COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1045, 7 February 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. A salo of Taranaki Petroleum shares at 13s. was the only transaction recorded yesterday. Tho buying and gelling quotations were as under :—

WOOL SALES. The Wellington wool salo will be bold today, and about 12,750 bales will bo offered. Tlic buyers arc saii to bo boding pessimistic views, and there-is. a belief that values may co lower than* those_ current in January. This is very probable, but then it must bo remembered that there is a very big differenco in tho quality of tSo wool. To-day's offering comprises mostly back-country wool, heavy in condition, logstained and cottcd, although it must bo admitted that there aro sotno good parcels. If allowance bo made for condition it will bo found that there is no great fall in values Tho London sales have been dcpres=»d recently, and ro doubt the most will be mado of that. BANKINO AYERAOE3. Tho' banking returns of tho States of Victoria, Now South Wales. South Australia, and Tasmania. and for New Zealand, for the December quarter, all furnish ovldenco as to tho growth of deposits. This increase amounts to over £12,0C0,CC0, as is

Tho advances lnvo' increased by over £7,731.000. What the returns prove is that tho Australasian banking position is l'c-r:rrk.-iMv round. . Tlvj cxccss of deposits over advances has readied exceptional HeV.res, and o-vintr to tho satisfactory naturo of our trndo large balances have accumulated In London.

THE FLOW OP MON'EV. Up to quite recently nearly all the great banks of tho world havo been losing cash, r.nd the •niiestinu arises as to whero tho money goes. Tho only possihlo answer Ib that it pn«i:os from those v;ho keep hank accounts into tho hands of those who rto not support.-ouch institutions. The principal part of tho non-banking population consists of waci-earners, end it may therefore be said that tho movement represents tin conversion of bank mcrves into wages. How strongly money tends to Is*' out of tho hanks In Anicrica during periods of prosperity or inflaton is shown by fieurcs compiled by the Controller of Currency at Washington. This official estimates tho amount of money in tho United States outside tlio Treasury and the banks over a period of sixteen years, tho fluctuations therein 'being concurrent wth Ihoso in trade. For .example, in 1693—a, year of great depression—the perccnts to °f ontsido money was 62.15, as compared with <9.58 in 19J8. The current reaction in trado activity in the United States, ns soon as it results in any general rcducton of aggroc*\to wage payments, is certain to turn tho tide of monoy back into tho hanks. Tlow small an increase in the amount of cash in the pockets of tho wage earner i 3 renuircd to diminish bank reserves materially may bo Inferred trim the fact that aggregate wago payments in tlii TTnitcd States amount to about f4.OfO.CCO.CrO'per annum, whereas tho total amount of cash In all tt'olr banks on J"'ie3e —as only about F-SCO.OOO.CCQ. Ouo of the surest signs, sav° tho "Wall Street Journal," that expenses have been generally reduced to normal! and that real prosperity in therefore returning. should be a reversal of this world-wide flow of cash out of tho banks

: Customs revenue collected at tho port of Wellington yesterday amounted to £837 6s. 6d. WHEAT AND FLOUR. By Telegraph—Press Associattnn--Copyrlcht. London, February 5. Tho wheat and flour afloat for the United Kingdom totals 2.7Z5.C03 quartors; for the Continent, 2,005,000 quarters; shipments, 91.CC0; Pacific, 45,000. Tho total shipments to Europo during tho week amounted to 1,175,000 quarters, Including 249,000 quarters from tho Argentine, 295,000 Russian, 85.0C0 Danubian. 54.0C0 from India, and 255,000 from Australia. THE METAL MARKETS. IBy Telegraph-Press Association Cooyrightl London, February 5. Copper.—On spot, £54 ss. per ton: throo months'. £56 Is. 3d.: electrolytic, £57 165.3d. Tin.—On spot. £185 55.. as against £193 tho previous day. "Bulla" aro realising heavily. Silver.—Bar silver is quoted at 24 l-16d. per ounce standard. LONDON WOOL SALES. By Tclesrapli-l'ren ' -'ish! London, February 5. At tho wool sales' thero was offered a miscellaneous selection. Yorkshire and Continental- buyers were tho chief operators. Prices wero maintained. To date, 169,854 bales havo been offered and 157,322 sold, including:—Whakaki, highest price, IM., avcrago 9d.: "R-S" over "T," 12Jd.; Titl. highest prico ..Hid.',■: averago 93d.; "W.D.," highest prico' I>{d.. avcrago lPJd.j Aohauna, highest, prico. 10d., avcrago 9*d. LONDON MARKETS. Dy Telegraph—Press Association—Copyright London, February 5. A wheat' cargo and twelvo to fifteen thousand quarters of January-February shipment sold at, 355. Kauri Gum—ln stock, 313 cases. Hemp.—Tho market is quiet.' JanuaryMarch shipment sold at £19 7s. 6d. Oopra.—Dressed South Sea, in bags, £22 15s. Cotton.—Tho Liverpool quotation for middling American Upland cotton is 7.66 d. per lb. Rubber.—Fino hard Para rubber, ss. Bd. per lb. Messrs. Dalgcty and Company, Limited, have received , tho following cablegram from their London ofilcc, dated Fobruary 2. in regard to frozen rae.il:—Lamb: Weak, but without quotable change, aud stocks aro' accumulating for Australian. Mutton: The market is easier, and thero is moro disposition to do business -at-a decline in values. Beef: Demand is limited Australian, Jd. to gd. per lb higher. Thero Is only a small supply on hand, and New Zealand stocks aro exhausted. niGH COMMISSIONER'S REPORT. The Commerco and Tourists Division of tho Department of Agriculture, Commerco and Tourists has received tho following cablegram from the High Commissioner for New Zealand, dated London, February 4, 1911. (Quotations, unless othcrwiso specified, aro avcrago market priccs on spot.) ' , Mutton.—Tho market is quiet, but holders aro firm. Canterbury 4id„ North Island 4d., Australian 3.1 d., River Plato 3gd. per lb. , Lamb.—Tho market is weak and inactivo. Canterbury, 53d., other than Canterbury, 5Jd. Beef—The market is Drm owing to reduced supplies. • New Zealand hinds 3Jd. per lb., fores 35d. Butter.-Tho market is quiet but firm at present quotations. Choicest -New Zealand butter IOSs.. Australian 1025., Danish 1155., Siborian 101s. pjr cwt. Cheeso—The market is quiet, but moderate business doing. Whito 575. Gd., coloured 60s. per cwt. Homp.-Tho market has declined further, and there is little demand. Now Zealand, good fnir, ou spot, per ton, £19 55.; fair grade, £18 10s.; fair current Man-

ila, £18 Sr. Forward shipment—New Zenland, good fair, £19 55.; fair grade, £19; fair current Manila, £18 10r>. 'J'ho output from Manila for tho week was 26.000 bales. Cocksfoot Seed.—The market is firm, but tho demand only moderate. New Zealand bright clean seed, 171b. per bushel, 735. per cwt. Egxs—The market is firmer on account of cold weather. Italian, 9s. 3d. to 12s. 3d.; Danish. 10s. 6d. to 13s. 6d.: Austrian, 9s. 7d. to 10s.; Russian, 6s. 6d. to 9s. per 120. ' Frozen Poultry—Thero is a largo supply and a moderate demand. Chickens, American. Bd. to 9d- por lb.; Russian, 71,1. to B>d.; ducklings, 6d. to 7d. per lb.; turkeys, 7d. per lb. Wheat—Tho market is quiet, and may go lowcr. : New Zealand long-berried, on spot, es granary, por quarter of 4961b., 345.; short-berried, 335. Oats.—Thero is a small supply and a limited demand. New Zealand ShortSparrowbills, on spot, ex pranary, per quarter 3841b., 16s. (3d.; Danish, per quarter of 3201b., 16s. 9d. Beans.—Thero is a good demand for all descriptions on account of tho small supply. Now Zealand beans, f.a.q., old crop, per 5C41b., 353. Peas.—Tho market is quiet, but holders aro firm. New Zealand peas (partridge), per 6041b.. <6s. Wool.—For fine wools tho market is firm. For medium and roarso crossbrcds tho market is rather quiet.

\ Buyer?. Sellers. i!d,d £s.d National Bank 5 16 6 — Dank of N.Z. 10 14 0 - Metropolitan Building ... 12 0 0 — Wellington Investment ... 0 11 0 — Wellington 'Deposit — , 0 8 0 Gas 9 17 6 — FoNding Gas * ! 2 """ fiiKborno Gas 2 19 0 — Wcllinfft n On <£10) 19 2 6 - Well. Gas (£6 15s.) 13 17 6 - Wellington Gas, new 2 10 0 — N.Z. Insurnnco 4 .0 0 — Standard Tnsuranco t 7 3 — Christeliurch Meat ...*. 15 0 0 ■— Gear Meat (£1) k 3 2 6- - Meat Export 5 15 Meat Export f£4l ,550 Meat Export (52s. td.) 3 0 0 t * — Kiiapoi Woollen 5 2 6 'T' . Well. Woollen (ord.) 3 IB 0 4 0 0 Lcyiand.O'Drien « 1 7 3 Manning and Co 4 10 0 *- Miramnr, Ltd. .... " r* ■ ? ? ■§ N.Z. Vapor Mills ■ 7 1 4 0 TnranaM Petroleum 0 13 0 0 13,3 Tarincamutu Totara, 2 5 .6 . — Ward and Co — 5 0 0,

6hovru below:— 1910. 1909. £ £ Victoria .7... '2,203,061 39,708,851 N.S. Wales 51.081521 <5.319,856 ' S, Australia 10,595.034 ' 9,561,977 • Tasmania 3.534,578 3,535.3B4 . 107,415.194 97.127.073 Kcw Zealand .. 14,593,471 22,196,170 £131,CIS,(65 £119,323,243