COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1971, 30 January 1914, Page 10

COMMERCIAL ITEMS.

■ INVESTMENT SHARES. There were no tranasctions in investment shares yesterday. The quotations were as under' Buyers Betlero' £ fi. d. £ 8. & Bank New Zealand 11 17 6 — National Bank — 5 5 6 — Equitable Building 9 0 0 9 ID 0 Christchurch Gas 6 It 0 6 IS 6 Wellington Gas (£10) ...... — 1 1615 0 National Insurance „ — 2 12 6 Standard Insurance .' 1 12 6 — Gear Meat (£4)' 13 1) 0 - Gear Meat (£1) 3 7 6 — I Union Steam (ord.) 14 6 1 5 0 J Union Steam (pref.i D 19 10 10 0 Kaiapoi Woollen ford.) ... 5 3 6 — Ko.iapoi Woollen (pref.) ... 5 3 6 — lloegiel WooUcn ..•! 3 10 b Well. Woollen (ord.) 4 10 — ' Well. Woollen (prflf.) 3 0 0 — Westport-St-ockton —- 0 4 0 C. M. Banks. Ltd.. 119 - N. 2. Con.' Dental 116 — N.Z. Drug'Co 2-4 6 — W.F.O.A. (£1) - 16 0 ' BOEHOWIXC W, LONDON, JThe easier tone of the Lanuoa m;iiey market has stimulated borrowers, anu Mewes i tho ten millions required by India, West j Australia is now on the market for £2.CCG,iOJ at 4 per cent., with the issue price lixett at £93 IDs. per every £IWJ oi iitacu. This loan will be readily underwritten, and will probably meet with the same measure o£ sucooss an the Victorian loan, which was subscribed threefold. West Australia is asking £1 10s. per cent, more than did Victoria, which shows the state of the money market. West Australia,.issued two loans during 1913. The first \v!is placed on the marliot in April, and was for £2,000,6815 at 4 per cent., with tho issue price at £98 ICe. Tho underwriters of the loan were left with If/ per cent. The second appeal was made to tho market in November last,' when a 4 per cent, loan for £I,tfK).OCO was ottered art, £97. G( this loan tho underwriters had to find 78 pet cent., and tho scrip was promptly auoted.at 7s. 6d. discount. As the New South }Vaks and Victorian loans recently floated are.quoted at a, substantial premium, tho West Australian emission should meet With a. eencrons response. Precipitate action on the part' of borrowers may be eipeeted, in view of t.Uo political disturbance likely to bo created when the Homo Itule nuestion again comes before tho Imperial Parliament, . The City of Auckland is also issuing debentures for £124,500 at 41 per cent, at par, and will have, no difficulty in obtaining tho money. In February of last rear the City . Of Auckland issued.. 41 per cent, debentures for £100,KX) at par, ftn<i the • amount Was fully subscribed.

ATLANTIC RATE WAB. A ra.te war between tho great shipping companies in the Atlantic trade has began. Tho trouble arises through the two big Gorman steamship companies having failed to arrive at a settlement of their differences, despite earnest overtures which have been made.on their behalf. The conference agreements of tho coniuamies expired on Januarv 21. and tho rate wo.r comjucnocd then. Iu shipping c,irclc3 in Great Britain there was a few wectar aeo an intense incline of resentment against-this forcsd'situntion, which is paid to have n.r:-on from a desire on tho part of the Ha*ii>ur ! s.Ai«erik3, Line to assort to the world. tho 6trengtl! of its individual position. The .war j'r mw being carricil on in deadly earnest, and. will mean the loss of many thousands of pounds sterling to all concerned. Another conference agreement- is certain to be arranged when tho.parties aro moro or less ilnancially exhausted.

ARGENTINE MEAT TRACE. Prior to tho advent of tiip American Beef Trust in the Argentine .meat trade tho five or six freezing companies Wero working under an agreement. wh*'.h prevented ruthless and violent competition. Tho Beef Trust managed to secure control of two of the meat freoiing companies, and the agreement w<w speedily broken. Then began a strenuous fight. The Ileef Trust's plan of campaign wae to buy live stock at extreme prices, and sell the meat in London at ciil rates in point of lact, tho Beef Trust sot out to wear out tho opposition, ttud has. gono very near to succeeding. Messrs. James Selsojt and 6on, well known in connection with tho Argentine meat trade, did not pay tie half-year's . dividend on the 6 per cent, first prcforcnco shares which was due on October 1 last, owins t-o tho adverse conditions. In the prcvinus years this company paid ant. of nroStJ the pfrefercum dividends, and 6 pes- cent, oa the ordinary sha-roe, bente cfli'ryine f-nir-ard a lubstantial surplus, A committw ol ilia

members of the Argentine Senate made inquiries into Use conditions of the trade some months back, anil l'ound that Uio Meet Trust, wasadopting tactics whioii threatened to eliminate all competition and place- the entire industry in the hands of a few individuals, The English and na-tive-owned companies pointed, out that un-Jx'.-s something' ivns done to hup rove tho situation they would bo forced to dose their works, as it w<i£ iturossiblo for t-licm to continue killing cattle at a loss to tlaeat or £3 'to £4 per head. It is flow announced that James. Kelson and Son and The lliveiWaco Fresh Meat Company are amalgamating to light tho American Beef Trust. Tho Argentine experience makes its necessary for New Zealand to keep tt close watch and not to ci?e the Beet' Trust tho cha.nca of getting a footing here. Fortunately our trado is principally in mutton and lauib, and the Beef Trust is moro concerned with cattle.

shipbuilding: The tonnage launched from British yard* last year was 1,932,153 tons, of which only 12,575 tons comprised,sailing vessels. Last year's launching® were in the aggregate less than is any of the two preceding ye art, the figures being as under:— Tans. 19M 2,000,000 1911 - 2,061,500 1912 .. 2,G85,3»i IM3 1,932,1 ira

OOAIPVUra it FOIST} RED. In tho Us,, of uowpiuiics registered pub. lished in this week s "Mercantile Gazette " the following 1 appear:— Montezuma, Ltd. Registered January 26 Office: Wellington. Capital, £6600 into 6000 shares of £1 each, . Subscribers: T. W. JJislep, ICO; p. J. Watson. 1G0; E. W. B Hornabrook, S); It. F. Bacon. 50; H. W. \Villi&ins, 100; \Y. R. Bock, -50; W. Clayton, 109. Objects: To carry into effect, an agreement between Montezuma, Ltd., in liquidation and the liquidators thereof of tho ono nart and Montezuma, Ltd.. and to develop and exploit alluvial claims and other mining privileges.

Union Timber Co.; Ltd., (The). Begistered ae a. privafb company January 28. Office. 11!) Main Street, .East, Palmcrst-on Xorth. Capital, £5550 into 555 shares of £10 each Subscribers: J. H. Hatikins, SO; A. S W* Hankins. 20; H. Gibbons, 125;. A. N. Gibbons, 250 j A. Torstonson, 30: 0. J. Monro 100 Objects: To carry into'effect an agreed ment between the Union Timber. Sash and Ttoor Co., Ltd., of one part, and J. Q. M'Wil]ia,m for the company to carry on business of sawmil'lers, timber merchants and suppliers of all kinds of buildsn-e materials. . -

LOKIiON MAEKETS. .The New Zealand Loan altd Agency Co., Ltd., have received the follow-in-g cablegram from, their London iotieo, under date January 28:—Tallow: \Ve auote present spot values for the following descriptions of tn.llow:—Fine mutton, £1 15s. per cwt.; good beef„£l M* 3d. per 'cwt.: miifjl, £1 13s. 3d. pes l cwt. The market is firm, vvhcai and oate: Sold an Australian cargo at £1 15s. 9d. c.i.f. There is very little demand owing to increased -sup-plies, but the outlook is encouraging.

CUSTOMS REVENUE/.' Customs duties collected at tho port of Wellington yesterday amounted to JE2-033 3s. 3d.

SILVER. By Telegraph—Press Association—Oooyrieht London,. January 28. Bar silver is quoted at 26gd. per ounco standard. LINSEED OIL AND TURPENTINE. „ London, January 28. Linseed oil, £22 15s. Turpentine, 523. 3d. TAUjOW. London, January 28. At the tallow sali» prices were unchanged. Eleven hundred- and fifty casks wero offered and 546 sold. MELBOURNE WOOL SALES. Molbourno, January 29, . At the wool sales, menrici;, comb'backs, and crossbreds, were in strong demand. Medium, coarse .mixed crosshredis were irregular, and distinctly caeapcr, resulting ia freauent withdrawals AUSTRALIAN MARKETS. (Rec. January 29, 9.25 p.m.) . . _ Sydney,, January 29. Wheat, 3s. 6-id. to 3s. 6Jd.; flour, £8 65.; oats, Algerian feeding. 2s, Ed. to 2s, 4d.; milling, 2<s. Bd-.i. Now Zealand A Ga.rtohs 4 3s, 3d.; barley, Cap'? malting, 2s. 3d.; maize, 4s. 3d. to 4s. 6d.; bran and pollard, £4 10s., potatoes. Tttsraanian, £1 10s.; onions, fiotarian, £9; but'ier, selected brands, 1035.; secondary, ICOs.; cbccee. #d.: bacon, Bjd. to Atfolalo'fi, January 59. Wheat, 3s. Gd. to 3s. ?d.: flour, £7 15s. to £8; bran and pollard,' U£d. MELBOURNE BIDES'MARKET. ' • (Rec. January 29. 9.25 p.tt.l Melbourne, January 2?. Hides were in lair supoly at to-day 6 tales and prices were firm all round. Tim WEST AUSTRALIAN LOAN, (Etc, January 29. 10.25 p.m.) London. January 29. The West Australian loan, haa been oversubscribed. A previous cablegram stated;— West Australia is undcrwi-iting o. £2,000,000 4 per cent.. lean at 98}, redeemable, between ■ 1942 and 1962. . SYDJfBV WOOL SALES, (Rec. January 29, 10.25 p.m.) Sydney, January 2?. Tho week's woo! sales closed witli spirited competition for all better classes at lato full rates. Prims lots showed a, slight further advance, but inferior sorts wero less active. Gre-asies niado up to 13jd., and scoureds to 23d. . . WHEAT. (Rec. January 30, 0.5 a.m.! • London. January 29. The market is dull, and there is little bidding.