COMMERCIAL.

Press, Volume LVI, Issue 16884, 12 July 1920, Page 5

COMMERCIAL.

THE MONEY MAJBKET. (By Cable —Press Association —Copyright.) (Australian and N.Z. Cable Association.) (Received July 11th, 11 p.m.) LONDON, July 30. The turn of the half-year saw tho usual abucdanco of funds "in the money market. The supply at tho week-end, after prepayments to tho Bank of England and purchases o. new Treasury bills, remained sufficient to keep the 'Tatea for short loans lower than at the end of June, though there -was no perceptible improvement in longer dated ad- • vanees. ' . . Tho market is less apprehensive regarding tho future than a fortnight ago, when it j ! feared an eight per cent, bank rate owing- to a fiduciary issue of currency notes approaching the maximum limit. An incroaso in the bank rate is now believed unlikely excepting for abnormal developments, a doubtful factor being the monetary situation .in New York. The request is gonerally made that the Government should declare its intentions regarding the so-called dear money policy, in order to inspire the business community with greater confidence. The foreign exchanges continue to be dominated by the Spa Conference, • especially the French, Belgian, and Italian. Tho half-yearly dividends of ths leading banks "equal those of January. It is generally understood that their gross earnings will probably establish new records, but growing expenses, depreciation of investments, and slackening industrial demands aro considered -to render a cautious policy necessary. The -Stock Exchange shows more cheerfulness, activity, and steadiness, though there is no gTeat recovery, with certain exceptions, mostly sound investment shares, but the market is unquestionably more confident, dealers believing that a better basis has been reached in tho foreign outlook, and tho hope that concessions will yet be made in the excess profits duty has also contributed to better conditions. At tho same time, the investor apparently considers that the abnormal industrial profits have Teached their, limit, consequently there is an awakening interest giltedged stocks. Shipping shares show an upward tone on the prospect of complete decontrol. but the drop in foreign- freights is a disturbing factor. ENGLISH MARKETS. LONDON, July 10. Cotton —Tlw Liverpool quotation for American middling upland, August delivery, is 23.33 d per lb. * ■> Rubber—Fine hard Para 13 lid, plantation first latex crepe la smoked ribbed sheet Is 10^d. Hemp—Tlie market is dull. May-July shipments £54. Jute—The market is quiet. August-Sep-tember shipment £51 10e. Copra—Tho marfcet is quiet. July-Septem-ber shipment -546 (nominal). Linseed oil—£73 per ton, equal to 7s lOd per gallon. .Turpentine—l6ss per cwt, equal to 12s 5Jd per gallon. LONDON WOOL SALES. LONDON, July 9. At the wool sales merinos were unchanged and- comebacks and fine crossbrcds slightly hauler. Faultier and lower sorts were withdrawn. EXPORT OF "WOOL. (Hcceived July 11th, 11 p.m.; ' LONDON, . July 10. Ths Ministry of Munitions states that it has no information concerning wool in dealers' hands likely to be sent to Germany. The Board of Trade returns show that to May 316t tho total shipments of colonial wool to G-er-manv from England were 30,(XJP bales. is no part of the Government's policy to tako special steps in connexion with tho export of wool to Germany. There aro no restrictions upon such tmde, which is free to all private operators on equal terms. There !is no reason why the Government stocks of wool should take anything lit 3 four years to sell.' SHARES. LONDON, July 0. Shares —Waihi, buyers 563 3d, sellers 385 9d; P. and 0. (def.), buyers ifoo, sellers £480. UNION BANK OF AUSTRALIA. LONDON, July 9. The balance-sheet of the Union Bank of Australia shows a profit of £536,716. SIARKEJHNG OF DAIRY PRODUCE. LONDON, July 9. 3£r B. McNeill, speaking in the House of Commons in reference to tho disposal of New Zealand butter through the Co-operative Society, asked Mr C. A. McCurdy on what evidence he based his anticipation that coneumei® would not suiter on the re-adjustment of trading arrangements, also whether he possessed sufficient powers to prevent this threatened cornering. Mr McCurdy pointed out that he had no oowers. No arrangement Irad yet been made to sell New Zealand prodnca through the Societv. The Ministry would carefully consider any contemplated action. Meanwhile it was impossible to say whether action was

necessary. Tho Ministry intended to inain*ain the existing 0:1 dealing in butter. He considered tho Ministry's powers 'wholly adequate- to safeguard the consumer. PACIFIC PHOSPHATE COMPANY. LONDON, July 0. A inciting of tho Pacific Phosphate Company will b& hold on the liith inst. to pasv a letjolutior. to pay the managing, directors £65,0C0, other directors £58.000, and othei officers £31.000 for leas of ofSce due to the sals of the Naaru a;:d Ocean Island. deposit?, also £8 COO r.s a bouua to certain other officers VICTORIA?; LOAN. LONDON, July 9. A Victorian conversion loan prospectus ha been issued. It is for £'2,725,000 a.t par, beta"- } in» interest at 61 and rep ay-able in 1923-5. Sis months' interest on "the loan is payahk en April Ist, those converting- receiving' or October Ist thrcxs months' interest on the existing four/ pc-r cents, due on that date Seine surprise is expressed at. ibje- terms ii view of the superior returns on Imperial inc colonial short-da ted bonds, but it is pointeti out thai Victoria has only borrowed three times in seventeen years, and actually has reduced her indebtedness to Great Britaii sinco 1901 by £1,000,000. WOOLLEN MILLS CLOSED. NEW YORK, July 9. , A messago from Lawrence, Massachusetts, states that four of the mills of the American Woollen Company liavo bivn shut for ar indefinite period because of the lack of orders Fourteen thousand employees arc out o: work. The company's other mills will akc close shortly. A SWISS LOAN. NEW YORK, July 6. A 25,000,000 dollar Swiss loan, offered or the local market at par, with interest al 8 per cent., was absorbed within twenty-foui hours. EMBARGO REMOVED. MELBOURNE, July 10. The Commonwealth Government has removed the embargo on the essort 0 f sheeoskins. DEAR WHEAT. MELBOURNE, July 10. The Victorian Wheat Commission is making available ry quantity of fair average quality wheat for export to Africa and the East at IGs per bushel—a iccord price for Australia. BANKING RETUILNS. Returns of the following* banks for the quarter ended Juno 30th, 1020, have been received, and are compared with those for tho corresponding quarter of 1919: BANK OP N(EW ZEALAND. June, 1920. Juno, 1910. £ £ Government Deposits 8,379,163 7,617,747 Free Deposits .. 17,621,696 13,332,864 Fixed Deposits .. 8,302,143 7,282,735 Advances .. .. 15,350,941 14,911,9© Discounts .. .. 821.018 890,583 Noto Circulation .. 5,269' 571 4,602,642 Coin and Bullion .. 3,433,583 3,504,901 BANK OF NEW SOUTH WALES. J ur.e, 1920. Juno, 1910. £ ' £ Free Deposits . ... -1,740,968 3,444,970 Fixed Deposits .. 2,546,166 2,300,721 Advances, .. 3,867,100 3,596,4&1 Discounts .. 64,251 97,365 Noto Circulation ... 673,750 786,448 Coin and Bullion ... 1,351,657 1,350,714 NATIONAL BAM£ OP NEW ZEALAND. J tine, 1920. June, 1319. £ J6 Freo Deposits ... 6,012,527 4,100,186 Fixed Deposits .. 2,367,626 2,175,605 Advances .. .. 5.113,475 "4,430,700 Discounts .. ... 192,204 249,332 Note Circulation .. 646,051 879,978 Coin and Bullion .. 1,102,811 1,271,342 NEW ZEALAND FRUIT AT HOME. Tho following is a oopy of a tolegram from the High Commissioner to the Prime Minister, Wellington, dated London, July Bth: — "Royal Horticultural Society's Show opened at Cardiff yesterday. Fruit ex Corinthic arrived in good condition. Tho Ntew Zealand exhibit, consisting of nine, varieties of applet and four varieties of pears, waa awarded silver gilt Knjjhtian medal.'' BRAN AND POLLARD. By an Ordcr-in-Council, tho maximum prices of bran and pollard havo been readjusted. Tho price of bran has been infrom £7 a ton to £7 15s » ton, _ and tho rate for pollard has been advanced from £9 to £9 15s. These rates refer to lines for shipment. Tho advance has boon mad© consequent or» representations by millers that their overhead chargs havo increased. TATTERS ALL'S HORSE SALE. Messrs H. Matson and Co. had an entry of 43 horses on Saturday. There was a largo attendance. The bulk of the entry consisted a good useful firm horses, which wero readily plaoed at figures quite up to reccnt sales. Very few hacks and harness horses wero forward, but anything of this kind showing signs of usefulness found a purchaser. Among the principal sales wero: —For John. Shaw (Timaru), 5-year-old maro £47, 6-year-old mare £57, 6-year-old goldingr £51 10s, 4-yoar-old gelding £48, aged gelding £17 lCs, 7-voar-old y gclding £19; T. McCartin (Southbrook), aged pony £11 10s; A. Small (Allandale), horse, gig, and harness £34; client, 7-year-old mar© £27 10s; Mount Torlesse Coal Company, aged gelding £14 10s; T. H. Dalzoll {Hawardcn), 6-yoax-old harness mare £6 ss: Wools ton Borough Council. 9-year-old gelding £25; B. J. Muir (LyttoKon), 7-year-old harness gelding £6 10s; client, 8-year-old gelding £32 10s; J. D. Carrinfton, aged gliding £7; aged hccks and harness horses sold at from £2 153 to £4 10s. ASHBURTON GRAIN MARKET. Shipping 1 facilities have sliow-n a marked improvement during- tho na6t week, thus enabling merchants to clear existing contracts. Wheat.—Several lines on offer harre been placed to mills without difficulty, but it can safely bo said that practically little wheat is now available in this county. Cats.—A slight weakness has been evident, during tho past week, thus restricting business. Quotations have boon available from weak holders at a slight reduction on those of last week, but no marked declina is visible. Quotations to-day ar© parrely nominal, as merchants axe net over anxious to add to present stocks until heavy . shipments have been mado ill completion of existing controls, and thus relievo stopg® congestion. Potatoes. —No improvement is manifested in these, and growers are evidently confident that supplies will be required for Australia, as offerings axe not large. Meanwhile tho Government authorities are notJß> sanguine of the embargo being lifted, h4Qpe the North Island merchants are not keen jo operate largely. Quotations aw nominally £3 to £3 ss, on trucks, country etafcons, sacks supplied by buyers. CRADDOCK'S AGENCY CO., LIMITED. AUCTION SALE REPORT. - Craddock's Agency Co., Limitjd,_ scld by auction, on Saturday, on behalf of lbs Official Assignee, the property SG Kingsley street, Sydenham, to Mr Ncwbcry, for 0. 6666 . SATURDAY'S POULTRY MARKET. Messrs J. B. Merrett end Co. had a good entry for their sale on Saturday. Table realised 05 to 15S. k«E£ 63 io IQS,

i pullets lis to 213, ducks 105 io Us, tnrkeyc 3.7s to -13s Gd, geese 8s to 10s, all per pair. ! EGG MARKET. | continue- to come forward freely, ;md prices have dropped a little. Canterbury Egg I Circle first grades reiilisod Is lOd, seconds Is i Sd. 0 i STOCK EXCHANGES. (PEEKS ASSOCIATION TELEGRAM.) DUNETUN, July 10. cn 'C-hanga:—Hudiari-Parkcr, 55s 6d; New Zealand (con.), 9d. I WriLLTNGTON, July 10. ' Sales on 'Change:—Bank of New South ■Walfls, £35 53, £35 2s 6d; Huddaxt-Parker, £2 15r, 9d.