COMMERCIAL ITEMS.

Dominion, Volume 1, Issue 1967, 26 January 1914, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. The eales of inveotmer.t shares re<-ofded on Saturdaj- wore: Bank of -New Zealand at £11 18g. 9d. and £12, and LejiandO'Bnen at 235. 6d. Tlio qaotalions (,ero as follow:— Eujfra 'Sellcra'' £s. d. '■ £s. d. Bank N.Z. frights) 5 2 6 ■■ ■ — Equitable liiiildins 9 0 0 — '■ Metropolitan BuilaiDE ... — !S 7 6 N.Z. and liiver i'late ?. 0 0.-r Well. Trust and Loan ... 7 7 6 " : 7 11 ■ 0 G'hristchurch Gas 6 IT 0 6 19 0 Well. Gas (£10) - . 16 17 6 woll. Gas (preference) ... 0!9 '3 : 1 0 0 National Insurance — ; ' 2U 6 N.Z. Insurance 5 15 i,y ~.'f.; Standard Ineurancc -- ■ 1 13' CGear Meat (£4) 13 10 0 Gear Meat (£1) 3 7 6 '' Union Steam (pref.) 015 3. •]. o ! fl' Mosgiel Woollen 3ld U , . Well. Woollen (ord.) 4 0 6' "4 2' 6 Well. Woollen (pref.) — ' ''326 Taupiri Coal i 6 .' _• Wsstport Goal 110 0 ■ . —■■ Golden Bay Cement — 018 0 Manning and Co 4 0 0 — N.Z. Con. Dental 1 i j '< '• w"-' Ward and Co 4 7 6' ■' —■' W.F.C.A. (£1) L ■ :, :1 6 . o THE MONEY MARKET. As anticipated, the Pank if England discount rate v.as on Thursday last reduced from 41 to 4 per cent., and uie into of the Imperial Bank nf *jormiiay i\ps also reduced from Si to 4j -or i-eiu. (Md arpearn to be comma in very trasly to the jtanh ot England, ior in tho t ast two weeks the t0 t!le metal . reserve has been£4 Db/.i.t'u, and tho proportion of reserve to liabilities has in the sume time r'sen from 49.34 per cent, ro llA'i jor coat, Th" slaekenLnc of trade arid tho curtailment of borrowing havo allowed capital to a<'cumulate and gilt-edged securities arc improving. Consols have risen somewhat sharnlv, but until they touch £77 lite, they cannot bo said to have reached tho rofujal IvvcK Imperial Consols wcro a? high as £113 in 1896, and tlio rate of interest on the stock was 2 per cent. Taken over .a. long period of yeare, Consols have -ctunied eii the average 3J per cent., and to jive that return now the price imsst rcacti ±V 7 ICb. 'l'hai easier tone of tho money market will probably hasten the borrowing schemes of many countries and «, fresh Hood of new capital issues would soon cause tha markot to advance..

- IMPORTS OF HAW MATERIAL. Jt; is. not generally realised that seeds, nuts, oil",' fats, a.nd sums eenstitute the second larges clasj ol' raw reateraJs imported into the United Kingdom. T.'ib vn-luo of the inwtvrds trade in that group of was in 5512 no less tlnn ixir,tM,6H. The chief item of all imports was cotton, which was valued at £69,f01,8M, ! third I'L'teo in the Jist heing occupieil hv timber, etc., at £37,474,134, and the f.vurth by wool, at £2,056,378. ?*ince ISCS Teiined coconut, olive, palm and s-hcr oils have' been cxdluded from the cateßory first mentioned,' so that any comparison of operations in that particular branch - of the imports to Great liritaii-i must ho rostructcd. to tho subseouent 'peried. In 190(5 the imports for Home consumption were valued at £20,88",f/S, and. tskinc the latevit fisiires available—those fc-r 1912—the movement disclosed is au .increase, of £10.771,595. or over 60 per cent. The- fcirisfpondiis increaseii were:—ln cotton, £20,50?,273; in wool, £3,115,705; and in timber, etc., £©7.291. If refined oils bo incluchil in the fifet oomparteon tho valuo of t;io t'-ta-l iif-por's in the group becomes i,21.f,-5„«;4 in 1906. and -C33,977,£ti0 six jears later. Dtirinp: tho ten month 3 to tbc'.md of C'ftober last tho imports wcro £4,000,100 greater in vniiie than 'hose for the corresponding term in 1912, the entiro movement occurring in Hi® raw material section. Vho rc-eeipts of refined oil£ fell slightly, whilst the principal increases occurred in cMtoa Eeed, linse-erf, tish, palm, linseed, coconut, lubricating, and liluminating spirit, pctroieum, etc. During tho last three years the imports of soya beans nave fallen substantially. Tile trade with Manchuria in the soya bean became of importance in 3K-9 find 1910, the rapidity of its growth catching English crashers somewhat unprepared. In their effort to copo with the new side of their business, tho crushers crnet'.iurate't on boy a to tho neglect of Unseed and cotton seed. There was a consequent readjustment of rato3 for tho product of the mills, soya oil becoming cheaper ocd tho other oils dearer. Later, however, there- tvtw a reversal of tho market position occasioned bv full crops, and sinco then tho popularity of tho Maneliurian eominoditity lias apparently been on the wans. AMERICAN CONDITIONS. In their roviow of tho cconomie conditions in the United States written about a month ago, Messrs. Henry Clews and Co., of Now York, state that tho country is still in tho midst of a period of readjustment. The economic changes are ensh aa inevitably follow a time of exception,il and world-wide industrial activity, and, although the process has Tone far, it, cannot be said to have completed ite conrsc. Nevertheless, there is sorno compensation in the fact that political and social tendencies can now bo more clearly foreseen, tiiid that the ordinary activities of the United States cannot bo permanently bola bock. Perhaps the. most disappointing clement in tho business situation, add Messrs. Clews, is the multiplying evidence of tr.'ido contraction, tho steel industry, which is running about per cent, of it-s capacity, leading in this"respcct. In the textile trades, there has been also more flr less recession, and manufacturers ar® embarrassed by the high coft of raw materials, and by the prospect, of increased competition from foreign goods. The one bright | "pot in tho position is tho large excess of exports over imports. Uiat for October alone amounting to mora than £27,008.098. a. movement that materially strengthens United fttate.s credit. abroad. Oil the turnout occasion Messrs. Clowa rcfrnin from forecasting the future. There are too'wany eiwfcward factors in tho situation, such os the condition of Mexico and tho political attitude towards capital, to justify any expression of an optimistic nature. . ■. FUILDINQ MARKET KiiPOUT. "'H" Messrs. A. 11. Atkinson and Co., ijti!, ■' sold on Friday a small, yardlnc of niir:;! I'orkera and baconers iiold readily at-ton prices. Sounit potatoes aru ',vanfn;i. pcachcß and tomatoes arc readily quitted and malto good values. They quote Weancr pics, 10s. to 125.; slips and .Jifrht. stores, 17s. fid. to £1 45.; porkom, £1 its. heavy, £1 19a. Dd. to £3 2«. per pair: Ilcno. 25., 3s. 3d. to half-grov-n pullets and- cockerels, Is. M. to 2s. fci ■ chicks, Is. Od.; ducks, ,?s. fluuin. In 6(i' In. 9d., to. ease; apples, mostly lrttidfalh' Is. to 2s. Jd. eap.e: cucumbers, to lis! Gd small box; pears, 3s. half-case; tomaloos, 2s. to 1".. 3d.; peaches, 45.. id. to-On. ' cosToaa tlustoms duties coirecsetl at tlie port- or Wellington on Saturday totalled £M 77 7». 9d., the ninount for the week being £23,614 2s. The retuniH for each of the pa ; .t ei'fht weeks, compared \v!th-thc fliruroa fur tlie corresponding period ol- tho - previous year, show as under:-1913-14. ' 19i2.fi. I- iir i' Docombcr 6 ' Iteenibcr 13 . SS.Kl.'jt December 20 lh,3i£ 26,631 December 27 i?„i!f''fi">.. 5.M9 %■ .To.niia.ry 3 12.64' J. ' l!l,05t"-. ■ January 10 JUBir' January 17 'O/i? ; It.SM ■ Jniiunry 2-1 T::>/, 1 f',l !91, Tho beer duly collected i;u t wi-.cii amounted t.o £209, ns against JI.WO lfc. 5,-1, Tor t,ho cone: nondliii; «ci.!( of .hisl year. % .liw K:-. TIMAI! li WOOL Illy Telegraph.- Pros'. ■ Tliuflrn, .1 rif\ij.->i : V--H-'. tn all ly.". huh' i>»in offitred . lit the yrool 4».1e uell on Satui'Mj,f-tnujjtuclcs

;, s ■hnV' : ''f U l e^^t'ar^loK^-v^ei';eydibi>o'.i'&d^or^.buii2.3o^ ; , Jlrc£elU.^iV«» ,^l^llijlff■•, ■JJre^!mt:•.■^'■ ,^ho^fnle^ i ))ro-^■ 'rmAMI) J'i i'if I :>.V" f '-1 JJ"i c.csV- >hu o'i"". 'fiider^l!l!!'''d!wu , sity)/cDii;«|uc]it ; oii?itliP;.(!if. . « r aa:-^lTa.lilmeil; , - : '9d;:?'!ji'.UJd;.;-' tto»8-(iii*rr«r- ; .sanrijr.V: BU:i.. iit n Oidi;-: crutdifmrJ,'.'; 6gcr..r- tn \'*.l.': msxinoi. Jvi-i C'vi' : fcI)C:H M \ Pulvi T-^ !' ■ K]- ''' T«t* r . ft W , Oamnrif, Jnnmrv ?4 I'':yTh^e i \'b^' :< declino' ; in trnp - of ncarlj"..' ail li'ncp -or producc; ■■■ Viiry ; li! .v^l^oat-.r.i!l. , ■ , '■■ offerliig.ViV.tlMsro. ;: cniCentiy j'not ..'lieing m'i::h.held. Ono.lino "o'f -wlTet'-'waa fold Vat¥. tsl 'a. itomil.-.v ,;;a!.<o!i :andf.an-■ I other : latiiivl.onfeat." es less | rommission'iV.of-: eQittU-to!!'Js;.VlW. jnot.Oats '.have ■ been' offering'' morc'tfreelyi'i-huf there I is little .biisiness:'doiEKEf"=P!dirf''A'.': : Grado. Cartons ; :nt x !;. : iSd; t '..to. 1 : 9i:, 1 net. The' prices ! ;| liaii ' deCiitied :!n\vet; : -tho" elid ' -oi.^Uie I lAIP>RDINfj J O VN j : : v^v^: ; ;Hcc i -v.Tanuarv^^>'s.s/::p.TD:)^ London. i.mjiuiirj-. 24. " . a' There !; '''arc;rirumou73ij;of "na. ■iimpendini',. I 'Icdi:iP:lo^ri^fcr ; ; ; :i:10 ; .SJjS•: .^j"^.^\(Ee(^^« i anuaryy' i 2s^\s^s^p.'m3./ :^y^: ' London, rr : 24. -V ■ Thor®f-'.isV'«.Sistronß. Yorkshire., demand;' and ''.all'prices "are Vd!' maintained. . Tho fleeco portion.;cf tho "Orakei"' clis realised' 13 ■' nrice ; , and-, averaged j l'iid. s,;, . The Bank 'of iNexriZpaiand 'ha-s received the following. cable jidvieo from its tondon office. • dated? January 23 *. — 1 "Tho edtcs have- closed 'firm' 1 /for' all kinds •of • wo"!There is a. good : demand for 0.1 l kinds, of crc-Eebred wool./^:;.; ; Total:... quantity held over is <000 bales,' ofi'which - 15G0 are Zealand.' i.'.. Current"- pricca for Noriii Island farmers' lots in avemao condition • Ooarso crossbred?,■■ 36-40'e anaiity. 10 ( i. to' 10Jd. por lb.;'- medium crossbrdas, 44-46's f fluality, lOJd.' to: llid.; • fine crossKreds,- 60's . quality, lid. to l"d. " Carrent' orice? fni ! South Island fafmers'...: lota (Canterbury i style) in average'condition: Inferior rnertnoa, eottraon, w-64'3 anaiity,' Hid. to lid:' per lb.; superior merinos, super,- 60-64's aaality,' 12d. to iod.;. half or quarterbred. 56's quality, llid.'to' 12Jd." ■; Abraham' and WUliams,-Ltd.. have ror.eived tho following' 1 cablegram from Lon- '■ don, under date January,; 23 :—"TJio ealea progress.-woth good ..from all ' stcu'onsi' .'"ith, however,:-, the" Americans ' operating spinngly. As compared with closing Jatcii of last .Seriw, prices for merinos are from'par.to. 5-per cent, higher; fine and iiaoSi\im "crossbred ' rules 7J "per cent, up."'' "-hilst :fc.r .-coarss cicsbred ihs ■ market is<2* per cent.'-better.' All qualities" filii:,: with prospects,of 'steady'.ncrkct." ■. t . wool.'. SKIN.' AND HIDE; "LII.E. '' ■ Messrs." W>'and G.-.TurnbuHandCofapany, . Ltd., report having ,held their fortnightly wool and skin .-sale' on Friday," they.' offered, a good seiontion of all sorts. Pricca" were.on a. fiar with last sale! and were as follow.:—Wooi: Crossbred, fine. £d.;' croES- •. bred.' coarse, 7H- to 8J.f1.;- pieccn '■ and bellies, lid. to ,6Ui.; looks ausi stained pieces, 4d." to 4(d.;" criitcliinss,-ivcedy and ' inferior.-.'3i.; lambs. 63d. to E3d.; dead, 6'd. to-'Tid.r-' Sheepskins: Halfbred, 7d.' to Bjrj.; lino crossbred.'■ Cd, to 8«!.: ■ medium -coarso . crossbred,• 7?d,., to Sid.; .■short- to half wools. 5d., to 7d.: dead and damaged cr&ssbrcd, 4M. t-o 6Jd.: inferior and badiy damaged. to-55d.; lambs, 7ad to 7M.r iiamplsalted..u and green. 2s. Sd., to 7s. 7d.; pelts. 2s. 1:; os.: galted- lambs, i?.'.. 6d. to 7ft. Sir Bides:''Ox, heavy, GUC u«,Bsd. to 8i:l.; ox, . irediuni;;'sfl-59, B;rt. to Bid.-,, ox, IMit, <*5 arid .under:'to 85:1,; cow, heavy, SSlh. and over, Sd. to Sid.: cow, !i£'.t. uoA»f 42 Bd.' to frtd.: cow, medium, 42 to. 54. BSd. ■ to'B3d.; cut. slippy: and .superior, «d. to 7 3-Bd.; bull, stag, 6d. to 6sd.v vearlmgs,. 73d. to 9 J calf, sunerior, 10d. : to llid.;'calf medium,' good, ■ 9d.' to 10 calf,. I damaged. P.d. to 9d. A'/fnllow.-'ln. ra?is=. £1i te to '£i 7s. 3d.! i•in • tins,* 14s. V;- ■ £1* 45.; horse, hair.ls.: co\r. : tails, . la. .'7d..;-. horns, I 4s. 6d. , ; W