COMMERCIAL ITEMS

Dominion, Volume 8, Issue 2364, 21 January 1915, Page 8

COMMERCIAL ITEMS

INVESTMENT. SHAKES.. The business done in investment shares vesterday consisted of sales of Bonk of New Zealand, old; at £10 2s. 6d„ and new at £16- tlnipn Steam, ordinary, at 225. 3d. Tbe quotations were as. follow:— • Buyers. Sellers. ■£ s.d. £ s.d N.Z. and River Plate 1 }B 6 — OhrirtSwreh Oas, (£5)....... 7 10 0 8 0 0 Well. Gas (£1» •■• £ « Onristchiirch Meat .......... 16 & c - Meat' Export- (£2 12«. 6d.l 2 14 0 Well. Woollen (ord.) 4 7 fi - West.port •• " » _ Loyland-O'Brien ...< 116 - BANK ;OF ENGLAND NOTE ISSUES. By tho Bank Act of 1644. Ihc Bank of England was empowered to issue notes against £14,000,000 of car-marked securities. n.fid agaiast all the coin and bullion p need in the Ireuc. Department. At that time, there were other banks in England with note issues to the amount or ±8,631,64/. and it was further provided that with regard to all such other issues which lapsed, tho Bajik of England could increase its earmarked securities to the extent of twothirds the amount which lapsed. On ten occasions tho bank boa availed itself or the

privilego, and now issues notoa against £18,450,000 securities, and its holding nf coin and bullion in tho Issuo Department. Tho lapsed iasues referred to now reach £8,229,928, so that the Hank of Ept'land has tho right to issuo notes against £19.486,000 of securities, plus its coin and bullion, provided it applies for tho privilego to. tho Treasury. But it is hardly a. profitable transaction as compensation >e required by tho Treasury for tho wtondea privilege. Tho fact remains, however, that the Bank of England could now add a million to its iobctvo at any time. X'no Inst uccar-ion on which an addition was made to tho roservo in Hub way was. in mi. nnd tho prosent would be a suitable time for a further extension of theso powers. Of course, tho Bank Act was suspended at the beginning of August, when the roecrvo fell below £10,000,000. But it is regularly returned, and tho additional million would enlarge tho bank's powore satisfactorily. BTtITISH SHIPBUILDING. Shipbuilders in the United Kingdom appear to.bo assured for a busy time, a revival to the demand for new tonnage which set in some months «igo having now becomo qulto pronounced.. Orders recently placed have been almost entirely for cargo carrying atoamors, and at the same time considerable contracts arc stated to havo been booked for Btecl platos. Available vessels on tho stocks have been promptly bought up. and somo of them could have been sold twice over, whilst those buildere who could promise anything for reasonably early delivery havo had no difflou ty in booking orders at improved prices, lhe early stages of the war witnessed a elacltening in tho inquiry for, and in the rate of production of, new tonnage, but this condition of things is stated to hayo given place to an activity which is likely to Bland tho shipbuilding trado in good stead for many months to come. BANKING IN JAPAN. Tho growth of modern banking in reoent years 'In Japan has been considerable. Taking tho yen at 25., the deposits hold in 1904 were J5ft.531.68J. and in 1913 they wore J8141.421.450; whilo the advances increased from £39,046,412 to £67,903,662. and tho discounts frW £33.028,420 to £90,938480. Tho paid-up capital was augmented from £25,394,974 to £37,726.674, and tho reserves from £5 447,749 to £11,693,331. The net .profits were £3,391,499 in 1904 and £6,645,464 in 1912. GERMAN ITEMS. According to a recent computation In the i "Hamburger Nachrichten," there is, roughly, as much gold being hoarded by Germans as there is gold.reserve in the Eeichsbank. This computation is reached in the following way. Sinco the first coinage of Imperial gold in 1872 there has been put nto cMtion about £256.500,000■ In god. Of this, it la officially computed, about £65.000,000 has either loft tho country or has been converted to industrial purposes. Of the £191,500,000 remaining, roughly, £15,000,000 was held by the Keichsbank on November 7. leaving £96,500,000 still in prlvate hands. The newspaper calls for stringent measures on the part of tho Government, and the extortion of this reserve supply of gold under penalty of heavy fines and long terms of imprisonment. ™ publication of foreign oichange rates is now forbidden in Germany, as they show the depreciation of tho German currency. Customs duty collected at the port of Wellington yosterday amounted to £M 69 Ma. Id. . DUNEDIN WOOL SALE. . (By Telegraph.—Press Association.) Dunctfin, January 20. The Dunedin- Wool Brokers' Association reports having held the second of their series of wool sales for the season to-day, when 23,533 bales were submitted to auction. The same buyers were operating who were in evidence at the December series, aud competition throughout the day was fully maintained, the buying power remaining unsatisfied at the finish. The sharp rise which took place for crossbreds in the south at the recent sale came as a pleasant surprise to wool-growers, and, it was still more gratifying to find a further improvement in the market to-day in tho values of strong wools of auitc a halfpenny per lb. The crossbred market was very strong, showing an increase of one penny to twopence' halfpenny on the December sale. Though the selection of crossbred dips generally showed much bettor condition, the demand was brisk throughout. Halfbreds and best wools were, uno' anged, and a lot of shabbier sorts were weoker by a halfpenny per lb., with, a Deduced demand. Merinos showed an improvement on December rates of a halfpenny- to one penny per lb., but heavyconditioned lines wero still neglected, and generally prices for these were not acceptable to growers. Pieces, neck-, ana super pieces showed an improvement of a halfpenny to one penny, but ordinary bellies and pieces did not, owing to heavier condition, meet with the keen competition experienced for the higher grades, tho values of which remained about December parity. Locks were in -good demand, best linos showing an improvement of up to a halfpenny per lb., but heavy sort", were rather weaker. ... The following are tho comparative prices, the first figures having rcferenco to December sale and tho last to to-days:— Merino, super (12d. to 133 d), lid. to ma.; merino, medium to good (lOd. to 103 d.), Bd. to 94d.; merino, inferior (75d. to 95a.), 6Jd. to 7|d.; half bred, super (12Jd. to 155 d.), 12d. to 151 d.; half bred, mediums to good (IOJd. 1o 12d.), 10d. to 12d.; hnlfbTed, inferior (aid. to JOd.J. B£d. to 9>d.; crossbred, super (10(d to 12(1.), 12Jd. to 14id.1: crossbred, medium to/good (Bid. to 10d.), 103 d. to 12Jd.; crossbred, inferior (7d. tci «d.il. Bid. to lpj.; p'ece?, super (10. to 13d.), lid. to 135 d.; pieces, medium to good (7Jd. to 95d.), Bd. to ifjd.; pieces, inferior (sd. to 6Ja.), bd. to vjd-: pieces, locks (3Jd. to 6»d. and sd. to fid.), 3d to 7d. and 6d. to 9}d. WHEAT MAKKET. By Telegraph—Press Assnciation-OopyrtE-ht Lintlon, January 19. The wheat market is quiet and fairly steady. METAL. MABKETS. London, January 19. Oorper—On the spot, £60 15s. i three months, £61. Tin—Spot oash, £154 t« £154 10s. Pig-iron, 575. Id. Spelter, £30 10s. to £30 12s. 6d. Jute—January-February shipment, £20 10a.