COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1704, 22 March 1913, Page 8

COMMERCIAL ITEMS.

AMERICAN WOOL TARIFF. The Democrats in both Houses, according to a cable message, have agreed on a plan, of downward revision of the tariff*. Raw wool is to bo made dutiablo nt 15 per oent. ad valorem, with substantial reduotioM on tho prsflcni ratsi on vroollwi numufioturei. Pjmoomd Ixuwf la h ta bow bomm* ttemis ft

ctrong probability that the wool duties will be reduced. A Wool Bill was parted during the last year of President Taft's occupation of the "White House," but was vetoed by Imjh. The Tariff Bonrd, which v.xin specially appointed by President Taft to deal with this matter, pointed out in its report that the present method of assaying the duty on raw wool, operates to exolu.de wool of high shrinkage iu scouring, but. tof fino quality from the American market, and thereby lessens tho range of wools available to the American manufacturers. It maintained that the duty of 33 cents per lb. on scoured was prohibitory, and operated in the direction of excluding the importation of clean lowpriced foreign wools of low grade, yrhich ar« 11 cvertUuless talmihlu materials lot manufacturing, and which cannot be imported in the grcaso because of their heavy condition. , ;

The report isuggccted that, these discriminations could be overcome by assessing a duty tof od valorem terms, but this method is open to the objectiou; first, that it increases administrative difficulties and tends to decrease revenue through undervaluation*; and, second, that aa prices Advance the nd valorem rate increases, the duty per lb. at the time when the consumer most needs relief and the producer can least stand competition; while if price decline, tho duty is decreased at the time when the consumer is least burdened by the price and the producer most needs protection. This difficulty can bo overcome by Accessing n- specific duty on groaso wool in terms of it 6 scoured contents. Customs duUo3 collected at tho port of Wellington on Thursday amounted to £3811 17s 3d. LONDON WOOL SALES. By Telegraph—Press Ass<»ci<tflor.—Copyright London, March 19. Tho wool sales havo closod. Prices aro unchanged. Competition was maintained. The Department of Agriculture, Industries, and Commerce, has received the following cablegram from the High Commissioner for New Zealand, dated London, March 19, regarding Clio closing of tho second series of colonial wool sales:-Tho wool ealee havo closed firm, but advance gained at the opening has been lost, on account of buyers who were in urgent need of wool having filled immediate requirements, and Americans not operating. Buyers are cautious, and not speculative as is too high, but prospects are favourable."' Supplied wool now ample immsdiato requirements; 9800 bales of Nov.* Zealand wools are held over. Estimated value;— Superior merino, le. lid. to Is. per lb.; medium, lid. to Is. id.; inferior, 9d. to IOJd.; fine crossbreds, Is. Id. to Is. 3Jd.; medium, 'lCd. to Is. Oid.; coarse. 9d. to 3s.

The Bank of New Zealand has received tho following cable advice from its London- office, dated Uareh 19:—"The sales have closed weak, with prospects uncertain. Poli-. tical cvcntG on the Continent havo depressed the market. Total quantity held over is 25,000 bales wool, of which 9000 aro New Zealand. Compared with the opening rates of this series, priccc for all kinds of greasy crossbreds arc 5 per ccnt. lower." Messrs. Dalgety and Co., Ltd., Wellington, have received the following cablegram from their London oflico, dated March 19:— "Wool soles have closed firm. Competition was good, but priroi are -somewhat irreg.!h:ar. A.9 compared with the closing rates of last ealcs, merino (scoured), prices un-chaii-g<2d, and faulty merino (scoured) par to 5 per cent, higher. Greasy merinos arc unchanged, Except shafty- combing wools, which are par to 5 per ccnt. higher. Greasy mcrino3, heavy, earthy, and wa<?ty, arc 5 per cent, lower. Crossbred, . fine quality, unchanged; medium quality, par to 5 per cent.' higher. • Wools suitablo for America, 5 per cent, higher. Oonr-so crossbreds, 5 per cent, higher, -and slip© crossbrodij 5 per cent, higher. , For scoured crossbreds change, if any, is'in sellers' favour. Merino' la?nbs. par to 5 per cent, higher; crossbred lambs. 5 /per cent, higher. Tho total not quantity available amounted to 16Q.0K) bales. Of this quantity <CCO bales wore sold to America, £4,000 bales for Homo consumption. 46.0 DC) bo.len to the Continent, leaving 26.000 hales carried forward."

Messrs. Murray, Roberts, and Co., Ltd., have received the following cable/tram, dated March 19, from their London friends Me?*rs. Sanderson, .Murray, and Co.:— "Rales havo dosed firm, 25.000 bale? being hold over. Compared with last London rwkiV clotting rates,, combine merino,' .medium to good, hos advanced par to 5 Tier cent. Greasy merino, inferior and faulty; market dcclincd 5 prr cent. Crossbred greasy, suitable for America, declined 5 j>or ccnt.\ Cror»>brcd greasy, coarse, market advanced to 5 per cent. Tor all other desfirintions of wool market shows, no • material change."

Meters. Abraham ond Williams. Ltd.. have received the following cablegram from London, under date March 19:—Tho eales have closed with a very Arm market for fl.ll qualities except medium quality crossbred, which, compared with- closing .rtytco of -last series,, rulos 5 per cent. lower for faulty parcels. Firm and merino prices are' unchanged, while eoares crossbred show; a. r>i?-e of 5 per cent. Tho New Zealand Loan and ■ MercnntUo' Apeucy Co.. Ltd., have received tlw fpl-lowing-cabWrfl-m from their London under date March 19:—Tho rales clo??d; with pood competition; 130,CC0 bales of wool yrwo rpld cX the •rale*, ofwhich <16,000 bales were taken for tho Continent and 4CCO for America. " As comparod with la^t 1 i-ah-fi' closing ■ rates prices are higher about par t-o 5 per cent, foi' coarse creasy crossbrcfi and crossbred but by about 5 per ccnt. for codium greasy cro-shrcd. London, March-20. . At the-wool sales the following were the prises realised for tho fleece portion of th'j clips named:—PT7KENTJI, ton price 10id., .ftv«rape 10jd.;.KAEBY, lid. and 102 d. There was SDld for Jlome consumption E4.0C0 bain?. Continent 36.CC0, United States 300!). end there was held over JS.CCO. Compared with January rales, greasy merino combines generally advanced 5 nor cent., othero unchanged; scourcds advanced 5 per cent.; choicest crorsbrcda lacked American, supoort, and wero unchanged: averapo parcels of finer grade wero firm; coarser advanced 5 per cent.; merino lambs •generally advanced 10 per cent.; and crces* breds fully a penny.

BANK OF ENGLAND RETURN. (Rec. March! 22, 0.50 a.m.) London, March 21. 'Tho Bank of .England' return issued for tlio week ended Wednesday, March 19, is as under:— ISSOn DEPAKTJtF.MT Kots Issua £'54,103.009 Gov.dobS ... £11,015,003 ' Other securi- . lia3 ... ... 7,434.000 GoU EG.t354.0C0 £51,103,00) " £34,103,000 BtxEixo Department. Proprietors' Govt. Escurlcapital £14,663,000 ties £13.034^100 Fublio do* Other sccuriposits ... 25,027,C00 •' ties 44,623,000 Other da- . ' . posits ... 40.057.000 Ketes \... 25.519.C0D Rest, 7-day and other bills... ... 3,848.003 Coin... ... 3,500.000. £34,633,00.) £34.665,000 The loading Items ol the Bank of Enc land return afford the followins comparison:— This ttmU 'Last week Last yoar Bullion 55.654.000 86.500,000 86.61T1.00G Itesorve 25,823,000 27,018,000 28.787.CQ0 Koto circulation 28.434,000 27,050.000 . 28,057.000 Public Doposlts 25,627,000 26,760,000 24.007,0ct) Other Deposits . 40.657.000 40,531,000 41.607,000 Proportion of roservo to liabilities... 40.45 41.47 43.13 .GOVERNMENT SECURITIES. The following aro tho latost Quotations lor Government securities, with ', a comparison ol those ruling last Y>'cck

BANK KATES OP INTEREST. The Bank of England rats was, on February 8, 1912, Teducod from' 4 to 31 per cent., and on May 9 it was further reduced to 3 per cent. On August 29 it was raised to 4 pir cent., and on October 17 to 6 per cent. Tho Bunk of Franco rate was reduced from. 35 to 3 per cent, on January 23. 19C8, and continued at the latter figuro until September 12. 1911, when it wae raised to !J per cent. On May 17, 1912, it was reduced to 3 per cent., on October 17 it was raised to 3J per ccnt., and on October 30 to 4 per cent. Tho Imperial Bank of Germany reduced Ita rate from 5 to 45 per cout. on June 11, 1912. on October 24 it was raised to 5 per cent., and on .November 14 it was further raised to 6 per cent. MARKET KATES OF DISCOUNT. Tho following nro the market rates for best throe months' bills:— London Paris Berlin rato, rale, rate, per ppr per cent. ccnt. ; cent. This week 4 15-16 33 6 Last week 415-16 3J 6 Last year 3 9-16 35 Short lotms («•« ciugtntl at, 43 por c*m„ nn WftJnat <1 par «nt. last vraak, iw4 31 per JMOt, lAlt fMA - .

COLONIAL AND OTHER PRODUCE. Wheat—The market is firm witli fair inquiry. A cargo >0! Australian gold at 275. 7*d, Auritralian-oii spot'is quoted at 4Jj5. to 'llp. 6d. New Zealand is practically exhausted, a fcrw lote offering at <?os. Flour is qtifet and unchanged. Oats arc quiet-. I>a IMato, March-April shipment 15s. l£d. Peas are dull and unchanged. Beans aro dull. Old New Zealand 393. to Butter is dull, find there in a holiday tone on tho market. Danish 132g. to 1535. Choicest colonial lias cleared 'well. Australian salted IOSs. to 112.?.; uiualted 112s. to 1165.; secondaries ore dragging at 102s to lC6s.. owing to the competition ,of margarine, which is colling at 0. chilling per lb. retail. • New Zealand salted lifts, to 1205.; un,salted 1183. to 1225.; eccoiidary 110=. to ll<e. Cheese is rjiiiet and unchanged. Sugar—German beet 88 per cent, net titre. Id. lower at 9s. lid. per. cwt.: first marks granulated, f.ob.. Hamburg, Id. lower, at lfe. 3d. Bradford Tops.—The market is firm, and prices are unchanged. METAL MARKETS. Lead—Soft, foreign, £15 Is. 3d. per ton. Spelter—'Unchanged at £24 IC-s. per ton. Pig-iron.—Middlesbo.rough Ko. 3, 4s. 3d. lower at 653.* per ton. LONDON MARKETS. By Telegraph—Press Association—Copyright London, Maxell 20. Copper.—On spot, £64 2a. 6d. per ton; three months, £64 7s. 6d.; electrolytic, £69 2s. 6d. Tin.—On spot, £209 15a. per ton; three months, £2C6 6s. Lead.—Soft foreign, £15 12e. 6d. per ton. Tho Now Zealand Loan and Mercantile Ag-ency Company, Limited, havo received tho following cablegram from their Lon« don house, under'date March .19: — 1 Tallow: Wo quote present 6pot values for the following descriptions:—Good mutton, 06s. 6d. per cwt.: good beef, 355. 3d. per'cwt.; mixed, 335. 3d.' Tho mutton market is firmer. Wheat: We have sold an Australian pateel at 375. lid. c.i.f. There m very littlo demand, and tho outlook is discouraging.

WHEAT.' Ej Telegraph—Press Association—Copyright London, March 20. .. The market is steadier, the demand being chiefly for tho Continent. Liverpool futures, March delivery; 7s. 5Jd. per cental; May delivery, 7s. 3Jd.;. July delivery, 7s. 2*d.; September delivery, 7e. 2 3-8 d;; October delivery, 7s. 2£d. . TALLOW BALES. London, March 19.. At tho tallow sales 1020 casks wero offered and 943 sold. Prices realised:—Mutton, lino 395. 3d., medium 35ts. 3d.; beef, lino 3&5, 3d., medium 345, 3d. MELBOUKNE HIDES SALE.' Molbourno, March 21. A fair catalogue was offered at tho hides sale, and prices were unchanged. AUSTRALIAN PRODUCE MARKETS. Sydney, March 20. ■ Oats, To-smanian white Sparrowbilla, 2s 2d. to Zg. 3d.; Algerians, 2s. lOd. to 3g. Id.; choice Giants, 3s. 2d. to 3s. 3d. Barley, Cape feed, prime,. 4s.j seed, 4s. 2d. Mo.izo, prime, 4s. 6d. to 4s. 7d. . Potatoes. Taemanian Itedskins, £9 10s. Onions, £8 to £8 55.; New Zealand onions, £7 10g. . Butter, selected brands, lC4s.: good second grade 983. to 100 a. Cheese, 7d. Bacon, lCd. Molbourne, March 21. Wheat, buyers. 3s. Bd.; sellers, -3s. B}d. Flour, £8 153. Oats, Algerian feeding, 2s. 2d. to 2s. 4-d.; seeding, 2s. 6d. Barley, English, 3s. 9d. to 4s. 3d.; Cape, 3s. to 3s. 3d. 'Maiso, -3s. lOd. Bran, and pollard, £5 15s. Potatoes, £7 15s. Onions, £7 to £7 ss. Adelaide, March 21. Wheat, 3s. 7d. to 3s. 7*d. Flour, £8 12s. 6d. to £8 15s. Bran and pollard, Is. 2d. Oats, 2s. 2d.

Vaviatlou" -t compared 1 Frlci> with laBt week. « s. A. 2}% Imperii! C»nsol« . 78 15 0 7/6 higher 4 ,.N.S.W. 1933Jan.-July 101 0 0 ■ Unchanged 34 ..N.S.W,1930-50Hr.-Sp 08 0 0 Cnchnnccd 31 ,, N.S.W.-1630-G0 00 0 0 Unchanged 3 „ N.8."W. 1025 Apl.-Ocfc 82 0 0 Unchanged „Vic. 102U Jan.-July 100 0 0 Unchanged 3* „ Vic. 1021-G Jan.-July 08 2 6 Unchanged 3i ..Vlc.-lOfflMO 01 0 0 Unchanged 3 Vic. 1020-40Jan.-July 78 0 0 Unchanged 8i „S,A. 1018 Jan.-July 01 0 0 Unchanged 3 „B.A. 1918 Jan.-July 75 0 0 Unchanged 4 „QTdl013-24Jan.-July 100 0 0 Unchanged ai .. Q'l'dl9-22-47Jan.-July 04 0 0 Unchaneed a „QTd 102i47Jan.-July 77 0 0 Unchanged 4 „N.Z. 1920 May-N®v. 100 0 0 Unchangod 3i „N.Z. 1012-40Jan.-July 80 0 0 20a lower 8 „N.Z. 1U20 April-Oct. 78 0 0 Unchanged 31 „W.A.1916-85May-N<iT 00 0 0 Unchanged 3 „W.A,101o-351tay-NoT 84 0 0 Unchanced 3i ,,1'as. ]02OJ»n.-July 80 o 0 Unchanged 8 „Tag. 1020-40 Jau.-July $3 0 0 Unchanged