COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1901, 8 November 1913, Page 12

COMMERCIAL ITEMS.

. INVE3TIIENT SHARES. A sale of New Zealand Insurance at £5 -6s. ,6d. was tho only transaction in investment shares yesterday. The quotations iwere as raider:— Hnycr". Sellers. .£ s. d. $s. a. Bank Now Zealand — 1017 6 National Bank 5 7 0 5 S 1} Union Bank 65 15 0 — Wellington Investment ... . - oil 9 Well. Trust find Loan ... 7 4 6 7 7 6 Christchurch Gas -r 7 0 0 Well. Gas (£10) 16 10 0 - Well. Gas (pref.) 0 19 6 - Standard Insurance — .112 -6 Christchurch Meat 15 15 0 16 2 6 Gear Meat (£4) 13 0 0 — Gear Meat (£1) 3 9 0 — Union Steam (ord.) 14 3 — Union Steam (pref.) Ql9 5 0 19 9 Well. Woollen (ord.) — 4 10 :... — 14 0 N.Z. Con. Dental 10 9 . - N.Z. Drug — 2 6 0 W.F.C.A, (£1) - 16 0 EXPORTS OF PRODUCE. Tho values of tho principal products exported from New Zealand during the last month, compared with the figures for Obtober of last year, show as under:— Oct., 1313, Oct., 1912.' £ £ ' Butter 171,678 195,657 Oheeso 86,125 78*289 Beef 3,628 8.052 MuttonrCarcasses . 16,895 41,751 Legs and pieces ... 131 1,870 L«,mb 21,704 16,863 Wheat : <5 4,G65 Oats 3,541 5.2,792 Potatoes 211 50,141 Hemp 64,310 34,859 Babbits 6.095 6,478 Tow .3,620 2,095 Kauri grim : 27,685 62,588 Grain. and pulse 839 19,4:1 Hops 2,7611 538 Hides 28,429 19,120 Sltihs 64,959 75,565 TAIIOW -j. 18,969 34,555 Timber 30,109 74.217 Wool 58.059 , 96.447 Gold 96,913 ' 83,125

£696.775 £953.202 There is a shrinkage of £iS&Ai'r, which is no doubt partly due to the strike. ARGENTINE SHIPMENTS. The Department of Agriculture, Industries, and Commerce lias received tfie following . cablegram from Bucbo6 Ajrcs, dated November s:—The following shipments of produce were .dispatched from the Argentine to. the United .Kingdom dvirinsr October, 1913 (compared with October, 1912):1915. 1912. Frozen beef, quarters 74,000 Ohillod beef, quarters 303,000 353,000 Frozen miitton, caratSSej 186.000 25(5,000 Frozen lamb, carcasses... 33,000 55,000 Butter, owt 2.355 870 WHO BENEFITS BY SHOUT CHOPS? Tho American "Agriculturist" has expounded tiio thfemo of tho beneiieial effects of this year's short crops. The wheat crops had d. bumper yield, but the other seven principal crops are short owing }o drought conditions. The "Agriculturist" Bhows that the eight, staple . etsps this year is £1,002,<30,000; as against £346,200,000 a year ago. . In bthcr .words, with a fluatititativo yield in tons 22 per cent, tea than in 1912, it figures the money value as 6 per cent, greater. . In addition, it savs that lesj labour and ebspeiise for hart-fist-ing and marketing, the crops w a, decided advantage to the farmer, tffcftd tli.e railroads will profit by the fact.that they will not have to .move 50,000,Witt tons weight of crops. It thiie argues that tl'io mfcome of the agricultural season Is "prsfoundly beneficial to industry, commerce, find finance as a. whole, though it admits, t.liat "certain individuals and limited sections have been hard , hit by tlie .drought," Of course, the Journal oiioicf! does not m«iitiou tho position of the nllaniftto consumer in this glowliig article, awl if it coiiid lie Imagined that tlio-e elfetit wronc {ft thei'ientirety woro to lie muv'teed outside of tho country, it is possible that « iiet gaiii to tho country as n whore of £56,200 000 might bo argued, tinfortuimtrlv for tin. strentrth of these arguments (tfrltcss "BraiistreetVl, a. great iiUmy ultiiifttc ren. live iii this country (United RtateO and (t vriryitigly large jriorrt iff tire fcnld crop 3 will be consnm<;i lij- home at t'-ie high prices ™ enthusiastically snoken of by the agricultural Jotirns!. High priivs for feed efotis also nietih Jiigh.,prices for inftata, (Ktrt tiiosfi In tho und rqUst ho finrns JfT tt.® oMWifflWßk.'BSft. Mr tfla w#, stma-

bor among them. more farmers than any other ono class jn tho community. As to the lot- of tlio unfortunate furmcT who did not raise enough of any of tho eight crops to feed himself (ltul who must buy his supplies, sacrificing ills wiUlo and other animals to do so, nothing is said in tho fcrtiele. The argument in favour of short crops, indirectly or directly Conveyed, as a benefit to tlie country as a. whole, is, wo believe, a fallacious one. Indeed. If the reasoning is sound at base, it is hatd to see why it would not bo wise to plant next year only one-half or one-fourth of the areas planted this year. Fwt-uiHHely, this year follows a year of superabundance in several crops, and it seems likely that, i.tioro Will be enough old grain end feed left over to tide the. country through {he winter. «nd even !o return a good inoitey profit to growerw fortunate e?.oitf?h to have snpplles to spare to sell to others i hiit there is a point, hanpily not reached t.liis year, whera Tedueed yields fspell famine; dnii we believe that never yet in the ivorld's history has ffi country, taken a.s a whole, made any money out, of a. famine. Cflstoms duty collected at tho port of Wellington yesterday amounted to JSl3<O 3s. lOd. CANTERBURY MARKETS. (By feegrranls.—Press Association.) Ctrrlstchyrch, NovembeT 7. Tho locnl (rraln market ia qoito at. a. ktatastiil, there bebw neither buyinn nor selling in produce. Such business as there is, is entirely eonflned to the local trade, Thsre Ib still a good inquiry for ehaif, but potatoos are ftlmost unssleaWo. eSport lu!sin«>s have been presented by the strike. MNBON MARKET. Sfesera. Daigrfy and Company, Limited, have received the following cabled g& vice frojn their Londoa hoase:—Tallow: Beef tß'llow-r6Mc<S out. last cablegram, prices are 2d. p£r cvrt. iighftr. Mixed medium to good a shade easier. Demand is chiefly for litre, BANS OF ENGLAND RETURNS. (Bee. Novospbor 7, 8.4fl p.m.). London, November 7. The Bank of England return issued for the week ended Wednesday, November S, is as under i— IfISCH Defabtkeni Sot»Jitu9 ttoMJXD Gsv.dobb «• iSU.OIB.OOO Other eec-nri-tlos ... 7,434.000 Goia as.w^soo f53; 556.00S £53.596.000 Bi3®H<3 DEPAStItEMT. ProprlstorE' . ... Gov't, securicapital £14,553,000 ties... ... £11.768,000 Ftibiio dS' Other Eceurlnosits ». 7,132,000 lies,.. ... other dsI ppsita ... 42.397.000 Kotos 24.8J0.000 } Eest,'7-<iW and other ! bills... ... 3.223J3C0 C01q... «. £67.303,000 £57,805,e0(> The leading items o( the Bank of En?. ; land return afford the following comparison-.— This Week Last weak liastyear £ £ £ Bullion 35.H7.000 35.7t5g.00i) 35.168,000 EesefVe 26.,48'2.000 -37,115,003 26,303,080 Note ijJrcuiation 28.740.U00 £5.7i5,000 0i5.837.0U0 Publio Deposits 7.132,000 8.714,000 10,201,000 Other Deposits 43,397,000 41.061.000 45,300,000 Proportion of reserve to liabilities... 63.43 54.45 47,46 GOVERNMENT 'BECOEITIES. The following are the latest Quotation! lot Government seenritics, with a> cointariaon of thoso ruling last week:—

BANK RATEfi GF INTEREST, Bank of England rate was, on February B', 19.12, reduced from 4 to 31 »ef cent., and en May 9 : it was further reduced to 3 per cent. On iugufet 29 it was raised to 4 per ctnt, and on Octolier 17 to 5 per cent. It was reduced to 4j per cent, on April 1?, 1913, On October 2 It was raised to 5 per cent, Ifhe Baiik ;0f France rate was reduced from 3J to 3 per cent, on Jtwußiry 23, 1903, and eentinued at the" latter ftguro until September 12, 1911, when it was raided to 31 per cent, On May 17, 1912, it waß reduced to 3 pof cent., on October 17 it was raised to 3! per cent., and on October SO to 4 per cent. . The .Imperial Bank of Germany on October 24. 1912, advanced its TOto of discount to 5 per cent, and to 6 per Ceiit. an November 14. On. October 27. 1913, the rato was reduced to 61 per cent.

-MARKET RATES OF MSCOUST. the following ora tho n}arkot rates tor best this# months' bills:— London Paris Bsflln rato. na-to. rato. per per per cent cent- cent. This trcsk 415-16 3| 43 Jjast week 5 -3j 43 Lttst ftmt 415-16 3| 4} Short loans axs quoted at 4J per cent., e.3 against 33 to 5 por cent, laflt week, and 32 per cent, last year, OOI.ONIAI, AND OTHER SECURITIES. Wheat—Cargoes aro flxgleotod, and aro I nominally unchanged, tho tendency is downwards. New craj> Australian, J&nu-irtf-Fcbrtifliy. shinment is offering tit 355. ■ i£d.; Australian, on spot is nominally at 375, to 375, 6d. - aid Ncjy Zealand is ne-min- ■ ally Jss. to 355. Sd. Flour, on. sjiot, meets with & retail demand at. 265. 6d. to 278.. There are numerous sale's "on passage" at 255. to 255, 3t1,, t.i.f. data ar6 a met and unchanged. . The price's asfted for New Zealand 1913 crop are proliihit'He. . Beans.—'Hiert! is better inquiry; f.a.q. NeW Zealand, ex store, being quoted at 365. Peas axe- quiet. , Best New Zealand maple's, 44a.; Other grades, 36i. to 425.. Butter.—The market is rather easier now; Australian afld iNeW Zealand. Rave cleared well, . Danish le quoted at 1306. to i 32&; choicest Australian, 120s. to IZ2S.! unsalted oscaiiiaiially 1.245.; Kety Zealand, 1261 to 1285.; Argentine, 120s. to 1225.

Cheese is. steady. New Zealand, 655. to 645, i Cinadton,.6?s, to 655.

Siigar.—German beet, 88 per cent, net titee.. Is. Id. los:ef at &. fid. p'or c.wt>i first mitrks granulated, f.o.b. Hamburg, 3d. higher at.ifs, ,9d. .. Bradford Tops.—Tlie mirk'et. is weak, and OTcissbrcdS are slightly edsjer. Shtyfo'uxs, 29d.; Biipor sixties. . ,28id.i coirimon sixties, 2Bd.i fifty*siXeS, 22j,d.i fifties, 20jd.; forty-siies, 16J3-; forties, I'Ejd, THE METAL MARKETS. Copper,—Oft fciipt. £3 15s. lower &t £70 per ton-, three months, £3 2s. 6d. lower at £69 7s. 6d.; electrolytic, ,50s. Idwtfr at £75 ss. Tin.- Oil spot, 'u.i-iCiKtllseil, iif, £182 7s. 6d. per ton; three mouths, 6s. lower at £183 10S. Pig-iron—Middlesb'oro' No. 3, 2s. Sid. lower at 48s. Bd. per ton, . Lead, soft foreign, 7s, 6d. lower at £20 ss. per ton, Spelter, unchanged, at £20 ISj. tej ton.

Variation _ corapa-Tod Prlcij .-witli laeS wcfrk. £ «. d« 2§% Imperial Consols 72 1.5 0 g/6 lower i „N.S. W.19B3Jdn.-Jtily 100 0 0 Unchanged fli ;.N.S."WJ9-30-60JJ.r,-Sp 97 0 0 Unchanged 3:4 ..'N.&W.-IUMO . 8=9 0 0 Unchanged 3 _S.S.W. 1925 £01.4)01 61 Q Uochaogod 4 M V2o.i&0UJan.*Juay ioo 4) 0 Unchanged 34 M Vio. m* Jaii.-O'uly 94 0 0 Unch&ngqd Hi „Vi6,-l'&2B49 88 0 9 Uncliaagcd 8 ,,VJc-19v|9-49iTan.-July ?7 0 0 Diichaaf?«jd 34 „S,A. 191(3 JaiWuly 89 Q 0 JnqlmDged 3 „B.A. Wit) Jan,-July 73 0 0 Unchanged 4. „QTaiai5-S4Jan.-Ju?y 100 0 0 Unchanged 3i ,,QTdlU£M7Jaii.-Jiily 93 0 0 Unchanged y ■„QTd.MAJ2-37Jaa.-Jtily 78 0 0 Unchanged i' „N,55. May-Nov. 05 6 0 Uncba&ged „NcZ, 90 0 0 UncUanged 3 „&Z. 11*2(3 Ajirii-Oct. 78 0 0 Unchanged Si M W<A.r0i5-&> May-Noy 68 0 0 8 r ,\V.A,19J5-3aitfay-Nov 79 U 0 Unchanged 3i *Tgs. 3(fcOJad..-july 89 0 0 Unchanged 8- ( l , fa-s.iy20'i0Jan.-July BL U 0 Unchanged