COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1838, 26 August 1913, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. A sale of llikurangi Coal shares At 103. wae» tho omly transaction' recorded m' in* vestment sharea yesterday. The Quotations wero us under:— Buycn Bclloro £ s. d. £ s. d. National Rank 5 6 0 — N.Z. Loan and Mercantile 0 10 4 — Wellington Investment ... — 011 8 Well. Trust and Lean,- 7 16 — Wellington Gas (£10) 15 16 0 - Standard In-sunM-cc — 113 0 Heat li.xport (525. 6d.) .' 3 0 0 — Well. Woollen (ord.) 3 16. 0 — Weil. Woollen (prefJ ... 2 16 6 — Wostport Coal 18 0 Loyland-O'Brien — 14 6 Golden iJav Cement — 10 0 Manning and Oo 4 4 0 — Sliarland's proferenco .... — 119 Ward and Co 4 19 0 5 1 0 W.P.C.A. (£5) - 7 0 0 W.F.C.A. (£1) - 18 3 . TILE SCARCITY OF GOLD. The scarcity of cold that i 3 being experienced in Germany, France, Austria, and in some of the other Continental countries is due in large measure to hoarding. It was expected that when the Balkan Woir was at an end the money would again flow into the ordinary channels. but apparently this lias not been the case, otherwise the shortage complained of in Germany would not now be as serious as it appeara to be. It must be remembered that many of the hoarders live ixu the outlying portions of the Gorman and Austrian Empires, and they will be slower in recovering confidence than the people in tho ETe«\t cities. It is not likely that -ignorant peasants who are not familiar with -business or w'<Ml informed regarding- the reiiutions between the Great Powers, will bo easily rea«surc'dt Jai Gormany, Hrance, Austria, and Russia uneasiness is kept oLire partly by the increased military preparations and tho uncertainty of tho voliiidcal outlook.

INDIA'S COMMERCE. Tlio commercial expansion of India is revealed by the official statistics relating to the trade of. the country during the year ended Jfarch 31, 1913. When compared with tho totals in 1911-12, the imports show an imcireaoO of nearly 17 per cent., amountine: in voiluo to £107,343,902, as againirt £92,383,256, ivlii'.o on the basis of the aggregate of 1910-11, the increase represents 25 per cent. ExpoTts, at £161,2(14,762, advanced 10. per cent, for (the year, and 18 per cent. in. tho 24 mwmtliis. In re-exportu alone was thero a foiling off, the liguro3 for tlio latest term completed being £3,160,044, as against £4,016,101. Within the last ten years tho value of imports has moved upwards to tho extenit of 100 j>cr cent., and exports liavo undergone almost equal expansion since' 19K-1903, when the amount was £83,919,801. Of tho iiiOToase in importations for tho last period cinder notice, £12,078,462 was m manufactured articles, and £7,471,016 waa contributed by textile fabrics. The movement an exports was principally _n.ni food, drink, and tobacco, amongst which flour n.zid grain, accounted for £5,894,463, and tea for £627.762. In drugs and chemacals .exported thcro was & declini? of more thaiu £1,000,000, wltich was attributable to. tho check oil the opium trade. The decrease in re-exports was largely due to £U?a.r, which fell in vahie to the extent, of over £1,000,000. Under the .heading Treasure, whifOh is not included Ln< the foresoln'ir calculations, there was ct very Nibgt&ntiai pain, imports totalling £41,109,169, ojid experts £7.087,844. those ameinnt.s comPxirins? with £55,647,232 and £6,915,958 it> spcctively, and. indicating an excess of imp?rte of £34,021,325, as csaittst £28,731,294 m 1911-12. Tiietre sunizj serve as an indication, of the dbsprptiou of gold and silver wlucii anmamllv is added to the private noaTdsi of tho liidiam peoplo. ExcluaLye of gold ana silver, tho totals Of tho ;ir<ule of India for tho lasit tliree yeare? were £226.157,3v6, £244,279,370, and £271,703,723. The, position of tho country, from a commercial stanupoint, is very satisfactory, and the records for tho early months of 1913 reveal continued growitli in trade.

BBITAIN'S FOIiEIGN TBADE. The grows total raluo of imports of merchandise from foreign countries into tlio United Kiriigdom lai't year was, according to official statistics, £558,627,257, as acaiiMt £508,897,796 iiu 1911. From British .possessions goods worth £186,013,374 wero obtabir ed, <iud tho total trade under both Iheadu reached an aggregate of -no less than £744,640,631, which, was on dnorcaso of £64,483,104 oni the 1911 figures'. An amount of £280,587,831 tos represented by food, drink, and tobacco; £275,667,566 by ranv materials and articles mainly unimamifacturcd, and £185,466,834 for articles maimly or wholly manufactured. Tile valuo of oxports to foreign countries was, £310,130,601, as oomrpared with £295,275,154 in 1911, of whiah. food, drink and tobacco .accounted) for £19.931,946, im,manufactured goods for £55,706,334 (whioli included £41,006,806 for eoko, coal, and other fuiel). and manufactured cuticles for £228,470,143. Exports to British possessions made up a total of £487,223,439, as against £454,119.298 in tho immediately preceding year. Of that sum £353,928,315 was in the form of manufactured articles. A f.nmimary of tho value of tho exports of foreign a.wd colonial ■merohandiVe to foreign countries shows a of £97,287.170, as compared with £59.661,8:0 ire 1911. under the 1912 total the largest item is woo!, wh.ioh, figures at £14,401,283, n.s agaimst £13,030,820. Tile grots value of tho oxports included in tho group lasU mentioned, consigned to countries both outside and within the Empire, wno £111,737.691, an increase of £8,978,557 for the year. Tho tirade of the United Kingdom continues to swell in volume, our cable messages indicating increases in all branches during .T.une. Tlio gains aro £7,654.965 in imiponts, £7,!64,237 in exports, and £2,802,568 in reexports, on- the totals for the corresponding month tast year.

CONSUMPTION OF COCOA. An estimate of the world's production and consumption of cocoa has been framed by a German, publica-tion, the "Gordtan." The output of the prodiuoin?: countries' during 1912, according to that journail,'amounted to 330,000 moLric tons, as again-*! 244,233 in 1911, and 219,562 iji 1911. The total for last year is a "preliminary" figure. The" lod'jrcst coatfiubutor to the world's ncc-da id sho>yu to be tho Gold Coast of Africa, which last year exported 39,5C0 metric toms, that ftffffre»%ate bein?; a dtelit decreasa on tho. 1911 shipmentj, were 40,357 metric tons. Ecuador supplied last year about 35,500 metiuc tonis, San- Thome a like quantity, ami Brazil about 6000 tone less. As far as could bo ascertained, tho United States headed the list of coiicinmers of cocoa, having in 1912 imported for home use 67.CC0 metric tons' out< of on calculated at 250,000 metric tons for. all countries. Germany camo next with 55,1C0 metric tone. The United Kingdom fogged behind in the third place with imports of only 28.1C0 mettic tens; then followed France, with 26,900, the Netheirlands with 24,900, and Switzerland with 10,300 metric tons. Auistralwn?, o/pparemUy, do not "tako cocoa"'to any great extent. Tlio quantities imported into the Commonwealth and Now Zealand are bracketed at 16C0 metric tone last year, 1300 in 1911, and 1137 in 1910. This part of the world, in fact, comes third fort in the schedule of cocoa consumers. The'stocks of raw cocoa, which rema.in.od on hand in the importing countries are given as 104,500 metric tons at the end of 1912, 126,000 twelve months earlier, arid 109,216 metric tons at the close of 1910, but those totals- do not include the stocks in either the United States, the Netherlands, Belgium, or Canada, and consequently can be taken a«- giving little moro than a proportion of the supplies held at the times indicated.

OVER-EXPAXSION BY BORROWING. • Kxtjavapa-Tico in the conduct of povcmment mi(l the over-expansion of botti public mnd privat-c credit by borrowing, were cited b.v Mr. James J. Hill, before the NewYork State Dangers' Convention, as the two great danger** of every country in this era. This applied especially, lie said, - to those countries whose settlement was moro recent mid whoeo ueedt? were larpc. When one compares the appropriation..' of any legislative body, and the total debt of any pmblia corporation to-day with the eorrospamlinsr figures for 30, 23, or even 10 years wro. ho cannot fail to be impressed with the prndonce of shortomin? eo.il, Just the hawk-3, by their control of cred.it awl the directions in which it can bo enforced or curtailed, a;ro powerful to help the former. so may they, nth cm they deem it wise and necessary, slacken. the epecd of these modern high-power forces that cannot bo allowed to speed up indefinitely without serious consequences. "Capital i' 3 tho cosmopolitan' force in the world. Prom the bojrffin?B of human intercourse it ha 3 broken down more Ixiniiors, cemented more bonds, than all tho armies and navies of the world.- Capital of to-day furnishes the ainews of war: for mon.o can lour? be carried on anywhere. as a rnlo none would over bo bopun. if tho frreat bonkors of the world Fhould a?ree .in refusing to finance it. Printers of peace and ascitis of material development everywhere, it is meat, appropriate that they elimiM be heard hero and today. Jlofit countries have been accustomod to their relations with ono another by tho total money volume of the commerce between them; and, richly or wrongly, tliev have laid epeclal stress upon that difference between imports and exports which is known as tihe 'balance of trade.' Without cissertinsr awy theory as to its value as a.n indicator of prosperity, or the contrary, botli of which views have ardent- champions, both sides will acre? upon the fact that it i* an important measure cv commercial intercourse." Pl-RPKTUAL MORTfJAfiE DEBENTURE STOCK. As probably the first appearance of Perpetual Jfortgnsc debenture tlock on the monoy market of the Dominion was tho recent- issue of £iCO,DOO'by ilcisrs. Wrtehit,

StoDUeiuTan and Co.. Ltd.. it is interesting to know hoiv thi« Jninrt of eeonrlty lias aupealcd to investoris. '11 ig stock coiTics 5 licr ccnt. interest frco of incomo andmort-ir-affo tax, and is fccured by a tloatinis chareo over the conuxiJiy'n whole business, and it is slated that tho whole amount haw now been applied for and allotted ot j)<u% and thfl't tho directors Jiavo decidcd, m view or tho further extension of tlie-ir bu?a7iesd, to place a eecontl parcel of £50,000 of tiho stock on tho market. Oastoms duties cdlleetcd at tile port of WoLLuiston yesterday amounted to £4201 He. lid.

niGiE COJIMESIOSEK'S OADI/EGRAM. The Department of Agriculture, Imdnstries, and Commerce has received the following cablegram from- tho Ilißh Commissioner for Xow Zealand, dated London. AupruS't 23. (Quotations, unless otherwise specified, nro averaeo market prices on spot):— . _ . . Mutton.—Tho market- is Quiet-. There is uo chouffo in prico^. Lamb.—Tho nio.rkct -Is steady, with a betfter demand for heavy-weight. CVinterbury two's, sid. per lb.; heavy-wcieht four's, 4 tl-16d.; other than Canterhnn', s'.rt.

lieef.—The market is btcady. There is no ohanse in prices. Biiittev.— I The market is quiet, vritli a fair demand for heft butters. Lower grades receive little aittoation. Tho oupply eieeeds tho demand. It is stated that stocks in cold stores are very heavy. Priccs are practically unchanged^ Cheeso.—Tlte market is firm. There is no ehanjre in prices • for Now Zealand and Canadian, rineft Enffiieih Cheddar. per owt.. 725. to 7fir.; lower trrades, 61s. to 70s. lfomp.—Tho market opoucd dull and duiv lnij this week was depressed, but at tho close t.he demand wass bettor. Xow Zealoncl. cood fair trra<le, per ton, £31 fnomina.l); fair, sollers £"/, buyers £26 155.; Autrust to October, ss. more; fair current Manila.. £31: forward shipment, £30 lCi?. Tho output from Manila for the week was 27.0C0 bolce. Wool.—Tho current Bradford quotations for tons are:—36'a, low cros;ibrcrt<s, 154 d*. per lb.: 40'er low crossbreds. 15? d.; 44's. medium orosrbreds, 50's lialfbreds, 193 d.; 56'e Quar'tcrbreds, 22Jd.; 60'e, merinos, 28id. Tho market remaims firm. A cood lnifincss has boen done in yaxu4 of all ciuali'.ies. FROZEN MEAT. By Telegraph—Press Association—Copyright London, August 24. Tho Incorporated Society of Meat Importers' Smithfiold market quotations for tho undermentioned classes of frozen meat are based on actual sales of not loss than one hundred carcasses of mutton or lamb, or twenty-five quarters of beef of fair averago quality. The quotations arc not for selected lines, but for parcels fairly representative of tho bulk of tho shipments now on the market. The prices which follow are on tho averaeo a farthing per lb. moro than the values cx ship, this difference representing the average cost in eipense. handling, conveyance, and selling tho meat:— Aug. 16. Aug. 23. llutton— d. d. Canterbury, light 4 3-16 43-16 Canterbury, medium 4 3-16 4 3-16 Canterbury, heavy 41-16 41-16 Southland * " North Island, best 4i 4V North Island, ordinary .. 4J Australian, light 3a M Australian', heavy 33 33 Hiver I'late, light " * Jtivcr Plate, heavy 3 15-16 315-16 New Zealand owes 311-16 311-16 Australian ewes * * Kivcr Plato owes 3j 33 Lamb— ' . Canterbury, light 5J 5J Canterbury, medium 5 51-16 Canterbury, /heavy 43 411-16 Southland 5J 5J North'lsland, ordinary 51-16 51-16 North Island, selected ... 53-16 53-16 Australian, best • " Australian, fair * * Australian, inferior * * Eiver Plato, first * Hiver Plato, second • Beef— , , Now Zealand, ox fores ... 3 3 Now Zealand, ox hinds ..4 4 • Australian, ox forc3 3 3 Australian, ox hinds 34 3J Hirer Plate, frozen fores 21 25 Bivor Plato, frozon hinds 315-16 315-16 H.iver Plate, chilled fores 23 2J Itivcr Plate, chilled hinds 5 5 •None offering. Itobbits—Tho market for rabbits isciuiot aind prices unohonged. WHEAT AND FLOUR.

London, August 24. The whcait and flour oflcat for the United Kingdom totals 2.325,000 ouarters;'for the Continent, 2,130,000; Atlantic Bhipmemle 754,000: Pacific, 10.CC0.' The total shipments to Blvrope during tho wools amounted to 1,325,000 s ouarters. including <O.OCO Australasiaai. , llhjo m'n.T.lmt. i:i quiet, but steo4y.