COMMERCIAL ITEMS

Dominion, Volume 15, Issue 195, 15 May 1922, Page 8

COMMERCIAL ITEMS

THE WOOL POSITION i - FAVOURABLE FOR HIGH PRICES Although wool values, and especially crossbred wool values, are depressed, the outlook is exceptionally good. The trade has undergone a remarkable revolution during the past eight years, measurable from the fact, as is pointed out in the “Times Trade Supplement,” that while good Australian half merino unwashed is now averaged at 24d. per lb., against 12d. at the end of March, 1914, Lincoln wool is at 9d., fully 3d. down from 1914. The drop in the value of low - crossbred wool is in a measure due to the Continent of Europe being unable to buy, and this defect will be remedied as time goes on. Another remarkable change revealed by the figures for 1921 relates to the United States. This country is going to be a very big consumer of' Australian and New Zealand wools because the domestic production is decreasing. Thus, comparing the figures for 1913 and 1921, there is revealed this remarkable fact: — 1913. 1921 lb. lb. U.S.A, production 296,000,000 224,000,000 Imports into U.S.A. 195,000,000 315,000,000

491,000,000 539,000,000 From the above it will be seen that while the production has decreased by 72,000,000111., the imports have increased by 120,000,0001 b. The domestic clip tends to decrease, and' the heavy tariff imposed is for the purposes of reviving the sheep-raising industry, if that be possible. The popu-. latjon of the country is of course expanding. The United States must therefore continue to import wool. in large quantities, and sooner or later the Americans will realise that it will be to their advantage to admit raw wool duty free.

SLUMP IN DANISH BUTTER NEW ZEALAND BUTTER affected'"’ 1 The drop in the price of Danish butter to 1725., reported in a cable message published on Saturday, has caused no surprise to those interested in the trade here, who attribute the fall to the increase in supplies. Europe is now in-, its. early summer, and next month should see a big'output of dairy produce, for that would be the flush of the season. On May just a week ago,, the Danish market was reported to be slow, and this slowness has probably continused all the week, forcing the producers to make a cut in prices to induce consumption. The quotations on May 6 and May 11 compare as under: — May 6. May 11. Danish 188 to 190 172 N.Z. choicest ... 180 to 184 168 to 170 Australian 172 to 176 160 to 164 From the highest point Danish has fallen 18s. per cwt... New Zealand 12s. to 145., and Australian 12s. The Danish Producers’ Committee 1 has not been able to keep control of the market, in view of the increasing supplies, for the British, home make must also be taken into account when considering supplies, together with whatever may be available of tho imports from the Dominions. It is probable that the drop in London will be reflected in the local quotations, although some merchants think not, holding that London parity does not affect the local quotation in winter, which is based upon the stocks in hand, as there is no general make of butter during the winter months; The London quotation is equal to Is. 4d.. so that on London'parity butter should drop a little here, out it may not fall for the reasons stated above. It is unlikely, in view of the fall in prices, that Australia will make further purchases of New' Zealand butter, which will .mean.that our supplies for winter will :not be encroached upon.

BANK OF NEW SOUTH WALES CAPITAL TO "BE - INCREASED As stated in The Dominion on Thursday last, the Bank, of New South Wales is increasing its capital; and the shareholders have now received notice that the capital is to be increased from £5,000,000 to £6,000,000 by the creation of 50,000 new shares of’£2o each, and the authority of the shareholders for this issue is to be obtained at a special general meeting to be held, on Alaj' 30 in Sydney. Tho new shares are to be issued to shareholders on t)io register bo<Jc on Julie 1, in' the proportion of fin even fifth of the number of pharos then held. Those allotted five new shares or more -are to pay for them in four instalments on July 1 and October 1, 1922, and January 1 and April 1, 1923, the first payment to be for not less than one-fourth of the number of shares allotted to each proprietor. Shareholders allotted four new shares or less are to pay for one share on each of the foregoing dates, or until allotment is completed. Shares paid in full on any of the abovementioned dates will- participate in dividends as from date of payment. All shares not accepted, or accepted and not paid for, will be forfeited, nnd with all shares accruing from fractional parts ‘will be pooled and sold, or otherwise dealt with by the directors. There are now two banks increasing their capitals, the other being the National Bank of New Zealand, and we may expect to see other banks doing the same. The trade and the population of Australia and New Zealand ' are increasing, and the commerce of the two countries will as timq goes on call for more and more banking capital. The Bank of New South Wales has been in existence since 1817, but not incorporated until 1850, and nt the close of the year, on March 31, 1851. tho paid-up capital was shown at £122.120, but four years later it had increased to half a million. Since that time the capital has been further increase'! from time to time, until in 1910 it reached £3,000.000, in 1912 to £3,500,000, in 1916 £4.000,000, and in 1919-20 £5,000.000, and with the capital now to be raised will have a capital of £6,000,000.

NEW ZEALAND PAPER MILLS BALANCE-SHEET FOR THE YEAR The balance-sheet of the New Zealand Paper Ali'ls. Ltd., for tho year ended Alarch 31 1 last shows that after making provision for bad and doubtful debts, depreciation, and for incometax, there was available,, including tho amount brought forward from the previous year, £18.434 2s. 6d., out of which an interim dividend of 3J per cent, was paid in November last, and absorbed £3788 7s. 7d. It is now proposed to pay a further dividend of 4 per cent, (making 7} per cent, for the year), which will absorb £4BBO 55., leaving a balance of £9765 9s. lid. to carry forward..

WELLINGTON STOCK EXCHANGE SATURDAY’S BUSINESS AND PRICES During; the past week the 4j per cent, stocks advanced 10s’.. but the 5J per cents., 1933. dropped from £9B 5s to £9B 2s. 6d., indicating: that the small investor who was the principal buver of this stock is now fully supplied, or is holding back for the city, corporation loan of 6 per cent., which would give a better return. Bank shares have been remarkably steady throughout the week. HuddartParker ordinary shares had a sharp rise of about 25., but at the week-end were inclined to bo easier with sellers at 475. 6d. and no buyers. Refrigerating shares moved up from 12s. Bd. to 14s. 3d. for the 10s. paid-up shares, the prices named being the buying -quotations/ Woollen shares have been very firm, and buyers of Wellington Woollen have had to improve on their offers, but a bid of £8 Bs. 6d. has not tempted sellers. The other sections call for no comment, as the prices have remained'steady. Saturday’s buying and selling quotations were as follow: —

LONDON MARKET REPORTS. Aus.-N.Z. cable Association. (Rcc. May 14, 5.5 p.m.) . London, May 13. Cotton. —Liverpool quotation for American middling upland cotton, June delivery, 11.30 d. per lb. Riibber.—Fine hard para, 10 Jd. per lb.; plantation, first latex crepe, Bd.; smoked ribbed sheet, Bd. ( Copra.—South Sea, .bagged, MayJune shipment, £23 lOs. per ton. Jute. —May-June shipment, £3O. per New Zealand Hemp.—May-July shipment, £3O per ton. Linseed oil, £46 ss. per ton. Turpentine, 81s. per cwU CUSTOMS REVENUE. Customs revenue collected at the port of Wellington on Saturday totalled £8443 15s. ' PRICES OF METALS. AUS.-N.Z, CABLE ASSOCIATION. London, May 11. Copper.—On spot, £6O 3s. 9d. per to Lead—On spot, £24 ss. per ton; forward delivery, £23 ss. Spelter.—On spot, £27 per ton. Tin.—On spot, £l4B 16s. 3d. per ton; forward delivery, £loo Is. 3d. Silver.—Bars, 35$d. per ounce standard. / '

MELBOURNE HIDES MARKET*. BY TELEGBAPH—PBEBB ABIOCIATLON. —COPYBItfHT. Melbourne, May 12. The hides market is firm for all weights with condition and substance, biit medium lights and inferior sorts have declined a farthing. AUS.-N.Z. CABLE ASSOCIATION. London, May 12. The Orvieto’s and Port Curtis’s Tasmanian apples, in apparently good condition, i are fetching 115.,, to 14s. per case oi\4o pounds. ■ PEARLSHELL SALES. London, May 12. At the London uearlshell sa es, At the London pearlshell sales, Queensland offered 434 cases, and sold 180, realising: Aa, 170 s. to 180 s., a, ISOs to 2005.: b, 182 s. 6a. to 21os. West Australia offered 1832 cases, and sold 42 cases. - SCOTTISH AgUJULTAN MINING London, May 12. The Scottish Australian Mining Company's dividend and bonus will be 24 per cent. .The reserve, will be added to by £lO,OOO, and there will be carried forward £15,175. 1 LONDON WHEAT MARKET. (Rec. May 13, 5.5 p.m.) London, May 12. Wheat cargoes are firm and prices generally unchanged despite the large advance in America. The Hilversum. Dumfries, and Bevorlich shmments sold at 575. 6d„ and linden 58s. 3d. lor parcels. A Liverpool -shipment ex Trevithick brought 575. Bd. (Rec. May 14, H-5 London, May. 13. \ Wheat cargoes are firm, sellers reouiring an occasional sixpence advance. Australian, afloat, is quoted at 58s. 6d. per quarter: May shipment, 58s. 9d.; parcels afloat, oBs. MINING NEWS WELLINGTON SHARE MARKET The following quotation was registered in the mining market on Saturd'1 -' ‘ Buyers. Sellers. £ b. d. £ s. d Waihl _ 13 3 STOCK EXCHANGE. BY TELEGRAPH.—PRESS ASSOCIATION. Auckland. May 14.’ Sale.—South British. 365.

Buyers. £ s. d. Sellers. £ s. d. 4J p.c. Insc. Stock, 1939 92 15 0 - — 44 P.c. Insc. Stock, 1938 92 15 0 —■ 44 p.c. AVar Bonds. 1941 92 15 0 — 44 p.c. War Bonds. 1939 92 15 0 —— 4j p.c. War Bonds, 1938 92 15 0 — 5 p.c. P.O. Bonds. 1927 94 15 0 —— 5 p.c. P.O. Insc. Stock, 1927 94 15 0 —— Bank Australasia 1217 0 13 2 0 National Bank (c.r.) • 6 0 6 National Bank (rights) 1 0 0 15 0 Bank New South Wales (c.d. and r.) —- 38 0 0 Bank New Zealand — 2 12 0 Union Bank —— 1218 0 National Mortg. (Local Neg.) 3 4 0 — N.Z. and River Plate ... 0 18 6 —— Well. Invest .....*. 0 8 9 — Well. Deposit ...'.. — 0 8 6 Well. Trust and Loan ... 4 17 6 , —— Well. Gas-(pref.) 0 14 6 —— National Insurance ....... 3 10 —— New Zealand Insurance —- 19 0 South British Insurance 1 15 9 — Standard Insurance 17 6 — N.Z. Refrigerating (£1) 18 0 — N.Z. Refrigerating (10s.) 0 14 3 0 14 8 Gear Meat 1 14 9 1 16 0 Huddart-Parker (ord.) — 2 7 6 Union Steam (pref.) 0 18 10 0 19 6 Kaiapoi Woollen (10s.) 0 11 0 / ... “ Well. Woollen (ord. and pref.) Westport Ooal 8 8 6 ' 19 6 __ Watpa Coal —— 0 15 Leyland-0 Brien 1 11 6 1 13 Taringamutu 16 0 — Crown 'Brewerv 1113 N.Z. Paper Mills 1 1 0 — Wairnrapa Farmers (pref.) 016 0 Ward and Co 13 6 15 0