COMMERCIAL ITEMS
INVESTMENT SHAREa A sale of Ward and Co.'e shares at £5 was the. only transaction recorded in the investment market. The quotations were as follow:— -~ ' . Buyem Sellers. ; £ e. d. £ « d. Bank N.Z/(£3 6s. Bd.) ... 11 0 0 - National 'Bank 5 12' 0 5 14 0 Kquite-blc: Building .-... 9 5 0 - Met. Permanent ll 17 6 12 0- 0 National Mortgage 4 5 0 well. Investment ..' 0 11 0 — Well:, Trust and Loim.;. 7 8 6' - Palmereton Gas -. 10 0.0 10 10 0 Well: Gas - (preference) 019 9 — ,N.Z. Insurance ..; :.. ■ -r 6-5 0 S B.' Insurance 4 9' 6 — ■N.Z. Shipping - 16 0 0 'Kaiapoi Woollen (ord.) ... 5 5 0 - Well. Woollen-(ord.) 4 5 0 ■ — Well. Woollen (pref.) ... 3 1 0 - Westport Coal .....', 19 9 — Leyland O'Brien - 1 ;, 3 Manning and'Co 3 18 0 — Ward and' Co. ':.: 4ID 0 5 0 0 W.F.O.A. (£l)' _ .. 1.6 0 THE FKESOH LOAN. France is outfora large loan—£Bo,oCO,oCO— and the thrifty peasantry of that'aountry will find the money. The loan 13 made necessary mainly by the expenditure cfo defence. The general report on the French Budget, iE6ucd eome time ago, showed the following:— .-'..• £ Ordinary, expenditure 204,000,000 . Expenses 'in Morocco 9.CCOCCO Defence expenditure 56.5C0.0C0 269..5C0.CC0 Kovenue 192.CC0.CC0 Deficit 77.5C0.0C0 Tho loan should have been issued. some time.ago. but the change in MinietQ-, tho Calmette sensation, and the elections 1 combined to cause delay. Despite the huge increase in the burden laid on the shoulders of the French taxpayer, in the last ten years, a new military programme, involving an expenditure of about JE56.6C0.0C0. has been decided upon. This huge total has got to .cover an increase in the effective peace establishment, improvements in railways for mobilisation , purposes, the creation of a big calibre artillery, increased supply of ammunition, strengthening of the fortifications and development of. the- technical apparatus of war. \
I ■ INCOME TAX AND DEATH DUTIES. . Some yoars ago an animated controversy was conducted in the London Press as to tho effect of the income tax and death duties on the capital resources of tho ■nation. It was generally admitted that the existing rate of the tax on incomes woe dangerously hiffh, but it was also recognised that to Jiud a substitute for tho money 'so raiosd was a difficult problem. Disbursements under the head of income tax-undoubtedly diminish the savings of the community, from which additions nre made to capital, but while a reduction in the impost -woe very desirable, it was only possible by increasing the revenue derived from other sources. The incidence of tho death duties was variously regarded as a loss of : capital-, or as a legitimate payment for service* rendered Jn. support of-.the latter view jf'rfas"pointed, out that the wholo machinery 'b'f tlio"Stato l iset' 'the uispo-al of 0, legatee in order to cccuro possession of property under a, will or ae next of Uin. The -hueo sums rained by the Stato.in the. shape of death duties do not £PPMr to hare diminished the capital hekl by the community, as is evidenced'by the increasing amount of income eesereable- to inoomo tar. The death duties, one writer contended, represent a tax that. Is more readily borne than any other tar.- It is easier for «, beneficiary to pay out of what he receives « largo sum by way of taxation than it is for the trader or profoes.ional man to find income tax out of liis earnings every year. It seems sound finance to increase the levy in the cases where the money could be paid oasily, and to reduce the income tax to a, level that in an emergency Would ' admit, of . raising a large amount-in a short time.
. - SOUTHERN MARKETS. (By Teleßraph.—Prcse Association.)' '•'nil % » Chrlstchuroh, May 15. The wheat market remains quiet but firm, especially for Hunter's and Pearl there' not being quit* so much inquiry for Tutean. There is very little grain offerine, and -sales'are fen- at.presont. There is no change, in the oats' market, the tendency, however, being rather weaker, though prices ■ remain without alteration. Mnlting barley is .very dull of eale, there being no demand whatever at present end it ie difficult-to say what the real value as. ■ The potato market has further weakened. - Buyers arc giving only £3 at country stations, and they are now keen to make purchases, even at that figure, though'.a, good deal of business has been done during the week on that basis. BANK OF ENGLAND RETURN. ■ By TelcerttpVPresß ■■■"■'; (Eec. May 15, 9.10 p.m.). . London, Jfay 15. The Bank of. England return issued for the week ending Wednesday, May 13, is as under:— . j' . . 'ss»e Dkpahtsient N»U;I|IU« £62,513,000 Gev.aobS --£11,015,000 ' - . .- Other eacuri- ■-. . ties 7.M4.f1!W • • -_; 'Gold ... . ... d4.061,0M • £53.613,000 £52,513.000 - BiMKisa DEpATiTiresi, rrepW«teri'' • Qovt. Bebuticarit»l f»,553,000 ties £11,017,000 PubJio de- . . Other iecuripoelts . : ...18,611.000 ' ties 38.457,000 OipQT Oβ- ' Pdßits . ...'.38.774.C00. K«UI ' ... -23.810.003 nest,7-aay . inaeth'«r •« ' ■■•' ' bills;,;- ... 3,106,008 Cola.- „ 1,730.000 :.-.-, -.;, fT5,0j4,000 : . eisjuim The leading, items ol the Bank of En*laud return afford the following comnjjt•on:—
'■■■■• '■■~■ t ■ s I ■ Bullion ~.' ..; 34.064.000 34,253.000 34.949.000 - Heeerve :.. ■ ...\ 25.540,000 25,563.000 26,211,000 ■ Note circulation "18.703.000 28.808.000 -28.601.000 • PublioDopoßitj . 18.611.000 18,387,000 13,659,1)00 Other-Deposits 88.77i.0U0 39.402.000. 38,486,000 Proportion o( reserve t» . > , .liabilities ■ 41,51 n% 60.25 GOVERNMENT SECURITIES. The : following are the latest quot&tione for Government- securities with a comroxi--Bon of those- ruling laet week:— ' ■ . . . ' Variation — cempiud J . Price, with : lut -neek. £ «. d. ' 21% Imperial Censeli 74 17 6 2/6 hicher 4 ..N.5.W.1033Jan.-Jnly 103 0 0 UnSged H ~N.8.W.1930.60Mr..5p 100 0 • uSchwgSd 3 i ~N.S.\V.-ID3O-6O . C 2 0 0 Unch&nced 3 . .JI:S.W.IB!!SApI..Oot B5 0 0 Unchanged 4 ~ Vic. 1920 Jen.-July 102 o 0 UnSinwd BJ ~V1c.19-21-e J»n.-July % 0 0 UncSJnaed 3 ~S.A.lßl6Jnn.July 74 0 0 UnchoS 4 t ,Q'l'dl9ls-a4J»n.-July 102 0 0 208hlA<n--84 ~«'l'dl92i2.«Jan..July 07 0 0 -Bnohineid 3 r Q'l'dlflllii7Jen.JalJ 81 0 0 uSdiSSSd « ~N.Z. 1039 M»y-N.v. ICO 0 0 uSchS 84 ..H.Z. 11112-10 Jan-July »" 0 0 uXnccd 8 ~N.Z.lli2oApril-Oct. 62 0 0 VndSi S. ■•T« , s™f Ma , y -, N4v 87 e ° »ffl BJ ~J.as. JWoj»n.-Ju y V 3 u 0 3 ~Ta..1!«0-40J«n./uly t3 0 0 Unchanged EUROPEAN MONEY MARKET. The Bank of England rate was, on February 8, 1912, reduced from 4 to 3J per cent., and on May 9 it wne further reduced to 3 per cent. On August 29 it was raised to 4 per cent., and on October 17 to 5 per cent. It was reduced to 41 per cent, on April 17, 1913. On October 2, 1913, it was raised to 5 per cent., on January 2, 1914, it was reduced to 45 per cent., on January 2 2to -4 per cent., and on January 29 to 3 per cent.' The Hank o( France rate was reduced from 3J to 3 per cent, on February 23 19C8 and continued at the latter figure until September 12. 1911, when it was raised to 31 ■ per cent.' On May 17. 1912, it w<l3 re-duced-to 3 per cent.,, onOctober 17 it was raised to 3-Spor «nt., and on October J(l t0.4 per:cent. On January 29,-1914, the »to iTU icdueed/to Jipej ceat t i
The Imperial Bonk of Germany on 0.-io-ber 24, 1-312, advanced it« rrtte of discount to 5 per cent., and to 6 per tent, on November 14. On October 27, 5913. the rat© vrae reduced to i\ per c«nt., on .fciitmry 22. 1914. it »as reduced to <!J per cent., and on February 5 to 4 per cent. MABKET BATES. OR DISCOTJXT. ■ The following tm tlic market rate for beat three months , bills:- ■ London Paris Berlin fate. rate. late, per per per cent. cent, cent. This week ?£ 25 23 Last u'Ock £J 2} 2J Last jisav '.....,.11 3 4 . Short loans arc qnoted «t 2i per eeßi. fls against 13 per cent, last week, and 23 per cent, last year. .■■: COLONIAL AND OTHER. PEODCCE. WUcot.—The mnrtct is quiet, Australian .on spot it? quoted at 38s. 6d. Flour.—The market is steady. Australian patents are sailing at SGs. 6tl. Oats oj'ir firm':. La Kat«, June-July shipment, iss, 9d. Peas and Beans ere firm-, but quiet. Butter.~Tho firarkct Jβ quiet nrtd nnchanged. There is o good demand for choicest colonial wish fow lots effoflnir: I secondaries ore neglected. Danish 16 fiiioted at Uto. to 115s. Cheese.—The market is dull." New Zea. land wWto. 68s. to ,Ms. ti.; coloured, 63a. Sugar.—German beet, 8b jier cent, nat titre. Id. higluu- at 9.-. 4W. tsci- evit.: Brst marks ere.nttlated.- f.o.b. Earabvirg. uochanged at- its. 5Jd. : ' : Bradford Topa.-There is More inquiry. Sixty-foHr'e. l&, higher nt iV,A. per lb; suner sixties, ?.d, hiiher nl 3OS.j «einmon sixties, ti.: fiifty-sixes. WiJ.i fifties., 21d. ; I&rtTe3, 17id.: lortSes, 'Sijd. THE METAL MABKEPS.' Copper, on onot, on. Sd. lower at s£62 17s. 6d. per tort; thfco months. 2s, 68. higher at £63 Mi. Tin, ou spot, £3 iSs. higher at £154 ss. per.ton; three months; £3 Ms. higher et £156. Pig-iron.—StiddlKsborotigh Xo. i; 3d. higher at 51s. Hi. per ton. <:Spelter, Zs. 6d. .lower at £Z1 6s. per too. , . LONDON MAEKETS. .Messrs. _ TJalgety, <md Company. Limited, have received cabled information from nth London office, Medley o's fbJJowS;—Wool— The wool sales conti&ne animated bat prices far fine greo.»v wools, especially New Zealand greasy tnetino wools, are scarcely maintained.' Sheepskins—As compared 'Vitii last sales, ifterino oomb'inf; okin's nrt S-M to' ■Jβ. per tb. higher; merino clothing, J-Sd. to Id. hishef: and o.roosbr€d combinu *Vins, idl. higher, frozen tncat-Umb: prk«« are W.. to 3-tfl. per jb. Uiphcr. Mutt oh: I'ricps ore. par to 1-M. per ili. higher. The mnrlict is. firm aßd is eipd(itesl to odvnnrc for both miiuon Aiul lamb. Hwf: Jr«Tket jinclionjpd, but derftn* exuectefl, owinp to large shipment?: <rf nkilled. Tallow: Tbo market is v unchanged. ■■' i
LONDON WOOL. SAIES. By Tdojriph—Press A«eMi!rt!on--C&pjTiei).t London, May 14. At tnc ;WQoS wiles there-was .animated competition. Mcm for cressbrais were floracr,-but for merinos tincbAng«d.- • (Uce. Hay IS, 9.W p.m.) ' , ~ , , London, ifoy 15. ■ At, tl;o frodl fates She following prices woro realised for the eece i>(lortinns a{ the clips named:—"Tuanui." top pfiee, 12jd., average price, HJd.: "Wekarua," tap, 131. average, 111-8*; '/Tiratu," top 13J«J.. everage. ICJd; "-raradate," Sop lid.. 'averoiw. lOld.: "Kakntoiie," t0p.21d., average 19J-?c!.; 'Olrig, top 13d,, average HJu.
At the tfoo.t sales the fottowing prices wore realised lor she fleece portions of the clips nam«*:-r-"Eanealua," top'price, «}d., average, Wi-U.; "Aldutiie," IM. and Ul-Ed.; "Lanfclcy." Hi. and 13£84:: "Bac'Ssh'vven." 12d. and 103(1-: "lHikwiui." lid. Rnd'Mid; Messrs.. JTurrtiy, BobWrts. and Ob'.,' Ltd., hayo received the following cablegram., dated May M. from. their Loidpn friends. Messrs. Sanderson.'' Jlrirray. and Co.:—"Wool market firm. Sheepskins have advanced 3-Bd. to Jd. per Hi," At the sales 4300 bales were offered and all sold. There iwis a large qttcnda&ec and Keen competition. New Zenjafld crossbred combings were «, liaK-potuiy Sena, The New Zealand , Loan and 'Hsrcaatlio Agency Company, Litnitefl, have' t&oired tno following cable njeseago from their iondoa holiso under date May 14:--Mct|i)q sheepskins have advanced 3d- .and crossbreds id. per lb. since last, ebl*b, .... lEA&. ■;■;'•;"■■'' :" ■ Lofldons May 14. Lead Imports total 22,041 tone, aud osports 4422 tons'. . ' 7IOTOftIA.IT ?EOD : tTC'E MAH.KEP. fffolboufrto, Jlay 15 Wheat, 3f. Mid. Flour, &. Oats. Alter- |?>. I*- B<l- to; is. ltd,, fiartiy. raftltini; Enßlish. 2si Hα. to ij. M'. ; Cape, 25.. Id. to 2e. id. Maws, 3a. M. Utah. SS ss. I'ol-•l-ird. £5 lCs, Potatoes, to £4 ss. Onions, £5 15s.
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Dominion, Volume 7, Issue 2150, 16 May 1914, Page 8
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1,863COMMERCIAL ITEMS Dominion, Volume 7, Issue 2150, 16 May 1914, Page 8
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