COMMERCIAL ITEMS

Dominion, Volume 9, Issue 2635, 4 December 1915, Page 8

COMMERCIAL ITEMS

INVESTMENT SHABES. - In. the investment market yesterday, Bales were reported of Notional Bank at £5 25., and South' British Insurance at £4 15e. .The-quotations '.were as follow:— . . .• Buyers, Sellers. • •• £ s. d. £ s. d. Bank tf.Z. (£3 6s. Bd.) ... 10 2 6 10 7 6 Bank N.Z. (£6 13s. 4d.) ... — : 1611 0 -Well. Invest. T. and "A. . — .0110 Well. Trust, Loan, Ltd.... — 7 5 6 Napier Gas (£5) — 9 0 fl National Insurance ...... •— 2 6-6 2f.Z. 'Insurance 6 5 0- — Standard Insurance 114 0 —. Christchurch iCeat J6 2 6 — N.Z. Shipping (ord.) — ,18 0 0 Hell. Woollen (ord.) ...... 4 19 6 - Well. Woollen (preff Z 6*6 — Taupiri Coal ;. — •.0 15 0 Golden Bo!/ .Cement ;... — 10 0 Ward and Co. 5 0 0 - — ■ SHIPPING FREIGHTS; . , A -"famine" of freight such as noiv exists, not only, on the routes between Australasia, and the United Kingdom, but also the world over, has never : before been experienced in modern, timeg, and it is perhaps particularly unfortunate that the natural concomitant, in the form of record high rates for tonnage should have to be faccd just-.\when the Commonwealth and New Zealand most need tannage for the carriage of produce. Australia, is gamerinc the greatest wheat crop ever harvested whilo from-both Australia' and New Zealand enorinous,'quantities of wool, dairv pro- . duce; and frozen meat wiil be available for export. - . Of recent occurrcsces which have tended to send shipping freights to a record 4 high level to. stand out with some prominence. . One is the new development in the Balkans and the crisis ivith Greece. The authorities in the latter country recalled almost the whole of their mercantile fleet in foreign water©, which has accentuated the scarcity of tonnage in the Mediterranean. The suspension of traffic through the • Panama Canal,' owing to-a landslide in, the .Oulebra Out has had its influence on'the position. Kates of freight on almost every route have how reached a point which is causing serious concern, and inconvenience to shippers all over the world; -fears being entertained 'in some quarters that under the serious , handicap of existing'freight rates the. world's shipping business must be severely hampered. The requirements of the British -Government in. regard to mercantile tonnage are, it i 6 stated, not yet "wholly satisfied, notwithstanding the fact that about 15C0 vessels have. been, commandeered.'- There is thus every probability that the position will become • worse • before there is any l change for the better. j

RUSSIAN EXCHANGE PROBLEM. A plan .for surmounting tho exchange difficulty in Russia/ has been devised by the Government of that country and the Bank of England. Briefly, it provides that bills of the Imperial Bank of Russia shlall be drawn upon certain financial institutions in -England, and on being accented by the latter-shall .be made*- available lor discount by' the market in mUch' the same way as are ordinary bank bills. The bills .are to be issued at frequent intervals in bitches 0f'£2,000,000, having a currency in the first place of three months, but beine renewable until a year after the end" of the war. Tho proceeds of the.bills will bo lodged at the Bank'of England, and tic funds eo deposited, will be made available to ti«deTs in Potrograd throueh the .medium "of the Imperial Bank of Russia" at a fixed rate of • cichange, to be announced. Having the. backing of tho Imperial' Russian Government and leading British financial institutions, and, moreover, beng classed as securities upon which freo loanable facilities will be granted l?y the Bonk of England, the new bills should he readily token up by the discount markot. ; Customs duty • collected at the port of .Wellington yesterday amounted to £1769 os. 2d. :• SOUTHERN MARKETS. By Telegraph—Press' Association. ■ : Ohrlstchurch, December 3. At 'the : present time the outlook for grain crops -in 1 Canterbury and North Otago is serious. The wind and heat of the past iortuight have rcvpidly evaporated the'surface moisture provided by the showers in the. spring upon which the crops were depending for existence, consequently there has been a marked deterioration during the past fortnight, and only immediate rain over a large area, can prevent total failure. It has been found that the severe frost on the morning of, November 22 damaged considerable areas of promising wheat, which has now been turned over to stock. Wheat in Australia has advanced to fe. Id:, f.0.b.,- which has had a firming tendency, on local wheat. ' " . In the flour- market there is .good in-

quiry for the North Island. Northernmillers have advanced the price in their offers for southern wheat. Southern millers are inquiring for wheat, but no wheat is offering by growers; sa. at country stations is now probably obtainable. • The potato market is practically cloEed for the season, and there will be no further shipping business. The local demand is limited. New potatoes are becoming plentiful. OHRISTOHUROH WOOL SALE. . ' By Telegraph—Press Association. Christchurch, Decembar 3. For the second wool sale next Monday, the catalogues total 19,101 bales, an increase of 3159 hales compared with last year. LONDON WOOL SALES. Messrs. . Dalgety and Co. have received tne following cable message from their London office, under yesterday's date:— For the eighth series of sales the gross arrivals are 122,116 bales. Brought forward last series, 40,000 bales; old stock,. 20,000 bales, and the net number of bales available i 5.104,116 bales. Our brokers sell on the ■ 9th,' 14th, and 23rd December." VICTOR-lAN PRODUCE MARKET. By Telegraph—Press Association-Copyright • Melbourne, December 3. Wheat, scajce,. ss. Id.; flour, £13; oata, Algerians 2s. 7d. to 2s. 9d.; maize, scarce, we. sd. to ss. 6d.; bran, £4; \pollard, £7; potatoes, £11 to ill 8; onions, guiet, £2 to BANK OF ENGLAND RETURN. IBy Telegraph.—Press Assn.—Copyright.) (Rec. December 3, 7.30 p.m.) _ London,.December 2. ■ The Bank of' England return.issued for the week ended Wednesday, December I,' is as under:— .... • Issue Department. ; Note Issue £69,549,000 Gov', debt ... £11,015,000 Other secui-i- ---' ties 7,434,000 . , Gold ... ... 51,100,000 , £69,549,000 , ' ' 4169,519,000 Banking Depabtsiest. Proprietors' Gov. securieapital £14,553,000 ■ ties... ... £129,840,000 Public de- Other seeuriposifcs ... 50,361,000 ties 86,481,000 Other deHOEits. ... 93,525,000 , Notes 35,274,000 Ecst, 7-day nud other bills ... 3,296,000 Coin ...'... 140.000 £161,735,000 £161,735,000 Tils leading items of tho Ban It of England return afford the following compori* eon:— This week Last week Lastyear ... . £■ £ . :. £ Bullion ... ... 51.100,000 52,294,000 70.797,000 Keservo ... 35.414,000 . 39.605.000 63.<J3H.000 ■ Note Civeulation 34.275.000 33.302.000 -35,9-27.000 Public Deposits:-. 60,301.000 62,149,0C0 • 13.577.000Other Doposits '■ 93,525.000 66,649,000.167,971,000 Proportion of reservoto - . • I liabilities 24.61 27.49 , ' ' 29.87 GOVERNMENT SECURITIES. ' , The following are tho latest quotations for Colonial Government securities in comparison with those ruling last week:—

MONEr MARKET. Tho Bank of England discount rate was on January 2, 1914, reduced,from 5 to 41 per cent., on January 22 it \ms reduced to .4 per cent., and on January . 28 3 per cent. Un July .30 the late woe raised to 4 per cent., and on July 31 it was raised to 8 per. cent., and on August 1 it was further advanced to 10 per cent. On August 6 the was reduced to .6 per conti, on August WQ-3 further reduced- to § per cent., at now stand*. / The Bank of Franco rate is 5 per cent., as agaiiuit 4 per l cent; prior to tho "war, OPEN MARKET BATE. . " rate for three fi 13 per cent.,: as compared with -5j por cent, 'last' week, and 23 per cent. 1 last year. . Short, loans aro quoted at 45 per cont.. as against 45 per cent, last week and 13 per cent, last year. • COLONIAL AND OTHER PRODUCE. : Wheat is '■ firm and dearer. Flour is steady, but inactive. : 20? a M ate dUli ° f Sele " ' La ' Pta,ta " <lfloat ' pcas are firm at full prices. Gutter.—Tho market has not been greatly ..disturbed by the. prohibition of Australian exports, though this is one of the factors contributing to the high prices the general opinion in Tooley Street bfr ing' that the stoppage of Australian cxprices of all choicest butter, especially New Zealand, and will greatly assist the sale of Siberian, of which there aro enormous supplies; the (luaUty is secondary, but useful for blending with £ew Zealand and Danish. Another result will be to enhance the sale of margarine. The. quotations for Colonial are rather firmer. '■ Australian,': 1625. : to 1655.; unsalted 168s. There is a good inquiry for the Rimutaka's consignment just discharging at 1665. to 170s. Cheese.—There is a strong market for cheese. New Zealand stands at about Ms. Sugar is unchanged: <•« . Tins.—There is a cheerful tone 351 d? e anTfeies « quotod at METAL MARKETS. Copper.—On spot, £79 10s. to £80 per ton Tin—On spot, £165 per ton; for/ard 10s. Stocks, 17,687 tons;, on ics 1549 tons 15 ' ° ' 2515 tons; d el"er-Pig-lron, 71s. lOd. 1 per ton. wMb L° T IT on 6Eot \ m 10b,: On, spot, £96 per ton; forward, pef oun^sto^S. 13 qUOted at 26 IW6d ;

Variation Stock . . compared Price. vrith ; ' , last week. £ s.»d. 25% Imperial Consols 57 35 0 is B inwpr ' i ,.N.S:\VJ833Jan..July U5 0 0 Uuchantfcd 14 ,,N.S>.\V.1930-50JIivSp 95 10 6 »/(S .35 „N-b-W. Early Curr 83 7 6 o/g biuhor 3 ..N.S.AV.lOiSApL.Oct 78 2 6 1% Si te 1 ,;Vic. 19SKJ J&n.-July ci 0 0 *J2/B lower 3j „Vic. 1921-li Jan.-July 9115 0 10s hisber 4 "s' T 9Jai i'i Uly 76 0 0 Uncbansed 5 1 a'1 y 65 6 0 "ncbanend 1 70 3 6 Unclianeed 4 ,.Q 1 dl91o-9i Jan.-July 95 1 '6 Unckance*" f "o' :!j}on' 4 H an, " July w 6 0 •. Unctannucrt ' ?•' 74 10 0 Unchaused. it 1K9 Ma y-Nov. ,95 0 0 Unchanged Si 0 J M n «' 3i 83 7 6 ' Unchanged qs '-w * 760 0 Hncluraged y v m ,'M I'-N v 67.10 0 Unchanged ti . '-rr ov 82 51 6 Unchanged o Jan-July 85 7 6 Unchanged' 3 ■ • Tas 19-20-40; Jaii-July - .76 1 3 Unchanged *Ex interest..