COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1907, 15 November 1913, Page 12

COMMERCIAL ITEMS.

INVB3TMENT BHAEEB. ' There wero no transactions in investment shares yesterday. Tho quotations wero as under:— Buyerj. Sellers. National Bank -5 7 0 5 8 0 Equitable Building 8 17 6 — Wellington Investment, ... — 011 9 Well. Trust and Loan ... 7 5 6 — Oliristchurch Gas — 7 0 0 Well. Gas (£10) 16 12 6 - Well. Ga s (preference) ... 1 0 0 — N.Z. Insurance 5 ID 0 — Gear Meat (£4) „ 13 2 6 - Gear Meat (£1) 3 9 0 — Union Steam (ord.) — 14 9 Union Steam (pref.) — 019 9 Well. Woollen (ord.) - J ' 41 0 Westport Goal 1 U 3 — Golden Bay Cement — 019 0 N. 2. Con. Dental 10 9 - — AUSTRALIAN. MONEY MARKET. Tho outlook for the money market in Anstralio, was put in a nutshell by Mr. John Grice, the chairman of the National Bank of Australia, .at the annual meeting in Melbourno on November 5, when lie stated that even if supplies increase, tho former low rates are not likely to be seen, as any surplus supply will probably be absorbed by Government and mun'cipal demands. The roauirements of the vatioue Htato Governments are heavy, if publio works expenditure is to be maintained on a similar scale to that of the financial year 1912-13, in which the six States and the Commonwealth Government disbursed in all about 201 millions sterling. For the Greater part of any such* total it will be necessary to continue borrowing in London, and whilo it may be practicable to obtain a certain amount within Australia, this operation, whether through the medium of tho Savings Banks, or by direct Government borrowing from tho public, really constitutes a form of competition with private borrowers for the available Bupply of money. . AMERICAN MEAT SUPPLIES. Points which are of particular intercrt to pastoNilists iu Australasia are discussed in a review of the meat position in the United Kingdom and tho United States, published by Messrs. G. and .T. Nickson and Co., of Liverpool. It declares that tho latter country "has almost arrived at a point when—probably within five or six yealrs—her eaipmonts of hog proaVucta abroad will have come to an end, and she will bo an importing country of hoth hog products and othe'r meat." Tho writers add that Argentina will be for many years a large exporter of meat to the United Kingdom, but "that tho otherwise overwhelming supplies which would have come from that source will be seriously curtailed by the.United States demand is certain." Another factor that may affect , the Argentina supplies to England is the Increasing need of Japan for frozen meats. "It is, in view of tho facts enumerated," tho review proceeds, "important to consider how far Australia and New Zealand can fill the gap caused by the heavy ehrinkogo from oilier countries. That they will ship largely to the United Kingdom there can be no doubt, but tho omiuous fact for the Englieh consumer to bear in mind is that the large American packers, stated to control what has been called the 'Beef Trust,' arc now acquiring and building largo' factories in Australia and New Zealand, with a view to drawing supplies for- tho United States from those countries." It has been announced that a further addition is about to be mado to tne already large meat handling establishments conducted by Messrs. Swift and Co., in ■ South America. The company, it ia reported, intends to erect another depot and factory at Monte Video, Uruguay, which will involve aa outiw of £600/103 or thereabouts. The present investments of Tne company in South America amount, it is stated, to more than £2,000,000. The recent expansion in the holdings an.d dopots of the big American companies in the fiouth is attributed to the serious falling off in the supply of cattle in the United States, which they have set themselves to make up.. So far they have been able to <lo very little in that direction, as tho United Kingdom and Europe have readily taken their stirplus stocks, and this has been one of the considerations which induced Mesers. Swift and Co. to make the move indicated in Uruguay. DE BEER'S MINES. In the annual report of Do Beer's Consolidated Mines, Limited, for the twelVd months ended June 30, it is shown that tho diamonds sold, plus tho increase of »tocßs taken at cost, amounted to £6,297,782, as compared with £5,465,888 for the orevioua year. With other receipts, and including tho balance of £807,388 brought forward, a, total of £7,248,239 is ■ f.Trived at. After meeting mining and other expend!-I ture (£2,080,622), depreciation, and other charges, thjoro remained a botence of £3,799,183. .Dividends and bonuses declared out of the year's profits were:—Preference shareholders, £8CO,00O; deferred shareholders, dividends £1,500,000 and honua £250,000; while a. sum of £513,521 was carried forward. The return per share to deferred shareholders was 355. for the financial year, while the preference holders received the fixed dividend of 20s. In addition, to making these distrfliutione, which abso'rWd altogether £2,550,000, or £625,000 more than the amounts paid the previous year, a substantial addition wae made to the permanent reserve fund, .raising its total to £1,800,CC0. FUTURE Or. WHEAT. Prom time to time scientists declare that tho increase in the world's wheat production does not keep pace with the expansion in the demand the latest pronouncement on this subject being mado before the British Association recently. Tho belief was then expressed that within 100 years tho yield of wheat would be insufficient for the world's requirements, and the statement has aroused considerable interest in tho grain trade. Ono firm at Bristol—H. N. Bathgate and Co.—declines to accept the theory that any limit of time can bo stated in this connection. Even when there are no fresh areas to be opened up they contend ■ that the voliimo of whes-t raised can be greatly augmented by improved methods, of cultivation. It is all a question of profit, and, therefore, of price, as tho farmer does not consider whether the world'would like him to grow wheat, but whether it will yield him a better return than somo other crop. For instance, in tho southern States of America wheat must compote with cotton and beet, and in the moizo belt with that cereal. In Argentina the conflicting claims of flesh food versus grain have to be considered, and so in almost all parts of the world. Irrigation and intense culture will bo adopted wherever, practicable under tho stress of circumstances, but it ie tolerably clear that cheap wheat will eventually become a thing of tho past. While I tho possibilities of expansion in wheat production are believed to bo enormous, they will only be achieved, state Messrs. Bathgate, at a. greatly increased expense. It is not unlikely that in tho lifetime of the present generation wheaten brca<l will bo much dearer than it ig to-day.

DALGETV AND CO., LTD. The New Zealand superintendent of Jtes3rs. Dalftety and Co., Limited, has received a. cable meseage from London to the effect that the annual meeting of the coinpnuy was held in London yesterday, and wae in every way most satisfactory. A dividend of 4e. per share has been declared, being at the vute of 8 ner cent, per annum, and making, with the interim dividend already declared and paid, 8 per cent, for the year ended Juno 30. Dividend will he paid to shareholders on the colon, idl register on and .after November 26. A sum of £50,000 has been placed to reserve fund, which now stands at £550,000; £10,0 CO liaa been tionaicrrsd; to etaff. benevolent

fund; £50,000 has been writtcn-aff freehold i premises; balance carried forward, £92,532. CUSTOMS BEVENTJB. Customs duties collected at tho pert of Wellington yesterday amounted to £1311 9s. 6d. NAPIEB EXPOBTS. (By TeloeraDh.—Press Association.) Napier, November 14. Napier's exports for the quarter ended September 30 ahow a marked increa-s* compared with tho corresponding perisi!. ot laet year, the figures being £214,257, and £132,261. Wool increasod from £46,551 to £70,717, frozen meat from £65,078 to £101,951, tallow from £4116 to' £13,362. VICTORIAN PRODUCE ifAHKETS. fir TekEraah—Press Aesoelation-GoDyriirht Melbourne, November 14. Wheat, old, fe. 6d.; new, 3s. 43d.: flour, £8 10s.; bran, £4 10e.; pollard. £4 155.; oats, Is. 9d. to 2s. Did.; maizp, 3s. lOJd.;" potatoes £1 ss. to £1 155.; onion.?., brown Spanish, £6 15s. to £7. WEST AUSTRALIAN LOAN. I London, November 13. Tho Wostsm Australian 4 per' cent. JGI.OOO.OGO loan is auoted at 3-8 per cent, discount. SILVER. London, November 13. Bar silver is quoted α-t 27|d, jier ounce 6tandard. BANK OP ENGLAND RETURNS. By Telegraph—Press AsEoeiit-ien— Capytlgiht (Rec. November 14, 8.55 p.fit.) , London, November H. The Bank of England rettsm issued for the week ended 'Wednesday, November li.', is as under:— .. . Issue DEpunratEsiT Note Usui «3.572,£UJ Oov.dabJ _■-.. £ri,dJS,aOO Other B3onntios •t.m.m GoW 35.i23,000 £53,572,000 £)3.572,<X)0 BtKKIXa DEPABTJIfiNT, Propvidtorß' Govt. E'ioiirl. capital £H,553.000 ties..-. ... £11,768,00!) Publio de- Other seoariposite ... 9,629,000 ties... .„ 27.358.003 Other doposita ... 42.307.000 Notes ... 25,071,000 Best, 7-day and other . bills ... ... 3.208.0C0 Coin- J. 578,000 £65.705,000 £55,&5,f100 The leading Items of the Bank of Em?land return afford the following com&aii' ion:— This week Inst waok last your £ £ £ Bullion ... 35.123.003 33.W7.000 35,291.000 Reserve U6.640.0U0 2G,.48M)0 25,757. iX» Koto circulation 58.501,030 28.740.009 ».300.000 Public Deposits 0,629.000 7.133,030 12,t81,!X)0 Other Deposits 38,105.000 42,397.000 40,913.000 Proportion of i reserve, ta liabilities... 55.46 63.43 49.00 GOVERNMENT SECTHRITIEB. The following are the latest quotations for Government securities, with & coiji' parison of those ruling laet w<Wk:— Valuation _ conr-paved Frisa. *'th last week, £ i (1. 2j% Imporlftl Consols 72 12 6 2/0 lower 4 ,>'.S.W.lO33Jan.-July 10D i> 0 Unchanged ■ij ~N.S.\V.ID3O-EOMr.-Sp 97 0 0 UncUnnged 34 ~N.5.W.4930-50- . 89 P 0 Unchanged 3 ~S.S.VV.I3iSApI.-Oot 81 U 6 Hndia.unoti 4 ~Vic. W2UJan.-July 100 Q 0 Uuehauaed 3J ~Vic. 10-Jl-G Jan.-July (11 0 0- tjttchiingecj 35 ~Vic,-«3Wfl 88 0 0 .UnchniitMiA 3 ~Vic.lOU9-4OJan.-July 77 0 O t'nt-liansotf 3J ~S,A. 1010 Jan.-July 60 0 0 Unchanged 3 ~S.A. Ulli Jan.-July 73 00} Uactiani'td 4 ~Q'rdl9ls-'ilJan.-July ICO 0 0 Unchanged 3i ~,C|TdUfcK"l7Jan.-July 9j 0 Q Unqhan-geci 3 ~QTdlft!.M7Jan.-July 78 0,0 Unchftiiged 4 ~H.Z. 1929 May-N'ov. 09 0 p Unchanged 3j ~N.Z. r.lliMOJun.-July 00 0 i> Uncfeincod 8 ~N.Z. lWOApril-Oct. 78 0 0 Unchanged 31 ~\V.A.1015-35 Alay-Nov 88 0 0 Us-ieliaiised 3 ~\V.A,IOIS-asMay-Nov 79 0 0 ifechenijci* 3S ~l'o,s. JteiOJan.-July 69 0 0 Unchanged 3 ~Tas.l9-JO-«0 Jan.-July 81 0 0 UociianeM

BANK BATES OF JNTEftEST. Tho Bank of England rate wire, on February 8, 1912, reduced Ifwm 4 to 51 ner cent., and on May 9 it was f-ar.t-her reduced to 3 per cent. On August 29 it was raised to 4 per cent., and on'Octobqr 1? to 5 per cent. It was reduced us '5 per cent, on April 17, 1915. On October 2 it Wts raised to 5 per cont. The Bank of France rato wfts reduced from 3J to 3 per cent, oil January U, 1948. and continued, at the latter fl-Ecnip until September 12, 1911, when it was rai'cd to ii per cent. On May 17, 1912. it was ro< duoed to 3 per cent., on October IS (t was raised to 35 per cent., and on October 30 to 4 per cont. Tho Imperial Bank of Qermatiy on October 24. 1912, advanced its ia/Ve ei£ discount to 5 per cent, and to 6 per cent, on November 14. Ou October 27, ISI3, tho rate wa3 reduced to 51 per cent. itAEKET RATES OF DISCOUNT. The following are ;tha mSrket rates for best three months' bills:-» , London Paris Berlin rate rate. rate.' per per per ccnl «ent. c<int This week 415-16 3.5 4 3-8 Last, week 4-15-16 33 , 45 Last year :... 43 31 oh ] Short loans are quoted at 45 per cent,, as against 4i per cent, last week and 32 per cent, last year. COLONIAL AND OTflfiß PRODUCE. | Wheat is firm, and the quotations ftir careoes are unchanged; 355. has been paid for Australian parcels, Novenlber-Decem-bsr, and January shipments Australian ■and New. Zealand, on spot, are nominally uncliansed. , Flour is quiet. Australian, «i store, is quoted at 27a. Oats are firm. Lα Plata, Jdnuorr-F«b. ruary shipment, 14s. 6d. Beans and pead are steady, and unchanged. Butter is quiet. Danish Is quoted at 120 a, to 1305.; choicest Australian., 118s. to i 225.; secondaries. 112s. to 1145.; New Zealand, choicest, 1233. to 1263.; AfgentmOi 1143. to lite. Oheese is firm. New Zealand, 645. per cwt. Sugar.—Gorman beet, 8B per cent, net titre, lid. higher ut 9a. 5d,; first mttTks, granulated, f.o.b. Hamburg, Id. lower, at lls. Bd. Bradford Tops.—There is a tfothor better inquiry. Sixty-fours, Id. lower at 28d. per lb.; super sixties, Id. lower ut 27? d.; common sixties, Id. lower at 27d.; fifty-sixes, 3d. lower at 225 d.; fifties, }d. lowef at 2i)d.; forty-sixes, }d. lower at 16} d.; forties, sd. lower at 15Jd. THE METAL MARKETS. Copper, on spot, 40s. lower at 68 per ton; three months, 40s. lower 9t £67 7s. 6d.; electrolytic, £2 15s. lower at £72 10s. Tin, on spot, 225. 6d. lewer at £18.1 ss, per ton; three months, 15s. lower at £182 i 15s. Pig-iron.—Jliddlesboro' No. 3, tOd. highcf at 495. 6d. per ton. Spelter, unchanged at £20 15s. per toa. Silver—Bnr -silver is q,uoted at 27»d. per ounce- standard.