COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1974, 3 February 1914, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHARES, There wore no transactions in inTestment. shares ye3terday. The quotations were oa follow:- 1 - .. ' Bnytrs Belter* •£ «. rt. £ 5. d. Bank New Zealand 11 17 6 - National Bank 5 5-9 6 7 0 National Mortgage '...-...... -4 0 6 — N.Z. and lifter Plato- 2 -O-O — Well. Trust and Loan ... — 79 0 •Chrietchurch Gae 6 17 0 6 18 6 Palmerston North Gae ... 9 0 0 — Wellington Gas (£10) — 1615 0 8.8. ■' Insurance 4 2 0 — Gear Moat (£4) 13 12 6 - Qear Meat (£1) 3 8 0 — TJnion Steam (ord.) 14 6 1 5 S TJnion Stoam (pref.) 0 19 10 — Mosglel Woollen 3 11 6 — Well. JVoollen (ord.) 4 10 — ,'rn.Tipiri Coal 116 — Westporf Oofll -- 1 10 6 .Westport-Ktocltton — 0 4 U lieylantl-O'Brien. 13 6 — 0. 1C; lianlta, Ltd. ...: 119 — W.F.O.A. (£1) - 16 6 • iTONEY MARKET. Following upon the successes reuletered by the Yictorian and West. Australian loans, it was certain that the New Zealand, issue, would receive hearty aunport, and the subscription of £25,800.000 for. a colonial issue of under live millione ie probably a record. Tho Victorian loan wae subscribed threefold, and the West Auetralian loan was over-subscribed. For tho New Zealand loan tho provincial applications wore shut out, and, if these wore included, probably another £3,0C0.C00 would have to bo added to the total. Jlipr much of the laTgo sum offered came from syndicate stags: .it ie difficult to-say. but that 'there wcro many such operations lieems Tory probable. Those syndicate ntas3 usually apply for large blocks of now scrip that is likely to go So a premium., so that tiiey can «;11 and make a. profit. Judging by tho sum tendered for the Neir Zealand loan tho syndicates are not likely to be allotted more thon 15 per cent. Assuming that a- syndicate submitted, applicaiiona for £3,0C0,000. acconipanyinK these would be .deposit* for. £150,000 which is 5 per cent, on the .amount tendered. If the ■ syndicate ie allotted 15 per ceat,' ot ite aunlloatipn tien it yrtvQ

receive scrip, for JE450.0C0. The isene immediately went to a premium of £1, end if the syndicate sold It would, have secured «• profit of £4500.'' "StflEs" nrc constantly opcratiiiK in this manner, and they arc likely to bo greatly- in evidence > for a time. Five out' of .the seven States of Austra-' lasio. have appealed to the London' market already this year, end the amounts borrowed by each show as under— •■ ' • ■■ £ New. South Wales 3,000,0C0 ■ Victoria. ..: 1,000,000 neet Atistrnlia, 2TXO 000 Now Zealand 4 500,000 ' South .Australia 2,0C0,0C0 • .. ' . . £12,5HW00 Queensland and Tasmania have, etill to Tenturo on the market, and their appearance may be delated, until . May or June. Tho. bulk of the, New Zealand loan is for domestic purposes, .and the expenditure of the money.will stimulate business activity wouchout the Dominion.

GILT-EDGED SECURITIES. Gilt-edned securities are movine upwaxd9 tery rapidly, and tho finance house* are said to be operating in a large way. Theeo securities are still comparatively cheap, to that a sd.ul' little profit can be made boforo many weeks elapse. It is intcrostine to compare the current quotations for Con--6013 and colonial Government stocks with those rulins at the end of October lost:— Jan., 1914 Oct., 1913

£. £ 21 p.c. Imp. Consols -,'. 76 72J' \ p.c. N.S.. Wale.; 101 ICO 3i p.c. N.S. Wnlos 100 97 3 p.c. N.S.. Wales 86 81 .* P.c..Victorian 101 . ICO ■3i p.c. Victorian,' ..■ 94 94 •5 P.c. Victorian ./. :..-. 81 77 oj p.c. S. Australian- .'. 90 ' 89 3 .p.'.'. S. Australian- 7<5 ■, 73 4 p.c. Queensland- 101 ICO •Si P.c.Queensland 96 93 3 p.c. Queensland 80 78 .4 p.c. Now Zealand 100 93 3J p.c. Now Zealand ' „....;...■ 90 90 3 p.c. New Zealand ; 81 78 35 p.c. W. Australian 92 88 3 p.c. W. Australian. 66 ■ 79 3J.P.C. Tasmonian ..-.91 89 , 3 -p.c. Tasmauian \ 81 - 8L With very • fow ccccptione,- end these are' confined to the three, per cents., there is a. cencral advance, tho rise in some in6t<incEe being very substantial.

COMIIEKCIAL BANK NOTES. Tho.Commercial Eank. of. Australia, Ltd., winch ortended operations to Kew Zealand on October 1,1912, obtained the authority of Parliament dnririg the. laet session, to lesuo notes in the Dominion, end tho first issue ; was made ycetcrday. The notes are in denominations of £1,.£5, £10. £50, and £100, each denomination , being printed in a distinctive colour, and arc practically similar, to the institution's Commonwealth lo3ue, with the exception, of bourse, that the notes benip tho imprint "New Zealand." and the word J'Wellinprton," which City is' the official headquarters of thei bank in New Zealand. The notes arc- neEOtkble anywhere in the Dominion, <

THE VINTAGE OF 1913. Messrs. .W. and ! A. Gilbcy point put that the year has been disappointing.in Germany. In no district has there been more than half a. crop. In eom« .vineyards there has'been.scarcely a, third or oven a ?<!!? r°* tno The weather of 1913 was too variable to give hopos of wines, of the highest type being made, but points. to the, occasional, periode ' of eunchine.there have been produced in sevoral localities, both on the Rhine ami Moeclle, pood light beverage wines, for which there is everywhere a brisk Semand. As regards port the unsettled weather in Portugal prevented the full development of the , gtapes, which, as a consequence, did not snow much sweetness, end the wines generally are deficient in both body and colour There being but little - prospect ■ of high-quality wines being made in the JJouro'lost year, many of the vineyard proprietors did not to to the' expense of providing the grape-brandy necosi-ary to convert their produce into port wine, but left the. iuice -in , ifcs natural state for. l/consumo.-i.e.,. home beverage wihe-or else for, distillation into brandy for nelt year's port vintage. In Spain, in the Jerez, district of Andalusia, operations weTo carried out under favourable conditions, ? ic a was "much below that of 1912. .The alcoholio strength of the wine is quite satisfactory, and it is expected 'h? ?? uniformly excellent. The quantity, in. Madeira is likely to bo considerably, short of the production of 1912, and the quality will not bo above the average. The provieioni however, of o!d wines is fully mamtaincl, so that future supplies are well oatcguarded. ' .

HIGH COMMISSIONER'S CABLE. The DcyartmraOi! Agriculture,- Indus-: tries, and. OommetWhas received tho.fol-' lowing cablegram from tho High. Commissioner for New Zealand, dated London, January 31. (Quotations, unless otherwisei specified, are averago market prices on BPOtJ '. — . ■.

n £"m '•encrally.-The market is duU end unsettled; Mutton: High prices are restricting business in the mutton market fdT/ft d«Un C d from hpJ? » - - to .- 42d ' . La . mb: HJBh prices have vZ a , r€6 k™t!ng business, but ha-re declined. Other .than Canterbury, por lb.. (n ™ }S Bh aa 7 - d ' ba s been obtained in *•"* °. tha ? one..instarfco. The demand is chiefly for Australian, which may bo auoted Id. lower.. Beef .-Stocks of New Zealand beef en band are light. There is a. fair demand. Now Zealand hinds, per lb. 4id tores- 4d. ■' , Butt«r.-Tho market is quiet, but there ™ n ° reduction, in prices, with a fair de! to? Lv vZ 'Y n £ a moder ate demand 7™i^Tw^ and -- p «senfpric«a of New Zealand butters are expected to create an increasing demand. There ie no ehango m. prices for New. Zealand. Australian, l& Z"m Slbcrian -' Dafl *". Per Cwt.

Cheesff.-Tho market.is quiet, but steadv, o^^V n prices for Canadian. It tl« « w f the V om s. "&*" w bearing 7^i' n^ 0t A r N * w Zealand cheese. New Zealand, 1 white,, per, cwtn 61s. 6d. to 655. inero.js no change in price for coloured. ■Hemp-Mam a: The market remains firm. American buying continues in Philippines date estimated at - aExt mately 100,000. bales. At thie end the market s quiet but eteedy at:iast.quot tations..: The output from Manila fdr tho week- ■»•*?>, 19.000 'balcß. New Zealand: The market is quiet, but steady. Fair hemp in.dock.offered at £24 to £24 5.< per tonhigh point fair in same position has been sold at.£2o; forward shipment; Rood fair, per ton., £26, Mr.; fair. £24 £i. iinl: The ! nar fe l e and the price ie equal to .-527 to £27 106. per. ton, c.i.f, Europe, btocks as at December 30 were 88,174 balesagainst 93,904 previous year. Total exports for year,, 875,997 bales against 855 366 for the previous .year. Wool.—The mafket is o.uiet,' but firm,

~-. .CUSTOMS REVENUE.'. -. Curtoms duties collected at the port-.of Wellington yesterday amounted 'to £2306 , MAEKET REPORTS. Messrs,. Dalgcty and Company, .Limited have been ; advisod by their London office under date January 31, as follpws—Wo quote.Bradford tops. 36's to 705.: 36'e January 31, 1914, 14Jd.. December 31, 1913 14Jd • Wβ. 15d.:(14}d.): 44'e,.15id. (143dj; 6 ! s 16a.' (15Jd.); 50'3,'19d. : (18Jd.); 56's, 21} d. (21d.)• 68's, 235 d. (23d.); 60's (common), 26Jd. (253 d.); ;^,'a r^^ d - ):^-m(27>d : ); LOSDOX MARKETS. By Telegraph—Press Association—Copyrlehi • London, February 1. Copra is in small demand. South' Sea, in bags is ouoted at £27 to £28 10s. per ton. New Zeala,nd Hemp.—The market ia steady. March-May shipments aro offering at- £26 lOe. per ton. Rubber.—Fine hard Para, rubber. 3s. 21d. per !b.; plantation first latex crepe, 2e. Sid.; emoked sheets, 2s. 6d. .METALS AND METAL GOODS., ; -Fencing wire,. 1425.. 6d. Anglo eteel, 107s. 6d. Wire netting,'62i .per cent, and 33 and 5 per cent, off list. ■ Antimony, £27 Iffs. per ton. WHEAT AND FLOTJE. London, February 1. Tho wheat. market is quiet. Price 3 for Australian cargoes are steady. La Plata ie easier,'owing to shippers being more dieposed to tell. Thirty-six shillings is aeked. For Now South Wales, just sailed, 355. 6d. is a.sked. Six thousand tona of West Australian, ex steamer, sold .at Jss.. 7Jd. The wheat and flour afloat for the United Kingdom totals 2,755,000 quarters; for the Continent, l&O.COO: Atlantlo shipment*, 289,000; Pqc'fic,. 48|0C«. Tho totoj shipments to '■ Europe during the week amounted to 1,300,000 quarters; including 210,000 AuEtrelaslan. .', NAPIER WOOL SALE. (By Teleiciph.— Prosi. Anj-oolatloß.l . Napier, February 2. The third wool cele of tho eoaeon wae held to-day, when 14,932 balen were offered to a full attendance of buyer 3, and competition for lambs arid all good crossbred wools was exceptionally keen. Lambe showed an increase of from 3d. to Hd.on last sale. There was an all-round advance in prices. Tho following is the raiige:— Fine crosshred, 10d. to lljd.; medium croesbrod, Bid; to lid.; coarse crossbred, BJd. to 10d.; inferior. croesbrod, 7id. to 9d.; ecourcd crossbred, up to 123 d.; pieces, 5Jd. to 83d.; bellies, 5Jd. to U.; locks, 4sd. to S\A.; spourcd locks, up to 103 d.; lambs, Bd. to lJd.; dead, up to Oil.