COMMERCIAL.

Press, Volume LII, Issue 15769, 9 December 1916, Page 7

COMMERCIAL.

(By Cable.—Preea Aeeociation.—Copyright.) (Australian and N.Z. Cable Association.) BANK OF ENGLAND RETURNS, LONDON, December 7. The Bank of England returns issued on Wednesday, December- 6th, afford the following comparison:— Nov. 09. • Dec. g. £ £ Coin — •-. 54.254.000 54,233,000 ■Reeerro -. ■• 36,837,000 36,524,000 Proportion of reserve to liabilities -• 2-2.26 21.73 Circulation .. •• 37.656,000 37,858,000 Public deposits .. 56,237,000 58,717,000 Other deposits .. 109,269,000 108,946,000 Government eecuritie-s 42,188,000 42,188,000 Other securities .. 104,271,000 106,750,000 Short loans, 5 per cent.; threo months' bills, o£ per cent. GOVERNMENT SECURITIES. Tho following are tho latest quotations for Government securities, with a comparison with those ruling last week: Price Price ■ . last week, to-day. f £ ». d. £ «■ d 2J xer cent. Imp. Con. 53 10 0 64 10 0 3i ior cent. War Loan 84 0 0 83 10 0 4 per cent. War Loan 95 10 0 95 0 0 N.S.W. 4'«. 1833, J»n.JV •• .. 83 5 0 82 0 0 N.S.W. 3|'«, 1830-50, Meh.Sept •• -• 71 15 0 70 2 G N.S.W. 3J'e, 1920-30 .. 96 0 0 96 0 0 ».S.W. 38, 1925. AplOct. .. •• 69 15 (t 69 17 6 Vic. 4'a, 1920, Jan.-Jly 93 17 6 92 2 6 Vie. 34' a. 1921-26. Jan.Jly •- « S3 I 7 6 81 15 0 'Vic. aj ? «, 1920-49 .. 70 35 O 70 12 G Tic. 3'e, 1920-23, Jan.-Jly. 62 10 0 CI 17 6 *U*nd. 4'e, 1815-25. Jw Jly. •• .. 88 0 0 86 10 0 Qltnd. aj'i, 1922-47, Jan,Nov. .. .. 85 17 6 84 5 0 Qland 3'«, 1922-47, Jan.- j Jly. .. .. 63 0 0 62 0 0 ! N Z 4'fl 1920, May-Nov. 84 2 6 84 7 6 N Z 3Ve, 1940, Jan.-Jly. 73 0 0 71 15 0 N.ZI 3's, 1920. Apl.-Oct. 63 10 0 63 5 0 S.A. 3i"s, 1916, Jan.-Jly. 73 10 0 71 10 0 R.A. 4'a. 1916. Jan.-Jlv. 58 17 6 58 0 0 Tm. 31'§, 1920-40, Jan.JJy .. .. 72 12 6 71 0 0 Tm 3'a, 1920-40. Jan."Jlv. .. .. 66 0 0 65 0 0 WX Si'i, 1915-86, MayNov. .. .. 75 2 6 73 2 6 W.A. S'«, 1915-35. MayNor. '.. .. 70 5 0 70 0 0 The Stock Exchange is somewhat depressed owing to tho political ' crisis and Roumanian situation, but thero has not been any pressure to sell. DAIRY PRODUCE. Butter. —The market is very firm. Business is restricted owing to short supplies. Quotations: Danish about 2225, Australian (practically cleared), choicest salted 206s to 208s. unsalted 2125, lower grades 194s to 200s. No New Zealand offering till the Rimutaka discharges her cargo. Argentine unsalted is worth 204s to 208s. Cheese. —The market is firm. Canadian is quoted at 126s to 130s. Retailers are apprehensive about supplies, fearing that tho Government will release very little. CEREALS. Wheat. —The market is firm, but qniet. Flour. —The market is firm, Australian patents aro quoted at 59s to 59s 6d. Peas.—Tho market is firm. Now Zealand maples arc quoted at 48s. Beans.—Tho market is strong. No New Zealand lots are offering. Oats.—The market is hardening. No La Plata lots are offering. SUGAR. Tho market is unchanged. METALS. Copper.—Spot £132 10s, forward £143 10s. Electrolytic, £167 10s. Tin. —Spot £186 12s 6d, forward £188 12s 6d. Lead.—Spot £30 10s, forward £29 10s - Spelter. —Spot £58, forward £00. Silver—36id per oz. SHARES. Union Steam Ship' Company 50s, Waihi buyers 34s 6d, sellers 35s 6d. THE UNION S.S. COMPANY. LONDON. December 7. The "Pall Mall Gazette'* states that a large company is attempting to secure control of the Union Steam Ship Company of New Zealand. (PSES3 ASSOCIATION* TEUKBAM.) WELLINGTON, December 8. Sir James 3lills, questioned about the cabled rumour regarding the Union Company, stated: —"I know nothing about it. There is no foundation for it whatever." LONDON SALES. (Received December Bth, 9 p.m.) LONDON, December 7. The Bradford market is absolutely disorganised. Nothing is doing, and quotations, aro impossible. The mar-

ket closed more cheerful after a conference at which all sections wero represented. Resolutions similar tothoso passed at- London on Friday wero carried. A well-informed speaker said that sales would be held next week and TTOuld continue to bo held for wools which tho Government did not Wquire. MELBOURNE MARKETS. MELBOURNE. December 8. Oats—Filling (Algerians) 2s 2}d to ' 2s 3d; feed Is lid to 2s. Potatoes— £o to £G. Onions—£o 10s to £6 15s. The following cablegram has been received by Dalgety and Co., Ltd., Christchurch, from their London office, dated December 6th, 1916:— "Tallow: At the weekly auction, prices for first grade mutton and beef tallow were sixpence per cwt. dearer, for other sorts tho demand was quiet, and prices unchanged." Tho .New Zealand I/oan and Mercantile Agency Co., Ltd., advise having received tho following cablegram from London giving the tindernotcd market information: —'Tallow: Wo quote present spot values for tho following descriptions: —Fine mutton 54s 3d % per ctwtf good beef o2s 6d per 1 cwt, mixed 46s Hd ocr cwt-. Market "firm." Tho New Zealand Loan and Mercantile Agency Co.. Ltd., advise having received the following cablegram from London giving the undernotod market information : —'V&eenskfft sales postponed till 14th inst." GRAIN" AXD PRODUCE MARKETS. (BT OUR COUUZXCIAX. EDITOB.) Friday Evening. The rapidity wrrh which the mercantile marine of tho world is being destroyed by enemy submarines (says "The Australasian") renders the transport of our wheat to Europe an increasingly difficult problem. Tho length of voyage from Australia to British p° rts . of course, adds greatly to. the dangers of attack from hostile craft, and any method - which is calculated to lesson this risk is worthy of consideration. Failing tho release of Rus.sia's huge surplus of wheat, it is contended that the relatively small production in America last season compels Great Britain to draw heavily on the more remote sources of supply, such as India and Australia. On present indications, it looks as if, between old and new wheat. Australia might have an exportable surplus of quarters. It is suggested that it 6hould be possible for Great. Britain to arrange for Canada to export wheat to Europe to the lull extent of her stocks and replenish by shipments from Australia. If such an exchange were practicable, it would reduce to a- minimum the risk of supplying the Allies with a very largo quantity of breadstuffs, and would greatly accelerate the process of turning our wheat mto money. There has been a. little more wheat changing hands during the week at » further advance in prices. Sale s have been, made at 6s for Tuscan at country stations, and a prime line of Pearl held in a city store on the grower's account, was disposed of at 6s <kl. The announcement that the Government has decided to take off tho duty on imported flour, alters the whole situation, as it will enable Australian flour i to be landed at nearly 003 per ton less than the local price. Whether it will be possible to obtain shipping space for any quantity of flour from Australia is another question. There is nothing doing of any consequence in other lines of grain and produce.

There should b e a much larger crop of grass seed this season than during the previous two years. Grass has grown well in spite of the dry weather, and owing to the shortage of stock in. Canterbury a larger area is being reserved for seed. The following are the prices paid to farmers, at country stations, free of commission, sacks extra, except where otherwise stated: —

Wheat (nominal) —Milling Tuscan Gs; Hunter's, Gs 2d to Cs 3d; Pearl, none offering. Oats (nominal)—2s Sd to 2s lOd for Gartbns, and 2s 10d to 3s for Ihins. Barley (nominal) —Malting 4s Gd to 5s 3d.

Flour—-£ls per ton: 1001b baas £15 10s; 501b bags £15 15s, and 251b bags £1«.

Bran —£4 5s local, and £4 per ton for export. Pollard—£7 per ton. Oatmeal —251b bags. £17 per ton. Oatsheaf Chaff—£3 10s to £4 for prime. Peas (nominal)— Partridge, 4s 6d to 4s 9d. DAIRY PRODUCE. Owing to there being nothing definite settled as to the price the Imperial Government are prepared to givo for this season's surplus output of cheese, no quotation can be given for this season's make. Eggs are becoming scarcer, and the market is firmer. Butter —Factory, Is <3d Qcss discount) ; farmers' separator, Is Id to Is 2d; dairy, Is to Is 3d. Cheese —Factory (last season's), lOd, dairy 9d, loaf 9d. Bacon —Sides lid. rolls Is, ham Is. Honey—Extracted 5d per lb. Eggs—ls 2d per dozen FRUIT AND VEGETABLES. Vegetables are in good 6upply, and prices generally arc lo«'. The markethas been fairly well supplied with imported fruit; but local eupblics l"- av0 not been plentiful. Next week thcro will bo the usual shipment from' Sydney, also bananas from Fiji, and tho regular coast supplies of potatoes, tomatoes, and lemons. "Wholesale prices are: — Apples, dessert, 4id per lb, 'Fnsco apples 16s per case; Sydney oranges, 7r to 9s; Sydney Valcncias, 16s to 17s; 'Frisco navek,"2ls to 225; mandarins, 10s to 12s; 'Frisco lemons, 40s; pines, 15s to 16s; Cook Island bananas, 16s t 0 17s; Fiji bananas, 21 s to 225; coconuts, 13s to 15s per sack; gooseberries, 3d per ' lb; local cherries, 7d to 8d; local strawberries, lid to Is; "Waimato straw, berries, 9d to lid; tomatoes, Is Id to Is 3d; Cook Island tomatoes. 7s to 9s 6d per case. Old potatoes, 18s per sack: >ortli Island new potatoes, lijd to 2d ; local potatoes, 2Jd to 3d; kuraeras, 9s to lis per case; cabbages, is to 2s per dozen: cauliflowers, 3s to 4* 9d: carrots, Is 2d to Is 6d; turnips, 7d to 8d; parsnips, is 2d to is 4d; rhubarb, 4s 6d to 5s 6d; asparagus, 4s to ss: lettuce. Is to Is 9d; leeks, 4d to ss; Melbourne onions, 13s dct cwt GERALDINE STOCK SALE. At this week's stock sale, fat ewes made 28s to 34s 6d, fat wethers 25s to 345, store hoggets 31s Gd. woolly ewes and lambs, all counted, 27s 6d, twotooth wethers 22s to 24s 3d. Fat cows £8 to £12 10s. springers £10 ss, fat steers £9 17s 6d; pigs 4s 6d to 245. GEAR MEAT COMPANY. Tho Gear Meat Company's report and balance-sheet for the year ended 30th November last shows that, including tho amount brought forward, and after making allowance for depreciation and payment of interim dividend, there remains a balance of £72,452 17s sd. This the directors recommended for appropriation as follows: —In payment of dividend of 10 per cent, for tho >ear ended 30th ultimo, less interim dividend of 5 per cent, paid in June. £4600; in payment of dividend of 5 per cent, from profits earned by reserve funds, less 2i per cent, paid in June, £2300; in payment of special dividend referred to below. £4600; appropriation to cover liability for surplus profits and income taxes, etc., in New Zealand and Great Britain, £35,000; to be carried forward to next year's account, £25.952 17s 3d. Total, £72,452 17s sd. In consequence of the company's abnormal receipts during tho period under review, the directors xccom-

mend tho payment; for_this year only of" a special dividend of 5 per cent. Owing to the satisfactory result o" operations in connexion with the company's insurance reserve, the directors recommend the payment of a bonus or 5 per cent, on the paid-up capital out of thnt account. TIMARU MARKETS, (gracui to "the vbess.") TIMARU, December •. Sales of whei-t are reported at prion© Tally on a par with those of last ivefk, but the market is now unsettled owing to tho action .of tho Government m deciding to allow Australian flour to ccmo in duty free. This is bound to havo an immediate effect on tho pneo of flour and wheat in tho Dominion. It will also result in relieving tho shortage (if any) of wheat in New Zealand. Sales of Tuscan wero made in the early (part of tho week at 6s 3Jd and 6s 4U on trucks, and some wheat was sold at 6s Sd f.o.b. Offers of 6s 4d which wero refused by growers would not now Ik* repeated." It is doubtful whether, on tho basis of tho price of Australian wb.c£t and flour, local wheat is worth jnoro than 5s 6d to os 9d on trucks. Australian flour can bo landed horn at £13 10s per ton. as against tho local price of £10. Oats aro reported weaker, and -values to-day are about 2s 8d to '2s 9d on truckSj but none are offering. Oatebeaf chaff is selling at £4 per , ton on trucks

CHKISTCHURCH STOCK EXCHANGE. LATEST QUOTATIONS. Buyers. Seller*. X e. d. £ e. d. BANKS— New Zealand (£3 6s Sd paid) .. -. — 11 7 6 BREWERIES— Manning -. -- — < 10 0 WaTd ~ <-- 515 0 — COAL— Stockton — —064? _ INSURANCE— Now Zealand —t ix — 617 C MEATS— Canterbury .. .. 813 6 — N.Z. Kefrißera-tins Co. (£lO paid) ... 10 15 0 — SHIPPING— Union ~253 —» MISCELLANEOUS— N.Z. Dtu c Co_(£2 pd.) 2 7 6 — YESTERDAY'S BUSINESS ON OTHEI9 EXCHANGES (press association telegrams.) ■ DUNEDIN, Sales:—Union St-eam, 4S« 6d, seven parcels 45s 3d. WELLINGTON. Sale reported:—Huddart-I'arfcer, 31a lldMIKTNG. TALISMAN CONSOLIDATED. AUCKLAND, December 8. Talisman Consolidated, during November, I .crushed and treated 1400 tons of ore for al reiura of bullion valued at £7608 3s 6d. Compared with last year, wlwra 3550 ton« yielded £14,302 6s Od, this enows a decrease of £6691 3s 4<L Tbe total value of bullion to date i* £2,6X,W1 I*.