COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1650, 6 January 1914, Page 8

COMMERCIAL ITEMS.

WKLMMGTON WOOL SALES.- ' Notwithstanding the fact that the ouantity of wool to bo offered to-morrow is lees than half of that catalogued at the't.corI'espondinj sale last year, pricea aro expected to average u ■ farlhJiiff more than *he rates rulinK at tho December salee. '"'.•ore will be a. very full attendance of nuycrs, several now arrivals beinx included in the number, 'flic tone of the market will, he more cheerful, and, if the reserves M.re not too high, there should bo a big .under tho;hammor. Buyers wero jiisy yesterday valuing the wool in tho ' ' MPPON ITSEN KAISHA. Gross profit?, amounting to £514.904. were ■made bv the Xippon Viijcn Kaifiha (.Japan Jl'ai! .Stcamsuip Co.l for the half-yenr ciidprl Scpicinber 30. from th!? mini must hr deducted £M,Xi for depreciation. ■ .C61.T28 for transfer, to insurance fund, and £62,377 fo ships structural repair fund. The w"t ea.rniiiK6 were onrt with the stun brought forward. £88.169, there h an availnble surplus of £376,679. Of tltttt total, the usual dividend nt. the r.itc nf 10 per rent. al>=orba £110,CC0,' directors' n-nil auditors' fctis account for £7355, to the reserves £14.424 ie added, raisinc that fund to X 359.832: the fund for the extenFlon of services and improvement of tho rompany'3 fleet is raised £70,CC0 to £700,C00, and reserve- for construction and repair of building gets £50,C00. The balance of £?4,898 is carried fonvard. Tho book value of tho 'fleet of 82 vessels is Eiven os £3.137.942. and on account of new shine £420,851 hae been paid. The .tgnnftKo owned by the company is givon as 346.017. Jn addition there are three vessels building, chartcringe, tugs, etc.. which advance tho •tonTNiKo to 455,299 tons. Mesers. Dalscty and Co.. Ltd.. is the IMbourno acent of the company.

INDIA'S PAPER OtfRRENCr. In his annual roport the ControllerGeneral of tho Indian paper . currency Bi«tC3 that the absorption an distinct 'r'om the circulation of sorcreiena by that empire in tho year 1912-13 amounted to £10,245,CC0, or more than one-third in «• cea? of tha-t of 1911-12, there havine been an increase in every province. In tho Ptmiaulj the expansion was nliout. 60 nor cent., or £5.£2,M0; 'in tho . United Provinces £1.616,000 was absorbed, luul somo j81.571.CC0 in Madras.. while liombav took only X1.657.C00. Thus the tendency to beep gold out of profitable use is stronzest, In the purely cp-lcultiiral districts. The controller hns arrived B,t the conclnsion thr.t in every town of .importance in India the sovcreisn cen be Hied in retail

transactiouj. This coin, too, enters more and more into the ceremonial life of tho people,-and in addition- it is value in a vory portable form; hence its w=c in jonracys and iiilErimaßos. In rcsnrd to the. agricultural community, the cultivator promptly .utilises n. portion of the sold ho receives in payment of h'h produce to ■ discharge his Government dues, and tho i an S* is ueimlly melted down or boarded, tor the latter purpose the sovereign Is more suitable than thp rupee, and tileo lot- conversion into ornaments, since ite .intrinsic value is not very materially Teduceil by rricltins. Between tlic force of custom and the shock to confidence due to the suspension of so many native linnks recently, the hoarding propensities of the Indian .uativc.3 are not likely to diminish.

BOMBAY FINANCIAL CRISIS. Tho financial crisis in Bombay has not as yet affected Calcutta, writes a Calcutta correspondent under date Octobor 30 'but the ramifications of trade and banking-arc £o wide that it is impossible to predict how far the miechief may spread. The trouble in Bombay began with speculative transactions Potit Mill share?. A str-jni; Eet was made against a. well-known broker, who was said to have maintained tho pneos of thoso ehorea at an inflated level. Tho hostile combination proved too powerful for him, and ho has been declared insolvent. A large number of other brokers, were involved inhio downfall. .Uie. banks, having lartfo calls made noon them, have bCEun to refuse credit, with tho result that eevoral pe*rl merchants, previously embarrassed by the fa!! in the price of pear's and tho poor demand in fcurope, havo come to grief. It is feared that somo Indian banks may be brotizht down in the general collapse. New failures are announced almost daily, end every failure necessarily places a number of firms in grave difficulty. There is. however, nothing wrong with the trade of India as a whole. Tho mania for speculation wMoh has- nforaye distinguished Bombay from the rest of India has produced, the periodical crisis; that is all. But Calcutta, and India, generally may ■have to suffer unlese the panic in Bombay ; is stayed. FROZEN MEAT TRADE. In their unnual raport on the frozen moat uvato'for the year ended Octobor 31 last. Messrs. Gilbert AndcKion «nd Co (liondon) ma.Se the following remarks with respect to New Zealand meat;— The strike of slaughtermen had the effect of.forcing the pricee up to a very high level throuch the markets bcinp bare of stock. Owing, however, to the delay in killing tho sheep and more particularly tho lambs, grew in size beyond tho weights required by tho trade. The heavy arrivals whicii followed on the defeat of the strikers, coming as they did towards the end of the season had tho effect of bringing down the prices from the hijsh level established. Heavy lambs in particular realised low orices, tho supply of theee lainbe being far in excess of tho comparatively Kmited tra.de for weights over 121b. Contrary to tho expectations of tho trade, the dressing of tho carcasses was fully up to previous seasons. .The quality end general standard of New Zealand, shipments have boen maintained, but towards tho end of the season some works dropped their stamUrU of grading, ond there have been considerable complaints against late lamb, noitton, and beef shipments." CUSTOMS HEVEXTTE. Customs duties collected attthc port of Wellington yesterday amounted to £4457 15s. 2d-

HIGH COMMISSIOKEK'S OABLEGEAJI. The Department of Agriculture, Industries, and Commerce has received tho following cablegram from tho Hijh Commissioner for Ke\y Zealand, dated London, January 3, 1914. (Note.—Quotations, unless otherwise specified, are average market prices on spol):—•■

Muttou.—The market- is firm, owinito reduced supplies. • Quotations are nominal. There is no change in prices.

Laniij.—Lamb continues in active- demand. Prices have advanced since- tclejrranhins you on account of the difficulty iii obtainempplies. Canterbury two's, 6 3-Bd. per lb.: heavy-weights, 53d.

flc<?f.—The market, is stoady. New Zealand hinds, 4Jd. per lb.; foros. 'A.; chilled hinds, 4Jd. per lb.: fores, 3 13-16 d.

Butter.—The market is quiet at the decline. For some time past tho feature of the. trade, has been the scowity of best Duality butters, but of Into the hisli Drice bhesked a, genuine demand. Danish, per owt., 150?. to IJJs.: Xaw Zealand, 118s. to 1225.; Australian, lite, to life.: Amentinc, 110=. to 11%.; Siberian, ICBs. to 11%.

Cheese.—Tho market is emiet, but firm rind steady, and higher prices aro niiticipated. Canadian white, per cwt.. 675. to 685.: coloured, 68s. to 695.: Australian, 62*. to 665.; New Zealand white, 6Cs. to 665.: coloured, 665. to 67e>. Prices are nominal /or New Zealand cheese. There is 110 change in price? lor English ched'lar. Fstimatcd Canadian cheese stocks at London. Liverpool, and Bristol on .T.xnuarv 2 were 233.C00 cases against 3C9.CM at the same time last year. New Zealand and Australian stocks «t London and Bristol wore 70CO case? acainst 165,000 at tho same time la-st year.

Hemp.—The market i>s nniet, lint,-rather pteadicT, oUhouch business is dull. New Zmland, (rood fair, per ton. £25 10s.: fair. £23 lCs. Manila-, fair current, on spot. £2.7 per ton; forward shipment, about the same. Hops.—The market prospects are favourable, and holders' we flrm. English. 180s. per ewt.: Californiaii. 15Cs. ■Wool.—The in'irket is firmer, and there is more domarid. : liONDON IIAEKETS. ' By Telejraih—Press Association—Copyritht London, January 4 Copra.—The market is dull. South Sea, in bass, £30 to £30 ss. per ton. Cotton.—January-February shipments of American middling cotton are clearing at 6.69 id. per lb. New Zealand , Hemp.—The market is quiet. January-March shipment, £25 153. -per ton. Rubber.—Fine hard Vara, 3s. IOJd. ner lb.; plantation first latox crepe. 2s. 3d.; smoked sheets', 2.5. 4d. Kauri Gum—The quantity in stock conBisU of 448 cases. .- • Cement.-.Enßlish, 5;. lid:; German, 5e lid. per cask. METAL GOODS. ■„ ' . London, January 3. Galvaniccd-iron. first brands, £16; second brands, £14. Tin-plates, I.C. coke, 12e. 9d. per cwt,; J..C. charcoal, 155.-9 d. Iron bare, £7 15s. per ton. Angle steal. £5 7s. 6d. per ton. Fencing: wire, £7 per ton. Tram rails. £5 13s. 6d. per ton, Wire-nettinK. 62i per cent, and 33 to 5 per cent, off list prices. ' Antimony, 2s. 9d. Aluminium, £81 to £85. . Quicksilver, liOs. WHEAT AXD FLOCB. „, . London, January 3. The wheat and dour afloat for the United Kingdom totals 1.610.C00 ciuartersfor tho Continent, 1,470,000: Atlantic ship! ments, ■ 407,000; l'aciflc, 65,000. The total shipments to Europe duriii" tas 74JMO ffi&ftl'if!°" tObS ' inClUd: a™nnchanU^ 6 ' * rteady - * M DricK