COMMERCIAL.

Evening Star, Issue 12871, 21 July 1906, Page 5

COMMERCIAL.

EXPORT OF WOOL. During the twelve months ended June 30 415.081 bales of wool were exported from the colony—an excess of 28,172 over the number of the previous year. The following were the ports of shipment; Wellington 115.011 bales, Lyttelton 73,469. Napier 60,785, Dunedin 134.949, Timaru 33,151, Gisborne 31.552, Bluff 23,627, Oamaru 12,622, Auckland 11,383. THE WOOL SALES. Dalgety and Co. report having received the following cable from their head office, dated London, July 19;—“ Wool sales continue irregular, and prices are rather lower, especially for merino, scoured, inferior, and faulty wools.” AUCTION SALE DRAINAGE BOARD LAND AT MUSSELBUGH. When the pumping station at Musselburgh was first being dealt with, the Drainage Board were under the necessity of acquiring the land adjacent thereto. The Board having now no further use for the land, have .decided to dispose of it bv public auction, and Messrs Alex. Harris and Co. will offer the property for sale on July 24, at their rooms at 12.00 o’clock. It was necessary, of course, for the Board to obtain an Order-in-Coun-cil sanctioning the sale, and we publish the Government's authority in this issue. 1 he property is conveniently situated to Anderson Bay road, fronts the Tahuna rice trie car line and Musselburgh Bowline Green and the 'Tennis Court, and is near to the school. The property has been much improved by the Board', who have utilised surplus spoil in making the sections the highest in Musselburgh. The land has been surveyed into convenient residential plots, with' rood frontages. As an inducement for a quick sale the Board have decided to give very liberal terms to purchasers. Musselburgh has proved an especially attractive suburb, and the difficulty of acquiring land close to (!.: Bay road is very evident. These Vutions should sell readily, as apart from their utility there has always been a keen demand for land in tin’s locality. SYDNEY BANKS. Press Association—By Telegraph—Copyright SYDNEY, Julv 20. . At the half-yearly meeting of the Citv Bank the report showed that the profits were £6,065, which was added to the balance of £1,458 from the last half-year A dividend of per cent, was declared. £I,OOO was added to the reserve fund, and £1,500 was carried forward. At the half-yearly meeting of the Commercial Banking Company, Sydney, it was reported that the profits were £87,877. A dividend of 10 per cent, was declared, the sum of £15,0T0 was transferred to the reserve fund, and £22.877 was carried forward. Both reports indicated increased bust ness, and an improving outlook. July 21. ‘Received July 21. at 9.11 a.m.) The quarterly banking averages show a drop in coin and bullion of £470.000, compared with last,quarter. This is mainJv attributable to the coin exports. 'The proportion of cash to deposits and notes, is 4s ojd j f), a decrease of 3d on the quarter. The interest-bearing deposits increased by £200,000. THE WESTINGHOUSE BRAKE. Press Association—By Telegraph—Copyright. SYDNEY. Julv 20. . Amongst the statements made by the disaffected tramway men was one that Urn Westipghouse-Newcll magnetic brake it as unreliable. The Railway Commissioners therefore appointed a board of experts, including leading tramway officials - from other States and Professor Pollock, of the Sydney University, who, after examining a large number of witnesses and testing the equipment, presented a unanimous report which was entirely favorable to the brake, and declared that it was prompt and efficient in its action n.nd powerful for emergency stops. July 21. f Derived July 21. at 9.57 a.m.) The Brake Board’s report shows Ibai. taking a year’s working, in just about halt the cases the trouble was magnetic, compared with the air brake. BANK OF VICTORIA. Press Association—By Telegraph—Copyright MELBOURNE, July 21. The Bank of Victoria for the half-year shows profits amounting to £37,200. which with the balance brought. forward makes £44,000 available for the distribution of a dividend of 5 per cent to preference and to ordinary shareholders. THE WOOL SALES. Press Association—By Telegraph—Copyright. LONDON. Julv 20. (Received July 21, at 10.15 a.m.) The wool sales closed steady, with improved competition. MONEY AND MARKETS. Press Association—By Telegraph—Copyright LONDON, July 20. (Received July 20, at 11.49 p.m.) The Bank of England returns show the stock of gold coin and bullion to be £35,526,000; reserve, £25.374,000; proportion of reserve to liabilities. 49.17. The notes in circulation total £29,908,000; public deposits, £9,044.000: other deposits, £45,498,000; Government securities, £15,9/7,000; and other securities, £38,796,000. Three months’ hills are discounted at 3g per cent. Consols arc quoted at £B7 12s 6d. Th© following are th© quotations for colonial Government stocks, compared with those ruling a week previous : July 13. July 20 New South Wales 4’s ... 108 108. New South Wales 3£’s .„ ... 100 100 New South Wales 3’s ... 88 571, Victorian 4’s 1024 102 A Victorian 3-|’s - 99 99 Victorian 3’s 88 37| South Australian 3|’s 101 Iqq| South Australian 3’s ... _. 885 881 Queensland 4’b ' 1051 1051Queensland 3£’s ._ ... 984 98'Queensland 3’s 864 8? 2 New Zealand 4’s 106 106 New Zealand 3','s ... IOOi IOOi New Zealand 3’s ... ... 89 89 Tasmanian 3-JTs 99 ggj Tasmanian 3’s 88 88“ West Australian 3|’s ._ ... 99 99 West Australian 3’s ... 88 88 'The wheat markets are firm. Tb© fine weather has improved the harvest prospects in England and France, but it is neutralised by heavy rains in Russia. There are smaller shipments from Russia and the Argentine. Cargoes are neglected. South Australia, prompt arrival, 32s 6d ; Victorian, afloat, 30s 3d to 31s 9d; New South Wales, 31s to 51s od; Australian spot, 31s 6d to 325. The latter is depressed owing to the forced'sales of parcels already arrived. Flour; Slow trade patents. London, 22s 3d to 22s 9d. Freights, nothing doing. <J> - Butter: Firm. Danish. 115s to 115s;

colonial unchanged. There is only (a small business, the bulk being stored. Copper: Spot, £BO 17s 6d: three months, £BO ss. Tin : Spot, £166 17s 6d; three months, £166 7a 6d. Lead, £l6 15s. Silver, 30 3-26(1 per ounce. Pig iron, 50s 4d. Spelter, £26 17s 6d. Sugar Steady. German, 8s 5d ,* first marks, 10s fid. Bradford wool is quiet. Forties, 18d; forty-sixes, 19£ d ; common sixties, 26Ad: super, 2?id. The London sales included the following clips :—Hiku 131,(1, Christchurch 13d. THE OAMARU MARKETS. [From Oor Own Correspondent.] OAALA.RU, July 21. An important inquiry for wheat has been experienced during the week, but there has not been any expansion of business. Still, a number of sales have been, made, but these have been, mostly of comparatively small lots. The chief transaction reported has been the sale, of a lino of 1,000 sacks of redchaS a.t 3s 4d on trucks at a country station, and the same price was given for another line of 600 sacks, while small parcels have changed hands at 5s 5d and 5s 4d. Transactions in velvet have, been on a, limited scale, and the prices paid have been 5s 5d and 5s 3F] at country stations, but os 4d was conceded in one instance for a. particularly nice sample. Tuscan is hard to get. ami 5s 6d at a country station was given for a, small lot, while a. fair-sized parcel of mix r d In scan and velvet in equal quantities realised 3s sd. Seconds wheat has been sold at the following rales as on trucks at country stations-.—Mixed Tuscan and velvet. 2s lOd ; Tuscan, 3s and 5s Id : velvet, 2s Kkl: r dcliatf. 2s 3d. Gats are easier, and very little business is doing. Garstons ; lV m ' l * x ' n Muifh'd at. 2s 2d at country staj lions, and f.o.h. order? for Cartons and I Banish have been tilt'd at 2s A parcel of malting barley of medium quality lias been made at 5s 6d at a country station. ttowgra.ss seed is not coming forward ( and the seed is small compared with j h ,sl, year. Sale's have taken place at. from ;'jd and 8d delivered in Oa.niaru. both sub- | pet to commission and net. Potatoes are l I’nner. and while orders for table Dcri wonts have been supplied at ±5lO 5s and 1 810 10s. purchases have been made at £9 ’ los and £lO net at country stations. There is a good demand for oaten sheaf chaff, which is bard to get. and commands £5 ' Ids delivered in Oamarn.

THE DUNEDIN AND SUBURBAN MUTUAL MONET CLUBIn presenting their first annual report, ■ ir trustees state that the club have now veil carrying on operations for a period d eleven months, and the number of shareholders on the register is 157, representing ■ 002 shares. Loans tq the. amount of £1,161 2s 6d have been granted, £26 19s 5d has ! neen written off preliminary expenses, and a_iter providing reserve (£10) and dividend Mst December, 1905, £ls 18s lid) there • 'ill! remains a. balance of £55 2s 3d to ■■•redit of profit and loss account. Th© nisioes have decided to pay a further Uviiiend at the rate of 8 per cent. per ■nnnm. to add £5 to reserve, and ’carry forward the balance to next rear.