COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1206, 15 August 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. No transactions took place in investment shares yesterday. The buying and selling quotations were as under:— Bnyera Seller* £ s. d. £ s. d.

AMERICAS' WOOL DUTIEP. According to a. cable mrs?.iKe publishr-d yesterday porning, the two Houses of the United States Congrois have agreed to nn ad valorem duty of 20 per cent, on raw wool, and the duty on carpet wools has been brought up to this level. -.This in practically n. win for the Democrats, for. on June 1, a caucus of the party agreed to alter the tariff in respect to wool from specific duties to ad valorem. Instead of 6d. per lb. on eroa«y rvossbrcds. and s*d. on merinos, they fixed upon 20 per cent., ad valorem, and they have succeeded i-ii getting the rate fixed at 29 per ecu!, Hitherto only woob light in condition were suitable for the American market, but, with an ad valorem duty cut down to about one-half of what it was, 'the Americans will be able to buy much more freely. The President':? veto is feared, and. consequently, the Wool Hill is still ju dmiucr. CO-OP. SOCIETIES. Although co-operativc distributive societies have their stronghold iu the area of the cotton 1 industry of Kusrlaud, it i.si only within recent years that the Co-operative Whole-ale Society li.'is taken up the hcpa of. cotton manufacture. The first venture was in 1005, when a weaving-shed was built at lUirv, which now contains 900 looms, engaged mostly in the production of sheeting* and ta'alinc lining material. The iici value of the output

varies from £82,000 to over £90,000 a year. •This was not only the first venture, but is so far the only one. Preparations, however, have just been completed for the erection of a new cotton-weaving mill at. lladolill'e, for which a site has been purchased from Lord Derby. Building operatioiw will bo commenced at an early *late. Arrangements will be made for the accommodation of about SCO looms with preparatory machinery, and 200 or 3CO looms will probably be added later. An interesting feature about the tchenic is that an order has been placed for over 2C3 Northrop automatic looms, which will be designed to weave coloured a? well as goods—probably coarse shirtings and bedtickings, INLAID LINOLEUM. In the course of less than half a century a great industry has arisen in the manufacture of Inlaid linoleum, ju which there'is now between £45X00.000 and £50,000,COO invented. . During the past year the industry has been experiencing trying times, owing mainly to the great increase in tlio cost of its raw materials. Linseed oil, at approximately £43 a ton, is nearly ICO per cent, higher than a fear ago, whilst jute has al?o advanced during the same period by about 20 per cent. It is held by - linoleum manufacturers that in both cases the advances are due to the manipulation rather than to legitimate trade conditions, and that the return to more moderate prices depends entirely upon the ability of the speculators to retain their command of the market. Linoleum manufacturers have been working until cuite recently under conditions which made it impossible for them to secure an adenuate profit, competition amongst themselves preventing an advance in quotas tfor/i for the manufactured articlo commensurate with the rise in raw materials. But after negotiations extending over about eighteen months a meeting was held recently, at which all-round advances were unanimously agreed upon. Distributors would like to know whether the conference of manufacturers is likely to'be a permanent feature of the industry, but as to this the leading houses who have brought about the understanding will say nothing. BRITISH CAPITAL.

A compilation of the issues of British capital for the first half of 1911 riiscl-)f>3s a remarkable decline in the extent of the demands for money made on the British investor within the period, as compared with the business done in the first half of 1910. The total for the first- six months of this year was £116,205,939. For the six months of 1910 it was £222,920,323, or 47 per cent. more. Of 21 groups of investments, three alone—banks and insurance companies, tramways, light and power, and commercial—made heavier calls on the money market than last year. The Indian, and colonial governments asked for only £7,650.000 in loans, as against £24,251,400 in the 1910 period, and the British Government was content with borrowing £2.000,000. as compared with £27,000,000. The whole of the former sum was used in connection with the Irish land purchase scheme, whereas, in the first half of 1910, the Government had to issue £21,000,000 worth of Exchequer bonds foT the redemption v of the national war loan stock, and make other demands besides. Foreign Governments asked for only £16,239,350, as against £30.739.600. and American railways secured £15.521,248, as compared with £49,576,550. Oil companies were supported to the extent of £2,968,040, while, in the first hn If of 1910, the amount was £10,986,7tf).

Custom? duties collected at the port, of Wellington yesterday amounted to £2019 17s. 4d. HIGK COMMISSIONER'S CABLEGRAM. The Commerce and Tourists Division of the Department of Agriculture, Commerce, and Tourists has received the following cablegram from the High Commissioner for Jfcw Zealand, dated London August 12:— (Note—Quotations, unless otherwise. specified, are average market prices on spot.) General.—This week everything is ?.t a standstill.' Oil sscount of the strike o£ the transport carrying trades no ships unloaded, and it was practically impossible to deliver from stores. Condition improved yesterday; strike has terminate). and work will 1)0 resumed on Monday. Prices are irregular;— North Island mutton, 3£d. per lb.: Canterbury Lamb. 6d. per lb.; other than Canterbury lamb. sid. per lb. Beef — Stock is accumuiiti'm; rapidly. N. 7.. hinds. Ed. per lb.; fores. 3d. per lb. Butter.—The market is firmer. There has been 110 change in the weather, and rain is badly noede<l. Danish. 1265.; Australian, 1125.;. Siberian, 110s. per cwt. Cheete.—The market remains firm. New Zealand stock is exhausted. Itemi).— I The market is lifeless. N.Z. good fair, on spot, per ton, £21: fair grade. £19 5?.;' fair current Manila,, £20; forward shipment:—N.Z. good fair, per ton, £20 10s.; fair grade, £19 10s.; fair rnrrent Manila, £20 10s. The output from Manila for the week was 30,C00 bale?. The market is quiet, but firm.

Messrs. W. M. Eannatyne and Co., scents for the Tyser Lino, civo nnrti'mlars of l.lio wool rates for season 1911-12, in an advertisement in this i?.=uc. The rates will hold Tood all through next wool season (except in case of maritime war). . The following rates of freicht will be eharced by the New Zealand Shipping Co. from til a commence of next wool season (except. in cn.=c of maritime war):—Greasy (dumped),' 5-16 d. per lb.: slipe (dumped). 3d. per lb.; washed. 7-lfid. per lb.

Bank of New Zealand... 12 7 0 — National Bank 6 0 0 — Equitable Building — 916 0 National' Mortgage 3 10 0 — N.Z. Loan and Mercantile (1 17 0 0 18 0 N.Z. and River Plato ... 2 0 6 — Well. Investment 0 11 9 — Well. Trust and Loan ... — 7 11 0 Well. Deposit — 0 0 3 Christohurch Gas — 9 17 6 FeilaLng Gas — 12 6 Napier Gas — 25 10 0 Palmorston Gas 8 18 0 — Well. Gas (-€10) 18 17 6 19 5 0 Well. Gas (£7 10s.) — 1519 0 Well. Gas (new irsue) ... — 3 5 0 National Insurance — 1 17 6 N.Z. Insuranco 4 9 0 Standard Insurance 1 11 9 — Christrlmrch Meat — 16 2 6 Meat Kxport (52*. 6d.) ... — 3 2 (1 N.Z. Shipping — 11 12 6 Union Steam 2 1 6 2 2 6 Well. Steam Ferry (18s.)... — 0 18 0 Weil. Woollen (ord.) — 4 0 3 Toupiri Coal — 119 Westport Goal t R 9 19 3 Leyland-O'ttricn 18 3 — Miramar. Ltd. (13s.) — 0 16 N.Z. Drue 2 10 6 2 11 6 N.Z. Paper Mill's - j i 6 Sbarlnnd'a ordinary — 15 0 Tnranaki Petroleum — (U7 0