COMMERCIAL.

Press, Volume LVII, Issue 17226, 17 August 1921, Page 7

COMMERCIAL.

_ 1 ■ NOTES FROM WELLINGTON. (rsoif a rraciAL coßtt3roin>frr.) .WELLINGTON, August 16. The uncertainty regarding butter and cheese continues, and, however much it may be desirable on the part of those advising dairy factories to conceal the facts, there is no doubt that a grave mistake was made in not accepting the firm offers that were made to purchase the season's output. Those offers have not been renewed. An offer has been j made to take shipments for September, October, and November at Is lOd for butter and lid for cheese, but of course the offer is not likely to be accepted. It is probable that a good deal of • North Island dairy produce will bo sent to London on open consignment, and a question will arise as to the prico to be charged to local consumers. What will be London parity? Will it be based on cabled weekly London quotations, or will those interested fix ian arbitrary prico, taking what has ' been actually accepted by a few South- ! em factories for the season's output. I At the wool sales to bo held hero on ! Friday, over 10,000 bales will be offered, and it is anticipated that there will be a good sale. Thero may not be any advance for crossbreds, but this class of wool is low enough now to attract manufacturers, and presently tho demand will be pronounced enough to cause values to advance. Fourteen or fifteen years ago, when coarse wool was worth only about 4d to 4Jd per U>, Bradford managed to turn out somo excellent fabrics for men'B and women's wear from coarse wools, and the_ very cheapness of the fabrics and their excellent appearance forced them into use. That is certain to occur again, consequently tho prospects* #br coarso wool axe good. MINING ON WEST COAST. A NEW PBOJEOT. (PRESS ASSOCIATION TELIOtUU.) HOKITIKA, August 16. Messrs Park and Murdoch, solicitors, have received a cablegram from Mr Thomas Homer, formerly Undor-Sccrc-tary of Mines for the Dominion, who is now in London, intimating that tho preliminary work of organising a mining company to exploit the Hohanni goldfields, North Westland, has now been completed. The working capital has been underwritten, and t.ho calling of tenders has been authorised. There is a complete water supply proposition.for hydraulic sluicing over an extensive, .ekvated field. Seven mileß of race has already been cut, but an additional ninn miloa is necessary to tap the Hohanui river and ensure a permanent supply of water for works on a large fwle. Tho work immediately to be undertaken will run into five flsures. Those familiar with the goldiSeld have given very favourable reports on the prospect* of undertaking such an operation as ta proposed, on a large scale. , DUNEDIN COT LOAN. (sraciAXi to "Tint raws."* DUNEDIN, August 18. Taverner, chairman of the Finance Committee of the City Council, speaking in regard to the prospects of the loan now being raised, saidt—"l , am very pleased to tell the citutens ■ that they are doing well in respect to ; this loan. We want £516,000 by March . Ist, less £89,000 sinking fund. To date we have received £IIO,OOO in cash, Mid " tho holders of old debentures to tho ; total of £116,000 have their . willingness to exchange these old ae- ■ bentures for new ones. I have a strong hope that the whole sum required will ; be subscribed locally at » minimum of cost." TELLMONCffiBY BTJSIKESS SLACK. (sfaoiAt.to "mm raws.") DUNEDIN, August 16. The feilmongery business' is slack throughout New Zealand. Dunodin is feeling this to some extent, many of the scourers being idle. Invercargin is suffering in a larger, degree, and Christchurch most of all, it being the feilmongery centre. The principal reason for the languishing of the trade is, of course, the falling wool market, but there are other reasons. For example, America, has an almost prohibitive tariff on scoured wool. The Americans, to make sure of doing their own scour- < ing, tax scoured wool 46 cents, and greasy wool only 16 cents. Further, the British manufacturers now, prefer to buy wool in the grease, so that they may scour to suit their own varying requirements. Again, the reason why low grade wools are* scoured in New Zealand is to save freight, the scoured wool packing closer, /ana, as freights are down a bit, there is not now the same urgency to save in that direction. Moreover. Russia, which prior to the war used to buy a lot of scoured wool, is hot now operating in the market. SHORTAGE OF StfGAB XH DUNEDIN. « —— (SFBCIAt. TO "TBI FBESS.") DUNEDIN, August 16. Duhedin is now as badly off for sugar as at any time within the past year or so. There is practically none held by either the merchants' or the retailers. This shortage is attributable largely to the fact that both wholesale and retail dealers have bees keeping their stocks as low as possible, in expectation of a fall in the price. The Katoa's consignment will relieve* the bareness of the market, for she has a big,supply on board, but she is not expected till Saturday or Monday. SPECULATION m GEBMAXtT. (By Cable—Pree* Associatitt-OopyiltiU CAtutralian sod »t.Z. Csftj* AteoeiMiOO.) • (Received August 16th, 0.10 p.m.) BERLIN, August 16. All classes are participating in Stock Exchange gambling. Tho mania is partly due to the decline of the mark exchange abroad through the Government's heavy buying, and the expectation that new taxation will send prices BKv-high. Brokers are refusing orders received after the first post each dayTho newspapers are forecasting *> ten rible crash. FOREIGN.EXCHANGE BATES. (By Cable—Praes Association—CoprrttW.) (Australian and Ha Cable AjModatkwj LONDON, August U. ■ Tho foreign exchange rate* on London are at follow* i Far. Aw. 11. Aug.;* Far» (fr.) „. 88.862 46.70 46.M Christian!* (fcr.) .*. 18.169 28.18 38Ji Stockholm (kr.) „ 18.189 17.48 17.39 Copenhagen (kr.) .. 18.129 3847 38.04 Montreal (dol.) M 4.60 4.08 4.08' New York (dol.) .. 4.86 BMk 8.9/ iokohwaa (y«n) „ £4} 82*1 tIH Bong Kong (dol) „ 831 82*} 82* d Berlin (mark) .. 24.J 387 811 Oaloutta (rpe.) 10 to gold sot. A«§d 101 l WHEAT BOABIf OPERATIONS. ' ' (Received Auguat 16th. 10J pjnJ SYDNEY, Angus* 16. Returns Issued by the Wheat Board show that to date wheat to the tela* of £178,628,000 had been shipped ox sold locally.

' • METALS. (Received August 16ih, l°-'> P-m.) LONDON, August 15. Copper—Spot, £69 183 9d; forward, £7O Cs 84. ~ ... , „» , Lead—Spot, £23 12s 6d; forward, £23 ss. Spelter—Spot, £25 10s; forward, £26 2s 6d. Tin—Spot. £165 7s 6d; forward, £l6B 12s 64 ' Silver— SBs per «unce, . SYDNEY WOOL SALES. . (Received August lfiih. 10.6 p.m.) I SYDNEY, August 16. The- third sarles of wool sales has closed. J Good merinos and fine crossbreds were unchanged,- but coarse and inferior lots were irregular, DAIRY PRODUCE. Dalgetv and Company, Limited, have received the following cablegram from their London.office dated August 12th:— "Bntter-r-Market .quiet generally. We quote Danish -Wis to 3765, Austra'ian 216s to 2445, Baited 5a more, New Zealand 269b to 2705, , Argentine 210s to 2305. * ' "ChefaeiMftrket firm but quiet.. We quote Canadian r colonred 180s- to 184s, white 18's to * 188$; Now Zealand coloured 180s to 1365, white flflSeStoiljHfc, Australian'l2oa to 180s." \ ",>u J-" STOCK EXCHANGES. "'-■/ f i ' 1 , AUCKLAND, August 1C ~ . Bonds, £92 2s 6d{ Sol. ". 6d; Bank <of New ' -" l lfl*l^G»*,*'2?B , '-fld;< "Onion Steam Cpref.), 18s *'- 'Bd&VAScijeW Trame. <lßs 9d; (Grand Junc- '."' ' DUNEDIN, August 16. " Soles on 'Chan*!*:—Bank of New Zealand, '49b (three): Westport-Stockton 'ord), 7s -" "(two); Soldiers' S"ttl*m«>nt (inscribed). £92 2a"6d (two), sbd £93 (one). I *~ ( ■■ AUSTRALIAN GAS LIGHT COMPANY. '» " - The annual general meeting of shareholders v, ,!n the Australian Gas Light Company was /<' MA in Sydney/ on the Bth inst., when the tcW * *»rir an'' statement of account* for the I alf*\p ,yaar enaed th« 80th June la«t were pres-nto*. A'.t: The net profit for the period, ineludinrthe tsl 'sum ot £88,173 4a 7d, brought forwa-d from I ' -> thevpraviouft half-year, amounted to £118,964 "r~-il8s"to The.- 1 usual lialf-yearlv dividend of 4 parTcent. on the old "A" and "B" shares, and rji*,nr«por«onato dividend <«n the now "A %l, shares absorbed' £85.874 'Bs 10d, I anng a "ViVS3me» «4V£BB,Bdo 14a 8d to be carried for, of the rtnrady fe >isi'£JJs9,42B. and debentures Jasu-td ktal of the special pwW< *sbae*Van# depreciation .fund account atatds f -Pl totals 4869,997 0a 84 Zealand sttgab or milk tjs-'dgjr*',* - 'CO.,'LTD. tytfn'S&lwi eighth annual' general meeting of i &eh*ttboWal» in' the New Zealand 6i.gar of Ltd., will !•• lo'd en , a S?ft'tK» , i4Ux",ppw4{-'wlien the report and bilancefor the;year ended the 80th June last S-e presantsd.. The,directors' teport coni&rikmtuJe.tes'•harehoMera on, the successful WWESRmjSm year's operations. Ih* output k #fWea>Xaft« ( providdag for ilepreclat'on and f «e 3 writing ;oowa ofmniyalimible assets each "m-feEffifcT'njiMatr «*» Unbalance of £lllO 17s mnttht-forwardi from the provious year • <»FtoM t of 4876317s ,7d, available for appropriadeclare a dVideud cf lpi£t Bijer-'ceni.a.Tid.ibcpiua ©f 3 per cent., aVcorb- 1 JsfcaWWifandr to earrir forward the balance i&ip&rii&lb 17«(74- The: paid up .capital of the fir /company is £25,000 and the reserve account 1 fefi y CANTERBURY MARKETS. *t&s£~M- ~"-"i- " l '" t > Tueadfay Evenfng. and produce market continues ;t Oata' show, no alteration, and any are of a, hand-to-mouth character jGt»«S'seeds vcA clovers are responsible for if, f>ik Ht2e*movement. -Oowgrase has reoovered y^Tm t sjiirTiit' that marked it'lnet week, due to fa*"* Bom* foti firsfrgrado cuality. Ktttei however, of tin requisite stan)s*' 'dnrd about. Enquiry for medium quality fv, ( > clovers ie dull. \ .'V'The' potjto market, which showed a slight r 1 >Srnoveroen*4aet-week, is again dull, and there I, '*«'*a*«>, , aotH!i , i Auckland sellers aotually in the T C market.' The supplies in Auckland are al.tufScieiit to obviate any chance of a '"'3*^'shortage and consequent in 'ASalses, >"i\ ■'• The following are quotations for produce to : J .Lbs "'paid to farmers at country stations, f > ' ffr»» of commission, eacka extra/ except where aUted<— a . ' „ t '■-','' ;Millir»r Wheat—Aooordlng to Goveramens s^«i»aoa»s l Tuscan Ta-'Sd to.S., Hunters Bs, ■; •*■? Pearl ea-Bd., - Gartona Ss 9d, B'a 8a 8d; Alger-.i-gmtm 9s'to Ss 84 1 5mraat-«i6dte4t» -. .. ,'f ~vCow«t««s—lOd to'ls. -■o toefd. %f\[ Beiley-8a to 8s 6d, Cap* barley 9s 64 *¥' Potatoes '(i»Miaal>-85s. > f - y s*<> Tsj¥i«iil'til to £ls 10s. Uk , '.Whit* Clover-la to Is. 44 &,!< ' Plonr—Aoooxding to Gorammant 4?tV;,£2l pe*, ton toJx, Lyttelton, Timaru, ana ,1, Js l * s"^'^'Baa—According to Governmsn* price, , r~Wtt*to £olos per ton, aooording to packicg, a »««n>orte. ' 1 to Government prloe, gfl&yr jfitjlp* «*> according to packing, Lab, g>fc.*jMftlhani porta. ,■ ■* - 1 fctt2>i.* );'-EANGIOHX',MAKKET. H V 2'? h j• J***n« «f sheep''at the Bangiora martotalled «764. only 73 if which JEU wetherS sold at 18a 6d to 16s R' , Vip>i3D» atotaa,disposed of ware:—B7 four end I at Iss( sd, 59 two, four, and v ~•■ , in Jamb at. 10s to 14s lOd, 160 'y\ * >n y c 3ffis- 'eight-tooth ewes in lamb at 'A\ -< ewea in lamb at 2is, 87 i^V 0 " ' Thtatf-im* «o(head?otcattle yarded. For- <>, j ward-'ieuetrf, sold up to £25, backward £5 '■&* cows recenUy d 1 thxee&.£*r Jilboai 3lO s >iii'w«r* )oeniw4 Baconers

■made £4 15s to £7, porkers £2 17s to £3 10s: stores 35s to 47p, rmall pigs 18s to 235, ana 60ws in pig £5 to £7. v In tlie poultry department roosters brought lis j>er couple, ducks 10s 6d, hens 6s to 6s 3d.

In the produce yards chiekwhent made 7s per bushel, oats 33. Oipe 4s, o.it?lif:if chaff 5c bag, straw cbtiff 2s Gd, pig potatoes 8s 6d, table 6s to 7s, apples 5s 'o 7s ppr case, onions 2b 6d 50lb kit, cauliflov/era 6d each. ASHBITRTON MARKET. The entry of fat eheep at tho Ashburton yards yesterday comprised 16 ewes, 262 wethers, and 4 hoggets. The principal eales were Wethora—lß at 18s 9d, 24 at 24s 3d, 28 at 19s Id. 15 at 18? 3d. 15 at- 13s id, 20 at 16a. lOd, 18 at 16s 6d, 15 at 16s lid, 12 at 18a Id, 13 at- 16s 9d, 21 at 18s 10d,. 12 at 20s, .11 at 20s, 20 at 18s 2d, 12 at 17a lOd. Store. Sheep—The yarding totalled 389, and the 'iV *ere:---IPI onr-tcoMi In 1 fbred ewes at 22s Gd, 68 sound and failing-mouth threegunrtcrbrrd »ws« at 83 3d, 22 mixed sex hoggets at 8s 9d, 198 two and four-tooth three-quarterbr-ed forward wethers at lis 3d. Cattle—There was a small yarding. Fat steers to £l2 10s, springing cows £lO to £li Is, and cows in profit £l3 ss. BOYAL INSUBANCE CO. The minifjsr'of the, Chris-tclmreh brunch of the Royal Insurance Company, Ltd., has received a cablegram from the held office, to tho effect that, consequent upon ill-health, the directors or the company, with much legret, hove soceptt l '.! thn of Mr George Chnppelf, and that Mr J, iL Atkinson has been appointed general manager. PRICE OF'OYSTERS. The price of oysters in Auckland has increased greatly during the last few years owing to the. additional cost of labour and freight, and also to the wanton carelessness of pickers in post years (cays ,4he "New. Zealand Hpiiald"). Prior to 1908, when the Government took charge of the oyster beds, those in the pauraki Gulf were depleted for the markets, while much damage was dome by. casual pickers - who removrd only half the shell and so spoiled the'rocky surface. In those days thousands of ea-cks of oysters were sent to'^'Australia',' and"'•a'Vaaclt -could' 'be obtained.mVAuckland^ for = 65.; When the Government, took the' lseffnjbW;.' ■ the" 1 freight from Russell was only Is a eack, and from Great Barrier only 9d a sack. But of recent yeairs the oarrias'e haa been 3s a rack from Russell and 2s M from Great Barrier. There -must also be taken into account the cost of maintaining the launch - and' its crew of skilled pickers, who axe paid 7s 6d for each sackful obtained. The cost of eacki has risen, from Gd to Is 4Jd each, and the cost of maintaining the oys-ter depot and its staff has increased also. The damage done to the beds must be made- good now by methodical planting of new oysters «ad protecting the existing supply, so that when I all these expenses are added to the coat the price of a Back of oysters is now 21s. One gallon- is sold for.le 6d, and as a, gallon averages, five, dozen-, the . cost of a single oyster is a little, leas' than a third of a penny. egg atctton; . Messrs Harris Btos. report that tie weekly sale of Feather brand guaranteed fresh eggs, on behalf of the Canterbury Egg Farmers' Co-operative Association, was held in their irooms, 168 Hereford street,' yesterday afternoon. The entries'we're large, and bidding was All lots were sold at the following prices:—Hen eggs, .first grade Is 7d, to Is 7Jd, second grade Is 6d to la' 6Jd; duck eggs, la. 74 ~ , e CHBISTCHTOCH STOCk EXCHANGa , YESTERDAT3 TBA^SAOTIONiS. Sales reported:—Bank of New South Wales, £B3 16sj Union Bank of Australia, £l2 7s 6d (two parcels). ' LATEST QUOTATIONS. "' Buyers. Sellers. £ a. d. £ a. 4 DJiBENTTJBBS—&.Z. Govt. 4j per cent. Inscribed,-1938 .. 83 10 0 84 0 0 N. 2* Govt, 4J per cent. . Bonds. 1938 .. N.Z. Govt. 6 per cent. Insoribed, ,1927 ..81 0 082 0 0 N.Z. Govt. 6 per cent. Bonds, 1930 .. N.Z. Govt. 6i per cent. Inscribed, 1938 .. 93 S0 92 7 S N.Z. Govt. 8J per cent. ' 'Bonds, 1983 ~ 92- S 0 93 IS 0 BANKSAustralasia .. >• - 89 D 0 New Zealand ...... 2 8 9 Union of Australia M 12 5 0 13 7 6 INSURANCE— New Zealand... .. 19 0 19 0 LOAN AND* AGENCY—• Ch'ch Building Society 11 10 0 Goldebrough, Mora (Melb.) FROZEN MEATOanterbury ~ . • ~ 11:3 6 Beirigerating (£1 'paid) .. ..1 10 0 me N.Z. Refrigerating (10s paid) .. ~ 0 18 8 OOAL-■Westport-Stocitoa r WOOLLEN 3 Eaiapoi-(£1 paid, cum div.) .... ISO Kaiapoi-(10s paid,' cum ' ■ ' div.) . .. ~ , GASCK'ristcJmToh . ! U" B 1 I Wilaou's (N.Zi) Port- ''■"-• land ' „■ ■■ .. 016 0 ' MISCELLANEOUSBeath and/To. .. 18 0. 1 BO Oant. - Farmera* Co-op. (Timaru) ..... 211 .0 Henry Jones Co-op. . .(Sfelb.) '.. ..' 111 0 N.Z; I>rug Co. ..213 6 N.Z. Farmers' 'Co-op. (6 per cent.., cum ~■,.. pref.) .. .. MINING— Waihi. ...... 019 8 - Waihi Grand, Junction 0 8 6 0 9 6 AUQKLAND STOCK EXCHANGE. (special to "thb pbkss.") -AUCKLAND-, August 16. Quotation*—Bank cf Australasia, buyers £B6; Commercial-Bank (prefjj sellers £1 7s 6d; National Bank, sellers £5 12s 6d, buyers £5 10b; Bank, of New South Wales, sellers £36, buyers £35105; Bank.of New Zealand, sellers' £2 9s, buyers £2 8a 9d; Union Bank of Australia, sellers £l2 10s, buyers £l2 6s; National Insurance, buyers •£3 0» 6d; New Zealand Insurance, sellers £1 9s 6d, buyers £1 9s 3d- South British sellers £1 i ISs 9d, .buyers £1 15s; N.Z. and River Plate, sellers 17s 6d, buyers lCs; Loan and Mercantile, sellers £B3. buyers £80; Loan and Mercantile (prof.), sellers £62, buyers £55; Westport Coal, buyers £1 7a; Huddart-Parker (<rd.), sellers £2 6s 3d; P. and O. (deferred), sellers £360, buyeia £345; P. and 0. Bank, buyers £ll 18s; Union Steam (pref.), sellers 18s Sd, buyers 18s Od; Mosgiel Woollen, aeltcra £s , losf Waihi, sellers £lt2a Bdv buyers 1 '£l la ; J Waihi' Grana-Junction, eellers 9s 6d, bureis 9a: Auckland Harbour Board, ,4} per

cent, debentures, sellers £92; City of Auckland, 4 per cent, debentures, eellers ±#J, -\.Z. War Loan, IS3O, at 4£ per cent., buyers £37 ss; N.Z. War Loan, 1938, at 4J per cent., eellers £B4, buyers £B3 10s; N.Z. Loan, 1927, at 5 per cent., sellers £92, buyers £JI sa. WELLINGTON STOCK EXCHANGE, (special to "the press.") WELLINGTON, August 16. The dullness in the stare market continues and the little business doing is confined to Government stocks and Bank shares. national Bank shares sold the other day at £.i 10s, and Bank of New Zealand shares have been sold at 495. , Latest quotations are:—4J per cent. SjWok. 1938, buyers £S3 10s; 5 per cent. Bonds imd Stocks, 1927, sellers £32 10a; National Bank. buver= £5 10?; Rink of New Zealand, buyers 48s" 9d; Union Bank, buyers £l2 5s sellers £l> 8s; GoMsbrou»h Mort., buyers 2Hs Ed; WeHinsrtori Gas (£lO i«id), sellers £3 los; N.Z. Insurance, buyers 235; Standard, buyeis £2 103 Cd; N.Z. Refiiseratiru' (10s paid), buyers 16s; Gear Meat, buyers 31s 6d, eeL«w 32i 3d:' Meat Export (72s 6d paid}, buyers 6?s; Union-Steam, huyers 18s 3d sell-rs 19=; Huddart-Farker, sellers 46s Cd: Wellington Woollen (ordinary), buyers £B7s Cd: Hi,kuran s i Coal, buyers 8s Gd; L'-tW O'Bvien. buyers 31s, eellers 355; New Zealand Drue, buyers £2 13s; Wilson's Cement, buyers lis 91; Woihi, buyers 21s; GrandJunction, sellers 9s 4d.