COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1860, 20 September 1913, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHARES. A fair business waa done in investment shar<» yesterday, the sales recorded beins Wellington Trust and Loan, at £7 2s„ National Insurance at £2 83., Union Steam at £2 55., Wellington Woollen preference at £3, and Westport-Htockton at te. lid., 4s. lid., and 4s. 2d. Tho Quotations were as under:— Buyere. Eellera. £ 8. d. £ s. d. Bank Now Zealand 10 14 0 10 IB 6 Union Bank — 54 10 0 Well. Tmist and Loan .... 7 16 — Ohnistohurch Gas — lit Paimerston North Gas ... 9 0 0 — Wellington Gas (£10) ...15 17 6 - Standard Insurance — 1 '2 3 Union Steam 2 4 9 2 5 3 Well. Woollen (ord.) — 4 0 6 Well. Woollen (praf.) 2 19 6 3 1 0 West/port Ccal — 19 0 Wesbport-Stookton ......... -- 0 4 3 Golden Day Cemenit — 100 W.F.C.A. (£5) - 7 2 6 W.F.O.A. (£1) - 18 3 LONDON WOOL SALES. The fifth of the series of London wool sales will begin on Tuesday next, when about 170,000 baits will be available. The ralo statietdes, compared with tho figureß for tho September sales of last, year, show as under:— Sept.. 1913. Sept., 1912. Bales. Bales. Old stock 65,000 29,000 Now arrivals 149,000 1 70,000 214,000 199,000 Forwarded diroot 44,000 56,000 170,000 143,000 Thus it will be 6een that a larger catalogue will bo available at the approacQilnf eoile as compared with n, yeaT apo, and ae usual it will consist largely of eliped wool.

AUSTRALIAN LOANS.

Tho "Investors' Eeview" is ratlicr ecvero on Australasia re-rnrciiii l ,: borrowing;, and. the remarks aro interesting <ie showing a. phape of Loudon opinion. Commentincr oil the fact that Australasian loans raised between July 11. 1912, and Juno 2, 1913, aggregated £26,4C0,CC0, tho "Review" cays:— "Can anybody except, a hcad-in-t.bc-cloud>s colonial politician fail to understand why ■tho solicitations for more money cominc 'from Australia are increasingly scowled upon in London? Why tho .underwriters aro smothered in scrip the public will not look. at? In reality the renomala of old loans help in choluntt up tho morket almost ae much ws the cwlilitJaaaJ borrow-

inss, because so many people, holders of expiring loans, arc wanting their money back. Tho old stock, therefore, is not cichangcd, for tho now at all liberally, and, therefore, the» mockery of a repayment of debt has to be financed by help of tho banks through tho underwriters. Continue this-state of affaire a whilo longer, and tho investing public will be turning its back upon a 5 per cent. Australasian loan. What will tho wise politicians and their financial supporters hero do then? They don't know what, whoever does. Contrast tho behaviour whose results aire hero exhibited with that of Canada. The component parts of tho British Dominion in North America he/ro unquestionably had! too much of oux money for their good in recent years, and will have to suffer for tho over-eageraoss to make progress. But, at least, tho Dominion Federal Government has not led the danco of extravagance. Money hae -poured in upon it through a variety of channels other than from railway. State, municipal, and jointstock borrowings and capital raisings in Europe, and it has not only kept down its own debt by spending its swelling revenue freely on works of public utility, but paid off already exiting <lcbt out of ite afbun'danco with a liberal hand. In the year ended March 31 last over £5,0C0,0C0 of debt was redeemed, in addition to which about £6,500, C«) of the revenue -went into works of public utility. Where is tho Government in Australia that can show any such record?- They canal! do nothing but borrow, boirofw, borrow, or re-borrow, and as tho years slip by tho cost of postponing the day of reckoning grows, must grow, more and more onerous l . The days when Australia and New Zealand could borrow at 3 per cent, or less are gone, probably for ever, and each debt renewal promises to be more , costly than tho last."

Customs duty collected at tho port of Wellington yesterday .amounted to £6637 93. Bd. . N

CANTERBURY GRAIN KARKET. (By Telegraph.—Press Association.) Christchurch, September 19. 1 Thero is nothing fresh to record in.tho whoat market, there being no move on tho part ot eithor buyers or sellers. A demand I for oats ha.3 set in from Australia, and . Home business has bean done. It is probable that the ordcirs may bo filled with Southland oats, as the stocks on hand tiro larger there than'in northern centres owing to tho late harvest. Southland ruined tho earlier trade with Australia, but may now receive some benefit from its renewal. Tho potato market remains without cliajigo. It is reported that one largo grower has sold his crop -in the pit for feed purposeu at sovoral shilling per ton.below tho rate for picked samples. Butter I'.fls been reduced a penny per lb. all round; ADELAIDE WOOL SALES. Messrs.. Dalgety and Company, Ltd., Wellington! have received the following cableemm from tlieir Adelaide office, under dato of yesterday"Tho sales opened with a pood attendance oi buyers. Competition is animated, as compared with tho eamo series last year, rood greasy wools aro 25 per cont. higher, but inferior greasies axo rather lower. Of 62C3 bales offered practically everything wao Bold." LONDON MARKETS. Messrs. Dalgerty cjul Company, Ltd., Wellington, have just received tho following cableitrams from their London office:— Frozen Moat.—Tho market is firm, but prioos are unchanged. Tallow.—Prices i r ei> orally are 3d. per cwt. lower. Mutton tallow—Thero is scarcely any demand. Beef tallow—Thero is nothing doing. ANTWERP WOOL BALES. Br l'clerraph—Press Association—Oopyrieht London, Septemhar 18. Tho Antwerp sales liavo opened. Thero is a larijo attendance, and good competition. ' Jlcirino brought from 5 to 10 centimes .above Juno prices. Crossbrcds aro neglocted et 6 to 10 centimes below Juno prices. 2579 hate of La Plata wero offered and 2146 sold. victorias produce markets. Molbourno, September 19. Whoat, os. Sid. to 3s. 9d. Flout, £3 15s. Oate-Alsrcrinn foeding, 2s. lid. to 2s. 3d.: milling, ?.s. 4d. to 2s. sd. Barley-Cmpe, 23. I 9d. to 2s. Ltd.: English, 3s. to 3s. 9d. Maize, 3s. 8d- Bran <uia pollard. £5. Potatoes, £3 103. Onions, £5 to £5 10s. BANK OF ENGLAND RETUBNS. ' By Telegraph—Press Association—Copyright (Reo. September 19, 9.15 p.m.) London, September 19. Tho Bank of England return issued for the week ended Wednesday, September 17, is as undor:— I«sbh DEPA.nn.reHT Hot« lisus £88,816,000 Gov.debl ... £11,015,000 Cthor Eoourltlos ... _ 7,<34.(100 Gold ... <0,397,000 £48,816,000 1 iC50.8J10.000 BiNKEJO DEPAMMEST. Proprloters' , Govt, securloapital £14,663.000 'ties £13,153,000 Publio ds- Other secrriposlts ... 0,629,000 ties 86.809,000 Other daposits ... 49.630.000 Notoa ... 80.150.003 Best, 7-day -and other bills... ... 8,711.000 Coin- _ 1,611,000 £70.523,000 £70,523,000 Tho leading items of the Bank of Ensland return afford the following: comparison:— < Thlsweok Last weak Last year Bullion 40,397,000 40,677,000 40.256,000 Reserve 31,761,000 31,835,000 31,513.000 Note olrcnlfttlon 28.696,000 29.0i9.000 28,548.000 Publio Deposits • 9,629,000 0,009,000 16.685.000 Other DoposltJ 42,630,000 43.555.000 16,355.000 : Proportion of rosorvo to liabilities... 60.76 60.54 60.04

GOVERNMENT SECURITIES. The following are the latest quotations for Qovornment seourities, with o, comparison of thosfl ruiine last wcok:—

Variation _ compared Frioa. with • last week. b *. a. 25% Imperial Consols 73 10 0 10a hlghor 4 „N.8.W.1933Jan.-July 100 0 0 Unchanged 31 „N.5.W.1030-50Mr.-Sp 97 0 0 20a higher 3i „N.S.\V.-193CW>0 69 0 0 Unchanged 3 „N.S.W. 1925Ap1.-Oot 60 10 0 Unchanged 4 (l Vic, 1920 Jan.-July 100 0 .0 Unchanged 3i „ Vic. 19-21-6 Jan.-July 94 0 0 Unchanged 31 ~ Vic,-1929-49 ' - 88 0 0 Unchanged 3 „ Vic. 1929-49 Jan.-July 77 0 0 Unchanged 3i „S,A. 1916 Jan.-July 69 0 0 Unchanged 3 „ S.A. 3916 Jan.-July 73 0 0 Unchanged 4 ~ QTdl9lo-24Jan.-July 101 0 0 Unchanged 31 QTdl922-47Jan.-July 93 0 0 Unchanged 3 „Q'l'dl92i47Jan.-July 78 0 0 Unchanged 4 „N.U. 1929 May-Nov, 101 0 0 Unchanged 3i „N.Z. 1812-40Jan,-July 90 0 0 Unchanged 3 „N.Z. 19-20 April-Oct. 77 0 0 Unchanged 31 „W.A. 1015-35 May-NQT S9 0 0 Unchanged 3 „\V.A,1915-35AIay-NoT 81 0 0 Unchanged 35 ~l'as. 1920 Jan.-July 89 0 0 Unchanged 3 „ Taa. ISBO-40 Jan.-July 81 0 0 Unchanged

BANK RATES OF INTEREST. Tho Bank of England rate was. on February 8, 1912, reduced from 4 to 31 par cent., and on May 9 it was further reduced to 3 per cent. On Aueust 29 it was raised to 4 per cent., mid on. October 17 to 6 per cent. It >va» reduced to 41 par cent, on April 17, 1913. The Bank of Fr-onee rats na reduced from 31 to 3 per cent, on January 23. 1908, and continued at the latter figure an til September 12, 1911, when it was misod to 31 per cent. On May 17, 1912, it was reduced to 3 per cent., on October 17 It was rai.'ed to 31 per oont., and on October 30 to 4 cor cent. MARKET BATES 07 DISCOUNT. The following are the market rates for belt three month*' bills:— London Parij Berlin rate, rata, rate per per per cent. oent. cent. This week 315-16*" 33 63 Last week 311-16 3j 5j Last- roar 33 23-3 43-8 Short loans fl.ro quoted at 23 per cent., as against 2J per cent, last week a.nd 2 per cent, last year. COLONIAL AND OTHER PRODUCE. Wheat.—-Tho market is Tory quiet brait steady pan Australian cargo sold ait 355. 2d.; Australian, on spot, is nominally unchanged; New Zealand is quoted at 375. Flour is quiet. Australian, or store, is BtJling at 273. Oats arc quiet. La Plata, .January-Feb-ruary shiprment, 15s. 9d.. Beans and p_eas are quiet, but steady. Butter lis Arm. Danish ia quoted at 1325. to 1345.; there is a strong demcirad for all choicest sorts; there is practically 110 Australian available ercept stored, some of which 1s boing sold at full prices. Ghccso is firm. New Zealand shipments ho.vo been' cleared. Bacon, is firm. Australian flitches, 663. to 70s. ' Sugar.—German beet, S8 per cent, net tltre, ranchanged at 9s. 7d. per cwt.; flrstnmrk giranuilatod, f.o.b. Uktmlburct unchanged at 12s. 3d. Bradford Top6.—The market is cheerful and pricc3 aro unchanged. 1

the metal markets

Copper.—On spot, 17s. 6d. higher, at £73 7s. 6d. per ton; three months', 10s. higher (It £73 Zs. 6(1.: electrolytic, 20s. higher, at £78 ss. Tin.—On spot, 50a. lower, at £191 15a. per ton: three months'. 255. lmvor, at £191 ss. Pig-iron — Middicsboro' No. 3, unchanged at 543. 9d.. por ton. Lead —Soft, foreign* unchanged, at £20 106. per ton. Spoiler, 6s. lottot, at £21 per too.