COMMERCIAL ITEMS

Dominion, Volume 7, Issue 2144, 9 May 1914, Page 8

COMMERCIAL ITEMS

INVESTMENT SHARKR A sale of Meat Export shares (i's) at £6 is. was the only transaction recorded yesterday m the investment market, The quotations were as under:— Buyers Sellsrs. « Bank N. 7,. (£3 6s. Bd.) 10 15' d £ — <il llank N.Z. (£6 13s. 4d.) — J7 0 0 National Bunk — 515 &■ Equitable Building ; t | _ Metropolitan liuilums .... — ■ 12 O'O National Mortgage 4 5 0 — Wellington Investment ~ — 0 11 3 Gisbornc Gas — 2 2 6 Palmerston North Gas ... — 10 IS fl Wellington Gas (£10) 16 6 $ 16 S 0 Well. Giii? (preference) .„ 0 IS o S.li. Insurance 4 7 0 — 3f.Z. Shipping • _ 2 5 : Union Steam (ord.) 15 6 _ Well. Woollen (ord!) 4 2 0 — Westport Coal 1 S 9 ~ Leyland-O'Hrieii ~. ■ — 13 3 Golden Bay Cement 0 w fl ~ Manning and Co 3 17 6 — W.F.C.A. <JKI) - 16 0 ULSTER AND MONET. The "Daily Mail" of March 23 slates that tho week was remarkable iii London for the tact that, it marked the first dcSmt.e depressing effect ol the Ulster question upon, markets. At the end of the weak, too. there appeared symptoms of a ro markal>le character as indicating the fee?ing of nervousness existing to tile northeast of Ireland. Inrt'uirk.'j reached some of the London lianl;ij and discount bouses from that region lis to the terms tho London establishment,ii would offer for money if transferred from Irish hanks and placed oil deposit 111 the metropolis. Agent* wiio made these inquiries "wel-e guile" frank <m to the reasons inspiring theni. It is felt that in the event b-f acute civil turmoil the banke, or n. particular bank, may be singled out for attack by a riotous mob less concerned with uny principle, at stake, or even with the. inflamed emotions of factions, than with the prospect of loot These inquiries, do wit isffiaiiato from tile banks but from their customers. iind riot within our generation liftve there baen monetary negotiations within these islands based upon such fears. TIIE SMALL INVESTOR. An attempt is being made by aavttk of tho big joint-stock blinks hi London to get into touch wit.fe the email invc-sl-or. who 111 many cases has so far done witlj-,, out a bank. The venture called tho' 1 eople s Trust, Ltd,, and the prospectus t» the obiect. iy. to extend to the working and indubtrtdl clashes a. f'or.n> of Investment much appreciated b.y the richer classics, and will eiiii-bje even the smallest capitalist to ucriui.ro an intfcreyt in English, and' foreign railways, colonial amf foreign loans, and great camjnercial 11 n* dertakings, and to ohare in large financial operations. Its capital is £1(10,(tfu which has been all. subscribed, and. in order to accomplish its object, subseriistions are invited for fU®,» irPedewnftble debentures, Series A carrying a fixed interest at t» e 'ate of 4 per cent, per annum, and entitled to participate eqnalty with tho shares in surplus profits alter payment, of S',u 110 l dividend of 4 per cent. debentures art! divided into bonds of £100, £50 and £10 citc'h, which arc oficved at par, plus the Government, stamfi el 1 per cent., and as the support of the small ■ investor* is wanted;, application# fop amounts up to £520 will be preferentially considered. Amonget other provision®, it Id stipulated that not iriorc than 5 per ccut. of the total sJuirra' find debenture capital shall be invested in any particular security or investment, <md in this way'it Is hoped to obtain a satisfactory return without taking undue risk. Tfeo scheme is launched under good allspices, and, provided the securities a-ro carefully ehoscn, It ougljt to afford the small capitalist a good opportunity far .investment, ■WAIPA RAILWAY AND CQLLIEItIFS, LIMITED. OPENING NEW MIKE IN THE WAiKATO. Advice has just been loceived by. tho directors of IVaipa Railway aud Coi.iiejries. Limited, that the Fublic \Vorks Inspecting Engineer has granted a permit for the carrying of coal over the tympany's rail* way. and that the Instating Un-iinoer ej the Railway Department lias granted permission for Government railway trucks to run over the company'© line. This will enable the company to tface its Mai upon the market immediately, and Will be <t Welcome additional source of suppiv during tho coming winter, The company's coal areas are situated at re Akatea. in the Waikato, «ix miles from' the wain, lrunk line, the co-mgdny having constructed, a railway to ia?wtu>ti wit,b the Alain Trunk lino at Ng*ruaw«bia 'Jiwj railway was particularly idlflieult and ex. pensivo of construction. The Waliia had to be crossed. Vm l>fidge for which consists of three sevcirty-foot Spang and u\e > twenty-five-foot ©pass. Thtro is aJ«?o a viaduct crossing Stoirey Creek some 380 feet in length, and in additio» to this there are home twenty-three swatter bridccs crossing the creek, traversing the valley through which tho company's line has hem constructed. . The contractors 'f<ir the and bridges, Messrs. Donfctd WIM-a and Co corapletqd their work in Jattuary of this year, and tho company, with its own employee® and locomotive, has done tho laying of the rails and sleepers and the ballasting. As indicated above, the Gover/i----ment engineers liavo now passed the line Tho Railway Department in at present engaged in making extensive addiikiJiG at the ' junction at Ngaruawahjo. in anticipation of the coal traffic from the coapany's mine Tho mine has been laid out in the most approved and methods. The principal haulage will be <k>n© by gravitation. the empty tubs being hauled ui> the mam incline by the weigh* of jhe mj 0 d tubs going down, and tha working wHt h& < from aditg in the hillside for niafiv j ea rs to come. Sufficient development work has'tara done - at the mine to permit ot a largo output from the beginning of operations. 'Titers , aro two main shafts from which the company's coal scam is Seine worked at dif] 1 ferent levcle. Tho coal scafli avera-geff in thickness from eleven to twelve feet, and it is stated to be an excellent, coai for household and steaming purposes, burnim; to a white aeh without' cliukcr of any kisd and with the minimum of sulphur. At the mino a new township'lw« sninne ■ up, which has been called Gien-Xraswy and 1 tlie company itself has huilt an accomodafion house and cottages for mineM and in addition to tliis a, good many Iraifdlncs havo been erected by jtrivalo indiviihmla • 1 ho fact that the Cttuipaiiy is now* an : the market with coal will be of interest i to, all consumers in the North Is.lan4 au'd i particularly to tho many {•harcholders wiio 1 aro financially interested in the coaaoanv i ' in this district. Customs duty collected at tile pert of Wellington yesterday amounted to £J£nt Tsj-lCd. southern markets; ' (By Telegraph.—Pi-ess Association.! Clirlstclwrcli, j[«y b. There is a good (|ii«nt*iiy of wheat, offering, and a fair amount of business is te- .< ing done at quotations. }fi!ier« oro still operating in the market-, nud, toe pH m e lines, will give a little; more than merchants are able to offer in view of tho latter having to resell. There being no surplus to export prices are keeping ii r „> i There appears to be ncs proi-ijicct of any immediate rise in Ihe outside marlcpto, o- 5 it is generally believed that the prosftectivc supplies will be ample for rr<iniicments (even althougli there is r> yhortagi' in India and the Argentine), sbc Xortli American winter wheat crop iieiug aii ;t i,. , . normally In rue one. the oat* mirkei i , shows <i weakeaing tendnanyi ami tbittf )s { likely to bo no export bujtncss doing "un,

low cheap freights can be obtained, and local prices would have to come down before business could be done with London. Advice from there suit-ey that (iviotatioas received from Now Kcataud are is. to Is. 6d. pur quarter above present London prices. Local oonaitioiK* uro also loading to lower prices for Southland oats. Merchants ere reported to be ottering only Is. 7d. -at country stations for A grade Gavto»u», and against such m low figure tho Canterbury iiiercli4if.U)? cnnnot compete m the trade with the North island. It is considered, therefore, that !<?. &J, *i.t conntry stations U the outside value of A grade oat?. The potato market hag further easQ cd as a la'fgc quantity is now being, of- : j lered on the JiorUi .Island market. Ik • of heavy purchases in CanterJ bury during the past throe weeks the prico 1 flow offered by most merchants is £3 S«. - at country station*, and. even at this lig. ure. they are not anxious to do business • until tho market ecetwa move assured. I'll© • wet weather that ln\s set hi will put a : stop to dig King. but it will scarcely oiJect- ' deliveries, as the railway sheda in tlw? f - potat&.growifig district# are now filled with • potatoes. Red clover is n-ow beghiniiig to be. oUorivd incr« freely. Although Koiufc 2 large yields are reported tho rtrea under j this crop this season is said not: to be vary 1 large. Tho priori now bei»g offered arc j 6d. aud 9d, per Ib> > LONDON MARKETS. t ' Messrs. Dalgety and Company, Limited, 3 have vioeivod cabled advWov from tljeir ' 3 London ollico. under date May 3, reading " f\-$ followsßradford Tops: QuoUtk>us : ffigttteg io parentheses are ftt March 27, " \m):-Z6'6, 16W. (I6kl.): 40's, H3d. (tfsd.ij • <4'9, 17d. (17d.>; m, 17|d. (173 d.): SO'g, 2C?d. • (2Gsd.); 56 ? 5, %IH. (23id.){ 68*8, 2h{<\. <S!>iUj : 60 s (toaamon), S9d. (3aid.): 63's (super), 29>4. mm; 64's, 3fiid. (293d.):'70'*, 3l£d. : \Proxen Meat: Beef—Demand it limited. Qiiutations: F-ore-s. 3 3-8 d»; and hinds, 4 •5-i6d. I'Vosen lamb and mutton; unchanged. Market looks as if it had t<mch(?d bottom,' but' tiierc* aro weak hold- ; ers. TaUmv? Good descriptions are 3d. p-er 1 owt. lower; medjujn and inferior dessrip--5 tlons are 6d. per'ewt. lowe't'-. Ilabbitshmß: 1 360 D bales arc being Prices are » 2d. p--er lb. lower. ; BANK OF ENGIZxD RETURN. By TBlegßiph—Prejs AssociMtioft-Eopyrisht (Eec. May 8, S London, May S. The Bank of England return issued for the week ended Wednesday, May G, is . as umk-r:— • • IESOE DF.P JkT'-TMES'r ' Mots lust JBS3.TQS.eDO Cov.dsbt ... iii,olS,o'3o Other s'esurltio.l 7,<.1.1.1'!M Golti StSSSffH J JS2.fK.COO i'Ci,?oJ,aiGßAKSikc DEPAnTsresT. ' rMpvXm'e' Govt, ssourlcapita) tUJSOOU tits i'liiOlT.OOCl ; r-.Lblk (J.- O'tlicr seeuri--1 posits ...18.387-.000 ties a5,333,0(!0 1 OUifeT daiitisits ... 3S.<ffi.Coi) "\»toi ... •23,834,003 7-d(iy Slid Other J)W» ... 3.123,003 Coin 3,559.000 ■t'7j,485,008 £15,4ti5,(8u . Thfl ls«ditig items pf tho Bank ot Ensland return ttti'ord tii-Q faUowias cottßart «OJI i I'his Last Tpaalc ijasi s'.af £' £ £ BtilliOiS 34.aSa-.003 35,i51.C« SS.S7S,MO ■ Btletvt 25.59&008 26.5 M.OOO iti,-i.3S.t)IJi) , Nets circulation SS.mm iIS.B7T.aOU -28.Wv3.oe>> public Deposits !K,3M,M 10,®0.0Cfl Othet DepOslto bS.iiKi.fflW K.iaT.OtiU ajiajM I'TOj-iortion ot reserve to liabiiitiiis - iu,gj 42,37 ig.OQ GOVEENItEJS'T SfiCUBITIES. The folUwing drc tho latent quotations for GoVefanjettt fiecurities with a comparison- of those ruling last week VarJatioti — ciMDjimcd , rric-4. with ; £ %. d. 21% ImMrifsl Coiis.o's 74 IS 0 15s lower }. ..S.S»W.JftSW»a.-JBly KB l> 0 UMlianged ■ 11 >_.S.\V.ig3i>-£OA!r.-Sp lUQ « 0 ijMClianged 3i ■ '.'2 U Q UiicFinuceii i 3 ~N.S;\Y.i'JioApl.-Oct b,i 0 0 '.'os lower J ~Vic, B2ttJwi,-Jtdy Ida (1 & Uholmneed 3j „ Vic. Juy.-Juiy va 0 U Unc'RauyeU „Vn!,-it2y-49 1:0 0 V UncilAuj.'cvl h .•^ I f'l'f9-« , Jau.-3u!y Hi 0 l- Bnehmiijcd dj „fe,A. lSlis,)aa.-,July Bu 8 6 Uncteticd ■3 , S.A. 1311! Jftu.-July 7-1 il 0 Wlstuwed t ■'9Z^,^ JJ " oa 'S ,jl rJ;tU- 'U P UmliAiikid ' -, 7!' / , aIJ ' I " •" Unt'httßt'6.d ? ' v ,/ ih al i' J B1 0 i) Unelinnged 1 ' ll ® fl 0 t'ncltnr.ge.-l •1 . 32 0 0 'Caelmusietl fj L tf'i-O.ct. Sii U 0 Uncliiint'ed - 34 -&2'o 0 - Unchanged 8. ..W.A.jWfl-asjiajvNov "B7 0 0 Oheliatiiied 3t ~™P' 1(3 u ti Unc\ifti}-fit>d 3 „ 1920-10 J*a„iJuly tft tf f> Uncheußed V tootak -itOKßi' MAHKIiI'S. I'Mk of England rate was, an February a, 1312, reduced Jrom 4 to 4j jier cent., atid on ilay .9 it «os further 'rcdueed to S >er cent. On uubusl 29 it <vas wised-■ to >1 pef cent., and on Oeterher 17 to p ye-r : Cent. U was rcdttced to 4i .jer cent. 011 April 17, ISI-J. Oh October 2, 1913, it was raised io S par pent., 011 Janaary fl. UH it was reduced to 44 per cent, on 'January 22 k> 4 pur dent., and oti January 29 to J n«r Mat. The Ban is 0 i Franco rate wa-s from 3i to 3 Jer cent, on January iS, 190?, ' aid eontinaed it the latter fiturc untiil September 12, 1911 . when it was raised to ■ -3i per Cent. On May 17, 1912, U v;a,s reduced to 3 -per cent,, on October 17 it Mm raised'to 31 per -cent-,, o.iid- en Octoher 30 : ta 4 per cent. Oil. January 29,- 19M„ tho rate wita reduced to per ceftt. The Imporia), ißank of Germany on Octo- . b«'H» WIS, admrned its rate c{ diseount to 5 per cent., atld to 6 per cent, on Nofein- ■ her 14, On October 2? 1913, the rate Was ■ jadttced to 5} per cent., tin ia-nu-aty O, \ 19-14. it reduced to 4.J per cent., and on February 5 to 4 per cent j UARKET E.VFES OP DISCOUNT. I Tho folliswlng nro tho market- rates for test, three months' bills:— ' JLoadoa Paris Berlin rale, rate rate.. per per per cent. cenL cent. This week 2J s l , Eo-8 Ijnst week i 1-16 2\ 23-8 Last y«ar SI 3} Si Short loans arc quoted at 13 per ccat. as ■nsftinst 2-S pct ceat-. iaet well, nttil S per cent-, last year. COLONIAL- A>V T D OTHER I'KOilirCK. Wheat,-Ifheat is' firm, th-i> -small world's ehiwiicnts and the reduced floating supply to Europe acting <ts set-off to tw brilliant crop prospects. Australian cßrgoce sold at 365. 4id. per ausrter to 365, 7jd. per qilarter. Oats tire ftrmef, but there is 4o business in New Zealand's, sellers' ideas being above buyers'. { •> Beans are negie-c-tcd, 3-4f.' 6d, per quarter being asked cx st<jre, Peas.--T'he market is firm for parccto ncav port., lltst-qnaiity New Zealand Maples, 475, Sd, per quarter; May teipfiiCßt, 4(sj„ s.i.f. Bntter.—The market is (fttiet, There ni*o nij colonial arrivals, and prices are aominalty tinc-hanged. Daßish is quoted at Ills, to 114s. Owese.-tho market is dull. New. Zedland White,' 60s, to «ls.; coloured, fife Bncan is plow of sale. Australian .Cum. berlatid-s, SBa. to 60s. Siiffar-Beraan beet-, 83 per cent, not titre. Jd. lower, at 9s. 3»d. por cwt.; lirit ftarka. granulated, f.a.b. Hamburg Ud higher, o.t l}s.- 6Jd. ' Bf-adford Tops.—The market is very firm and business is meagre. Skty-fouft, 31d. per lb.- super slsties. SSd.; common sixtttt, J?M.; Wt-y-sixis, Z4d,; fifties, 2id. • forty-slies, 17id.; forties, Hid. THE SrETAT.. JIAKKfiTS. Capper .—On spot, 28s. 9d. lower, s t £& Is. 3.d, per Will; three months', £63 7s -6d'. 1 elestr&lytic, X 6's lto. '' Tiiit.—Q-n spst, £6 fa. lower at £150 10s £is2'-0s : C ° mQnt ' h ' s '' s*. lower, at Pig-i'r<?n.—Middies!)oto' tio. 3, 2d. lowe* at 51fi. 4d. per ton. ' 1 t{)n pd£<:r ' 2S ' 6tl ' lower " at 7s ' 6d - sor T.OXDOX WOOL SALES. By Telegraph—Pr<33.i Aseac-ln-Uon— Ooi>yrisl!l , it , Londant iilay 7. As the wool sales, prices were well mitifltainenl for all sorts. (R-ec. May 8, 9,35 p.m.J London, Hay 6. At the wool. salf>s, the following price were K-aliscd for the fleece portions of the Naw Kc-atoid clips named :--Apofac, top price tid„ <werage price HE-d.; O-poit.i, jiJd. ftml 10 Mil Taurorc, 12d. and 103 d.; Tiitapu, I"(l. and Hid.: Upcot, Ud. and lljd.; Kiltu, 14jd. and 12Jd.; Titi, l-3i-d. and ItJd, NEW ZEALAND'S TItAOE. Londaiii May T. Mr. Baddo, <1 New Zealand jI.F.. addfesa. c-d the Australasian Cliflmber of Cotmucrcg oil Xew Ztalanol's trade. 611,-VBD, London, May 7. Bir silver is quoted at 27(1. pef onnce stall elard. ItABBITSKIKS. tdntfort, May 7. Ann and Cobb report- that ihc rnVn)i\--Uni <-!(--im). ;?i an average fir cHtic of from U'.roe-lk'ilfjieiicp to tvvop;nce-j j6D9 tlun.j v.-ero oJfciod. mul sold. BlliTlsn TRADE RKTURSS. L<srtitsi>, Jiar 7. Jlnnrd of Trade returns ?hmv Mi,»t for the month el April imports itecrwtcd V>\XUiVMf, ond <aporl«> by £3,1(5.;67, onit Oii'it re-sshort* ihcrcoieil by X 740.524 ta esoipucil witi April, ISi-J, J

i WHEAT SCPPIiY ;■ !R«e. 3fay 9, 0.25 a.m.) s .m. a u , Washington, May 8. . the Agricultural Bureau estimates tlio !i wifi-er wheat supply as. mfißßfiW bushels.' t VIC-TOBIAS PKODUOS MABKETS. ... Melbourne, "May 8, ; Wkeftt, ss. led. to 3s. 10W. Flour, £1 ? wan, £S. I'ollard. £5 ss. Barley, BugJ Itsls Hialtiog, 2s. lOd. to 3.3. 2d.; Cape, 2s. 14. ° to ,;s. Siil. Oats, Altfersan, Is, 8»d. to is. ■ lid. Mane, 3s. 9d. to 3s. 9Jd. i'«a,., te. 6-d. . to -.5. :d. Potatoes, £4 ss. to £5. Ouio-us. f i/6 tr.i £q 10s.