COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1905, 13 November 1913, Page 4

COMMERCIAL ITEMS.

INVESTMENT- SHAKES. ■ „ . There wore no/.transactipjis .in. investment .feharea yesterday. Tlio quotations wero «.s under;— Buyers. Sellers. £ s. d; £ s. a. 'EqnHablo Building 815 0 — wcllinatan Investment ... — 0 11 9 Well. Trust and Loan .... — 7 7 6 Well. Gas (preference) ... 1 0 0 — Standard Ineraianso — 112 6 Gear Meat (£4) 33 0 0 . — Gear Meat (£1) 3 9 0 — Kaiapoi Woollen (pref.) .. . — • 5 3 6 \V* . ■■/il-niju lorn.l ■ — ■ 4 t « Well. Woollen (pref.) — 3 2 6 Westport Coal 111 0 — Golden Day Cement ....... ' — 0 18 9 HAS THE COTTON.BOOH ENDED? An. answer to the question given in tlio loading above was sought by traders wlien the last mail left London. As the "Brltinh Trade Review" pointed out, the cotton trade 1s characterised by .swift fluctuations in prices and in demand, and while -omo millJ <iro exceedingly busy others, «<meeially in North-east Lancashire, report p.' doartli of orders an<l the need for K olnß !. ,short time. In fact, tho auestion Is hpine asked, "Has the cotton boom end"j"3» iphe answer- is.- that many mills are slowine down', arid that epinnere and weaver" who A : month--or two aco werei«t a oreminm.'ttre now : findmsT it difficult to ect work. Havins spent most f of. their "braes" in'their annual putmu to the eeaaide they have returned to their homes to discover that a brcak to 3 nccuxred m fho fnort time, fl-Tid tho-t tney iiavo to RearcTi for employment. Several causes have contributed to tho «nddaa tho demand tor cotton fabrice. Botn Horn©

and/foreign martlets are, for tho time, overstocked. I'ho uncertainty of business in. tlio Balkans and in Persia, and the slow recovery of China from its disturbing elements, have proved very disappointing to Lancashire manufacturers, and even .South. America is not buying -as freely as usual. India and China may possibly improve tho outlook with renewed trade vitality, but over-production and the unsettled condition of hitherto profitable markets are mainly responsible for the scarcity of work. With a reduction, of output end a better tone in distant markets, however, the slnmp may bo only temporary. Indeed, some of tho bie firms decline to believe that they are in for a spell of bad trade, and are extending and equipping their mills with tho latest in spinning and weaving machinery.

GERMAN PKOSPEKITY. Somo remarkable flsuree as to tho steady growth in German oversea trade aro furnished iu the report for 1912 of the British Consul at Hamburg, -Mr. Walter R. Hearn, which has just been ianicd. Tho Hamburg Consular district includes the great free cities of Hamburg. Lubcck, end Bremon, 'and 'tho statistics of imports and eiports, covering,, as they do. one of the most important of the trade routes, furnish a good indication as to trade movements in Germany generally. All such evidence points to the conclusion that 1912 was a period of groat prosperity in Germany. Tho total imports into Hamburg by sea increased in value by nearly twenty millions sterling, as compared with tho previous year, whilo as against 1910 there was an advance of Jd38.800.0C0, and over -1909 of £53,061,C00. On the export side tho differences were not so large, but they were still very considerable, the advance exhibited in comparison with 1911 amounting to £12,830.000. whilo. as against 1910 and 1909, gains of. £24,885,000 and £44,037,C00 were shown-. Making every allowance for tho advance in commodity values which hoe taken place in tho interval, tho expansion thus exhibited is remarkable; and while tho Tapid development of Germany's mercantile marine may have lent additional importance to the Hamburg route, especially as it is impossible to separate through consignments to other countries in- midEurope from those intended for homo consumption, the figures ere conclusive proof of the great activity o( trado in- the district.

AUSTRALIAN EAILWAYB. According to the Melbourne "Argue," tlie features dieclosed by the reports of the Kaihvay Departments of tho six Australian States for 1912-13 arc a slackening In the rate of increase of cross revenue after the rapid increase in previous years, am an increase' in working erpenses out of proportion to the increase in revenue. Tho result 'is that while tho gross revenue in the.eix States shows an increase of £832,250, the net revenue shows a net decrease of £282,745. Excluding tho Port Augusta, to Oodnadatta lino and the Northern Territory lino for the past two. years, the following is a, summary of gross revenue, net Tevenue,' and net. surplus, after providing for interest, for the six States for the past seven .financial years:—

Gross. Net. Net. Revenue. Revenue. Surplus. 1906-7 ; 13,922,644 6,967,550 997,787 1907-8 14,289,173 5,905,5C0 845,885 1908-9 14,737,423 5,923,821 825,553 . 1909-10 16,029,841 6,143,561 923,786 1910-11 17,806,361 6,798,231 1,327,693 1911-12 19,031,251 6,643,455 997,107 1912-13 19,863,501. 6,360,710 431,557 The increase of £832,250 in the gross revenue follows increases of £1,224,890 and, £1,776,520 in tho two previous financial yeara. This slackening in the rate of progress reflects the diminution ,of production. especially in wool, whidt resulted from tho unfavourable season in 1912, the effects of which were most severely felt by the- pastoral and dairying industries. The second half of 1912 was, however, more favourable than the first half,, and with a good harvest the Eross' earnings of tho railways turned-out better than what might easily have happened.

The operations of the Queensland railways for the year ended June 30 showed an inereaso of £288,814 in the gross earnings, and on expansion of £233,725 in tho working expen6eß as .compared with the 1911-12 ■ figures. The net revenue is consequently £55,089 laTger, at £1,170,681, eciual to £3 ,18s. 64cL per cent. .luiponi the capital ' invested'''iii 11 ' the' railways now open for; traffic, . but' Is ': -113 d. per cent, lower' , ; than. what was received' ; last year. 1 including . deiwxsciation on" .opened lines tlie net Tevenue is equal .to £3-13s. 7d. per cent., or to' £3 Bs. Bd. per cent, on tho total capital expended; on opened and unopened lines pins depreciation. Tho amount expended during the year was' >£1,947,417, compared, with £2.771,787 during 1911-12, but to this must be added £2.069,605, the Jotnl discount and flotation charges on all railway loans to June .30 last, which, it baft been decided to- debit to these'public works. The total addition to railway capital during the year is thus £4,017.023, raising the. aggregate to £34,076.913. The cost of earning each £ICO was £64 15s. 2rt„ as compared with £63 4s. sd. in 1911-12. The working costs and the percentage of expenditure to earnings continue to . increase. flue in Dart to .the opening, of new lines into partly-developed country. The average cost of maintenance and renewals for tho year was £136-3s. 4d. per mile; as compared with £134 Is. 5(1. in 1911-12. New lines otjwned fir traffic during tho yoor amounted to 158 miles, and rince June 3" a fnrt.hor 80 mile* have been brought into use. thus increasing the lenrtti of linefl at the, present,..dfte,to -milea There are under con=t.rnction_ 360 mites of- new railways, of which it is anticipated that ■310 miles will be openeJ for trafflo during ; the current year.' j "Onstomn duty collected at the. port of 1 Wellington yesterday, amounted to £1994 125.. sd. ' ' " SILVER. By Telegraph—Prer" nnnvriirV London, November 11. Bar silver is auoted ■at 27 11-16 d. per ounce standard. ' . . JUTE. The price of jute is unchanged.