COMMERCIAL ITEMS

Dominion, Volume 7, Issue 2132, 25 April 1914, Page 8

COMMERCIAL ITEMS

INVESTMENT SHAKES. . The business dono in investment shares yesterday consisted of sales of Wellington Insurance at £<, and Standard Insuranco at £1 13e. Tho quotations were as follow :— Buyers. Sellers. £ s. d. £ s. d. National Bank 5 7 6 — Metropolitan Building .... — 12 <) 0 Weli'UKton Investment ... — .011 3 Well. Trust and Loan .... 7 7 6 •— . Glsborno Gas 2 2 6 Palmerston N. Gas — 1010 .0 Wellington Gas (£10) 16 6 6 16 8 6 N.Z. Insurance — 6 16 Meat Export (525. fid.) — 3 3 6 Union Steam (ord.) — 15 6 Union Steam (prof.) 10 4 -—. Well. Woollen (prcf.) 3 0 0 . - Westport Cool 1 7 6 —• Weetport-Stockton ......... — 0 3 6 Lcyland-O'Brlen — 1,3'3 Taringamutu Totara 2 7 0 — Golden Bay. Oftmeilt'' 0 17-9 — • Sharland's (ord.) 12 0 — Sharland's preferenco .... 12 0 ' — W.F.C.A. (£1) - 16 0 WHEAT AND CANADA. Tho steady fall in the price of wheat during the past few years is causing "considerable apprehension in Canada, as the wolfare of that country depends upon, the prosperity of the agricultural industry. A Koyal Commission was recently appointed to investigate the position, and, on evidence acquired in Saskatchewan, it -was found that.the average price received by the farmers of that province had fallen from 81 l-sc. per bushel in 1909 to 66J c. por bushcl-in 1913: Evory year showed-a dccreaso, and. in tho period mentioned- tho shrinkage amounted to nearly 19 per cent. Tho fall in,. priccs realised has been ■ accompanied- by a persistent advanco in tho cost of production, but to what extent opinions differ. Tho commission estimates tho rieo at 12 per cent, on the 1909 tlgurc3. me.king the cost 62 cents per bushel placed on rails at a. country station. Assuming tho correctness of tho data, given, it is evident that tho margin of profit to the wheat grower is fa«t vanishing, and unless ho can make more money thcro will bo no return, to "boom" conditions in Cfl.n«da,. Ohea-P land, and the profit in grain growing, were tho attractions which brought the American end British farmer? to tho western provinces of Canada. Land values' have been, rising rapidly of late, and, 03 ha* been shown, the growing of wheat has act bc«n nearly so remunerative.' Prov

bably this combination accounts for the decroaso iu the number of Bclt.lcr« from iho "United States. «e> shown by the monthly immigration returns. Tho remedy for tho unprojltoblo character of er<un crowing in Canada appears to lie in increasing the fljoa under mixod farming. With t.hc high prica of moat, there should bo more inducement to carry stock, and tho rcccnt hard times liavo probably compelled more attention to bo paid to economy.

THE SILVER MARKET. Messrs. Samuel' Montagu nnii Co., slate that tho Indian Bazaars had been for so long accustomed to dealing with tho involved Indian Spccio Bank that. I'ncy were slow to recognise tho Quite different character of the syndicate engineered by such powerful institutions as the Hon;: Kong and-Shanghai Baalting Corporation and the Chartered Hank of India, Australia. anil China, end attempted to wear down priccs ot silver by bear tactics. Gradually, os tho futility of tho effort was realised, the inherent heajthiness of tho market, became apparent, and a disposition set in on tho port of tho Indian speculators' to cover commitments. It will bo remembered that an amount of about X3.C00.0C0 sterling wo* taken over by the nyndieato on December 4 last.' That about two and a quarter millions (over and above ordinary supplies) should have been liquidated within three months, practically without, any advert effect upon, prices, even though bear operators sought strenuously to- depress rates ia;Order to cover thier operations with a profit, is a notable achievement on. tho part of tho managers of tho syndicate, and amply justifies its formation. "An opportune circumstance." add Messrs. Montagu, "has been the retention of silver by Mexico for the purpose of coinage. Tho market now breathes freely, relieved of tho weight which has oppressed it for so many years. Tho improvement in Chineso affairs, and the ever-nearing possibility of a Joan to tho Government, of thqt country, ore also favourable factors. ,As a whole, the agricultural condition of India. ; ie. good: any lack of Tain has been local and temporary, and its effect not difficult .of amelioration."

NOTES. Tho directors of the Farmers' Union. Jlutual Fire Insurance Association met at Pdlmcrston. on. Thursday. A[r. John. lialslllio presided. Reports ehowod for the year ending March 51 a very eatisfactory increase of business and the total fire losses for the whole year amounted to ,only £225. The association now has closo ,on £250,C00 worth of risks. A now agent, ,was Appointed at Blenheim and increased .business was being received from that, and the Nelson districs. The annual nicotine of the association- will be held at Wanganui on Wednesday, May 27. Tho report of the Conncil of Foreign. Bondholders for 1913 states that, the most important event of the cast year in connection with the council's operations was the resumption of payments by tho Republic of Guatemala, after a default existing over 14 years. This leaves the defaulters confined to tho Republic of Honduras and nine States of America—namely, Alabama, Arkansas, Florida, Georgia, Louisiana, Mississippi, North Carolina, South Carolina, and West Virginia. The council again comments upon the unsatisfactory circumstance that these prosperous and progressive state) take no stepa to settle their defaulted debts, while it seems aji anomaly that the United States 6hould insist upon compliance with its obligations by a country like Santo Domingo when so many of the States within, its own borders are not observing their own engagements. In those caees where in the last few years the'efforts of the Council of Foreign Bondholders have been instrumental in bringing about honest methods—Venezuela, Salvador, Ecuador, Paraguay. Costa Eica, Colombia, Nicaragua, and • Guatemala—the punctual payment of interest appears l to he proceeding, while in. Eomo cases tho operation 6f a sinking fund is steadily reducinz the principal.

Customs duty collected at the port of Wellington yesterday amounted to £4554 Ms. 7d

. SOUTHERN GRAIN' MARKETS. • ' • (By Telegraph.—Press Association.) . Chrlstohurcli, April 24. The wheat market keeps fairly firm, with not a larpe Quantity offering. There is good inquiry on the part of millers, who are ready to t<ik6 any suitable lines offer-' rag at current quotations. The oata market also shows no change, growers still holding firmly. There is, however, not a very keen demand, and prices are unchanged; Oatshcaf chaff is dull of sale, and 455. is still' the ruling price. Potatoes have ehown a further improvement in price. The digging of the' main, crop is. now commencing, and buyers are evidently desirous of obtaining eupDlies before tho crop goes into the pit. The crop is turning out fairly well, and averaging about 6ix to eoven tons to the acre, some going as high as eight and nine tons, and cihers as low ag four tons to tho acre. The ruling price is now £3 sa. -to £3 7s. 6d. per ton at country stations. Pons arc somewhat easier. Partridgo peas have sold up to 4s. recently, but this price is now difficult to obtain. Blue Imperials are nominally worth 3s. 6d., and Blue Prussians 3s.

'LONDON MAItKBTS. Messrs. Dalgety and Company, Ltd., havo received cable advice from their Loudon office, dated April 23, <13 follows Frozen meat: The market is dull and declining. Since our lost cablegram, prices for heavyweight mutton'are id. lower, and for any other description any change is in favour of .buyers. For light-weights of frozen lamb, prices, are unchanged.. Other descriptions are id. per lb. lower. Beef: The market is very weak. Chilled is slow at prices . auoted for frozen. The firm's London house .also cabled:—The wool market is very firm. We expect a elight rise in prices in. merinos in the April-May series. No chango is cxpocted in. crosebreds. BANK OP ENGLAND RETURNS. By TelesrraDh—Prsss Aasoclation-Copyright (Rec. April 24, 8.35 p.m.) London, April 24. Tlie Bank of England return issued for the week ended Wednesday, April 22, is as under: — ■ ■ Issue Depabthent Heta Inu. £53,009.000 Gov.asbt — £11,015,030 Other secuiitioa ... «. 7,434.000 Gold 35,'250,000 £33,609,000 £03,000,000 Banking Department, Prepri»toiV Govt, securicapital . £14,553,000 ties £11,017,000 Fublio da- Other tecuriposits . ...18,804,000 ties... ... 41,160,000 • Cthcr d»- '■ posits ... 42.418.C00 N«t«J *. 25.067.003 Reßt.l-doy ' and ot'aor bills... :... 3.114,001 C01a... „ 1,645,000 ■ £78.019,000 £78,010,000 1 The leading items of the Bank of Enitlaud return afford the following compail•on:— Ihlawaok List w«ak Hastyaar ££ . £ Bullion ... ... 34,607,000 36.762,000 Beeerv* '25.712,000 25.663.000 -28,218.000 Note circulation..3B,632.ooo -29,024.000 -28,435.000 Publlo Deposits- 18.801.000 19.238,0C0 15,663,000 Other Deposits 42,418.000 11,861,000 41,179,000 Prop6rtlon or reserve W A liabilities 43.6-2 • 41.59 49.43 *' , GOVEENMEOT . SECOKIHES. The following are'the iQtest quotations for Government securities with <i comparison of those'ruling laet week:—

The Bank of England' rate was, on February 8, 1912, rcduccd from 4 to 31 per cent., and on Slay 9 it was further rcduccd to 3 per cent. On August 29 it na.3 raised to '1 per cent., and on Octobcr 17 to 5 per cent. It was reduced to 4J per cent, on Ajril 17. 1913. On October 2. 1913, it was reified to 5 per cent., on January 8, 19K It was rcduccd to 45 per ceut. on Januar? 22 to 4 per cent., and on January 29 to ] per cent. l'ho Bank of France rate was rcduccd from 35 to 3 per cent, on January 23. 1908, and continued at ttao latter ficuro until September 12. 1911 . when it was raised to 35 per cent. On May 17, 1912, it was reduced to 3 per cent., on Octobcr 17 it wea raised to 35 per cent., and on October 30 to 4 per cent. On January 29, 1914, the rate was reduced to 35 per cent. • ■ The Imperii! Bank of Germany on Octo-

bcr 24, 1912, odfttuced its rate of disooiifit to 5 per cont.,ami to 6 per ccnt. oa Kovcraber U. On October 21 1913, the rate ws reduccd to 5J per ccnt,, *n January 22, 1914, it was reduced to dot cent.. fiiitf on February 5 to 4 per cent MARKET HATES QF.DISCOUKT. The following sure the market lor best tlirco mouths' VritU:— London Paris Bcrlia raw. rate. talc. per por fif*r cont cent, ccnt. This week BM6 ?.i 1\ Last week I 2$ ?,iLast year 33 33-B. •Short Joans aro OK-al-ed f it li per cent., as A-gaiiMt lis por vent. week, and 2?i per cent, iust year.

COLONIAL AND OTHER PRODUCE. Wheat—Tim innt'feol. shows p. hardening tendency owini; lo the :ilnciLl shipments of ATKCDIino, Australian on il Indian, <*.1thouch Russia may sell freely when spring sowings am completed, Australians havo advanced 3d. AutiU'fliiftns, oti fipot, ore nominally 08s. 6.1. per (nwrter. Flour is quiet rtml imchanit-ed, Onts aro quiet. N'qv? ml shippers' prices are above buyers' i■?>!' value. Heuns aro ncirlcdei!; e'.d JJcw Zeasum-S ore offered at 31s. 6d., ex stsji-e. with no buvtxfi. Peas aro in bolter clcniJiud, 4ss. Ui "15e. id, has been paid for May übimMnt. There is llttlo doinpr in ftjvst suiHil'ien. Butter.—The lrwrkei. is dull in the <i-h----fence of colonial ari'ira.ls, ii.r.'.d prit'esi arc uominaliy unchaaKed. Cliccic is in fflir dciimmf. N«w Kealand white, 61s. 6d.: troionred. 6-Ss. 6d. Suitn.r.—Gemma hert, 89 nnr i-eni. srt litre. Id. hicher, o.f. 9s. lid. m>r cwt.; first mark, Kraniiliited, f.o.b, JisimbftrK, 3d. higher. at lis. 3d. Bradford Tons.~Tlie.Nv in rattier n»or« business doing;. 'fh« cjuotatiiiiifi 0..f0 uUtyfoura, 30>d.; super s'ixtins, 29jid.: eoinniivu sixties. 29d.; flfty-sises, 53»d.; AfUcs, 21d.; forty-sixes, 171(1.; forties, Jfijd. THK JH-JTAI, MAHKRTH. Copper.—On spot, !2s. 6tl. Sower, at JE64 por ton: three nionths', iJ«. sd. toiver, »t £63 17s. 6d.; electrolytic, £65. Tin.—On epot, £S lower, ot. XIBO 10s. per ton: threo moßths', £4 Us. 6d. tavcr, at £161 2s. 6d. Pic,lron.—Middlcshoro* 3s T o. 3. Ud. hiirhcr, at. 50w. lid. per ton. Spelter.—&s. 6d. liiifher, at £21 .Us. per ton. A HARBOUR LOAN. By Telegraph—Press Association—Gteprtieht (Eec. April 2"l, p.m.!ißndon., April M. Tho Gishorno Hatbbur Board i? raiains a loan of £200,000 In 5 pfif ccnt. debentures at par. ANTWERP WOOL SALES. London, April 2J, The Antwerp woo! sales hate _ opontd. There is sood corapctitiai! for merino. Finer crossbreda aro 5 n<?r ccnt. dearer. Otlicr crossbrods are scarce. ' YICTORIAN PSODUCfi MARKETS. Mdbfiurne, April 24. Wheat. 3s. 9d. to 3:% 95d.,: flour, £9; bran and pollard, £5: barley. Kiicrlish. nwJtinir, 2s. 10id. to 3s. 2d., Oaiip 2s. to !a. 34.; oats, Is. Bd. to Is. lid,; mn.iie, £3 ICs.; potatoes, £4 15s. fid.; onions, £6, MOUNT LYEMr HIKE RETTSRKS. Helbdurne, April S(. Mount Lyell returns show that tetia of. oro were treated, of trluch 7953 toils were from North Hount Lyell. The converters produced 516 tons of eorvper, 36.8J3 ounccs of silver, and 714 ounces of gold.

* Variation — ctup&ted Price. with _____ laat week. & I, d, 2i% Imperial CmboIs 75 0 0 ]5s lower 4 ,,N.8. W. 1033 Jan.-July 103 0 0 -Unchanged „N.S."W'.1930 *50Mr.-Sp 100 0 0 Unchanged 34 „N.&W.-1030-G0 WOO Unchanged 3 „M.B.\V,1925 Apl.-Oct Sg 0 0 Unchanged 4 ' „Vic. 1020 Jan.-July 102 0 0 Unchanged 3j „Vic. 1031-0 Jan.-July OG 0 0 Unchansod 8i „Vic,-1829-49 CO 0 0 Unchaugcd 3 „Vic. 1020-49Jaji.-July 61 0 0 Unchanged 3i „S,A. 1016 Jan.-July 93 0 0 UnchmiEGd 3 f „S.A, 1916 Jan.-July 74 0 0 20s lower 4 ,,QTdl915-24 Jan.-July lOl 0 0 Unchanged 8i „ Q '1' d 1922-47 J a n. • July 07 0 0 Unchanged 3 „QTdl02-2-47Jan.-July 81 0 0 Uuchangcd 4 „N.Z. 1020 May-Nov, ICQ 0 0 Unchanged „N.Z. 3U12-40Jan.-July 92 0 0 UuchautfccJ 8 • ,N.Z. 11520 April-Oct. 62 0 0 Unchanged 3$ A .1916-35 May-Ni* 9-2 0 0 Unchanged 8 „\V.A ,1015-35 May-Nov 87 0 0 Unchanged 34 „T4s. 3920Jan.-July . 03 0 0 Unchanged 3 ( Tas. 1820-10 Jan.-July t8 0 0 Vnchanged