COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1342, 20 January 1912, Page 8

COMMERCIAL ITEMS.

• INVESTMENT SHARES. There were no transactions in 4 investment shares yesterday. The buying and selling quotations were as under:— Buyers. Sellers. £ 3. d. £ 8. d. National Bank 512 0 — . Well. Investment 011 3 — Well. Trust and Loan ... 7 13 0 — CliriStehurch Gas 910 0 914 0 Gisbornc Gas — 3 0 0 Well. Gas (£10) 16 0 0 Christchurch Meat 15 15 0 — Taupiri Coal 110 — Kauri Timber 18 9 — Golden Bay Cement 13 0 — Manning and Co — 412 0 COMPANIES REGISTERED. Among the companies recently registered, according to the "Mercantile Gazatte," is the following:—Hastings Motor Transport Co., registered January 9. Capital £12,000, divided into 12.CC0 shares of £1 cach. . Subscribers: Thomas Tanner, 100; D. E. Davis, 100; F. King. 50; G. F. ltoach, 50: G. A. Maddison, 50; F. Howard, 50; E. Newbegin, 50. Ob j sets: To establish and carry on the business of forwarding agents, general carriers, warehousemen, bonded carmen, and common carmen, and any other business which can conveniently be carried in connection with the above. COMMONWEALTH INSURANCE. The Federal Governmsnt having passed its Banking Act, now stands pledged tu a Government insurance establishment, to cover all descriptions of insurance, except marine, and to retain the profits of the business for the benefit of Australia. It is one of t.hc attributes of the existing Federal Parliament that it can run any business, howoVsr technical and scientific, bettor than private enterprise can do, and it now appears that insurnnco is one of them. That the Commonwealth could run an insuranco office. is probable, with the power of taxation in caso nf lob'j. But, having granted tho field to private enterprise, it is uncalled for and unjust to attempt to knock that private enterprise out. It is the wiping out of the capitalist without compensation, if only the Caucus can succeed. But the existing insurance offices will hold their own, as they have in New Zealand. RISE OF "STRIKES, RIOTS, AND CIYIL COMMOTION." Tho Sydney Chamber of Commerce received on January 11 from the London Corn Trade Association a cablegram giving notice that "policies of insurance tenderable under contracts dated on and after March 1 next must cover risks of strikes, riots, and civil commotion." Attention is directed to the fact that Lloyd's standard policy does not includc ths above required cover. Shippers of wheat, Hour, and other produce sold under Loudon Corn Trade Association contract forms will therefore reouire to see that their insurance policies give the necessary cover, otherwise difficulties may arise through policies tendered along with shippings bills of lading, etc., when drafts are presented for acceptance. JAPANESE MAIL SHIPPING LINE. The semi-annual general meeting of the Nippon Yusen Kaisha was held recently at the Tokio Chamber of Commerce, Baron R. Kondo, president, in the chair, spoke on business conditions during the last half-year term. Subsequently the accounts and a plan of distribution, recommending a dividend of 10 per cent., were submitted, and unanimously adopted. Regarding the alleged increase ot the capital, the chairman stated that the financial condition was sound and stable, with reserves doubling by half the total capital, and, therefore, there was no necessity so far to increase the capital or to raise loans. The chairman said he had a memorial to the authorities concerned setting forth his private opinion, as to the eventful necessity of extending the Australian line, and the opening new steamer service between Yokohama and New York, and between Yokohama and Brazil, in tho event of the completion of the Panama Canal. Should the authorities adopt his views, and the company receives the order to furnish the service as suggested, ths chairman Raid the company would he under the necessity of cither increasing its capital or of raising a loan. Customs duty collected At the port of Wellington yesterday amoiintcd to £2379 Is. Id. BANK OP ENGLAND RETURN. By Tcleffraph—Press Association—CopjTirh* (Rec. January 19, 8.20 p-m.) London, January 19. The Bank of England return issued for tho week ended Wednesday, January 17, is as under:— ISSTTK DEPAftTHEHT Note Issue... £5*,9C0,000 Gov. debt ... £11,015,000 Other eecuri ti©3 ... 7,434,000 Goli 36.451,000 i 54.900.000 jESi.SOO.OCO BiiTHNa DEPAJITiEETTT, proprietors' Govt, secarlcapital £14,553,000 ties £15,270,000 Public do- Other securiposits ... 16,934,000 ti08... ' ... 31,655,003 Other deposits ... 39.660.000 Note! ». 26,856,000 Rest, 7-day And oihor bills... 3,431,000 Cola — 857,000 £74,633.000 £74,628.030 Tho leading items of tho-Bank of England return afford the following compariThis week Last week. Last year £ £ £ Bnllfon ... 36.451,000 30.2-i5.000 33,807,000 Reserve 27.713,000 25.000,000 25,(J95.C00 Note circulation 28,011X00 25.585.U03 27,418, CX) Public Deposits 16.081.000 12,469.000 10.057,000 Other Deposits 39.650.00J . 4a.7-JG.QUO 40,033,000 Proportion of reservo to liabilities . „ 49.94 46.07 57.23 GOVERNMENT SECURITIES. The following ire the latest quotation* for Government securities, with a compariion of those ruling last week:—

Variations .. compared Prioo. with last wcok. £ 6. d. 2J% Imperial Consols 77 7 G 275. 6d. lower 4 N .S. W. 1933 Jan .-J ul y 105 30 0 Unchanged 3} 'N.S.W.l9lß>lar.-Sop. M 0 () Unchanged 3 ,N\S.W.l f J3.3 ApJ.-Ocfc. 67 0 0 Unchanged 4 , Vic. 1920 Jan.-July 10110 0 Undiluted ai „ Vic. 1921-ti Jan.July Ut> JO 0 Unchanged 3 „Vic.1029-49Jan.-July 81 JO 0 Unchanged ;-ii fI B,A. 101U Jau.-Jtily 97 0 0 Unchanged 3 , S.A. IJJO Jan.-July K5 0 0 Unchanged •1 t ,QTdi9l3-24 Jati.-Julv 102 0 0 Unchanged 3j„ QTdlOil-aOJati.-July 50 10 0 Unchanged 3 „QTdlfi , «J-«47Jan.-July 8-1 10 0 Unchanged I „N.Z. 1020 May-Nov. 105 -0 0 Unchanged 3-i „N.Z. 1!M0 Jan.-July 97 10 0 20s. hMier 3 „N.Z. JlM.'i Aprii-Oct. b7 JO 0 3Js. higher 3i W.A.lftUWOMay-Nov la 0 Unchanged » „ W.A,1915-35Jlay-Nov W 0 0 Unchanged ai „Tas. K'4oJan.-July tiG 10 0 Unchsnged 'i ..Tas.lWMO Jan. -July fcs 0 0 Unchanged

BANK RATES OP DISCOUNT. 1 The Hank of England rato was, on Doccinber 1, 1910, lowered from 5 to per cent.; on January 27 it was lowered" to 4 per cent., on February 16 to 3} per cent., and on March 9 to 3 per cent. On September 21 it was advanced to 4 per cent. The Bank of France rate was reduced from 3$ to 3 per cent, on Oanuarr 23, 1908, and continued at tho latter figure until September 21, 1911,.when It was raised to 3J per cent. Tbe Imperial Bank of Germany rcdnccd its rate from 5 to <£ per cent, on February 6, and on February 19 tho rate was further reduced to 4 per cent.. On September 19 the rate was raised to 5 per cent. MARKET RATES OF DISCOUNT. The following are the market rate 3 for best three months' bills: — i Lcfndon Paris Berlin rate. rato. raie. pcrccnt. percent, percent. This week 32 33 3 La?t week 33 5J 3J • Last year 2jt 3jj Short loan 3 are quoted at 3J por cent., as compared with 3i per cent, last week, and 5J per ccut. last year. COLONIAL AND OTHER PRODUCE. Butter.—The market is dull, owing to heavy arrivals, and buyers aro taking the least possible quantities. Choicest Aus- : trnlian. 1265. to 1285.; secondaries, 118s. to 1225.; New Zealand, choicest, 130s. to 1325.; secondaries, 1245. to 1285.; Danish, 1355. to 1375. Several papers have published articles charging the principal importers with cornering and forcing prices against consumers. It is understood that the articles were inspired by a northern firm, who sold short. Importers ridicule the charges, and point out that ths high , values are the result of the drought in Europe. The official statistics Bhow that the imports of foreign butter during tho Inst'quarter of. 1911 declined by 9394 tons, as compared with 1910, and colonial declined 1747 tons. Cheese is dull. New Zealand i 9 quoted at 725. per cwt. Wheat.—Tho markets are firm, and there 13 an active demand for cargoes. Two Australian cargoes sold at 36*. 9d., three at 375., and one at 375. 3d. Sixteen thousand quarters, shipment from three ports in January, 375.; 60C0 quarters. South Australian January shipment, 375. 3d. Australian, on spot, ( meets with a moderate demand nt 38s. 1 New Zealand, longberry 365. fid., shortb?rry 363. Flour, on spot, is slow. Australian, 255. to 255. 3d. Oat?.—New Zealand oats are being held for higher prices: La Plata, January-Feb-ruary shipment, 16s. 9d. Peas are dull. First N<rw Zealand, March-April shipment, 375. 6d. Beans are firm, and stocks are smalL New Zealand, ex store, 365. to 365. 6d. Sugar.—German beet, 88 per cent, net titre, lid. higher, at 15s. 7d. per cwt.; first mark granulated, f.o.b. Hamburg, Bd. hi?h3r. at 17s. sd. Bradford Tops.—The market is firm. Sixty-fours, unchanged, at 25d.; super sixties: unchanged, at common sixties, unchanged, at 24d.; fifty-sixes, *d. hicrhor, at 2Ud.; fifties, Jd. higher, *at 18Jd.; forty-sixes, id. higher, at 143 d.; forties, 3d. higher, at 13* d. THE METAL MARKETS. Copper.—On spot, 13s. lower, at £62 16s. 3d. per ton: three months, lis, 3d. lower, at £63 12s. 6d. Tin.—On soot, £3 10s. higher, at £191 10s. per ton; three months, £4 ss. higher, at £188 ss. Piz-iron. 7d. lower, at 495. 3d. per ton. Silver.—Bar silver ia quoted at 26d. per ounce standard. AUSTRALIAN MARKETS. By Telejrr.iph- Press* Ap^ormtinn—Copfrlffhl (Roc. January 20 , 0.45 a.m.) Sydney, January 19. Wheat ha-s risen a penny a bushel, and bran and pollard five shillings a ton. GRAIN MARKET. BJy Teleciiiah.—l'ress Association.) Chrtstchurch, January 19. There is a good inquiry for old wheat, though ttere is not much offering, farmers holding firmly, while there is uncertainty regarding the coming harvest. One line was ~ purchased during the week at 3s. 6d. at a country station. The weather during the '.vcck has lieen more favourable to the ripening of the crops, and to saving the few lots of earlycut oats ami barley. Very few new oats arc yet on tho market. A few gales of Algerians have taken place during the week at 2s. at country stations, and it is also reported that Cartons havo changed hands at Is. 91d. and Is. lOd. No business is yet reported to have taken place in barley. Grass seed is likely to be a fairly plentiful crop this season, but like the grain harvest will be later than usual.