FINANCE AND TRADE

New Zealand Times, Volume XXXIII, Issue 7419, 22 April 1911, Page 6

FINANCE AND TRADE

The Bank of England return this week discloses an easier position, owing no doubt to the return of moneys taken out temporarily for the holiday trade and more normal demands. Stocks of gold and tho reserve have been added to by about a million sterling, and deposits liabilities are less by over three millions. The “proportion” has as a consequence risen by over 4 per cent., but is still nearly 3 per cent, less than at this time a year ago. Tho money market is very much easier, loans for short periods being 15s cheaper, and three months’ discounts half-a-crown down. The leading Continental discount rates are also stationary or slightly easier. On the London Stock Exchange the Consols have receded 2s 6d on the week, hut are still 15s above last year’s level for the corresponding date, while Australian Government securities are practically all unchanged and New Zealand stocks quite stationary. In the general markets butter is quiet, though choice brands are in steady demand and prices foe some extra good New higher, and equal to the boom quotations of a year ago. Cheese is Michanged, on a firm market. The grain jutlook Is improving, a possible Russian shortage tending to harden prices, ct Bradford topmaking wools are firm at last week's quotations. Private advices that the demand for frozen lamb • is somewhat better, but largo supplies a-ro likely . o depress prices. Beef anj mutton are on the down grade. FINANCIAL CABLES. By Telegraph—Press' Association-Copyright. (Received April 21, 9.20 p.m.) LONDON, April 21. BANK OP ENGLAND RETURN. The Bank- of England return for tho week ended Wednesday, April 19th, is as under;— iBiTJS DIPARTMRKT. Note Issue £53,863,000 Oov. debt. *11,015,000 Otb«r securities .. 7,434.000 Gold.. .. 35,417,009 £53,866,003/ £53.866,000 [Bankiko Department. proprietors’ Got. seeurioipital £14,553,000 ties .. £14,071,000 Public dt- Oth« r bgpoaits ‘ 17.642,000 ourities 32.171,000 Olbor do- Note* .. 25.783 000 posits 38.564,000 C»U M 1,056,000 Rest-7-day andother bill* .. 3,222,003 ‘ £73,981.000 £73,981.00 0 The leading items of the Bank of England return afford the following comparisons : This week. Last week. Last year. Bullion ... 35,417,000 35,015,000 34,658.000 Reserve ... 26,839,00(f 25,873,000 25,642,000 Note cir'n 28,083,000 28,652,000 23,545,000 Deposits ... 56,206,000 59,374,000 50,564,000 •Proportion of reserve ?. to liabilities 47,72 43.55 50.68 . CONSOLS AND AUSTRALASIAN STOCKS. Current quotations for the Consols and Australasian Government stocks, compared with those of last week, and the corresponding period of last year, are:

•Interest payable in May and November, flnteresi payable in January and July. Jlnterost payable in April and October, , THE MONET MARKET. The Bank of England rate of discount remains at 3 per cent., to which it was reduced from 3i on March Oth. A year ago the rate was 4 per cent. The open market rate for best three month bills is 2s 6d lower at 2£ per cent.; a year ago it was 3|. Short loans are iSs lower at 3i per cent.; a year ago tno quotation was 3J. . In. Paris the open market discount rate is unchanged on the week at 2£ per cent, (23 a year ago); while in Berlin it is 2s fid lower at 2£d per cent. (3£ a year ago).

LONDON BANK OF AUSTRALIA. By Telegraph—Press Association—Copyright LONDON. April 20. The balance-sheet of t the London Bank of Australia. Ltd., shows that transferable deposits amount to £603,444; other deposits, cash investments, £2.278649; bills. £3,943,855. i THE LONDON MARKETS. By ‘Telegraph—Press Association-Copyright LONDON, April 21. BUTTER. Market quiet. Secondaries are slow of sale at unchanged prices. There is good inquiry for choicest sorts. Victorian salted is 2s lower at 100 s to 102 s per cwt, and occasionally 104 s, unsalted 106 s to 108 s; New South Wales about 2s less; New Zealand salted, 105 s to 110 s (2s up for best), and unsalted 2s higher at 112 s, a few choice : lots making up to 114 s. CHEESE. Tho market for cheese is firm. New Zealand .is selling' at from 62s to 65s per cwt., the same as last week. GRAIN AND FLOUR. Wheat.—The market is firm, and the demand improving, especially for the Continent, owing to unfavourable crop reports in Russia. Three Australian cargoes have sold at SSs- 9d, 33s and 34s per quarter respectively, and one at 55s 7id. Holders are asking 33s 9d for New South Wales steamer March shipment and South Australian sailer shipment, and 33s 6d has been paid for Victorian parcels afloat. There is small business in Australian wheat on tho snot, at 36s 3d. Flour.—Market quiet; ■ Australian patents are selling at 24s 6d per sack of 2801 b on spot, and 22s c.i.f. . Oats.—La Plata, May-Jnno shipment, 14s per quarter. , SUGAR. German beet sugar, 88 per cent, net titre. ia 2d higher at 10s 10d per cwt* first'marks granulated, 3d higher at 12s lid. BRADFORD TOPS. Tho Bradford top market is firm, and prices are unchancred at: 64’s. 27Jd per lb; *nber 60’s, 27d; common 60’s. 26d; 56’s, 22|d; 50’s. 19£d46'sr, 15*d; 40’s. Kiel. THE METAL MARKETS. Yesterday’s closing prices, compared with thoce ruling a week ago: Silver.—ln bars, id higher at 243 d per; ounce standard. Conner.—On the spot. 18s 9d higher at £54 13s 9d per ton: at three months, unchanged at £54 6s 3d. Tin.—On tho spot, 5s higher at £194 per ton; at three months, 10s higher at £lB9 15r. Lead.—Soft, foreign, unchanged at £l2 IBs 9(1 per ton. Pig-iron.—Middlesbro’ No. 3,8 d lower at 46s per ton.. FROZEN MEAT MARKET. Dalgety and Go., Ltd., are advised from Loudon as follows: "Frozen Meat.—There is rather better demand for lamb. New Zealand is in heavy supply, and since our last telegram Canterbury is l-16d to fcd per lb lower, Australian is unchanged. . There is. poor demand for frozen beef and . mutton. with prices somewhat in buyers’ favour-”

ARGENTINE HARVEST. Bt Telegraph—Press Association—Copyright LONDON, April 21. The second official report on tho Argentine harvest estimates the; com yield at 3,8C0,000 tons, and flax at 600.000 tons.

WELLINGTON STOCK EXCHANGE. YESTERDAY'S QUOTATIONS. MINING. Consolidated Goldfields—lo a.m., s 18s fid. Dixon Consolidated (contrib.)—lo a.m., b 4rt, s 6d; 3.15, a 4d. Kapanga—lo a.m., b s-7id; noon, b 8d; 3.15, b 6d, s Bd. ICuranui Caledonian —10 a.m., b Is, s Is 3d; noon, b Is, els 3d. May Queen—lo am., b Is lid, s 2s Idt noon, b 2s Id, e 2s 2d, sales 2s Id . (‘Change); 3.15, 2s. _s 3s Id. Maoriland —3.15, b/3d. New Big River —3.15, b£3 7s. New Sylvia— 10 am., b2s sd, s 2s 7d; noon, b 2s 6d, s 2s 7d; 3.15, b, 2s sd, b 2s 7d, sales 2s 6d. 2s sfcd (reported). Occidental Consolidated—lo a.m.. s 3d; noon. b Id. s 3d; 3.15, b Id. s 3d. Old Hauraki G. Mines—lo am., s 2s; noon, a 2s; 3.15, s 2s. Saxon—lo am., b2s 2d, s2s 4d; noon, b 2s 2d, s 2s 4d; 3.15, b 2s 2d, s 2s 3d. Tairna Broken Hills—lo a.m., bls 2d, sls 4d; noon, bls 2d; 3.15, bls 2d, sls 4d. Talisman Consolidated —10 am., b £2 11s 3d, s £2 12s; noon, b £2 lie 6d, s £2 12s 3d, sales £2 12s (reported); 3.15, b £2 11s 9d, s £2 12s. sales £2 13s (reported). Victoria N.L.—lO a.m., b Is; noon, bls Id, sls 3d. Waihi—--10 am.,'b £3 3s 9d. a £3 4s 3d; noon, b £3 3s 9d,‘b £3 4s; 3.15, b£B 3s 3d. &.£Z 3s 6d. sales £3 3s, 9d (reported), £3 3s fid, £3 3s 3d (’Change). Waihi Extended—lo am.; s :2s; noon, a 2s; 3.15, a 2s. - Waihi Gra.nd Junction—lo am., ,b £-1 7s 6d, s£l 7s 9d; noon, b £1 7s 6d. 8 £l<7s 9d; 3.15. b £1 7s 3d, b£l 7s 6d. Waitaugi Consolidated N.L.— 10 am., bls lid: noon, bls lid. Watchman—lo a.m-, b2s 3d. The letter "b u signifies. buyers and "s” sellers. INVESTMENT STOCK.

QUOTATIONS ELSEWHERE. PRESS ASSOCIATION. AUCKLAND. April 21. At the morning call of the Stock Exchange the following business was done;— Kuranui Caledonian, Is Id; Mi*y Is lid; Sylvia. 2s sd; Saxon. "2a 3d; Watchman, 2s Id; Talisman, 51s 9d, 52a; Waihi. £4s. 63a 6d; Waihi Beefs, 2s Id; Waihi Grand Junction, 27s 6d; Northern Coal (paid), 10s 3d, 10s -2d; Auckland Trams(ordinary), 25s 6d; Wiseman Co., 19s; Wilson’s Cement (ordinary), 40s 6d. Afternoon call;—May Queen, 2s; New Svlvla (2d call), 2s 7d; Victoria, Is Id; Watchman, 2s; Kapanga, Bd, 7d; Waihi, 63s 3d, 635; Waihi Grand Junction, 27s 3d: Northern Coal, 10s 3d; Auckland Gas, 6Ss; Auckland Tramways' (ordinary), 25s 6d. • CHRISTCHURCH, April 21. ' Stock Exchange sales reports!: Westport Coal, 295; New Zealand Farmers’ Co-op., 525; Whitcombe and Tombs. 127 s 6d. DUNEDIN, April 21. Stock Exchange sales;—New Sylvia (eight .weeks). 2s 9d. Sales reported.—Talisman Consolidated, 51s 9d; New Sylvia, 2s 9d; Waihi, 64s 3d; Westj>ort Coal, 295. GOLD DREDGING RETURNS. PRESS ASSOCIATION, DUNEDIN, April 21 Gold dredging returns:—Hartley and Biley, 560 z; Electric No. 1., 240 z Idwt; Chicago, 18oz lOdwt; Koputai, 12oz Isdwt/ SALES OF LIVE STOCK. AUCTIONEEES’ EEPOBTS. Abraham and Williams, Ltd. At Johnsonville on Wednesday a small entry of sheep, all of inferior quality, sold readily, as did a fair entry of good quality bullocks, at the following quotations: Good bullocks £lO 6s to £ll, others '£9 12s 6d to £lO, best wethers 17s Id to 17s 7d, light wethers 16s to 16s 6d, medium ewes 13s Id to 14s Id, light ewes 12s 6d to 13s, lambs 12s 7d to 13s lid, others 105,6d.t0 12s. On Thursday we offered a fair yarding of sheep, principally of inferior

ewes, which were bought for boiling down purposes at prices. ranging from 3s 6d to 4s sd. Other lines of mixed age owes in lamb made from 5s 6d to 8s fid, forward lambs 6s 4d to 6s 6d, six-tooth tof.m. ewes in lamb 9s 9d, forward cows £4 to £4 6s, fat cows £5 to ’£s 10s, store cows £2 to £3 Is, cows and; cAlves £4 5s 6d. weanor steers 22s 6d, mixed weaners 17s. Dalgety. and Co., Ltd. At Masterton on ' Wednesday we offered * yarding well above advertised numbers, but unfortunately tho change of weather experienced this last week did not help tho side, and wo have to report a very dull sale. Practically tho whole yarding went out' unsold. They comprised principally; wethers and store ewes, which were unsaleable. Wo quote* Full-mouth owes to 7s Id. two-tooth Southdown owes to 9s,- two-tootlj wethers 11s to Us Bd, chestnut gelding by Sandix brought £l3. , At Wanganui on Wednesday we had a email yarding of. sheep and a fair yarding of 336 cattle, and we had a dull sale. th« bulk of the yarding being passed at auction Wo quitted most of tbc sheep afterwards, but the bulk of the cattle went out unsold. We quo+o; Two-tooth wethers 12s, 3d, aged ewes 4s, 15-moi;tli steers £3, 18month dairy heifers £2 12s, store cows, £2 5s fid to £3 6s 6d. dairy cows £4 17a to £6 102. small weaners 10s to £l"0s 6d. weanor heifers (Jersey cross) £1 17s 6d to £1 18a • 6d. At Pa-lmerston on Thursday wo had a fair entry of sheep and a good entry of cattle. Mixed age owes made to 7b 7d, wcaner heifers to £2, store cows 37s to £2 18r. , emptv cows £3 to £3 ss, forward cows £4 1 to £4 9s 6d, cows and calves to £4 6s. emnty heifers to £3 15s, bulls 355»-to £3 10s. light fat cows £5 4s to £5 lOs.f At Eketahuna on Friday we had a fair yarding, of .both sheen ; and cattle. ; and a total clearance; with the exception of 1 two small pons of sheep.' Sheep of good quality sold at late rates, while poorer sort** were very much neglected. Wo quote:—Mixed ago owes 3s-sd, 4s Id, 4?r Pd to 5s 3d, bettor sorts 6r 2d. 6s 7d to 8s 9d. forward ewes 6s fid, 7s 3d, 8s 6d to 8s 9d. fm. ewes in lamb 7s Id to 8s 2d. lambs 5s 6d, 5s lid to 6s 3d, ewe lambs to 7s. twotooth wethers to 12s sd. , Cattle—2J*-yenr steers (good) £5, 2-year steers £4 5s to £4 11s, springing cows £4 8s to £4 15s. ■ Loan and Mercantile Agency. At Palmerston on Thursday a fair entry of cattle was yarded, the greater portion of which changed hands. Only one pen of sheep came forward. We quote:— Sheep—Cull two and four-tooth ewes 9s 3d. Cattle —Weaners (mixed) 18s to 225, wcaner •steers 29s 6d, weaner heifers (good) 35s to 40s, store cows £2 IBs fid f to £3 12s, forward cows £4 8s to £4 15s, fat cows £5 to £6 25,cows with calves at foot £5 13s, two-yeax steers. £3 18s fid to ■£4 ss. At Fcilding on Friday wo had a fairontrv of sheep and a largo one of cattle.. Stock 'were dull of sale and rather diffi-' cult to quit, W© ; quote: Cull ewes 2s. , lOd. wether lambs 5s 4d, 6a to 6s 6d, forward wethers 11s Id, two-tooth ewes 13s, rams ' at various prices, weanor steers 18s to 208, store cows 265, fat heifers £4 10s, weaner heifers 275, empty cows £3 14s 6d. wcaner steers (good) 30b. good weaner heifers 33l fid, yearling bulls 20s to 22s fid. SOUTHERN PRODUCE MARKET. PE7.SS ASSOCIATION. CHRISTCHURCH, April 21. Locally there is very little wheat offer* mg, and no sales of any consequence axa taking place. , The nominal price is 3s at country stations, , though- some shippers arc not inclined to offer more than 2s lid, but there aro few sellers at even 3s. At ’ present' those- farmers who are in a position to hold are willing to wait till a more favourable turn in the market. The same disposition is manifest on the part of New South Wales wheat growers. There is nothing fresh to, report in tho local oats market, as there are hut few available for sale, and prices are firm Tho market has also firmed in Southland, and 2s-2d on trucks at country stations is now being paid. ■■■<■■■■ Oatsheaf chaff is advancing in price on account of tho approach of winter and tho shortage of Iced. The quotation i? now 80s to 82s 6d on trucks, and it is reported that for an extra prime sample more has been paid. There has been an improved demand for potatoes, and £3 10s is now being paid at country stations for, the main crop. Tho bulk of tho later crop consists of wtiito varieties, there being but lew Derwenta now grown. Thecropris turning out well, both as to yield and quality. Shipments are now being made from Oamaru, the. damage dono by tho potato fly not being 1 so serious as was expected, and confined chiefly to potatoes showing above tho surface.

WOOL,. SKIN, AND HIDE SALES. The Wellington brokers held tboir fortnightly sale of wool, skins, hides , and tallow yesterday. Hie following being ruling prices:— Wool,—Market firm. Medium crossbred. 7d to 8d; inferior, 6Jd to 7d; pieces and bellies, 5d to s£d; locks, 2d to 3id. Skins— Market steady. Halfbreds, 7d to 7i<i; fine crossbreds, 7d to 7id; medium crossbreds, 6d to 7d; coarse crossbreds, 6d to 6&d; dead skins, 6d to 53d; dead hoggets, 4d to 5-d; quarter to half wools, 4d to 6id; dry pelts. Is. to Is 9d; green pelts, 2s 6d to 4« 9d; lamb skins. 2s to 4s 7d; lambs* pelts. Is to Is lOd. Tallow.—No change. Parcels in shipping order £23 ss, tins *£24 to £25, rough fat £2O to £25 ss. Horsehair—ls to Is 8d per lb. Horne.—ss to 16s per 100. Cowtafls. —la 3d per dozen. Hides.—ln good demand at slightly, lower rates. Ox hides (heavy), 7d to 7Zd; ox hides (me* dium), 6£d to 6£d; ox hides (light), 6d to 6id; cow hfuca,'6d to 63d; cut and slippy hides, 3d to 54d; stag hides, 4d to 5Jd; bull hides, 3d to ojd; yearlings, 6d to 6Jd; calf best, 8d to Bid; calf, medium, 7d to Bd* calf, cut and slippy, 4£d to 6d. WELLINGTON gestosis.

The Customs revenue received at Wek lington yesterday totalled £3851.

sfbck. Thisweek Lastweek Last Year. £ d. £ a. d. SJ% Imperial Consols 81 15 0 HI 17 0 81 0 0 4 % New Zealand 4 ' .. 104 10 0 104 10 0 106 10 0 84% New Zealandf . 1)8 0 0 98 0 0 97 12 6 3 % New Zealandj .. m 10 0 80 10 0 .87 10 0 4% New South Wales 1(1(1 n 0 106 0 0 107 0 n 3ij% Now South Wales 91) 0 0 09 0 0 98 10 0 3% New South Wales 87 10 0 8V 10 0 88 0 o 4 % Victoria .. .. 103 xo 0 1«3 10 103 10 ft 34% Victoria .. .. m 10 0 98 10 99 0 0 3 % Victoria 80 a 0 80 0 0 86 10 (> 3&% South Australia 98 10 0 98 10 0 98,10 0 S % South Australia 10 u 83 10 0 64 10 0 4 % Queensland 101 0 0 104 0 0 104 10 0 “4% Queensland 98 10 0 98 10 0 90 0 0 3 % Queensland 8(5 0 0 815 0 80 0 ft 34% V» ost Australia .. 96 10 (1 90 lb u 97 15 o S % West Australia 86 10 0 80 10 0 87 15 0 34% Tasmania .. .. 9/ 10 0 97 10 0 90 0 3% Tasmania .. .. ttb 10 u 8b 10 0 87 0 0

Buyers. ' Sellers. Sales.’ £ 8. d. £ s. d. £ s. d. BANKS— National of N.Z., Ltd — 6 1 0 — pi nancial— Equitable Build'* Co.. Ltd. 9 15 0 Wel'n Invest T.A. Co., Ltd.... 0 11 i 3 ■Wel'n Trust Loan Ltd 7 13; 0 7 16 0 — . ■ GAS— Christchurch, £5 9 is: 6 ■ . — Pcilding (ex) 1 — 12 6 — • INSURANCE— Standard of N.Z. 1 9 0 — . — meat Preserving-* : Ohristch’ch Meat Co ... ... 16 5 0 — MANUFACTURINGS : WalHng’n Wooi’n. ordinary... ... i 4 2 6 _ Welling’n Wool'll, preference 3 0 0 . — — COAL— Taupiri ... 1 1 6 ■ — 1 ■ — . MiscellaneousLcyland O’Brien Timber .... 1 6 3 Manning and Co., Ltd. (cum) 4 11 0 ", Miramar Ltd. ... 0 2 6 N.Z. Drug Co. Ltd, £2 ... 2 9 0 2 9 3* N.Z. Paper .Mills 1 1 6 Sbarland and Co., Ltd., preference 1 4 0 Taranaki Petro- , louna, £1 pd. ... 0 13 6 Tnringamutu Saw* mills. Ltd. ... 2 8 6 2 8 9 Ward and Co. Ltd. 5 0 0 • I * bshrdln shtcra •Beported.