COMMERCIAL ITEMS.

Dominion, Volume 7, Issue 1986, 17 February 1914, Page 10

COMMERCIAL ITEMS.

INVESTMENT-SHAKES.',.:.. :' '•' The sales of investment shares yesterday, were: Bank of New Zealand (rights) 'at £5 3s. Js.; National Bank at £5 7s. 6d.; and Union- Steam, preference, at 2Cs.'.3d. rTho quotations were as follow:— Buyers Sellers.

-I FRENCH THEEE PER CENTS/ The Quotations for tho' French Three pei" Cent. *:Perpetual Rente, which was-at U9.3ofrs. on December 31,1912, dccliiied.to 85',Z7 :fr9. on..the same dato in 1913,'befng ! a fall of 4.o3frs: or 4.51 per cent. . French Itentea are .'represented by a capital of about 25,(IC0,Ctf>,0tt>fr8., .and the .'theoretical loss., sustained by the holders during lust year 'reached-a. total of l.eoc-.COOfrs. In this eonnectlon it is of interest to inquire, whether the;.:4c.clino of 4 points, experienced by French Rentes in 1913 was acco'mpanlcd'by a fall of a similar extent in the Rentes.of other countries in Europe: On this subject'lt. Edmond Thery publishes statistics in the "Economisto Europeeri" showing that i.no Stato funds, in Europe—not even those of Bulgaria-r-had a fall of an amount equivalent to that of French Rente in 1913. Ncrt to the French Rente is placed English Consolidated, with, a decline of 3.79 Der -cent, in tho year ended with December, t9l3;' tlio Danish 1901 loan the third .place-iwith a fall of 3.41 per cent,;, the Belgian* Three per Cents, come fourth with 3.18 per cent.; and Austrian Four per Cents, rank fifth, with, a fall of 2.79 per cent. On' the other hand, tho Russian Four-per. Cent. Consolidated loan gained .77 per :cenV in the twelve' months ended with';' December,/1913; the United Debt of Turkey rose by .94 per cent.; ,whilst tho Servian/Four per Cents, are credited with a rise-of 1.59 per cent, on the year. M. Tilery states that. 6uch a. fall in the quotation for French Rento has- not occurred for twenty years, 1 and that it affords occasion for reflection.

THE SLUMP IN'FREIGHTS. " " "Freights have.had such a slump aa has not been experienced before in this.general tion," says the London "Economist." "A: year ago the shipping trade was in full enjoyment of a record: boom; steamers were, earnings fabulous sums and paying back, their value to their ownero within 24 months of the Bret trip. No one expected such a «tat«,of affluence to continue .indefinitely, and shipowners looked forward to a time when the demand for tonnage would languish and freights dwindle away from, the very high figure they had reached. But Instead of a gradual process, we have had a sudden fall,' and within three months the face of tho whole trade has been completely altered. The fall is practically universal; there arc, indeed, one or, two trades in which it has not yet been felt,, but they are'not of great importance, and scarcely influence the general position. In : the cotton trado, the Black Sea trado and the Plate trade freights, have fallen enor-, mously; in:the Baltic trade the tendency is very, much easier.' In gome trades steamers that were making £50 a day,four months ago are now scarcely earning £10 a. day, The output of steamers has been verylarge, and there is a much greater amount of tonnago now tnan there was two-or three years ago. But this explanation doea not account for tho rapidity of the fall, and we' venture 'to suggest that the depression in freights is really a symptom of the reaction in trade. In Europe, an.d especially in Germany, trade is not as good ae it was. though the figures of employment (in this country, but not in-Ger-many), arc still satisfactory." A, TEAR'S'COINAGE. The summary of operations of the Royal Mint during each of the calendar years 1912 and 1913 shows that nearly lEslj million pieces, were struck last year, the njureis for tho two freass showing' ag under:—

Of the gold coin 24,125,062 sovereigns and ,3,056,000'iha1f-sovcreigns wero minted last year, and there was withdrawn from circulation 1,221,706 .sovereigns fljid. 1,146.376 half-sovereigns. The silver withdrawn totalled 607,305 pieces, of which only 65.614 pieces, were from the colonics. ,T7hatover may be the position elsewhere, there is ho doubt that a fair number of silver coins that aro worn and debased are in circulation in' New Zealand, and some effort should be made, to withdraw them. t ....::TRANSVAAL GOLD. '

With tho dividends distributed in 1913 by .the Transvaal goldmining companies, tho aggregate return to shareholders since the discovery ol tho field is brought up to £ICO,CCO. The compilation mado by tho "Financial Times" gives the total payments for 1913 as £8,516,956, as compared with £8.210,368* in 1912 and £8,066,437 in 1911. In view of tho serious dislocation of the industry through labour troubles about the middle'of last year, it would • not have 'been' ' surprising had the total payments fallen (short of the 1912 figures. Instead, howover, <in incrcaso of £306,594 is shown. The chief contributor to the total wu H the Crown mines, with a sum of £1,034,116, which is the lame as the. payment for the previous year, and represents a return of 110 per cent, on the capital of the company. Kvcn that large payment left a surplus, of estimated earnings 'of £253.784. Tho East 'Band come? .second on (he list with a tot.i.l distribution .of £611,47". or iho fume as in 19!2, til:; percentage return on the company's capital being 25 per rent., while

the surplus earning* remaining was. cstimated.at £288,526., The figures rclating.to tlio Eandfontcin.Central arc of intexest in shoving that, despite the doubling of the distribution, whioh required £419,370 there ™ » margin of estimated earnings: of

COLLECTING RETAILERS' ACCOUNTS. The Saskatoon Board'of Trade communicates a. description of tlio credit ey6tcm inaugurated in that enterprising Western Canadian city by the local Retail Merchants A6sociation. The system ■is said to be proving popular, and operates as follow:—A letter is sent by the retailer to ■the . customer who owes . the account respectfully drawing attention to' the fact that the account is overdue, and asking that settlement bo made within fifteen days, or "at least some satisfactory arrangement for settling being made. These letters «ro in printed form, and arc furnished the retail by the Retail Merchants' Association, provided he is a member. In the event of no notice being taken of this notification within tho specified time ' the merchant detaches part of the form containing the name and address of tho debtor and mails it to the provincial secretary of tho association, who takes the matter lip, and sends the defaulting one a stronglyworded letter requesting ithat settlement bo made within five days on- penalty of having his name placed in the delinquent debtors' hook, a book prepared' for just such cases, and goes into the hand of every member of the association throughout Canada, In this way every merchant is pro-' tccted against poor-paying customers, and its an imcrciiango of ereJ.it. There is nothing arbitrary, however, about tho work of ths credit-collecting department," said an official, "and they take cognisance and make due allowance for, parties whom they know are unable to meet their payments. 'NOTES.' ' '" ■ ' -, ; The new Banking and Currency Law in the United States was pnssed.on.tho Tuesday before Christmas, and was at once approved by the President. A committee iff appointed to select from eight to twelve federal reserve cities, where federal reserves will bo accumulated, and the whole will be supervised and controlled- by the Federal Reserve Board.' In this way a system of bankers' banks is to be established, and national banks must, and other banks may, subscribe 6 per cent, of their capitals' and reserve* in the capital ■• of the reserve .hanks. ' Tho measure is a very important one. and It would appear that all' banks in the United States will have-to subscribe. The total clearances at the London Bankers' Clearing House for 1913 show an increase of £474,651,000.' or 2.9 per cent, over tho previous year, the total being £16,436,404,CU), against £15,961.773,000. Tho reviow accompanying tho return states that tho first quarter showed an increase of £119.443,000, the second (auartcr an increase of £281,591,000, and tho third quarter an in- ' crease of £111,049,000, but tho fourth quarter a decrease of £37,452,000. The events of the year have not been of a startling character; the rates, though high, have not been wstrictive, and trade has been good. Some , Indication of a decline in tho trade boom . ib\iiidicat«d by" the setback in the last quar- . ter 'of the' year. On the other hand, the turnover on tho .Stock Exchange throughout the year indicates decided depression: the continued fall of values and tho total absence of speculative commitments havo been reflected-in the figures for Stock Exchange settling day's. The amount of new issues has been large, but tho artificial inflation of tho Clearing House figures by the return of money in consequence of the over-application for these issues has not continued. ■ , '■•

' A department has been oreanised in connection with the Canadian Department of Agriculture'.for tho direction of co-opera-tive orcariisations. > It is tho' intention of tho Government to establish.' a string of co-operative societies 'in ' Saskatchewan within the next few years—local in their operation, but federated'under one provincial head.' It is anticipated that these organisations will be associated wjth every branch, of the farmer's activity, mcludihs the marketin; of live stock and live stock products, the importation of'stock for the purpose of improving present herds and for handling of-seed grain. It has been Bnggcsted tha,t the organisation should' also take over tho''systematic: marketing of eggs. ' '

HIGH COMMISSIONER'S CABLE. The Donartment of • Agriculture, Industries, and Commerce hae received tho followins cables-ram from, tho JUsh Conjmlasioner for Mow. Zealand, dated London, February 11. (Unless' otherwise BDeciflcd, quotations are average market prices'on spot):— ,'. Meat (generally).—On account of-the dull trado holders are accetnine a small- reduction in prices," with a result that there i© a better, demand for mutton and lamb. Mutton: North Island, 4Sd. per lb.; ewes, 4ld. Lamb: Other than Canterbury, 6Jd. per lb. Beef: The market is steady. New Zealand hinds, 4>d. pcr ; lb.; fores, 4d. Sunplies of American chilled beef are large, with a Rood demand; hinds, sd. per lb.: fores, 4id.

■ Butter.—The market is aiiiet and prices arc slightly weaker for Now Zealand. Tlio expected demand has iiot jnateirialii-ed*. Danish: Market, nuict: l?Cs. to 1235. per cwt. New Zealand: Market ouiet; 113s. to 116s. Australian: In. fair demand, 109s. to 112s. Argentine: Market (iiiiet;* 110s. to 112s. Siberian: In fair demand; 110s. to 1126. . ■ ■';'

Cheese—The market is 6teady. and prioes are well maintained, with a ffir'demand for New. Zealand/' Market Arm for Canadian owing to 'short supply. Oanadiani white,. 68s. to 70s. per owt.: coloured, 70s.' to 723. New Zealand white, 635. to 645.: coloured, 655. to- 665. • '

■ Hemp:—Manila: The market is again easier. Pair'current.'per ton. £28; January to March shipments. £28 ss. The output from Manila; for the week was Z3.000 bales. New Zealand: 'The market is' quiet, with a tendency.in favour of Dominion offerings are very small; Good fair, per ton, £45 105..; fair, £23 55.; January to March shipments—Rood fair, £25. 155.: fair, £23 . lQs.; May .to . July ehip-' tnents, about ss. more. Sisal: New York market is firm at loot nuotations. is a better demand for tow. Nominal value for third grade, per .ton, £10 15s. to £11;" other ouotatlono are thesamo as before. -■ The. stock at the end of January was 1536 tons. '• Wool.- -The market remains firm. A good business has been done in both tops and. yarns, and spinners are much better employed'.' * ' * , Hops.—The market is weaTSfr ana slightly lower,. though a. full supply has increased buying. FVierlish, 'Ms.'to 160s. per cwt.; American, 903. 12Cs. FROZEN MEAT. . Messrs. Gilbert Anderson aild Co. (Messrs.. Mellsbp, Eliott and Co., local agents), writr jug under date London; January 9, report as follows:— ' / ' •■■ Home-grown.—Moderate supplies' have met a fair; trade until to-day. when the mild weather was the" cause'-of a considerable fall in prices. Quotations for the week are, therefore, on a lower basis. Scotch sides beef, 6Jd. to 6Jd.; English, 6d. to 6*d. Scotch mutton, 7»d. to' Sd.'; English, 7Jd. to 73d.; Dutch; 6Jd. to 7d.; cw<M. 5Jd. to'6d. Tegs: Scotch, 73d. to Bid.; English. 7jd. to 7d.; English new season's lamb, lid. A few Scotch ; hi!! lambs. 6*d. to 7d. Teal, Bd. to Bid.- • Pork, 6d. to' 73dl ■ Frozen.—Report from all centres indicate a poor demand, and with Australian arrivals coming in fully ,at the moment, it is not surprising that values are easier. ■ Mutton.—New. Zealand! remain at tho • nominal nuotations of:sd. for grades 56-64. Ewes, '.id. No new season's arrived yet. Australians are l-16th lower all round; 30. •50, 4 3-10 d.; 50-70, 4 3-16 d.; ewes. 4d.; South Americans. 40-55. 4id.; 56-72, 4 3-Bd. Lamb.—Old New Zealand lambs are almost exhausted. A few good-condition Canterburys fetch 6id. for under 36, and 6 3-8 d„ 36-42. Now season's lambs' from, tho Gear Works havo been, for sale this. week. They can be quoted, 6Jd. to 7J.d. with an average of about 63d. Some of the Porocst have fetched lower prices. The brands 2642, 5d.; fair. 28-42 (mostly lijht), 53d.; and .inferior. 5d.: South American, 28-36, 5 a 0.; 36-42, s}d. Beef.-Ohilled .hinds have fetched an. averagcof 43d.; fores, 4d. Supply of fores.has been short, and at one time to-day rearicd 41d„ but lower prices have since been accepted on account of tho (slow demand. Frozen, beef shows a decline of 1-IM. to id. New Zealand hinds, 4 3-Bd.; fores ,3Jd,- Aus-tralian-hinds, 1 546 d.:. crops. 3jd.; South American fores, 4d.; hinds. 4Jd. LONDON MARKETS. By Telcgraph T Pre5S .Association— Oopyrlghi London, February 15. N.Z. Homp—The market is- nuiet. Janu-ary-March shipment- £26 per ton.^ Rubber —Hard fine Para.. 3s. Ud. per lb.; plantation. 2s.<6id.; smoked qhectß. 2b. 7d. Oopra.—Tho market is dull. Small business, doing In South Sea, backed, at £28 12s. 6d. to £28 15s. per ton. Cotton.—February-Mil rch' shipments of American middling cotton aro clearjiie at 6.66 d. per 'lb. > WHEAT AND FLOUR. . ' London, February 16. Wheat: Tho market, is stoady and quick and prices aro unchanged. Liverpool futures are at 87 cents. The wheat and flour afloat for the United Kingdom totals 3,205,000 Quarters; for the Oontinont, 1,880,000; Atlantic shinmentß, 388.0 M; Pacific, 30.CC0. The total shipments .to TTuropo during tho week amounted to 1,4M,0C0 quarters, including 224,000 from A.uatrala.slfi.. CHRISTCfIURCH LQAN. , London. Fobniary 15. 'I he Glmebohurcli electrical' power dis. tnhution loan of £KO.CeO. at. 44 tier cent.. which was issued at. par. was fully subscribed.

MANUFACTURER METALS. London, February 15. Tin plates,■ 1.0. .poke. 13-s. 6d.. vcr cwt: I.C. • charcoal. 14s. 6d. Iron bars, 160s. -per ton. Angle steel, U2s. 6d. per ton. Tram rails, 110«. per ton. Wire netting. 60. per cent., and 2J and 5 per cent, off list. SOUTH AFRICAN ISSUE, London. February 15, : The underwriters'received 80 per eertt, of tho South African.-loan. BEEF. TRUST IN AUSTRALIA. . ' ' Sydnoyr February 16. It is reported that, the Gur'.ey Station, seventy.; thousand acres in cstcnt, situated twenty miles south of Morce, has been purchased by a company v-eprefentins the American Beef .Trust. The price- is stated to be over £300,000.

£e. d. £ s..d. Bank of New Zealand... 12 0 0 12 5 0 Bank N.Z. (rights) - 5 6 National Bank — 5 8 0 ■Equitable Building 815 0 - Metropolitan Ejiiluine .... — ■ 12 7 0 N.Z. and River Plate ... 2 13 . — Well.->Trust an4 Loan .... 7 5 6 .766 'Chilsteliurch Gas 6 13 0 — Palmexston N. Gas 9 .5 0. ' . — Wellington Gas ,(£10) .. ■ • - 16 10 0 HiB. Insurance ''....; 4 3 0 —- Gear Moat (£1) 3 90 ■ — Tjnion, Steam, lord.)....... —' 1 5,:0. Union ■ Steam' (pref.) 10 2 ■—. Kaiapoi Woollen (ord.) ... 5 5 0 — Kosglel Woollen 3.116 - ■Westport Coal ■ ' —' ; 111 0 'Westtort-Stockton — ■ ■ 0 '4 U Leyland-O'Brien ...: 13 9 — C-.-M. Banks, Ltd 11-9 - Ward' and Co 5 0 0 — W.F.O.A. (£l) .- . . 16 0

Imperial- 1912. 1913. Gold. ....I 36,542,237 30,633,962 ■Slim-,'...; 118,789,723 32,296,527 .. , Bronze 77,161,728 87,168,672 162,493,688 ,153,089,161 Colonial— .Silver 8,372.131 16,905,000 Bronze • '•' M0.CC0 6,169,00$ '■Nicker ...: - ' 12,281,760 < 8,622,130 36,355,760 " "• Totals" ......... 171,115,818 185,444,921