COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 740, 12 February 1910, Page 8

COMMERCIAL ITEMS.

i ' INVESTMENT SHARES. \-y' V Yesterday National"' Bank' sharessold at £6 ;35.,: and .Westport-Stockton .at 7s. 6d. Bank' of New -Zealand,, sellers.'£9 15s. ; National • Bank,/ sellers £6 3s. .6d.; National Mortgage, buyers £3 2s.- cum. div.; .New Zealand and'Hiver -Plate, buyers ;£1 15s. 6di| Wellington Investment, sellers lis; 6d. ; WeiHngton -.Trust, and;' Loan, buyers. £?. 2s.';.'Masterton ;Permanent, . buyers £11;, Teilding ' Gas/ ' buyers..£l Is. «6d.; NapierGas, £5 paid, sellers £13; "Wellington Gas, £6 15s. paid, sellers i£l4; New! Zealand Shipping, buyers £7 10s:; Wellington Woollen, sellers £3 3s'. 6d.; Westport. Coal,- buyers £6,>-sellers ex" dividend; Westport,Stockton! sellers 7s. 9d.; Leyland-O'Bricn Timber, buyers ;£1 3s. -3d.; New Zealand Consolidated Dental, sellers £1-3s. 6d.; New Zealand Drug, buyers £2- 75.; Sharland's preference; buyers £1 Is. 6d,; Taranaki Petroleum, sellers 9s, 3d., •. i -. v ••- wool peospects. people interested in the wool trade belibve that values will, decline during the March sales, and, ; if not then, certainly in f May.' -Such : people can furnish "no data for this pessimistic, view, and, really' when tliii • position is examined carefully the prospects point to , a continuation of the present,rangeoi prices.^No*doubt there will bo some fluctuations, but these are not ' likely to be important., .The Australian' clip exported, during 1 the; seven months to /January 31 totals 1,636,423 - bales.' and if< we add ; tW, actual shipments during the', five months, February l l to June . 30, 1909,: viz., 688,693 bales, we get a total of 2,325,116. bales as the.probable export during .the; season/ as compared with 2,288,000' bales for the. previous' season. But jt is very . probable; that -the .Newcastle • coal .strike: has prevented shipments going, forward, 'and if; on -this account -we, ; allow 60,CC0; bales,: the possible increase this season r'will. approximate-100,000,. bales; it j may ,bo.a' little. more.v This ! 'is a.tolerably-.big expansion ; for Australasia,, and has to be set' Against;; greatly - increased trade :in manufacturing..- centres, .' and decreased wool 'production in' parts.,-. Reviewing the.-situation on" December 31 last,' Messrs. Wenz .and Co. ;'said that 'the "increase in : the wool'production expected' this'year in Australia will hardly; compensate for the! decrease at the. Biver Plate; .'so that'there need not'be any fear that an over-produc-tion might ' exercise : an influence in the consuming centres." With freights reason- , able, and the; money,'' markets easy, the prospect' .before.- the . wool, market "as dc-cidedly-.good. i:; \ .. '

. THE. - ( ; ♦' -The proposal to. discontinue"the draft allowance of; lib., . cwt. on. wool: emanated from Australia, and decision' of r.J:« London linoorters' QamiriiHe* and the London woolbrofcerd not to consent to this abolition surprised Sydney wool men. The "Sydney Daily-'Telegraph" in discussing, the matter says:—"At. one time the-cus-tom was , a most equitable arrangement, between buyers';and sellers; but that .was', in' the ; days when wool-classing, wool-show-ing, v and 'wool-selling were not on .. the samo plane" as.they are to-day. It is idle to pretend that the;weighing conditions of wool ..to-day, are in any, way similar to . the .time the one, po.und per cwt. draft allowance was. made to the buyer. How stringent the rules'are.in the Sydney mar-: ket.% with-.regard to weights .is but imperfectly understood. 1 Por instance, all wools have 'to be weighed .by .the woolbroker withiu.4B hours'of the receipt of tho wool in 6tore. Or; rather,, the •; wool hafi' to be - weighed ! within: that time by. sworn weighers, on; machines that give no possibility of being ! llb. per. cwt. out. Moreover, only original in-weights are charged; unless out-weights are required; and then, 'of course,: outrweights; must equal f inweights—less any samples taken out' by the buyers. These provisions in the selling regulations werft' never. dreamed of when the pound per' cwt. draft. allowance was made; nor could. such possibly have •been proposed, simply, because the: rules provide for the buyer getting his wool invoiced . at the w.eight . as i it'(teived in store, no matter what its .weight is when taken out;,&o long, of course, as it is not less than'when:'received. Surely these arrangements without any pound 'per cwt. thrown in.are, Renerous enough/' .

: : BANK,'ABSORPTION. J.. ' ' , Tho : latest bank absorption in Great Britain , is. that'of the Bradford . Banking Company, 'Ltd., by tho. London, City, ana Midiana • BanK.v: Tae former, institution 'was established in 1827, "and was registered l as limited 'in 1880. It has' a subscribed capital of £1,360,000, in £10 shares, and the amount, paid up is ; £408,000; or £3 " per | share. The last balance-sheet-to Decern*/, ber 31,-1908, showed .the amount of deposits ' and. current, accounts to y be' £1,713,600,1 whilst there were notes in circulation to the extent'of £7000 and a reserve fund of i £165,000. Advances on current ' account i aggregated £1,295,7CQ, bills' of' exchange £334,700, and mortgages and loans, on Be- , curities. £234,600. . , Tho market 'value* of tho shares was £3 155., and tho' dividend, •ioj 1908 amounted to ss. per share, equal to 8 . l-3rd; per cent, on the paid up capital. . The shareholders in the Bradford iconcern - are to"receive one and one-sixth share' in the London City .;and Midland,, paid up to £12 10s.,\and : valued , in • tho' market at £50 per share.; for every'ten shares .in their own : bank, which makes the purchase price ;of the latter .£5 16s. Bd. per Bhare. By. the absorption an au'thoriscd note " issue of £49,292 will disappear, and the London City and Midland wiirhave deposits of about £71,000,000, thus, making it one of the. five largest' banks in the world. Tho other four institutions are Lloyd's. Banking Co., the Credit Lyonnais, Dentscher : Bank, and tho National of New York. ■; ' ; : . , KRUPP, LIMITED. - Krupp's has been a good deal before the publio -in connection with naval arma. mehts, and*, the report of Friedr. Krupp, Limited, Essen,-will be road with a good deal of interest. The report discloses a net profit of 17,162,268 marks, against 18,589,052 marks the previous year, and 25,• 053,095 marks for -1906-7.' As tho present ! profits include li million marks brought forward from last year's profits (against 100,882 marks), the net earnings, for the year have really declined about 2.8 'million marks. A dividend of 8 per cent, is being-paid as. before. As usual the report contains. only, the legal particulars necessary to show-the financial position of tho company. The' capital is. 180 million marks, and there are, in addition, loans to the amount of 58,451,390 marks (against 34,687,020, marks last year), and arrangements are • being; made to issue, further .loans to tho value of 25 million marks. The amount paid-during the year in connection with the compulsory: system. of State insurance for workmen was 3,954,278 marks, against 3,556,305 , marks. Tho * workmen's fund, which has been built up by contributions from tho profits, is tho property of .tho workpeople, and does not therefore appear as an asset of the company, now amounts to. 35,825,650 marks. •

BANK OF ENGLAND RETURN. . By Telegraph—Press Association—Copyrieh*. (Received February 11, 7.45 p.m.* London, February' 10. The Bank of England, Teturn issued for tho week ended Wednesday, February 9, is as under:— Issue Department. Note Issue... £53.851,000 Gov. debt .., £11,015,003 . .' Other securities ... 7,434,000 Gold «. 35,102,000 £53.851,030 ' ' £53.851,C00 : BANKIKG DEPARTMENT.. Proprietors' Govt, seenricapital . £14,553,000 ties... ... £14,013,000 Publio de- . Other securiposits ... 7,891,000 ties... ... £0,455,030 Othorde : posits , ... 44,784,C00 Notes ... 36,0. £ .3,000 Rest, 7-day and other Coin..'. 1,170,000 bills... ... 3,452,000. .'£70,690,000 £70,600,000 The leading items of tho Bank of England return afford the following comparison:— - -v ' ' . This week. Last week. Last year £ ■ £ £\ Bullion ... . 'J 35,4tk1,00Q'. 55,676,000- 31,557,000 Reserve/. 27,227,000 -26,956,000 <2*5.787,000 Note cumulation 27,7W,000 23,154,000 28,579,000 Public Deposits 7,591,000 10,111.003 10,513.000 Other Deposits 44,7M,U00 43.J94.000 41,321,000 Proportion of \. reserve to '' ' : i . liabilities ... 51.1,9 50.45 ' 40.72 ; GOVERNMENT SECURITIES. • following are, the latest quotations for, Government securities, with a comparison of thoBG ruling last week:—

' BANK RATES. OP DISCOUNT. '' . 1 The.fßank of -England- discount .- rate,which , ; was raised on October. 7 from 2J to 3 per cent., on Octoer 14 t0.4 per cent., and on October 21 to 5 per cent., was on [December 9 reduced to 4J per cent., on January 6 to 4 per cent., on January 20 to' 3£ per cent., and on • February 10 to 3 per .cent.

The Bank' of Prance rate was reduced from to 3 per cent, on January 23, .1908, and remains at. the latter figure. • • The'lmperial Bank of Germanyron 'September. 20, advanced its rate of discount from 3J to 4 per cent., and-on October 11 to s'per. cent., lowered same on January 21 to .4J por cent., and on February 10 to 4 per, cent. • •' :

MARKET RATES O? .DISCOUNT. ' • The following show the current'market rates of discount for best, three months' bills:— v i

0- London .. Paris-. Berlin • ' rate., rate. rate. Feb..; 9 ....... :2* 23' , 2$ Last week 2 9-16 2§ 3 Last year 2J V '• .2} " 2J Short loans are quoted in London at 13 per cent., as against 2i.pcr cent, last week.

COLONIAL AND OTHEtt PEODUOE. . Wheat;— The. markets, are very dull, and the. American weak. Argentine- wheat is offering very freely, and buyers •' generally are .indisposed to operate. There is rather better, inquiry to-day.-;. Two Australian' cargoos sold at 38s. 6d. and 395. 6d. respectively... Holders are asking 38s, IOJd. for steamer.parcels January-February shipment. ' Flour has-,little'business; best Australian patent,-on passage, is quoted-at 235. 6d. to 28s. 9d. c.i.f. '. Barley :is'neglected. Australian malting, 255.t0 : 335. ex store. ,' - ' Oats—There is a: fair trade passing! New Zealand gartons, 19s. 3d.', to 225.; sparrowbills, 18s. 9d. to 20s. 6d. La Plata' quiet, March-April shipment, is quoted at 15s. :y .- ■•. , ~- • ' ■■ • ' Butter, is. quiet and-easier, owing to'the weakness of the northern markets. . Colonial has declined about 2s. all round. Danish,' unchanged. ; ... Sugar.'—German \beot, 88deg„ lCd. higher, at 12s. lid;;' first mark granulated; f.o.b. ■Hamburg; 1 2d. lower,: at 15s. per. cwt. 1 . Bradford Tops.—A' cheerful tono pervades the market; '40's, unchanged at ■ 15d.; 46's, unchanged at 17id.; common 60's, Jdf- lower '• at'2s3d,;. super , 60's, )d. higher, at 263 d. ; M'sr Jd. higher, at 2gd.\; • j THE METAL- MARKETS. • Oopper.-On spot, Is.; 3d. higher, at £59 12s.' 6d. per ton; three months, Is. 3d. .higher, at £60 IDs. r • . - ■ ■ ; Tin.-On spot, 355. higher, at £148-17s. 6d: per ton; three, months, 355. higher, at £150 108. - ••• . ■/, • Lead, Is. 3d. higher, at £13 Bs. 9d. nor tOn.'' ' .I-': .• i-.V • ■ ' ■ Pie-iron,: 6d.vlii E her, at 51s. lid. per ton. Spelter,. £23. 5s. 1 -per ton. .

WELIiIKQTON JIAEKET, REPOET . . , Messrs. Laery' and Co:, Ltd.',. Vellington, report wholesale prices. ruling on the market:—jyheat. fowl,: 4s.', fid. to'4s.'lod.;' feed oats, 25., 2d. to 2s. 6d.; dun' oatß. 2s. 4a. to 25.. 6 d.; seed oats, 2s. 4d. to 2a Bd.: (b 4( i' J 0 3 ' 6d.; , maize, 3s. lid. to 4s. Id.; crushed malt, 7s. ; fowlbarCapo barley seed, ; ! flour .'New Zealand £11, ss. to. £11 10s., Australian £11.158.' to £12; bran, £4 .to £4 . 10s.; pearl barley, 155.; .peas, Prussian bluo, ss. - 3d. to ss, Sgri'. jew; *«•'! BP«V SO 'Ms.; boneaust, £5 las.; superphosphates, £5 to £5 ,?° , 6s - t0 £S Ids.; basio slag, £4-,105.; chaff (oatensheaf), £4 , "to £4 nf 1 , 1 ' to' . potatoes, tauie, Ao to: £6 ton; Victorian onions, 6s. to ;W.- ; cwt.j molasses fodder, £5; bacon (factory),: sides 63d;» : hams ,7id.. . rolls 74d.:' ! butter,, prime bulk, Bd.- to Bjd. Poultry! Hens, 35.; ducks, 3a. 6d. to 4s. 6d. per pair) turtos.r gobblers; 18s. to 20a., hens lCs. to IJs.r fresh eggs, Is., 4d.-to.ls.' 6d. dozen; clicese, 6d. to 6Jd. per lb.;'loaf. 7d. to 7Ad.j Alraroa machine-dressed, cocksfoot,- fid. to m. per lb.; farmers'-,dressed cocksfoot, 4d. to fid per lb. ryegrass, 3s.- 6d. to 4s. 6d. per _bushel; Italian -ryegrass, 3s. 6d. to J3. 6d. bushel; white clover. • 70s. .to 755. per cwt.; red clover. 755. per civt.i co\t grass,'-755. per. cwt.; alsike, 82s. 6d. cwt.;, mustard, 405., cwt.; rapfe seed, 265. cwt.;. timothy, ,325. 6d. cwt.; .Swede • and turnip seed. • 50s. to 60s. - cwt. - •

New- Zealand Farmers' Co-operative Distributing Company/Ltd., report, as followaTomatoes liave been arriving in very large # quantities owing >to the prevalence of*, blight in -the Hutt compelling immedi. ate marketing. The market is glutted, and non-payg,ble pi-ices obtainable. Wo anticipate that the-season for the bulk of the tomato - crop will end abruptly, and late crops . should command, good values. Peaches and ncctarincs are in small sup- : ply, and meet a ready sale. Plums arc' slightly firmer. Cooking apples are." in.large supply, but- wclJ-coloured dessert varieties are. selling well at remunerative' prices, as also are pears. Vegetables, excepting marrows, arc in fair demand. Po. tatoes, . badly diseased, are. arriving in large, quantities, and weaken the market for better Quality lines. • Eggs have risenbeyond our . expectations, and are now worth Is. sd. with keen inquiries. Butter is in excellent demand at firmer pricos Chaff is in great .demand owing to a temporary shortage in supplies. A few weeks should see large supplies with easier values. Potatoes, best Hutt £8, medium £4 lCs. # to £5, others £4 .jper ton; cabbage, choice 3s.- fid. to ;< i is v ordinary 3s per sack;'. green ",peas, 7d. : per peck; carrots, ;Hutt, - 9d.,-- per... dozen?; turnips, white 4d. j to 6d. per doz. swedes,. 3s. per sack; vegetable marrows, Is. per sack; poor demand; lettuce,' choice 25., fair 6d. x to Is. per case; spinach; best, 2s. 1 6d. per case;-French beans, choice Hutt Id., i other lots, .id; to 3d. per lb.: eucumbfirg, hothouse Is. to 2s. dozen; outside-grown I 2s. 6d. per banana case; broad beans, id. lb.; spring onions, lOd. doz. bundles; radish, 6d. to Bd.- doz. bundles; tomatoes, Hutt Is. to Is. 6d., Nelson is. per halfease. market elutted: rhubarb.'9d. doz. .bundles, poor demand; apples, cookers, large : 3s. fid., «m/vll 2s. fid.; apples, Cox nronge 95., dessert, well coloured 6s. 6d.; others, 55.. per case; pears, dessert 7s. 6d., cookers,, largo 4s. 6d., small 3s. per case; Cape gooseberries, s*d. to 6d. per lb.; peaches, choice dessert, "Wiggins.ss., medium 3s. 6d.. to 45., otherß 2s. to 3s. half-case; plums, Blue . Diamonds 2s. fid., Ogans Is. 6d„ Burbanks 2s. 6d. t Victoria 2s. 6d., greengage 6s. 6d,- f Satsuraa 25.,' Wixen2s. fid. per half, caso. Butter, best separator - t printed wrappers Bid. to 9d.; separator, bulk, Bid.; dairy, Bd. to Bfcd.; cheese, best factory, mediums. old fid.,' I 'new sid. to"sJd. per lb.; loaf, .6$ lb.; dressed pork, 70's to 90's 3d! to 3&d., 90's to 100's 3d.; baconers 3d., choppers (heavy) 2d.;' eggs,, Is. sd. per doz., good demand; bacon, factory sides 6£d., rolls 7Jd., hams 7d. per lb.; honey, demand is weak now jam fruits available, 60's 4d, per lb.; beeswax, strong inquiry; consignments would realise high values; fungus, keen demand at 5Jd. per lb.; walnutß, scarce; early lots would realise high values; tallow, tins, ,225. cwt.; onions,-locals £6, 10s. per ton; raspberries, 4s. 6d. per bucket; nectarines, choice. 65., medium 3s. 6d., Bmall 3s. per half-case; granes; best Hutt . 9d., , Nelson Bd. per ' lb. ' Poultry— Cockerels ss. for good birds; small, 3s. 6dij table, roosts, . 4b.; tablo ben 6, 3s.

fid.j small, 2s. 6d. to 35.;, ducks, large, 65.; small, 3s. fid. to ,4s.' per pair; turkey gobblers, 9d. per lb.;; liens, Bd. per lb. live weight; maize, 4a. to 4b. 3d.- per bushel; wheat, 4s. lCd. per bushel; barley, feed 3s. 3d., Capo 3s. 6d. per bushel; .horse beans? 4s. bushel; partridge peac, ss. per bushel; Prussian Blue peas, ss. per bushel; barley weal, special quality, £5 15s. per ton; sharps, £6 per ton; bran, £4 10s. per ton; chaff, prime oaten sheaf, £3 IDs; to £3 15s. per ton; hay, prime, £3 15s. to £4 10s. per ton; straw, wheatcn £2 ss. per ton, oaten £2 2s. fid. per ton; linseed oil cake, genuine, £13 ton; oats, feed 2?. 3d. to 2s. 6d. per bushel, seed,V Cartons, Duns 2s. Bd, per bushel, crushed 2s. 7d. per bushel; machine* dressed cocksfoot, B£d. per lb.; farmers' dreaced cocksfoot, 7*d.; perennial ryegrass, 4s. Cd. to ss. pyr bushel; Italian ryegrass, 4s. 3d. to 4s. 9d. per bushel; .. j ■

MR. NEWTON KING'S WEEKLY REPORT/ At the Hayraarket on Saturday (says Mr. Newton King's weekly report) • a. fair number of pigs'were penned and sold readily at good prices. Weaners made 7s. to lis.; stores, 15s. to 195.; Shetland-pony, £8 55.; dog,'Bs. . ' At "Urenui on Monday there was a good yarding and a large attendance of buyers. Young stock, of . which several linos were penned, sold readily. . Yearling heifers, made 315.;. fifteen to eighteen-months do., £2 3s. to, £2'155.; two-year do., £2 19a. 6d.; fifteen to eighteen-months steers, £2 Bs.' to £2 15s. 6d.; two to two and a half-year do., £3 10s. to £3 165.; three to . three . and a. "half-year do., £4 3s. to £4 155.; .empty lieife'rs, £2 13s. to £3 17s.'; store cows, £1 IBs, to £2'35.;, forward cows; .£3.75. to £3 18s.; fat cows', £4'6s. to £4 17s. -6d;; dairy, cows, £4 15s.;'bulls, £2 10s. to £3 18s.; stag, £3 10s.;'f.ra. ewes, poor condition; 55.; two to four-tooth wetherß, 10s. '4d.; lambs, ss. Id. to 6s. 9d.; horse, £13 10s.- • At Stratford on Tuesday there was a fair yarding. Competition wae kecn.iand pjractically everything - was sold before. leaving the yards. Fifteen .to eighteen-months steers made £2 15s. 6d. to £3 2s. 6d.; eighteen months to two-year heifers, £2 13s. Gd. to £3 Bs.; two to two, and a half-year do., £3 6s. to £3 13s. 6d.; empty heifers, £2 18s. to £3 155.; do. Jersey strain, £5; fat'heifers, £4 Ib. to £4 9s.;;store cows, £1 18s. \to £3 25.;. forward do., £3 . 7s. 6d. to £4 26.; fat do.. £4 Is. to £4-165.; bulls, £2 Is. to £4 35.; threo and a half-year bullocks, £5 9s. ' . At Stony River on Wednesday weaners made 18s. . fid; to 31s. 6d.; eighteen months steers, £2 175.; oightecn-mo'nth3 heifers, £3 to £3 6?- 6d.: two to two and a half-year steers, £3 .15a. 6d.; three and a half to four-year, bullocks, £5 -95.;.- fat cows, r£4; springing heifers, £3 15s. to £4 55.; dairy cows, £5; bulls, £2 143. to £3 75.;. woolly lambs, 9s. - ' .. .

Customs revenue'collected at "Wellington yesterday amounted to £3725 lis.: Od. • ; "I.; ■/, ■ ; ■. CANTERBURY GRAIN : MARKET.. IBy Telegraph.^PressAssociation.). V Christchurch, February 11. Most-of the wheat .now offering lias been threshed* since the late rains, and is more or less weathered. Still 'it is in better condition than was expected. Millers are, howover, not caring, about purchasing this class of wheat when there will.be an ample supply of better quality" available when tho static threshing commences. . There: is not : much" "prime unweathered ' 'wheat (threshed prior to-the rains) on.offer, and. probably • most of'. it has now changed hands. . Several lines of tupcan .and .huntout of (condition,-iave been purchased, at 3s. 'Bd. T and 3s,v9d; at country .stations.! Oats are' inquired, for, but .'few. are offering. Algerians have changed hands at Is. 6d., but white oats are scarce. Cocksfoot is. oifering freely, and right Peninsula seed is selling at up to 4id. delivered at Lyttclton. Tho bulk of tho offering, which'is. slightly weathered; is realising. 4d. to 4Jd. per lb. Tfye oatsheaf ohaff season, has barely opened,'and the only sale reported is* at £2 ss. For forward delivery-growers are asking' up to £3. • ' ... v .

Variations • — . -d compated Pric0 . with ■ ■ ■ 1 > . last week. , • - £ b, 1 d. 2a% Imperial Consols "82 3 .6 ; 5s.higher 4 ,, N.B.W,1933 Jan.-July 107* 0 0 5b. lower 3$ „N.S."W.1918Mar.-Sop. SS 7 6 78.6d.higher .3 i „N.S.W.1935 Apl.-Oct. 89 0 0 5s.lower l „Vic. 1920Jan.-July 103 10 0 lOs.highcr 34 „ Vic. 1921-6 Jaa.-July 68 O 0 Unchanged 3. „ Vic/1920-49Jan.-July 65 10 0 Unchanged 3a .. S,A..1916 Jan.-July .93 0 0 10a. liiyher 3 ,,S.A. 1J16Jan.-July 84 0 0 . Unchanged 4 „QTdl915-2JJani-JuIy 103 10 0 Unchanged 3i „ QTdl924-30Jan.-July '.>8 0 0 Unchanged 3 : „ QTd lS22-47Jau.-July 85 10 0 Unchanged ■4 „ N.Z. 1920 May-No v. 105 10 0 . Unchanged 3} ,; N.Z. 19i0 Jan.-July ; US 10 .0 Unchanged 3 ; „ N.Z. 194f.April.0ct. .'87 10-0 10s:higher 3fi „ W.A.1920-40May-Nov 98 15. 0 . Unchanged 3 / „ W.A,1915-35 ilay-Nov 83 10 0 Unchanged i)3 Tas. 1940Jan.-July ; 97 10 0 . 5i. higher 3 », Tas. 1920-40 Jan,»July 86 0 0 Unchanged