COMMERCIAL

Greymouth Evening Star, 10 May 1930, Page 8

COMMERCIAL

GRAIN AND PRODUCE

[per press association.]

CHRISTCHURCH, May 9

Business on the local grain and produce market is still of comparatively small dimensions. The principal business that is being done is in potatoes. The forward position is fairly strong, but the prompt position for potatoes is weak. The prompt quotation for Whites is £3 to £3/5/on trucks. The May-June quotation is £4/10/- f.0.b.5.i., June alone £4 15/-, July £5/2/6, and July-August-September £5/2/6. It is not possible to buy freely at the forward prices above quoted. Two steamers will leave Lyttelton to-morrow night with about 11,000 sacks for Auckland. The northern centre does not usually take as many potatoes from the South Island at this time of the year, as it is taking this season. The total shipments from Lyttelton to Auckland up to the end of April this year consisted of 37,096 sacks,- compared with 45,278 sacks for the corresponding period last year. In addition to the shipments from Lyttelton a good many potatoes - have gone from Timaru.

The wheat market remains about the same as at the date of the previous report, but there is very little wheat now offering. Fool wheat is still being delivered on account of contracts entered into earlier between millers and the pool. Prices remain unchanged at 5/8 to 5/9 for Tuscan, 5/9 to 5/10 for Hunters, and 5/11 to 6/- for Pearl on trucks. Fowl wheat is still in good demand at 5/11 f.0.b.5.i., but it is difficult to obtain supplies.

It cannot be said that there is much business passing in oats, but the market is firm at late rates. A’s are worth 3/6 on trucks and B’s 3/3. The importation of chaff by the North Island from Tasmania, has not detrimentally affected the price here. The local price has improved, to-day’s quotation being £5 to £5/2/6 a ton for good bright. The market for partridge peas is firmer owing to a better demand from Home, and No. l’s are worth 4/G on trucks. It is difficult to obtain supplies. The area sown in peas last year was smaller than usual and the yield was light. There is a slightly better enquiry for linseed but the price is unaltered at £l5 a ton on trucks.

The bottom has dropped out of -the onion market. Nominally the price is 30/- a ton.

There is nothing doing in small seeds and prices for these are unchanged. DAIRY PRODUCE. Messrs Dalgety and Co. Ltd. report having received the following market advice from their Head Office, London, under date of May 6: — Messrs Samuel Page and Son report:—“Butter declining tendency; - cheese 1/- to 2/. per cwt higher.” BUTTER AND CHEESE. Copy of cablegram received by Dalgety and Company, Limited, from their London Office, dated May 9: — Butter: Top quotations for New Zealand exceptional. Danish 130/- to 132/-; N.Z. Finest 128/- to 132/-; Australian Finest Unsalted 130/- to 132/-; Australian Finest Salted 126/- to 130/-; Australian G.A.Q. 120/- to 124/-. Cheese: Market quiet. N.Z. White 82/- to 84/-; N.Z. Coloured 86/- to 88/-; Canadian White 92/- to 100/-; Canadian Coloured 92/- to 98/-.

GENERAL MORTGAGE

CORPORATION LIMITED. From time to time the monetary market of New Zealand has been inundated with various schemes and forms of Mortgage Finance both by the State and private enterprise which has been due to the continuous demand created by the public for such financial assistance.

In view of this insistent demand, a Company was successfully floated last year which offers to the public an entirely new departure in long term mortgage finance the general principals and system of which is unique in the history of finance in the Dominion.

The scheme itself has been thoroughly investigated, tested and proven with the result that the Company has in hand after being in operation for approximately six mbnths, applications for loans approaching three quarters of a million, this being entirely due to the attractive proposition offered to the mortgagor ,and at the same time providing for an adequate return and margin of security for the successful operation of the Company. Owing to this remarkable demand for the Coy’s system of finance, the Directors of tho Company considered it advisable to increase the capital in order to take advantage of the opportunities offering, which places the share capital now required, on practically a gilt edged basis. In order to assist the Company in ascertaining and discriminating as to the nature and margin of the security offering against loans, a most comprehensive organisation has been established throughout tlie Dominion in 16 centres by the creation of Local Ad-, visory Boards comprising men of st'anqfingl iwell acquainted with the conditions of properties located in their respective districts.

It will 1)0 readily appreciated- that with such an organisation, the Company with the knowledge which is available to the Head Office management as supplied by the Local Boards has fully safe-guarded tho interests of the Shareholders.

'rhe Company has recently issued a prospectus regarding the increase of capital referred to, and to those contemplating an investment which in the main xs a. first charge over first mortgages, this Company offers a most attractive proposition, and investors are advised to make application for a copy of the prospectus to the local Secretary, General Mortgage Corporation Ltd., Opposite G. P. 0., Greymouth.