COMMERCIAL ITEMS.

Dominion, Volume 3, Issue 821, 21 May 1910, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. A sale of New Zealand Loan and Mercantile was all the business recorded on Thursday. There were numerous buying orders, and tno market ffenpnllv u-in firm Natmal BaoU, buyers £5 ife- Bank bquitablo Building, buyers £9 6s.- Metropolitan Permanent, sellers £12; Wellington Investment, buyers 11s. <!d.; Wellington Trust and Loan, buyers £7 35.; Wellinuton Deposit, buyers 7a. 10d. : Wellington Gas £10 paid buyers £17 155., new issue, sell lors £2 IDs. premium; Christchurch Meat buyers £12; dear Meat, £4 paid buvrs £10 55.; New Zealand • Shipping buyers £S; Hikuranßi Goal, buyers 19a. 6a.; Taupin Coa!. sellers 19s. 9d. ; Westport Coal buyers £6 55., sellers £6 65.; Donaghy Hope and Twine, buyers £1 4s. 9d.; LeylnmlO'Brien Timber, buyers £1 <s. 3d • Kharland's ordinary, EeL'crs £1 25.; Taranaki Petroleum, sellers 145.; Taringamutu Totara. Sawmills, buyers £1 45.; Ward and Co., buyers £4 16s. 6d.

CAPITAL STJBSOBIFTIONS. In Hie "Economist" of April 2 there appears an analysis of tho quarter's capital subscriptions, which wcro altogether excentionally great, amountiug to closo "unnn £100,000,000. ISnt in that amount was a considerable sum tor the British Government, and if that special amount be deducted, it is found that tho subscriptions towards Home enterprises havo not iucreased. On the other hand tho subscriptions to foreign enterprises especially railways have grown largely, as will bo seen below. New capital subscriptions in England:— First fcirst quarter, quarter, ' 1909. 1910. £ £ £ Subscribed toll. Kingdom securities 4,709,400 28,137.000 Inc. 23,427,500 Colonial 29,875,100 28,967,700 Dee. 907,400 securities 29,C53,900 42,250,900 Inc. 12,597.000 64,238,400 99,355,G00 Inc. 35,117,200 Commenting, on tho figures, the "Economist." says-.— Tho truo reasons for tho record iiguro of applications seem to lie, first, that the British Government has been in the martlet as a borrower, and, second, that the truorilinary power of absorbing ranital, and that the general rale of industrial progress is at present unusually fast. Whether or not the pace is being mado too fast is a point that need not be discussed hero, but the demands of railways in Norlli and South America are growing at such a rale as may in the neit two or three years tax to tho full tho resources ot tho world's money markets. Mr. J. J. Hill has declared tills week that within six years, tho railroads of tho United States will reo.nirc, to bo efficient, very nearly ten thousand million dollars of canital, and no one needs to bo told that if this gigantic- sum is really irecosl saxj* a vury Largo proportion ox u miwt.

bo raised in Europe. Without attaching too much importance to Mr. Hill's rather grandiose calculations wo may safely assume that the congested stato of the American bond murnet, of which so much lms lately been heard, may last for a considerable time, and remain as a disturbing factor not only to tho Stock Exchange, but to tho money market. OUSTOSIS BEVENXTE. Customs revenue collected at Wellington on Thursday amounted to £3150 18s. 4d. WELLINGTON MAEKET EEPOET. The iXew Zealand Farmers' Co-operatlvo Distributine Company, Ltd., report as follows for tho week :-Potat«ee have advanced considerably, and the marKet is very ilrm with small olt'erings. Indications are that the price will bo higher. Onions are slightly higher, with picntiful supplies. vegetables, excepting marrows and swedes, iu good demand; cabbage, however, selling at reduced rates.' Cauliflower is in better supply, and values for all good lines maintained. Adplcs and pears are in good demand for desserts, and medium for cooking. Grapes aro In strong inquiry. Poultry is plentiful, but generally poor in quality and price. Grain of all kinds is advancing, maize having riseu 6d. per buEhel during the week. Pollard and bran are very hard to procure, with higher values. Eggs continuo scarce for fresh, and preserved lines fair supply. Potatoes, prime TJp-to-Dates, £6 10s. /per ton; onions, £4 to £4 10s. per ton; garlic. 3d. per lb.; cabbage, choice 3s. 6d., ordinary 2s. per sack: cauliflower, choice Bs. 6d. to 9s. 6d., others 4s. Gd. to 6s. Dor Back; green peas, Is. per peck; carrots, llutt, 10d. doz.; turnips, white 6d. doz., swedes 2s. to 2s. 6d. per sack; vegetable marrowe, Iβ. per sack; pumpkins, 2s. 6d. to 3s. sack; pie melons, os. per sack; lettuce, choice 55., fair Is. 6d. to 2s. 6d. per case; spinach, best, 2s. 6d. per case; French beans, 7s. 6d. per halfsack; spring onions. 6d. doz. bundles; tomatoes, round 4s. 6d., Hutt 2s. 6d. to 45., others Is. Cd. to 2s. 6cL per half-case; apples, cookers, largo 4s. to ss. 3d., small 2s. 6d. to 3s. 6d. case, dosrart, well coloured 6s. 6d. to '7s. 6d., others 46. to ss. 6d. per case; pears, dessert 6s. to Bs. 6d., cookers, large 4s. 6d. to Se. 6d., small 3s. 6d. to 4s. per case; grapes, best Hutt Is. 3d., best Nelson Is. per lb.; butter, separator 10d., dairy 9d. to 9*d. per lb.; cheese, best factory mediums 5Jd. to s>d. per lb., loaf 6ld. to 7d. lb.; dressed pork, 70's to 90's 4d. to 4}d.,' 90's to 100's 4d., baconere 3Jd. to 4d., choppers, heavy 2d. to 23d.; eggs, 2s. sd. to 2s. 6d., preserved Is. 4d. per doz.; bacon, factory sides 7d., rolls 71d., hams Bjd. uer lb.; honey, 4d. to 4Jd. per lb.; beeswax, Is. 4d. to Is. 6d. per lb.; fungus, keen demand at 5Sd; per lb.; walnuts, sld. por lb.; tallow, tins, 245. 0w1..; poultry, cockerels ss. 6d. for good birds, small 3s. to 3s. 6d., table roosters 45., table lions 3s. 6d., small 2s. to 2s. 6d., ducks, large- ss. to 65., small 3s. to 3s. Gd. per pair, turkey gobblers 9d. per lb., hens Bd. nor lb. live weight; maize, 3s. 6d. to os. 9d. per bushel; wheat, 4s. 2d. to 4s. 3d. per bushel, broken 3s. 4d. to 3s. 6d. per bushel; barley, feed 3s. 3d. per bushel, Cape 3s. 6d. per bushel; horso beans, 4s. 6d. to 4a. 9d. per bushel; partridge peas. ss. per bushel; Prussian blue peas, ss. 6d. per bushel; barley meal, special quality, £5 10s. ner ton; sharps, £6 ss. per ton; pollard, £6 per ton; bran, £4 10s. per ton; chaff, oatenshcaf, £5 to £5 10s. por ton; hay, prime, £3 15s. to £4 10s. per ton; straw, wheaten £2 10s. per ton, oaten £2 7s. 6d.

yer ton; Unseed oil cake, genuine £13 per tou; oats, feed 2s. Ed. to 2s. 9d. per bushel, seed, sparrowbills, gartons, duns 2s. ICd., Algerians 3s. 3d. per bushel, crushed 2s. lid. per bushel; machinedressed cocksfoot, 6Sd. to 7d. per lb.; farmers' dresped cocksfoot, sd. to 6d. per Hi.; tier, ryegrass, 4s. 6d. to ss. per bushel' Italian ryegrass, 4s. 3d. to 4s. 9d. per busliel.

BUILDING SOOIETrS EEPOET. Tho fourteenth annual meeting of tho No. J 00-operatire Dnildiug Society, which as set down for Thursday evening, had to be postponed.

The directors' report, which is to bo submitted to members, states that tho Dominion has recently passed through a crisis, which has severely tested tho values of securities held by monetary establishments, but the directors are pleased to be able to report that the mortgages held by this society havo remained unshaken, and arc, in tho opinion of the board, ample for the purpose for which they were accepted. An inpreafc is noted in the credit balance on the profit and loaj account, which, exclusive of a small sum of interest recently accrued in tho Port Office Ilaiik and any moneys'there may be from ™ rrc 't, et, shares, now stands at £204 2s. sd. The subscriptions received in the year amonnted to £219 175., and redemption moneys totalled .£IOB4. During the yonr Mr. D. Darkc, who for several years took a deep interest in tho society, and who ably filled the office of valuer to the society, ;found it necessary, as he has gone to reside at a distance, to resign his position, and Mr. J. L. Varlow was appointed to succeed him.

BANK OF ENGLAND RETURN. Bj TeleirrSDh-Preea Association-Oop'yriirht. (Bee.-Mnv 20, 11.15 p.m.) London, May 20. The Bank of England return ieeued for the week ended Wednesday, May 18, is as under:— IBSUP, Department. Note Issue... £55,167,CC0 Oov. debt ... fll.ms.OM Other securities ... 7,«4,000 Gold _ 36.718.000 £55,107,003 £55.167,000 BAMXING DEPARTMENT, Proprietors' Govt. socuricapital £14,553,000 tioa £13,819,000 Public de- Other securiflosits ... 17,190.000 ties 28.678 000 Other deposits ... 35,874,001 Notea „ 87 201 000 Rest, 7-day and other Coin ... „ H25 ,COO bille 3,206,000 £70,823.000 £70,823,003 Tho lcadine itemn of tho Bank of Ensland return afford the followine comparison:— Thiswoek. Lust week) Last you £ £ £ Bullion 36,718,000 37,3*1,000 30,69,5 000 liosorve i!B,WG,«B 25.4J1j.000 27,736,000 Note circulation 27,i65.000 2H.319.000 20.201,000 Public Doposita 17,110.000 1J.823.000 11,061,0X1 Other Deposits 35,b7»,0C0 39.610.000 40,965,000 Proportion of liabilities ... 63.36 51.41 19.60 GOVERNMENT BISOUMTIES. ■Thel followiEff aro tho latest quotations for Government securities, with a comparison of thoso ruling la3t vrcelt:Yariations — Prico coujpaiod with last Vfook. 25% Impori&l Consols 82 6 6 7e. Cd. hiahor i 8 N.5.W.1933Jan.-July 107 "0 0 Unchanged 34 ~N.S.\V.iaiß.,lar.-Sop. MOO Ouchan^Dd 3 u N.5.\V.1935Ap1.-Oct. B3 10 0 5s lliehor 1 „ Vic. 1020Jan.JuIy 101! 10 0 UnchaMod 3i „ Vic. 1931-6 Jan.-July WlO 0 10s. hi-uor 3 ~Vic.M29-»J»n.-July b7 0 0 Uncbanjjod SI,.S.A.ISI6Jan.-July 93 0 0 Unchanged 3 ~B.A,IJMJan.-July B4 10 0 Unchaaaed 4 ~Q'l'dlSls-21Jan.-July 104 10 0 Unchanged 51,.UTd1924-30,Un.-July Woo Unchaujcd 3 ~Q'rdlli2ij7Jan.-Jnly So 7 G Unchanged i ~N.i!.lW9May-Xov. 10d 10 0 Unchanged 3j ~K.Z. 1910 Jan.-July US a 0 Unchancod 3 ~K.Z.MIr.AprU-Oct. b7)O 0 Unchautod ss,.W.A.l9awUMay-Sov »7 10 0 Unchnumd 3 W.A,1916-35May-Nov bV 10 (1 Unchanged Si ~ T»s. ISUOJan.-July sa 10 0 UachauMd 3 ..Tas.ltSaj-10 Jan.-July BU 10 0 Unchaneod

BANK RATES OF DISCOUNT. Tho Bank of Englana discount rate was raised ou October 7 last from 21 to 3 per cent., ou October 14 to 4 nor cent., on October 21 to 5 per cent.; ou December 9 wao reduced to 46 per cent., on January 6 to 4 per cent., on January 20 to 3J per cent, and on February 10 W 3 per cent. Oα March 17 it was raised to <1 per cent., at which flffuro it still remains. Tho Bank of France rate wag reduced from 3i to 3 per cent, on January 23, 1908, and remains at tho latter figure. The Imperial Bank of Germany, on September £U, advanced its rate o[ discount from 3} to 4 per cent., and on October 11 to 5 per cent., lowered same on January 21 to 4J per cent., and on February 10 to 4 per cent. MARKET EATES OF DISCOUNT. The following aro the market rates for beat three mouths' bills: — London Paris Berlin rate. rate. rate. percent, percent, percent. May 19 31 2i ' 3j Last week 3 3-16 21 3A Last year 13 J 2J Short loans are at 3Jths, as against 22 per cent, last week.

METAL MAEKETS. Bsr Telegraph—Prcas Association -OoDyrlcht London, May 19. Copper.—On tho spot, £56 2s. 6d.; three months, £57 per ton. Tin.—On tho spot, £160 155.; three months, £152 per ton. Lead, £12 15s. per ton. WHEAT. London, May 19. Two Australian cargoes sold at 355. and 345. 6d. HIDES MAEKET. Melbourne, May 19. In tho hides market prices of kips were unchanged. All other sorts wcro a farthing lower. AUSTHALIAK PHODtFOE MARKETS. Sydney, May 19. Owing to tie good rains th:it have fallen in New South Wales and Victoria, and tho depression in the London market, wheat is weak. Shippers' limit has boon reduced to 3s. 7Sd., millers arc ottering is. 9tl. to 3s. 9Jd., and holders want 3s. 10d. to 3s. IOSd. Hour, £9 155.; oats, Algerian feeding 2a. <!d. to 2s. 5d., milling 2a. 6d. to 2s. 7d., Bparrowbills 2s. 7d.; barley, feeding 55., sosding 33. 2d.; maize, 2s. 10d. to 35.; braji, £5 55.; pollard, £5; potatoes, Tasiuauian, £6; onions. £4 55.; butter, U4s.; cheese, (i\d. to. 7d.; bacon, 6id. ■ Melbourne, May 13. Wheat, 3s. 9d_; flour, £9; oats, Algerian, prime 2s. 2Jd.; barley, prime English malting 4s. "id., Capo 2s. Bd.; make, 2s. 9d.; bran, £5 10s.; pollard, £5; potatoes, £3, £4. to £5; onions, £3 to £3 sa. Adelaide, May 19. Wheat, 3s. 7d. to 3s. Bd.; ilonr, £8 5a.; bran, Is. 2d.; pollard. Is. lid. COLONIAL AND OTHEE PEODTJOE. (Eec. May 20, 8 p.m.) London, May 19. Wheat.—Tho markets are very flat, largely owing to pressure to sell Russians, also there is considerable weakness in the American and Continental markets. There are liberal oilers of Indian wheat, and tho European crop prospects arc fairly favourable. There is no prospect of markets improving unless there is serious damage to crops. There is little inquiry for cargoes; some sold at 345. 3d.--to 355., while 355. 3d. is asked for Adelaide and Victorian, per sailers,' January shipment. There is a small retail demand for Australian on spot at abont 395. New Zealand, the duality is disappointing, and is olTering at 355. to 355. 6d. Flour is dull. Australian patents quoted in London at 285.; Glasgow at 295. MayJune shipment offering at 275., landed at Barley is inactive. Australian practically unsaleable at 21s. to 225. Oats are Quiet. Gartoils, 20s. to 20s. 6d.; sparrowbills, 17s. 9d.: La Plata, May-Juno shipment, 13s. 3d. Butter is very quiet, and all prices are practically unchanged. The larger portion of colonial arrivals is being stored. Cheese.—New Zealand, 565. per cwt. METAL MAEKET. (Eec. May 20, 11.45 p.m.) London, May 20. Copper.-On tho spot, £56 10s.; at three months, £57 Bs. 9d. peT ton. Electrotype, £59 ss. per ton. Tin.—On tho spot, £151 2s. 6d.; at three months, £152 7s. 6d. per ton. Lead, £12 16s. 3d. per ton. Iron, £2 9s. 10d. per ton.

0.0. AND D. COMPANY. (By Telesraph.-Prcss Association.! Napier, May 19. The CO. and D. Company, Ltd., to-day cabled the following report on iho frozen moat market :-Mulion market continues weak; further fall in values; lamb and beef markets steady, and value of beef adv-aneed id. per lb. To-day's prices arc:— Mutton: Canterbury, 4Jd.; Napier, Wellington, and North Island, 3Jd. Lamb: First quality, 5Jd.; second do., sd. Eeef: Hindquarters, •ltd.; I'orcQuartcrs, 4d. .WEIGHT, STBPHENSON, AND CO. Duncdin, May 19. The annual meeting ol shareholders in Wright, Stcphenson, and Company was held to-day. The balance, including Iho amount carried forward from last year, was £32,315 18s. lid., and the dividend to be paid on. ordinary shares is 6 per cent., while £5000 is placed to reserve fund, and £9167 14s. lid. carried forward. BATJMAI ESTATE. Messrs. Abraham and Williams, Ltd., report that this week the additional sections in tUe Raumai Estatu wore Section 1 (Homestead Block), 330 acres, at £M, to W. J. Brown, TJtiku. Section 2 (Fernwood Homestead Block) with 151 acres, at £15, to Eangi llaramn. Section 6, 225 acres, at £10, to Mr. JackS °Seotion 8, 'ill acres, at £14, to Uγ. Jack"section 14. "131 acres, at £12, to G. Lampp, ' Section 16, 175 acres, at £9 155.. to J. H. Perrett, Sandon. Section 19, 168 acres,, at £9 Ids., to J. H. Section 22, n iß5 n 'acre3, at £6, to E. P. Bell, Section 23, 173 acres, at £6, to B. P. Bell, The' only sections now unsold are sections 9, 12, 15. 18, 24, and part of No. 2, and, judging by the keen inquiry, we ex--et these to go off within a .few days, and intending buyers should inspect at latest by Saturday.

HEMP AND TOW. The followinK is a return of the hemp and tow graded throughput the Dominion during tlie month of April, 1910:Port. iOMJ, IM l § I * Auckland ._ — 679 2480 536 25 3751 Napier — SI —■ — ■ — 81 Foxton ..'.'"~ — 1879 1607 78 22 3625 Wellineon „. 186 2«8 1993- 114 2 4763 Blenheim ... - 26 - - - 26 Picton 324 193 - - - 517 Totals .... 651 5470 7677 744 49 14,528 3.79 37.65 52.85 5.12 .33 Tow. First Second Third grade, grade, grade. 11. Auckland 4 719 613 1436 Po I!'™ ™Z lS 362 145 726 Wellington" " 648 616 328 16Z2 P B Sf m ZZ. h m's 164 1 lySton ZZ. 15 - f. « &*..-==■ JT _« «| Totals .._ SO2 1959 W96 4515 Mining News nnd reports of Uve etock sales, and hido and skin ealea will bo found on page 7 of this issue.