' machinery, and entwines, particularly for export, and thonrili some fehippers a.re inclined to believe th-it t.he demand mow is somewhat less brisk, larrrc cargoes. of machinery, iniplc.ruc.ri.'r?, and hairdiware for a. threat varir-.y of purposes aro boimj consigned abroad. POSTAL BUSINESS. Tho ha=ine£& of tho I'oct Office has been steadily increapiue, stimulated no doubt by the cheap postal rates which exist in tho Dominion. Tho numbers of tho various articles classified posited in Now Zealand' during 1907 and 1912 givo a faiir idea of tho expansion.' Tho figures aro as under:— 1907. 1912. No. pccted. No. posted. Letters and lotter-cards 19. i 6ZA1 : i 1C6.C40.863 Postcards 6,091,748 5,193,565 Booko, etc 21,208.925 31.127,216 • Newspapers 17,974.047 19,629,521 Parcels 630,935 1,633,830 125,418,060 163,614,995 Tho letters and lottcr-cards posted increased by 26.578,438. books, otc., by 9.918,291, by 1,655,474, and parcels by 942,895, this la.?t-mrntioncd diowiiiE? tho greatest relative gain". Tho postcard crazo in apparently dying out, for, according to the nbovo figures, there was a decreai?3 of 898,183 in the number of pc3t.ca.rd3 posited last year as compared with 1907. On tho average, two letters .and letter-cards wero posted each week of lflst year by every man. woman* and child in t.he Dominion, or 106, each for tho whole year; THE FALL IN SPELTER, The fall in. spelter from £26 lite, to £20 10t?. per ton ij due, not to any decrease in consumption, which, if anything, is increasing slowly, but to the additions to production. That is the opinion, of the "Financier," which points; out tint tho position of affairs from tho producers' point of viow is anything but satisfactory.

Indeed, were not tho industry in 6trong hands ajml under wonderfully complete control as rcsaird'3 majketins:, Wie posltiou would 1)0 somewhat alarming. The outlook raises tho possibility of at 'least two alternatives, both of ou unpleasant character. Assuming that the consumption, and consequently the domand, during tho noxt few mouths remains virtually on the eame scale as at present, it will mean, that if production lia.i still proceeded without check, stocks will have reached most unmanaEcable and undesirable proportions. That, as a. matter of coursc. will mean that prices will havo fallen heavily, end that at least some of the important producers will have to oloso down for a while, or drastically reduce their output. The depression in prices lias already brought, down profits to a point which places come of the producing concerns in a tight earlier, with quite small margin, of net gaiiu Tile aucet.ion of whether the pricea are to he permitted to fall until a cessation of production is absolutely forced as the only alternative to losing money, or whether on arrangement can be arrived at for simultaneously reducing the output all round 60 as to avoid a further cecumulc.t ion of stocks, will have to be decided. One of tho

complications with respect to spoltor is thci transitional character of the prccc.<ws which arc. now carried oni. The operations differ more or less widely .in almost every plant, even irrespective of tho different descriptions of ore that is treated. It folio.™ that the percentage of net profits earned ore o.lso widely different, and f t would pcem to be a matter of very considerable delicacy and diifiioulty to arrive at any ecnoral agreement which shall bo applicable alike to technical variations and geo-ffra'pliical differences. IULDUKA FRDIT. The chairman at the recent half-yearly meeting of tho Miidura Co-operative Fruit Company, Limited, gave some information aa to the output of Jlildura fruit this season, Wijioli compares with last season as follows 1912. 1913, Tens. ■ Tom?. Sultanas 3,214 3,51)5 . Currants 2,173 2,223 Lesi-aa 1,977 1,619} Apricots ' 1823 243 Peaches 53J 433 7,6004 7,416 Out of the total of 7416 tons this season-, tho company represents 3.C03 tons, including 1362 tons sultanas, 9-9 tor.3 currants, 634 tons lexias, and 32 tons peaches. Snlca this year have been slower than .r.i-uol owing to the stocks of old fruit iu merchant" hands at the op'-ning of the -on-on. the lateiuw; of the harvest, the offerings of outside fruit below (U'rociation Tate.?, and tho uneerta.init.yias to the probable outputThe market has been disturbed somewhat by the- low prices of currants and sultanas in London, and tho rates at which uon acfociation currants were quoted, ip.le-, of W-.o latter being mainly, in South 'Australia. Export proportion,? this pen-on • oro 25 per cent, for currants, 30 per cent, for suit-anas, and 55 to 60 per cont. for lexias. Negotiations have been in progress for tho <LL?po=al of a c"ni-idoiaMo qurmiitv of fruit, comprising 500 ton.? sultanas and 300 tonis currants for New Xoaland, huiv =0 fail- without leading to biititioa;>. customs: Customs duties collected at. Hie nnrt »l Wellington on Saturday totalled £11(8 0= 10d.. the amount for the week Ijc.'-ii"' £27,011 14.'. 10d. 'lllie returns for each uf the po.';!, iiiglit v.er:l;:>, compared v.ith Mm (lgurea for the corresponding period ot ihu previous year, show as under:— 1313. 1912. .Tuly 5 9.614 10,382 July 12 ; 22.2 M 22.-J3J .luly 19 13,703 9 067 July 26 21.928 11.292 August 2 :. 12,540 12,348 August 9 24,194 10.479 August 16 10,344 9.11 l August. 23 27,014 27,261

£141,579 £112,874 Tlio I'par duty coUwtcd f'>r the p,n;| w ,, e ] ( was £M 7 35., an aratnet £231 6s. fur tlw cancuaaiiiiiij vcoi oJ lae.'. year.

NORTH OTAGO MARKETS. (By Telcarash,—Press Afiaociation.) Otago, August 24. Tory little business has been done in wheat during the week, and the belief is that not a large quantity is held in the district, as very little is otTerin-g., velvet has been sold at 45.. loss communion, and Tuscan at 3b. Oil. net at country stations. A fair in amber of tram-iaetioiis in oats havo taken. pWo, lxiit these have been m small lots. A-grade Cartons have been sold at 35. lid. net at country stations, aim Bgrado have changed hands at and 2s. o£d, ikit at country stations, while a lino of Duns was takcui at Ib. lid. on the same terms. Oatshenl ehafl e»clLs at 6&s. on trucks. At the beginning of the week potatoes were selling at 5Ce.,, but, later, 455. and 4fo. were the prices going, and, the best offer now is 4C\s., less commission. Some sjiiipmaiLts Jiavo been made to Sydney from South Canterbury on growers' account, and to tho NortlL loUm-d on accoiot of growers here. LONDON MARKETS. By Telegraph—Press Association—Copyright (Hec. August 2A, 5.15 p.m.) London, August 2.3. Copra.—Only smafl business as being done. South Sea, in bags, August-September shipment, ie owo-ted at £31 7s. 6d. - Cottom—August-September shipment; 6.26 dv Jute.—August shipment, £31 ISs. nem-p is quiet. Good fair, October-De-cember shipment, £30 15s. Rubber, 3s. IOJd. Hides are in small supply, ana quotations are nominal. Australian £8 ss; to £8 11?. 3d. Leather is etcadv at 13d. to 16(1'. Basils, Australian first. 13d. to 15>d-. New Zealand, 16id. to 22d.