COMMERCE AND MINING

New Zealand Times, Volume XLIX, Issue 11366, 13 November 1922, Page 10

COMMERCE AND MINING

THE STOCK EXCHANGE Prices of investment and mining stocks on Saturday were as follow: — (10 a.m. Call.) (3.15' Call.)

DAIRY PRODUCE. The New Zealand Doan and Mercantile Agency Company, .Limited, have received the following cablegram from their London house under aate HRh instant:— "New Zealand butter—Salted 214 a to 216 s per cwt, unsalted 224 s per nwt. Temporary shortage. Cheese—l2Bs to 1308 per cwt. Stocks very scarce." LEAD SUPPLIES Australian and N-Z. Cable Association. (Received November 12, 11.5 p.m.) LONDON, November 11. Lead —Imports, 20,268; exports, 3258 tons. ' ... MISCELLANEOUS MARGETS Australian and N.Z. Cabin Association. (Received November 12, 11.5 p.m.) LONDON; November 11. Cotton—December shipment, tldiper lb. Hemp—November-J anuary, <£32 per ton.V , Rubber—Para. 13id. plantation smoked 12td, 12id per lb. Coprar—October-December, £3 per ton. Linseed—£37 per ton. Turpentine—As 16s. HOME MEAT PRICES Australian and N.Z. Cable Association. (Received November 12. 11.5 p.m.) LONDON, November 11. Lambs—Canterbury light 12Jd, medium 12£d, heavy 10|d; seconds llid; Southland. 12d; North Island, selected I2d, ondinary Tljd; South American,- light lUjd, heavy Mid. Frozen beef—New Zealand hinds, 4id Australian hinds, 4£d; Argentine fores, Sid. kinds sd; Uruguay fores. 3£d. , Chilled beef —Argentine fores 3jd, hinds sid; Uruguay fores, 3id, hinds s£d; others unchanged. FROZEN MEAT MARKET LATEST LONDON PRICES. Messrs Levin and Co., Ltd., have received the following cable from their London agents, dated November 10th, 1922 : "Quotations: New Zealand prime Canterbury lambs, 281 bto 421 b, 12£d; North Island lamb, 281 b to 421 b, 113 d; prime Canterbury mutton. 561 b to 641 b, Bjd; North Island mutton, 561 b to 641 b, 81d; ewos, 4Slb to 641 b, 6|d; New Zealand prime ox beef, 1601 b to 2201 b, hinds 4jd, fores 3£d.” As compared with last week’s quotations the market is unchanged except as regards lambs, which are id per lb cheaper. PALMERSTON NORTH SALE Dalgety and Co., Ltd., report on Palmerston North sale on" Thursday, the 9th inst. We bad a small yarding of sheep and cattle, nearly the whole of which changed hands. Prices as under: Fat wethers, woolly, 295; fat cows, £3 10s to £5 2s 6d; Jersey yearling heifers, to £5; empty heifers, £3 7s 6d; store cows, 265; cows and calves, .£3 Is; backward springing heifers, £3 to Jtt; yearling bulls, £2 12s 6d to £3 7s 6d. WELLINGTON CUSTOMS. The Customs revenue received at Wellington on Saturday totalled .£2079. The amount of advance payment made to suppliers to the New Zealand Cooperative Dairy Co., Ltd., whoso accounts are kept in the Paeroa office, for butter-fat supplied in September, amounted to .£54,000 A further bonus of lid per lb butter-fat supplied for buttermaking from October. 1921, to May, 1922, ™ . t,le 3 ! st u, t., amounting to .£25.000 This makes a grand total of .£70,000 Pftul out within the last ten day 9. This does not include any payment to suppliers to the Waitoa Dried Milk Factory,

TRADE PROSPECTS

OPTIMISM IN ENGLAND FRANCE HAMPERED BY GERMANY'S DEFAULT IN REPARATIONS. NO BREAK IN TRICES. By Telegraph—Press A sen.—Copyright. \ ustrviliaa and N-Z. Cable Association (Received November 12, 5.5 p.m.) LONDON, November 11. Many things have contributed to tbe feeling of uneasiness on the stock markets, notably the renewal of excursions and alarums in the Near East, the chaotic state of Continental exchanges, and the near approach of election day, but despite all adverse factors the Stock Exchange has maintained an optimistio feeling, and the general tone has retained a comparatively firm character. Lord Curzon's speech on Thursday had a reassuring influence, and though foreign securities, especially French, have naturally shown some weakness, giltedgeds generally have developed strength, a noticeable feature being the support given to Colonial Government stocks. OPTIMISTIC MARKET. The Attitude of the Stock Exchange is well described by a financial writer, who says: "The disposition of the market has been to ignore all unpleasant factors, and to emphasise every favourable point, like low money rates, and the abundance of funds awaiting investment, and even to place a favourable interpretation on the unsettled condition of Europe, and the Home political crisis. The point has been made that the disturbed economic and political conditions on the Continent will serve to hinder any revival of international trade, and therefore tend to perpetuate easy money conditions.” BUMPER. YEAR IN 1924. Another writer says: —"The confident feeling that eo far an our own trade and industry are concerned we have in prospect much better times next year, and a bumper, year in 1924, is undoubtedly the sustaining influence, and in the light of this week’s events it would seem that only the actual outbreak of hostilities in the Near East would cause any serious break in prices. Even that is doubtful, provided England and France 6tand together, as any trouble should be easy to cope with and easily confined to a narrow area. w GERMANY’S DEFAULT. "The unsatisfactory condition of French and Belgian exchanges is generally regarded as due primarily to the unfavourable position in which Germany, by her virtual default in reparations, has placed the finances of these countries. Both have been looking forward to large German payments in cash and kind to repay the cost of reconstructing the devastated areas. This work has been pushed on, and large sums borrowed for this purpose. In the present position of Germany’s finances there is little hope of any cash payments in 1923. "France is making vigorous attempts to stop the downward movement, but unfortunately the 6lump has come at a time when France is compelled to make heavy purchases of foreign currencies to pay for wheat imports.” RISE IN COTTON.

The striking rise in cotton is attributed to the reduced estimates of the American crop, the increasing exports from the United States, and the greater activity in American textile centres. The question of supplies is causing uneasiness. It is estimated that the United States yield this season will not exceed 10,000,000 bales, and the consumption last season totalled 12,800,000 bales. Higher prices are adding to the difficulties of Lancashire spinners and manufacturers, as it seems impossible to get buyers of cloth for eastern markets to pay the advances required. Therefore everything points to a reduced consumption of manufactured goods. FRUIT. The canned fruit trade continues depressed. The firmness in the dried fruit market has passed away, and prices generally are easier. cheese! 1 * The shortage or cheese continues. The arrival of the Armagh’s 3000 crates of Australian cheese was welco'med, and all large cheese was promptly eold, but loaf cheese is only saleable at a price several shillings below the other. Loaf cheese is quite unsuitable for the English trade. IMPORTS HOW TO FINANCE THEM. ENGLISH PROPOSAL. Australian and N.Z. Cable Association (Received November 12, 5.5 p.m.) LONDON, November 11. The "Financial News,” discussing proposals for financing Australian exports, states: —"The two factors which have given rise to the present state of affairs are, firstly, the Australian import tariff, and secondly, the ban upon gold movement. ''The problem 6tated simply is how, despite them, to carry on exchange business with the least loss to customers and trades.

"We fail to see why the Commonwealth Bank and the Australian banks holding balances in London cannot solve the question between them. If the Commonwealth Bank were to accept bills on other Australian banks as cover to the extent of the overseas balances available, the balances, in the form bf further note issue, would become available in Australia forthwith. FLAW IN BANK ACT. "There is no reason, other than the statutory restriction, whv the Commonwealth Bank’s cover should remain limited to gold- coin and/ bullion, or to specified gilt-edged investments. First-class bank bills are gilt-edged securities in everything save name. In fact they are the best possible securities. "The situation, when analysed, disflaw* in the Commonwealth Bank Act, involving a limitation which hinders the banks doing Australian business from co-operating together as fully as they might and ought. Issues of notes secured on bank bills representing balances available abroad would automatically be retired as bills matured. By these means exchange would readily be steadied.” . NATIONAL INSURANCE CO. THE ANNUAL REPORT. Following is the report to he submitted to shareholders at the. annual general meeting of the company, to be held in the. company’s offices, Rattray street, Dunedin, on Thursday, November I6th 1922, at S p.m. •. — ’ The directors submit their report and balance-sheet of the company's operations 4 r .°h m lst l 1921 - t<> September 30th, 1922.—The net revenue for the year amounts to .£230,965 5s 10d; after making full provision for losses outstanding, t“« r ® !?*” underwriting surplus of £24,f 57 ; mterest and rents, etc, amount 7U <L eSS i \ nTOme tax thereon ■ £s i’ WLA-i, : balance brought for--7/ r<l L 08 **: total, .£82,897. 18s 4d. Out of thisan interim dividend was paid in May 1922, £12.500; the directors have added to the reserve fund, £2O 000they now recommend the payment of a further dividend of one shilling and threepence and a bonus of ninepence per share (making the total distribution for the year 3s 3d per share), which will * £2o ’ o 9 o ’ an <l to carrv forward £30,397 18s 4d; total, £82,897 18s 4d. It will be necessary to elect two direcr Messrs Thomas Glendining and F W. Mitchell retire bv rotation, and offer themselves for re-election The retiring auditors are Messs B. R. Smith and W. T. Monkman, who offer themselves for re-election.

buyer* Sellers X s (1. £ ». d Mit-Ine-' Alt. Eyell *1 1 0 — Wailii > *1 11 0 1 11 0 Electrolvtie Zinc Bar 1 7 6 — W 1.4,1111* — (1939) 95 5 0 — p.s. Inscribed Stock p.c. Inscribed Stock (1938) 96 5 0 96 15 0 51 p.c. Inscribed Stock (1933) 99 12 6 — 41 p.c. War Bonds, 1939 95 5 0 4j p.c. War Bonds (1939) 96 5 0 *— p.c. War Bonds, (1038) 96 5 0 -»■ 1 4± p.c. ar Bonds, (1933) 96 5 0 Si p.c. P.O. Bonds, (1927) 96 7 6 — p.c. P.O Inscribed Stock !l927) '.96 7 6 Hanks-' Australasia — 13 5 0 National 6 2 0 6 4 0 New South Wales ... 35 0 0 — N.S.W. (new issue) ... — 34 15 0 New Zealand 2 it> 0 2 17 0 Union Bank 13 6 6 13 7 6 Financial— N.Z. Loan and Mercan- , tile 74 0 0 -- River Plate 0 19 6 — \\ n. Investment • 0 19 3 — Wn. Trust Loan 5 7 6 — On.- — Auckland Gas 1 3 9 — Christchurch 7 12 0 7 15 0 .Napier /.. 10 5 0 — Wellington, x.r 10 0 0 -- Wellington (pref.) ... 0 15 6 — VVel.ington Fractions 0 5 0 — New Zealand 1 7 3 1 7 9 South British 1 15 0 — Meat P-e<"rvrns-N.Z. Refrig erating (£1) 1 6 3 N * It* e f r i p e rating I10s) 0 13 9 — Gear 1 14 6 — Tian-ini'.rt— Huddart-Parker 2 11 3 2 12 0 Union Steam Ship ... 0 19 5 — Woollen— Wn. Woollen (ord.) ... — 9 2 6 Wn. ’Woollen (pref.)... — 9 2 6 Hikurangi. (pref.) 0 13 3 Westport *1 13 6 — Waipa 0 16 3 — Timber— Levland O’Brien. 1 19 6 — - Taringamutu. 1 11 0 MssrelloMetin*— Crown Brewery 1 19 6 — N.Z. Drug 2 13 0 — Sharland and Co — 1 2 0 Wairarapa Farmers ... — 4 10 0 Wairarapa Farmers' (pref.) — 0 17 6 Ward and Co 1 3 0 Wilson Cement 1 1 3 *1 2 0 Wn. Racing Club ... 105 0 0 — *Cum div. x.r. ex n ghts. Reported sale. — Union Steam Ship (prefi), 19s 6(1. * .