COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 638, 15 October 1909, Page 10

COMMERCIAL ITEMS.

INVESTMENT' SHARES. • The market was dull yesterday, and'no transactions were recorded, Dank of New Zealand, buyers £9 55.; National Bank, sellers £6 Is.; National Mortgage, buyers £2 175., sellers £3; Wellington Investment, buyers Ha., sellers 11s. 6d.; Wellington' Trust and Irnan, selldrs £1 2s. 6d.; Napier flas, £5 paid, sellers £13; Palmorston North Gas, sellers £7 15a.; Wellington Meat Export, £2 Uβ. 6d. paid, buyera £2 13s. 6d.; Wellington Woollen, buyers £3 Is. 6d.; Hikurangi Goal,/buyers 18s. 6d., sellers 20e.; Wcstport Coal, sellers, £6. 45.: Westport-Stockton, sellers 75.; Kauri Timber, 15s. paid, buyers 15s.' 9d.; New Zealand Consolidated Dental, sellers 245. 6d.New Zealand Paper Mills, sellers 235.; Sharlnnd's preference, buyers 20s. 6d.; TaranaM Petroleum, buyers 7s. 9d.,-sellers Bs. 6d.. • , THE MONEY.MARKET. The London money market is becoming'stringent, and a further advance in the bank rate from 3 to 4 per cent, is expected. The bank has been losing sold for ■ the past two or three weeks, and tho demand has moat likely come from America. When the last mail left London the subject was diseuesed in the financial press, and it was mentioned that' £10.000.000 would be required, •. that : sum representing tho difference between the surplus reserves'of the New York bants, and tho amount that they would have to provide for moving tho crops.' TTsually a sum of■'about £16,000,000 is needed for, this purpose, and as exports from America have been on a large scale. New York will he able to draw gold from Europe. Fortunately Europe is well provided with Bold at.tho present time, and' new supplies from- the mines continuo to arrive, at the rate of something like' £4,500.00(1 per month. Egypt and South America are also,'in alt probability, drawing upon liondon. It .must also be remembered that there has been'a tremendously "large issue of' foreien securities on the London market, which would also be a contributing factor to the drain of gold. -■■.-■■

; We have already had three changes this year in the bank rate, as'follow:— "■.',".'

. - Jan.' M, raised . from 2! to 3 percent. , '■ •April I, reduced from 3to 3j per cent.' . '■ , Oot.: 7. raised from 2i to 3 per cent., When the rate was advanced' in • January it was due to the operations of the Bank of Prance in drawing in gold pending tho issue of the Russian loan. It is now expected that.tho bank rate will go up to 4 per cent., which is a comparatively high rate for the present time. From or tho average for the. whole period say 93. days,'-the rate stood at 4 per cent., but then it was a reduction. To have' it advanced now to 4 per cent, will impose a check on business. • .-! .' CONSOLS DECLINE.' Imperial Consols dropped to £82 2s. • 6d. on Wednesday, and) the price looks very-low, but when the averages are looked into, ithe price is a eood one. Thus tho;u.vcra£e price of Consols for the ten years . '■'■ . .-■-,■. 1835-1844 was ..;..:.. ..; 921 1845-1854 was ~., . ' 941 \ 1855-1864 was ......... "J i 1865-1874'.was ........'. :,1.......'Z.'Z.Z'.' 92 .' Or. the average for the whole period sav 93 Tho rate.of interest oh Consols' until April 5 1889, v?as.3 pur cent.,, so at 93■ they gave an ave; , aß0 i yield of £3 4s. '6<j.'pcr cent. Vo give the same yield''With their presont rate of interest namely. 2J per cent., the price will have to fall W v c, r -; cent , ; On August 12, 1907, tho prico fell to 803. and there is .'-every, indication that t»e_ average price will, in the-near future, fall '•'.'' AMERICAN- WOOL ..■TARIFF.' /: : - . The "Economist" of AUEUst. 21.contains a. reprint of the new United States tariff. Tho duty °n wools, ■.-■„-■.'.• V ■ : 3 "?. All -woolb, hair of tho , camel, goat, alpaca and other. hUo animals: shall be-divide'd'.for the purpose'of flxinK tho duties to- bo charßed thoicon, into;,the..-three . .361. Class one, that is to say, "merino, mestiza, mets,'or-metis wools,'or 'other -wools •of inerinp blood, .immediate or. remote, such, as have been heretofore usually imported into the United States from lluenos Ayres, Now Zealand Australia, Capo of Good Hope, Russia,; Great Britain, Canada, Egypt. Morocco, nnd elsewhere, and all wool not hereinafter included in classes two and three. . . -.-••■

362. Class two,'that is to eay,- Leicester. wold, Lincolnshire, Down combing wools, Oanadn long wools, or other like combing wools of English blood.' .■■'■. . - ■ .

, 363;. Glass ..tbrcb; that is to Gay, Donskoi, na--tivo South Auicriuau, Russian, cuinel'e hair, and all such wools of like' character, excepting improved wools.. ....■.■ 365. Whenever -wools of cla6B three shall have boon imjirbvcd'by' tho -admixture.of;mejlno or Enßlish "blood, from their present character aa represented'■ by "the stanflard samples orhereafter to be deposited in tho principal Cus-tom-houses of the United States, eiicn improved wools shall be classified for duty either as class one or ' as class two,, us the case may bo. .366. Tho duty-.on wools of tho.-Qrst class/which shall be imported, washed shall bo .twice tho amount of the duty to which they would be subjected if imported unwashed;' and the duty on,wools of, the first and second classes which shall be imported scoured shall bo three times' the duty to which they would bo .subjected if imported unwashed. The duty on wools of tho third class,:if imported in condition for use in: cardintr or epinnine into yarns, or which shall not contajn more than B per. centum of. dirt or othor ' foreign substance, shall be-'three, times the'du'ty to which' they woiild'otficr'wise'be subjected: . , . . ..•■■■ •

' 567.'Unwashed: wools shall.be considered such as shall have-been shorn frpm.<thevsheep'.without any clbanainK; that is, jri.:thcir; 'natural , condltio'n..- ■••■'■'■ ■-:■■;' .' : :-'.■■■••,■.•,.,■■.:■■:'-,■ ::.'., 369. The duty upon all wools 1 and hair o'f'tho first class shall'be. 11 cents;per.lbr,' and upon , all .wools,or hair of the second ; .class 12 cedts per--Ib. V,' '~'" ■ : .;■. /'.:_.. ~'; ■■ ■;. ;;■ ■

370, On wool of the third class ana on 'camel's hair of the'third class the value .whereof shall be-12 cents or leas per :Ib':,. the'.duty shalL be four: cents par lb.; where' the V value thereof shall exceed 12 cents per lb.,tho duty shall be seven cents.per lb. i f; •;■'." v'.-■ 371. Tho duty on wools on the .siiin shall bo one cent less_pcr lb. than is imposed.in this schedule on other wools of the eame , class and condition. •. .. ■ -~,,.:■. 372. '1'0p waste,. slubbine waste,'rovinu-, waste ■ '"55 st fi and earnetted wagte, 30' cents 'per lb. .373.-Shoddy, 25/ cento per lb.; ■'. . ;'■ . 374. Woollen raits, muiiuo, and .flocks.' 10 cents per 1b... ■ , ■~ ■ . ~■■.;- ~■ ....... ■

, 375. On. combed wool or tops/made' wholly, or inpart.of wool or camel's hair,.-valusd at not more than 20 cents per lb., the'"duty;',perlb .shall.. bo ■ two and one-fourth, .time's" the duty imposed by. this schedule onionbi pound of , unwashed wool: of the first , class if valued /at more than 20 cents per.lb., the duty 'per :lbi•'shall bo three and.one-third times the duty! imposed by this sohedulo on one, pound of'unwashed wool oMho first class; and in addition thereto, upon all of tho forcgoinc 30 :oer contnm ■ ad valorem. NOTES. . , . The American Prudential Insurance Company recently issued 84,Z« policies in a single week,' beating all previous records by 16,0(0, or 10.COO more than the entire business done during the first four years of the company's existence. ' .According' to' the "ArgtiSi" the returns of ten' of the banks trading in Victoria dvo deposits of of £34,K0,000, and advances of £29,311,000. There was a substantial increase' in Government deposits, while advances, were £1.200,000 below those for the corresponding quarter last year. A Bill has been introduced into the House'of Commone, the object of which is to ostablish a system of life annuities'for persons over 55 years of ago by means of contributions' from the annuitants from employed of wdrliuien and tho rating authorities. .

The world's output of silver now averages .almost ZOO millions of ounces, against 173 millions in 1900, and this despite the low prices now current. . . ■ . ', -~.'-. .; ■ ' The export of rubber from the Malay States is now beginning to increase rapidly. In the first, half of this year tho shipments were 2.463,2411b., as compared with 1.382,1681b. in the first half of last year. But those; ■•exports are destined to show an enormous : growth, the acreage newly planted and, still being .planted being very large. Tho British capital recently put in rubber plantations has amounted to many, millione-not a penny of it cominz to Australia. But, then, it need 3 suitable labour, • .WOOL-SELLING CONDITIONS. , IDy Telegraph.- I'rcjs Ansnrl.itliin - n«oTrlcfut Sydney, October 14. • Arrangements made under the recentlyadopted wool-selling settlement will not bo disturbed this season. : ._''.. tallow auctions'.■■; ■ ' • London. October 13. At tho tallow salen 1088 caeks were offered and 837 sold. Mutton, .One, 34a.; medium,' 31s. 3d' Beef, fine, 335.; .medium, ,30s. 9d. . '. HIDE 9 MARKET.' (Kec. October 14, 11.55 p.m.) ' •" Melbourne, October H.. In the hides market supplies were moderate, nnd there wns good competition in all classes. Prices were very firm. AUSTRALIAN-PItODUCE MARKETS. (Rec. O.ctobcr 14, 11.55 p.m.) . /.:..- , ..Sydney, October 14. Wheat, old, 4s. 10d. Flour, £11 10s.; new, £8 17s. 6u\ Oats, Algerian feeding, Is. lid. to 2s ld.;.Tasmaniau white, 29. 5d.-to 2s. 6d. Barley Cape, 3s.' Maize, 3s. lid. Bran, £4 15s. Pollard, i'£s 10s. Potatoes, nominal. Onions, Victorian £10. Butter;.prime, 104s. Cheese, 6d.- Bacon, 9d. I. ■■■'.;.-•'■'■;.' '.'■■'. Melbourne, October 14. Wheat, 4s. Bd. .Flour, £10 16s. -.Oats, , .-Algerian! Is.' Bd. Barley, malting, nominally to -3a. -9d.; Srimo Cape, 2si t&.; feeding, 25..'2 d. Mal7.e, 3s. 7d rah, IOJd. Pollard, Is. Potatoes, £2 10s. to'£3. Onions, £7 to Sβ. ,, :■■>'■■. ■:■;-.;.. .-. '•■':■■ •■-'■•■.. , Adelaide, Ootobbr' 14. . ■' Whent, 4a. 6d.-' Vlanr £10 ICt, Bran, Ud. Pol- ■..: ■.'■.'.. ■'. : .■ .- ■ ■• ■ ■;.■::■ 1

•'. , ..I PIiOZEN MEAT .STAEKET. (By Telegraph—Press Association.) ' Napier, October 14. The C,C. -and'-D. Company cable :-"Althonsh the'consumption of frozen meat"ia small, the market is affected by speculative operations, which, in the meantiine', have occasioned an adtanro in the value of mutton and lamb. Todays quotations :—Canterbury mutton, 4fi.; Napier, ■ Wellington, and . North Mand, 33c1. Lamb-first. 41d.i necond, 4d. Beef—hinds, 3d.; fores, 2id." " : . FROZEN MEAT MARK KT. The Now Zealand Loan and Mercantile Agency Company, Ltd., have received the following, cablegram from their London houfo under date October 13:-"Frozen Meat—Largely owing to speculative buying pricc3 for mutton and lamb have advanced Id. per lb."