Farm and Commercial Section

Dominion, Volume 22, Issue 264, 3 August 1929, Page 14

Farm and Commercial Section

LATEST REPORTS from ALL CENTRES

AUCTION SALES TO-DAY. The Grange, Wades town, 1.30 p.m.—Sale of building material (C. W. Price). TUESDAY. Beach Bead, Waikanae, 1.15 p.m.—Sale of furniture aid effects (Hamsey Wilson and Co.) 8 Willeston Street, 1.30 p.m.—Sale of corrugated iron (E. Johnston and Co.) 8 Willeston Street, 1.30 p.m.—Sale of porcelain baths (E. Johnston and Co.) 2 Hawker Street, 10.30 a.m. —Sale of 5seater car (E. Johnston and Co.) Levin. —Stock sale. THE PRODUCE MARKETS BUTTER AND CHEESE LONDON QUOTATIONS. Australian Press Assn.—United Service. London, August 1. Butter. —Market quiet- Choicest salted New Zealand, 170 s. to 172 b. per cwt.; Australian. 1665. to 1675.: uuoalted practically the same; Danish, 1725. Cheese.—Market dull. New Zealand, white 80s., coloured 00s. No Australian. Messrs. Dalgety and Company. Limited, have received the following market advice from their head office, London, under date August 1 (last week’s quotations shown in parentheses) :— “Butter. —Market slow. Danish, 170 s. to ' 1725. (1725. to 1745.); New Zealand finest salted, 1695. to 171 s. (170 s. to 1725.); Australian finest unsalted, 1625. to 160 s. (1635. to 1675.); Australian finest salted, 1625. to 160 s. (1625. to 1665.); Australian G.A.Q., 1565. to 158 s. (1565. to 1605.). "Cheese —Market slow. Australian white, 85s. to S6s. (88s. to 80s.); Australian coloured, 87s. to 88s. (80s. to 00s.); New Zealand white, S6s. to 87s. (88s. to 905.); New Zealand coloured, 90s. to 91s. (80s. to 905.): spot price for Canadian white, 80s. to 87s. (88s. to 895.): spot price for Canadian coloured, 90s. to 91s. (00s. to 915.); c.i.f. price ’for Canadian, 85s. to 87s. (88s. to 80s.).” Mr. G. A. Mills has received the following cabled advice from Messrs. A. J, Mills and Co., Ltd., London, under date August 1:— Butter. —The market Is quiet. New Zealand finest, 170 s. to 1725.; New Zealand first, 109 s. to 1705.; Danish, 170 s. to 1725.; Australian, 103 s. to 1675.; Irish, 1645. to 1665. Continental market unchanged. Cheese.—Thij market is weak. New Zealand white, 85s. to 865.; New Zealand coloured, 80s. to 905.; Canadian c.i.f.. Westerns 85s. to 865., Easterns 83s. to Sis. BRADFORD TOPS MARKET Australian Press Assn.—United Service. London, August 1The Bradford tops market is very quiet, crossbreds tending to be easier. Quotations: 64’s 39}d„ 60’s 36d„ 50’s 29J<1., 50’s 25<L, 40's 21fd., 40’s 20d. SKIN, HIDE, AND TALLOW SALES The fortnightly sales of sheepskins, hides, tallow and sundries were held before a large attendance of buyers. The brokers report that the demand for sheepskins was irregular, prices for dry skins being par to id. per lb. easier, with the exception of fine wools, which were well up to the level of last sale's values. There was fair competition for all grades and descriptions of hides. Light ox and cow were in request and sold id. per lb. better. Mediums and heavies depreciated by 4d. per lb. Kip and yearlings were a little easier, while calf, 6/8 lb., sold on a par. Calf, 1/5 lb., were lower by Id. per lb. Cut, slippy and Inferior grades sold at correspondingly lower prices. Tallow was in good demand, prices being unchanged.

The following is the range of prices:— Sheepskins.—Halfbred. B}d. to 12Jd.; fine crossbred, lOd. to 12}d.; medium crossbred. fid. to Hid.; coarse crossbred, Bd. to IOJd.: half-wools, 7d. to IOJd.; quarterwools, 74d. to Hid.: pelts, 7fd. to 10td.: quarter-wools, fis, lOd.; half-wools, 6s. to Bs.: three-quarter-wools. 7s. lOd. to 95.: full-wools, Bs. fid. to Ils.; lambs, 4s. to ss. Id. Hides.—Ox: 33-441 b„ 7 5-Bd.; 45-521 b„ 7d. to 7 5-Sd.: 53-591 b., 6d. to Bd.; 60-691 b.. 7d. to fid.; 701 b. and over. 7 3-Bd. to B}d. Cow: 33-39111., 6d. to 8(1.; 40-481 b, 6 l-Bd. to Bd.; 491 b. and over, 4d. to 7d. Kip: 21-3211)., 6 5-Sd. to 8 l-Bd.; ■ 17-241 b, 74(1. to 93d. Yearling: 11-lGlb., 7)d. to lOd. Calf: 9-101 b, fid. to Old.; 6-81 b., lid. to 14Jd.; l-51b.. 12}d. Tallow.—Tn casks, 275.; in tins, 14s. to 275. Gd. Cow tails, 18d. FROZEN MEAT Messrs. Dalgety and Company have received the following report from London, dated August 1:— “Lamb.—New Zealand prime Canterbury lamb, 28-361 b., BJd.; North Island lamb, 28-3611)., Sid.; Canterbury lamb, 36-4211)., Bd.: North Island lamb, 3C-421b., 7Jd.; Canterbury lamb, second quality, 8 l-Bd.; North Island lamb, second quality, 8 l-Bd.; Canterbury lamb, 42-501 b., 7 7-Bd.; North Island lamb, 42-501 b., 7]d. Market weaker, demand poor. “Mutton. —New Zealand prime Canterbury mutton, 48-561 b fild.; North Island mutton, 48-561 b.. 6}<l.Canterbury mutton, 50-C4lb., fid.: North Island mutton, 56-64 lb., sfd.; Canterbury mutton, 64-721 b.. 5 3-Bd.; North Island mutton, fi4-721b., 51d.; Canterbury ewes. 48-6411).. 4 5-Bd.; North Island ewes. 48-641 b., 4 5-Bd. Market weak; demand poor. “Beef. —Argentine chilled hinds, 7 l-Bd.; fores. 3 7-8(1. “Pork. —New Zealand porkers, 80-1001 b., 7Jd.; English porkers, 80-1001 b., lOd. to lid.” Messrs. M. A. Eliott Ltd., Palmerston North, have received cabled advice from London of the following Smithfield prices for the week ended August 2. These pric(v are on the “delivered” basis, that is, including storage charges, cartage, etc.: — Best North Island prime lambs, under 3C lb.. 8-ld.; 3fi-421b„ 8 l-Bd.; 42-5011)., 8(1. Ordinary North Island iambs, under 421 b., BJd.; second quality, under 421 b., S|d. Best North Island wethers and/or maiden ewes. 48-S(JIb. and sfi-fi4lb., o}d.; 64-7211). and over 721 b., 51d. Ordinary North Island wethers and/or maiden ewes. 48-56 lb. and 50-641 b„ fi l-Bd.; 64-721 b. and over 721 b., 5 3-Bd. North Island ewes, under 641 b.. 4 7-Bd.t 64-721 b. and over 721 b.. 4 3-Bd. New Zealand prime ox beef (equal fores and hinds). l(5O-22Olb.. 4 5-Bd. Remarks: Prime, par to id. lower. Second lamb, no chancre. Light-weight wethers, id. lower. Heavy-weight, no change. Ewes, no change

' DOMINION MARKETS DUNEDIN. Dominion Special Service, Dunedin. August 2. There is very little change, in the wheat market. Millers complain that the demand for Hour has fallen off considerably and that their stocks of wheat will be more than sufficient to see them through to next harvest. Quotations remain unchanged at 5s 9d for Tuscan on trucks at country sidings, sacks extra, with os. for Hunters and 6s. Gd. for Velvet. Fowl wheat is also slow of sale and odd lines only are being placed from the stores at us. 9d. per bushel, sacks extra. The oats market continues quiet. An order is received now and again for lines for August, delivery, these being required by merchants to cover forward commitments. Sales are reported from Canterbury at 3s. ad. f.o.b.s.L. this price being a slight improvement on that ruling during the past month. A Gartons are worth nominally 2s. 10d. per bushel, sacks extra at country sidings, with B s at -s. 7d. These quotations are of little interest to farmers, who have now few oats for sale. Wet weather is affecting the supply of Shall and the market is firm at £6 per ton, sacks extra, ex store for best quality. Stocks arc now on the light side, but with an improvement in weather it is expected that further consignments will be arriving from the surrounding districts and Canterbury. Considerable interest is at present being displayed in the potato market. It is difficult, however, to follow the trend of the market as there have been advances in price with now and again a weakening. Shipping values in Canterbury are little easier and a very large shipment of potatoes went to Auckland at the beginning of the week by the Waipiata. The tubers arrived to a bare market, but it Will be a week or two before there is a further demand from that quarter. Seed markets aro experiencing a quiet time It will not be long, however, before the spring demand commences. No movements in prices are expected until the spring trade is in full swing. Fruit Market. —Supplies of choice apples have eased off considerably and prices, especially for Delicious, show a slight improvement. Sturmers of medium quality are in fair supply, but retailers are confining their attention mostly to choice quality. Cookers are in good supply and prices are low, with the exception of those for large fruit. Pears are in short supply. The Samoan bananas which arrived by the Maui Poniare are ripening well and retailers in Dunedin are quite satisfied with their purchases, A line of Fijian bananas is expected on August 13 from Auckland by the Waipiata, transhipped from the Tofua. CANTERBURY. By Telegraph—Press Association. Christchurch, August 2. The potato market has not altered since midweek. The Waipiata’s heavy shipment yesterday was responsible for a-subsequent lack of inquiry. Prompts were sold yesterday in an odd case or two at £7 15s. and this morning at £7 17s. 6d. A_ugu_st/Septerabers were ranging at £7 17s. fid. and £B, but this afternoon there was some revival of inquiry from the North and business was being done at the higher figure. Prices to fanners range at £6 12s. 6d. to £6 15s. The Waipiata took 6000 sacks from Tlmaru and 3905 (including some seed) from Lyttelton. This full cargo was something of a surprise to a section of traders who anticipated that the impending deliveries on account of the wet weather aud also the general scarcity would result in short arrivals for the boat. However, it is understood that all the potatoes called for came to hand. The Kurow is booked to leave at the middle of next week. Between SOO and 900 sacks are being shipped to Sydney early in the week by the Karetu, these being for ships’ stores. The wheat pool price has been advanced in accordance with the monthly increment consequent on storage costs, and Tuscan is now quoted by the pool at 6s. 4d. f.o.b. There is very little non-pool wheat about but at the moment there is little Inquiry. Pool wheat was sold before the end of last I month at fis. 3d. f.o.b. sacks extra. The nominal price of free wheat to farmers on trucks Is ss. fid. a bushel. The market is firm, the hardening abroad having an indirect Influence in this respect. Fowl wheat has firmed during the week, being quoted at ss. B*’d. to ss. 9d. f.o.b. for prompt. Oats are also n shade better, although little Is doing. A Gartons are worth 3s. sd. f.o.b.s.L and B’s 3s. 3d. to 3s. 5(1. Chaff remains unaltered at £6 2s. fid. f.0.b.5.1. or to £4 ss. on trucks. LIVE STOCK SALES FEILDING Dominion Special Service. Feildin?, August 2. A medium yarding in all classes came forward for the Feilding stock sale to-day. Prices for fat sheep were on a par with the previous week’s rates, but partly owing to the inferior quality of some of the store lines offering prices for stores receded. Dairy cattle again found an unsatisfied market, especially for good cows and heifers. Fat cattle brought very good prices, showing an increase in buyers’ limits. Store beef cattle were sought, the yarding being insufficient to meet the demand. Prices were: —Fat sheep and woolly lambs, 255. to 305.; b.f. lambs, 10s. 2d. ro 235. lOd.; fat ewes, 245. ld‘ *to 295. 4d.; maiden ewes. 295. 9d. to 31s. Gd.; fat wethers. 335. to 375.; stores, two, four, six-tooth ewes in lamb to Southdown rams, 365.; two-tooth ewes in lamb to Romney rams, 325.: mixed aged ewes in lamb to Southdown rains, 20s. fid.; empty ewes from 7s. 9d. to 125.; ewe hogget, 21s. lid. to 295. 3d.: b.f. lambs, 14s. 9d.; wether lambs, 245. and 245. 4d.; forward ewes. 145.; mixed aged wethers, 275.; two-tooth wethers, 275. lOd. In the dairy stock section a special line of springing heifers, sold on behalf of Mr. Redmayne, brought £9 to £l4. Other lines sold from £5 10s. upwards, and the best lines at £l4 to £l5 10s. Cows in calf sold from £5 to £9 10s., and for the best £l3 10s.; stores, Jersey store cows, £3; other breeds from 20s. to £3 17s. fid. A line of P.A. heifers in calf to P.A. bull sold at £l2 19s. Fat Cattle.—Cows, £6 15s. to £9 18s.: heifers, £10; bullocks, £lO 17s. to £l6 17s. 6s. CARTERTON. Messrs. Dalgety and Co., Ltd., report on yesterday’s Carterton sale as follows:—“A small yarding of cattle and pigs was submitted to the usual attendance of buyers. Competition was on a par with recent sales, a clearance being effected at the following prices:—Brood sows, £3 to £4 55.; ! dairy cows close to protit, £10: empty cows, £3 18s. to £5 65.; empty heifers, £4 2s. 6d. to £5 55.; Jersey bull, £B. The W.F.C., Ltd., report on the Carterton sale us follows: “We offered a good entry of cattle and pigs and one pen of sheep to a good attendance of the public. The competition for all lots was keen. We effected a good clearance at the following prices:—95, 27 weathers, 30s. fid.; good dairy cow, just calved, £l4 155.; 7 medium weaner heifers, £4; 1 ditto, £4 55.; 1 ditto, £5 2s. fid.; 1 ditto. £4 7s. fid.; aged cows in calf, £6 10s. to £7 12s. fid.; empty cows, £3 10s. to £6; sows in pig, £3 ss. to £4 10s.: good slips, 18s. fid. to 255.; light porkers, 265. fid.; Tamworth boar, 255.” TATHAPE. Messrs. Dalgety and Co., Ltd., report having a moderate entry of sheep and cattle at their Taihape sale on Wednesday, which met with a fair demand. Quotations: Cull lambs. Bs. 9d. to 10s.; medium wether lambs, 205.; mixed lambs, 245. fid.: small black face lambs, 13r. fid. to 14s. Bd.; forward ewes, 18s.; fat ewes. 225. Id.; fat cows, £6 17s. fid. to £7 2s. Gd.; fat heifers, £7 35.; three-year steers, £8 155.. £9; rough 18-months’ steers, £2 Bs.; Jersey bulls, £3 12s. Gd. to £4 10s.; yearling steers, £4 17s. Gd. MASSEY COLLEGE COUNCIL ALTERATIONS TO COURSES Dominion Special Service. Palmerston North, August 1. Tenders were received at a meeting of the Massey Agricultural College Council yesterday for the erection of the main science and refectory buildings, and an announcement regarding the matter is to be made in due course Professor I’eren, principal of the college, reported that it had been found necessary to reorganise the working of the farm. Professor Peren stated that it had also been decided to make alterations in the schedules of both the dairy and the

sheep farming courses. Instead of attending for three months during each of two successive winters,, those students would in future attend for one university “year” (seven months). This arrangement would permit a wider range of demonstrations and practical work on the farm, and would considerably facilitate the working up of various activities common to student life in a university college. If students taking those courses wished to remain at the college for further practical work on the farm during the summer following their seven months’ course they would be permitted to do so A considerable amount of levelling and grading work had been carried out on the site of the new college building, he and it was hoped that soon the grounds would take on a presentable appearance. Professor Peren reported a very satisfactory state of affairs on the farm. In spite of considerable mortality amongst flocks in surrounding districts from parasitic gastritis, only one out of 299 ewe hoggets had died during the last three months. At present there were 700 ewes and 300 hoggets on the farm, as well ns rams and dairy stock, and 80 bullocks. Advantage had been taken, he said, of the Weraroa State Farm sale to establish at the college the nucleus of a Ry eland flock by the purchase of 29 stud ewes and five ewe hoggets It was proposed to establish both stud Romney and Southdown flocks in the coining season. Splendid work had been done by the bullocks in cleaning up old rough growth on the sheep country, an]d that had been made more possible since close subdivision had been carried out. The council passed a vote of thanks to Mrs. E. A. Russell for the use of four acres and a half of land adjacent to the college for use as a football ground. NEW ZEALAND POTATOES TRUTH ABOUT DISEASE (Rec. August 1, 10.30 p.m.) Sydney, August 1. A meeting of the Housewives’ Association decided to cable to the New Zealand Agricultural Department asking for the truth concerning the probability of disease arising from the importation of New Zealand potatoes. They will also petition the Prime Minister to lift the embargo on New Zealand potatoes. WELLINGTON STOCK EXCHANGE YESTERDAY’S BUSINESS AND PRICES On the Wellington Stock Exchange yesterday the following sales were reported:— £ s. d. Bank of New Zealand 3 1 6 N.Z. Guarantee Corporation .... 0 9 4 Union Bank, £l5 2s. 6d. and .... 15 2 9 Walhi Mining 0 11 11 There was a moderate demand for Government securities with prices steady. The 41 per cent. Bonds (1938 and 1939) were wanted at £99 17s. 6d., and the 5J per cent. Stocks (1933) at £lOl ss. Wellington Gas debentures were firm at £lOO. and New Zealand Breweries bonds and stocks at 28s. Bank shares were in better demand than on the previous day. There were bids of 345. for Australian Bank of Commerce, 295. lid. for Commercial Bank of Australia, £8 7s. Gd. for English, Scottish, and Australian Bank. £5l 10s. for Bank of New South Wales, £6 19s. 6d. for National Bank of New Zealand, and Gls. 6d. for Bank of New Zealand. There were sellers of Bank of Australasia at £l4 13s„ National Bank of Australasia at £9 165., and Union Bank at £l5 2s. Gd. The demand for Goldsbrough Mort continues and yesterday they were bid 4Cs. 9d. New Zealand Guarantee Corporation were firm at 9s. 3d., aud New Zealand Investment at 9s. 9d. National Insurance were steady at 16s. Gisborne Gas were again wanted at 135.. and Wellington Gas ordinary at 325. ex. dividend. Meat shares were in good demand. Gear Meat at 435. lid., Wellington Meat Export ordinary at 9s. Gd.. and New Zealand Refrigerating, 10s. paid at 7s. Id. P. and O. deferred stock were in demand at 555., and Huddart, Parker ordinary at 455. Gd. There was no change in Woollen shares. Kaiapol ordinary were wanted at 145.. and Mosglcl Woollen at £7 14s. 60. Waipa Coal showed a rising tendency, and were in demand at 14s. 3d. Kauri Timber were again wanted at 17s. 9d. Except for a bid of 83s. 100. for New Zealand Breweries there was no business offering in this section. There were buyers of British Tobacco at 48s. 30., Electrolytic Zinc ordinary at 38s. and preference at 38s. 9d., New Zealand Paper Mills at 205., Taranaki Oil at 2s. (id.. Wairarapa Farmers’ preference at 155., Wilson’s Cement at 445., Mount Lyell at 425. 90., and Waihl at Ils. fid. Yesterday’s buving and selling quota-

SALES IN OTHER CENTRES By Telegraph.—Press Association. Auckland, August 2. Sales.—New Zealand Breweries’ debentures, 28s. 3d.; Commercial Bank of Australia, 30s. (two parcels) ; Bank of New Zealand, Gls. (id.; Union Bank of Australia, £l5 2s. 3d.; New Zealand Insurance. 485.; Goldsbrough Mort (late sale Thursday), 445. 10jd.: North Auckland Farmers’ Coop., 3s. 2d.; ditto B pref., 12s. 3d.; Wright, Stephenson. 265. Gd.: Renown Collerles, 175.; Auckland Gas, 245. Id.; Kauri Timber, 18s. 6d.; British Tobacco, 48s. 5d.; Gear Meat, 445. (two parcels): New Zealand Refrigerating (con.), 7s. Gd.; Alburnia Mining, Is. 6d., Is. 6d.; Mount Lyell, 435. Christchurch, August 2. Sales.—New Zealand Government 5} per cent, inscribed. 1933, £99 155.; Bank of New South Wales, £5l 12s. 6d.; New Zealand Refrigerating (10s. paid), 7s. 5d.; New Zealand Breweries, 84s. 4d.; Australian Distilleries (cum. div.), 225. 2d.; Beath and Co. (Is. paid), fis. 6d.; British Tobacco, 48s. sd. (two parcels):. Dunlop Rubber. 275. 7d.‘: Electro Zinc (ord.), cum. div,, 38s. 2d.: Mt, Lyell. 435. (two parcels) : New Zealand Farmers' Fertiliser, 235. lOd. Sales Reported.—Dalgety and Co., £l5 45.; New Zealand Paper Mills, 20s. Gd.: Union Bank of Australia, £l5 25.; Colonial Sugar, £57 10s.; Mt. Lyell, 435. 2d.; Bank of Australasia, £l4 12s. Gd.; Mt. Lyell, 435. 3d. (two parcels). Dunedin, August X Sales.—Kildare, ss. (three parcels). Sales Reported.—Dunedin Brewery. 345., 355.; New Zealand Paper Mills, 20s. Gd. COMPANY ACTIVITIES NATIONAL BANK OF NEW ZEALAND The gross profits of the National Bank of New Zealand reached £693,715 in the year ended March 31, being an increase of £9374 over those of the previous year. After meeting all expenses and providing bonus of £ll,BOO for the staff, the net profit amounted to £290.582 against £289,803. The dividend and bonus are maintained at 12 per cent, and 2 per cent, respectively, £lO,OOO is placed to premises and £ll,OOO to pensions, leaving £155,154 to be carried forward against £165,572 brought In. The results and balance-sheet items for the past two years compare as under: — 1928. 1929. '

NEWTON KING, LTD. By Telegraph—Press AssociationNew Plymouth, August 2. Resolutions adopted by the shareholders ot Newton King, Ltd., at the annual meeting were that the capital of the company should be reduced from £500,000 (divided into £250.000 preference shares of £1 each and 250,000 ordinary shares of £1 each, to £280,029, 55.; divided into £250,000 preference shares of £1 each and 200,195 ordinary shares of 3s. each, and that such reduction be effected as follows: — (a) By cancelling the paid-up capital which is unrepresented by available assets to the extent of 175., in respect of each of the 200,195 ordinary shares which have been issued, and are now outstanding, and by reducing the nominal amount of such ordinary shares accordingly to 3s. per share. . , (b) By cancelling 49,255 of the existing ordinary shares which have not been taken or agreed to be taken by any person. (c) By cancelling 550 of the existing ordinary shares which have been issued and forfeited. Messrs. Best and Wilkinson (Christchurch) were elected auditors. A GILT-EDGED INVESTMENT AVAILABLE LOCALLY The Wainui Waterworks Loan, 1880, was originally raised in London and is now due for repayment. The Wellington City Council will therefore put a repayment loan of £130,000 on the market on September 1 next. Instead of going to London, however, the general public of. New Zealand are being given an opportunity of securing debentures of £lOO each in this loan. It is considered that there is no more convenient or attractive investment available than these city debentures, and a readv response is expected. The high standing of the City of Wellington loans in London is well known and loans raised there recently have been over-subscribed manv times in a day or two. Trustees may’ invest in these municipal debentures. Interest commences to run from September 1.1929. and investors in New Zealand will receive interest and principal free of exchange. Applications for debentures will be dealt with in the order they are received by the city treasurer, but may also be made tn the first place to any New Zealand branch of the Union Bank of Australia Ltd., bankers for the Wellington City Council.

FOREIGN ITEMS BANK OF ENGLAND RETURN. Australian Press Assn.—United Service (Rec. August 2, 5.5 p.m.) London, August L The Bank of Englaud return issued for the week ended Wednesday is as under:— Issue Department. Notes issued £401,375,637 Government debt £11,015,100 Other Government securities 235,213,833 Other securities 8,931,291 Silver coin 4,839,778 Gold coin and bullion M .... 141,375,637 Banking Department. Proprietors’ capital £14,553,000 Rest 3,554.029 Public deposits 11,078,094 Other deposits 97,964,585 Seven-day and other Bills .... J,003 £127,151,771 Government securities £62,256,855 Other securities 34,102,467 Notes 29,557,842 Gold and silver coin 1,234,607 £127,151,771 Proportion of reserve to liabilities Is 28.20 per cent. Short loans are quoted at 4} per cent, and three months’ bills at 5 15-32 per cent. NO CHANGE IN BANK RATE. (British Official Wireless.) Bugby, August L The Court ot the Bank of England, on meeting to-day to make its weekly decision regarding the bank rate, announced that there would be no change. Regarding the recent heavy shipments of gold to France, amounting to £12,000,000 in six weeks, financial correspondents point out that this gold efflux is an exceptional movement and is not the result of a worsening of the trade balance. Consequently the decision to maintain the bank rate at 5} per cent, was in accordance with general expectation. WHEAT AND OTHER PRODUCT. Australian Press Assn.—United Service, London, August L Wheat.—Cargoes, steadier; parcels. Irregular, 3d. to 6d. dearer. Futures— London, August. 58s. 21 d. a quarter; October and November, 58s. 4Jd. Liverpool. October, 10s. 7 l-Sdl per cental; December, 10s. lOjd.; March, Ils. 2d. Spot trade quiet; Australian, ex ship, 545. Gd. Flour steady; Australian, ex store, 38*. to 38s. 6d. Oats, tending easier; peas and beans quiet. Chicago, August L Wheat futures: September, 1 dollar 47 3-8 cents per bushel; December, 1 dollar 55 1-8 cents: March, 1 dollar 60} cents: May, 1 dollar 63 10-12 cents, 1 dollar 47 3-8 cents, 1 dollar 55 cents, 1 dollar 60} cents, 1 dollar 63 cents. Melbourne, August 2. Wheat. ss. 7Jd. a busheL Flour, £l2 15s. to £l3 a ton. Bran and pollard, £7 10s. a ton. Oats, 4s. to 4s. Id. a busheL Barley. English, 4s. 2d. Maise, ss. 9d. to ss. lOd. The hides market is Irregular. All grades are a farthing lower, except kips. BEET SUGAR. Australian Press Assn.—United Service. London, August L Raw beet sugar, September delivery, Bs. 3}d. per cwt. CALL MONEY IN NEW YORK. Australian Press Association New York. August X Call money for renewal opened high, went down to 10 per cent, and the market closed at 12 per eent. TALLOW STOCKS IN LONDON. Australian Press Assn.—United Service. London, August 1. Tallow: Stock 2342 casks; imports 92L» deliveries 1325. THE METALS MARKETS. Australian Press Association. (Rec. August 2, 8.30 p.m.) London, August X Copper.—Standard, on spot, £73 6s. 3d. per ton; forward delivery, £73 16s. 10»d.; electrolytic, £B4 ss. and £B4 155.; wire ba Lead?—£23 SJ 3s. 9d. ant! £23 2s. fid. Spelter.—£2s Is. 3d. scad £25 6s. 3d. Tin.—£2l2 18s. 9d. Silver.—Standard, 24 5-Ifid. per ounce: fine, 26}d. .

tions were as under: — Buyers. Sellers. N.Z. GOVT. LOANS— s. d. £ s. d. 4* n.c. Ins. Stk.. 1938 —— 100 ‘A 6 5l n.c. ditto. 1933 ... 101 0 101 io 0 5| p.c. ditto, 1941 ... — 100 0 0 41 p.c. Bonds. 1938 and 1939 99 17 6 —— DEBENTURES— Wellington Gas Co. .. UK) 0 0 —■ N.Z. Breweries (inser. stock) 1 8 0 — Ditto (bonds) 1 8 0 1 8 9 BANKS— 13 Australasia — 14 0 Australian Bank of Commerce 1 14 0 1 14 8 Commercial of Aust. (ord.) 1 9 11 1 10 1 English. Scottish, and Australian 8 6 8 9 6 New South Wales .... 51 10 0 51 17 6 National of N.Z 6 19 6 7 0 11 National Austasia (£5; 1 — 9 16 0 New Zealand 3 1 c 15 Union of Australia .. —— x 6 FINANCIAL— Dalgety and Co —— 15 8 0 Goldsbrouffb Mort .. 6 9 2 7 N.Z. Guarantee Corp. 9, (ord.) 0 3 —- N.Z. Invest., .Mortgage, and Deposit 0 9 9 GAS— 13 Gisborne 0 0 Wellington (ord.) ... 1 12 0 Ditto (pref.) 0 1G 4 INSURANCE— National 0 16 0 0 16 3 MEAT PRESERVING— 6 Gear w 3 11 4 N.Z. Refrlgerat. (£1) 0 16 Ditto (10s.) 0 7 4 0 7 Well. .Meat Expt, (ord.) 0 9 6 TRANSPORT— Huddart, Parker (ord.) o P. and O. def. stock.. 15 0 — WOOLLEN— Katapot (ord.) 0 14 0 0 14 6 Mosglel ; 7 14 6 Wellington (ord.) ... — COAL— Westport Waipa 0 14 3 1 0 13 15 1

TIMBER— Kauri 0 17 9 0 18 9 BREWERIES— New Zealand ........ 4 3 10 4 4 9 Staples and Co. — 2 15 0 MISCELLANEOUS— British Tobacco (Aust.), (ord.) 2 8 s 2 8 0 Burns. Philp, and Co. 2 7 0 Colonial Sugar —— 57 15 0 Denial and Medical .. — 0 11 0 Electrolytic Zinc (ord.) 1 18 0 1 18 ti Ditto (prof.) 1 18 9 1 1!) 3 Howard Smith (ord.) — 1 5 0 N.Z. Drug Co —— 4 0 0 N.Z. Farmers' Fer- - - 1 4 4 N.Z. Paper Mills .... 1 0 0 1 0 Taranaki Oil 0 2 6 Wairarapa Farmers’ (pref.) 0 15 0 ■ ■. Wellington Cordage .. 0 17 (1 Wilson’s Cemeut 2 4 0 2 4 10 MINING— Mount Lyell *> *> 9 2 3 0 Waihi 0 11 9 Waihi Grand Junction 0 1 c

Gross profit £684,341 £693,715 Expenses 394,538 403,133 Net profit 289,803 290,582 To premises 10,000 10,000 Dividend and bonus . 14 p.c. 14 p.c. To pensions 10,000 11,000 Carried forward .... 165,572 155,154 Paid-up capital 2,000,000 2,000,000 Reserve fund 2,000,000 2,000,000 Note circulation .... 1,173,482 1,297,385 Deposits 12,088,015 10,567.019 Bills payable, etc. .. 1,384,646 2,618,830 Cash and coin 2,078,387 1,178,593 Investments 2,129,749 2,229.749 Bills receivable 3,732,394 2,703,428 Bills discounted .... 975,792 1,260,622 Advances ........... 9,212.388 10,361,671 Ttemittances 2S0.854 469,074 Total assets 18,981,716 18,809,388