FINANCE AND COMMERCE

Press, Volume LXXIII, Issue 21997, 22 January 1937, Page 13

FINANCE AND COMMERCE

I wboL FIRM AT WANGANUI \

reserve bank figures

I Woo i was fully firm to dearer on Napier at the first ~r oanui sale of the season yesterday. There was no compeJapan, and the small amount of fine wool offered ,T° extent suffered. Crossbreds, however sold excellently. Sder good competition from the Continent and Bradford. ' mu Bank figures for this week show a decrease . r*u hje nr^p S issue of £129,800. Demand liabilities to the State th6 risen by £371,200, to the banks by £318,100, and other £ 1,032,400. On the assets side, sterling exchange bv £923,400, investments by £464,000, and advances '' jS E dairy amount by £212,100. i R,iciness was brisk on the Christchurch Stock Exchange . . t ? r dav with most activity in Australian industrials. A good of.attention was paid to banks, r ■

[WkKGANUI WOOL |■ SALE ,j '■ ■ " * ' , Prices Remain Firm f '} . I 'NO. JAPANESE | COMPETITION j ; - |iVBI|AGE OF £22/10/- A BALE Xrebs association tegegbam.) •' WANGANUI, January 21. With wool at double the value revived last January, growers could not be other than delighted at the prices S*i|d at the first Wanganui sale 10-day The average price was £22 10s ashler which means that as a result of the auction more than £750.000 will be paid out shortly. ‘ A catalogue Of 30.357 . bales was offered andchiefly comprised wool from. theWanganui and Taranaki districts Indtheresult was, clearance."' There was a full and representative bench of buyers, although the; Japanese, as at Napier, were not. in. the market to any extent, Bradford, ; -.the Continent, and America were keen'and active buyers. In the absence of’ strong Japanese competition fine-wools showed a slight easing on recent .sales, but medium and coarse sorts sold/at' extreme prices in comparison, and these may be quoted fully firm on Napier and in some cases a halfpenny higher. Actually ihe absence of. Japanese competition had no ll material effect on the sale, as finer v wools were only a small percentage of the offering!' Some brokers who expected a tend- , ency for values to ease off to-day were agreeably surprised to find ruling rates , fully maintained in the principal sectEfit, and it is ’ considered that wool .;3b|s have now been established for . Pj-emainder of the season. Support contention is provided by the )%;t that more than one half of the 1 TDaninion’s clip has now been sold. . The official range of prices is as follows: Jan., 1936., Jan., 1936. d. d. ' d. d. Fine Halfbred (58, 56-58,56) — Extra - super to Super ~ 20 to 22 15 to 16, Average ~ 19 ’to 193 13 'to 14 Medium Halfbred (50-56) — Average. . 19 to 21 10J to 12J Inferior .. 161 to 17 9J to 10 Extra-Fine Crossbred (48-50) Super 18 to 181 11 to Hi Average '.. 16J to 17J 9 to 10| Inferior- ~ 13 to, 16 71 to &i Fine Crossbred (46-48) Super .. 16i to 17 91 to 104 Average 16 to 161 83 to 91 ; Inferior .. 15 to 153 71 to 73 Medium Crossbred (44-46) — Average .. 16 to 163 73 to 83 Inferior / ,< 15 to 16 63 to 71 Coargfe Crossbred (40-44) Average- '' •. 161 to 17J \7l to 81 Inferior f, ■ls to 161 6 to 7 Hoggets— Fine (48-50) 17i to 18 9 to 11 Crossbred .. 91 to 101 Hto 5 Med. (46-48) 161 to 171 -81 to 101 Down lambs , *SO-56) to 191 ; 91 to Hi Fine lamW ' • *36-50) 171 to 191 8’ to 12 Seedy affji inf. 12 to 15 ■ 5 to 71 . Bellies pieces— Crpssbjjed good •to super 14 to 16 6 to 71 Low ' 101 to 13 5 to .51 Crutching-£- ’ ’ ■ Med. to good 151 to 163 61 to 73 . Inland-seedy 11 to 13 5 to 51 * Locks— ■ ' Crossbred .. 91 to 101 41 to 5 SECOND AUCKLAND SALE ; —r—— OFFERING OP 27,000 BALES IN GOOD CONDITION ’ ' tTHE PRESS Special Service.] ;' 1 * ' AUCKLAND, January 21. .P®.second Auckland wool sale will 1 place on Monday, when 27,000 MJej;'wjii be offered. The clip is of quality,, and has opened up in euoa-qojidition, and as a consequence m M.warme r weather before Christ(k..’a. lgreater proportion is heavier • -2!®. a t the first sale. Some of the . a“-ySfe,jlighter, but it was shorn at the previous auction, and , •faiJ'ifSffi'Sut. As usual, there is a tits -0 ™ . Jof tambs' wool. The bulk ottering is, medium crossbred, there is a fair percentage of sen The obscurity of the rea8M fw J § pan not operating at Napier -of i£!^ an .® anu i has created a feeling in Auckland. It apthat Japan is holding off whp ro v*® ' sales in the South Island, Main >®h 0 , ’should . operate strongly However, it is mt S™/ aa Bradford and the Contin- : -t. ou t of the earlier sales jbjMfaaV *°f, the apparently limitless . Japan, they have by no , # their quotas, and the ,ag /rom these quarters as well , Penßfo States should qomJapE for the withdrawal of .SOmSAk, , e consensus of opinion a is that levels will be on , those at Wanganui.: ■ /W ITALIAN FIBRE If'* 5® EBS ASSOCIATION—COmUGHT.) NEW YORK, January 20. ..beg , announced that importation has new artificial wool from \ 4o’ J v‘‘Cisalfa.” It is selling at paid.-. i ■ see a good possibility of •-Jar® Top makers, and knitters are also interest.

INFERIOR MERINOS EASIER FREQUENT WITHDRAWALS IN LONDON OTHER TYPES SELL WELL LONDON, January 20. At the wool sales, 8992 bajes w srt offered, including 3342 from New Zea land. A total of 7599 were sold. There was a moderate selection. A 1 wool sold well, mainly to the Hom< trade, with the exception of inferioj merinos, which were frequently with drawn. New Zealand lots sold a: follows; Greasy . crossbred, top price 20d, average 17|d. FIRMER TENDENCY lb SYDNEY SOME DESCRIPTIONS STILL IRREGULAR (UNITED PRESS ASSOCIATION —COPYRIGHT.) SYDNEY, January 21. At the wool sales 12,471 bales were offered, 9961 were sold at auction, an< 1873 privately. There was good general competitiox with a firmer tendency, but there wa: still much irregularity in ordinary fleece and lower . class skirtings. The top price was 333 d for fivi bales of lambs’ wool; which is a sea son’s' record for the Sydney marke for this description. SHIPMENTS TO JAPAN CERTIFICATE OF ORIGIN STILL REQUIRED (PRESS ASSOCIATION TELEGRAM.) WELLINGTON, January 21. Advice has been received ifrom the Consul-General of Japan in Sydney oi the following satisfactory conclusion ol the negotiations for a settlement of the trade dispute between Japan and Australia. An Imperial Japanese ordinance, promulgated on June 25, 1936, providing for the production of certificates of origin for goods exported to Japan, has been abrogated as from January 1, 1937. Consequently, it is no longer necessary for consignees of New Zealand produce to provide the certificates of origin required by the ordinance. A certificate of origin for wool shipped from New Zealand to Japan is still necessary. COMPANY NEWS THOS. COOK AND SON (BANKERS), LTD. The latest balance-sheet of Tho: Cook and Son (Bankers), Ltd., show: a high degree of liquidity. The pub. lished reserve is £125,000, and is equa to the paid-up capital. Substantial in. , ternal reserves have been furthei strengthened as a result of the las’ year’s operations. The total assets oi £4,332,009 include caih-on-hanc £707,411, remittances in -transit £210,740, at call £435,000. bank deposits £1,953,124 and British, Indian and Dominion Government securities £554.618. WELLINGTON TRUST LOAN (PRESS ASSOCIATION TELEGRAM.) WELLINGTON, January 21, The Sum to the credit of the profit and loss appropriation account of the Wellington Trust Loan and Investment Company, Ltd., together with ar amount of £5048 brought forwarc from the previous year, amounts tc £13,547, from which £3125 has beer paid as interim dividend at the rate of per cent, for the half-year endec June 30, 1936, The directors recommend a further dividend at the rate of 3 per cent, for the half-year endec December 31, making per cent, foi the year, and that the balance, £5266 be carried forward. BUILDING SOCIETY ACTIVITIES CHRISTCHURCH WORKING MEN’S GROUP ANNUAL MEETING OF ' SHAREHOLDERS The annual meeting of shareholder! of the Christchurch Working Men’; Co-operative Building Society, No. 2 was-held In the Young Mens Christian Association rooms last the”chairman of directors, Mr S, Marriott, presiding over a fair attendance In presenting the twenty-sixth annual report of the No. 2 group, the chairman said the directors regiettec that it had been impossible to complete the winding-up of the group because of unforeseen circumstances in to recent mortgage legislation. The profit and loss account s h°we;d an increase of £2B 18s sd, and the total ir credit was now £ lißo 4s. Expenses had been kept down to the I P in ™ u {“ and the earliest opportunity would be taken to close up the group. The. report and balance-sh .et were a( The thirteenth annual report of No 3 group stated that during the yeai £2343 12s lid had been repaid tt shareholders from capital. The existing legislation, which had been m force for some time, and the, difficulties encountered by some members

RESERVE BANK FIGURES WEEKLY STATEMENT ASSETS AND LIABILITIES (PRESS ASSOCIATION TELEGRAM.) WELLINGTON, January 21. A Grazette issued to-night contains the following statement of the assets and liabilities of the Reserve Bank of - New Zealand as at the close of business on January 18: — Liabilities £ s. d. (1) General reserve Fund .. 1,500,000 0 0 (2) Bank notes .. 13,212,490 10 3 (3) Demand liabilities—(a) State .. 4,334,848 0 0 (b) Banks ... 11,061,083 11 4 (c) Other ■. 1,410,396 14 3 (4) Time deposits (5) Liabilities in currencies other than New Zealand cur(6) Other liabilities 132,284 16 0 Total .. .. 31,651,103 11 7 Assets (7) Reserve — (a) Gold 2,801,790 0 0 (b) Sterling cxchange .. 17.693,981 2 1 (c) Gold exchange s (8) Subsidiary coin .. 155,118 6 2 (9) Discounts—(a) Commercial and agricultural bills (b) Treasury and local body bills (10) Advances—(a) To State or State undertak- » ings—(l) Dairy industry account . • 5,963,163 8 1 I (2) For other pur- [ poses .. 1,800,000 0 0 r (b) To other public authorities .. 3 (c) Other .. , (11) Investments .. 3.164,315 9 1 ' (12) Bank buildings (13) Other assets .. 72,735 6 2 j Total .. .. 31,651,103 11 7 Proportion of reserve (No. 7 less No. 5) to notes and other demand liabilities, 68.276 per cent, FOREIGN EXCHANGES

The Associated Banks (other than the Bank of New Soyth Wales) quoted the following dollar rates yesterday, on a New Zealand currency basis. They are subject to alteration without notice:— U.S.A. Canada. (Per £1 N.Z.) Dol. Dol. Selling— T.T. .. •. 3.933 3,933 O.D. .. .. 3.933 3.94 i Buying— T.T. .. .. 3.97 3.97 i O.D. .. •• 3.981 3.983

1 MINING RJMU DREDGE (PRESS association telegram.) ; HOKITIKA, January 21. ; The Rimu dredge return is 299.90z, ' for 132 hours’ work. i ■ . [ : THE METALS MARKETS i • LONDON, January 20. I Jan. 19. Jan. 20. ■ Copper— £ s. d. £ sd. . Standard, spot 50 7 6 51 14 4| Forward .. 51 9 4J 51 15 7i Electrolytic,. 55 0 0 56 0 0 to .. 56 0 0 57 0 0 Wire bars .. 56 0 0 57 0 0 Le Spot .. 26 11 3 27 6 3 Forward .. 26 11 3 27 2 6 .. 20 5 0 21 5 0 Forward .. 20 10 0 21 6 3 Tin— Spot .. 229 12 6 229 12 6 Forward .. 230 5 0 230 2 6 Silver— Fine, per oz. 20Jd 20gd Standard, per oz. .. 22 Jd 22d PRICE OF GOLD 5 LONDON, January 20. > Gold is quoted at £7 Is a fine . oz. ; PRICE OF SILVER [ (BRITISH OFFICIAL WIRELESS.) ; RUGBY, January 20. ; Silver is quoted at 20gd a fine ounce 1 for spot and 20jd for forward. i had had the effect of reducing the ini come somewhat. The balance to the credit of the profit and loss account > was £4077 5s sd, an increase of £lB9 10s 9d on the previous year. ; The report and balance-sheet were adopted. , , , The following directors were elected: • Messrs W. Bell, W. H. Chaplin, S, Mari riott, and W. J. McCullough. The question of forming a new group i was discussed, and a resolution was • carried requesting the directors to con- , sider the matter.

(BRITISH Ofl>IUiL WIRELESS. ) RUGBY, January 20.* Par. Jan. 19. Jan. 20. Paris, fr. to £.1 New York, 124.21 105 9-64 1051 dol. to £1 Montreal, 4.866 , 4.90 15-10 4.90 13-16 dol. to £1 4.866 4.912 4.911 Brussels, belgas to £1 Geneva, 35 29.12i 29.122 Jr. to £1 25.2215 21.384 21.381 Amsterdam, A. to £1 Milan, lire 12.107 8.961 8.161 to £1 Berlin, relch82.40 93 9-10 93 9-32 marken to £1 29.43 12.20 12.20 Copenhagen, kr. to £1 Stockholm, 18.159 22.40 22.40 kr. to £1 18.159 14.341 14.341 Oslo, kr. to £1 18.159 19.90 19,90 Vienna, schgs. • to £1 Prague, 34.585 261 26! kr. to £1 Helsingfors, 164.25 140J 140J marks to £1 193.23 2263 2263 Madrid, pesetas to. £1 25.2215 — — Lisbon, escudos to £1 110 110 3-16 110 3-16 Athens, drach to £1 Bucharest, , 375 5471 547! lei to £1 483.6 670 670 Belgrade, dinars Kio de Janeiro, 25.2215 213 2138 pence to ■ v milrcls Buenos Aires, 4.809 41 41 pence to dol. • Montevideo, 81 -.W- — pence to dol. • 392 392' Bombay, pence to rupee Shanghai, 19 18 9-64 18 5-32 pence to dol. * 14 9-16 14 17-32 Hong Kong, pence to yen Yokohama, ' * 15 15 pence to yen Batavia, * 14 1-64 14 guilders 12.107 8.921 8.921 Warsaw, par zlotys to £1 43.36 — — •Determined by price of silver. DOLLAR MARKET RATES