COMMERCIAL.

Evening Star, Issue 12399, 12 January 1905, Page 6

COMMERCIAL.

A Sydney cable states that a difference has arisen between the wool, brokers and shipping companies owing to the latter imposing a primage value on wooL At a meeting of wool buyers it was decided to_ cease purchases until the primage is withdrawn or other arrangements are made. AN IRISH LOAN. Press Association—By Telegraph—Copyright. LONDON, January 11.—A loan of six millions under the Dish Land Act, offered at £BB, was covered twice. Tenders at £B9 2s 5d received 67 per cent. Those above will receive allotment in full. STOCK SALES. At Burnside yesterday there were 170 head of fat cattle yarded, the greater proportion of which were medium to good steers and heifers, with odd pens of very prime heavy-weight pattle. This number proved in excess of requirements, and prices showed a decline of from 10b to 15s per head, this fall being most apparent in medium quality beef. Best bullocks, £lO 2s 6d to £lO 17s 6d ; good ditto, £8 10s to £9 IQs; medium and light, £6 to £8; best heifers, £7 10s to £9; good ditto, £5 10s to £6 15s; medium and light, £4 10s to £5 ss.

The Addington market yesterday was the largest for some months, the entries comprising 9,304 sheep and lambs, 483 cattle, and 458 pigs. The demand for fat. cattle was very slow, and there were numerous withdrawals, which, however, failed to prevent a fall of about 10s a head. Steers sold at £6 15s' to £lO 2s 6d; heifers at £5 15s to £7 10s; cows, £5 7s 6d to £8 10s. being at the rate of 20s to 2D 6d per 1001b for medium to prime quality, and 18s to 19s 6d for cow and secondary quality. There was a good entry of til reives, and prices improved 2s 6d to 5s per head The yarding of fat sheep was moderate in number, but of good quality. The sale fluctuated a good deal, opening with a fair demand, then relapsing, and finally closing at about the opening rates, which were: For wethers and good ewes, about Is; arm for ordinary, fully Is below previous values. Upwards of 3,000 fat lambs were penned. In sympathy with the fall in the London market, prices opened fully Is lower than at the previous market, mid though values varied during the sale that figure represents the average decline. Exporters competed well up to this point, and after butchers had covered their requirements the bulk of tho offering went for freezing. The range of prices was: For prime lambs, 16s 6d to 19s lOd; a few extra, to 235; others, from 14b 6d to 16s. In store sheep and lambs there was a large entry. Good sheep generally told well, and store lambs also found ready buyers at full values. Sound-mouthed owes, in email lines, sold at 17s to 18s 6d; two-tooth at 18s Id ; two-tooth wethers at 16s to 16s 7d; small, 14s 9d to 15s 9d; four and six-tooth, 18s to 19s 3d; small, from 16a 9d ; good lambs, 14s 7d to 15s 6d; others, 12s 8d to 13s 7d. There was a large supply of pigs of all classes. Good baconers and porkers sold at previous rates, but unfinished porkers, of which many were offered, were weaker. Stores sold well at previous values, THE UNION BANK. Press Association—By Telegraph—Copyright, LONDON, January 11.—The directors of tho Union Bank have declared a dividend at the rate of 10 per cent. Thev recommend that £IO,OOO be set apart for the reduction of bank premises in the colonies, £4,000 for the officers’ guarantee and provident fund, £15,000 transferred to reserve, and £27,000 carried forward. THE MARKETS. Press Association—By Telegraph—Copyright. LONDON, January 11. (Received January 12, at 8.36 a.m.) At the tallow auctions 1,035 casks were offered, and 506 sold. Fine mutton, 29a 9d; medium, 25s 6d. Beef : Fine, 275; medium, 25s 3d. Copper: Spot, £6B 12s 6d; three months, £6B 15s.

Tin : Spot, £lsl ss; three months, £l5O 15s. An Australian cargo of wheat sold at 335. There was a good attendance and moderate animation at the Antwerp wool sales. Fine qualities, compared with November prices, brought from par to five centimes. 'Gross-breds were ten centimes higher. Out of 1,933 bales of La Plata 966 were sold. COLONIAL BORROWING. Issues. in London daring the past year (1904) have been as follow ;

New .South Wales 4 per cent. £ Treasury bills 500,000 Wellington City 4 per-cent., at 96 ~ 330,000 New Zealand 4 per cent. Treasury bids 504,000 New Zealand 4 per cent, debentures „ „ 1,000,000 Western Australian 4 per cent. Treasury bills, at 97f 500,000

The New Zealand Government, in addition to requirements for public works, had to" provide for the redemption or renewal of maturing debentures to tho amount of £1,277,950, of which £647,100 was payable in London, and £630,850 in Australia and New Zealand. Renewals were effected to the extent of £534,950, the renewal debentures being for five years in the colony and four years in London, with the right of conversion from 4 per cent, to 3 per cent, inscribed stock, at the rate of £lO6 of the latter for £IOO of the former, at any time within two years. Debentures presented for redemption on tho due dates were provided for by the issue of 4 per cent, debentures of four years’ currency. The issue of Trea&ury bonds for £1,000,000 in December was accompanied by rights Of conversion into 3j per cent, stock for £lO3 for each £IOO of Treasury bonds within two years, £lOl within four years, or at par within seven years, the currency of the bonds. The exercise of the conversion privileges by holders (says the Melbourne ‘Argus ’) would dispose of the question of redemption at the maturity of the late borrowings, and the plan adopted probably affords the best means of mitigating the inconveniences that attend a succession of old loans falling due. THE RUBBER INDUSTRY.* With the advent of the safety bicycle a few years back, the fear was often expressed that the world’s supply of rubber would bo unequal to the demand. More attention is now being paid to rubber cultivation. The ‘ Rhodesia Herald' states that though the areas suitable for the production of rubber and gutta-percha are limited to certain districts which enjoy a higher range of temperature and an atmosphere more humid than is found on the high veldt proper, this branch of agriculture bids fair to become an important factor among the resources of Rhodesia. Experimenting has neon almost wholly confined to the Melsetter district and the valley of the Zambesi. Both in regard to yield and quality tho results have been so excellent that extensive rubber-tree planting is in progress. The Ceara Manihot and several species of the Landolphia have furnished the majority of the samples hitherto obtained. Other species which prdmise lo do well under local conditions are being secured for trial. Jn the report on Sierra Leone recently issued by the Colonial Office it is stated there can be no doubt that there is a large quantity of rubber to be found in the rrotectosate. A few years ago there was a great rush for this article, and companies were formed for the acquisition pf

concessionary rights over rubber-produc-ing areas, but after a while this interest subsided, and matters reverted to their' normal condition. Individual efforts, which the. Government ore desirous of encouraging, '"are, however, being made, to promote the industry. It appears that a fresh source of rubber has been found. The Governor-General of Madagascar has granted to a manufacturer residing in Diego Suarez a concession for the extraction of rubber from a species of bindweed known as “ Ornbyri,” peculiar, to the district around that town. ILANG-ILANG OIL. Among the other products of economic value in the Philippines is flang-ilang oiL Some consider this oil as equal in perfume to attar of roses, and by the greater yield of essence furnishing a less expensive base, it becomes a strong competitor of the latter, the perfumers of the United Slates to whom exporting houses in Manila shipped nearly 10,000dol worth last year making it the base of some , of-their most expensive extracts. The ilangilang tree grows best in the Philippines, and it takes about 70U> of the flowers, worth from 8 to 15 cents gold per lb, to yield Hb of oiL The cost of ‘'manufacture is about 4dol, and it sells readily for from 40dol to 55d0l in open market, with the supply unequal to the demand. EXPANSION OF AMERICAN TRADE. The following extracts from the December number of tho ‘ Exporters and Importers’ Journal’ are interesting as showing the development and expansion of American trade: —“ The Department of Commerce and Labor has issued its monthly summary of the commerce and finance of the United States, covering the first eight months of the calendar year, 1904, aha the statistics which it presents of the international trade of the country are calculated especially to encourage the manufacturing interests of the United States. They show very emphatically the new trend which the exports of the nation are taking, the figures proving that manufactures nave begun to take the lead in the foreign distribution of our home products. Of course, foodstuffs still continue to hold the record so far os actual bulk of shipment is concerned; but they are rapidly decreasing in volume, while the record of manufacturing exports is continually increasing in volume. If tho increase and decrease continues in the same ratio, it will not be very long before our manufactured exports will exceed in value those of our natural products. The day of tho manufacturer has come in the United States, and he has practically nothing to do to reap the reward of his labors but to accept the prosperity which is awaiting him, and conduct his business with the average American skill and energy. He has the advantage over the agriculturist that there is practically no limit to his capacity for production. He is not dependent upon the conditions of the weather, and the only limitations imposed on him are those connected with his ability to secure labor and the proper space for his operations. He has the development of his interests in Los own hands, and nothing but neglect on his own part to take advantage of the conditions which confront him Kin prevent him adding to his profits millions of dollars from the treasures of the foreign world.”

Agricultural implements of United States manufacture are by np means the onlj manufactured articles ■which meet with a heavy demand from abroad. In brass and its manufactures the United States ex ported merchandise valued at £412,095 in the eight months, as against £264.099 in 1903, and £243,672 in 1902. . Of carriages; cars, and other vehicles we shipped abroad * total value of £1.487,294, against £1,497,873 in 1903, and £1,340,820 in 1902. The United Kingdom of Great Britain took the largest share of these. In manufactures of copper, the United States shipped and sold goods to the value of £9,335.334. “ £5,225,572 in 1903, and —'6,611,384 in 1902 ; in cotton and manufactures of cotton, £34,695,227; and in iron and steel manufactures, £16,285 024 as against £13,068,202 in 1903. and £13,180,965 in 1902. The total leather trade of the nation with foreign countries during tho eight months amounted to £4,669,305.' of which £940,304 was in boots and shoes against £964,562 tho previous correspondmg eight months, and £881,024 during the same period in 1902. The and shoe is becoming a prime favorite" all over the worid, especially in the United Kingdom, which absorbed £236,124 worth in the eight months under discussion. The next largest customer was the West Indies and Bermuda, which purchased them to .the value of £202,523. In wood manufactures, including furniture and unmanufactured wood, we did a thriving business, amountmg m value to £8,685,400. The total value of our exports of domestic merchandise for the eight months foots up tic enormous sum of £166,619,745.