FINANCE AND TRADE

New Zealand Times, Volume XXXII, Issue 7301, 3 December 1910, Page 6

FINANCE AND TRADE

There is some addition to the Bank of England’s stocks of gold this week, though the reserve is rather less. Advances and deposit liabilities aro somewhat higher, and the '’'proportion’' is thus rather more than 1 per cent, lower on tho week. The money market, however, is easier, and this has led the Court of Directors to reduce the Bank of England discount rate from 5 to 4J per cent. Changes during the current year have been: January - Ist, stood at 4§ per cent. January 6th. reduced to 4, January 20th, reduced to 3L February 10th, reduced to 3. March 17th, raised, to 4. ' , June 2nd, lowered to 3*. June 9th, lowered to 3. September 29th, raised to 4. October. 20th, raised to 5. November 30th, lowered to 4s. The Bank of France’s discount rate is 3 per cent, and that of the Bank of Germany 5. London open market discounts are 10s cheaper, and ready money 12s 6d cheaper.. Paris discounts arc also easier, but in Berlin a hardening is noticeable. On tho London Stock Exchange the Consols have gone up 17s 6J, and New Zealand Government securities show an all-round movement of 2s 6cl upwards. Some ’ im-. provoment is noticeable also in Australian Government stocks. The-wheat markets arc quiet, while there is a firmer tone for butter. New Zealand makes up to 110 s • for salted and 112 s for unaaltcd. Frozen beef prices arc weak, but lamb and mutton arc firm. ; FINANCIAL cables. By Telegraph—Press Association—Copyright. (RocoNod December 2. 8.55 p.m.) LONDON, December 2. BANK OF, ENGLAND RETURN. Tho Bank of England return Issued for the week ended Wednesday, November 30th.’ is as under: • . v

reserve to Ua- „ bilitics ..... 50.24 . 51.47 55.99 CONSOLS AND- AUSTRALASIAN STOCKS. Current quotations for tho Consols and Australasian Government stocks, compared with those of last week, and tho corresponding period of last year, are;

•Interest payable in May and November. 1 • flnterest payable in January and July. Ilqteresc payab.e in April and October

THE MONEY MARKET. ' The Bank of England‘rate of discount was on Wednesday lowered from 6 ..to .4* per cent.; A year ago It stood at 5, Tho open market discount rate.. for best three ■ month . bills is Ito Tower at 4 per cent.; a year ago it , was 35 per cent. Short tioans • are- 12s 6d lower at 4| -per cont.; .a year ago the quotation was 4. In Paris the open market discount rate is 2s 6d lower at 23 per cent. T 23; -a year ago); while in Berlin tit is 2s 6d higher nt per cent-. (4J a year, ago). . ' THE LONDON MARKETS. * LONDON, December, 2. GRAIN AND FLOUR- V "Wheat.—The markets are quiet, and tending downwards. There is some, pressure to sell, on the strength .of official estimates j placing the Russian crop at 96.640,000 quarters, • but buyers are holding, off, A cargo of Australian wheat has been sold at 35s- 9d per , quarter,; South Australian afloat is offering at 36s 6d. Australian (Jan-uary-Fobruary shipment) 9d. .and parcels (January-FobruaryV 355-6 d. Australian on tho spot is in smaller supply, and mako&, 36s 9d to 37s 6d. New Zealand, 32s tq 33s 9d. Flour.— Limited demand; Australian patent brands : axe quoted in London i at 25s 6d to 265-per sack, „ _ • _ , Oats;—Market flat. New Zealand Cartons, 18s to 19s 9d per quarter, eparrowbille 17s 6d to 18s 9d. . ■ . , Bariev.—Market quiet, and prices unchanged. , , . ... Peas.—Now Zealand sound, 45s to 495, on a quiet , market. <.

' BUTTER. . Tb© market is quiet, owing to small arrivals, and prices generally are unchanged. Choicest Australian and New Zealand butters are'occasionally a shilling dearer. ■; ' .CHEESE. Market firm, prices for New Zealand being unchanged. • ■ ' SUGAR. German beet sugar, 88 per cent, net titre, is ouoted at 9s {unchanged from last week); and first marks: granulated at Tls !2d (Id lower than, last week). , ; ' , . BRADFORD TOPS. The Bradford wool market .is steady, with small business doing. Tops are quoted at: 64’s, Id lower at 27d per lb: super 60’s, Id lower at 253 d; common 60’s, Id lower at 25id:;.56’5, unchanged at 221 d; 50's, id high, or art/193d; 46’s, lid lower at 15gd; 40’s, unchanged at 14|d. PRICES OF METALS. ' Yesterday’s prices, compared with those .ruling a week ago,- were*. Copper.—On the spot, 13s 9d lower at £57 Is 3d per ton; at threo months, 16s 3d lower at £57 17s 6d.: Tin.—On the spot, 67s 6d higher at -£172 25,6 d per ton: at three months, 67s 6d higher at £172 ss. Load.—Soft foreign, 2s 6d lower at £l3 2s 6d per. ton. : / . Spelter.—Unchanged, at £24 per ton. Pig-iron.—Middlosbro* No. 3, sid higher at 49s Hid per ton. : - L FROZEN MEAT MARKET. ■ Dalgcty and Co., Ltd., have received the following cable from London, under Thursday'© date: “Beef.—New Zealand, demand fair, prices weak. *. Wc quote prime ox fores 23d, hinds 33d per lb. Lamb.—New Zealand, demand fair, and prices firm. We emote Canterbury prime crossbred heavy SM, j light 53d, ( North Island heavy sd, light sjd, Australian age qnality sd, light 5Jd . per lb. .Mutton.— Now* Zealand, demand limited, prices firm. Wo’'-quote Canterbury prime crossbred i heavy, 3ld, light! 4id, North Island heavy 33d, • light .4d, Australian .prime heavy WOOL SALES BRISK. ■ LONDON,- December 1, At the wool safes there was a brisk business, with prices unchanged. AU sections of the trade are operating. ’ WELLINGTON CUSTOMS.

The Customs revenue received at Welling, ton yesterday totalled £3243,

WELLINGTON STOCK EXCHANGE. - YESTERDAY'S QUOTATIONS. MINING. Auckland.—Kuranui —10 a.ra., s 6d; noon, b 3d, a 6d; 3.15, s 6d. Kuranui Caledonian —lO a.m., b 12 sd, s is 7d; noon, b Is sd. s Is 7d; 3.15, bls sd, s Is" 7d. May Queen—--10 a.m., b 3s 4tl, s 3s 7d; noon, b 3e s*l. .a 3s 7cl; *..15. i? 3s 7q. N.Z. Crown—noon, b 4s 3d; 3.15, b4s sa. New Sylvia—lo a.ra., b 33 9d, s 3s lid; noon, b 3s 9d, s 3s lid; 5.15, bss 9d. a3s lid. Old Hauraki G. Mines—lo a.ra., b2s Id; noon, b2s Id, s 2s 3d; 3.15, b 2 a Id. s 2s 2d. Saxon—lo a.m., b Is 7d, cs Ls Cd; noon, b Is 7d. s 's 8d; 5.15, bls 7d. sMs Bd. Talma Broken El ills —10 a.m., b Is Id, s Is sd; noon, b is 2d. s lo 4d; 3.15, b Is 2d, s Is 4d. Talisman Consolidated—lo a.m.’, b£2 12s 3d. s£2 12s Gel; noon, b £2 12s 3d. s £2 12s 9d; 3,15, D £2 12s, s£2 12s 3d, Talisman Consolidated (IGs paid)—lo a.m.. b £2; noon, b £2 »s 3d. s£2 Is; 3.15, b £2. Waihi—lo a.m., b £5 IGs, s £5 17s 6d;.noon, b £5 16s, e £5 17s; 5.15, b£s 15s 6d, s£s 16s. Waihi Extended —lO a.m., b 2s; 3.15. s2s 3d. Waihi Grand Junction—lo a.m.. b£l Ho, a £1 11s fid; noon, b £1 Us, s £1 11s 6d; 3.15, b £1 lid s£l 11s 3d. Waitangi Consolidated i*.L.— noon,’s' Is Sdj-3.15, bin 6d. qls 9d, l.atcliman—lo a.m.. b 5s 3d, s 5s 4d; noon, b 3s 4d. s os sd; 3.15, b 3s 3d, c.3n 4d, sa’oc os 3d (2, 'Change), Occidental—lo a.m., b 3d, s 4d;- noon, b 3d. s 4d; 3.15, b'3d. Bremncr’fl Freehold —-10 a.m., b fid, s £d; noon, b 7d, s 9ri. Zcelian Consolidated—noon; s ICd, sales 9*d (reported). West Coast. —Blackwater Miner —10 a.m.. b £1 20s 3d; noon,.b £1 Its fid; 3.15. b £- 10s 6d, a £1 12s ,3d. Consolidated GoldficVdr,— 10 a.m., s £1; noon, s £1: 3.15, o £1; New Big River—lo a.m., b£3 >ex); noon, b£3 (ex). * Progress—noon* b 11s 9d, s 12s Cd; 3.15, b Us 9d. Ross Goldfields. Ltd.—lo a.m , b 2s Bd. s 2s -10 d; noon, b 2s 9d, a 2s 10d; 3.15, b 2s 7d. e 2s 9d, sales 2a 7d ('Change).

Note:—Tho letter “b” signifies buyers and ‘6" sellers.

QUOTATIONS; ELSEWHERE. ; ■ , PRESS 'ASSOCIATION, AUCKLAND, December _2. Business*done on ’Change this morning:, May Queen, 3s sd: Occidental,, sd; Watchman, 5s 4d; Hauraki, 2s 2d; Crown, 4s e 6dr. Waihi (ex div). £5 17s 6d; Waihi Reef,;3s, 3d; ;Grand Junction, 31s 9d. , ■ ' ' Afternoon call; —May Queen, 3s sd; Occidental Consolidated, 5Jd; Waihi, 117 s, Al7s 6d • Waihi Grand ; Junction, 31s 6d; Ross ; Goldfields, 2s 9d. 2s lid;:, Auckland Gas, 68s 6d;. Northern Steamship (cont.), 6s Bd. : CHRISTCHURCH. December 1. : i Sales on the Canterbury Stock Exchange to-day:—Feilding Gas, £1 Is 9d; Standard of Now Zealand Insurance, £1 6s 3d; Union Steam. £1 17a; Westport Stockton Coal, 7e;’ Waihi, £5 17s 3d; , Ross. Goldfields, : 2s 9d.v • DUNEDIN, December.2. Sales reported on the Stock Exchange today 'Watchman, ■ 3s 3d; . Koputai, 18s Westport Coal, £6 IBs; New, Zealand Paper Mills, £1 3s 6d; Standard Insurance, £l' 6s si * ' 1 LONDON, December 1. ■ Waihi Grand Junction shares are quoted at 30s to 31s 3d. The Wellington Stock Exchange yesterday received the following telegram from the Old Hauraki mine ‘‘Crushed 70 tons quartz, 751 b picked stone, for 630 z retorted gold.”:; V . : "'v ' • • . , c’ GOLD DREDGING RETURNS. ' , : ■ PEHSS’ ASSOCIATION. , . . DUNEDIN.' December 2. 1 Gold dredging: ■; returns;—Good Chance, 46ozT4dwt; Kuraunui, 30oz lOdwt; Kpputai; 290 - 17dwt; Central:Charlton, 21oz lldwt; Waikaia, 13oz' 12dwt; vMasterton, 13oz- 3dwt; Mystery Plat, 7oz 4dwt. - : SALES OF LIVE STOCK. • AUCTIONEERS’ REPORTS. • - ' Dalgety and Co., Ltd, r f -

.At our Upper Hutt yards on Thursday had a good entry-of sheep, and a full entry of cattle, stock coming forward in excess of advertised numbers. There was a good attendance of buyers, and all lines, especially young cattle, were well competed for. The following prices were realised: Sh ee p_Aged ewes and lambs 13s 3d, twotooth ewe© 10s 9d, two-tooth wethers 11s 3d. Cattle —Dairy cows close to profit, £6 Is to £7 10s, dairy cows to. £5 10s, 15-month Jersey heifers to £3, yearling heifers £2 63 to £2 9s, yearling steers £2 6s to £5 Is, dairy heifers to £5, bulls to 30s to £2 10s, cows calf at foot to £2 15s, two and threeyear heifers to £4 Bs. , ,W© held a special cattle sale at our yards at Levin yesterday, when we offered about 350 head of cattle, comprising chiefly •two and three year steers. One line of two and a half and three-year steers were ed in at ,£4 15s, £5 being the reserve. Wo quote: three-year steers £4 14s. store empty cows £3 18s d, fat covns and heifers £4 15s. 6d .to £5, springing heifers £3.17s 6d. .’Loan and Mercantile Agency Co., Ltd, At Rangiwahia only a small entry came forward.' Bidding was spirited throughout, and -we cleared the yard under the hammer. 'We quote: two-tooth wethers (shorn) Hay 4d, woolly ewes with lambs 15s 6d, yearling steers (small) £2, 18-months to two-year heifers (empty) £3 7s to £5 13s, bulls £4. At Foilding on Friday w* offered a small yarding of sheep, which old well under the hammer, and a fair /. rding of cattle, of. which w© havo to repui*t a- total clearance. We quote; empty ewes 8s 6d to 9s 7d, two-tooth ewes 12s- Id, yearling, steers (small) £2, ' good yearling steers £2 14s 6d, vearling heifers £2 14s, empty cows £5 Is, fat bullocks (light) £6 10s, fat bullocks £7 is. J ;" "■■ ■■ .WOOL/SKINS'.AND HIDES.

The . Wellington: brokers held their: fortnightly. sales of wool, sheepskins, hides , and tallow yesterday. In wools only fadges and bags were offered, : and these sold, at lato rates. Sheepskins. were firm, with a higher, tendency. Tallow. was slightlj easier, ’ but the, offerings were : meagre and of poor quality. Hides showed an advance, of from ■ one-eighth > to a farthing a pound. Pricci ruling may bo quoted as under::—Wool —Crossbred, 7*d to 83d; dead, 7d to 8 ; d; pieces and Ixslliofl,: sJrt to l\*si locks, lid .to 4d. She*nskins--Oropsbrcd medium to fine, 74<1-to-73d ;■ do. coarse, 6d to 7d; do. dead and inferior. 4Jd to 6d r do. badly damaged, 2*d to 4d; lambs, short and inferior, 3d to 53d: crossbred, green and damp. 5s to 7s; lambs, soring do.. Is 5d to 2s. Hides—Or. hcavv, 74d to 7Jd; do. medium, 63d to 7id; do. light. 6*<l to 61d; cows. good, medium and light, 6Jd to 6ijd: do. fair ordinary. 6td to 63d: cut, slipy an't damaged, 34d to 53d: stags, 5d to 5Jd; calfskins, good, 9d to 9Jd; do. medium &d to

Bid; do damaged 4*d to 63d. TallowCasks, 28s to 29e; tins, 24s 6d to 25s 6d. WELLINGTON MARKETS. FRUIT AND PRODUCE. Tho demand lor mi Unea or iruita, citrus ana same varieties. is Kcex>iug very strong. xrtynoiLs. however, may to s.ngieo our a» uho only exception to this, one to the fact mat me market was‘hoouea with supplies a lonmgiit back, and is just now only snowing signs oi recovering. ; Again at mis wc-jk's ealos Wyouey oranges ami mandarins ruled at over: 20s a case lor best hnoa. Advices have just come through trom Auckland that me Century has a moderate quantity of Californian oranges lor this market, which should' arrive on Tuesday next. An exceptionally strong demand is anticipated, for this fruit. The keen state of tho market for apples was again exemplified at yesterday's sales, when gome ehoic*o quality, stunners from Hobart were sold as high as 17s a case., A record figure was also established for a fairly large line of Rokewood apples directed to tho care of Lacry and Co. f Ltd., from Not son, which sold as high as 17s a bushel case This fruit of course was last ooasou's, and can be taken as an excellent example of the result which can bo attained by utilising cold storage for the keeping- of until the market is in a condition of dearth. The New Zealand apple season finished fully three months back and until four weeks aro Tasmanian supplies together. with Californian shipments were meeting tho inquiry to an ample extent. There has, however, been an intermission, in supplies arriving during the past fortnight, with the remit that the' market has jumped up lo record levels. Shipments of Californian apples are also due on Tuesday, and further quantities of this fruit, together with oranges from California,/will also arrive on the Bth inst. by the Aorangi direct. This steamer will also, discharge Cook' Island bananas and pineapples, and as all these fruits will have'to meet the Christmas demand prices are bound ‘to rule high. Small quantities of apricots and plums arc coming to hand now each week from Sydney, and supplies should show an increase next week. . Tomatoes are in good demand, nnd the same remark applies to cherries; the market, however, has cased for this fruit, owine to a heavy nhinment- being available yesterday from Melbourne. Su.mvlies of strawberries have been verv ■nrominont this season,-as- in addition to Auckland Fending down liberal r-upplics. consignin'? has been more jwuvjrai from o*her parts of th* Dominion.. : Values were high in Ho middV of* the week, .but have now receded. Red, currants are in excellent demand. wMLt e-oo»cK»rries are provingfreely"and selling at nominal Annie**.' favourite varieties.;- ch^ce to 17a cao-o. r»rime cfv'kcru-. 11s ♦•** Bt.rnwbet*x*)OS ehoiro ts Id to f * 3d box. ▼trim* 8d to KK bnd nod inferior sd' +n . 6d: tomato©®-, choice 7d to °d IK Time 5d ♦o'- 6d.‘ - *no~Wr*ea. l«r*e 2d lb: others id to 1W: rod currants. 5s to half ; leme-'-K 3® M to ''Worries, choice 6d to Cd lb, cooking 3d to 4d.

-POTATOES AND ONIONS. New potatoes, are now offering with much more freedom, audr advices from the soutli indicate that new ; season’s are now, available there, which will, of course, liavo a depreciating effect upon the market here. There is a moderate demand still for old tubers, and it is reported that a shipment of Californian will arrive by tho Aorangi on December Bth, which should face a good reception. About 250 cases of Victorian onions arrived, by. the yesterday, and as the quantity is not at all heavy it would not be surprising to see a hare market before other supplies arrive. New potatoes choice 14d lb. others ld a to - lad. old potatoes £l2 10s to £l3 ton; onions, £lO to £lO 10s.- .

OTHER VEGETABLES. Cauliflowers, ; cabbages, green .peas, .and carrots' are. now, arriving far more freely, and values for these' lines have declined. The demand . generally,. however, with the exception of for cabbages, is very satisfactory. A further of French beans ■ was available from Sydney this week, and tended to relieve the tension m this line. ■ ~ ■ Cauliflowers, choice 5s 6d to 7s sack, prime 3s 6d to 4s 6d; cabbages, choice 2? to 3s, prime Is to Is 6d; French beans (local), 6d to 8d; cucumbers, 4s to 8s dozen; turnips., 2a to 2s 6d sack; asparagus, 4s to 6s dozen bundles;: rhubarb, Is, 6d to 3s, dozen bundle®; lettuce,2s to 4s case; marrows. 8s to 10s sack; pumpkins, ,9s to 12s sack; artichokes, 4s to ss*part sack; carrots, 4s 6d to 6s sack. ' EGGS. The market does not show any. change on last rates; supplies are arriving fairly freely, and a good demand is being faced at 10id to lid dozen; " 1 - ‘ ■ ' r ’ POULTRY. . \ . -As usual at this time of the , year jth increasing .inquiry, is , beingturkeys, and geese arc also coming mio demand. - All lines as a matter of. fact are bound to sell well from now onwards. Hens, good heavy 4s 3d to 4s-6d. inferior 3s 6 Vto 4a pair; roosters, good voung 4s 6d to ss, inferior 3s 9d to 4s; ducks, s s .to pair: turkoy6, ; gobblers 18s to 2is pair, .hens 8s to 10s* goose. 5s to 6s 6d. , «

Isaux Depaktmrnt. Note Issue ■ £52.750,000 0*y. debt. £11,015.000 Otb*r securitigs .. 7.434.000 Gold .. .. 34,301,000 f5-2.75O.0OG £52.750 ,00 Banking Department. Proprietors’ capital Public do* posits Other deposits .. Rest 7 dav and other bills - £14,553.000 ■ 11,415,000 39,685.030 3,168,000 Gov. securities .. £14.644,000 O the r ae- ; euritie* .. 28.491,000 Notes ...24,355 000 Coia .. 1,331,000 £68,821,000 - £C8,821,OOq Ths leading items of the Bank of England return afford the following comparisons: ... . - . 1 This week. Last week. I.aatvear ' y.- & £ • £ Bullion ZA.ZOiW- 34.183.C0> 35 075.0CO Reserve ......... 25,685.003 25.883.000 25,766.000 Note circul’n 28,395.000 28,153,0 0 28,965,000 Proportion of

Stock. This week Last week T.ast Year. £ B. d. £ B. d. £ K 24% Imperial Con sol a 79 15 U 78 17 6 82 13 10.1 10 0 103 7 8 3J% New Zealand! . - 96 2 0 06 0 0 97 10 as 10 (» P3 7 <; 106 « U 106 0 0 97 17 « 07 17 6 98 15 ' 85 10 0 85 10 0 103 0 0 102 10 0 103 0 0 34% Victoria .. .. 93 0 0 97 vl7 6 96 17 3 % Victoria .. .. 85 10 0 85 10 34% 8‘ou.th Australia 98 10 0 08 C 83 10 0 83 10 0 84 12 6’ i % Queensland .. 103 2 6 103 0 0 102 10 8J% Queensland .. 97 12 6 07 10 0 3 % Queensland .. 84 7 0 84 10 24%' West Australia .. 90 0 0 98 .0 0 8 % -West Australia 86 10 0 86 10 0 90 0 0 99 0 0 3% Tasmania .. 86 0 0 86 0 0 85 10

■ ‘ ■ ‘ INVESTMENT STOCK. , Buyers. Sellers. Sales. £ 8. a. £ G. ll £ 8. U. \ BANKS— National of N.Z., -Ltd...,’ ... t ...; — Now Zealand ... iO 10 0 5 17 0 - FINANCIAL— ' * '• Equitable Building Co.. Ltd ... 9 12 5 N.Z. Loaa and Mercantile ... 0 10 0 _ ■ Wol'n Invest T.A; Oo.. Ltd. ... 0 11 0 — ■ Wol'n Tru-«t Loan, Ltd. 7 10 0 7 15 0 -• G A-— OhristchurQli, £5 9 14 0 _ _ Pcilding ... ... — Napier . ... ... 12 5 0 ■ 1 2 0 1 15* Welling’n, £615s lo 10 • 0 - Wellington, new , issue : (prcm.) ..1, 2 8 0 - 2 10 INSURANCE— V . New Zealand ... 4 3 6 _ 16 6 { Standard'Of N.Z. 1 6. 6 1 ,6 9 SHIPPING— N.Z. Shipping Co. 10 ,16 0 . 1 ’ - ManupactueingWelling’n Wool’n, ordinary 3 13 0 IVelting’n Wool’n. preference ... 2 15 6 - 2 16 0* Coal— Taupiri 1 0* 0 _ ' ; _ Westport ... ... 6 17, 6 .7 0’ 0 Westuort-Slockt’n. Ltd — 0 7 6 — Miscellaneous— Leyland' O’Brleii Timber ... ... 1 6 0 16 6* Manning and Co., Ltd ... 4 3 0 . - N z. Consolidated Donta-l Co. ... 1 2 6 1 3 6 1 ■ _ . N.Z. Pott. Cement 1 16 0 1 17 C 1 17 0* N.Z. Paper Mills * 1 2 9 Taranaki Petroleum, £1 pd. ... 0 8 9 0 9 3 - ■ Taringamutu Sawmilli. Ltd. ... 2 3 6 . -V — " — Ward and Co. Ltd. o 4 0 :. — . “ ; Wfavtccmbe anci Tombs, Ltd. .... —■ •Reported. ' , “ 6 6 0*