COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1889, 25 October 1913, Page 8

COMMERCIAL ITEMS.

INVESTMENT 80AKEB. There wero no transactions in Investment shares ye3terdey. The Quotations wero a a under:— BuyeTi. Sellers. £ 6. d. £ a. d. National Bank 6 7 6 5 8 3 Wellington Investment ... — 0 11 9 Well. Trust and. Loan ... 7 4 3 — Christchurch Gas — 7 0 0 Napier Gas (£10) 16 0 0 — Well. Gas (pref.) 0 19 6 - Gear Meat (£4) 13 0 0 — Gear Meat (£1) 5 9 0 — Well. Bt«am Ferry (183.)... 0 15 0 — Union Steam 1 '4 8 15 3 Golden Bay Cement — 019 0 N.Z. Con. Dental 10 9 — Sharland's ordinary 110 — Bharlaud's preference ... 1 1 3 — NEW MARKETS FOR MEAT. For several years past tho population of the meat-eating countries of tho Northern llemisphero has been steadily increasing; while, simultaneously tho livo stock have declined in numbers. This gives every indication not only of an increasing demand for all claaEea of meat, but also

that tho rail go of prices will probably bo higher for 6ome years to come. Germany is gradually opening its port to imported meat, and Australian consignments have already established a reputation in several leading centres. The South Australian Frozen Meat Eiportere' Association asserts that it frequently receives inquiries from German buyers asking if continuous shipments of uniform quality meat can be maintained. . With tho removal of the American duty of 1J cent per lb. on imported meat, and a falling-olf in supplies in tho TJnited States, whore tho population is growing at a faster ratio than the natural increase in tho number of live stock, it is certain that America will become an important outlet for shipments of frozen meat. These and other new markets are becoming available, and tho outlook for export; pricea is encouraging,

GERMAN GOLD RESERVES. Early in the yoar tho president of tho Imperial Bank of Germany informed shareholders that ho. intended to raise the gold reserves of that institution by £2u.CiOG,(iGO to £60,000,000, and possibly to £75,0C0,E00. The last return of the Reichsbank to hand ehows that very rapid progress h:i.? already been made in this connection, the figures for the week ended September 6 disclosing holdings of gold valued at £56,566,150, as compared with £38,852,403 on December 31 last. Thus in practically eight months the Reichsbank has increased its gold reserves by the very large sum of £17,733,750. During Soptembor further substantial additions must have been made, as there have been large importations from x South America and South Africa which have gone elsewhere than to tho Bank of England. In commenting on this movement, the "Statist" points out that when the Morocco crisis was at its height, about two years ago, German bankers told the Government that owing to the withdrawal of foreign capital the local money market was not preparpd for the great war which seemed to be iihminent. Almost immediately tho tension with Franco wao relaxed, but evidently the German Government made up its mind not to be placed in a similar position again. Military and naval preparations, it is recognised, require an adequate financial backing, and that is apparently being dono by means of the Reichsbank in addition to raising tho war chest at Spandau to £1?.OO0,OCO. CUSTOMS REVENUE. Customs duties collected - at the port of ■Welltn3to.nl yesterday amounted to £2297 2a. Bd. MARKET REPORT. Messrs. Dalgcty and Company, Ltd., have received: tthe following cablegram from their London Office, under da to October 23: —Tallow: Prices aro unchanged, demand is limited. Frozen meat—Mutton: Quot.t tion for N.Z. primo crossbred mutton, Canterbury, lid.; for N.Z. primo croesbred mutton, North Island, 4id. Tho demand for N.Z. mutton is good, and the market fair. Tho supply is very limited. Quotations for Australian prime crossbred mutton, heavy, JJd.; quotations for Australian prime croßsbred mutton light, 4d. Lamb: Quotation for N.O. prime crossbred lamb, Canterbury, heavy, ad.; quotation for Canterbury, light, 4id.; quotation for North Island, heavy, 45d.; Quotation for North Island, light, 6 i-Bd. The demand for N.Z. lamb is fair, the market is owlet, with moderate business doing. Quotation for Australian G.A.Q. crossbred lamb, heavy, Aid.Quotation for Australian G.A.Q. crossbred lamb, light, Sid. Demand for Australian lamb is good. Beef: Quot<v ti'on for N.Z. primo beef, fores, 3 3-8tl.; j quotation for N.Z. prime beof, hinds. 4Jd. Thero is praotically no supply of New Zealand beef, and quotations are nominal. The market is firm.

BANK OF ENGLAND RETURNS. By Teleeraph—Pre3S Association—Copyrisht

CRec. October 24. 8.-10 p.m.) ; London, Oct. 24. The Bank of England return issued for tho week ended Wednesday, October 22, is as under:— IBSBB Department Hots liiu* £53,603.000 Gov.debi - £11,015,000 Other securities „ 7,434,000 Gold 55.158.000 f53.f183.000, X53.585.C00 Bi-VKINO DEPjLHTME!!?. Proprietors' Govt, serarleapitai £14,558.000 ties £13.488,000 Publlo do- Other Boouri* poßita ... 0.051.000 ties 24,029,000 Otberds-. . ■ ■ „ posits ... 41.822.000 Notai ' ... 24,9X0.000 Rest, 7-day and other bills... ... 8.103.000 Coin-, 1,691.600 £63,018,000 £35.013,000 The leading items of the Bank of Ensland return afford the following comparison:— This wesk Last week Last year £ £' £ Bullion ... ... 85.136,000 34,394.000 35,993.000 Reserve 26,601,000 25,592.000 27,501,000 Noto circulation 28,675.000 28.846,000 29,535,000 Publio Deposits 9,951,000 5,341.000 11,363,000 Other Deposit! 41,322.000 41,762.000 44.129.000 Proportion of reserve to liabilities... 66.25 64.39 49.53 GOVERNMENT SECUBITIES. The'following are the latest quotations for Government securities, with a, comparison of those ruling last week:-'

BANK BATES OP INTEREST. The Bank of England rato was. on February 8, 1912, reduced from 4 to 3} Descent., and on May 9 it was farther reduced to 3 per cent. On August 29 it was raised to 4 per oent., and on Octobcr 17 to 5 per cent. It was reduced to per cent, on April 17, 1513. On October 2 it was raised to 5 per cent, The Bank of France rate was reduced from 35 to 3 per cent, on January -23, 1908. and continued at the latter figure until September 12, 1911, when it was raiwd to 35 por cent. On Hay 17, 1912, it was roduood to 3 por cent. on October 17 it was raised to 34 per cent., and. on October 30 to 4 per cent. IIAEKET HATES OP DISCOUNT. The following are the markot rates for bost threo months' bills i— London Paris Berlin rate. rate. rate. ■ per per per cent. cent. cent. This week 42 33 43 Last year 415-16 33 48 Last year 43 31 4} Short loans are nuoted at 33 per cent., as against 33 per oent. last week, and 35 per cent, last year. COLONIAL AND OTHER PRODUCE. Wheat.—Cargoes are ne'giectedi and l a, weakness is developing owing to heavy world's shipments at(d the continued pressure to sell Canadian grain, which 1b obtainable at any position, oven far ahead, at prices precluding competition. Australian, on spot, is practically exhausted, and ia nominally quoted at 38s 1 . to 38s. 6d. New Zealand Is unobtainable either on spot or ok passage. , , Flour.—There is a small buei'noM doing. On spot is unchanged. Australian patents on passage aro freely olfercd at 256. 6d. c.i.f. Thcro aro a few buyers at 25e. Oats aro dull and unchanged. Beans aro quiet; f.a.q. New Zealand, ex store, 355. 6d. to 365. per quarter. Peas aro firm, but inactive. Butter is firm. All quotations are nhchanged. The few now Australian shipments aro being readily cleared. There ia little inquiry for stored. Small arrival of Argentine aro selling at 116 a. to 1225. Sugar—German beot, 88 per cent, net titre, Id. higher at 9s. lOd. per owt.; first marks «ram<tated, fio.b. Hamburg. 1-d. higher at 12s. Id. Bradford Tops—Tho market is stagnant, and prices aro unchanged. Sixty-fours, Md.; super sixties, 28Jd.; common (sixties, 28d.; fifty-sixos, 23Jd.: fifties, 3CJd,; forty' rixes, 16jd.; forties, 153 d. THE METAL MARKETS. Copper, on spot. £74 2s. 6d. per ton; three months, £73 79. 69. Tin, on 6pot, 325. 6d. lower at £184 12s. 6d per ton; threo months, 103. lower at £185 7s. 6d. Lead, soft foreign, ss. higher at- £20 7s. 6d. per ton, Pig-iron.—Middlesboro No. S, 4Jd. lower at 51s. 7Jd. por ton, Spalt— unnhiuiicd at £21 per ton.

PI?ICE OF RUBBEII. ("Times"— Sydney "Sun" Special Cables.) (Ecfi. October 2-4, ?.40 p.m.) London, October 24. fiopresentatives in the rubber industry have decided to form ti combination, in order to fix thd minimum price. CANTERBURY GRAIN MARKET. (By Tolcgraph.—Freas Association.) • Chrlstchurch, October 24. Thero is some; Inquiry for Tuscan wheat, for which prices equal to about 3s. 6tt. at country stations are offered, but buyer;* aro not able to obtain supplies at this figure. For Huntcra and Fcarl inquiries practically ore given up, as'it appears as if none were to bo had. from growers. There is no movement' in oats. but. ehaif ia firmer, 625. 6d. now being offered, and supplica difllcult to obtain, probably on account of farmers still being busy with spring work. Tho potato market is very dull. The price is nominally only S5«. at country -Stations, no ono buying except for actual wants. New potatoes from Auckland have sold wholesale in Ohristchurch during tho weoli at lid. to lid. per lb. THE D.1.0. (By Tdegr&ph-Pra-s Association.) Duncdln, October 24. Mr. HaUcnstein, who presided over the D.I.C. shareholders' mooting this afternoon, congratulated the meeting on having had a record year in regard to tho volume of business, and also tho net profits, which showed an increaso of £3363 ovor last year. If the proposals for the distribution of the year's profits were- approved by the shareholders a further sum of £5247 would he added to the reserve fund, making a total accretion for tho year of £7006, and raising it to tho substantial amount of £44 000.

Variation „ compared Price. with • lasti wcolc. & s. d. m Imperial Consols 73 12 6 Unchanged i „N.S.\V.1933Jan.-Jnly 100 0 0 20a higher 3J lt N.B.W.103O-5OMr.-Bp 97 0 0 Unchanged Si (I N.S.W.-ip30-50 69 0 0 Unchanged 8 „N.S.\V.l925ApI..Oct 81 0 0 Unchanged i „Vio.l92l) J an .-July 100 0 C Unchanged Si „Vio. ltel-8 Jan.-July 91 9 0 Unchanged 83 „ Vic,-1929-49 88 0 0 Unohangod 3 „Vic.l923-40Jan.-July 77 0 0 Unchanged 84 ,,8,A. 191G Jan.-July 89 0 0 Unchanged 9 „B.A. 1316 Jan.-July 73 0 0 Unchanged i „QTdl915-24 Jan.-July 100 0 0 Unchanged 8i „QTdl922-47Jan.-July 03 0 0 Unchanged 3 „QTdl932-47Jan.-July 78 0 0 Unchanged 4 „N.Z. 192d May-Nav. 99- 0 0 Unchanged 8J „N.Z. 19l2-40Jan.-July 90 0 0 Unchanged B „N.Z. li>20 April-Ocfc. 7Q 0 0 20s higher pi „\V.A.1015-35 May-Nov 83 0 0 Unchanged 8 „\V,A, 1915-35 May-No? 79 0 0 Unchanged Si „Tas. ](r20Jao.-July 89 0 0 Unchanged 8 ,,Tfts.l920-lQ Jan.-July bl 0 O Unchanged