FINANCE AND TRADE

New Zealand Times, Volume XXXII, Issue 7140, 30 May 1910, Page 6

FINANCE AND TRADE

The London money market has hardened tflmcwhut 'luring the past week, and discounts ami call money both show slight increases. The hank rate, however, is unchanged. The Bank of England return shows increases in sleeks ot gold ami reserve, hut against these is a materially greater addition to the deposit liabilities. bo Unit the "proportion" has gone back 4,j per cent. On the .Stock Exchange the Consol's and colonial Government seeuriOcs show im variation, so Unit the tightness iri (lie money market is only duo to end of term operations and payments ot deferred taxation into the Treasury. The grain markets continue weak, owing to the good foreign crop- prospects and Isrgo arrivals. Jintter is dull, no change l.ciiig recorded for Danish and Australian. New Zealand is 2s lower at, l/.'.s to 106 fl, hut tills is 2s bettor than prices ruling a year ago. LONDON FINANCIAL CABI.ES. By Telegraph—Press Association—Copyright LONDON. May £7. DANK OF ENGLAND HKTUUN. Tile Dank of England return issued for Hie ,vet'll ended Wednesday, May 2oth. is under;— Issue Department. Jicto Isaac XSG.OES.OCO Onv. debt. i11,015,C00 Otbursocurities .. 7.434,000 G°ia,. .. 37,UW,000 xrfj.osß,ooo. £60,008,000 Bamkiso Department, Proprietors’ Gov. sccaricapital £14,053,000 ties ..£13.910,000 Public do- O tb 9 r 8 0i.mi'i, °1 cnritics.. 33.905,000 Ot ™ do- Notes .. 27,1)'K,1)00 psdls . DT.TDT.OOa Gdn .. I,'JW.UOU ftoßt.7-day and other bills .. 3,183.000 £70,822,000 - £“6 822,000 The leading items of the Bank of Engin,mi return ufl’orU the following companSU Tliis week. Last week. Last^yearBullion ... 37,609,000 ffi.718.000 35.535.000 (Deserve ... 23,998,000 28A20.000 27.2L9.000 Note eir’n 23.121.000 27,960,000 29.jM.000 Deposits ... 09,081,000 53,064,000 66,850,000 Proportion of tobUitic3°... 49.06 53.35 47.84 CONSOLS AND AUSTEALASIAN STOCKS. Current quotations for the Console and Australasian Government stocks, compared with those ot last week, and the corresponding period of last year, are;

'’lnterest payable in May and November. tXnteresb payable in January and July. JlnterosS payable in April and October. THE MONEY MARKET. The Bank of England rate of discount remains at 4 per cent,, to which' it was raised on March 17th. A year ago the rate was 2i per cent. The open market rate ot discount for best three months hills is 1-16 higher at 3 9-16 per cent. A year ago it was 13 per cent. Short loans are h higher at 4 per cent; a year ago the quotation was 2 per cent. LONDON MARKET CABLES. By Telegraph—Press Association—Copyright (Received May 29, 5 p.m.) . - LONDON. May 28. FROZEN MEAT. The Frozen Meat Trade Association's ■Sraithflcld market quotations for tho undermentioned classes of frozen meat are based -on actual sales of not less than one hundred carcases of mutton or lamb or twenty-five quarters of beef of fair average quality. -Tho quotations are not for selected lines, but for parcels fairly representative of the bulk of tho shipments now on tho market. Tho prices which follow are on an average a farthing per lb more than tho values ox ship, this difference representing an average cost in expenses, handling, conveyance, and selling tho . May 20. May 27 a. a. MuttonCanterbury, light 33 33 Canterbury, medium-*,-...3j 3j Canterbury, heavy 3 7-16 3 7-16 Southland - North Island, host 3 9-16 3 9-16 North Island, ordinary -16 3 7*16 Australian, light 34 31 Australian, heavy 3 3-16 3 3-16 River Plato, light 3i Elver Plate, heavy - Jbamb — Canterbury, light . Canterbury, medium 54 53 Canterbury, heavy —. 5$ 54 Southland - North Island, bevt .. 5J 5i North Island, ordinary ... 5 5 h Australian, bupt - A% 4§ Australian, fair - 4j 43 Australian, inferior 4i Rlvor Plate - 4jJ 43 2eef— New Zealand fores 33 4g New Zealand hinds —.— 44 6 Australian fores —.. 35 44 Australian hinds - 4J 4J Eiver Plato fores 35 H River Plate hinds 5 AU classes of beof are very scarce, especially chilled. GRAIN AND FLOUR. Wheat.—The markets are declining stead- \ ily, consequent on tho continuance of favourable crop prospects in Europe and America. Large shipments and imports aro exceeding tho consumptive requirements. The Indian crop of 1910-1911 is estimated at 42,350.000 quarters. Chicago July is, at 983 to 99i cents. There is little inquiry for cargoes, holders asking 33s 3d, Adelaide and Victoria sailers (Januory-Fobrnary) is at 32s 9d; New South Wales, February, 335. For New South Wales steamer cargoes loading there is small trade. Australian on apot, 3Bs 9d. _ ■ ’ Flour.—The market is slow. Patents are offering at 28s on spot, Glasgow 27a (April-May-Juno). , A Oats.—Market quiet, La Plata, Jtme-July, 12s 6d. * BUTTER DULL. Butter. —Market dull. Danish and Austraiian unchanged at 113 s to 114 a and 100 s to 102 s per cwt respectively for choice. Australian secondaries 98s. New Zealand choice. 2s lower at 104 a to 106 1. SUGAR. The sugar market is again rather stronger. German beet (88 per cent) is quoted at 15s (2d higher on the week), and first marks granulated f.o.b. Hamburg, on spot, at 17a 4d (3d. higher). BRADFORD WOOL MARKET. The Bradford wool market is quiet, but cheerful. Tops on spot; 64’s are quoted at 294 d, super 60's at 28id, common 60’s at 27 id. 46's at 17Jd, and 40’s at 15d. These pnees show no change. METALS. Tin.—On the spot. £l5O 15s per ton. Pig-iron.—Middlesbro* No. 3,49 s lid per ton. (Id higher on tho week). WHEAT. Two cargoes of Australian wheat have been sold at 32s 6d. , HEMP. The hemp market is fiat, and prices have declined 255. COPRA. Tho market la neglected. South Sea' in "bags, nominally 255, METALS. Silver, 243 d. Copper.—Spot £55 12s 6d, three months £57 10s. Tin.—Spot £149 17s 6d, three months £lsl. Lead. £l2 13s 9d. BABBITS. „ Tho market Is neglected. Prices are unchanged. Shippers aro asking 13s for . largo Sydneys to arrive in August, 14s

September, and 15s October. The trad.* consider those prices too high. 77,0 New Zealand Loan and Mercantile Agency Company, Ltd., have, receive! the following cablegram from the r London hoo-e, under date, 41 in m-t: —lnorc is more inquiry for mutton. The market for lamb is firmer. Beef very scarce. WELLINGTON STOCK EXCHANGE, SATURDAY’S QUOTATIONS. mining. Auckland.—Kuranui Caledonian-10 a.m., h Isi 6<] h 1< 9d • noon, b 1» 7cl » Is 9tl. May Queen—aaon, h4s 4d s}* £d Maonhind—l9 a.m., h ad. s 6d. New am., a 3» lid; noon, I) 3s 9d, a 3.4 ud. Old Kuuralci G. Minea-10 a-m. o 4s yd. ® a,. i. I) ‘U wu. aAs 4d, r-alCii 4s oitl ’ Saxoiv-noon. b Is 9d, * Is* ILL 'f'-ifi'i'n'Lii ConaolidtC-.-d —ID a.m., b a—12s 3d, *8 .r.2 13s; noon, h .1-2 12s M. * « Sd, sales £2 12s ed ( l.nangei. Vraiht 10 a.m.. b M 9s, s X 8 Its; noon, s £i 10 > ( id. Wav hi Grand Junction-lO a.m.. b £1 11s. s f-i ii.. Qfj Wnitamri Consolidated ILL.— t; “h,,/;; 2s 5d.0 & 7d; noon, b2s Sd. r 2h 7ii. West Coast. —Consolidated Goldfields am h 111 Cs 6d. b ,£t Is 6d; noon. 1, XU. Cci ■' liras Goldfields. l-td.-lO a.m., b Is,-. „ u, 9,i .-Dcs 14s (2. reported)! noon., .b 14s, » Mi M. sales 14s (reported). XCote.—The letter "b" signifies buyers aud "a" sellers. INVESTMENT STOCK. Buyers. Seller?. Sales. £ s. d. £ b. d. £ c. cl.

AUCKLAND STOCK EXCHANGE. FBES3 ASSOCIATION., AUCKLAND, May 28. Holiness done on 'Change tins 'morning: -May Queen” la 6d; Hauraki. 4s 6d, 4a 4d, a*S Tnirua Golden Hills, is 9d to 3s 3d; Grand Junction. 32s 3d, 32a: Saxon, la 10d, Waihi, £8 12a, £B 12s 6d; Crown, 4a 4d. ■ DEEDGING EETUENS. PEEB3 ASSOCIATION. DUNEDIN, May 29. dwt r | ti T"sai r sM. m 300T C '9dw C “ Chicngo, 14m Mdwt- Olrisf lloz lOdwt; Eisms Sun, 48oz IdwtV Waikaka United (two {hedges). 45m : Otago No. 2.240 z; Else and Slime No. 1, 460 z; No Town 430 z lOdwt. PALMEKSTON WOOL AND SKIN SALE. PEEB3 ASSOCIATION. PALMERSTON. May .27. Abraham and Williams, Ltd r «P or *!l^ v e held our uaual monthly sale J sl } *™la.v. and submitted a good catalogue to a fair attendance of buyers. B spirited, but the prices realised weie equal to Woof.Jcrotl>red fine, BJd crossbred modium 7d to 7|d; locks and pieces, 33d to 4id: black. 6id; dead, 71d; lamb, 7-jd; orutchiußß. Bd to 6d; I 4 o^ Skins.— Crossbred fine, 7id to 'id, crossmedium 4id to 7d; half-bred, 64a to 6id- wools, sid; half-wools. 64d; dead and damaged, 4d; black, 64d; lambs, 6id to 7id; hoggets, .5Jd; crossbred seedy. 3d. Butchers' skins at each:— Crossbred medium. 3s 3d bred fine, 6s Id; lambs. 2s W to 3s 6d; crossbred green. 4s rd| dead skins, 3s 2d; crossbred salted, 3s 10d, lambs* salted. Is M -to is 4d.; .calf and average 61b at 95(1 per u». others, °7d to 73d; cat-calf. 3Jd; yearlings. 4d (801 b) at Bd. less tare allowance. The net return was £2 9s 4d. 641 b trt 7tlh at 7id* 601 b at 7d: average 531 b 74d; avernie 461 b 6Sd; cows (701b)i 6id; 591 b 6J: 541 b 6?d* 441 b 6|d; average 341 b 63d; cows, Sippy. 43d; bulls (61 to 731 b) sid; heifers and steers. 63d; horse hides 10s. Tallow, casks. £27 15s to fW 5 | 1n »« tins, £25 per ton; rough lat, £lO to MU per ton. ~ • , Cows’ tails la 4id per dozen. • The next sale will be held on June «4th. SALES OF LIVE STOCK. AUCTIONEERS' REPORTS. Dalgety and Co. At Palmerston sales on Thursday good vardlngs of sheep and cattle came forward. Although several lines wero passed at auction, wo disposed of the whole of our yarding with the exception .of one small pen of sheep. Empty ewes 7s 6d to 8s 6d, fat, and forward ewes 10s 7d to 10s 9d, aged ewes 3s lOd, light fat cows £4 3s 6d. 20months steers £3 16s. 24-year steers £4 14s, emptv cows £2 17b, 3i-year steers £5 18s. At Levin on Friday extra heavy yardmgs of sheep and cattle were submitted to a good attendance of buyers. Sheep sold more freely than at preceding nearly all lines changing hands at auction or immediately after the sale. Cattle also sold well, pra-ctically every line changing hands on terms in favour of vendors; Fullmouth ewes in lamb 13a 6d, mixed aged ewes in lamb 14a, forward empty ewes 10s 9d, shorn lambs 7s lOd, aged empty ewes iu low condition 6s 9d, cull owes in lamb 5s 3d. light fat ewes 12s 9d to 13s, light fat cows £3 to £5 11s, light fat steers £6 Us to £6 17s 6d, cows and calves £4 13s, forward cows £4 ss, store cows £2 lis, heifers in calf £5 3s, small heifers £3, yearling heifers £1 14s, small weanera £l. others £1 2-vcar steers £3 11s, 20-months steers £5 Is' 6d. ' ~ , , At Ekctahnna on Friday we had average vardlngs of sheep and cattle. Bidding was very slow, but wo quitted tho balk of our Yarding. Best lambs 7s, others 4s 6d to 6s Id, empty ewes 7s to 7s Id, springing heifers £3 10s to £4 17s 6d. springing cows £5 5s to £6 15s, empty cows 35a to £2 7s 6d. woaners 25s to 27s 6(1. At Blenheim on Thursday our yarding consisted of over 1200 mixed sheep, 2 'rams. 9 bullocks, and 5 pigs. There was a good attendance of buyers, and bidding was brisker than at the previous solo.. Fat wethers 10s lid to 12s Bd. forward wethers 8s to 8s sd. fat owes 10a 6d, forward ewes 6s, ewe lambs 10s 6d. fat lambs Bs. woolly lambs 6s 9d. shorn lambs 6s. Abraham and Williams. At Levin on Friday we had a very full varding of all classes of stock. Competition for aged ewes and low-conditioned owes in lamb was not brisk, but all other lines sold well. All classes of cattle wero keenly competed for, fats particularly selling well. Heavy fat cows £7 18s 6d, light fat bullocks £7 16s, forward bullocks £6 17s 6d. empty forward cows £3 7s 6d to £3 18s, store cows £2 5s to £3 3s, yearling steers £2 10s. 18-months steers £3 8s 6d to £3 14s, heifers in calf £4 to £5 2s 6d, springing cows £5 to £7, weaner heifers 25s to 32a 6d, heavy fat ewes 14a, light fat ewes Us 7d to 12s Id, forward owes 9s to 11s Id. forward wethers 13s sd, medium mixed aged owes in lamb 10s to 11s. low-conditioned ewes in lamb 7s Id to 9s. cull ewes in lamb 5s sd, fat lambs IQs Z. Loan and Mercantile Agency Co. At Apiti on Tuesday a small yarding of stock came forward. Cattle sold well. Tho sheep wero mostly of inferior quality. F.m. ewes in lamb 10s Id. mixed aged ewes 5s 6d to 6s Id, cull ewes 2a to 45,-xama*

Stock. This week Last week * L V ast £ B. d. £ s. £ 9. 62 0 62 n 0 85 o 107 0 0 PJ» 0 0 88 10 0 63 in iro 10 0 103 10 0 104 90 10 0 no io 0 87 0 a S7 0 o 00 0 0 90 0 81 10 0 84 10 bb 104 10 0 104 K) 0 Queensland 99 0 99 0 60 10 0 ICG 10 0 10G 10 New Zealand! - .. 08 0 0 98 0 67 10 0 87 10 97 10 0 97 10 0 67 10 87 10 00 10 0 99 10 BVo Tasmania .. .. CB7 0 0 87 0 0

Banks— 16 6 National of N.Z., 17 Ltd. <pr:-m,) ... Mew Zealand ... 9 19 FINANCIAL EcmitableBu’.ld’g Co.. Ud 9 7 6 —* Metropolitan Per* 12 0 0 ■ uianeut. £10 ... — National Morlg c. Ltd 3 0 — W'-l'ii Trust Loan, J.td 7 4 0 - - Wcl'n Deposit and 0 Mortgage Ass n GAS— 0 Wellington, £10... 18 0 W' -llingfon. new issue (prenj.) ... - 2 10 0 - INSURANCEMew Zealand ... — 3 16 b MEAT PRESERVING— Gear Meat Co, Ltd. 10 5 — 0 £1 2 14* —‘ .Wellington Meat Export, .£2 12s 6d 2 15 SHIPPING— N.Z. Shipping Co. 8 2 6 MANDFACTDBING— WclHngn Wool’n. par preference “* GOAL— Uikurangi 0 19 6 0 19 6 TanpirL — miscellaneousDonat'liy Rope and Twine Co (cum) 5 6 /Eoyland O’Brien . Timber Taranaki Petroleum, £1 paid ... — 0 13 6 - 0 mills, Ltd. £ ... i 4 16 0