FINANCE AND TRADE

New Zealand Times, Volume XXXII, Issue 7265, 22 October 1910, Page 4

FINANCE AND TRADE

Tho Bank of England return this week shows further shrinkages in coin and reserve amounting to over three millions. Against th/s notes in circulation aro a quarter of a million less, and deposits over 2$ millions lighter, so that the "proportion" ia rather less than J per cent, lower than last week, tit 46.49- A year ago it was 47.69. The bank raised its discount rate on Wednesday to 5 per cent, to meet the drain on its gold reserves—just a year ago a similar advance was made for tho same reason. "Call" money has hardened 27s 6d on tho week, to 33. On the London Stock Exchange the Consols have been hovering at a low level during the weak. On Wednesday they were down to £79 15s, but recovered during thoday to £33, and last night's advice is to tho effect that on Thursday they had got book to last week's price—-£SD 33 9d. Colonial Government securities show no variation, except for New 'Zealand and two Australian stocks. New Zealand 3J's are 10s better at £93 10s, while 3's, which have just paid interest, aro 7s 6d cheaper at £B6 -2a 6d; 4'a remain at £lO3 10s. In tho general markets wheat and oats are dull, and butter at a standstill, with ti tondency to fall. Frozen mutton is steady, and lamb rather firmer, but beef shows weakness. The Bradford wool market is* .stationary for all but lowest grades. FINANCIAL CABLES. By Telegraph—Press Association—Copyright. (Ejscbived October 21, 7.40 p.m.) LONDON, October 21. BANK OF ENGLAND KETTON. The Bank of England return issued for ■ tho week ended "Wednesday, October 19th, ' is as under: Ibbus DepAßtwbst. I NoW Issue .£49.087,000 Oct. debt i 11,015,003 , Othir aeouri- i tlea .. 7,431,000 | Gola.. .. 30,638,000 £49,087,000 ' £49,087,000 BjLSKIKd DBFAB.TMKKT, ProrTijtorfl l Got. eecurlcapital £14,653,000 tlis .. £14,981,030 Public da- O the r iopocita .. 7,003,000 curiiies .. 28.962,000 Other So- ' Notes .. 21.474,008 posits .. 41,925,000 CoU, - 1,328,000 Rest. 7-day and other biili .. 5.174,000 £00,745,000 £60,745,000 The leading items of the Bank of England return afford the following compariThisweek. Last week. Last year Bullion 30,638.000 32,279,003 31,597,000 ftosarre Note circul'n 27,613.000 27,875,000 29.037,000 Deposits ...... 49,018,000 51,843,000 46,865,000 Proportion of reserve to liabilities 45.49 46.94 47.60 /NSOLS AND AUSTRALASIAN STOCKS. Current quotations for the Consols and Australasian Government stocks, compared with those of last week, tho corresponding period of last year; are:

*lntarc3t payable in May and November, flntorest payable in January and July. ! Jlntereat payable in April and October. THE MONEY MARKET. The Bank of England rate of discount iwas on Wednesday raised to 5 per cent, from 4 per cent., at -which it had Btood Bince September 28th. A year ago the rate was 5. Short loans are quoted at 3§ per cent.; last week the price was 24, , and- a- year ago 33. JNo quotations are cabled for discounting three months bills in the open market in London, Paris, or Berlin.! THE LONDON MARKETS. By Telegraph—Press Association—Copyright LONDON, October 21. GRAIN AND FLOTJR. Wheat.—The markets are inactive, and tending downward on easier American quotations and reports of heavy world's shipments. At Chicago December wheat is quoted at 931 to 94i cents per bushel. There is little inquiry for cargoes; 37s per quarter is asked for , South Australian October-November shipment, 37s 3d for Vic- , torian October shipment, ■ 36s 9d for cargoes irom all three ports December-January r diopatch, and 35s 9d for South Australian parcels afloat. Only a small demand exists for Australian on the spot at 375. 6d to 38s 9d. New Zealand. average quality makes 33s to 345, inferior 325, and superior lots 34s 6d to 355. Floor.—Market dull, and prices unchanged at 27s per sack. ' Oats.—On ' a quiet market New Zealand • Gartons (new)- make 17s 6d to 19s per quarter, and sparrow-bills 17s to 18a 6d. . La Plata oats, October-November shipment, are quoted at 13s 3d. Beans.—Oh an easier market old New Zealand* are quoted at 34a to 34a 6d. . BUTTER. The market is fiat, but choicest Australian is selling well, salted making 110 s to 113 s per cwt, ajid unsaltetl 112 s to 114 s, and occasionally 116 s. Secondaries are practically unsaleable, the nominal quotations being 104 s to 108 s, Tlio market closed weak yesterday, with a downward tendency. ',...■ SUGAR. German beeb sugar, 88 per cent, net titre, is'quoted at 9s 3d (3d lower than last week); and first marks granulated at lis 4£d (s£d lower than last week). BRADFORD TOPS. At Bradford the quotations for tops are: 64's, unchanged-at 28Jd per lb; super 60*s, unchanged at 28d; common 60's, unchanged at 27d; ,56's, 3d lower at 23d; 50'e, id lower at ZOd; 46's, £d lower at I6d; 40'a, id lower at 14Jd. Merino tops are still IJd lower for futures. PRICES OF METALS. The following are yesterday's quotations compared with those ruling a weeok ago- . Sliver.—ln bars, 9-16 d higher at 26Jd per ounce standard. Copper.—For forward delivery. Is 3d lower art £57 12s 6d per ton; electrolytic, unchanged at £59. Tin.—On the spot. £5 higher at £l7O ton; at three months, £6 lbs higher at £166 10s. Lead.—Soft foreign, 7s 6d higher at £l3 6s 3d per ton. Spelter.—ss higher at £24 per ton. Pip-iron.—Middlesbro* No. 3,3 d lower at 49s 6d per ton. FEOZEN 3TBAT. Dalgety and Co., Ltd., have received the following cable from London, dated 20th inst.: —Frozen -Merit: Mutton, firm, but prices unchanged. Lamb, Jd per lb higher. Beef, nominally &d per lb lower- Frozen beef is not offered at the- moment, as chilled is cheaper owing to heavy arrivals. SHEEPSKIN SALES. Tho following advices have been received locally from London:— . Dalgety and Co.. Ltd.—The sheepskin sales have closed with a firmer tendency. As compared with the closing rates of last series, the market for good combing l merino is unchanged, other descriptions being par , to id lower. Prices for crossbred skins are id lower. New Zealand Loan and Mercantile Agency Co., Ltd.—Sheepskins: Merinos and short and shorn crossbreds are id per lb lower; combing crossbreds from Jd to Jd per lb lower. Murray. Roberts and Co;, akxoa; Merino, marfcet unchanged -to' an

occasional slight decline. Crossbred skins declined id per lb. Bank of New Zealand.—All kinds of sheepskins lower from par to 5 per cent. Current prices: Full-woolled merino, BJd per lb: short and shorn merino, sd; fullwoolled and fine crossbred, lOd; do. coarse. 83d; half to quarter-woolled fine crossbred, 9tl; do. coarse, 8d; short and shorn crossbred, 53d. WELLINGTON STOCK EXCHANGE. YESTERDAY'S QUOTATIONS. i MESEfO. Auckland.—May Queen—lo a.m., s4g Id; noon, b 3s lid, s 4s Id; 3.15, b 3a lid. s <Js Id. New Sylvia—lo a.m.. bos sd, s3s 7d; 'noon, b 3s sd, s 3s 7d; 3.15, b 3s 11, s 3s 7il. Old Hauraki G. Mines—lo a.m.. b3s 2d. s 3s 3d, sales 5s 2d ('Change); noon, b 3s Id, 3 3s 3d; 3.15. s 3s 2d, Eales 3s ISd (reported). Saxon—noon, bls sd, sls 7d: (5.15, b Is sd, b Is 7d. Tairua. Broken illills—lo a.m., b Is 2d; noon, bls 2d. s la 4d. Talisman Consolidated—lo a.m.. b £2 13a 9d. s £2 14s; noon, b £2 13s 9d, s £Z 14.5 3d; 345, b £2 14a, s £2 14s 6d. Talisman Oocsolidatcd (n?w issae)—lo a.m.. b £1 15s 3d; noon, b £1 15s 3d; 3.15, b £1 153 9d. Wailii—lo a.m., b£6 12s, B£6 13s 6d; noon, b £6 12s 6d, s £6 14s; 3.15. b £6 12s fcd, s £6 14s. Waihi Reefs Consolidated—3.ls, s4a 4d. Waihi Extended—3.ls, a 2s Bd. Wailii Grand Junction—lO.a.m.. b £1 14s, s £1 14s 6d, sales £1 14s 3d ('Change); noon, b £1 14a. s £1 14s 6d; 3.15. b £1 14s, a £1 14s 3d. Waitangi Consolidated N.L.—lO a.m., s 2s; noon, s 2s; 3.15, 8 2s. Watchman—lo a.m.. b2s Bd, s2s 9d; moon, 1j 2s Bd, s 2s 10d; 3.15. b 2s Bd, s 2s 9d. West Coast.—Blackwator Mines—lo a.m.. h £1 13s. Consolidated Goldflelds—lo a.m., b £1 Is 6d, s £1 2s 6d; noon, b £1 Is 6d. Now Big River—lo a.an.. b £2 16s, s £3; moon, b £2 16s; 3.15. b £2 17s 6d- Progress—--10 a.m.. b 15s, s 16s; noon, b 14s 9d; 3.15. b 14s 9d. Boss Goldflelds. Ltd.—lo a.m., b 2s 10d, b 3s; noon, b 2s lOd, B 2s lid; 3.15, b 2s 9d, a 3s. QUOTATIONS ELSEWHEBE. PEESS ASSOCIATION. ATJCKLiAND, October 21. Business done on 'Change this morning: ■ —Slay Queen, 4s; Saxon, Is 6d; Watchman. 2a 9d: Mount Zeehan (coiitrib.), 9d; Bremner's Freehold, Is 7d, Is 8d; Hauraki, 3s 4d, 33 Id; Komata Reefs, s*d; Talisman. 54 3 Id, 555; Waihi Beefs. 4s 3d; Waihi Grand Junction, 34s 6d; Bank of New Zealand. £lO 6s 6d; Northern Steam, 15s 3d; Devonport Steam, 36a 3d, 365. Afternoon call:—Boss Goldflelds, 33; Old Hauraki. 3s: New Zealand Crown. 4s sd; Tairua Broken Hills. Is 3d; Tairua Monarch. 2d; Talisman Consolidated, 55s 3d; Waihi, 1355. 134 s 6d; Kapanga, 3|d; New Sylvia, 3a sd; Saxon, Is sd; Bremner's Freehold, Is 4d; Waiotahi, 3a Bd; Waihi Grand Junction, 34s' 3d; Northern Coal. 10s. OHBISTCHUECH, October 21. The only sale reported on the Canter, bury Exchange to-day was Waihi' Grand 1 Junction at 34a. DOTEDIN. October 21. Stock Exchange Eales: —Old Hauraki, 3s 2d; Waihi, £6 13s 3d (two parcels), £0 13a 6d (two parcels), £6 133 9d (two pal'cels)i Waihi Grand Junction (forward delivery), £1 13s. Sales reported :—Old Hauraki, 3s 4d, 3s 2d; South British Insurance (ex div.), £3 3s 6d; Auckland Gas, £3 7s. . LONDON, October 20. • Sharemarket quotations include:—Waihi Goldmining, buyers 128 s 9d, sellers; 131 s 3d; , Waihi Grand Junction, buyers 33s 9d, seizors 36s 3d. GRAND JUNCTION AND HAURAKI. The Wellington Stock Exchange received tho following telegrams yesterday: Waihi Grand Junction.—Main crossout north from main shaft. No. 5 _ level, intercepts north reef. The wsdth of the reef is 4 feet, value £1 3s. Bosf proved to a length of 603 feet, and crosscut now being run to intercept upward extension at No. 3 level. Old Hauraki.—Thirty pounds of picked atone taken from the stopes 400 level; 20 lb from Btopes 300 level. ; WAIHI DIVIDEND. PEESS ASSOCIATION. „_ ' i.TJCKI*ANI>,' October 21. The Waihi Company has declared a dividend of 43 per share, payable on December Ist. ' ,■ GOLD DREDGING RETURNS. PEESS ASSOCIATION. DTJNEDIN. October 21. Gold dredging returns:—Koputai, 470 z 6dwt; 909 Dredge, 40oz; Central Charlton, 21oz 6dwt; Masterton, 16oz 6dwt; Mystery Flat. 12oz Idwt. SOUTHERN MARKETS. . PEESS ASSOCIATION; OHBISTCHtniOH, October 21i Private cable advice has been received to the effect that t,he London wheat market has declined, 6d per quarter. , There is, however, practically no business being dono by shippers, who have filled their requirements, so tho decline ia not likely to affect the local market. Farmers who havo still wheat on hand are not offering, and until the millers come into the market again, transactions are likely to be limited. No sales of any consequence' were reported- during the week. -Oatsare' very firm. Potatoes have advanced, and £8 5s is now offered at country stations, but it is stated that £1 more than this has been refused. All classes of butter havo been reduced Id per lb, the wholesale price of faotory butter now being Is. WOOL, SKIN AND HIDE SALE. The various Wellington brokers held their fortnightly sales of. wool, skins: hides, and tallow yesterday, a good catalogue being offered to a fair attendance of buyers. Prices averaged as follows:—Wool:—Crutchings sid to 5Jd, crossbred 7Sd to 73d, dead 43d to 73d, bellies s>.d. Sheepskins.—Halfbred 8d to 81d, crossbred good 6M to 73d, crossbred broken and inferior 3Jd to 6d, dead. 4d to 6d. half-wools 42d to 6Jd, hoggets 63d to 7Jd, lambs 6d to 6!d. crossbred damp 4s 4d to 7s 5d (according to weight), crossbred green 6s 7d to 7s 4d (according to weight). Hides.—Ox medium 6£d to 6jd, cow medium 6Jd to 61d, cow cut and slippy sid to s*d, calf pood 8d to 9gd, calf Inferior Ed to 63d. horao 8s 6d. Tallow;—ln shipping order 29s 6d per cwt; in tins and drums 28s to 28s 6d.. Eabbitsklns.—loid to IOJd per lb. The Customs revenue received at Wellington yesterday totalled £3011:

Stock. Thisw jck a* Last Vear 24% Imperial Cor sols 60 3 i 80 3 6 82 3 9 ■ 4 % New Zealanc • .. 103 10 t .. 08 10 4: .. 86 2 0 0 G 103 10 08 0 86 10 0 0 0 105 15 98 15 86 7 0 0 6 8J% New Zealanc 3 % Now Zealand i% New South V> ales 105 0 0 0 105 0 98 0 0 0 108 0 »8 10 0 0 8i% New South V* ale3 03 0 3% New South W ales 8G 0 0 86 10 0 80 0 0 4 % Victoria 3J% Victoria .. 102 0 0 102 0 0 104 0 0 .. 98 0 0 98 0 0 98 0 0 3 % Victoria .. 85 5 0 85 10 0 80 10 0 3j% South Aust ralia OS 10 0 98 10 0 98 10 0 8 % South Aust ralia 83 10 0 83 10 0 84 10 0 4 % Queensland .. 102 10 0 102 10 0 104 0 0 34% Queensland .. 98 0 0 98 0 0 07 10 0 3 % Queensland , .. 84 10 0 84 10 0 86'10 0 3.)% West Austral ia .. SO 0 0 90 0 0 97 10 0 3 % West AuBt ralia 86 10 0 88 10 0 87 10 0 3}% Tasmania . .. 99 0 0 99 0 0 D8 0 0 3% Tasmania . .. 88 0 0 83 0 0 87 12 0