COMMERCIAL AND FINANCIAL.

Evening Post, Volume LXXXIII, Issue 97, 24 April 1912, Page 4

COMMERCIAL AND FINANCIAL.

Evening Post, "Wednesday. Revised rates of interest have just been issued by the associated Australian banks. Instead of oiferiiiff 3 per cent, for twelve months, and 3j per cent, for twt> years and upwards, tonic banka are prepared to raise tiie rate by £ per cent.— 4- per cent. 1 for two years and over. The shrinkage of the oat and wheat production, and the slackening off in the make of butter in parts of Australia, are causing increased demands cm the banks for accommodation. Advances in the rates charged to borrowers follow. Investment stocks are expected to harden in price in consequence of the efforts of the banks to attract money. Locally, extreme caution is being observed by lenders, but it is thought that with care there need be no unusual financial stringency experienced here during the coming winter. A new scheme for reconstruction is before the shareholders in the Paparoa Coal Company. It is proposed to -make the nominal capital of the company £230,000, instead of £250,000; write down the ordinary shares from £1 .to 10s, and create £9*,000 new debentures, of which £50,025 will be offered for subscription and £44,9?J> available for exchange for ihe present first debentures. The directors will not proceed to allotment until £35^00 out of the £50,025 debentures are taken up. The new debentures will bear 7 per oent. cumulative interest, and haye currency from 31st December, 1911, redeemable at any time at a premium of 10 per oent. It is also proposed to create £25,000 new second 7 per cent, cumulative debentures. WOOL. — Contrary to general expectations, the course of wool prices at the i Lond6n sales-*has not so far been affected by the^ great coal miners' 6trike. Whetner the effects of. the paralysis of British industry by^the, strike, will be .discernible in the July prices .cannot be ascertained until those offerings are made. In America there is still a steady demand for wools suitable for that country, and businobts is fair on the Continent. There is, too, the important factor, to be taken into account that the world's production, of wool is not keeping' pace with the demand. Messrs. Levin and Co., Ltd., have received cable advice from their London agents that the following clips have been cold at the sales now current, on their account. The prices named being the uveraga price realised for the fleece wool iv each instance: — W. Cross Keys A., Cashpoint, 9 11-16 d; Te Hoe, Alfredton, 9£d : NJd.K., Masterton, 9 7-16 d; Fernlands, Masterton, BJd; R.A.N., Masterton, 8 . 15-16 d ; Marahuu, , Wantraiiui, 8 11-16 d; W.8.W., Wanganui, 8 l!-16d; CM., Feather&ton, 11 7-16 d; Kahumingi, Masterton, 10 5-16 d; W. ML,, Martinborough; 10£ d; Glenmorven, Mar ton, 8 13-16 d; Otauiri, Marton, Ud; H. Bros./Tane, Pahiatua, 9 13-16 d; Cross Keys, Masterton, 9 15*16 d; Broadlands, Linton/lO 3-16 d; J.S., Carterton, 10W; S.L. in square, Pahiatua, 9|d; W.AJ3., Carterton, 9£d ; PJt.E./T., Mangahao, ,8 5-16 d; Otawhao, Kumeijpa, H. 8., 9d. HEMP.— There is . but little if any change to report in the hemp market. Millers are still busy executing contracts. Prices to millerson Monday were £18 per ton for good fair grade, and £16. 15s to £17 for fair grade. The future of the market is cloudy, the industrial situation in the Uriited •• Kingdon) having .some-thing-to db with the present range of prices. Tow -is firm at last quotations, no Ejipplie's being available.' ■ MteAT.— The export lamb .market is particularly, firm," there being a reported scarcity of good quality. For prime Canterbury for April-May shipments, 5 5-16 d per lb c.i.f. has been paid, and for Wellington, s|d. Mutton is also in demand for export at 3£d o.i.f. for Canterburys, and 3|d for Wellington. _ DAIKY PRODUCE. — Notwithstanding the depression in the British butter market] -over 14,000 boxes left hei'e for London last week, thus, tending to strengthen the producer's position with regard to the domestic market. It is felt, however, that there will be amplo supplies available. The season has been remarkably good all through, and there are 'no reports i of an 'unusual slackening off of the milk supply. A little busineßß ie ,sfcill doing with Vancouver from Auck.land. It is felt that South Africa would operate to a much greater extent than at present if the price here were lower. So far as that goes factories are holding out firmly for 12d, and in some cases 12£ d. It may be of interest to state that margarine in pate, duly labelled as such is being sold in some shops, but whether as a competitor with butter is not yet clear. Australia has contributed some fairly large .parcels of margarine to the New Zealand .market lately. Cheese is weaker, but opinions are much divided as to whether it will still further recede in price or will niako a sharp recovery. Dalgety'u (London) reporting on the effect of the coal strike on the London butter market state that trade was much hampored. "Confidence being destroyed the market became very inactive and low prices were taken in many directions to clear stocks, although the quotation for finest Australian did not nominally fall below 120s to 1245, and New Zealand 124s to 128» as given in the^ offioial quotations of the Home and Foreign Produce Exchange, Ltd. At the decline the market is steadier with an improved enquiry, but, while the present labour conditions continue, the future is impossible to forecast." The comparatively high prices for Danish are explained by the German demand. The range of prices for New Zealand for the past four months is as follows :— Date. Cwt. Date. Cwt. 16th Doo. ... 132s 24th Feb. ».. 131s 23rd Dec. ... 129s 2nd Mar. „, 129e 6th Jan. ... 134s 9th Mar. ... 127s 13th Jan. ... 135s 16th Mar. .., 127s 20th Jan. .. 134s 23rd Mar. ... 127s 27th Jan. ... 131b 30th Mar. w. 125s 3rd Feb. ... 131s 6th April ... 124s 10th Feb. ... 132s 13th April ... 121s 17th Feb. ... 132s 20th April ... 1143 Dalgety's, in reporting on cheese prcspects—prioes for which have since weakened, according to the* cablegrams — state that after a temporary decline, attributed by many to a "bear" movement, the market recovered and advanced, being now strong with an upward tendency. White sells more freely than coloured, and at 6d to le more money. This is partly attributable to the shortage of English Cheddar, which is' not coloured. Cheese, unlike butter, has been favourably affected by the coal 6trike, as it ie one of the principal requirements of the working classes when on ehort_ commons. The estimated stocks of Canadian on the Ist March (London, Liverpool, and Bristol) and respective values of finest were: 1912. 1911. 1910. 139,000 boxes 210,000 boxes 221,000 boxes W. 75s 76s 61e 62s C. 74s 75s GROCERIES.— From Ist May next all Eastern produce advances 2a 6d per ton to meet the addition, made to freight rates, which coma into operation on the above date. Stocks of salmon in hand are reported to be very short. It ie felt that next season's output will not be sufficient to meet the increasing demand. A few linos of canned Singapore pinpapples are offering at_ very firm prices. Tapioca and eago prices are unchanged, but a rise would not be unexpected. Pepper is slightly easier in pric© compared with last week. SARDINES. — Norwegian packers advise that the catch of sardines^ on the coast of Norway is now proceeding, and promises to be about equal in volume to last year-'e, liufc the. fish are of exceptionally large size, and it is anticipated that quarter tins will average only fourteen to eighteen fish per tin. TEA.— Last week's cable from Colombo was to the effect that all grades but fine teas were down one cent; per pound at the Colombo sales. Trouble is still being experienced with regard to freight for tea. The season- for "tippy" eorts has practically terminated in Colombo. Next season for tho bettor sorts of tea will not opon before July. Chiua tea exports by sea were 103,640,4201b last year, as against 94,138,4491b for the previous year. Australia's demands were about 100,0001b less. Russia, United Kingdom, Germany, and France greatly increased their imports of China. There wan a falling off in American imports of over 5,000,0001b. Tho

North Chins, crop thiß year ib bmall and late. Thu future of prices will depend on tho EusHian demand, but owing to the Bluinkage of China supplies prices are oxpected to go higher. The Indian tea, season will open earlier this year than last. KAPOK. — In consequence of the abnormally utrong position of Chinese holders of kapok, there ia very little business doing. The extrenlely highprioee have practically stopped further business at- this .end.. The exports to New Zealand have this week left Batavia iv the direct steamer. CHAMPAGNE. —AII vintage wines have beenconsiderably advanced in price in Australia. There are understood to be only three vintage wince available for Australia, viz., Moot and Chandon, Goulet and Perrier, Jouet. Pommery, Mumtn, and -Heidsieck hays do vintage wines available for the colonial market. Non-vintage wines have not advanced in prices. PRODUCE.— Yesterday's prices for prineipaHinee of New Zealand produce, f.o.b. southern ports, were as follow: — Fowl wheat (old), advancing, 3s 8d to 3s 9d per bushel; oats, in strong demand for Australia, 2s 4d to 2e 4£d for A grade gartons, and |d to Id lees for B grade; bran, £4 10s per 'ion, and pollard, £6 per ton; flour, £8 10s v to £8 15s per ton; partridge peas, 3s 4£d to 3s 3d per bushel, and Prussian blues, 6s 4d to 6* 6d per bushel ; Cape barley, 3s 6d; per bushel ; maize is selling at ss"3ds "3d locally. Potatoes are advancing rapidly, prices f.o.b. Canterbury being £5 10s per ton. Chaff is firm but unchanged in price on the week.