COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1923, 4 December 1913, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHARES. A sale of Bank of New Zealand shares ai. £10 16s. was the only transaction recorded in investment shares yesterday. T.'»- TarinKamutu Totarn, Sawmills, Ltd., liafi declared a- dividend of 2s. Tier, share, nayable on December 16. The uuotatione wero as under:— Buyers. Sellers. £ s. d. £ s. d National Bank — * f J Well. Investment — 0 11 9 Veil. Trust and Loan .... 7 5 6 - Christchurch Gas 6 15 0 6 19 0 Wellington Gas (£10) 16 12 6 - Wellington Gap (pref.) .... 1 0 0 — National Insurance 2 10 3 — N.Z. Insurance! — 514 6 Gear Meat, (£1) 13 4.0 - dear Jiettt (£1) •....."....■ 3 9 0 — Union Steam (ord.l 1 4 G ISO Union Steam (pref.) C 19 6 — Golden Bay Cement — 0 IB 9 THE MOXEV MARKET. Owing to Canada- being in the market for another loan, the Contois market is depressed. Canada, has been o, very persistent borrower for many years past, and ha= this vear obtained with the loan now to be issued about £33,000.003. On September 29 the applications for an issue of JE3.OCO.CCO 4 per cent, stock at ; £S9 closed, and the underwriters were saddled with 57 per cent, of the stock, and this stock is still mostly in the .hands of the underwriters. Many of the municipalities have since cone on the market, and now comes this fresh loan of £4,000,000. It is a certainly that the underwriters will be leaded ui> witli the bulk of this Issue. GERMAN IRON AND STEEL. In view of the- reduction in wanes in the iron trades in the North of England, it is. interesting to-know the position in Germany. Speaking at the general meeting of shareholders of the Ikisper Iron and Steel Works, Hen- Klocckncr, who is generally considerod to be one of the leading authorities in this domain, admitted that, as far as immediate prcnpects are concerned, tho decline in the price of raw material was rather unfortunate. It had, however, the advantage or preparing the ground for a subsequent upward movement. It was <v well-known experience in industrial undertakings that any lasting improvement can only take place utter prices have absolute]*- touched the bottom. This had already been tho cn.se with iron ores. A decline of from two to three marks had already taken place in connection with foreign ores, and French minotto had been especially nli'cetcd, owing to tho decrcatTd demands resulting from the Belgian strikes, which caused hasty at reduced prices to bo made lo Gcrniauy. It was also Ukclv that tlic Swedish mines, which largely t-upnly the German market, would Ve compelled lo reduce their prices in accord with tho <>\i.«tioe • stfll"?. if tha' market. Withal, H»ri' Klocckuer anticipates -a further Jnin the erne-rip of German tier! and iron produce. Eirtrisnce has shown that,

on a downward movement accurrinß in tlic markets of lliu world, German steel mul iron exnorU hove not snfTcreJ, and. consemicntly, no onxicty need be felt in this respect. In (my e«e-e, (iennniij- is not liliclv to lose those forciKii mcrkcts which have lon™ been regarded as her particular domain. Ilerr K!oeeku«- went on to elinn- that his ontiniiem is rartienlai'ly .justified in.' regards steel plates, which, in spite of incrciV.ed nrodueliou. eontinuc to be in. extremely active demand. There is every reason to ,':unnose thai this oetivity will rontiiuie tliroiinlioiit tho comiiiK year, ns nil th« leading shipbuilding ;-nrds. iioth at, home mid abroad, arc full with orders. There i,s also some, reason to believe that tltiriiisr next year the American mArket will afford an opnortunUy for iiliins orders, as, accorclintr to the new tariff, iron, splcgeleisen. and fcrro-iaangaucce ere on tho frco list.

AKGEXTIXE HAIMVAYS. Hitherto it lias l>;cn an easy matler for tho Argentine i-ailwny rromniinies to obtain all the i-apilal they rciiisircd i;i the London and Kuropcan money markets. For some time past, however, indications have not- bcon wantinir tiiat investors arc beconnus alarmed at tho desire- on, the tiarr, of Ooiiki-css e.iid provincial Governments to modify existing ennditions in relation to transport companies. The province of Kucnos Ayres, for example, lra.i recently sanctioned a, project to build c, network of railways of about, 3CCO miles, which would enter into direct competition with every railway company already travevsinsr that province. Considering the enormous tracts of land which at present arc uncultivated for want, of transport facilities, this hostile attitude towards capital already invested in Argentine railways is not calcnUUed to attract funtLs from abroad for development purposes. The press of TVueno's Avrcs Generally Toundly «oii.'icmri;( the action of the provincial authorities. ot» leadinu iourr.-al pointing out that without tho assistance of the railway compariics and foreicn capital tho country would he in the samo condition to-day ns it wa.i when the Indians occupied the greater part- of the territory. According to th-2 "KflViuw of the Kiver Plate." the diKusslon of the matter bv Ctougtress has disclosed ■>, certain amount of apparent animosity to torcisu capital. Outside ofliriil cK-'.es the opinion is held that anv alteration of the laws under which much foreitrn money was brought into Arcentina will undoubtedly compromise the credit of the nation abroad. One would imagine tint when the loanable fund-i are not suffieisnt to satisfy the number of borrowers, it is no time to shake tho confluence of investors. . ' GERMAN TEXTILES. According to the latest mail advices, the situation of most departments of the textile trade in Germany leaves much to be desired", although the opinion is expressed in «ome quarters that the worst has been experienced. For the calio of the British worsted industry, states tha "Textile- Mercury." it is t0 1)C hoped that the more optimistic views may nuiierialis?. A large proportion of the tops, yarns and .fabrics exported from Yorkshire gors to Germany, and business at present between the two countries is by no means good. There is no disEuisius the fact that unemployment ill Germany is increasing, the August figures of the traae unions «uowmg three times the number of mom hers out of won; that there were at the corresponding d&to in IQI21 Q l2 Thi" feature itself is aisomctening. and indications generally point, to.a hard industrial winter in the German Lmpire. OVERSEA FREIGHTS. According to- recent mail advices, the present state of tho pverica freight nwnkets suggests i remarkable contrast to tne conditions prevailing a year ago. In i-omo trades rate? are now about SO r-ei cent, below the level of last autumn, r.spcoiallj- depressing influences have been the recent dry weather m India., wluttt. it is feared, will seriously ofleet th«: gr:nn export,', and the disappointment with y.io grain and cotton crops in North America, liven N<nv York lias been taking maize from the Plato But while the current freights show serious decline on tno year, shipowners fully realise that tno ■boom prices could not be erncitcd to last, and the iirc=ent rates still le-ava a, maxgain of profit. The tramp cargo steamer owner'•hips, which benefited most by the -innormally high rates, are. now principally feeling the falling off 111 rtetmmd and rates, for it io far cainr for ■tl'D lm.tr companies to keen, more or less. the. even tsnor of their way. . .

SECONDARY BUTTER. It- is naturally hoped that Sow Zeaiart'X dairy factory managers wul realise that. duality is essential this season more so than in previous years. London Buyers want onlv tho choicest makes, anu it that hi"h" grade is unobtainable they prefer margarine to second-quality butter. Tho If. a pound butter which used to oo a popular line a. year or two ago. has now almost entirely been superseded tills. A lb. double overweight margarine. Iho largo co-operative shops lead the way in pushing the Is. margarine. They say that in uualitv the margarine is much _ more oven than secondary butter, that it Is cheaper, and that supplies are always available. The make of mflrganno an tho United Kiu'fdom ha-s Tcaehed 50.K0 tons per vc-ar. In conraoiience of this demand for margarine, stocks of secondary Siberian butter have, been gradually accumulating, and at the present moment thero a'-o approximately IGO.CBO casks in cold store in YVitjdaii. Russia, which is the principal port of shipment fsr Siberian butter. This is irrespective of the supplies held in St. Petersburg, of which thero are no partioulors. but which probably total 20.CC0 casks. Those largo stocks are all held by English and Continental houses.

CUSTOMS REVEXUE. Customs duties collected at the port of Wellington yesterday amounted to £2713 Cs. Id. LONDON WOOL SALES. By Telegraph—Press Association—Copyright London, December 2. At the wool sales, prices for good merinos were very .firm, and for faulties rather weak. Prices for ero;.sbreds were unchanged. Messrs. Abraham and Williams, Ltd,, have received the following cablegram from their London agent?, dated December o; —"The wool' sales progress with a- steady market, and prices remain unchanged," The New Zealand Loan and Mercantile Agency Company, Ltd.. have received tho following cablegram from their London house under date December S:—London Wool Sales.—The demand on American account is restricted,-biit competition on German and French account is active. As compared with last sales' closing rates, prices are about the same for Kioured crossbred, greasy merino super, coarec greasy crossbred, crossbred slipe, lambs, greasy merino, medium and scoured merino, and lower by about 5 per cent, for greasy merino inferior and line and medium greasy erosabrcd. FINANCIAL CABLEGRAMS. By Telegraph—Press Aesociation-Copyricht Loudon, December 2. Yesterday's closing Quotations were as follow :— Bank of Australasia, buyers £112. -fellers £114. Bank of New South Wales, buyers, £39 155., sellers £40 153. Bank of Victoria, buyers £3 !ss„ Eellors £4 Union Bank of Australia, buyer* £54 10s.. sellers £55 lCs. ■ ■ National Bank of Australasia, bus-era £a 55.. seuors £5 15s. National Bank oi New Zealaficj buyers £4 !55., sellers £5 ss. Bank of New Zealand, buyers £11. sellers £12. J\.Z. Loan ana Mercantile Agency 4 per cent, debentures, JIM 10s. City of Melbourne, 4 per cent, debentures. £97. Jfolbourne Harbour Trust. 4 per cent, debentures, £Vt. Melbourne Tramway Trust, 4J per cent, debentures, £ICO. Melbourne and Metropolitan Hoard of Works, '■ per cent-, debentures £97. Australian Mercantile Debentures, £50. Dalgety olid Co., 4 per cent, debentures, £89. Jlnlgc'v and Co.'s ehareA buyers £S 155.. sellers £6 ss. .Melbourne. Gas Cn.'s debentures, £93. City of Sydney. £98. Crolilsbrough, Mort and Co.'s debentures, £94 10s. Hani; of New Zealand, 4 per cent, guaranteed stock, £93. SILVKR. London, December ?.. E/iv eilvor is uuotcd at U\i\. per ounce standard. JUTE.Native ,rst marks. November and December shipment, £35 2s. 6d. per ton.