COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 700, 28 December 1909, Page 8

COMMERCIAL ITEMS.

•. ' ' THE SILVER MARKET. ; " . For''some time past tb.o price of the whito,, metal has osoillated between 23J. ani <S.4d„ and: should bo lower but : for the fact that China has been the support: of >:,tho markot. '• Messrs. Samuel Montagu and Co., the : bullion brokers, inq. ;recont circular on-, the situation remarked that a casual observer could not fail'to. 1 bo struck by the resistance, afforded' be ono, country alone to the; downward pressuro ,of heavy stocks and. hijjh rateß of - money, v There ■ is .room' for- ra' suspicion that a heavy fall of exchange w[th China . would be . fraught with danger to 'the smaller importing firms, and that a judicious-..support by the exchange banks is being '.-exercised--, to prevent'in-convenience,-to- these- firms until import, business, resumes activity. - The ' cause of China's lengthened support has been stated crudely as an excess of exports, from China over, imports to that country; but-. so-.prolonged a 'condition of affairs; with operations in : silver on so large a scale, inclines..one*- to probe -deeper and iqquire whether there be.' a special eco-nomic-reason leading to such, excess. The fact appears to be that China is endeavouring, to become: more independent of the ..West,. desiring to: profit by its own labour and' secure a fair : share of , the World's increasing wealth, and thus'.fall Into.lino with the Socialistic .tendencies of the ' day./- As an indication of the trend of, events we gather: from, the last China mail-/ that . the,'. Prince Begent . has in-, structed . the .Grand Council to"issue ,a proclamation exhortinjf. that future railways should, be.', financed and .controlled by the; natives of China, .and. deprecating foreign' loans-, generally. . ..There - is...also a tendency to' import raw material into China in preference "to/the manufactured article—notably cotton.', : This naturally reduces the valuo of imports. A word of: caution is .necessary to moderate too sanguine a view, especially: as to the near future. ' There may como. a time , when the exchange, banks may find it too' onerous'to. shoulder the sole-burden\of, silver' 1 at Shanghai; for the' bulk of the stbek held there represents idle money. If. such'.iineasiness set in before, money cheapens and 'before India, is ready to: absorb' the smetal ,on a, .large scale, .it may . .be" difficult :to flliift .the weight on' to other-- shoulders "without some considerable, .fail in prico. . COMPULSORY WOEKING OF PATENTS. . The British - Patent Act ■ has: now -been in actual. 1 operation for two years, and the Manchester' Chamber 'of Oommerco, which' was largely, instrumental in getting' the measure placed oil the' Statute-book,, reports. itself aa' well ■ satisfied with the result.'l /The'/chamber reports, that, as-far as: can' be ascertained there have already been' established; or there" are at, present: -in'-course of-erection, more than 20 fac-' jtories..'- / Scores': of : licenses: have been granted to/ British manuiacturers by foreign -patentees. " Much foreign" capital has been brought into the > country—amounting; fo over £500,000, and much additional employment has:been found. for , British workpeople., A number of-existiiig foreign monopolies" have, been revoked for nonworking, and are novr open: to anyone who chooses to work "them. Imperial, and municipal sources: of revenue have been 'benefited,- as: well; as, the owners .of ..land, who'..had leased. or sold; ground, for new works?.. The .erection :of-works,: in/the /Unitijd /Kingdom-rformerly... non-existent— brings ..about \ not only tthe" immediate re-' suit of the founding , of' a new industry, .buttit .'implies; a-permanent and i increasing benefit as - these new industries/,. de- : .velop. Already: '/there' -Ms a greatly'increased output, of artificial silk. Ope of thii'most successful companies, ; viz M tho Glanzstoff Fabriken, of Elberfeld, are: establishing and will shortly have in operation very'large works for the >manu'factui'e of-artificial silk. / The Hoechst. :Farbvrerke' are ■' producing, .' at .-" Ellesmere :Eort,j artificial indigo. -' An' offshoot of the : Allgemeine.s Eleetricitats : -tJesellscliaftis: now making '.in England: the' well-known ■incandescent', Osram lamn. ;. The ' Eiberfeld: Z Farbenfabriken, . ■ with-.:, which l : the :Soda Fabrik . and" , the ■■"' Berlin Actieniies-eKsclyift are combined, have se'-/ fiured, ii" very large plot of land near Port: Sunlight,' and, are already- working some' ;of:. .their -patented: : products. V: Manufacturers of 'patent'/boot-making"machinery ■•have j established-' works ■ in. Leicester.; The. Qilleft; Bazor: Company, are working at' ■'Sheffield./'A''number of . makers of. electrical . engineering 'appliances -are.'now- in. 1 negotiation, l and some of: them > are /on the ,eve-of .starting iworks undetithe new Act: jAinorigst . others' who are. roported to have .commenced operations . m'u -the • National 'Cash- Register. C 0.,: the Eagle Pencil , Co., the Buffalo .Speciality; Co., Berkell. and-' \Qo. (bacon, cutting .machinery),' the Bubty rflid Co.',,'/the Bontwood Ohair' Co., > of. I Austria, tho : Orchestrello ' Piano. Player Co.. and tho. Clinton Wire' Cloth' Cp.. : etc. j COLONIAL'WOOL SALES. \ '.■■' /Int'Tho Tiir'.es" financial 'supplemf/nt of November.) 6; tl»ere: appear'sj ,a strong ar-.l ticle dealing, with' the.competition between' ,tb.o London abd colonial wool sales. The writer, admits that the colonial wool.sales have -come to stay, and; adds:—lt/might .be expected , that,. the'- -most - enthusiastic advocate'.of v : colonial selling would be, content,, and: that inspired articles in the Australasian/ press, claiming/' every virtue for their own markets and im- ; putirig; every/'fault to London; might 'become, less frequent, but there rare, at oresent no indications of/any discontinuance of these ,attackß. The" local selling firmsare, 1 ' one! would think, .for the ■ most Dart in . too favourable « a'. position: to: need the questionable'. supnort:- afforded . bv criticism as remarkable for its' inaccuracy as for; its, - virulence, / for j among . many : other advantages their ' close personal relations ,with their 'clients are much in their fav-. our ."as compared; with London' firms./ who can only, rely,",on'.'the /merits" pb^sessed^by 1 London as' a'.central market closo'to themanufacturing • distrlots , "of ■ '■Europe//-ad;; which ;are /.undeniablo.,hand{havtf often been proved: -'While the": increased quantity : sold- in; the Commonwealth clearly .improves ..the,: chances of, erowersfwho ship : Home/this.;.,fact ■' in ■itself 1 would hardly 'account : for the 1 -abuse/ of London'' ois a mark'at,".whioh -is ta'-regular'feature in>a: large-Uuißber.of, Australasian pa/oers.', Too .often it; emanates from quarters.'bo. well acquainted .with"", the wool indnstry that.it iß'/difficult/to accept the' vlew;i set. forth as representing tho . genuine convictions of-the authors. -"'A notable ■•in-' stanfce of th'is : can be found iri'the .Aue'Ust number/ of-' "Dalgety's . Heview." a 'oublication ~ enjoying :a . .deservedly hieh renutation...:ln. the course.'of. a lengthy criticism' consirtently.vhostilei'to/.thoi/lionaon'/wool sales/ 1 .: the'.vjvriter / recommends the abolition ;'pf - ,ttet Lopdon; sixth, '.aqd" first sWies of -. auctions., 'stating the' obvious fact that this'/ would.jf-leave, Australia, ! by which • ho meanß the Anstralian. wool-selling .brokers,' la clear field. between October and March, during 1 .which - period, /as he'- points .'out/ the bulk '.of Hhe' 'Australian;., clip -. is sold. .This is equivalent to: asking the London brokers'.to-retire::from business; /and- his rpcommendation :'might . therefore . be passed • over with the silence .that so ridiculous a proposition deserves. But when it is seriously.'.maintained that the adobtion Of ./this poliiiy, . would' benefit woolgrowera this . pretension can only bo characterised as-an impertinence, Bince /it claims for the Australian selling broker; the rieht to dictate ::to "growGrs -in which' market they are, to■; offer their clips. .• .»\ ARGENTINE WHEAT CEOP, According" to -Mr. Georgo'- Broomhall. of .Liverpool, very'favour able -reports -. were l 'being , received.i '.when vthe last mail- left, respecting,- tho standing crops in ! Areen-/ tina, both • in -England, '.on . the' Continent, and 'in the.'United States,: the -weatherrecently, having beou apparently all that ' (growers could wish.,'/ "But it is rather -a' ;romarkable- fact, he adds,, tiat whilo re- ' .ports'.of.-the conditions, and-prospects are so good a, number of estimates havo'-Dut the ■ probablo ' outturn and. surolus uo ; higher, -'or very little higher.. than .last. - '.year's. :: The: estimate .of 'tho likely wheat' surplus cabled by Mr. Broomhail's own agent : is / 13 million . auarters-'anito a : moderate figure. This year's estimate of 13 million auarters' compares with an approximate surplus of 12 millions for .the past season,. an actual surplus of 17.470X00 -quarters in tho : 1908 " Beason, and' of ' 13.;160,000_in 1907,.Mr. Broomhall. adds: that ; a cable to the "North-western Miller." of , MmneapoUß.'- gives the likely wheat. oroo 'no larger than . last year's, and tho Buenos 'Ayreii "Handels iZeitung" said recently:— „ ;"There is nothing to indicate that - the orop will bo any loss than'the last." which is but faint praise. . 1 .: ■■; • " ..' ■: ■■ ■' ■ : ■' ! ' HIGH' COMMISSIONER'S CABLE. , ;The: Commerce and Tourists Division has received the following cablegram from the 'High Commissioner, London, dato Dccember 24:—' . . . , . ' . '■/.;. ■The : mutton - and -lamb markets : are ■ 'ditll jvvery little business is doing.' There 'is no chango -in ' prices (la-Gt auotationß iwore:—Canterbury mutton, 33d. to ",4!d.; North, Island, 3Jd.; Canterbury lamb, 32d.; other :New Zealand 1 brands, 3id.l. The beof market is weak. New ■ Zealand •hindquarters average 3Jd.,. and- forcauarters, 23d. per lb. . '. ' ' .- The, butter.: markot- is firm, with' im■proved : demand: the averago once of choicest New- Zealand butter is 112s. -ner cwt., Danish 1275. - Tho, shipment of butter, per s.b. Tainul is now . almost all in sccond hands. Tho cheese. market is weak and inactive. .Now. Zealand finest white cheese •is' averaging ,555.. and coloured' 545.. ner . 'cwt;; The hemp markot is quiet but steady, "ith no chango in prices (last ouotationa ■ -were:—New, Zealand good: fair, on:- "snot. .. '£28; - fair, : :'£27:- .Jilanila,: T£27: January.March,. good 1 : fair. '£27 :-10s.; ; fair. '£26; 'Manila,' £26)..:'; The: week's output vof ' 'Manila : hemp',: wa5..30,000 bales, v ■ The kauri gam 'market is, firm, with . 'more Inquiry.'■ Ourront 'quotations' jire;— Ordinary to . fair - three-quarter scraped. ' £8 55.; fair/half-scraped, ..£s''ss.'; brown fair' half to 'tliree-ouarter ; scraued. '905.; pickings, common to good, 40b.: bush- fair to., good pale/ahd: amber: scraped, £7 15s. .nnr cwt. :-/ '/ //. /":. //':

• BANK OF ENGLAND RETURN. By Telegraph—Press Association—Coryrißht. (Jtec. Decomber 24, 8.10 p.m.) London. December 24. The' Bank of England return issued for the, week opded Wednesday, December 22, is as,.under:— • , ;. , ' ' Issue Dkpartjiest. : Note Issue £50,668,000: Gov.'debt ... £11,015,003 . ,•;■ : Otlier"securir ■ , ties .- ... 7.434,C00 - -v-'- : - Gold 32.419,000 ; . ... i5a.865.000 . ( ; xj0.665.c00 ' Banking Depabtment. Proprietors' Govt. Eecuricapital ' £14,553,000 ties... ... £14,463,000 -Publlo de- Other securi- ■ posits - ... P. 769,000 , ties... ... 31,209.000 Other de- - posits , . P 86,000 Notes ... 21,785,000 Best, 7-day , ' . - and other " Coin ... _ 1,014,000 .bills... ■-;... 8453,000 • . ' '' [' ' ■ £58,471.000 ■; £58.471,000 . The leading , items of the Bank of England return afTord tho following comparison:— - .' - Thisweek. Lastweek. Last year -'.■ £ ' £ £ Bolhon ... , ... 3-2,419,000 33,358,000 29,480,000 Besen-e ... ... '22,709,000 24,654,000 19.358,000 Note circulation 29,083,000 , 28.305,000 30,035,000 Publio Deposits - 0.769,000 7,914.000 7,96-2.000 Other Deposts 40,086,000 37,418,000 42.661,000 Proportion'of. . • ' ~ reserve ' <to liabilities ... 44.59 54i34 . 58.80 . GOVERNMENT SECURITIES. Tho_following are the latest quotations, for.:; Government securities, -with a comparison'of those, ruling last ,week:—

:' - ' ' THE MOXEI* MARKET. . The -Bank of England rate-. of discount is 4j per. cent;, to,;.which 'it was reduced from 5 per .cent. on December 9. •. Short .loans in London' are S ■ higher at per, cent. • - Tho open market, rate of discount for bost-three months'.-bills is 3-16 lowor. at : 3j per cent. . ; The .Paris rate is unchanged, at , 23 per cent.,' and'the. Berlin rate'is unchanged, at 4| per.cent. ■ ■ _ , COLONIAL AND OTHER PRODUCE; ; Wheat—The- wheat . markets are ouiet, with a holiday, tendency, but prices are well maintained. : January-February shipment, : rollers, are offering at 395. 3d. per quarter, l :.; Buyers, .about-6d. less-than last - week;. '((Australian - and New Zealand supplies oh tho spot are practically cleared. , Chicago . May.-, wheat is quoted, at 110 c. to 1111 cents.' •■- ' : ■ Flour Is Blightly,firmer. Australian patents, London, '31s. 1 6d. - , ;: ; Oats aro. quiet—La Plata, March-April, ' 14s.\7id., -;-T'.■■■ '.-: ■ ■Butter'is-in.'good.-demand. : Colonial •arrivals; havo well: cleared. - Choicest Aus- ' tralian. salted and unsalted, 106s. to 108s.; secondary, • 100s. to 1045.; New Zealand, ,1105.,' a .few .lots '1125.; secondary. 102s. to 108s.;-Danish,.. 1265.. .to." 1275. .. .' ; ; ' , '.' 'Cheeso,' dull;— New 'Zealand coloured. 645. per cwt.,) white 555. . ; 1 >. Sugar.—German beet,, steady, at 125.-3d.; first ■ marks. granulated,, f.o.bi Hambure, 14s. :2d; ,■• - ■- ..■.'»,. : :... Bradford Tops.— I The "Bradford .'wool'mar; . .ket .'is :brisl:. ; Spot quotations Common 60's, 26Jd.;; -super,.. 27Jd. . Futures, un- , .changed. ' : ; !- METAL MARKETS. : -- . : Copper,, on-.the . spot," .'£6o, :Bs. -9d. herton; throe months, '£61 lis.'3d.; electroly- , tic, £61 ss; , \ . Tin— Spot,' £152 159.-'per - ton; three . months,..£l64,'-.; i . Lead.—£l3 10s." per ton'.'. 1 , : ' ' > , Pig-iron.—Middlesborough- No.-2,- 515. ; 3d.per': ton.;"V;. '.;TSB 1 FR6SSEN' MEAT ' MARKET. By Telegraph—Press Association^-Copyrlght- ■ ,v ; ;"i' " '' ' ' i London, .December, 26.;, . ■ The; I'rozcn Meat', .'.Trade-- "'Association's Bmithf.eld Market' quotations for the undermentioned'classes"of" frozen meat are based -on actual sales'" of not' less- than, one himdrijffl-carcasses ;fof -. muttons or lamb, : or twenty-five quarters of beef of fair, average quality.The quotations are -not for selected lines, . but for- parcels fairly' ; representative Vof- the bulk of the ship- ;. ments; now-oft thei market. .The prices , which follow ■ are on an averaee a farth-' ing . por ;lb. more than- the values ei ■ ;=hip, -this difference representinL' an; aver- ; ago cost in expenses, handline. conveyance, and sellinE the meat :— ■. /■; Dec. IB.'Dee. 26. ! Mutton— ' ■ d.',' '.' d. --! Canterbury, light 41' 4! . < ... Canterbury,: medium v ._... 41 4J .' Canterbury,'heavy : 32 .' .4 ' Southland; - .;. 3S'./- -,: 33 - - -.North ,'lsland,Uih'est v33j: - - -.'-33 . '-North ! >: Island.> ordinary...'., 3i -• ; 33 •- -i Australian,' light', ............"-:.3 5-16.' : r 3.6-16--j ■ "Australian,'; heavy''2B; .. ;-23 -'.v : ; ' River 'Plate,'' 'ligut .A , >>'3J • River,' Plate- heavy . 35-1S ■ >35-16-Lamb— - -: ■ .- . - ■- . .: Canterbury,' light' ..- ui... -4A .-■• i-■ 4j' ■ ■Oantierbury,'", medium ' - 3 ti;i6 :, r . 311-15 , ,Canterbury,: 'heavy..' ; 33 ,--.V-..'V'33 'A ' 'Southland, ;: ..■i..;.::............... -3i , :'' : -,.;31 ' ' -North.{.lsland,selected ;'c:. o■ 33 33.':';. • North-. ordinary... 3j:■ -38 Australian,;best , ! ..1.....i..'.;.. 313-16. '313-16 ' Australian, fair ; ~.. 33 . 3J '-■ . Australian; .inferior.'33 33 . - '.River .-Plate 33; -33' BettfNcw;Zealand, ox fores ... 23 -' ■ 23" Now Zealand,, ox .hinds ... 3J 3J ■' V.Australian, ox t fores ...........2|."-.:.f,' - 2i.=j : i" l . :. Australian, ox hinds , ... 215-16 21?,-16 '*River Platei'. ox -f0re51....... 211-16 - 21W6 !•' -vßiv.er'Plate! ox.lhinds-31' '. , -31-lJv 1 —!:. " 1 | OOTTOIT. 1 V American' middling .upland; Is aiioted at' ~ B.BGOd. - per-' lb. for spot. , V " ' \ - ' ; ' i ■ .■■■TIN-PLATES. ..-' . LO. charcoal is quoted .at Ws-j 9di ■■

Variations co S od ' ■'•■"'-" ' -■■' • last'week. 25% Imperial Consols :. ' 82 15 Ss. Pd.hlgher 4 ,.N.S."W,1933Jan.-July 107 0 0 Unchanged 3jN.SAV.lSlfl.iiar.-Sep. • 69 0 0 .Unchanged •3 " „ N.8.W. 1935 Ap&Oct. 86 0 0 Unchanged .4 ..Vic.'lMOJan.jtily . 10J .0 0 Unchanged 33 Vic.*192W\Jan.-Jiily .97 10 0 Unchanged 3- „ Vic. 1929-49 Jan.«July 85 0 .0 Unchanged 3l ,♦ 1916 Jan.-July97'l0 0 2e.6d.lower 3 . ,',S.A.1<)16 Jan.-July * 83 10 0 Unchanged 4 • „ QTdl915-24Jan;-July 4C2 10 0 Unchanged Sj.-i, QTdl92-l-30Jan.«July S7 10 0 Unchanged' 3;» QTd 1922»47Jan.-Juiy .-S5 0 0 Unchanged . 4 wN.Z. lOSOMay-Nov. • 105 10 0 Unchanged $3 „N.Z. 1910 Jan.-July r 08 0 0 'Unchanged 3 N;Z. 194r» April-Ocfe.. 86" 5 0 Cs. higher 35 „ "W.A.1920-40 May-Nov .98 15 '0 Unchanged 3 „ "W.A, 1915-35 May-Nov 88-0 0 Unchanged 34 „Tas. 1040 Jan.-July 96 15 0 Unchanged 3 ..Tas. 1920-40 Jan.-July '66 0.0 32g.6d.lower