COMMERCIAL.

New Zealand Herald, Volume LX, Issue 18380, 21 April 1923, Page 7

COMMERCIAL.

THE LONDON MARKETS. BANK OF ENGLAND RETURNS. Australian and N.Z. Cable Association. (Reod. 8.5 p.m.) LONDON. April 19. The Bank of England returns for the week ended April 13, compared with those for- the week, ended April 12, are as follows >—

RATES OF DISCOUNT. Short loans, li per cent., compared with If per cent, last week; three months bills. 2 per cent., compared with 21 per cent, last week. FOREIGN EXCHANGES. The following rates on foreign exchanges are current to-day. compared ■ with the cabled Quotations on April 16. and par:

CONSOLS AND COLONIAL STOCKS. The following table gives quotations for consols and colonial inscribed stocks., compared with those of April 12: •

tHieher. "Lower. WHEAT, FLOUR AND SUGAR. Wheat.—Cargoes are firm, with fair demand. Parcels are firm and in fair request at an advance of 6d. Spot trade is steady, but less active. 'Australian landed at 56s 3d. i Flour.—Firmer. Australian, ex Btore, 36s 6d to 375. Barley and Oats.—Firm and unchanged. Peas.— demand. Sugar.Granulated 65s 4Jd, against 62s lOd last week. The rise is attributed to an American _ ring advancing prices and limiting supplies. BRADFORD WOOL MARKET. The Bradford wool market is firm, with more inquiry for crossbrcds, Quotations are: 56's, 36id; 50's. 27d; 40's, IGJd; others unchanged. JOSEPH NATHAN AND CO, POSTPONEMENT OF DIVIDEND. [from our own correspondent.] LONDON, March 17. The directors of Messrs. Joseph Nathan and Co. have announced their decision to postpone the interim dividend due next month on their 8 per oent. cumulative participating preferred ordinary shares. < '"'_'■■" The exact business reasons for this decision are. naturally, not available to the general public, but it is understood that lit is merely a prudent move on the part of the directors in view of the great increase of preference capital which took place last year. The annual accounts to September of last year will be published in April, and the annual general meeting will be held in the same month. * "The postponement of. this dividend," remarks the Times, in comment, "is but another reminder of the year-late incidence of the world trade depression upon companies ■wtth large interests in the Antipodes. The postponement of the dividend presumably means that the preferred ordinary shareholders will have to forego for the year 1921-22 their usual 2 per cent, participating dividend, which it is the custom _of the company to declare at the meeting in April. Although the company's year ends in September, the accounts aro not available until the following April, owing to its extensive operations in New Zealand."

MEAT BOARD QUOTATIONS. [by TELEGRAPH.PRESS association.] WELLINGTON. Friday. The New Zealand Meat Producer*' Board advises that the following prices were being offered on April 19 for meat for export:— Auckland.—Wethers. 641b. and under. sld; prime woolly lambs, 421b. and under. B}d. Poverty Wethers. 641b. and under, sid; prime woolly lambs. 421b. and under. B}d; 431b. and over. 7id; second quality. 7Jd. Hawke's Bay.Wethers. 641b. and under, s}d; prime woolly lambs, 421b. and under, 9d: 431b. and over, 8d; second quality. Bd. Wanganui. — Wethers.' 641b. and under, 8?d; prime woolly lambs. 421b. and_ under, 9d: 431b. and over. 8d; second duality. 8d: prime ox beef. 20s per 1001b.; heifer beef. 17s 6d: cow beef. 15s. Wellington.— 641b. and under, s}d; prime woolly lambs, 421b. a.nd under, 9d: 431b. and over, 8d: second quality. Bd. Canterbury.'—Prime woolly lambs. 421b. and under. 91d: Beoond quality. Bld. Southland.—Wethers. sßlb. and under, 6d: prime woolly lambs. 421b. and under, 9d: 48lb. and over. BJd; second quality, B}d. HIGH PRICES FOR CLYDESDALES. [BY TELEGRAPH. —PRESS ASSOCIATION. ] DUNEDIN. Friday. . The sale of Waironga Clydesdales attracted some North Island buyers, but most of the stud remain in Otago. The best prices were: Filly. Silver Bangle, by Dunmore —Lady Silver. 135gns.. to Bushey Park Estate: colt. Fabricana. by Dunmure Fabric — Brilliant 111.. 820gns., Mitchell and O'Brien, Oamaru; colt. Brown Brilliant, by Dunmure Fabrio — Brilliant 111., 340gns.. Mitchell and O'Brien.

MARKET 'REPORTS.;; FRUIT AND PRODUCE. The Auckland fruit market was glutted again yesterday with apples and pears, while in the produce market there was a heavy supply of local potatoes. Fifteen thousand cases of bananas are expected on Monday, and 12,500 cases of oranges on Tuesday. In dairy produce a decided fall in the price of eggs was shown. DAIRY PRODUCE. Butter was in keen demand, while eggs had but poor inquiry. Prioes were as follow:—Hen eggs, 2s 6}d to 2slod; duck eggs, 2s 4d to 2a 6d; pullet eggs, 2s to 2s Id; farmers' butter, Issd to 2s; lard. 3d to 3}d; honey, in tins Sd, in sections llsd. POULTRY. , Poultry was in short supply. Prices were as follows: —Heavy cockerels, 6s 3d to 7s 9d, equal to Is 3d a pound, live weight; light cockerels, 2s 6d to 4s 9d; heavy roosters, 3s to 4s; light roosters, 2s 6d to 3s; heavy hens. 3s to 3s 9d; light hens, 2s to 8s; ducks, 2s 6d to 4s; drakes, 3s to"4s6d. FRUIT.' Dessert apples brought from 4s to 5s for best grades and from 2s Cd to 3s for inferior qualities. A few choice lines realised higher prices. Pears sold at from Ss to Gs. Best-quality tomatoes realised between 4s and 7s, and second quality between 2s and 3s. Figs sold at from 3a to ss, and passion fruit at from 2s to 4s. Cape gooseberries brought from 5d to 6d a pound. Best grade lemons sold at from 15s to 255, second-grade from 8s to 12s, and bananas (which were scarce) at from 20s to 30s. Sydney grapes realised from lGs to 20s a half-case, best hothouse grapes from Is 3d to Is 9d a pound, second grades from 9d to Is. PRODUCE. : : > The supply of Southern potatoes was short, and the prices were from 8s to 8s 6d. Local potatoes, on the other hand, were hard to quit at from 63 to- 7s Gd. Onions were in short supply, and brought between fis and 9s, but soft and.inferior grades were hard to quit. There was practically no demand for' either pumpkins or marrows. Kumarcs brought from Id to 1 l-8d a pound. There was a keen demand for cabbages, which sold at from 2s Cd to 7s, while cauliflowers realised from 9d to Is Gd each. Other prices were: Lettuce. Gd to Is 2d a dozen; cucumbers, 4s to ' 4s 6d ■■ a • half-bushel case; celery. Is 6d to 2s 6d a bundle for better qualities, and ; 8d < to la 3 for poorer grades; carrots, parsnips, beet, 6d to 9d a dozen; rhubarb. 2s 6d to Sb 94 ft dozen. . -

CANTERBURY MARKETS. LBT TELEGRAPH.—PRESS ASSOCIATION.] CHRISTCHURCH. Friday. ■ , A fair amount of business has been done 'his week with the exception of wheat, which is not being bought to any extent, owing to the stocks already on hand. Some Arms have eight months' supply in store. It _is stated that a more satisfied feeling exists with regard to prices, and that future business will be done on the basis of the agreement " figures. Such being the case it is likely that farmers will be allowed to hold tho grain until such time as buyers require it, the fixing of prices having had the effect of killing competition among buyers. Fowl wheat is dull, with every prospect of becoming easier. ' No change is reported in cocksfoot. Standard 16's and 17's are worth Bid per lb., f.0.b., nominal quotation, and prices to farmers at the bays are from 4d to 4Jd. No business of any importance is being done in ryegrass, prices for which are steady, with an easing tendency. The market for white clover is distinctly easier. Merchants genrally are carrying fair stocks of this seed. < There is no change in barley. The market has firmed up for Partridge peas. Brisk business is. being, done in linseed. In fact, it. is practically impossible to get supplies, with the result that prices have taken a pronounced jump during, the week. .Potatoes are still selling firmly, there b»ing a good steady demand from the North Island. The Katoa took some 4400 sacks a few days ago, and another shipment is being sent away this week. The next boat for Auckland is not expected to be despatched from Lyttelton until near the end of next week, which should enable this shipment to be disposod of before the next lot arrives. , Potato crops this season have not been turning out at all well, the proportion of seed to table tubers being generally one to one, and in some cases three to two. In addition, blight has had a serious effect on the crop.

FROZEN MEAT. v\'< - Messrs. Dalgety and Company. Ltd., have received the following cable from r their london Office, under date April 19: — Frozen Meat.— Zealand prime crossbred lamb: Canterbury, heavy lid, light Hid; North Island, heavy IOJd. light lid. Demand for New Zealand lamb runs principally on finest quality, and prices are weaker. N.Z. prime crossbred ' mutton: Canterbury, heavy 6Jd, light BJd; North Island, heavy 6|d. light Bid. Demand . for New Zealand mutton is limited, and prices weaker. New Zealand prime ox beef, hinds 4id, fores 3i. Prices nominal. Best South American chilled beef-selling at hindquarters sd, forequarters 2Jd; inferior quality id to id less. Good average quality crossbred lamb, Australian, heavy Bd, light 9id; mutton, Australian, , heavy sd, light 6id. Demand for Australian lamb runs principally on finest qualities- That for Australian mutton is poor. ARDATH TOBACCO COMPANY. The annual report of the Ardath Tobacoo Company. Ltd.. for 1922. states that the disposable net profit, after providing for all taxation, amounts to £150.919. in comparison with £112.682 for 1921. A substantial part of the profit is earned from trading abroad. After paying dividends on preference and preferred ordinary capital, the directors propose again to declare on the ordinary shares a dividend of 25 per cent., plu» a bonus of 5s per share, free of income tax. The reserve receives £ 100,000 in comparison with £60,000 in the previous year, making the total reserve • £180.000. and £.16,032 is carried forward, against £18,613 last year.

PEDIGREE CATTLE SALE. The Farmers' Co-operative Auctioneering Company. Ltd.. report that on Wednesday it conducted its fourth annual sale at the Government Farm, Ruakura. Although a few Jersey bulls were included in the offering, the chief attraction has always been the Shorthorn, cattle and this year was no exception. The first animal led' into the ring, the bull calf by Dominion Prince Daphne of Weraroa, from Dominion Mad.am of Weraroa, ran to 60gns. under keen competition. Of the 31 bull oalves catalogued 23 were sold, the beet making from 40 to GOgns. the whole line averaging 32igns. Peculiarly, the top price for in-calf heifers was identical with that of the bulls, namely GOgns., for the rising two-year heifer of Dominion May of Ruakura. Of the 19 heifers 15 were sold, making from 20 to GOgns., the lot averaging 80'igns. In pigs brisk competition ruled, the boars making from 3 to llgns.; young sows, 4 to 13gns.: sows in young, 9 to 13igns. Although all the lots of the different breeds of poultry did not bring' the upset value, 53 crates were sold, pullets making 5s to 12s; cockerels, 5s to 16s; drakes. 7s to 15s; ducks. 7s 6d. The following are the principal prices realised for the pedigree stock: — Dominion Manila of Ruakura, GOgns.. D. Tavlor: Dominion Lucas of Ruakura. 31gns.. W. Stora; Dominion Tunia of Ruakura, 30gns., Henderson Bros., Chatham Islands; Dominion Might of Ruakura. 60gns.. H. Johnton. Ngatea; Dominion Daddy of Ruakura. 43gns., F. T. Child. Whangarei: Dominion Perspective of Ruakura. 54cms.. Hansen Bros.. Helensville;. Dominion Peerless of Ruakura, 50gns.. W. Alexander; Dominion Doneraile of Ruakura. 40gns.. W. McDormott. Nor : thern Wairoa; Dominion Arbitration of Rua" kura, 36gps.. G. Lyons. Mangatui Vallev; Dominion Elsdon of Ruakura, 47gns.. R. W. Hollingswood. Papakura. Heifers.— Ideal of Ruakura, ■30 gns.. Hansen Bros.. Helensville; Dominion Priscilla of Ruakura; 42gns., Mrs. Martin, Dargaville; Dominion Waratah of Ruitkura. 84gna.. H. Aitkenhead. Helensville; Dominion Camouflage of Ruakura, 44gns. H. Aitkenhead; Dominion Moireen of Ruakura, fiOgns., Dr. Gribben. Waikeria Prison Farm; Dominion Wakeful of Ruakura. 38gus., same vendor. ... There were a number of other sales below 30gn». Five pedigree Jersey bulls realised 20gns. each. : . . r ' PROPERTY SALES. The New Zealand Loan and Mercantile Agency Company, Ltd., report the j&ale by auction yesterday of a property of 79 acres near Te Aroha for £1600, subject to a first mortgage. For the house in No. 66, Calliope Road, Devonport, the sum of JE9OO was bid, and a sale is expected. ' ...