COMMERCE AND MINING

New Zealand Times, Volume L, Issue 11661, 27 October 1923, Page 13

COMMERCE AND MINING

WELLINGTON .EXCHANGE.

YESTERDAY'S QUOTATIONS p.m. Call.)

Prices of investment and mining stocks yesterday vcie as i'ollpw: buyers. Seller#*. «£. a. d. As. cl.

Sales reported (10 a.m. Call): —Inscribed Stock (1933), .£lOl 15s. Sales reported (3.15 p.m. Call): —P.O. Inscribed Stock (1927), 2598 ss; Union Bank, 2515.

SALES IN OTHER CENTRES.

Per Press Association. AUCKLAND, October 20.

Sales reported: Tonson-Garlick, 15s 6d; Waiotahi, 6s; New Zealand Breweries Debentures. £102; Auckland Gas (2s paid) 3s Id, Ss 2d; Auckland Gas, 26s 7d: Kauri Timber, 28s; Dunlop Rubber (ord.). 235; VVaihi, 26s 6d; War Loan, 44 per cent. (1911), £97; Bycroft Debentures, £9B.

Sales; —War Lonn (1941). £97; Byoroft Debentures. £9S; New Zealand Breweries. £lO2 and £101: Auckland Gas, 26s 7d; ditto (new issue), 3s Id and Ss 2d; Union Steam (pref.), 20s 3d; Kauri Timber. 18s; Dominion Rubber, 28s; Tonsflu, Gnrliek, 15s 6d: Wilson’s Cement. 28s 3d; New Waiotahi (contrib.), 8d; Waihi, 2fls 6d. CHRISTCHURCH, October 26. Sales reported : Glaxo Debentures, £BS; Sugar of Milk, 30s: Paper Mills, 245-. On 'Change;—44 per cent. Inscribed (1988). £97 2f, 6d. Saids reported ; —Wellington Woollen (ord.), £8 19s; Kauri Timber, 28s 2-d; Westoort-Stockton Coal (ord.), 5s 7d; Uiiddart-Parkcr (ord.), 42b and 42s 3d. DXJNEDIN, October 26. Sale: New Zealand Refrigerating (cont.), 12s. Sales reported—Union Bank, £l4 19s; Sugar of Milk, 80s. Sale reportedWnhl, 26s 3d. BANK OP ENGLAND WEEKLY RETURN. LuatralUn and N.Z. CabU landsttsa (Received October 26, 8.25 p.m.) LONDON, October 25. The Bank of England returns this week afford the following comparisons with those of last week:

foreign exchange rates Australian and N 7. Cable Association, (Received October 20, 5.15 p.m.) L()NDON. <)cLii:oi 25. The current exchange* rate* torn pa red vith those of October 23rd and par, are as under!— New Toil:—MS} dollars, 4.5(4 dollars, 4.563. Montreal. —4.56 dollars, 4.561 dollars, 4.806. Parks —-77.60 francs, 77.50 francs, 25.225. Brussels—oo francs. 90.25 francs, 25.225. Home —100$ lire. 109} lire, 25.225. Berlin.—soo milliarl marks (nominal). 175 to 225 milliards, 20.43. Calcutta.—lCsd / to the rupee'’, 16|d, 24d. ITorukoiy?.— (t-> the dollar), 27fd —. Yokohama. —20 l-16th (to the von), 25 15-16:1, 24.42 d. Stockholm.—l7.o7 kroner, 17.13 kronor, 18.159 Christiania.—29.27 kroner, 29.43 kroner, 15.159. Copenhagen.—2s.76 kroner, 25.86 kroner, 18.159. WAIHI SHARES V 7 r~»b!f* Asmciattoa. {■Received October 26, 8.25 n.m.) LONDON, October 25. Waihi shares, 26s 3d. AUCKLAND HARBOUR BOARD Australian and N.Z. Cable Association. (Received October 26, 8.25 p.iu.l LONDON, Octooer 25. The Auckland Harbour Board is offering .2200,000 of 5 per cent, debentures, redeemable in 20 years. They are offered at 99. HIDES SALES By Telegraph.—Press Assn.—Copyright. (Received October 26. 11.50 p.m.) MELBOURNE. October 2b At the hide* sales competition was ir regular. Prices for good conditioned qualities were unchanged; other grades were slightly easier. AUSTRALIAN PRODUCE By Telegraph.—Press Assn.—Copyright. MELBOURNE!, October 26. Bariev, English, 3s 9d to 49 per bushel. Oats, 3s 8d to 3o 10d per buohel. Potatoes, .£l7 to £l9 10s per ton. Onions, £5 to £5 10s per ton. WESTFIELD MARKET BEEF VALUES EASIER. The prices for fat stock realised at this week’s Westfield sales were somewhat easier than those prevailing a week ago. Extra choice ox sold at £1 15s per 1001 b, choice and prime brought 29s to 345, and prime young cow and heifer beef from 26s to 325. Sheep were penned in less than average numbers, and sold readily at late auotations. Heavy prime wethers in wool brought £2 2s to £2 16s, and shorn heavy prime ewes from £1 13s to £1 16s 9d. Spring lambs, which were in average numbers, improved in price, heavy prime from 32s to 37s 6d, and medium 27s to 31s 9d. Pigs wero penned in more than average numbers, and prices were lower than those of last week, choppers fetching j from £3 to £4 2s, and heavy baconers ! £4 15s to £5 Bs.

HOME MARKETS

DAIRY PRODUCE. Dalgety and Co., Ltd., report having received the following - cablegram from their London house, under date of the 25t>li Instant:— Butter —Market dull for Australian and New Zealand. Danish firm owing to inquiries from Belgium, France, and America. We quote New Zealand salted 189 s <l92s), Danish 20$; (200 s), finest Australian salted 186 s (18&s)„ Australian good average quality 174 s (1765). Cheese—Market weak, prices irregular. New Zealand white 108 s (108 s), coloured 110 s (110 s), Canadian c«i.f. quotation 104 s (106 s), Last week's quotations given in parenthesis. Dnlgety and Co., Ltd., report having received the following cablegram from their London house, under date of the 25th instant:— LONDON WOOL SALES. The dates for the 1924 London wool sales have been fixed as follows:—January 22nd» March llth, May 6th, and July Ist. Subsequent dates to be arranged later. FROZEN MEAT. Lamb—New Zealand prime crossbred lamb. Canterbury, heavy 9sd, light lOJd; North Island, heavy 9d, light lOd. Demand for New Zealand lamb runs principally on light weights, market weak. Mutton—New Zealand prime crossbred mutton, Canterbury, heavy and light not quoted; North Island, heavy 7d, light 7sd Limited demand for New Zealand mutton, prices weak, and look like going lower. Beef—New Zealand prim© ox beef, hinds 4sd, fores 3d. Moderate demand for New Zealand beef, market firm. Australian frozen meat —Good average crossbred lamb, Australian, heavy rot quoted, light. 9d. Poor demand for Australian” lamb. Good average quality crossbred mutton. Australian, heavy not quoted, light s|d. Limited demand for Australian mutton. Frozen beef—Demand is slightly better owing to South American Government fixing selling prices for all cattle, but we do not look for any material advance. BUTTER AND CHEESE. Australian and N.Z. Cable Association (Received October 26, 8.25 p.m.) LONDON, October 25. Danish butter (clearing well >,'2o4s to 2065, New Zealand choicest salted, 188 s to 1925, unsalted 204 s to 2065. Few Australian lots choicest salted are available, making 186 s to 188 s. Cheese is dull. New Zealand, 110 s to 114 s. . WOOL FIRM. , At the wool sales there was a poor selection of merinos, and a good offering of crossbreds. Prices were very firm for ail classes. The Bradford market for merinos is unchanged. There is good inquiry for crossbreds for topmaking. The spinners are not operating. Sixty-fours, 60d; 6Uper 60’s. 52£d; 56’$, 3G£d; 50*8, 25£d; 46’s, 18d ; 40’s, 16*d. CEREALS. Wheat cargoes are firm. Sellers are inclined to ask higher prices for American, but the demand is disappointing. Parcels closed quiet, with prices unchanged. Australian cargoes afloat are quoted at 45s 6d; new crop (JanuaryFebruary), 455; parcels, December shipment 455, Jnnunry-February 4i« 9d. The spot trade is quiet and firm. Flour is slow. Australian '(ex store), 32s 6d to 33s 6d. Barley is dull. Australian Chevalier, 41s to 43*. Oats are firm. Beans are steady. Peas are quiet and easy. Sugar, granulated, 57s ljd. METALS. Copper—Spot, £69 6s 3d; forward, rCSD 18s 3d. Lead—Spot, £29 10s; forward, £27 2s Gd. Spelter—Spot, £33 10s; forward, £32 10s. Tin—Spot, £203 2s 6d; forward, «L2UI 11s 3d. ■Silver, Slid

LONDON WOOL SALES

Messrs Murray. Roberts and Co., Ltd.. ‘ in reieipt <;f a cable from their fondon a-enis, dated 251 li in-taut, advising the London wool >ale opening date for 192-1. ns follows January 22nd, March llth, May 6th, July Ist; also a Blither cable ol' the same date with reference to the opening rotes of the pre- : sent series, and the prices at the rice of the September series in parentheses;— G»Vs to 64's. yielding 4K per cent.. 27d <27d). 56’s, yielding 60 per rent., 25 d (24'di; 50*=. yielding 65 per cent., 19d 08ld): 44's to 46’s preparing, yielding 74 per cent., llld (Ifl*d>; 44’s to 44V’s carding, yielding 72 per cent.. Hid <iG^rl>; 40‘s to 4-i’s yielding 73 per cent., (9JdU Hfl’s to 40‘s Yielding 75 per cent., 9£d <e{d\ ‘ RABSETSKIN SALES Dalgety and Co., Ltd., report having received the following wire from their Dunedin house on the sales held there on Tuesday, 23rd inst.:— Runners and suckers up to 15Jd; summers, 2ii<l; light racks, 2lsd; heavy racks. 2Uil; prime racks. 2SJd; early autumns 3C£cl; laic autumns, 44d; incoming winters. 43d j early winter bucks, 52jd : enrlv winter does. 52jd; spotted winters, 42Jd; winter bucks, 42d; winter does 42d; prime winter bucks, J9d; prime winter does, 70d; super winter bucks, f.7d; super winter does, 7fld; outgoing does. 78d : winter fawns. 42$d ; first winter blacks, 63d; autumn blacks, 50d. PRODUCE MARKET Laery and Co., Ltd.. Wellington, report wholesale' prices as follow:—£eamcal. £9 10s; barley meal, £9 ss; pigmon-l, £7 10s; wheatmeal, £11; linseed meal (Moose brand), 18s 6d; linseed nuts (Moose brand), 16s 6d; meat meal, ftr poultry, 15s 6d; chicken, raiser. 15s 6d; shell grit, 6s per 1001 b; fowl wheat, choice whole 5-sack lots or over 6s 3d, lesser quantities 6s id per bushel, sacks Is Id; oats, machine-dressed seed Algerians 5s 6d, farmers dressed seed Algerians 5s 3d, feed Gartons 4s, crushed oats 4s 4d, Sparrowbills 4«, seed Gartons 4s 2d, Duns 4s Id per bushel, sacks in; shelled oats, for chickens, 5s 9d bushel; mixed fowl feed, 5-sack lots or over 5s 4d, lesser quantities os 6d per bushel, sacks in; peas, feed 5a 6d. Prussian Blue 8s; Partridge peas, 7a 6d per bushel, sacks in; barley, Chevalier 5s 2d, Cape 5s bushel; maize, whole 5s 9d, crushed 6s 3d; butter, farmers' eeparator and dairy, Is 3d to Is 4d; eggs, new laid Is 4d per dozen, storekeepers’ lines Is 2d to Is 3d; fowls, White Leghorns 6s to 7s 6d >4 Black Orpingtons and similar heavy varieties 8s to 9s pair; ducks, runners 8s to lUs per pair, large white, 10s to 12s per pair; turkeys, 16 Id to le 4d per pound; geese, 8s 6d to 9s; fungus, 5d to 6d por lb; rock salt, 6s 6d ::cc cwt; dressed pork, 60’b to 90’s. 8d per lb; chaff, oaten sheaf, Blenheim prime £9 10s, Blenheim medium quality £8 16s per ton, sacks in. f.o.b. Wellington; straw chaff, for chickens or cow feed, £6 Jss per ton, 6acks in; seed potatoes. Arran Chief £9, Sutton’s Supreme £l4. Gamekeepers £9, Northern Stars £9, Red Dakotas £9, Commonwealth £S; table potatoes (Canterbury), ton lots £lO per lon, leaser quantities 10s 6d per cwt. CANTERBURY MARKETS BUSINESS QUIET. Per Press Association. CHRISTCHURCH, October 25. Business in all lines is quiet, and Mkely to remain in that state until after carnival week at lea.;t. The potato business is just about petered out, and any money that wa* to be made out of it has aireedy been made. With the exception of a few small orders which trioklo in fiom Wellington, Napier, etc., very little is being shipped north that is not on consignment. Potatoes for forward delivery have- eased in price during the past few days. It appears that a number of farmers who preferred to retain their stocks when prices were moving upwards, have been, left with them on their hands. A merchant stated to-day that two farmers called on him tllis week anxious to dispose of 10 ions and 15 ton? respectively. They had previously turned down dffeir of £ll per ton. The merchants themselves are not purchasing at all except what they need from farmers to fuifir orders. Chaff lately has been in better demand. It Is quoted at £4 15s to farmers, but hanging out for £5. Italian ryegrass is quoted at 7s to 7s 3d per lb f.o.b. for good samples. Machine dressed. There is very little demand for barley, brewers and inalsters having all they •require at present. What little business is being done is in respect of grain wanted for crushing purposes. The partridge peas market has again dropped in sympathy with the Home market, and sales are being effected at 6s 8d f.0.b., s.i. through stores. The London price for next year has weaken ed, no doubt because of- the splendid harvest weather experienced, which has resulted in both the quality and quantity being above normal despite the fact that there is a decrease in acreage sown.

Mining — 1 6 0 War Loans;— Inscribed Stock (1933) — 102 0 0 54 p.c. Ins. Stk. (1927) — 99 0 0 5i p.c. Ins. Stk. (1941) — 39 0 0 P.C. Bonds (1927) L\U. Inscribed Stock 98 10 88 10 u (1927) .Debentures— 0 Otago Harbour Board 4i p.C. (1934) Devonport Borough, ' 87 0 0 105 0 per cent. (1986) Banks— 6 6 13 Now South Wales ... 41 15 0 — 6 New Zealand Now Zealand (new a 11 9 2 12 2 11 0 Union 14 19 6 Equitable Building Wn. Invest- T. and A. 8 14 0 — 1 0 10 0 Wn. Trust Loan D 16 0 Gas — Christchurch • •• — 8 5 6 0 14 Napier (JB1U). 10 15 0 9 17 6 Wellington (<£10) 13 19 0 14 5 0 Wellington (pref.) — Insurance--3 16 0 New- Zealand “ 1 10 Q South ‘ British “ f2 1 Meat Preserving — 15 0 Canterbury (ord.) 0 N.Z. Refrigerating 0 12 0 a o e — Wn. Meat Export L£3 2 10 0 Transport— 3 Adelaide Steam 1 0 Huddart-Barker tord.) 2 2 0 — Union Steam (pref.) ... 1 0 6 — Woohen— Kaiapoi (cont.) 8 19 0 10 9 Wellington (ord.) — Wellington (pref.) 8 19 0 0 16 11 Timber— 1 8 0 1 8 6 Leyland-O’Brien • 1 18 6 2 0 6 flotoitl 1 l 0 Taringainutu 1 12 6 — Miscellaneous--2 16 Crown Brewery Dental and Medical 6 Supply Farmers’ Coiop. Auc1 1 0 0 13 6 tions (pref. "A”) ... — 1 0 Howard. Smith 2 12 0 2 13 6

N.Z. Drug ..350 — 6 N.Z. Bre.veriee .. 1 6 N.Z. Paper Mills .... — 1 4 9 Scoullor Co —... .. 1 2 9 W.F.C.A. 'pref.) .. 0 16 11 0 17 3 Ward and Co. ...... Wilson's Cement ... ..180 — Wellington Cordage rOum div. "tEx div. *0 19 G

Oct. 18. Oct. 11. 4 Jt Coin and Trillion 125.84fl.000 125,842.000 Reserve 24.313,000 24,058,000 Note circulation... 123,111,000 123,363,000 Govt, dop&sita 13,957,000 15,792,000 Other deposits ... 105,641,000 103,9(59,000 Discounts nnd ad

vaneeg 71,872,000 71,731,000 Govt, securities 41,134,000 41,609,000 Proportion of re*©rvo to liabilitics 20.33 p.c. 20.09 p c. Short Ioann 2] P 0. 24 p.c. Three months' hills 3j p.c p.c. GOVERNMENT SECURITIES. Following are the latest quotations for Imperial and Colonial Government &ecurities: — Oct 18. Oot. 11. A 6. d. A a. d. Imperial Consols 58 6 p.c. War Loan (19225 0 __ 1027) 103 O 0 103 0 0 GJ p.c. War .Loan (19231028) 96 0 0 06 0 0 3J p.c. Conversion .. ... 75 6 p.c. Aus. Comm. 12 6 78 15 0 (1931-41; 105 54 pc. Atis Comm. 0 0 104 15 0 (1922-27) 103 0 0 103 0 0 6 p.c. N.Z. (1936-51) ... 109 15 0 109 15 0 4 p.c. N.Z. (1929) 84 17 6 84 17 6 31 p.c, N.Z. (1940) 84 12 6 84 17 6 3 p.c. N.Z (1915) 75 GJ p.c. N.8.YV. (19809 0 75 0 0 40) 108 2 6 108 0 0 G p.c. N.S.YV. (1930-40) 103 15 0 103 15 0 6J p.c. N..S.1V. (192232) 100 12 6 100 10 0 4 p.c. N.S.W; (1933) ... 92 8) p.c. N.S.W. (19300 0 91 17 6 50) 81 ft 0 81 0 0 3 p.c. N.S.W. (1933) ... 77 12 6 77 12 6 r.J p.c. Vic. (1930-40)... 102 5 0 102 7 0 3} p.c. Vic. (I92t-2fii ... 98 0 0 97 17 6 '31 p.c. Vic. (1929-49 ... 79 0 0 79 10 0 8 p.c. Vic. (1922-49) ... 73 5 0 70 0 0 0 p.c. Q'liiml (1930-441)... 105 0 0 105 0 (1 4 p.c. Q’lnnd 11924) 99 10 0 99 10 0 3i p.c. 03,-nil (1921-30) 99 5 ft 99 2 3 31 p.c. p’lnml (1921-24) 90 0 ft 90 0 0 3 p.c. O'lnnil (1922-47) 70 7 ft 70 10 ft ■ r 'l p.c. S. Aim .(1915) ... 108 f> o 108 2 a 4 p.c R Aim. (1945) ... 84 0 0 H3 7 0 3 p.c. S. Ans 0930) ... 64 10 0 fit 10 0 G p.c. W.A. (1930-40)... 105 5 ft 105 2 6 p.c.. W.A. 09l5-35y.. 84 15 0 84 15 0 3 p.c. W.A. (IDOO-.lfO .. PI 15 0 R0 15 0 ■” '>.c. Tan. OOW1.40) 81. 10 0 P-t in n ° Tos. (1020-40) ... 79 0 0 79 0 0