COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 650, 29 October 1909, Page 10

COMMERCIAL ITEMS.

■ INVESTMENT SHARES. " .'investment shares wero very ijuiet yesterday,' and thcro waii no business-recorded. There were comparatively few quotations. .', w emni-ton Trust and • Loan, sellers £7. 2s. 6d.; Napier Qao, ~'£s paid, buyors £12 Z5..6d.; Wellington Gas, £6 10s.. paid, sellers £14 Ob.; Christchurch Jleat, buyers £10 12s. Cd.; Gear.' Meat. £4 paid, buyers £10 55.; £1 paid,' buyers £2 125.; -, leyland-O'Brien Timber, buyers. £1 3s.,'sellers £1-3s. 6d.; New. Zsaland Consolidated Dental,. Fellers' £t • 4s. 6d. i ; Taranalsi' 1 . PMrotoum, MUen- 6s, .6d.i. : ; Bycroft, iclieH-lSi. 1 Id,'

'V' ' AUSTRALASIAN .' WOOL ; PRODpCTION.. Messrs. Dalgety and-Company, Ltd,, have issued' their clip estiinato for soason 1909-10 : for export only, the quantity. '.taKen for AUBirumsiun homo consumption is omitted. The estimates compare with tho production of. the previous two; seasons as under:— . 1909-10. . 1908-9. •. 1907-8. >• •f: . Bales. Bales. Bales. ■New: South Wales- ..... .. 985,CC0-'« '973,€<30 B£6.CCO Victoria '-295,000. .289,000-- 300,0(0 Queen51and:...:..;.,;..........;. 330,CC0- 289,0C0 - 235.C00 S. Australia .165,000 .. 152,C00 143.DC0 W. Australia ' 72,000 * 59,000 52,C00 Tasmania . 36,000 - 34,000 . 34,C00 • ' Commonwealth 1,833,000 1,796,0C0 1.623'.0C0 New Zealand;.. .V..,505,0CC 492,000.. 437,0C0' ; 2,303,000' 2,2e0i0C0 2.057.CC0 It . is stated in an explanatory. ; note that the production figures are based upon the exports given in -the Customs returns*-.. Last ecason (1908-9) there was an abnormal movement in wool shipments, a great deal-of the 1907-8 clip being shipped in 1908-9 seasoh,--as .well, as a large, quantity of what would, had previous conditions prevailed, have formed part of the; 19C9-10 clip. Tho ouantity shipped out of season in. estimated •at '.150.0C0 bales.-; The' estimated in-' creaso for tho current season as compared with the previous season is 100.000 bales.' of' which the Commonwealth contributes 87,000 bales and New Zealand 13.000-bales. „ Taking (the average price' at, say, £15 per bale,'- the. -season's clip* should'fetch the respectable, sum of £35,820,000., of which New Zealand's share should be about £7,575,000.

ROYAL EXCIIANGE\ ASSURANCE. . A very interesting history is that of the Royal Exchange Assurance, the earlier partof it being a sort of financial 'romance, and-'uow^-after,ah active existence : of 188, years/ 'there arc-.few names better known in tho insurance world. Pan Itaccisco brought so a -loss .upon its hre department that ; the profits of , a decade were Bwallowed up. but;-undef 'oapablcvmanaKe,-; ment the reserve is again mounting, and at the close of last year il Blood at £301,000, .without counting the £218.000 at credit of profit and loss,- or the paid-up capital of £639,000. The marine department used to be profitable, and although it does not seem; to. have been soduring the last three /years, ends about .mf-.t in 1508, while the accident branch shows-'a, mod irate profit.

' INDIAN-RAILWAYS.- 4 How large a part' agriculture plays'in the affairs of transport companies is illustrated # in •a Btriking manner by the report on the Indian railways just issued. For seven years prior to the twelve months under review the. gross receipts of these lines have 'steadily.'increased, until thy amounted to £31,536,000, yicHing a net return of .5.86 per cent, on The figures now presented, however; aro' eloquent fallihg-off, the'gross earnings having dimfshed by £1,652,0C0. whilst the working expenses have increased by £1,786,000. The net revemie was thus lower by £3,438,C00. and the return on the capital fell away to '4.33. per cent. The heaivy drotf- in groBS earnings. was entirely duo to., .the., goods traffic,' and. the .cause mav be found in' the'failure of crops, a-'reduction in the spending power of tho people!, and 'a shrinkage in. the export As,an instance of the last-named, the failure of •'the wheat yield caused a decline in receipts of £700,000 on the line to Karachi,. and • other, systems ..were affected to, a 'lepser degree. The rise in expenses is explained =by the enormous increase in * the price. '.of; coal, and ;algo. the..higher coat,-of., living.- which ne-cessitated-increased 'solanes'Ho jthe* working Staff; The financial result to tho .State was eerious, ■ for. - there was an ..actual' 'deficit-.oJ £1,557.000. in.'l9oß, as against a\net, gain' of £2,552,00ff"in"th0" preceding' year.- ' " The- 'last .time the balance was.on the-Jwrong : Bide- was ftT 1899, and then the -loss only' amounted to £307,000,'. possibly ; the big*, surpluses :n ; recent years have e'neournged a policy of extravagance, and • certainly . the abnormal .rise, g in working costs' suggests' 'some such explanation. - If so, the setback last year may prove a .useful corrective, and a«j general conditions in. India have very much 'improved last r six months, it'is to be hoped that for the current year a 'better showing will be made. In so far as •proved trading conditions throughout the world can influence the. position of the Indian rail-, ways, there are'good grounds for-.optimism, but r the most satisfactory ■ feature 1 of all is the abundant itionsoonal. rains-that have just fallen' all over the country.

TENSILE STRENGTH OF TOOL FABRICS.. The loss in tensile rstrenpt,hi»nd elastic-it* fv, tained by wool; fabrics .ia t&ddyjcipg and flushing processes* has; recently been' mado.tlio 1 subject of experiments* anu a ;01* wo results. obtained - has. beeo^. published; j.in..tho quarterly report issued toy),th?':Textile?-,Depart'! 'ment of the Bradford -Technical College." 'That there -should be somo such loss is not t-o-. be wondered at; in view, of the.'.veiry...drastic treatment' which wool fabrics undergo after leaving tho loom, - Tho repprt s draws-attention, to. the fact that though the'chlet cause is undoubtedly' tho necessary crabbing, scouring, and steam*jn'g—i.e., the employment of high temperatures: and -alkaline agdnts-the tendering is • often •needlessly increased by excessive mordaatmg,. most' mordants having a corrosive action • on wool.' The .weremade, with stan-.: dard. Bradford including;<coatingsvanddress goods, a?;d/the.','^eduction 1 ; is tup same 1 in both teo'silo strength' and i "elasticity namely, 18, per cent.-v:>T6ste jnadekby th& ; .Ger» : . ;mou { cliemist Schemer prove that this loss can ;ge ieffected by thrfee houra'- steaming* alone, aha < ;that tho reduction .in l .6trensth-.is*not in ;i equal, ratio to tho period of:.steaming; .but takes'place mainly during the fii , £trthrco' , hou?9.V' " ■

A . ■AMERICAN ; The lack of finlßh whioh .characterises. A®« r .';, ■can-spun wor?tC'd,y.irii3' is not,"it gogiss, con-' fined,to yarns alonev biitds!.even rooro notice? able in the worsted coatings-.of (American make. : An English coating manufacturer; on examin•ine an American'; cloth, even of ?9 o< \ is (a correspondent writes) immediately stTuck with its peculiarly' ' lifeless'' ''ana' ■ uneUstic '.'handle," and the absencc of the■ .full round twill which is a feature of the "clear" .finished' 'Ehglish fabrics. These effects cannot bo ascribed 'wholly to tho inferiority of the domestic- yarn,! •for they appear evon. in-cloths, made from good 'impofted yarn; The'''causo, ,- mußt'bo looked for I,in the very injuH&us. strain.to. which.the, ; pieccß, -are sub'ected in "tho finishing'processes. An I coating which is 65 yards, long .on ieaj' ■ihc tho loom, would be anything from 54 to. M yards long when.-,finished,, ; 'according'.to the ?*!??•. .fabric.' An American finished,''HoWoter. would Vive a finished length of 66. to 70 that 'is to say,-the finished length-, would biv. greater, •than the' "gray" Ipug-th.- ;meap3 . tho;, 'cloth is "set" when: at .full Btfetch, rfhich'ob- . viously renders an.elasticity of handle in tho finished picce impossible. Tljo. evil is .due to the fact that tte'vAmen^ -flijMher w >ria,l bv thq finished length, and it-.ip,.- therefore, to , his interest to produce as long siblc:/■ whereas! thc.-.Sfandard of pAyment in, England is tho weight (per pound ' in-, the - srw, method which olfers'no inducement' for excessive , strctching.^

.Customs revenuei.'col%Vfl,; amounted . to; £2578 15s. 9d.

.- IIIPERIAL CONSOLS!';' -' ". ' : ADVANCE IN PRICE,-•' > (By Telegraph.-r-Prees. Assooiatioi^-T-Copyright.K. " ", ' • i London,.October ,27. . "Consols are quoted at £82''lis. of 75.. 6d/since Fridoy.Jaat. .v- 1 ■' '' ■' TALLOW MABKBT." V >v £^W.fv.... : .;V. London, Obtolier it',,. At the tallow Bales, 411 casks were Offered and Bold. Mutton, fine' Ma.- 9d. per. cwt;, .medium 325.;. beef, fine 3}B;-6d,Vmediwh.M^Jd.V.-c':: The Now Zealand -Loan, and jJlercantue Agency Company, Limited/ 1 have.'received the following cablngram• from itSiLonSon holiie, updorldate October 27:—"Tallow advanced/6di;.-market firm.. dried fruits.. • : 7>.' a o% o ndon.".iPstober • 27; - Currants—Provincials,' 20s.' ' 6d. ■ to 215.. 6d.: Amalias, 225. to 245. 6d.;'Patras,. 235: to 275. ■ • Sultanas. 21s. to 625.;-figs, 465. to-505.;, Jordan almonds, 150s. to 2805.;. Australian -raisins, 233. to 305.; Valencias, 25?.. to 565. / . ' ' SILVER. London, October 27. Bar silver is quoted at .23 3-16 d. per ounce standard. , ; METAL MARKETS.,. . • (By Telegraph^— Press . Associations-Copyright.),, (Rec.i October 28,' 9.25! P.mO ■ , r.' -. London, Ootober, 28! ■ Copper.—On the spot,- £56 8s: 9d.; three months, £57 lis. 3d.; electrolytic. £58 55." per. ton.. • Tin.—On .the.spot, £138 55.; three months, £140. 2s. 6d. per ton: ' ' . AUSTRALIAN PRODUCE MARKETS. (Rec. October 28, 11J5 p.m.) ' (By Telegraph.—Press ■ Association.pCopyritsht.) i "Sydney, October'2Bl . Wheat,.old, 4s, lid., to ss.'; *ew. 3s'.:*.'lCd. Hour. £11. Oats. Algerian, 2s. to 2s.'ld.; Tasrjanian. 2s. sd. Barley, Cape, 3s. to ■ 3s. 3d. - JUaizo,. 4s. Id. to 4s. 2d.; South African, 4s.- Bran, £4 16s. 6d Pollard, £5 15s. • Potatoes.,new. £8. .Onions, £7, to £8. '. Butter, 100s.. Cheese, 63d. Bacon, Bd. to BJd.. Melbourne, October 28." Wheat, old,\4a.' 7}d.; new,. 3s.' lOd. Flonr, £10 15s. Oats, Algerian, la. .6d.; to ■ Is. 9d. Barley, -pt-irao English milling, 3s. 9d.;. ,C[lpo, 25. ( Bd, liaise, 3s. Bd. Bran. lid.. Polla.rd, Is. Id. Omouß, £3.t0 £4 10s.' Potatoes, £2,55. t0..£3.' " ' Adolalde, October 28. •' Wheat, old, 4s. 6d.; new, 35.. Ltd. ' Flour.-£lO 15s. Bran.'lHd. Pollard, 133 d. . Oats. Algerian, Is. 7d. . ; : HIDES MARKET. . ' (By Telegraph rPrees Association—Copyright.) ; (Rec. October..23, :11.15 p.m.) ' ■ ■ Melbourne, October. 28. iln the lildes market supplies-were moderato: and thero was strong competition. Prices in all classeß -were a farthing dearer. _ - C. C. AND D. CO. \ - (By Telegraph—Pre'ss Association.) ; Napier, October 22. The" C. C. and D. Company, "London, to-day cabled the' fallowing report'regarding 'thc'froien meat- market:—"Speculators' operations hav<>eased off. in view of. stocks to arrivo in tho nehr, future, arid, values of mutton apd lamb have 'declined. To-day's quotations -are Canterbury 4Jd,; Napier, Wellington, and; North .Island, 4|d,: Land), first quality, 4Jd.[ eacoud, <jd,' Seeli', UadJ, - Sid.; lores, &d" ■

0F Dilßb''*TOnTS. A return, afked. for .by Mr. H.' -G, Ell, .11.P., was laid on the table of the Houso. of llopresentatives yesterday, . with regard, to tho'importation of dried fruits into tho Dominion. -.Tho ,return . was as. follows:— .. Figs, dak's, and • , . pruneß. : Currants. Raisins, Period. ; -lbs. \ . • lbs.- . lbs. 1905-6 1,722,468': -3.255,348- , - 3.U0.093 ... 1906-7 .........2,045.528 " 3,040,379 3, ' i 1907-8 2 655,411'• 3,551,<33" 4,633,(35 1908-9 ' 4,098,557. ••• 2,557,825. ' .3,362,713 Totals 10,521,964 12,354,98$ 14,899,315 MONEY-MARKET/- * In writing of the money market,* yesterday's isfluc of the "New Zealand Trade Review says:— . "Tho movements continue to bo in the direction of increasing ease. The bank returns, contrary, to expectations. disclose a decreaso m advances and an increase'in deposits. The ordinary, experiences of the September quarter aro an. excess of imports over exports, and demands from' country districts, for the'wherewithal to prepare the season's wool and other; products. These naturally result in an increase of advances and-a decrease of deposits. These, factors have been at work on. the present occa-sion,--but their-effects. have been counteracted by the heavy loans'that have been obtained in Great Britain by local governing. bodies, as mentioned by the chairman, of the Bank of New Zealand at (ho recent annual meeting of that institution. -The' local bodies have., by means of .these fund6i been enabled to pay off advances, and to lodgo unexpended balances on deposits until needed. - • The procuring of-these loans, together with-such funds as may be required by'tho general' government, outside- the Dominion, notonly bringß money into the • country, but'leaves'local fundß'frec to accumulate. The treasurer, Sir Joseph -Ward, is' obtfcmmg parlaimentary .authority to raise another loan of one million for. the - construction of railways and other public works.. .This is. to be raised ;in' London when -conditions are .favourable, ihe prospects of • our ' export • trado : for the 1909-10 season are-extremely satisfactory. The wool clip and the output of dairy produce both promise to be heavy! beyond any previous record, and of excellent quality, .while favourable iuar kets seem to be assured.; ;Th® substantial improvement'; in the• London-'meat. market .is also ah oncouragirig '-feature,-and there is overy prospect of a profitable, export of grain.' The season is very forward, and ■the'realisation of our products must soon place the; finances of the Dominion in* as good a position as they occupicd at any' previous poripd." Mining News will be foiled on page 9 of this issue. , ... /. /

Diamonds worth £20,000,,105t by a, wealthy New. York ladjr on 'an; Erie ferry-boat, have been' found among 'the' playthings of ■; an Italian baby in-New'Jersey,, whose parents picked them up thinking they, were glass. Johnson has- become tho property of the English-speaking racc.—Lord Rosebery.