COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1909, 18 November 1913, Page 4

COMMERCIAL ITEMS.

INVESTMENT SHARES. 'A'saJe of Westport-Stockton Coal shares "at'4s. was the. only transaction recorded in investment shares yesterday. Tho quotations were as under:— . „ „ 7 Buyers. Hellers. ' . £s. d. £ s."fl. Bank Now Zealand — - 1' 6 National Bank 5 7 0 5 8 0 Wellington -Investment ... — 011 9 Well. Trust and Doa-n .... 7 5 6 7 9 0 Christchurch Gas 6 17 0 — N.Z. Insurance 5 11 0 — Gear Meat (£4) 13 3 0 — Gear Meat (£1) '3 9 0 — Union : Bteam (ord.) 14 3 14 9 Union Steam (pref.) — 1 • S? n Well, Woollen (ord.) -• — 4 10 N.Z. Con. Dental 10 9 - THE BEEB DUTY.

The beer duty collected last week in Wei-, linctdn totalled £527 2s. 10d., as compared with £224 4s.' for the corresponding week of last year,, and at first sight this would seem to indicate that there has been* an abnormal increase in tho consumption, but this is not so. The consumption of locallybrewed beer has increased because supplies from the south and north have beeji cut off. Tho returns eo to show that in ■normal times the 'consumption of beer brewed outside of WoUinKton is somewhat larcc.' Tho present situation is quite. a favourable one for Wellington* - breweries. 1

A BOOM AND. AFTER. ' Unpleasant consequencos often follow a. boom in trade, and that seems to be the experlcnco of India at the present • time. Failures of nativo banks have boen rather freauent of late, weak 6Pots being revealed', first in tlie Punjab, and then in the Bombay Presidency. These native-owned and native-managed banks are run on lines that are regarded in European financial circles as far from sound. Tho country has been over 1 trading, especially in the imports of Lancashire goods, states a correspondent to tho "Economist." The opium question, the gamblo in silver and general speculation, due in part to tho rapid multiplication of nativo banks, have brought about tho present unsatisfactory position. The tea and juto industries have done exceedingly well, tho money value of tho latter crop being estimated at, something lilie £13,000,000 in excess of that of 1911-12. The paco apparently has been too fast, and a slackening all round eeems advisable. FUTURE OF PIG-IKON. Gloomy forebodings for the future of the pig-iron market, beeamo common somo months ago, and the position subsequently, developed appears to be. in o, degroo, a fulfilment of tho pessimistic prophecies which were uttered in certain quartors. A period of .relatively low prices is being experienced, and it has come to.be realised that tho expansion in production of lato has been such as to quite outdistance the development of the consumptive demand. For some time past consumers have been content to take only small quantities on the hand-to-mouth principle, but more recently several contracts have beon placed with-the Cleveland works for future, delivery, and this has given rise to the hopo that better conditions may be in store. In. September it was announced that six or seven of tho Oloveland and Scottish furnacce were to bo blown out, with the object of restricting the output and preventing the accumulation of stocks, and tiat

course has since been-adopted.. It is .contended that prices of pic-iron are now eo low—compared with costs—tliot production has Teaeliod an unprofitable level, • and there is no donbt that the .effcct of recent industrial legislation in t-lio Old Country lias been to add' to tho burdens of the employers. Still, there is no ronton to suppose that the chances so far effected have been such as to justify any permanent and substantial incrcaso in charces to consumers. In the opinion of the "Statist," it "is quite possible that Cleveland iron will-not agalu bo ecen at below 30s; per ton, as in 1886; but thero exists no valid reason, why in tho ordinary course of unnßs it should not go well below 605." For the first eight months' of the current year tho output of tho United States was 21,500,000 tons, and that of Germany, including Luxembourg, was - over 12.760,000 tons: The inforcnce is that it is tho romarkable incrcaso of output whidli is aflectmK prices rather than any preEeut inherent unsoundness in consumption, though that may have to be faced as a. future contingency. , . , \ RUBBER SHAKES. .The shrinkage in values of shares '! in rubber plantation companies on tho London market continues unchecked. For. the month ended September 21 ten .representor live concerns, with a, nominal capital of „r wcro valued in the market. at £4,450,000, as compared with £5,135,000 a month earlier, and with £8,920,000 in September, 1912. The decline for the month was just over 13 per cent., and for tho year no less than £4,470,000, or over 50 per cent. The alterations in tho value of 387 representative stocks. states the "Bankers' zine," show o gala of £18,582,000 in- the period between August 21 and. September 21. eaual to an advance of i per cent. The experience •of tho succeeding four weeks, however, cannot have been otherwise than adverse, owing to tho increased deamess of money. CARGO BOATS. Fibres computed by "Fairplay" show that the earnings of cargo boats are of a very remunerative character. The working profits of 17 companies, with a paid-up capital of £3,605,499. amount to £2,095,126, as compared with £1,114,616 in 1911-12. Depreciation. got £1,367,504 against £681,531, J-J"! the shareholders received a return of 13.40 per cent., as against 7.54 per cent, in tno immediately- preceding year. Tie feature of the present year is the amount set aside for depreciation, which will probably bo invested sooner or later in new tonnage. CUSTOMS REVENUE. ~ Customs duties collected at the' port of Wellington yesterday amounted to £3249 17s. lid. HIGH COMMISSIONER'S CABLEGRAM. The Department of Agriculture/industries ,and Commerce has received the following cablegram from the High Commissioner for Isew Zealand, . dated London November 15. (Note: Quotations, unless' otherwise specified, are average market prices on spot) — Mutton—Tho nmrliot is firm. . Canterbury, 4Jd. per lb.; supplies are nearly exhausted; Quotations are nominal. North Island, 4Jd. for best quality lightweight. Lamb.—The market is steady. Canterbury two«,-S{d. por lb.; heavy-weight fours, 6d.; other than Canterbury, 4Jd. for lightweight.

Beef.—The market is firm. New Zealand hinds, 44d; 'per lb.; fores, 33d.; chilled hinds, sd.jforc6,,3jd. Butter—The market ia quiet, but thoTe is no-alteration in prices for Siberian, Argentine. and 'Australian. Supply exceeds' the demand for nnsalted butters. Danish, per cwt„ 1295. to 1315.; Now Zealand, 12?s. to 1265. Cheese.—Thore has. been no alteration in the. market sinco last week. Canadian■white and coloured, por owt., 655. to 665.; New Zealand,, white and coloured,. 635, to 645.: Enftlish choddar, 60s. to Ms.; Dutch, white and coloured, 6ls. to 635. -. Hemp.—The Jtonila market has fluctuated a (tood, deal -during thia week, but closos ciiiietly. Steadj' ahippefs' o(Terinj?6 are very small,-as reports from Manila indicate the market active at hicher prices; or XI to £2 abovo our quotatione. Fair current Manila, per ton, £30 55.; forward shipment, £29 16s. Tho output from Manila for the week was 16,000 bales. Now Zealand, easier for ttopd-fair. Market quiet bat steady othorwisc. At tho close of the market thero are sellers at good-fair £28 10s„ fair £25' 10s.; buyers, .probably 6s. loss. Cocksfoot'. Setid.—'The market is firmer. Business lias been done, with Danish at 51s. 6d. New Zealand seed, weighing 171b. per bushel, offered at 615., but thero are no buyers.

Wool—The current Bradford quotations for tops are*:—36's low orossbreds, '15Jd.; 40's low crossbrods. 155 d.; 44's medium crosshreds, 16d.; 50*8 halfbreds,-195.; 56' a quaTterbreds, 22d.; 60' i merinos. 27id. Tho market, is quiet, with a tendency in favour of buyers. Outlook for next series is a little obsoure,. but it is not anticipated that prices will show much' change. ■ , LONDON MAKKETS. By Telegraph—Press Association—Copyright London, November 15. Oopra.—The market is dull. South Sea, In bags, October-November shipment, £30 10s. per ton. , New Zealand hemp.—The market is dull. October-Decembor shipmonts, £29 per ton. Cotton.—November-December shipments of American middling cotton aro clearing at 7.13 d. per lb. Eubbor.-Fine, hard. Para, 3s- to-3s. 63. per lb,; plantation; first latex, Zs. 44.; smoked sheets, 2s: 7d. Lead—lmports. 15,355 tons; Australian, 7073 |tonsj exports, 6043 tons. WHEAT AND FLOUR. ' London, November 15. The wheat and flour afloat for the Unit; od Kingdom total 1,850,000 quarters; for the Continent, 1,975,000; Atlantic shipments, 578,000; Pacific, .14,000. The' total- shipments to Europe during the week amounted to 1.5 M.OOO quarters, including 67,000 from Australasia.