COMMERCIAL.

Press, Volume LII, Issue 15488, 15 January 1916, Page 10

COMMERCIAL.

(By Cabl®.—Press Association—Copyright.) BANK OF ENGLAND RETURNS. LONDON, January 13. The Bank of England returns issued on Wednesday, January 12th, atford the following comparison:— Jan. 5. Jan. 12. £ £ Coin 50,021,000 51,019,000 Reserve .. •• 34,358,000 35,413,000 Proportion of x-eaerve to liabilities •• 20.95 £2.46 Circulation .. •• 35,194.000 34,338,000 Public deposits 58,157,000 53,553,000 Other deposits .. 105,836,000 104,076,000 Government securities 32,840,000 32,839,000 Other securities •• 114,748,000 107,361,000 Short loans, 4i ner cent.; three months' bills. 5} per cent. GOVERNMENT SECURITIES. The following, are the latest quotations for Government securities, with a comparison 'with those ruling last week;— „ . Price Price last week, to-day. £ a. d. £ b. d. 2i per cent. Imp Con. 58 17 6 59 0 0 | Z\ per oent. War lioan 89 12 6 89 10 0 | 4J per cent. War Loan 97 2 6 . 97 5 0 N.S.W. 4's, 1933, Jan.Jly .. 95 0 0 95 0 0 N.S.W. 3Vs, 1930-50, Mrh.- , Sept. .. .. 83 5 0 83 5 0 N.S.W. 3i'e, 1920-30 .. 95 15 0 95 10 0 N.S.W. 8'«, 1925, Apl.Oct. .. .. 78 0 0 78 0 0 Vic 4's, 1920, Jan.-Jly. 93 15 0 94 0 0 Vie. 3|'s, 1921-26, J«n.Jly. .. .. 91 5 0 91 5 0 Vic 34's, 1929-40 .. 83 5 0 83 5 0 Vic.' 3's, 1929-49, Jan.-Jly. 76 0 0 76 0 0 Qland. 4'a, 1915-35, Jan.Jly. .. .. 95 0 0 95 0 0 Qltnd . Si'«. 1922-47, Jan.Jly. .. .. 91 5 0 91 5 0 Qland 3's, 1922-47, Jan.Jly. 74 10 0 74 10 0 N.Z 4'a, 1929, MayNov. .. .. 95 1 3. 95 1 3 N.Z. 3|'s, 1940, Jan.-Jly. 89 5 0 89 5 0 N.Z. 3's, 1920, Apl.-Oct. 76 0 0 76 0 0 S.A. 3J's, 1916, Jan.-Jly. 85 5 0 85 5 0 S.A. 3's, 1916, Jan.-Jly. 70 10 0 70 10 0 Tas. 31's, 1920, Jan.-Jly. 85 5 0 85 5 0 T&a 3's. 1920-40, Ja&--Jly. .. .. 76 1 3 76 1 3 ! W.A. Si'l, 1915-35, MayNov. .. .. 87 10 0 87 10 0 W.A. 3's, 1915-35, MayNov. .. .. 82 0 0 82 0 0 DAIRY PRODUCE. ! Butter—The market is firm. Danish is quoted at 156s to 100s. Colonial is selling well. Australian choicest salted 144s to 148s, unsnltod 156" to 158<<. New Zealand salted 150s to 1545, unsalted 160s to 1625, Argentine salted 140s to 1465. unsalted 1565. The exportation of French butter has been resumed. Cheese —The market is very. firm. Canadian 96s to 100s. New Zealand 9os to 975. CEREALS. Wheat—The market is firm, and parcels are sparingly offered. Flour —The"market i 6 steady. Oats —The market is quiet. La Plata January-February, 35s 3d. Peas—The market is firm, but un- • . Beans —The market has a hardening tendency. METALS. Copper —£87 to £87 15a. Tin —-£174 to £175 10s. Pis-iron —78z 2d. Lead —£29 5s to £28 15s. SUGAR. The market is firm and unchanged. WOOL. The Bradford wool market is very firm, with a hardening tendency. Quotations—64's 43d, 60's 42d, common CO's 41d. 56 ! s 38d, 50's 33d, 46's 28* d, 40's 26d. MELBOURNE MARKETS. MELBOURNE, January 14. W T heat—5s 3id. Flour —£12 10s. Oats —Feed, 2s 4d; milling, 2s sd. Maize —Red, 6s; white, 5s 6d. Bran— .£4 10s. Pollard—£6 103. Potatoes— £12 10s to £13. Onions —£2 10s to £2 15s.

Messrs Dalgety and Co., Ltd., have received the following cablegram from their London office, dated January 12th: —"Tallow: At the weekly auction there was an irregular advance. Prime mutton closed at 56s Cd per cwt, whilst good mixed of well-known brands sold at 52s 9d per-cwt." GRAIN AND PRODUCE MARKETS. (BY OCR COMMERCIAL EDITOR.) Friday Evening. The wheat market is still quiet, and the tone easier. A sale has been made at os 7d, and since then another at 5s od, at country stations. It is reported that the Auckland millers have imported wheat from Australia, and offers of flour have been received locally from Melbourne at £11 10s, f.d.b., equivalent to about £13 10s landed in New Zealand. This price limits the value of wheat to at least os 6d at country stations. No sales of new oats have yet been reported, as growers' ideas of value are much above the level of the market. It is reported that large quantities of Algerian oats have been purchased to land at Auckland at a cost of 3s. It will, therefore, be seen that in both wheat and oats, the Australian market ii likely to play an important part iu

fixing the value of New Zealand-grown grain this season. There is still enquiry for chaff, and a? the North Island and Blenheim will have large supplies, the demand for shipment this year from Canterbury will be limited. Nominally, the value of old oatsheaf chaff is about £5 10s, and new £o, at country stations. The price of bran has been advanced to £5, and pollard to £9 per ton, but the price of flour remains at £13, f.o.b. The following are the prices paid to farmers at country stations, free of commission, sacks extra, except where otherwise stated: — Wheat —Nominal. Oats—Nominal. Barley —os to os 6d for last season's. Flour —£13, f.0.b., 1001b bags £13 10s. uOlb bags £13 los, 2olb bagrs £14. Bran —£5 per ton,. for shipping. Pollard— ; £9 per ton, for shipping. Oatmeal —£20 per ton. Oatsheaf Chaff —Nominal. • Ryegrass—os. White Clover —Is +o Is 3d. s Cowgrass—7d to Bd. Peas —Partridge, ss. Cocksfoot —Gd to 7d per lb. DAIRY PRODUCE. There is no change in dairy produce,supplies being normal. Wholesale quotations are:— Butter—Factory 'Is 4d, farmers separator Is Id, dairy Is. Cheese —Factory (last season) lOd, dairy 9d, loaf 9d (new season's), factory B£d, dairy 7J& to Bd. Bacon —Sides lid. rolls Is; ham, Is. Honey—Extracted, 4sd per lb. - Eggs—ls Id per dozen. FRUIT AND VEGETABLES. Local tomatoes and stone fruits are oomini- in more freely, also supplies of Auclfiand, Nelson, and Teviot fruit. Local potatoes are scarce yet, but heavy shipments are coming to hand from the North Island, and meeting with a good demand. Wholesale prices are:— Apples, dessert 2id, cooking lid to 2d; peaches. 2d to 3d; pears, l£d to 3d: plums, ljd to 2d; nectarines, 3d; apricots, 21d to 3d; raspberries, 6Jd ; swawberrics, Is to Is 6d; grapes, Is to Is Gd ; tomatoes, 7d to Bjd; cucumbers, 3d to 4d per lb; oranges, 12s to 15s; bananas, 10s to 13s; pineapples, 14s per case. North Island Twrtatoes, lis Gd to 13s per cwt, local ljd to 2d per lb; cauliflowers, 2s 6d to 3s 6d; cabbages, 2s to 3s; carrots, 8d to lid; turnips, 8d; rhubarb, 2s Gd to 3s per dozen; g-reen peas, lid to Is Id per peck; onions, 10s per cwt.

GENERAL MERCHANDISE. Now that the holiday season is over, business is beginning to settle down as best it can under difficult circumstances. Each day seems to bring about an advance in various commodities, and with the . extra increase in freight charges and exchange it becomes more risky to make a definite sale. Linseed oil has been advancing almost every day for the last fortnight, and this may bo also said of white lead. Although a cablegram advises a reduction in the price of pig lead, no advice has been received of any equivalent reduction in ground lead. Pig iron has advanced in sympathy with the increases in freights and cost of production, close upon £1 per ton.

. Bar iron has for the same reason advanced in equal proportion. The New Zealand market for cornsacks and woolpacks and Hessian goods will bo somewhat relieved by shipments arriving now by the Waihora". and Waitemata. The Calcutta market for prompt forward delivery continues very firm. Ivapoc shipments by the December steamer from Samarang are also now due. "Late purchasers have had io pay fully Id higher than at first quoted. The freight and sailing for April is not yet fixed, and until this matter is adjusted quotations can only be nominal, but as America is a largo buyer and enhanced by the high price of wool it is generally expected that prices will be higher. Lubricating oil again shows an advance, and cablegrams announce an increase of 3d per gallon on oil and £3 per ton on greases. Even the cheapest grade of Scotch shalo oil cansot now be contracted for under Is 2d per gallon. Californian fruits —Apricots, peaches, apples, and seeded raisins continue to advance, but prunes are now much easier, having recently declined by 2s to 3s. Mediterranean fruits —Prices all round remain firm. Californian canned fruits —Stocks m California are now almost cleaned up. Any odd lines remaining command high prices. LEESTON STOCK SALE. Although the harvest has already started in the Ellesmere district, the attendance at the stock sale at Leeston yesterday was well up to the average. The previous Sale having been held five weeks ago, it was expected that there would be fairly large entries at yesterday's market, but the yarding of stock

was scarcely as large as at an ordinary fortnightly sale. The stock comprised 116 fat pigs, 194 store pigs. 48 cattle, and several small lines of sheep. Fat sheep and fat cattlp continued to realise very satisfactory prices. Well finished bacon pigs also sold at good prices, but the demand for choppers ana porkers was weaker than at rccent sales, and prices suffered in consequence. Store stock met with a very dull sale. In the case of store pigs, good-sized wcaners were sold for os per head that would hav P brought 12s to 15s not a great time ago. Some of the cattle were very poor in condition and those sold as fats were really only forward stores. The range of values was as follows: —Fat wethers 16s 9d to 22s 2d store wethers lis od. store 7s, bacon pigs 50s to $Ss (equal to 6d per lb), porkers from 265. choppers to 105s, large stores 15s to 25s 6d, medium from gs -weaners from Is 3d, fat cows £5 to £7 10s« forward stores £4 7s 6d, drv"cows £3 2s 6d to £4 10s, springers to £6 10s, cows in milk £3 2s 6d to £o, bulls £4 to £" 10s. yearlings 45s to o3s ninc-months-old cattle from 335. KAIAPOI WOOLLEN COMPANY. DIVIDEND prw HALF-YEAR. The directors of the Kaiat>oi Woollen Manufacturing Company, Ltd., have declared a dividend for the half-year ending 31st December. 1915, of 3i per cent, on ordinary, and 3 per cent, on preference shares. The dividend is payable on February Ist. TIM ART! MARKETS. (SPECIAL TO "THE PRESS.") TIMARU, January 14. New Tuscan wheat from the Ashburton district was on .offer in Timaru to-day. ' It was of poor quality, its shrivelled condition showing the result of lack of sufficient moisture when growing. The price asked for it was 6s on trucks, but, in view of the fact that last year's Tuscan can be bought at os 7d, it js considered that less than 6s will have to be taken for new wheat of this description. It is expected that grown wheat will be on offer in town to-morrow. Sales have been made during the week, at from 5s 6d to os Hd, according to kind and quality. In Timaru to-day a line of velvet and Tuscan was sold at os lid exstore, and included among other sales made during the week were a line of Tuscan at 5s 7d, delivered Timaru; a line of iSiscan and velvet at 5s 7d for the Tuscan, and o s lid for the velvet; Marshall's white at. Os 6d and 5s 7d, delivered at Morven; Rodchaff and Velvet, at os 9d. Morven; and Tuscan at 5s 7d, St. Andrews. There were other sales, but the above are sufficient to give an indication of values. There is a brisk demand for fowl wheat, which is fetching 6s f.o.b. Merchants in Auckland are committed to the purchase of fair quantities of wheat to arrive from the Commonwealth, and purchases of Australian flour have been made during the week. The flour will cost £13 12s 6d landed at Wellington wharf, duty paid. •

Oatg are in strong demand, and present indications point to a continuance of high prices for the next two months at lenst. Merchants are prepared to give 3s, country stations, for the new season's oats, and it is predicted that the value will remain at about this figure until the Southland crop comes in. Against this there is to be considered the fact that milling Algerian oats can be landed from Australia at lns s than this, but '''feeders" prefer Gartons, even at a little more money. Doubtless the Government will require a considerable quantity of oats during the next few months for the remounts they are buying and for shipment to Egypt for the horses there. The Government endeavoured lately to place an order for 1100 tons of oats in Southland, but were unable to get the contract taken up there. .It is considered probable that the order will be ultimately filled from Canterbury. Oatsheaf chaff is very firm at £5 10s, country stations, with very little offering.

Farmers' good, clean cocksfoot, weighing about 141b to the bushel, is worth _9d per lb, but even at this prico it is difficult to procure. Owing to the drought, there will be practically no ryegrass, and it is therefore difficult to state the value.

New potatoes are coming on to the local market elowly, the dry weather being all against quick and satisfactory maturing of the crops. In Wellington there is a surplus of new potatoes, and the tubers have been offering there during the week at £8 15s per tori, f.0.b., Wellington. In Timaru new potatoes are still being retailed at 2d •per lb, but buying by the sack they are lid i»er lb. - INVERCARGILL WOOL SALES. (PRESS ASSOCIATION TELEGBAM.) INVERCARGILL, January 14. A start with the wool sales was not made till 4 o'clock owing to the attitude of the buyers, who requested the brokers that the time for payment be extended beyond the usual. 14 days to such time as ships were available to carry the wool. The buyers stated that up to the last Christchurch sales they had been able .to get their purchases away, but this week, of 17,000 bales bought, there was space available only for 7000. Some buyers had also been unable to procure space for part of their Timaru purchases. The freight in sight would provide space only for 23,000 bales, and it was estimated that 70,000 would he offered in the next four weeks, therefore thev had decided that they oould not afford to go on under the old conditions of payment, as it would mean a tremendous overdraft at the banks and an ultimate automatic stoppage of operations, for unless' the wool could be shipped, it was of no use to the buyer. Before the banker would pay he must have .the shipping documents, which could only be given when the ship was named. y After several conferences, the brokers agreed to the buyers' stipulated terms, and the farmers gave the same extension of time for payment to the brokers.

The sale was a record one, 13,704 bales being catalogued, and practically all were sola. Prices were Id better all round than at Dunedin and Christchurch- The range of prices was: — Halfbred, super to good, 17Jd to 19d. Good to medium, I6£d to 17d. Medium to inferior, 16d to 16Jd. Fine crossbred, super to good, 18d to 183 d. Good to medium, 16Jd to" 17£ d. Medium to inferior. 14£ d to loid. Strong crossbred. 16d to 17d. Good to medium, to 15d. Medium to inferior, 14Jd to 14-ijd. BAKER BROS., THE HOME-F i N I>ERS. WEEKLY. LETTING REPORT. Messrs Baker Bros., of 168 Manchester street, report having let the following properties: Account Mr Bundersen, villa, Armagh street, to Mr Hannafin; account Mr Reed, dwelling, Andover street, to Mr Schultz; account Mr llobinson, semi-bungalow, Wilson's road, to Mr Sorrell; account Mrs Timperley, cottage, Cooper's road, to Mr Lloyd; account Mr Hill, villa, Byron street, to Mrs Johnston; account Mrs Porter, dwelling, Peterborough street, to Mr Scott; account Mr Kernahan, bungalow, Manchester street,' to Mr Coxon; account Mr Scott, semi-bungalow, Acton street, to "Mr Lepper; account Mr Perkins, bungalow, Longfellow street, to Mr Riley, account Baker' Estate, house, Ollivier's road, to Mr Yeldon; account Mr Jardin, cottage, Armagh street, to Mr Ayers. 5214

FOR SUCCESS IN LAW EXAMINATIONS THE Correspondence Courses of Banks' College are practically _ indispensable. By their means the great pitfall of misdirected energy-—aik> of tht> most prolific sources of failure—i 3 avoided. B A N K S' COMMERCIAL COLLEGE, WELLINGTON, offers to Students Lecture® of unrivalled fullness, perspicuity and scholarship, written by MR R. KENNEDY, M.A., LL.M. (First-class Honours in Arts and Firstclafls Honours in Law). Mr Kennedy corrects all papers and Bends helpful notes and criticism. • Each etndent therefore enjoys regular intercourse with a practising Barrister of high standing in the legal centre of New Zealand, and villi a teacher of rare ability. The results of this nonscientimia and individual instruction nave been esoo-ieiit. Although this Department is crly in its third year, over ICO c-tudeDts are now on the roll. MAY WE ENROL YOU NOW? Woodward street, H. AMOS, Wellington. Director. P.O. Box 162. H4172