COMMERCIAL

New Zealand Herald, Volume LXII, Issue 19103, 22 August 1925, Page 9

COMMERCIAL

THE LONDON MARKETS. BANK OF ENGLAND RETURNS. COMPARISONS WITH LAST WEEK. Australian and K.Z. Cablo Association. (Reed. 8.15 p.m.) LONDON, Aug. 20. Tho Bank of England returns for tho week ended August 20, as compared with thoso for tho week ended August 13, aro as follows: Aug. 20. Aug. 13. £ £ Coin vj r.-. 1f>2,202,000 162,434,000 Reserve .. 39,590,000 38,763,000 Note isauo .. .. 141,184,000 145,253,000 Govt, deposits .. 16,535,000 15,753,000 Other doponit3 .. 110,236,000 . 110,730,000 Govt, securities .. 33,989,000 31,219,000 Other securities .. 71,323,000 71,606,000 Proportion of reserve to liabilities .. 31.23 30.64 SHORT LOANS AND BILLS. Short loans, 34 per cent., compared with 3£ per cent, last week; three months bills, 3 7-8 per cent., compared with 4 per cent, last week. FOREIGN EXCHANGES. Tho following rates on foreign exchanges are current to-day, as compared with tho cabled quotations on August 17 and par: — Aug. 20. Aug. 17. Par. Now York, dol. .. 4,85 11-16 4.85 13-16 4.866 Montreal, dol. . . 4.85J 4.85J 4.866 Paris, fr 103.65 104.45 25.225 Brussels, fr. .. 107.25 108.75 25.225 Rome, liro .. .. 1344 134 25.225 Berlin, r.rn 20.40 20.42 20.43 Stockholm, ltr. . . 18.07 18.08 18.169 Oslo, kr 26.02 26.30 18.159 Copenhagen, kr. ~ 21.07 21.22 18,159 Calcutta, pence . . 18i 18& 24 Hongkong, pence . . 28} 282 Yokohama, pence . . 20 5-16 20 5-16 245 Amsterdam . . . . 12.054 12.06J Batavia .. .. 12.02 12.03 CONSOLS AND COLONIAL STOCK. Tho following table give 3 quotations for cfomols and colonial inscribed stocks, compared with those of August 13;— VoriaPrico. tion. £ £ Consols, 21 ]A:r cent 56i it British 31 p.o, war loan .. 961 it tirit.ißh 5 p.o, war loan . . 1012 it Brtish Conversion, 34 p.c. .. 78$ jt New Zealand 4 p.c., 1929 .. 97 It New Zealand 31 p.c., 1940 84{ it New Zoaland 3 p.c., 1945 . . 774 New Zealand 6 p.c., 1936-51 . . 108 i |t Commonwealth 61 p.c.. 1922-27 101 j it Commonwealth, 6 p.c.. 1931-41 1031 It N.S.W. 4 p.c., 1933 .. 92J it N.S.W. 3 p.c., 1935 .. .. 78 ftN.S.W. 31 p. 0., 1930-50 .. S3 it N.S.W. 5| p.c., 1922-32 .. 101$ it N.S.W. 61 p.c., 1930-40 . .. 105 Jt N.S.W. 6 p.c., 1930-40 . . . . 1031 ft Victorian 3j p.c., 1921-26 .. 99J S. Victorian 3 p.c.'. 1929-40 . .. 71 i* Victorian 3J p.c., 1929-49. 79J 9. Victorian 54 p.c.. 1930-40 103 Jt Queensland 4 p:c,, 1924 . .. 922 5* Oueetisland 31 p.c., 1921 -30 . . 70 J* Queensland C p.c., 1930-40 ~ 102J it S, Australian p.c., 1938 . . 83 S. Australian 61 p.c., 1930-40 . 104{ It S. Australian 3 p.«.. optional . 61J it Tosmanian 3} p.c., 1920-40 . . 82? S. W. Australian 8} p.c., 1920-35 . 87» it W. Australian 3 p.c., 1915-35 . . 82j it W. Australian 6 p.c.. 1930-40 . 102J S. t Higher. * Lower. S. Same. Not quoted last week. THE .METAL MARKET.

(Quotations on Aug. 17 in parentheses.) Copper—Spot, £63 Is 3d (£62 8s 9d) ; three months, £63 18s 9d (£63 83 0d). Lead.—Spot, £3B 17s 6d (£37 Is 3d); three months, £37 2s 6d (£35 16s 3d). Spelter.—Spot, £36 18s 9d (£36 ss); throe months, £36 8s 9d (£35 16s 3d). Tin.—Spot, £256 18s 9d (£256 7s 6d); three mouths, £2-59 13s 9d (£259 2s 6d). Silver.—Standard, 32 5-16 d (32-id) per 07..; fino, 34Jd (34 11-16 d). Gold, 84s 11 id per oz. WHEAT, FLOUR AND PULSE. Wheat.—Cargoes have firmed from 6d to 9d as a result of bullish reports from Canada, but buyers are lacking. Parcels similarly advanced. There is a good demand for those near at hand. Liverpool futures are quoted as follows:—October, lis s|d per cwt.; December, 10s 9£d. The spot trado is steady and firm. Australian, cx ship, 42s 3d. Flour.—The market is firm. Australian, 43s Gd. Oats.—Tho market is rather irregular. Peas.—Firm, but beans are quiet. SUGAR. Sqgar.—Granulated, 31s l£d. HIDES. The hides sales showed an improved inquirv and a fair quantity was sold. Salted, 30 to 401b., 7^d; 40 to 501b., 7±d; drv salted, 20 to 301b,, 9 5-8 d; 30 to 401b., 9 5-Bd. WOOL. At tho Bradford tops market there was a small attendance of buyers owing to holidavs. There was a slightly better tone, but prices wero unchanged. THE BANK RATE. Sun. LONDON. Aug. 19. A report is current that tho Bank of England intends to make a further reduction in its discount rate. SYDNEY WOOL SALES. A. and N.Z. SYDNEY. Aug. 21. Tho fourth series of wool sales has been completed. Tho market closed without any material change. Thero was a good general demand and good clearances woro effected. Greasy Merino sold to 29d. MELBOURNE HIDES SALES. MELBOURNE. Aug. 21. At tho hides sales yesterday, bidding war, dull excepting for lights and kips, for which prices wero firm. AUSTRALIAN PRODUCE PRICES. Australian and N.Z. Cablo Association. (Reed. 5.5 p.m.) MELBOURNE, Aug. 21. Wheat. —6s to 6s 7d. Barley.—English, 5s 3d to 5s 6d; Cape, 4s to 4s 3d,

Oats.—MiLling, 2s 9d to 2s lOrl; feed, 2a 7d to 2s Bd. Potatoes. —£9 10s to £lO. Onions.—£lß to £l9 10s.

CHICAGO WHEAT MARKET. Australian and N.Z. Cable Association. (Reed. 7.30 p.m.) CHICAGO, Aug. 20. Wheat.—September, 1 dollar 59* cents per bushel; December, 1 dollar 593 cents; May, 1 dollar 62/J cents. FEILDING STOCK SALE. [BT TELEGRAPH.—PRESS ASSOCIATION.] FEILDINO, Friday. At tho Fcilding stock sale to-day, there was an averago entry, consisting of a good yarding of fat sheep, which met with keen competition at a slight advance on late rates, and a small entry of storo sheep, made up of a few pens of hoggets and wothors. No breeding ewes wore offered. Fat hoggets made 27s fid to 32s 6(1; fut ewes, best, 37s lOd to 395; light, 29s 4d to 355. lOd; fat wethers, 39s to 51s 6d; mixed sex hoggets, 23s sd; wether hoggets, 28s lOd to 34s 8d; two-tooth wethers, 38s; four-tooth, 40s 4d; forward ewes, 19s to 23s 7d. There was a of all classes of cattle. Bidding for store and fat cattlo was very brisk, practically the whole yarding boing sold at advanced rates. The dairy stock offered consisted mainly of backward heifers, for wl'jch there was little demand. Fat bullocks mado £ll to £ls; fat cows, £6 13s; fat heifers, £6 17s 6d to £7; four-year bullocks, £8 10s to £9 lis; four and five-year bullocks, £8 10a to £9; yearling Hereford steers, £3 lfis; rough steers, £4 lis to £5; three-year steers, £7 to £7 16s; fat and forward bullocks, £8 10s to £11; forward empty heifers, £4 .3s fid; storo cows, £3 15s; fat and forward cows, to £5 8s; dairy springing heifers, £3 10s to £9 10s; dairy springing cows, £2 7s 6d to £9 ss.

AEROPLANES IN COMMERCE. MR. HENRY FORD'S PURCHASE. DETROIT, Aug. 10. In an interview regarding his recent purchase for £200,000, of the Stout Metal Aeroplano Company, of this city, Mr. Henry Ford said: "We will manufacture a fleet of commercial aeroplanes and carry our own freight to all parts of the United States. " Tho future will determine our plans for an extension of tho plant, but wo intend to establish airways to all tho leading cities, and to maintain a regular schedule of deliveries." AUSTRALIAN WOOL INDUSTRY. INQUIRIES BiT JAPAN. Tho Australian wool industry in the different States will bo investigated on behalf of tho Japanese Government during the coming three months by Mr. Y. Hirai, of the Japanese Bureau of Animal Industry and the Department of Agriculture and Forestry, who arrived in Sydney last week. Mr. Hirai stated that tho object of his visit was as commissioner to report to tho Japanese Government on tho sheep and wool industry of Australia, and also in regard to tho irrigation area at Leeton. " it is not tho intention of tho Japanese Government to compete with Australia in tho wool-raising industry," Mr. Hirai explained, "as tho climate of Japan is entirely too severe for sheep-raising. From tho commercial standpoint it is cheaper for Japan to buy tho wool in Australia than to grow it in Japanese territory. "Tho Japanese Government is, however, making experiments in sheep breeding, and for this purposo is using both Australian merinos and British breeds, such as the Shropshire and South Downs. Tho sheep have to bo kept in sheds at night and hand-fed, so that while the Government can bear tho expense of the experiment it would be beyond the ability of sheep-breeders who desired to raise sheep in Japan as a commercial undertaking. " It may be taken," added Mr. Hirai, " that my visit is for the purposo of fostering friendly relations between Australia and Japan, as it is felt in Japan that tho Japanese and Australians should know each other better, and that with this increased knowledge would como a mutual inferea.se in the trading re?ations between the two countries."

MARKET REPORTS. FlllllT AND PRODUCE. Eggs came forward very freely on the Auckland city markets yesterday, and prices eased slightly. Poultry was in medium supply, with keen demand, und slightly higher prices resulted. Prices for farmers' butter wero steady. Now potatoes wero fairly plentiful, and prices dropped. Swedes and cabbages wero a glut on tho market. Local lemons appeared in larger quantities, and tho tendency for prices to ease slightly was maintained. Choice quality Poorman oranges fetched considerably less than last wcolc, and small onos found absolutely no sale. Otherwiso fruit prices were firm. Tho following prices were realised

FRUIT. Delicious apples, 9s to lis a caso; Stunners, choico, 9s to 9s Cd a case; others, 4s to 1)8 a case; Doughertys, Gs to 83 a case; Ballarats, 3s to 7s a caso; Munroes, Gs to 8s a case; tree tomatoes, os to Ills Gd a case; Nelliß pears, choice. 8s to 12s a case; email and over-ripo. Its to 4s o, case: lemons, local, 4s to 15s a case, according to Grade; Sydney, 8s to 10s a case; repacked bananas, 24s to 283 a caso; repacked oranges, Aitutaki, 22s to 23s a case; Rarotonga, 18s a caso; Poorman oranges, choice, 3s to 4s a caso; Sydnoy navel oranges, Ms to 18a a caBo; mandarins, Gs to lis a case; passion fruit, 24s to 28s a case; j)ineapple3, 20s to 24s a case.

FIELD PRODUCE. Southern potatoes, 8s 3d to 8s 9d per cwt; now potatoes. Id to ssd per lb; Japanese onions, 21s a crato; swedes, la to 2s Gd per cwt; cabbages, la to 7s a sack; caulitiowor, 2a to 7a a Back; lettuce, Is to 6s n, cud; pumpkins, 6s to 10s per cwt; kumaraw, Tauranga, 10a to lis 9d per cwt; Island, 14s per cwt; celery. Is to Ga a bundle; cucumbers, 8d to la Id oach; leeks, ljd to 3d a bundlo; rhubarb, 3s to Ca a dozen bundles: carrots, parsnips, beot and turnips, Gd to lOd a dozen bundles. DAIRY PRODUCE. Hen oksp. la Gd to Is GJd a dozen; duck eggs. Is fid to Is 5Jd a dozen; pullet eggs. Is 3d to Is 4d b dozen; farmers' butter. Is ud to Is 8d a lb; average price farmers' butter, Is Gid a lb. POULTRY. Heavy cockerels, Or 3d to 3s 3d each; light, 4s 3d to Gh 3d; roosters, 2a 9d to ss; heavy hens, 3b 9d to 5s 3d; light, 2s 9d to 3s 9d; ducks, 2s 9d to 4s Gd; pullets, about to lay, 5s to Gs 9d; turkey gobblers, 8s to 12s 6d; turkoy hens, os Gd to 8s Gd. PROPERTY SALES. Samuol Vailo and Sons, Ltd., yestorday offered at auction, under conduct of tho Registrar of tho Supremo Court, a farm of GO acres at Alfriston. and a farm of 133 acres, Hurstwood Farm, six miles from Waipu Wharf. Roth were bought in by tho mortgagees, for £2500 and £IO3B respectively. A Boven-roomcd residence at 31. Brighton Road, Parnoll, and a section of slightly over an aero in Great South Road, near Hutchinson's store, were passed in, as bidding did not reach the reserve. Tho leasehold cf two houses, ono at No. G. Totara Street, Ponsonby, and another at No. 1, Montaguo Street, Newton, was sold for £33 v and £3l a year respectively. William A. Homo, Ltd., offered a farmlet of 4 acres, ivith cottage, in Victoria Road East, Birkenhead, and a number of houso and shop sites at Highbury Corner, Birkenhead. The properties failed to reach tho reserves. Mr. C. F. Bennett yesterday offered at auction, undor conduct of tho Registrar of tho Supremo Court, a farm of 1/8 acres at Turua. Tho proporty was bought in by tho mortgagee for £BOOO. Tho remainder of the St. Cuthbert's Collcgo property, . comprising several buildings on a section of 143 ft. frontage to Stokes Road, Mount Eden, waa offered, and in addition another section in Stokes Road. Tho properties wero passed in. „ Smith and Halcombo oftored, under conduct of the Registrar of tho Supremo Court, a, soction and newl.v-crectod residonco in Calgary Street, Edondale. Tho property was bought in by tho mortgage*.

CANTERBURY MARKETS. FIRM TONE FOR POTATOES. [BY TELEGRAPH. —FIIESS ASSOCIATION.] CHRISTCHTJRCH. Friday. Apart from brisk business in peas and moderate business n> potatoes, the market i» dead. With tho weather as it has been thero is absolutely no inquiry for seeds though thero has not been a great demand. Tho tone of tho potato market is very firm. There is not a great demand at tho moment, but what there is has not been easily mot, one merchant having to pay £6 cjn trucks to fill an order by prompt boat Auckland is inquiring more freely. There aro also cabled inquiries from Sydney, and it is understood that a fair cargo will be despatched by next month's Australian boat. Tho Kaiapoi, which was due to sail at tho beginning of tho week for Auckland, is still at Lyttelton. Hor cargo will bo about 5000 sacks. Tho Ka toa left Timaru early in tho week for tho North with 3000 sacks. Merchants ar» finding difficulty, at the moment, at aU events, in filling orders. Offerings aro mostly in small lots, which may be due to an absence of big holders or to growers' disinclination to open their pits. Probably the former is tho main cause. Oats are being offered frcoly from the South at, 4s 2d T0.!)., 3,i., for A Gartons, and 3s lOd- for TVs. The end of the month will determino whether this price will hold. Tho offerings of Canterbury farmers of grade oats have been practicallv nil. tho sample having been extremely light, but this last day or so merchants' offers are materialising from the Ashburton district, tho figures asked being 4s 3Ad f.o.b, s.i. for A's, and 3s 9cl for B's. Export demand for Partridge peas is hardening, the market and any A grades for ttxpoi't we worth 63 to farmers.

AUSTRALIA'S TRADE. A RECORD ESTABLISHED. FIGURES FOR FINANCIAL YEAR. [from our own correspgnpent. ] SYDNEY. August 15. By a notable increase in trade for the financial yoar 1924-25, the Commonwealth lived up to her motto of "Advance Australia." Trade for this period was valued at £308,203,576, an increase of approximately £58,000,000 compared with tho previous year. Tho difference arose chiefly from the expansion in exports, which, at £161,106,111, were over £41,5G0,000 greater than last year's, and this increaso was made up almost exclusively of the products supplied by tho man on the land. How a favourable season and satisfactory markets contributed to the wealth of tho country is shown by the fact that butter exports increased by £5,000,000, beef by £2,800,000, wheat by £20,500,000, flour by £850,000, hidoj and skins by nearly £2,000,000 tallow by £850,000, and wool by £7,000,000. As fruit exports, both fresh and dried, also expanded, it is wonder that tho general impression exists that country industries aro better off to-day than ever before in their history. That statement, of course, excludes gold-mining, which is decadent, but as prices of lead, silver and zinc have been so satisfactory, exceedingly large profits have been earned by the companies operating at Broken Hill, with a consequent increase in the exports. VVliilo exports liavo been on such a scale, imports have not lagged far behind, as they aggregated £157,097,465, leaving an excess of exports over imports of £4,008,646. Imports of gold, however, totalled £10,510,879, so that, deducting this, tho merchandise brought here was valued at £146,586,586. More than a third of this was accounted for by the broad section of metals, meta.ls manufactures and machinery, tho increaso of this section being nearly £2,000,000, almost all of which arose from the greater demand for electrical appliances and machinery. Twenty-five per cent, of tho total of the section was covered by importations of motor chassis, cycles, bodies and parts. Almost another third of the total imports was taken lip by another largo group—apparel, textiles, and manufactured fibres—which showed ah increase of nearly £4,000,000. The largest individual item covered the non-Australian products of cotton and linen piece goods. Most of the remainder of the increase in the section was made up of an expansion of nearly £1,220,000 in corn and flour bags. Ihis arose from the larger supplies of such goods needed by the farmer and tho greater cost of jute manufactures.

STANDARD INSURANCE CO. The annual report of tho Standard Insurance Company shows that the net premium income for tho year ended .Juno 30 was £201,426, and the expenses £179,912, leaving an underwriting profit of £21,514, as compared with £27,427 in the previous year. Interest and transfer fees amounted to £19,405, and there was brought forward from the previous year €18,071, making a total available for distribution of £58,990. Tho dividend absorbs £22,500, the same as last year, is added to the reserve fund, as against £22,000, ant) a balance of £18,480 remains to be carried forward.

Tho capital of the company is now £150,000, having been increased last August by tho capitalisation of £50,000 from the reserve fund, which, with tho present addition now stands at £168,500.