COMMERCIAL & FINANCIAL.

Evening Post, Volume LXVIII, Issue 107, 2 November 1904, Page 4

COMMERCIAL & FINANCIAL.

Evening Post Office, Wednesday. DAIRY PRODUCE). The butter market continues depressed, with prices unsettled. Compared with a year ago values show an appreciable decline. Taking tho prices cabled by the Agent-General, we obtain the following: — • Oct. 31, Oct. 31, 1903. 1904. Danish 120s 115s New Zoaland (stored) ... 102s 94a Australian — 103s Last year the first of the new season's New Zealand butler, ex Delphic, was marketed in tho first week in November, and realised from 106s to 108s, and new Aubtralian butter was making the same money. Danish was then being marketed at 120s. It is obvious from the quotations of today that this season's make of New Zealand butter now on the water will not fetch more than about 103s, perhaps not so much.This would equal about 9.69 d per lb, net f.o.b. Wellington, or just about tho price paid for the best butters. Aow, it is quite apparent, that all the butter sent from- New Zetland will not realise top prices, nor will the opening price 3be maintained throughout the season, consequently those who have entered into contracts for the season's outputs at a fixed advance will in all probability register a lose. That is no concern of the factories, for after all the butter merchants have entered into engagements with their eyes open, and if they do make losses it will be entirely their own fault. It seems, on the present outlook, thit those who failed to make contracts are to be congratulated rather than those who have done otherwise. The lall in prices will make very little difference to the dairymen of the colony, while, on the other hand, an increase in values would yield thorn considerable , profit. The cheese market is continuing firm, and is likely to do so in tha present state of trade in Great Britain. ■ WHEAT. The earlier pessimistic views with regard to the wheat outlook were evidently not warranted by tho actual conditions, for the markets have'since steadied, even show* ing a disposition towards quietness. Compared with a year ago, Australian wheat is only 3s 6d per quarter, or sid per bushel higher, and this difference is not large enough to sanction the advance in flour and in bread that has taken place. Estimates of a tentative character are now being made with regard to the new crop of the Commonwealth, and opinion favours an exportable surplus of 450,000 to 500,000 . tons. Between now and the time when the grain is actually in store, some damage may occur, but apart from this the above estimate is endorsed by the best Australian authorities. The surplus falls short of what was available for export after tho last harvest by nearly 50 per cent. ; still it will mean to tho wheat growers of the Commonwealth a very considerable income. It is very probable that New Zealand will have a larger surplus to nxporc 11-cre is strong probability that a new wheat aroa will be opoiied up to the world after 'the Russo-Japanese war is ended. According to the United States Consul at Nhifhwang the Liau Valley is eminently adapted for wheat growing. The area drained by the Liau is about 62,500 square milss, tho greater part of which is composed of level land and rich rolling hills, capable of cultivation. The soil is a sandy loam with, a slight mixluro of clay, and is a? easily worked as an ash-heap. The Manchurian wheat is a small red gram of high flour - producing quality. The Surigari Valley, in tho North, occupies £ice the area of the Liau Valley, but it 3 little more high-class agricultural land. The tall millet of the Liau Valley is giving place in the Sungari region to whentj for which it is well adapted. The quantity now produced is about 30 bushels to the •'ore, but this can be increased by better seed ,and deeper ploughing. Kharbin is the centre of the flounnillmg industry m Manchuria. In 1900 it had not a single flourmill; in 1903 it had eight mills, with, a total daily' capacity of 3800 barrels of flour, while two more mills were in process of construction. At Kirin, and at Mukden also, mills have been erected. In the adjacent Russian 'territory — South Usstiri^ district— thero aro 12 steam mills, producing 433,344 barrels a year. Manchuria, is destined to shortly cater to tho world's bread supply. NEW SOUTH WALES STATE BANK The Savings Bank Bill introduced by the State Government of New South Wales has caused: some stir owing to a run on the institution. The proposals of the Government involve some striking changes that will practically convert the Savings Bank into a State Bank. The Bill provides for the transfer of the Savings Bank of New South Wales, the Government Savings Bank, and the Advances to Settlers Board to the Commissioners ; the Government guarantees tho amalgamated bank from any loss on existing advances to settlers, and the reserves of the Savings Bank of New South Wales go to form the reserve fund of the amalgamation. It is further provided that deposits may be either on current account or on fixed de. posit for not less than one year, up to a maximum of £3000 from any one person. The Commissioners may by rules extend the amount of current accounts which shall carry interest to any extent they like, but cannot reduce the limit below £300. The new current accounts aro ropayablo "on demancl"— that is, without the formdlitios of notice and entries in the deposit book, and this seems to indicate that the Commissioners aro free to introduce tho cheque system. The powers to grant advances are greatly extended, and the bank is given special privileges so as to rank as a creclitcJrjlJjn priority to the State. Apparently tRE only distinction from tho ordinary banks will be that the institution may not make advances on merchandise or discount bills. The State Bank must confine its advances to land and improvements and probably to investment in Stftte Government securities Tho Sydney Daily Telegraph, in reviewing the provisions of the Bill, remarks:— "The resouroes of the existing banks are mainly obtained through thoir deposits. If this. State institution can attract from them part of their deposits, and can only lend out such moneys on mortgage, or to the Government, there will bo less available for tho assistance of ordinary banking business. But the ordinary banks can defend themselves by putting up their deposit rates, nrkt the Rtate Bank could follow suit. We certainly clo.not desire any such increased competition, as it would be certain to react Upon borrowers and be injurious to tho business interests of the country." ( THE MONEY MARKET. The London money market has been itffec'ted by tho political crisis created by tho outrage committed by tne Russian Baltic fleet, but the adverse movements' have not boen very serious. Imperial Consols dropped 22s 6d, but soon recoverod 5s of tho amount Colonial stocks scarcely felt tho influence, and In some colonial denominations advances were recorded. The open market discount rate went up to 23 per cent., but even tl '* Is much lower than the rate at thifc time kst 3>elrj

when 3 11-16 per cent, was being charged by the discount housos. The Japanose loan of £8,000,000 was taken up a week before tho list opened. Apart from tho "position caused by the Russian outrage, the money market was in a fairly easy condition. However, at this period of tho year money is usually dear in London, and it is just possible that we may shortly have an advance in bank rate as a precautionary measure. NATIONAL INSURANCE COMPANY. Tho balance-sheet of the National Insurance Company for the year ended 30th September shows that the £ rem i um income for the year totalled £113,301 and the losses £52,544, or 46.38 per cent, of tho income ; the management expenses accounted for £35,090, equal to 30.97 per cent, of the income, leaving an underwriting profit of £25,667, or 22.65 per cent, of tho premium income. Interest *vnd rent and other receipts totalled £12,748, and there was brought forward from the previous year £15,745, making the available balance £54,160 ; out of this' £20,000 has been added to the reserve fund and £15,000 is absorbed by the dividend, leaving £19,160 to be carried forward. Messrs. Thompson Bros., Ltd., report the following wholesale prices ruling on the Wellington produce market during the past week : — Prime oatensheaf chaff, 82s 6d to 90s per ton; feed oats, Is Wd to 2s 4d per bushel ; whole fowl wheat, 3s 9d, broken 3s 6d per bushel ; pollard, £5 per ton ; bran, £4 per ton ; flour, £10 10s i per ton ; barley, 2s 9d per bushel ; j r"olled pats, s's 9s 6d per dozen, sacks do £12' per ton ; maize, 3s per bushel ; Dorwents, 35s to 45s per ton ; new round potatoes, 9s to 9s 6d ; new kidney potatoes, 14b to 16s per owt ; onions, £10 to £11 10s per ton; parsnips, 10s 6d per sack; carrots, 8s od to 9s per sack; cabbages, 3s 6d to 4s 6d per sack ; catiliflowqrs, 9s 6d to 13s per sack ; rhubarb, 3s to 4s per dozen; green peas, Is 3d to Is 6d per peck'; factory bacon, sides 7d, ' rolls 8d ; hams, 8d per lb ; poultry, hens 4s 6d to ss, roosters*4s 9d to 5s 6d, ducks 5s 6d to 6s 6d ; turkeys, hens 7s 6d to 8s 6d, gobblers 12s to 14s per pair ; eggs, fresh, 10£ d to lid per dozen; butter, separator (lib pats) 9d, bulk Bd, pastry 6d to 7cl per lb ; cheese, best factory, 4id to 4£d per lb ; fungus, 4id per lb. The United Farmers' Co-operative Association, Ltd., quotes as follows: Oats, A grade Sparrowbill and Garton, 2s 3d; wheat, whole fowl, 3s 8d ; potatoes, £2 to £2 10s per ton ; maize, 3s ; rye corn, 3s 6d ; barley, prime feed, 2s 9d ; beans, horse, 4s 3d; peas, Partridgo 4s, pearl 3s lOcl, Prussian blue 4s 6d ; bran, £4 per ton, sacks in ; pollard, £5 5s per ton, sacks in ; chaff, prime, £4 10s per ton ; pig meal, Poneke, £4 15s per ton ; oil Cake, Sunlight, £7 10s per ton, sacks in ; linseed, 12s 6d per cwt ; crushed linseed, 14s 6d per cwt ; barley meal, £5 per ton ; calf meal, Langdown's, 13s per cwt, in 251b bags ; Cowslip calf milk, in 1001b bags 15s 6d per cwt, in 501b bags 16s pcr 1 cwt ; in 251b bags 16s 6d per cwt. „.„, Til Messrs. Abraham and Williams, Ltd., report on their Johnsonville sale yesterday da follows:— A full entry qf bullocks of medium quality and light weights mado 23s per 1001b ; best £8 15s, others £8 5s to £8 10s, light £7 15b to £8. A full yar.ding of sheep of prime quality sold freely Prime wethers in wool 25s 2d to 26s 7d, others £4s, prime shorn wethers 19s 7d, others 18s 7d to 18s lOd, light 17s Id, woolly ewes 23s 9d, others 21s 10d, .shorn 15b Id? lambs 12s 6d to 13s 4d, others 12s.