FINANCE and COMMERCE.

Dominion, Volume 23, Issue 81, 30 December 1929, Page 12

FINANCE and COMMERCE.

THE MONEY MARKET BANK OF ENGLAND RETURN GOLD RESERVE STILL HIGHER (Rec. December 29, 5.5 p.m.) London, December 27. The Bank of England return for the week ended December 25 is as follows:— ISSUE DEPARTMENT. Notes issued: £ In circu- Govt. debt. 11,010,100 latlon 379,573,841 Other Govt. In bunking securities 233,022,410 dent 26,274,558 Other Uel securities 10,841,360 Silver coin 4,521,125 f£ 200,000,000 Gold coin & bullion 145,848,309 £405,848,399 £405,848,399 BANKING DEPARTMENT. Capital 14,553,000 curities .67,123,618 Rest 3,390,838 Discts. and Deposits: advances 2-,300,070 Public 8,829,268 Other se- Q{) Bankers 71,048,531 curities 17,<30,1-O Other Notes 26,274,308 a/cs. 35,788,939 Seven-day, Gold and ivnise etc., bills 1,984 silver coin 179,188 £133,012,560 £133,012,560 Proportion of reserve to 2° 80 per cent., compared with -7.UU per cent on December 18, 31.20 per cent, on December 11, and 21.50 per cent, on r ’Th“ l principal°itcins of the above return compare as follow with those tor the week ended December 18:— .. pls'll Other accosts 35,517,307 , 35’,788’,939 £107,442,022 £115,660,738 S Government .. £65,143,618 £ 67,123,618 10,629,732 22 300,076 •ST!*’ S:™ Note circulation 371,098,128 379,07<j.841 fCoin and bullion 140,734,339 146,0-7,u87 •Reserve on December 26, 1928, was £25,824,375. ♦December 20, 1928, £154,007,274. 1929: 1 maximum, June 51»*,2U,400; minimum, October 2 £130,343,<>88. SHORT LOANS AND BILLS'. The Bank of England rate of discount is 5 per cent., to which it was reduced on December 12 from 5i per cent. Short loans are quoted at 4 Per cent,, unchanged on last week. The market rate for best three months’ bills is 411-16 per cent., compared with 4 13-16 per cent, last week. NEW YORK CALL MONEY. New York, December 26. The rates for call money to-day were:— Renewal. High. Low. Close. 5J p.c. 6 p.c. 51 p.c. 6 p.c. FOREIGN EXCHANGES . (British Official Wireless.) (Rec. December 20, 5.5 p.m.) Rugby, December 27. The following rates on foreign exchanges are current to-day, as compared with the cabled quotations on December

GOLD AND SILVER. London, December 27. Gold, £4/4/11 per ounce. Silver—Spot. 22Jd. per ounce; forward, 22 3-l Cd. AUSTRALIAN FINANCE • THE DEBT PROBLEM > Old-established financial authorities are practically agreed that imports are paid lor by exports. Yet Australia owed £474,(JOO.OUO at June, 1928 (all its external debt that wasn’t war debt), because to that extent imports have not been paid tor by exports. Our very largest article of import is, in fact, the receipt of the year s interest on the foreign public debt (says the Sydney "Bulletin” of December 18). The import item is nearly three times the size of the next biggest (motor-cars and parts), and it differs materially from every other item. If the country fails to get from abroad its usual supply of buzz-wagons, or petrol, or silk, it will be no more than a passing episode. But if it falls to get from abroad tiie receipt for .£30,000.000 or so of annual interest, the result will be bankruptcy and disgrace. Australia has trusted for years to the chance of floating new oversea loans to avert this supreme calamity, and many of its pompous advisers geein willing to go on trusting. The trade figures for the year 1928-29 may be summarised in this way: Imports. interest on external Motor-cars and parts 10,666,766 Cotton and linen piece goods 7,;>71,1-1 Petrol 0.8lil.38.» Corn and flour sacks All manner of tilings 110,424,837 £173,628,033 Exports. All sorts, including £3,926,520 of coin and bullion 144,780,17 a DC “externa!’ e ioans de Y. “’’.‘..“f £28,847,858 When the Statistician adopts the simple device of thus putting the receipt for the overseas interest bill among the Imports, the public will have a clear and honest statement of the position laid before it. and will know how it stands without any shuffling or concealment. MELBOURNE MARKETS Melbourne, December 28. Wheat, 5/4 a bushel. Flour, £l2/15/to £l3 per ton. Bran, £7/15/-; pollard, £B/15/- ton. - Oats, 3/6 a bushel. Barley, English. 4/1 a bushel. Maize, 6/2 to 6/3 a bushel. WHEAT MARKET London, December 27. Wheat cargoes are quiet. Buyers are reserved and prices are barely steady. There is an entire absence of business, but quotations are fid. to 1/6 up since Tuesday. Parcels are inactive, and there is no business to test values, which are nominally fid. to 1/6 up. , , . , Futures are quoted in London as follow December. 49/8 per quarter; January. 49/10; March, 50/8. Quotations at Liverpool are: December. 9/34 per cental; March, 9/81; May, 0/101; July, 9/10). New York. December 27. Chicago wheat: December, 1 dollar 25 cents; March, 1 dollar 30J cents; May, 1 dollar 34f cents; July, 1 dollar 34 5-8 cents. CUSTOMS REVENUE. The Customs revenue collected at the port of Wellington on Saturday totalled £44s.

LONDON MARKETS BUTTER AND CHEESE PRICES STEADY (Rec. December 29, 5.5 p.m.) London, December 27. Butter.—The market is steady. Danish, 176/-; choicest salted New Zealand, IGJ/to 162/- • exceptionally choice, 164/-; Australia,ls6/- to 168/-; unsalted New Zealand, 180/- to 186/-; Australian, I<>B/- 10,164/-. Cheese. —New Zealand, coloured 00/-, white 90/-. A H. Turnbull and Co. have received the following report, dated London, December 27 tom thefr principals, W. Weddell and Co., Ltd.:—Danish butter, 1.6/- (170- to New Zealand unsalted butter, ibu, - to" 184- (182/- to 184/-); New Zealand salted butter, 158/- to 162/- (108/- to 16-/-). Market steady. New Zealand cheese, white, 89/- to 90/- (89/- to 90/-); New Zealand cheese?coloured, 87/- to 88/- (87/- to 88/-); market steady. Canadian cheese, white, 96/- to 100/- (97/- to 100/-); Canadian cheese, coloured, 96/- to 98/- (96/- to 98/-). Last week’s quotations in parentheses. FROZEN MEAT (Rec. December 29, 5.5 p.m.) London, December 27. Frozen meat quotations were not issued this week. HIDES VALUES (Rec. December 29, 5.5 p.m.) London, December 27. Hides.—Meat works’ dry salted: Queensland, 35-451 b., SJd.; 30-401 b„ B}d.; 25-351 b„ Bid.; 20-301 b.. 8 3-Bd. New South Wales, 35-451 b., 84d.; 30-401 b., Bsd.; 25-351 b., B}d.; 20-3011)., lid. Wet. salted: Queensland, 50-601 b.. 6d.; 40-501 b., 6d. New South Wales, 50-661 b„ 6)d.; 40-501 b., GJd. Victorian, abattoirs, 50-601 b., 6}d.; 40-501 b., 6Jd. RAW MATERIALS LONDON QUOTATIONS (Rec. December 29, 5.5 p.m.) London, December 27. Friday’s closing prices for the following raw materials were as follow, those for December 20 being given in parentheses) :— Cotton.—Liverpool quotation American middling upland, January delivery, 9.19 d. per lb. (9.07 d. Rubber.—Para, SJd. per lb. (same); plantation smoked, 7 7-Bd. per lb. (same). Jute.—Market closed (£27/10/- per ton). Hemp.—None offering. Copra.—December-January shipment, South Sea, £2l/15/1 per ton (£2l/10/-); plantation, Rabaul, £22 per ton (£2l/15/-). Linseed 0i1.—£45 per ton (same). Turpentine.—42/3 per cwt. (same). Beet Sugar.—January delivery, 6/9 per cwt. Osmiridium.—Tasmanian, £l9-£2O per ounce; African, £l9. CHCH. BOOT BUSINESS PURCHASE BY HANNAH AND CO. The retail boot business known as Cookham House, in Colombo Street North, Christchurch, has been purchased by R. Hannah and Co., Ltd., and will form another link in the chain of over 30 boot shops throughout the Dominion owned by that iirm. The sale includes the freehold of the property, -which has a frontage of 30 feet and a depth of 122 feet and includes a two-story building. The purchase price could not be ascertained, says "The Press. ’ Cookham House was established over 70 years ago, and is one of the original boot businesses of Christchurch. The first shop of that name was at the corner of Colombo and Gloucester Streets. About 1873 Mr. G. T. Chisnall and Mr. II J Stewart acquired the business, and carried on in a shop nearer to Armagn Street. Messrs. T. Chisnall and H. A. Stewart, their sons, eventually took charge. In 1920 the interests of the firm were formed into a private company. • Mr. T. Chisnall is managing director. N.Z. & A. LAND CO. YEAR’S OPERATIONS At the annual meeting of the New Zealand and Australian Land Company held in Edinburgh on November 19, the chairman stated that the freehold and leasehold lauds stood at 412.947,310, an increase over the previous year of £26,000. The live stock at £498,368 was less than the previous year by about £6OOO. The produce on hand showed an increase of over £15,000. The sundry debit balances were lower by about £30,000. but on the other hand cash showed an increase of about £70,000. Some investments were sold during the year, and those now stood in the balance-sheet at £899,233. The Australian drought expenditure in 1926-27 was about £195,000, in 1927-28 £109,000, and in the year under review £90,000. This was the third year in succession during which they had bad to make heavy expenditure owing to the adverse seasons, but this expenditure, which was necessary for the preservation of the live stock, had been amply justified. After meeting the drought expenditure of £90,860 the working of the estates showed a profit of £263,478, or an increase over the previous year of £100,102. The dividend on the preference stock, less tax at 2/5, amounted to £35,167, and the dividend of 8 per cent, on the ordinary stock, also less tax at the same rate, took £140.666, leaving a balance for the year of £74,364, which, added to the amount brought forward from the previous year, made the carry-forward to next year £92,060 The payment of the following dividends were agreed to:—(1) On the “A” preference stock, 4 per eent., under deduction of income tax, of which 2 per cent, was paid as an interim dividend on June 10 last, leaving 2 per eent. to be paid on December 10 next; (2) on the ordinary stock, 8 per cent., less income tax. Of this 4 per cent, was paid as an interim dividend on June 10 last, leaving 4 per cent, to be paid on December 10 next. METEOROLOGICAL YESTERDAY’S REPORTS. Cape Maria Van Diemen.—Bar., 29.92; ther., 72. W., cloudy and. dust haze; sea moderate. Auckland. —Bar., 29.77; ther., 71. W.. strong breeze; detached clouds. East Cape.—Bar., 29.66; ther., 70. N.W., gentle breeze; blue sky and smoke; sea smooth. Cape Egmont.—Bar., 29.62; ther., 69. N.. strong breeze; overcast, sky; sea rough. Napier.—Bar., 29.50; ther., 82. N., fresh breeze; blue sky and smoke; sea moderate. Farewell Spit.—Bar., 29.40; ther., 63. N.W., strong breeze; cloudy with misty rain; sea rough. Wellington.—Bar., 29.38; ther., 61. N., moderate breeze; misty rain and squalls. Cape Campbell.—Bar., 29.23; ther., 67. N.W., high wind; overeast sky and smoke: sea rough. Greymouth.—-Bar., 29.40; ther., 60. N.W., moderate breeze; passing showers; sea moderate. Akaroa Lighthouse.—Bar., 29.02; ther., 74. W., gentle breeze; detached clouds; sea smooth. < Puysegur Point.—Bar., 29.23; ther., 48. S.E., gentle breeze; overcast sky and rain: sea moderate. Chatham Islands. —Bar., 29.42; ther., 61. N..W., high wind; overcast, threatening sky: sea rough. Sydney. —Bar., 29.86. L.S.L., slight breeze; cloudy. Hobart (9 a.m.).—Bar., 29.77. N.W., slight breeze; overcast sky.

19, and par:— Dec. 27. Dec. 19. Par. N. York, dol. to £ 4.887-32 4.88 3-10 4.800 Montreal, dol. to £ 4.92} 4.91 4.500 Paris, tr. to £ 123.85 123.92 124.21 Brussels, bel. to £ 34.855 34.80 3u.00 Geneva, fr. to £ 25.095 25.095 25.32 Amst’dam. fl. to £ 12.085 12.10} 12.10 Milan, lire to £ 93.25 93.25 92.46 Berlin, inks, to £ 20.385 20.38 20.43 St’holm. knr. to £ ■ 18.10 18.09} 18.159 C'hageti, knr. to £ 18.19 18.18} , 18.159 Oslo, knr. to £ 18.19 18.20 18.159 Vienna; schgs. to £ 34.0o 34.07 35.58’} Prague, knr. to £ 104} 104} 24.02 Hel't'ors. mks. to £ 194} 194} 192.23 Madrid, pes. to £ — 35.35 25.22j Lisbon, esc. to £ — 108.25 • Athens, drac to £ 375 '375,' 375 .Bucharest, lej to £ 817 817 813.6 Bio de Janeiro, . .1 ■ 4 pence to milreis 5 7-10 5}. , — B. Aires, p. to. dol. 4511-1G 45 47.57 Calcutta, p. to rup. — 17 29-32 18 Shanghai, p. to tael 25} 20} ■ • H.-Kong, p. to dol. Y'hama. p. to yen 19} • 24 3-32 20 24 3-32 24.58 Batavia, 11. to £ — 12.13} 12.10