COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1871, 3 October 1913, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHAKES. There were no transactions in inrestment shares yesterday. The quotaions were as under:— Buyers. Sellers. £ 3. d. ■ £ fl. d. Bask Now Zealand 10 17 6 — ' S T ational Bank ..To 686 Equitable Building 8 15 0 — S*.z. Loan- and Mercantile , •' (prcf.) 97 0 0 " —* [Veil. Investment — o us Well. Trust and to an ... 7 1 6 — Jhristchurch Gas „ — „ 7 10 feilding Gas 0 12 0 iVell. Gas (£10) 16 ( 3ear Meat (£4) 12 10 0 3ear Meat (£l)' 3 6 0 Saiapoi Woollen'(pref.)... — 5 2 6 I'aupiri Coal 1 1 » (Vestport Coal 110 0 Lieyland-O'Brien- — 114 Paringamutu Totara Z 5 b — 3oldcn Bay Cement — 1 u u Manning and Co :.. 4 4 6 N'.Z. Con. Dental — i ; ? (V.F.O.A. (£5) J I 5 (V.F.C.A. (£1) - 183 THE FINANCIAL STRINGENCY. ■While New Zealand and Australia have Buffered to some extent from the worldwide financial stringency, the effect on us has been a mere circumstance compared with the experiences of Canada, In Canada they aro much more dependent upon borrowed, money than. we are, and. tiicy have received, a rather marked check. . A special correspondent of the 'Financial rimes" sent over to Canada to make investigations on behalf of his journal, tvrites:—"As regards the ultimate future of tho country they none of them have the slightest hesitation. All are enthusiastic and convincedj that it mu6t be brilliant. One other thing appears most, dearly. They have been completely surprised, anu remain alarmed and upset by tho sudden drying up of tho sources of capital supply in England. For years they have been accustomed to look upon London, from the point of view of supplies of capital, as a, sort of inexhaustible bottlo from which could be drawn, on demand any given amount at will. . Everyone concerned with finance took the 6ame view. Even the leading bankers, seem to have accepted it as a condition of things which rould bo relied upon to continue, and had consequently been content to allow obligations to accumulate, whether municipal or commercial, in tho sure confidence that by a loan operation in London the accounts could bo squared. At this time last year, when I similarly visited the conntry. tho stringency was beginning to show itself, and the local banks were being blamed for hinting that advances must bo curtailed-. Now the tendency is to blame the banks for having too long encouraged expenditure and neglected their duty to tho community by not putting on the brake sooner and moro sharply." IMPROVEMENT IN AUSTRALIA. Tho financial position in Australia appears to be improving, and the saroo may be eaid with respect to New Zealand. The Melbourne "Argus' of September 24, in reporting the solo of a parcel of Melbourno and Metropolitan Board of Works 4 per ccnt. debentures (due 1949) .at 100, and a parcel of Victorian 4 per cents. (1913-23) at 100}, says: "These tfansactions shoiC an advance on late rates, and tho sale of the Board of Works debentures at 100 compares with 98 a fcew weeks ago. The hardening of the market, may be regarded as •reflecting the improvement in the financial position, and in prospecting for the now year. The inoaetary situation has lost somo of its stringency during the last few 1 montli6, in consequence of. the loan flotations in London by various State Governments, the immediate effect of which, apart from providing the funds required for railways and, other works, was to increase London balances for tho time being. Tho elasticity displayed by Australian export trade this year and the check to imports have also assisted in producing a bcttor-balanced position than that which existed in tho middle of last year, while these various influences, acting through the exchange market, have resulted in an accumulation of gold in Australia, whicli is also a favourable factor. Tho recenl isstio of the Victorian loan in London, bs relieving any latent apprehension that th( Government misrht have been impelled l trench on local resources, has also pro ducodi a good impression. To these mat tors have been added the considerable 1m provement in crop prospects from tin heavy rainfall last week in Victoria, Ncv Sonth Wales, and South Australia, whiol has produced a more buoyant feeling ir business circles generally." EPIDEMIC OF "DEFAULT." According to tho "Economist," shrewd ob servers in London financial circles ari afraid that an epidemic of "default" maj t) a threatening, &nd that It may not ui

confined to any particular quarter of tho globe. In the United States a. large railroad system recently failed to meet ltg on* gagements, without, apparently, any very : strenuous effort t-o keep its head above water; and the city of Atchison, Kansas, is reported to havo defaulted in preference to levying a tax to liquidate its indebtedness. In South. America the State of Amazonas declines to pay its debt of about £23,QG0 to the Manaofl Tramways aad Lighting I Co. for the public lighting of <thd city of Manaos. In Cuba the. Government if* to be sued for damages in <i Cuban. Court, and possibly aleo censured by. the Council of Foreign Bondholders for- default in handing over* certain dues to the Cuban Ports Co., as authorised by an- Act of the Cuban Parliament. Finally, turning to the Balkans, Turkey has not yet fulfilled its obligations to liquidate certain shortterm notes. So far no lapse has occurred in high finance, but if the epidemic were to spread in America and to eotfbhKKirstern Euro!)©, it ds diifflcult to Bay what might happen. The financial situation in Brazil is far from satisfactory, and it has at last, dawned upon the Government that to continue Bpending the present rate' can only end m disaster. Largo shipments of gold have had to be made lately from Brazil to Europe to redress the adverse balance of trade duo to smaller exports of rubber and coffee. Administrative, extravagance i© responsible for the present position of Brazilian finances, and the circumstances of the country imperatively, call for careful management. COMPANIES REGISTERED. The following appear in the list of companies registered published in this week s •'Mercantile Gazette":— New Zealand Poultry Industries, Ltd. Registered September 23. Capital, £20,C00, into 40.C00 shares of 10s. each. Subscribers, J. Mr Ferguson, 60 j A. G. Humtjy, 60; T. H. Rutherford, 25; R. A. Lazarus, 25; R. Wylie, 50; Y, H. Cooper, 25; F. C. W. Bicrre, 10; M. H. Walker, 15; F. G. Clarke, 10. • Objects: To carry on in all its branches thereof, including bee and fruit farming, buyers and seller© of poultry, etc. Feilding Baeon Co.. Ltd. Registered ae a private company, September 24. Office, Ferzuson .Street, Feilding. Capital, £5000 into 5000 Bharos of £1 each. Subscribers, E. R. Bridge and H. Roberts; 2500 shares each. Objects: To acquire and. take over as a going concern the business heretofore carried on under the 6tyl© of "The Feilding Bacon Factory," together with property, assets,, etc. Customs duties collected at the port of ■Wellington yesterday amounted to £5286 4s. Id. ■ LONDON WOOL SALES. By Telegraph—Presß Association—Copyright London, October 1. v At tho wool Ettlea there was a .steady healthy market for all classes. Tho sales in 1914 will bo held on January 13. March 3, April 28, July 7, September 29, and 'November 24. (Bee. October 2, 0.10 a.m.). London, October 2. New Zealand clips :—"Choviothill," 14d., 13Jd.; "Titi," 13Jd. llgd.; "Wai.tara,' 12d. Messrs. Dalgety and Company, Ltd.. have received tho following cablegram from their London office, under date of October 1:—"Tho opening dates for next seasons wool sales have now been fixed as under:— First series will open on January 13, 1914. Second series will open on JlaTch 3, 1914. Third series will open on April 28, 1914. Fourth series will open on July 7, 1914. Fifth series will open on September 29.1914. Sixth sorics will open on November 24,1914. For the first, series the auantity 'is unlimited, and all arrivals up to within eight days of the opening of the sales will bo admitted. Tho limit, if any, for all other series will be fixed later 1 ." Mossrs.' Abraham and Williams, Ltd., have received the following cablegram from their London agents, dated October I"The fifth sories of 6alcs continued to a, largo attendance of buyers, with activo competition. Tho Americans aro operating moderately. The market is firm for all wools, and tho prospects are steady." LONDON MARKETS. Tho Now Zealand Loan and Mercantile Agency Company, Ltd.. havo received tho following cablegram from their London house, under date October. 1:—Tallow: We quote present spot values for the followiu'g descriptions: —Good mutton, xfo 173. 3d. per cwt.; good beef, £1 15s. per cwt.: mixed, £1 13s. 3d. per owt. The market has a lower tendency. Wheat 6old at £1 16_s. c.i.f. Australian cargo. The market is <ruiet but steady, and buyers are holding off. The outlook is discouraging. COPPER, TIN, AND TALLOW. _ By Telegraph—Press Association—Copyright ORec. October 3, 0.10 a.m.). London, Ootober 2. Copper.—Supplies, 46,478 tons; deliveries, 52,704 tons 1 . Stocks, 22,523 tons: afloat, 3450 tons. European visible supply, 27,819 tons. * , . Tin.—Stock, 14,673 tons; spot, 1921 tons; afloat, 3727 tons; deliveries, 3873 tons. Tallow.—Stock, 7731 caskv imports, 5035 casks; deliveries, 4513 caswf. TALLOW' SALES. London, October 1. Tallow—At tho tallow gales 2828 Backs were offered, and 1875 sold. Prices were unchanged. LINSEED OIL AND TURPENTINE. London, October 1. Raw Linseed Oil—spot pipes. £23 10s. per ton. Turpentine, 30i. 3d.' AUSTRALIAN PRODUCE MARKETS. ' (Rec. October 2, 9.15 p.m.) Sydney, Ootober 8. Wheat, 3s. 63d., 3s. 7*d. Flour, £8 15s. Oats, Algerian feeding, 2s. 7d., 2s. 10d.; milling 2s. lOd.; Bparro-wbills, 3s. 2d., 3s. 3d.:-Giants, fa. 3d., fa.'4d. Maize, 4s. 6d. Barley. Cape malting, 3s. 3d., fa. 6d. Bran and pollardi- £4 10&. Potatoes (Tasraamans), £7. Onions, Victorian, £7 55., £7 10s.; Japanese, £10 10s. Butter, selected, 1075.; secondary, ICCa., 105s. Cheese, 7d, Bacon, Adolaldo, October 2. Wheat, 3s. 7id., 3s, Bd. Flour, £7 7s. 6d., £8 2s. 6d. ,Bran and pollard, Is. Old. HIDES. Melbourne, October 2. Hides.—Average supplies, and strong demands; prices favoured tho sellers.