COMMERCIAL.

Auckland Star, Volume LVI, Issue 251, 20 October 1923, Page 12

COMMERCIAL.

THE LONDON MABKETg. LONDON, October is. RATES OF DISCOUNT.-- ; .;{ Short loans. 25 per cent th last week ; three months' bills Vl ? m * l » as asainst 3 3-10 per cent ]«£ %£ r ««, FOREIGN EXCHANGES. The following rates on foroicn pt.v Montreal (dol.) .. 4.58& 4co! H 66 Paris (fr.) 7,-UO 7Xsu o^ 86 Brussels (fr.j ... 57.25 S5 75 A? Kome (lire) .... 1,95 .^j ,0 ' f»-2« Stockholm (kr.) .. 17.19 1715 S« Christiania (kr.) . 29.17 20'"i i»}sj Copenhagen (kr.). 25.77 2J.SO ieiS Calcutta (d.) ... ir>j igj . ir lsß Hongkong (d.) .. "_>7i •* 7 | '" "- Yokobaina (d.) .. 25j 25J 34. nSuio'n aTSberTo° ml '" On t0 *>™ CONSOLS AND NEW ZEALAND The following table gives quotations f» consols and New Zealand inscribes stock? compared with those of October 11-—. „-, Varl »- Price, tlon. &, I British 31 p.c. War loan »6 it. British 0 p.f. war loan 103 . » British Conversion 3J p.c. .. 78| It New Zealand 4 p.c. 192'J 9SJ |i New Zealand 3J p.c, l!) 40 .. 84l L. New Zealand 3 p.c. 1945 75 - — New Zealand Up.c, 1936-51.. 109} _ •Lower. fHigher. —Not quoted last week. CANTERBURY MARKETS. NO DEMAND FOR POTATOES.. (By Telegraph.—Press Association.) CHRISTCHURCH, Friday. Business is quiet in all lines at present, and the prospects are that they lrflt remain so until after carnival week. The potato market is in a bad way, orders being few and far between. .it appears that tempted by the late prices, the merchnnts sent North more than the market could absorb, the result being that no further supplies arc likely to he required for some time. A Christchnrch merchant telegraphed to his agent to sell at the best price he could off the wharf at ■ Auckland, and received the discouraging reply that the agent was unable to Belt at any figure. Another merchant states, however, that a line was sold to-day of Dakotas on a basis of £8 15/, f.0.b.5.i., while some f.a.q.s. were disposed of at £8, under similar conditions. Generally speakia;, speculative business is now a thing of the past. Merchants are Retting from farmers what small lots they require to. meet orders. Fowl wheat is, If anything, a little easier and is feeing offered at 5/3s, f.0.b., sacks extra. i Spring threshing of white clover ie now being done, and a. fair quantity is being offered by farmers. The bulk of the red . clover is of poor quality, being very full of discoloured seed, due to rain, and being therefore of no great value. Choice red clover is worth up to Old and white clover (free from seed) up to 1/2. In cocksfoot practically no business is being done, but prices are firm at late rates in view of the advance in Danish seed at Home, which la equivalent to U7/G per cwt, landed hi the Dominion. Cabled advices received to-day report business for next year on the basis; of 70/ per quarter, c.i.f., London, for partridge peas. SHARLAND AND CO., LTD. DIVIDEND OF 7 PER CENT. The balance sheet of Sharland and Co., Ltd., for the year ended August 31, 1023, shows that the gross profit amounted to £54,014. Salaries nnd general expenses absorbed £43,572, the sum of £550 iras written off for bad debts, and £1044 for depreciation, leaving the net profit at £8548. There was brought forward from the previous year £4055. making available £13,503. The dividend for the year at 7 per cent absorbed £STGO. and £4753 .remains to be carried forward. Last-year the net profit was £9094, but the directors took the precaution not to pay ■■ out more than 6 per cent in dividends, but this year owing to the improved conditions the distribution is 7 per cent. The liabilities o£ the company, apart from paid-up capital, which amounts to £125.00U, are::—Mortgages £lS,"no ; amount owing to bank.' open liabilities, bills pnyable, etc.. £50,G!M, against £37,034; reserve fund. £10,000, the same as in the previous year: and profit and loss. £10,378. against £9330. The assets comprise: Stock on hand, £!>i,333, against £34,928; book debts, £55,4'J3, against £43,437; plant and fixture!, £S!iSG, as compared with £6221: freehold properties, £42,5G9. against £43,560; cash in hand, £56>J, against £320; bills receivable on hand, £1073, against £1046; and to Zealand Government War Loaa Stock, tII,SUU; the total being £201,014. CHEQUES IN THE STATES. The use of cheques has increased enormously of recent years in the United states, and it is estimated to-day that 95 per cent of the business of the country is transacted by means of these instruments, ni which more than six billions are Issued annually, making it possible to do a volume of trade totalling more than «w billion dollars a rear with an actual currency of four billion dollars. Unfortunately, America is favoured with a large number of probably the most ingenious -crooks" in the world, and the vast increase in the cheque circulation has caused them to turn their attention in the direction of forgery Notwithstanding this, the police are recommending the increased nse of cheques lor the payment of workmen Oil account of the fr.-<n>ont -hold-ups" in transit of cash, which arc always attended liv violence and sometimes by maiming ami murder THese nnM-nps liara l.ecome su frequent of late, and nave involved sacii ..ut4=e S . that the police strongly recommend'that all workmen should be pud W cheques, notwithstanding the dangers oc