COMMERCIAL ITEMS

Dominion, Volume 7, Issue 2146, 12 May 1914, Page 8

COMMERCIAL ITEMS

INVESTMENT SUA EES, The sales recorded in the investment shore market were: Union Steam, ordinary at 25.?. 6(1., and Manning and Co.. at £3 18s. 6d. The quotations weie as follow:— Burara Sellers. -£ s. cl. £ s. d. Bank N.Z. (£6 135. <d 16 15 0 17 0 0 Bank N.Z. (£3 6s. 6d.) 10 15 0 Equitable Building 9 5 0 Metropolitan Builumg .... — 12 0 0 Well Investment <.<. 0 ?.G 1.1 € U 3 Christchurch Gas 7 0 0 : Gisborne Gas — 2 2 6 Palmerston North Gas ... — 16 10 Q Well. Gas (£10) 16 6 G - 2s'.Z. Insurance — 6 5 6 ti.B. Insurance 4 7 0 — N.Z. Shipping — 16 0 0 Union Sleam 15 6 — Kaiapoi Woollen (erd)..; 5 5 0 Leyland O'Brien — 13 3 Manning and Co 3 1& 5 — W.F.C.A. (£1) - ' 16 0 THE MONET MABKF/T. When the last mail left London the condition of the money market was viewed favourably. The "Insurance Timea," Jn editorial comment, referring to tile Bank of England return, paid; "The strength of the position lies in the fact- that the temporary depletion of reserves is due almost entirely to the seasonal withdrawals of currency for the provinces, and it may be confidently expected that money will flow back very rapidly 4uring the next week, while the release of Government •fundn will help to «?woU the abundance of supplies. As regards the future, the outlook is also encouraging:. It is now thought probable that the Argentine demand is likely to be smaller than was anticipated at one time, and so far 'it has? been met by shipments from Brazil. Whether tho latter country will, continue to part with its gold as freely an it did last year is doubtful, but on the other hand, owing to the partial failure of the moneoon last year, India's requirements are likely to be smaller than they have been of late. Finally, there is the Question of whether the Continental demand for sold, which, in a sense, of a purely artificial character, will continue. so that the Bank is prevented from obtaining any portion of the South African gold shipments. P»u»«ia lias recently been the largest buyer, and it may perhaps be takeu as an encouraging sign that the Imperial Bank of reduced ito discount rate this vropk from 5;- to 5 per cent./ The absorption ot miuton tiy Continental centres Is. however, so largely a political matter that it- is impossible to predict with any ccHainty how long it may be likely to continue/ Customs duty collected the nort of "Wellington amounted to £2621 7s. 3d. TARANAKI IRONBAND. NEW PLAN TO BK TRIED, (By Tclezra-ph.—ProsS Association) New Piynibutfe, May il. The "Taranaki Herald" is informed that several Aucklandcrs interested in iron and steel metallurgy have discovered a proccss for producing from the Taranaki ironsand excellent iron at a cost not- exceeding that of the beet iron produced in England. An experimental plant will be erected at New Plymouth, and it is anticipated that considerable capital will he employed subsequently in crectinj: the latent type of blast furnace to deal with » big ant-put. HIGH COMMISSIONER'S CABLE. The Department of Agriculture-. Industries, anil Commerce has received the following cablegram from the High Commissioner for incw Zealand! dated London, May 9.' (Unless otherwise specified, Quotations are average market prices on spot):— Mutton.—'There ho 3 'ueen a better tone in tho market this There k a gefiefai confidence in the maintaiianc of present prices. Canterbury, 4jd».pr lb. for weight; North Island. *&d, for light- weight. A small number of thg very best quality have sold at an advance of id. in each case. Lamb.—The market- is< firm, with an improved demand. Canterbury twoa, 6sd. per lb., heavy weight, s§d,; other than Canterbury, 5 15-16 d. Beef—There is a. better demand for betjf. New Zealand hinds, 4 7-S£d. per lh.; fores, 3 7-16 d.; chilled lunds, s{-d.i fores 3sd, Buter.—Thet market is quiet. Danish. steady. 1120. to 114s. per swi.; New Zealand, in fair demand,' ICfe. to 107«., exceptionally fine, 108s.; Australian, little doing, ICOs. to 1045.; Argentine, immHcd, quiet, lNta. to 108s.; Siberian, steady. 965. to 1C0.*,; Irish creameries, goad inquiry, 1645. to 108s, Cheese.—Tho market is weaker, with more inquiry $t lower prices. Canadian white, 60.?. to 68s. per cwt.- t , coloured 68s, to 71s ; New Zealand, white 60s. to 64., finest coloured (535. to 635. 6d., fine coloured CZs. to 625. 6d.; Australian, white 595.. coloured 60s. to 61*.; finest English chcddar. new make, 6Cg. to 64«.; Scotch choddar, new make. £ss. to 575. Hemp.—The market is quiet, with a general feeling of uneasiness. Buyers are cautious. New Zealand, good fair ££6 tier ton. fair £23; June to August shipments, good fair £26 10s., fair £23 15-s. Manila, fair current,. £27; June to August sbiprofrnte, .-£27 10s. The output from Manila for the week was 28,000 bales. Wheat.—The "market Is firmer. ' Oats—The market continue dull. ' Wool.—The market h ve-ry firm, ana Americans arc operating freely. FROZEN HEAT. Mesfirs. Gilbert, Aiulercon, and Co. • (Mc.-isrs. Mellsop, Elliott, and Co. • local agent*), writing under data London, 'Aorii 3, report as follows oft the froacn irieat market:— Home Grown.—A quiet tone ha* prevail* ed, and supplies of beef have been heavy. Scotch sides. 61d to 6*d.; English, &d. to 6£d.; Irish, sd. to 52d, Mutton: Slightly dearer, but slow. Scotch, 7id. to 31d.: feng- ■ lish, 7d. to 7i?d.; ewes, 6d, to 6Qd.; Scotch •' tegf», Bid. to 9sd. English row eea-son's • lambs, 9£d. to le.; veal, 7*d. to BJd,; pork, } 53d. to 7. i Frozen.—The position is weals. Mutton, r lamb and beef supplies in store are plentiful, and arrivals continue heavy. Added to this, the domand Ims been below expec--1 tations. The outook for mutton and l-jcef » is not. bright, but a good trade at Raster. . and favourable vcca-ther tn&y stiffen prices , for lamb. Frozen mutton—The d&manti continues for light weights, but all are lower. Canterbury. 48117= to sfflh„ 4, 13-16 d.: 551b. to 6<Uh., 4|d. : Mib. to 721b.; best. North Island, 56?b. to 641h„ 4 3-Bd.: ordinary, 56.1b. to 641b„ ewei?, 481b to 641b., c«d. Australian sheep, 401b. ' to- 601b., 3£d.; second, qunlity 351 ii. to 551b., 1 35-i ewes. 3 13-16. South Amerkan wcth- ■ ers, 561b. to 721b., 4d.j ewes, 401b, to 641b., [ 3jd. Frozen lamb— la.mhs arc -.very 1 weak, and tho demand slow, despitijTiigh " prices of Rcotnh mutton. Canterbury j lambs are weaker. Up 1o S6lb.> 6H; 3&lh. [ to 421b.. 6d.; 421b. to 501b., 53d.: faeoE^nuaU * ity (small). 5 JM6d, Beet North Ji?land, ?/81b. to 421b., 6d.i ordinory, 57-4. Austr-a- ---* iia.n keeps fairly firm, B&st.-Mh. to 421b., 5j r d.; fair, up to 361b., h\A.i inferior, 5 3-B.tL South. American, 231b. to 361b., s|d.j '36-lh. to 421b. s?d. Bcwf—Heavy supplies o.f 3 chilled; Fores ruling tt.i 3 hhde, 1 42d. Frozen, feas beau very slow of sale. New. Zealand fofes, hinds, 4 7-16 d. Au?tralHn crops, si)d.'{ hinds. 4 5-16 d. South Amerkan: Fores 33d; hinde, 4 7-16 d. LONDON WOOL SALES. By Telegraph—Press Association—Copyright London, May 10. At tho wool sales there were large offerings of crossbred?, and good competition. Prices were maintained. The amount of wool catalogued was 135.036 bales, of which 1501516 wcro sold. The following prices were realised for the flecce portions c-f the New Zealand clios named"Ngatapa/.' ton Drice, 12d., average llid.; "Te Kapu," i2|d. and lid.: "Ugbrooke," 15d. and 14|d. LONDON MARKETS. Untfon, May 10. Cotton.—May-June shipment, 6.94 id. per " lb. * Hemp,—The market is firmer at a high 1 point. Fair May-Juiy. £24 K)s. to £2-4 15s.' Rubbcr.—Para, 2s. lid. tier lb.; plantation, • 2s. 6Jd.; smoked, Ss, 6M. Copra.—Market stow. South Sea 4 in bags. 1 April-May-Juue, £25 lfe. Hides are in slightly better demand, acd & quotations aro uiiehan^ed. r Leather iw in moderate demand, 'and for ', basils there is good demand for gH qualiP t-ief. New Zealande, 16|(L to 21d. Antimony, 2s. 9d. p Fencing wire, 1375, 6d„ less 3 per cent, oft r list. r WHEAT AND FLOTJi:, 'j toniHen, M'a.y 10. Wheat.—A firm advance in prices is A rather checking hnHhies, The wheat and liour afloat for the United Kingdom toUik-i §,915,000 <jUi\rte-y?; for the Continent, 2.01UjK , .G; ALkuitiv: phipmertti? 348,800; Pacific, 3'jt'O. The total sliipntoUs to Europe during the week amounted to 1,415,000 quarter, inclndiwg: Aui»tralasi<i \ Z2S,C'CO quart en*