COMMERCIAL ITEMS

Dominion, Volume 8, Issue 2375, 3 February 1915, Page 8

COMMERCIAL ITEMS

'. INVESTMENT SHAKES. In the investment market a sale of Westport-Stockton Coal shares at 4e. 7d. : was. reported. The quotations were as unBuyers. Sellers. £s. d., .£s. d. ■National Bank 5 5" Bank New South Wales — 41 10 0 Bank N.Z. (old). 30 2 6 - Bank N.Z. (new) 16 5 0 — •Equitable Building 9 10 0 — Wn. Int. T. and A. - til 3 Chch. Gas (£5), ex div. .. 7 5 0 — Palmerston North Gas... 12 0 0 — ■Wellington Gas (pref.) ... 1119 9 —. 'Gear Co. (£4) ..'. 14 0 0 Meat Ex. (£2 12a. 6d.) 215 0 -> Union Steam (ord.) 1 2 9, 13 3 •Union Steam 10 6 — Weil. Woollen (ord.) ,4 8 0 - Westport Coal 111 I) • — ;Tarinffamntu • — • ®' 4 ® Ward and Co 5 10 0 — ' *Cum dividend. • ' . BRITISH NATIONAL DEBT.

: A white paper issued on December 1 shovre that, in the fiscal year of the British' Government ending March 31, last, the national debt was permanently reduced £10,203,674. The total debt on March 31, 1913, amounted to £656,473,765, and on March 31. 1914, £649,770,091, there having been' a decrease during the year .of .£6,703,6/4. ■Thife, it is stated, is a, net and takes into aocount the .increase of 000 in respect of treasury billfl. Aptut from the replacement of debt temporarily reduced in tie year was £10,203,674. ' Total issues from the exchequer to the nationat debt commissioners on account ot the sinking funds in the course of the ■year 1913-14 amounted to £5,424,100 14s. 3d. This amount, added to the unapplied balance of £4,620.302 lis. Id. in the hands of the national debt commissioners on April 1, 1913, made the total amount applicable to the reduction of debt £10,044,303 ss. 4d. The 6um of £1,545,166 17s. 5d., the unappropriated balance of the old sinking fund, 1911-12, remained in exchequer balances at March 31,' but that' amount has since been appropriated for the purpose of acquiring share or loan capital of the AngloPersian. Oil' Co., Ltd.

GERMANY'S WAR I/O AN. The "Economist" (London) says: "Efforts have been made .in the' foreign press to minimise the significance of 'this loan by alleging that the German. Government used force in order" to obtain subscriptions. It was claimed that the savings banks were ccmpelied to subscribe a- certain proportion of their funds, and that the oustomers of all the banks had to devote a certain percentage of their' balances to taking up the new bonds. These statements are not true. The public and the savings hanks alike were left perfectly free to subscribe or not, oe theychose. liut the obvious fact —it would have ljeen etmily recognised as obvious—at any other time—is, that. the loan was offered at 6uch attractive terms that' neither the people nor the savings banks neoded any compulsion whatever to induce them to subscribe. The bonds hear 5 per" cent, interest,. were issued at 97.50 and. cannot be converted to a lower interest basis within ten years. Apart from financial considerations, however, the success of the loan was, above all else, an expression of a great outburst of patriot-ism-finch patriotism <ls foreign countries had not, apparently, thought existed in Germany. The character of the tenders afford ample proof of the patriotism embodied in them. Out of the total of about 1,150,M0' individual subscribers there were not fewer than 900,000 persons who took amounts of £100 or less, and 200,000 of these .latter took 6ums'of £5 to £10. It is understood that about £45,000,000 was subscribed by the savings banks and their depositors." j AKGENTINE MEAT TEADE. The registration of a new shipping. nnI dertaking under the name of the It.Jf.S.P. Meat Transports, Ltd., with a capital of '£1,000,000, indicates the successful, conclusion of important negotiations which have I been going on for some time past regarding the development of the Argentine meat trade. Hitherto the industry itselfhas suffered from undue competition on land, while those English shipowners who have catered for freight of this clase have had to submit to excessive German rivalry at sea. • With the increased supremacy which tho British mercantile marine now enjoys on all the • great trade routes, tho feeling has been growing among the principal interests concerned that- the' time has arrived when a stronger hold should bo established over the Argentine meat trade, and the company which has just been formed will play an important part in this connection. Its object will be to work In close co-operation with tho stockraising interests; certainly there will be no endeavour to squeeze the last penny out of them. In proof that this is so, it may be stated that steps are being taken to increase the supplies of chilled and frozen meat coming forward from South America, euch consignments representing the creation of fresh resources entirely in the hands of English interests. This means that a more' determined opposition will be offered to the monopolistic interests which have established themselves in tho Argentine meat industry, and there is every prospect that the vigorous attitude will bring its own reward.

Customs duty collected at the port of Wellington, yesterday amounted to £2684 166. sd. SOUTHERN MARKETS. (By Telegraph.—Preas Association.) Chrlstchurch, February 2. Farmers are now busy harvesting, and there is therefore little grain on offer, but in the coarse of a. week or so it is expected that offeringe will bo free. Several sales of wlieat are reported at 6s. to fe. 3d. at country stations for immediate delivery. Millers are requiring some new to mix with old or imported grain, and it is stated that they arc not buying for any distance forward. Oats are readily saleable, and any linos that arc offering are freely taken, but during the last few days there have boon, few offered. The graee seed coming forward is not of very good quality, end the market is very Arm. Sales liavo been mado at 4s. to <ls. 3d. at country stations. TJp to £1 se. is offered for potatoes for delivery daily in Harch, end £4 for later delivery. N.Z. INSURANCE COMPANY. Auckland, Fobrunry 2. The report of the directors of the New Zealand Insurance Company for the year ended November 30 shows that .the surplus on the year's transactions was £109,462 3s. 8d„ which, with £22,129 166. Id. brought forward, made £131,591 19s. 9d. available for distribution, The e'IUD. has been

dealt with, as followslnterim dividend of 33. per share paid in August lost, £22,500; transferred to reserve fund, £40,C 00: transferred to investment fluctuation and contingency account, £22,600. Out. of tho balance of £46,591 19s. 9d. the directors propose to pay a dividend of 6s, per share for the year (les3 interim dividend of 36.), which will absorb £22,500, leaving an available net balance of £24,091 19s. 9d. AUCKLAND WOOL SALE. Auckland, February 2. There never have been wool sales in Auckland more keenly contested than the second series of the 1914-15 season, which were held to-day. The buyers numbered 30, representative -of England, Prance, America, and New Zealand. Most of the bidding came from English buyers, but at least one French representative was operating extensively. The buoyancy of the market, surprised the most optimistic of farmers ana brokers, the valuations of tho latter being substantially .exceeded all the way through. Generally speaking, prices showod an all Tound increase of about 2d. per lb., os compared with those which ruled at the second sales last season. The total offerings were much less than those of the corresponding sales of last year (5929 bales, as compared with 11,256). Taken as a whole tho wool was not in good condition. The following table gives a comparison of the prices at to-day's sale as compared with the sale in November last, the figures of which ere given in parentheses:— Fine halfbred merino (lid. to 12Jd.), 12d. to 145 d-; fine crossbred (lOd. to 11a.), ll»oL to 13Jd.i Shropshire and Komney (lid,, to 12|d.), 12d. to 14d.; medium crossbred (9;d. to 10id.). IOJd. to 123 d.; coarse crossbred and Lincoln (83d. to 10id.), 91d. to 13d.; inferior log-etained and cotted (Bd. to 83d.), 91d. to 10^d.; first pieces (7Jd. to 9d.), Bd. to 10d.; second pieces and bellies (5Jd. to 64d.). sjd. to 7d.; erutohings (Vd. to 8Id.). 7d. to BJd.; locks (4d. to 5d.), 4d. to 6d. MELBOURNE WOOL SALE. By Telegraph—Press Association—Copyrfchi Melbourne, February 2. Wool 'continued in active demand, the feature being the strong American competition, wliich secured a large share of merinos. The market generally advanced five per centum. LONDON WOOL SALES. London, February 1. There was a good 6ale. The market is firm. Prices are unchanged. Prices realised: Yanko, 14Jd„ 13i'd.; Breeza, 10d„ 10d.; Maxweiton, 25d„ 24 3-Bd.; Evesham, 24d„ 23Jd.; Taplo, 12id„ 92d-; Hopepara, lljd., 91d.; Belele, lid., 10td. New Zealand: Teviotdale, 17d., 15id. METAL MARKET STATISTICS. 'London, February 1. Copper.---On the spot, £63 12s. 6d. to £65 17s. 6d.; three months, £64 to £64 ss. Electrolytic, £68 to £6B 10s.. Supplies, 35,509 tons; deliveries, 35,809; in stock, 22,627; afloat, 4400 tons; visible, 35,125 tons. Tin.—On spot, £174 10s. to £175; three months, £162 to £162 10s. In stock, 16,681 tons; on the 6pot, 3308 tons; afloat, 3287 tons; deliveries, 3104 tons. Lead—£lß 12s. 6d„ £18 15s. Spelter—£36 10s., £37. TALLOW. Tallow—ln stock, 3178 casks; imports, 2767 casks; deliveries, 2804 cask 6. ARGENTINE MEAT. Argentine shipments include: Mutton, 69,436 carcasses; lamb, 32,132 carcasses; •frozen, beef,' 93,174 Quarters; chilled beef, 130,668 quarters. WHEAT. Sixpence to a shilling advance is asked on demand for cargoes checked owing to unfavourable weather in tho Agreritine. MARKET REPORT FROM NEW ZEALAND TRADE COMMISSIONER, SAN FRANCISCO. The Department of Agriculture, Industries, and Commerce ha 6 received the following cablegram from the New Zealand Trade Commissioner, San Francisco:— "Meat, butter, cheese: Market very depressed and likely to remain so."