COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1953, 9 January 1914, Page 8

COMMERCIAL ITEMS.

. INVESTMENT SEAHES. The Wellington Stock Exchange reope'ifei, for business yesterday after the Christmas recess? and as might be expected there was no bufiucss doing. It will take brokers a. day or tiro to get in touch with their clients, and also .to feel 'the puke of trir> market. The few quotations recorded yesterday were as under:— Buyers Seller* £ s. d. £ s. d. Bank K.Z 11 2 0 - Bank N.Z. (rights) 4 7 6 - Eciuitablo Building 8 17 6 — N.Z. and Biver Plato 2 10 — Well. Trust and Loan ... 7 6 0 — Wellington Gas (prcf.) ... 0 19' J Standard Insurance — 1 12 6 Union Steam (ord.) 14 3 Union Steam (prcf.) 0 19 6 — CM. Banks. Ltd , 110 13 9 N.Z. Con. Dental 10 9 THE WOOL MARKET. At the Antwerp wool sales held on Wednesday thcro was a poor demand, ana prices were- . substantially lower. Tho Antwerp sales are not a very safe guide to the prospects in London, and may, therefore, be dismissed. At the Wellington sale on Wednesday Continental buvcrs were very active, and it will be found'that both Bradford and Continental operators will bid briskly at the London sales next week. This activity is in part due to the fact that there is keen rivalry to supply America with tons and yarns under the reduced tariff. The Americana with their high working costs will bo forced to rely upon Europe for partly manufactured wool, and tops and ya.rne will be imported. Another factor stimulating the Continental buyers is the fact that on increased quantity of Army and Navy clothing will bo'needed by innjt of the European nations. The wool sale in London ncil. week should exhibit au improrea

■FALLING STEEL PB.ICES. Tim iron and steel trades appear to ho the. first of Britain's staple industriw to feel the coming decline. lioportfi from all tlio leading centres nre unsatisfactory. Pig-iron is now down to an unprofitable figure for makers, but tho recent heavy fall in the price lias not induced new business to any extent, and blast furnaces nrc bring blow™ out. In. the Midlands there if a.'shortotfj of orders for all claeses of lnanufocturcd iron . and steel, and makers are cutting pricca .severely to compete with German, Belgian, and American dumping. In the North of Ensland and Scotland continued activity in shipbuilding ensures n good demand for steel plate and angles, but the question of prices is again being thrust into the foreground by the receipt of large quantities of German and Eelgian plates at very low figures. Whereas the home price is officially £6 15s. a. ton, or le*-3 rebate £6 ICa, German plates are being offered and, as a matter of fact bought, at, £5 12s. 6d. a ton, while there are Belgian Arms who are seeking orders at under £5 a. ton. These prices placo the home-made article,at a, decided disadvantage, and ft seems.inevitable that tho Steelmakers' Association will have soon to make another reduction In their quotations. Shipbuilders hare no sentiment about t,nls matter, says the "Shipping' World." The foreign plates are up to Lloyd' 6 requirements and are quite good, and will be bought m preference to the doarer nomemade article wherever possible, thougn ■many of the builders are, of course, tied to.tho association. A» the time in (folding on to make contracts for the ensuing year s or half-year's supplies, it may bo a 6 certain that the home prices will bo further reduced between now (middle of November) and Christmas, 'n the main, the effect of cheaper materials must be to the advantage of tho shipbuilding trade, especially, in the matter of catering for new work, of which there is no scarcity. A number of orders for cargo steamers have recently been booked at tho lower prices shipbuilders are nowable to quote, and-there are still several mnuines circulating. Owners, of course, will hold off on a, falling market, but once prices have found their natural level, concluder. our contemporary, it is anticipated that builders will have little trouble in booking up those accumulating contracts which hove been held back all last year.

THE DEPRESSION IN FREIGHTS. Freights nro rieprciascd— that in, pompared with twelve months ago. Wheat steamers are 17s. 6d. lower, a.tiu sailors are !»s. 6d. lower, ritill they are not as. lovr as they were two years 020. But, as agaiust that, expenses are much higher. Ae a recent issue of "Kairplay" piita it, "the condition of the freight market is again leas satisfactory, employment being more diilicult \\, secure, whilb th» retrograde movement in rates of freight is still unchecked. Unfortunately, as wo foreshadowed would be tho case not long ago, coal freights are now lower all round, with a, tendency to go eiiW loewr. The fall in freights is ebcoming serious, os owners are still running thetr boats upon a high ratio of expenditure, which cannot be varied as freights foil. Reducing working expenses is a long process, wages take a long time to como down, also the cost of stores-and provisions; insurances effected for must run their course, and no gam is secured by cancelment of policies, and arranging 1 diil'crent basis of insurance. Com may come down in price as. freights fall, bitt tho decline in coal prices 16 very gradual and slow compared .to the drop from day to day in rates of freight, There io no doubt that freights have collapsed to Such an extent that this 15 causing considerable alarm to some owners who are not in a position to boats upon a freight inorItct such as we now have to contend with, near boats cannot make a. profit on todays markets-that is, after gdequato allowances have been made for depreciation, etc.; in fact, some experienced owners have expressed themselves as being unablo to make even 5 per cent, upon modern I'Oats capitalised at £6 per ton. This may be perhaps slightly exaggerated, as in some of tho long-voyage trades there is still a, margin of profit left; but there la certainly very little margin in such trades <w the Black Sea, River Plato, Indian, and Mediterranean, Wo remember years ago that boats used to show a comparatively fair result upon such rates as aro now current in the Black Sea. trade, but then cxpensos, such as 'wages, stores, provisions, and insurance, were, altogether lower; while, lately, good half-and-half Welsh bunkers were' 1 'procurable at Vs. 6d. por ton. There is on over-supply of tonnage in every market, and as trado declines this over-supply becomes more accentuated; in. fact, the over-supply of boats seems to be uioro pronounced every day, which is well reflected in- the awful rotes of freight now being accepted from Col. cutta and Bombay, the River Plate, etc." FROZEN MEAT. Messrs. Gilert Anderson and Co. (Messrs Mellsop. .Eliott. and Co., local agents), in, their weekly market report, dated London November 28, make tho following remarks :— Home-grown meat has again been' short Prospects point to continued moderate supplies. Beef: Scotch sides Urn at 6Jd. to 6?d.; English, 6d. to 6}. d.; Canadian, 53d. to 61d.. Mutton firm at last nriccs. Scotch, 7id. to Bd.;.English,'7d. to 73d.; Dutch. 6Jd. to 7d. Ewm, 5Jd. to 5Jd. Teg?. 73d. to Bid.: English, 7Jd. to Bd.; Dutch. 7d. to 73d. Lambs: Seotc.h hill lambs. 7'T. to Bd. Teal, 7d. to E}d. Pork. 6Jd. to "3d. Frozen.—Australian mutton and lamb going into consumption very well. Prices firm. Beef at high prices, principally through of chilled. Fores iu short supply. Smithficld Prices. Mutton— Under 481b. 48-561b. 56-641b. 64-7211). d. d. ■ d. d. Canterbury — — -• — Wellington - 4J 4J Ordinary New Zoa- , land . -. 45 45 Ewes.—Now Zealand, <8-651b., 4d.; Australian, 30-501b.. 3 li-16d. Australian, 56-72U)., 4!d. South American, SO-Mlb., 31d.: 50-Voib. 3 15-16 d. LambUnder 361b. 36.421b. 42-501b. d. d. d. Canterbury 5 3-8 51-8 5 ■Wellington , — — — Ordinary New- Zea> . land 5-5J 43-4? Australian.—Best, 28-42!b, s}d.; /air, 28421b, 5 1-BcI.; inferior, sd. BeefNow Zealand, fores; 3Jd.; hinds, 4jd. Australian, crops,. 4d.; hinds, 4 7-16 d. South American, .fores, 31d.; hinds. 4id. Chilled beef, fores, 4d.; hinds, 4Jd. CUSTOMS REVENUE. Customs revenue collected at the port of Wellington yesterday amounted to £6573 2si Ud. ANTWERP WOOIi SALES. By Telegraph—Press Association—Copyright LonUOrii January 7. At the Antwerp wool sales there was poor demand. Fine merinos, and. crossbreds receded in price 5 to 10. centimes, and-medium coarse fell by 15. to 20 tentimes. Of La, Plata, wool, 3321 bales were offered and 1423 sold. TALLOW. London, January T. At, the tallow ealcs 1054 casks wore offered and 6/7 sold. Price* realised:—Mutton, fine 365. 3d., medium 345.; beef, fine lit. Ja, medium 3>s. WHEAT. London, January 7. j The wheat market is steady and prices unchanged. Tho American visible supply of wheat is 127,558,000 bushels. (Rec. January B, 10.30 p.m.) London, January 8. The wheat market iu. easier, SILVER. London, January 7 Bar silver is quoted 'at 263 d. per ounce, standard. LINSEED OIL AND TUBPENTINE. London, January 7. Linseed oil, £24 7s. 6d. Turpoutinc, 325. 4id. EMPIRE TRANSPORT CO, LTD. London, January 7. Tho Empire Transport Company, Ltd. (resistorcd in 190Z tor the purppso of carry, ing on tho business of shipowners in various parts of the world), is issuing half a million 5J nor cent, debentures. They will bo underwritten, and repayable at par in fifteen annual redrawing®, commencing in, 1915. The proceeds of tho issue will bedevoted to the extinction of £28,000 worth' of existing debentures and tho payment 011 new tonnage. UNION BANK OF AUSTRALIA. London, January 7. Tho I'nion Hank of Australia has declared «• dividend of 10 per cent, per annum, and a bonus of 2 por cent, for tho half-yeni*. making 0. total dividend ami bonus rate of 14 per cent, per nunnm. There, hau been appropriated £18,000 to moot, interest on instalments on now shares, £30,000 has been added to the rcservo funds nod £44,000 has been carried forward. BOARD OF TRADE RETURNS. London, Jlmtnl.iT 7. Board of Trade returns show that for tho lagatb oi Decwabtij tojorti ituuuid ,

by £2.510,651, exports increased hy £!,£S7,BSi : anil re-eiports iiierca'ed by £436,616. as.com-, pared with tho figures for December oi;1912:' AUSTRALIAN WOOL SALES, f^ft Sydney, January 8. ; During the first half of the current wool | Fooion. the eoles in ibe • Commonwealth totalled 1.1E0.659 bales, compared with 1,081,721 for the same period of 1913. ■■-.-:- LONDON MARKETS. '" " ■' ~,■ . The New Zealand Loan and '.Mercantile Agency Company. Limited, have received the following cablegram from then." Loa-v don hoitio under dato January 7:—Tallow:'?, We quote present spot values for the to!-: iowini; descriptions:—Good mutton, 'o5«. per: ewt.; good beef. 31s. 3d. per cwt.:, mixed. 335. 3d. por cwt. The market- is quiet.' Wheat: An Australian carco has been sold at, 36V. c.i.f. The market, ia quict.-lmt: steady. The outlook is discouraging.,";'-;-:!g AUSTRALIAN PItODCCK JfARKLTsiJi; (Rec. Jautiary 8, 10.5 p.m.), ; " "\zjsiff Sydnoy, January "::;.; Wheat, is. 5Jd„ 3s. 6d. Flour, £7 lCs'..' £7 Ifto. Oats, Algerian feeding, 2s. 4tl. .to 2s. Sd.; milling, 2s. £d.: Sparifowbills. 3s. Id. to 3s. 2d.; diants, 3s. 2d. to &>. 3d.; New Zealand, A Gartons, 3=. 3d. Barley. Capo malting, Je. Jd. to Js. Sd. Maize, <ls. 3d. to 4«. fi. Bran, £4. Pollard, £4 lis. Potatoes, Tasmanian, £6 Onior.«, Victorian. £7 10s., £8. Butter, selected, 1C35..; secondary, 100s. Cheese, 5Jd„ SJd. Bacon, Bid. to 9d. Adelaldo, January -8, - Wheat, os. 6d. to 30. 6J-d. . Flour, £7-15s. to £8. Bran and pollard. £11. .- : :-'.'- HIDES.- ■'^■■'i^.' (Uec. January 8. 10.5 p.m.l ■ > "' : sj. Melbourne, January 8. The hides market reports a large catalogue, and keen competition, prices being fully id. dearer than at the last, sales in VJocembcr. ■ MINING NEWS. ■,;§- WELLINGTON SHARE There was no.business doingin the mining . market yesterday, and. tho only feature of interest, was the low opening price for Rosa Reconstructed. The quotations were as under:— Buyers. Sellotu. £ s. d. £ s. d. R.oss Reconstructed 0 7 0 0 811 Talismran 2 2 6 ..■■■■„■—■''■ Victoria , 0 0 sj ■'■:; s/ --'. .■ Waihi 212 6 : - .-. . Woihi Grand Junction ... 15 0 ~.— ;. GRAND JUNCTION RETURN, '-.."'f' (By Telegraph.—Press Association.) Auckland, January B. During the twenty days of December the Grand Junction crushed 7370 tons for £.14,641 9s. 6d. The local representative of the company has forwardod- to tho London- ofHCo the following cablegram:—"For the December period, running 20 and one-third day*, crushed 7370 ton= of ore for a return of £14,641 9s. 6d." This brings tlic total cutput to date to £778,696, of which £U0,119 was won during the yecr 193 J. MOUNT MORGAN MINE. '/ By Telegraph—Press Association—Copyright. Brlsbans, January & The half-yearly report of the Mount Morgan mine shows a eurplus of £;7,84b, to which hais to be added ths undivided profits, £46,591. Dividends of a shilling per share were paid in October and ou January 2, and absorbed £100,000, The balance ■ (£66,8461, After meeting all cluißres, fiad beeu carried forward.

During tho half-year 148.924 tons of ore was treated, and yielded 4354' tons of copper and 54,9820z. of gold. Developments during tho year have made it possible in tho near future ' for the concentrator f.<j treat 500' tons more; ore daily. Every effort is being made to complete the new power, plalit and have it available to operate tho old smelter until the new ono is running. In addition to. 3,245,000 tons of high mo-dium-grado oros, there aro at least anothnr threb million toiiG of lower-grade euitabio for concentration. STOCK EXCIfAXGE. (Br Tclczrash.—Fre?s Associatioa.) Auckland, January B. Sale* on tho Stock Eicb.an.go to-day Included:— Waihi Grand Junction, £1 Fe. 3d., £i Es\ Wrtihi, £2 13s. 6d.. £2 Us., £2 j?s. 9d., £2 12s. 6d. South British Insurance, £4 ta. Auckland Gas, £1. Gs. Reported sales:—Waihi Grand Junction, £1 55.; Waihi, i £2 13s. Cd. Dunodin, January 8. The following sales wore made, on the Stock Exchange to-day:— Waihi Grand .Junction. £i ss. 3d., £i 5a., £1 4s. lid. . Union Steam Shin Co. (ord.), £l 4s. 9d. , Balo reported-.-Vvailii Grand Jusctiois£l fa. '3d. <"•'■