COMMERCIAL.

Press, Volume LVIII, Issue 17431, 17 April 1922, Page 8

COMMERCIAL.

FEDERAL MEAT INDUSTRY. {By Cable—Pre* Association—Copyright.) {Australian and N.Z Cable Association.) MELBOURNE, April 15. In connexion with the Federal Government's proposals for assistance to the meat industry, Mr Hughes states that a reduction in wages is one of the necessary conditions. . It must be such that, while not affecting the standard of living, it will equal the reduction in the cost of living. Regarding £he reduction of freights, he anticipated no difficulty from the shipping companies. The matter was not finaliy settled, and much depended on the Genoa Conference. If the economic conditions of Europe were stabilised, he was confident one of the results would be an appreciable improvement in the beef market. BRISBANE, April IS. Mr Theodore has telegraphed to Mr Hughes that the Meat Conference was abortivei The workers' representatives offered to accept a reduction of 6s weekly, but the employers urged that the cost of living has fallen double that amount. The workers In their reply stated that the basic wage has been reduced by only 6s. WELLINGTON CITY LOAN. (SPECIAL TO "the press.") ■: WELLINGTON, April 15. A press cablegram from London states.that the City of Wellington loan of £693,090, at 5i per cent., issued at 98, and repayable in 1940, has .been underwritten. The terms on which the money has been secured are regarded as highly satisfactory, as they justify the city in having waited bo long in order to obtain the benefit of an easier rate. NELSON CITY LOAN. (press association telegram.) NELSON, April 15. ! The City Council loaa of £IOO,OOO has been floated in London at 5i per cent. It was issued at 98.

■ : i EMBARGO ON POTATOES. > { i (By,- Cable—Press Association—Copyright.) (; 'and N.Z. Cable Association.) c.''t<^jssf,/;■ .-;,,'■ , ..OTTAWA,- April. 14. Canada- has prohibited the importa- ; ■;■', tjoii of potatoes to prevent canker.' V; B~A.W.R.A. OPERATIONa Ux<o: : ;irA^ April 15.. . Wp£B&sJfc&.^ has':issued- a statement that the Mirch disposal of the at Australian sales was .bales, of which 35,000 was merino C'.7 \;" :J |l|SS::§i^ s l^ N:]^'^O ' W » ' ' at the show was a : day since the incepfixture, there being 110,000 jwibich isSOOO-morethan |fi-the*previbue;> Good Friday. ' . .' high |||J|mplr<Bciifd?Eoi•; with._7ft ,4in, 'inches liessithan his effort '.. ] io ••the' high: 'reputation butter :has gained f^iialfo^Sr' r *unirie;a 'through'the rapid J k extension overseas?markets is ** uonWaed-^p^a:lirtter'reoently written ladyresideni; rbf St. J[phn's, New- , aoundlandi;S-l»! a friend in ; Auckland'. S3,^*Ju^fima^e;^she^rites l r'. < 'we have, bjitter.':'.at our Ipuyfcwe alliehjoy-it v«ry much. It is atv;43-cents a pound. Th's Iffpre and speaJts very highly pri<»7c(iioted% is equivalent to jlittboatiis lb vat the present rate Oable Asibciatdon.) .very firm on ti ■■£>■■ - ; - •x-fe < :' .-; v Peiiinsnlar P^^tralianfand KX. JMroantifies J .at Srnitbfield;: , Last s - : *aSelgiven - in; parentheses:— S^feWeep—Canterbury, "medium Bid (Bid), light llPltela«i%^^)--P er -, :; < '*'•;'' ' Zealand; hmdsajd; UiZ. ■'■:. Gablei-Assooiatioa,):, <- choicest 178s to 182s, ®aSr^ka^y ; - ? good*l°t unsalted: 180s, and unsaltedl66s to 170s, exceptionally Pf^^lß2i A Beobnd' 168s Ho 164s;vDanish, 184s >;-•. :^r; : ; market is quiet. Best New lapSKSad," wrdteV- 60s -to -:B6sit: coloured," 88s to stocks temporarily axe okared. MARKET. April' 13. st - is VqOiet. ions for /all qualities, ; '*; :: 'c4 -?*; J xy - ; ""'--7-- : SANIES. /•-'-.■■;;--'-:';- > yttUi«ring;'new y] t;;iai the"MercantUe vbirch.i. Capitol i 4WOQ £1 eichii Subscribersj Vilsbn 1499, and Char-, acts: ; 'Xb acquire and -concern, the; business iblianers, printers,'. «ta- '.', ■■'■ .' '•■ ■■■';;■•:'■ : ? 'gsli;.':-; ■ ih'? '■■■-.: iy n ;April; Brd.;: Offife: r j shares v £B% ; 10s;:eaoh, isies : i6OO "eachjv . 80 kres £6OO eaclu Sub--B.; B.: .80 ?eferenbe, ;.', -, 20;. '■-. first and?; -CoUiisß, Ltd., »;v ;objects: acJbusihess of vignerons, cduceraii <rf wineß and .3Bejgai-Asr&' ' ; DOO-- shares of Is eaoh. ton—J. C. Peacock, A. lit E. C. Wrigley,- C. ceton, R. -W. Kirk, B. iaicQurt,' M. -H. Rossi 3i,'-Turrell, , i"W - . Clayton, Lvothers; v one~ share each. JlhOO- acres "of'land, in land, i.etc.^

BANK OF ENGLAND RETURNS. JBy Cabis Frew Asaociation—Oopyrigiht.) (Au*tr*li*n ud V.Z. Cable Association.) LONDON, April 13. The Bank of England returns for the week ended April 13th afford the following comparisons with those of the previous week:— April 6. April 13. £ ~ £ Coin and bullion .. 127,046,000 127,048,000 Reserve 24,432,000 .24,874,000 Proportion of reserve to liabilities, p.c. .. 16.60 17.51 Note circulation .. 122,897,000 122,439,000 Government deposits 24,163,000 17,431,000 Other deposits .. 122,365,000 124,572,000 Government securities 59,399,000 57,139,000 Other securities .. 80,378,000 77,674,000 Short loans, 2J per cent.; three months' bills, 2J to 2J per cent. GOVERNMENT SECURITIES. The following are the latest quot«tions_ for Government securities, with a comparison with those ruling last week:—

FOREIGN EXCHANGE RATES. London, April is. The foreign exchange rates arenas ,'fol- " London on far. Apl. e/Apl.lS. Paris, fr to. £1 .. 25,225 ,48.20 . 47,63 Christiania, kr. to £1 18,159 ■/24;15V.-V 33.90 Copenhagen, kr. to £1 18.i59 / 20.79 20.76 Stockholm, kr. to £\ 18.159 " 16.85 16.96 Berlin, marks to £1 20.43 1855.00 1320.00 Montreal, dol. to JEI 4.86§ ■' . 4.51 4.53 New York, dial, to £ 1 4.BtJ 4.38| ■ 4.42 Hong Kong,doltoil • J29Ju . SOd Yokohama,at. to.yen v 24.58 .25Jd,.,; 2ofd Calcutta, at. to rpe. 10 to gold £1 ISJd 14Jd * Determined by prioe of silver. LONDON WHEAT MARKET. LONDON; April 18. Wheat is in better demand for the Continent.- . This, oombined'-Hith . the reduction in the hank rate, has. firmed'the cargo market. Australian 19 threepence to sixpence dearer. - The King Edward's cargo' sold at 55a 3d per. quarter. .Spot trade, ia very 'slow. Australian, ex quay, is quoted at 60s 3d per quarterl ";,'•" Wheat freights' are very quiet. A steamer fixed fori April loading at Sydney ia quoted at 475.6 d per ; ton for one port of dischurge, and 48s 9d per ton .for two ports. : . : ENGLISH MARKETS. V (Br Cabl*—Press Association—Copyrighi.) > (Australian, and ;N.Z.!,Cable .Association,) (Beoeived April-16th '6.5. p.m.) - LONDON, April 15. Cotton—May shipment, l lO.lld per J lb.' Rubber—Pari''.' 10id per lb; Plantation), smoked, BJd. Jute—April-May shipment,. £26 12s 64 per top-. ■ Hemp—April-June shipment, £32 per ton. Copra—Miarch-May shipment, £2B. Linseed oil—£3B' per tonC . Turpentine—7ls 2d per cwt;: Flour ia quoted at 46a" per quarter, ex ■store.-. ■.'_'...■.:";•',.',.. ~ '■' >'->..---'..• -.v;~'' Bariey is meeting'more enquiry, and prices -.are firm,; "• Oats are qniej. ' : Peas are easier: Tasmanian blues, 440s to 600s per quarter. -A . .' Beans are steady. J3ugar is unchanged. IS PR(MHISING.'V .': The directors of the New Zealand: Investment, Mortgage, and Deposit :, Company (WelUngtonf. report for the year ended March 31st that,v"Coiieidering' the difficult position brought about by'legislation in respect ot the rnoretoriura/the year's business has;, been more eatisiactory than might have been expected when ediiarehoiders had. the" last balance-sheet, betore them. la anticipation of some' such results as occurred,' your, Board held! in reserve a, sum 'sumcien-t to .meet r&d call and ; short-dated, deposits, and have maae such arrangemejits aa toSnabie the company to resume .its vnormal, business, anxl to dispense with the advantages (if any) of the Act'of 1921. Your Boaid is pleased to sayHhat toe outlook is promisirig.' ' The net profit on the year's business'is £1962 fis Id, to which must be added £36 18s Bd, brougut forward from last; year, making..* total of ..£1991 4s 3d. ■ An interim daymend at the rate of 6 per cent: per -anaium, amounting to- £939 2b Bd, was declared and;paid for vh-A-ha-f-year ended September 80th, ,1921 r leaving -£JLO&a ris 7d to be,dealt with. 'The ddiecuors recommend the payment of a 'further dividieud at the rate ot 6 per cent, per annum -f or the half-year ended 81st March, 1922, which will Absorb £939 2s Bd, and that the balance of £ll2 18s lid be carried forward. AKAROA. BUTTER PAGTQRY. At the last meeting of the directors of the Akaroa. Butter' Factory there were .preseatrMessrs P. Cunningham ; (chairman),' P. G-. Armstrong, A. Hewitt, YT. W, Williams, F. Brocherie and M.'Johnson. A circular from the South Island Dairy Association intimated the annua,! meeting would be held in' Ghristch-urch on, June 7th. The chairman, was appointed to represeiit- the -iactoiry..V.ii.'{'v ':y:'--V .-■.-• ■ .'" With irespect to the balance of the season'p output,\ ? the chairman;, stated that the March : anil April' butter.- had'tbeen Sold locally.. Cable advice .showed "that the last ahdpmeht of .butter. realised 'l7os.net per owt. i It was decided to pay 9d per lb for-butter-fat' supplied during- March and: ApriL

Last yn >ek. This week. £ a. d. £ i. d. 2§ per cent. Imp. Con. 57 15 0 59 7 6 3| per cent. Imp. War Loan 94 7 6 94 10 0 E per cent. Imp. War L^an 99 10 0 100 7 6 6J per cent. C'wealth Loan .. . ■ 101 5 0 101 5 0 5i p?r cent. C'wesJ'l Loan 101 12 6 102 2 6 N.S.W., 4'», 1938. Jan.July 87 15 0 88 7 6 N.S.V., 31*», 1936-50, Jan.-July 77 5 0 76 10 0 N.SAV.. 3's, 1936. AprilOctober 75. 5 "0 75 0 0 N.S.W., 5|'s .. N.S.W., 6J's .. 100 10 0 101 0 0 106 7 6 106 10 0 Vic. 4'b, 1921-6, Jan.July 95 0 0 95 0 0 Vic. Si's, 1929-40, Jan.July 76 0 0 76 2 6 Vic. 3's, 1929-49, Jan.July .\ 70 12 6 Vl 2 6 Q'land 4's, 1924, Jan.July 94 2 6 94 10, 0 Q"land 8J'«, 1921-24, Jan.-July Q'land Si's, 1921-24, 93 0 0 93 10 0 July 64 10 0 65 0 0 N.Z. 4's, 1929, MayNovember 92 5 0 93 ,0 0 N.Z. 31's, 1940, Jan.July .. ... 80 5 0 80 5 0 N.Z. 3's, 1945, AprilOctober 60 5. 0 80 0 0 S.A. 3's, 1980, Jan.July 59 10 0 59 0 0 S.A., 31's, 1945 or after 78 5 0 80 10 0 Tea. 31's, 1920-40, Jan.July 80 0 o 60 0 0 Taa, 3'a» 1920-40, Jan.July 72 10 0 72 10 0 W.A. 3i'«, 1920-35, MayJuly .. .. 80 0 0 81 0 0 W.A. S's, 1916-35, MayNovember 77 10 0 78 0 0