COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1890, 27 October 1913, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHARES. Tlio only transaction recorded, in i vestment shares on, Saturday was a ea cf WcetportrStockton at 4s. Tho quot tions wero as under:— Buyers. Scllei £ s. d. £ s. National Bank .... — 5 8 Wellington Investment ' 0 11 Well Trust and Loan .... 7 4 0 7 8 Christchurch Gag — '/ 0 Napier Gas (£10) 16 0 0 — Gear Heat (£4) M 33 0 0 — Gear Meat (£1) -3 9 0 — Union Steam (prof.) 019 3 '0 19 Well. "Woollen (ord.) —' 4 1 JVestport-Stockton 0 3 11 - Leyland O'Brien. — 14 Golden Bay Cement — 019 Con. Dental 10 9 — AUSTRALIA'S GOLD YIELD. ♦ n?r 0r ,^ nco ISO 3 tho pold yield of Au tralia, has steadily declined in value, tl shrinkage to the end of 1912 amounting ; ? er 011 as* far as indications i there will bo no chock to tho downwai trend this year. Tho maximum produ was .stained in 1903, in which' yec western Australia clso reached its his' est point with £8.717,719. For tho *oth< »?• i?-°f Commonwealth tho years'] winch the greatest yields v were obtain ( follow:—New South Wales, 185 with £2,6t>0,946; Victoria, 1857, with £11,32( w2; Queensland, 1900, with - £2,871,67! boutli Australia, 4904. with £76,025: Ta mania; 1899, with £327,545, and Norther Territory, 1881, with £111,945. Tho yielc • various States at their zenith an in 1912, together with the total productio from 180 l fo tho end of last year, a-i ffiven beiow:— 4 'J' Total 1903. »12. to Dat * ■£ ' : £ £ N : S. Walce 1.050.029 702,129, 59.462,9' Victoria ■ 3.259.482 2.039,464 291.703.4J Queensland .... 2,839.801 1,477,979 75,217,8; houth Australia 28.650 28.6C0 920,8' West. Australia 8,770.719 5,448,384 109.298,8^ aagmaniit 254.403 161.300 7.407,21 Northern TerrV 61.6C0 22.671 2,C65,6! _ Totals ; 16.294.684 9.875.927 546.076,91 ins prosperity of the primary industric of rocent ycars is partlr responsible fc the diminished output of sold, attei tion being piven to while oi iieicK are exhausted. THE, FREIGHT MARKET. A marked 'divcr6ity of opinion exists a to tho probablo future coursc of tho slilr ninsr freight market. For some time patelupownoio, and especially those €ueapo iu tho "tramp" department, havo been i a position l ; to demand.relatively Inch mt-ei and in somo quarters there is a firm cor viction that tho position will roinain eooc from 'tho owners' point of view, for pet haps several 'years. Lgm eanguino pre phots cro the length of predicting anothe twelvo months of remunerative trading and yet a third section forecasts difli 3ulty within the next year in -procurim full employment for tlio tonnage avail ible. that i«, a ecoJo of charges sulfl ;ient to more than cover bare workinj expense;?. Extremely optimistic a-s it ma: ?eera to be, Ihe first-mentioned vaticina lion has received a measure of euppor 'rom certain Enelish authorities whos< is that it remains within th )owcr of shipowners to maintain, freight; ipoii a profitable basis by limiting tin ;upply to the demand. Bi!t thero ore con -rary. infiuences' to bs reckoned with ii iii argument of that charactcr. It is anon ionable whether owners generally wil •cstrain their auite natural impulse t< irovido increased tonnage for the surplut :nrgo offering. As a matter of fact th< jressure at which shipbuilders p.ro nov »cr>t working indicates an eagerness oi ho part of owners to augment cxistins ervicos. Should this action result in th< iddition of any considerable tonnage U he cargo carriers now on tho water. th< ikelihood would be that something in th< laturc of a- reaction would occur; 6liip icrs would feel tho tension relieved, and LifDculty might be experienced by ownrs.in keening their extra tonnage fulls ngaged. On the other hand, a correspondng expansion in the "Bernand would make wners secure; but thcro imy;t be a limit o the trculo activity of the*world, which utterly lias l>cen a most important fao or in tho shipping -freight market. A and course would bo to koep a clops reUionship between tho , tonnage available nd' the cargo offered. . Owners havc'hrul - profitable time.but it would be Fuicidal •ere they to exuend their financial reources entirely in providing an excess of nnnage, v which could havn but one seuel—tho recurrence of a depression sueh s might- have effects pn the business for decade or more. • EXCHANGE ON LONDON. The Melbourne "Age" of a recent date iyo:—Heavy borrowing by the federated tates of -tho Commonwealth and bv New ealand -has prevented the usual redncon iu tho rate? of exchange on London uring the 6ix months April to Septemcr. As the export season slackens the umber of produce bills offering for ealo uninishes, and the altered conditions aro [et by the banks in the usual way. Itf pril and Jfay Jast year, for instance, le buving rate for 6C-day paner was lowred 10s. to 15s. u?r cont. discount, and 0 increase demanded until the folnvinpt October. Tile umrard movement 1 the last quarter nf 1912 did not cmfo ntu 30g. per cent, discount was readied, nd tho fcurrent exnort eeason finds the :clianrp market already, at a. very liish vol. Tlio er.isencies of tho position are kely to. press unduly moon the emorter om Australia during tho next six months, hercQ-3 those v.-ho wont to put monev .to London will benefit to o, corresbonde extent. Tlio.t fact is poor eonsolaon to tho chipner from Australia, no wbt, but until pn couilibrium, between lijply and demand ia established them ts ) way of nmelioratins the' mtuition. 10 associated b«nks have advanced tho lyins rate of ffl dravs' sicht drafts on >ndon to l?n. M. per cent. di>ce'int. on create of Zs. 6d. ner cent, on the rato tJinTto rulinj. Tliig entails e, eorres. indih;: movement in the sr?iip.ij rat". aliinT tho latter tSs. per cent, discount.' IP eharre for I'lAjraphic transfers hps lowered 2s. M." per cent., to 15s. p»r nt. nromium. The revised rates of cxiudp'o nro as under:— Buying SeUinfr. -. 6a. p.c. "iscount. 0.D., par J. n.e. discount, 30 days., 7s. 6d. p.e. discount •• M. no. discount. 60 doys, 15s. p.c. discount. 6:1. p.c. M "'ajrs. — T.T.. 15s. p.c. premium GKEEK CtJBEANT CHOP. Phe shipments of currants from Greece r the year ended Anuust 22 reached, acrdint: to Mossrs. Bnrlnmi's annual rert on currants, a. total of 121.C00 tons, c distribution {or the past -two years :s r.s follows:— ' ■ 1911-12. 1912-13. Tons. Tons. J.K. and Australia 60,300 65.0C0 J.S.A. and Canada 17.CC0 17.5C0 Jontinsnt of Europo 35,7C0 38.5C0 113,000 321,020* ■ ices durinu tho season havo been fairly :ady with the exception of the finsst alitics of shade-dried , Vostizzas and naritis. This season's clearances for Jsmmntion in tho United Kingdom aro ! -lushest tin record—63,69o tons, acalnst )42, and 60,748 in tho two nrecedin'e peri5. Tho Australian colonics have only ten about ICCO toils aff.iinst 17C0, .of ich tho bulk want to New Zealand, as » Commonweojlt'ii has levied a duty of I per ton to protect the products of :torin. and South Australia. The uni•sal consumption outside Greece 1m in about 122.500 tons, compared with ,500 and IH.OCO tone in the two prcced•„„vear3. The new crop' is ciitiinatod at .COO tons., NORDDEDTSCHER-I/LOl'D Lt tho mectine qf tho Board of Directors tho Norddeutschcr-Lloj-d, held at Brc:n ofl September 5, it was announced it. a marked a<lvanco had been made in the company's tervices durin;; thrf-ilrsf months of the present year, with tlio mention of the ni2.il servico to' Australia, c carninijs for the ciElit months ended (rust 31 were £1.050,000, against £2.5£0.C00 ■ last year Kecotiations with the Gcrin Imperial Government arc etili in asreas in 'connection with the renewal tlio mail contracts to fast Asia and ii I '?' r™ ! t0 tllc important ne.turo tile tralhc between Gci-niany and tlio r l'-aet, the company will in anv caso iintain its presont fortnightlv pa«oir scrvicc, and in addition will resitme 3 ireisht service, wliicii wad' discontinued ne timo usa. Tho main line to Austra- . which hu6 been worked at a heavy s under tho existing contract, will bo ■continued at the expiration of this ronict unlcs3 the novcrnment ia prepared niake a pa} r ment commcrisurate with > buildm? proeramme its continuation uld entail. Tho freight scrvicc to :?tralia would, however, be proportion?iy increased. In the interests of the I'clopment of the German possessions in, South Seas, wliich it would be rezretjle to interrupt, the company is prored to continue the existing jines tervr those possessions in return for" an Dfjuate subvention. It was decided in ild four additional freight steamers of )00 tons, a sifter ship to the b.s. Colums (which will be launched some timo is year), of 35.C00 tons, and a sister *]\\n the Berlin, of 18.CC0 . tons. Tt i« ™nnplated to institute a eervice through } Panama Coua) ns soon is that watery i=? opened. It wna also announced it any Rteamor3 that, mlcht be pet free th* Mpso of tho ImoedoJ mall eu\

vico to . Australia, would find xe<idy occ'u- i pation in tlio company's other services. I > CHEMICALS AND TARIFFS. Some reasons for the Meat decrease ii tho drices of heavy chcniicfllf? of jccqit years was givcn.-by tho chairman, Mr. J Brock, in, submitting proposals for reduc iug tho ordinary sharo capital of tin United Alkali Company from £3.0C0,C00 t-i £600,000. ■ by cancelling £8 of every £11 share. When tho company was incornorat ed in 1890. alkali products of the Unitci Kingdom had access into almost cverj market in tho world, and usually cave tin manufacturer reasonable proiits. Aboul 1893 the company began to feel tho effeeti of tho tariff cluirecw placed on tho eoodi i which tlicy exported to foreign countries J® and imposed mainly for the purpose ol "*■ fostering manufacture in those countries This was notoriously tho case in tho Unit '• ed States, where their business was vers large, and also in Russia.' and somo oth-ej ? countries. Tho effect had been that th< ' manufacturers in those countries had bt« " able, not only to supnly tho wants of theii u own countries, hut had become exporter: of surplusage. Tho company was thereto} obliged to reduco prices in order to ro . tain markets. In addition, to tho difflcul : ties imposod upon them by heavy impori u duties, they had had to face tho conipeti n tion induced by the advance ol Eclenec. J! Tho competition of tho ammonia-soda pro--1 cess and been particularly heavy. This process they hod adopted quite successfully. but tho selling prices" of the produce were now the lowest on record 5 . Science, with its ever-increasing knowledgf [o and control of the electric, current, had 0 brought them by way of competition the ■ 0 electrolytic process for ttes production ol :d chlorine and coda. They maintained that c . their -process . was well able to compote ir with it, but obviously tho products pr&x . duced by it must find an outlet ,or they :r must bo' content to contest its progress, n with consequently less profit than they d made at that day. Now. while science had 2, been busy devising new processes for i r - producing some of their products, it had j. also been called to tho aid of tho consumer s . of their products, who in many casee butt n been enabled by recovery processes to re[g duco to on enormous extent his con^uri]p(l_ tion of chlorine and soda, so that its cfn fect two-edeed. The result'of aU that e that, although much of their plant • had been reconstructed and modernised', nn appreciable portion of thoir original 3- works had been, either demolished or rendered idle. |3 FEUDING MARKET REPORT, ijj Messrs. A. H. Atkinson and Co.. Ltd., ro> •n P. 0 ?. a vor 7, small yarding of pigs on 0 Inday and little poultry. Quotations 2 loultry, at per pair: Hens, fe, 6d,; ducks, (']' .°n Pigs: Weanera, 15s. 7ft « ' JS 3 ",, 183 ",* 0 , 19c " ; stores. £1 6s. 6d„ £1 1 cj" m, > Ilßht ® ork ers. £1 lis., £1 14s, s 6d. Table potatoes. 6s. bag; cauliflowers, r Bs.; rhuSarb, 4d. and 6d. bundle. [- Messrs. Dalgety and Co.. Ltd., Feildlng sale, on Friday, October 24; A email ens"ee P Q nd a medium yarding of cattle came to hand. Quotations Old ewes, with small percentage of Jambs, 53-s. id.; black-face hosgets, 15s. Ed. to 15s. 3d.; s fifteen-months steers, to £2 195.; bulls, £2 i- to £4; throe-year steers, £6 17s. 6d.; fort ward bullocks, £8 6s. 1 The New, Zealand Loan and Mercantile A«oncy Co., Ltd., report:—On Moiukiy wo '• suoccss£fu.l clearing on 1 account ' of Mr. F. Zimmerman. Tli© cows wero a, P.? met with good competition. - IVo quote: Shccp-Four-tooth owes, vritli I- lambs, £1 7s. 3d.; s.m. ewes, with lambs, r £1 2s. Id.; good owe hoggets, 19s, 2d • • dairy cows in milk from £5 to £10 10s. ■ (average £7 75.); store cows, £2 ss. to £4: " two-year bull, £6; heifer calves, K c 6d" - to £1 Is. 6d.; h.d. gelding. £15; hack's. £6 to • £3; sow, £1 10s.; slips, 18s.. v Tho Now Zealand Loan., and Mercantilo r Agency Co., Ltd., report-.-On Tuesday, at - Apiti, a fair yarding came forward chiefly t young heifers, which failed to find pur--3 chasers. Wo quote:—Medium hoggets, 13i. > 9(1.; forward cows, £J 7s. to £5 8s 6d ■ ' cows with calves, £3 i7s. 6d.; two-yea'r » Bpnnßins heifera. £4 ss. to £5; springe - cows, £5, £6 305., £7; h.d. welding, £21 15s, 1 CUSTOMS, " ! totics collected at tho port of Wellington on Saturday totaUed £733 ' Jo B o,lf , n the ,, am £\ mt for week boim: £22,116, 9s. _6d. Tho returns for each of . tlio past eight weeks, compared with tho • tißures for tho eorrcfpondini; period of tho previous year, show as under — , ISI3. 1913. / £ £ September i 20,434 1 0,446 September 13 22,266 26 132 September 20 82 671 21 September .27 u'.857 15i362 October 4 :.... 21,85? 34,^96 Octoboi* 11 11,904 11,713 October 18 33/09 g 74a October 25 22,116 2i,'997 £146,514 £152,452 Tho beer duty collected last week amounted to £210 75.. as aprainst £246 12s. 3d. for tho coroepondinE week of lastyoax. FROZEN MEAT. By Telrsrraph—Press Association —Copyright (Eec. October 26. 5.5 p.m.) „ T - . London, October 25. Tfta Incorporated Society of Meat Importers Smithfield market dilatations for the undermentioned classes of frozen meat are based on actual sales of not loss than one ■ hundred carcassos of mutton or lamb, or twenty-five quarters of beef of fair average quality. The quotations are not f«r selected lines, but for parcels fairly representative of tho bulk of the shipments now on tho market. Tho prices which follow are on tho averace a,farthing per lb! more than tho values ex ship, this different representing the averace cost in expense, handling, conveyance, and sellLne the meat:— > „ Oct. 18. Oct. 25. Mutton— d a , Canterbury, light 43 4S Canterbury, medium 48 4S Canterbury, heavy ... * • Southland ....r.... 43-S 45.15 North Island, best' 43-8 4 3-8 North Island, ordinary 4 6-16 4 5-16 Australian, .light, ....: 313-16 313-16 Australian, heavy 3? 33 Kiver Plato, light • • Itivei' Plate, heavy 4;. 41 New Zealand owes 313-16 313-16 Australian ewes 3mg River Plato cweo • • LambCanterbury, light 5 9-16 .54 Canterbury, medium 5} 5j Canterbury, heavy 5 5 * Southland 5.5 51 North Island, ordinary... 51-16 51-16 North Island, selected .. S 3-16 51 Australian, beot • • .. Australian, fair • •. Aiiotralian. inferior ........ * • River Plate. fLrst • • River Plate, second • ® Reef— New Zealand, ox fores .. 3 3-8 3} New Zealand, ox hinds .. 4J 4 3.5 Australian, ox-fores .... 3'3-8 3 3-j Australian, ox hinds ... 4J 4 3.8 River Plate, ox fores 3*3-8 3'3-8 River Plate, ox hinds .. 4i 4J River Plate, chilled forea 33-8 3'5-16 River Plato, chilled hinds 53 55-16 'Nono offering. ■ Rabbits are unchanged; cooler weather has slightly improved tho trade. Thero era complaints as the Quality of the New South Winles phipments, ond underwriters lave allowed on some 3s. to 4s a ■ ■ crate. ■ POTATO MARKET DISLOCATED. j (Bt Telegraph.—Press Association.) i Oainaru, October 2fi. 1 . Thero are .only limited offerings of whc<it 1 and Velvet is particularly scarce at prices -, ranging from .4s. to 43. 2d., the lai.tea- fig. 1 lire for good Quality. Redchaff, is. 9a. •' Tuscan, 3s. 7d., all net. Oats'show a weak- * ening and A-grnde has been sold at 2s. ( to 2s. Old., whilo B-grade has changed 1 hands at Is. lid. net. Thei incoming of i new ootatoes' and the Wellington striks has dislocated , the potato market, and the 1 business done has been small. The sales i made have rangod, from £1 17s. 6d. to 1 £2. There are> largo quantities on offer but few buyers. 1 KAURI GUM. i By Telegraph—Press Association—Copyrieht 1 London, October 24. i At tho kauri gum salo3 147 packages ] were offered and ten sold. Prices were un- 1 changed. ' > r JUTE. 1 London, October 24. ' Jute.—October, £35. t i