COMMERCIAL ITEMS

Dominion, Volume 7, Issue 2116, 6 April 1914, Page 8

COMMERCIAL ITEMS

INVESTMENT SHARES. The sales of investment shares recorded on Saturday were:—Wellington Trust and Loan at £7 75.; Christclmrch Gas at £7 la; and Taringamutu Totara at 475. Tie QUOtatioati were as follow;— Buyers. Sellers. £ d. £ a. d. Bank N.Z. (£6 6s; 6d.) ... 9 15 0 Bank N.Z. (£6 13s. 4d.).... 15 15 0 16 0 0 Metropolitan Building ... — 1!1 0(I Wellington Investment ... 0 10 9 0 11 3 Chrisfohurch Gas 7 0 0 — Gisborne Gils — 2 2 6 Ohrietehvirdi Heat 15 17 6 — Union Steam (ord.) — 16 0 Union Steam (pref.) 1 Q' 1 — Well. Woollen (ord.) 4 16 — Taupiri Coal 1 2 3 — Leyland-O'Brieti 14 0 Golden Bay Oameut ... 0 17 9 — Ward and Co 6 0 0 — W.F.C.A. (205.) — 16 0 THE MONEY MARKET. Tho London money market continues to exhibit'an eaeier tendency, but. this is restricted to the discount and short loan markets. The Bank of England lost nearly two millions in gold last week; unfortunately, the complete figures of the Bank of England were not cabled, and the carelessness displayed with respect to the commercial cable mesages, which usually reach Wellington on Friday evenings, is becoming noticeable. It is difficult to say to what extent the market relied on the Bank to carry it over the quarter's disbursements, but that tho amount was large is obvious. There appears to be plenty of money available for temporary investment, but the same cannot be said with respect to the gilt-edged market. Consols are 10s. higher, but most colonial' denominations are un- | changed. Judging by the old methods (states the "Economist") there is a striking discrepancy between tho price of money in tho discount and in the fixed capital markets. In the former it is dirt cheap, and in tlie latter it is still comparatively dear. Whether the difference will continue or will be bridged over by a steady appreciation ■of sesurity values must depend mainly on the action, of borrowing countries, on the state of investors' nerves after the Mexican and Brazilian troubles have been cleared up, and;on tho movement of,trade. Tile last-named'is regarded as thei most important factor of'all, for during the past four years the world has been financing most active trade, and. a wild i development of armaments, the result being extremely tight money. At laet armaments and wars killed tho boom in trade, and a period of industrial slackness may ensue, tho duration of which no one can foretell. As long as this slackness continues, adds the "Economist," money should be cheap, but it is improbable that the r.it€< of interest in tho security market will hove a fall proportionate to the decline in discounts. and there is little reason to anticipate a genuine boom on- the Stock Exchange. A return .of confidcuce' on the Continent, howover, would react favourably oil trade, and with a revival of that nature cheap money would disappear. That British Government stocks yield 3J to 35 per ccnt., firrat-class Home railway debentures return almost 4 per cent., and ordinary stock over 5 per cent, does not suggest a glut of funds for investment purposes.

NOTES. Daring 1913 the three leading iron-pro-ducing countries of the world have established «. record which places all previous figures in the'shade. The list is headed by tho United States, with nearly 30,750,000 tons, then follow Germany, with 19,300.cc0 tons, and Great Britain with a little less than 10,500,000 tons. The increase in. comparison to 1912 is most remflrka.ble in the case of Groat Britain, whore the 1913 production exceeds that of the year before by over 1,500,000 tons. If one compares tho figure? for the past five years, it is seen that- a steady increase in production has only taken place in the case of Germany, whereas the United States, in 1911, experienced decided falling off, ae did also Great Britain in 1911 and 1912. Compared with 1909, the German pig-iron production for 1913 shows an increase exceeding 49 per cent., as against 19 per cent, and 8.5 per ccnt. in tho case of the United States and Great Britain respectively.

Some twelve months ago a "Union for Time Bargain in Cotton was formed .in Bremen, and oil I'ebruary 4 a spccial exchange for business of this kind was open-' eel. As the Bremen imports in 1913 amounted t.o no fewer than 2,7C0,0C0 bales of cqtton, valued at £30,000,000. it is evident that tho new exchange will play, in regard to tho fixing of the price of cotton, almost as important a part as that of Liverpool. Not only is tho whole Gorman textile industry supplies from Bremen, but to a very large extent also that of Austria, Switzerland, Holland, Russia, Italy, and the Scandinavian countries. In mentioning this fact, a German paper eays that if, to tho existing cash dealings on the Bremen cotton exchange, a well-organised system of time bargain transactions is now added, it seems extremely likely that the machinations of the New York brokers will receive a serious check, owing to the time bargains that will now bo effected at two important European centres, namely, Liverpool and Bremen. .

South Africa exports wattle bark to Australia for tanning purpose", and in 1912 il9,OOOcwt. of the value of £21.C0!). According to the "South -African Commerce and Manufacturers' Record," the estimated area under wattle is about 150.0C0 acres, bringing in to growers between £2M,0C0 and £3"0,0C9 per annum. As in many other industries the founders had an altogether different object in view t.o that when the industry finally achieved. About 30 years ago the acacia was recognised by some South Africans as excellent for stock shelter and firewood, and in 1880, a email quantity of tlio bark wna sent to England. It was not, however, untU'lßßS that the item appeared 071 official returi»« as an export, and then .only as a- very smoU parcel. During 1913 about 65,000 tons were exported from South .Vrrira. As regards the future of the article, it appears that, the United Kingdom is gradually abandoning raw materials in favour of extracts; but South Africa, looks forward to increased trade with Australia, Germany, and th'o UnifCt? States.

Tile dissatisfaction lately expressed by Australian and New Zealand farmers' with the limited area of distribution for their produce ought to direct their attention to this port, says the "Manchester Guardlan." Why sand all their plilnments direct to London? By landing their produce at Manchester, where frozen produce can ho sorted , and kept at the temperature in which it was carricd, they can easily deliver it in covered carts for local markets and shops, or liy insulated wagons for rail conveyance to tho towns within our densely-populated area, which, of co«r«, within quite a limited radius, is in excess of London. Moreover, there is less danger of damago to imported carcasses, as the, cold-air stores at .Weaste, at Miller Street, and in the Water Street meat market indicate. It is well known that tills question of damage is one closcly affecting the oxporters. Since other northern English ports are competing for the trade, it would ho well for tho exporters to consider the paramount claims of Manchester, oven from the point of view of efficient distribution!

FEILDIXG MARKET REPORT. Messrs. A. It. Atkinson and Co., Ltd., report a large entry of poultry at their weekly sale on Friday, some 320 birds being penned. Prices realised were on a par with late rates. Pigs camo forward in fair numbers, and nearly all pens were sold under the hammer. We also quitted a ouantity of fruit, produce, and sundries. Wo quote:—Poultry, at per pair:—Young cockerels. Is.. Is. 6d.; better grown, Is. 6d.. Is. 9d., 25., 2s. 3d.: roosters, 'is. 3d., 2s. 6d., 2s. 9(1., 35., 3s. 6(i.; liens, In. 6(1.. Is; 9(1.. 35., 2a. 3d., 2s. 6d., 26. 9di, 3a. to 4s. 6d.;

pullets, '5.: drakes, to. 6:1.. 2s. 9d„ 35.; ducks. 2s. Oil., 3s. 6d.. is I'igs: Wcancr*. 7s. 6d.. Bs., 10s., 105. 3d.; slips, 12s. oil., 12?. 6d.. 135., 145., 15f. td.; i?U>res._ 165.. £1. porkers, oos. 9d.. 265. 6d.; 6uv. r , £5. Fruit: l'cars. 3s. 6d.. 65.; applro. 2s„ 35.. 4s. 6<1.; tomatoes, 35.; all at per case (vanour, weights)! rhubarb, 2d. per bundle. Produce: Potatoes, &3. and s7. per sack; 2s. 6t(.. 3d. 3d. per bag; twedes, Is. 3d. per lja.tr: onions, Id. and ljd. per lb., bus lots; canbaßes 2d. eac'n; marrows, 3d. cacli: water melon's (private sales), 6tl. each: pig potatoes, 2s. per sack; chick wheat, 45., 4s. 3d. ' NORTH OTAGO MARKETS. (By Telegraph.—Press Association.) Oamaru, April 4. Tho announcement that millers had raised {ho prico of flour caused a, flrminj; of the wiicat market, ami the burffcicss done was at an advance on the previous week's prices. The following arc the current quotations :—Velvet, 3s. lid. to <s.; red chaff and red Tuscan, 3s. 9id.: Marshall's white, Js. 9d. to 3s. 9id.; solid straw Tuscan, 3s. Bid.: all net. Good heavy oats find a ready market, but, for light, there is no demand. A grade Carton's have been sold at la £$d. to Is. 9*; 1! grade, 1«. 7d.'to Is. 7Jd.; all net. .There is no demand for barley. Oatsheaf chaff has been solj.l at 50s. net on trucks. Owing to the absence of orders from the north there is no business in tho potato market, which is dull. The yield hero is much below expectations. LONDON MAItKETS. Messrs. Murray, Roberts, and Co., Ltd., t have received the following cablegram, date April 3, from their London friends, Messrs. Sanderson, Hurray, and Co.:—London wool market: Merino market firm; crossbred market weaker. Tops havo declined Jd. since sales closed. By Telegraph—Press Association—Copyright (Rec. April 5, 5.5 p.m.) London, April 4. Copra is quiet. South Sea, in base, £25 15s. to £26 per ton. New Zealand liemp is steady; April-June shipments, £26 per ton. Cotton.—April-Hoy shipments of American middling cotton are clearing at 6.81 d. per lb". Rubber.—Hard, fine Para, 2s. lUrt. per lb.: plantation, first latex, 2s. 7Ad.; smok;d sheets, 2s. 71d. Kauri Gum.—Stocks total 563 bagy. Wheat.—The market is less depressed, but the demand is disappointing. Holders are asking 365. 3d., January-February shipment Liverpool futures, May delivery, E6Jd. per cental; July, 861 d.; October, 843 d. Chicago futures, May, 91 3-8 cents to 52 cents per bushel: July, 87 3-8 ceuts to 88 cents. Rabbits.—The market is dull, and tending downwards. Hides are dull. Leather is firm. ACTIVITI' IN WHEAT. Dunodln, April 4. 'There is Breot activity in t'no local wheat market. Parcels of fair-sized brought as high as 4s. 4d. in Dur.cdin this morning. ' THE METAL MARKETS. London, April 3. Silver—Bar silver is Quoted at 26 15-163. per ounce standard. Copper.—Supplies, 55,&35 tons; deliveries, 57,459; stocks, 11,739; alloate, 3800; visible, 26,123. Electrolytic, £67 15s. per ton. Tin.—Stacks, 18,539 tons; spot, 36M-, afloat, 2540; deliveries, 2932. BRADFORD TOPS.' Uondon, April 3. Quotations:— Sixty-Sours, 3Cd.; super, 29id ; common 60's. 28£ d.; 55'$, 23d.; 50's, 20kL; 46's, 17id.; 40's, 16Jd. TALLOW. •London, April 3. Tallow stocks, 3896 tono;' imports, 3229; deliveries, 2934.