COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1197, 4 August 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. A sale of Westport Coal share? at 29=. was Hie only transaction rerorried H investment shares yesterday. The buVine aurl Eclhnir quotations were as under:Buj'ers. Sellers. National Bank f^ d 6 £ ll d ' ';.• '■;. Lnf >n and Mercantile • - • 018 0 giUS'^Loan-:::^. 6 ]H Christchurch Gas 9 12 6 - Feilrting Gas ~ i o < , VTellini-ton Gas (JEiO)'".".;:: - 19 0 0 Christchurch Jleat - 16 2 6 I i-leat, Export- (£5) 6 6 0 6 7 6 •> cat Export (525. 6d.) ... - 3 5 0 Well. Woollen (ord.) - 4 0 0 Hikuran&i Coal — 019 3 Taupiri Coal .-. _ [» y Wcstport Coal — 19 3 Leylanrl-O'Brien 18 3 — Manning and Co — 4 r, n N.Z. Drug 2 9 9N.Z. l'aper Mills '...'.'. - 113 Sharland's ordinary — 1 5 0 Kharland's preference ... — 15 0 Taraiialii Petroleum 016 6 017 0 BRITISH CONSOLS. .On Juno 19 the-Chancellor of the E.tCMfiHer, Mr. Llo.vd-Geoire, was asked .is to.tho fall in values of cilt-edged securities, and if he was aware that th? nectssity of writing4own tho values of the holdings of these st.ocU-s was diminishinc Ine nroflts and taxina the resources of many sound financial concerns. In the course of Ins reply. Mr. Lloyd-Gcorse stated that between 1893 and 1905 Coiuols fell 23 points, or an avcraco of nearly 3 points a year, ogainst an average of about H'points a year since 1905. and the old type of Two anil Three-Quarters Guar:uiteed Land Stock, 22 points, or an average oF 23 points a year, ascainst an averace of about li points for the new typo (which only came iuto existence in 1914) siuco 1906. The causes were:—

U) Tho general rise in the value of inouoy, duo to the enormous absorption of capital in warlike operations—more particularly to the South African and RussoJapanese Wars.

(2.) Competition of colonial securities for trustee funds rcsultinis from tho admission of these securities to the catoß-ory of trustee investments by the Colonial Stock Act,

(3.) Heavy 'Government borrowing for Irish land purchase, and (prior to 1936) for warlike operations, and also lor other so-called "capital expenditure." I. "The first caiiec- affected .(tilt-edged securities throughout Ibe world; the scoontl and third affected our own stacks more particularly. The. record is very important, since prior to 19C0 Homo securitioj had the monopoly of trustee funds under all trusts not specifically provided for ;n----vestment otherwise. As recards remedial measures, I am advised that so far ao State action is concerned, the most important are the maintenance of adetiuate provision for the redemption oC debt and the avoidance, as far as possible, of new borronins. ap(l , rthtit :, stbi>S-'havo'->alrcad , y been taken in "these "directions'will bo peon by comparison of the futures relating to debt reduction since the present Government came into power and nn to March 31 last With those of the previous five yours ■ From April'l, 1906.'t0 March 31, 1911, there, was a- net redemption of debt ainountinc to £55,918,K0. as compared with a net increase in the previous five years of £85000.000. Even exvludiusr that portion of the boirth African war debt created in the former period (namely. £92.0C0,tC0). the n?t decrease in that period was only. .£6,944.000. As regards now borrowing for services for which tho Exchequer is directly responsible, the comparison is even more striking, namely, a reduction frotn £128.293.GC0 (or. learins War Debt out of account, from in .the.'first- five year period to £Io,SCC',CCO in tho second five year.period." FALL IN COTTO.Y. On May 27 tho Livcroool Quotation for middling American upland cotton was 8.01 d., and last week the price had receded to 6.« id. Accordins to report.':, the priou will fall to 6d. if not lower. The world's cotton crop for 1911-12 will, not- improbably beat all previous records, and there is every prospect of an abundance, of cheap supplies for consumers. The United States is the main source of supply, and according to the Census Bureau of that country, the crop of 1910 was tho most valuable produced, tha es'iniatcd value £192.636.C00. as a sains t .C162,4ie,CC0 in 1009. .£135.256,000 in 1908, J2140.192.CC0 in 1907 and £H4,550,CC0 in 1.9C6. This immense total (says "Urad=trect's") was 18 per cent larger than the value of the crop of the nref-edinc year itself a record-breaker up to that time as ' regards value of proui'ct. Tin,? value was located in a crop of 11.965962 rnnniiie bales, or 12.005,688 bales of £Coib which yield was 16 per cent, larger than tho crop of 1909, which points to" a close relation both in value and production in (lie past two years: The' world's production of cotton in 1910-that is. the qnantitr ??& r W? J ,l ! 0 commercial channels-was 19.in.CC0 bale;, which compares with the yields of recently preceding years as follow -.— TVorld's <:ruD. Tear. linle-. 1»7 19,636.Ct0 16,512,000 5J3 19.171.CC0 WlO 16,6:5,CC0 In 1910 the "United Pt.rtcs conlrjbut"il 09.9 per cent, of the total quantity of the commercial crop of the world, flriti=h India. 13.3 per cent.., Ecypt 8 per cent., ami Russia 4.7 per cent. The crop of the current year will approximate to 20.0C0.CC0 bales and more, and in the future, if climatic, conditions are at all favourable thi* output should bo exceeded. Very strone i effort? have been raadp in recent years by British manufacturers interested iii tin cotton to secure now sources of supply ard oach year shouM ?.co a big tviiu" i'n tin outturn. I FIHE IXSUBANCE EESULT3. The return- of the British lire- in-uranoo companies for 1910 fhaw th.it the venr his hc-cn an exceptionally cood onr>, and tiii= can be seen ■in the flenres of tho prin'-' cinal companies, as shown beloiv:Surplus on Trading Account. 1910.* 19C9. Ajjinncc 325.7<6 7,971654 A .' la - S .-■■■■■■:-. 194.80S 143.481 Commercial t;ino n 513/31 515 6"6 Liverpool and London and f mu j on :•••; .'.rr.'r. m.m will London and Lancashire Nonh%riViSr*imi"Me'rcnn. 26U22 2R637 „ t'. le ■ 329.9U1 3.SZXJ3 | Aortoern mm 150224 1 Norwiph -Union 161.711 J02.250 Phoenix m _ n mul \ S°- vri ••••••■ 580,852 570*615 Royal Exchange 155.590 70 603 f>lll 274,377 252,571 'I'lic experience of tho offices as rccanls Tiro btiMness ha? been consistently favour, able siuce 1916. and reserve? have in maincafes now been restored to the level attained before the conflagration at San Fr.inci.-co. It may bo noted that several of the larce companies show n substantia iiiitciisp in premiums, and derived 'from firo nii?iiio<F a> cnmur.vcd with 1909. and a* tho competition of recently established oll'rps has not been crowinif less linen in respect of Homo business, it would " 0 -m as if foreign busjnew were being culiiKEIiBURXE PROPERTY.. Tlie TTpl.tiid Estate Commw Ltd reiorl thn following sales »f Kclhiirne hn.l for .Tnly:-ltlorl! XII. Lots 44. 51. 52, 61 69 Vfl and 71; H!o»k XIV. Lot* 11. 33, 49. 62 -mi Hi Rlork VI, Lois 3. 4, 22, 30, and 31-, ill at list prices. Customs duties coUcctri .it. the port of WcllinEion j-wtiT'lny amounted to .£2585 THE HIDES MARKET. Br TolcEraoli-rres" Assormiion-CoDyrlirht dice. Austifl 3. 10,50 p.m.! Melbourne, Aifust 3 ■Hides are in fair supply. Kips are in better demand, but other sort' aro onnlujiaed.

AUSTRALIAN PRODUCE MAIiKKf. It? Teles™ oh- -I'lrst Association- Ccorrichl (Kcr. Aiigiift 3. 10.50 p.m.) ~., , _, Sydney, August 3. Whcnt-Tlif. market i= iinn. and seller' arc holding bad;; prc=cnl 'quotations are Z.-. Si). Ui 3s. 51d. rirtur. country brand* X 7 lif. 6(1.; city brands. £8. Bran. £4 15?. I'nllartl, £H lOs. Pcis. blue, 6s. to 6- 6<! • em-. .3?. M.-to 3.-, 9(1 Ba-rlsy, Victorian (•ape. 2s. 6d. to Zs. Sd. English. 2f. 4d. (o 2s. 6d. MjiiJC. 2s. lPd. Oat*. T.ismanian hparrowbill? 2-=. iOd.: Giant?. 2s. Hrl.: Algerian milling, 2s. 7ri.: leif.iiig. 2f. 3d. l'i 2s. 5t1.: peed. 2*-. 7d.: Tartarian 'red 2.'. 11(1. to 3s. Onions. X) to £4 5,. Pot:.: locs. Tnsuiaiiiaii. .E8 to £3 1C?.: Victorion. •£5 10?. to X 7. liutter. 116j. liacon. sid. to ■6(1. Uhecte, 6d. to 6!d. Melbourne, August 3 Ch.ifr.-Thc market is firm, with a. trond (Icmnnil: oaten dumped is iiuoted at £$ 1C"-.. to £3 15?.; romprcs'cd covered. £3 15--. lo £•!: uncovered. £3 10?. to £3 15 5 . Flour.— The market, is firm; country brands £? «". {o~£l0 ~ £l ts -'- '' Hy '-'rands -t'B. Wheal. 3s. 53ri. O;its, Algerian mi'linc. 2s. 25(1.: feelins .Is. 6(1. to 2s. Rariey. Enjrli.=h maltin:, tf. to os. 3d.: Capo, 2s. Ed.; feeding K 10(1 . Maize, M. to 6d. Bran and poTlari). £5. Onions. £3 to £3 7s. 6d. rotaloe<. £4 10s. to £5 15s. Adelaide. Aueiift 3. Wheat, 3s. 3d. Flour, £8 to £8 Ss. Bran. IZM. I'ollanl, 120. Oat.s Algerian, 3s. TALLOW SALES. Bγ Tckcraob—Press Associaiion-CoDyriebl London, August 2. At the tallow sales 452 casks offered and 142 told. . Mutton, fine 35?. 6d. per cwt.. medium 325. 6d.; boef, fine 355., medium 315. ! AMERICAS'. WHEAT. By TeleEraDß—l'ress Association—OoDyrleht London, August 2. The American visible wheat supply is estimated at 54,353,0CQ bushels.