FINANCE AND COMMERCE.

Press, Volume LXIV, Issue 19310, 15 May 1928, Page 10

FINANCE AND COMMERCE.

FIRE INSURANCE.

MUNICIPAL OFFICES. The report of the Finance committee of the City Council, presented to last night's meeting, said;— The tiro insurances on the Municipal Offices, £20,000 of which is divided amongst tour local offices, expired on the iotu instant, and the committee has made arrangements to place £20,000 with the State I l 'ire Office at a reduction of 33 1-3 per cent, on the premiums now paid. Regarding the insurance of the Concert Hall, the committee has made arrangements to place £12,000 on the building and £SOOO on the furniture with the State Fire Office also. The Council's insurant fund is not strong enough to carry any part of these amounts. Cr. M. E. Lyons opposed the clause, holding that it' was unfair to insure in such a manner. It was the duty of the Council, saiu Cr. D. G. Sullivan, M.P., to insure as cheaply as possible, and this was what was being clone. The report was adopted.

REPORT ON MEAT TRADE.

SMALLER ANIMALS NEEDED.

(UNITED PBEB3 ASSOCIATION —BI ELECTBIC TELEGEATH—COPYEIGHT.)

LONDON, May 13

Weddel's report on the 1928 Meat Trade draws attention to the increasing tendency in the United Kingdom to purchase smaller joints and chops and steaks. It says: "Overseas stock raisers need to readjust their methods and produce small-sized, early-maturing animals." it gives special prominence, in heavy type, to the opinion that the crazy system of so-called free trade is giving tile free run of our great market to foreign nations, without possessing any retaliatory means when British manuacturers are treated unfairly, thus making the British policy the worlds laughing stoek. •I'lie report mentions the scarcity or prime Australian lambs and the smaller quantity of New Zealand meat. Both countries found Argentine competition unusually keen. The decrease in the Continental demand by 16,000 tons was •wholly in respect to Australian and New Zealand meat. It is pointed out that Australia exported to Britain 135,000 more carcases of mutton, and New Zealand 166,000 fewer, whereas Australia sent 364,000 fewer lambs and New Zealand 364,000 more. Australia decreased by 275,000 quarters of frozen beef, but the Now Zealand decline was from 367,000 to 131,000. It was significant that Australian lamb averaged Bid compared with s|d in pre-war times, and New Zealand 9Jd compared with 6Jd. Argentine lamb brought Bd, compared with 5 7-Bd. The price of Australian mutton was 4 3-Bd, compared with 4d, the price of New Zealand 6fd. compared with 4fd, and Argentine sfd compared with 4Jd. There is still room for improvement in dressing New Zealand carcases. —Australian Press Association.

CHANGING FASHION IN MEAT.

LONDON, May 13.

Weddel'f report on ' chilled and frozen meat recalls the fact that fashions in meat are changing. Owing to altered social conditions, there is less homo cooking, consumers demanding smaller joints. It says: "The Argentine, to a small extent, is meeting the situation by fattening and tilling steers of from twelve to eighteen months, instead of three-year-olds.''—Australian Press Association. , • SALES AND MARKETS. LEAGUE COMMITTEE'S AGENDA. (UXITID PBIBS ABSOCIATTOH —BT 2SLBCTOO MLEOBAPH—COPIBIQHT.) GENEVA, May 13. , The Economic Consultative Committee;" meeting on May 14th, will" decide its, own agenda. Judging by tlie items being discussed by: the delegates in informal talks, it appears that the questions will probably include sugar and coal, with special reference to world-production aud distribution. Agriculture is also likely to provide opportunity for much argument.. French representatives to-day circularised the delegations suggesting that thei:' conference should concentrate on examining the organisation of sales and markets, the possibility of universal co-operation and the question of adjusting production to consumption.—Australian Press Association, United Service. OTIRA TUNNEL. EAST-BOUND TRAFFIC.

For the week ended on Saturday, the traffic proceeding eastwards through the Otira Tunnel amounted to 9656 tons, compared with 10,082 tons for the corresponding period of last year. Last .week's figures, however, show an increase of some 800 tons on those, of the previous week owing to large quantities of winter fuel coming through. SHORTAGE OF TRUCKS. The shortage of railway trucks, which occurs at intervals, is again in evidence owing to the big demand being made for them in regard to the transport x of grain and produce.. The demand has also resulted m calls-being occasionally made for frozen meat trucks to be used in the carriage ofwheat to Lyttelton.

BREACH OP STAMP ACT. LITTLE-KNOWN SECTION. (PISSS ASSOCIATION TELIOBAU.) DUNEDIN, May 14. . A prosecution under a little-known section of the Stamp Duties Act took place in the Magistrate's Court today, vrtien L. 5. Fefens was charged with having made a valuation of stock and chattels and with having, within fourteen days thereafter, neglected to write it out in words and figures shcw.ing the amount of the valuation on duty stamped material. The evidence shewed that an agreement for sale and purchase was made ou April 11th, 1927. Defendant was. engaged to value stock in connexion with the sale, but failed to mane a on a stamped document tmtil .April,.3oth, 1925. It was not a «srious breach and the Department wished the proceedings to rcrre as a warning.' A fine of 10s and costs was imposed.,

MELBOURNE-BLUFF SERVICE.

LATE MR PRATTEN'S INTEREST. [THE PEESS Special Service.] DUNEDIN. May 11. While the late Mr Pratten, Minister for Trade and Customs in Australia, was in Dunedin in March last, the executive of the Chamber ot Commerce took the opportunity of speaking to him on the question of restoration of the Melbourne-Hobart-Ulurt shipping service, and of asking if anything could be done to encourage it from the Australian end. Mr l J ratten replied that he was deeply interested in the matter, and sayV that lie had discussed it with Mr Coates and was still in communication with him. To-day the secretary of the Chamber of Commerce received a reply lroin Mr Pratten to the letter sent him on t?,o subject. The letter, which is probably one of the last signed by Mi Pratten before his sudden death, reads as follows: "I J'esii'o to thank you foi your letter of April 13th, and to express my appreciation of the kindness manifested to me by your members during my hurried but pleasant visit to your city. Regarding shipping communication between your Dominion and the Commonwealth, this matter is being dealt with by the Prime Minister's Department, and I shall pass on your- communication to Mr Bruce. 'l, am hopeful that something will eventuate to improve the present position, which you set out. Your Prime Minister is, I understand, co-operating with Australia in the matter, and any com-: munications from here will therefore be addressed to Mr Coates."

WHEAT RESEARCH.

INSTITUTE HOLDS FIRST MEETING. (press association tslkoeam.) WELLINGTON, May 14. The inaugural meeting of the \Yheat Eesearch Institute has been held, and a committee representative of wheatgrowers, millers, bakers, and Government Departments, has been constituted for the. purpose of undertaking wheat research work. The personnel of the committee is: Growers' representatives, Messrs Carr, Mulholland, and Talbot; bakers' representatives, Messrs C. E. Boon, I*. H. Hawker, and the president of the Bakers' Federation; grain merchants' representative, Mr A. Jones; flourmillers' representatives, Messrs K. K. Ireland, E. J. Lyon, and W. Pratt; Department .of Agriculture, Mr J- W. Hadfield, Department of Industries and Commerce, Mr D. Colquhoun, Department of Scientific and Industrial Research, Professor H. G. Denham. The Lincoln College representatives remain to be appointed. Proposals regarding the establishment of a laboratory were dealt with, and it was decided to locate the laboratory in a building on Canterbury College property in Montreal street, Christchurch. Applications, it was reported, had been called for a wheat research chemist, but advice was being awaited from the 'British Selection Committee upon applicants from the United Kingdom before an appointment was made. Arrangements were , made to facilitate economic investigation into matters connected with wheat production, and a special committee was set up to deal with details of that work. It was announced that the British Flourmillers' Research Association had been in -communication with the Institute Committee in regard to co-opera-tion of effort with the Association's laboratory, near St. Albans, England. Negotiations were still in progress; it was realised that the offer opened up a most useful connexion with oversea activities.

STANDARD QUALITY SEED. [THE PSESS SpecUi Serrlcß.] WELLINGTON, May 14. In order that wheat-growers might be provided! with seed wheat ■of standard quality the recently constituted Wheat Research Institute took the matter up, and for the first time in New Zealand crops have been critically inspected and examined _by officers of the Department of _ Agriculture. This work necessitated visiting a number of crops of TuscaTi, Hunters, and Velvet wheat, some 400 acres throughout Canterbury coming under inspection. ... As a result 4000 bushels of wheat have been certified and will be available to farmers who particularly desire the use of the best seed in sowing down this season's crop. A bonus of 6d per bushel has been paid to those growers whose crops succeeded in reaching the standard demanded. Grain merchants, it is-stated, greatly facilitated the work by arranging to dispose of the wheat to those who required it. To have available a supply of good wheat is of considerable importance to grower, miller, and baker, as it is considered that the absence of pure lines of wheat in recent years has increased the difficulties encountered in milling and baking. Purchasers of the wheat are given some assurance that it is free from disease and wheat impurities, and that it possesses constitution and yielding capacity, which renders it better than lines purchased at random. The practice of sowing certified lines of seed is very general in every large wheat-growing area in the world!.

A. AND P. ASSOCIATION. The Canterbury A. and P. Association's fixtures for the current year are: — Winter Show —August 4th to 18th. Horse Parade —September 19th. Metropolitan Show—November Sth and 9th. RATE OF EXCHANGE. (TTSITSD PM3B ASSOCIATION —BY BLICTBIC TELXGRAIH —COPYBIGHT ) (Received May 14th, 8.15 p.m.) ATHENS, May 14. The Government has established a drachma at 375 to the £1. —Australian Press Association.

CLEARING SALE REPORT. Jones, SlcCrostie Co., Ltd., held a successful clearing sale yesterday on account of the District Public Trustee in the estate of the late Wm. McKay. Amongst the articles sold, the following prices were realised;— Sewing machine £6 15s, piano £47, chesterfield and 2'easy chairs £l9, carpet £lO 10s, sideboard £7, secretaire £5, rug £5 10s, dining table £4 10s. rug £2, duchesse chest £5 17s pd, occ. table 4fs, occ. chair £2 2s 6d, carpet £7 10s, duchesse £5 15s, bedstead £4 17s 6d, runner £4, hall clock £6 10s, ' bedstead £3,- ditto £2 155," duchesse £3 2s 6d, duchesse £5 15s. bedstead £4 17s 6d. rug £3, mirror 32s 6d, occ. table £3 2s 6d, 2 rugs >2 15s.

CHRISTCHURCH STOCK EXCHANGE.

Markets generally were more active yesterday and there waa a. fair turnover of stocks particularly in the banking section. Quotations for Government stocks show little change on Saturday's prices. In the banking section, £9 <s was given for a parcel o! Bank of Adelaide, u buyers offering £9 7s 6d, sellers asking £3 9Bank of Australasia shares had dealings at £l4 OS 6d, market closing 6d on elth ™ , ; 2Ss 8d was given for 400 Commercial Bankot Australia shares on the morning call, and on the afternoon call 200 sold at 28s 9d, sellerß staying in at that price, buyers at -8s Bd. Bank of New Zealand showed ivitv avd tvro lot-s changed hands at 60s 3a, and an! odd parcel at 60s 2d, with further demand] at 00s 3d, sellers at 60s od. Lmon Bank of Australia were quoted at ±ll US oa buvers.i £l4 l&s 6d sellers. Amorist the miscellaneous stocks, IVew Zealand Insurances zealised 41s Gd, closing quotations 41s 3d buyers, no sellers. Howard Smiths were placed on both calls at 27s 3d. ; and more were wanted at -iei-<l, sellers' at 27s 6d. A parcel of Ivew Zealand Refrigerating fully paid shares was bo j eu at 17a "9d, market closing 17a 6d buyers, 17a nd sellers. Stockton Coal ordinary shares 'were released at 2s lid, closing quotations Id on either side. Christchurch Gns contributing shares were frtctinnallv firmer with buyers at ils od, sellers at lis Cxi: 39s was oid for Wilson's Cement, but sellers wanted u 9s 3d. British Tobaccos jumped to business at 41s 9d with late buyers at 42s 4d, no sellers quoting. Buyers of Dunlop Rubbers raised their bids to 21s Od without attracting sellers. Victoria Nyanza Sugar shares were quoted 46s 9d buyers, 483 6d sellers. Whitcombe and Tombs had improved demand at 71s sellers' quoting 71s 6d. Mt. Lyell s moved up'to turnover at 3'2s lid, buyers staying in at that figure, sellers asking 335. Other stocks held at late rates. YESTERDAY'S TRANSACTIONS. Sales on 'Change—Bank of Australasia, £l4 6s 6d; Comm. Bank of Aust., 28s 8d (4 parcels'), 28s 9d (2 parcels); Bank of New Zealand. 60s 3d, 60s 2d (odd parcels), 60s 3d; Howard Smith, 27s 3d (2 parcels); N.Z. Refrigerating f£l paid), 17s 9d; Stockton Coal .(ord.), 2s lid; Mt. Lyell (cum div.), 32s lid. Sales Reported—Bank of Adelaide, £9 7s; Bank of Australasia, £l4 6s 6d; New Zealand • Insurant, 41s 6d; British Tobacco, 41s 9d LATEST QUOTATIONS.

OTHER EXCHANGES. (PRESS ASSOCIATION TELEGRAHS.) AUCKLAND, May 14. Sales —New Zealand Breweries' Debentures, 23s 6d; Bank of New Zealand, 60s 3d; Hikurangi, Coal (pref.), 8s 3d; Hikurangi Coal (A pref.), 7s; New Zealand Farmers' Fertiliser, 98s 6d; Sanford (pref.), 20s 3d; Tonson, Garlick, 12s. WELLINGTON, May 14. Sales—Bank of New Zealand, 60s 3d. Sales reported—Bank of New Zealand, 60s 3d; 4} per cent. Stock, 1938, £97 15s; 51 per cent. Stock, 1933, £IOO 10s; Bank of Australasia, £l4 5s 6d; Union Bank, £l4 19s 3d; N.Z. Guarantee Corporation, 8s sd; Wellington Gas, 28s. DUNEDI2T, May 14. Sale reported—New Zealand Refrigerating (con.), 6s sd.

LONDON PRODUCE MARKETS. The Bank of Xew Zealand has received the following advico from its London office as at the close of business 'ast week: — Batter —Steadier and better demand lo»s to 166s per cwt. Chese —Qji-!t, 96s to 9Ss pjr cwt. Frozen Meat —The market for- wethers is firmer for heavy-weights. The market is short of supplies of ewe mutton, and prices are nominal. The market is steady _ for lambs. The beef market is quiet but firm. Wethers, light 6id to 7|d per lb; wethers, heavy sid to 53d per lb; ewes, 4id to sid per lb; lambs, twos, 9id to lOd per lb; lambs, eights 9d to 9Jd per lb, lambs, fours, B£d to BJd per lb; lambs, seconds. 9d to 9Jd per lb; ox hinds, 4Jd to s}d por lb; ox fores, 3sd to 3jd per lb; cow' binds, 4}d to 4Jd per lb; cow fores, 3Jd to BJd per ]j>.

Buyei a. Sellers. * £ s. d. £ s. d. N.Z. GOVT. DEBENTURE,Sii per cent. Inscribed, .1939, and Bonds, 1938 .. . . • 97 15 0 98 0 0 4£ per cent. Inscribed, 1938 97 12 C 98 0 0 4J per cent. Bonds, 1930 and 1939 97 15 0 — 5 per cent. Inscribed, 1941 93 12 6 — 51 per cent. Inscribed, 1933 100 5 0 100 10 0 SS per cent. Bonds, 1933 100 5 0 — 5i per cent. Inscribed, 1936 LOO 5 0 — 5J per cent. Bonds, 1936 100 7 6 — OTHER DEBENTUBESWellington Harbour, per cent., 1940 Waitaki Electric, 5i per 98 0 0 — cent., 1960 100 0 0 — N.Z. Breweries, Bonds — 1 311 Glaxo, 6i per cent., 1945 90 0 0 — BANKS— Adelaide 9 7 6 9 9 0 Aust. of Commerce .. 1 14 1 1 14 3 Australasia 14 G 0 14 7 0 Comm. of Auat. 1 8 8 1 8 9 Comm. of Aust. (pref.) 7 3 0 7 5 6 Comm. of Sydney 28 17 0 27 0 0 E., S., and A. 8 8 0 8 8 6 National of Australasia (£10 paid, cum div.) 18 5 0 18 7 e National of Australasia (£5 paid, cum div.) 9 2 6 9 3 6 National of N.Z. 7 1 0 7 3 0 New South Wales (cum div.) 47 17 G — New Zealand .. 3 0 3 3 0 5 New Zealand. (Mortgage shares, £1 paid) .. 1 6 8 : — Queensland National 8 19 (cum div.) 0 — Union of Aust. .. 14 17 0 14 18 6 INSURANCE— New Zealand .. 2 1 3 — . South British 2 19 9 — LOAN AND AGENCYDalgetv and Co. (cum div.) li 11 0 14 12 0 Goldabrough, Mort 2 10 8 2 10 11 National Mortgage 3 15 0 4 5 u N.Z. Loan and Mercantile (ord. stock) 108 0 0 111 0 0 SHIPPING— Devonport Perry — 1 5 0 Howard Smith 1 7 2 1 7 6 Huddart-Parker 2 6 G 2 7 6 Hudd art-Parker (pref.) 1 0 6 — Northern Steam (fully o ie paid) 0 15 9 6 Union (pref.) 1 0 4 — FROZEN MEAT— Canterbury — 9 6 0 Canterbury (pref.) 5 0 0 — N.Z. Eefrig. (£1 paid) 0 17 6 0 17 11 N.Z. Eefrig. (10s paid) 0 8 2 0 8 4 Wellington 0 9 6 0 15 0 WOOLLENS— Mosgiel 7 0 0 " — Wellington (pref.) 6 7 0 — COAL— Stockton (ord.) 0 2 10 0 3 0 Stockton (pref.) 0 3 0 0 4 0 GAS— Christchurch 1 3 11 1 4 3 Christchurch (10s paid) 0 11 5 0 11 6 BREWERIES— Carlton .. 2 5 1 2 5 9 New Zealand .. — 2 5 0 Staples — 1 16 9 Ward — 1 17 0 White Star — 0 17 0 Tooths (cum div.) CEMENTS— 2 3 7 2 4 0 Wilson's ■■ •• 1 19 0 1 19 3 TIMBER— Kauri — I 1 9 MISCELLANEOUS— Beath.and Co. 1 12 G 1 13 3 British Tobacco 2 2 4 — Burns, Philp 2 2 0 — Colonial Sugar 59 10 0 — Dominion Rubber 1 10 0 — Dunlop Rubber 1 4 G — Electro. Zinc (ord.) .. 1 10 G — 10 Electro. Zino (pref.) .. 1 12 7 1 12 Glenmoro Brick and Tile 1 10 0 1 1G 0 Greater Crystal Palace Holden'e Motors 0 18 0 — 1 10 9 1 ll 0 Henry Jones Co-op. .. 1 17 6 — Maaon, Struthers (£1 paid) 1 1 0 — Mason, Struthers (14s paid) 0 13 3 0 14 0 Mason, Struthers (10s paid) 0 9 4 — N.Z. Drug Co. 8 9 0 — N.Z. Farmers' Co-op. (1st pref.) .. 3 10 0 — N.Z. Farmers' Co-op. (61 per cent. Stock, 1930) 80 10 0 So 0 0 N.Z. Farmers' Co-op. (6£ per cent. Stock, 1935) — 85 0 0 N.Z. Guarantee Corpn. 0 8 4 0 8 6 Victoria Nyanza. Sugar 2 6 9 2 8 6 Weeks 9 17 6 10 5 0 Whitcombe and Tombs 3 11 0 3 11 6 MINING— Mahakipawa .. 0 1 3 0 1 8 Mt. Lyell (cum div.) 1 12 11 1 13 0 Waihi (cum div.) 0 12 0 0 12 3