COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1108, 22 April 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. A sale o! N.Z. Drug shares at 495. was the on!y transaction rccordcd yesterday. The buying and selling quotations were as under:—

"WHITE LABEL." : Notwithstanding the general decrease in the consumption of spirits, John AJettar iind Sons, the- famous Perth distilling house, created a. record in earnings last year. The report shows that pronts amounted to £166,400, as comiiarcd with £152,800, which is an increase oE £U,w.u. and more than mal;es good the decline of £8500 in 1909-10. The ordinary dividend is increased from 35 to 37i per cent.; this rate is the highest in the company s history, and has only been paid once before —in 1908-9. The sum of £SoCO is afain transferred to reserve, making the total ot tho fund £135,000, whilst £39,800 goes forward. or £6300' more than was brought into the accounts. For. the fourteen years of its existence as a joint stock concern the''company has distributed on its ordinary capital 296 i per cent., equal to tho handsome iinnual average of not Quite 215 per cent. The popularity of the Dewar labels must be very great mdeed!"Financial Times."

JAPANESE IKON AND STEEL. Benewed attention has been attracted to the Japanese iron and steel producing industry by the announcement that the works at vVakamatsu, which were initiated by such a flourish of trumpets in the nineties will require further capital to the extent of £1,200,000 to-bring them to the remunerative stage. Already over £3,000,000 has been sunk in the works, and although they began manufacturing operations in 1900 only in one year, 1902, have they been able to show a profit. During tho past two or three years tho deficits havo averaged £50,000, and this despite the fact that three-quarters of the total output of steel is taken by tho Government for military and naval purposes, so that the works had not to compete against imported material. Last year there were threo furnaces at. work with a daily smelting capacity of 150.-tons. • and the total production of steel was. 150,000 tons, while this year it. 1 is 'likely to-bo .30,000 tons more. Despite the disheartening experience of the Wakamatsu works, which is attributed by European steel experts to tho fact that the management, technical and commercial, was left entirely in the hands of Japanese, the construction of the Uuroran steelworks on the island of Hokkaido is being energetically proceeded with, and a beginning with producing operations is expected to be made towards the end of the current year. Two of the leading British shipbuilding firms are understood to be interested in thin new venture, which although ostensibly in the hands of private' Japanese interests is in reality, backed by the Government.

ANTIMONY. Tho recent advance in antimony prices is said to be due to the direct action of the newly-formed International Antimony Convention. The standard prices which havenow been fixed are for quantities of not less than ten tons, and for standard French and Belgian marks the price ia £34 10s. London. For special marks other prices will rule. Thus, Cookson's mark is £1 higher, and Chinese regulus £3 lower. Tho headouarters of the organisation are at Frankfort, and the agreement is for three years. Thcro are no outsiders of first-rate importance. Sales will be conducted through the firms of Beer, Sondheimer, and Co., and AHVimer. Spcier, and Co., but llessr3. Cookson will themselves continue to dispose of their product in the American market. This latest convention has a special interest owing to the fact that Japan and China arc included in the agreement, an ■ arrangement which has not been found possible, in any previous convention. Tho creator part of the world's supply of antimony comes from tho Far East, either as ore or raw metal.

NOTES. There is reported to be a notable demand for leather in South Africa for use in the manufacture of furniture. The organisation of the Western Fruit Growers' and Exporters' Union at Cape .Town has for its objects, among others, the following:—The co-operative purchase of boxes, wood, wool, wrapping paper, artificial fertilisers, feeding stuffs,, spraying material, machinery and implements, and all or any 'supplies used in connection with growing or marketing fruit for any members who wish to avail themselves of the association's services. When a little more than a month ago quicksilver advanced from £7 15s. to £10, the reason was. sought for, and that furnished was that the advance was owing to the plague in China. The plague ha 3 caused "an extremely active demand for quicksilver, to be employed in tho manufacture of corrosive sublimate, one of the most powerful disinfecting agents in use. A fibrous preparation, which can be woven and worked up for any kind of garment, and has then the valuable property of enabling the wearer to float should he happen to fall into the water, has been, invented by Mr. Karl Hartwig. Experimental trials have been made in Berlin before a representative of the War Department, and proved highly satisfactory. Two soldiers wearing uniforms made from the material, and with ail their arms and accoutrements on, jumped into a swimming bath and remained upright in the water without any effort on their part.. Other trials proved equally satisfactory. The material is well adapted for linings, etc., and can be used in garments without making them at all conspicuous. A company has been formed to exploit tho invention, the secret of which is being jealously guarded. The Asahi glass factory was established by the Mitsubishi' Company at Amagasaki, near Kobe, in 1907, and is now stated to have succeeded in manufacturing sheetglass for window panes, etc. The factory employs 231 hands, with seven experts. The British Acting Commercial Attache at Yokohama reports that the Japanese Department of Agriculture and Commerce has decided to grant an annual subsidy of 30,000 yen (about £3060) for the purpqse of establishing uniformity in the system of examining habutae (silk tissues) for export in the various producing districts. By this means it is hoped to enhance the reputation of Japanese habutae in foreign markets. For the year ended March 31, 1911, the Indian Government 12 months ago issued estimates, which showed an anticipated revenue of £75,454,400. In March this year, with eleven months' revenue in hand, the total was swelled to £80,538.200, showing an increase of £5,C83,8C0, due in the main to (he great prosperity of the country. The 'recult is that, while the original estimate showed a surplus of £376,000. the revised estimate gave a surplus of £3,489,3C0, though there were some- additions to the expenditure. The Indian Budget includes a capital expenditure of £9.500,000 for Government railways, and £1,266,700 for irrigation. Tho German-Australian Steamship Company, of Ilamburg. showed gross profits for last year of £256,000, which compared with £190,800 for 1939. Its dividend was 9 per cent., as against 7 per cent, in 1909. Its report described the favourable development of the Australian trade last year. The export movement from the Continent to Australia assumed an unusually heavy volume. In view of the satisfactory development of traffic and the good prospects for the future, the. company made its service from Hamburg a weekly one at tho beginning of this year, and after having had five new steamers built last yea.r it has given orders for six additional ones, each of about 9500 tons burden.

Customs duties collected at the port of Wellington yesterday amounted to £3851 19s. WOOL, HIDE AND TALLOW , SALES. Messrs. Dalgcty and Company, Limited, report having held their fortnightly sale of wool, skins, hides, and tallow yesterday afternoon. There was the usual attendance of buyers, and all lines were keenly competed for. Wool: Prices were firm at late rates. Crossbred, 53d., 73<1.; lambs, 6?d., 7i'J.: crutchings, 4Jd., 51d.; dead, 63d.; pieces, 33d. Sheepskins: Prices were firm. Half-wools, 53d.; shorts, 4Jd.; dead, 5d.; crossbred, 6Jd.; crossbred, damp, 4s.;crossbred, salted, 4s. 7d.; quarter-wools, salted, 2s. 9d.; lambs, 53d.; pelts. 2Jd.; broken, 5«d.: lambs, damp, 2s. 4d.; lambs, salted, Is. 7d. to 3s. 10d.; half-wools, salted, 3s. to 4s. I'idcs: Ox, heavy, 7{d.; ox, medium, 61d.; ox light, sjd. to 61d.: ox. cut, 53d.; horse, cut, 7s. 6d. each; cow, medium.. 5 3-Bd. to 03d.; cow. cut and Flippy. 4Jd. to 53d.; stags, 5Jd.: vearling. 53d.; bull, sJrl.; calf, 6 3-Bd. to 8 3-Bd.: cair, cut. sd. to 5Jd. Tal-i low, in shipping order. 28s. per cwt.j in tins, 255. 9d. perewt.; rough fat, 225. 9d. per cwt. Rabbit-skins, 6d. to 73d. Horsehair, 10(1.' to Is. 2d. Messrs. Abraham and Williams, Ltd., i report on their sale yesterday as foM

lows:—Wo offered a large catalogue to a. goad attendance of buyers, wlio competed Keenly for everything offered, wool (principally bacii country lots) maintaining good prices considering its condition, while skins were on a par with last sale's prices. Hides showed a further decline of about Jd. to .Id. per lb. Wool: Rough crossbred, 7d. to 72d.; lambs, log-slained, 7Jd.; crutchings, seedy, 4*d.; second crutchings, 4d.; dead wool, 6fd.; locks, 3d. Skins: Coarse crossbred, 6}d.; dead, 52(1.; quarterwools, 51(1.; half-wools, 53d.; coarse lambs, 6»d.; pelts, 3Jd. to 4Jd.; damaged skins, 23d. to 43d. Butchers' skins: Shorn lambs, Is. 9d. to 2s. 3d.; woolly lambs, J=. 4d. to 3s. 9d.; quarter-wools, 2s. sd. to 3s. 4d.; half-wools. 3s. 6d. to 4s. 4d. to 4s. 6d. Hides: No heavy offering. Medium ox, 7id.; light, 6Jd. to 61d.; cows, 6,\d.; yearlings, 60, to 6Jd.; calf, BJd. Tallow: in shipping order, £28 10s. Messrs. Levin and Company, Limited, report :-\Ve offered 15 bales of wool, 3400 sheepskins, 560 hides and calfskjns, arid a quantity of tallow and horsehair. Wool: Market firm. Medium crossbred, 7d. to Bd.; inferior. 6id. to 7d.; pieces and bellies, sd. to sid.; locks, 2d. to 3i<l. Skins: Market steady. Halfhreds, 7d. to /id.; line crossbreds, 7d. to 7Jd.; medium crossbreds, 6d. to 7d.; coarse crossbreds. 6d. to l>id.; dead skins, sd. to 53d.; dead hoggets, 4d. to s>d.; quarter to half-wools, <,d. to. 6Jd.; dry "pelts, Is. to Is. 9d.; green pelts, 2s. 6d. to 4s. 9d.i lambskins, 2s. to 4s. 7d.; lambs pelt* K to Is. lOrt. Tallow: No change. Parcels in shipping order, £28 5s ; tins, £24 to £25; rough fat, £20 to £23 ss. Horsehair, Is. to Is. Sd. per lb. Horns ss. to 16s. per hundred. Cowtails. Is. Bd. per dozen. Hides: In good demand, at slightly lower rates. Ox hides, heavy, 7d. to W.; ox hide", medium, 6id. to 6Rd.; ox hides, light, 6d. to 63d.; cow hides, 6d. to 6 3*l cut and slippy hides ad. to s>d ; stag hides, 3d. to s}d.; bull hides, 3d to 5Jd; yearlings, 6d. to 61(1.: calf, best, Sd. to BJd.; calf, medium, 7d. to Bd.; calf, cut and slippy. 4jd. to 6d. The New Zealand Loan and Mercantile Agency Company, Limited, rcpon, as lol-lows:-V7c submitted a representative catalogue of wool, sheepskins, hides, etc. Coinpetition was good, and prices were well up to closing rates of last sale; for sheepskins and hides slightly higner. Wool: Crossbred stragglers,.63d. to 71d. per U).; lambs 7*d. Sheepskins: Full-woolled medium'crossbreds, 6ifl. to 63d. per 1b..; crossbred, quarter to half-wools, 6d.; crossbred, dead and faulty, 3d. to 53d.; lambskins, seedy, 4ld. to 5d.; good pelt?, 3d. to 4Jd.; damaged pelts. Ud.: crossbred damp, 2s. lid. each. Hides: Ox, heavy. 6'd. to iid. n-r lh • ox li'ht, 6 J-Ed.-, cow, heavy. 6f1.; ?ow light Sid. to 6d.; faulty hides, Hd. to 5',d.; calfskins, sound, Sid. to 9id.; calfskin"', cut and damaged, 5Jd. to 6,td.: horsehides! 6s. to Bs. 9d. each. Tallow: In tins, 255. per cwt.

Messrs. Murray'," Eobcrts, and Co. report ■- We offered 40 bales of wool, 2CCO sheepskins, and 100 hides and calfskins. The attendance of buyers was good, and competition very animated, at prices ranging par to a farthing above late rates for skins and wool, hides being about one farthing per lb. lower than late prices. Wool: Halfbred and fine crossbred, Bid.,to 9Jd. per lb.; crossbred, medium, 7*d. to Bid.; lambs wool, clean, l\i. to BJd.; lambs wop, seedy, dingy, sd. to 65rt.; pieces, etc.. 2ld. to 53d. Skins: Crossbred, woolly, 6Jd. to 7»d • crossbred, ouarter to half-wools, Ha. to 6Sd.; crossbred, damaged. 4d. to std.: dead •■-kins, 3*d. to Gd.; lambs, well woolled 6W. to 7d.; lambs, short, inferior. 4d. to 51d.: pelt?, shorn, 84. to Is. lid. each: green skins. 3s. 6d. to 4s. 6d. each. Tildes: Ox. good substance. 62(1. to 7d. per 1b.:.0x, medium, 6&d. to 65(1.; ox, light. 6d. to 6id.; cow. good condition, 6d. to 6M.: cow ordinary 6d.; damaged hiics. 3'd. to 5W.: calfskins, good. Bd. to 8»n\: r-lffkins.fair order. 7(1. to 73d.: calfskins, damped, 4d. in 6Sd Tal'ow: Oa'ks, in good order. 275. 6d. to Ms. 6d. per cwt.; tins, 225. lid. to 245. per cwt.

BANK OK ENGT.AND TiETtfftN. By Telccraph-Press Association-Copyrteht (Kec. April 21, 9.20 p.m.) ' London, April 21. The Bank- nf Rnplnnrl iviurn :v-ue;l for the week ended Wednesday, April 19, ib as uucier:— Issue Department Kote Issue- JC53.56G.0C0 Gov.dolrt ... i 11.015.030 Other securities ... 7.434,000 Goli ... 33,417,000 £53,866,000 £53,866,100 Banking Department. Proprietors' Govt. securicapital £14,563,000 tics... ... i14.0a.003 Public de- Oilier sccuriposits ... 17,612.003 lies 3-,1,1.C00 °rosHs°' ... 38.561,000 Kotos - 25.753.C00 Best, 7-day md other , « rt/v\ bills 3.222,C00 Com ... ... £73,931.003 £73.C-81.C00 The leading items of the Bank of Englaud return afford the followine comparison:— This week List wook. Last year £ £ £ Bullion ... 35,417.000 55.015,000 34,G55,000 Servo .. WJ.™ 25.573.U00 5i3.bJ2.001) Note circulation ai.OM.tXH - SB.6£-2.C00 Public Deposits 17.64i.CUj 17.552.WX) 0.303.000 Other Deposits 33. jGI.uOJ 41,52*2,003 41.201.0JJ Proportion of • Sues' 0 ... 47.72 43.55 50.6S government securities. The following are the latest quotations for Government . Eecurities. with a comparison of those ruling last week:—

BANK RATES OF DISCOUNT. The Bank of Encland rate, waa reduced on Jvno 9 from 4 to 3 per cent.: on September 29 it was advanced to 4 per cent and on October 20 to 5 per ccut. On December 1 it was lowered to 4J per cent on January 2? to 4 per cent., and oa February 16 to 31 icr cent., and on March 9 to 3 per cent The BanK of Franca rate was reduced from 3J to 3 P er C(;llt - 0H January li. 191W, and'remains ac tho latter Dsure. Xbo Imperial Bank of Germany on January 21 19W), lowered its rate from ,0 to 4i per cent and on February 10 to 4 rer cent. But "on September 26 it waa raised to i ner cent., on February 6 it was reduced to 4i per cent., and on February 19 to t per cent. MARKET RATES OF DISCOUNT. Tho following aro the market rales for best tbreo months' bills;— London Paris Berlin rate. rate. rate. percent, percent percent. This week 2i 2£ 23 Last week 28 • 24 i Last year 3J. 2$ 3J Short loans are quoted at 22 per cent., as against 3 per cent, last week and 3J per cent, last year.

COLONIAL'AND OTHER PRODUCE. Wheat—The market is firm, and the demand is improving, especially on the Continent, owing to unfavourable crop reports from Russia. Three Australian cargoes sold at 335. 9d., 335. IOJd., aud 345. respectively. Holders arc asking 335. 9d. for New South Wales per steamer March shipment aud South Australian sailer shipment; 335. 6d. has been paid for Victorian parcels afloat. There is small business doing in Australian on spot at 365. 3d. Flour is quiet and unchanged. Oats from La Plata, May-June shipment, 14s. Argentine Harvest—The second official report of the Argentine harvest estimates the corn crop at 3,800,000 tons, and flax £00,000 tons. . lluttcr is quiet, secondaries are slow and unchanged; there is good inquiry for choicest sorts. VietDi'ian. salted 100s. to 102s occasionally 10'?., unsalted 106s. to 108s.; New South Wales, about 2s. less; New Zealand, salted ICCs. to 110s., unsaltcd 112s. to 114s. Chec=B is firm and unchanged. Sugar—German beet, 88 per cent, net titrc, 2(1. higher at 10s. 10d.: first mark granulated, f.o.b. Hamburg, 3d. higher at 12s. lid. per cwt. Bradford Tops—The market is firm and unchanged. Sixty-fours, 27td. per lh. ; super sixties. 27d.: romninn sixties, 26d.; fifty-sites. 233 d.: fifties, 19id.; forty-sixes, 15Jd.; forties, Hid. TIIE METAL MARKETS. Conper.-On spot. 18s. 9d. higher nt £54 13s '9d. per ton; three months. £54 6s. 3d. Tin-On spot, ss. higher at, £194 per ton; three months. 10s. higher at £189 15s. rig-iron.— Middlesbrough No. 3, 465. per ton. Lead, £12 18s. 9tl, per lon. WIIEAT. By Telegraph—Press Association—Oopyricht London, April 20. An Australian wheat cargo sold at 335. I M, per quarter.

. SILVER. Bar silver is quoted at 243 d. per ounce standard. CANTERBURY CHAIN MARKET. (By Telegraph—Press Association.) Christchurch, April 21. Locally there is very little wheat offering, and no sales of any consequence are taking: place. The nominal price is 3s. at country stations, though some shippers arc not- inclined to offer more than 2s. lid., but there are few sellers at even 3s. At present those farmers who arc in a. position to hold are willing to wait till a more favourable turn in tho market. The same disposition is manifest on the part of New South Wale 3 wheat-growers. There is nothing fresh to report in tho local oats market, as there are but few available for sale, and prices arc firm. The mark!)', lias also firmed in Southland oats, and 2s. 2d. on t.riwis at country stations is now being paid. Oatsheaf chaff is advancing in price on account of tho approach of winter and the .shortage of feed. The quotations are now 80s. to 82s. 6d. on trucks, and it is reported that, for an extra- prime sample, more has been paid. There has' been an improved demand for potatoes, and £3 10s. is now being paid at country stations for the main crop. The bulk of. the later cron consists, of white varieties, there being but few Dcrwents now grown. The cron is turning out well, both as to field and nuality. Shipments are now being mode from Oa.ma.ru, the damage done by the potato fly not being so serious as was expected. It is confined chiefly to potatoes showing above the surface.

LONDON MARKETS. Messrs. Dalgety and Company, Limited, advise having received the following cablegram from their London office, under date April 19:—Tallow: There will be no public sales this week. .Under date April 20:— Frozen meat: There is rather better demand for lamh. New Zealand is in heavy supnly. Since our last telegram CanternuTv is l-16d. to }d. per lb. lower. Australian is unchanged. There is poor demand for frozen best and mutton, with prices somewhat in buyers': favour.

Buyers. Sellers. £ a. d. £ s. d. National Bank — 6 10 Equitable Building 9 15 0 Wellington Investment ... 0 11 3 Well. Trust and Loan ... 7 13 0 7 16 0 Christeliurdi Gas 9 12 6 Fcilding Gas — 12 6 Standard Insurance 19 0 Christelmrch Meat - « J J Well. Woollen (ord.) - „ 426 Well. Woollen (pref.) 3 0 0 Taupiri Coal 1 } Leyland-O'Brkm 1 6 3 Manning and Co 4 11 0 Miramar, Ltd ~ N.Z. Drug 2 9 .0 - N.Z. Paper Mills 1 J ' ~ SharlancTs prefercneo ... 1 4 0 TaranaUi rctroleum 0 15 o Taringanutn Totara 2 8 o L a J Ward aud "Co 5 1 '

~ "" Variations — compaicd Prico. with last wook. * " £ s. d. 2i°o Imperial Consols fcl 5 0 7s.6d.lower 4 5i s.\V.1833Jan.-July 10G 0 0 Uuclungod 3* "K.SAV.lOlS.uar.-Sep. 19 0 0 Unchanged 8 ">\S.\\\rJU3Ai>l.-Oo6. 5/ Xli 0 • Unchanged i 103 10 U Unchanged Si "Vic. 19^1-iiJan.-July US 1U 0 Unchanged 3 "vic.l'wiJWOJan.-Juiy 86 0 0 Unchanged 3$ "S,A. lSltJ Jan.-July 03 JO U UuchauijcJ 3 "s.A. li)16Jan.-July 10 U Unchanged i "QTdl015-'2Uan.-July 104 0 0 Unchanged 3$ 'VrdllUWOJan.-July -U10 0 Unchanged 3 "QTdlfc&tfJan.-July =6 0 ■ 0 2r.i>d. lower i "n\Z. 19i9May-Xov. 104 10 0 Unchanged 3* "N.Z. 1940 Jau.-July 0 U Unchanged a "N.Z. liWOApril-Oct. 10 0 Unchanged 3$ "W.A.19-20-iUMay-Xov W 10 0 is. lower 3 " "SV.A.lOlu-boMfty.Xov 0 Unchanged 3j "Tas. lMUJan.-July W10 0 Unchanged 3 "Tas.l'J&M3Jan.-July b5 10 0 Unchanged