COMMERCIAL

Greymouth Evening Star, 13 October 1928, Page 8

COMMERCIAL

BIG FINANCIAL SCHEME Australian Press Assn. —United Service,) 'By Cable—Press Assn.— Copyright.) SYDNEY, October 12. One of the most powerful financial groups ever organised in Australia has just been formed, apparently to operate similar to American bond issuinghouses. This is the Australasian Bond and Trust Coy. Limited, registered today at Sydney. No prospectus has been issued, nor directors named, but the signatories include Sir Hugh Denison, Mr. Theodore Fink and others of the wealthiest men in Queensland, New South Wales, Victoria and South Australia. The purpose ,is understood to be largely to finance local governing authorities, now almost solely in the hands of the State Bank and insurance companies. RECORD WHEAT CROPS (Recd. October 13, 9 57 a.m.) LONDON, October, 12. The “Evening Standard” says the certainty of world record wheat crops is now practically assured. There is no longer anything likely to upset the estimates, which for Canada total 558 million bushels and for Australia probably 198 to 212 millions. It only remains for the Argentine crop to be definitely assured, for there to be a huge world’s surplus. METAL QUOTATIONS LONDON, October 12. Copper standard, £64 13-16 to £65 9-32; electrolytic £7ll to £711; wire bars £7l|; lead £22 1-16 to £2l 13-16; spelter £23 15-16 to £241; tin £219 11-16 to £217 1-8; silver, standard 26 13-16, fine 28 15-16.

PROTEST AGAINST TAXES.

(Per Press Ass jclation.)

HAMILTON, October 12.

A vigorous protest against the company tax and the present operation of the graduated land tax was made by Mr H. S. Hawkins, presiding at the annual meeting of the Farmers’ Coop. Auctioneering Coy. to-day. He said: “The Government still tell us they will give no relief in company taxation. Last, year, although you received no dividend, Your company had to pay 4/6 out of every net pound earned. Most of that money ought to be in your pockets to-day. It requires £28,734 to pay a five per cent, dividend on our preference and ordinary shares capital. To obtain this, without anything to put to reserves or any balance to carry forward, we have to make a minimum net profit of £87,076. The greater part of the difference which is deducted as income tax ought to belong to you.” Mr Hawkins cited the Finance Minister’s admission in his Budget speech that the present graduates land tax system operated harshly against a company with several establishments. 1 " > RURAL ADVANCES BONDS WELLINGTON, October 12. The Bank of New Zealand announced that the amount of its longterm mortgage loans at September 30, 1928, was £559,277. Some £150,000 of further loans are in"' course of arrangement. In connection with the issue by the Treasury some months ago of £400,000 of the rural advances bonds, the Bank absolutely denies the. statement which is in circulation that it issued a circular to its managers reading:— “The manager must not solicit applications for these bonds, as the bank is desirous of keeping up its own fixed deposits, and I do not wish application forms or prospectuses displayed in the office. P.S.—Posters may be exhibited in the bank chambers-.” On the other hand, instructions issued were as follows: Branches will please bring the issue under notice of any person who may be seeking an investment. The bonds would give a Govern-ment-secured investment with a return (including redemption) of £5/9/1 per cent.” It is to the interest of the bank that the loan should be successfully placed.

POTATO PRICE DROPS..

CHRISTCHURCH, October 12.

A decided drop in the price of potatoes was the principal feature of the market to-day to farmers. Prices quoted ranged from £9 to £9 10s, with a somewhat sluggish market. Some hold the opinion that the prices may recover again, as they believe there is a real shortage. The Wingatui is expected to take 1200 sacks from Timaru and 4000 or 5000 sacks from Lyttelton. Wheat was firm at the latest quotations, 5/8 to 5/9 to farmers. • Fowl wheat 5/9 f.0.b., Lyttelton. Oats are reported to be showing signs of movement, and sales are reported. A gartons are quoted at 4/-. There is no alteration for B’s, which stand at 3/5 f.o.b.s.i. The continued dry Weather has improved the price for chaff, which is quoted at £3 15s to £4, but little enquiry is reported. BUTTER AND CHEESE The following is a copy of a cablegram received by Dalgety and Company Limited, Greymouth, from their London Office dated October 12: — Butter—Market quiet. We quote Danish 192/- to 196/- (196/-); N.Z. Finest 178/- to 184/- (178/- to 184/-); Australian Finest Unsalted 186/- to 188/(186/- to 188/-); Salted 166/- to 172/(166/- to 172/-); G.A.Q. 160/- to 164/(160/- to 164/). Cheese—Market slow. We quote Canadian White 109/- to 112/- (111/to 113/-); Coloured 106/- to 110/- (111/ to 113/-); C.I.F. 105/ (107/- to 108/-); Australian White and Coloured 107/- to 108/-; N.Z. White and Coloured 109/to 110/- (111/- to 113/-) Butter imports into United Kingdom last month totalled 327,000 cwt. as compared with 462,000 cwt. for the corresponding period last year. STOCKS AND SHARES. The sales for the week maintain an even average on business of previous weeks, with few slight deflections. Banks are keeping very firm; sales in Bank of New Zealands have taken place at 61/3. Wales have had several sales at £5l 5/, Unions have hardened with buyers at £l5 7/6. National Insurance are steady with business at 16/3, New Zealand Insurance are marketable at 44/6, South British buyers are offering at 62/6. New Zealand Brewery shares have dropped from 55/ to 53/3. Staples hav r

- 1 1 . ■ , ■_ _ : buyers at 39/. Other stocks show very little variation. WELLINGTON, October 12. Reported: P. and O. deferred stock £247; Newton King preferred 7/6; Waihi Mining 14/1. CHGH. STOCK feXCHIAKGE QUOTATIONS. . . Buyers. Sellers. DEBENTURES—

£ b. d. £ 8. d. 4J p.c. Inscr., 1938 98 a 6 98 5 0 4J p.c. Inscr., 1938 97 17 6 98 0 0. 4j p.c. Inscr., 1939 98 2 6 98 5 0 4j p.c. Bonds 98 2 6 98 5 0 5 p.c., 1927 99 0 0 99 5 0 5J p.c. Inscr. 1927-41 98 2 6 98 10 0 5% p.c. Inscr., 1928 100 5 0 100 10 0 5J p.c Bonds, 1933 100 2 6 100 10 0 5i p.c. Bonds, 1936 100 12 6 100 15 0 p.c. Bonds, 1933 100 12 6 100 15 0 53 p.c. Chch. Gas, 1934 10010 0 63 p.c. Chch. Hospital 99 0 7i p.c. Gisborne Sheepfarmere 0* 99 10 1931 85 0 0 89 0 0 N.Z. Breweries BANKS1 4 0 1 4 4 Adelaide 9 14 6 9 16 6 Aus. Bank of Commerce 1 13 8 1 13 10 Australasia 15 0 0 15 1 (1 Comm, of Australia ... 1 10 1 1 10 2 do. (pref.) 7 6 0 Comm, of Sydney 27 16 0 28 0 0 E.S. and A 8 15 0 8 16 6 National of Australia ... 9 12 0 9 12 6 New South Wales 51 2 6 51 5 0 New Zealand 3 1 3 3 1 6 Union of Australia ... 15 7 0 15 8 0 Western Australia 2 19 3 3 0 0 Bank N.Z. Mortgage ... 16 9 do. (fully paid) ... 1 5 9 1 6 9 National of N.Z INSURANCE7 3 6 7 4 0 National of N.Z 16 1 16 4 New Zealand 2 4 9 o 5 0 South British Standard 3 2 3 3 2 7 3 4 0 3 5 6 Queensland LOAN AND AGENCY3 4 b 3 5 0 Dalgety and Co 15 2 6 15 5 6 National Mortgage 4 4 6 4 7 6 Gbldsborough Mort. ... 2 10 5 2 10 11 N.Z. Loan and M. Co.... SHIPPING— • 109 0 0 120 0 0 Howard Smith 1 6 3 1 6 9 Huddart Parker 2 8 9 2 9 3 Union 5} p.c. Cum Pref, P. and 0. Stock ) 1 0 1 — 237 0 240 0 0 New Zealand FROZEN MEAT9 12 6 10 10 0 Canterbury ' 8 19 0 9 2 6 N.Z. Refrigerating 8 8 8 10 do. 20s paid 18 9 18 11 WOOLLENS- • Kaiapoi (pref.) 14 3 14 9 Mosgiel 7 5 0 7 10 0 Wellington 6 6 0 6 10 0 Taupiri COAL— 1 6 7 1 7 0 Westport 1 10 3 1 10 8 Westport-Stockton GAS— 3 2 3 8 Christchurch 1 5 1 1 5 6 Timaru 1 2 3 1 b Auckland 1 2 9 1 3 3 Wellington 1 7 2 1 7 6 Auckland BREWERIES1 2 7 1 Crown — 13 0 Manning 19 9 1 0 New Zealand 2 13 2 a 13 9 Ward 2 1 3 1 9 Monteith 1 0 0 1 1 6 Tooths 2 7 6 8 0 Staples CEMENTS1 18 6 1 19 0 Wilson’s 1 19 0 1 19 6 TIMBER— Kauri MISCELLANEOUS— 1 0 0 1 0 3 Death and Co 1 15 0 1 16 6 British Tobacco 2 3 6 3 9 Burns, Philp 2 5 Colonial Sugar 62 10 0 63 0 0 Dunlop Rubber 1 7 9 1 8 0 Elect. Zinc pref 1 13 6 1 14 0 Holdens 1 9 0 1 10 0 N.Z. Drug Co 3 11 3 3 12 0 N.Z. Farmers’ Co-op. ... 82 0 0 83 0 < N.Z. Sugar of Milk ... 1 7 0 1 9 0 Whitccmbe and Tombs... 3 13 9 3 4.4 0 Bom. Home Bldgs. 1 6 6 0 D.I.C. (pref.) 1 3 0 1 J 6 D.I.C. (ord.) x 19 3 1 0 0 N.Z. Guarantee Corp. ... 8 8 8 9 Quill Morris IB 6 19 Crystal Palace 19 9 Auckland Amusement 16 0 17 0 Victoria Nyanza MINING— 2 3 3 2 5 0 Mt. Lyell W aihi 1 15 14 7 0 1 15 14 9 3 Blackwater ... . — 5 Alexanders (fully paid) Ohinemuri 0 15 7 0 6 Mahakipawa