COMMERCIAL ITEMS

Dominion, Volume 9, Issue 2667, 12 January 1916, Page 8

COMMERCIAL ITEMS

INVESTMENT SHAEES. No businefls was done in' the investment market yesterday. The Quotations were as under:— . ' Buyers. 8eller«. £ 3. d. £ ». d. •N.Z. and E, Plate 2 0 0 - Well. Tru6t, Loan, Ltd. — 7 5 0 Napier Gas (£5) — 9 0 0 Union' Steam (ord.) 13 9 Will. Woollen (ord.) ....„ 800 - Weil. Woollen (pref.) 3 6 6 '— Westport Coal 17 9 18 3 !J.Z. Drug 2 4 0 — W.F.C.A. (£5) - 6 10 *Ex div. COMMON WEALTH WAE MAN. The amount required by the Commonwealth during the current, financial year to June 30, 1916, is £25,000,000, but. the Loan Prospectus indicates that only £10,000,000 is asked for, but, as "The Age" Melbourne)remarks,, "all our available energies, public and private, collective and individual, men and women, should be directed during te next few weeks towards increasing tho total to the largest possible aggregate amount. If we are to continue to finance the outlay for , ourselves-and nobody doubts this must. be done—it can only ho successfully carried out by the' population of all classes unreservedly bringing forward the whole of their available resources to assist in the eiiort.* Everyone' 7 should bo subscribing as much as—looking ahead until tho end of May—he. or she feels can bo saved from their income, or' can bo raised by conveniently realising other securities, or by borrowing from the banks with' a reasonable expectation, of saving enough during the ■ rest of the year to cover the overdraft. . The call to the patriotism of tho r people to, lend their money to the Government to .finance Australia's part in the war" is given' 'inno uncertain terms. All must respond to the utmost extent of their ability. After all, it is no great, sacrifice that tho Government asks when it calls for all the money the community can manage to raise. The terms of the new loan are so favourable as an investment that patriotism and pocket have never been more in accord." . CHECKING THE PALL IN EXCHANGE. Commenting upon tho methods which have lately been adopted by Great Britain to counteract thei fall in the American exchange, .the "Financier," of -Now York, points out that the additional borrowing about which so much is said resolves itself into an extension of bank credit to English bankers. "The interesting fact in connection with this arrangement is not that it is new, but that for the first time it recognises the dollar above the sovereign 111 the settlement of English exchange. Heretofore the payments on exports accounts to England have been financed by means of the pound sterling. Now English bankers recognise that they must draw on credite m this country as they need tho funds. The only way that foreign exchange rates may bo mentioned is to establish a f-uad in this country in <!ollars against' which exchange can be negotiated' In a word, the familiar plan of finance bills which American bankers have heretofore used m settling English balances is exactly reversed, and the borrowing instead of being done in London on American account will be done, in New York on English account. It is expected that renewals of these bills will be made necessary, for if the period of indebtedness can be pro-

longed till the cessation of hostilities, eicnangc will then havo reached a higher c fln< * foreigners can thus take caro of what now ha 6 been aptly termed 'short' commitments. There is scarcely any limit to the extent to which this kind of financing can bo carried, for the banks havo a,,plethora of money and behind them stands the federal Eeeorve system frith it 6 credit possibilities." WAR RISKS. The Marine Underwriters' and SaJva-Ee Association of, Victoria, Limited, advise that in accordance with cable advices received from tho Institute of London Underwriters, dated December 28, the following amended war rates have been adopted by the association for British and all steamers except German, Austrian, and Turkish, viz.:— Steamers to or from— United Kingdom, via. Suez ... Ms. per cent. France (excluding Mediterranean) direct, via 6ucz 60s. per cent. 80., do., if transhipped ... 80s. per cent. Mediterranean neutral and Alliod porta direct (excluaing Adriatic) 555. p er cent. Do., do., via United Kingdom 80s. percent. Thcso rates show an increase in iach instance of 20s. per cent;. On6toms duty collected at the port of Wellington yesterday amounted to £8163 Hs. 9d. SOUTHERN MARKETS. By Tcleeraph.—Press Association. _.. ■ Chrlstchurch, January li. lucre Is notihng fresh to report in the gram market. There Is no business doing In wheat, and transactions in oats are confined to merchant's sales, chiefly to Aorth Island buyers. Several nampjea of new oats aro being shown, and some are better than expected. Growers arc asking at 4s. at country stabut no sales are reported. Business in tlie new barley crop has not yet commenced. The samples submitted arc-mostly very thin, ltound about Blenheim there aro some excellent crops of barley, but other kinds of Marlborough crops are very poor. METAIi MARKETS. By Telegraph—Press Association—Copyright _ _ London, January 10. M ?? er ~^ n 6 J at three monthe, £co Ills. the epot, £175 ss. j at three months, £175 15s. Lead.—On the spot, £32; at three months, ±oi 10s. nST £87° the Bpot - £88: ftt three ataJSJi W " at m oun «>