COMMERCIAL ITEMS.

Dominion, Volume 6, Issue 1705, 24 March 1913, Page 10

COMMERCIAL ITEMS.

LONDON WOOL SALES: / The March sales closed last week with 'a. rise of about 5 per cent. %bovo the closing rates of the January sales for most elasscs of wools.. Tho privato cable messages arc somewhat conflicting, but it is obvious that, fine wools registered tho advance, whilst only some grades of coarse jWools participated in the movement. A feature of the sale was the large carryover, about 26,01)0 bales being held over, probably becauso the reserve priced were not reached. In May, when the next cale is held,, buyers will be in touch with the European and North American clip, and more will be known of the American wool tariff.' If the money market eases, and trado is not hampered by political and labour disturbances, wool should, again sell well at the May sales. The danger, however, lies in the stringency of the money market.

UNION BANK CAPITAL. At an crtraordinary meeting of the shareholders of the -'(Jlnon Bank, held in London on January 27, the chairman, Mr. Henry P. Sturgis, in proposing tho resolution increasing the capital, said that, in view of the progress and prospects in Australia and New Zealand, the question of issuing fresh, capital had naturally occupied the attention of. the directors for some timo past, and they considered that the •time had come to obtain from tho shareholders power to make such fresh issues ■of capital, within defined limits, when circumstances appeared to them" to' warrant •such ifGues. Ho desired to make it quite plain that all the directors now asked for .was power to increase the authorised capital, so that they mijht.be in. a position to make an issue if and when they considered such a. course desirable. At present they had come to no decision as to when or on what tirms an issue should be made. When tho directors came to the conclusion that the timo had arrived to make an issue the shareholders would at oflco receive full information, and .the new shares would be offered, in tho first instance, to the existing shareholders. Ho might add that, of course, no issue, would be made unl&ss the directors felt satisfied that the new oapital could be used profit-, nbly and not' to tho detriment of the shareholders as regarded dividend, , Mr. Charles A. Galton seconded tho resolution, which was. unanimously carried, and a further resolution was passed authorising the directors to increase from time to time the total number of eharw on the* colonial registers, provided that the total number of.'shares on such registers should not exceed one-half of tho total amount of tho issued capital for the timo being of the bank.. A third resolution was adopted giving the directors wider scope,in investing, that portion, of the bank's reserve fund which is held in the hands of trustees.

■ AUSTRALIAN SHIPPING. - The "Financial .Times" of January 25 has tho following:— ! . . . "For -some- years, past tho Australian trade ha 3 given bett-er results' to shipowners than has been, achieved on almost any other route, and this notwithstanding ■that-tho excellent freights obtained'to.and, from tho Antipodes have attracted an everincreasing amount of tonnage. Bemunerative employment can still bo provided, however, for far more vessels than are at present available, in viow of the rapid growth of cargo business,. and, to r-ome extent, of passenger business also, between tho Commonwealth and tho rest of the world. Thore is reason to believe, however, that in the very near future an important addition will be made-to tho number c-f vessels visiting Australian ports. The rumours which ltavo recently been current in this connection havo taken definite form in 'Fairplay.' a. paper which is always well informed on shipping matters, and in tho current number of that journal it is stated that the Brocklobank, Anchor, and Cuna-rd Linos will, in all probability, before long institute a new service to the Antipodes under one management. This suggestion we believe to be correct,, and as it follows close upon the announcement published a short time ago that, the British India. Company is also adopting an active poiic.y in rega-rd to Australian trade, it is evident that somo of the principal shipping companies in tho world are about to make a bid for an important share of the ocean transport business of the Southern Continent. Such'a development will exercise a far-reaching influence upon tho 'trade of that country, and will afford a ■ stimulus which will not only add to the prosperity of Australia, but will also havo a good effect upon tho amount of colonial business done in London. The point to bo emphasised, however, is that tho scheme referred to above for a joint management of a new service by three prominent lines by no means exhausts the possibilities of the situation.- Thero can be no .doubt-that other important shipping companies aro discussing a similar policy, and it is highly probable that an understanding will be arrived at in the near. future. In this event it' will presumably bo necessary to' raise a certain amount of capital for tho replacement of tonnage which is to be taken off other routes for tho purpose of trading to the Commonwealth', and so far as one can sec we are on the eve of important developments in connection with this matter."

OUTLOOK FOR ZINC. Messrs. Rudolf V'oln Krenzer nud Co., in their annual review of spelter (zinc), remark that 'the outlook for 1913 is not at all clear. "Trade prospects considered on their own merits arc, generally speaking,' good, and, unless hampered by labour difficulties, a. further period of industrial activity miiy, wo think, bo confidently anticipated. But much depends on the political situation, which is still very uncertain, and, ithough' peaco between the Balkan States and Turkey is, wo think, fairly well assured, it may be some time before a satisfactory settlement is arrived at and Confidence restored. Regarding spelter in particular, the course of the market turns largely on tlio question o£ consumption. Tho price is already fairly high, _ production will undoubtedly still further increase, and consumption, therefore, nvast indeed be good if tho present range of values is to bo maintained. The possibility of a reduction in the tariff in tho United States of America and its effect on tho European situation is also on mportant consideration. Under all the circumstances, It would appear that any substantial advance from the present level' is hardly to bo anticipated; on the other hand, we incline to the opinion that prices will rulo lower, the market fluctuating, to attempt «, forecast, between, say, £27 and £23 per ton, with a tendency rather towards the lower figure."

TURPENTINE AND ROSIN. In their annual report on turpentine. Messrs. James Watt and Son, of London, stato the greater part of 1912 was a loner reaction from tlio inflated prices of 1910 and 1911. Tho rise from 2Js<. 6d. per cwt- in April, 1909, to 745. 3d. in March, 1911, was followed by a, fall to 275. in November, 1912. Tho, average price for 1912, 335. Id., was slightly below that of 1909, 335. lid., but above that of 190S, 31s. 9d. per cwt. Lower priccs increased the consumption. In America -a cold, wet summer* was followed by an exceptionally fine autumn, so that the present crop promises to be at least as large as that of 1911-12. In. France much the same conditions liavo prevailed. Spain and Portugal appear, to have had Rood crops. Many other countries are bestirring themselves to tap their pincß for turpentine, either as a new departure or with increased energy. Wood turpentine, also, i? heins produced in a more scientific manner in Northern Europe, as well as in the United States, but the serious fall in the price of sum turpentine may disoourago some of tho new enterprises. Imnort3 of American wood turpentine into Oreat Britain were r;uito a feature' in 1912. Exports from the' United States in seven months, April to October, inclusive of 1912, were 46,580 tons, compared with 58.980 tons in (lie ' season April to March, 1911-12, and <4,835 tons in the season 1910-I'.

In Anrillast the Customs Board oE Now York finally confirmed the decision of tlio Court of Appraisers whereby rosin enters into the United States duty free, but tlio price of French pole rosin did not nermit exports from France to the United States fa 1912. Last sprinir tho difference between American 0. find W.O. was only a few cents per barrel, so that producers in tho United States \vero not crfTeful to moke pale grades; tie difference in value

widened later in the year two dollars per barrel. lioslns in 1912 wero far moro profitable to the producer than turpeulinc. The yield of rosin from tho crude gum is more than, three times as largo as that of turpentine, and the average price of strained rosin in 1912, 16s. 6d. per cwt., ox wharf, London, has been nearly double what was thought a good average price in 1958 and 1909, Bs. 4d. and Bs. Bd. (the average prico in 1902 was 4s. 8(1.). Total exports from the United States in seven months, April to October, inclusive, in 1912 were 151,785 tons, compared with 253.910 in the season April to llarch, 1911-12, and 225,624 tons in 1910-11.

AKQENTIiVE 3IEAT; In the course of his annual report upon tho trade of tho Argentine, the British Consul gives -an interesting account of tho immense cattle roaring and meat exporting industries of that country.. The United Kingdom, he writes, is tile largest consumer of Argentine meat, but the increasing shortage of llvo Gtocks in, the- older countries will open up new. outlets for Argentine's animal produce. The European demand could easily absorb the whole of - Argentine's present production. It is, 'therefore, worthy of note that Switzelland has taken her place amongst Argentina's latest customers. The meat exports to Italy and Portugal also continue to expand. Jlany countries still resolutely maintain a closed door to Argentine cattle, but it is believed that the difficult problem of food supply will at no distant date break down ail barriers interposed to protcct the live stock interests of the farmers at home. An example of the marked tendency in t-his direction is afforded by Germany, where the dearness of meat has led to an agitation in favour of the abolition of Customs duties on meat imported either as live stock or frozen carcaeses.

One important feature in the meat trade of the South American Bepublic is the growing influence of the TJnited States. American- trusts have within the last few years bought up two Argentine meat companies, wliost 'output is ever on the Increase, and indications -are not jacking which point, to a, further development in tho near future. An expert, Mr. J. D. Wholplcy, has been sent to Argentine by a PViulicato of manufacturers in tho United States to report upon the meat Industry of the country. . According to a statement extracted from n, local trade journal, it mipoars that "if we are to believe Mr. Whelplcy, who is no doubt well informed, the meat industry of this country is not far short from becoming an America n monopoly—manv pretend t-hot it is already un fait accompli. The La Plata cold storage and the lia Blanca are already in tinhands of Americans, the eecond named being the most important of its kind in Argentina. People, however, do not as .yet realise the enormous strides mado by American brains and capital in this country, especially during tlio past few years. Two concerns out of seven that carry on tho moat trade are entirely American, end their export of frozen beef represented onethird of tho total export from tho Argentine, while their export of frozen mutton and lamb is about in the eamo proportion." As a competitor iif the markets of tho Dnitod Kingdom, the United States can no longer be said to hold its own apainsi Argentine meat. In fact, with their increasing population and the steady, decline in their own surplus hordr;, accelerated by tho encroachments'of agriculture upon the pasture lands,-tho United States, rather than being dreaded as a rival, has come to bo regarded as ono of Argentine's future customers. This theory finds some support. In tho diminished exports of cattle and meat from the United States. The former Imve fallen from 593.400 head in. 19M to ?-f!7.r»"o brad in 1910. oi"l t.hi latter from 299,580,(Mb. in 1904 to 123,CC0,K01b. in 1910.

CANADA'S GRAIN TKADE. • Owing to the immense distances across which it is' 'necessary to transport the Canadian grain crops, and the still somewhat inadequate railway facilities, a complicated system of Government inspection and control of the drain trade has been round necessary in the interests of the Canadian farmers. The object of the Grain Act, passed in April of last year, givos to v ,the farmer as iranv facilities as possible for the easy sale of his grain, and ( all possible security that ha shall receive the whole price of the uale lie hag mado. In whatever way he may sell his grain, the law protects him from dishonesty on the part of the grain dealers, or from unfair treatment at the hands of th 3 railway companies. ~ In Cdnad'a,. grain is usually sold by the "grading system." That is, the law establishes certain grades oi - standards of finality, mid the grain is'bonght and sold, in accordance with the grade to which it belongs, from tho time it leaves the farmer's wagon .until it readies its destination. Generally sneaking, 110 attempt ,i' 3 made to prescrvo tho identity of any particular 1 shipment of grain, it being bulked with grain of the same grade. If ha wishes it, however, a farmer can insist upon the identity of his'grain being 'preserved from the starting-point until it reache? Europe.

The Act contains various provisions fur regulating tho transport of grain by rail. Tho railway companies cannot refuse to supuly .wagons, and must deal with the applications for wagons in tho order in which they aro. received, without discrimination of any kind. When there is a wagons, the Board of Graito Commissioners can direct the railways to make \n.n equitable distribution of empty grain wagons to all stations or sidings, fti proportion to tho amount of grain available for shipment. "MADE IN ENGLAND." A protest against tho continued use of English designations on certain German manufactures has just, been made bv the representative of tho Bielefeld Chamber of Commorce, at .a meeting of the Association of Chambers of Commerce of Hanover. It, is said that a certain charm is exercised on 'Germans if a' necktie bears tli« words "His Majesty," or ; a hat is/termed "New London Style." Retailers and manufacturers are declared to give too muc.li considoration to this fact, and thus there are to be found genuine German ulsters designated as "Knglish Fashiin," "Tisrer Make." ."Best To.ilor Jlado"; German tie" an "Persians." For Every • Gentleman." "Chessboard Cravat," "Tho"L3=t Fashion""v.inimaw as "Sleep with the Double WW* Pyjamh.": and,'-ladies' coats so "Fashionable Tailor-made Dress." "liadieß' Ovrwear Manufacture," ctc. It is said to be an insult for good German goods to be first put in vogUe through English whereas German products are avoided abnrnd only because thoy aro of German origin. .

AUSTRALASIAN GOLD. The gold output of Australasia for tlio VJ, s L two °f the year amounted to 405,6510z„ which is 21,4960z. Ices than .for tlio corresponding neriod of 1912, and 61.9200z. below tho 1911 figures. Tho Commonwealth total was 347.9510z., a decline of R9840z. on the figures shown a year ago. The return.? for the first two months compare as under:—

: OAJTABU GRAIN MARKET. 'By Tolenrasb.—Press Association.) , Oaiparu, March 23. Tho grain market has been interfered with by the holidays, and business has been restricted. Velvet has been- most m demand, and some fair-sized lines have been quoted at am advance on previous prices. The prices have ranged from 3s. Bid. to 3s. 10d., tho latter for delivery at Oamaru, the others net at country stations. Second grade lias been sold at 3s 81d., delivered at store. Eed wheats have weakened in consequence of tho ouantity being placed on. tho market, especially from South Canterbury. For Tuscan and l!ed Chaff 3s. Bd. net at countrv stations has been tho ruling price. Oats have hardened, and tho week closes at an advance of about a penny on the previous week For A-grado Gartons tho market closed at 2s. Id. and 2s. ljd. net at country stations; B-grade, at Is. lid. and 2s. .net at country stations. Oatsheaf chaff is Eelling at £2 15s. net at country stations. Potatoes have slightly weakened, and are selling at £5 net on trucks.

1912.. '1913. , Oz. 02. Victoria, 67,777. 63,983 New South Walos 26,819 -26 593 Queensland 52,038 44182 Wost Australia. 208,901 205^693 South Australia 900 1500 Tasmania 6,501} 6,'OCO Commonwealth 262,935 347,951 Kew Zealand 64,212 57,700 427,147 405,651