COMMERCIAL.

New Zealand Herald, Volume LX, Issue 18578, 10 December 1923, Page 7

COMMERCIAL.

THE LONDON MARKETS. BANK OF ENGLAND RETURNS. Australian and N.Z. Cable Association. (Reed. 10.5 p.m.) LONDON, Dec. 6. The. Bank of England returns for the week ended December 6, as compared with those for the week ended November 29, are as follows— Dec. 6. Nov. 29. £ £ Coin .. .. 126,045,000 125,943,000 Reserve .. .. 21,511,000 22,503,000 Note issue . . .. 126,112,000 125.016,000 Govt, deposits . . . . 11.210,000 21,132,000 Other deposits . ~ 136,601,000 99,761.000 Govt, securities . „ 69,74£.000 43,374.000 Other securities . . 74,362,000 72,797,000 Proportion of reserve to liabilities . . 4.55 18.60 RATES OF DISCOUNT. Short loans. 2J- per cent., same as last week; three-month bills 3i per cent., same as last week. I CONSOLS AND COLONIAL STOCKS. The following table gives quotations for consols and colonial inscribed stocks, compared with those of November 29

CEREALS. PULSE. SUGAR. Wheat.— Cargoes are dull owing to a break in Argentine options, improved sterling exchange and tiho general election. Quotations declined 3d. Australian December cargoes are quoted at 4f>s 3d. and JanuaryFebruary at 45s Gd. Parcels are in small demand and quotations are unchanged. Australian afloat are quoted at 46s 3d, and January-February at 44s 9d. The spot trade is fairly active with a hardening tendency. Flour.—Quint. Australian ex-store, 33s to 33s 6d. . , Barley.—Fifrin. Australian Chevalier. 40s to 435. Oats.—Dull, tendency easier. Peas and —Steady. Sugar.—Granulated. 61s lid. FROZEN MEAT. Sheep.—Australian, first 6id, second '6Jd: ewes, Bid; Patagonian light 7d, ewes 6id. Lambs. —Argentine, light lid. heavy 9Jd. Chilled Beef.— Argentine, fores 4Jd. Hindu s}d; Uruguay, fores 3Jd, hinds s|d. Others unchanged. COTTON. RUBBER. COPRA. ETC. (Last week's prices in parentheses.) December. 20.21 d (21.67 d). Rubber.—Para, i2id (12Jd); plantation and smoked, 14Jd to 14Jd« (14 l-16d to 14»d). November-December. £25 10s (£27). Copra.—December-January. £26 10s (£2B 2a 6d). Linseed 0i1.— £43 (£43). Turpentine.—£3 12s (£3 13s 3d). METALS. Copper.— spot £62 6s 3d. forward £63 Ib 3d. Lead.— £3o 17s 6d and £29 'is Gd. Spelter.— £32 8s 9d and £32 15a. Tin.— £23B 16s 3d and £239 18s 9d. Silver.— 9d. GEAR MEAT COMPANY. DIVIDEND AND BONUS. The annual report by the directors of the Gear Meat Preserving and Freezing ComEany states that, including the amount rought forward, and after making allowance for depreciation and payment of interim dividend, there remains a balance of £61.964 os.6d, which the directors recommend for appropriation as follows:— In payment of dividend of Is 6d per share, less interim dividend of 6d. £23.000; appropriation toward liability for taxes, etc. in New Zealand and Great Britain. £12.500; leaving £24.464 Os 6d to be carried forward to next year's account Owing to the satisfactory condition of the company's insurance reserve, the directors recommend the payment of a bonus of 3d 'a share out of that account. . The annual meeting will be held in Wellington next Monday. Following is a comparison of the company's results for the last three years:— 1920-21. 1921-22. 1922-23. £ £ £ Brought forward . . 24,9-29 27.450 26,990 Net profit .. 71,271 96.540 (59,974 Total . ~ 96.200 123,990 96.964 Reserve for taxes.. 40,000 37,500 12,500 Reserve fund . , — 20,000 20.000 Insurance Reserve — 6,000 3.500 Dividend at . . 15d* 18d» ■ 18d» Amount .. , . 28,750 34,600 34,500 Carried forward . . 27,450 26.930 26,464 •In addition to the dividends & bonus of 3d a share out of the insurance reserve fund, equal to £6750. the company's capital being £460,000 in £1 shares. With the present addition the reserve fund stands at £170.000. Marine, fire and accident insurance reserve is shown as £211.089, an increase since last account of £16.128 13« 6d. \,

LONDON MEAT MARKET.

PRICES AT SMITHFIELD. [BT TELEGRAPH. PRESS ASSOCIATION.] / WELLINGTON, Saturday. - The New Zealand Meat Producers' Board has received the following cablegram from its London office, dated December''7, advising that the Smithfield "delivered" prices at tbs-.t date were as follows: New Zealand ' Wethers and Maidens,— terbury quality, selected brands, sßlb and under, Bld per lb; 57 to 641b. 7|d; 65 to 721b, 7Jd; other brands, 561b and under. 7 5-8 d; 57 to 641b, 7*d: 65 to 721b, 7Jd. ■ New Zealand Ewes.—64lb and under, 6Jd. New Zealand Canterbury quality, 861b and under, Hid; 37 to 421b, 10 3-8 d: 43 to 501b, 9Jd; seconds, lOd; selected brands, 361b and under, 10'Jd: 37 to 421b, 10 l-8d; other brands, first quality, 421b and under, 9 7-8 d; seconds, 9id. " New Zealand Beef.—Ox fores, 3sd; ox hinds, 4id.' cow fores, 27-8 d; cow hinds, B}d. Argentine.—Chilled beef: Ox fores, 4Jd; ox hinds, 5 7-Bd. Frozen beef: Ox fores, B|d; ox hinds, 4}d. The mutton market is firm and is likely to advance. The lamb market is quieV but steady.

, M. A. , Ehott, Ltd., Palmerston North, have received cable advice from Gilbert Anderson and Co.. Ltd., London, of the following Smithfield prices for the week ended December 7. These prices are on the " delivered " basis, that is, including storage charges, cartage, etc.:—Ordinary North Island lambs, under 421b, 9 7-8 d; feecond quality, under 421b, 9 5-Bd. Beet North Island wethers and/or maiden ewes. 48 to 661b BJd; 66 to 641b. 7 7-8 d; 64 to 721b, 7}d.*Ordinary North Island wethers and/or maiden ewes, 48 to 561b, 8d; 56 to 641b, 7 5-8 d; 64 to 721b, 71d. North Island ewes, under 641b, 6id: 64 to 721b, s|d; over 721b, s|d. New Zealand prime ox (equal fores and hinds), 160 to 2201b, 3id. Remarks:—Ordinary lamb. l-8d lower; ; wethers, no change; owes, par to id lower; beef, no change. Mutton and lamb market quiet. Beef and pork supplies are plentiful. N.Z. AND AUSTRALIAN BANKS. Australian and N.Z. Cable Association. (Reed. 4.5 p.m.) LONDON, Dec. 7. The following are the current quotations fpr New Zealand and Australian hanks' shares:—-National Bank of New Zealand. .£6 13a 9d; Bank of Australasia, £13 7s fidBank of New South Wales, £88; ■ Union Bank of Australia, £14 15s. New Zealand Loan and Mercantile debentures are quoted at £76 10s. and ordinary stock at 77 10s. LONDON STOCK EXCHANGE, Australian and N.Z. Cable Association. (Reed. 4.5 p.m.) LONDON, Dec. 7. The Stock Exchange is inactive with general marking down of prices. The weakness is particularly apparent in industrials. W»ihi "hares are quoted at 29a buyers, 29s 7d sellers ' P. and O. deferred stock is quoted at £295 buyers. £305 sellers. SOUTHERN EXCHANGES. fBV XKLEORAPH.—PBESS ASSOCIATION.] WELLINGTON, Saturday. A sale of Bank of Australasia shares at £12 19s was made on the Stock Exchange to-day. CHRISTCHURCH. Saturday. The following sales were reported on the Stock Exchange to-day:—Manning's Brewery, 25s 6d; Ward's Brewery, 42a; New Zealand Government 51 Inscribed Stock (1933), DUNEDIN. Saturday. A sale of Wilsons Cement shares at £1 7s 94 was made at the Stock Exchange today. A sale of Huddart, Parker at £2 Is 3d was reported.

KAURI TIMBER COMPANY. . DIVIDEND OF 8 PER CENT. ; / (A. and N.Z.)" MELBOURNE. Deo. 8. The directors' report of the Kauri Timber Company for the year ended August 31 shows that the profits, after providing for depreciation and adding 10,041 to tihe fire insurance and marijie insurance funds, were 74,041. A dividend of 4 per cent, is .recommended, 4 making, with the interim dividend. 8 per cent, for the year. This will leave £27,769 to be carried forward. . Following is a comparison of the company's results for the three year* since reconstruction : 1920-21. 1921-22. 1922-23. £ £ £ Brought forward . — 13,116 13,713 Net profit ..■ 93,116 60,612 74,041 Dividend, pjc. 8 8 8 Amount . . 60,000 60,000 60,000 Dividend Equalisation Fund ■ . . 20,000 — — Carried forward £13,116 £13,728 £27.769 AUSTRALIAN "WHEAT, The Australian wheat harvest promises to reach a total of 110 to 114 million bushels, which, will enable a larger quantity to be exported during the new season tihan the shipments for the 1922-23 season, which now exceed 66 million bushels, says the Banking Record. Japan has bought heavily, tho total being estimated at up to 150,000 tons, and this has kept Australian prices very steady, the present value being about 4s 7d per bushel f.o.b. PROPERTY SALES. Tirohanga, the well-known property of Mr. A. Hanna, situated at the top of Victoria Avenue, Remuera, is to be offered by public auction by T. Mandeno Jackson, at their rooms, 9, Commerce Street, at 2 o'oiock this afternoon. The residence stands on good half-acre section, having 132 ft. to Victoria Avenue, and a like, frontage to Tirohanga Avenue. There are nine sections.

Price. Variation. £ £ Consols. 21 per cent. .. 671 — British. 31 p.c. War Loan . . 961 it British-5 p.c. War Loan .: 1008 — British Conversion 31 p.c. . . 77| — New Zealand 4 p.c, 19-29 . . 95 it New Zealand 31 p.c. 1940 .. 83J J* New Zealand 3 p.c, 1945 . . . 751 1* New Zealand 6 p.c.' 1930-51 HOi i* C wealth 61 p.c, 1922-27 . , 100J it C'wealth 6 p.c, 1931-41 .. 1051 it NS.W.. 4 p.c. 1933 ,. S9i 14* N.S.W., 3 p.c. 1935 . . 811 it N.S.W., 31 p.c, 1930-50 .. 751 H* N.S.W., 6| p.c, 1922-32 fc . 100$ it N.S.W., 61 p.c. 1930-40 . . 1073 it N.S.W.. 6 p.c. 1930-40 ... 103* i* Victorian. 31 p.c, 1921-26. . 97 11* Victorian, 3 p.c. 1929-40 .. 71* li* Victorian. 8* p.c. 1929-49 . . 78J 1* Victorian. 51 p.c. 1930-40 . . 102 Same. Queensland. 31 p.c. 1921-30 98i i* 8. Auet., 31 p.c, 1939 .. 821 — S. Aust.. 3 p.c. optional . . 62 1* Si Aust.. 61 p.c, 1930-40 . . 1071 — r r«STnanian 31 P.O.. 1920-40 «. 831 Sam©. Tasmanian 3 p.c, 1920-40 ., 77 li" Tasmanian. 61 p.c. 1930-40 ., 1081 Same. W. Aust.. 31 p.c. 1920-35 ..85 1* W. Aust., 3 p.c. 1915-35 .. 811 ** W Aust., 6 p.c. 1930-40 .. 103} 1|* t Higher. * Lower. — Not quoted last week.