THE LONDON MARKETS.

New Zealand Herald, Volume LXV, Issue 19859, 1 February 1928, Page 9

THE LONDON MARKETS.

PRICES AT WOOL SALES. (Received January 31, 5.5 p.m.) A. and N.Z. LONDON, Jan, 30. At the wool sales 7764 bales were sold, of which 6550 were Australian and 1134 New Zealand. The offering of Merinos was chiefly speculators' lots. There was a small supply of greasy crossbreds, which met good competition and prices were fully maintained. The following New Zealand clips brought the prices stated: —Rimuroa, toppiece, 23ijd; average, 23d; Pouparee, 22jd and 20d. THE METAL MARKETS. (Quotations on Jan. 26 in parentheses.) Copper.—Spot, £64 14s 4£d (£62 10s 7jd); three months, £62 3s l£d (£62 3s iid). | Lead.—Spot, £2l 2s 6d (£2l 12s 6d); three months, £2l 12s 6d (£22 Is 3d). Spelter.—Spot, £26 10s (£26 8s 9d); | three months, £26 5s (£26 7s 6d). j Tin. —Spot, £249 17s 6d (£250 lis 3d v ; three months, £249 12s 6d (£250 Is 3-,. Silver. —Standard, oz; fine, 28 5-16 d. WHEAT. Wheat.—Cargoes are dull at a drop of 3d. Buyers are still not attracted. Parcels are in small demand at 3d to 6d easier. Liverpool futures: —March delivery, 10s 1 3-8 d per cental; May, 10s 1 3-8 d; July. 10s 1 7-Bd. BRADFORD TOPS. The market was firm willi fair inquiry, but the actual business done was small. VANCOUVER GRAIN SHIPMENTS. GREAT STORAGE CAPACITY. Plans are being completed by the Vancouver Board of Harbour Commissioners for doubling the grain elevator storage capacity of that port. The immense increase in the grain tonnage being shipped through the port, and the prospects of further development, make the increased elevator capacity a necessity. It is at present 7,700,000 bushels. Mr. A. M. Pound, one of the Harbour Commissioners, recently stated:—"We expect to move between 75,000,000 and 100,000,000 bushels of grain through the port this season. Such a quantity will make Vancouver the second or third grain port in Amorica, as it will closely approach, if not surpass, the shipments out of New York. It is realised that, in order to keep pace with requirements capacity will have to be doubled." NAPIER GAS COMPANY. DIVIDEND OF 8 PER CENT. The balance-sheet of the Napier Gas Company, Limited, for the year ended December 51, shows that, after paying the in erim dividend in August, there stands at balance of profit aud lass £12,319 12s lOd. The directors recommend a further dividend, making a total dividend for the year of 6 per cent, on preference shares and 8 per cent, on ordinary shares, which will absorb £4492 16s, leaving an amount of £7826 18s lOd, and of which the directors recommend the transfer to plant replacement fund of £2OOO. leaving £5826 18s lOd to bo carried forward. EMPIRE TOBACCO INDUSTRY. PROGRESSIVE CANADA. In view of the efforts to Joster the production of suitable tobacco leaf iu Australia the development of the industry in Canada is instructive. Although tobacco growing in Canada is not a new industry, the entire crop in 1926 was 28,824.0001b., but the official estimate for 1927 is '43,916,0001b. The Canadian Bank of Commerce says that this remarkable expansion is due chiefly to two factors, suitable soil and favourable climatic conditions in certain districts, and to a special preferential tariff introduced by Great Britain in 1919, undur which the duty on Empire-grown tobacco is 25 per cent, less than that on tobacco grown elsewhere. The effect of this preference has been to increase the annual consumption in Great Britain of tobacco imported from British possessions from 7,000,0001b to over 30,000,0001b. in the last few years. It is pointed out, however, that other parts of the Empire enjoy the same opportunities as Canada in the old country market and the Nyassaland and Southern Rhodesia are increasing their production at a rapid rate. The exports of the former are expected this year to be at least 8,000,0001b {about double those of 1926), while those of the latter will probably be of equal volume. CANTERBURY MARKETS. BETTER DEMAND FOR OATS. [BY TELEGRAPH. —PRESS ASSOCIATION.] CHRISTCHURCH. Tuesday. The demand for oats has hardened since the week-end. Prompt A Gartons have been sold at 3s 7jd, f.0.b., s.i., and April-September deliveries of A grads have been sold at 3s 6£d, an advance of a penny since the previous report, and\ B grade at 3s 2d. New season's Gartons have been sold at 3s on trucks and Algerians at 3s Id. The wheat market shows no change and sellers can obtain 5s 8d on trucks for Tuscan, with Hunters at 6s. Growers are not offering their wheat so freely as a few weeks ago and this policy is keeping the market steady. A large area of crop has been cut during the last week. The easing of the pea market has ceased and values are now steady at 6s 6d a bushel, f.0.b., s.i. There is some opinion to the effect that the weather is ripening the crop too rapidly and that the yield may not be so heavy as expected. A few samples of plains cocksfoot have been offered but so far no peninsula samples have made their appearance. About 8d a lb. is mentioned as a possible price for new crop but no one is quoting so far. The potato crop is developintr well and digging will commence earlier than usual. There is no alteration in recent quotations. ) COMMERCIAL BANK. TERMS OF NEW ISSUE. The directors of the Commercial Bank of Australia have announced the terms of the issue of 500,000 ordinary shares of 10s each to shareholders as follows: Both preference and ordinary shareholders registered on January 18 have the right to subscribe on or before February 29 in the proportion of one new share for every six now held. The shares will be issued at a premium of 10s per share, payable 5s per share on application not later than February 29, 5s on May 31, 5s on August 51, and 5s on November 30. One half of these payments is on account of capital and the other half on account of premium. Interest at the rate of 6 per cent, per annum will be allowed on all payments, other than application money, made before the above-mentioned dates. The new issue will participate in all dividends subsequent to that payable oij February 3 in proportion to the amounts paid up on the shares.