COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1886, 21 October 1913, Page 10

COMMERCIAL ITEMS.

■ INVESTMENT SHAEES. ■ No business was done in investmcntfihares yesterday. Tho quotations were as under:— Huycra. hollers. £ s. d. £ s. d. Equitable Building 0 15 0 — Well. Investment — 012 0 Well. Trust and Loan ... 7 2 0 — Ohristchureh Gas — 7 0 0 Kapier Gas (£10) 16 5 0 — Wellington Gas (£10) 16 10 0 — Standard Insurance 1 12 0 1 12 6 Gear Meat (£4) 13 0 0 — Mosgiel Woollen 3 12 6 — Wcclport Coal 110 6 1 11 3 Leyland-O'Bricn — 14 3 N.Z. Con. Dental 110 12 0 Sharlaud's preference ... 1 1 3 — THE BUTTER MARKET. Compared with a year ego tho London quotations for best grado butters aro .slightly higher, as tJi© following will show Oct. 23,1913. Oct., 1913. . Danish .' 131 a. 1335. to 1365. Siberian 1123. lC6s. to 108s. Australian llos. 116s. to 1225., The abovo figures are taken from the Jligh .Commissioner's eabjo message. Danish rules - from 3*;. to ss. above last year's quotations, and Australian 3s. to 7s. Siberian is lower, but the Quality of tho Russian make cannot be compared with Danish or A'oiv Zealand. There is unfortunately an abundant supply of second quality butter, and this will no doubt clieck any strong- upward tendency.

HIGH PRICES AND UNIONISM. The real effect of the raising of by the operations of trade unions on prices is debatable. Jlr. T. 11. Bavin, who was appointed a Royal Commissioner to inquire into the matter, iu his report to the Government of New South Wales on the eupply and distribution of food, say 3 that even where there has been a rise iu 4 price, preceded or accompanied - by a rise in wages, it by no mean 3 necessarily fallows that there i' 3 any casual relation between the two facts. Wages aro only the price of labour, and any causes which tend to affect prices generally also tend to affect the price of labour, though not necessarily in equal degree. In other wordis, it is impossible in many cases to be euro that the rise in prices would not have occurred, even though the wages had remained stationary. Often, moreover, the demand for increased wages has risen out of a preceding rise in prices. Investigations recently made in other countries suggest that increases in wages have far less to do with increases in price than is commonly supposed. Tho report of the "United Slates Senate Committee which was appointed in 1910 to consider wages and prices of commodities, finds that "Labour unions have not been apparently a serious factor in contributing towards advancing prices." Iu support of this conclusion, the committee points out that the greatest increase in prices has taken place iu those groups of commodities where the labour cost is not tho controlling factor in the prices, and where tho advance in wages has been least. Tho New Zealand Commission on tho Cost of Living al?o gave* some consideration to this question. Its report gives actual instances of commodities in the production of which labour cost has increased, while prices during the tame period havo fallen considerably, the higher wages Jmving been provided for either by a restriction of the employer's profits, or by the use of more economical methods of production. "It must be remembered," says Mr. Bavin, "that an increase in the rate of wage® does not neccssarjiy involve a real incrcaso in the cost of production, because there can bo no- doubt as to the tendency of higher wagee to stimulate tho use of labour-saving machinery and tho adoption of tho most economical methods of production. In this way, under real competitive conditions, tho ultimate effect of an increaso in wages may be a reduction in prico. Any improvement in tho conditions of labour, whether by the abolition of sweating, tho prohibition of unduly long hours, or improvement in sanitary conditions, baa a tendency to raiso tho efficiency of labour, and thereby to preveut any diminution of output. It may even tend to causo an increase by improving the efficiency of individual workmen. Prom this point of view, a rise in wages, while it would increase tho actual nost, would <iauj=c no relative increase in tho cost of production. "Whether tho improvement in the conditions of labour effected by tho operations of trade unions and wage* boards has had tho result of increasing the elllcL ency of labour in tliid State, I not in a, position to say," continues the Oom« inissloncr. "In ono way there can be no doubt that the general increase in wages, owing to the operations of trades unions and wagtVy boards, has contributed' towards the Tiso in prices. It has given the working classes a higher purchasing power, and so increased the demand for articles of general consumption. My general conclusion is that, except in the way mentioned, and except, perhaps, in tho milk trade, in wages in the particular trades investigated have not had any very considerable effect in causing any increaso that may have occurred in the price of the commodities in question." DUNLOP RUBBER CO. For the year ended July 31 tho Dunlop Rubber Company of Australasia, Ltd., shows net profits of £7Z,89Z, as compared with £66,763 in the preceding twdvo months, and tho balance available w £75,023. Dividends at the* rate of 10 per cent., on tho cumulative preference and ordinary shares, and. at tho rate of 9 per tent, on the non-cumulative shares, absorb £51,110, of which half was paid in April. To tho reserve fund £20,000 is allocated, raising samo to £33,000, tmd a balance of £3923 is carried forward. The return to shareholders is the samo n<s that for tho previous year. / Customs duty collected at, tho port of Wellington yesterday amounted to £6363 16s. lOd. HIGH COMMISSIONER'S CABLEGRAM. Tho Department of Agriculture, Industries, and Commerce has received the following cablegram from tho High Commissioner for New Zealand, dated London, October 18. (Note—Quotations, unless otherwise specified, aro average market prices on spot].:— Mutton.—Tho market ie dull. Canterbury, 4ijd. per lb.; North Islaud, 4 3-Bd._ Lamb.—There is a dull sale, and many carcasses of 6tale lamb aro being placed on the market. There is*a poorer demand for light-weight. Canterbury, twys, 5 9-16 d. per lb.; heavy-weight fours, 5d.; other than Canterbury, 5 3-16 d. Beef—The market has. been favourably affected by higher prices ruling for chilled. N.Z. hinds, 4d. p/.-r lb. fores. 3 3-Bd.: chilled hinds, 53d.; fores, 3 3-Bd. It io undei'Ptood that almost tho whole of tho chilled supplies ore in the hands of one American company, who manipulate tho market, and aro sending la-r.ro shipments from America. I Butter.—The market is steady, and priccs aro wftil majnt.ai.aod for be6t Quality. Low

.grnde3 aro abundant. Danish, 13&. to 136?. por cwt.; Siberian, IC6.*. to 108s.; Australian, llßi. to 1223 Thoro is no change in prico of Argentine. Chcrae.—'Tho market is quiet; small budross doing. Canadian, 655. to 66s. v per cwt. Jicmp.— Manila: The market is rather more active, and pricea aro firm. Then* is n- better demand for spot at £30 195., October to December, £30. The output from Manila for the week was 13,000 baled. New Zealand: Tho market is steady, and there is a fair business- doing. Now Innd {rood-fair grade, per ton, £29; fair, £25 355.; October to December cood-fair. £29 ss. to £29 10s.; fair, £26. Tht stock of New Zealand hemp on September 30 was 1937 tonH. Wool.—The market remain?? firm. The current Bradford quotations for tops are:— 63'q merinos, 25. 4d. With this exception there is no change in prices. There is a better demand for crossbreds. ! FROZEN MEAT. ! By Tolesraph—Press AESociation—Copyright | , London, October 19. The Incorporated Society of Meat Imoorters' Smithfield market auotations for tlio undermentioned classes-'of frozen mwit aro based on actual sales of not less than one hundred carcussos of mutton or lamb, or twenty-five quarters of beef of fair aver<tffo quality. The auotations a-ro not i*or selected lines, but for parcels fairly representative of tho bulk of tho shipment* now on the market. Tho prices- which follow aro on tho averaeo a farthinz per lb. more than the values ex ship, this difference representing tho averaeo cost in expense, handling, conveyance, end sellins tho meat:— Oct. 11. Oct. 18. Kutton— fl. d. Canterbury, light 4il Canterbury, medium ........ 4| Canterbury, heavy * • Southland 43-S 4 3-8 Nortli Island, best 47-16 4 3-6 North Island, ordinary... 4 3-8 45-16 .Australian, light 35 313-16 Australian, heavy 54 . l»ivei* Pluto, light • * River Plate, heavy 413-6 4J New Zealand ©wos 313-16 313-16 Australian owes * 33 Kiver Plato ewea * * LambCanterbury, light 5 9-16 6 9-16 Canterbury, medium 6i 51 Canterbury, lieavy 6 5 Southland 53-16 5J North Island, ordinary... 51-16 51-16 Nortli Island, selected... 51 53-16 Australian, beet * * Australian, fair • * Auftralio.n, inferior • * River Plate, first • * River Plate, second • 0 BeefNew Zealand, ox forefl .. 31 33-8 New Zealand, ox hinds... 41 4* i Australian, ox fores 31 33-8 Australian, ox hinds 41 4?r River Plate, ox fores 3.i 3 3-8 River Plate, ox hinds 41 4£ River Plate, chilled fores 3 3-8 35-8 River Plate, chilled hinds 5 3-8 §5 *Nono offering. Rabbits aro slow of sole, and p.riccs are unchanged. WHEAT AND FEOUJt.' ' ' London, October 19. The wheat and flour afloat for the United Kingdom totals 2.C65.CC0 Quarters; far tho Continent, 2,120,000; Atlantic shipments, 443,000; Pacific, 75,000. Tile tola] shipments to Europe during the v.cek to 1,535,000 Quarters, including 23,000 from Australasia. The wheat market ia woalc under continued free offerings of cheap Manitoban and tho favourable crop prospects in the Argentine and Australia. A parcel of Australian - January-February shipment sold at 345. Sd. ADELAIDE WOOL BALES. By Taloffraph—Press Association—OopjTiihl • (Tiec. October 20, 9.10 p.m./ Adelaide, October 20At the wool 6alCB to-day, competition was animated, with keen demand in nil rood classes. Pricea closed firm at full luto rates.