COMMERCIAL ITEMS

Dominion, Volume 8, Issue 2489, 16 June 1915, Page 10

COMMERCIAL ITEMS

INVESTMENT SHAKES. . In. tho Investment share market yesterday a sale of New Zealand Paper Mills shares at 17s. 3d. was reported. The Quotations were as under:— Bayers. Sellers. £ s. d. £ s. d. National Bank 5 10 0 — Union Bank 57 ?, 6 — Equitable Building 9 10 0 — N.Z. and EiTer Plato 2 0 0 — Vfel. Trust. Loan, Ltd. ... 11l t — • Christchurch Gas (£5) ... I H — Well. Gas (£10) - 16 17 6 N.Z'. Insurance (JO — South British Insurance 415 0 — Gear Meat (£1) ( I I — Well. Meat Export- (£5) ... 5 2 6 — Union Steam (ord.) 13 3 — Well. - Woollen (ord.) 4 12 6 — Leyland-O'Brien 119 — Manning and Co 4 12 6 — N.Z. Drug 2 6 0. 2 7 0 N.Z. Portland Cement ... 0 8 3 — Golden Bar Cement 1 1 6 12 0 ■Ward and Co — 6 15 0 BRITAIN'S WAS LOAN. Final instalments of the British war loan of £350,000,000 fell duo for payment London on April 26. The issue was floated at 95. so that the net amount to he roceivod by the Government was £332,500,000. The'loan t-hroughtout was a, greet success, and it speaks volumes for tho financial strength of the kingdom that the huge sum was found without occasionally any material disturbance of tho money market, the payment of each instalment as it became due being effected with ease owing to the large amount of funds available. A considerable number of .applicants paid up their instalments in advance ' and secured the discount allowed, and the national accounts mode up to the end of March showed that to that date the Government had received £296.000,000 out -of the total of £332,500,000, although two in. stalments of 10 per cent, each, equal to £70,000,000 on tho full amount of tho loan were nominally still be paid. Since the war began, in addition to the war loan, the British Government has nublicly issued by tender a large number of' Treasury bills and £50,000.000 Exchequer bonds, the latter being partly to meet maturing Exchequer bonds and Treasury bills. Later on it introduced the system of issuing Treasury bills "over the counter." All this borrowing has been eifect-ed, and yet money has remained easy in London. Of ooiirso a large amount of the borrowed money haa been rapidly paid out again, but at the same time the Treasury has been placed in an exceptionally strong position. The national revenue return, made up to April 7, showed that the total amount of Treasury bills outstanding was £116.681,000 and that the Exchequer's balances in hand totalled £100,209,500. ■ Since then Treasury bills for £15,000,000"h*ave been paid off. but against this there has been received the last war loan instalment and tho payments for the Treasury bills issued at died rates of discount "over tho counter," tho amount .of which was averaging about £2,000,000 a day. As the Treasury had so large a balance in h<ii!.d and tna system Of privately issuing Treasury bills at fixed rates was . proving very effective, it was considered that the Government

should be able to finance tho war for eomo months yet without having recourse to the issue of auother war loan. Customs duty collected at the port of Wellington yesterday amounted to £1554 Is. 6d. SOUTHERN MAKKETS. (By Telegraph.—Press Association.; Chrlstchurch, Juno lb. Thcrfi W still but little business doing in the grain market, except what is passing between merchants; Farmers arc sill holding wheat (irmly, end the only sale reported is a line of Tuscan at 6s. 7id. at country stations. Potatoes are In keen demand, as there aTe inquiries both from the North Island and from Australia. The price is now £5 si. at country stations. There 1b nothing fresh to report in other lines of produce. BUTTER AND CHEESE MARKETS. Messrs. A. S. Paterson and Company, Ltd., Wellington, have received tho following cable advice from their London principals, Messrs. J. and J. Lonsdale and Company, Ltd.:—Butter: The market is firm at last week's quotations of 140s. to 1425. Cheese: The market has an easier tcudency, due to very heavy supplies of Canadians. New Zealand, white and coloured, 98s. KROZEN MEAT. Messrs. Gilbert Anderson and Co. (Messrs. Mellsop, Eliofct, and Co., local agents) report on the frozen meat market, under dato London, April 27, as follows:— Home-grown and Continental—Although the week's trade has been a poor ono, prices continue to rule exceedingly high. Krit.ish-bred meat, is marketed on Smithfield in increased quantities, compared with last year, but the Continental supplies are considerably less, and shipments- are being constantly interrupted. Frozen Meat.—New Zealand mutton continues in good, demand. Tho supply on hand is lighl, and the high price that ■ toeef ha* rear.iicd has favoured the sale. Frozen Lamb.—Buyers are well stocked temporarily. Tendency somewhat easier. .Best brands chiefly in demand. Cunterburys now available in good quantities. "Beef.—Arrivals for the present month from New Zealand, Australia, and South America are only 150,000 frozen and 200,000 chilled, against 330.000 frozen and 375,C00 chilled in April, 1914. Position changed entirely -since last report. Government steppng in and commandeering stocks on the 6pot. Prices: Home and Continental— Beef: Scotch sides, to BJd<; English, Bd. to Bd.; Irish, Bd. Mutton: Scotch, 10d.; English ewes, 7d. to- 7Jd. Tegs, Scotch, ICd. to 10£ d.; English, 9}d. to lOd. Lambs: English, lOd. to Is. Pork: 7Jd. to 9Jd. Frozen.—Mutton: Canterbury, 56*64, 6id.; best North Island, 6 l-16d.; ordinary North Island, 6d.; ewes, s|d.; Australian wethers, sid.; ewes, 5-Jd.; South American wethers, 5Jd. to s£d. Lamb: New Zealand Canterbury lamb, n-36, Bd.; 36-42, Bd.; 42-50, Bd.; best North Island, u-36 and 36-42, 7gd.; ordinary, 73d.; Australian Jambs, beet, 7 3-Bd.; fair, 7£d.: inferior, 7d.; South American, 7sd. to 7J a. Beef.—Chilled South American, 6£d. to 7id.: frozen New Zealand, 6]d. to 6Sd.; Australian, 61-Bd. to 63-Bd. METAL MARKETS. By Telegraph—Press Association—Copyright London, June 14 Copper.—On the fipot, £86 56. to £86 10s.; three months. £87 ss. to £87 10s.; electrolytic, £96 and £97. Tin.—On the spot. £174 lOei to £175; three months, £170 to £170 10s. . IMe-lron, £63. Lead, £27 15s. to £28 16s. Bar silver, 23 7-163". per ounce standard. WHEAT. London, June 14. The wheat market is quiet. Prices axe unchanged, except for Indian June held, which shows sixpence advance.