COMMERCIAL ITEMS

Dominion, Volume 7, Issue 2147, 13 May 1914, Page 10

COMMERCIAL ITEMS

ri. '.' ' .' •■ '.' '-—— . ' .".,.'' : 11 '...,« INVESTMENT SHARES. ■'..' r- -A, sale- of Wellington Gais (£10). at.;£l« • s -7s. was-tho .only trunsactibn.in themvestment - market yesterday. The . quotations lc were 06 follow:— y ■'••.'■ •.. Buyers. . ;Scllcri>. 0 ••■' ..-- £rs. d. £ B.d n Bank. N:Z. (£6 13s. 4d.) .' - - . V 17..0 0 ~ Bank-N.Z.:{.£3 Ss.-M.) ".. ' -'. 11. 5 0 ■;. National Bank- ~...-.. - 514 0 \r Equitable Building ...... 9 5 0 d Metropolitan Building . '.'—,.". 12 0 0 . National Mortgage 4 : 5 0 . - V Wellington Investment'... 0 11 0 O'll" 3 "• Auckland., Gas .;i.......:....'.1 9'9 1 10 6 r Gfeborne Gap ~..'...,... - -- 2 2 & ri' 'Palmcratbn--Jf. Gas : ■ <-i-, ■>.' 10 "10 0 „• Wellington' Gas (£10) ..." 16 6'6 ••' -- Notional Insurance- '2130 2 14 '3 g Meat Export <.E4)'.;.:_... '•■ ■ — •' . ; ' 5 1 0 l- Meat Export t62a. ■ 6d.l .„ . —' ''336 •_ Wanga.mil Meat (£5) — ' '550 n:z. Shipping ".. .:,:.:.... • —. « 0 0 *J- Union Steam (ord.) -. 15 6 —, »■ Union Steam (pref.) ■ 10 9 .- Kaiapoi Woollen (ord.) ... 5 5 0 — Wellington Woollen (ord.) 4 3 0 ■ — '.. nikurangi Coal 0 6 6 — • Westport Coal 19 3 — • Westport Stockton ' — ' 0 3 9 Lcyland: O'Brien ' — . 13 3 Tarlngamutu ' Totera ..266 2 7 c Golden Bay Cement 0 19 0 10 0 Manning' and Co. : 3 18 6 —' Saarland's- Preference-... — ■■ 1 2-6 s Ward and Co. — £00 THRIFT AND ECONOMIC DEVELOPMENT. 1, From various considerations- the Indian Government has decided to make greater ' efforts.to attract the eavings of the thrifty » and to induce the small capitalist to help 1 in tho Work of developing the country. H . is thought that the loss of confidence in , banking deposits due to tho collapse of so _ many native-managed, institutions, would tend to increase the demand for gilt-edged - securities, of which there are very lew t available to, the native investor. , It ig ; proposed, therefore to.issue a rupee loan ' of 5 crqrcs, equivalent to' £3,333,333, and to 3 increaso.tho-attractions of the postal ssav--1 -ings sbanbe.'.- In regard to the suggested 5 loan, the Finance Minister elated that tho , policy-was justified not merely by the consideration that it was wise to keep «e much 5 as possible of the public debt of a coun--1 try,in the. hands of the people, but by tho , fact'-that of late-it had been more econo- ' niicol to borrow in India, than in London. " , In .the latter market India sterling stock > is 6ubjcct to the competition - of a. great . varicy of issues of the like character, and j although -tho' Secretary of State had rcframed from, borrowing on tl;at market > laet ytar, the price 'of India's'securities'-in ) England had stood for some timo at., a, 1 materially lower price level thai) the rupee j paper,, whereas formerly the position U6ed ' to.be tho other way. The . additional ' transactions offered to depositors in tho - postal savings hanks consist of «in increase ; of the annual limit from ECO to 750 rupees, and the total sum at credit from 2000 to ' .5000 rupees. The proposed Ipan .and the : Hicveawd utility ,of.the .savings 'banks are regarded in India- as movrmehts in, ,tho . right direction. It is recognised that,it I is good for the country that Indian investors should /bo directly ■ ihtcrcsted in raili way extension, and the retention in India . of. the yield on. the .capital is also, of conl siderahlc importance.-.. .In the-int«re3t of ■ ail gold -standard countries, It ie; desirable ' that.every effort ma-de-16 check ~ the. hoarding propelisitiea, of .'t'ho,- Indian r people. .' ~ ■ .- .-■ .; •• •" . ..; I • , ' -..PROGRESS-OP INVENTION.' ', The report of .'the British 'ComptrollerGeneral, of Patents, Designs, and Trade ! Jlarks for 1913, states that the year under 1 review demonstrates in a striking manner that this is tho age of locomotion. By , far the largest group of inventions during the year .is ptated to consist of applications relating to the many «nd.vai-ied problems of transport, while a- considerable , rise is shown in. the statistics of,such inventions oven when compared with the preceding year. The most.prominent among 1 -the' year's 'Inventions have been devices for the improvement 6f 'motor vehicles, the ! number of applications having increased by 25 per cent. 'Tuvcntoro novo shown special interest in lifc-javing attaohmente > or guards; in governors for. regulating tho - speed.of vehicles! in devices for preventing , starting while the gears, are-in.mesh; in the construction of small dynamos for lighting purpose.* and for- starting the engine; in. moans for protecting exposed Beats and passengers in wet weather;.in sVlashguards; and in arrangements for connect- i ing.head-lrimps to the steering-gear. Aeronautics have also come in for a good deal of attention .from aspiring inventors, hut little of not© appears to have been accomplished, and tho contrivances submitted having been confined ./more part.icnlnrlv to tho improvement of detail'ln the wellknown m&kca Internal combuotidn' engines have also been the basis of numerous inventions, whjle the recent outcrv against the dangers of railway, travellings, due to tho number of fatal accidents which occurred during the year, led to a- great increaso in tho number of devices submitted for signalling or stopping trains. IRON AND STEEL EXPORTS. In 1903 the United Kingdom was first, Germany second, and the' United States third on the list of iron and steel ex' porters. The same relative positions were maintained in 1908. but during the subsequent years Germany has attained to the premier position, und the United States I has also galiicd 011 threat Britain. Figures compiled from official.oaurccs, states "Bradsteers,". show that exports 01*1 iranand steel, inolmling : agricultural im-1 plements, but excluding electrical ma'chin-. cry and ships sold abroad, increnetid in the case- of the United Kingdom from £53,000,000 in 1903. to £93,400,000 in 1913,.0r 76 per cent. In the same period German exports increased from £40,40,000 to. ££5,8d0,000. ;or 182 per cent; About 85 per cent, of the" ''dome3tic-prodUcti6n„of- iron and is consumed .in, the .United States, whilo the value of-all, iron aiid 6teekman'iifar.tiift,9 in 1910 was £275,400,000; of which/only £31',CC0,. 000 was exported. The.pig-iron production of the United States increased from 18'.CC0.C00 tons in 1903 to 30.0C0.0C0 in 1911, but that-of Germany from ICOOO.CCO "tons'. ,to 17.5C0.000. 'while that of the United ICing'do'm' rem-iined practically stationary' at a'hout,9,oCo,CW tons' per annum during th; dcjadti. : .• SLOT . MACHINE BA'NKS. ~About three' years,ago the slot machine ; .savings banks were 1 , established, in Buda, . Pesth. The machines were arranged for the receipt of two coins, the-crown and the heller piece. The contrivances put out a ticket for each coin deposited, and these , coupons'carry interest, the rate- paid varying with the current bank rate, and ranging normally between 3 and 4 per cent. When a depositor haa secured 110 tickets he has the option of taking out a bank ■book. ■ The machine/; are- cotustructtd ao that in the event of .a counterfeit coin being deposited the number on the coupon . Issued--in'-regard thereto is ascertainable, and -consequently the voucher can bo cancelled. At present there are in ivse ls.BuiJa Pcsthfoii.rteen. of these contrivances, six of teem standing in front of branched of the bank; a,"like number before public markets and two at.the entrance of a- largo manufactory. It,is noteworthy that the receipts in tho two last mentioned have been invariably lew than the takings of any of the others. Tho machines continue to gain popular appreciation, and the system Is to be extended. In 1912 the 6iim placed to tho credit of slot-depositors represented 65.CC0 crowns. The bank's actual profits', on the operation of the invention ere stated to be small;, but there to an advertising value in them; and it has been found that by their use the hanks havo been brought into business relationship ' with a clttpn of people which it. would be extremely difficult, if not quite impossible, to reach, by any other tried .means, in jddition to which there is performed a useful social service in the inducement and opportunity for thrift which is offered br the, slot savings boxes.- . . .•' BURNS. PHILP,' AND CO. Burn's, Phllp. and Co., Ltd., show a net profit of £121.053 for the twelve months ended March 31, ns compared with £109 186 in 1913, and tho.balhncc available'ls £131,262. Tho return to shareholders is equal' to 6j per cent 1 ., of which 3d. per share;, or 1J per cent., is by way of bonup, absorbing £62,500, as f against a dividend of 5 per cent, only in 1912-13. The. reserve is stronghcued hy £35,000, mid novv amounts to £65,000, insurance reserve is allotted £10,000, provident fund gets £8000, and the staff is grnntr ed'a. bonus-of the like amount, leaving £10,782 to be carried forward. The paid-up capital is up £200,CC0, to £1,0C0,C00, and insurance reserve stands at £79.343, while shipping property figures at £270,280. Bills receivable, book debts and advances amount to £677,692, as against £526,575 in 1912-13.' rhe report states that - the prospects for tho current financial year ore encouraging, ! and it 13 anticipated that further tonnage • will be nccesasry for the growing business. ! TRADE IN ALLEN BTREET. J Fruit-.—The Navu'a.from Fiji, landed 3CCO- - of bananas on Friday, the .condition 1 of t)ie fruit was excellent, ond satisfactory 1 prices were, realised. The Moerakl, duo ; from Sydney to-day, is bringing onlv moderate shipments of pineapples and passionfruit, and these should realise .extreme ' rates as the market is bare. Fairly heavy .consignments of apples are coming forward

from the Auckland district, and for choice coloured dessert apples excellent rates are being obtained. A largo proportion of-the > apples arriving - from Nelson are second grade or culls, the best having been .exported lu-South America. A good demand exists for choice dessert pears, and well coloured tomatoes find reodv lata. Stocks of Jlossiria. lemon's are sufficient to meet the demands of the season. • . Vogetables.-Cabbagcs have little better inquiry, whilst- French beans-and green peas arc selling at cxtremo rates. Vege- ' table marrow*' are in heavy supply, and lc low _priccs havo to be accepted to quit u- Consignments of cauliflowers can he rccomif mctidcd. c. Onions a.ro in heavy supply, and are 2. quoted /at £6. to'£6 10s. per ton; piokling d onions «re, also in heavy supply, and are ~' rolling nt ss. '.to 6s. per cwt. :,,- 'Potatoes hie In fair demand nt £5 10s. to. £5 15s. for first-class samples. . Flour, ,1s unchanged-at £11 per ton ex store,. Wellington, or £10 f.o.b. South, less the usual discounts.' Fowis.'wheat has advanced a- pennv per bushel,-and meets with ready sale at <e. 7d. to 4s. Bd. for' prime whole. 16 Fowls' barley has very little inquiry at t- 2s. 9d. a bushel. - is Cftpe barley is slow or sale .at 3s.- Id. per ■ bushel. .'■ . ■■ . ». Maize:—Heavy shipments are due from 1 Javs. shortly, and these will rule at nnich 0 lower price.? than for New Zealand maite, 0 which is selling at ss. to.ss. 3d. 0 Bran.—Stocks arc heavy, and the quotation is £4 ss. to'£4 10s. per ton. 0 Pollard is in good demand', at £7 to £7 10s. -person. . ..... .-.-. 3 Pig-meal Is in moderate demand 'at £5 6 lus.per toil. "..... 6 Rice meal is quoted ■at £i per ton. 0 Oatmeal, leadine brands, 251b. bass, £12 to £12 10s. per ton; 71b.'bags, £13 10s.' 3 Rolled. Qats.-Thistlo brand, in 4ilb. hag«, ' 0 and Creamcata, in 41b. bags are Gelling 6 at 1 10s. per dozen. 0 Chnff.—Prime oaten sheaf chaff is in 0 largo supply, and is quoted at £4 10s. to £4 15s. per ton, sacks in. . Brokon peas for poultry and pig-feed arc •5, strong demand at 3s. 6d. per bushel of' 601b. Shell grit has good inquiry at £4 ss. to £4 10s. per ton. 9 Eggs.—The market is weaker. Fresh ergo 1 3 a "> quoted a t Is. Kd. to 2s. per dozen; 6 chilled. Is 6d. to Is. 8d„ and. preserved la. 0 4d. to Is. sd. . , Butter_ is short of-requirements. Prime . 6 milled, in bulk, is selling at lid. to Hid. 0 pp" lb.: good quality. lCd. Poultry—Hens 2s. 6d. to' 3ev 6d. per : i. pair: heavy, table birds ruling at 4b. to , 4s. .(d.- cockerels, 3f.'6d. to ss. 6d.: pullets, r & *?. S s :' In<! ian Runner ducks, 3s. to 4s. ': ' and Aylesbury ducks. ss. 6d. to ' 6s. 6a.; turkey gobblers. Is. to le. Id. pef , £ lb. live weight; hens, lOd. to lid. . J NOTES. J n k r r lV^ as becn iisneA in the Supremo ! J Court, Melbourne, against the Commercial ' „K Australia and members of the 1 9 Board of Directors by George D. Meudcil, , 1 accountant, challenging, the right' to pay ' 5 dividends to ordinary shareholders, i o~ Th £ <™ rr «nt prices in London of £26 for 1 South Sea copra represent a drop of £5 0 in six months, and the manufacturers of ■; - margarine, who were so concerned at the • 1 advance in.the price'of one of their prin- ' -cipal raw . materials, are now correspond- 1 > jngly relieved at the more favourable mar- I - ket position. The violent fiuctuations which , • Have; taken place In the .value of copra ' J during the past two years, writes the "Fi- • t nancial Times," havo been due to the in- 1 1 creasing popularity of nut butter, ond both , - producers'and wholesale, traders havo been t caught unawares. From £17 per ton. the : I price of copra rosoat one'timc to a level ' ' which rendered it very difficult to mahu- < J facture.nut-butter at much lorn than tho , 1 dairy-made article. Fortunately, a s snon , 1 as j that position was rcaohed. the trade ' 3 underwent a.considerable change, and with s - tho recent decline of 151 per cent, in the 1 . quotation of copra, a sufficiently, wide mar- , > gin has been created between the cost of , - producing dairy, and - vegetable butter re- * ' spe-ctiyely to maintain a separate market f >,- for. each. So far a-j-the. plantation industry ' is 'concerned,.oven at.the lower price now 1 ■ ruling, tno manufacture' of Copra, yields ■ very large profits. 1 f Ciiftoms. duty, collected at. the port of \ 5 wcl'wgton. yesterday amounted -to £2cßl • 1 .','. SOUTHERN MARKETS.". ,i ■ (By Telegraph.—Press Association.) t an, !<.' V '-■■■ ChriStchUr.eh, May 12. 1 . , llie 16cal grain market hO3 heen very * , quiet during the last few days, there being < - little grain, on otter. Prices .keep faiflv ° • nrm, -especially for, prim* iMinplcs of. miii- ■ - rag w.heat. The disturbing clement in the ' - wheat Hour trado is the arrival of C Australian, (lour, which is now coming in regularly by .steamer, largo quantities, it i? , reported, being received at North Island ' Pi J ' <,! r , SOI ? e h also coming in to tho South Island; This outside supply nf ] flour has a steadying effect upon the price i, ' 0I "Fat,,-whjch, in. a short e'ensdn for ? : supphep like the present, might Have been l expected to advance. There is no ehanpo 1' in .oats or chair. Tho potato market n < , easier m consequence of the large quanti- ; 1 tics that have, been purchased, or arc still : offering. TheTe has been an unusually ' arge quantity shipped from Lyttoltor. to f the North Island and many stocks aro lit s More. a.waiting shipment. Local mcrehanto have had the run of the North Island trade " , this season jn conseoucncc of the failure t of the. crop in the OamaVu district, and f also hecausc. South Canterbury has been' c supplying Dune-din. It is now reported k that the Duncdm market is filled up for v the time being. Tho priae which i s now s being offered by several Christchurch mer- i chants is .€3 at country sM-tlons. and a . number of sales have been effected at this -" .LONDON WOOL SALES. „ By Telegraph-Press Aeeoeiation-Conjright c .'. !,.-'■' , , London, May 11. li At tne wool: sales there was a miscel- s laneous selection. Prices generally were „ well maintained. ° (Hec--.May 12, 11.50 p.m.) '". ? ~.,''. ,- , , London, May 12. j' At- the. wqol sales, the following prices " were, realised'.-tor . fleece portions 0" New s Zealand elms named: '•Peakotoi," too. Isd • T i average, 14} d.: "Orlngi," - 12d., 7d.; "Wa'iwaepa, 12d., 10? d .; "Kaputone," 20J'd., 191 d. Messrs..Dalgety.and Co.. Ltd.. have re- 0 ceived the following cabled: information 1 / from their London office .—'-The wool sales i; • continue, animated, but prices for fine greasy.wools. especially New Zealand greasy n merino wools,--arc scarcely, maintained." a i'. ' - ' . ' WHEAT. - ? , (Roc: May. 12, 11.50 p.m.) „ :.;. :' . .-.' ~', ..London, May 12. .The wheat market js firm/and a eood domand is reported. SIL7ER. a „■ '" ~' . . London, May 11. 0 liar silver is quoted at 27d. per ounce il 6tanaard. ■ ■