COMMERCIAL.

New Zealand Herald, Volume LIX, Issue 18101, 27 May 1922, Page 7

COMMERCIAL.

THE LONDON MARKETS. MONEY AND PRODUCE RATES. Australian and N.Z. Cable Association. (Reed. 5.5 p.m.) / LONDON, May 25. Tho Bank o£ England returns for the week May 25, oa compared with those for tho week ended May IS. are as follow: — May 25. May 18. Coin £127,058,000 £127,058,000 Reserve . . . . 26,141.000 26,258,000 Note issue . . . . 120.890,000 121,071,000 Govt, deposits . . 16,502.000 12,971,000 Other deposits .. 113,874,000 120,091.000 Govt. aecurities .. 49,188,000 55,448,000 Other securities . . 74,593,000 75,102,000 Proportion of reserve to liabilities . . 19.90 18.80 RATES OF DISCOUNT. Short loans, 2} per cent., compared with 2J per cent, last week; three-months bills, 21 per cent., tho same as last week. FOREIGN EXCHANGES. The following rates on foreign exchanges are current tn-day. as compared with tho cabled quotations on May 22 and par:— , May 25 May 22 Par. New York . 4dol. 45c 4.44 i 4.860 Montreal ~ 4dol. 49c. 4.49 4.866 . Paris . . 48f. 03c. 49.01 25.255 Berlin . . 1260 m. 1405 20.43 Stockholm.. 17kr. 23ore 17.23 18.159 f'hristiania. • 24kr. 40ore 24.53 18.159 Copenhagen . 20kr. 60ore 20.85 18.159 Calcutta .. Is 3Jd Is 3Jd 2s Hongkong , . 2s 7td 2s 8d —• , Yokohama . . 2s IJtl 23 ltd 2s o}d CONSOLS AND COLONIAL STOCKS. The following table gives quotations for consols and colonial inscribed 6tocks. compared with those of May 18:— Price. Variation. £ s. d. e. d. Consols, 2J per cent. .. 57 12 6 7 6* British, 3i p. 0., war loan 94 7 6 — British. 5 p.c., war loan 100 0 0 — New Zealand. 4 p.c., 1929 94 10 0 — Com'wealth 51 p.c., 1920-22 101 5 0 5 Ot Com'wcalth 5i p.c., 1922-27 100 10 0 5 Ot W. Aust., 3J p.c., 1920-35 63 17 6 Samo W. Aust.. 3 p.c.. 1915-35 77 15 0 15 0* ! N.S.W.. 6) p.c., 1930-40. . 108 5 0 10 0* { N.S.W.. 5} p.c., 1922-32. . 101 0 0 2 6* N.S.W., 4 p.c., 1933 . . 90 0 0 5 0* N.S.W., Si p.c.. 1930-50. . 79 0 0 Same N.S.W., 3 p.c., 1935 .. 77 15 0 10 0* 8. Aust.. 3i p.c.. 1939 .. ffi 0 0 10 Ot S. Aust., 3 p.c., optional 63 0 0 10 Ot Tasmanian. 3i p.c.. 1920-40 81 15 0 10 0* Tasmanian, 3 p.c., 1920-40 75 0 0 Same Queensland, 4 p.c.. 1924 94 17 0 7 6 Queensland. 3i p.c. 1921-24 94 7 6 — Queensland. 3 p.c., 1922-47 67 10 0 — Victorian. 3i p.c., 1921-26 95 12 6 Same Victorian. 31 p.c.. 1929-49 77 15 0 5 0* Victorian, 3 p.c., 1929-40 72 5 0 5 Ot *Lower. tHigher. —Not quoted last week. WHEAT. FLOUR. PULSE. AND SUGAR. Wheat.— Cargoes are slow in view of the American weaknees and quotation* havo declined 6d; afloat 575, May 57s 9d._ Parcels ebow fair trade at 6d to 9d decline. Tho spot trade is slow, with prices tending to be easier. Australian due 61 b, ex ship. Flour.—Dull- Australian is quoted at 43a 6d to 44 s. ox store. Oats.—Firm. Peas and Beans.—Steady and unchanged. Sugar.—Granulated. 48a 6d. WOOL SALES. At the Liverpool wool Merinos realised full London rates. Fin© crossbreda were from Dar to 5 per cent, above London prices, slipos 5 per cent., and others unchanged. The Bradford market is activ®. a strong tone being maintained. Quotations are unchanged. BUTTER AND CHEESE. Butter.—Ho market is very dull. Danish is weak at 1765; New Zealand, 160 a to 1665; Australian, 154s to 158 a. Cheese.—The market is flat. New Zealand, white 68s to 70e. coloured 76s to 80s; Australian, white 64a to 665. coloured 745. APPLES. The Corinthic'e New Zealtmd apples opened up in rather wasty condition. Jonathans brought lis to 14s 6d a case; London Pippins. 12a 6d ; Baldwins, 12s to 13a; Sturmer*. 12s to 16*. PRICES OF METALS. Copper.—Spot, £62 8a 9d: forward. £62 16a 3d. Lead—On Bpot, £24 17a 6d: forward, £23 7s 6d. Spelter.—On spot, £27 12a 6cl; forward, £27 10s. Tin.—On apot. £151 2a 6d: forward £152 llfl 3d. Silver.—3s OJd per ounce standard. NORTHERN STEAMSHIP COMPANY. DIVIDEND OF 7 PER CENT. The annual report of tho Northern Steamahip Company to be presented at tho annual meeting of shareholders next Wednesday, states;— The net profit on the working account for tho year ended March 31, after making provision for depreciation, insurance and boiler and repairs account, is £12,097, transfer fees £7, balance brought forward after deducting dividend, £3460; total, £15,566. The following appropriation of this is recommended:—Payment ot a dividend at the rate of 7 per 'cent, per annum, half of which was paid to shareholders on November 25, 1921, £11,298; leaving a balance to be carried to the credit of profit and loss account of £4267. Tho retiring director*, Messrs. M. A. Clark, G. T. Niccol and N. A. Nathan, aro. eligible for re-election. Messrs. W. Wallace Bruce and G. O'Halloran, auditors, retire and are eligible for reeleotion. KAURI TIMBER COMPANY. DIVIDEND OF 8 PER CENT. The Auckland office of the. Kauri Timber Company has received official intimation from the head office in Molbourne that the board of directors has resolved to Day an interim dividend at the rate of 8 per cent, per annum for the half year ended February 23. CANTERBURY MARKETS. . [BY TELEGRAPH. —PRESS ASSOCIATION.] CHRISTCHURCH, Friday. Fowl wheat is moving slowly and sales have been made at 4s to 4s 3d, f.0.b., gacka extra. Oate are practically without inquiry. There was a report of an export outlet in England but so far there is no margin. Local value for A grade is nominally Us Id f.o.b. Home quotations scarcely come within this figure. Cowgrass is being offered to a vorv email extent, an unusual circumstance at this time of the year. In some districts fanners are covering up their stocks rather than accept the price offered, their view being that with a probability of heavy sowing values will firm. The maximum of offers at present is lOd which covers good to indifferent. Some business has taken place with the South for August delivery. Peas have passed as high as up to 8a 7d on trucks for Partridge. Cocksfoot is meeting quiet business at r>}d to 6d to farmers. Both tho Eerennial and Italian ryegrass markets aro rm. Well-marked Italian has been traded at 5a for machine dressed, equivalent to 3s fld to 3g lid to farmers. This business ia for August delivery. Linseed has experienced a belated improvement and is now firm at £14 10s, to farmer® at which figure small business has been done. Farmers, however, are not offering freely at the- price. The potato market is very depressed. Overbuyers have beon quitting on the already stagnant market, tho figuro being less than a 75s f.o.b. baaia or about 56s to farmersOnions aro about done. To growers they are worth £6 5a for sound conditioned. AUSTRALIAN PRODUCE. A. and N.Z. MELBOURNE. May 26. Barley.—English 3s lOd to 4s, Cape 2a lid to 3s. Oats, 3s to 3s 4d. Potatoes, £3 to £4 10s. Onions, £5 10s to £6. The hide market is irregular, and competition is not .keen. Values declined & halfpenny according to condition. PROPERTY SALES. . Samuel Vaile and Sons, Ltd.. report having sold by public auction yesterday a section of land fronting Hackett Street, Ponsonby, 182(t 6in, for £225. Mr. Mites J. Cassidy will offer for sale by public auction, on the promises, to-day. Mr. J. C. Lean's property, Park Avenue, off Roeebank Road, Avondalo. eight sections of 1J acres eaoh: frontages to Park Avenue and tlio sea, wiUi riparian lightfe.

Medium baconers made from £3 las to £3 2s, lighter £1 9e to £2 13e. (rood porkers 38s to £2 ss. small 283 to 335; slips 17s to 206: food weanero Ss 6d to lSe. small up to 8s 6d. >airy cows close to profit made to £9 10s: young July calvprs to £8 ISs: backward and inferior sorts £4 to £5 6i. MARKET REPORTS. FRUIT AND PRODUCE. There was a general steadiness on the Auckland city markote yesterday. The demand for fruit was not so keen a 9 formerly, owing no doubt to the setting in of cold and wet weather. The Navua's shipment of 15,000 cases of bananas met a ready market, and practically all were sold. Prices were good considering the quality. A shipment of oranges, mandarins, pineappes, and grapes arrived from Sydney during the week. No further shipment of Rarotongan oranges is due until the Flora arrives about the end of the month. Famers' butter sold well. FRUIT. There wa« little difference in the prices of apples from those of last week. Some cases of Jonathans sold up. to a little over 9a per case. Delicious realised from 15s to 16s a case, and a quantity of Jupp Russets from 9s to lis 6a. Wineoaps realised from 10s to 10s 3d a case. First grade cooking apples sold from 8s to 9s 6d and seconds frorn 5s 6d to 7s 6d. Poars of the Winter Cole variety fetched from 13s to 16s. second gTado 9s to lis, and cookers 9s. Fiji bananas were sold in large quantities. The best cold at prices averaging 18s a box on the wharf, some ripe fruit selling up to 235. Reject# brought from 10s to 15s at auction. Rarotongan oranges fetched 16s for repacks. Sydney oranges sold at over 20s. The season, for the best grapes in now finishing and prices api proachcd 2s 4d per lb. Last week this quality brought from Is lid to 2s. Fresh lemons sold from 9s to 12s; best cured up to 20s. and 22s in some cases. Fiji mandarins brought from 20s to 22s 6d for repacks, Sydney mandarins selling at 225. Pineapples realised from 20s to 245 ; Tree tomatoes sold from 4s to 6s and persimmons the same. Hutt Valley tomatoes fetched from 8» to 9s 6d; best local, up to 13s. Cape gooseberries ranged from 4jd to 7d per lb, DAIRY PRODUCE. Fresh eggs were in fair supnly. Hen eggs sold freely from 2* 9d to 2s ll|d per dozen, j Duck eggs realised from 2s 5d to 2s 6d o«r I dozen. Farmers' butter was in medium supply and sold keenly from Is 2d to Is 5d per lb. Section honey realised from 8d to 9d per section. POULTRY. Prices remained much the same as these I nrevailing last week. The demand for pullets, i however, was not bo keen, owing principally for the fact that some were backward. _A particularly large supply of pullets came in, prices ranging from 4a to 6s 6d. FIELD PRODUCE. Potatoes were in plentiful supply, prices ranging from 6b to 6i 6d per cwt. Kumaras realised from }d to Id per lb: swedes. Sa to 4s per cwt; numpkins. 2s 6d to 4s 6d per cw*t; onions, Southern, 8s 6d to 10s Der cwt; onions, prime quality Brown Spanish, 14.s to 15s per cwt. Cabbages sold from Is to 3s per dozen: cauliflowers, 3s to 16» per dozen; carrots, beet, and parsnips, 8d to le per dozen; rhubarb. 2s 6d to 3? Sd per dozen: celery, 3s to 3s 3d per bundle; lettuce, 3d to 8d per dozen; beans. 2d to 3}d per lb; peas, 3d to 4d per lb; chokes, Sd to Is per dozen. Marrows were unsaleable.