COMMERCIAL.

Press, Volume LXI, Issue 18302, 9 February 1925, Page 10

COMMERCIAL.

IN WHEAT. ( STATE ACTION IN FRANCE. (BY CAB LB —PRESS ASSOCIATIOK—COPYRIGHT.) (Sydney "Sot;" Sehvice.) PARIS, February $■ Speculation in tho wheat market has caused the French Government to take action to prevent the price of bread increasing. Tlie Government has decided to disclose'their stocks, with the object of taking a, census of available' supplies. 11' these are insufficient for the national needs, the Government intends largely purchasine abroad, lor which special credits will bo asked. (ST.CTKP.'S TELEGRAMS.) PARIS, February 7. | Following the debate on the dearaess of bread, the Chamber passed a Bill ■vvhidh enforces producers of bread and cereals to declare the amount of corn they hold in stock, and lays it- down that onlv manufacturers and traders will be subject to State control. The Bill provides for the imposition of fines for false declarations or refusal to nialtc a declaration, establishes a tribunal to direct the disposal of cereals, authorises the Government to provision the country by purchasing home-grown cereals at a fixed price, also to purchase from the colonies or abroad, to arrange for distribution, and, lastly authorises the establishment, of a credit fund of a hundred million francs for providing a corn reserve.

THE CHICAGO MARKET. v A SUDDEN COLLAPSE. (BBUTBB'S TELEGRAMS.) (Received February Bth, 5.5 p.m.) VANCOUVER, February 6. Chicago wheat prices suddenly collapsed, May delivery dropping to 18t>i. tents per b'usbel or 22 cents under last week's high record. July closed at 159 Cents. In the Winnipeg market two dollar wheat went aglinmiering, May wheat falling, to 192 dents, July to 188, and October to 146.. New' York advices state that the skyrocketing of wheat prices which last week caused serious alarm to European householders, broke severely to-day, closing ' some tweiity. cents lower than last week's high level.' The sudden break ,is attributed to , the action of the executors, of the' late Julius Fleischmann, who fell dead on Thursday on the polo field. It is reported that they dumped all his tremendous holdings back into the market. Many heavy losses followed, a number of small speculators being wiped out. To-day's quotations at Chicago are: May 186f cents per bushel, July 159J, September. 14GJ. Another'message says that increased .selling 1 irl : the;.' Chicago wheat market reveafed that it' was without adequate support from speculative buyers, the: ■ fluctuations being very. rapid. . "With the downward swing of the market, trading assunied large proportions. : The, violence of the break;-was made, worse by ihe.ecEeoutiofn of distress orders for holders whose margins were boards differed, widely from actual prices'/in 'the; wheat pit,' the fall in values 'being too-, swift to 'be kept tip Irith by telegraph or telephone. ijfa s(ime "inptanpes tbo market fell over threei cents before selling- orders could -Bo filled. '■* The. crash was halted i by reportajthatexporters were seizing ' the <sportunity to. secure the ownership): of large quantities of wheat at the seaboard in a position for quick I shipment to .Europe. . The, market,, ltowrer, contmnedto fluctuate erratk callywith the total transactions on such a heavy scale that individual trading.had,.little or .no effect on the course, of values.. Profit-taking by . ;ihe shorts contributed' to the iiregu- • /, .1 :: J: _ .

CARgOES EASIER. (aubtbaliai ins x.z, ejlbli associatiob.) ' (Received February Bth, 5.5 p.m.) " LONDON, February 5. " ' Cargoes ore inactive at 3d to 6d per quarter lower on.a decline; in, American, op-tions and heavy 1 Argentine shipments: Parcels are easier with a poor! enquiry,- Quotations are:—Per Benalla, 71s 3d per quarter; per Moldavia, 70s 9d. Liverpool futures are quoted as under :—March, 14s 6fd per cental; May, 14a 2Jd,; July, 13s 9gd. < The Chamber /of Deputies by 328 votes, to 225, adopted, the. above proposals, M. Hemot making the quotation , oiie of confideihoe. add urgency, ' TOBACCO TRUST'S AGREEMENT. ' INVESTIGATION PROPOSED. "V ■ ' (bt cabbb—frxss association—COPXElGHT.) (ATWtBALIIIIiia>IrJS.CABIJIABSOCIATIO*.) (Received February Bth, 5.5 p.m.) WASHINGTON, February 6. An investigation by the Federal Trade Commission of the* alleged agreement between the American Tobacco Company and the Imperial Tobacco Company of England to control the market-in this country, was proposed in a resolution submitted to the Senate "to-day by Senator Ernst (Ken-. f. taekyU "... COTTON FROM TURKEY. ■ (** CABLE —FRKSS 1 ASSOCIATION—COPJBIGHT.) ' I«BIMTiM ADD H.Z. CABLm ASSOCIATION.) ] (Received February 7th, 5.5 p.m.). j LONDON, February 7. He first consignment of cotton from Turkey has reached Manchester, con- ' sisting of 1000 bales. A hundred thousand bales- are expected shortly, DAIRY CONTROL BOARD. • (PSESS ASSOCIATION TELKOBAM.). . February 8. ' T>aiiy farmers- throughout the Dominion and' the publio generally have displayed considerable interest «f late in the deliberations ' of the Dairy - Control' Board it its recent ■ meeting in Wellington to discuss the report of the overseas delegation and the general condition of the, Home markets and the dis- - tributivo system in the Old Country, The Board-,has already issued a brief summary < o|> llie yburjiuu <ti>uisacted'at the -recent ' meeting,' Imt the' report. of the Overseas delegation is being eagerly awaited. With a view to ascertaining; when a report as authorised:by the Board would b4 made • publio,reporter approached Mr C. Brash, secretary .of tjbe Board,, with a request for information on the subject, Mr Brash said it "was- hoped to have copies of the report from the/'printers in time to permit of its " yeloMe'for jfobJicatka on Monday, ,

BANK OF ENGLAND RETURN, . (ST CABLE—PRKSS ASSOCIATION—COPYRIGHT.) (AUSTRALIAN AND X.Z. CABLE ASSOCIATION.) ■' (Received February Bth, 5.5 p.m.) LONDON, February 5. . Following is lhe Bank of England return for the week ended February 4th, compared with.the pieviotiß week:— .

Short loans are o.uotcd at per' cent.; three months' bills 3J per cent. FOREIGN EXCHANGE RATES. (BT CABLE —-yRESS ASSOCIATION —COPYRIGHT) (AUSTRALIAN AND N.Z, CABLE ASSOCIATIOK.) (.Received February Bth, o.<i p.m.] LONDON, February 5. The-.exchange rates are:

GOVERNMENT SECURITIES. (Received February 9th. 5.5 p.m.) LONDON,' February 3. The following are the latest quotations for Government securities:

STERLING EXCHANGE. (Received February Bth, 5.6 p.m.) . LONDOJT, February 7." Exchange, on (New York is at the rate of •4:775 dollars to the £. GOLD. (Received Februaiy Bth, 5.6' p.m.) February 7. ■ Gold ia quoted *t 87fl 2d per oonce. SHARES. (Beoeived Februaiy Bth, 5.5 p.m.) • • LONDON, February 7. Waihi—Buyers 26s 3d, Belleia 26a 6d. ENGLISH MARKETS, (Received • February. Bth,'. 5.6 p.m.) LONTJON, February 7. " Flour—The market is firm." Australian is quoted at 54s to" 56a oerquarter. Oats—Tho market is quiet. A grade Gartonsmo quoted >at 33b to 35a. per quarter. Beans —Tho market is steady and. quotations am "unchanged. Sugar—Granulated. 32s IOJd per cwt. ■Frozen Mutton—Canterbury fight 94d, medium 9d, heavy BJd; North Island light 9JS, medium BJd. heavy 81d; New Zealand ewes 7sd, Australian, none offering; Argentine light 9d, medium Bld, heavy-7}d; ewea 7i<L Frozen Lamb—New . Zealand andx other eeleoteds: Light 13d,. medium 13d; North Island firsts 12Jd, Australian, firsts (Yiotorian) 12d, othera 112 d; seconds, "Victorian lid, others 10} d, thirds 10jd; Argentine fiesta, light lljd,' medium IOJd, seoonda 10d. Frozen. Beef—New Zealand hinds SJd, Australian hinds 5Jd. Uruguayan fores 4Jd, ViruU ' 54d, Chilled Argentine fores 5Jd, hinds &id. Uruguayan fores 4Jd, hinds 6jd. Other meat* unchanged.

' SMITHFIELD MARKET. The New Zealand Meat Producers' Board Has" received the following cable • from its London office, dated February 6th, 1923, advising Smithfiold delivered prices at thai date as follows (prices for the two .previous weeks are also shown): — New Zealand wethers and maidens—Canterbury quality, selected brands,. sti _ and under, 6-2-25 9id per lb, 30-1-25 not qtoted, 23-1-25 not quotai: 67-64, 9d, not quoted,- not quoted; 85-72, BJd, not. quoted, not quoted. Other brands—s6 and'under,'9id, not quoted, not quoted; 57-64, BJd, not quoted, not quoted; 65-72, BJd, not quoted, not quoted. New Zealand and undfer, 7Jd, Bd, Bsd* New Zealand. Lamb.' (new Mason's)— Selected brands, 36 and under,' 13d, 13§d, .-not Quoted; • 37-42, 13d, 13Jd,- not quoted. Other brands, Ist quality,! 42 and under, 12Jd, lSjd, n °Kew Zealand Beef—Ox fores,' 4& 4Jd, 4Jd: ox hinds, 5Sd, sid, 5Jd; cow fores, not quoted; cow hinds, not quoted. . Argentine Chilled Beef—Ox fores, sid, sd, 4|d; ox hinds, 6Jd, 6£d, 6d. Argentine Ffozen Beef—Or fores, 4Jd, 4Jd, 43d • ox hinds, 6d, 6d, 6d. Frozen Pork—Bo-120lb, 7id, 7£d, ed; 120-. 1801b, Bd, Bd, Bd. * Frozen Veal—Not quoted. •

FROZEN MEAT MARKET. Dalgety and Company, Limited, have received the following cablegram from their London office, dated February sth:—, "Frozen Lamb—Demand for New Zealand lamb moderate. Maiiot weak, owing to heavy shipments expeoted. We quote prime crossbred lamb: North- Island heavy 13d, light 13Jd Demand for Australian lanib. Tuns principally on finest qualities. We quote g.a-q. orosabred . heavy 12d, Eight 124 d. "Frozen Mutton—New Zealand mutton not quoted. Fair demand for Australian -mutton, ■ for which we quote g.a.q t crossbred heavy and light- B|d; "Frozen Beef—Demand for New Zealand beef continues. Market firm. We quote New Zetland prime ox beef hinds ssd, fores 4id."

CHRISTCHURCH STOCK EXCHANGE. SATURDAY'S TRANSACTIONS. Sale Reported—Goldebrough Mort, 49s 3d. Sale on 'Change—New Zealand Refrigerating (eon. cum dir.), lis . LATEST QUOTATIONS.

OTHER EXCHANGES. (PBESS ASSOCIATION TKLIOKAXS.) WELLINGTON, February 8. Sale on 'Change—Bank of New Zealand (rights), £1 lis 3d. DTTNEDIN, February 8. Sale on 'Change—Kawarau Gold Mining Co., 26s 9d. Sale .Reported—Kawaiau, 26a 6d. SOUTHLAND FROZEN MEAT CO. The director® of the Southland Frozen Meat and Export Control Company. (Ltd.) state, in their report for the year ended on "December 31st last, that, after making further provision for depreciation and renewals, and, in particular, contingent on the ultimate disposal of the Blufi works and plant, and after the dednction of the dividend paid at the half-year there remains a balance of £29.717. They reoommend that a further dividend of 5- per cent, be declared on the paid-up capital,' absorbing £5677, and that the. balance of £24,040 be carried forwarii. ' r 'DAIRY PRODUCE. Dalgety and Company, Limited, have received the following' cablegram from their London office,' dated , February sth: ■ "Butter—-There', ie- more enquiry. We quote Danish 216 a, finest New Zealand salted 160s, for exceptional New Zealand brands 1625, finest Australian salted 148s, unsalted 168S-- " "ChoeAe—Market steady. "We quote New Zealand -white and coloured 94s to 955." WELLINGTON HIDE AND SKIN SALE. The fortnight a*le of wool, skins and hides were held at Wellington on' Friday by tie various brokers, and .an average catalogue of all classes; waa submitted to a full attendance of exporters, fellmongers, tanners, and the local, trade. Ther« -were some choice parcels of sheepskins, and for good sound sinTi« values were slightly easier. Other descriptions were id to Id lower on late rates. There was a good' demand for heavyweight hides of all descriptions, prices being id to Jd per lb bettor. For a nice parcel of butcher's ox averaging 631b, 9gd was made. Medium and light-weights were from par to Jd better. Kip, yearling, and calf sold well Tip to late rates. Good competition characterised. the sale of tallow, and the .offering was disposed of-'at improved prices. The following is the range of prices:— Sheepskins—Halfbred, 16d to 22d; fine crossbred, • 19Jd" to 20d; medium-coarse crossbred, 16d to 19£ d; short Ealf-woola,, 9Jd to 16id; lambs, lid to 17Jd; dead and damaged crossbred, 122 d to 17d; inferior and badly damaged, 6d to 12Jd; pelts, 9Jd to 14d; damp, ealted and green, 10s 9d to 17s; pelts, salted, 2b to 5s 9d; iambs, salted, 4s to 7s Bd. Hidea—Ox, heavy, 70lb and over, Bfd to 9Jd; ox, heavy, S9-89lb, o 2 u to 92d; ox. medium, 53-58lb, 7Jd to 8d; ox, light, 45-53 lb, S£d to 7d; cut, Bli»py and inferior, 3id to BJd; cow, heavy, 531b and over, 6d to 7jd; cow, medium, 4S-52!b, 6td to 7a; cow, li<rht, 33-441b, -6|d -to 7d; cut, slippy, and inferior, 4sd to 5Jd; bull, stag, 2£d to 3d; yearling*, 11-16lb, sjd to Bjd; yearlings, 17-321b, 6|d to 7Jd; calf, superior, up to 10lb, not quoted; calf, medium-good, up to 101b, B£d to 14id; calf, damaged, up to 101b, lid to 12d. Tallow —In casks, 33s to 38s 9d; in tins, etc., l€s to 83s. Sundries—Horsehair, IGJd; cow tails, l&id to 18d» TATTERSALL'S HORSE SALE. Messrs H. Matson and Co. had an entry of 23 horses on Saturday. Owing to counter attractions, the attendance was. not very large, but this did not to any extent afiect the demand, as- practically all lots changed ■ hands. The quality of the entry waß very mixed, all classes being represented, with a small proportion of good, useful farm horses, .which the buyers were principally in search of and are still hard to procure. Anything showing signs of usefulness for farm work that was. submitted elicited keen competition. The principal sales made were: For Mr'W. Black (Bakaia), six-year-old mare-by liogan Pointer, £2O; Official Assignee, draught horse, £3l 10s, five-year-old hack, £8; B j>. Wood (Christchuroh), bay ponies, £l4, £ls; clients, aged gelding. £8; T. Innocent (Hawaiden), draught gelding, £l2: E. Bennett (Woolston), £ls 10s; E. C. Hull (Christehurch), ten-year-old pony. £ls: J. Alexander (Spreydon), mne-year-old gelding, jgl4' client, nine-year-old nnare. £l3 10saged gelding, £ll ss; R. Campbell, aged mare, £9 ss.

THE PROPERTY MARKET. Jones, MoCrostie Company, Ltd., sold by public auction in their land sale rooms on Saturday, on account of the owner, a ousrter-Eore section situated in Bamngton street, Spreydon,. to Mie MWton, for £l3O. Dalgety and Co., l<td., sold by public auction on Saturday on account of the Public Trustee, in the estate of Georgina Collin'son, 330 acres at' *22 10b an acre, to Mr A. V. Fairey.

POULTRY MARKET. 'S*g»

The Canterbury Co-op. Poultry Producers, Ltd.,- wport that there -was a good supply of poultry during the week. Hens (light), made 2s 6d to 3s 6d per pair, and heamia birds sold up to 4b. Table chickens r&lsed Ge Gd to 9s 6d per pair, , ducks 4a 6d to 6s 6d, ducklings 63 fid to 10s, geese 7s to 9s. Egg Market. The egg market was well supplied. The Canterbury Co-op. Poultry Producers, Ltd., quote the following prices: —First-grade hen .eggs Is Gd per doz., aooond-grade Is sd, duck ,%gga Is 6d.' ' —6

(Continued at foot of next column.)

Jan. 29. Feb. 4. £ £ Coin and bullion .. 1*26,746,000 126,647,000 Reserve 23,863,000 25,558,000 Proportion of reserve to liability 18.38 15.67 Xote circulation 124.456,000 123,465',000 Public deposits •22,550,000 11,049,000 Other deposits 107,271,000 134,913,000 Govt, securities 50,038,000 67,503,000 Other securities 73,991,000 73,688,000

Par. Feu. 2. Feb. 5, Paris, ir. to £1 .. 22.2-25 88.60 S3.65 Brussels, fr. to £1' .. 22.225 92.65 9-2:95 Oslo, kr. to £1, ... 16.150 31.30 Coponhagcn. kr to £1 IS. 159 Stockholm, V.r. to £1 18.159 26.S3 26.83 17.68 17.77 Berlin. Reichmarien to £1 — 20.15 20.12 Montreal, dol. to .ill. 4.86 4.80 4.y9£ New York, dol. to X'l 4.86 4.79J 4.78^ Rotrvfc,-lire-to £1- . . -22.22^ USi ; 115J v okoharj»\, si. to yen 21.5 19 5-1 (J 192 Hong Kong, st. to dol. * 28d 28d Calcutta, at. to rpe. 10 to gold £ lgd . 18d Amsterdam, fl. .. 12.106 — 11.98 Batavia, fl. • .. 1-2.10G — 11.93 * Determined by price of silver.

Jan. 29. ■ Feb. 5. £ s. d. £ 6. d. Imperial consols, 2J per cent." 57 17 6 5S 0 0 "War Loan, 5 p.c., 192047 101 10 0 101 10 0 War Loan, 3i p.c., 192528 97 5 0 96 0 0 Conversion Loan, 3J • p.c. 78 5 0 78 5 0 Commonwealth, Si p.c., l$31-3i 101 12 6 101 7 6 Commonwealth, 6 p.c., 1922-27 .. 106 17" . 6 104 19 0 New' Zealand, G p.c., • 1933-51 • .. 108 12 6 108 15 0 New Zealand, * p.c., . 1929 96 0 0 96 5 0 New. Zealand, Si p.c., 1940 91 17 6 94 17 6 New Zealand 3 p.c., 1945 .. .. 7G 17 6 77 0 0 New South' Wales, 6 1930-40 . .. 106 5 0 106 0 0 New , South Wales, 6 p.c., 1938-40 104 5 0 10-1 7 6 New South "Wales, 5? p.c., 1922-3 101-5 0 101 15 0 New South' Wales, 4 p.c., 1923 92 0 . 0 92 0 0 New South W,aieB, 3i p.c. 76 15 0 76 17 6 New- South Wales, 3 p.c*, 1940-50 83 17 e 83 17 6 Victoria, 5 p.c., 1930-40 103 7 6 104 0 0 Victoria, 3j p-c., 1921-26 98 15 0' 98 15 0 Victoria, ! 8$ p.c., 1929-40 79 15 0 79 15 0 Victoria-, 3 p.c., 1929-49 72 5 0 72 7 6 Queensland, G p.c., 19300 40 . 104 5 104 5*0 Queensland, 3J p.c., 1930 90 5 0 90 10 0 Queensland, 3 p.c., 192271 0 71 © 47 9 0 South 'Australia, 6J p.c., .1920-40 . ' 106 .ft 9 106 5 0 South. Australia, 3J p.c., 84 0 1945 or after83 10 » 0 South Australia, 3 p.c., 0 1930 63 10. 63 10 0 West Australia, 6 p.c., 1930-40 104 0 • 103 15 0 West Australia, p.c., 0 1930-35 .. 87 15 0 86 0 West Australia, 8 p.c, 82 10 0 1S1M5 64 0 • 0 Tasmania, 6| p.o., 198040 ... 106 0 0 106 9 6 Tasmania, 3| ':p.e., 192083 15 88 17 40 ft t Tasmania, 3 p.&« 192076 15 . 77 0 :40. ■ •• 0 0

Buyers. Sellers. £ e. d. £ 8. 4 N.Z. GOVT. DEBENTURES— 4J per cent. Inscribed, 1S38 .. 96 10 0 — 5 per cent. Inscribed, 1927 97 5 0 5 per cent. Bonds, 1927 97 5 0 97 in 0 54 per cent. Inscribed • and Bonds, 1933 100 7 6 — OTPER DBBENTURESChriatchurch' Drainage, 5* per cent. 97 10 0 — Selwyn County, per oent. — 87--0 0 Glaxo, Q per cent. . .• SO 0 •o 85 0 0 N.Z. Breweries (Bonds* — 1 2 0 BANKS— Australasia 14 •: 6 National of Australasia (£10 paid) 15 -15 0 National of N.Z. — 6 17 0 New South Wales _ ft 2 6 New Zealand (cum rights) 3 0 9 3 1 6 Union cf Anst. (3rd ' instalment paid) .. — 11 9 0 INSUBANCE — Standard .. .• 2 1 9 2 3 0 Queensland — . 2 10 0 LOAN AND AGENCY— Goldsbroufjli, Hort — 2 9 6 , National Mortgage — 4 4 0 Permanent Investment — 9 19 0 SHIPPING— Howard. Smith .. . . — 1 15 6 Hnddiirt-Parker 2 5 0 2 G 0 FI?07,EN MEAT— N.Z. Refrigerating (eon. 0 11 cum div.) 0 10 31 2 WOOLLENS— Kaiivpci (ord.) — 0 15 0 GAS— . Chrisfclmrch 'ox div.) 7 7 6 — BREWERIES— i Manning .. 1 14 0 1 15 3 New Zealand " 1 12 3 — TjfMBEE— 1 12 Kauri .. 1 11 9 9 MISCELLANEOUS— Australian G lass 1 10 3 — Beath, Schies3 0 7 0 — Burns, Philp — 1 17 6 Electro. Zinc (pref cum 1 10 ' div.^ 1 10 0 3 N.Z. Farmers' Co-op. 2 15 (£3 paid) — 0 N.Z. Former.-' Co-op. (£2 5s paid) — 0 9 0 N.Z. Paper Mills . - 1 0 9 — Tnranalci Oilfields — 1 3 6 MINING— 0 Broknn Hill Prop. 1 5 9 1 ! 7 Mt". Lyell .. 1 2 0 ■ — AVaihi — 1 6 3