COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1307, 9 December 1911, Page 8

COMMERCIAL ITEMS.

INVESTMENT SHADES. There were no transactions in investment shares yesterday. The buying and selling quotation!) were as under:—

OIL AS FUEL. We are now evidently on the threshold of developments bis with potentialities for tho future of liquid fuel. Scarcely a week passes without some important addition being made to conversion to fuel oil for power raising. As a nation we take credit for being in the front rank in all thin-; pertaining to progress, and so far as our industrial record goes this is doubtlej* merited. One of tho principal reasons for pur pre-eminence as manufacturers is the low cost of production which is attributable to a large extent to our plentiful supply of coal. Competition has grown so keen in recent years that manufacturer! who are situated in close proximity to a coal field have a great advantage over their less favoured rivals; to combat tbis ingenious minds have brought their «bj! ity to bear ou perfecting devices to cheapen the cost of obtaining steam power, hi' 1 so far as mechanical appliances for use i" conjunction with coal are concerned it i' irencrally conceded that they have gone as far as can be reasonably expected; therefore, if we arc to maintain our positi. in the industrial -world as a nation, w cannot afford to let foreign nations "-et too far ahead of us in the use of fuel oil. That the importance of this is recognised by the Government is evidenced bv its granting subsidies for the exploitation of oil in our colonics; our Colonial Government are also making subsidies for the exploitation of their oil fields, but from an industrial standpoint we cannot afford to wait for all these to gerrainat.e The Admiralty is the largest consumer of fuel oil in this country, and it is stated the Department will take considerably larger quantities bo soon as the colonial fields begin to produce, a.nd so justify the erection of additional fuel stations. ' As the superiority of liquid fuel is now gen orally; appreciated by engineers and t'' r world's production of heavy-grade oil has increased to such an extent that enormous stocks are held by 6ome producer? in consequence of which drilling operations have to be restricted in some of !'•■■ American fields, there should bo little difficulty in British manufacturers matin' favourable contracts.

Railway companies cannot bo expcctcr l to adopt liquid fuel entirely for a considerable time, on account of their havi--large contracts made for coal, but it is evidence of their faith in oil thnt a fur. tract has recently been made by one "' the lendinir Rnßlwh lines for the supply of 25.CC0 barrels of liquid fuel for delivery within the next twelve months, and it is not expected that this company will find it.less advantageous than do the large railways on the Continent, in California, and other States of America, where oii lias now nranticilly superseded coal, the Southern Pacific Eailwny alone using more than one million barrels annually. There is no doubt that oil will cm lone become the basis of power production, and those first to adopt it in any industry will command a considerable advantage over their less progressive rivals. This will bo fully demonstrated when the Innrc shins now being built fitted with lio.v-: .fuel mechanism arc in service, as the liiKhcr steam pressure now found to be so economical will render the wo of a fu* 1 so easily handled and so capable of ranid and maintained licit production indispensable; the adoption of oil will then be speedy and general, and it will Teigii supremo wherever speed and economy nro factors to be taken into consideration. There are now so many large jmnorlcrn of liquid fuel into the United Kingdom that the supply is assured. Oil disirilmtf.m has also made rapid strides of into many of the importers bcin« in a position to make contracts for delivery bv road tank wa&ons direct to consumers, and us it is alio not considered likely that any

difficulty will bo encountered witli the local author!tics in obtaining lliu necessary siinctioli to store considerable quantities, there is no serious obstacle in the way, should manufacturers wish to eonvert their boilers lor burning liquid fuel. —"ritiQiiciul Time?.'

I'KODUCK EXPOIIT3. Tho values of the principal products exported during the past month, compared with tho ligurcs for the corresponding month of last year, show as u.-idcr:— Nov., 1911. Nov., 1910. £ £ Duller 252.248 268,723 Checso 154,165 01AO Uecf 786 1,375 Mutton 28.48,1 23.132 Legs und pieces ... 273 Lamb 4,317 4,360 Wheat C.79J 20.(13 / Oats 692 2.6C6 Potatoes 371 ICI Hemp 13,707 25.896 Kabbits 18.231 13,237 Tow 1.157 1,518 Kauri gum 18,'31 3U,9',8 (train and pulse ... 3,269 312 Hops C9B 2,814 Hides 11.85(5 10,740 Skins *,2:e 31,994 Tallow 15,0 r si 18.390 Timber 44.0i2 55.829 Wool 388,192 295,t99 Gold 142,512 144.768 1.1 M.503 1,041,183 PHTHOIiEUM DEPOSITS. Opinion in scientific circles is growinir that very large deposits of petroleum will ultimately be discovered and exploited in the countries surrounding the Mediterranean. Numerous springs of petroleum have been found in the Tertiary format tions in Turkey, especially Hi that part of it which lies in Asia Minor. The valleys of the Tigris and tho Euhpratce arc both particularly rich in this product, and about 48 miles north of Mosul, on Ihc former river, oil springs produce about a ton and a half a day, which fetches a pice of about 25 paras per pound. The oil is got in small holes 3 or 4 feet deep and 2 or 3 feet wide, and is refined in a primitive still of boiler pattern. A Swim company was, indeed, formed over twenty years ago to work petroleum deposits east of Alexandretta; but after three years of development the results were not found satisfactory. As regards Syria and Valentine, it was announced recently that a London oil company bad acquired very large concessions, believed to be of great value. In Tunis no fewer than thir-v prospectors' licenses have been issued, and applications are coming in daily. Algeria has already produced some oil,' and part of Southern Spain is being surveyed with a view to finding tho bos-, 1 place for drilling. It is more than probable that in a few years' time a series of first-class oilfields will mark the coasts of the world's greatest inland sea.

Customs duty collected at tbo port of Wellington yesterday amounted to £1137 6a. Id.

BANK OF ENGLAND RETURN, By TclcgraDb— Press Association—Cojjyrizbt

(Pec. December 8, 8.35 p.m.) London, December 8: The Bank of England return issued for the week ended Wednesday, December 6, is as under:—

Ibsuf. Nelcls3«»... tetfi'A.ow Oov.dobt ....fii.qivflb Other socurl ti'-u ... -. 7.m,n"0 GOU 35.171.0T0 f54.620,000 fM.tHO.U.'o BINKINO DEPA.HTMHMT. Proprietors' Govt, securlcapital £H. 553,000 tios... ... £11,437,003 rublio da- Other eeenrirosils ... 11,154.00) . ties 57.459 000 Other deposit* ... Notfl* _ 000 Rest, 7-day and othtr ■bills... - 3,130,000 Cola-. „ 936,003 - i35,58i.0M £63,681,00° Th» leading items of tho Bank or line, land return afford the following comparison:— Thiswook Last wort. Lastyoar • £ £ ■ £■ \ ntiiiion ; ,ic.,'7i,i») :n.w.m Si.mw) Reserve :'0.755.n0) 27.07-.0«) .3j.a-.li ;co Notecirculntio'i 2«.7:!9.<.'ft) iH.73JXX>] -is "!)7.O)0 Pllbiio Deposits 11,151.000 1-2.ICS.CU) Im'isum Other Deposits 30,517,U0J IO.GIO.WW 3D,Ii3WJ Proportion of resoi-VB to liabilities ._ 52.« 51.01 6C.58 GOVERNMENT SECURITIES. The following aro tho latest quotation) tor Government ieeuritiea nith & comparison of thoso rulioj last week —

BANK RATES OF DISCOUNT. The Bank of England rato was, oG December 1. 1910, lowered from 5 to 4j per cent.; on January 27 it was lowered to 4 ccn « on i F „ ehru ary 16 to 3} per cent., and on March 9 to 3 per cent. On ScptomrnC 1 i' w , as ? dv , a "ced to 1 per cent. ihe Bank of France rato was reduced from 05 to 3 per cent, on .lanuarv 23 1908 and continued zl tho latter figure until September 21, Ull, when It was rS to 3 per cent jJ^Xn' al < 8 , a,1 !? I trf Ge ""»ny reduced ,™ «„ f „S m 5 4 0 ,'' 5 pcr oent - on February 6, and on February 19 the rate was urther reduced to 4 per cent. On Sep' tomber 19 the rate was raised to 5 per cent.

MATIKKT ItATKf! OF DISCOUNT. Tin; following ;irc tli'j market rates for licit three months' bills:--London I'nrin • Ilerlltl rati 1 . rule, nue. peretml. pereent. percent. Tlilrt week 3} 3ft 1J La.st week 3 9-16 JJ 4j Last year 3J y 4i| Short leans fl.re quoted at 3 tier rent.., as compared with J per cent. In«t week and 3rf per cent. Inst year.

COLONIAL AND OTIIKH I'KODUCK. Whcat--36.-. to 365. Cd. Is arltcd for Month Australian loading, 3C.ii. for three ports, .liiiiuury-Kehniury shipments; 3!i:i. 9il. for Victoria-South Auntivilian oil coast; 3f.s. fid. is bill I'm' New South Wales Augutit ship/neiil; 355. hris been nald for parrels, three poitii, December shipment. There is bettor jtiriutry for Australian on spot at 3i's. 6d.

,Tho American visible supply of wheat Is estimated at 107.i63.0L0 but/hols. Oiils tiro steady. La l'luttt December shiiio.eiit, 16s. 3d. Uutter is slightly easier owlnß to the arrival of nearly 89.0W boves of Australian and Sew /.calami, which arrived (luring lliu week. There is a Rood demand lor choicest Australian, Halted and unsalted, at 1265. to ;2Ss.; secondaries, 1235. to 1245. Choicest Now '/.calami, 123.1. to 1305.; Argentine, 1265. to 128s.

Cheese io llnii. New Zealand, 68s. to 69.«. (Sugar.—German beet, 88 per rant, net l.itro, 2d. lower tit 16s. Id.; Hrst-mark granulated, f.o.b. Hamburg, Bd. higher, at 18s.

Bradford Tops—The market is inactive, 64'b arc quoted at 25id.; mrncr CO'p, at 2<3d.; common 60'fl. at 241 d.; 56'e, nt 21ed.; M's, at 18(1.; 46's, at Mid.; 40's, at 13id.

THE METAL MAJIKETS. Ooppor, on spot, 15s. lower, at £58 6s. 3d.; threo month 3', 15s. lower, at £51 Is. 3d. Tin, on spot, 10s. lower, at £204; threo months', 15s. lower, at £192 se. Lead—Soft foreign unchanged at £15 15s. I'ig-iron, 3d. higher, at <8.». per ton. Spelter, unchanged, at £27. Silvor— Bar silver ia quoted at 25 M6d. per ounce standard. SOME PRICKS. ByTdeirraDh-l'rcp- Assi:clntion-Copytiffht (ltec. December 8, 8.35 p.m.) London, December 8. , Tho prices realised for the "Castle" clip were top price, 10d., average price 9id. LONDON' WOOL SALES. Uj Tclegrapb-I'ress A:. priniion-aopyright London, December 7. At the wool sales, prices were well maintained. For crossbreds the price.) were the highest of the series. There was a slight irregularity in -connection with faulty nieriuos.

Dalgety and Company, Limited, Wellington, have received cabled advice from their head office, dated December 7, as follows:--Wool Sales—Sales continue very firm. Wools in general are par to 5 nor cent.' higher, but. ou account of the demand for America, flno and medium quality crossbred* and nil crctsbred wools suitable for America are 10 per cent, to 1! nor _ coat, higher as compared with the closing rates of the September Eerie?, frozen uioat-Thc market is quiet. Mutton and lamb are unchanged. Reef if one-eighth pence per lb. higher since Inst cablegram. Tallow-Since our last cablecram . prices are 6d. per cwtr lower, and there is more disposition on the part of buyers to do business at the decline.

I'ALMERSTON WOOL. SKIN, AND HIDE , SALES. IBy Telegraph—Press Association.! Palmorslon N., December 8. Abraham and Williams, Ltd., report:— We held our usual monthly sale on Friday, and offered a siood catalosue to a large attendance of buyers. Coincident with the rite in wool, both in London and the last sale in Wellington, we eiperienced a rise from *d. to Id. per lb. here. Our catalogue comprised 72 bales, and 90 sacks of wool, chiefly medium crossbred, and competition was very keen, and the bidding for the skins and hides was also decidedly good. We established a record for Kilf-sliius, a lino malting up to HJd. Per lb. We quote wool: Rornney part hoggets, 9ld.j half bred, BJd.; crossbred, part tine, Bd.; crossbred, medium, 6id., 7d.. 7Jd„ 7Jd., 72d., to Bd.; black, 6d.; lambs. 7.1 d.; dead, 6d.to 7id.; locks and pieces, 4d. to 6Jd.: bellie.?. 5Jd. to 6id.; crutcliings and dead, 4!d. to 6d. Skins: Crossbred, line. s!d. to 63d.; crossbred medium, Kd. to 6!d.: crossbred inferior. s'd.: dead, 4\d. to 51d.; lambs, ssd.: hozacls, ■ 23d. to 55d.; peits, 2Jd. to 4d.: butchers' skins at- per piece: Crossbred medium to fine, ss. 6d. to 7e. Bd.; lambs. Is. to Is. 3d.; quarter-bred wools. 2s. 2d ; pelts, Is. 3d. to Is. 4d.; salted pelts, Is. Cd. to 2s. ,-.-•• Calf skins-Calf, sound, Tjd. to Hid. (the latter equal to id. €d. each, after tare deducted); cut calf, 7Jd.; slippy, 5Jd: yearlings, 6Jd. to BJd. Hides: Ox medium, 63d. to 7}d. per lb.; cows', medium, 6d. to 63d.; light, 53d.; cows', cut and dry, 55(1. to 6ld; horse, 6s. 6d, each; heifers and steers, 6^d. Sundries.—Tallow (casks!, £26 per ton; hogs, £23 IPs. per ton; tins, £14 ss. to £24 ss. per ton. Horee-hair, Is. 7}d. to Is. lOd. por lb.; cow tails, Is. 3d. per dozen.

MINING NEWS. Mining news will be found on Pago 7 of this issue.

Buyprs. Sellers „ . £ s. d. £ s. d. Equitable Buildinc 9 15 0 — Metropolitan 12 7 0 — N.Z. and Jiiver Plate ... 2 0 0 2 10 Well. Investment 0 11 6 - Well. Trust and Loan ... Ill G — Well. Deposit- ..0 5 0 0 8 0 Chvistohurch Gas :.. 9 10 0 — Gishornc Gas — 3 0 0 Palraerston Gas 9 10 0 — Well. Gas (£10) 18 7 6 — Well. Gas (£6) - 9 0 0 Well. Gas (prof.) 0 3 0 0 3 6 Christehureli Meat 14 7 6 — Heat Export (£4) — 5 0 0 atcat Export (52s. fid.) ... — 3 0 0 Well. Woollen (ord.) — 3 18 0 Well. Woollen (prof.) - 3 0 0 Hikurtmgi Coal — 10 0 Taupiri Coal 10 3 10 9 West port Coal 17 0 17 9 liCyland. O'lirien 18 6 — Parker, Lamb. Timber ... — 19 0 Taringamutu Totara ... — 210 0 C. JI. Banks, Ltd — 1 0 0 Crown Brewery 1 17 0 — Golden Bay Cement 12 0 12 9 N.Z. Con. Dental — 12 9 N.Z. Drus 2 9 0 2 9 9 In.Z. Paper Mills 10 0 ~ Sliarland'a ordinary — 14 0 Sharland's preference- — 14 0 Ward and Co 5 5 0 —

i. Variations — ■ corara od Tries. with ' _ lash v.-eok. 25% Inircri&l Consols 7f. 17 ' f. jr., hi e v., i ..N.S.W.1933Jan.-Jnty; 105 0 0 -Ms low i Vic.lMOJan.July 10110 0 ;ioV'lo«w 3l„ye.l0-.M Jan. July 07 o 0 ',0" 0" J Vio.lclWOJau.-July 8(10 0 20T mvc • 3j„L;,A.1016Jan.-Jnly 03 10 0 Unclnn c rt J ..S.A. WIS Jan.July !u a 0 Sc n°'nl 1 „QT.11D1M4 .Jan-July 101 1.-, 0 ?5 S Si 3 1 .Q'l\U92i<7J«n..July ,4 10 0 "0= lowor 4 „N./..1323May-Xov. 105 0 0 Urclmnco.l 3j „N.Z.19MJaiJ.July 8i 10 0 Wr K J ..w.A.lMo-jSMay-Xov bfi 0 0 Unclmnenl 3J„Ta 3 .3W0Jan.Jmy !) B .]0U 3* "to3 ..TasMiaMaJaa-July to 0 0 a) 3 ; j„™