COMMERCIAL ITEMS

Dominion, Volume 7, Issue 2109, 28 March 1914, Page 8

COMMERCIAL ITEMS

! INVESTMENT. SHARES. Th'o ; transactions in investment' shares yesterday were Bank of New Zealand, ex rights, £9 7s. 6d„ and Wellington Ga3 (£10) at £16 65., £16 65., and £16 7s. 6d. The quotations were as under Buyers. Sellers. £s. d. ,£B. d. Bank N.Z., eic rights 9 5 0 — . Bank N.Z., rights 5 5 0 5 10 0 National Blink — 5 7 6 Metropolitan Buildins ... — 12 0 0 Wellington Investment ... — • 011 3 Well. Trust and Loan ... 7 6 0 — (Jisborne Gas — 2 2 9 Napier Gas (£10) 15 15. 0 — Christuhurch Meat 15 17 6 — N.Z. Shipping — 16 12 6 Well. Woollen (ord.) ! 4 16 — Taupiri Coal 119 — Wesiport-Stockton — 0 4 0 Taringamutu Totara 2 5 9 — 0. M. Banks 12 6 - Ward and Co 5 0 0 ' — .W.F.0.A.. (£1) : - 16 0 THE MEAT TBADH. It is impossible to believe that 1914 can witness any furthor large expansion In tho general .trade of the United Kingdom and other European countries. But if the present level of activity is maintained, the demand for meats-of all kinds will probably undergo but little contraction, oven jf prices should be permanently advanced. Supplies raised in- Europe give no clcar promise of being able to keep up their present volume, and in tho various sources from-which requirements of frozen and chilled. meats arc drawn the outlook is only a'little more hopeful. Australia may possibly maintain its enlarged export, but New Zealand can hardly be expected to sUiu more than- in 1913: and although from the different countries in South America there may be some increase in production, there is always the possibility of the United States absorbing a fair proportion of any additions that there may be to the output of Oouth American and Australian freezing works. Rhodesia., Brazil, and Madagascar a.s possible sources of supply are not likely tj> influence the course of events in tho coming year. At tho moment the prospects of the Continental demand Increasing aro not very bright, but tl\e economic conditions which make for the further openinj of these markets steadily becoming more pressing. McEsre. W. Weddel and Co. state that as record prices were established in 1913 for 'almost every description of meat imported into the British market, it would be unreasonable to expect an early repetition of that unique experience; but with a clear political 1 horizon, a general shortage of supplies throughout the world, and a fairly sound commercial and financial position, there would appear to be many iea«ons for assuming that, apart from possible labour troubles, & high average o{ values will be niiintalned In .1914. I There'is, however, in Messrs. Weddel's opinion, one very uncertain factor in the I situation—the now market iu the TJniteH States—as to tho possible effects of which on the British market it is as yet too early to form any reliable opinion: but if it should ultimately develop on tho crnandins lines anticipated in many quarters, the result can only be to emphastfa the inherent strength of the seller's already strong position.

• ■ THE JIOHAIII TRADE. Tho trend of the nsohair trade .is said to bo. disappointing, oiijl will remain so until tho Balkan countries recover sufficiently to .come into the.market otice more as purchasers. 'The last season opened well. for. tho Turkey Cape clins and everything sM'rned to indicate an expanding consumption and firm prices; but bighair (writes A correspondent of tho "Financier") is one of those articles wh,ieh is still very fickle, aqd somehow fashion, does not movo in its favour as ano would liko to .see. . There is certainly phntky of room for development,; in- fact, mohair itself needs something -very different from an English lady's fetste to send it alone in a, bouncing. fashion, «n*l, alter tlio gri-in struggle in the Balkans, which lasted well on towards 12 mont-hi-, tfiero was bound to bo some considerable Unto elapse befe-re tho purchasing power of tlie near East resumed, a, normal state. After all, mohair cannot do without the. active- support of the populace of the Ba-stern State, if it is to enjoy titrd measure oi prosperity, and one regrets that certain countries have not been big . buyers ®f mohair yariis, although. in--the our -sliipnir-nt-s for last year showed a--n expaflsioj). Last year's experience, as already said. was a, cas'o of unreal-feed expectat'tens; 'and it is to be -regretted: that January has not brought very miieh amelioration, especially in the hardening of raw material Slices. It is rather noteworthy that the ' most weakness has been &?en ot Port Elizabeth in. Cape classes, there not.- bein? a, corresponding decline in- Bradford, London, or even Constantinople.

THE ■ OCE.VX ACCIDKVr COKPORATIOX. Tho. general manager for Alistralia of the Ocean, Accident- and . tiuarantcp.- Corporation, Ltd., has • received, by'cable the corporation's figwes for 1913 tb bo submitted at tho Se.xt annual meeting. The income for the year Was £3,235,350, aii- increase over the p're'rio-us year oi' jElsfi.4fe7. Tho balance to the eredH of w-offt enij loss ficnount, after paying all claims and: expenses, and insludi-nc provision for outstanding claims, was £1,627,443, ii,n jPcrcaE4 of £235,975. 'The reserves 0-t liecember 31, 1913, were £2,670,150,-n-n ittereaK; Of #503,383. The total oa?2te-at Dec-emb-e-r ?1. 1913. wer.ft £2,965,9C0, an iiiciease oJ £279,6*0, NOTES. ' Thero is a, possibility of tho large Government cold-storage worKa at. lla-ftiia bfr ing disposed o£ ai <tn earl? date, and it the works 1 fall into _pri-vato hands, .as It is anticipated t-hey vrill, fbc holders tii.er-6-of will have a, lar'g-e flay, in, tho Blatter of controlling future imports to the islands. It is generally tho-uglit that, -thft eold-'St-or-ago works wall be -disposed of, and 'tenders invited .about ll'Mch or Aj-fii a«jt, and.any of our people interested would do well to be on the «ileft. ' Total trado of Canada, for 191S, escj-ttv. sive *of coin, and bullion, warn. an increase over 1912 of- , o'f this ancreaso £4,CCO,CCO • was in ■ im-pßTts. -ttfld £10,400,000 in exports of Caflad-ian praduce. The largest inci-ettfio dffl_ expo-rw was in agricultural products-i which a, jgairj of nearly £13,C00,C00. It may bo notes', also that thero wfl'S an increase of soffie £2,600,000 in tho espojt of jusjiufacturcA eooda. , Tho diamond maflset did not flourish last yoar, but there is Wo doubt that it is fi.d'tr improving. Accordirie to a correspondent of the- "Financial Tinjes'" will 'shortly be-in fuil swing again. Cont-ia-ental centres continue to .scud ■ ewod ports, and tho demand for rough- diam.ondfl remains active. The last terio-us arlsi's in the business woo in 1S!C?; there -cannot, have been anything ustawariis in a- reaction after fivo years. • That it Has on-ty been, temporary indicates hew «e)J the tsttde i'S organised. Kiinberle.y goods were vory freely sold by the eyiidScafe For a Bultfontein shipment thp dema-it-d is better than for some time past. The Pr-emieT Company will also show, a. He-svly Stfrivo.d shati' mfent. .-j- ,- Last year the export trade and the -local trade of the ■United Stateo fcrni' d rccorfc. and' thero was a r.ecord exces-s o.f exports over-imports, but the tsjtaj i-mpiStts.sjf the preceding year were itot eq-tiflUed. although a lower tariff v?a§. i-ji operation, in the last three of- its twelve mO'htfe tifld,' notwithstanding that, the eousitrSr • bought supplies of ffleat. and corn from abroad, as never before -in.- its his. tory. Tho failure of imports to' eipiind was a puzzle ,to all- obtervers, but the swelling' of 'tlio experts, acewdihs.' t<j 'fßradstreet's," was Hot unexpected.. > The aggregate of exports-'for ttte calendar y«w ,was £497,000,00.0, ,a fcum -3,5 per cent, larger 'than in 1912, and to that extent, the gre:i,tcet total ever reebrded'. however, only' aggregated iE'jw.lXty'OCO, n- decreaso of 1.8 per ccnt. from :91J, tlw l«njc?t total ever recorded. . The. total twdo 'of the year, was'' £757;C00,CC0. 4'" su'Fa per .cent, greater -.tlia.h. in- 19'i'S;- ajid the exi cesa of exnorts over imports we?. £137.C.Cft,CC0, or £11,209.000 greaier- than; tlie- hj'thertfl record calendar year 1915. and £5,?C0,0Ci) , ijt -advance of the largest, excess 4#et mbnA in'any prior year, ealctttor Qf 'fiscal;-,tluat recorded in 1907-0?.- - A' concession lias ;been granted by tlio Newfoundland Gov-eriiacirt-for -the Hfe, of; 1.CD0.000 horse-power ifiter-pbrter. c.'t G>mn'il Falls, Labrador, for tlie gener^ti.o : n of electricity, which will be' iisc's to extract nitrogen from the atmosphere, for use -ds a fer- • itiliser.

. SOUTHERN JfAEKET?!. (By Telegraph.—Press A-sSsjciatioii.) 1 Chrlstchurch, March '21. Tho wheat m-axket continuca tfuiet. bttt prices are firm. Tito offerings are not large, and continue to- coins in glgufcr, but when prices can bo agreed upon eak-a can' bo clToctcd, as t-tLerd is. a fair deicnnd.. The range' of pricel is Scj- 0•' 3s. '7d. for Tuscan, but the letter figure can-only-bo obtained for very prime sample. Btm'ters is quoted at 3s. 7d. to ss. 6d.-,-aiid Fesxl at 3s. Bd. at country st.itiorF. tmd os. 9d. has been paid'for; PSarl lyien, delivered. Oats are still offering (ftv eiosvly, apd there is a ready sale to iiil 'N-orth Island, orders, which ia the- only outlet at present. Prices are without change. In. other linos °f grain produce there ate uti changes to note. The' potato mStrkst is dull, -. as Auckland rep'orts that the local supplies will last for another f-isw weeks, and thero is a, good'crop In the- Weliiagtoji district yet to draw Upon. A-iie-|tia!id merchants a,ro therefore not inelined'to dc> forward business; £2-103. to £2 15s. Jf) 8-t.ill' being offered at cou'n.trs? .sto,tions, Onip.Ks are a little firmer, a-Bd Are quqicd -at ,£3 15s. to £4 at oountr? statiohs.

LONDON SHEEPSKIN ' SALE. . Messrs. Murray, "'MSeffts and Co., J,id., have received the folloiyin.g pa.blescapi, dated March 26, from. their Losd'on ffieii«Js, Messrs. Sanderson, JtoW ftnd. Cfr„ Ltd.; —"Sheepskins: Merino advanced J,3d. per. <lb. Crossbred skins Show advance of Id. to 3d. per lb." Tho New Zealand Loo# find MercamMlo Agency Company, Ltd., jjave received the following cablegram . from thici-p London house, under datO' March '.—Merino theci); skins have advanced. tier ib. since ia-st tales, and crossbred' 6Ji.ec:pskte> have advanced '3d. per lb. ?in-*6 lost h'ules. Messrs. VT. and 6. TucnhuH find Co.. Ltd., have received the- foliowiSß ctfbied information from their London ftgeWstr"Croasbred .full-woolled, flno, and crossbred, half to' three-otoftef wo'oHcd, flne, advanced half-penny to five-cipfcl-s. ' w>ss" bred. full-wooUed. coarse. advanced jku-I--penny."

' BANK OF ENGLAND RETURNS. By Telegraph—Press Association-Copyright (Rec. March Ti, X 55 p.m.). LonG ; sn, March 27. The 'Bank of England return issued for .the week ended Weduesdaj, March 25, is as under:— I6S»E DEPAiliafiST Koto Issuf £57,631,C00 Gov.dabt — £11,015,030 eihtr securities t.m.m ' ctoii „. ... 3»mm£57,651,C00 £Si6ai,Soo BISKISG DE?AhTVEN?. prcpriftors' Govt, sseui'i'.capital £11.553.000 ties £H.l5tiC)(JO Public d«- Other tMnsrtposlts ...28.710,000 ties... ... 46.6<1,0D( Other daposits ... a.i21.C00 Kotaj . ... 50.055.00J Best, 7-day ; ' and ether bills 3.797.000 Coin ... «.■ 1.624,001 £38.511,030 . 138,511, £00 Tho- leading items of the Batik ot Enslaud return ufTnrd the foils-wins conipa.riton:— This week £a-ss w««k Laat yeai Bullion 39.235.00S 59.56i.C00 354®2J»# Rcccrvj ... . ... 50.719.c00- aUSS.OM 26,74p',0Up Note circulation 28,566,000 -i8.135 ; (K)i3 28,2%.tX)0. Public Deposits 28.740.000 . -27,4i5,0Ct) 25,116,00® Otbev Deposits 11.421.0ua ©,447,800 Proportion of l-eserva fi» . liabilities 43.76 45,& 35.6G

BANK BATES Of. IXtEttESU. ,- The of England rate w&s, on February 8, 191.2, reduced from 4 to 3J per edit., .4lid oh Kiev 9 it, was furf.iiei: reduced to 3 per cent. Oil .August 2? it was raisect H A per cent., and on October 17 to 5 pW cent.. It was reduced to 4} {®f tent, on Ani'U 17, 1913. Oil October 2, 1913, it was raised to 5 per cent., on January 8, !?R it was rcdiirad to Ai percent. on January 32 to - 4 rieF ceatsi aiid on January 29 to a lirr, cent. Tho. Bank .at franco, rale .ly.as Widfleed from 3i to 3 licr- cent- im Jonuary 23, 19DE, and continued at ttas latter figure niiti'! feepl£nsbc<r 12, 1911 , Wheri it "was raised to a per cent. OA Bay 17, 1912, it Wis m> dtri-ed to 5 per cent., on October IT it wan raised tg 41 pej cent-,, and on Qetober JO to 4 pc-r ceitt, Op, January 29, 1.914, tho ratk wan reduced to 31 per cent. The Imperial Bank-of Germans? on Octo< ber M, 1912, odtftltecd its rate of disc/Mint to 5 per eeat,,. and to 6 per cent, on 3soW.m----be-r 14. Ori October 27, 1913, tiro rale was redu-ced to 51 per ee-iit., en January £2, 1914, it was toductd to 41 Bet eeht.,'and oil ■ i'ebrue.f y 5 to 4 per cttnt

.HATIsB OF DISCOUNT. . The following are Ifce. niarkef rates for liest three months'bills;— London Paris -Berlin - rate. rate-. - rate. . Per per , per ' . ' cent, teat. ceflt. Thli'weefe ...» t 21 23-a Last week 21-16 . 2*3,8 3f Lft-st year 42 33 Short loaas arc aaoted at 3 per s cent,, as against Zi per cent, last week, and 4J ger cwrt. last year. COLONL\Ii AM) OTtILR PKODCCE. Wheat—Tlhc market is dull, and there i.s littlo intralry either eons-umiptivo or.suwulativß, b-p-fc .there is' no jjressuEe -to sell. Tile saarket is ir.fluenctd by the cSeeikiit, prospects for a largo w-iflter crop i-it America, and tho weather being' iaveurable f.or the ■ lii'd'ia-n.. harvest.- Liverpool futures, .Ma.rflU4ray shipment, -87d. per cent-ai; jrty t?hip.inent, £6?. AiistraUaJi, on spot, is r.ominalty" JBs, 6d, to 39a-: Jfgw Zealand, Hone O'oerinf. Hdur'is silE'itij oMi?r, 355. beifls asked for Australian pa-Mete, April shipment, but tliero is little business owing to tho sefcea-piieSi} <jf SnjllSJi, and thi srnftll retail dumtads. Oats.. «.t<> dull; 21s. ®.. ia offering for iie-w Jfew Zcslaiiti, aird grade (iartpHs, ■ Beans arc Beglec'te,d. New Zcalr.nd, nam!. E ; a!!y 3'ss ; 6d. to 365., 6d. Pws-The mtiriiet is., more active, aaid QUot-e(if at 455. to 4fe. 9d,-, cif„ Kew Zealand Maples, Mafcli-AtirSi shipment. . Bu-t'ter;"- r Pho market Is .flat- Bstyisli a? unchanged. . Colonial ia neglected. Choicest. Australian, sal-ted, 105s. to iific-alticl, 1103. ts il2s.; secondaries. IOSs, to ®4id tcry slasv of fjsile, especially 'un-sal'ted. whicSi. is ,5m too plentiful supply. Choicest New Zealand, t:a'li : ed, l-lOs.s iffieM'tedi life. . Chea??- is dull. Jffiw Zcaijind., 'white, 615.-, coloured, E4s. BacftU is steady. ■ A leSir Australian, flitches are eleariitg <tt (Qs. to tSjh SugaT.—Gerrtiati beet, Efl. per eeiqt. net tß#o. lil. liifcßer, 'at 9s. per «*i.i first pnvrfes, grainilated, :C.o.b, Hamburg, {d, itehef. o.t in. ua. Bw.Jford Tons.— biq:' l ? irnuiry tlion last- Wee-h. SiSty-foprs, 35d,; puuct sixties, 2-95iJ.: cpmfljoij ai-.v-tie-S, UStii.: -fftyfiies. 23d,: liftros, Mid.; forty-slscs, l?|d,; forties, 15J:1. ' '

. i Tn.E J'KTAL. JfABKKTS. spot, Jfc. hieitc-r, »f#W 18a. ■5d,; -three isioaths', ie. S'd. less, at £65 ■fa '3il. ' : 'Fin..—On spot, £175 55,; three months', 30s. higher, at £-177 ss. jjer t'-on. Pi'g*:ifst!.--*-}liff.dlesb9To' ■ Ko„ 3, 2d', higher, at 50s, 9a. per-ton-. ■ Lead.—£l9 lis.

Vs.m£i».n _ eem.iwuil Tries. witk last T-'fgk. , £ !. d. 2J% Imperial Consols 0 0 IDs hkluiv 4 ,.N.B.W.1933Jau.-July 103 9 0 tJaeKnnscd 31 „N.s.w.i930-5aiir.-sp i)g jo a Unc?] M sBi 31 „N.S.\V.-1930-E0 Sri. 0 0 Caching** 3 ,,S.a.W. 19?3Apl.-Oct tt I t' Undjisngoa 4 „ Vic. 1920 Jan.-July 103 i) 0 ISnciiaawd 3i „Vic. M2M Jan.-July 90 0 « t'Scianfid 34 ,.Vk,-1929-19 DB 0 0 tfiu-hawert 3 „ Yic. 1929-49Jan,-Jnly CI » 0 UnchaDBsi 3-i ,,S,A. 1916 Jail.-July '93 Q 1 f Tj'n-chanfie-d 3 „S.A. 191G Jau.-July T5 0 D t'iioii&iiE^ti 4 ,,Q'rdl915-2i Jan.-July }!)l 0 D Unclianlirrl ; 3i ,,QTdl922~WJa.n.-July f» fl 0 ■ISriehanesti 3 Q'l'd 192iM7Jan.-July fJI 0 0 Uncliaiififld 4 „N,Z. 1929M&y-N»T. ISO 0 8 Unchnnsed 8i ,,N.Z. l!H2-40Jan.-July fe 0' 0 / Uncancel} 3 „N.Z. 1920 April-Oct. «4 0 0 tJncWnueS 34 „ W.A.1915-35 May-Ne? iW & 0 3 „W.A, 1916-35May-No? 8iJ U 0 Umlaaiae.tid 3l ,,1'as. JSUOJan.-July 93 A A UBCtmnBeci il ,, 'l'9.y ■ 19J0-10 Jau.-J illy 0 8 U'Uclio-ii'gfid