COMMERCE AND MINING

New Zealand Times, Volume XLIX, Issue 11226, 3 June 1922, Page 11

COMMERCE AND MINING

THE STOCK EXCHANGE THE WEEK REVIEWED AN UPWARD TENDENCY. LOAN STOCKS EASIER, Conditions on the Stock Exchange for the past week have generally been firm with an upward tendency except for War Loan Stock. Gilt-edged securities fell as much as 10s. '39 Stock felt off 7s 6d in buyers’ offers, and sellers reduced on stock maturing in 1938 and 1933 to the .extent of 10s in each easo. With the hanks rising prices prevail.’ National rights have risen nearly 2s during -the week. National shares a similar sum, while Now ZeaJands show an increase of Is 6d and Unions on Thursday’s quotations are up a similar sum. New South Wales and Australasians have not been quoted Sellers’ demands have risen in proportion. In the financial investments Wellington Trust and Loan have increased 2s 6d on the buyers’ side, but there have been no sellers. Insurance have not boon consistently quoted: but Nationals have risen Is 6a, Standards have held off firmly and South British, after a very slight drop, recovered well. Hud-dart-Parkor shares showed a slight depression, and National Mortgage (local reg.) rose by 3s on the week. The Westport Coal dividend was paid on Thursday last, but no quotes were forthcoming from sellers for several days before that date. The Waihi mining dividend was paid on June Ist, sellers offered them at £1 2s cum rights on the 30th, but buyers offered .€) Is 9d, which price was quoted cum div. A fair number of sales have been made, or reported during the week, mostly of National Bank rights at prices from 19s to ill. THE MARKET YESTERDAY. BAINES IN GOOD DEMAND. Yesterday’s 'Change call revealed a steady market to be prevailing. Inscribed Stock for 1938 and 1939 was quoted at £93 15s by 'buyers and sellers asked ,694 ss, an increase of 5s for ’93 Stock and .£94 for Stock maturing in 1933. Gilt-edged securities falling- due in 1933 were offered at .£97 15s. Banks remained firm with an upward tendency. Nationals, New Zealand and Unions all showing slight increases. P. and O. Banking Stock was in demand at £l3 17s 6d/ There were few sellers of banks, but Australasians were offered at £l3 2s 6d. A sale of New Zealand Refrigerating was reported at 14s 3d and of Taupiri coal at 15s lOd. WELLINGTON EXCHANGE. FRIDAY’S “QUOTATIONS. (3.15 p.m. Call.) Buyers. Seller, £ s. d. £ a. d. Mining— Waihi ........................ M l 0 War Loans— Inscribed Stock (1939) 93 15 0 94 5 0 Inscribed Stock (1938) 93 15 0 94 0 0 Inscribed Stock (1933) P.O. Bonds (1927) 94 5 0 Banks— AustralasiaNational *5 19 0 Naitional (rights) 0 19 6 10 6 New Zealand 2 11 9 2 12 6 Union 12 11 0 P. and, O.Banking Corp 13 17 6 Financial— National Mortgage (local) 3 5 0 N.Z. Loan and Mercantile (ord.) 71 0 0 73 0 0 N.Z. River Plate 0 18 6 Wn. „ Investment T. and A 0 9 7 Wn. Trust Loan ...... 6 5 6 Insurance— National - ~... 3 5 0 Meat Freezing—*M.Z. Refrigerating" (10b) 014 2 014 3 Transport— Hnddart-Parker (ord) 2 7 6 2 8 0 Transport— Union Steam (pref.) ... tO 19 0 Woollen — Wellington (pref.) 8 15 0 Coal — Taupiri (ord.) 0 15' 9 ! 0 16 2 Timber — Leyland O’Brien, ,$&.... 1 12 9 Taringamutu .... 15 6 Miscellaneous— i Crown Brewery ...... 114 6 115 6 Dental and Medical Supply 1 8 0 N.Z. Paper Mills M 0 9 Wilson’s Cement f 0 17 6 •Cum rights. fCum div. *Etx div. Reported sales.—New Zealand Refrigerating, 14s 3d; Taupiri Coal, 15s lOd. RAT.Tic: in OTHER CENTRES. PEB PBESB ASSOCIATION. AUCKLAND, June 2. Sale on ’Change: New Zealand Insurance, 28s Bd. Sales—War Loan (1938), £93 12s 6d ; National Bank (rights), 20s; Bank of New Zealand, 52e •, Taupiri Coal, 15s 9d; Wilson’s Cement, 17s 6d. DUNEDIN, June 2. Sales on ’Change —Bank of New Zealand, 51s 9d, 52e. CHRISTCHURCH, June 2. Sales:—National Bank (rights), £1 0s 3d; Kaiapoi Woollen (£1 -paid), £1 ss. LONDON QUOTATIONS. Australian and N.Z. Cable Association. (Received June 2, 10.55 p.m.) LONDON, June 2. Quotations on the Stock Exchange include:—Waihi, buyers 18s 9d, sellers 21s Sd. FOREIGN EXCHANGE RATES. Australian and N.Z. Cable Association. (Received Jun<!’2, 10.55 p.m.) LONDON, June 1. Foreign exchange rates on London are quoted as follow : Paris, 48.87 francs to £l. Stockholm, 17.17 kroner. Christiania, 24.87 kroner. Copenhagen, 20.37 kroner. Berlin, 1197 marks. Calcutta, 15|d +0 tile rupee. Yokohama, 251 d to the yen. Hongkong, 314 d lo the dollar. Montreal. 4.491 dollars. New York, 4.45 dollars. TALLOW STATISTICS. Australian and N.Z. Cable Association. (Received June 2, 10.55 p.m.) LONDON, June 1. The tallow stock totals 7512 casks, im, ports 4191, and deliveries 2747. Messrs A. H. Turnbull report:—We are in receipt Sf a cable from Messrs Weddel and Co., Ltd-, dated London, May 31st, reading as follows: At the tallow auc. tions to-day 2020 casks were offered, of which GOO were sold. Tallow has dedined 6d to IS per cwt, as' compared with last auctions. AUSTRALIAN MARKETS. By Telegraph.—Prp-» * —Copyright. SYDNEY, June 2. The hides market is irregular, and com petition is net keen. Medium and light sorts declined a farthing, and sloppy and inferior parcels fell a halfpenny. Barley. English, 4s per bushel. Cape 3s to 3s Id per bushel; Oats) 3s 2d to 3s 4d per bushel; potatoes. £2 10s to £4 Its per ton : onions. £5 to £6 oar

BANK OF ENGLAND. LEADING ITEMS OF RETURN. Australian nod N Z.-Cable Association. (Received June 2. 9.20 p.m.) LONDON, June 1. The leading items of the Bank of Lp (5 land return for the week ending May 31st afford the following comparisons : This week. Last week £ £ Bullion 127,058,000 127,058,000 Reserve 34,615,000 24,441,000 Note circulation ... 122,716,000 120,890,000 Govt, deposits ... 28,741,000 18,562,000 Other deposits ... 101,481,000 113,874,000 Gout, securities... 47,998,000 41,188,000 Ollier securities ... 75,358,000 74,593,000 Proportion of reserve to liabilities 18.80 p.e. 19.90 p.o. IMPERIAL AND COLONIAL GOVERN WENT SECURITIES. Following ore latest quotations for lm porial and Colonial Government securl ties This, Lash Week. week £ s. cl. £ s. ,1 5J p.c. Imp. Consols.. 57 7 6 57 12 6 5 p.c. War Loan 94 10 0 94 .7 6 34 p.c. War Loan 99 12 6 100 0 0 5i p.c. Aus. Comm. ... 101 10 0 101 5 0 5 \ p.c. Aus. Comm. ... 100 10 0 lift 10 0 3 p.c. N.S.W. (1930-50) 79 0 0 79 0 0 4 p.c. N.S.W. (1935) ... 89 10 0 90 0 0 31 p.c. N.S.W. (1930-50) 77 0 0 77 15 0 5| p.e. N.S.W. (1922-32) 100 10 0 101 0 0 64 p.e. N.S.W. (1920-40) 108 5 0 108 5 0 34 p.c. Vic. (1921-6) ... 95 0 0 95 12 6 3 p.c. Vic (1920-49) ... 78 0 0 77 15 0 34 p.c. Vic. (1920-49) ... 72 5 0 72 5 0 34 p.c. S. Aus. (1930)... *B2 0 0 83 0 0 34 P-c. S. Aus. (0p.)... *62 0 0 63 0 0 4 p.c, Q’nl’nd (1922-47) 95 0 0 94 17 6 3 p.c. G’nl’nd (1922-47) 94 5 D 94 7 6 3i p.o. Q’nl’nd (1922-47) 67 7 6 67 10 0 4 p.c. N.Z. (1929) 93 17 6 94 10 0 34 p.c. N.Z. (1920-40)... 82 10 0 83 0 0 3 p.c. N.Z. (1940) 73 10 0 74 0 0 34 p.c. W.A. (1915-35)... 84 0 0 83 17 6 5 p.o W.A (1315-35)... 7b 6 b 77 15 0 Gi p,c. Tas. (1926-40) ... *Bl 0 0 81 15 0 64 p.c. Tas. (1920-46) ... *73 0 0 75 0 0 *Ex interest. MONEY MARKET., Short loans are unchanged at 2f pel cent., and three months’ bills are quoted at 24 per cent., compared with 2jj per cent, last week. PRODUCE MARKETS. LATEST LONDON 'QUOTATIONS, Australian and N.Z. Cable Association (Received June 2, 10.55 p.m.) LONDON, June 1. Butter is quiet, with, a holiday tone. Choicest New Zealand, 164 s to 1665; secondary, 158 s to 160 s; Australian, choicest 160 sto 1625; secondary 150 sto 1565; unsalted, about 2s premium. Cheese is dull. White, New Zealand 67s to 70s, Australian 66s to 68s. Coloured only commands- about 2s premium, a* the Canadian output consists almost entirely of coloured. Wheat cargoes are firm. Heavy sales to the Continent hare strengthened the Argentine option. The market® ard good at 6d advance. ffilversun 55s 3d, Benmohr 55s 6d, Australian steamer passage for Liverpool 55s 6d. Spot trade is. lifeless, and the market is depressed.l Australian, ex-ship, is quoted at 59s 6d.j Flour is easy. Australian, 43s 6d to 1 445. Barley is neglected. Australian, Cheva.) iter 49s to 52s 6d. ! Oats are scarce and prices firm. Beans are steady and quiet. Peas are firm and inactive. Sugar, granulated, 48s 9d. BRADFORD WOOL MARKET. (Received June 2, 10.55 p.m.) LONDON, June 1. The Bradford wool market is quiet, but firm. Sixty-fours, 56d; fifty-sixes, 33dj fifties, 23d; forty-sixes, 154 dto 16d. THE METAL MARKET. (Received: Juno 2, 11.45 p.m.) LONDON, June 1. Copper, on spot, £63 3s 9d; forward de-, livery, £63 11s 3d. Lead, £25 and £23 12s 6d. Spelter, £2B 2s 6d and £27 17s 6d. Tin. £153 7s 6d and £154 12s 6d. Silver, 364 d per ounce standard. , CANTERBURY MARKETS. PRICE OF POTATOES FIRM. PEB PBESS -IiSSOCIATION. CHRISTCHURCH June 2. . At the Canterbury markets business generally has been, a little brighter towards. the end of the week. Wheat.—The Government prices for wheat are now in operation, an advance: of Jd per bushel having been made on Thursday. A considerable quantity of good undergrade has lately changed hands, most of it going, to the North Island. Oats and chaff are at present a drug on the market. It is stated that a lino of oats, sold to Australian buyers, from the south Eome time ago, is offered back at a considerably lower figure than it was originally sold for. Mere than one, ease of that nature has occurred, the effect of which will be to still further) depress the market. I Linseed. —Owing to farmers not desiring to sell, at present prices, linseed ie fair-.

ly hard to obtain. The Australian market is at .present closed to exporters’ buyers. and there is reluctance to pay the, prices asked, consequently the principal destination of the locally-grown linseed is Auckland. ! Peas. —Farmers are out of peas, but; fairly brisk business in these is still being does between merchants. Cocksfoot. —Merchants state that there is more cocksfoot on. hand than can toe used in ■ the spring, and there is also stated to be an exportable surplus of clover. Potatoes.—An improvement has taken place in the price of potatoes during the past few days, and as most of the digging has been completed, there is keen competition for present stocks. If orders for further supplies come in from Auckland, as seems to be the expectation, it is likalv prices will firm still more. A line of 50 tons was sold during the week at 10s more per ton than could bo obtained last week. No doubt the better tone Is accounted for, to eome extent, by the fact that a number of merchants. having oversold, have [to Ipay a higher figure now to keep faith with buyers. CUSTOMS REVENUE. The Customs revenue received at Wellington yesterday totalled £1636 19s-lOd