FARMING & COMMERCIAL

Dominion, Volume 16, Issue 174, 11 April 1923, Page 10

FARMING & COMMERCIAL

NEWS AND NOTES

AUCTION SALES FORTHCOMING FIXTURES. TO-DAY. 157 Larnbton Quay, Wellington, 10.30 a.m. —Furniture sale (Johnston and Co) Levin, 12 noon —Sale of dairy stock, horses and implements (N.Z. Loan Co.) Jahnsonville Yards', 1 p.m. —Stock sale Dominion Avenue, Wellington, 2 p.m.— Sale of pianos, furniture, eac. (Vine and Wilson). 195 Lambton Quay, Wellington, 2.30 p.m. —Property sale (Harcourt and Co.). Featherston Street, Wellington, 2.30 p.m. —Property sale (Bethune and Co.). TO-MORROW. Tinwald Saleyards—Stock sale (N.Z. rarmors’ Co-op Association, Ltd., National Mortgage and Agency Co., Ltd.). a Bulls, 12.30 p.m.—Flock House Station cattle sale (Abraham end Williams, Ltd., Levin ai?d Co., Ltd.). t Te Horo Yards—l p.m.—Stock sale. Martinborough, 2 p,m.—Land sale (Wright, Stephenson and Co.). 195 Lambton Quay. Wellington, 2.30 p.m. Property sale (Harcourt and Co.). FRIDAY. Ractihi, 11 a.m.—Land eale (The N.Z. Farmers' Co-op Distributing 0.. Ltd.). North Manakau, 12.30 p.m.—Sale of Cairy stock (Abraham ,and Williams,

Raeti'hi. 12.45 'p.m ,-t-Land Sale Abrahnn and Williams, Ltd.). 157 Lambtan Quay, Wellington, 1.30 p.m —Sale of carpets (Johnston and Co.). 93 Upland Road, Wellington, 1.30 p.m —Furniture sale (Johnston and Co.). FARMING INTERESTS LONDON DAIRY PRODUCE MARKET BUTTER PRICES IRREGULAR. The National Dairy Association of New Zealand Ltd. have received the following cablegram from their London office, dated April 7: — “Butter. —Market depressed, and prices very irregular fell to 1705.; recovered yesterday to 1745. for salted and 184 s. for unsalted. Australian, 1645. to 1705.; Argentine, 1565. to 1705.; Danish, 182 s. io 184 s. Cheese.—Market firm for stocks available. New Zealand, white 1365. to 1385., coloured 138 s. to 140 s. Lower prices expected. CANTERBURY PRODUCE MARKETS BY TBLEGEAPH—PRESS ASSOCIATION. Christchurch, April 10. There is no change to report from the week-end in regard to ordinary grain and seed lines. The oat market

is quiet. The potato crops dug in a number of districts are turning out somewhat disappointingly. The proportion of seed is unduly large. Growers, as a result of the smaller yields, are disposed to ask higher prices. Blight is reported to be fairly general on tho heavier growing lands; Potatoes have been sold at up to £4 2s. 6d. per to non trucks for the south, but this figure is beyond the general qu«*2tur.t, which is about #3 12s. 6d. to £3 17s. 6d.

COMMERCIAL ITEMS

WELLINGTON STOCK EXCHANGE YESTERDAY'S BUSINESS AND PRICES At the morning call yesterday sales wore reported of Wellington Gas shares (£lO paid) at £ll 155., and New Zealand Insurance shares at 28s- 9d. At the afternoon call a sale of W. M. Bannatynp and Co.’s shares at 295. 9d. was made on ’Change. Gilt-edged securities were quiet. For the 4| per I cents., the Government price of £S)7 I was offered; which means that there were no private investors in the market. The 5 per cents, .were in demand at £97 10s., and tho 5i per cents, at £lOO 10s. Bank shares were firm with an upward tendency. Commercial Bank shares were in demand at 365-, and National Bank shares at £6 9s. 6d. Bank of New Zealand shares were Gd. dearer at £2 17s. 3d., and Union Bank shares were Is. 6d. higher at £l4 ss. Shares of financial companies were firm and unchanged. Gas shares were steady. Gisborne Gas shares were in demand at 12s. 6d. Insurance shares were firm. National Insurance shares were 6d- higher at £3 15s. 6d., New Zealand Insurance shares were unchanged at 28s. 6d., and Standard Insurance shares were a shade higher with buyers at £1 14s. lOd. Meat shares were unchanged. Gear bleat shares were on sale at 465. There were buyers of Huddart-Parker ordinary shares at 40s, 9d., and 'Westport Coal at 375. 3d. In tho miscellaneous section there were offers of £4 15s. for Maiming and Co. brewery shares, and £2 18s. 6d., ex dividend, for the New Zealand Drug shares. Ward and Co.’s shares were on sale at 375. 3d., Wellington Cordage Co. at 21s. 6d,, Wilson’s Cement shares at 255., and Wellington Racing Club debentures at £lO9.

Yesterday’s buying and selling quotations were as follow:—

COMPANY REGISTRATIONS

FOR THE FIRST QUARTER

During tho past month 20 joint stock companies were registered in New Zealand, and of these 16 were private concerns, and 4 public companies. the capital of the latter being £230,000, and of the former £83,200. The registrations during the first three months of the current year were as follow: —

It will be noted that in the throe months the capital of' thp eleven public companies was registered at £1,571,000, but the bulk of this was in respect of two companies, tho Mercantile and General Insurance Company accounting for £1,250.000, and the New Zealand Guarantee Corporation for £200.000, or a total of £1,450,000, the capital of tho other nine companies being £121,000.

THE BUTTER MARKET RETAIL PRICE REDUCED The wholesale price of butter was yesterday reduced by Id. per lb., and tlip retail price is now Is. 10d. There is no change in the butter position in London, the market appears to be steady at 1745.. which is equal to about Is. sd. per lb here. There is a demand for butter from Australia at Is. 7d., and Salps wore made at that

price yesterday. A great deal more business can bo done with Australia at Is. 6d., but of course that price cannot bo accepted just now. Oho Australian demand is a temporary one, owing to the drought conditions, but rain has fallen recently, which may make a difference to the Australian demand shortly. Tho cheese market is wpak, but there is no further fall in values, although that may be expected when Canadian supplies come on the market in volume.

BANK OF ENGLAND RETURN - i Australian-New Zealand Cable Aaaoeiatinn London, Anvil 5. The Bank of England return for the week ending April 4 ia as under: — Issrv Dkp ahtment. Notes issued £124,096.000 Gov. debt ...£11.015,000 Other sccuri-

PRICES OF METALS. (Rec. April 11, 0.5 a.m.) London, April 9. Copper. —On spot, £73 6s. 3d. uer ton ; three months, £74 Is. 3d. Lead. £27 17s. 6d. and £27 15s. Spelter, £33 17s. 6d. Tin, £213 18s. 9d. and £214 17s. 6d. Bar silver, 32 l-16d. per ounce standard. CUSTOMS REVENUE.

Customs revenue collected at the port of Wellington yesterday totalled £17,838.

Buyers. £ s. d. Boltem. £ b. d. WAR LOANS44 p.c. Insc. Stock. 1939 97 0 0 _. 4i p.c. Insc. Stock, 193S — 97 10 0 54 p.c. Insc. Stock, 1933 too 5 0 — 4J p.c. War Bonds. 1938 97 0 0 5 p.c. War Bonds, 1933 100 10 0 , 5 p.c. P.O. Bonds 1927 97 10 0 5 p.c. P.O. Inac. Stock. . 1929 97 0 fl 9710 0 5 p.'*. P.O. IrMJC. Stock, 1927 9710 0 • BANKS- . Australasia. — 13 10 0 Commercial (ord.) ...... 1 16 0 National 6 9 6 6 11 0 New South Wales 38 0 0 New Zealand 2 17 3 Union 14 S 0 FINANCIALAbraham and Williams (ord.) — 4 5 0 Dalgety and Co 12 6 0 Wellington Invest — o io o Well. Trust Loan 514 n GASAuckland (paid) — 16 0 Gisborne 0 12 9 Wellington (ord.) 11 12 6 — INSURANCENational 3 15 6 Now Zealand 1 8 6 1 8 9 - 1 18' 6 Standard 1 14 10 MEAT FREEZING— N.Z. Rcfrlg. (10a.) — 0 14 2 dear - 2 6 0 Well. Meat Ex. (£5)... — » 412 r. Ditto (£3 12b. fid.) ... — 3 1 0 TRANSPORT-Huddart-Parker (ord.) 2 0 9 2*6 COAL— Westport 117 3 — Westport-Stockton 0 9 0 z Waipa 0 17 0 TIMBERTaringamutu 1 11 0 — MISCELLANEOUSC. M. Banks, Ltd. 12 6 1 4 6 Manning and Co 4 15 0 5 0 0 Newton King, Ltd. 10 0 N.Z. Drug Co. (x.d.)... 2 18 6 Ward and Co —— 1 17 3 Well. Cordage Co — 116 Wilson’s Cement —— 15 0 Well. Rae. Club Deb. 109 0 0 W. M. Bannatyne and Co — 1 10 6

• Capital No. £ January 18 135 438 February 45 1,483 270 March 20 313 ‘>00 83 1,931,908 The distribution of tho capital was as follows: — £ 11 Public companies ... 1,571,000 70 Private companies 346,908 2 Dairy companies ... 14,000 1,931,908 Tho four public companies registered in March and whoso capital totalled £230,000 were as follow: — £ N.Z. Guarantee Co. (Wgtn.) 200,000 Electrical Engineering (Wgtn) 10 000 Mt. Somers Coal (Chch.) ... 10.000 Waipukurau Theatre Co. ... 10,000 230,000

Notes in ties 7 431000 reserve 20.036,000 Gold 125.6B3.000 £144132.000 £141.132 000 Banking Department. Proprietors’ Gov. sccuricapital ...£14553.0:10 ties £48.504.000 Public de- Othersecuriposits 22.612.000 ties 73-015.000 Other de- , posits ...104.477.000 Notes m Post. 7-day reserve ... 200.6.0)0 and other Coin in bills ... 3-123.000 reserve ... 3.120,000 £144.765.000 ‘ £144-765.000 The leading items of the Bank of England return afford the following comparison:— This week Last week Last year Bullion 125.683.000 125.6S3.000 127.046.000 Reserve 23.156.000 22.819.000 24.432.000 Note Circuliitionl24.0!16.000 124.437.0(3) 122.b07.000 PublicDeposits... 22.612.00(1 35.678.000 24-163.000 OtherDoposits— 104.477.000 97.030-01'0 122.365.000 Proportion of reserven to liabilities ••• 18.22 1».19 16.60 GOVERNMENT SECURITIES. Following are latest Quotations for Imperial and Colonial Government securities. Stock This Week Last Week. 247. Imperial Consols 34.. War Loan 5 .. War Loan 1920-17 34 ,, Conversion Loan Aus.-Commonwea.lth 6 ,. Aus-Conimonwoalth 4 ,, N.S.W. 1933 Jan.-July 3 „ N.8.W. 1925 Apl.-Oct. 34 „ N.S.W. 1930-50 Ja.-Jly. 5$ ., N.S.W 1922-32 May-No. 6 ., N.S.W. 1922-32May-N GJ„ N.S.W. 1930-40 Fe-Au, 34.. Vic. 1921-6 Jan.-July 34.. Vic. 1929-49 Apl.-Oct. 3 ., Vie. 1929-49 Jan.-July 54.. Vic. 1930-40 Jan.-July 34„ S.A. 1939 Jan.-July 31.. S.A. 1916Jan-July 61 „ S.A. 1930-40. Feb-Aug. 4 , QTd. 1924 Jan.-July 3 ,. Q'ld 1924 Jan.-July 34 „ QTd, 1930 3 ,. QTd. 1922-47 Jan.-Jly. 6 .. Q'l’d 1930-40, Feb-Aug. 4 ,. N.Z. 1929 May-Nov. 34 „ N.Z. 1940 Jan-July 3 ., N.Z. 1945 April-Oct. 0 „ N.Z. 1036-51. Feb.-Aug. 34.. W.A. 1920-35 My.-Nov. 3 ., W.A. 1915-35 My.-Nov. 6 „ W.A. 1930-40, Jan.-July 34.. Tas. 1920-40Jan.-July 3 ,. Tas. 1920-40 Jan.-July OJ .. Tas. 1930-40. Feb.-Aug. £ s. d, 69 10 0 95 10 0 102 5 0 79 0 0 101 17 6 105 0 0 ill 0 0 80 0 0 76 7 6 1(0 5 0 103 10 0 107 10 0 97 0 0 79 0 0 72 0 0 102 12 6 83 7 6 61 10 0 107 10 0 98 10 0 97 10 0 89 0 0 68 10 0 105 0 0 04 7 6 84 0 0 75 0 0 109 0 0 85 10 0 79 0 0 105 7 6 84 0 0 76 0 0 107 12 6 £ s. d 59 fl 0 95 10 0 102 0 0 73 5 0 102 5 0 105 0 0 91 0 0 80 0 0 76 7 6 102 5 0 105 15 0 107 10 0 97 (I 0 78 12 6 71 15 0 102 12 6 62 15 0 61 10 0 107 10 0 1'8 7 6 97 10 0 89 0 0 68 10 0 105 0 0 95 15 0 63 15 0 74 15 0 109 0 0 8‘i 10 0 79 17 6 105 10 0 83 10 0 76 0 0 107 1-3 6 MONEY MARKET. The Bank of England discount rate is 3 per cent., to which it was reduced from 34 per cent, on July 15. OPEN MARKET RATE. The open market rate for three months bills is nominally 2i per cent., as compared with 2 3-16 per cent, last week. and 34 per cent, last year. Short loans are quoted at 13 per cent., as against 11 per cent, last week and 2i uel cent. I»ct. war

EXCHANGE RATES. Aus.-N.Z. Cable Assn. (Rec. April 10, , 5.5 p.m.) London. April 9. Foreign rates of exchange on April 9, a a compared with par rates, or as averacred first half of 1914, are as follow:— Apr. 9 Apr. 6 Par. New York, dols. to £1 4.66* 4.66J 4.86 2-3 Montreal, dols. to £1 41754 4.754 4.86 2-3 Paris, francs to £1 ... 69.15 71.30 25.223 Stockholm, knr. to £1 17.56 16.65 18.159 Christiania, knr. to £1 25.90 25.75 18.159 Copenhagen, knr. ta £1 24.50 24.48 18.159 Berlin, marks to £1 ... 97.500 97,500 22.43 Rome, lira-to £1 933 93J 22.231 Yokohama, ponce to yen 25 25 24.43 Calcutta, pence to rupee 16J 164 25 Hong-Kong, pence to dol. 273 28H 25