COMMERCIAL ITEMS

Dominion, Volume 10, Issue 2928, 14 November 1916, Page 10

COMMERCIAL ITEMS

•**■' INVESTMENT SHARES.'. ■'' 'Yesterday's o.notations for investment; shares were as follow:—. '.;..''./■ Buyers. '''Seller'". '£». d." ,'•:'£ 8.. d.: National Bault' ; 5 0 0 ■!: —■ ';• National Insurance 216 0 " ■— ' Gear Meat (£1) .-. 4 10 0- , -. — . Well. Moat Export (£f „-ii-'if: '■■■ "155.) ..; —. / -2.1-oi' Union Steam (pref.) :....'. 1 1 6 ,','■;— i ' Huddart-Parker (ord.) ... — At 6 0.-Levland-O'Brien . 1,3 0- :.':■—'.• N.Z. Drug ; ;...... HO 1 ''"..-'■'.- '/ . Golden Bay Cement — : 1 0 OJ ....;..-: THE FIFTHGERMAN LOAN.'" \ ':■ In reference to, the fifth German loan •subscription, lists for whioh were opened; on September 4, a correspondent to the . "Economist" states that the usual ela•horatc propaganda accompanied the,flotation. ■ The impression given by this/ flood of official, exhortation is that the authorities have much less self-confidence than Jiitherto. The most noticeable ■ point is the insistence of the fact that this is to he; the "last war loan," and the appeal for /one final effort. On. the other hand, there is a complete absence of'any reference to paying for the war loans put of indemnities to be extracted from a defeated enemy, whioh was such a prominent feature of the earlier war loan campaigns. . There is no reason to anticipate a failure however, adds the corrcsipondent, although political conditions are less favourable to the loan than they ;were at any

tune when any of the four preceding emissions were made. Agriculturists l and contractors have been making large profits, and the economic activities of the country are now so completely under the control of .the Government that there is little or no opportunity for investment, except -In Government loans. It is probable that many people in Germany would prefer to leavo their money on deposit, but care.is taken, through'every form or persuasion, muoh of which seems undistinguishablo from compulsion, that this should not hapen. So long as the German people have confidence in victory for their arms will tho Gorman war finance hold out, especially as paper and tho printing-press are able to provide money for the timo being. By these means, states another foreign critic, a brilliant illusion can be produced regarding the actual impoverishment by artificially furnishing buying power. Whatever may he the confidence of the German people in the success of their cause, this feeling does not extend to America., where tho Teutons have, 60 many sympathisers. Marks continue to Tallin New York, and on September 8 four, of them were only worth 68?, cents, .compared with a par value of, 95 cents.

TJ.S.A. LADING BILL. By the enactment of a Federal bill of lading law tho United States Congress has adopted a measure which for a, long time was urged by the American Bankers' Association. The Act covers bills of lading for goods transported in the inter-State and foreign commerce. It provides that in the absence of lawful excuse a. carrier must deliver goods upon, demand/to tho consignee named in a straight bill of lading therefore, or to the holder of an .order bill if the demand is accompanied by an offer to satisfy the carrier's lawful lien upon the goods. Failure to deliver in such circumstances puts upon 'the carrier the burden of establishing a lawful excuse. Alterations additions, or erasures made in a bill after issue without tho authority of the carrier issuing it aro void. Where a bill is lost, stolen; or destroyed, "a, court of competent jurisdiction may order the delivery, of the goods covered under proper conditions- The) carrier is; liable for non-delivery when ,the title has not been transferred to it by the consignor or consignee, or where it has no lien on the goods. Where' 'two or more persons claim title to the goods the carrier may require them to i interplead. A carrier is not'liable for failure to deliver the goods after thy have been lawfully sold to satisfy its'lien, where they have not been claimed, or when they arc perishable or'hazardous. It is believed that the operation of the measure will prevent abuses in connection with the issuance' of bills of lading and enhance the reliability of - those documents as securities in the hands of bankers and merchants making advances upon the .faith of the statomente in them.

.COMMONWEALTH RAILWAYS. Gross Revcnne of the railways in the six States of the Commonwealth for the year ended June 30, 1916, amounted to £22,012,859. which was an excess of £1,148,225 over the' 1914-15 total. In working expenses, however, thore was an increase of ■ £709,744. the sum for the last completed financial year being £15,944,357, and the net revenue, at £6,068,502 -was consequently £438,481 higher. Interest charges, however, constitute a substantial set off against the betterment in net revenue, that item accounting for■: £7,403,623, or £582,769 more than in 1914-15. The result is, that a deficiency of £1,191000 ■ revealed in. 1914-15 has been increased to £1,335,121. Practically all the railway services have now become burdens on the taxpayers. Queensland was the only State in which gross revenue underwent contraction, and of the- in--crease in,working expenses that State w*s responsible for £343,382, Victoria . being the single exception to the general upward variation shown under that head, with a decrease of £116;728. In net revenue Victoria held pride of, place with a gain of £663,784, South Australia, coming next with an increase of £123;038. whilst Queensland showed a decrease of £430,000, and small increases were recorded in. the other States. ■ - • -.. ,

• '.JAPANESE. SHIPPING.'' , While certain individuals.are placing thn I whole of the blame for high freights on British shipowners, and accusing them of . making-hugh fortunes out of.tho war, no ; notice is taken of the immense profits ; that are being secured by. foreign owners, I states 'F&irplay." Japan, for instance, haa placed no restriction on her ship- , owners, .-who are also free from taxation. ■ As an example, one firm having contracted for a large steamer at under £100,000, for delivory in the autumn, has disposed of it for £375 000, and prpfits made by Japanese shipowners in tho running of their stcamera are on a similar basis. Ameri- ; can owners, too, are piling up; profits. A' steamor of 5356 tons gross, built in 1911 at a cost;of 300,000,d01., after making seve- i ral times this amount, was disposed of J in the early part of the present year to' Japanese owners for 1,300,-000 dol. A sister! ship was contracted for a year ago fori 600,000 dol., while a similar vessel for delivery in three months, is in' tho market at 1,750 000 dol,, and another for ueliven in 15 months' time at 700,000. dol. ,-WTii'fe we arc una we to u"-.-;aurl msitilnlitv in tVio matter of freights fioni neutrals, it woulA ho. interesting io know <vi,y cur alliaßoa is not commercially i>nerativ« omens 'Ml the Allies, and how it comes that no Japanese steamers ate cither requisitioned at blue book rates or "directed," those j privileges being apparently, cohline.i to British vessels. j ■ MOBILISING ftRLCKiIIES .' j An extension of the AWri'-an dollar securities mobilisation plan,-which was Adopted by Great Britain as one of the ineans 1 whereby to establish New Tork exchange on London, has been made by the- ,'tiritish Treasury. The; new scheme appMcs todollar securities, but chief interest lies in the fact thait it is applicable, also to certain Canadian. Chilian, South American, Danish. Dutch, Egyptian, Japanese, Norwegian, Swedish, and Swiss stocks, and that the securities are to be loaned for a, period of five years from March 31, 1917, though .the Treasury reserves the right

to return thorn to holders at any timo on and after March 31, 1919. Under, tho original sehemo securities arc deposited on loan for two yoaTs only. The extended plan provides that the lender, besides receiving from the Treasury interest ana dividends, will get, by way of. consideration and loan, a payment at the rate 0 r one-half of 1 per cent, per annum, calculated on the faco value of the securities. The Treasury has tho right to dispose of the securities, but the lender will continuo to receive the same payments, as lie would have received if the securities had been rtaiued and at the end of the period of the loan the Treasury will cither return to him securities ot the came description and. to tho same noin mil amount as .those, originally deposited or. at its option, It will .pay the deposit, value of the securities, with an addition or 5 por cent., plus accrued interest, from the lost preceding interest date.

WHOLESALE PRODUCE PftlOES. Messrs. Laery and Co., Ltd., Allen Street,' report wholesale prioes as follow:—1 owl tj wheat, prime, 6s. bushel; fowls barley, in. 9d. bushel; Cape barley, 3s. lOd.. bushel: partridge peas, 6s. 9d. bushel; maizo fecil.i ss. Bd. to ss. 9d. bushel; chaff, oatsheaf. £6 ss. ton; hay, clover, £5 ss. ton; luiy. meadow, £4 15s. ton; flour, in sacks, ;bl/i ss. ton; oatmeal, £19 ton; bran, £4 15s. to £5 ton; pollard. £7 10s. ton. Bacon </aU best factory): Sides 10Jd„ rolls llid., hums Is., shonlders 9jd. per lb.; cheese (factor;-), medium 10jd„ loat lid.; linseed oil meal, £11 10s. per ton; linseed nuts, £12 10s. per ton; linseed ground cake, £12 10s. .'per ton; rice pollard, £6 10s. per ton; onions, Victorian, £13 per ton; potatoes, tvjiitcskiuned table, New Zealand, £12 165.. to £13 per ton; pig meal, £6 per ton. All poultry in very good demand; hens, 6s. 6d. to 7s. 6d. pair; cockerels, Bs. to. 10s. pair; ducks, Pekin and Aylesbury l.s. .to 10s. pair, Indian Runners ss. to 6s. pair; turkeys, gobblers Is. 2d. lb., liens If., lb.; butter, prime bulk. Is. 3d. lb.; cgj;s, Is. 4d. to Is. sd. per dozen. LONDON WOOL SALE. Messrs. Dalgety and Company, Limited, have received the following cablegram from their London office under ■ date of November 10:—"The wool sales dosed very firm. As compared with tho closing,rates of last sales, super and. good scoured merinos advanced 10 per cent., <md short and faulty 5 per cent, to 10 per cent. Super and good greasy merinos wero higher by 10 per cent, to 15 iper, cent., and short and faulty by 5 per cent., to 10 per cent. Good lambs increased lij per cent., and short and faulty were fr<Mn par to 5 per cent, higher. I'ine greafiO crossbred advanced 10' per cent, to 15 por cent., and medium and coarse 10 por cent. Lambs were 5 per cent, to 10 per 'cent, higher. Fine scoured crossbreds were higher by 10 per cent., and coarse bjr 5 per cent. I'inc slipes were dearer by 5 per cent, to 7i per cent., and coarse 74 per cent, to 10 per cent. 95,000 bales wei:e bought by the llome trade, 6300 by the Continent, and 9000 wero carried forward, from which quantity 6000 bales wen; not offered." Mossrs. Wright, Sterflienson and Co., Ltd., have received the following cable message from their London office under date of November 12:— "Auction closed strong; crossbreds generally 10 per cent, above last sales." The New Zealand^Loan and Mercantile Agency Company, Ltd., have received the following cablegram ,'i'rom their London house, under date November 10:—"Sales closed. Market strolig. Merino, 10 per cent, to 15 per cent., 'lambs 5 per cent, to 7i per cent., crossbred 10 per cent, to 121 per cent., greasy larnbs 10 per cent, higher than September '23—likely to go high-

or." . The Bank of Hew Zealand has received the following cablegram from its London office under dale November 10:—The wool sales have closud with a very strong market. As compared with the closing rates of last sales all wools are dearer. Merinos are fuUy 10 per cent., greasy crossbreds and slip cs 74 to 10 per cent., greasy crossbred lam bs 5 per cent. Current prices:—Crossbreds, fine, 22Jd. to 23Jd. per lb.; crossbreds, medium, 20d. to 21d. per -lb.; crossbret'ls, coarse, 19d. to 19Jd. por lb.; merinos,' super, 27Jd. per lb.; merinos, inferior,, 18Sd. to 19£ d. per lb.; halfbred, 24d. to' 25d. per lb.

, HIGH COMMISSIONER'S REPORT. ; The Department of Agriculture, Industries/and Commerce has received the following cablegram, dated London, November 11), from the High Commissioner lor New Zealav.d in regard to tho London wool sales r—"The sales have closed firm for all kinids of wool.' The market is good owinif largely to shortness of supplies, and ihas advanced rapidly during, this week! Estimated values:—Fine erossbreds, all ttra<Ves, Is. lOd. to 2s. 2d.; medium cros(|breds, all grades, Is. 6d. to Is. 9td.; coarse erossbreds, all grades, Is. 4Jd. to Is. id.'; superior merino, Is. lid. to 2s. 3d.; medium merino, Is. ,7_d. to Is. 10Jd.; inferior merino, Is. 7d. to Is. 10id."

"BURRY" WOOLS. By Ti.'legraph-Prcss Association-Copyright Melbourne, November 13. Mr. TV. 11. Hughes states that merino wools classed as "burry" are permitted to be exported on certain conditions to America. HIGH COMMISSIONER'S MARKET REPORT. ' The Department of Agriculture, Industries, and Commerce has received.'the following cablegram, dated London, November'll, iroin the High Commissioner for New Zealand. (Note: Quotations, unless otherwise specified, are average market prices on spot,):— Meat—All descriptions of frozen meat are in slow demand. Prices - arc unchanged owing to large supplies of Homekilled mutton and beef and English iamn. New Zealand mutton,; per lb., -.8 3-M.; ewo mutton, Sd.; Argentine mution, heavyweight, Bjd.; light-weight, 8gd„; New Zealand lamb, 9Jd.; Argentine lamb, Sjd. Only inferior New Zealand .beef available. New Zealand bull beef, thinds, 7Jd.; lores, 6Jd.; Argentine chilled beef, hinds, BJd.; fores, 7Jd r . ' Butter.—The market firm. Offerings from all sources are ; small and prices are 'higher. medium grades iu good demand, per ctft., 2165. to 2185.; Irish creamery, salted, 20$s. to 2065.; New Zealand, salted, 2025. to 2Ms.; American creamery, in good demand, salted,' 190s. to 1925.; Argentine, salted, 1985., to 2005.; unsalted, fflos. to 2065. ■ Cheese.—Tho market, is active and advancing. Canadian, white, per cwt„ 116s. to 1205.; coloured, 116s. to 120s).; English Cheddar, 128s. to 1305.; New Zealand, stocks are exhausted, and there are iuo official quotations. States Flats, whitie, 115s. to 117s. Hemp—The market is quiet, but firm. Good iair New Zealand nemp,' per ton, £53; fair, £51; Govcrnment-gMided fair Manila, £54 10s.; coarse,. £51 Ills.; Janu-ary-March shipments, good fair New Zealand, £52; fair, £50; Government-graded fair Manila, £53 10s.; coarse, £511 10s. Tho output of hemp at Manila for the week ending last Saturday was 24,000 bales. Stocks New Zealand hemp on hand at end of October were 585 tons. Wheat.—The market is firm but -unsettled, and cannot quote, as quotations aro misleading.

land, £52; fair, £50; Government-graded fair Manila, i)si 10s.; coarse, £50 10s. Tho output of hemp at Manila for the week ending last Saturday was 24,000 bales. Stocks New Zealand, hemp on hand at end of October were 585 tons. Wheat.—The market is firm but -unsettled, and cannot quote, as quotations aro misleading. Oats.—The market remains firm. Prices have slightly advanced for all grades. New Zealand. 40s. on spot MINING NEWS WELLINGTON SHARE MARKET. The quotations for mining shares were as under :— Buyers'. Sellers £ s. d. JS a. a. Consol. Goldflelds 0 5 0 — Success Dredge — 1 10 o Talisman 0 9 9 — Hauralu Reefs (con.) — 0 0 7 The ''Buenos Aires Herald," commenting on the work ot the American judges at the Palermo (Show, says: "lu judging the. Lincolns, the visiting judge favoured the New Zealand type. In tne class for older rams, the breeding award was justly won by a big, strong,- wellcovered slieep, with plenty of bone, bred by Mr. Wright, and imported by Mr. E. Miller, lu the following class, Mr. John Gibson annexed the first prize with a pen of typical New Zealand class of Lincoln. They were small sheep, and differed in a marked degree from the English type of Lincoln, so much in favour here. The second prize fell to another exhibit of typical New Zealand sheep shown by Messrs. Hope and Herbert Gibson. In the older ewe class Mr. John Gibson's New Zealand type of Lincolns again found favour with the judge, and his exhibit earned first prize. A most noticeable pen of great,, good, typical Lincoln slieep, shown by Senor Julio Pena, was passed by unnoticed,, though most favourably commented on by many experts." '