COMMERCIAL ITEMS.

Dominion, Volume 5, Issue 1361, 12 February 1912, Page 10

COMMERCIAL ITEMS.

INVESTMENT SHAKES. A sale of New Zealand and Hivcr Plate Land Mortgage shares at 40s. 6d. was the only transaction recorded on Saturday. The buying and selling quotations were as under:— U'Wcrs. Sellers £ s. d. £ s. d Well. Denosit — 0 0 0 Well. Gas (pref.) - 0 8 0 N.Z. Insurance 4 13 6 — Christchurch Meat — 16 2 6 N.'-4. Shipping - 16 0 0 Union Steam 1 19 6 — Leyland O'Brien 18 9 19 6 <:. .'i. . a.ifcs. Ltd - 10 0 Golden Bay Cement 14 0 — .'.renning and 'Jo - 4 12 0 N.Z. Con. Dental — 12 0 Ward and Co — 5 5 0 DECLINE IN EXPORTS. There is a strong probability that the current season will show a further substantial decline in the aggregate of the c::pji';s. l'.mr i.-ioaths of the new season have passed, and the figures are very disappointing. Takins the statii-.iics furnished monthly by the Department of Agriculture, Tourists and Commerce, we get the following:— 1911-12. 1910-11. £ £ October 614,007 720.Z83 Novcn.ior 1,(4i.:63 December 1,232,122 ' 2,:61.7c9 January 2.432,155 3,0_6.016 5,532,797 6,949,351 In the four months there is a decrease of £I,<lC-,5j4, equal to nearly 21 per rent., and if this ratio is maintained t'.v: secion will prove an exceptionally had one tor the community.

COMMONWEALTH NOTE If-fIUE. The. Melbourne "A:';,-r.s" of February 1, in dealing with the above subject, remarks that a profit or .CIS ,COO Tor l!\3 nirrcnt year wai e:cpe:tcd frjm the Auit.aii.n note issue is one of '.ho advantages attributed by tile Prime Minister to the notify of tlu- prc-?:it Federal Government. While it is surprising that such sordid ideas as prolit-n:;'lcing should now be considered a recommendation for the currency scherr.o winch was ostentatiously introduced with much higher ideals, the method of calculating the profit would doubt'.?.-* prove of interest. When a proiit cf .E9O.CCO was counted on from the issue of £4.0C0,Ct0 of note's. £5 per cent, coin recerve was allowed for. The balance was looked upon as brine; able to earn 3 per rent. On the se,me basis, therefore, .CG.OQO.CCO would be rotniired to earn ih; £100,0;0. and since the amount earning interest a! the date of the hist return was only a Utile, over £5,0X0.000, some considerable expansion in the total issue will have to take place or the coin reserve decreased. Though portion of the coin received for the Federal notes is bearing interest at the rats of Ji per cent., the extra J per cent, would probably ho absorbed by administration, and such it"ms as the destruction of used notes, which, according to a. recent statement, is estimated to be at the rate of £60*0 per day. Another fact, that, tins been conveniently overlooked by Mr. Fisher throughout his note calculations is that the people of Australia would not be better off to the extent of fIEO.OOO even if his calculations were borne out. since they, as citizens of the States which collected a note tax from t'-e banks of issve, have lost at lcost £8?,000, while Oucensland is £25.000 worse oIV bv the loss of its note issue, so.that £105.000, if not more, of V.r. Filler's estimated profit is mythical. The further statement that the nineteen years' experience, with 'he Oucensland issue assured him that Federal notes were as safe as Anything could lie made safe by the hand of man is not convincing, in view of the recent proposal to reduce the reserve, and because an Australian itiuie, which can only bo redeemed at one centre in the Commonwealth, is totally different from Ihe Oueensland example. Apert from this, after' the issue has Lweii subjected to the test of hard times, it will be early enough to talk of its merits.

BRITISH P.O. SAVINGS BANKS. Fuller details than have yet been published of the interesting scheme prepared by the lirit.ish PoMmastcr-Geiicral lo secure economy in the management of smalt accounts in the Post Office Savings Bank, have heen received by the last mail. It is shown that there are about 800,000 accounts opened annually in the 15.C00 branches of the bank in the Unit-ad Kingdom, and only about half of them reach to £1. They probably represent the struggles of those members of the submerged tenth who have some aspirations towards thrirt, but whose circumstances become too strong for them. The odd shillings which are deposited have heen secured cither in a vholly unexpected manner, or arc the visible expression of extreme economy. The timo soon comes, however, when not only aro there no more to add. but withdrawals are inevitable, and th; account.- aro speedily closed. To keep a record of all these transaction* in the head office has involved an expenditure of £17,000 per annum, and but little useful purpose has been served. Tho new system provides for the insuc of a specially designed pass book for accounts of less than -ft. Por every Is. deposited a. coupon is ofiUed to the hook, and withdrawals of roonov arc accompanied by the abstraction of coiinons to the value of the sum paid out. When the balanne reaches £1 tho ordinary system comes into operation, because the deposit then becomes interest li-Tiiiß. T * is anticipated that no Cower t'viii J.POO.OCO transactions will be dealt, with under this new system every year. TOTi TEA TRADE.

The London "Daily Telegraph of December 26. in its review of the tea trade, remarks thai the relative position of suppi- and demand is not what it used to he. nlid instead of there being ton much it. is now a nucstion whether in future ycavs there will be quite enough for all. The average of the figures for the United Kingdom for the last two completed years showed J37,COO,OOC'Ib. a, year brought m and 3JB 50C.OOCib. a year taken out; and the sli"ht turning of the scaie in favour of the =«|lcr has proved enough to change the tone and tendency of marhetc. Whilst home traders have, been looking as usual for hcavv supplies, buying from hand to mouth, holding as little duty-paid etuclt n< nn-siblc. others abroad have acted ciisfcce'ntly. as finding, their trade developin" t'rn- went straight to the sources of supply, 'competed . with todoii buyers tlr-re and earned off larger quanrilies vivr 'bv vear. Five seasons hack India, K.vton -»Vl .lava shioped sIO.CCO.UKM)., of which MiCIK.iOOIb. came to the United Kin-'ilom; while laet season out of J.GO,-O-'OOSilb. exported, only SK.KO.OCOIb. was received by the United Kingdom, the quantity shipped to other destinations having increased from IW.OOO.CCfIih. to 166.100.00011). 'fo meet the increased British consumption si'eks have had to he reduced: and hist jfiiv they were IK.t.'O.COGIb. Mtinllcr than live '-ear's before. The deflection of suplilies'ha- now been checked by the obvious proee-ii of London Imyens outbidding the rc«i ju order to attract heavier supplie.-. Apart from filiations of production, certain other problems allecting Hip trade are stated bv the "Daily Teleglaph" as fob low—"Th" wage-earners ore seeking improved conditions, and they are getting th-in. A general increase ill the capacity of the masses to spend money in in sight. How will they spend it? And we are promised oilier cholines that will admit ne,v and vast clement j to the electorate. How will tliev vote? Will they insist upon having lea. and what else they need, free of th" duties? if that should happen, will there be euougu for all who want to buy It?"

CUSTOMS. The Customs revenue collected at the port ->f Wellington on Saturday amounted to £!9;.7 ■'.*. lid., the total for the week being .£.24.751 2s. 3d. The return? for each of the past eight week.?, compared with the figure.- for the corresponding periods of last year, show ao under:— 1911-12. 1910-11. £ S>. December 23 15,575 13,923 December 30 12,f36 11.956 .lanuarv 6 15.434 0,143 .lanuary 13 24,124 24,291 .limitary 211 13.507 9.439 .lanuary 27 23.4E8 2J.245 February 3 12,125 12.958 February 10 2A751 7,372 141,624 113,310 The beer duty collected (limns the past v.e"k amounted to £222 6=., as against £195 16s. for the eorretpondius week. of lest yiiir. SOUTHERN GRAIN MARKETS, (lis Telegraph-Press Association.) Oaniaru, February 11. Tito chief sals of now wheal during the week has been a lino of 3OCO sacks of mixed varieties at Is. 7d. f.0.b., or 3s. 3d. net to the grower, delivery in March. Old velvet wheat, in small parcels, has been sold at 3s. 7d. net at country stations, and a mixed line of velvet and t.u«?nn at 3s. Sd., ex store, subject to brokerage. The new season's oatt; are above the average ill cuality, nut l a E"»ti fe»v lots were ottering earlier in the week, but the rain put a stop to threshing. Some of the Algerians were light, and these have been sold at Is. 9d. to Is. Ltd. at country station:-, but for others, Is. Ud. to 2s. has been paid net, on trucks. At these prices lines of !£CO and 15C0 sacks were sold at 2s. net; 13C0 sacks at 25., less co—mireion; and BCO .-a-eks at Is. lljd. net, alt at country stations. Duns and Gartons have been 6old at 2s. net at country stations. The=e prices were for prompt delivery. Owimt to the scarcity of oat?, now season's chaff has sold at 455. net on trucks.

LONDON MARKETS. l)r Telerrapi' '':■•■ '• - n (VpTrlght (Ecc. February 11, 5.5 p.m.) London, February 10. Copra, meets with a better demand. South Sea-, in bags, £24 ss. to £24 7s. 6fl. per ton. Cotton.—February-March. shipments, 5.65>d. per lb. J lite— February-March shipments, £21 15s. per ton. Hemp is quiet and unchanged. Rubber, best hard Para, "s. KA. per lb. Rabbits are booming, owing to a- shortage; 21s. to 225. has been paid for large Sydney.? and New Zcalands, ex store. ITIDF.S AND LEATHER. (Ecc. February 11, 5.5 p.m.) London, February 10. Hides are oniet, but firm. Leather is firm, liasils, first New Zealand's, 15s, 6d. to 21s. METAL MARKETS. (P.ec. February 11, 5 5 n m.) Londcn, February 10. Copper, on spot, i'6'J !£••.' 3d. per ton; throe months, £03 ICs.; electrolytic, £CG. Till, on spot, £195 ss. per ton; three months, £191 15s. Lead, soft foreign, £15 15s. per ton.