COMMERCIAL.

New Zealand Herald, Volume LX, Issue 18548, 5 November 1923, Page 5

COMMERCIAL.

— THE LONDON MARKETS. BANK OF ENGLAND RETURNS Australian and N.Z. Cable Association. (Reed. 4.5 p.m.) LONDON, Nov. 1 (delayed) The Bank of England rfjturns for the week ended November i, as compared with those for the week ended October 25. art as follow:— Nov. 1, Oct. 25. Coin .. £125,846,000 £125,846,000 Reserve . . , . 22,631,000 24,313,000 Note issue .. 12-1,793,000 123,111.000 Govt, deposits .. 11.444,000 18,057,000 Other deposits . . 107,837,000 105,641,000. Govt, securities . . 42.304,000 4T,134,000 Other securities . 72,020,000 71,872,000 Proportion of reserve to liabilities 18.97 20.33 RATES OF DISCOUNT. Short loans, 21 per cent., compared with 2} per ctnt. last week; three months' bills,. 31 per cent., same as last week. FOREIGN EXCHANGES. The following rates on foreign exchanges are current to-day, as compared with tfcfii cabled quotations on October 29 and par:— Nov. 1. Oct. 29. Par. Now York (dol.) . . 4.481 4.48* 4.856 Montreal (doi.) . . 4.541 4.54* 4.866 Paris (fr.) .. 76.40 76.90 25.225 Brussels (fr.) . . 69.40 89.45 25.225 Rome (lire) . . , . 99| 1001 25.225 Stockholm (kr.) . . 17.01 17.05 18.159 Christ'ania (kr.) . . 29.90 29.45 18.159 Copenhagen (kr.) . . 26.20 25.87 18.159 Calcutta (ponce) .. 16} 16 13-16 24 Hongkong (pence) . . 27} 271 — Yokohama (penA) . 26 1-16 26} 24} Exchange on Berlin is quoted nominally at 1000 million to 2100 million marks to the pound, against 400,000 millions on October 29. CONSOLS AND COLONIAL STOCKS. The following table gives quotations for consols and colonial inscribed stocks, compared with those of October 25;— Price. Variation. £ £ Consols, 2} per cent ~ ~ 581 it British 31 p.c. war loan . . 96 — British 5 p.c. war loan . . 100J — British Conversion 3} p.c. . . 785 It Now Zealand 4 p.c., 1929 .. 951 jt New Zealand 3} p.c., 1940 . . 851 — New Zealand 3 p.c., 1945 . . 751 — N'ow Zealand 6 p.c.. 1936-51 .. IOOf ■— N.S.W. 4 p.c., 1933 . . . . 92 Same. N.S.W. 3 p.c., 1985 . . . . 811 it N.S.W., 31 p.c., J930-50 .. 77} it N.S.W. 5} p.c., 1922-32 . . 100} Same. N.S.W. *1 p.c., 1930-40 . . . 108« It N.S.W. 6 p.'c.. 1930-40 . . , 103} it Victorian 3} p.c.. 1959-49 . . 791 It Queensland 4 p.c., 1924 . . . . 99} i + Queensland 31 p.c., 1921-30 . . 991 it Queensland 3} p.c., 1921-24 , . 891 itQueensland 3 p.c., 19*22-47 . . 70} Same. Queensland 6 p.c.. 1930-40 . . 1051 it S. Australia!'. 3} p.c., 1939 . . 83} it 8. Australian 8 p.c.. optional . . 65 — R. Australian 61 p.c., 1930-40 . . 1081 — 'l'asnianian 31 p.c., 1920-40 . . 84 — Tasmanian 3 p. 0., 1950-40 . . 791 — Tftsmimian 61 0.c., 19"0-40 . . 1081 — W. Australian 31 p. 0., 1920-35 . . 85 it W. Australian 6 c., 1915-35 . . 82 it W. Australian 6 p.c.. 1930-40 . .1051 ,it tHigbVr. — Not quoted last week. FROZEN BEEF AND MUTTON. Shoep.—New Zealand owes, 6d; Australian, firsts Lambs*.—Canterbury, light, lid; other selected, medium J.Od. , Frozen Be»ef.—New Zealand, fores 31d. hinds 4id; Australian, crops 3}d, hinds 41d; Argentine, fores 3 Id. hinds s}a; Uruguay, fores, 3}d. . , , ~ . Chilled Beef.—Argentine, fores 3Jd. hinds s|d; Uruguay, fores 31d; others unchanged. COTTON. RUBBER. COPRA. ETC. (Last week's prices in parentheses.) —December. 17.59 d (17.G2d). Rubber.— 121 d (121 d): plantation and smoked, 13} d to 14d (13id to 13{d). —November-Dece nber. £22 5s (£2l "copra.'— October-December, £26 10s (£257. Oopra..—October-December, £26 10s (£257. Linseed Oil.—£4l 10 (£4l s*). Turpentine.— £3 13s (£3 13a 6d). PRICES OF METALS. Copper.—On spot. £60 lis 3d; forward. £«' 3s 9d. Lend. £29 and .£27. Spelter.£33 and £32 15s. Tin.—£2oß 13s 9d and £205 13s 9d Silver.— 7 15-16 d per oz. standard. TALLOW MARKET RETURNS. A. and N.Z LONDON, Nov. 2. Tallow in stock totals 7328 tons; imports for October. 2184 tons, and deliveries 3316 tons.

AMERICAN PROSPERITY. CONDITIONS GENERALLY STABLE. At no previous period in the last five years has the general situation in the United States been as stable as to-day, Rays th\j markets report of tho National Bank of Commerce in New York. Business continues active, and there is confidence in the outlook. The advance in money rattes which has taken place since the beginning of July is no greater than is to be expected as l'jquirementa for funds approach their autumn p'aak. Except where special factors affecting supply arid demand are operative, the general price levVl shows no indication of radical change. In the country considered as a whole, purchasing power is good, and while consumers are disposed to buy carefully, they are nevertheless purchasing steadily and in good volume. _ Production in most lines _is being maintained at a fair rate, with promisVi of the customary seasonal expansion. High wages, high rices of important raw materials, and resistance to price advances on the part of consumers have combined to restrict profits in many industries, but this is a thoroughly sound situation. Business • peril lies in easy profits. Rigid economy, improvement of methods, and effective selling policies are all encouraged by the conditions now prevailing, and this result should bo a continuance of prosperity.

FROZEN MEAT QUOTATIONS. Messrs. M. A. Eliott, Ltd., Palmerston North, have received cable advice from Messrs. Gilbert Anderson and Co., Ltd., London, of the following Smithfield "delivered" prices for the week ending November Best North Island prime croMbrod lambs, under 421b. 10jd: ordinary iviorlb Island lambs, under 421b, 9Jd: ordinary North Island lambs, second quality, under 421b, 9Jd: boat North Island wethers and maiden ewes. 481b to 561b Bd, 561b to 641b 7{d. C4lb to 721b 7Jd; ordinary North Island wethers and maiden ewes, 481b to 561b 7|ld, BGlb to 641b 7|d, 641b to 721b 7}d: North Island ewes, under 641b fid, 641b to 721b 51d, over 721 b sld; New Zealand prime ox beef (equal fores and hinds), ICOlb to 2201b 3}d. Tl*-Tv)nrks: Lamb ewen and" beef, no change: wethers. Id lower. On the whole there is no improvement in the demand. S. MANNING AND CO., LTD. Shareholders in 8. Manning and Company. Limited, have received an interim dividend for the half-year ended September, at the rate of 10 per cent, per annum. The directors in their report state: Since the 41st annual balance-sheet and report in April, part of the company's assets, viz., land and' buildings (Christchurch brewery and malthouses). plant, stock and goodwill, have been fold to the New Zealand Breweries, Limited, for £ 78.616. This amount was satisfied by a cp.sh payment of £22,837. the allotment of 10 per cent, debentures guaranteed for 3 years, amounting to £35.839. and fully paid up shares amounting to 19.890. The company's shares are now fully paid up. 120,000 shares of £1 each, in accordance with the scheme adopted by the shareholders of the company. The only liability of the company, exclusive of capital, is £60c0. The profit and loss account shows a credit of £11,2.04 Is 54. out of which the interim dividend is being pn-id. and £2000 is set aside to meet incometax.