COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1069, 7 March 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. Sales of investment shares recorded yesterday were Union Bank at £66 25.. and N.Z. Farmers' Co-op., £5 paid, at £5 ss. The buying and selling quotations were as under:— Buyers. Sellers £ s. d. £ s. d. Bank of New Zealand... 11 0 0 ~ Natioual Mortzasro 3 4 0 — Wellington Investment ... — 011 b Wellington Deposit 0 7 6 — Cliristchiirch Gas 9!5 0 10 0 0 Feildin? Gas '. - ,i 2 2 Well. Gas (£10) - WOO Well. Gas (£6 155.) 13 12 6 Gear Meat (£1! 3 4 0 - Meat Export (525. 6d.) 3 0 0 — Well. Woollen (ord.) - } } J Well. Woollen (pref.) 217 § 30 0 Taupiri Coal 1 1 ; — Westport Coal 18 0 15 0 Leyland-O'Brien — 17 0 Manning and Co 4 10 6 — Miramar, Ltd — 9 S ! N.Z. Consolidated Dental — 13 6 K.Z. Drug Co 2 8 0 Sharland's ordinary 13 6 — Sharland's prefcrenco 13 6 — Taranaki Petroleum .... 014 6 015 6 THE BUTTEK MARKET. ■Messrs. W. Wcddel and Co., London, in their dairy market report dated January 27, make the following interesting observations:—"The decline- mentioned in our market report of last week continued until values receded to the lowest level this season, namely, IKs. per cwt. for New Zealand and 103s. per cwt. for the choicest Australian. The general feelinc of depression spread over the market, but to-day there is a slight feeling of ■ confidence. What has really happened is as follows:— When New Zealand and Australian butter rose to be nearly the price of Danish, then all the'buvors of-colonial butter in the districts whore Danish and Swedish butters are the main butters consumed, transferred their purchases to Danish instead of colonial as colonial retailed at Id. to 2d. per lb. below Scandinavian butters, and, therefore, buyers wore losinpr Id. per lb. in buying New Zealand and Australian. This transfer of custom bwught a better demand.into the Danish market, and orices ' there stiffened. On tho other hand, the decline to the lowest values in New Zealand and Australian again made them cheaper,, and more profitihle to the retailer than Danish or Swedish. We c.-riect this will caure a stronger market for the Euapehu and Australian butters next week."

WORLD'S GOLD PRODUCTION. ■ ' for 1909 tho value of the world's production was estimated at £92,0G0,C0(Mm increase of 3i millions, over 1903, or 16 millions or 21 per cent., since 1935, and 23 millions, or 42 per cent., since IES9, before the South African war. which temporarily checked tho output from the 'Band. The preliminary figures for 1910, as given by the New York "Engineering and Mining Journal," show an output of £93,750,000, or an increaso over tho previous year of ibout 1.9 per cent. Tho year did not witness the opening of any important producing districts, except in Siberia, where the now mine? in the Lena basin and in the Amur region showed a notablo gain. The Transvaal continues to hold tho leading position with an output of £51,153,000, or an- increaso of just over one million sterling. The output from Russia (Siberia) advanced by about £2,000,000, while from Canada about £240,000 extra was obtained. In the rase of every other country tho returns cither exhibit decreases or are about tho sanio as before. Tho only important instance where a serious falling off has .occurred is Australia, which, for several years past, has (as far as gold production is concerned) been going down in tho market. A new eoldficld has been discovered in Canada, 100 miles north of the cobalt field, but nothing definite can yet be said as to tho likelihood of any considerable yield being obtained.

THE FALL IN CONSOLS. Tho depreciation of this gilt-edged security has naturally caused British bankers serious concern. Sir Thomas Jackson, presiding at ■ the half-yearly meeting of the Union Discount Company of London, Ltd. (held on January 19), had something to say on the subject. "The question is often asked," ho remarked, "why have Consols fallen so heavily?' Many answers aro forthcoming. Some, from a.political point of view, others from tho hard facts of the market. Consols, it was remarked, ■bad so many other desirablo securities to compete with,. yielding higher interest, that tho return they gave was too little; in plain words, they wero not worth tho price they stood at, cither as compared with other securities or with the average value of money: so, like everything else, they bad to find their level. They were misted 793 on December 31 last, a fall from 02 15-15 on December 31, 1909. Tho average bank rate during 1910 was £3 Ms. 4d. Tho avcrago market rate was £3 3s. 7d. for .throe months' bills and £2 4s. 4d. for deposits, thus providing a, comfortablo marTin of 19s. 3d. per cent., on which tho banks had done well. No doubt they would havo done even better but for tho necessity of once moro making provision for the depreciation on their holdings of Consols and other high-class securities. The nroductiou of gold continued steadily to increase. The total output for tho last vcar would probably amount to about a-= compared with £65,000,000 in 1899. the'year the war broke out in South Africa—that was'to say. an increase of no les3 than '5 per cent, in the last decade. A rise of 5$ per cent .in tho general level of prices as comoarcd with a year ago \tfis significant of an upward movement, which would reouire careful watching in view of the increasing production of <rold, and. conscnuentlv, of the credit for which gold provided the base."

Customs duties collected at. the port of Wellington yesterday amounted to £622 ss. -id.

WHEAT AND FLOTJIt. By Telegraph—Pres3 Association-Copyright London, March 5. The wheat and flour afloat for the United Kingdom is 3,650.000 quarters; for the. Continent 2,550,000 Quarters; Atlantic shipments, 185,000: Pacific shipments, 30.GC0. The total shipments to Europe (luring the week amounted to 1.3C0.0C0 quarters, including 235,000 quarters from tho. Argentine, 315.000 from Ihissia, 52,000 from Danuhian districts, 139.000 from India, and 150,000 from Australasia. Wheat— Two cargoes of Australian sold at 3os. and 335. 4}d. respectively. Ten thousand five hundred quarters of March shipment sold at 335. 3d. LONDON MARKETS. By Telecraph—Press Association- Copyriaht. London, March 5. Kauri Gum.—ln stock, 300 cases. Hemp.—The market is steady. A March shipment realised £22 ss. Copra—Market irregular. South Sea afloat, and for forward delivery, £20 ss. ' Cotton.—Tho Liverpool quotation for middling upland American cotton is 7.<6d. per lb. ' : Rubber.—Fine hard Para rubber is quoted at 7s. per lb. THE METAL MARKETS. By Telocrapli—Press Association—Copyright London, March 5. ; Copper.-On tho. spot, £67 Bs. 9d.; three months'. £55 2s. 6d.; electrolytic,'£s7. Tin.—Market weak. There is much "bear" selling.. On spot, £163; three months', £179. Lead.—£l3 5?. per ton. PRICE OP FLOUR IN SYDNEY. By Telegraph—Press As^ociafi.-.n—(louyrisht (Rcc. March 6, 9.20 p.m.) Sydney, March 6. Tho Millers' Association has reduced tho price ot flour by 55., making it now £8.

HIGH COMMISSIONER'S CABLE. The Commerce and Tourists Division of the Department of Agriculture, Commerce and Tourists has received tho following cablegram from the High Commissioner for New Zealand, dated London, March 4. (Note: Quotations, unless otherwise specified, are average market prices on spot):— Mutton—Tho market is weaker, with a downward tendency. Canterbury, 3?d., North Island 33d., River Plato 3;d. per lb. Lamb. The mssrkct is dull on account of heavy arrivals. Stocks are accumulating. Canterbury Sid., other than Canterbury 43d.. Australian 3|d. per lb. Beef—The market, is steady, and prices well maintained. Storks of New Zealand beef on hand arc light. New Zealand hinds 33d- fores 3 n d.. per lb. Butter—The market is quiet, but holders are firm for best quality. Choicest New Zealand butter 1065., Australian 1025., Danish 1255., and Siberian 106s. per cwt. Cheese.—The market is firmer, and there is a. better demand, especially for white, at 575. per cwt. Coloured, a moderate demand, at. sßf. per cwt. The market has been favourably affected by the CanadianAmerican agreement. Hemp.—There is n, better demand and the market is firmer. New Zealand, good fair, on spot, per ton, £20; fair grade, £19; fair current Manila, £19; forward shipment New Zealand, good fair, per ton, £20 55.; fair grade, £19 55.; Manila, £211 ss. The output from Manila, for tho week was 20,000 bales. Wool.—Tho market remains firm. Cocksfoot Seed—The market is firm. Buyers have been offering for cocksfoot Feed more freely. Bright clean New Zealand seed. 171b. per bushel, 7<s. Cd. per cwt. Eggs.-Tho market, is quiet hut firm: a good demand for all descriptions. Italian, per 120. Bs. 3d. to 10s. srt.; Danish, 9s. to 10s. 9d.: Hungarian, Ss. Gd. to 9s. 9d. Poultry.—The market is ouict, with no alteration in prices, viz: Chickens, American Bd. to 9d. per lb., Russian 7»d. to Fid,; ducklings, 6d. to 7d.; turkeys, 7d. per lb.

STANDARD IXSUEANCE COMPANY. U>y Tolcsraph—Press Associatiou.l Dune-din, March 6 The annual meeting of shareholders in (ho Standard Insurance Cimnany was hold to-day. the Hon. T. Fergus presiding. Ike annual report stated that the income tor the- year, inoludinT the balance from last year, was £154.303 16s. 7d., and (ho expenditure £106,053 13s. 1(1.. leaving a balance ot .£20,749 ss. 6d. Tho' interim dividend • m June absorbed £2612.105., £10,000 had been added to the reserve, and .S2SGG to the reinsurance, reserve. The directors recommended a dividend for the half-year at the rate of 8 per cent., absorbing £3000, a bonus of 6d. per share absorbing £2510, and to carry forward £7?36 15s. 6d. The chairman stated that tho gross premium income showed an increase of £UCM, and interest on investments an increase of £454. The ratio of interest on investment v.-as 4.68 per cent. Losses totalled £36,532 Us. 3d. The ratio of working expenses was 32.38. Tho reserves stood at £97,500. A motion for tho adoption of the report and balance-sheet was seconded by Dr. Ogslon, and carried. The retiring directors, Messrs. .Tohn Reid and Daniel llaynes. wero re-elected.