COMMERCIAL ITEMS

Dominion, Volume 7, Issue 2121, 13 April 1914, Page 10

COMMERCIAL ITEMS

V; THE MO.NEt HABIS3T. . , " .■'■■' Tlio noticeable feature-of the. Bank, of England return published' on Saturday is the further shrinkage in* tho ; metal rceorve. This movement has been consistent for some weeks past. "::Tho highest, point reached was on January 28 when the coin and bullion in the Issue Deportmentj. stood at JE42.617.C00, having risen to that amount from £36.019,CC0, which was the. total at the beginning of the year. The, movements sinco the highest, level was reached «je shown in tho table appended:— . . Coin and Bullion. £ January 28 „..........;'.. - 42.617.0C0 February 4 ..;.V:...„;...^42,362,0C0 February. 11 .....: .- 42,077,000 February. 18 ■■' ;;.... 41,445.000 February . 25::..;...;„.- 41,335,C00 March' 4 40,555,000 March-11,.;......::: «■}«■«" March.lß .'. .:..:.... 39.562.C00- • March 25 ................... -39.232.CC0. April I .....':...:.:.........■... 37,383,000 ■ ApVil S .......,......:,..;.... 34,418,000 Thr* decreaso sinco'tho highest point woe reached totals £8,199,000. of which, £4.814.000 occurred in the last, two weeks. Notwith- ' standing this rates for. money arc cheap, and gilUedgcd securities, are steady.■ ■ ■ TRADE OF BRITISH DOMINIONS. "The British self-governing Dominions. Crown i colonies, possessions, ■ and ~ protectorates arc no longer the mere incumber-, ancos which some British 'etatcsmen' regarded thorn as 60 years ago or more," tays the London ' "Iron and Coal Trades lteviow." "They "have developed with remarkable rapidity in' almost every respect. Exclusive of thia country, tho area

of the Kmpiro is now approximately 11,253,000 square miles. In 1897 tho population of this vast territory numbered 307.467,000; in 1910 it ires 343,963,000, and in, 1911 it had risen to 371,897,000. Tho appended table shows how tho populations of the principal States expanded between 1901 and the end of 1912:1901. 1912. Canada end Newfoundland 5,592,299 8,003,137 Commonwealth of 'Australia. 3,773,E01 4,733,359 TJnion of Soutli Africa (1901) 5,175,824 6,211,969 New Zealand 772,719 1,062,627 Between 1898 and 3912 import and export trade with the Mother Oonntry increased £237,972,000, that with.foreign States by Trade with India, is greater than with any other division of the Empire, Oβ the following tabic of imports into British oversea Dominions from the United Kingdom shows;— £ £ 1898. 1912. British India <W,218,301 91.690,228 Australia 20.875,551 39,124,829 Union of South Africa 15,255,000 23,209,943 Canada 6,753,289 28,723,812 New Zealand ; 5,148,833 12,499,787 West Africa 2,766,000 8,203,000 West Indies 2,510,900 3,766,974 UNITED 6TATES BANKING, 'ilio Federal Reserve Act, which creates a aew banking system in the United States, has been accepted by tho national banks of the country, with comparatively few exceptions, It appears from recent,, figures that of 7493 national banks subject to tho provisions of tho Act, 7465 sent in acceptances within the timo limit. Tho total capita] stock of the banks accepting is stated by "Bradstrcets" at . r ,211,0C0,0C0 out of an aetrreßato of £211,500,0C0, so that no Important institutions aro standing out. Expressed in percentages tho proportion of the bauliiui; power goins over to tho new fiystcm is 99, aiiH the combined capital o,nd ,nnd reserves thereof amount to wo lcoa thaiL £358,0C0,0C0. Tho bonka accopting tho Act aro required to subscribe for an amount of stock of the federal reserve institutions of their respective districts equal pe,r cent, of tho paid-up capital atccjs

of tho former. It is estimated that tha accepting banks on the basis of last statement of accounts'will bo called upon to subscribe over £21,5C0,C00. The selection and delimitation of tho districts in which reserve banks are to be located.is not an tmsy operation, owing io tho divergent views expressed, but it is expected t.hat the committee- entrusted with the work of designating "not less than eight nor moro than twelve (reserve cities" will have no difficulty in making the selection. Statebunks and trust companies may come into tho echemo by applying for stock of' tho federal reserve banks equal to 6 per cent, of their unimpaired capital and surplus; hut only euch institutions as can show unimpaired capital sufficient to entitlo them to become national banking associations will be eligible. Membership of tho ■ new organisation implies that loans to any one person, firm or corporation must not be in excess of the limit allowed by tho Federal Reserve Act. Satisfactory assurance on this and other points has to bo furnished to the committee not later , than January 1. 1515. SOVEREIGNS IN INDIA. Some interc6tine information' in regard to the circulation of sovereigns in India was given recently in the report of tho Controller-General for the year 1912-13. That question Is of great moment to tho world at large, owing to tho'influonce exercised on the international money market, by tho Indian demand for gold. Tho total absorption of sovereigns in India during 1912-13 waa £10,245,C00 ae compared with £7,6C0,000 in 1911-12.. Of this amount the l'unjab took £3,372,000, Bombay £1.65e,0«), and the balance was pretty evenly divided between Madras and the united provinces. Bpeciol inquiries were mado so f.s to arrive, at the cause of this demand for gold. ana it wae found that the use made of th£ sovereign varies considerably in "various provinces. The trading community' are well aware of the intrinsic value of the' sovereign, and even though they might not bo able to get rid of one readily in local transactions, they would probably accept it if offered in the course of business. That coin, too, is entering more end more into the ceremonial life, for presents _at weddings, and it Is coming into increasing use for remittances. In the purchase of crops there is strong evidence that tho sovereign ia preferred to the rupee, and a buyer offering gold has an advantage over one tendering eilvcr. It must not bo thought that every sovereign, which remains in India is hoarded or melted down, although no doubt some of the gold displaces silver in the hoard*.- A very large number of sovereigns now circulate in India, and form an increasing proportion of the cash in hand amongst traders end private persons. The withdrawal of'thie coin, states tho Controller, would undoubtedly be viewed with disfavour by many to whom currency controversies are unknown, who yet realise that the sovereign is superior 'to any other coin. ' It may bo mentioned that the yellow sovereigns marked on the reverse with a Iftrjre Australia ere in such special demand in tho bazaars for ornaments that they ore actually at a premium.

TRANSPORT AND COMMUNICATION. Statistics of an interesting character relatins to transport end communication are set out by tho Commonwealth Government Statistician in the latest official bulletin. The total length of Government railways open for traffic at the. end of the financial, .rear 1912-13 is given as 11, Tib miles, thot being an increase of 877 miles for the twelve months. Of the total 3647 niUos arc open in Victoria, and 3930 in Now South Wales; but the greatest length of lines open in any individual State js that of Queensland, which, owns 4524 miles, end last year, worked 4351 miles out of a'n aggregate mileage' operated in tho Commonwealth of 17,310. Tho train miles run for tho year under notice aggregated 58,168,409, -as against 55,232,517 in 1911-12. The total cost of construction and equipment, for the .last completed' term was £171,226,523, and 'the cost per -mile works out at £9633. Qross revenue was £19,954,073, aa against .£19,100,553' for, tho immediately antecedent year, the former figure equalling 82.J3d. per train mile run. Working cxpensee aggregated £13,594,569, as against £12,470,551, and tho net earnings stood at £6,359,504, or £367 per average mile worked, and %.1A&. per train mile run. The net profit, after allowing for working expenses and interest on loan expenditure, amounted in 1914-13 to only £404,164. as against £961,017 in 1911-12, and £1,401.789 in 1910-11, last year's gain belne, as'a.matter of fact, the lowest -re-, corded during the la3t seven years, rather, heavy losses having been incurred in Tasmania and the Northern Territory, whilst in Queensland there was a ~ deficiency of £280, as compared, with a surplus of £45,752 o. year earlier. At the close of June last there were in operation in the Commonwealth 352.46 miles' of electric tramways, the capital cost of which was approximately £9,502,843. The number of tram miles run was 40,7Z0,CC0, tho gross revenue amounted to £2,539,671, ana the working expenses to £2,048,053, the percentage of worfcinß expenses to gross revenue yelng 80.64 per tram mile.

■ . ,' MOTOH-OAR3 IN'AMERICA. At least ICCO establishments in "the United States were engaged in the manufacture of- automobiles during 1913, end their output was -estimated at a value of approximately £1C0,000,W0 in tho aggregate. The number of workers employed in the business is ect down at ,100,000. It has been estimated unofficially that since 1902 the motor makers of the country mentlonei have turned out no fewer than 1,765,000 cars of various patterns, although a more conservative computation makes the total only 1,545,000 cars, whilst it is claimed that there are at present in service about 3,955,000 vchirJes. Ken , York ie said to have approximately 135,000 motor-care' on it« roads, that being less than. 2 per 100 of its population/ whilst California with IIS.CCO lias nearly five machines to every 100. It is reckoned that during the period from January to the end of September last 20,953 motor-care, representing a value of about £4,260,371, were shipped from the United States to oversea, destinations, those figures comparing with 18,406 care, worth £3,650,460, ..exported in 1912. and 11,244, of an aggregate value of £2,313,007, in. 1911. Canada last year 'retained the position she hod BtttTfoualy held; as tho beat outside customer of the motor builders of tho United States, taking in the 1913 term 5260 machines: the United Kingdom ranking next, with 3900 cars. The average value of the cars exported during tho latest period under review work 3 out at about £243 each, whereas that of the carsimported is stated eX £501 each. The growth of tho motor manufacturing; industry in the United State is further indicated by the fact that whilst only 15,0C0 vehMes were turned out in 1902, tho total in 1913 was appfciii. mately 500,000. I-"- FEOZEN MEAT. , j;By Telegraph-Preie AneociatioD-Ooryriglrt (Eec. April 12, 5.5 p.m.) • : London, April 11. Tho Incorporated Society of Meat Importers' Smithfield market _ Quotations for the •inderrrontioned clasees' of frozen meat are based on actual ealea of not less than one hundred carcasses of mutton or lamb, or twenty-Ore quo-rtere of beef of fair averare quality. . The auotatlons are not for selected lines, but for narccla fairly represontative of the bulk of the shipments

now' on .tho inarket. Tho prices which follow are on tho aver&Ee'a farthinc Der lb. more than the -values cs ehir. this difference representing the everaze coat, it expense, handling, conveyance, anil selling the meat:— Apr. 4. Apr. 11 Itutton— ■ . d. • il. Oatiterhury, light • 413-16 43. Canterbury, medium ....... 4$ 4 3-3 Canterbury, heavy 4i 4 Southland * * North Island, best 43-8 4J North Island, ordinary .. 45 4,V Australian, light II 35 ' Australian, medium ...;.. * 33 Australian, heavy 33 33 River 'Plate. light * • River Plate, heavy < 315-16 New Zealand cwos il 33, ■ Australian ewc3 3i .' Elver Pkte e\v«o ~.. 33 * ' tiarau— Canterbury, light 61 6i Canterbury, medium 513-16 53 Canterbury, heavy 511-16 63 fcVmthla'iil (• fi North Island, selected .. 6 55 North Island, ordinary .. 63 52 Australian, hewb 53-8 53 Australian, fair 5 3-8 53 Australian, inferior 5 3-8 53-8 River Plate, first .«. .« 5^ River Mate, second 51 Bc«fNew Zealand, ox fores ... 33 33 Now Zealand, ox hinds .. 4 7-16 43-8 Australian, ox fores 35 ■ 37-16 Austral'™, ox hinds ... 4 5-Jli H . River Plate, ox foros ... 33 3* River Plate, ok hinds ... * 4 7-16 River Plato, chilled forc3 35-16 3} Eiver Plate, chilled hinds 43 48 •None offering. RABBITS. The market is dull and prices arc unchanged'. . NEW ZEALAND BUTTER. (Rcc. April 12, 5.5 p.m.) Vancouver) April 11. New Zealand butter, medium srnde, ie ceDing it Is. 5Jd. per lb.; finest grade, Is. 10W. DHHDGING. (By Telegraph—Prese Association.) Duncdln, April 13. Drcd.einz rcturne:— Ritra and Shiun Ko. I. 330z.; Willowbenk. 230z.: Ris« aiwl .Sliine Ifo. 11, l]flj...Bdwt.; Golden Bod, 17oz, odvrt.