COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1876, 9 October 1913, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHARES. Only a. moderate business was done in investment shares yesterdav. The salon recorded were:—National Bank at £5 Bs., and Standard Insurance at £1 12s. 3d. The quotations were us under:—

NEW ZEALAND'S TKADE. Tho report on tho trado of Sew Zealand for 1912 prepared by Mr. W. Ci. Wickham (British Trade Commissioner for New Zealand) was issued as a White Paper on August 25, but it was not until a couplo of days ago that the press agents in London bccamo seized of tlra fact. Copious extracts from tho report were published .ill the "Financial Times" of 'August ZG. from which it is apparent that the report was exhaustive and illuminating. Alluding to the attitude of the New Zealand importer, llr. Wickham states that tho tariff provides for preferential duties on British goods on about one-third of tho total of imports, Preference for liritish goods is also shown by the Government in the purchases by State Departments, and by municipal bodies and harbour hoards, some of which will not buy elsewhere than in tho United Kingdom. Moreover, many agency linns v.''Li not, if they, can poesiblv.

help it, take agencies for other than 13rili»ti mauiUacUuer-;. Ketail as well an lirius may be iound who will not handle anything IjuL ilritish goous whenever tiiifi is possible; ana anions the p public geneiv.lly many may bo iouiut who will put*tneffio.i'ives to eunsideraoie trouole in order to iirueu.ro what they require of Jiritisli make. Discussing British uvula method:-, 31"r. Wicklkuu contends that it cannot/ logically bo argued Uat packing, which is an tinl indispensable part of the preparation of goods for delivery to the buyer, i~ in any sence <ui extra, or can be no charged for. The objection to it- in New Zealand, he cays, i» rootc-d in prejudice, extras of any kind bring regarded as objectionable to the New '/ealauaer, who "Jikc.s an 'overhead' price, inclusive of everything. and is apt to consider anythiug extra to the original price an extortion." Whenever possible, manufacturers arc urged to 1)3 prepared to quote » price inclusive of all and where extras arc (as packing is) an essential part of the whole, they should be dono without fail. HOJEE BULL JUSKS. According to latust mail advices, the coios.'-ai sum of over £lo.l;*0,00u, which has now been iiiv-'iircd at Lloyd's in connection witn the possibility of "riots and civil commotions" in Jkufast, as a result or tne introduction of Jiome ifcuie, has been the principal topic of discussion in tiie "iteoin." Undtr the pressure the quotation advanced 3«. to 20=. per cent., while, owing to tho congestion of r.he market, it has become aiiiicuit to deal even xit tho higher figure. It is inconceivable, say© the "Financial Time.-," that any very considerable- proportion 01 tho sum just mentioiiid citu become a total los.«, for, while admitting that the average Irishman, is an awkward customer when routed, it is not to bo supposed that a prolonged stato of anarchy about to take place in Ireland, a compromise between the Government ana* us opponents being: always feasible. It is, however, not only possible, but probable, that some very heavy claims will bo presented io underwriters, c.ntr tho point whicn arises in this connection io as to whether thoso who have taken risks indiscriminately will fare better than thoso who have- employed agents to eelcet tho properties against which they havo issued policies. Tito recent Kaud riots, which led to a large amount of insurance business at Lloyd's, showed that the carefully-selected risliis were the ones which eventually became total losses, while three underwriters who took every olfer which came along made a large profit. It is in tho light of this experience that the member# of the "Ivoorn" are regarding matters in tho Emerald Isle, and future rates against similar commotions will be governed largely by tho oourso of events in tho near future. The principal risk is incendiarism. j THE COST OF LIVIXG. ?.Ir. Harold Cox, president of the Constitutional Association and iv prominent Lngii.it yuoiiciot. oi the Coodemte ecuool, was rc:eutiy interviewed on tiie increased cost of living and allied subjects, and made i rioaie intCTCotir.-jj ozonations. iio taid i that, in his opinion, tho liie in food pricu> lis a world phenomenon, and local or 1 national conditions have very little to do; with it. "It irf a frigluiuliy diilicuit problem," ho continued, "but that, I think, is all that can definitely be said with regard to it, except in to far'ao protective tariffs or agreements between tradesmen may .affect certain countries or local areaa.! As for the world-wide increase, I bclievo: til 3 general explanation is to bo found in thcM'aot I»hat wages have been rising throughout the world, especially among the poorer classes and the more backward races —for example/ iu India and in Eavsterir Europe. Tho result is that the labour cost, of production has been increased. This may have been overset to a limited extent by tho increased use of'machinery and the wider cultivation of the new countries of tho world, but the improved economic 1 position of the poorer classcv> throughout the 1 world—their -increased demand and increased consumption—i 3 the root cause of tho ri?o in prices. It must be remembered that these classes are eating more and dressing better than they did 10 or 15 years ago, and the fact of thin increased demand i-s the cause of tho increased price?. It is, you see, a question of gupply and demand; wo always get back to that. To tyuai the matter up in an instance, you can say that because tho Voles, who formerly lived on rye bread, are now demanding wheatcn bread we have to pay more for our wheat." "It is stated." said tho interviewer. "that rente havo not risen, in proportion to foodstuffs. ifave you any reason to pive for that?"—" Wheat is a staple commodity, and therefore its prico is fixed by the world demand," was the answer. "Rente arc a local commodity, and their prices depend upon local conditions alono." Asked further if he could any cause for the failure of wase3 to keep pace with the rise in prices. 31 r. Cox ronlic'd tit at it- was very difficult to say. The important fact that to remember, .however, was that had risen considerably during tho 30 years, and, further, that they aro still on tho up grade. QUEENSLAND SAVINGS RANK. Tho report of tho Queensland Government : Savings Bank for tho year ended .Tune 30 shows that 42,885 new accounts were opened, against 43,403 during the previous year; whilo the total number of depositors on June 30 was 154,957, against 139,091, or an increase of 15,865. The surplus of deposits over withdrawals was £652.768. and the interest added to accounts was £217,537, The amount at credit of depositors has thus; increased by £870,306. making the total £8.213,117, against £7,342,8H a year ago. Adding inter-State transfer account, £15.191, and profit and loss balance, £103.873, the balance-sheet total is £8,332,182. This is

represented by Government. securities, f5.608.891,' inter-State transfer neeoiuit £15,191, and cash at branches and in OuceneNafinpnl Hauls £2.7."3,C99. The amount now nt credit of depositors, £8.213,117, compnr«,a. with £4.921.881 five years ago. and £3,741,967 nine years ago. The report states thnt- 16 :!L'eneics of 1-he haul; at railway linos in course of construction are in existence. these oflices being much appreciated by tlio men engaged on the works. . PRODUCE EXPORTS. The values of tlio prijicipal products exported during tact- montii, compared with tho figures l'or September of last year, show as under;—

Tho values of the products exported during the twelve months ended September 30 I totalled £23,153.449, as against £19.319.093 for I the previous year, and increase of £3,839,356, which is extremely satisfactory. Customs duties collected at, the port of Wellington yesterday amounted to £1598 12s. 2d. POVERTY" HAY OIL. (3y Telegraph—Prrcs Association.) Cisborno, October 8. It ifi reported that boring is likely to be resumed shortly on the Gisborne Oil Company's options, probably by an outside company. LONDON WOOL SALES. By Telegraph—Press Association—Copyright London, October 7. At tho wool sales there was keen competition for crosshreds at full rates. Jlerinoa are firm, and prices unchanged. (Kec. October 8, 11.30 p.m.) London, October 8. The following prices were realised for tho fleece portions of tho clips named:—"Pa. kira." top price 12d., average 11 3-Ed.; "Tlio Pahpki," 12 and ■ 115(1.; "Kaihiku." 13d. and llid. WOOL JIAIIKET. Mossra. Dalgety and Company, Limited, liavo received tho following cablegram from their Adelaide office, under date ot Octobcr 6:—"At our sales 19,030 bales wero offered by all brokers, and practically all sold. Of thirf ((iiantity our catalogue comprised 4DGO bales. The market was very lira, any change being in sellers' favour." FINANCIAL CABLEGRAMS. By Telegraph—Pross Association—Copyright London, October 7. Yosterday's closing -quotations wero as follow Hank of Australasia, buyers £113, eellcrs £115. Bank of New South Wales, buyers £38, oclicr.l £40. Panic of Victoria, buyers £o 155.. sailors £4 ss. ~ , Union Hank of Australia, buyers £54, sellers £55. National lianlc of Australasia, buyers £5 55., sellers £5 15s. National Honk of Neiv Zealand, buyers £4 ISfi., sellers £5 ss. llank of New Zealand, buyers £10 10s., sellers £11 IC S !- N.Z. Loan and Mercantile Agency 4 per cent, debentures, £39 UV>., cx div. Cily ol' Melbourne, 4 pijr cent. debenture-. £93. Melbourno Ilarbour Trust 4 per cent, debentures, £96. Melbourne Tramway Trust, <ii per cent, debentures. £IGO.

Melbourne and Metropolitan ftcaril of Worm-, 4 per eent. debentures, £97. Australian Mercantile debenturct.\ £90. Dalgcty and Co.. 4 per cent, debentures, £91. Dalpcfcy and Co.'s shares, buyors £6. 6cU•"6 iee. Melbourne Gas Co.'s debentures, £97. City of Sydney, £SO. , , Alort and Oo.'s debentures. £93 10s. "Bank of Xew Zealand. 4 per cent, guaranteed stock, £10(1.

BRITISH TRADE. London, Octobor 7. The Board of Trade returns show that for the month of September imports increased by £4,1£0,<85, exports decreased by £779.(05, and re-exports decreased by £1.181,775. as compared with September of last year. WHEAT. (Bee. October 8, 11.30 p.m.) London, October 0. Wheat.—Cargoes are nominally unchanged, tliero beins a complete absence of any demand. The American visible supply cast of the Itoekies is 83.959.CC0 busheltf. JUTAL MARKETS. (Rec. October 8, 11.35 p.m.) London, October 8. Copper—£73 ICe. per ton; electrolytic, £77 15s. per ton. Pi j Iron.—£s3 2s. per ton. JUTE. London, October 7. The jute market is quiet. October, £-3-115 a SILVER, Ear silver is quited at 261 d. per ounco standard.

Buyers. Kellers. £ s. d. X s. d. Batik 5 7 6 5 8 6 Kquitablo Building 8 15 0 — ft./. Loan and Mercantile (pref.) 97 0 0 - Wellington Investment .. — 0 11 9 Christchurch Cras — 7 0 0 PoiUiin-s Gas — 0 14 0 SUiiKkii-d Insuranco 1 12 0 1 12 o Gear Meat (.£4) 12 10 0 — Gear Meat (£1) 3 6 0 - ' Union Steam (pref.) 0 19 9 1 0 G Weapon CoAl 1 10 6 — heylaud-O'Brieu — 14 3 Golden Bay Coment — 0 19 0 N.Z.' Con. JJcnUil — 12 0 W.F.C.A. (£ij ~ v 2 6 W.F.O.A. (£1) - 18 3

Sept., Sept., 1913. 1912. Butter 44,295 19,756 Chcoso 3.017 1,943 liter 19.009 6,584 Jlutton, c<u"ca£0cs ... 83,658 44.S67 Mutton-, logs and picces 419 745 Lamb 39,371 34,602 Vrhcat 109 .19,441 Oats . ■ 899 28,432 Potatoes .1,459 29,913 Hemp 24,695 24,951) Kabbifcs 10,431 16,044 Tow 2,602 1,593 Kauri gum 66,157 8,214 Grain and pulso 5,848 10,885 Hops 1,331 251 Hideti 30,284 19,230 Shins 70,015 66,448 Tallow 22,490 21,369 Timber 32,426 45,653 Wool 107,607 92,553 Gold . 146,437 106,665 £723,712 JE6C0.464