COMMERCIAL ITEMS

Dominion, Volume 10, Issue 2944, 2 December 1916, Page 8

COMMERCIAL ITEMS

INVESTMENT SHAMS. In tho investment slmro market yesterday a. salo o£ Bank oE Now Zealand old Bliares jit- £11 ss. ivas reported. TUo quotations \tera as follow:—

Buyers. Sellers. £ 8. J. £ s. i. National Bank 5 0 0 — • Dank N.Z. (£3 6s. Bd.) ... 11 2 6 - Bank K.Z. (£6 13s. 4d.) ... - 17 7 6 Onion Bank — H 0 0 I/oan and Mercantile — (prof.) - 78 0 0 National Insurance — 216 6 Gear Meat (£4) 17 15 0 - Gear Meat (£1) :. 4 10 0 - Well. Meat Export (£5) ... 6 4 0 — Well. Mnat Export (£2 12s. 6(1.) - 3 2 6 Well. Meat Eiport (£1 • 155.) -- 2 10 Union Steam (prof.) 116 12 0 fluddart-I'arkcr (ont.) ... 1 3 9 — +Loy]aild-o'Ericn 12 3 — N. 55. Drug 27 6 ' - Golden Bay Cement — 019 6 KUarland (ord.) 17 0 — Sharland (prof.) 17 0 - Taranalii Oil Wells 0 0 6 — +Ex div. (

BANK OP ENGLAND RETURN. Australian-New Zealand Cablo Association. (Rcc. December 1, 9.30 p.m.) a London, November 30. The Bank of England return issued for the week ended Wednesday, November 29, is as under:— ftecE DEMivrimsT. Note Issue £72,733,0(10 Gov. debt ... £11,015.0C0 Other securities 7.134.000 GoM 54,234,000 472.733,000 i7i733.000 BANKIXQ DEPARTMENT. Proprietors' Gov. BComicapital £14,553,000 tics ii3,ISS,OOO Public do- Other socurlBosits ... 56,237.000 ties 104,371,000 Other deposits ' ... 100,209,000 Notes 37,077,000 Best, 7-day ; and other bills, ... 5,237,000 Coin 1.J60.0C0 £163,296,000 £165,206,000 The leading items of the Bank of England return afford the; following comparison:— This weolt Last week Laslyoar Bullion ... .... 54,284.000 54.572,000 61.100.000 Eesorvo ... 36,637,000 3T.038.0C0 35,414,000 Note Circulation 37,(i30.000 86,920,000 34,276,000 Public Deposits 66,237,000 55,680.000 60,361,000 Other Deposits 109.569,000 103.418,000 93,525.000 1 Proportion of reservoslo liabilities . 22.26 25.66 '24,61 GOVERNMENT SECURITIES. The following are the latest quotations for Consols and Colonial Government Securities in comparison with, thoso ruling I last week;—

ju.uu.&z JIIAKJUST. The Bank of England discount rate was on January 2 1914,. reduced' from 5 to 4 4 per cent.,.and on January 23 3 per cent. On July 30 the rate was raised to 4 per /cent., and on July 31 it was' raised to 8 ?SL 0 . cn V . an ? n on August lit was further advanced to 10 per cent. On August 6 the rata was reduced to 6 per cent., on August 7 it was further reduced to 5 per cent., on July 13, 1916. it was raised to 6 per •' OPEN MARKET ItATES. Thei open market discount rate for three months Mis is 5 9-16 per cent., as compared with 5i per cent, last week, and o 3-16. per cent, last year. Short loans are quoted at 5 per cent., as against 5 per cent, last week and 4} per cent, last year. , . ' COWNIAi, AND OTHER PBODTJOE. Tho butter market is firm. Danish is quoted at 2245.; Australian, unchanged The Arawas New Zealand shipment is "WIS discharged, and is quoted at 210s. and 2125., salted, and 2145. to 2165., uu«alted. Argentine. 2025. and 2085.' Ohcese.-Tho market is strong, and prices are unsettled, owing to the uncertainty as to what tho Government is doing- ! Canadian,-1265. to 128s. It is reported that tho Government is buying Mew Zeav? d e ttt ??<?">& tho same as New South Wales. It is understood that it has raised the price for Queensland contracts. Wheat-Firm, 86s. to 81s. was paid for Australian parcels, . Flour is firm. Australian, 595., 595. 6d. .. Peas and beans.—Firm. No New Zealand offering. Oats.—Lo, Plata, nono offering Bugar.-Unchanged. ■ • Wool—Tho Bradford market .is in a state of Busponse, and business is a standstill. All quotations have been withdrawn. The presidents of the Colonial Wool Importers, Loudon Wool Buyers, and Belling .Brokers' Associations, have mndo strong joint representations to tbo War Office, asking that no undue disturbance should bo created in existing agencies and methods of handling distribution here. N.Z. MAN AND MERCANTILE AGENOY COMPANY. ■ ' ' 'ANNUAL ItEPOET. The New Zealand Loan and Mercantile Agency Company, 'Ltd., has received a cablegram from its London office intimating that the company will liold its annual meeting in London on December 14. After carrying £20,0(10 to reserve, writing £10,000 off promises, and appropriating a further sum of £'&X) to tho Staff Benevolent Fund, tho amount available in Tcvenuo account for tho year ended. Juno 30, 1916, after deducting tho interim dividend paid on tho preference and ordinary stock, is £61,543 4s. lOd. Tho directors recommend 1 payment of a final dividend of i\ per cent, on tho preference stock, also final dividend of 3J per cent., making 6 per cent, for tho year, on tho ordinary stock, both less English income tax, leaving £7612 4s. lOd. to bo carried, forward. ''The balance brought forward" at June 30, 1915, viz.: £81,404 17s. Bd., lias been carried to a general. revenue account. Tho sum of £58,646 Bs. Id. has been added to i'cscrvo from realisation of properties under the scheme of capital rearrangement, 1897; £20,533 4s. Bd. has been written off premises from the same source. Eoservo account has also been added to by £6353 lis. lid-, received from tho liquidator of tho New Zealand Land Association, Limited, and now, totals £5C0,C00. QUEENSLAND INSUItANCE CO. Tho report to bo submitted at the thirtyfirst annual general meeting of tho Queensland Insuranco Co.. Ltd., states:—Tho revenue account shows that the year's operations havo resulted in a profit of £52,177 18s. 9d., of which £2000 was transferred by tho board' to tho Officers' Provident Fund, and £1850 paid as war bonus to staff, leaving £48,327 18s. 9d„ out of which tho directors recommend the following payments:—To dividond of 10 per cent on the capital of the company, £25,000; bonus of 2J per cent, ou the capital of tho company, £6250; total, £31,250, leaving £17,077 185..9 d.; add balance forward from last year, £14,602 13s. 6d. Tho, directors proposo to appropriate this amount of £31,140 12s. 3d. as under:—To. HeservoiFund (making £50,000), £25,000; to provision for taxation, £6000; to balance carried forward. £140 12s. ,3d.; total, £31,140 12s. 3d. Tho fullest provision has been made for all known and outstanding liabilities. Two vacancies' aro caused on the board of directors by the retirement of Colonel tho Hon. James Burns, M.L.C., and tho Hon. Thomas Waddell, M.L.A., both of whom offer themselves for re-election, and have given Lhc required notice. No other nominations have been received. The auditor of the company, Mr. A. It. . Harwood, F.C.P.A., retires in accordance -with tho articlos of association, but offers himself for re-election. OUTLOOK FOB- MONEY. Commenting upon the prospect for cheaper money in London. Messrs. Henry Clews and Co.. of New York, in their last circular stato that it would be in keeping with their skilful financial management of tho war hitherto if English authorities were to offer a long-term loan on a, London money situation indicated by a 6 per cent. Bank of England rate. "If rales arc lowered," they add, "tho English Treasury is at onco confronted with tho fact that American iinancial institutions and individuals who have on deposit in- Loudon at lucrative rales largo sums will, not unnaturally, withdraw those funds in the event of rates at Homo proving equally attractive. Such a withdrawal of funds could hardly fail to influence unfavourably tho sterling exchange and create an undesirablo situation. Henco if rates in London are to bo lowered the

present difference that exists between London and New York rates must in somo measure bo maintained. In these circumstances the phenomenal importation of gold that is taking place -would not bo as difficult to understand, especially -when it is recalled that -under the now US Federal rcsorvo banking law banks are obliged to carry a reserve of only 18 per cent, against deposits, as against 25 ner cent. nuder th» former national banking ia-w, thus making the loaning ability of tho bank 9 <upon sold as Teservo virtually sixfold against fourfold, as formerly was tho case." , v BRITAIN'S FBTANOIAIi STRENGTH. "Great Britain's success in financing not only hor own share of tho burden of the war, but a considerable part of tho share of her-AUios will bo -reckoned as ncrhaps tho most remarkable feat of this stupendous conflict." This is tho tribute to England's power paid by "The Journal of Commerce," a.leading American financial authority. "The achievement is the more remarkable becauso of tho gloomy predictions that wero current befo're the war regarding the outlook for British national finance," continues tho journal, iiv n, two-'column leader devoted to tho subject. After pointing out that the wonderful resources of the British Empire -were only partially ayailablo to meet tho enormous drain upon her finances. "Great Britain's fcat.hnß all the more attracted tho attention of tho world," rays "Tho Journal of Commerce." It adds-.—"Not the least striking part of this achievement has been tho apparent case with which tho extraordinary load of taxation has boon carried. Assuming ono billion dollars to bo tho normal rate of expenditure, exclusive of interest on the debt, -which Great Britain has to face for tho future, alio is raising this year an excess of 1,500,000,000 dollars—an amount equal to tho payment of interest and sinking fund on her present debt twice over." IKTERNATIOOTi COIN. Is such a thins ns international coin possible? Mr-. Henry Clews, tho wellknown New York financial authority, evidently ' believes it is, and he strongly recommends it as a post-war measure. "After the war," ho says, "America, England, France, and Germany ought to agree upon one international coin at least, representing an eaual amount and value- in absolute gold, which will pass current in each nation alike; each country to""fio.ve Its own stump -upon all its issues. If it worked well, Japan, China. Russia, and other notions, if they so desired, could be admitted into the combination. This plan would mako it easy for travellers going from one country to another. After tho war there- will be more world intercourse, and a universal standard would materially help travellers and do away with tho complications now caused by each country having its own coin money. It is timely to suggest somo other method of settling our foreign trado balances than by the crude and uneconomic method of gold shipments." Customs duties collected at the port of Wellington yesterday amounted to £3879 lbs. 6d. SOLTHERN MARKETS. By Telegraph—Press Association. Chrlstohurch, December 1. Tho local wheat market is, if anything, firmer than ever.- Offerings from farmers are almost negligible, and holders are not at all keen on parting with any parcels, being full of confidence as to a rise in' tho market. . Tuscan had been sold at ss. 9d. to ss. lOd. on trucks within the last few days, and Hunters are said to be worth about 6s. on trucks; ono lino of 7CO sacks, a very choice parcel, changing hands at 6s. Id. There, is nothing doing in the oats market. THE. METAL MARKETS. Australinn-Now Zealand Cable Association. (Rcc. December i,. 10.45 p.m.) ' London, December 1. Copper.—Spot, £151 55.; threo months, £143 ss. Lead.-Spot, £30 10s.; threo months, £29 10s. Spelter.—Spot, £59 10s.; threo months, Tin, £189 7s. 64; throb months. £191 2s. 6d. ■ Bar silver, 35.15-16 d. per ounce standard.

Variation • StocV compares btocl£ Mco. with . last \reok. 2J?i Imperial Consols n-in' d n ' ii „ War Loan r!. Uuohansorl 4j„ War Loan f, ,H X jjnclrangofl 4 „ N .8.W.1933 Jan-July S » n Ul "^ n ecd 3i„S.S.W.1930-50Mr.-Sp S X 54higher. 3i„N.S.W. Early Curr. S? « n "atf""""*! 3 „ N.S.W. 1925 Apl.-Oct Jn tb' fl S? 1 , iwor 4 „Vic.l92flJan,July ™„ 2 5(6 lower- , 5i„ Vic. 1921-6 Jau.-July $ J, « 2,6 lower 34„ Vic. 1920-1949 . £ Jg n , 3 „ Ylc. 1929-49 Jen.-Jly . ho o M^ bcr 35 „ S.A. 1916 Jan.-July 73 0 0 ?i b wT 3 „S.A.19l6Jaai,July Si? e ""M*™ 4 ,.0'1'd 1915-24Jan.-Jly 88 0 0 IVS . 3J „ QTdl922-47 Jan.-Jly & 17 6 " 5 & ,.QTd 1922-47 Jan,Jlj § 0 n'fc £ Sfe 4 „N.Z.1929May-Nov. si 3 6 S'SKf 31 „N.Z. 1912-40 Jan.-Jly 73 0 0 Mr.3 ,N.Z.1920April-Oct: (310 0 &*&. 3J..W.A. 1515-35 Jly-Nv 76 3 6 <?6 1iffir 3 W.A. 1915-35 My-Nov 10 5 0 sVwffif 3J„Tas. 1920 Jan-July 72 13 6 o*Kr 3 „I M 1920-40 Jun.-Jul, 6 6 0 0 ii,£«l MONEY JSTAEKET.