COMMERCIAL.

Press, Volume LII, Issue 15649, 22 July 1916, Page 11

COMMERCIAL.

(By Cable.—Fresi Aawcia-tkra.—Copyright) (Australian and N.Z. Cabio Association.) BANK OF ENGLAND RETURNS. LONDON, July 20. The-Bank of England, returns iaeued an Wednesday, July 19thj afford the following comparison:— Jnlv 12. July 10. Coin .. .. 57,306,000 54,890,000 Reserve .. •• i 1,859,000 39,411,000 Proportion oi reserve to liabilities .. .. OS.TO 27.29 Circulation ..' .. 85,989.000 36,960,000 Publio deposit* .. 54,020,000 58,068,000 Other deooeiis .. 92.500,000 86,463,000 Gcwrnment eecuritka ■42.168,000 42,163,000 otier,.depoaita .. 02,500,000 86,483,000 , Short loans, -4 J .per cant.; three months' "bills, 5 per cent. The . stock markets are more cheerful owing to the bank rate decision. ', GOVERNMENT SECURITIES. The following are iho latest quotations for Government securities, with a comparison with those ruling last week: — Price Pric© ' laot week, to-day. £ s. d. £ e. d. 2J per oeat. Imp. Con. .. CO 2 6 50 2 6 Si per cent. War Loan «> 5 0 87 15 0 4| per oent. War .Lean 9G 12 6 96 0 0 N.S.W. 4'fl, 1933, Jan.Jty. ..( .. 87 2 6 86 5 0 N.S.W. 3i'e, 1830-SO, 3£ch.Sepfc. .. .. 71 35 0 75 2 6 N.S.W., 31'», 1920-30 .. 97 2 G 86 15 0 N.S/VV. 3fe, 1925, Apl.Oct. .. .. 72. 2 6 73 5 0 Vic. 4'a, 1920,, Jan.-Jlv. .. 91 15 0 94 0 0 VicC '*b\ 1921-26, Jan.r'Jly .. .. 85 2 6 BS 7 6 Vio; 3i*«, 1920-49 .. 74 15 0 ' 74 10 0 Vic. a'e, 1920-40. Jan.-Jlv. G6 7 6 66 0' 0 Qland. 4'«. 1915-25, Jan.Jly. ... .. 91 5 0 90 7 6 QUsd. 31's, 1922-47, Jan.Jlyv .. .. 87 12 6 63 0 0 Qland. 3*«, 1922-47. Jan.Jly. .. .. 66 10 0 66 5 0 SIZ. A'e. 1929, MayKor. .. .. 89 10 0 Bfi 17 6 N.Z. BJV 1910, Jan.-Jly. 76 12 6 76 0 0 X& S t b,. 1920, Apl.-Oct. 68 17 « 68 0 0 SJL Zi% 1910, Jan.-Jly. 75 0 0 74 0 0 SJL 8 V 1916, .Tau.-Jly. 61 7 6 61 12 6 XML 1'«. 1920-10, Jan.1 Jly. .. .. 74 .0 0 73 10 0 *». 3'i, 1920-40, Jan.Jly. .. .. 66 15 0 66 15 0 W.A. Si's, 1915-35, MayNor. .. .. 75 0 0 75 5 0 , fcA 3'«, 191S-35. MayNor. .. .. 72 10 0 72 10 0 « DAIRY PRODUCE. Butter—The market is very firm, anstrauan is practically cleared exMpt'for'a few lots of choicest quality, which k quoted at 158s to 160s. New Zealand ;s quoted at 160s to 16Ss, and exceptional lots at 170s. It has now oeen definitely decided that the exportation of Siberian shall not be permitted except, possibly, for a small Qualify .in the late Autumn, so snppUfts'henceforward will probably be abort.

Cheese— The market is recovering, w» tower prices stimulating the dey*SJJ. New" Zealand is quoted at 88s to 905.-

( . SUGAR. is unchanged. CEREALS. Wkeat-The market is quicfc, with an "ger "tendency. market is firm. No Aus.tralian is offering. ™ri<7—Tho market is steady. Oate_Tlie market is quiet. ' *«s—The market is firm. Now £f*T B d Maples arc quoted at 55s to ■ 'Beans—The market is firm. New «aland. spring, 50s to'fe2s. BRADFORD WOOL MARKET. On the- Bradford market, merinos and fine crossbreds are strong, bnt lower crossbreds are weaker, and, business is slow.— Quotations—64's 54d, 53d. common 60 ? s 52d, 56's *W, oO's 33d, 46's 2Sd, 40's 27d. SHEEPSKINS. *he auctions, 3600 bundles were t? t and soW - As.compared with -a * *u" 0 ' sa^cs * me " no clothings were •farthing, and combings a halfpenny fSSfT* All fine crossbreds were a "jfuung higher, but medium and r*™ 6 declined a farthing. Lambs *Wc a farthing dearer. LOXDON WOOL SALES. . LONDON. July 20. -at the wool sales, prices for greasv , raermos were maintained. Scoured *We slower, favouring buyers, and were irregular. «,. a fo prices were realised for , ™? fleece portions of the New Zealand ' a^o? V?** : - Birch Hill, top 24d. aver- «"« l-gbrooke. top 21Jd, avorage i Thistle, ton 20d. averace ISd.

BANK BATE. LONDON. July 2D. Tho Bank rate is unchanged. MELBOURNE MARKET. MELBOURNE. .luly 21. Barley—English, 4s 6d it> 4s M: Cape, 3s 3d to 33 6d. Oats—Mining Algerians, 2s 3d to 2s id : feed. 2s to 2a 2d. Potatoes— £G 10s to £7 10s. Onions—£4. to £-1 os. Dalgety and Company. Ltd., have received tho following cablegram from their London office, da tod July 20th:— "Sheepskins: At the sheepskins sales 3930 bales worejoffcred. and practically all sold. As compared with last sales. prices for merino combing skins are 3d dearer, clothing id dearer, crossbred fine i-d medinm and coarse id lower, and lambs id dearer. "Wool (sales continue firm except for fine crosshreds, which, arc slightly easier." GRAIN AND PRODUCE MARKETS. (bt out. commercial Enrroa.) Friday Evening. The wheat market is maintaining its firmness, and few saks arc taking place. Odd lines of Tuscan are changing hands, but there ia very little Hunters or Pearl coining forward, and the latter is increasing in value. Thero is such a scarcity of locally grown oats that no business can bo done in them, and the demand for oatsheaf chaff is purelv local. The fact that somo 17,000 sacks of potatoes have gone to Auckland by tho last three steamers from tho South Island has filled up that market for the time being, and no fresh business can bo obtained at present. Tho market is therefore easier in consequence of buyers being indifferent about making purchases. A few further sales hav© been made at £6 at country sta- j tions during tho last few days, and it is now verv doubtful if the growers' hop© of obtaining £7 for August delivery will bo realised. Tho following are tho prices paid to fanners at country stations, free of commission, sacks extra, except where otherwise stated: — Wheat—Milling Tuscan, 4s 5d to 4s 6d; Hunters, 4s 9d to 4s lOd; Pearl, os to 5s 3d. Oats—2s 7d to 2s 9d for Gartons, and 2s 9d to 2s lOd for Duns. Barley (nominal) —Malting, 4s to os 6d. Flour—£l2 10s; 1001b bags. £13: 501b bags. £13 ss: 251b bags. £13 10s. Bran—£s per ton for shipping. Pollard—£B per ton for shipping. Oatmeal—2slb bags, £17. Oatsheaf Chaff—£s for primo rruality. Ryegrass—4s to ss. Cocksfoot—l2lb seed Pd. 131b seed 9Jd. 141b seed lOd. Potatoes—£6 to £6 5s for July delivery. _ i rcas—Partridge, os. DAIRY PRODUCE. There arc no changes to note in dairy produce. Bacon pigs are scarco and dear, and there is a general shortage of -voung pigs, as breeders were compelled to sell off their breeding sows during tho summer owing to scarcity of feed." It. will bo some months before supplies of porkers and baconcrs can increase. Wholesale prices are:— Butter—Factory Is 6d (less disxmnt), fanners' separator Is 2d to Is dairy Is IJd to Is 2d. Cheese—Factory (last season's) lOd, dairy 9d, loaf 9d. new season's factory 9Jd. dairy 7-Jd to Bd. Bacon—Side3 lid, rolls Is, ham Is. Honey—Extracted 4}d per lb. Eggs—ls 3d per dozen, FRUIT AND VEGETABLES. Supplies of pears are now practically exhausted, and tho supply of local apples is not equal to the demand. A shipment of Island oranges, and bananas, also Mildura lemons, is to hand, and supplies of Auckland poorman oranges have come forward. A shipment of Fiji bananas is expected next week. The market is fairly well supplied • with vcgetbles. Wholesalo prices are:— Apples, dessert 2d, cooking 13d to 2d per lb, Island oranges, 10s to 12s, Sydney oranges 13s to 14s, Scvilles 14s 6d to 15s, Auckland poorman lis od to 13s; mandarins, 14s 6d to 15s; bananas lis to 12s; pineapples, 15s to 16s; Cook Island tomatoes, 4s 6d to 5s per case.

Potatoes, 12s to 13s per sack ; swedes Is 9d to 2s 3d per small bag; carrots, | 2s 3d per small bag; cabbages, 4s to j 4? 6d; cauliflowers, os to 6s 6d; car- | rots, 6d to 7d; turnips, 4d to od; parsnips, 7d to 8d per dozen; onions. 5s i 6d to 6s per cwt, and 2s to 2s 3d per small bag. GENERAL MERCHANDISE. July 21. Californian Fruits.—-The market for all lines of dried fruits is firm with an upwaid tendency. There has not been any further reduction in tho price of apricots, and it is surmised that; the crop will bo short. MLklura Fruits. —Available supplies of both currants and sultanas have now boon practically sold out. London and Canadian enquiries have been exceptionally good of lase. New Zealand requirements were fortunately placed and filled before tho demand from England and Canada commenced. Liquorice.—Advices from Italy stato that the manufacture has now ceased on account of tho critical state of tho market. In all probability no further quantities will bo manufactured until after tho war. Lemon Oil.—Prices aro firm, but advances may shortly bo announced.- " Tea.—Reports from Ceylon stato that large sales havo been made, with tho oxcoption of good liquoring teas, which aro inclined to bo firmer. Other kinds are 6lightly easier. Dust and farmings camo in for less attention at lower rates, Tho quality on offer generally showed an improvement, and tho selection was fair. Matches.—The New Zealand manufacturers announce a further increase in tho price of Royals, Plaids, and tins, this being on account of tho increased cost of raw materials. Wrapping Paper.—Tho supply of wrapping paper of all kinds is becoming an increasingly serious question with all merchants. The New Zealand paper mills aro finding it difficult to produce anything approaching the mar* ket's requirements, owing to the shortage of raw materials, pulp, and chemicals. In *act, they aro refusing to accept any new business, and aro only able to supply very small parcels to their regular customers. Tho Canadian mills who supply what is known as Kraft wrapping paper, advise that their difficulties of manufacture are increasing, and if they continue to accumulate the position may shortly reach such an acute stage that nulls will be compelled to close down. The Whakatane recently landed at the four chief centres a limited quantity of the Canadian Kraft in various weights, but the amount available was so small that it was of little uso to the trade. Supplies are expected by the next steamer, which is believed io be tho Pakeha. but it is not expected that there will be a great deal aboard owing to the restriction® on..tonnage from Montreal. Linseed OiL—Cablegrams received this week advise that "Thistle" brand oil, although .firm, remains at last week's quotation. White Lead.—The market is steady at high rates. Bar Iron. —Quotations have not been altered since the beginning of May, but with anticipated advances in freight the prices will advance accordin<r]v _ , A'small shipment of C. and B. goods, including essences, is arriving by the Rotorua. Delivery of essence orders has been retarded on account, of a shortage of bottles. The landed cost of these shows a substantial advance on previous shipments. P Sardines.— Owing to the enormous cost in Europe of sardines, .he importation to New Zealand has been reduced to a minimum.

TIMARU MARKETS. (special 10 "the r-azss.") TIMARU, July 21. A Sydney merchant, writing to hk» principals in Timaru. says:—•"Tho latest move hero is that, the Federal authorities have taken over the control of prices for 'necessary commodities.' which include wheat and flour. So far there has not been any notification from them as to interfering with tho State prices, which are: Flour £10 los. wheat 4s IOJd per bushel. With regard to flour, however, some of tho millers aro prepared to accept orders below this rate. They are not disposed to make any reduction, however, except to genuine buyers. I expect there in stiil about three million tons of wheat held in Australia, and when it> is going to be shifted nobody in Australia knows. In the meantime enormous damage has been done by weather and vermin. The position is that the farmer has already been paid 23 6d per bushel for his wheat, and ih-3 only thing he has received in addition to this, has been Government promises that arc absolutely valueless. These promises arc dangled in front of the farmers as a kind of a sop to catch votes at the election, which takes place here in December next. In my opinion wo only want a continuanco of the present state of affairs in Australia for another two years to bring about internal revolution. In fact, tho chairman of tho Farmers' Association, which at the present time is in. conference, has hinted as much." In view of the above, and communications received from Melbourne, quoting flour at £10 2s Gd per ton, f.0.b., Sydney, and £10. f.0.b., Hobart. it would not appear that the market for wheat is particularly sound, unless something is done in the direction of giving further protection* by way of increased duty on imported wheat and flour. Miners generally, whdst called upon, through not being heavily stocked, to pay market value for any suitable lines of milling wheat, are in constant fear of Australian competi-1 ticn. Against this, however, is tho ] fact that the service between Australi and New Zealand at present is greatly curtailed, and most of the availablo space is taken up with transhipments from tho large steamers unloading in Sydney, with goods destined for New Zealand, from United Kingdom, Continental, and American ports. Unless large quantities can be imported, the trouble will be kept down to the minimum, as 8000 tons of flour only serves this Dominion for one week. Values to-day are much the same as those ruling'last week, namely, 4s 8d for Tuscan, 4s lOd for Hunters, and 5s 4d (nominal) for Pearl, all delivered. Pearl is almost unobtainable. The sale of a largo lino of old wheat is reported at a price considerably above the average for this season's wheat. Fowl whearfc is quoted at 4a od f.0.b.5.i., but.tho demand is not quite so strong as it was. Locally-grown oats have ceased offering, and seed and feed requirements are'now being drawn from Otago and Southland. Local oats are quoted today at 2s 6d on trucks, country sta- ! tions, for feed, and 2s 9d for seed lines. These prices, however, aro merely nominal. Oatsheaf chaff is in good demand at £4 to £4 5s per ton, on trucks, at country stations, with very little offering. . . , Potatoes are lower m price than they were a week ago. Advices from consuming centres indicate great weakness. Auckland correspondents state that merchants are pushing sales at a loss, as a result of very heavy shipments just landed ex s.s. Te Anau and r.s Koromiko, from Canterbury. As is "usual on a falling market—the potato market especially—growers aro now more inclined to push sales; and in view of tho fact that verv shortly re-sorting will bo necessarv, it is expected that a good many lines will be on the market. To sell to-day to the North Island merchants coukl not afford to give moro than £6 on trucks a t countrv stations; but those who are committed to forward contracts might he ablo to givo a little moro.

NEW COMPANIES. This week's issue, of the "Mercantile ■Gazette of New Zealand" sfenounccs the registration of the following companies:— . , , " - Premier Pictures, Ltd. Registered Juno 30th, 1916. Office: 163 Hereford street,. Christchurcli. Capital: £4000, into 4000 Shares of. £1. each. Subscribers: Christchurch—C. H. Winny 20, J. H Shaw 20, R. Bargrovo 20, A. L- M. Leaver 20, Theo. Cox 25, W. F. Garder 20, A. M. Chivcr 6 50. Objects: To carry on at New Brighton, or clsc\vhere, the business of theatre proprietors, moving pictures, etc. South. New Brighton Land Co., Ltd. Registered Juno 30th, 1916. Office: 152 Hereford street, Christchuxch. Capital: £5000, into 5000 shares of £1 each. Subscribers: Christchnrch—S. M. Stuart 75, A. L. Hohbs 75, C. J. Jones 100, J. M. Stuart 100, S. J. Thomson 15. J. C. "Wallace 100, A. Mitchell 1. Objects: To acquire and take over as a going concern the .■assets and liabilities of iiho South New Brighton Land Syndicate.

United Pictures, Ltd. Registered .Tulv 6th, 1916. Office: Hereford street, Chfistehurch. Capital: £12,000, into 12,000 shares of £1 each. Subscribers: Christchurch—J. Mandel 100, C. J. Mc Kollar 100. G. G. Aitkcn 100, R. "VV. Robinson 100, F. M. J>rewitt 100, 11. T. Tosswill 100, G. S. Daniels 100. Objects : To purchaso or otherwise acquiro tho interest of the lessees in that parcel of land adjoining the United Service Hotel building, Hereford street, Christchurch, and to erect thereon a theatre, and to carry on the business of picture theatre xiroprietorg, etc. New Zealand Wood Pulp and Paper Manufacturing Co., Ltd. Registered July 10th, 1916. Office: Dominion Buildings Cathedral Square, Christchurch. Capital: £30,000. into 30.000 shares of £1 each. Subscribers: Christchurch —W*. Reece, J. A. Redpath (.junr.}, F. E. Dipman, J. A. Frostick, P. Selig, -C C. Farr, J. Montgomery; all 1 share each. Objects: To acquire and carry on the business lately carried on hy the Dominion "Wood Pulp Syndicate.

Kapitca Goldfields, Ltd. Registered Julv 12th, 191f>. Offices: Maekey street, Greymouth. Capital: £I*o,ooo, divided into 10,000 shares of £1 oach. Subscribers: H, J. Grant 2f>o, J. Taylor 250, W A- Rundle 50, W. G. Mcllrov 150. W" R. Kettle 100, I>. McKav 100*, T. Parfttt 100. Objects: Mining and incidental.

SALES OP LANDED PROPERTY. The New Zealand Loan and Mercantile Agency Company, Ltd. (Christchurch branch), report a good demand for land of all descriptions during the year ending 30th Juno last, and quite n, number of properties have changed hands through the agency of the company. The most notable- gal© was that of the St. Helens Station, comprising 217,534 aces leasehold, and 14,-341 acres freehold, to Mr F. J. Savill. and i.s certainly ono of the largest transactions put through of recent years. The demand for land is still very keen, and prices show no sign oi falling, quite the contrary. The- following are some of tie sales put through by the company during the oeriod under review:— St. Helens Station, 217,534 acres leasehold ard 14.541 acres freehold, to F. J. Savill. Account of Wm. Wittc, IBOR acres freehold, to Estate late W. Pickering. Account Henry Maginness, Mothven, 314 acres freehold, to "W. J. Chambers. Account H. T. Knigtt, Methven. 179 acres freehold, to David Chambers. Account S. E. Rutherford (in conjunction with National Mortgage acd Agency Co., Ltd.), 3272 acres freehold, to Charles Sf.ray. Account Haniish McLean (in conjunction with Dal--rety at-d Co , Ltd >, 715 acres freehold, to R. W. Wightman. Account DonaJd W. McLean (In conjunction with same firm). 514 aires freehold, to R. W. "Wightman. Account John Davison. Ralcaia. 2 roods and house, to Conway and Gray. Account John Withell,

Rakoia. 2 roods to sa n,o bu>er>. count Thomas Mile, T f . 1 '"", -*- *mt« freehold, to Uaxtrr Bro*. ■ count F5. H. arn*. /.rcchold. and 8( a rr.'< to Millar Bro ? . ,\rrount *. J. Xto? land. Rskaia. ->W a.ros I roohold. to Hooncr Amount W. J- M«rl»«d. \'° J. T. Dohcrty, Mctbvon, 1-« mo ration, at to ( --'^ k ,,fJ > Co Acrount Jamrs Scott.. X*-s?™ fin coiuuneUon with Lock and -Mcooy.t, iZf.) af-rr.s freehold, to T>i:<on Bros Afcount Dison Bros.. a cros freehold, to Srott. Accrmnt •\- \f m PMl 242 acros fiwlwld. to H T Account. A. H. AlaodonalH. -i si ; tcs freehold and I™*?-*°+-VT 'LV.rtca. Account, P. (J. U n<dit, 6»'o acros freehold, to Samuel Nelson. Account .Samuel NflUnn. «cr«= freehold, to D. C. Wnpht. AcDa fid Hampton. Crrlverde.n. 2bH2 acre,; leasehold, to AV. J. Oampbe.ll. \c'-ount Wm. ]>ariso!i. Lvndhnrst. -142 acre* freehold, to AV. Avers. Account TV G Polhil 1 (in conjunction with Prae 'and CsJv.-rdpn. 1.500 acres teaseho'd. to "Wui. Davison. Account James "Whiteside, Lyttclton, 600 acres leasehold, to .Arartin Bropby. 0 CHRISTCHUKCH STOCK EXCHANGE. TEiSTERADY'S ACTIONS. Sal© reported-:—ChrrstVchurch Gas, £7 15s. Closing quotations: — Btryers. Sellers. I X 6. d. £e. d. I DEBENTURES— Cbnstohnrch Meat, 6 per cent — MB 0« | BANKS— „ . n j Union -.. - — oG ° ° CF.MENTS— , n Portland *-; 0 - J COAL— „-, , Taupiri - 013"6 ~ Westporfc — -l 9 o Stockton (8 per « nt - „.*„ a pref.) •• - - 0!30 9 GAS— r- „ c -~ n ChrifltchTtroi -.-• 7 2 6 .la 0 INSURANCE— New Zealand t~r 6 6 6 — MEATS— Canterbury ..■ -- , J m ~ . Christchnrcb .. .. 19 7 C 00 0 0 MISCELLANEOUS— Mason, Struthers (£1 paid) •• 13 0 — Macom. Struthers (Its paid) •• •• 0-15 0 017 0 N.Z. Farmers' Co-op. (6 per cent. Ist pref.l .. 5 5 0 — HZ. Drng Co. (JE2 paid; 2 6 9 — MTNING— Talisman r« .- nlO 0 — Waihi 117 0 IIS 0 YESTERDAY'S BUSINESS OS OTHER EXCHANGES. (PBESS TKLEGHAMS.) AUCICLAND. Sales:—Union S-lcam (prdin.-vry). 37s 3d; Bank of New Zealand (old;, X'lo 16a; NewZealand Cement, 13s. WELLINGTON. Sales re-ported:—Talisman, lOe 3d: Taupiri Coal, 13s 6d. Quotations: —Consolidated GoWfields, sellers 10s; Success dredge, buyers 30s: Rising Sun, sellers, 4s; Union Steam Ship, buyers 375, sellers 37s Cd; Union Steam Ship (preference), buyers 21s; Wcstport Coal, buyers 28s 6d. DUNEDIN. Sales:—Union Steam, 37« 6d ffivo parcels), 37a 3d. Salo roported: Union Bank, £55 15s. MINING,

BOATMAN'S CONSOLIDATED. The mine manager of the Boatman's Con-solida-ted, Ltd., icports under date 15th inst.: —"Fiery Cross No. 1 drive has been extended a further distance of 20 feet, total now being 100 feet, of which 45 feet has been driven on line of reef. At present tho reef is 3ft in width, and 'has every appearance of making bigger, and is highly mineralised."