COMMERCIAL ITEMS.

Dominion, Volume 4, Issue 1234, 16 September 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHARES. A sale of Union Steam shares at 40s. 9d. was the only transaction recorded jn investment shares yesterday. ' The buying and selling Quotations were as under:— Buyers. Sellers. £ 3 d. £ s, d. National Bank 6 16 — Rank of N. Zealand ... 12 3 0 — Christ-church Gas — 9 15 0 Well. Gah (£10) - 19 0 0 \Vell. Gas (rights) < 0 0 3 0 0 6 Standard Insurance 1 11 3 — Union Ster.m 2 10 — , Well. Woollen (ord.) ... — 4 0 0 Taupiri.Coal 116 — KharJand's ordinary — 14 9 Tarauaki Petroleum — 018 0 ARGENTINE MEAT TRADE. There has recently been a quick succession of announcements regarding inportant additions of British tonnage to the vossels already trading between Great Britain and the Argentine Republic. The latest etatement is to the effect that Messrs. Lamport and Holt.- who have been associated with the South Atlantic trade for many years, are about to establish a monthly service for the transport of pascongers and chilled meat .between Liverpool and Buenos Ayrcs. In addition to controlling the railways of Argentina, Great Britain is now absolute mistress of the Republic's overseas trade. The rapid creation of those additional tranport facilities is due mainly to the growth of tho chilled meat industry in Argentina, which, although it has already reached gigantic proportions, is still regarded by experts a-s in its infancy. Approximately the export of frozen mutton is at the rate of 4.GCO.CCO sheep per annum, while in round numbers 3.CCO.CCO quarters of beef aro also dispatched for foreign consumption. Ten year 3 ago the figures were infinitesimal as compared with those just quoted j nevertheless, it is probable that during the next decade the rate of expansion will bo no lo?s rapid.

lhe Argentine meat industry, accordc to the "Financial Times," has passed through three stages; originally live cattle ware sent to Deptford, but the occurrence of foot-and-mouth disease resulted in the establishment of the system of refrigeration: of late years the more efficacious chilling method now in genera! use has been adopted, a.ud lias been productive of results far beyond original expectations. Iho American Meat Trust is practically the sole owner of the Argentine branch of the industry, and although there are many who criticise the methods of the TiT-st, it is a fact that stock raisers in South America aro now selliug cattle in largo numbers and at higher prices than over they have done before. The United .States imports more chilled meat to-day than at any previous time, while in the United Kingdom and 011 the Continent the demand appears to be almost unlimited. The problem which confronts tlio chillcd meat packers is. therefore, not how to dispose of their output, but how to increase supplies and transport facilities. For the latter purpose British capital has been torthconnng. literally, in millions, but more is still required, and, doubtlefs, will be supplied through the usual channels. .Railways have been built for the solo purpose of dealing with the meat trade in Argentina. Gome running to the chillin" works and others to- the coast. Scores of now vessels, with every form of modern appliance, have been constructed, and others aro being ordered as rapidly as possible. Ac matters stand at present there is no restriction of output in order to maintain prices, and conscciuently 0110 of the factors which enters into t'-e calculations of those engaged in almost' evenother form of commercial enterprise is absent in this case, thereby greatly lessen mg the anxieties of those interested in'tho business. Customs duties collected at the port of Wellington yesterday amounted to £1372 LONDON WOOL SALES. By Telegrapn—l'ress Association-Copyright lm , , Sydney, September 15. The wool sales for the week closed firm at a. lower level than has been recently established. LONDON MARKETS. Messrs. Dalgcty and Company, Limited have received the following cablegram from their London House, dated September 14:—Frozcn Meat: Slightly better demand Lamb, par to ,-,d. higher; mutton. id. per lb. higher: beef. Id. per lb. liitthor. Tallow: Primo descriptions, Is. higher, Other descriptions mostly unchanged; occasionally. 3d. to 6d. hJthcri

BANK OF ENGLAND UETURN*. By Telegraph—l'ress Association-Copyriirht (Koc. September 15, 10 p.m.) London; September 11. The Bank of England return issued for the week ended Wednesday, September 13, is as under:— ISSUE DnPABTHENt Soto Issuo £50,834,000 Gov. debt ... £11,015,033 ©tlicr securities ... 7.431.000 Oold ... 41,385.000 £53,831,C00 fSD.B3I.UIa Banking Depactsient. Proprietors' Govt, securicapital £14,553,000 ties £14,595,003 Public do- Other ;;ccuriliosits ... 0,938,000 ties 20,382,000 Other doposits ... 4),319.000 Xotea „, 30.303,C00 Best, 7-day md other bills 3.709,000 Coin _ 1.03G.C00 £7->,519,003 £72,519,C00 Tho leading items of the Bank of. England return afford tho following comparison :— Tliiswook Lastweok. Lasts-car as. £ Bullion 41.335,093 40.315,003 M,2(1,003 Iteserre 31,539,000 £0,151X00 50.505.U10 Note circulation 20.3S1.00!) 29.703,000 27,05i,00 Public Deposits 9.938.UU 9.925,(XX) 13,327,1X1 Other Deposits 44.319.1 XX) 41.92t.00J 43,750,00 Proportion of reservo to liabiUties ... 68.10 68.10 63.42 GOVEENMENT SEOUEtTIES. The following are tho Litest quotations for Government securities, with a comparison ol' those ruling last weel;:—

BANK KATES OP DISCOUNT. The Bank of England rato was reduced on Juno 9 from 4 to 3 per cent.; on September 29 it was advanced to 4 per cent., and on October 20 to 5 per cent. On December 1 it was lowered to 4i per ccnt., on January 27 to 4 per cent., and on February 16 to 3i per cent., and on March 9 to i per cent. The Bank of France rate was reduced from 3J to 3 per cent, on January 23, 19C8, and remains at the latter figure. The Imperial Bank of Germany on January 21. 1909, lowored its rate from 5 to 4J per cent., and on February 10 to 4 per cent. But on September 26 it was raised to 5 per cent., on February 6 it was reduced to 41 per cent., and on February 19 to 4 per cent. MARKET RATES/OF DISCOUNT. The following aTc the market rates for best three months' bills:— ■ London Paris Berlin rate. rate. rate, percent per rout, per rent. This week 3J 2i Last week 3 21 4 Last year 23 2j 35 Short loans are quoted at 15 per cent., as against 13 per ccnt. last week, and 1J per cent, last year.

COLONIAL AND OTHER PRODUCE. Wheat—The markets are inactive and easier on an unexpectedly large estimate of the Frcuch crop. Chicago. December shipment, 96,\ cents to 97J cents. Holdcra are 365. 3d. for South Australian, per sailers, April-May shipment. 375.; for Juno shipment; 37a. 3d., for October-Nov-ember shipment; and 375. for threc-p.irfo new crop December-January; 355. VA. for South Australian and Victorian carceln' afloat; and 375. 6d. for Australian on epot. Flour.—There is a nuict demand. Australian, 2Es. 6d. e.t store; 25g. to arrive.

Oats arc quiet. lin. Plata-, September-Oc-tober shipment, 17s. 3d.

Butter is firm, with a. good demand. Choicest new Victorian, 1245. to 1265.; uusalted, 1285.; 6econdaric? are quiet, at 114s. to 120s. Danish is unchanged. Cheese is firm, with an upward tendency. New Zealand, none offering. Canadian, 675. to 695. All dairy products are in short supply, and higher prices are , anticipated. Sugar.—German beet, E8 por cent, net titre, 7d. hiffher, at lEs. per cwt.: first mark granulated, f.o.b. Hamburg, 23. Ed. higher, at 21s. 6d. Tho latter quotation is nominal.

Bradford Tons.—The market is flat. Sixtyfours, id. lower, at 27d.; surer sixties, *il. lower, at 26jd.; common sixties, id. lower, at 25£ d.; fifty-sixes, H- lower, at 21id.j flftiee, Id.' lower, at 18(1.: forty-sixci. lid. lower, at Wirt.; forties, ljd. lower, at 13} d. Mining news will be fouiid on Pago '7 of this issue.

Variations ~ I compared Price. with last week. £ s. d. 23% Imperial Consols 77 7 6 5s. lower 4 , f ]S\S.\V'.1933Jan.-July 104 0 0 Unchanged 3i „N.S.W.l f JlS-.\lar.-Sop. 98 10 0 • Unchauged 3 ,.N,S.W.1935 Apl.-Oct. £6 0 0 Unchanged 4 „ Vic. 1920 Jan.-July 102 0 0 Unchanged 3i „ Vic. 19-21-6 Jan.-July 93 0 0 Unchanged 3 „ Si 10 0 Unchanged 3£ „S,A. 1916 Jan.-July 95 ID U Unchanged 3 „S.A. lt)16 Jan.-July W 0 0 Unchanged ■1 „QTdl915-i21 Jan.-July 1CJ 0 0 Unchanged 3$ „QTdl ( J2i-30Jan.-July 0 0 -203 lower 3 „QTdllf22-<7Jan.-July U 0 Unchanged i „N.Z. 1929 May-Nov. 101 0 0 Unchanged 3& lf i\.Z. 1910 Jan.-July 'J7 O 0 Unchanged - 3 „N.Z. 1915April-Oct. 10 0 Unchanged 3$ „ W.A.1920-40 Alay-Xov 7 C Unchanged 3 W.A,1915-25May-Nov M 10 0 Unchanged 3$ ,, Tas. JMOJau.-July 97 1) 0 Unchanged 3 ..Tag. 192-3-19 Jan.-Jnly fcU 10 0 Unchanged