COMMERCIAL

Greymouth Evening Star, 24 March 1928, Page 8

COMMERCIAL

LONDON WOOL SALES.

(Australian & N.Z. Cable Association.)

LONDON, March 23

At the wool sales, 11,271 bales were sold, of which 1,799 were Australian and 3,842 New Zealand. There was a good selection of greasy crossbreds, and the best lot of slips this series. The keenest competition prevailed at full rates. STOCKS AND SHARES. AUCKLAND, March 24. , Sale reported: Union Bank £l4/11/-. RURAL BONDS. Concerning rural bonds the “Mercantile Gazette” says:—“The local issue of £400,000 at 5 per cent. Rural Advances’ bonds, with currency to September 15, 1947, at £94 10/- per cent., is now before the public. “This is an investment in which trustees may invest, but it is not the kind of security that will appeal to city investors. The proceeds are to be utilised in financing long-term instalment mortgages for farmers. The bonds are not chargeable on the public revenues of New Zealand, but are fully secured on the assets of the Rural Advances branch of the State Advances Office. This seems peculiar in view of the fact that the principal moneys secured by the bonds of this issue and all interest accruing in respect thereof are by section 8 of the Rural Advances Act of 1926 made payable out of the Consolidated Fund. It seems that the onus of taking up these bonds rests with the farmers as they are the people who receive the benefit. It ought not to be a difficult matter to raise the money from the farmers, foi- a £5O bond can be taken up. Taking redemption into account, the return to the investor is £59/1 per cent.” THE BANKS’ RATE. Referrring to the agitation for a reduction in the.banks’ interest charges the “Mercantile Gazette” says: — “The trade returns of the country show a satisfactory balance on the right side and this has given rise to a suggestion that bank rate for overdrafts should be reduced. This would be a mistake just at present, for the recovery is not yet complete. There is still a vast amount of accumulated liabilities and a further substantial income will be necessary from exports to discharge these. To reduce the overdraft rate will probably result in imports expanding.” WATAROA CATTLE SALE. i That the West Coast can grow cattle equal to any grown in New Zealand was strikingly illustrated at the Wataroa sale on Wednesday. There are no doubt any number of bigger yardings but very few of anywhere near the quality sold at Wataroa. Of the 580 sold, 550 were Herefords, and even after 100 miles and over of travelling, the cattle were in wonderful condition and reflected great credit on the growers. That the work and patience of the growers is appreciated by the fatteners of cattle, was indicated by the keenness of the competition and the prices paid, one line of bullocks from Mr John Cron, of Haast; sold by Dalgety and Co., topping the market at £l4 12/6, this price being equal to Addington Market’s top quotation.

SALE OF CATTLE AND SHEEP.

Dalgety and Co. will sell at Hari Hari Saleyards on Thursday, April 5, 100 head 'of cattle, including fat and forward heifers, runners, steers, empty cows, etc., and 100 mixed sheep. The auctioneers solicit further entries.

BUTTER. AND CHEESE.

Copy of cablegram received by Dalgety ami Co., Ltd., from their London office dated March 23 :—

Butter. —Market quiet. Danish 194. (194/); New Zealand finest 172/ to 174/ (173/ to 175/); Australian finest unsalted 166/ to 168/ (166/ to 168/); Australian finest salted 166/ to 168/ (166/ to 170/) ; Australian G.A.Q. 160/ to 162/ (160/ to 164/). Cheese. —Market firm. New Zealand white and coloured (98/ to 100/) ; Cana-

di an white 104/ to 108/ (104/ to 108/); Canadian coloured 104/ to 106/ (100/ to 104/). ’

CHCH. STOCK EXCHANGE QUOTATIONS.

Buyers. Sellers. DEBENTURES- £ B. d. .£ B. d. 4J p.c. Inscr., 1938 97 7 G 97 10 0 4i p.c. Inscr., 1939 97 7 G 97 10 0 4% p.c. Bonds 97 7 G 97 10 0 5 p.c., 1927 ' 99 0 0 99 5 0 5J p.c. Inscr. 1927-41 98 2 6 98 10 0 5J p.c. Inscr., 1928 100 5 0 100 10 0 5J p.c. Bonds, 1933 100 6 100 10 0 5 J p.c. Bonds, 1930 100 £ 0 100 10 0 5J p.c. Bonds, 1933 100 5 0 103 i ■»; 53 p.c. Chch. Gas, 1934 100 10 0 6S p.c. Chch. Hospital 99 0 0 99 10 7J p.c. Gisborne Sheepfarmers 1931 85 0 0 89 0 0 N.Z. Breweries BANKS— 1 2 9 1 3 3 Adelaide 9 9 6 9 15 0. Aus. Bank of Commerce I 13 9 1 13 11 Australasia 14 17 (» 15 0 0 Comm, of Australia ... 1 7 9 1 8 0 do. (pref.) () 18 0 6 19 0 Comm, of Sydney 2(1 7 G 26 10 0 E.S. and A. 8 4 0 8 4 G National of Australasia 17 19 0 18 2 0 New South Wales 48 2 6 48 8 0 New Zealand z 19 0 2 19 1 Union of Australia 14 12 0 14 14 0 Western Australia 2 19 3 3 0 0 Bank N.Z. Mortgage ... 10 9 do. (fully paid) ... 1 0 0 1 6 6 National of N.Z. INSURANCE6 17 9 6 18 National of N.Z. 15 (1 15 7 New Zealand o 0 10 .1 0 South British • » 19 0 3 0 0 Standard 3 2 9 3 6 0 Queensland LOAN AND AGENCY— 3 1 6 •' 0 Dalgety and Co 14 1 0 14 4 0 National Mortgage 3 13 0 4 0 0 Goldsborough Mort. ... 2 9 3 — 9 4 N.Z. Loan and M. Co. ... SHIPPING— 99 15 0 105 0 0 Howard Smith 1 7 7 1 7 8 Huddart Parker o 9 0 9 3 Union 51 p.c. Cum Pref.) 1 0 1 242 — P. and O. Stock 235 0 0 0 0 New Zealand FROZEN MEAT— 9 12 G 10 10 0 Canterbury 8 15 0 9 a 0 N.Z. Refrigerating 7 do. 20s paid lb 8 16 0 WOOLLENS— Kaiapoi (pref.) 6 8 11 9 6 Mosgiel COAL— 15 0 0 0 Westport 1 10 0 1 11 0 Westport-Stockton 1 4 1 7 GAS— Christchurch Timaru 1 3 4 1 4 G — 1 2 5 Auckland 1 2 0 1 4 Wellington 1 4 *- 1 6 Auckland BREWERIES— 1 7 1 Crown 13 0 Manning 19 9 1 New Zealand 3 3 W ard Staples 1 17 1 17 Monteith 20 0 Tooths CEMENTS— - 6 8 6 11 Wilson’s 1 17 6 1 18 0 TIMBER— Kanri MISCELLANEOUS - • 1 - 1 1 - 9 Beath and Co 1 13 0 1 13 19 British Tobacco 1 19 9 1 14 Burns. Philp •S 1 6 - Colonial Sugar 58 0 0 5b Dunlop Rubber 1 1 0 11 Elect. Zinc Pref. 1 12 13 9 0 Holdens 1 3 0 79 N.Z. Drug: Co. N.Z. Farmerb Co-op. ... 3 78 8 10 0 0 0 N.Z. Sugar of Milk ... Whitcombe and Tombs 1 3 9 G G G 1 3 10 Dom. Home Bldgs. 1 D.I.C. (pref.) 1 19 D.I.C. (ord.) N.Z. Guarantee Corp. ... Quill Morris 1 0 0 Crystal Palace Auckland Amusement 16 (1 10 Victoria Nyanza MINING— - Mt. Lyell Waihi 1 10 10 0 6 1 10 11 1 6 Blackwater ... . ■ ■ Alexanders (fully paid)