COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1227, 8 September 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHAKES. There were no transactions recorded yesterday. The buying and selling quotations were as under:— fluyera Sellers. £ s d, £ s. d. National Bank 6 0 6 6 2 6 N.Z. Loan and Mercantile - 0 17 9 Well. Investment 0 12 0 0 12 9 Well. Gas (£10) - 19 0 0 Well. Gas (£7 10s.) - 15 10 0 Well. Gas (new issue) ... 2 15 6 3 0 0 Well. Gas (rights) 0 0 4 0 0 5 N.Z. Insurance 4 9 6 ~ Christchureh Meat - 1515 0 Well. Woollen (pref.) - 2 19 0 Westport Coal ; - 18 9 Loyland-O'Bricn 18 6 — Manning and Co -- 4 16 N.Z. Paper Mills ,- 115 Sharland's ordinary - 14 9 Tarauaki Petroleum — 0 18 6 Taringamutu Totara — — 2 6 6 Ward and Co — 6 10

THE MONEY MAHKET. . Until the Morocco dispute is settled there 13 sure to bo disturbances In the money markets, stock exchanges, and bourse'. So long as the issue is uncertain capital will be nervous, aud the owners of money seeking investment will act with caution. In London there ha 3 besja an advance iu the open market discount rate from £2 18s. 9d. per cent, to £3 17s. 6d. per cent. This is a very substantial increase, and is directly due to tho uncertainty of the political situation. Tho bill brokers o£ Lombard Street recognise the possibility of trouble, and they arc insuring themselves as well ns they can by charging one per cent, more than the rate current last week, lurthormore, it is likely that they are making a careful selection of the bills which they discount. On the Continent the bourses are depressed, and there has hecn a run on tho Stettin Savings Dank. Tho discount rate on the Continent, particularly in Berlin, must be considerably higher than in Great Britain. If there id to be war, Germany will need much cold. There is, of course, the £6,000X00 lodged in the .Tulian Tower at Ereslau, winch would be immediately available, but this sum would bo swallowed up in mobilisation expenses. Modern wars are extremely expensive as we know by tho Boer war and tho Russo-Japanese war. These wars cost the respective countries many hundred millions sterling. A war between European nations, and such a war as that between Germany and possibly Austria on tho one side, and France. Russia, and Enpcland on tho other, would call for a vast amount of gold. From latest rcturns-that is to the third week in July-the metal reserves of the national banks of the several countries were ns under:— Gold. Silver. £ .-£ Geraanv 59.841.CC0 — Austro-Hungary 55.934.CC0 12.692.CC0 . , 115,775,000 12.692.CC0 The two countries thus havo a command of £128,467,000, and if we take in the £6.000,000 in tho Julian Tower, the total is £134,467,000. The finances of tho otheT countries are as under:— ' Gold. Silver. &■ £ France 127.443.CC0 33.995.CC0 Ku«sia 126.889.0C0 7,695,000 ■ England 40,635.000 — 294,968,000 41.690.CC0 These three countries show a, total of d8336.65E.0C0 or £202,000,000 mow than Germany and Austria. ' Furthermore. Great Britain can promptly increase her resources by securing all the new mined epld over which she has control. Sho can draw on South Africa, India, and Australia. Financially, the position is very interesting, but it can be seen that there is little chance of war. '

A YEAR'S EXPORTS. SOME PPJNCIPAL VALUES. Tho valuer of exports for tho twelve months ended August 31 aro as follow:— 1911. 1910. £ £ Butter .'. '. 1.677,195 1,591,934 Cheese W87,905 1,266.427 Bo°f 333.384 664,377 Mutton ■ 1,15«.83S 1,225,018 Mutton 'pieces) 51,082 63,197 Lamb 1,943,858 1,9i2,196 j Wheat ...f 293,518 104.776 Oats » 25 ,° 35 IM -' ! ' J Potatoes 5.453 3.573 Flax 329,647 453.1C9 Rabbits .: •• 75,946 79,4« TYiw 25.418 30,013 Kauri Gum 395,421 561,195 Grain 80.C46 72.6<8 Hops ' IUS9 20,242 Hide, 175,102 234 049 fikins 785.653 872.093 Tallow 641,357 778,933 Timber ... 456,779 364,554 Wool .................... 7.156,127 7.949/31 Gold ... 1,858,141 1,964,571

KAIL WAY CAPITAL. -Accordiwr to the "Railway Gazette" tho total capital lfsnes made Sarins: tho first half of tho current year by railway undertakings apsresated i.44, C.0.000, most of which has been, required for tho purpose of financing the con!truct:on of new lines. The issues, moreover, were remarkably well distributed throughout the world, including Australia, . Canada, tho Argentine, China, Brazil, tho United States,- British Columbia, Havana, and the Central London and London electric railways. It is of interest to noti-so that the two largest issues wero in connection with Chinese railways—tho Rouih Manchuria and tho Imperial Chinese railway-each of which issued sterling bonds to tho norinal amount of six million pounds.-

. BANK OFFICERS' SALARIES. At the meeting of shareholders of the Union Bank of Australia, Ltd., held in London in July, the chairman referred to the item', dealing with salaries in; the following terms:— ■■■"•■■ ' ' ' I desire to warn the shareholders that t'hov must expect further increase in this direction—not only on account of the ordinary expansion -of our business, and the opening of new branches-but on account of the increased cost of living throughout the country. While guarding carefully against any undue increase in expenses. the directors feel it incumbent upon them to sco that the staff is adequately remunerated, and that' their salaries should not compare unfavourably with those of other institutions. I am confident that the board will have the hearty support of the shareholders in this policy." Ho concluded by remarking that "in times of prosperity, such as aro now ruling, caution as regards advance business is especially noccssary, 'and . present values •_ are not taken by our officials as a basis for advances. Tho value of a property depends upon its productive po«*er in average years. As we all know, there arc cycles of drought and bad seasons in Australia, and ',we cannot look for the present prosperity to continuo without somo setback. At the same time, I believe that business to-day in' Australasia is generally sound, and when bad. times como that people should be bettor prepared to meet them than in times past." It'is to be hoped that other banking institutions are equally alive to the wide fluctuations in Australian land values.

NOTES. The make of pig-iron, was considerably reduced in the Unitod States (luring tno first half of this year. It has been a. fluctuating ouantity at ail times, but it was evident that in the first half of last year the output was excessive. In the Dooming/ 1937, the six-months' make of pig-iron was 13,223,770 tons, whereas in that of 19C8 it was about half at 6,758,615 tons. It rose to 10,890,161 tons in the. first half of 1909,' and un to 14,763,229 tons- (a record) in ■ that of -1910. But to June 30 this year there was a drop back to 11,470,054 tons, and the decline was continuous all through, the half-year. Building activity in tho United States has also' lessened, tho recorded expenditures in 118 cities in the first half of 191 L having been £83,029.635. as compared with £90,647,640 in the first half of 1910, and' with £91,799, 224 in that of 1909. : Early last year it appeared as though the Transvaal had reached the maximum of its gold output .and in two month 3 fchoro was actually a droo in tho returns rocorded.. But, with the second half of last year, an expansion was again apparent, and the output is closely approach■z £3,C00.C00 monthly. In the first half of last year the Transvaal output was £16,557,338. and this year it increased to ■£16,889,615, showing a gain of £1,332,277 on the Eix months; and that country is even strengthening its lead as the world's greatest Void producer. The census of the. Federated Malay States just- taken shows a total of 1,035.933 persons, as compared with 678,595 in 1901. thus indicating an increase of 357,338, or of 52.7 per cent, on the ten years. The Chinese included in the total number 435,244. against 299,739, an increase of 133,505, and they are now somewhat moro numorous than the Malays. Tho booms in rubber tho tin have brought much people to that country, and a somewhat miscellaneous assortment of them into the bargain.

COMPANY KEGISTERED. In the list of companies registered published in the last issue of tho Mercantile Gazette, there is tho following:—Wanganui Trust Company, registered as a private company on September 4. Capital, £5000 in 1000 shares of £5 each. Subscribers—L. E. Bassett, 2CO; 11. Christie, 400; J. F. Holloway, 200; C. H. Walter, 200. Objects: To advance or lend moneys on security of freeholds, leaseholds, etc.

WANGANUI FREEZING COMPANY". Tho balance-sheet of tho Wanganui Moat Freezing Company shows that the loss on tho year's working is over £5000, tho profit and loss account now showing a debit balance of £3367 6s. 4d. The report of the directors attributes this to tho company having to pay higher prices for stock this year as compared with last, while prices realised in London showed a falling off. During tho year tho company has erected new storage rooms, giving additional capacity for storing, equal to 15,000 sheep. Provision has also been made for necessary accommodation to enable the company to deal with dairy produco in consequence of Wanganui having been made a grading port.

Customs duties collected at the port of Wellington 'yesterday amounted to £4246 2s. 3d. SILVER. By Tclograph—Press Association-Copyright London, September 6. Bar silver is quoted at 24 3-16 d. per ounce. TALLOW SALES. By Telegraph-Press Association-Copyright London, September 6. At the tallow rales 1591 casks were offered, and 1543 sold. Mutton, fine SSs. 9d. per c\vt„ medium 003, Gd.; beef, fine 33;, 9d., medium 33«. 6(L

AUSTRALIAN PRODUCE MARKETS. By Telegraph—Press Association-Copyright (Ecc. September 7, 11.35 p.m.) Sydney, September 7. Wheat, 3?. 7Jd. to 3s. Si.; Hour, citv brands, £8 10s.; country brands, £8 ss. to £8 7s. Gd. Oats. Algerian feeding, 2s. 3d. to 2s. 5d.; seeding, 2s. 7d.; Tasmanian, 2s. 'led. to 3s. Barley, Cape, 2?. Cd. to 2s. Bd.; English, 2s. <!d. to 2s. 6d. Maize, 3s. to 3s. 3d. Bran, £5. Pollard, £4 15s. Potatoes, Tasmanians, £8. Onions. .£■l to £5. Butter, sclented brands, 1205.; prime, 108s. to U6s. Cheese. 6£d. .Bacon, £}d. Melbourne, September 7. Wheat, 3s. Bd. to 3s. B<d. Flour, £8 IDs. Oats. Algerian feeding, to 2s. Id.; luiiliau, 2s. 2Jd. "Barley, Capo malting, 2s. lCd. Maize, 2s. ad. Uran and pollard, £5. Chaff is quiet, and compressed is vcrv scarxe; oaten, dumped, £3 10s. to £3 155.: compressed, uncovered, £3 155.; covered, £4. Potatoes, £4 to £5. Onions, to £3 ss. Adelaide, September 7. Wheat, 3s. 7d. to 3s. 7)d. Flour, £8 to £8 ss. Bran, 12Jd. Pollard, 123 d. MELBOURNE TIIDES MARKET. By Tclcjraph—Press Association-Copyright (Roc. September 7, 11.35 p.m.) Melbourne, September 7. Average supplies came forward at the hides sales to-day. There was good competition, and prices wero firm at late rates. LONDON MARKETS. Sheepskins.—Messrs. Dalgcty and Company, Limited, have received cabled information from their London office, dated September 6 that the sales have opened, and tho market is dull. Merino combing skins are par to Jd. per lb. lower, and tho market for crossbreds is irregular. The New Zealand Loau and Mercantile Agency Company, Limited, have rcceivort the following cablegram from thoir London house under date September 6:—Tallow: We o.uote present spot values for the following descriptions:—Good mutton, 38s. 9d per cwt.; good beef, 355. 3d. per cwt.; mixed, • a2s. 9d. per cwt. The market is llrm. Wheat: Sold an Australian cargo, at 375. 3d. net c.i.f. Tho market is quiet but steady, and the outlook encouraging We quote, per quarter, c.i.f.: New Zealand wheat. longbcrried, 335. 6d.; Ehortborried, 335. Oats: Cartons. 21s. 3d.; and Sparrowbills, 20s. Jd., c.i.f. The market is quiet but steady.