COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1620, 11 December 1912, Page 10

COMMERCIAL ITEMS.

rNYBSTEBNT SHARES. The only transaction recorded in the investment market yesterday was a Ealo of Wellington.Woollen, ordinary shares l , at' £3 15s. 6d. The quotations wero as under:— Buyers. Sellers. £ s. d, £ s. d. National Bank — 6 10 Equitable Building . — 9 15 0 Well. Trust and Loan ... - 710 0 Foilding Gas ...: — 10:3 Napier Gas (£10) - 2210 0 Napier Gas (£5) - 11 0 0. Palmorston North Gas ... 8 15 0 — WeU. Gds (pref.) - 10 9 S.B. Insurance — 314 0 Meat Export (£4) - 5 0 0 Moat Export (625. 6d.) ... 2 17 6 2 18 6 N.Z. Shipping ...: 14 0 0 — Well. Woollen (ord.) 3 15 0 — Well. lyooUen (pref.) 2 17 0 - Hikuraimgi Coal 018 6 — Taupiri Coal 12 6 13 0 Leyland-O'Brien 16 9 17 3 Tairingainutu Totara 2 6 6 — Golden Bay Cement 10 6 110 N.Z. Drug - 2 10 0 Sharland's ordinary — 110 Ward and Co 6 0 0 5 2 6 W.F.O.A - 7 5 0 BRITISH GOLD RESEUVE. In an addTeEs delivered by Sir Edward Holdon, tho chairman of the London City and Midland Bank, before the Manchester Statistical Society, the position of Great Britain in rogard to its gold reserves was discussed at length. The prevailing opinion In financial circles is that the. amount of gold held as a -reserve is too small, and tho problem before the community is tho best way to increase it. Tho lecturer pointed out that although the joint stock banks havo heon and aro of immense service to the country, it ia tho extension of these institutions which indirectly is respondblo for the situation. Many attempts have been made, to induce the joint stock banks to voluntarily hold more gold, and with partial sucoess. While adverse to legislation affecting banking, Sir Edward Holden thinks it neoessary that a 6hort Act Bhonld be passed compelling bankers to state in their published balance-sheets the amount of gold held in their reserves. It is ostimatcd' that if this wero done at least £20,000,000 of gold, exclusive of till monoy, would be accumulated by the joint stock banks out of deference to public opinion. Thus, instead of having an avcrago of £35,0C0,C00 of gold in the Bank of England, and an invisible amount in tho joint stock banks, there would be JSSS.CCO.tIOO in sight ami available.for any emergencies. The accumulation of £20,000,000 by the joint stock banks would, of course, have to be Bproiwl over a series of ycara, even if It took n, itooAi to men uie position' inai. 1 pa&3, Tfk tho caisim of Sir Miraict

den, it id not vriso to livo in a fool's paradise Buch as Groat Britain ia doing at tho present time in regard to its gold rcsorveß. The address was much discussed in tho city, and whilo exception was taken to some points o£ tho disclosure, Lombard Street was generally in harmony with the views so well put forward. It was agreed that a 6tep in the right direction would 1m attained by tho carrying out oj the suggestion of a declaration of gold reserves by the big joint stock banks. BRITISH TRADE ACTIVITY. The condition of omployment in Great Britain at the present ■ time reflects tho wonderful activity of trade and industry. Statistics compiled by the Board of Trade show that of 383 trade unions, with a net membership of 888,ffi0, only 19.CM, or 2.1 per cent., wore out of employment at the end of September. At tho same period in 19C8 tho ratio was 9.3 per cent., and the average of tho ia.3t ton years is 5.2 per. cent, for September. Furthermore,, the changes in the rates of wag?s during the month mentioned wero si! in an upward direction, awl it is evident that the workers in tho United Kingdom are now enjoying a condition of prosperity greater than ever before. It is stated that p.t tho prerent time money available for buildings is being concentrated to a much greater .extent upon increasing the number of factories, workshora, and business premises, indicating that tho productive power of the nation is being increased with considerable rapidity. Tho growth in the oversea trade of Great Britain has been unexpectedly large, the total exports for the first nine months of tho current year showing an expansion of £23.105X00.. or 7 per rent., while imports have increased by £39,4{6,Ctt), or B per cent., as compared with tho corresponding period of 1911. Franco and Germany wero also experiencing ffreat activity of trade, and but for the dislocation due to the Balkan trouble record (\gure3 would have been established by. the, end of tho year. America, is believe*! to bo on the evo of a trade revival, owing to the enormous production of her agricultural industry, so that there is every inducement for the European Powors to find a peaceful Bolution for the Balkan problem. PATRIOTIC MANUFACTURERS. The Adelaid'3 Chamber of Manufacturers has for somo time been endeavouring to instil patriotic notions into the minds of colonial consumers. Hero are some of the sentiments with which it has induced its members to placard windows:— Foreign trading begets local unemployment. Tho beet goods are our own goods. Your country's prosperity is yours-push it along. Happiness abounds where industry thrives. Practical appreciation spells 'Success." Keep in mind the interests of your own compatriots. Local workers support you,'foreign workeri do not. To be patriotic it is not enough to wave a fie*. Why feed the foreigner? Ho builds his own' defence why buys his country's goods. Our be3t defence—the nation self-support-ing. Your country claims your helpful interest in lior handicrafts. Capital starts our industries; your patronage kc<!ns them coing. . Ma.!;e frith in the local article, an article of your faith. Your prosperity is in proportion to prosperity in your country's enterprise. ~ The patriot's aim—to benish want, and stimulate omployment. Sentimont means much in tho creation of a nation. " . LIVERPOOL MARKET REPORT., Tho following Liverpool market report, dated October 31, is forwarded by Messrs. G. and R, Munro:— Frozen Beef. River Plate.—Fairly heavy shipments are meeting a good demand, but prices aro disappointing, fores being very, difficult to sell against the competition of Australian wps To-day's pricos: Best brands of fores, !63 to 2001b.. 214- to 2gd.; hindG, same weights, 3 3-Bd. to 3}d. . • ■ , . Australian—Further heavy shipments, for which there is a very limited demand. Buyers a.ro dictating prices, and'they aro showing no mercy to weak holders. Australian ox hindK have been fold this week at 3d. per lb. Good cow. hinds a.re offering freely at 2Jd. per lb., without any business resulting. Crops are faring rather better, as thero is a. steady rf-omand for them, and the supply is not so heavy, a.s many of the later shipments from Australia show a RToater proportion of hinds crops. Bf«t ox CTopa aro scarce, and well held at "Jd. per lb New Zealand.—No sunplisa on tho spot. Sevcr.i.l small lines we offering for January shipments tit, 3J(I. per lb„ c.i.f., -for prime ox sides, but in the meantime no sales have been effected. Frozen Mutton. River Plate.—Moderate shipments arrive to a restricted demand, owinir to the heavy supplies of English and Scotch ewes and Irish frtieep. which ■are selling at little more than frozen mutton. Heavy wethers, 70 to BMb., 4d. per lb.; 60 to «lb„ 4Jd. per Australian.—Supplies almost nil, with practlcallv no demo.nd. Prices nominal, f.a.q.. wethers, 30 to 59!b.. '4. per lb..- Sydney ewes, same weights, Sjd. per lb. There are several c.i.f. sellers of mutton. c.n..f(. wethers. Ih t-i 6?1b.. .and f.a.q ,' 30 ti 501b.. in equal numbers, are offerinsg at 3'd. per lb. c.i.f... and ewes at 3 3-fld". per lb. c.i.f. for November-December shipment, and even at the«e prices buvers cannot be tempted tn onorate. The prevailing •opinion among c.i.f. buyers is that thero is nothing to gain and everything to lope by nurcb.fl.sin? forward at tho present relatively high prices. ' Frozen Lambs. Now Zealand.—A ouict. demand on the spot for a. limited quantity is being satisfied by New Zealand. J.amo3 of 'racbnda."y grades, which make sid. *<t Efd. per Hi, C.i.f. sellers are out to p-a.ko rnles nt Sift. to s»d. per lb., for prime Crnf»rbrav lam'is, ,■ January-February shipment, but uh to the present very little business ha? resulted. A.ustra.lia.n.-Nn supplies on the . spot, therefore no reliable C.i.f. sei. lors have been busy nf date; and manv sales Kavo been effected at from.i'd. to 5Jd. nor lb., c.i.f., November shipment, for f.a.o. and c . a .q. respectively: small weight',' 26 to 361b., are preferred for this market. Chilled beef. Trade unsatisfactory to importers, owing to strong competition of heavy supplies, of Irish cattle. Be6t hinds, weak at 3fid. to 4d., and fores never doing-better than 2Sd. per ,Ib. . Market for the week closing very much a gainst sellers. All prices mentioned heroin aro ex store Liverpool, unlcs otherwise stated, the c.i.f. equivalent being {d. per lb. lesß. ARGENTINE 'SHIPMENTS. The Department of Agriculture, Industries, and Commerce, has received a cablegram from Buenoa Ayres, dated December 9:—Tho following : shipments of. produce -wore dispatched from tho Argentine to the United Kingdom ports during November 1912, compared with November, 1911;— , . 1912 ' 1911. Frozen, beef, quarters 145,000 122,000 Chilled beef, quarters 186,000 190,000 Frozen mutton, carcasses ... 208,000 270 000 Frozen lamb, carcasses ... 93,000 117,000 liutter, cwt 14,900 . 6,802 TRADE 1 IN ALLEN STREET. Vegetables.—Much heavier supplies of cauliflowers and cabbages are coming forward, and tho market hae eased. Parsnips and carrots continue in excellent demand and consignments are rocommended. Green Seas have been in light supply, and prices ave hardened. Fruit.-Tho Inveric, from San Francisco, landed, on Tuesday further shipments of Californian apples, oranges, and onions. The Manuka from Sydney, due to-day, is bringing consignments of oranges, plumß, cherries, apricots, pineapples, and cucumbers. About 300 crates of strawberries .were marketed .on Tuesday, and met with a fair demand. Tomatoes arc now coming in from the Nelson, Auckland, and Hutt districts, and excellent rates are being secured. The next steamer'from Fiji with bananas is due on December 19. Poultry.—Hens are ruling at to. 6d. to 4s. per pair; cookerels at is. to 65., according to size; Pekin and Aylesbury ducks at 6s. to 65.; Indian Runner ducks at 4s. to 6s„ and ducklings, 4s. 6d. to 6s. Turkey gobblers are selling at lOd. to lid. per lb. livo weight; turkey hens, 9d. .to lOd. Poultry-keepers are advised to market their birds early, and so avoid the glut. Potatoes—Tho Burbank potatoes, from, San' Francisco, wero an excellent sample, and opened up in splendid condition. Supplies are now all cleared. .Further shipments arc duo on December 19. Onions—Regular weekly shipments aire now coming from Australia, and the value ■rtands at £10 to £12 per ton, according to sample. Flour.—Owing to tho strike at Tima.ru no shipments have come from that port for eight days. Regular supplies are now coming in, however, and the current quotation is £8. 10s. to £8 15s. per ton, f.o.b. south, less the msual discount. Pollard has declined in value, and is now quoted at £6 ss. to £6 10s. per ton. Bran.—Tho market is woakcr, and sales are being made at £5 to £5 Eg. per tonMaize.—Somo excellent samples of South African aro coming in, and sell at 4s. lOd. per bushel. New ZoaJand maizo, ss. Oatmeal is slow of sale at £13 to £13 10a. per ton. Oats—The market .continues steady. Short feed and Dun oats arc ' quoted nt 2s. 9d. to 2s. lid. per bushel; feed Algerian, 3s. to Js. 3d. Day.—Prime quality is selling, at £4 10s. to £5, with medium quality, at £3.105. per ton. Chaff.—Prime quality is in light supply, and is quoted at £5 to £5 Es. per ton, Eacks in. . Fond Wheat.—Good whole wheat is quoted at 4s. to 4s. 4d. per bushel. F.rc3h eggs have advanced in voice, and are now selling at Is. 2d. per'dozeu. Butter,—Prime milled, in bulk, is realising IM. per .HHJ!?'?. tjuiait.y. M, Jlargerliw, in 281b. tlnj. Hoottinh msauy 4ftatttxe,. 1e awtcd ftt 64. to B|d. sot lh. ,

Ohoese—The market is weaker, .best factory, medium size, is quoted at 7d. per lb.; loaf, 7{d. Rioeineal is slow of sale at £5 15s. per ton. Split Peas.—Now. Zealand, 175.; English, 19s. Partridge peas meet with fair demand at 3s. 9d. to 4s. 3d. per bushel. Whole linseed is quoted at 17s. to IBs. per owt. Linseed nuts, 13s. Cd. per owt. Orushed linseed cake, 14s. per cwt. Customs duties collected at tho port of Wellington yesterday amounted to £3085 18s. lOd. ■ CANTERBURY GRAIN MARKET. (By Telegraph.—Press Association.) . Chrlstchurch, December 10. The grain, and produce markets aTo practically lifeless at present. ' There is no outside business, and only .hand-to-mouth trade is doing with the North Island. The seasonable weather that has sot in gives a more favourable outlook for growing crops, which are very irregular in their dovelopnioHt. The harvest will be late, and, as some of the crops are only a few inches above the ground whilst others are in- the oar, the work of .getting them in will cover a longer period than usual. There is very little old grain offering, but Inquiries are being made by millors for wheat, especially poarl, which is now worth more money than for some tamo past. ■LONDON WOOL SALES. By Telegraph—Press Association—Copyright <■ London, December 9. At the wool sales 47,000 bales wore sold for Home consumption, and the some, for tho Continent. A thousand wont to tho United States and 2000 wore held over.