COMMERCIAL.

Evening Star, Issue 12623, 30 September 1905, Page 5

COMMERCIAL.

MONEY AND MARKETS.

Press Association— By Telegraph—Copyright

LONDON. September 29. (Received September 29. at 9.40 p.m.) The Bank of England returns show the stock of gold coin and bullion to be ±32.00a.000; reserve. £23,800,000; proportion of reserve to liabilities, 40.03. The notes in circulation total £29,270,000; public deposits. £14.203,000; other deposits £45,169,000; Government securities, ' £18,667,000; other securities. £35.297.000. ~ , t Three months' bills are discounted at 3g per cent. Consols are quoted at £B9 7s 6d. The following are the quotations for colonial Government stocks compared with those ruling a week previous:—

Wheat : The markets are quiet, but ■toady. French was rather easier on toe publication of the preliminary official estimate of the crop, which is 119,000,000 hectolitres. Cargoes are firm. Adelaide, off the coast, is held for 33s 3d; afloat. 33s to 33s 9d. Flour : Slow, and nominally unchanged. Copper : Spot, ££7l ss; Uireo months, £7O ss. Tin : Spot, £147: three months, £145 17s 6d. L*ad. £l4. Sugar (uominal) : First marks, lis lOd; German. 8s 9d. The Bradford wol market is firm and unchanged. There is. however, an improved inquiry. At the sheepskin auctions 4.050 bales were offered, and all scld. There was an average attendance and good competition. Clothing unchanged; combings lower. Butter : Firm and unchanged. Secondaries are neglected. HOW THE STAMP ACT WORKS. Under the Stamp Act, 1882, any incorporated company doing business in New Zealand, wherever incorporated, have to pay a duty or" la per cent, of their nominal capital, the maximum duty payable being £2OO. There are many companies incorporated elsewhere with a large capital and doing a business in New Zealand which is a very small fraction of their total business. A £400.000 company doing the business of a £IO,OOO company in New Zealand pay £2OO per annum, whereas a £IO,OOO company only pay £5. As a result of this situation, certain companies have formed subsidiary companies to work New Zealand. The latest to adopt this method are the Millar's Karri and Jarrah Company, who notify that they will cease carrying on business in New Zealand as frcm 31st December next, anu will form a subsidiary company to take over the New Zealand portion of their business. PROPERTY SALES. Messrs N. and E. S. Paterson report having sold the following properties : Allotment 6, block 4, fronting High street. Smrayside, Roslyn (on account of Mrs Fairlie); allotment in Glen Estate, Burke street, Mornington, 84ft frontage, being part of allotments 253, 254, and 283, to Mr Bush; allotment 8, corner of Tumai road and Mill road, in Matthews's subdivision, Mornington; allotment 20, township of Cannington, Maori Hill, to W- Forbes; part of allotment 12, with modern house of six rooms, Driver's road, Maori Hill (on behalf of Mr G. France); part of section 62, block 31, City of Dtmedin (Castle street), together with sixroomed house, etc. (on behalf of Mr J. Abexnethy); section 19, township of Cannington, Maori Hill, to Mr H. Langdotn. THE OAMARuIIABKETS. rFaox Or/K Own Cohbesfonmnt.] OAMARU, September 30. An active demand and a slow business aptly describes the wheat market. Millers seem disposed to buy fairly freely, but farmers are not disposed to sell at current

quotations, and are holding firm, for"* further advance. Some sales have .been made of velvet at 3s ok trucks at country | stations, and 3s 3d f.o.b. Oamaru; while a few Mnall lots of Tuscan have changed hands at 3s Id at country stations; and ' one or two sales of Redchaff are reported I at 2s Hid. A considerable amount of. business might be done at these figures, but formers are now asking 3s 3d for Velvet und Tuscan and 3s Id for Redchaff, all at country stations; while up to 3s 6d ex store is talked of for "Velvet and Tuscan. Oats are in strong request, and sales of Cartons, Roseberys, Canadians, and Danish have beeu made at 2s, while an offer of 2s for a parcel of Roseberys was declined by the growers. There are now very few oats in the district, and some localities have been so depleted that country dealers are purchasing supplies in town. The potato 'market is distinctly weak, and from £lO to £lO 10s f.o.b. covers present quotations for table DcrwenU. There are probably not more than 100 tons in the district, and holders show no disposition to sell, being confident that prices will recover before long.- The reports from the country in regard to the planted potatoes arc not at all reassuring. In many places large patches of the land recently planted have been covered with water, and it is certain that a great deal of seed mnst have perished.

THE SOUTHLAND MARKETS.

[Special to the Star.]

LNVERCARGILL, September 30. Except the continued tirmn&s of Uio Southland oat market there is little to report this week. The total sales made by brokers during the past week would not exceed a thousand sacks. Merchants are holding out firmly for 2s f.o.b. Bluff, and this price seems to have temporarily stopped business being done with both North Island and Australian markets. An inquiry for from ten to fifteen thousand sacks, supposed to be for Africa, has been received by the local brokers, to which thev have replied 2s f.0.b., but as the offer is open until Saturday next it is impossible to say whether the order will be secured or not At present the stores at the Bluff contain le*s grain than many merchants can ever remember at this time of the season. Ninety tltousaud sacks will total the lot, and fully one half of those have already' lieen sold for forward delivery. Farmers continue to hold out for higher prices. m;uvy of them being of opinion that, thev will receive 2s on trucks before «»gHeuco very little business has been done in buying, and what has been bought is confined to storage lots to farmers. Merchants are still offering Is 7d to Is 7*d for B grade at country stations, and a nallpenny less for f.;uq. lines. Chaff is m Sod demand at 70s to 72s 6d to b. at Bluff, but is hard to buv at 45s to 4/s 6d on trucks. Farmers evidently are too busy to cut and cart. Tbe demand from Auckland for linseed in small lots of half a ton. at £l3 per ton, continues good, but the estimated amount available in Southland is under twenty-five tons. THE WOOL SALES.

Me.«srs Dalgety and Co. report having received the following cable irom their head olfice. dated London, 27tk September:—"Wool sales closed very firm, ifae old stock is aow virtually all cleared off. As compared with closing rates of last series, prices for scoured super merino wools are 5 per cent, higher, other descriptions 5 to 7A per cent, higher, except short scoared, inferior, and faultv descriptions, for which prices are on a par with closing rates of last series. Greasy merino wools in general are 5 per cent, higher, extra superior excepted, /or which any change in price is in favor of sellers. Fine cross-hred wools are at par to 5 per cent, higher, medium cross-l>red 5 per cent, higher, cocr-e crossbred 8 per cent, lugher, except light and bright descriptions, which are on a par with closing rates of last series. Ort oi the net quantity available for sale, some 44 000 bales have been sold for home consumption. 52,000 bales for the Continent, and 3.000 bales for America, leaving 3,000 bales to be carried forward to next serJ «sWe have a very favorable opirion of the prospects for the ensuing series of sales."

Sept. 22. Sept. 29. New South Wales 4"s 109 109 New South Wales 3J's 100 100 New South Wales 3s ' 86| 86| Victoria 4'» — — _. „ 105£ 105± Vict oria 99 99 Vict oria 3*s — ••• .„ ... 871 87i South Australian 3«*R S9i 99J Sooth Australian 3's 88i 88i Queensland 4's 106 106 Queensland 3A's _. ... Queensland 3 s ._ ... 99 99 ._ .- 87* 87| New Zealand 4's 110 10&i New Zealand 3£"s — _ ._ 99 99 New Zealand 3's -. 87 87 Tasmanian 3j's .- ... 99 99 Tasmanian 3's — ... ._ ... 30 90 West Australian 3£'s 98i 97 West Australian ?'s ._ ._ 89 89