COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1908, 17 November 1913, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHARES. : ' There was 110 business done in investment shares on Saturday. The Quotations were as under:— Buyers. Sellers. - . £ s. d. £ te. d. Bank New Zea1and......... — 10 17 0 National Bank — 5 8 0 Wellington Investment ... — 0-11 9. ■Well. Trust and L'oan ... 7 6 0 7 8 0 Christchurch Gas — 7 0 0 Standard Insurance J — 112 6 Gear-Meat (£4) ....'. 13'2 6 — Gear Meat (£1) 3 9 0 Union Steam (ord.) 1 4. 3 14 9 Union Steam .(prcf.) ...... — 019 9 Westport-Stockton 0 311 ■ — ■Golden Bay Cemeilt — 019 0 N.Z. Con. Dental' 10,9 — MONEY MARKET. Tho London money market is .slightly easier, judging by tho figures of the' Bank of England. Tho proportion of reserve to liabilities stands at 55.46 per cent., which is very high. The quotations for colonial Government securities show no change for then second week in succession, indicating that dullness prevails on the London Stock Exchange. On the Continent the position appears easier, and both Paris and Berlin rates for discounts are lower. The Continental easiness is probably being ch.irineered as largo loans are pending. A French loan of £40,C00,C00 is to be issuod presently, and as soon as it is disposed of, tho institutions interested in Balkan finance will doubtless proceed to make issues on account of tho Balkan States, much of tho amounts concerned being required to substitute a public security for private or semi-private loans made. But France and the countries which look to Paris for accommodation aro not tho only countries in need of money, and, according to tho "Saturday Review," it has Been computed that the reo.uirements of various European Governments amount in all to about £180,000.000,, a total amply sufficient to fill up t-ho investing public for the early future. With a number of issues '■to bo placed, tho task of French finances of late has been to maintain market values of existing .stocks as well' as possible. A auestion of interest is that of tho terms on which the new French loan is to be,is6Ued.On September 30, - 1909. the quotation for 3 per cent. French rentes wa6 fr. 97.20, while on September 30, 1913, it was fr. 88.10, the stock having participated with . ail other high-class securities in the depreciation which has taken placo during tho last fow yeans. • ' ■ FROZEN MEAT. Waiting on frozen meat, under date I/ondon, October 3, Messrs. TV. Weddel and Co. " state the general' position at Smithficld during tho week has been slightly moro satisfactory, but there is still plenty of room for improvement in the demand for all descriptions of frozen meat. The spelh of warm weather has been of some assistance to tho demand for frozen lambs, which have gone into consumption a little / more freely, but sellers have taken advantage of this moro to force sales than to 'make any attempt to increase prices, which close weak at about previous levels. Small secondary lambs have been selling very slowly owing to the demand from the provinces being considerably curtailed, and now that these lambs have to bo sold at Smdthfieid it is only possible to mako sales at much .Teduced values. Tho few Australian lambs fold season's) -which are being offered realise from <d. to 43d. per lb., according to weight and Quality. The high prices now asked for New Zealand mutton have curtailed the demand to a very laTgo extent,, and holders aro finding, great difficulty in making sales. Fortunately tho available supplies are in very few hands, and. belli.? strongly held, tlie market closes at practically the same levels as a weak previously. Tho higher prices asked for New Zoaland owes have turned buyers right off this article, and sellers have now had to reduce their ideas to 35d. per lb., but even at this level there is only a very limited. demand. Tho comparatively largo supplies of Australian sheep that are now coming to hand have made it vcry 'difllcult for sellers to maintain late Tates. and .although prices are nominally unchanged t.ho • market is certainly a* shade weaker. If anything, tho heavy grade fe rather firmer than the light In conseauence of ■ buyers' who usually use the New Zealand article, employing heavy-weight Australian sheep in their placo wherever possible. Frozen beef has met with an- exceptionally quiet trade as far ag the actual spot position is concorned, lmt for supdies afloat on'l for forward shipment sneculators are ftill operating with a certain amount of frendom, and for these positions it is ■no':sible to obtain }d. to 3-16 d. above the equivalent (of values on--the Smithficld market.

,ARGENTINE TRADE. The last decade has witnessed an expansion of 145 per cent, in the international trade of Argentina. Last year the aggregate value of imnorte and exports wns £173,044.946,' and if to that total be added the movement in bullion, the commercial interchange of the'republic for 19t2 represented £180,381,650. On the basis of official population statistics .the average-per head work? out at £?4 4a. 2d. Tho Director of Commerce and Industry points out that that-ft a figure which no other country in America and very few in Europe reached The average in Australia, however. . is higher, amounting, according to the Commonwealth Statistician, to £33 17s. 2d. ucr head, of which £16 16s.' 7d. represents Import? and £17 oa. 7d. exports. Australia's total trade last yonr amounted in value to £79.096,090, and of that 6'iim a very meagre proportion was accounted for by the South American republic, the actual fitrurcs bring: Imports from Argentina, £1133, and exports thither. £129.306. Of the latter. Agricultural machinery contributed £107,420. Ih 19C8. the total value of Australian tr.irfo with Argentina was £69.611, of which £1626 was on account* of imoorts. From ttieso figures it will be seen that there has oeeii no expansion in the .trade of the republic in this direction, but tho fact thnt both countries derive their wealth very largely from oncrations in connostion with similar products may bo offered as <i sufficient, explanation of that uhaee. The balance of trade in the republic over a term of ten years lias been Approximately £'115.000,CC0 in its favour, and that, result has helped materially in the accumulation of gold in the country, tho stocks of the precious jw»fcal being at the end of last year about £67,000,C00. Tho republic wis the orincinal supplier of both meat and corrals to the United Kingdom last year, and the commercial bond betveen tV two countries !* strengthened by the further fact that Argenthia occupies second place on the list of "foreign" place* to which British capital wn« pent in 19t2. the amounts being £*5 6U.7C0 +o the TTnited States, and £20,110,2C0 to the republic. EMPLOYERS' LIABILITY. . Insurance companies in Great Britain appear to have fared better last year in respect to employers' liability business. The figures of 54 companies show that claims amounted to 58.7 per cent., while expenses and commissions aggregated 35.2 per •cent, of the premium income. The not result of tho year's trading was a profit of 6 per cent, of tho premiums. Thirty-three of tic companies conducted their business

on tariff lines, and were Tespapeiblo for premiums 'tunountiriK to £2.430,6% on whirl, t'ney reolisod a not profit of about 8.1 per cent. Tho remaining twenty-one companies woro non-tariff eoucerns, and earned premiums csKreEjatintr -£654,135, op which t-hev made a loes of 2.2 per ceJit. Tlieee -resulte, it is stated, are more favourable than t-li-e combinod experience of ally of tho iinmedi* ately preceding years, probably due to increased knowiodjre of the business as vrc-11 as to liißlier rntea. The nott-tariff otDfes, as a- whole, are f till unsuceesafnl, -altliainjU their premiums liavo been raised. C'kiime show a tendency to increase, and it is by no means safe to assume from t-Ue Amircs relatinsr to last year that rates* Inuo nuc-Ji-ed their maximum. CUSTOMS. Customs duties collected at the port of Wellington on Saturday tota-iled £704 18s. ,4d.. tho amount for tlio week beiiiK £9675 6s. lid. Tho returns for each of tho past eifjht weeks, comnaj-ed with tho fienrcs for tho corresponding period of the previous year, show as under:— IStJ. • ISI2. £ /! September 27 ;.. 11.857 15,06;. October 4 21.85? 34,496 October 11 M.SOS 11.711 October 18 13.409 8.748 October' 25 22,116 23,597 November 1 4.873 52.0P8 November 8 4,966 11.323 November 15 ; 9,675 17,954 £100,657 4145,681 The beer duty collected last weelc amounted to £527 2s. 10d., as against £224 4s. for tho , corresponding week of Inst year. FEUDING MARKET REPORT. Me?c-i's. A. H. Atkinson and Co.. Ltd., sold on Friday weaner pics -at 133. 6d„ 155., 165., 175.. 18s.; slips, i'l 2s. to £1 te.: -porkers, £1 6s. to £1 116. fid. Poultry, per pair: Hens, 4s„ 4s. 3d., 4d, 6,1.. ss„ 6d.; old roosters. 35., 4?:, to 55.;. chicks, Is. to is, 6d.; ducks, 45.-3d. to 4s. 9d. Potatoes, ss. to 7«. has;; now potatoes, fe. to We. cwt.; cauliflowers, 7s. sack; cabbages, ss, SOUTH CANTERBURY GRAIN MAKKET. (By Telegraph.—Press Association.) Oamawi, November 16. There have been' no transactions in Erain during the week, tho real cauee beins the inability to Eet shipments away owinK t-o the stiiko. OrJor.? are also goinsc to Timaru, v.'hero there Is no interference with shippine. The following are the prices on offerlSTieat, Velvet, 4s. to 4-s. Old.: rcdchaff, 3s. 9d.; T.ed Tuscan, 3s. Ed, to 3s. Sid.; solid straw -Tuscan," 3s. 7d, to 3s. 7}d.f Marehall's white. 3s. 7id. to 3s, Bd. Oato: A-grade Gartons. Is. 11W-. to 25.; B-grade, a penny less. Po't&to&s, about- 305., and unsaleable. FEOZEN JTEAT. By Telecraph—Press As'sodaf.lon—Copjrlght ■ (Eoc. November 16, 5.5 p.m.l London, November 15. The Incorporated Society of jJeat ImDprtors' Smithficld market anotations for tlie undermentioned olaseoa ;of frozen- meat- are based on actual sales of not less than om hundred caroasses of mutton or fenib. or twenty-five quarters of beef of fair avora»e quality. ■ The Quotations afo pot for selected lines, but for parcels fairly re« presentativo of tho bulk of the shipments now on tho market. The Prices Which follow are on the average-a farthinc per lb. moro than the values ex elvip, this difference representing tho averaco cost in expense, handling, conveyance, and sellins the meat:— Jiov. 8. Nov. 15, Itutton— <!• ' dCanterbury, light 45Canterbury, medium 41 . Canterbury, heavy * i Southland - 4-3-8 4J , North Island, best 4i 4a North Island, ordinary 43--S 4| Australian, light. 313-16 «13-16 Australian, heavy 3d' 34 River Plate, light * River Plate, heavy 4| New Zealand, cwea 'SW'IJ 315-16 ■ Australian owes 311-lfr -s li-lo River Plato ewctj * Canterbury, light 53-8 53-8 Canterbury, medium 61 PiCanterbury, heavy 45 6 SouthlMid ?«« c North Island, ordinary 415-16 5 North Island, selected ® Australian, best 5i 5S Australian, fair 51-15 51-16 " Australian, inferior 4i ' 6 River Plate, first * , _ River Plate, second ■ Beef— New Zealand, ox fores ... *sS- 33 New Zealand, ox hinds.., 4| Australian, ox fores 3| s| I Au«»tT-aliaii, ox h.ind6 4 3-b 4 3-8 River Piat«, ox forea 39-16 River Plate, ox hin<l9- •« • River Plate, chilled fares J3 River Plate, chilled hinds 53.8 5 •None offering. Babbits are dull and unchanged.