COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1921, 2 December 1913, Page 8

COMMERCIAL ITEMS.

WELLINGTON STOCK EXCHANGE. Tho Wellington Stock Exchange was closed for holiday yesterday. THE WOOL- MAF.KET. The wool market and the,strike are the principal topics of conversation in business circlos. The tono of the wool market is causing some concern, for it is recognised that values are not as good as they wero a year ago. At tho London sales during the five selling days of last week 44,321 bales were offered, and 40,504 bales were sold. This is a fairly good clearance, contmlering the state of the market. At the sale to be held in Wellington on Friday about 10,070 bales will bo catalogued. Those were tho approximate figures nt noon yesterday. Tho offerings of the several brokers will be as under:—Daigt-ty and Co., 32C0 bales; Levin and Co., £609 bale*; Murray, ftobrrte and Co., 1700 bales; X.Z. Loan and Mercantile, 1300 bales; Abraham and Williams. 850 bales; Farmers' Co-ops., 350 bales; W. and G. Turnbull ,und Co., 70 bales; total, 10,070. At tlio corresponding i;alc3 last year over 11, COO bales were offered, so that it will bo apparent that tho strike has not made ». very great deal of difference to tho reeeipS of wool. Writing about the December sale of last year, it was elated m The Dominion that it was, "in the opinion of both brokers and buyers, easily tno best over held in the city," and the prices rca-ltecd showed an advauco o£ 2d. to on the purity of the corresponding sale of I 1911. Some of tho wool bought last, year was resold in London at a loss, and tho samo thing happened to wool boustit in January this year. Homo of tho specuin wool registered a. loss of between £2 and £3 per bale, and, in view of the,uncertainty of the market at tho present, time, it is very probable that they will be raorely spectators at the tale this week. Some interested in tho trade arc inclined to tho view that a good deal of tho wool to bo offered on Friday will be passed in, becau«o growers are askinj higher prices than a year ago, notwithstanding that values liavc declined very much since. WOKLD'H BAIIiWAYS. Particulars arc furnished in an nflieiul return, showing in what foreign countries nnd British possesions railways havo been in whole or in part either built or acquired, by the Governments. With regard to the British sell-govcrnini; Dominion-. it is pointed out that in Australia, -Now Zealand, and South Africa tho policy of Slalo ownership and operation of "railways has been adopted, wilh tho result that nrivaio ruilways play a- part which is relatively small. In Canada, on the other hand, although the Dominion Government hue owned and operated railways sinco Confederation, State railways havo hitherto formed a comparatively insignificant portion of 1-ho railway system of 1 ho Dominion. Tn Newfoundland by far the greater portion of tlio railway, 3 nro State-owned, but leased to a- private company. , . , According to the administration report of the Indian Railway Board for 1911, there, were at tho end of that year 32,8-39 -miles of railway open in India. Of theso it appears from tho tables included in the return that 6874 miles were owned and operated by the Government of India; 18,245 miles wcro owned by the Government of India, but operated by native States; IMS miles were owned by native States, but operated by private companies (including 256 miles worked b.v the Stat® Railway Administration); and 170 miles were owned by district boards or the administration of the French settlements in India, 'i'hesc- figures account for a, tolai of 28,599 miles (including some sughc duplication). Of the remaining railwavs of India, pome aro subsJdl>-cd (hy Eim-rantes of interest or otherwise) by

the Tmiia.li fJoverntwuil. or local govern* input* or diatrfut buards. The rcporta ocnluhifKl in the rcluni show Mmt in 17 BrilMi colonics -not pos* coding vwpoasihJo -govornrnenl anil J»n>« tcctoralos, there wn-p in th» vpur 1911-1" •Statu railway.-- amounting in all to 35"0 miles. • The only p«!ojiip:j and jiroteclor* atcs, cU'.» raihvny systems in which there wore jio Uovprnmcut-osviicd lines, iwv }>arh;ulos, l}riti--h (iiiian:]. laiul, tbc Jieehuanahind Protectorate Iho settlement of Labium, and Khode?ia, lit Iho la>t-nanied territory, the railway* nrc, however, mainly owned by u. company which is a subsidiary of the British iSoutli Africa Company, fii the British flnd, nrotcctoratw <is a. whole, the total long*,] of privotely-owiied railways wan 25% niih:?, of which 2551 miles belonged to the Uhodesian railway *;ystcm. opsratios in Rhodesia, the Rceliuanaland Protector* ate, and Portugese* Ea*>l Africa Tables relating to foreign railways tho\T a 1 otaL of 13'1,4C.> miles or railway operated (whctlior actually ownod or not) by titato railway odmiiiintrations, and '67,67 a niilc»i operated by private enterprise (there being included in Ihe hitter fisiiro a small proportion which is ShUc-owiicd/. If to the.-c totals there bo added those previous' ly given for the British sclf-grovorninj? Dominions*, the Hritisk colonies and protectorates, and India, the resultant figures arcl{ail\vay<s operated by Governments, 174,917 miles; railways operated by private enterprise, 42-1,232 miles. It is. hovr» ever, necessary to point out that these totals do not afford a precise indication of the relative extent of the railways operated by Government aJid private enterprise respectively, outside the United Kingdom, since the statistics for the various countries are not strictly comparable especially to the inclusion In othera. ot the mileage of "secondary" " s or "light railways); and the fact that the railways in the colonial possesions or foreign countries aro not includfid.

WEALTH 0? THIt KB XATIOXS. An estimate of the total wealth and incomo in Germany has been published under the name of Dr. Karl Ijelllcrinh, the well-known director of the Deutsche lianj;. According to Dr. Relfi'ericli, the income o£ tho German peoplo at tho._pt"esent day amounts to about ~„,CCO£uO,'.M) yearly, as compared with between —1.1C0,OMI.COO and £1,250,C00,C00 iu tlio year IB9j. Of this £2.001),'.40, £350,000,000, or nearly a. sixth, i,i appropriated lor purposes of Imperial Stato, and communal government, £1,2£0,000.0C0 serves for private consumption. Tho remainder, tome £400,CCD,K0, ijocy to increase tile store of national capital, c.s compared with tho sum Ol £225,U(1,L(j set aside some 15 years a£o. Tho totn 1 wealth of the German people i» calculated at £15,000X10,000, as compared with 11 total of £10,000,000,000 in tile middle of tho 'nineties. Jt, may he mentioned that in 19C3 Sir Robert UiScn placed the wealth of the United Kingdom at £15,000,000,000, while that of the United States figured at £22,340,010,000 in 1904. Hoth must have largely increased tinco then. CUSTOMS RKYENUE. Customo duty collectcd at tho port of Wellington yesterday amouuted to £2ora 2s. Sd. NAPIER WOOL SALES'. (By Telegraph.—l'ress Association.) Napie/, December 21. Tho first wool talc of tho season waa hold to-day, before a full bench of buyers numbering 39. The catalogues totalled 14,824 bales, as against X3.CGO for the first, salo lost season. Prices showed a drop of a, penny to twopence in sympathy with tho Auckland sale. Competition was Keen up to a certain figure, but a, big quantity was passed in in the hopo of an early rife in -prices. The wool was not in nearly such good. condition as last, year, being heavy in grease. LONDON WOOL SALES. By Telciraph—Press Association— Copyright London,. November 50. At tho wool ealcs there was catalogued 44,321 bales and i;old <0,604 bales. Prices wero iirru an dunchanged. Thcro was strong Continental competition. lor finehaired merino, "Java," tho top price v.as ICJd., and tht> average lOld. Messrs. Dalgety ami Company, Ltd., hnvo received cabled advice from -their lexicon Oftiue, under date It-jvember 27, as follows;— . „ .. . t . • "Wool sales continue firm, ana lately reported rates aro fully maintained. I'or faulty merino wools, scoured, prices arc rather lower. For good merino pieces, prices five rather higher as compared -with last sales. American buyers aro I operating only slightly, especially on eliped ; wools.

BRADFORD TOP MAIIKET. Wo give below tho quotations for Bradford torn at the end of November, nnd in parentheses are prices, ruling at the end of October. It is noticeable tliat tliero is a drop in all grades:~36e, 15d. (15Jd.); 40's 15J(1. (153 d.); 44's. 15id. (16d.); «\s, 16d. (163 d.): 50's, 19(1. (194(1.); 56's, 2)jd. (22id); s!)'s, 231(1. (Mid.): 60's (common), 26»i1. (27Jd.); "60's (super). 27id. (23(1.); 64's'. 273 d. (29(1.); 70's, 28J (29id.). Bradfonis are not operating at this price. French and German are tho principal operators. HIGH COMMISSION EIl'S CABLE. Tho Department of Agriculture. Industries, ana Commerce lias received the following cablegram from tho High Commit sioner for Jfew Zealand, dated liondon, November 29. (Kote—Quotations, unless otherwise specified, arc average market priced on spot);-* . , , , ; Mutton.—Tho market is steady, but do- | mand is only moderate. Prices are firm because supplies will bo retarded an ajcount of strike. Canterbury mutton is no l , quoted; North Ic'loml, 4Jd. per lb. Lamb—Tho market is firm. Canterbury two' 3, 5 3-Sd. Tier lb., nnd <ts high as sid„ were firm and unchanged. There was many ca.rcassc3 of stale lamb being placed on the market. Beef—The market is firm, a'eiv Zealand ' hinds, <*d. per lb.: fores, 33d.; chilled hinds, lit!.; fores, 4d. River Plate shipment.; received during tho month to Oc-to. ber wcro o.s follow:— - Mutton. Lamb. London 23.590 ■5.396 Liverpool <8,271 5,694 Cardiil 8,013 Hull 1.311 084 Newcastlo — IrelajcA. '...« 2,079 o 9/,439 11,763 October, 1912 247,073 39,327 Butter.—The market is steady, and prices are well maintained, with 110 change ior Danish, Siberian .and Argentine. Australian per owl., llCw. to 1245.; Aew Zealand, 126s' to 1283. Tho present prieo of unealtcd butwr is 2a. below tho market price for ealted. . . Cheese.—The market is quiet, but fii-m. Canadian, white, per cwt., 655. to 685.; colourod, 663 to 675.; New Zealand, whito, 64s to 653.; coloured, 655. to 655. 6d.; Australian, 60s. to 635. There is no ch-ango in prices for English and Dutch cheddars. Hemp.—Manila: During tilis weak tho market has been ouiet and steady, but closed dull. Fair current. Manila, per ton, £30; forward shipment-. £29 ss. to .£29 10s. The output from Manila for tho v;eel: waa 17,C00 bales. New Zealand: New Zealand hemp was in fair demand about the beginning of this week, but shipper* did not meet tho market. At present bnyera will not pay moro than within &•:. to 10s. of ]a=t prices, flood fair is pressed for caiu <i.t closing values. Forward shipment:— Good fair, per ton, £27 12s. £d.; fair, £2o 5= • snot (nominal quotatiors), good fair, per ton, £23; fair, £25 17s. 6d. Sisal: Tho position is unchanged. Wool.—The market remains firm. Coarso erossbreds. all grades, aro now telling at price.-i coual to last tale 3 ( The market for tops Is unchanged; ms low cronsbreds, 15d.; 40's low cvossbreds laid.; «'g medium crossbred-. 153 d.; 50 s halfbrcdfi, 19(1.; 56's quartor-breds, 21>d.; 60's merinos, 27d.

LONDON MAP.KF.TS. By Telegraph—l'ross Association— Conyricht London, November 30. Oonrn.-Tho market is irregular. South Sea. in bags. N'ovombcr-Dcceinbcr chipnii'iit, £39 7s. 6cl. , . Cotton.—Novcmber-Dcccmbcr Hiiipmeutsof American middling cotton are clearing at 6.93(1. per ll>. , . , , r . , N.Z. Jlnmp.—'J'lto market. J-> dull. Jlißhpoint, fair siudc. December-February shipment, £26 U\ re to"- , „„ ~ • l!ubbcr.—Fine, In.rd I'ara, 3s. Did. por lb.: plantation first latex crepe, J?. 33d.; smoked shcoU. i!s. 6ld. I lidos a.ro ncglected, oiul pricca arc un. changed. x Alumitiium, X'Bl. AYIIHAT AND FLOUR. London, November 30. An Mistraliau cargo of wheat sold at G6'\ 4£d. , Tlie. wheat, and flour afloat, for ttic United Kingdom totals 1,780,C00 quarters; for tlie Continent. ?..«!),000 omirtrrs; Atlantic. .shipments, HI.CDO; Pacific./J3.0C0. 'I ho total shipment,-; to Kurope during Inc week amounted to 1,650,000 quarters, including SMO from Australasia. I'. AXD'O. COMPANW ___ (lire. December 1, 9.2 i p.m.) Lonticn, Demnbrr 1. Tlio Peninsular anil Orjeutal Steamship Company. Ltd., lias derided to a.ild .Eir.O.OOO out of the proliUi to its exislins £250,000 in its Suspense Account, naming this! combined provision a "ttoniiiiEent Fund," for tlie purpose of securiiiK. as far as possible tlie pret-ent level of the dividends. This new ananscment is due to tlie risini expenditure on coat, wases, victualling, repairs, the uncertainties surrounding ihu new mail contract, and the depression ih the frcisM mirlict.