COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1842, 30 August 1913, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. A silo of Wcstport-Stoclrton Coal shares at 33. lid. was the only transaction) rocorded in irrveiitment shares yesterday. Tho Quotations were as untier:— Uuycrs. Seilerc £ i. d. £ ». d. National Bank 5 6 0 — N.Z. Loan'and Mercantile 0 10 4 — Well. Investment — 011 8 Well. Trust and Loam ..i. 7 1 6 7 2 6 OhTigtchuroh Gas 6 19 0 ' — Palmerston North G-as ... 9 0 0 — Well. Oas (£10) 15 16 6 - National Ineu.Tan.co 2 6 6 — Standard Insuran.ee — 112 3 Meat Export (52*. 6d.) .... 3 10 — Well. Woollen (ord.) 3 18 6 — Well. Woollen (pref.) ... 2 17 6 — Tatopiri Coai .' — 1 1 5 Wcstport Coal 1 8 3 1 8 9 t Golden Buy Cement — 1 0 0 Bharland's preference .... — 119 Wilson's Cement (pref.) ..190 — ' W.F.C.A. (£5) - 7 2 6 W.F.O.A. (£1) - 18 3 THE PORT OP HULL. The authorities of the pert Hull have done a great deal towards attracting trade, And 1 tho statistics which, are ineluded in ft summary of the business of the port during ,1912 show eratifyinj expansion in the di.rcet trade between that centre aod oversea countries. Imports of wheat for t3ie year aßKregatcd 4,648,776' quarters, aa asc-in-cft 4.115,749 quarters rcceivod in 1911. Of the former total Australia contributed 352,354 quarters, and of tho latter 350,445 quarters, an. increase of 13C9 quaint ers. lan/portationis of barley from all sources amounted to 934,692 quarters, as "comparc/d with 951,471 quarters; and of oats 456 390 quartore, as affoiust 530,982 Quarters. The quantity of roaizo received direct wafi 1,025,027 auartore, an iuereaso of 238,821 quarters on the figures for the immediately precedmc year. In the inward shipments of apples there was in 1911 ail' uieivasc. of 22.095 packages; whilst in 1912 a further gain M 3796 packages occurred, the intake bei»K 40,277 packages, ns-asainst 36,481 in. the previous reason. Tho in> provement in that particular item, it is iuecssted, nuisht have bean more tubeiant.ial had it nut been for a very full home supply. For the first time in the history of the port the ooal traffic handled at Hull oxceoded 7,000,M0 tons, the exact 1 iifrures beins 7,011,978 tons. The net registered tonmase entered was 6.168,500, which was an increase of. 346,220 tons oil the aKCreEate for 1911.' JAPAN'/SHIPPINQ SUBVENTION. According to information whidi wa« elic- ' itod aa an outcome of jjiTcstitfationy eoni diuotod recently by tlie Bengal Chamber of Commoroe, tho people- of Japan are rather hcavily/tuxed financially solely jti order to provide funds wherewith the Nippon Yusen--1 Kaisha (Japan S-teainslup Company).. ea.n. ■ comneto for tho trade of the IniiLiaJi coa^t. Ab /ar as ihn chamber ooauld Ascertain.', • the/'amount of tlm oubsidy paid by tho Imperial Japanese Government to tho company is £508,779 yearly. That sum is cciual ; to upwards of 23 per cent. on> the paid-up ' capital of the company, an-d it follows that oven, if the steamer® work %-t a loss, tho subsidy will enable N.Y.K. to pay divi- , dands. Aar' annual subvention on such a scale can hardly be regarded as a mail ' subsidy. It must bo for the purposo of ' enabling the concern} to compete against forciKiii connpomos, and. jntiden tally, to ei'teud Japanese trade. It was coutendod on behalf of the Nippon Yuscn Kaisha . that it hod "to face. unlisted, the State* aided vce-els of the British India Htemn Navization Co., Ltd., which hjo paid by ' tho Government of Inidrfa a lump sum wilder «A fac coaatdaisc BGnioes,' 1 eM

tliat the Japan company had endear vowed, but had failod, to induco British companies to work with it. The reply of tho Bonsai Chamber to these arguments was that tho subsidy pa.id to tho 11.1.5. N. Co. waa only about £78,500, and it was granted specifically lor the provision of regular, frequent, and fatt . Killings • on; sixteen lines, -the -trade on which would not, it was admitted. suflieo to maintain vessels equal to the "postal requirements. The subsidy to tlio latter company, in fact, works l out at loss than Ih. por mile, and by no eta-etch of the imagination can it be accepts*! as aliberal aid when set in comparison, with, tlio very generous assistance conjcodedj to the N.Y.K. In tho controversy on tho subject no reference was made by tho Ja[>ajic-5o jjartisans to the fact that Britisii .'/teamere engaged in the Japantiso coasting trade are precluded from carryins: passengere or goods from one port of the island to another. SCARCITY OF GOLD. Tho hoarding practised by the French, peasantry has forced the Bank of Franco to rerpicniieli its etock of gold. The United State 3 has been one source of eupply._the amount shipped to Paris from New York from Janjniarv 1 to July 18 being £8,300,000 out of a total of £13;300,000 exported to all countries.' The bulk of these transactions' with Paris appears to bo artificial, the love! of exchange', according to "Brad- . fctroets," being below the point at which specie exports would yield a, profit to tho bankers interested'. Tho cxact waturo ot tho inducermontrj which tho Bank of France held out to .attract gold from the United States are necessarily unknown, but no doubt exists that tho equivaJent of u. substantial premium for making the transfers has had to be paid. The scarcity of gold currency in Franco compelled tho miniting of some of the metal held by the central institution, the replacement- of which was necessary in- order that tho -strength of the bank might not bo impaired. As the London money market was being heavily drawn upon by Germany, tltat eourco of gold supply was debarred to Franco for obvious reasons-. Consequently recoiiKC was had to New York, where less disturbance would bo caused by tlio French demand than in any other centre. A t somewhat interesting position has arisen in this connection owing to the last engagement for Paris liavlng reduced the stock of gold bars in. tho United States Treasury olmost to vanishing point. It remains to be seen whether the premium which tlio Bank of Franco has offered will be raised -sufficiently to overcome tho disadvantage and additional expesiee involved in a continuance of the outward movement of tlie yellow motal, with American gold coin ta.king tho place of tho bars hitherto conistitutins tho shipments. SUBDIVISION SALE. Attention is directed by an advertisement appearing in this issue to tho subdivision of the estate of tho late Ja-mes Tcnnant, containing 377 acros of fine fair tentng country in the Hawkc'-s Bay. It is subdivided into nine farms, ranging from 32 to 52 acres, and is to bo eoM by -duWic. auction on Wednesday. September 10, at 3 p.m., by Mr. J. A. Millar, in conjunction with Messrs. G. A. Preece amd Co., at the rooms. Station Street, Hastings. This farm, it is sta,ted, is all love! rich land, free from floods, and is considered to-be tho best bullock fattening -'farm in llawko's Bay. It would make ideal dairy country, being only 4 miles from tho factory at Olive, milk being taken daily from tho door; it is 5 miles from Farndon Railway Station, 8 milos from Hastings, and 10 miles from Na-pior. Tho proporty. lias this year win- - tered IS9 head of cattle' and 1000 ewes in lamb, tho fat cattle crad eheop being sold every month. The terms ore exceptionally roasonoiblo. Plans will be available from tho above linns in a day or two. NOTES. Tho United Sates Geological Survey i:a 3 issued an interesting statement of metal roeovery from old metals in the United •States during 1912. The recovery cf lead am-oimtcd to 67,168 short tonis. Of this quantity 30,266 tons went imto consumption; «s pig lead, and 36,902 tons wero load, in alloys'. Tlio total amount of the clearances at tlio Melbourne backers' clearing house during tho wcok ended August 18 is officially stated at £5,094,101. That aggregate compares with £4,747,035 for the la?t previous week, and with £5.215,2,2 for the. corresponding term in, 1912. Tho DuUo of Bedford's Kingston Russell Estate in DoTset was offered at auction on July 19, when Kingston, of 789. acres of <orn, sheep, and down land, witli mi: excellent house, first-rate buildings, and seven cottages, was solid foil JES7CO, or about £7 ss. per acre. Few people knew the difference botween frozen and chUled meat. Frozen meat is meat which, is maintained at a tu-ro feetow frcozing-point. a method obvidiraly neceasary when the product liavo to bo transported to the old world from fur.ii distant centres as Australia and New ZeaHand. Frozen meat labours under the disadvantage of having to bo thawod, which to a ccrtaini extent impairs its flavour and value. Ohiillcd meat, on the other hand, is ca.rriied nit a tcmrperaturo slightly above freezing-point, needs no treatment on arrival at its destination, and is practically a« good when it roaches tho customer as it left tho foreign port. For a lons time only American boef wai carried in the drilled condition, the voyage from Argentina being deemed too long for its r-afo iu-0. During tho past two years or so methods liavo been evolved by whicli it pan bo successfully adopted in- voyages from South America, with tho result that thci Argentine ohillcd beef exports to the United Kingdom have increased more than fivefold, and probably tho timo is not far distant" whon all meat from tho River Plato will bo shipped in the chilled condition-. Customs duty collected nt tho port of Wellington yesterday amounted to JS2CGO 6s. lOd. ; CANTERBURY GRAIN MARKET. (By Telesraph.—Preej Association.) Christchurch, August 29. Tory little business has been doing in the grain market. The only sale of wheat reported is a lino of Tufcan at 3s. sd. at a. country station. Inquiries wliicli were lately made fo-r wheat appear to have cased off. There is no changa to report in tlio oats market, nothing being offered by growers. A little 'business is being dons in oateheaf ohafl, which is worth £3 at country stations. There is little inquiry for potatoes, and 3Cs. at, coramitry stations is tho outside price, while Auckland reports that quotations, have been received eaual to only 275. 6d. at country stations. Tho faot th-at now -potatoes are . now available in Auckland (a -small con6:gnmcnt of which ha 3 readied Christchuroh) ohow-s thai there is littlo improvement to be expected in tho northern markot. Advice has been received that the Moeraki's shipment of potatoes lias boon sold at £4 to £4 10s. per toni so that the business has boen anything but profitable. The Sydney market is Tcwrted to be sufficiently _supplied till tho new season's crop comes im BANK OF ENGLAND RETURNS. By Telegraph—Press Association—Copyright (Rec. August 29, 8.5 p.m.) London, August 29. The Bank of England return issu><! for tho week ended Wednesday, Auga«t 27, is as und'er:— ISSUE Depatvtmznt K0t61,5n« £60.006,000 Gov.dobt — £11,015,000 Other securities 7,13i.000 Gold 41.550.000 £00,005,000 X 60.003.000 BA-NKINa DEPir.TMENT. proprietors' Govt-, sscuricapita! £14,553.000 ties £1-2,453,000 Public de- Other itcuriposits ... 9,056,000 ties 27,673,005 Other d«« POBUU ... 4i.-116.000 Ket-es ... 10.756,000 Best. 7-day othor bills 3.533.QC0 X3»10- ... 1.G05.000 f7-:,455,003 £72,458,000 The leading itom3 ol tho Bank of England return afford th* following comparlThiSTrotk Last T7,Bk Last year £ £ £ Rnllinn 41,556.000 40,741,000 40.3K1.000 TleKcrvo '" ''" 3-J.3CJ.UOO 31.404,(K8 30.094.0 M Note circulation ff1.243.01X) 20,f114.000 29.1M.00u Public JDoposHs 9.9Sfi.l«] 1?.3«.0.X> 17.ii14.000 Other Deposits 44,41G,0t0 43,'. > 14.1 AX) 45,417,000 Proportion of reaeivo to liflbilltios... 59.46 55.C3 40.46 GOVERNMENT SECURITIES. The following are the latest quotation* for Government securities, with a. comparison of those ruling last weoi;:-

BANK RATES OF INTEREST. The Bonk of England rato was. 0 n Fubrua.ry 9. 1912, rcducctl from d to 3i pop c«Dt„ Mid on Jlay J It '•Y-Ui lwtli«r TeducnJ to 3 Bar coat. On Ausuit 23 It ivu raiMd

to 4 per cent., and on October 17 to 5 per cent. It was roducod to 4J per ccnt. on April 17. 1913. Tlio Bank of Franco rato was reduccd from 3J to 3 per cent, on January 23. 1900. and continued At tho latter figuro until September 12. 1911. when it was raißcd to 3i per ccnt. On May 17, 1912, it was reduced to 3 per cout.. on October 17 it was raised to 3J por cent., and on October 30 to 4 por cent. MARKET BATES OF DISCOUNT. Tho following aro the market rat«« for oeit threo months' bills:— London Parig Berlin rate, rate, rato per per per cent. cent. cent. This week 33 33 43 last week 31 5 Last year 33 2i 41 Short loans are quoted at 3 per cent., as against 3 por cout. List week and 2 per cent, last year. COLONIAL AND OTHER PRODUCE. Wheat.—The market is _ steady. Unfavourable harvesting conditions on the Continent arc inducing inquiry, aaid Ecllere are firm. Australian, on spot, meets with, a lintilod demand at 395. There is little inquiry foT New Zealand owm? to plentiful 6UppUco. New Zealand wJioat is telling -at. moderate prices. Flour is dull. Australian', ex store, is quoted at 295., and on- passage at 255. 9d. c.i-f • Ctats.—The market is steady. Old New Zealand's aro unchanged. Peas—There ie a fair, trade doing. Old crop, Now Zealand, on spot, 425.; now licar.H are neglected; 365. 6d. asked for f.a.n. New Zealands, on spot, tut there are no buyers. __ „ Butter is firm. Tho hot weather is checking English supplies, but large Quam-titic-3 of Siberian are arriving. Choicest Australian is nominally 108s. to llCs. Cheese fci firm. Now Zealand, 665. to 68s. Bacon—The market is quiet. Australian; flitcih.cs, 665. to 68s. Sugar.—German beet, 88 per cent, net titre, 4d. higher, at 9s. 9d. per cwt.; firrt marks, granulated, f.o.b. Hamburg, Id. higher. at 12s. 2d- , Bradford Tops—Tho market is steady and unchanged. Sixty-fours, _ 29id.: super sixtira £Dti.; nommen sixties. 28d. to 23id.; fifty-si -OS, 22Jd.: fifties, 20Jd.: forty-sixes, 163 d.; forties, 15Jd. THE METAL MARKETS. Copper.—On spot, 475. 6d. higher, at £71 per ton.; throe months', £70 176. 6d.; electrolytic. 355. higher, ait £74.. Tin.—On spot, £9 10s. higher, a,t £197 ss. per ton; throe month.3', ss. higher, at £186 lofi. Piff-iron.—Middileaboro' No. 3, 4Jd. higher, art. 559. lid. per ton. Lead, eoft foreign. £20 7s. 6d. per ton. Spelter, 7a. 6d. higher, at £21 per ton. BILYER. London, August 28. Bar silver ifl quoted at 27£ d. per ounce standard. LONDON MARKETS. Messrs. Dateety and Company, Limited, have vemved the following froni their London office, under date August'2B and 29:—Frozen Meat—Mutton: Market is firm. Lamb: Weak, but without quotable change. Beef: Very email demand. Tallow: The mnrket is unchanged : nominally, and demand is limited. ' BRISBANE WOOL SALE. Brisbane, August 29. The wool >?ales have concluded. Compared with June, Rood waa 5 par centum lower; faultier" 10 per cenitum lower;* bellies end locks were at par; greasy reaohed 12id„ and -scoured 243 d. VICTORIAN PRODUCE MARKETS. Melbourne, Auprust 29. Wheat, 3s. BJd- Flour, £8 16s. Bran and pollard, £4 15s. Barley—Enplieh, 3a 9d. to 45.; Cape, 23. 9d. to 3s. oats—Algerian, 2s. to 2s. 3d. Maize, 3s. 3d. to 3s. 4d. Poto/toes, £1 10s. to £3 fo. Onions, £5 15s. to £6.

Variation — compared Pric«. with _____ lap.b week. £ «. d. 2i% Imperial Consols 7J 2 (j 5s hfoher 4 N.K. \S'.I93.7Jftu.*./ttly 100 10 0 JOs hitflier 97 0 fl 10a liinbor 34 N.S.W.-1930-60 0 Unchanged •J ..N.S.W.19-5 Apl.-Oct W U 0 Unchanged 4 Vic. 1920 Jan.-July ICO 0 0 Ms higher yi "Vic. 1921-G Jan.-July 94 0 U '20s higher 3* "Vie.-W-KMB j ® " J Unchanged 3 „Vic. 1929-49 Jan.-July 77 0 0 Unchanged ai S,A. 191G Jan.-July 83 U 0 Unchanged 3 „3.A, 131t> Jan.-July ™ 0 0 Unchanged 4 QTdl915-'24 Jan.-July 101 0 0 Unchanged 3i „QTdl922-47Jau.-July 93 0 0 Unchanged a QTdlMiOJan.-July 0 0 Unchanged 4 N.25.1»29May-Nav. 192 0 0 20s higher 34 ,.N\Z. ]i!12-40Jan.-July ill 0 0 Unchanged 3 ( .N,Z. 1920 April-Oct. 76 0 0 20b higher 34 <( \V.A.1915-35 May-No? 80 0 0 Unchanged 3 ,.\V.A,l015-;tfMay-N*QY WOO Unchanged 3J ,,Tas. J920Jan.-July £9 0 0 Uucliangcd U „Tag. 1920-40 Jan.-July bl 0 0 Unchanged