COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1943, 29 December 1913, Page 8

COMMERCIAL ITEMS.

UNITED STATES BANKING. The United SfcatM Administration • Cnrrcnc.v BiU, which, according to American terminology, will be known ae the "Glass Bill," as it was framed and introduced by Representative Carter Glass, the Chairman of the House Banking and Currency Com'mittee, lias passed the Senate, and. according to a, recent ca.blo message, is awaiting the final touches before becoming law. In eubstanc© the measure provides for the establishment of twelve local or district reserve banks, each of which is to cxeroise powers of rediscount, and is to do business solely with ite stockholders, who are to be the bajiks of tho district 'iiL which ;it, is situated. Nationd banks are ohliged to becomo stockholding members, and. State banks may do eo at their discretion, provided they comply with the rel- - requirements of the law, so as to j place thomselvce on ft footing of equality in this regard with the national banks which take stock in tho institution'. The capital is* to.bo 10 per cent, (paid up) of the capital of the subscribing bank?, while , Another 10 per cent. i> subject to call. I Each of these local banks h to bo con- I troilod by a board of nine directors. three | of whom represent, and are nominated by, the Government, while six arc elected by tho stockholding banks. The twelve banks are to be" presided over and controlled b.v a. general board, entitled the Federal Rescrvo Board, whose function? include tho inspection and examination of tho several bank* in the various district?, tho regulation of the rato of discount «fc Mich of these banks, ,aud the suspension of reserve requirements, whenever such a step i-5 deemed wise. The*Fcdcral Reserve Board is to consist of three ex-ofliqio Cabinet members, and four others nominated by the Government-, and removable by them at pleasure. CUSTO3IS. Customs duties collected at the port of j Wellington on Saturday totalled £874 110. I lOd., tho amount for the week being £12,006 18e. 4d, Tho returns for each of the past eight weeks, compared with the figures for the corresponding period of the previous year, show as under:— 1913. 1912. . fi P. Norember 8 ....* 4,966 1i.323 November 15 9,675 . 17,954 November 22 25,970 11.083 November 29 16.015 10,003 December 6 16.030 23.217' December 13 21,669 12.821 December 20 15,316 26,501 December 27 .. 12.0C6 ' 5,969 122,447 - 188,876 The beer duty collected last week amounted to £530 ss. 10d„ as against £515 19s, for tho corresponding week of last year, GRAIN MARKETS. (By Telegraph.—Press Association.} , OamarUi December 27, The holidays prevented much business being done in tho grain market even if there had been any to do. A lew lots of tfheat changed hands, Velvet having been sold at 4s. Id., Redchaff at 3s. LCd„ and Tuscan at 9d., all not nt country stations. There has since been a hardening tendency, and quotations now arc:—'Velvet, 4s. Id. to is. lid.: RcdclinfV, 3s. JCd. to 3s. lid.; Re<l Tuscan, 3s. 9fcd.; folid straw Tuscan, 2s. 9d.; Marshall's White. 3p. 9d. The market for onts remain? weak, and ncf quotations at country stations arc: —A-grade Cartons, is. Id-; B-gvade Garlons, If.: good heavy dark Duns, It?. Ud.; oUikc Duns. 1a 3d, to U. 9id,

FKOZEN MKAT. By Telcymph—Press Assaciation-r-Copyiifrbt 'London, Deccmbor 25. The Incorporated Hodetv- of Meat Importers' Smitlifield market ouotations for the undermentioned clas«c3 of frozen meat ore based on Actual sales of not less than one hundred careaescs of mutton or Inmb. or twenty-five (juarteru of Heef of fair n.verace duality. The ouotations are not for fdectcd line?, but for parcels fairly representative of the bulk of the shipments row on ths market. The prices vrhirh follow are on the average a farthinz per lb. more than the values ex chip, this difference representing: the averag* cost in expense. lumdlmz, conTcyance. and sellius the meat:— Per. 20. Dee. 25. Glutton— d. d. • Canterbury, lifrht * * Canterbury, medium • * Canterbury, heavy * • Southland *S North Island, best 5 < 5 North Island, ordinary 45 *5 New Zealand ewes 4 3-16 43-16 Australian, liprht 4JAustralian, heavy 4 4V Australian, eweis 4 4 Tirer Plate, lieht 4 5-S 41 Eiver Plate, heavy 4J • Kiver Plate, ewes 4 4 Lamb— Canterbury, light M W Canterbury, medium ..... 52 Canterbury, heavy 5? 62 Southland * * North Island, best * v North Island, ordinary .. * v , Australian, best 5.V8 5 3-3 Australian, fair 53 S3 Australian, inferior 5? 5? Kiver Plate, firsts 55 River Plate, ceconds 5i 5i BeefNew Zealand, or forw ... 4 4 New Zealand, ox hinds... 4J 4$ Australian, ox fores 4 4 Australian, oi hinds 4 3.8 4 3-8 lUver Plate, ox fores 4 4 Kiver Plate, ox hinds .... 4i Chilled Beef— Kiver Plato, chilled fores 35 aa River Plate, chilled hinds -5i 5J •Nom* otferlne. BANK OF ENGLAND EETUENS. By Telegraph—Press Association—Copyright (Eec. December 28, 5.5 p.m.) London, December 2". .The Bank of England return issued for the week ended 'Wednesday, December 24, is as under:— Issue Depjuitiiext Koto I«sus jE50.194.1W . Gov.dobt ... *11.015,000 , Other securities 7,434.000 Gold 32.045.000 £50.494,000 £50.494,000 BiNKEG Department. Proprietors' Govt, socuvicapital £14.553.000 . ties £11,109,000 Public da- Other Eecuriposlts ... 9,421.000 ties 85,930,000 Other da* Dosit3 ... 42.072.000 No! 01.133.000 Rest, 7-day and other bills... 3,370,0C0 Coin... ... 1.054.000 £69,316,000 , £69.316,000 The leading Items of the Bank at England return afford the following compail. son :—

This week Last irosk Last year £ £ £ Bullion 33.015,000 31,241.000 31,405.000 Reserve 2-2,187,003 26,073.000 5i.170.000 Note circulation 29,361.000 28.706,000 28.751,000 Public Deposing 0,421,0C0 3.0-JB.OOO 11.301.000 Other Deposits <2,072.000 37,161,000 10.2U.000 Proportion of resei'vo to liabilities. <3.07 55.1 a *2.93