COMMERCIAL ITEMS

Dominion, Volume 7, Issue 2128, 21 April 1914, Page 10

COMMERCIAL ITEMS

INVESTMENT SHARES. • There wore no transactions in-.iiKes.tinent shares yesterday. The ■ quotations ; wfere as'follow':— ' ■ • ■■■■ _„- : . ■ Buyers.,;. Seller*. ... . .. £a. d. . £«: d. National Bank 5 6 0 , - Equitablo Buildins 9 0 0 , - Wolf. Trust and Loan ... 7 7 0 i - Ohristohuroh Gas .-• . 7 c ,i a n Well.-Gas (£10):....: -• 16 10 0 NAtional Insurance ' Z 11 B N.Z. InsTirahoe 518 6 -- Meat Export (525. 6d.) - f * » Union-Steam (ord.) — '' "1 5 J Koiapoi Woollen (ord.) ...550; ■ - Well. Woollen = (oid.) 4 16 - Well. Woollen (pref.) .:....• 30 0 '-■•■-'■> Leyland-O'Brien '. 12 6 :fS 3 Golden • Bay ' Ooment 017 9 ' ■— .COST OF LITING, ..... With res Met to the operations of comHnOB in aftectine the • cost of living,, the. New South Wale 3 Institute -of Bansers prize essayist ■ ■•• ■ : ,. . "Xhe operations of trusts, rings, srneicatea, and-monopolies are • often eaior to have nad a gTeatiiJfl.uence on the prjees or many commodities dnrine recent years.-..-It is very difficult to get any reliable-data, os to the workinge of such combinatoone. The cost of living certainly seems to havo increased more in America than an any other country, and it is there' that.t&o trusts ore moet powerful. Truete are a, feature of modern industrial deTOjopment. liarge scale production bavins displaced small scale production, tho next etepwaa the combination of large concerns. Those trusts which are international in character would be best able to influence prices, and it is very difficult to discover the existence of-such trusts.' Monopolies do not necoe6arily exert an evil influence. It -was once considered that ft monopoly would sell at the highest price that could be c extorted from tho buyers, while the prieo of competition was tho lowest which the seller could afford to take andTomain in business- The more modern idea, appears to be tnat nomSstttion often raises the cost, of proaucon. and, therefore,' increases prices: while a monopoly, by reason of better organisation. and'larger production, will be able to produce articles much more oheaply. -However, the opportunity of ■ extorting nißh prices is alwiays 'present if α-uust. o?s real control of «ny particular branch of production, end it is likely that tlie PUblio Sll be exploited by some trasts .:..:The local associations., exietmz in the big centres of population in Australia, whioh fix the prices for certain commodities.'torn time to time, do not appc-ar to have been reeponeible for the increase in prl«e. Theiiinfluence ie' merely exerted towards maintaining a fair average price which propaolr would not differ from tho open compettion price- " '•"

COMMONWEALTH STATE DEBTS. The transfer of the State debts to the Federal Government is again to the.fore ill Australia. Tho" main Bolnte to-be considered are the preservation to-, inj) States of the freedom to borrow ,aa at present, and the guarantee to the Commonwealth in respect of the liabilities it may assume-on behalf of the States. In repaid to the former, it is obyioue that loan-' money will be needed by all the States for development purposes, and it is equally obvious that the people of a- Btat« know better than any other members of the community what tho requirements of their particular portion of the Oorittaonwealth are. Still, once the State debta' are transferred, or any part thereof, tho Uom-. monwealth should be the. only borrower for Australia abroad. To have two applicants for loans on the name security would lead to confusion, and In all probability to depreciation of the credit of th,o States. It is, however, reasonable to 'surgeSt that the Commonwealth should act as the financial deent'of the States, and, lji this capacity should accept instructions ' from their, principals. After all, tho State.has. to foot-the bill. , arid la consequently entitled to .call the.tune, with certain reservations.' With'regard to the other Wnt the constitution provides that "the'Statee shall indemnify the Commonwealth in respect of tho debte taken over." A trans fer of railways and other assets has been sweated as one vraym wmch to comply with this mandatory provision. There are 6bjectlone to this, not the least of. which being the possibility of the Becnnty depreciatintr. A simpler method appears to be accorStag to ono authority. Iβ to emend Clause 51 of tho constitution to'the ettettt of authorising the Commonwealth to tax any State In default Teßordin* the service of its debt, so. as to produce the eum Tβquired. Armed with such authority to compel delinquent States to meet their obligations, the Commonweajtn wonld occupy the position of trustee for debenture holders without being under the necessity of seiiiwc the security. ■>

: ■ MEAT.IN AMERICA. According to the Department, of Agriculture the decreaee in moat anijnals in the •United States since the census year, 1910, is equal to nearly iine cattle, seven Bleep, and three ptes per 100 of the population fts estimated for the beKlnninß of the present year. The population returned in 1910 wee 91,972,0C0, and the estimate for 1914 is 98,646,000. Taking tho latter number Into account in order to supply the population with meat in the same'ratio ft? in 1910. 8,536,0 M, or 19.2 per cent, more, beef cattle are. required, 6,509,000. or 11.6 per centmore eheep, and 5.214,000. or 6.2 per centmore ptee. Apart from the ratio of meat to population, there were decreases o* 5,313,000 beef cattle and 2,729.000 sheep, with an increase of 747,000 ptes between 1910 and 1914. But, to coneeauence of hiirh prices, the farm value of tho animals is estimated at 1,930.087,000 dollars for the beKinninff of 1914, as compared with 1,554,600,000 dollara for 1910, ehowlns an increase of 395,487,000 dollars. Beof cattle have risen, in form value from 19.07 to 31.13.d011ars a head, or 63.2 pur cent., and plssifrom 9.17 to 10.40 dollars, or 15.4 per cent., while sheep have decreased from 4.12 to 4.04 dollars. Oa the whole, producers of meat have gained vastly more, by high prices than they-/have lost by reduced numbers. Moreover, the values of other animals have risen also-horsee from 108.03 to 109.32- dol : lare a head, mules from 120.20 to :123.8a dollars, and milch cows from 35.29 to 53.94 dollars.

Customs-duty-collected at the port of Wellington yesterday amounted to £2005 106. 7d. , HIQII'COMMISSIONER'S CABLE: • The Department of Agriculture, Indu3 tries', and Commerce has received the following cablegram from tie High Commissioner for. New Zealand, dated London. April 18. (Note-Quotations, unless otherwise specified, are a.verasre market prices on spott:— , Mutton.—The market ie very dnll, and has been unfavourably affected by largo arrivals of mutton and chilled beef. There i 3 no demand for heavy weight, Canterbur.v, 43d per lb.; North Island, 4 j-Bd.. both for liKht weight; ewes. 3Jd. . . Lamb.-The market, is steady. Demand is chiefly for liffht weight. There-is s, dull sale for heavy carcasses «f lamb. Canterbury twos, 6tf. per lb. There- is a,'limited demand for poorer grades, which are. in competition w'th Australian. - . -.. Beef—The ma-rkot Iβ untettled,. . N T «w Zealand hinde, 4 3-Bd. per lb.; fores, lid.; chilled hinds. <Bd.; fores. 3M-. , : ; Eiver Plate Shipments received durine March, 1914:- ' ; : ' ■ ■ Mutton. Lamb. London ....: :.■■' 71.469 ■■■ 28.M0 Liverpool 57.160 4.o<M Hull "6,044 u — Southampton .".... I.MJ t 549 Newcastle ■„..:.,..'„■ 4,675 ..>., 200 Totals March, 1914... 141.317 34,009

Totals March, 1915... 354,056 110,554 Buttor.-The market is auict.' Tho demand has been chioflv for best queliiy. There Iβ a limited demand for poorer j Erodes. Danish, market au'el, per cwt., ; 114s. to, 1165.: New Zealand. In increaslns ; demand, lCfe. to 1.08s.; unsalted. for which the demand exceeds the supply, life, to ÜBs.; Australian, in fair demand. IOOs. to 1045.; Argentine, in poor demand, Ms. to 100s.: Siberian, in moderate demand, 100s. Ohces'e.-Tlie market Iβ quiet-but steady. Canadian stock Is email, and pricee are nominal.' Canadian white, per cvrt.. 68s. to 7Ch.; coloured, 695. to 71e.: New Zealond, nue3t white, 61s.' 6d. to 62=.: fine vfhitt. 60a 6d. to 615.; flneflt coloured, 645. to Hs. 6d.i flne coloured, 635. to «Js. 6d.j Australian white. 605.; coloured, £23. to 633;; secondary, 58s. to 595. • . ■ Hemp—There- is a. better demand. The market is moderately active, but speculalive, and depends upon niEiu, the market for which is weak at £M per ton. New Zealand: Good lair, £26 per ton; fair. £23. Manila.: Fair current, :£25 'IDs.: forward shipment, nominally sa. moro. The outwit from Ifenlln. for tho week was 19.000 bales. Cocksfoot.-Buyere have been offennz moro freelv tveraKO pi'ico for bri/rht clean New Zealand seed. weighin.T 171b. per bushel, per cwt.. 565. _ . Whcat.-The market w with a, tendency In favour of buyers. Oats.-The market is dull, nnd eupDllee are large. Beans—The market is dull. Peae.—The market is steady, but the demand is only moderate. '. Wool.—The market remains firm. FROZEN HEAT, . By Telegraph—Press Aeeociation-Copyright London, April 19. The Incorporated Society of Me-at Imnorttn, Smlthfield market anotetions for the. ..nderiMntioned cl«-S6»s of frozen meet am based on eujtael salce of not less than one hundred carcasses of mutton or lamb, or twenty-five aunrter6 of beef of fair aver«»oueJlty. The Quotations are not for •elected lines, but for parcels falily, TβpreseatatlTe of the balk of the shipments

now on the market. The prices which follow ei« on the «-veraire a farlhint per lb more than the values ex «hip. this different* lepresentlne the average uost it exoenee.' htndllnt, conveyance, and •eUinc the m«*t:-/ . . Apr „ ApT le ""'(SStebuVy. llrtt. ...J!, «. Canterbury, medium 4a-8 4a-b Canterbury, heavy '.4 •■ J . Eotithlxnd ......... , : .North Island.'.best ••- « ]*\\ NoHh Island ordinary... 4i 41.16 ■ 'Australian, light :.-... *\ J"6 Australian, medium "5 -38 '■ . Australian.. he»>y. 33 . 3? EivoV Hate, light » , * : Hirer Plate, hea'ry 315-16 . ■ 315-16 ■ ■ New.. Zealand ewes 33 -'~, • Australian, ewep • *Ji-« . Ri/er- Plate owee » 31 Canterbury, liffht, '6i 61 ; Canterbury, medium-, 'n ' 6 « . Canterbury, heavy ~: 51 ■ 5S ■ Southland'. : 6 M North* Island, so'lectod......' 58 : 5S . ■ North'lsland, ordinary .. 53 53.. . Australian, 53 g . ' Australian, fair ....:........... 53 K Australian, inferior ......... 53-8 • 53-8 ■ .•Wverl.Wate. -.first 5J ..SI. •■ Hirer Plate,. second ...'.... 5t s}. ■New Zealand, ox fores '...• 33- 3* New Zealand, ox hinds... 43-8 43-8 ■ Australian; ox.'fores '..-....-. 37-16 33-8 • Australian, ox hinds • .41 ~. « . . Plate, os fores 39 ji River Plate, ox hinds ... 47-16 4 71-6 • KiT«t Plate, chilled fores .3} 5J • • Elver Plate; chilled hinds 4J 48 • . . . 'None • offerintr. ; '' ;■■ WHEAT" AND -FLOUR. ' London, AptU 19. Whett ■ cargow are slow of eale, and prices ■ aro tinchansei. r The wheat andi flour dfloat the United Kingdom totals 3,575,M0 quarters; for the Goi«iiCTt.l ; s«,CCo Jiuartors;. Atlantic ."shipments, 205,000.;. -Padfic. 13.C00. ;..The total ehinmants to' Europe during the week amounted to .990.000 auartwC inclild. file 65.000 from Argentina, 395,000 RusHfcn. IM.OCO D.B>niiblan, U.OM Indian.- end 90.M0 Anstrala'slan- : ■■•• - ■-.■.-•

..BRITISH COAL OUTPUT. ■' "(Rec. April 20, 9.M p.m.) ", ' ' ' London, April 29. • A'.preliminary estimate .of tho. output of ecal in' Qreat Britain during the year 1913 places the Quantity at 237.411,869. tons, an increase.of 10.37 per centum over the output for 1912.