COMMERCIAL ITEMS

Dominion, Volume 8, Issue 2486, 12 June 1915, Page 8

COMMERCIAL ITEMS

■ INVESTMENT SHAKES. In the investment waTket sales were reported of Bank of Australasia at £'22, Golden Bay Cement at 225., Manning and Co. at £4 12s. 6d., and New Zealand Paper Mills at 17s. 3d. The quotations were as under:— Buyere. Sellerß. £ s. d. £ s. d. Bank Australasia, 121 10 0 National Bank — J J? J Bank N.Z. (£3 6s. 8d - 11 1 J Bajik N.Z. (£6 13s. 4d.) - !7 10 0 Union Bank 57 0 0 — Eonitable Bnildinft J — N.Z. and Biyer Plate ... 2 0 0 — Wcl. Trufit, Loan, Ltd. ... 7 11 fl Weill. Gaa (£10) " $ { Gear Moat (£1) } « J . ~ . Well. Meat Export (£5) ... 5 0 0 5 5 0 Well. Meat Export (£4) ... 4 0 0 4 4 0 Well. Meat Export (£2 12a. 6d.) 2 12 6 - Union Steam (pref.) } J J Well. Woollen (ord.) 4 12 6 — Leyland-O'Bricn I .1 2 — M.mning and Co 4 12 6 N.Z. Drug : - , 270 Golden Ba-.y Cement • 11" BANK OP NEW SOUTH WALES. The balancc-shcet of tlie Bank of New South Wales for the half-year ended March 51 last, appears this morning in onr odver-ti-siiie columns. The chfl-inio.n of thc baxiit, Sir Charlos K. MockeUo.r, in renewing tie nositioD at the meetbiß of shareholders on May 28. in rcfcTrine to the/ figures, stated that the deposits show on increase o! slightly orer £2,000,000, which is really a gain made duriiiK tlic hfllf-yeci. Tlic bills navable and other liabilities shoir only a email ch«uge. "On the other hend, the coin, cash balances, and other bank notes are £472,000 less, the money at short call £1.730.000 less—a.s tho operations with London have been heavy—but the Australian notes are £3,318.000 more. So that tho total cash holding is about £1,116,000 ni?™' * mentioned at last half-year that there would be same extension of the AustiaLhiu note Issue in the iramediatc. future. This has been, done in furtherance of .a policy of making the note a more positiTc and oetive factor in relation to the trading and financial operations*of the country m the present emorgency." . "Advances are £900,0C0 higher than at March. 1914, but considerably lower than at September, 1914. This is a natural outcome of tho situation, for, senorally speakms. at a time like thi6 thero is not such a large demand for money as usual, since trade is more restricted than in- normal times. In common with tho other banks, we are pursuing a steady conservative policy with regard to business generally, but are affording such reasonable and legitimate accommodation as any special circumstances affecting our clients may call for. Here in Australasia the war has affected us much less than miqrht have been expected, \Ye only get an echo of it. At the outset of the war it seemed as if our great ex-port—wool-might be indefinitely locked up in Australia. But ways and means were found, and most of tho wool lias been realised, and at fair prices. Other products have been similarly dealt with. It is obvious that in the case of a t country which depends on its'export of primary products for its principal moane of carrying on, any block in connection with these would be

serious; and, therefore, every oG'ort has leon mode to avoid any such misfortune— S0 ( f«r, successfully. i "Australasia has well dono her part in contributing to tho defenoo of tho Empiro jn tins momoutous Btmcek. aud bank officers have come forward in a- true spirit of patriotism to servo their country. This bank has already lost five by death. While we deplore the fact, and our sympathy goes out to thoir relatives, and friends, we recognise that they havo died on tho field of honour. Of course, all cannot go; but, inasmuch it is not possible to completely fill up the staff and yefc keep open the placcs of those who havo gone—which wo are doing—those who arc left behind have had to take up some of the work of thoeo ; who have gone-, in addition to thoir own. ; the bank, however, js doing all that ia ■ possible to meet the situation iu this rc- ■ spect. and to make the conditions of work • smooth." WOOL, SKIN AND HIDE SALES. Reporting on yesterday's wool, skiu and | hide sale, t- 1 *? various brokers report as un. ; dor _Messrs. Dalgety and Co. report:—ln addition to the fortnightly sole of skins, hvlcts, and f tallow, we held the second of the special crutchings sales of the season. Ke- ' preventatives of Some, Japanese, and local buying houses were present. Compared : with our May sale, prices for crutchings were lower than the extreme prices ruling then by id. to lid. per lb. Fleece wool \va« | \cenly competed for at late rates. All good linos of sheepskins were 5 n keen, do- ; mnnd at an advanc of *d. to 3d. per lb. All classcs of hides were vefy firm, stout ; hides selling at slightly advanced prices. Messrs. Murray, Roberts and Co. report having submitted a eataloguo of 380 bales of wool, 4COO sheepskins, and 300 hides. Competition was especially keen for ekins and hides, which showed an advance of 3d. to Id. per lb. for skins and a farthing for hides. The high prices recorded ket month for crutchings were however not quite forthcoming, the firm's top price being 14id. for a couple of extremely light-conditioned parcels. On the average prices for erutchings declined 3d. to Id. Seedy lot 6 showed the greatest decline, these probably buffering to the extent of Tather more than lrt, on the average. Fleece wool and lamb® sold at last sale's rates. Messrs. Levin and Co. offered 475 bales at their winter erutching gale. For fleece wool thero was very keen competition < at the best prices of the season, considering quality. Crutchings, however, were not 60 high as at the May sales—buyers apparently considering they had then over- 1 stepped the limit. Beet and medium crutch- i ings were easier by a halfeuny to a penny I except for anything of very coarse quality, which still continued to sell at high ratee. Seconds, seedy and inferior showed a drop of a penny to twopence per lb. The best prices for crutchings were as under:—l4\d., AVONDALE. {This line topped the market.) Mid., TURANGAJNUI, J A B/TAMATA, TAWERA; 14d., S B 0.; 13? d., A E 0., H. 8./ TANE; 13id. W in circle J P, R A N, NGAMOTU, FERNGLEN, SPRINGHILL, I* B B, .TH/HOMBWOOD, D S, OTAWHAO, WAIMAHOE. BURTON FIELDS, S H/B, R J H, KOWHAI; 13d., WESTELLA, TUI, MATAIIIWI. KAHUMINGI. Lambs. LISSON, 16d. Crossbred. D S in ciTclc, 152 d.; LTD/WAIRERE, 14id.; GLENDHU, 145 d.; KAIWAIttJ. 143 d.; RICHMOND BROOK, 14Jd.; BUTE FARJIj, 15d. Reporting on their wool, skin, and hide sale, tho firm state that the sheepskins market was firm and brisk. Good skins advanced one penny, and short Inferior and damaged one halfpenny. There wa6 good competition for hides, and an advance on all good butchers' linos of gd. Calfskins advanced one peuny, and yearlings 2?d. Tallow was firm. Messrs. W. and G. Turnbull and Co., Ltd., offered a good catalogue. Bidding was rather slow, and prices of crutchings wero from Id. to lid. down as compared with last sale's Tates. Crossbred, however, kept its price well, and any lots were- keenly sought after. Sheepekins -showed a rise of Ud. to lid. on pricc6 Tuling at the, sale of May 28. Hide prices were slightly bettor, end tallow was about ou a par with lata rates. Messrs. Abraham, and Williams, Ltd., toport that the second sale of crutchings was held in conjunction with tho usual fortnightly sale of skins and hides. Tho firm offered a large catalogue of all classes of produce. Fleeco wool, iambs and pieces ruled at late prices, but crutchings were quite one penny per lb. lower on an average as against prices established <it last month's sale. Skins were eagerly competed for at nearly one penny advance on last quotation. For hid« competition w«h keen and heavies advanced somewhat on lust sales. The New Zealand Loan and McrcontLlo Agency Co., Ltd., report:—Tho sccond crutching sale of the boaeon was held in conjunction with the fortnightly sale of ekin«s, hides,' etc. Buyers represented operators on account of Jo,pan, Home manufacturers, as well as New Zealand mills and speculators. About 1600 bales of wool, of which about 1400 bales wero crutchings, were offered and met a good sale at prices estimated at Jd. to id. per lb. lees for bright clean lots, and Id. to Ud. per. lb. for lots showing seed. Some of our principal sales of crutohings were as follow:— 4 bales on account P. B. Adams, Nelson, l bale on account Wm. Baker, To Horo, 13} d.; 4 bales on account F. J. Hintz, Wanganud, 12id.; 1 bale- on account Blatchford Bros., Opaki, 133 d.; 2 bales, on account Y. Mexted, Porirua, 14Jd.; 1 bale, on Account J. iiambry, Mangatiti, 13d.; X bale, on account M. Yella, Mana, lojd.; 5 hales, on account Smith Bros., PaekakaTiki, 13Jd.; i bale, on account Langdon and Son, To Nui, 123 d.; 1 bale, 13d.; 1 bale, on account J. l£. Jewitt, Haunui, 13d.; 1 ; bale, on account Atkinson Bros.. Eketahuna, 12Jd.; 2 bales, on account John Smith, Paekakar riki, 12Jd.; 5 bales, on account Alex. Napier, Eketahuna, 13d.; 1 bale, on account H. K. Hansen, Pahiatua, 131 d.; 1 bale, on account H. Paw«on, Eketahuna, 13Jd.; 1 bale, on account H. J. Hennessy, Pongaroa, 13Jd.; 3 bales, on accoumt W. 11. Field, M.P., Waikanae, 13Jd. ;1 bale, on account R. F. Wilson, Mouricevillc, 12Jd. Fleece wool, lid. to 16£ d.; lambs, at from 9d. to 131 d. Sheepskins and hides were offered in largo quantities. Skins sold well, up to ll|jd. being obtained for fine orossbreds. Hides vera in good demand at late rates. Tallow met a declining market. The range of prices was as under:— Wool: Crossbred fleece, l3Jd. to 15ijd. per lb.; pieces and bellies, 9d. to lid.; locks and stained pieccs, sd. to Bd.; lambs. 13d. to 16k1.; crutchings, superior, 13$ d. -to 14Jd.; , crutctungs, medium to good, lU. to 13Jd.; 1 crutchings, seedy and inferior, 7d. to lOd.; dead wool, IOJd. to 13d. 1 Sheepskins: Fine crossbred, 10* d. to llfcd.* medium to- coarse crossbrcd. 10id. to Ilk.short to half-wools, 7Jd. to lCd.; dead and damaged crossbreeds. B3d. to 10Jd.; inferior and badly damaged, lfcd. ,to 7£d.; lambs, 9d. to lljd.; damp and salted, 6s. to 10s. each. Hides: Ox heavy, 10id. to 103 d.; or, medium, 9Jd. to 10£ d.; ox, light, 83d. to 10Jd.; cow, medium, Bid. to 91d.; cow. light, B£d. to 9id.; damagod, cut and dippy, 6d. to B}d.; bullß and stags. 4Jd. to 61d. Tallow: 21s. to 255. t Customs duty collected at port of Weilington yesterday amounted to £1043 3s. 4d. BANK OF ENGLAND RETURN. (By Telegraph—Press Assn.—Copyright.) London, June 10. The Bank of England return issued for tbe week ended Wednesday, June 9, is as under:— • Issue Department. Nolo Issue £76,656,000 Gov. debt ... £11,015,000 Other securities 7,431,000 Gold 68,207,000 £76,656,000 £76,656,000 Banking Department. Proprietors' Gov. securicapital £14,653,000 tics £51,043,000 Public de- Other sccuriposits ... 123,342.000 ties 186,616,000 Other deposits ... 91,443,000 Notes 43,503.000 Host, 7-day and other bills ... 3.264.000 Coin 1,180.000 . £232,542,000 £233,542,000 The leading items of the Bank of Eng- ' lend return afford tho following cotnpari- ' Bon This week Last week Last year ££. £ , Bullion 58.207.000 67,438.000 35.201,000 ' H060W6 ... 44.653.C00 43.563.000 26.600,000 , Noto Circulation 33,153,000 33.531.000 28,695,000 ' Public Deposits 123.312.0C0 131.753.CCfl 16,099.000 ' Other Deposits 91.413.000 61,025,000 41.678,000 Proportion of reserve to liabilities 20.80 20.20 45,50 GOVERNMENT SECURITIES. ' Tho following are the latest quotations for Colonial Government securities in comparison with thoso ruling-last week: Variation ( Stock „ , compared ! Price. with 1 last week. £ s. d. 2}% Imperial Consols 66 8 9 Unchansed 4 ~N.5.W.1933Jan.-.7uly 95 2 6 UnciaMcd 5i ~N.S.W.IO:iO-50Mr..Sp 07 7 6 Sf 34 „N.S.\V. Early Curr 63 10 0 5s 1 ~N .S.W, 1025 Apl.-Oct 7S 10 0 tte owl 4 „Vic. 1920 Jan.-July G7 0 0 Un C i?™ n Ll 34 „Vic. 1921-6 Jan.-July 91 0 0 Unchinoad 3 „Vic.1029-49Jan.-July 76 a 6 j S', ? "I"V S" 0 0 Unchanged 3 „S,A. 1916 Jan.-July 70 0 0 UnchanuM 4 „Q'l'ilols-24,(ftn..,1»1y 37 0 0 2S 34 ~Q, r <ll9il.47Jan.-,)uly m 5 0 i,.w . r 4 "NYi<mu' ltt K' July 74 16 0 58 hiKhor 1 ~N./. 11)29 May-Nov. 9f> 10 0 7;ti km-or 35 ~N.Z. 1912-40,1an.-July 83 5 0 lis lower " wl' !mr i 1 1?;'- 711 a 11 2;li lliKl'OV 34 „\V.A.IJ o.jr,Maj">, ov 67 12 6 2/6 lower o, ' 'rnc'l'WA I M 0 0 Unchanged 31 . las. IWOJan.-July K 5 I) tlnclianand Jay. 1020-10 .lun.-July 7i» 0 0 Mn.-tiaimcd iMONKV ACAKKIST. The jlonk «[ KnpUind tlii-roinit rnl<\ wok on J-anii»ary 2. 1914, rodu/'Cft frojii 5 i.o <H lwr ccut... ou .January 11 it. wns rtMJu'-rd \n 4 per onrt mi .January 26 3 per cent Ou July 30 f,hr rntc vvaf raited to 4 ncr cont. «nd on Jo.nuarv 28 Z per r € nt , «,n<l on AujU3t Jl it wae fuxtker advaiiced to ltL

? per oent. Oti August 6 tho rate was reduc- - cd to fi per cent., on August 7 it was furtl.er reduced to 5 per cent., at which rate 1 it now stands. ) The Bfl.nk of France rate is 5 per cent., as ; against 4 per cent. last. year. ; OPEN MARKET RATES. The open market discount rate for three » months bills is 21 per cent., as com- [ parod Math 2s per ccnt. last week, and 2 , 9-16 per ccnt. last year. Short loaus are quoted «t Ig per cent . or against 2 per cent, last week, nnd i ) por cent, last year. » COLONIAL AND OTHER PRODUCE. . heat. The whesvt nuvrket is weak and prices lower. # Flour.—The flour merket is depressed owjng to woaunesd in Amoriea. Oats.-Markct dull. Bahia Blanca, Juuet)uiy, z/s. on. Peas.-Jtorkct quiet; prices unchanged. Buit.tei. The nifl,rkoi. is slightly weaker, on good supplies K or Siberian, of which best, is selling at about 130s. Colonial is . nominally unchanged, m tho absence ol Eupplloa Clieese.-Thc mcirket is quieter, Government buying bcinjr temporarily suspendoa. New Zealand, 98s. Sugar.—The market is firm. Fine Eraimlnted is quoted at 28s. per eirt. Bradford Tops.-llerinoe and fine crossbred counts «.ro 111 keen demand. Sixtyfours, 39d.; super sixties, 38jd.; common sixties, 37* d.; fifty-sixes. 33d.; fifties, old • forty-sixes, 27& d.; forties, 25j<l. METAL MARKETS. Oopper.-On the spot, 7s. 6d. to £SJ 12s. 6d.; three months, £84 7s. 6d. to £84 12 S;. 6d -U elcct ' rol >' tlc ' £si Ws - to £95 10s Tm.-°n tho spot, £166 to £166 10s.; tliree months, £164 ss. to £164 15s. Pig-iron. 665. 9d. Lead, £27 ss. to £28. ■Spelter—£llo and £105. standard! 01 " " qUOt ® d flt 23 MHI pcr onnc<! VICTORIAN PRODUCE MARKETS. „ , . , „ Melbourne, June 11. WTieat, nominal, 7s. I'd. Flonv J>l7 Oats. fe. 2d. to ss. 3d. s"' 4d to ss. 4Jd. Bran, £10 ss. Pollard, £11 Vot-A-10s. to £7. Onions, £6 16a. to AUSTRALIAN APPLES. .. , , , London, June 10. .The steamer Telemon's Australian apples reached Liverpool In a rather ripe coi-di-tion. Hard sorts brought Bs. 9d. to 15b, 3d.; others, 6s. 9d. to Bs. 3d. SOUTHERN MARKETS. (By Telegraph—Press Association.) n „ , , . Christchurch, Juno 11. ine wheat and oats markets are very firm, but w*lh little business passing. What being done is between morchants ag tliere is nothing offering by growty*6. Oats are Tery soarce, aud supplies have had to be obtained from Southland to fill orders received locally. The chief business doing is in potatoes, and the filling of Sydney orders and the scarcity of offerings has caused a further advance in the price, which now stands at £5 at country "stations. It is estimated that from 15,000 to 20,000 tons have already been so l d forward in the South Island for Sydney, and it is expected that more businoss will be done during the present and next month. Pollard lias advanced ICe. per ton, and is now quoted at £9 10s. Onions are firmer, and are now worth £3 at country stations. WAR PRICES IN GERMANY. . The "Kolnische Zeitung" givee a number of prices of commodities iv Germany during ilarch. According to these, it would appear that the values of corn, fresh killed meat, and of various kinds of forage for animals continuo high. The price of corn in tho ten war districts into "which the Empire is divided varies between the equvalcnt of lis. end 126. per buehel, and rye flour between 17s. 6d. and 19s. per cwt. (1121b.). These rates were to hold scood during April. It wa6 found possible to increase the purohase price of cereals, end to lower the price of flour, because the official fixing of a maximum for cereals without the fixing of a corresponding maxi mum for flour brought about a conedderable increase ©f the margin between the price of cereals and that of flour. The big millers took advantage of this state of affairs, and raised flour undulj*. The timely denunciation of this speculation in war time, made by the Socialist journal "Vorwaerts," found an immediate echo in the rest of the German Press, and there was a unanimous demand for tho fixing of a maximum rate for flour. The Government, therefore, found itself obliged to take immediate etevs, though it is rumoured that certain persons are interested an tho flour mills. The priceH are, dospito the fixing of a maximum, fitilJ much above the normal—something like 100 per cent, for cereals of all kinds, though the decrees as to rationing the nation prevent the increase fTom boing too •severely felt. The decree as to rationing of bread is now being; rigorously put into forcc throughout Germany. The allowanco per individual is 200 grammes, or about lOoz. of flour per day. In this way not only is it anticipated that thero will be a sufficient stock of flour to lost until next harvest, but that there will be a surplus mem stock of 20 per ccnt. of tho whol® of the present stocks, so ae to allow for the inevitable destruction of grain in storing and transport. According to Profeesor Rubner. in the "Vossische Zeitunp," the rationing of bread is most severely felt by tho working classes, for it represents a reduction of two-thirds of their normal br*ad consumption.