COMMERCIAL.

Taranaki Daily News, Volume LII, Issue 89, 11 May 1909, Page 4

COMMERCIAL.

, IvOXDOX MARKETS, 1 London, May 9- ' Afloat—The market is unchanged. 1 Ita bints are -practically unsaleable, even ' at a groat reduction. Hemp is quiet and unchanged. ' Kauri gum—The stuck totals 354 I" ca:>e.s. Woo! Keen competition. Americans ■ and Germans are goud buyers. The ; bes't merinos are now ten per cent, high- ' or and line to medium crotssbreds 10 to • 15 per cent. higher. Tho following were the average prices realised for the ileeee portions of the clips named: —Te • Koa 12V?>d.. Xgakonui Whataroa ' Bd, Kaingaroa lid, Pukotoi Dl'/od. There . are catalogued to date 40,420 bales; • sold. 45,128 bales. Shares—Waihi: Buyers .-€8 17s lid. • sellers £O. \ Copper —On spot £59 (is 3d, throe months £(>(), electrolytic £(10. ; Tin—On spot C 132 10a'. three months i s:m Us «d. . Lead. £lll 6e 3d. 1 Antimony. £7 15s to £B. , 'Silver, 24s 7-10*1-i Copra is dull. South Sea bags £8 ; 10s. ' HIGH COMMISSIONER'S CABLE. ■ By Telegrapb.—Prcss Association Wellington, Monday. The High Commissioner's cable, dated ' London. Bth May. states:—There is n'J ' alteration in the mutton market since i last week. Thy market is demoralised. : and tho supply exceeds the demand. [ The lamb market is steadier, with ft i better demand on account or loiw prices. ' On 25th April mutton was quoted, Can- • terbury lid. North Island 2%d. with the ► output steadily increasing, but the stock i is heavy. Current quotations are—Cani terbury lamb 4%d, other than Canterbury 4 1 / I d, Australian i At a meeting of importers for con- • si'd-eration of the unsatisfactory state ■ of tlie meat market, it was decided that • nothing can b P done, the position being [ caused entirely by excessive supplies. There ie a bettor demand for beef, i and hindquarters are quoted at and l'orefpiartcrs' at 2'/jd. > The butter market is steady, and prices well maintained. Choicest New . Zealand is quoted at 101s, Danish 100s, i Siberian 07s, Australian 08s, Argentine . 90s. ; The cheese market is firm, with small supplier on hand. White makes 625, 1 colored 04s. The hemp market is quiet, with s'mall business doing. The following are cur- : rent ([notations: —Good fair grad G on spot £23, fair grade on spot £2l 15s, fair current Manila on spot £2l 10s. May to July shipment* are quoted as •Tallows:— Good fair grade £22 15a, fair grade £2l 15s, fair current Manila £2O 10s. Last week's Manila output amounted to 20,000 bales. The stock held in London is* 204 tons. The cocksfoot seed market is quiet and uncertain. Buyers arc not keen to do business in cocksfoot seed at the present price of 75s for bright clean 171b seed. The wheat market is very uncertain, and speculation affects the market very seriously, and thv prospects arc uncertain. The market is firm at present. New Zealand long-berried wheat oil s'pot ox granary per quarter of 4061b. 45s Od; Xmv Zealand short-berried wheat ditto. 44s 6d. The oat market remains firm. New Zealand short sparrowbill oats ex granary on spot .per quarter of 3841b, 20s; New Zealand Danish oats, ditto, 3201b, 20s. The bean market remains firm, owing to reduced supplies. New Zealand beau* f.n.q. (old wop), per 3041b, 35s Od. The peas market i* linn, with more enquiry. Supplies do not meet requirements. and holders' are /irm. Now Zealand partridge peas, per 5041b. 47s od. The wool market is firm at an advance. The hop market is firmer, stock being reduced. MONEY REPOBT. Mr. C. E. Major, mortgage agent, TTawcra, reports:—The Premier's declaration in .hip policy speech lately delivered at Invereargill as to the insufficiency of capital provided by the banks trading in the Dominion and the comments thereon by the heads of financial institutions boar out my oft-repeated statement that the increasing volume of business and consequent denftmd for money has outgrown the capital capacity of the banks. Allowing for the commendable change in tho banks' policy not to make advances upon real estate for long periods, there is not sufficient money at the hanks' disposal to cope with the legitimate demand by established business and legitimate commercial enterprises. The Advances to Settlers Depart men 1 ,Ims done much good directly to the individuals who were fortunate to seen re advances ore the funds at the Department'* disposal practically "petered out." but more good has boon done indirectly in the expenditure of the groat bulk of the money in profitable tanning and other enterprises, so that the Dominion i« not only making a profit for the State, but —of greater importance—is benefiting largely by the increased production and consequent increase in tho wealth of tho State. Th<» sooner this Department has more money to its credit for investment the bettor for the community generally and borrowers particularly.' The ■ stringency oi the market for advances! upon mortgage is not so market as it I WiiK. even though [ was credibly in-] formed that one money-lending iustitu- j tion in Wellington Jiad during the pre- I Kent year received applications for over I a million. The outstanding and remarkable toature in this' connection that) must give much cause for a feeling of security is that land has not sunk in value with the corresponding increase m villus n'f money. Tt may safely be said the fall in hind values has scarcely been appreciable in productive- lands, scarcely at all, and in Taranaki dairying lands there has been an appreciation in value. The eroakings of the pessimistic s'eetion of the Press have not afi'ect-d level-headed men; they liav,. proceeded with their business and continued to make money. The people who have suffered and are suffering financial stress are those who hold unproductive lauds for speculative purposes, and they even look as if they will win out, by'reason ot the gnod and advancing prices 6f our staple products. Money for investment upon mortgage is cheaper locallv than further afield. Wellington seems' to ; have felt the shortage of money more acutely than the other centres "in the Dominion, Securities that carry 8 to 10 per cent, in Wellington havi* hc*n negotiated hero at 0 and 7 per centhud demand and supply approaching normal again. ' °