THE CITY MARKETS

New Zealand Herald, Volume 81, Issue 24970, 12 August 1944, Page 5

THE CITY MARKETS

DROP IN KUMARA PRICES Prices for kumaras. which were in abundance at the City Markets yesterday, were 50 per cent lower than a week ago. Fair quantities of green vegetables were available, particularly lettuce, celery and cabbage. The only lines of fruit offered in any quantity were lemons, marmalade oranges and New Zealand grapefruit. Lemons were especially plentiful and the supply exceeded retailers' requirements. Prices were:— Fruit.—Tomatoes, hothouse. Is 3d to 3s per lb; tree tomatoes, new black. 20s to 24s a case: yellow, 20s to 225; marmalade oranges. 12s Gd to 17s (id; Chinese gooseberries, 22s to 33s a tray; passionfruit (inferior quality), 10s to 15s a case. Field Produce—Beet, 2s to 6s a case; celery, cookinir. (id to is (id a bundle; dessert, 2s (id to 7s; carrots, 5s to lOs a bag; cauliflowers, 7s to 208 a sack; cabbages. 2s »id to 10s; kumaras, 5s to Os Oct a bag; leeks. l>d to Is fid a bundle; lettuce. 3s to 18s a case: marrows, 3s to 5s a dozen; melons. 3s to 5s a sack; onions. IDs to 23s lid a cwt; potatoes. Southern, 12s to 13s Gd; pumpkins, choice Crown and Triumble. 9s to 22s a sack; mixed lines, 2s (id to 7s; parsnips, His to 22s a cwt; radish, (id to Is a dozen; rhubarb, 7s to lis; spinach, 8s Gd to 14s a case; springonions, fid to Is 9d a bundle; swedes, 2s to 3s (id a bag; turnips. 2s to Is a case; Brussels sprouts, 5d to lid per lb. Poultry.—Cockerels, heavy breeds, prime, 8s (id to lis each; not prime, 5s to 7s; breeds, prime, 5s to 7s; not prime. 3s Gd_lo Is (id; fat hens, heavy breeds, (is to 7s; light breeds, 3s (id to 4s (id; pullets, heavy breeds, best, 7s to 10s; smaller. 5s up; light breeds, best. 5s to 7s; smaller. 3s up; drakes, young, prime. 4s to ss; smaller ,3s up; old, 3s to 4s; ducks, young, 5s to 7s; old, 3s to Is; geese, ss; turkey hens. 7s to 10s; gobblers, 12s. Eggs.—Hen. standard grade, 2s 2VA a dozen; duck, Is llVid.

LOWER INTEREST RATES REDUCTIONS" IN AUSTRALIA (Reed. 5.35 p.m.) SYDNEY, Aug. 11 An order lias been made under the National Security (Economic Organisation) Regulations by the Commonwealth Bank reducing the maximum rates of interest that may be paid or charged. The amended rates will not apply to contracts made before today. The reductions affect interest rates on trading bank overdrafts, fixed deposits, loans to local authorities, loans by building societies, loans by life assurance companies against life policies, and on the balance above the first £SOO in savings bank accounts. The maximum rate of interest which trading banks may charge on overdrafts has been reduced from 5 per cent to 4 : ',, per cent per annum as from today. The same maximum rate applies on new loans made by life offices against their own policies. The maximum rate payable on fixed deposits accepted or renewed on or after todayhas been reduced by / 2 per cent in the case of deposits for three and six months, and by /, per cent on deposits for 12 and 21 months. The maximum rate of interest for new loans lo local authorities will be 'i'A per cent per annum where the loan repayment is guaranteed by tho Government and 3% per cent per annum in all other cases. The maximum rate for new loans by building societies and co-operative societies has been reduced by iter cent per annum to 5/< per cent.

UOMINION INVESTMEMT The accounts of the Dominion Investment and Banking Association for the year ended Juno .'!(> show a net profit of £ 1 'J,07,"., compared with £1 1,007 in the previous year and £ll.<lßß in lol'j. After adding the balance brought forward, .(M'_\_'o7, and deducting interim dividend paid, £-101.'!, there is £'Jo.:i,*>7 available. As already announced, the directors recommend a final dividend of per cent, making per cent for the year, on A shares, first and second issue B shares, and 2 per cent on third issue B and C shares, making 1 per cent for the year. These diviends, which are unchanged, will require £•1704. A transfer to reserves of £2OOO is proposed (making a total of £.17,000), leaving £ ta,s<ja to be carried forward. The report states that a record has been attained iu advances on first mortgage and the steady improvement in business has been maintained After provision of dividends reserves, including the carry forward, will total £,".<!,50;i The retiring directors. Messrs J. A Gentle) and A. (I. Limn, are nominated lor re-election SOUTHERN CROSS SOCIETY The accounts of the Southern Cross Investment and Rural Development Society show a net profit for the year ending .June :to of compared with CS2H last year. A dividend of ad u share is being distributed, the first for a considerable period. SECURITIES IN LONDON LONDON, Aug, to Quotations in London for British and New Zealand stocks compared with recent levels are:— July 27 Aug.:! Aug. 10 Consols, 2Va P-C. . • £7iiy,n £70% £7O"/, K Funding, (10-00, 1 I 1 '//„ 1 I.J i laVi War Loan, a 1 ;* ■ ■ IIO.'lo:t% British a'i Conver. to[ u ' lo 101% 105 Victory Bonds *lll% 111 1 /.. I I "New Zealand tot."., a . . ioi 101Y, loIY„ 1048-58, I" a . 100 *lOl% 10-1% Government issues are steady and moderately active. *Ex interest. NEW WOOL SEASON The new wool season in Auckland will he opened on Tuesday. August 22, when a catalogue chieflv consisting of crutchirigs and oddments will ho submitted. The entry for the initial fixture is usually about 4000 bales. Already more than 3000 hales are in store and brokers are anxious that farmers should send their entries as promptly as possible.