COMMERCIAL ITEMS

Dominion, Volume 7, Issue 2153, 20 May 1914, Page 10

COMMERCIAL ITEMS

INVESTMENT SHARKS. The sales of investment shares recorded yesterday were:—National Bank at £'3 13s. and Union Steam at £2a 10-s. The quotations were as fallow:— * Buyers. Reliefs. £ s. d. £ s. d. National Bank -- S 13 5 Equitable Building; 9 5 0 Metropolitan Building ... 12 0 6 Well. Investment 0 11 0 Well. Trust and Loan 7 8 6 Christchurch Gas 7 & 0 Ralmcrston N. Gay — 10 10 0 Well. Gas. (£10) 1.6 6 & 16 7 6 S.B. Investment 4 10 0 — Well. Woollen (ofd.) ....... 4 6 0 Well. Woollen (prof.) 5 10 — Westport Coal 1 10 d — Leyland O'Brien - 1 0 3 Golden Bay Cement & is 5 — Manning and Co, 3 13 6 — Ward and Co -«• 5 0 0 W.i'.C.A. (£1) - 16 0 NEW SOUTH WALES LOAN. The New South Wale, Government U issuing a 4 per cent. £3,0(&.CC0 loan at repayable between •1942-62, aont? has ently had no difficulty in having the i&siw underwritten. Beside th«? dioc.os-ani.oX 1 per cent, in the price, investors are offered a small concession, as three months' interest is payable oft July 1. Now South Wales 4 per cents, are- at present quoted at «£ifi3» so that the new loaai is offered at a- tempts ing price, which may account for the eagerness with which it litis been underwriter Tniri is the- sesfrtid loan floated by New South Wales in London , this year. During,the first few days of January a. 4 per cent, three million loan at £9G was placed, but it was a Failure, n-s the underwriters had to find 90 per cent, of the money. After hegaro-c euddgnly cheap in the middle of January, the loan scrip went up to par.

AUSTRALASIAN HONEY UABKET. "Mr. J. Kussell French* in his presidential addrees before tlic Institute c-f Bankers-, New South Wales, a. week or m ago, referred to rccent movements in the Australian money market.. About two vears ago, or perhaps a little earlier, Jfr. l-'rercch remarked, there set in an unmistakable tendency on the part of the peoplo in. Australasia, to launch out wjih enterprises landed and otlienvise, and to borrow mony very freely for tke purpose. At the very outset it would hi? confes'tc-.d that this tendency Avas nofc e») vigorously op-posed by the banks as it might have boen. It w«s found, however, at early date, that unless chce&ed in good time, nnd with some determination, this enterprising spirit, might lead to a state of affairs that would compel drastic treatment. Drastic treatment of the borrowing public is & thing to be avoided at any time, though ft, may be occasionally neeossarv. On. this occasion the timely steadying influence, of tlifr banke in Australasia brought about the requisite adjustment of affoffs. But owing 'to the demand for decommodation on the one hand, and the slackening of the deposit growth on the other, the coin reserve of the banks became to sciiio extent depleted, and in order to restore the normal equili* brium. those who won? rcsnonsiblc for the maintenance of a proper proportion of ce-fb to liabilities adopted the dniihto method of restoring the balance by raping the slencoifc rate by \ per and likf?wic>o. putting lip the rate for advances by an equal amount. It says a good deal for the soundness of Australasian flnotice that so small a "rise should do all tlfcit was necessary. But during-the year there aroen anotfte* condition of affairs which Mill further called for a conservative banking noliey in Australia. This was the Kuro-pcnii trouble caused by the war in the Balkans. At one time the outlook was very jrl&omy and forbidding, and we may be very thankful that nothing more than alarm happened. N T o matter how strong the financial position might be here, and it was strong according to any reasonable interpretation of the term, no one could possible wish it to be put to the test of a world-wide fina-n----cial upheaval such a<s a great Euronean war would ho likely to bring about, A remarkable outcome of the petition in Europe has been the very ??i"»nviou-? effort* which h-vre been made by all the leading nations of ihe Continent, and by England and ii>c United States likewise, to e-trcngthen their gold reserves.

THE PACE IN CANADA. Canada has hew going too fast, am? (lie "Economist" corrfepotitfenl in Ottawa, recently dralL with tbe situation in elenr terms. Abounding surpluses Imvc hitiiarto kept- (Jown the Canadian Dominion debt, which, net. last year was only £iT,40G,000•. but the country's obisgntionti fire verv heavy. It has to spend £10.tC-o.££o cm deepening the Welloml Canal, as much more 011 opening Uie problematical tfuilson's Bay route, oil a has clso <v iarge. programme on tlic St. Lattrcnce and fearWlr Improvements. Then it is buiMtni; railw«ye and lino guaranteed £19.30,030 of railway issues by companies, while ths provincial Governments have guaranteed £36,500.000 more. The Ojitn<Uin Government is building ISofi miles of ra'iwny for the Grand Tnink-PstfHc, '.vjiich were estinntfd to cci?t £IS.O- f ;o.f'fo. and will cost £'0,. MO.COO, while guaranteeing; bonds on the 1800 miles which the company is buiitog. Tho writer continue? 1—

When their debts become too burdensome they log-roll for "better terms" and unload on the Dominion Government. Tlic tmormoue indirect liabilities which the Western Provides have 1 assumed through guaranteeing has had another curious result— tlicy now come forward and sitV that the Federal Government- must- at, all hazards lead mar* money or .ifVi'-uc fresh gfi-d?-tees to the Canadian Northern. otherwise the company may tie forced to call oil thorn to raalie good tliejr guarantees, which waiiisi rand them in bankruptcy. In other words, the Federal taxpayer is to be held responsible not merely for the debts of the lioralnion Government, hut for t!n>se *1" the provinces, whose subsidies now . exeeed £2,650.!®) a year, and are steadily incrcas-

in-£. ft'hile the correspondent, considers that, as a i-oa'nc country. Canada, con carry a vast amount of debt, he admits they have been frnvelHiij: too fast, ant! that the aMonnfs nf their Dominion and provincial debts do not nearly represent their_ obligation!) and eoi?r,iUmenlb\ The ritiostion is whether they will be enabled to carry out their programmes. ARGENTINE TBADE. The official trade statistics of Argentina for 1913 show that the agsr.eg'.itfi valuo of imparl? was £64."70,6C5, the exports totalHug £96JC0.9C9. the fig»m rcvealinc, on comparison with those for 1912, increases of £7,299,814 ami £622,658 respectively, and representing ot.i iidvanec of 9.4 per cent., in imports and O.G in exports. From the United Kingdom the republic received goods worth £25,177.31?. or ,-C2.';23,tf2 more than in 1912, and to that centre it shipped exports nf a value of £24,075,562, which aidicated o, decrease of £20!,10? oil the aggregate for the immefliaSely preceding twelve montlia In this connection, however, it is pointed out that a large proportion ef shipments "for orders "—which in the latest return amounted to £Zi,s4i.247—ultiirfately finds its way to the British Isles. Germany took Argentina, products valued at, £n,5&1,169, that- being an advance of £-734,133, whilst the exports to the TJnited States fell o=T to the extent of .■ei.S99.Z6S. amounting to £4,478,962. Thia shrinkage is attributed principally to a decline in trade in hide® and wool from the republic; but opart from the prospects of recovery iii those products the trade relationship between the two countries is. expected to he this year an a. more efetfcnfiive scale than heretofore, owing to increased mcfci .shipment* from the southern ! centre to the in addition to which there is h likelihood that the latter, may require fairly considerable quantities of maiic; It is stated further that butter ' export;} from the. republic bow constitute by no means a negligible item of inter* : change, a fact that is of some significance to colonial dairymen. Exports of so-taa of the principal items daring recent years.aire shown in the table hereunder

191-2. 5913. Wheat, tans 5,«5?,451 2,794,853 T'louf, terns 1t5.925 ifn.fifiS Staiae, tons 4,832,502 4.815.55J Oats, tans 909,731 SSU-S? Linseed tons 529.550 1,0]9,4?6 Wool, bales 355,533 310.933 Batter, taxes '140,971 135,352 Shipments of wheat- eltow an increase of 137,402 ions; ilvcre was a shrinkage in the oxpart- of flour, maize, sate, woo!, and butter, whilst in the quantities of linseed dispatched to oversea- destinations the movement revealed represented an Increase of nearly 93, per cent.' on the 1912 figure,?. It is oßieially estimated that far the current year the exportable surplus of wheat, and i'iouT will be 1,7M,CC0 toils, of linked 950,0 C€ tons, find of oats' 650,000 lons.

TRADE IJf ALMS STREET. Frm!.—Tho Tahiti is due lieib to-morrow, vis, the Cook Islands, with a further supply ■ of' bananas and Islqiid oranges. The steamer from Sydney tils v/crk is bringing '■ only a, email shipment of pineapples' and passion fruit. A good demand exists tor ; choke dessert peare, -arid consignments can be recommended. Apples arc in heavy supply, -and prices ore a. shade easier than these i'liliiig lost weult. The season for ; tomatoes is now almost over, and very fey/ are cumins forward, Messina lemons are ■moving off froel.y, and it is not expected that any further shipments will be received this season.. Vegetables.—CiiuHilowerj show an advo.nee.,, while eabbagos maintain tlieir value. Bwettes are id ratner heavy supply; parsnips- and earret; .are wanted. -Marrowo are hi wry lutovy supply,, and low prices have to be accepted to quit. Pumpkins meet with fftir. inijiiiry,; cclcry. and teoks aieei frith the usual demand. Onion*,—Supplies arc lighter, but values are unchanged, with prime table sorts at £5 to £6 Ite. per ton; pickling onions are in heavy supply, and rule at is. to (s. per cvyt. Potatoes.—Prices have easid in the south, and the Wellington quotation is now £5 to £5 15s. per ten. according to quality. A little inquiry is Bow being made 'for seed varieties, ' Plonr • is offering at £1® per ton f.0.'0. south, lew the usml qiseonnt; the quota, tion, ex store TfaUingten. is fit. Poivb' wheat, meets jvith ready sales at 4s. 7d. to Sd. per bushel for prime whole: Fowls! barley is'in poor request at S!s. 9d. per bushel. _ Capo barliy is excccdiiiElj' dull of sal® it. 3«. Id., per bushel. Maize,—A Jltipaent- is due from Java shortly, npd lew quotations ore beiftg made for forward delivery. A godrt bttsintes is being done. Xetv Zealand grown., i# fjuoted at ss, 6d. per biujiiel, ex store. Rran.—Stocks ecrntinue heavy, and t,be price is extrenieti* ■ fo.vourrthlc to buyers, 'fhe eiirrent quotation is £4 ss. to S4 SCs. per ton. ex store, Pollard is ruling high. Ami the demand continues gcjod, with prices sit SI ss, to £7 per ton. Pig-meal has! fair sa.Te at, £S Ms>. per ton, — Iflcc-Sieal is ruling at £5 per ton. Oatmeal—Leading brand;.'. 251b. bag®. £t2Ite, per ton; Tib. bag.-". £12 It's. Soiled Oats,--Tbistle" brand, in 4}-lb. bags, «nd Oreamoata, in 41b. bags, are selling 'at JOs. per do2en baga. ' CiiafF,—Prime eaten sheaf chftff has very good inquiry, and is selling at- £4 10s, to £4 JSs. per toa, sacks in. ' Broken peae for poultry and pig feed are pjlling at 3s, sd. to 3s. 6d, per iniehel of «.Ki, - ■ Shell grit for poultry is offering at £4 ss. to £4 10s. per toB, Fresh eggs arc realising 1.-. led. to Is. Ud. per dflzftn; chilled, Is. 6d,; preserved. Is, *!ci. to t,s. €d. _ Butter is in. shet-rt supply; prime milled, in bulk, lid, to ll;id. per lb.; good quality, IOtJ. PoilHry.-Hcns. 2s. 64. to 3t>. 6d. snir; good he-avy table birds are making 4s. io fe: cockeras, 3s, fid. to Ss.; young ducks, te. 6d.; Indian TUuHtcr duvks. 4.5. to 55.; turkey gobblers, ts. per lb. live weisht; lien.-, lOd. to lid.

, Customs duty esllected-at the port of Wellington yesterday amounted to £M<B 14s. Id. ' SOUTHERN MARKETS, (By Telegraph.—Press Association/I Christchurch, May 19. There is nothing fresh t& report in connection with the wheat market, which Is firm, but with little business doing. There to <i development in the oat market, whlcn is hardly likely £o have aiyr appreciable effect upon local prices, but will relieve to some extent the stock* now held by merchants. This is the ojMitiifig nfl of Export trade to West of Eflgland pcrtfr. The Westmcath will take away som© thousands I of socks, <«nd It is hoped to pot away 0.larger quantity next nwilh. 'Freight by thia month's hoot is 27*3. 6d. per tort. ant*, for next month, it trill he 255. It is not considered that thore will be any profit at present prices in the export trade* to the United Kingdom, hut it will form a.n outlet for stocks. Jfevr Zealand oats or? Minted at 2a 6d. per bushel- in, Londos*' so fhat- when all charge* are paid they trfii J net considerably less than 2s. per bushel. Canadian and Af-gcntittf? oats are quoted at much lower prices than New Zealand grown. Th« potato market is qulttt, and buyers arc not inclined to do business At £•3 per ton at country -stations, the Auckland market b : eing heavily supplied at the present- lira**. Cow grti.ss-seed has declined in price in nonficoncn-cc of the taw nuofn.ti.Qnc that arc being from London. LONDON WOOI* SALES, The Bank of Xe\V Zealand ho* received the following cable advice from its London office, dated May 18:—"Currfcflt price? for North Mand farmers* lots, in average condition—Coarse crossbred. 36\j to 40's qual* it-.V, lid. in llJd. per lb.: medium crossbrevl. *4's t-ft 46* s quality, lljd. to i3Jd» pet; 3b.; fins crossbred, SO's quality, lsd. to I4? 4 dj .per l?i. Current prices for Houth Island farmer*' lots (Canterbury etyle}, in avera*?© condition—lnferior merino, common 60's to G4*s ou-ality, lid. to llsd< per lb.; superior merino, super 6(Tis to $4's quality, 13\d. to 14-; d. nor ??k; half or nv<u-t.cr-bred. S6*s quality, 13Jd. to 14£ d. per ib."

NEW SOUTH WALES I,OAK. ■8y TeicErauii—JPfcss Association--Oowrtelit London, May ia New South Wales lias complctei the uniimvrit;iii?'.of .1 three million 4 per cent, lonn at £93. Tik i Irian repayable lip. 1.WC51) 19A2.-62, ami <1, iinntrtor'Mntorvst i« payable o.n J illy 1, the fiuol instalment, iiojug payable osi July S3, BEET SUGAK. London, May 18. Kerr P. 0. Lioht, the well-known sngnl' emit at Stateobwre, in hist monthly circular. state* tltat the prnrtuctifln of beet, sugar ill Europe rjhmvs a decrease of SM,CCO tons. IT'.' estimates 'Uiat for tlic cajitmien there will be a total decrease t>( 86„CO& tens. WHEAT. London, Jfsy 19. Ths wheat -market is lii'ra. priced being fully maintained «t la.-ts rotes.