COMMERCIAL.

New Zealand Herald, Volume LXII, Issue 19050, 22 June 1925, Page 7

COMMERCIAL.

THE LONDON MARKETS. BANK OF ENGLAND RETURNS. COMPARISONS WITH LAST WEEK. Australian acd N.Z. Cable Association. (Reed. 5.5 p.m.) LONDON, Juno 18. The Bank of England returns for the week ended Juno 18, as compared with those for the week ended June 11, are as follows: Juno 18. June 11. £ £ Coin .. .. 155.804.000 3 55.230.000 Reserve .. .. 31.374.000 23.795,000 Note issue . . .. 145.97ii.000 148.026.000 Government deposits 13,368.000 8,954.000 Other deposits . . 109.626,000 112,428,000 Govt, securities . . 35,802.000 39.877,000 Other securities . . 70,950,000 70,501,000 Proportion of reserve . _?■ to liabilities .. 25.50 23.7FOREIGN EXCHANGES. The following rates on foreign exchanges are current to-day „ as compared with the cabled quotations on Juno 16 and par: — Juno 18. June 16, Par. New York, dol. . . 4.85 15-16 4.56 4.866 Montreal, dol. .. 4.85s 4.85 i Paris, fr. . . .. 103 100.80 -5---° Brussels, fr. .. 101 102.4 a 2a.2J5. •Rome, lire . ..133 12oi 20.220 Berlin, r.m. .. 20.43 Stockholm, kr. .. 18.17 18.16 Oslo. kr. . .. 23.63 25.74 18.159 Copenhagen, kr. , . 25.48 25.63 18.159 Calcutta, pence . . IS 181-16 -4 Hongkong, pence . 27i 27s —- Yokohama, pence . 20 3-16 20i -4i Amsterdam ~ 12.111 12.09! Batavia, . . . . 12.08 1-12 12.06 1-10 * The sharp depreciation in the lira is puzzling the market, but apparently it is due to heavy selling from Italy and other parts of the Continent. The Italian bank rate has been raised to 7 per cent. SHORT LOANS AND BILLS. Short loans, 3i per cent.; three months' bills 4jj per cent, (Not quoted last week.) CONSOLS AND COLONIAL STOCKS. The following table gives quotations for consols and colonial inscribed stocks, compared with those of June 11; VariaPrice. 'tion. £ £ Consols, 2£ per cent. .. 53J • British, p.c. war loan 96J British, 5 p.c. war loan .. 99a if British Conversion, 35 p.c. .. 75J I* New Zealand, 4 p.c., 1929 .. 94£ ,* New Zealand, 3$ p.c., 1940 .. 821 3* New Zealand, 3 p.c., 1945 .. 741 J* New Zealand, 6 R»c., 1930-51 .. 1081 i* N.S.W., 4 p.c., 1933 .. .. 90} 1* N.S/VV., 3 p.c., 1935 1 .. 75} 1* N.S.W., 31 p.c., 1930-50 80 S 3* N.S.W., 51 p.c., 1922-32 ... 100J N.S.W., 61 p.c., 1930-40 .. 105* 1* N.S.W., G p.c., 1930-40 .. 102 i \* Victorian, 3J p.c., 1921-2G .. 98J- {t Victorian, 3 p.c.. 1929-40 .. 70 S.' Victorian, 31 p.c., 1929-49 .. 77} It Victorian, 51 p.c.";' 1930-40 .. 101 i Queensland, 4 p.c,, 1924 90 -J* Queensland, 3 p.c., 1922-47 69 { + Queensland. 6 p.c., 1930-40 .. 10-1 1* S. Aust., 31 p.c., 1939 . .. 82 1* S. Aust., 61 p.c., 1930-40 .. 1051 I* S. Aust., 3 p.c., optional .. CO {t Tasmanian, 31 p.c., 1920-40 -. 82 J* Tasmanian, 3 p.c., 1920-40 .. 77 It Tasmanian, G} p.c., 1930-40 .. 10G J* W. Aust., 6 p.c., 1930-40 .. 1011 1* tHigher. 'Lower. S. Same as last week —Not quoted last week. THE METAL MARKETS. (Quotations on June 15 in parentheses.) Copper.—Spot, £6O 18s 9d (£6O 6s 3d); three months, £6l 8s 9d (£6l 6s 3d). Lead.—Spot, £33 12s 6d (£33 7s 6d); three months, £3l Is 3d (£33). Spelter.—Spot, £34 2s 6d (£34 7s 6d); three months, £33 lis 3d (£33 13s 9d). Tin.—Spot, £253 2s 6d (£253 2s 6d)j three months, £254 17s 6d (£254 2s 6d). Silver.—Standard, 31 l-16d (313-d); fine. 34 3-16 d (34-J-d) per oz. Gold.—B4s lid per oz. WHEAT,. FLOUR, AND PULSE. Wheat.—Cargoes arb steady and occasionally higher. Demand is quiet as millers are not buying ahead. Parcels opened firm in sympathy with American demand, but closed disappointingly. Liverpool futures: —July, lis 4£d per cwt.; October, 10s lid; December, 10s Tho spot trade is dull at lower prices. Australian ex ship, 58s. Flour.—Slow. Australian ex store. 44s 3d. Oats. —Quiet. Peas and Beans.—lnactive. Sugar.—Unchanged. FROZEN MEAT. Australian and N.Z. Cable Association. (Reed. 5.5 p.m.) LONDON, June 20. Sheep.—Canterbury, light, 7 7~8d; medium, 6£d; North Island, light, 7£d; medium, 6 5-8 d; Argentine, light, sgd; ewes, sd; Patagonian, light, 6 5-Bd. Lambs.—Canterbury, medium, 11 l-8d; heavy, 10 l-8d; other seleoteds, medium, lid; North Island, firsts, ll^d. Frozen Beef.—Argentine, fores, 3d; hinds, sd; Uruguay, fores, 2Jd; hinds, 4|d. Chilled Beef.—Argentine, fores, 27-8 d; hinds, 6Jd; Uruguay, fores, 25-8 d; hinds, s|d. Others unchanged. COTTON, RUBBER, HEMP, ETC. (Last week's prices in parentheses.) Cotton. —July delivery, 12.84 d (12.55 d). Rubber.—Para, 29£ d (29d); plantation, 33id to 34d (38d); smoked 37d (37J,d to 38id). Jute.—May-June shipments, £SO (£49 10s, June); new crop, August, £43 10s (£47, July). Hemp.—Julv-August shipments, £34 10s (£35 10s)." Copra.—June-July shipments, £29 (£29). . Linseed 0i1.—£43 per 1 ton (£45 10s). Turpentine.—69s 3d per cwt. (71s). Antimony.—English, £74 15s (£69 10s to £70); foreign, £62 10s (£6O to £6l). BRADFORD TOPS. On the Bradford tops market crossbreds are quiet. There is slightly more interest in Merinos. Quotations are unchanged. NEW ZEALAND APPLES. The Port Brisbane's New Zealana Sturmers sold at 16s to 18s; Doughertys and Rokewoods at 17s to 18s, and others at 16s to 17s. ITALIAN EXCHANGE RATE. COLLAPSE OF THE LIRA. xVustralian and N.Z. Cable Association. tßecd. 5.5 p.m.) LONDON. June 20. In explaining the collapse of the Italian exchange rate the Statist says speculation has apparently had little to do with the depreciation of the lira. Most of the Italian buying orders for foreign currencies must be considered as genuine trade requirements. The present movement is probably seasonal in character. Its main cause must be sought in the comparative failure of the last Italian wheat crop, and the consequent imports of grain, which are now being made in unusually large quantities. What has happened is the strongest, argument that can bo advanced for Italy's immediate return to the gold standard. FARMERS' CO-OPERATIVE. REDUCTION OF CAPITAL. [by telegraph.—press association.] CHRISTCHURCH, Sunday. The directors of the New Zealand Farmers' Co-operative Association of Canterbury have issued a. letter to all classes oi shareholders relating to a proposal for a reduction of capital and elimination of accumulated preference dividends and loss. The proposals concern first preference and " A" and " B" preference and ordinary shareholders. CHICAGO WHEAT MARKET. Australian and N.Z. Cable Association. (Reed. 5.5 p.m.) CHICAGO, June 20. Wheat.—July. 1 dollar 55| cents per bushel; September. 1 dollar 53| cents; December 1 dollar 55 cents.

NATIONAL BANK OF N.Z. DIVIDEND OF 14 PER CENT. The general manager of the National Bank of New Zealand has received cable advice that the net profit for the year to March 31, last, after providing for bad and doubtful debts and after paying a bonus to the staff of £13,100, amounted to £279,826, which, added' to £155,558 brougnt forward from the previous year, leaves available for distribution £435,384. The latter sum the directors propose to allocate as follows: —In payment of a dividend at the rate of 12 per cent, per annum and bonus of 2 per cent, per annum, £208,687; to reserve fund (which will then stand at £1,480,000), £10,000; to premises account, £40,000; to pension fund, £9000; leaving a balance to* be carried forward of £167,697. With the capital issue now being made the shareholders' funds will stand at:—• Paid-up capital, £2,000,000; reserve fund and carrv forward, £2,147,967; total, £4,147,967. Following is a comparison of the bank's profits and appropriations for the last three years: — 1922-23 1923-24 1924-25 Brought forward £142,121 £145,567 £155,558 Net profit . . 228,746 243,935 279,826 W.O. premises . 20,000 20,000 40,000 Pension fund , . 52,600 28,944 9,000 Reserve fund . 10,000 10,000 10,000 Dividend: Kate p.c. . . 14 14 H Amount .. 172,700 175.000 208,687 Carried forward £145,567 £155,558 £167,697 ISSUE OF NEW CAPITAL. To-day is the last day on which shareholders in the National Bank may apply fori-the shares to which they are entitled in the new issue of 200,000 shares. This issue was authorised at a speciil meeting of shareholders held in London on July 2, 1924, when it was decided to increase the capital of the bank from £4,500,000 to £6,000,000, by the creation of 200,000 new shares of £7 10s each. These shares aro now being issued, £2 10s called up, at the price of £5 a share, the-premium of £2 10s to be added to the reserve fund. The new shares are being allotted to shareholders in the proportion of one share for every threo shares held. BUTTER RATES IN SYDNEY. Australian and N.Z. Cable Association. (Reed. 5.5 p.m.) SYDNEY, June 21. The wholesale price of butter has been increased by 4s 8d to 163s 4d a cwt. FIJI CUSTOMS RETURNS. ESTIMATES EXCEEDED. [FXIOSI OUR OWN CORRESPONDENT.] SUVA, June 15. •For the first five months of 1925, the revenue received through tho Customs House for import dues was £92,804, as against £80,443 for the corresponding period of last year. The amount is also £6618 above the estimate for the current year for the proportional part. Port and customs service: Tax has already produced this year £12,334, as against £5438 for the corresponding period of last year, and an estimate of £13,105 for the whole year. The export dues are: 1924, £2203; 1925, £1907. The drop is due entirely to a decreased shipment of copra, which will right itself during the year. Tho receipts under the three heads to May 31, 1924, were £87,915; this year they are £107,045, an increase of £19,130, which is very considerably above the estimate. * ARDATH TOBACCO. The annual report of the Ardath Tobacco Company states that the disposable net profit, after providing for all taxation and charging the whole cost of the company's 1924 exhibit at Wembley, is £200,253, in comparison with £190,020 in 1923. After paying interim and final dividends on the preference and preferred ordinary capital, the directors propose to declare a dividend of 25 per cent., plus a bonus free of income tax of 5s a share on the 20,000 £1 ordinary shares (the same as last year). The reserve receives £137,000, in comparison twith £120,000 last year. There is also transferred to reserve £43,000 surplus provision for taxation and £20,000 which was set aside out of 1923 profits toward the cost of the company's exhibit at Wembley, making the total reservo £500,000. The company having agreed with the commissioners of inland revenue regarding the liability for all taxation up to April 5, 1925, there has been created a taxation reserve of £56,000, representing the balance remaining upon account for provision of taxation. The amount carried forward is £22,306, as against £12,553. TASMANIA'S HEAVY DRAIN. LOANS AND TAXES. For some considerable time past there has been feeling in Tasmania that too much money is being taken out of the State by the Commonwealth and State Governments by taxation, the position being accentuated by excessive internal loans, which are drawing money from legitimate trade channels. Figures obtained from official circles show that prodigious sums have been raised. Taking the period commencing with the raising of the first Commonwealth war loan, it is shown that during the past 10 years the Commonwealth has raised in Tasmania a total sum of nearly £8,000,000, and the Stato itself, in the same period, raised nearly £9,000,000, the total being £16,823,053. During the same period the Commonwealth raised in Customs duties £7,379,586, and in direct taxation £3,100,448-a total of over £10,000,000 and, in the same period, the State Government raised in taxation over £6,000,000 and local government authorities over £3,300,000. The grand totai for 10 years is just under £37,000,000, and the population of the State is only 217,000.