COMMERCIAL.

Press, Volume LV, Issue 16516, 7 May 1919, Page 9

COMMERCIAL.

BANK OF ENGLAND RETURNS. (By Cabla.—Pres* Association.—' Copjrigki.) and t.ul; Association.) LONDON, May 1. The Bank of England returns for ihe week ending April 30th, as compared with tiie previous week, are as under: — April 23. April 30. £ - Coin and bullion ... 53,794,000 54,204,000 Reserve 24,472,000 26,964,000 Proportion of Reserve to liabilities .. 19.05 18.39 Circulation .. 76.213.000 77,162,000 Government Deposits 27,710,000 21,930,000 Other Deposits .. 116,563,000 124,722,000 Government Securities 56,114 COO 55,088,000 Other Securities .. 78,303,000 82,227,000 METALS. (Received Mav 7th, 1 a.m.) LONDON, May 2. Copper—Spot £75 12s 6d. TjeaW--Spot £24 105. forward £24. Spelter— £35 5?, forward £35 10-=. Tin—Spot £526 ss, forward £220. Silver 48 11-16 d per oz. WOOL AND SKINS. (Bv C»b!«.—Presi Association. —Copyright.) (Aiijtraliac and N.il, Cable Aisociation.) LONDON, May 1. At the Liverpool wool sales 11,924 bales were offered, half Queensland and half New houth Wales. AH were sold. There was a poor selection, both of merinos and crossbreds. There was keen competition from the Homo trsde. No export was allowed from this sale. Merinos and fine cro3sbreds sold at five per cent, above the last salo price. Low crossbreds were unchanged. T'no Bradford wool market is exceedingly firm. Quotations for merinos and crossbreds are still advancing* At the London sheepskin sales thero was a large attendance nnd good competition. Crossbreds and combing merinos showed » 10 per cent, advance on (ha last allocation sale. There was a good demand for burry wnoi!«. faulty pelts reaching the prices of tho last allocation. There was soma buying' on Frcnch and Belgian account, but none by American or neutrals. MISCELLANEOUS. A greql boom is expected oil ll)<> Stock Exchange on Friday, ,-iftev fio IfW holiday, owing to the reduction in the excess profits tii_T. Butter—The Government's price for Irish, superfine, is 563s per cwt., freo on rail. Other Riades «r© quoted pt 260s lo 2265. Wheat, and ilour—The market is quiet, with little offering. Oats—The market is firm. Peas and beans—There is a good enquiry, but prices are unchanged. Sugar—The market is unchanged. NOTES FROM WELLINGTON. FROM A SPECIAL COHBESFON'DENI S WELLINGTON, May 6. The postponement of th© issue of new Ghares by the National Bank of New Zealand is duo to cuueoa beyond the control of tho Bank. Tho issue consisted of 100,000 new shares, paid un to £2 10s, with a premium of £3 per share. Of the issue Lloyd's Bank undertook to subscribe for 60,000 shares, and the shareholders were given tho opportunity of subscribing for tho balance on the basis of one new shar# fop every six old shares. Tho bank complied with all tho legal requirements, and also obtained tho sanction of tho Imperial Treasury, but at the eleventh, hour a request was made by the Treasury that thd scheme should be eubmitte<} to t)ie Bank Amalgamation Committee. This was before Esister, and at that time Lord Inchcape. tho chairman of the committee. Was in l''rancc, and tho matter could not be dealt with until his return. It appears that Lord Inchcapo is not expected to return to London until towards the end of tho month, and rather than keep the shareholders in suspense, tho announcement of the postponement has been made. The scheme has not been turned down, and there is reason to believe thai tho proposal will be l>y the committee, unless, of course, it is thougjit that Lloyd's Bank is being favoured fit the expense of the shareholders. Tho New Zealand shareholders who had subscribed to tho new issue were given tho option of temporarily withdrawing thoir subscriptions, 'but, as far as can bo ascertained, only a few small aharoholder* have exercised the option. The shareholders feel that tho intimate relationship of Lloyd's Bank with tho National Bank would prove beneficial to tho latter, nad also the Dominion. Should tho Bank Amalgamation Committee, for any reason, fail to sanction tho scheme, it would give risd to a great deal of trouble, because there have been numerous transactions ijj the rights to tho issue through brokers, who have earned and jiave been paid their commissions.

The high prices of commodities, and especially of lines in the soft goods trades, is causing many here to dismiss the matter, find there are complaints of profiteering. Men's appgrel is high enough, hut for goods required by tlie women the prices are almost prohibitive. How to dpaj with this is a-difijpult matter pijd as yet no on© has been abje to suhpait a practical proposal. It is suggested in on© miarter that inspectors should be appointed, who should have the power of cpmparing the retail prices with landed cost, and compel retailers to demand moderate profit. It iB really nobody's business to protect the public, and with every advance in wages or shortening of hours, manufacturers nnd retailers appear to get the benefit in higher prioes. In certain branches of the clothing trade New Zealand can at present manufacture more cheaply than England, and if this could be maintained, the industries of tfco country should Sourish.

GRAIN AND PRODUCE MARKETS. (by OUR COMMERCIAL EDiTOR.) , . Tuesday Evenjnjr, The principal feature of tJie grain market for somo days past has been the rush on the part of some forward Boilers of oats, to cover their sales. Tlw demand was keen t for a, few days, but the position is now easier. The nominal price of oats at country stations has advanced, but apparently not sufficiently to induce 'growers to cell any more freely tJiiWi they have done hitherto. A grade Gar to-is aro now quoted at 3s Od to 33 lDd, pt country stations, and B grade 3s 6d to 3s Bd. Good Algerians a f SD j n keen demand up to 3s Gd. nnd Danish are worth 3s 3d to 3s 6d. Oatgheaf <;haff has also advanced, in sympathy with oats, and is now worth £5 to £5 ss, at country at actions. Linseed is firmer, and the ouotation is £15 7b 6d to £15 10s, at country stations. White clover and cocksfoot is still slow of s a (a, and cpwgrass is worth lid to la Id. Potatoes show further firr -ess, and £5 15s is now about »n average p ice, at country stations. The following are prices paid to farmers at country station?, freo of commission, sacss (except where otherwise stated: — New ftli'lipsr Wheat —According to Government price: South Island, May, 6s 6Jd; June, 6s 7d: July, 6b 7 id; August and after, 6s Bd, f,0.b.; North Island, 4d per bushel additional; fowl wheat, ub 6d 53 Qdi Oats—A Gartons, 3s 0d to 3s lOd; B Gartons, 8s 6d to Hs fid; U&n.'sh, 2s 3d to 2s 6d{ Algerians, 3s to 8s Oil; Duns, Ss Gd to 3* Od, Parley—Prime malting, 5s 6d to 6s; Capo barley. 4s 3d to 4a Cd, Flour:--£ls per ton; 1001b bf»gs, #15 15s; 50!b bags, £16; 251b bags, £16 &e. Bran—Shippiiffi -5 10s; local, £5 13s par ton. Pollard —£T 10s per tor. Ojitmeal—2slb bags, £28 per ton; 7ibbags, £32 per ton. Oatfilieaf Chaff—£4 los to £5. Italian Ryegrass (nominal)—4s 6d to 4s 9d. Perennial Ryegrass (nomipal),—4b 6d to ss. Cocksfoot (nQminal)-rfl4d to 7Jd. Red to Is Id. White Clover—9d to lOd. Linseed—£ls 7s Gd to""£15 10s per ton. Peas—Partridge, 4s 6d to qs; White Ivories 4s fc'd to gs; Prussian Bluea. to Gs. Onion^- £ 6. f° r April delivery. Potatoes—£s 15S| delivery. ASHBURTON" STOCK MARKET. The entry of fat sheep at the Tinwald yards yesterday comprised 113-1 ewes, 16< wethers, a ad 2312 lambs. There was a good attendance, and bidding was fairly briek for anything of prime bijt tlie ton* of the maiket, tpken all round, was slightly easier. The range of values wwPrime ewes io Q7s 6d, Jibedium 25s to 26s Bd, lighter 183 8d to 24a lOd. extra prime wethers to 36s 9d prime 27s 7d to 29s 9d, medium 25s to 07s'6di nrimo lamba to 26s ftd. gopd 25s to ?53 fd- medium 23a 3d to 21s, lighter 18? 233. The principal sales were:— at 223 6d, 28 at 290 fid, 42 at 27s 6d 18 at 24s Od, 38 at 24« lOd, 2d at 21s Bd, f-l at 21s 3d, 46 42 at 235, 45 at 24s 3d 40"at 9d, S at ?Ss Id, 49 at, 21s 9d, *11' at 26s 6d, 20 at 23s 2d, 44 at 31s 3d, 03 at 35a 103 at 20s Id, 49 at 26s 7d. Wethers —20 at 27s 6d, 9 at 36s 9d, '21 at 25s 7d, 22 at 26e. , liambs —75 at 19s, 33 at 25s 9d, 31 at 'iOs 2d 19 it a '' at 355, 301 at'lßs 163 a.t 20s 2d, 140 at 21s, 80 a.t 2,13 3d 60* at 26s 3d, 2flo at 23s 3d. 130 at liß 6d' 6-5 at 33s 3d, 107 at '23s 6d, 107 at 245, 'JO at* 25s Id 133 at 23s od, 43 at 21s, 122 at 2 3s 57 at 22s lid, 120 at 23s 9d. " Stare -sheep—Tbe y»rdipg of stores totalled 3256 an<l consisted chiefly of ewes. There was*4 fair demand, but prices were at bedrock. Sales were made as foljowa:—11 aged merino ewes at 2s Bd, 101 aged halfbred ewes at 4s, 78 failing-mouth, ewes at 9a "d, 600 wether Jambs at 10b lid, 90 failingmouVh ewes at 6s 4d, 96 at at 83 2d,

mixed'sex lambs at 13s 6d, 61 failingmouth merino ewes at 3s 9d, 200 em limbs at 16s lid, itji (, wo atlt i four-tooth ewes at r>? 2d. J79 a t 25a (xl. 174 ai 26s Id lit cvos at 7a Id. Cattle— There was a yarding of &4 head, there was a marked improvement in tee tono of the market. Fat steers inido £9 IS3 to £16 ss, fat heifers £5 to £11 15s. Vy co<T3 -fS ta £11 10s, vealers £3 to V j'li 6 - ore cows to £15, heifers £13 2-s £d to i CQW in calf £9 10s, mixed scx_ calves 3cs. RANGIORA MARKET, j At the Rangiora market yesterday the ) eIUr L y of fat sheap comprised 556 ewes, 151 aethers, and 575 lambs. There was an improvement in tie arices for prima stuff, but other lines e-ild on a par with last week's quotations. Prime lambs made 28s 8d to 29b. medium weights 243 io 26s 8d- lipht 22a 9d to 44a 6d, i>rin\o ewes 37s "ft to 295. medium weights to 26s Kl. light weights 20s lOd to 24s 6d, wethers 29s 'o 33s 3d. Amongst the sales were: — Lamb —For J. Douds, 27 at 22s 9d: R. Marshall, 91 at 21 3 Cd; J. Banks. 51 at 23e; l- itzsibbon Bros., 44 at 23s 6d; .T. B. Moody, ]2 at 2te: client, 10 at Cfe 8d: L. and A. Fjtzgihbon. m at 24s sd; L Loff--na?eti. 14 at 28a, 22 at 235; C. Lrfwte, 21 at 255; W. B. Moody, 12 at 25s Id; R. FWsyth, ho at 2ts; client. 50 at iJSa 10d. Lwes—R. Marshall. 32 at 23<? 3d: client, 35 at IRs 10d, 20 at 20s 10d; MV* Brown, lo at 24a Id; C. Leech, 29 at 26s Gd; R. M. Taylor, 2G at 225; J. Banks 37 at 23a Id: -i C 4i- tler - «' 235: C. Leech, U at 21s vd; W. Crane, 52 at 97 s 8d; Bunting Bros.. »1 at 21s 3d; R. Forsyth, 15 at 26s 4d, It at 23a 7d; W. B. lloodv, 32 at 255; J. 23 at " 7s r ' f1 ' 8"t 21a 3d. _ Wethers—J. Bennett. 32 at 2Ds; A. Hiislop, In at 33=1 9d. 3-3 at 30a 10d: T. Pullev 75 at 30s 7d. Store Sheep—There was a, yarding of 860 stores, of which 752 were ewes. Sales wer© roade as follows:—6s two-tooth ©wea (it 17s Gd, 364 at 26s 9d, 15 at ?2s, 77 forward ewefl at los, 11 at 14s, 50 aged owes at &s Id, 00 at 7s, 43 sound-mouth at 93 -Id, 24 at 9b lid, 23 at !>s lid, SO at 13s, 22 lambs at 12s Sd, bO wether lambs at 9s. Cattle 1 hero was ail entry of 27 head. iJfMry cows sold at £7 to £11,. vearling heifers £2 to £1 ss. ° riss—Alxmt, I'O were penned. Baconers made £n to £7, stores .10s to CGa, and pnial 1 J>B to 20 3. In tho poultry tlepartniejit rooatflra niaflo 8s H C.ouple, hena 4s fkl, ;md tlucfe fa lOd. - ' ho .P rc, duce varrla chickwheai- sold at "Lj <0 " h " al,e) - 09ta Mto Ss. cassf.wr = w ! lc ; lt " ,cal «ao.k, oa.tsh^f , ,63 W ' l'ftstoes I'2s to 14s. apples 3s Gd to is a case, pcarp 3a, and onions ljd lb. DUVAL'CHELLE SALE. At the stock sale at Purauchclle on Fri«ay last tho following prices were realised- — L finTo^J 1 ! ? d to £X - £7 to ±4- 12s Gd, fat heifers £8 10s to £13 2s 6d 53 ' WsTo 22s Gd, bulls £6 10s to £8. i , fAYFIELD STOCK SALE. FiJi /° , aulca wade at the May9n! 1 « Monday. --21 fat ewes at d ' 112 Ht 21s 8d i 44 at 23s 11 at 21s dn a \ 6d * 51 at 25s ' 93 fat lamba °t rofi' (w 'V 3Ut 223 6d ' 20 ]an,bs ut 9s Id, it, nt r, 55 4d ' 505 ewe Jamba at los Iwo-tootli e\ycs at l>ss sd. NEW ZEALAND FARMERS' CO-OPERA-TIVE ASSOCIATION. lliolsew Zealand Farmers' Co-operative A - sociation of Canterbury, one of the moat widely known trading concerns in the Domjnion, 13 desirous of increasing its capital, and to that end is> inviting up to the 24th inat. applications for shares from presenV shareholders and othera. The eligres availaoie are tho ordinary issue, £2 paid up issued at a email premium, nnd ths A preference shares of £5 fully paid up. On the former clasa ihe dividend and bonus paid last year equalled 8J par cent., while on tho preference shares a dividend of fi per cent, was paid. In the past eleven years the total dividends paid on capital invested in ttio Association have increased from £9624 in 1908 to £36,050 last j-ear. while the tot.il amount of j dividends, bonuses on purchases, •and rebate commissions h?« risen in the period mentioned from £20,274 to i'M.93O. Ihe present is the thirty-eight year of the Associations existence, and sinco its foundation £600,000 has been distributed in dividends and bonuses to its shareholders, who now numbor close upon 9000. Items in its balance-sheet which are of interest to the A ° P ul>,lc ara j'a reservo account of ±160,000; jts surplus of assets over liabilities of j5963,000, and its freehold properties, assessed at tho original cost of .£200,000, but now worth very considerably more, while its enormous turnover, exceeding four millions year, end expected to bo materially greater as the result of th* current years operation®, testifies to the extent of its trading and its popularity with those wlio do business with it. EXPORT OF PRODUCE, HEAVY SHIPMENTS OF CHEESE. Mr G. A. Lamb (secretary of the South lala,nd Dairy Association) reports that epace for 6000 crates of plioese from Otago has been allotted on. the Remuera. The Westmoreland will take 18,200 crates of cheese, from Bluff, and the lonic 4500 crates of cheeso, and tho Devon iOOO crates from Lyttelton. The following freight bookings from the North Island are just announced: — From Auckland a total of 30,000 crates of cheese, per Corinthic, lonic, Remuera, and Arftwa; Tainui, 10,000 cases from New Plymonth;. KaikouTa, 17,000 cases from Wei- < lington; Port Sydney, 11,500 cases from < Patea; Remuera, 9700 cases from New Ply- ' mouth; Raranga, 22*000. caeca from Welling- i ton, 8000 caaes from Wanganui; lonic, 16,250 t cages from Pa.tea; Kja Ora, 12,000 cm from New Plymouth, 2500 cases from Wellington; Westmorland, 7000 cases from Patpn, 3800 cases from Wellington; Arawa, J0,250 cases front PatSa. The above a clearance of 155,000 cases by tho middle of Juno from the North Island. s

FLOUR SUBSIDY SCHEME, (pnESS association* telegram.) WELLINGTON, May C. In answer to a. question as to tlie operation of the flour subsidy scheme to maintain the present price of bread, the Hon. W. D. S. Mac Donald, president of the Board of Trade, stated to-day that millers were nqw entitled to receive- the subsidy, according to tho regulations. When they mads a claim for it, a thorough investigation was made, and a decision given accordingly. THE t EGG MARKET. The weekly egg sale of the Canterbury Egg' Farmers' Association was held yesterday afternoon by Messrs Harris Bros., at their Tooms, Hereford street, Thero was a fair 'entry, and every lot was sold at the following prices:—-First grade hen eggs 3s lOd t/> 3s, second grade 2s 8d to 2s 10d, ducks 2s Gd to 2s Bd, competition 2s Bd. £ CHRISTCHURCH STOCK EXCHANGE. LATEST QUOTATIONS. Buyers. Sellers, £ «. d. £ i, d, DEBENTURES— N.Z. Government, 4J per cent, inscribed — 97 0 0 N.Z. Government, 1938 bonds .. .. — 37 0 0 BANKSUnion pf Australia .. SG. 0 0 5G 15 Q Union of Australia (£l2 10s paid) .. _ 30 10 0 SHIPPING— Union (5£ per cent., cum pref.). .. 10 9 FROZEN MEAT— Canterbury .. .. _ 10 10 0 Wellington (£2 12s .Cd paid) .. .. — 2 12 0 WOOLLENS— Kaiapoi 7 10 0 — GAS — Christ-church .. C 11 0 BREWERIES— Crown .. .. _ 1 13 6 MISCELLANEOUS— Colonial Sugar (cum div.) — 25 0 0 MINING— Waihi ... .. 2 3 3 2 3 3 MINING. CONSOLIDATED GOLDFIELDB. The Christchurch Stock Exchange' has reI ceived the following telegTam from the Consolidated Goldfields, Aeefton: Crushing returns Consolidated Group for April. Progress crushed 1450 tons, value £1705; working expenses £2027, development £100. Blackwater crashed 2031 tons, value £3563; working expenses £2864. development £258, shaft £134. RISE AND SHINE COMPANY. Tlie directors of the Rise and Shine Gold Dredging Company, Limited, report:—The directors regret having to report an unsuccessful year's operations. Twelve months ago -v'o. 1 dredge was waiting for suitable rivei; conditions before proceeding to the Athenteum ground. These did not occur until towards the end of October, when the crossing was safely made, and opening out began late in November. The returns have, however, been very disappointing; while those from No. 3 have for several months past not met expenses. This dredge has been stopped eince the 15th April owing to the breaking 1 of the elevator crowi>wheel, and it is not proposed that she shall resume work. No. 1 dredge is in excellent order, and quite capable of dealing with the whole of the unworked area, which should employ her for several years, provided tho returns are payable. It is ia-

tended to eoll No. 2 dredg-e when » puitablo I opportunity occurs. Tho year'B operations resulted in a loss of nearly £1000,, necessitating a considerable bank overdraft, secured by the personal guarantee of the town directors. EXPORT OF POTATOES. (PRESS ASSOCIATION XELtCKAM,) PALMERBTON NORTH, May 6. A letter received to-day by the mars' Union from the Minister of Agriculture, stated that the embargo on export of hides had been partially lifted. Regarding potatoes, u. census taken throughout the Dominion showed that there did not appear any likelihood of there being sufficient, potatoes this year to allow of any export from i\ew Zealand. Last year, although a considerable quantity was imported from Australia, tho short-age towards the cpd of the season, became acute, and untij tne digging for this season ifl completed, he was unable to recommend tho Cabinet to allow the export of potatoes, but the matter would be reconsidered at a later date. SHIPPING SPACE FOR HAWKE'S BAY. (press association telegram.) WELLINGTON, May G. The Hon. D. H. Guthrie has been (advised by the Oversea. Shipping Committee uiat space for 17,000 freight carcases will be Allocated to the Ho-wke's Bay district in- the linranga,