COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 11111, 8 May 1911, Page 8

COMMERCIAL ITEMS.

POPULABTSIXG CONSOLS. The agitation to popularU : o Coiuols is talcing practical eifet in London, one of tho most reasonable methods proposed being to facilitate the transfer of the slock. At present personal iittendanre or by attorney at the 11.-ink of England is required before a tranrJar of ownership ran be effected. There has now been issued a statement by. the council of a?.=cci.ited stock exchanges of the United Kingdom in favour of transferring Consols by deed like other securities, and considerable weight attaches to opinions on such a subject emanating from that body. The provincial stock exchanges do a very large business in Consols and other Government securities, and their council''! propo?al in not that the present method of transfer should bo done away with, but that transfer by deed should be adonted as nn alternative. There would bo "no difficulty, it is stated, in working the two methods together. . Tho great majority of stockholders wottlc , . no doubt transfer by deed, whilst the relatively small number who can conveniently attend at, the bank might still make their transfers as they do at present. A rcnust to this elfect has been formally addressed to the Chancellor of the Exchequer, and. if necessary, the matter could be brought before Parliament. The experiment of issuing bearer band:; for £5 is gaininc favour, bankers in tho cast end of London stating that such a form of Consols would be immensely popular with thrifts'people, who distrust, banks altogether, and who at present hoard sovereigns. ■ STEAMSHIP SUBSIDIES. A remarkable paper, dealing with new shipping lines and steamship subsidies, was presented to the German Shipping Congress in Berlin recently by the general secretary of the Hamburg-American Steamship Company. The author points out that the past few years have again witnessed the appearance of competitive lines on a., large scale, for instance, new lines have been started in the North Atlantic trade by Russia, Denmark, England, and Holland, and even by Greece in the Mediterranean. A new line has been formed in Scandinavia, to trade to Mexico, a second to Australia, a third to Brazil, and a, fourth to the Eiver Plate. Austria and Italy aro also establishing new lines. Tho question of State subsidies is declared to have made further progress of considerable extent. As instances aro mentioned Austria Hungary, Hussia, Norway, Sweden, Holland, franco, and. Italy, tho last-named of which is said to have understood better than any other country how to render it difficult for foreign shipping to trade and to have a large shipping bill pending. But these cases do not stand alone, as the subsidy fever has seized possession of countries outside of Europe. Venezuela, Peru, and Chile subsidise coastskipiiing lines, and Argentina has passed a, new law reserving coast services to if'ational shipping, and providing for tho payment of subsidies both for these lines and for shipbuilding. Brazil has subsidised the coast, shipping for years past, and has also granted a subvention to its largest shipping company for the service to Europe, whilst Mexico pays comparatively high subventions for lines on tho coast and for connections with Canada- and Japan. The Dominion of Canada, the author proceeds to remark, has largely increased the subsidy for the financial year 1910-11. Japan has in recent years increased tho already high subsidies, and is introducing an import duty on ships built abroad, with the object of protecting tho national shipbuilding industry; whilst the national endeavours of the Chinese are well known. New mail steamer contracts have been concluded by Australia, as- well as by other English colonies, and laws are beinT made which impose heavy burdens on foreign shipping. The author finally refers to the action of the United States in regard to foreign shipping companies, and cornea to the conclusion that subsidies alone cannot provide an efficient merchant fleet, and that no equivalent advantages to the community result from the expenditure of money by States for thi3 purpose. TUEPENTJNE. The Vacuum Oil Company, in its last circular, states that tho price of Pratt's turpentine has at last dropped slightly, and is now o.uoted at ss. fid. per gallon. "In view of the general shortage of spirits of turpentine (says the circular) this is rather a. surprise, as the market has been on tho rise for some time past, and reached the highest limit known for many years, about the first week in April." The drop in price is probably a deliberate movement in anticipation of competition. Consumers may possibly find that other brands are available. However, the decline in price in the face of admitted scarcity is somewhat significant. CUSTOMS. The Customs revenue collected at tho port of Wellington on Saturday totalled .£1912 6s. 5d., the amount for the week being £19,765 Bs. 10d. Compared with tho corresponding periods of last year, the receipts for the past eight weeks show as under:—

The beer duty for the pant week amounted to £214 145., as compared with £161 173. in the corresponding wcel; of last year. LONDON MARKETS. Uγ Telegraph-Press Association-Copyriibt (Kec. May 7, 5.5 p.m.) . London, May 6. Copra is in small supply. South Sea, in bags, £22 to £22 2s. Gd. per ton. Kauri Gum.—Stock, 285 tons. Hemp is steady and unchanged. Cotton.—Tho Liverpool quotation for middling American Upland cotton is 7.92 d. Eubber.—Fine hard Para ss. lid. per lb. Rabbits arc dull and unchanged. Antimony is quoted at £8 lCs. TRUST AND AGENCY COMPANY OP AUSTRALASIA. Bj TelocraDh—Press Associatira-CopyriEfhi London, May 4. The balance-sheet of the Trust and Agency Company of Australasia shows a profit of £57,1125, and there is carried forward £2512. Tho "Financial Times" attributes tho general firmness in the tone of shares of land companies of Australia, during the past two day 3 to tho results of the Eeferenda. ARGENTINE MEAT SHIPMENTS. The Commerce and Tourists Division of tho Department of Agriculture has received the following cablegram from Buenos Ayres, dated May 6, 1911:— The following shipments of produce were dispatched from the Argentine to the United Kingdom port 3 during April, 1911 (compared with April, 1910): — 1911. 1910. Quarters, 'Quarters. Frozen beef 147,153 92,395 Chilled beef 160,037 ' 112,812 Carcasses. Carcasses. Frozen mutton 178,753 228,431 Frozen lamb 61,208 83.787 Cwt. Butter .„ Nil 14.5E9 FROZEN MEAT. Tho New Zealand Loan and Mercantile Agency Company. Limited, have received the following cablegram from their London house under date April s:—Frozen meat: Tho market is steadier for mutton, firm for beef, but weak for lamb. NORTH OTAGO GRAIN MARKET. (By Telegraph.—Press Association.) Oaniaru, May 6. Although there is a. large quantity of wheat in the Oamaru district farmers are not disposed to sell, and arc waiting for a, Tisc, as tho Home market gives evidence of improving. A line of 600 Fades of Velvet f.old at 3s. 2id. Good Red Tuscan is bringing as much as Velvet. No oats arc offering in this district, but a. line of JCCO racks were purchased in Southland to supply local demands. Local values were at first 2s. 3d. to 25 , . 4d. Merchants are chary about trucking local potatoes, owing to the grub, but picked lots, guaranteed free from grub, arc being offered at £3 15s. In grose seed there is only a local trade, as business is quiet.

LIVE STOCK AND PRODUCE SALES. Jfessrs. A. 11. Atkinson and Co., Ltd., Feilding. report that they had a, very large entry of purebred utility poultry on Friday, breeders from a considerable distance conding along a number of excellent birds. In nil, some 70 lots were sold ranging in value from 6s. to 20l*. per pair. Other birds of indifferent table value made usual prices. There was good demand for well-conditioned turkey tens and youiis (lucks. IMrs wore in limited supply, nothing of quality coming forward. Potatoes weere selling, for best quality, up to £5 10s. per ton, sacks extra, other lines from £4 lCs. There was little alteration in grain values. Oats were rather firmor. They quote:-Two line? of ryegrass s«d, light. 3s. per bushel; good-weight feed. ss. 7d.; oaten chaff, £5 ss. to £5 10s.; chair

■sack 4». iloz.: pea?. Es. bu-lioh whole wheat. 4s. 3d. to 4s. 61I.; oats, 3s. 3d. to fe, for prime dressed; pollnrd, 12s. 6(1.; pumpkin.-, '»«. 6(1. to ss. 6d. saolt; marrows, Jp. to 3s. 6(1.; barley. 3s. sd. to 3s. 9(1. bushel; onion?. 7s. civt. Purebred poultry. Pullets, per pair, lCs. to 155.; cockerels, 7s. 6d. to !os. 6(1. each: Indian liuiuicr drakes, 10-.l table birds, ducks, 2s. 9rt. to 4=. 3d.-, turkeys, 125.; cockerels, 23., 2s. 3d., to 35.; lisns, 2=., Zs. 6U., 2s. ?d.. to 4a,

INVESTMENT SHAKES. A sale of Westport Coal shares at 28a. 9<1. was the only transaction in investment shares recorded on Saturday. The buying and selling quotations were as under:— Buyers, Sellers £s. d. £s. d. Hank New Zealand 11 10 0 National Bank — 5 19 0 National Mortgage 3 7 0 3 8 0 Gisbonie Gas 3 2 6 — Wellington (las (£10) - 19 0 0 Wellington Gas (new) ... - 3 0 0 Standard Insurance 19 9 — Gear Meat (£1) - 3 10 0 Meat Export <JM) — 0 V 0 Meat Export (52s. 6d.) . — 3 7 0 Union Steam 2 0 6 — Well. Steam Ferry (18s.)... 0 11 II - Kaiapoi Woollen 5 7 0 - Well. Woollen lord.) - 4 2 0 Well. Woollen (pref.) 3 0 0 — Westport Cnal 18 6 18 9 Leyland-O'Bricn 16 9 N.Z. Drue 2 9 0 2 9 6 Taranaki Petroleum -- 0 14 I) Taringamutu Totara ... — 2 10 0 Ward and Co, 5 0. &

1911. 1910. £ £ March 18 18 890 10,338 March 25 21,124 13.165 April 1 10,558 12,426 ■ April 8 23,145 17,314 April 15 10.890 10,325 April 22 16,745 15,296 April 29 12.111 10,304 May 6 19,765 19,795 133,228 108,963