COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 775, 26 March 1910, Page 8

COMMERCIAL ITEMS.

../■ INVESTMENT' SHARES. : - ..',, • A sale of Westport Coal at ~£6 "ss. was the only business recorded on Thursday. National Bank, buyers M 4s.'Gd., cum rights; Bank.of New..Zealand, buyers .£9 125.. 6d.;.Wellington Trust - and Loan, buyers .£7. 35.; sellers .£7 is.; Christchurch Gas, .£5 paid, sellers .£10; Feildlng; Oas, buyers £1 Is. 6d.;. Wellington has, ,£lO paid, buyers --£17 10s.; .£0 15s. paid, sellers 12s. 6d.; new issue, sellers £2 17s. 6d.-premium; Wellington Meat Export, .£2. 12s. 6d. : paid, sellers £2 155.. 6d.;.New -Zealand Shipping, buyers .£7. 17s. _Gd.;-Union Steam, buyers .£1 lis.; VVestport Coal,'sellers ;£6 fc.; West-port-Stocktou, sellers 7s. 9d.; LeylandO'Brien Timber, buyers ,£1 4s. Cd., sellers ;£1 ss. 6d.;. New Zealand Consolidated Dental; buyer's-i£l'ls..6d.; New Zealand Paper Mills, buyers .£1 25.; Sharland's preference,. buyers £1 25.; Taranaki Petroleum, buyers Bs., sellers 10s. '~ LONDON. STOCK EXCHANGE. ... The Stock Exchange of London, unlike kindred institutions elsewhere,' has not, had an official scale of charges. Now tho committee of that.institution, has acceded to the desires 'of what' one' may justly call; the reform party in the Exchange, and. has drafted,a scale. of commissions, together with regulations directing the -way in .which' they shall be imposed. For British, Indian,, and foreign Government stocks the rato is to be. -J per cent, on colonial Government, foreign railway bonds to bearer ana municipal bonds i per cent., railway and other registered stock J.per cent. Then for shares transferable by deed, ss. or 'under, the commission, is at tho broker's discretion; ss. to 10s., lid. per share; 10s. to 205., 3d. per share; £1 to .£2, 4Jd. per share;: and ,so on until shares of .£25 each are reached, when '\ per cent, is to be charged. For shares other than' American, transferable by delivery, half the: above rates are fixed, but for small bargains no lower commission .than..2s. Gd. is to bo charged. The new rules specify that contract notes must be delivered, and must state' the price at which the business has been done.. The note has also to contain a charge for commission,"-.in accordance with the rules. .A broker cannot divide profits or commissions with non-membors, nor can he'make any boncealcd rebate or allowance. The discretion is given to a broker to charge only one commission for buying and selling the same security for tho same principal in the same account,, or he may charge only one commission for a change of investments for the same principal, provided it is within the one account. Special transactions btc also indicated in' the case of which a reduced commission may be collected, but not less than one-half may be charged on separate transactions, or to outside stockbrokers, who are permitted to receive a rebate. While a member cannot char»o commission at less than the official scale to any outside broker- within ten miles from any Stock Exchange in tho United Kingdom, or make, any allowance or rebate to any. 1 person, he can return onehalf his commission to a banker who does not advertise for Stock Exchange business, provided llie commission is not less than that set out in the official.scale. Customs revenue collected at Wellington Thursday amounted to .fOIGG lis. The total for tho four days ended on Thursday was .£12,796 7s. 4d., beer duty amounting to JC3GI 19s. WELLINGTON MARKET REPORT. The New Zealand Farmers' Co-opera-tive Distributing Company, Ltd., report as under:—Apples have been coming into this.market in largo quantities, and tho prices realised for both dessert and cookers has been low. : Dessert pears are in good demand at .high values, as also are peaches, choico lines being keenly competed for. Tomatoes have fallen olf in both quantity and quality, values being unchanged from last week. Vegetables are all in good demand, except marrows, which still rule at nominal rates. Onions are in full supply; good

keeping lines should be held, as price is sure to rise within a month or two. Potatoes are in rather short supply, and larger consignments are reconiniendec'. Well graded lines are in keen inquiry. Shipments of' walnuts are also wanted. The price. of eggs has increased, with good inquiries, no doubt in anticipation of a further rise before Easter. . Chaff continues,to be in short supply, and supplies are now coining from farther afield than in normal years. Potatoes, best Hutt, special brand £7, medium .£'! 10s. to .£5 10s., others .£3 per ton-; cabbage, choice 3s. 6d. to Is., ordinary Is. Gd. to 2s. per sack; green pens, 4d. per peck; carrots, Hntt, Sd. doz.; turnips, white, Id. doz.; swedes, Is. Gd. to Is. !)d. per sack; vegetable marrows,' Is. per sack, market glutted; pumpkins, 2s. Gd. to 3s. sack; lettuce, choice 2s. Gd., fair 6d. to Is.. per case; spinach, best 25.. Gd. per case; French beans, 2s. to 2s. 9d. per half-sack; cucumbers, outside grown, 4s. per* banana case; broad beans, Id. per lb.; spring, onions, Bd. to 9d. doz. bundles; tomatoes, round 2s. 6d. to 35., Hutt Is. Gd. to 2s. Gd., Nelson Is. Gd. to Is. 9d. per balt'-case; rhubarb, 9d. doz. bundles; apples, cookers, large 3s. to 3s. 6(1., small 2s. 6d. case, Cox's Orange '6s. 6d., dessert, well coloured is. 6d. to ss. 6d., others 4s. per ease; pears, dessert 75., cookers, large is. 6d., small 3s. 6d. per case; peaches, choice dessert 55., medium 3s. fid. to 45., others. 2s. Gd. half-case; grapes, best Hutt Is. 2d., Nelson Bd. per lb.; Cape gooseberries, 3d. per . lb.; radish, id. doz. bundles; butter, best separator,, printed wrappers. Od., separator, bulk Sid. to 9d., dairy pats BSd. to 9d.; cheese, best factory mediums sJ<l, to s|d. per ib., loaf 6Jd. lb.; dressed pork," 70's to 90's 31d., 90's to 100's 3d,, baconers 3d., choppers (heavy) 2d.; eggs, Is. Gd. per doz.; bacon, factory sides 61d., rolls 7Jd., hams 7d, per lb.; honey, 60's, 4d. per beeswax, Is. 4d. to. Is. Gd. per lb.; fungus, keen demand, at 5Jd. per lb.; walnuts, 5Jd.; tallow, tins, 225. cwt.; onions, Globes, ,£3 10s. to £i per ton; poultry, cockerels ss. 6d. for good birds, small" 3s. Gd., table roosters 45., table hens 3s. 6d.0 4s„ small 2s. Gd. to 35., ducks, large 65., small 3s. 6d. to 4s. per pair, turkey gobblers 9d. per lb., hens Sd. per lb. Hvfi woight; maize, is. per bushel; wheat, 4s. to 4s. 3d. per bushel; barley, feed 3s. per bushel, Cape 3s. to 3s. 6d. per bushel; horse beans, 4s. per bushel; partridge peas, l is. 6d. to ss. per bushel;. Prussian blue peas, ss. Gd. per bushel; barley meal,. special quality, £5. 10s. per ton'; sharps, .£5 15s. per ton; pollard, £5 10s.. per ton; brail, ,£4. to £4 10s. per ton; chaff, prime oaten sheaf, .£4 ,15s. to ,-Ss_ per ton; hay, prime, ,£3 15s. to £& per ton;' straw, wheaten' ,£2 ss. per ton, oaten £2 2s. 6d. per ton; linseed soil • cake, genuine, .£l4 per ton; oats, feed 2s. 4d. to 2s. 7d. per bushel, seed, gartons, duns 2s. 9d. per bushel, crushed 2s. Bd. per bushel; machinedressed cocksfoot, 6!d. to 7d.. per lb.; fanners' dressed cocksfoot, 6d. per lb.; per. ryegrass, 4s. Gd. to ss.' per bushel'; Italian ryegrass, 4s. 3d. to 4s. 9d. per bushel.

LONDON WOOL SALES. - ! .CLOSING HATES. By TelcErash—Press Associatlon-CoorrlchS. m , '.■■'•' •■ ' London, March 23. ■ The wool, sales closed strong, at top prices. , . ....... London, March 24. : During the wool sales 78,500; bales were sold .for ' Homo consumption, 45,000 for the Continent, 8000 for the United States, and 8500 bales were , held over. All merinos closed. 5 per, cent, advance, and were especially in .demand; . fino crossbreds generally maintained January rates, firmness.being due to strong Home competition, but. the United States'gave support to th«:'bcst parcels;: medium coarse crossbreds wero a penny cheaper owing to the lack of American demand ; averaga topmaking sorts were somewhat irregular during the earlier part of the sale, but they sold better. later, the closing quotations being practically unchanged as compared iwith ; January'sales; scoured slipes. were "a penny dearer; lambs sold exceptionally well, and registered a's per cent., advance. Tho sales included "Toroa," top price, 12d., average 10§d.; "Mabia," top price 12d., averago 10Jd. • '■•-•■" •"

The Bank of .New Zealand reports having received from' its London branch the following cablegram, dated March 23 :— The sales have closed firmly for merinos and irregular for ''crossbreds. Current prices for North/Island'; farmers', lots, Palmerston 'North style, in average condition :—Coarse crossbred, 3G-40's quality, IOJd. to lid.;, medium crossbred, 44-46's quality, Hid. to'l2id.; fine crossbred, ,50's quality, 131 d. to 143 d. ' ".Total quantity held over 9000 ■ bales, of which 7000 are New Zealand."/:, .'

Messrs. Abraham and' William's, Ltd., have "received the following cablegram 1 from London,.under date March 23:— "The sales haveclosed amidst aotivo competition, and with a firm' market generally, .with steady prospects. : ': Compared with' closing'rates of last sales, .the different • qualities, rule "as ' follow:—Fine crossbred, with fair demand; medium crossbred is firm at 10 per cent., and coarse; crossbred, rules' very firm at 7£ per cent, down, whilst'merinos show, a rise.of 5 per cent., with very firm market." ~.,':.

The Commerce Division of the Department of Agriculture has received the following cablegram from the High Commissioner,. London, : dated March 23, 1910:—"The wool sales closed firm, with good competition, especially, for fine merinos by the Continent. Trade is good,and likely to continue so. American buyers are very cautious and operate very moderately.. Following are . estimated values of New Zealand greasy, wools:— Superior merinos, 13d. to, lad.; medium merinos, 10W.. to 12W.; inferior merinos, Bd. to lpd.; fine crossbreds, 131 d. to 15Jd. ; medium crossbreds, lid. to 13d.; coarse crossbreds, 9d. to lid." ,

The New Zealand Loan and Mercantile Agency Company, Ltd., havo received the following cablegram from their • London house, under date March 23:—"The sales closed with good competition. As compared with last sale's closing rates prices are about 5 per cent. Mgher for merino medium and inferior, scoured . merino super, lambs, fine scoured crossbred and medium scoured crossbred; about par to 5 per cent, higher for greasy merino super, and crossbred ■ slipe; about . the 6arae for..coarse scoured crossbred and fine greasy crossbred; lo\ter about 5 per cent, to 7i per cent, for coarse greasy, crossbred; aud about 7J per cent, to 10 per cent, lower for medium greasy crossbred. During, the series 130,000 bales were sold, of which 46,000 were taken for the Continent and- 6000 for America, 10,000 bales being held over."

Messrs. Murray, Roberts, and Co. have received the following wool market cablegram from their London agents, Messrs. Sanderson, Murray, and Co., dated March 23, 1910:—"The sales have closed, 9,000. bales being held over.' The market has declined a shade, crossbred greasy, coarse to medium, showing' the greatest decline." WHEAT, FLOUR, AND OATS. By TeloEraph—Press Association—Oopyrieht London, March 23. The.American.visible supply of wheat is 54,120,000 bushels/' Two Australian cargoes have been sold at 395. 3d. and 395. IOJd. per quarter respectively. . (Kec. March 26, 12.30 a.m.) London; March 25. The Wheat markets show a holiday tone, but ■ are firm owing to. reported droughts in the American winter wheat belt, a reduction of the official estimates of the Argentine crop, and a decrease in the world's weekly shipments of 10,500 quarters. Victorian March shipment sold at 395. lid., and a' cargo of Australia at 38s. 7l"d. There is littlo inquiry for cargoes, 395. Gd. being asked for sailers (January), and 395. and 395. 3d. for steamers (February). Australian spot is held for 42s Gd. . Nothing is doing in New Zealand wheat. The new crop is valued for prompt shipment at 355. to 355. Gd. c.i.f. Flour is dull. Sales .of Australian (April shipment), 2Gs. 9d. . Oats are quiet. Gartons, 18s. Gd. to 21s. Gd.; sparrowbills, 18s, to 20s. Cd.; La Plata (February and March), 14s. 3d. SILVER.London, March 23, Silver is quoted at 23Jd. per ounce. London, March 24. Bar silver is quoted at 23 5-lßd, per ounce standard.

TALLOW. London, March 23. At the tallow auctions 213 casks were offered, and nil told. Mutton, line 375. 9d., medium 345. 6d.; beef, fine 375. Gd., medium 31s. 6d. FBOZEN MEAT MARKET. Napier,' March 24. The C.C. and D. Company ■to-day cabled the following report regarding frozen meat:—"Market still hardening, and values have advanced. To-day's prices: Mutton, Canterbury, 41d.;-'Napier, Wellington, and North Island, 4yd. Lamb: First'quality, of.; second, 5Jd. ]3ecf: Hiitfls. 43d.; fores, 4Jd.'' LONDON. MARKETS. The New Zealand Loan end Mercantile Agency Company, Limited, have received the following cablegram from their London house, under date March 23:—"Tallow: We quote present spot values for' the following dsecriptions:—Good mutton, 355. 9d per cwt.; good beef, 355. 6d. | per cwt.; mixed, 31s. per cwt. Market I firm. Wool: The sales have closed with good competition. As compared with last sales.closing rates, prices are about 5 per cent, higher for merino medium and inferior, scoured merino super, lambs, fine crossbred, and medium scoured crossbred; about par to 5 per cent, higher for greasy merino super and crossbred' slipe;' about the same for coarse scoured crossbred and fine . greasy, crossbred; lower about 5 per cent, to 71 per cent, for coarse greasy crossbred; and about per cent, to 10 per cent, lower for medium greasy crossbred. ' During the series 130,000 bales were sold, of which 16,000 were taken for the Continent, and 6000 for America, 10,000 bales being held over."

BANK OF ENGLAND RETURN. By Telegraph—Press Association—Copyrizh*. London, March 24. • The Bank of England return' issued for tho week v ended Wednesday, March 23, is as under:— ' Issue Depahtment. : , , -.] Note Issue- £50,960.000 Gov. debt ... £11.015.00] Other securities ... 7.434.000 . Gold ... 32.517,000 £50,950,1X0 £50,966,000 BAjnnNO Depabtment. ' Proprietors' Govt, sccuri- - capital. £11,553,000 tios...'. ....£13,976,000 Public de- ' Other seenriposits . ... 7.253,000 ties... ... 80.429,000 Otberdei posits ...12,433,000 Notes ... 32,169,000 Beßt, 7-day. andothor Coin .... _': ■' 102,000 bills 2,762,000 £66,996,000 . . , ' £66.936,000 The leading items of tho Bank of England . return afford tho following comparison:— This week. Last week. Last year Bullion ... ... 32,517,000' -33.Ua.000-' 39.317,000 Eeserve ... ... 212,591,000 , 24,911',000 . 50.712,000 Note circulation ' 28,777,000 27,903,000 £8,085,000 Public Deposits 7,2i8.0C0 0,614.000 39,030.000 Other Deposits , 12,423,000 ' 40,636,000 .13,533,000 .Proportion of. , . reserve to . ' '. liabilities ... ' 17.15 19.32 19.05 . QOTBENMENT SECURITIES. .. The following are tho latest quotations for Government securities, 'with a comparison of those ruling last week:—

, BANK KATES OF DISCOUNT. <' Tho Bank of England . discount rate, was raised on October 7 last from 2J- to ' 3 per cent., on October H to 4 per cent., on October 21 to 5 per cent.; on December 9 was- reduced to 4J per cent., on January/G to 4.per, cent., on January 20 to ! 3iper cent., and on February. 10 .to 3 per 'cent. On March 17 it was raised .to .4 per cent;,' at which'. nguro"'it' still'" remains. ; ' . , . The Bank of France rate was. reduced from 3J to ' 3 per cent, on January 23, 1908, and remains at the latter figure. The Imperial Bank of Germany, on September 20, advanced its rato of discount from 3J to 4 per cent., and on October 11 to 5 per cent., lowered same on January. 21 to. .4}, per cent., and-on February 10 to 4 per cent.

MARKET BATES OF DISCOUNT. '• ' Tho following are the market rates for best three months' bills:— * London Paris Berlin rate ratd rate per cent, per cent, per cent. March 24 3 1-1G 2J . 3{ Last week 3 9-16 2| '—■■■' Last year .„...- 2 14 215-1G Short loans in London are 23 higher at 35- ..'■.'■ DEPARTMENT'S REPORT. Tho Minister for Industries and Commerce lias'received a report by' the Produce Commissioner, London, of the dairy produce market, dated February i, written shortly after the arrival of the s.s. Opuwa and s.s. Turakina, with heavy shipments of butter and cheese from New Zealand, as. follows:— "The market for butter since making my last report has been exceedingly firm, the demand for all lots of New Zealand offering being keen. Buyers continue to express satisfaction with the quality, and this has no doubt greatly helped in the

demand. A 1 fortnight ago the price of New Zealand butter was Ills., at which avcrago the shipment ex s.s. lonic was cleared. Immediately that shipment was disposed of, however, and the butter came into second hands, an advance took place. Ihis advance I indicated might be expected in the weekly produce cablegram which was dispatched to Wellington on January 22. Prices during the succeeding week wero gradually firmed up by those holding the butter, so much so that, within seven days, an advance of tea shillings was recorded in some sales that wore effected. At the end of last week agents seemed to have changed their policy, and instead of offering the Turakina butter for sale prior to tho arrival of that vessel, they declined to sell, nnil refused offers, made in several instances by willing buyers, of 1225. per cwt. . The price generally asked for butter'to arrive ex Turakina was 1245. This week the butter market lias continued firm, and although tho high quotations now ruling have prevented invi being very active, a satisfactory demand has continued, and the 1225. which buyers were offering for Turakina butter at the end of hist week have been realised for the best brands when placed on the market.. A few special brands have realised when sold in small lots 1235. and 1215., but, on the other hand, down to 120s. has been accepted for some others of not quite such good repute. 1225. per cwt. may ue taken as a fair average price for choicest New Zealand butter ex Turakina. Tho cheese market lias also been firm, and prices likewise have advanced. A fortnight ago, when reporting to jou, white cheese commanded 575. 6d., with coloured at 565. Gd. To-day,. each, description is Is., per cwt. dearer. Both the shipments ex Opawa and Turakina are of good quality, and show little difference from preceding shipments during this season. The prospects for both butter - and cheese appear to be satisfactory. Continental butter is hot in heavy supply, nor is it likely to show much increase for some. time. Although the arrivals of colonial butter in London during January have been heavy, consisting of 406,308 b0xe5—237,770 from Australia and 168,538. from New Zealand—and constitute a record .for. any month since colonial butter trado commenced.- The supply of foreign butters coming ,to hand has been very short. The outlook, therefore, for New Zealand shipments for some time must be regarded as bright.

Cheese also is 6aid to be in small compass. Although it is not" possible to get any.satisfactory estimate of the quantity of Canadian cheese available, it is thought that the quantity is moderate, and that although the New Zealand output this season will stow a large increase there is every prospect that it will be all required, nai. taken up at satisfactory prices." .

Reports of Live Stock Sales, Produce Markets, and Mining News will be found on Page 13 of this issue.

Variations — r»i,.« compared lr,co •■ with ' \ ; : • last wook. £ b. a. ■■ ii% Imperial Consols '. 82 0 0 17s. Bd.higher 1 „ N.S.W. 1033Jan.-Jaly 107 6 0 10s. higher 34 ..N.S.'W.lOlSilar.-gop. S3 1 C 7s.6d.lower 3 „N.S.W.1935Apl.-Oct. 8710 0 Unchanged i „ Vic. 1920 Jan.July 103 12 6 Ss.lOd. higher Sj „ Vic. 19-il-fi Jan.-July OS 10 0 Unchanged ■ 3 ..Vic.lOiMOJan.-July 86 15 0 Ki, higher 3j „S,A. 1916Jan.-July '93 O 0; Unchanged 3 „ S.A. 1M Jan;-July : fc'4 10 0 Unchanged i „QTdl915-3iJan.-Julv 104:0 0 Unchanged 35 „Q'rdl92W0Jan..July 9 7.12 .6 7s. 6d. higher 3 „ Q'l'd lS!H-i7Jan.-July '80 0 0 Unchanged 1 „N.Z.1929Jtay-MoT. 10S 10 0 Unchanged; 9} „N.Z;19lOJan.-July US ,5 0 Unchanged / 3 „N.Z. lM5A»ril-Oct. t>7 0 0 Unchanged 3i,.W.A.10-20-j0Jitay-Kov 90 0 0 2s. 6d. higher .3 ,. W.A.1916-25May-Nbv 1)9 u (I Unchanged ' 33 „ lie. MOJan.-Jitfy 97 10 0 Unchanged 3 „ Tas. lOaHO Jan.-July. 8G 10 0 Unchanged