COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1703, 20 March 1913, Page 8

COMMERCIAL ITEMS.

. INVESTMENT SHARES. There were a, fair number of transactions in investment shares yesterday. Sales were made of National Bank rights at 20s. and 20s. 6d.; Wellington Gas. preference, at 2C<5.; and two gales of Union Bank shares, both at 445. 3d. The Stock Exchauge closed last evening for • the Easter holidays, and business will be resumed on Wednesday morning. Yesterday's quotations were as under:—

FINANCIAL POSITION OF NEW ZEALAND 3fr. T. Mackenzie, High Commissioner for the Dominion, had the following "Letter to the Editor" in "The Times" (London) of February 4:— Sir,—ln your issue of Friday last a very full and valuable account is given by your New • Zea|and' correspondent regardi inpr tho position of the Dominion. In order, however, that some of the items may be more clearly understood, by the British public, I think that one or two points should be enlarged upon. Now with regard to our loans, I propose, with your permission,' to show that •for the year on which we have just entered. namely, from January 1 to December 31, 1913, the loans.falling duo are not heavy, nor need they * disturb tho public mind .in the least: Their total amount is £250,000, £200,0C0 of which Is not due until the middle of November; that is for loans • falling due in London. In Australia £166,CCO falls due, whilst in New Zealand thero arc sums-due-to the Post Office Savings "Rank amounting to About £300,000. This latter amount, however, can bu renewed without the slightest trouble.

The financial position of Now Zealand at. tho prosant time is eo excellent that all these sums'could bo: provided .for from the surplus Vwhich stood to our credit for : the first six months of the current, financial year-ail amount equal to £939,C00. ; Speakinp-of the, total of our loam;, your correspondent has pointed out that 50 millious of it are reproductive, the great built of which produces income of a greater amount than is paid out by way of Interest, and tlicru is one sum which brings in double .the amount paid by New Zealand in respect of interest on the loan. It would be well to mention also that on come of the services referred to. such ,as railways, 2i;inlUions of money'havo been spent from revenue, on which sum wo pay no interest, hut on which as an investment we receive. 4 per cent. Altogether about nine millions of .money ha.vo, during tho past 15 or. 20 yeaic, been transferred from revenue to public works expenditure, upon which sum no..interest is paid by the State." Few Countries can show a record .such, as this.

As an illustration of the excellence of our investments anil the return that they yield to tlie/ State.' the amount given as the increase' in debt for the lest year (£3,27s,COO)'should scarcely ho regarded as ati Increase of debt at all: rather It is money employed in reproductive investments which bring in a return of interest equal.to .and above tho sum we Tcquire to pay to the British moneylender on ■ the money so liorrowed. To enlarge on that polntj we will take the £3,275,060 and phew what the bulk of It is earning. That money has been ■ raised at from 3J to 33 per cent., and we ore, obtaining a return of ,4. H,. and' 5 per'cent. It is invested in lands for settlement, advances to settler*, local authorities, railways, etc., and ii may safely be'said that at least £2,750,000 of the £3,275,00U arc not only profit-yield-ing investments, but are developing tho country- as well, and of tho balance that is not profit-yielding £280,CC0 has been spent in naval defence. Then the - statement that, in addition to the £3,275,000 increase of debt of last the Mackenzie Government had to go to- the London market for another loan of 'i millions, also requires enlargement. In round figures 11 million of that stim to for loans falling due. and .of the balance (3 millions) half a, million was applied towards the cost of the Dreadnought oruifer, <uid the remainder was for investment in public works, advances • to settlers, purchase of Native and private lands, etc.. nearly all of which latter amount brings to the State a. cash return equal to and above the interest we are paying on the money. ..

Oustoins duties collected at the port of Wellington yesterday amounted to £6235 15s. 4d. FINANCIAL CABLEGRAMS. By Telegraph—Press Association—Copyright London, March 18. Tceterday's closing quotations wcro as follow:-*' ' . Bank of Australasia, buyers £110, sellers £112. Bank of New South Wales, buyers £38, 'sellers £40. . Bank of Victoria, buyers £4 2s. 6d„ sellers .£4 126. 6d. Union Bank of Australia, buyers £56, sellers £58. ■ National Hank of Australasia, buyers £5, sellers £5 liter National Bank of' New Zealand, buyers £4 10s„ sellers £5. ex rights. Bank of New Zealand, buyers £11, sellers £12. " ' ■ N.Z. Loan and Mercantile Agency 4 per cent, debentures, £95 10s. City of Melbourne, 4 per cent, debentures, £98. Melbourne Harbour Trust, 4 per cent, debentures, £97. . Melbourne Tramway Trust, 4J per cent, debentures, £100. Melbourne and Metropolitan Board ol Works, 4 per, cent, debentures, £98. Australian Mercantile, debentures, £95105. LONDON WOOL SALES. London, March 18. There was a • good sale. Prices are unchanged. ■ (Kec. March 19, 10 p.m.) London, March 19. At the wool sales the following prices were realised for the fleece portions of- the clips named :-Napier, top price 14Jd.; average price. 12 J-Bd. Santoft, lljd. anil 10d. Tikapu. 12d. and 11 Jd. Siberia, 12Jd. and 113 d. Kftputone, 20jid. and 193 d. Okinc, 12jd. and lljd. THE . METAL MARKETS. (Rcc.. March 19, 10 p.m.) London, March 19. Copper.—On spot, £64 10s.: three months'. £64,175. 6d.: electrolytic. £69 ss. • Tin.—On spot-, £209 55.; three months', £206. , ' ■ Pig-iron. £3 4s. 9d. Lead, £15 IBs. 9d. , SILVER. London, March 18. Bar silver is quoted at 26 3-16 d. per ounce etandard.

Buyer?. Sellers. £ 6. d. £ s. d. National Bank (riehts) ... 1 0 0 10 6 N.Z. -and River Tlate .... — 2 0 6 Well. Gas (preference) ... 0 19 9 10 0 N.Z. Shipping : — 0 16 6 Union Steam 2 4 0 2 4 6 Kaiapoi Woollen — 5 2 6 Westpont Coal 17 0 — Tariimamutu Totara 2 4 0 2 6 0 W.F.C.A. (£5) — 7 S U