COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1955, 12 January 1914, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. Tho sales of investment shares recorded on Saturday were: Bank of New Zealand, £11 55., and Christchurch Gas at £6 18s. Gd. The quotations wore as under:— Buyers Selkra £ b. d. £ s. d. Bank New Zealand 11 3 0 — Bank N.Z. (rights) 417 0 - National Bank — 5 5 6 Union Bank 57 0 0 N.Z. and River Plato 2 10 — Well. Trust and Loan ... 7 6 6 — Christchurch Ga's 6 15 0 7 0 0 Well. Gaa (preference) 0 19 3 0 19 9 Standard Insurance — 112 6 Christchurch Meat 15 15 0 — Union Steam 14 9 15 3 Taupiri Goal 110 — Golden Bay Cement — 018 6 N.Z. Con. Dental 10 9 - THE RATE OF INTEREST. Tho reduction of the Bank ofEngland discount rato from 5 to 45 per cent., which took place last week, indicates that tho tension in the money market is for tho present lees serious than it was a few months ago. The 5 per cent, rate was maintained for a long period, for it hold for fully three- months. The discount rates in the open markets of Paris and Berlin have been lower than in London for some time past and even now there is no alteration in the rclativo positions. The demands on London are of much greater volume than is the case with other monetary centres, because London is tho "Clearing House"- for tho financial world. Tho lowering of the bank discount rate will encourago borrowers, and we may shortly expect to tear of -several largo loans being placed on the market. There aro some people in New Zealand viho labour under the dclustion that the Gov. ernment of tiio day, or any set of politicians, can control the rate of interest. If this were correct, tho Parliaments of all countries would be legislating in this direction. But money is beyond such control; the. rate of interest will depend and must depend upon the volume of loanable credit at any given time, and tho demand for it; in other words, the rate Is governed by supply and demand. It would be just as feasible for the Government - to legislate against tho riso in the value of land and of commodities as a rise in the price of money. For some time money, or rather loanable credit, has been comparatively Ecarce in New Zealand, and borrowers have had to pay higher rates. In our columns on Friday, "A Farmer," writiug on the rato of interest, complained that tne banks were charging 6 per cent, for overdrafts, and further stated it was hard to get money below 5* to 6 per cent, on freehold security. This complaint is childish. Surely tho banks have a right to chargo what to them appears a fair rato for tho money they lend. The banks may not desiro to Increase their volume of freehold securities and the best bankers are very conservative in this matter, because the system of fixed loans is not good banking. Tho banks want liquid securities, such as wool, butter, cheeso, etc. Lending on land Is more or les.s of a "tie-up." and no banker of any repute likes to bo so tied up. Money Is no dearer in New Zealand relatively. than it is in the BtatC3 of the Commonwealth or even in London. Money, like water, finds its lovol. BAR AND ANGLE- IRON. Wheft the lost mail left, snglo iron on tho Clyde had been reduced to £5 per ton. and bars to £7 per ton, both loea 5 ner cent, for Olydo delivery or equal. This reduction of 10s. per ton was the fourth of'a-similar amount since tho oarly part of August. Hence Jjar iron and angle iron should bo reduced in the local market shortly by at least £1 per ton. With tho reduction, thero came to an end tho rebate of ss. per ton to consumers who confined their purchases to material of tho associated. makers, a- rebate which had been In force almost two years. As in the case of all such agreements (writes the "Economist"), tho real test came when trade-was on the wane, although even during the height of the activity complaint was made that tlie scheme wus not (voriiing smoothly, inasmuch as tho associated steelmakers were nnablo to keep paco with their- contract obligations, while consumers, on tho other hand, wore prevented by the terms of tho agreement from making good tho deficiency by buying imported material. When, however, competition in manufactured iron became acute, consumers found that it was impossible to ad here to the strict letter of tho agreement, while, on the other hand, the associated steelmakers found that they were unable to compoto with imported material on the basis of .their schedule prices, 'and that customers who had perforco to resile from tho rebate agreement thereafter confined their purchases'"'as much as pojsible to material which was not subject thereto. This most recent development is an important ona in the history of the steel trade, as should tho rebate now bo abandoned by tho English makers, as well as tho Scottish, it is most unlikely that any attempt will be made to revive th<j schcino, at least for many years to come. FEILDING MARKET REPORT. Messrs. A. 11. Atkinson and Co., Ltd., report a fair number of poultry penned at their Friday's sale, and a small yarding of pigs. Prices wc.ro on a par with recent sales, poultry meeting with moro competition than usual at this time of year. Peaches wero inquired for, Hit had not oome forward. . Quotations:—Poultry, at. per pair: Hens, 2fi. 6d„ 2s. 9d., 3.5, 3s. 3d. to 3s. 9d; cockerels 'small), ls„ Is. 3d., Is. 6d.; better grown, Is. 9d„ 25., 2s. 3d. to 2s. 9d.; roosters. 3b., 3s. 9d.; ducks, 4s. 9d to 6s. Pigs: Wcaners. Us. 6d.; slips, 135., 155., 16s. to 17s. 3d.; stores, £1 Is. 6d., £1 55.; porkors, £1 lis., £1 4s. to £1 16s. 6d. Fruit, in cases: Plums, ljd. per lb.; apples, Id. to Ud. vex lb.; peas, 6(1. peek; potatoes, Id. to 3d. lb.; onions, 2d. per lb.; cabbages, 2d. each. CUSTOMS. Customs dutico collected at the port of Wellington on Saturday totalled £2124 6?. 3d., tho amount for tho week being £31.35 a lis. • Tho returns for each of tho past eight weeks. coniDaxcd with the figures for

year, show as under:—"'.',.< \*; , ,fi;,:!^.tf ::! C i; fK'? November 22 '.'...'...' 25".97«.3"1f51T5^ November 29 :.' H.Blsßis?..ltl,M»4^ December 6 ;.. l(i.l i ais.^Kv2s'.2r/..^ r ;.i Deccnibor 13 '...'.'" 21.669 .-.Sv-S-. 12,821"'x : i-, : j December 20 .■.'..■:.''-■ 15.316 ■?'{'• 2&,M'#&> December 2? i. 12.K6 ;^S.IH^VJ .lonun.ry 3 12,«!lia;'Sl8.e51s4I'i-; January 10 .^51.385^33.05711^ ■■'-'lsl,B«,f;;:!27Soi|i| The beer duty collected last week amonnlil'i to £516 16s. 6d., as a.crainst £205 4j.;jl6'ri,tho.' corresponding week of last year.ri^ygi'ig SOUTH ■ (Uy Telcßraph— Press Assoeia,tiou{)J.'. : . r .-' Oamaru, Jsnu:try" :: ?io'»*. Tho onlv sale of wheat during the'.week; that is reported is one ot Marshall's White, at 3s. %i. net on trucks. Vclvct-'.isyiui few hands, and offers of 4s. lid. net have., been refused, the holders asking more,' mjnev. Tho prices asked for all varieties-' is above buyers, and this accounts for tho small business done, prccsnt quotations itre:—Velvet, 4s. Id. lo (s. lid.; red clinff, 3s. IOJd. to 3s. lid.; Tuscan, 3.5. lCd.; .liar-, shall's White, 3s. 9id. Oats have. furtherweakened, and more are offering.-.. ■ ; A'-, Grade Gartona have been sold Wis. Id. and Is. Hid. net, and -'B" Grade are. a penny less. ■''■.■■ ..J- i, v .| : ,. LONDON SIATIKETS. O*-' "';y By TeleirraDh—Press Aflsociaiion-OoDyrtsht' (Eec. January 11. 5.5 p,ml.'), : if;;; ; g( London, January IG.-. '; Copra meets with small demand. South Sea, in bags, on spot, £29 sa. (buyers), £24 17s. 6d. (sellers). . -. ' ''"„.■ Jut*.—Votive first marks, January-Fob., ruary shipment, £24 IDs. per t0n.'.... ..; N.Z. Hemp.—The market is steady.-.: Jam:': uary-March shipment. £25 15s. per ton.'.,'--Cotton.-Janiiary-Fe'oriiarr ehlpmcnts of j American middling cotton are clearing at 6.75 id. per lb. . ..-'■'■ ..•■• Rubber, fine hard Para-, as. id. per lb.; .plantation first latei crepe. 2s. 2?d. smoked sheets, 2s. 33d. ■'~■'. ..■..;.-;;■ Antimony. 2a. 9Jd. , '*'■} Silver.-Har silver is Quoted at ■ 26. .5-Bd. per lb. , ;. S;v' ,:f'i .UNION BANK. : -~l^X' : l (Her. January 11, 5.5 p.m). ■'■",'■*,". London, January 10."' The hnlnnce-shcet ol the TTniof. llanlt ot Austrnlln. Ltd., rlioks deports, £21,334.589; cash, investments arid remittances, £10.7,-3-3,-. CB4; and bills, £15,610,125. . - t - r .-.%..%/ ■■ WIUTING-DOWJT I"'?-? "Timcs"-*ydney "Sun" Special Cables.',- : London, Jangmry 10. Owins to tho depreciation in silt-edged and other securities, English banks havo used over two millions of their profits to meet tho declension in values. ,-■■ ■ , \:' i ,jt COPPEIt. ... .'<?s% London, January 9. - American copper in stock Is estimated at 91,439,0001b. v''-v^,is;s,irt' AUSTKAMAX SUGAB. '"'''. %% Sydmy, January- 10. Tlic Hon. R. Philp, ex-Premier of Queensland, and a partner in tbo shipping firm of Burns, Thilp and Co., states that the sugar crop totals 240,0.00 tone, a record, and almost double that, of tho previous, year. With that prown in New South Walee. it should bo sufficient for Commonwealth requirements. .:',,',.' i•-..■■: j