FINANCE AND COMMERCE.

Press, Volume LXI, Issue 18526, 30 October 1925, Page 12

FINANCE AND COMMERCE.

DROUGHT IN N.S.W. CROPS AND PASTURAGE FAIL. (BT CABLE—rRT.SS ASSOCIATION COPYRIGHT,) (AUSTRALIA* AND N.Z. CABLE ASSOCIATION.) SYDNEY, October 29. Reports from many country districts show that the position is very serious owing to the continued drought and shortage of water. Tll the north-western areas the. conditions are especially had. Sheep are dying and owners are killing lambs to save the lives of ewes. Grass is rapidly dyinji, and wheat crops arc generally suffering, and over a considerable area what before the drought promised to be a bumper harvest, is threatened with failure unless rain falls qnjckly. THE WOOL CLIP. BIG SHORTAGE PREDICTED. (PBESS ASSOCIATION" TELEGBAM.) ■WELLINGTON, October 29. An experienced sheepfarmer estimates that tho wet and backward season will cause a shortage of 2ll> per fleece. He reckons that the North Island will be (50,000 bales short, and the Soutli Island 40,000 bales short. SOUTHLAND MARKETS. (special TO "THE riiESS.") 1N VEECAEGILL, October 29. Oats—The market continues firm, with local merchants asking 5s f.0.b., s.i. for A £rado and 5s for super A's. Practically no B's are offering, but the proportionate price, ■would be about 4a Bd. Stoclra are rapidly Lsing reduced by shipments and by the local seed and feed demand. It is anticipated that tho whole of the loca! holding of oats will be. cleaned up before any of the r.ew season's oats can possibly be on the market. Prices to fanners are nominally 4s (0 4s 2d for A grade and 3s 9d for B grade. Whoat—This is in ehort supply, and as nothing is offering from farmers, merchants will have to depend on outside markets for any supplies tlie.y require. The only business being done is in local sales for fowl feed. Chaff—The market is not over-supplied at present and it is rather difficult lo get sufficient to fill tho demand for local feed. This is largely due to fanners being too busy with spring work to cut. Prices to farmers are about £5 5s on trucks country stations, but very prime lines with a near railage would probably command from 2s 6d to 5s a ton more than this, Ryegrass—There hrfs been more demand lately for shipment, but so far there lias been no advance in f.o.b. prices which remain at 5s 9d to 5s lOd for 27-281b seed, and up to 6s 5d for 31-321b seed. Stocks are very limited and a demand for shipment of any size would probably cause a considerable rise in prices. It seems probable that the area which will be saved this year for cutting later on will ba much, the smaller than ha 3 been the case for sMne seasons past, as owing to the unfavourable spring weather, farmers have required to use. most of their pastures for the grazing of stock. Prices to farmers are nominally about 4s Gd for- heavy clean seed of gocd type and proportionately less for light and inferior lines. Potatoes —The market i 3 bare of supplies, and some potatoes aro now being brought -in from the north! Local farmers seem to have disposed of their supplies, and the quantity in farmers' lhands is exceedingly email. Up to; £9 a ton lias ; been paid to farmers during the week, for* small lines for prompt delivery. ■ HA WARDEN MARKET, The-market at Hawarden yesterday was a small one, : only 160 sheep, 14 head of cattle, and 4 woaner. pigs.-being yarded. Two fat wethers (unshoriO were sold at 50s each, 5 maiden owes at 475, 86 ewes. and litmbs at 25s Id,'and 67' at' 255. In :the cattle pens the best springers made'£G lis-to £8 10s, othors £2 .10s ,- to £5 • 7s 6.d; ■ two, forward steers at £8 5s each, and one at £5 15s, and 3 yearlings at £2. 'The pigs' sold at 36s 6d 'to 375. The advent-of the tractor .brought high class, draught horses - into, the market from Mr G. Rutherford's " Waitohi Peaks Estate. ' The' sale's made were:—6-year-old' gelding, at .£.71,, rising' 7-year-old- mare £59, 9-year-old. mare at £SB, • and ■ a 10-year-old : geldfng at £SO. ; On", account of ; another client a 9-year-old mare was soH at . £4O. The publican's" booth at-the Hurunui races was. also : dispo.sed -of- to Mr. T. P.: Hampsori,' of Waikari, for £B. ' 'EGGS AND SHIPPING STRIKE. As tho result of the Sydney egg irtarket ha-ving' been "paralysed" _ by the shipping strike, to use" the" expression of the' egg pool, chemical importers declare that a good -'demand has set in for liquid silicate of soda for "pickling" purposes. -Mr C. C. Dunn, president of the'Victoriari Egg Producers' Federation, reports that: ."Quite recently the federation had had' to turn down an order ' from. an . English firm for' 2000 cratw at Is 6d a dozen f.0.b., beoause there was no shipping apace." The organisation was trying to dnduce Mr Merxett, the NewZealand poultry expert, who organised the, N'jw Zeahwnd industry, to .visit Victoria nnd give them his assistance. The federa£on had started exporting last year with success. Mr Alex. J. Harrison, general secretary of the federation, said the organisation neosded the necessary finances to enable it to put up a security for its London agent. They had a London house willing to finance them, provided they could put up the necessaiy security. The amount required waa about £IO,OOO, which would be invested in Australia in the name of the Federation.

ELECTROLYTIC ZINC COMPANY. During the year ended June 30th the production of zinc at Ihe works .of the Electrolytic Zinc Co., of Australasia, Ltd., Tasmania, was further increased, and the average daily production was 12GJ tons, as against 123 tons for tho preceding year. The press profit for the period was i' 510,073, after placing £140,000 to reserve for depreciation, and the net profit was £375,380. For , the 3924 period tho gross profit was £456,820, after crediting £120,000 to depreciation and development accounts, and the net profit was £341,349. With £98,920 brought forward, the company had £474,301 available on June 30tU. Out of this two dividends absorbed £216,269, the sum of £40.000 was added to equalisation Teserve, making its total £120,000, an amount of £20,000 was set aside towards new plant for West Coast mines, £20,000 was written off research and development account, and £12.100 was added to debenture sinking fund, leaving £165,932 to be carried forward. A further dividend, absorbing £155,867, has sinco been paid. TEXTILE DEPRESSION. The last report of Salts (Saltairc), Ltd., worsted spinners and manufacturers, to the end of March, 1925, showed that profits were not quite sufficient to meet the dividend on tho preference capital, no return being possible on the ordinary shares. The directors early last month announced that tho trading results disclosed by the interim accounts for the fiv6 months ended 31st August did not permit the payment of the preference share dividend duo on October Ist. The disappointing results were due to • tho continued depression in the wool textile trade, the further fall in values, and the loss entailed by a strike of wool operatives, which lasted nearly four weeks. NEW CEMENT WET PROCESS FOR NEW ZEALAND. Rumour is persistent that a new cement company is about to be floated in New Zealand, and the latest modern method of manufacture known as the Wet Process is going to bo installed. So far aW Cement Companies at present in operation in New Zealand aro manufacturing cement by the older method kncv.n as the Dry Process. ITie Wet l'roce3s is being adopted by the latest Cement plants in Australia, England, and America. It has been proved that the best clas3 of cement is manufactured by the Wet Process, and it ia also claimed that the Wet Process is more economical as regards labour costs. The modem Wet Pro- • ccbs must not be confused with the Old Wet Process in vcaua many years ago, —i

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS.

Sale; Eeportod—N.Z. Breweries, Bonds, 24s 9d; Aust. Bank of Commerce, 29s 6d; Ashburton Gas, £-1 ss; N.Z. Breweries, 51s; Alt. Lyeil Mining, 2's ; Taranaki Oil, 22s Bd, 235; Kawarau Gold, 03 6d; Waihi, '2ss. Sales on 'Change—Taranaki Oil, 225; Mt. Lvcll Mi.iirg, 235.

LATEST QUOTATIONS. Buyers. Sellers. £ s. d. £ 6. d. X.Z. GOVT. DEBK,XTURKS—- !' per ccnl. inscribed, 1903 .. .. 96 0 0 per cent. Bonds, 1030 .. .. 96 0 0 96 12 6 per ceiit. Bonds, l:?3S .. .. 96 2 G 96 5 0 G per cent. Inscribed, 1927 COMPANY DEBENTURES— N.Z. Breweries (10 per cent. Bonds) .. 117 ISO BANKS— Aust. Bank of Comm. 19 0 Australasia .. .. 13 17 6 13 10 0 Comm. of Aust. .. 112 6 113 6 Comm. of Aust. (new) . 112 0 113 6 Comm. of Aust. (pref.) 615 0 • Comm. of Sydney .. 25 o 0 E. S. and A. .. 7 10 0 National of Australasia (£lO paid) .. 17 0 0 17 5 0 Xational of Australasia (£5 paid) .. 810 6 Sl2 G National cf X.Z. .. 613 3 New South Wales .. Xcw Zealand .. .. 15,I 5 , and O. Bank .. Union of Aust. .. 14 It G 11 15 0 Western Australian .. 212 3 INSURANCE— National .. .. Nefr Zealand .. .. 116 ■ 0 116 4 Queensland .. Standard .. 2 5 6 LOAN AND AGENCY— Dalgcty and Co. .. 15 10 0 16 2 6 Goldsbrough, Jlort .. 2 5 0 2 5 9 National Mortgage .. 31G 3 4 0 I? N.'Z. and River Plate 116 Permanent Investment 9 C 0 SHIPPING— Howayd, Smith . .. 112 6 FROZEN MEAT— Canterbury .. .. 10 10 0 Gear .. .. N.Z. Refrig. (£1 pd.) .. 016 0 017 i N.Z. Refrig. (10s pd.) .. 0 710 0 8 1 WOOLLENS— Kaiapoi (17s paid) ..'0 8 9 0 9 3 COAL— Westport .. .. 1118 112 3 Stockton (pref.) .. 0 3 0. GAS— Ashburton - .. .. 4 6 0 410 0 Christchurch .. .. 710 6 712 0 Napier (£lO paid) .. 19 0 0 Timaru .. .. BREWERIES— Crown .. .. 12 0 Manning .. .. 116 0 117 3 New Zealand .. .. 210 6 211 0 Timaru .. .. 015 6 Ward .. ..* 3 8 0 311 9 CEMENTS— Wilson's .. .. 1 15 0 TIMBER- ■ Kauri .. 114 0 115 0 MISCELLANEOUS— Beath and Co. .. 110 0 112 0 British Tobacco (Aust.) Electro. Zinc, (pref.) .. Electro. Zinc: (def. ord.) 111 6 112 3 Mason, Strutters (£1 paid) .. Mason, Struthers (14s paid) .. .. 0 14 S Mason, Struthers (10a paid) .. .. 010 3 011 0 N.Z.- Drug Co. .. 3 5 3 3 6 6 N.Z. Farmers' Co-op. (£5 paid) .. N.Z. Farmers' Co-op. (£2 15a paid) .. 0 12 6 N.Z. Fanners' Co-op. (6J per cent. Stock, 1930) .. .. 86 0 0 88 0 0 ' N.Z. Guarantee Corpn. 0 D 9 010 3 Taranaki Oilfields .. 12 6 13 0 United Pictures .. 110 0 ' Wbitcombc. and Tombs 3 9 0 3 10. 6 NiZi 'Malay Rubber .. 116 0 Dominion Home . " Builders .. 0 8 6 012 6 MINING— Kawarau .. .. 0 6 3 0 G 6 . Mt. Lyetll .. ..,12 10 1 .3 3 Grand Junctron .. 0 0 9 0 1 9 j OTHER EXCHANGES. (fszss association* tkliqbahs.) AUCKLAND, October 29. Sales—New Zealand Government War Loan, 1938, £96 ss; New Zealand Breweries -Debentures, 21s 9d; New Zealand Insurance, 36s 3d; South British. Insurance, 495; Tauplri Coaii, 163 6d, 16s 9d; Northern Steam, 16s; Now Zealand Breweries, 51s (two sales), 50s 6d; Taranaki Oil, 235; Kawarau, 6s 6d (two sales), 6s Bd, 6s 7d. ■ , DUNEDIN, October 29. . Sale—Kawarau, 7d (15 parcels). Sales Reported—New . Zealand Breweries, 51s 3di(2,. sales); New Zealand Refrigerating Co. (cont.), 7s lOd.' DRUGS INSURANCE. ' The . members of Lloyd's Underwriters' Association and the Institute ■of London i Underwriters have agreed that a clause (states "The Times" Trade Supplement),, to •be lenown' as the Institute Dangerous j Drugs Clause, shall in future be attached to | all policies covering drugs, vegetable alkaloids, and the like. This clause provides that the contract will not cover shipments of drugs to which the Dangerous Drugs Act, 1920 (of the United Kingdom), as amended by any subsequent Act, applies, unless they are expressly declared as such,, and unless the shipments (1) are made under a certificate, license, or • authorisation from the Government of' the country of destination that the importation of the drugs has been Approved by that Government; and (2) are imported into the country by which the certificate, license, or authorisation has been | issued. AUSTRALIAN MARKETS. (AUSTRALIAN ANT> X.Z. CAB LB AS JOCIATIOK.) (Received Ootober 29th, 10 p.m.) SYDNEY, October 29. The wheat market is practically at a standstill and prices are nominal. A bulk parcel was offered in the vicinity of 6a per bushel on trucks sit Sydney; farmers' lots 5s 8d at Sydney, 5s Id at country stations. Oats—Tasmanian Algerian 4s 3d, White j Giants, 53 3d. I Mai:se—Yellow 6s 6d, white unquoted. I Potatoes—Tasmanian, £lB to £2l per ton; ; Victorian, £l7 109 to £18; new season's' I £23; New Zealand, £ls to £l6. ! Onions—Victorian, £2B per ton; American, , £3O. ADELAIDE, October 29. Wheat—Growers' lots, 5s 6£d; oats, 2s 6d. I DAIRY PRODUCE. The New Zealand Loan and MercantileAgency Co., Ltd., have received the following; cablegram from London, under date 28th jnst.: "Butter—New Zealand choicest 212s to 21(ia. Market very quiet. •"Cheese—No supplies" The National .Mortgage and Agency Co. of New Zealand, Ltd., - Christchurch, have received the following cable from their principals, Messrs A. J. Mills and Co., London: Butter—Market very slow; salted and unsalted, 214 a to 2165. Cheese —Market quiet but steady. Canadian, 116s to litis. TALLOW. Dalgety end Company, Limited, have received the following cablegram from their London office, dated October 28th : "Tallow—At the weekly auction 1145 casks tallow were offered and 445 sold. Prices are 2s lower. The better sorts ere likely to go lower still. The market is weak owing to depression in South America." GERALDINE STOCK SALE. There was only a small entry of stock at the Geraldine sale on Wednesday. A few sheep and cattle were yarded, and a fair number of pigs. Prices were as follows: Sheep—Fats: 7 ewes at 30s 9d, 4 at 435, 1 wether at 435. Stores: 74 ewea said lambs at 21s 2at 17 s 52 at 17s 6d. Cattle—Cow duo second calf £B, springer £7, 2 at £5. pigs—Weanera made from 17s to 50a.