COMMERCIAL.

New Zealand Herald, Volume LIX, Issue 18075, 27 April 1922, Page 5

COMMERCIAL.

THE WHEAT MARKET. Australian and N.Z. Gable Association. (EeccL 5.5 p.m.) LONDON. April 05. Wheat cargoes closed steady owing 1o a, good demand/from Italy and Russia for Australian,' and the reports of the drought in New South Wales. The International Institute of Agriculture received advice from the Department of Statistics of India that the area sown with wheat in 1921-22 is estimated at 28,012,000 acres, showing an increase of 20 per cent, as compared with last year's area and a decrease of 1 per cent, when compared with the average of the previous five years. Tho cotton yield is estimated at 17.320,000 centals, which iihows an increase of 24 per cent, as compared with last year and 2 per cent. abore tho average. In Argentina the production of wheat in 1021-22 is estimated at 32,025.200 centals against 101.853.900 in 1920-21 and 102,522,700, the average of the preceding fivo years; showing a decrease of 8.8 Ear cent, and 9.1 per cent, respectively. LONDON METAL MARKETS. Australian and N.Z. Cable Association. (Heed. 11.13 1MB,) LONDON, Apru 25. Copper.—Spot. £59 Is 3d; three montli3. £59 13« 3d. Lead.-Spot. £21 7a 6d; three montha. £25 15s. Spelter.—Spot. £27 ss ; three months. £27 2s 6d. Tin.-Soot, £151 12a 6d; three months, £153 2s fid. Silver.—3ljd per oz. AUCKLAND SAVINGS BANK. THE YEAR'S OPERATIONS. H a °«»-« h «>t of the Auckland Saving Bank for the year ended March 31 1322. which waa presented to the annual meeting of the bank trustees yesterday, showed thai the. sum received during the year from depositors amounted to £2,484,395 7s 7d and withdrawal totalled £2,608,629 17s 7d, showing an excess of withdrawals of £124,231 10s. brom April 1 to January 31 withdrawals exceeded deposits by £209.116. This was accounted for. to some extent, by tho withdrawal of amounts in excess of £100. During February and Maroh the excess of deposit* was £12,720 and £76.711 respectively. Jiew accounts opened during the year numbered 9417 and accounts closed 7108, the increase in accounts remaining open being 2309. Interest credited to depositors accounts was £5882 greater than the sum so credited last year, although the average at credit of depositors was £16.390 below the figure maintained last year. This position was created by tie increase in the rate of interest paid to depositors from li per cent, to 4i per cent., and the amount bearing interest to £200 during the month of March. TJje average rate of interest paid to depositors for the year waa £3 18s 7d per cent, as againtt £3 lofl Id per cent, for the previous period, the factor determining the increase in the average rate being as previously stated together with the reduction in tho amounts of o-rer £100 on which no interest was paid formerly. Cash received from and paid to depositors totalled £5.093,025 5s 2d. Operations on accounts numbered 102.231. During the year 15 new loans on mortgage amounting to £57.690 were granted and completed, and [ £69,745 (including 90 mortgages paid and released) waa repaid. Interest charged on ioans on mortgage was now 6i per cent., with the . I exception of the few which were granted at | 6 per cent., and whose term of 12 months had not yet expired. From July L 1922 - all mortgagors would be paying 61 per cent. The average rata on the daily_ average j

amount lent on mortgage was £6 as 6d per cent., but it must be noted that the extra half per cent, charged for loans did not oper- i at? until October 1. 1921. The bank now holds 109H mortgages securing £1.105.305. Government debentures now totalled £978.300 and local body debentures £615.78(h An amount of £46,300 waa advanced during the y«»ar made up as follows:—Auckland Uty Council. £26,200 (renewal) ; On.ehunjp Borough Council; £15.000; Waitemato, County Council. £5000; Pakuranga Road : Board. £100. Amounts reoened m payment of debentures were: — Auckland City Council, I £"6150- New Zealand Government Inscribed Stock. £38.596 sa. The average earning of this class of investment was £4 Us 3d per cent, aa against £4 12« per cent, last year. The profit and loss account shows that the gross income or the year was £155.321 17a wmpared with £152,081 12s for 1921 Of this sum £110.289 2s 3d baa been credited to & Star* is interest, and charges £14,564 3s 6d. leavmj an amount of £32. 16* *"'% at the credit of this account As £1784 7s was brought forward g«J*>% the not profit for the year.is £30.968 US 10. A donation of £200 was given *»«**?& land Protestant Orphanages fund and £27 903 15s had been transferred to the reserve and : *!..«.« p\ t2s 5d per cent. Hie worKing uVt;,, t« <>1 2s Id per cent. The sur- . same bams to ii J lu M" . «,, Ri « o. , nlnn Drofits, now amounting to £a,4.MJ as ?i were eoual to £8 7a 9d per cent, of the tetoTSbSSi to depositors, as against £7 Us 5d last year. CONDENSED MILK AGREEMENT. NESTLES AND HIGHLANDER. [BT TELKGaAPH.— OWN COaSESPONDEJJT.] WELLINGTON. Wednesday. It came as a great surprise to merchants to learn that as from to-day Nestle and inglo-Swisa Condensed Milks (Australasia), Limited, would undertake the sole veiling business of the New Zealand Mdk Pa Uicts Company, better known us the Highlander Milk Company. f«S many y*ars past there has Been keen competition in New Zealand between the Iccally-made condensed milk and the imported article. This is now a thine of fl* past. The Highlander Company iill | continue to buy milk from Southland dairy tanners and condense it The Nestie Ccmi cany will take over the manufactured 1 article, and do all the local export trade. AMERICAN" CONDITIONS. ' CONFIDENCE RESTORED. I The monthly review issued by the National Bank of Commerce in New York ; states that improvement in business with I increased stability in underlying conditions ; ! characterised the period from February lb ! to March 13. Prices of the major comrnodlI ties have shown only normal fluctuations. I Many lines of industry give evidence of increased activity, and there appears to have been some decrease in industrial unemployment. Setail trade over the counter ! is" reported as unsatisfactory, put mailorder houses generally show an increase in I business, attributable to the improved pur- j chasing power and mental attitude of the I farmer, due to the rise in agricultural P Wholesale trade is generally reported to be better, although a considerable degree of caution wisely prevails. The rate of iron and steel production has moreased, but the volume of forward orders still remains restricted. The cotton textile situation ts handicapped bv strikes in the New England cotton mills. Wool manufacture is operating at a fair rate, although the demand for woollen and worsted fabrics has been disappointing. There has been a marked increase of activity in the manufacture of automobiles, tyres, and accessories. Business failures have declined m number since the beginning of the year. .The raet month has shown improvement in fundamental conditions, and consequently m business sentiment, as has been th«j case each month since mid-summer of 1921. The period of extreme discouragement m the United States has now passed, and there is widespread and justified confidence in the long future. STOCK SALES. MANAWATTL Abraham and Williams, Ltd.. report:—At the Palmerston North eale on April 20, we had a fair yarding of sheep and cattle, and practically everything was sold under the hammer. We quote as follows:—f.m. ewes r.w. Rom. rame 18s, fat wethers to 25s nd; spg. Jersey cowa at dron £12 to £17; apU. Jersey heifers at drop £14 sb. heifers, just calved £7. £8 10s, £9 10s, £11 10a, to £13: cows just calved £8 to £11 las, fat cowa £2 1 10«, £3 16s Bd, forward cows 37s 6d, £2 to ! £2 10s, store cows £1 Is. £1 10s to £1 12s 6d: well-grown weaner Jersey heifers' £6 17s, weaner Jersey-cross heifers £2 2s, £" 3s to £3 2s. weaner Shorthorn heifers 30s to" 355. heifers r.w.b. £3 6s. £3 10s to £4-2s, IS-montha steers £2 8s Bd, bulls, cotters 22s 6d 2Ss, to £2. At the Feilding sale on April 2L we had a good yarding of eheep and cattle. There was a good attendance of tuyere and demand was sood for all classes of sheep. We quote:—Fat lambs 16s, 16s 6d 17s 6d to 20s T<L fat wethers 20s 6a. 25a 7d.' to 26s Id, fat ewes Us 3d. 15s 3d to 16s Bd. 2-tooth wethers to 23s 6d. 4 and 6 year ewes r.w.. B.D. and, Rom. rams 12s; lambs lis 6d to 12s lOd, cull lambs to 6s 9d; empty ewes 7s 6d to 9s 6d: dairy cows £3. £3 10s. £4. £4 10s, fat cows £2 10s. £3 to £3 12s id, 2-year steers to £3; 2-year Hereford heifers to 11 10a. heifers, r.w.b. £3. £4 to £5 ss, weaner Shorthorn heifers 31a. 355. to £2 ss: store cowa £1 to 30s. WATKATO. The- Farmers' Co-operative Auctioneering Company. Ltd., .reports:— . . Beef.—There is a slight improvement m the demand for beef although values have not appreciably advanced. Home reports do not justify any optimism m the export branch but it is beliMed that local values will harden before .km*. Mutton.—Mutton is advancins rapidly and good prospect* are assured. Supplies have not been shorter at this period for a number of yean. Fat lambs are offering in ■mall low only. ~, . ~ Stare Cattle.—Grown cattle aw as dull aa ever and until beef improves, may be expected to eo continue. There has been strong inquiry for 20-month steers from southern districts, and all cattle of this class with any degree of duality have sold freely, values in masy cases reaching the standard of older cattle. Heifers in call an ak> tb* anbiaot of strong vaaaia and

the improvement wiR no doubt bring cattle of this claea on the market. Calveß of batn. sexes are inclined -to fluctuate, but wellreared animals generally meet with good competition. Store Sheep The market for all classes » exceedingly firm. There seems no possibility of satisfying the present demand especially for wethers. Eweß in lamb are aieo being freely inquired after but few saleable lines are offering. ~ Pigs—Good sales are reported from all centres. According to weight sheets, values lor fat pigs work out at about sjd to 6d per lb. Young pigs at most sales meet with good competition. „ , , We qtiote ae follow:—Bullocks, heavy prime £6 10s to £7 10s, medium £5. 10a to £8; cows, heavy £4 to M 15s. medium £2 10s to £3. forward £1 10s to £2; steers, Siyear best £3 10s to £1. 2i-year best £2 10s to £3: Heifers. 2i-year. R.W.B. £5 to £7 10b; cowa, stores 13a to £1 7s 6d; steers. 18-months best £1 15s to £2 12s. medium £1 5» to £1 12s 6d; heifers. R.W.8.. 18months best £4 10a to £6, empty £1 15s to £3; Calves, heifers best £1 to £1 7a 6d. atoers best 17s 6d to £1 ss; wethers, prime heavy 22s 6d to 255, medium 20s to 28s 6di ewee. prime 16s to 20s: wethers, 4-tootn store 15s 6d to 16s 6d, 2-tooth Us to 15s; breeding owes. 2-tooth. R.W. rams 16s to 18s. 4-6-tooth 16s 6d to 20s. i and 5-year 15s to 17b, aged 7 B 6d to 10s: store lambs, best 10a to 12s 6d. medium 7s to 9s. small 4s ed to 6a; Pigs, heavy baconers £3 10s to U 6a, light £3 to £3 7s 6d; heavy porkcra £210 a to £2 17s 6d. light 35s to £2 ss; good slips £1 2s 8d to £110s. small 12s 6d to £lj weanera 6s to 10s 6d: horses, heavy draughts £30 to £40, medium £25 to £30, light £17 to £20. harnces horsee £S to £16, hacks £6 to ±10.

PROPERTY SALES.

QCEEN STREET FREEHOLD.

A Queen Street freehold block, situated between the Auckland Savings Bank and Edson's chemist shop, was ottered for sale by auction yesterday by Messrs. Samuel Vaile and Sons. Bidding commenced at £10,000, but the property was withdrawn at £19,500. The property has a frontage to Queen Street of 36ft. 6in., and a depth of 113 ft.. and has a three-storey brick building MBctoii on it. "She Mock uflewd far sh\b under instruction from the London trustees of the late Captain Richardß. Ito block of five houses at the corner qf Franklin Road and Wood Street, offered in the same estate, was sold for £3900, after spirited bidding. Smith and Halcombe, Ltd., report having sold at their audtion rooms, yesterday, under instructions from the registrar of the Supreme Court, 98a. Or. 32p., situated at Walton, for £33 13s 6d an acre. The firm will offer at their rooms. 5, Customs Street, to-day, at 2 p.m., Mr. W. L. Casey'i property. 11. Hamilton Road, Heme Bay, and on account of Mr. T. Lynch, his property at Harbour View Road, Birkenhead. SALE OF LEASES. The leases of several building sections were offered for sale bv tender by the Dilworth Trust Board. The sections are situated on Dilworth Avenue, and adjoin the Mount Hobson Domain, recently conveyed by the board to the City Council. The sections are on the Glasgow lease system of tenure. A fair number of tenders were received, but only one reached the upset rental.