COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 989, 2 December 1910, Page 8

COMMERCIAL ITEMS.

■ INVESTMENT SHAKES. A fair number of sales of investment shares were recorded yesterday. Thero were transactions in Wellington Gas (£lO paid) at £19, and now issue at £2 10s. premium, and Whitcombe and Tombe at £6 6s. The quotations and last sales were as under:— Buyers. Ssllsri Sulei . £e. A. £a. d. ■£ s. & Bank N.Z 10 10 0 - - National Bank 516 6 517 0 - Equitable Building - - 915 0 — N.Z. Loan and Mercantile 010 0 010 6 — Well. Investment ... 011 0 011 6 — Well. Trust and Loan 710 0 715 0 — Well. Deposit — 0 8 3 - Christchurch Gas .. 9 12 6 -: ■ - Feildiiig Gas - 12 0. - Nanier Gas . . 12 5 0 — Well. Gas (£10) - 19 5019 0 0 Well. Gas (£6 155.) 13 10 - - Well. Gas (new) .... - - 210 0 N.Z. Insuranco 4 3 6 — — Standard Insurance 16 6 17 3 — Meat Export (525. . ii.) - 34 0 N.Z. Shipping 10 16 0 - — Union Steam 116 9 - — Well. Woollen (ord.) 313 0 - - Well. Woollen (pro.) 215 6 - - Leyland-O'Brien .... - 16 9 Manning and Co. .. 4 3 0 — — Hiramar, Ltd — 0 2 3 — N.Z. Con. Dental ..126136 - N.Z. Paper Mills ..129 — — Taranaki Petroleum 00 9 09 3 - TaringamntuTotara 2 3 3.— — Ward and Co 5 10 - - Whitcombo & Tombs - —660 . DRIED FEUITS. Messrs. Laughland, ilackay and Co., in their dried fruit circular, dated October 20, report as follows:— Currants.—The stocks in London at end of September were 5655 tons, against 3968 •tons last year. The market in Greece, is steady, and values are maintained, wliicli is attributable to somo extent to tho good demand from Prance for distillation. Shipments so far have been only a, little less than last year. Sultanas.—Tho stocks in London, at enu of September were 6353 tone, against 6462 tons last year. It is estimated that the crop will not exceed 20,000 tons, and tho stocks remaining in Turkey are reported to amount to about 7000 tons. Tno market is firm and' active, and prices are- unchanged. ■ . Figs—There has been a large demand, and prices havo ruled higher than last sea6on, with a recent increase of Is. per cwt. The crop is estimated at 24,000 tons. Muscatels.-Tho fruit is good and in good condition. Values range from 60s. for fair shipping to 110s. per cwt. for lino fruit, ex warehouse, London. Jordan Almonds.—ln consequence of the break-up of a syndicate or iruet in Spam, which coi.trolled prices, there has been a. considerable fall in values, and fair quality, in offering at £7 10s. to £8 per cwt., ex ivarchousc, London. , Valencias.—Tho fruit comes forward in only small quantities, as there is a considerable quantity of rain-damaged fruit, which, with the small crop, keeps _ prices high. Nothing of good sound quality can bo had below 34e. per cwt., ex warehouse, London.

: COMMONWEALTH EAILWAYS. .The railway revenue of the State systems of the- Commonwealth for tho year ended June 30 last amounted to £16,029,842. This is the largest total recorded, and compares with £14,737,424 for the previous year! Lines open at tho end of the year were 15,259 mile 3 in length, an increase of 406 miles, of which 163 wero laid hy Queensland and 214 milC3 by Western Australia, tho other States being content with much smaller additions. Thet working profit for the past year amounted to £6,249,892, but from that has to be deducted tho total interest charges amounting to £5,326,105, leaving a net revenue (exclusive of certain tramway profits) of £925,812, as compared with £815,909 in 1908-9. The largest net return was on tho New South Wales railway system, which was able, to pay £522,288 to tho Treasurer after meeting all charges. Next came tho South Australian system, where £263,319 went .into tho consolidated revenue, with Victoria and Western Australia next in order, Victoria having netted £155,097. Queensland and Tasmania had to draw.upon the consolidated revenue to meet a. portion of the intert6t charges, but in tho case of Queensland the net revenue more nearly approached the interest charge than in 1908-9. In the.table appended the ' principal items respecting tho systems of each Stato are given :—

Working Eevenue. Expenses. Profit. £ £ £■ N S Wales 5,485,715 3,276/09 2,2C9,306 Victoria. 4>3,863 2.711.545 1,732,318 Oueensland 2,338,468 1,414,271 924,197 S. Australia .;;. 1,340.399 1,069,140 771,259 W. Australia ... 1,637,334 1,096,908 540,426 Tasmania 284,063 211,677 ' 72,386

£16,029,842 £9,779,950 £6,249,892 The expenditure given above doefl not include £106,550 set aside for pensions and gratuities. It, however, includes the special payment of £75,000 into tho railway accident and fire insuranco fund, ; and £170.000 into the rolling stock replacement fund.

AMEBICAN COTTON BILLS. European bankers, according to mail advices,, agreed to extend tho time during whioh cotton bills under the old' system would'bo. accepted,; to the end of the year. This "determination appears to have been reached after , the formulation of a scheme whereby a, number of Lloyd's underwriters, and certain big insurance companies would undertake to guarantee the genuineness of cotton 'bills of lading. An essential feature of. the scheme is the ■ checking of tho cotton specified in the certificates, by the' underwriters' agents iu tho interior of the United States,' and at tho ports of shipment. These safeguards, it is stated, can be secured at a. cost of from 6 to 7 cents per bale, and would render acceptors of cotton bills,immune from frauds such as ■were recently perpetrated in Tcspect to through bills of lading. To finance the American cotton crop, it is estimated, would require £10,000,000, and if that sum ■had to bo found by the American banlts alone, the operation would' entail considerable disturbance of credit in othor directions, \o the detriment of trade in general. By tho end of the year tho bulk of the cotton crop will have been marketed, and before tho next season commences tho matters now in dispute will havo been placed upon a satisfactory, footing. The cost of guaranteeing the validity of cotton bills o£ lading will bo borne by various sections of 'the trade, according to whether the market is active or the reverse. In tho first instance, of course the American planter will have to pay the charge, >ut the manufacturer in Enrope will eventually foot the bill. ■, HIGH PKIOE FOE OILS. Users of oils have during the last few months been paying record high prices, and still there seems no likelihood of any material measure of relief being afforded them in the matter of costs in the near future. Commeiiting upon the remarkable firmness which continues in this market on tho other side, and which, of, course, is fully reflected in the situation locally, the "Oil Trade Eoview," dated October 1 last, remarks that Quotations ruling before the rapid upward movement in values set in were not at a moderate range. Seed oils had been forced up to an extraordinary degree, shared also in a lesser measure by palm, olive, andcocoanut oils. Consequent upon tho very material shortage in the production of linseed, owing to the serious deficiency in the crop in the United States, prices of linseed oil attained a, wonderfully high level. There had been a. very strong .demand on London from the United States for linseed to make good the deficiency there, and European markets having found only denuded supplies, both on the spot and prospective, tations were unavoidable- Orushers in England were seriously hampered owing to the lack of supplies, stocks on the spot being altogether inadequate . for requirements. This necessitated very considerable imports of linseed oil during the present year, tho total far exceeding thoso in preceding years. Soy bean oil also is at an unus'aally high range, a strong export demand from the United States having given a material impetus to-the upward movement for that description. Cocoanuf and' olivo oils have much advanced, too, on, short supplies. Tery heavy arrivals of palm oil havo taken place this year, but these have been disposed of with remarkable freedom, values havo steadily crept up, and the market appears able to absorb almost any quautity. ' These conditions explain in part the establishment recently of a, record maximum price for tallow, 'the quotation for that' commodity a month ago having passed beyond the limit of 1893. .'. NOTES. The important position of Port Said a.9 a coaling station ie illustrated by an excerpt'from a report by our Consul there, apDcaring iu tho "Board of Trade Journal." Coal, which forms the predominant article of trade, is supplied almost exclusively by tho United Kingdom. Tho total amount imported ■in 1909 was 1,570,000 tons, as against 1,150,000 tons in 1938. Of this quantity 1,360,000 tons was Welsh or. North" of England coal. About 151,000 .tons of German coal was also imported, . representing a large increase on 1908, when the total was only 21,000 tons, but the increase was due to the threatened coal strike in Wales, when largo quantities of coal were hurriedly imported. During 1909, out of 4200 Bhips passing through the Suez Canal. 3300 coaled at Port Said, taking 1,340,000 tons. It is stated that during September money being required in New York, somo 50,000,000 dollars worth of securities wero sold to London . That is a favourite method of raising money in Now York.

Customs revenue collected at the port of Wellington yesterday amounted to £3863 Us. M. ■■ ■ • : . ■ ' IMPERIAL CONSOLS. By Telegraph—Press Association—Copyrieht. Londoiii NoTeinber 30. Imperial Consols aro quoted at £79 12s. 6d., a rise of 15s. since Friday last. WHEAT. By Teleeraph—Press Aseociation-Copyricht. London, November 30. f ' The American visible supply of wheat is ot , 77,031,000 bushels. • pi THE METAL UAKKETS. ™, By Telegraph—Press Association-Copyright Yi (Hoc. December 1, 11.20 p.m.) London, December 1. ■ 3 Copper.—On spot, £57 3s. 9d.; three 1 months, £58 2s. 6d. 9 Tin.—On spot, £169 2s. 6d.; three months, £170 10s.. • Tl Lead, £13 ss. so SILVER. 13 By Teleeraph—Press Association—Copyrteht. London, November 30. Bar silver is quoted at 253 d.. per ounco standard. 1 TAIiLOW SALES. ' 3 By Telegraph—Press Association—Copyright. Ji London, November 30. JI At the- tallow sales 902 casks were offered, and 541 sold, Jlntton—Fine, 395. 3d. per „ cwt.; medium, 375. Beef—Fine, 38s. 6d.; me- " dium, 365. LONDON WOOL SALES. 9 By Telegraph—Press Association-Copyright. London, November 30. p At tho wool sales there was an animated i, business. Prices for.good wools were stiller •" and inforior were slightly better, v 6s Messrs. Dalgcty and Company. Ltd. re- 2i port having received tho following cable- n gram from their London office, under date November 29:—"Owing to a thick fog no sales have been held to-day. As compared 1 with last Geasou's closing rates. greasy i merino wools, heavy earthy and wasty, p. are fully 5 per cent, lower, but merino wools of other descriptions aro unchanged. CroS6bred wools aro rather firmer " " , k AUSTBALIAN MtODTIOE MARKETS. By Telegraph -Press Association-Copyright, 4 (Eeceived December 1, 11.55 p.m.) 2 Sydnoy, December 1. Wheat.—Buyers, 3s. Sd. to 3s. BSd.; sellers, , a penny more. Oats. Algerian feeding 2s. iV 4d.; milling, 2s. 5d.; Sparrowbills, 2s. 7d.; 1 giants, 2s. Bd. Barley, Cape feeding, 35.; seeding, 3s. 2d. Maze, 2s. Bd. to 2s. lid. , Bran and pollard, £4 ss. ■ Potatoes, Tas- * manian, £9 10s.; othere, £6 to £7 10s. 5 Onions, £5 to £6 10s. Butter, 91s. Cheese, 3 6Jd. Bacon, 7-d. Melbourne, December 1.-' '' TThoat, 3e. Bd. to 3s. 9d. Flour, £9. Oats, 1 feeding, Is. lid. to 25.; milling, 2s. Id. I Barley, prime Chevalier, 4s. 4d.; Capo, 2s. 1 6d. Maize, 2s'. 6d. Bran and pollard, T £4 10s. Potatoes, £6 to £8. Onions, £3 to £5. Adelaldo, December 1. 6 Flonr, 38s. 10d. por quarter. Wheat, 3s. ■? Bd. to 3s. 9d. Bran and pollard, Is. j MELBOUENE HIDE MAEKET. J By Telegraph—Press Association-Copyright, j (Eeceived December 1, 11.55 p.m.) 7 Molnoiirne, December 1. I At the hides sales there was an averago ; supply, and a, good demand. Prices were „ firm. ■ v P. AND O. DITIDBND. By Telegraph—Press Association— Copyright " London, November 30. I ■■ The Peninsular and Oriental Steam Navi- ; gation Company has declared a dividend ' of 6j per cent, on deferred snares, and a ■' bonus of 3 per cent. J O.C. AND D. CO. (By Telegraph—Press Association.) '■', '■' • Napier, December 1. ■ The C.C. and D. Company to-day cabled tho following report regarding frozen meat:—"Beef market somewhat weaker. , To-day'e nricos :-Mutton-Cantorhury. 4id.; i Napier, Wellington, and North Island, , 3id. Beef-hinds 3id., fores 2Ed." ,

NAPIER WOOL SALES.

> PBJOES VEET SATISFACTORY. j ! . ,(By Telesraph.-Special OorrecDondentJ '• .] Napier, December 1. " 1 [ The second wool tsale of the season was i . held to-day, when a catalogue of 12,224 i r bales was offered to a representative' at-' [ tendance- of English, Continental, American ; and colonial buyerfi.. Competition was ex- ' ceedingly keen, and prices for superior i fine wools showed an advance of |d. to 3d. , per lb. Medium and strong crossbreds . were from par to id. higher, and superior : , pieces showed an advance of Jd. to 3d. per • 1 lb. The prices realised for pieces were ' • the astonishing feature of tho sale, as ' much as IOJd. being paid for first half- ; bred pieces. Bellies.'fetched' ns much as ' \. 83d., arid the best price of the'day was ' 13d., which , was obtained for a, lino of 10 : balee of halfbred super, submitted on bei half of Mr. Lachlan M'Lean. of Glen--1 coo Station. His offering of 95 bales, in- ' ' eluding bellies, pieces and fleece, averaged ; 10d. per lb.' Tho 13d. line was Bold for '' America. 5 • A large quantity of the wool offered was ' dingy and wasty. and small parcels showI cd a lack of care in their get-up, in somo x cases qualities ranging from 40's to 56'e being contained in the same bale. Brad- \ ford, Continental, and colonial buyers tooli ' the bulk.of the wool, the Americans be- * ing content with but a few lines, though 1 they paid pretty highly for them. The I reserves in some cases were absurd.

i MINING NEWS.

* WELLINGTON SHAEEMAEKET. e The mining sharcmarlict was again quiet 1 yesterday. Waihis were sold, ex dividend, s at £5 166. Waihi Grand Junctions were :- dull at 31s. 6d. A telegram received by !. tho Exchange yesterday read: "Intcrsect- !- Ed hanging-wall of Hary Lode, No. 3 level, !, at 150 ft., north of Martha Lode, the first i- sft. assays £1 135." This telegram had no effect. Talismans, both old and new, were very firm. Zeehan Consolidated camo in for somo attention, with buyers offering Bd. The , Now Big Itiver Company has declared another dividend (the twenty-third) 5 of Is. per share, payable to-day. The v sales recorded yesterday were as" under:— i New Sylvia, 3a. lid. (first call). r Saxon, Is. 7d. (first call), t Talisman, 525. 6d. (third call). , t Waihi, £6, £6 Is., £5 165., ei div. (first , call). ',' Watchman, 3s. Id. (first call); !a. 4d. 1 (third call). ~ Tho quotations and last sales were as r s under:— (1 ■ Buyers. Sellers. Sales, i- . £6. d. £b. d. £s. d. ir Hauraki Eeefe — 0 0 8 — . ?• Kuranui 0 0 3. 0 0 6 — "" Kuranui Oaledn'n 0 15 0 17 — B May Queen 0 3 4 0 3 7 — !? Mountain King 0 0 5 — — 11 N.Z. Crown 04 3 04 6 _ ■? New Sylvia 039 0311 03 11 *' Old Hauralti 0 2 0 0 2 2 - ,0 Occidental 0 0 3 0 0 4 — D ; Old Kapanga 00 4 - - X Saxon 017 018 017 °' Tairua Broken Hills 0 1 0. 0 1 3 . — £ Talisman 212 3 212 6 212 6 :° Talisman (new) ... 2 0 0 '? Waihi 516 0 517 0 516 0 2 Waihi Extended ... 0 2 0 - _ J" Waihi G'd Junct'n 111 0, 111 6 - T - Waitangi 016 019 - fl Watchman - 033 034^34 5° Blackwator 110 3 I s Con. Goldflelds - 10 0 J' Now Big Eiver •. 30 0 — — „ Progress '■■ 012 0 012 6 — j}' Boss Goldfields .... 0 2 8 0 210 — d- ■ ■y STOCK EXCHAKQB . i° (By Telegraph—Press Association.) os Auckland, December 1. ct Business done on 'Change this morning' "• Zeehan (con.), lid., IOSd. . r * Hauraki, 2s. 2d. ™ Hauraki Hecfs (con.), 7d. >n 'Crown, 4s. sd. ] B Talisman. £2 13s. Grand Junction, £1 11s. 9d.' Kauri Timber (con.), 17s. 6d., 17s. 4d. The following business was done at tho M 3.15 p.m.. call to-day:— ,j. Comstocl:. 3d. rn Crown, 4s. sd. \r. Waihi, £5-18s. (ex dividend), ni. Handsworth, sd. ist Bank of New Zealand, £10 12s. 6d. ho Dunedln, December 1. ? s Stock Exchange sales:— v m Old Hauraki. 2s. 2d. a J Watchman, 3s. " ,t : Hales reported:— ln " Standard Insurance, £l'6s. 3d. ° n Westporl Coal. £6 18s. he Cnrlstchurch, December 1. en Salo on Canterbury Stock Exchango:— ily Wcstport-Stockton Coal, 7s. 2d. ip 8 UNDAUNTED G.M. CO3IPANT. ley The Wellington Stock Exchange has rc- ; 000 ceived tho following telegram from the to manager of tho Undaunted Gold Mining of Company, Ltd.:-"Total return is 3fioz.; from the boiee only."