COMMERCE AND MINING

New Zealand Times, Volume L, Issue 11685, 24 November 1923, Page 15

COMMERCE AND MINING

WELLINGTON EXCHANGE. YESTERDAY’S QUOTATIONS. (3.15 p.m. Call.) Prices of investment and mining stocks yesterday were as follow:

•Cum div. fEx div. Sales reported (10 a.m. call).—Wellington Deposit and Mortgage, 9s Sd. 3.15 p.m. call. —Bank of New Zealand, £2 Us 9d (two parcels); Union Bank, ,£l4 16s »d (two parcels); Dental and Medical Supply, £1 Is. SALES IN OTHER CENTRES. Per Press Association. DUNEDIN, November 23. Sale: Wailii, 27s 9d. Sale reported—Bank of New Zealand, 51s 6d. Sales :—Westport-Stoekton (ord.), 5s Sd. Reported: —New Zealand Insurance, 295; Government Inscribed Stock (1938), £96 17s 6d. CHRISTCHURCH, November 23. Sales reported : —Glaxo 6} per cent, debentures (1945), £BS; New Zealand Government 5} per cent. Bonds (1927), £97 15s; Bank of New Zealand (now issue), 50s, 50s 3d; Wai'hi, 28s. AUCKLAND, November 23. Sales :—Bank of Australasia, £l3 Is; Union Bank, £l4 17s; New Zealand Insurance, 295; Auckland Gas (cont.), 3s 4d; Kauri Timber, 28s 6d; Waihi, 28s 3d, 28s 6d, 295, 28s 6d and 28s. BANK OF ENGLAND WEEKLY RETURN. Australian and N.z. Cabl* AwnUtlM. (Received November 23, 8.10 p.m.) LONDON, November 22. The Bank of England returns this week afford the following comparisons with those of last week: Nov. 22. Nov. 15. * 4 Coin and bullion... 125,941,000 125,859,000 Reserve - 23,647,000 23,332,000 Note circulation... 128,868,000 124,204,000 Govt, deposits ... 17,236,000 14,885,000 Other deposits ... 106,232,p00 105,804,000 Discounts and advances 74,143,000 71,469,000 Govt, securities ... 43,439,000 43,719,000 Proportion of reserve to liabilities 19.15 Short loans 2} p.c. 2} p.o. Three months' bills 3? p.o. 3f p.o.

GOVERNMENT SECURITIES. Following are the latest quotations for Imperial and , Colonial Government securities:—

•Ex interest. FOREIGN EXCHANGE RATES Australian and N.Z. Cable Association. (Received November 23, 8.20 p.m.) LONDON, November 22. The current exchange rates, compared with those ruling on November 19th, and with par, as follows : New York —4.37} dollars, 4.29 dollars, 4.866. Montreal 4.866. Paris —80.25 francs, 80,80 francs, 25.225. Brussels—93.4s francs, 95 francs, 25.225. Rome —100} lire. 100 lire, 25.225. Berlin—33 to 38 billion marks, 28 to 83 billions, 20.43. Calcutta—lG 15-16 d (to the rupee), 17 1-lGd, 24d. Hongkong—27Jd (to the dollar), 27}d, —. Yokohama —26 7-16 d (to tho yen), 26 15-16 d. 24.43 d. Stockholm—l6.B3 kroner, 16.27 kronor, 18.159. Christiania—29.67 kroner, 29.47 kroner, 15.159. Conenhagen—2s.23 kroner, 25.23 kronor, 18.159.

WAIHI COLD MINE PROGRESS REPORT. Per Press Association. WAIHI, November 23. The Waihi Gold Mining Company has cabled the following fortnightly progress report of the mine development:—No. 5 level: North lode, last 20 feet assays £6 15s; reef full-width down. No 6 level; North lode, the next 15 feet assays 52s 3d. No. 9 level: Edward lode, the next 35 feet assays 67s 3d. No. 14 (the lowest level): Cross-cut to north section of Martha, 6 feet, 34s 9d, driving east 6 feet, 31s 3d, driving west 10 feet, 39s 6d per ton. The existence of payable ore at the present lowest level (No. 14) is the most important feature in the report, and augurs well for tho future of the mine at this depth. HOME MARKETS CEREALS AND SUGAR. Australian and N.Z. Cable Association. (Received November 23, 5.5 p.m.) LONDON, November 22. Trading in wheat cargoes is difficult, owing to the fluctuating exchanges and advices of heavy shipments from Russia. Prices have declined 3d to 6d. Australian January and February cargoes are quoted at 55s 6d. Parcels fair demand at 3d decline. Argentine December parcels at 45s 9d; „ January and February, 455. The spot trade is slow and rather irregular. Flour is dull". Australian, 32s 9d to S3c 6d. Oats are quiet and unchanged. Peas and beans are firmly held. Sugar, 58s ljd. BUTTER AND CHEESE New Zealand choicest salted butter rules at 209 s cwt; unsalted is nominal. Choicest Australian is all cleared till arrivals of boats during next week. For these shipments about 202 sis asked. Danish is 2165. Cheese is quiet. New Zealand, 108 s to 110 s. BRADFORD WOOL Bradford wool tops market is steady. There is a better inquiry all round, with hardening tendency. Crossbreds, sixtyfours, 60d; sixties, 53d; fifty-sixes, 38d; fifties, 27d; forty-sixes, 19}d; forties, 17}d. RABBITSKINS Sales of rabbitskina attracted 2650 parcels. Of those offered 1400 were 6old, at 5 to 10 per cent, below the September rates. Practically all New Zealand furriers' sorts were withdrawn, owing to high limits. The decline is most marked in “Melboumes,” and least in the medium grade. DAIRY PRODUCE. Messrs Dalgety and Co., Ltd., report having received the following cablegram from their London house under date of the 22nd instant:— Butter market firm. We quote New Zealand salted at 208 s (2045), New Zealand exceptional brand 210 s, Danish 216 s (2125), finest Australian salted 200 s (1945). Cheese market very quiet. Quotations: Coloured 108 s (106 s), white 108 s (104 s); Canadian, c.i.f. quotations, 106 s (102 s) Last week’s quotations given in parenthesis. FROZEN MEAT. Messrs Dalgety and Co., Ltd., report having received the following cablegram from their London house under date of the 22nd instant:— Lamb.—New Zealand prime crossbred lamb, Canterbury, heavy 9}d, light Ud; North Island, heavy BJd, light lOd. Demand for lamb runs principally on light weights; market steady. Mutton.—New Zealand prime crossbred mutton. Canterbury heavy not quoted; light not quoted; North Island, heavy 7d, light 7}d. Demand better owing to cold weather; market steady. Beef. —New Zealand prime ox beef, hinds 4}d, fores 3d. Demand for beef poor; market dull. Australian frozen meat. —Good average quality orossbred lamb, Australian, heavy not quoted, light 10}d (new season). Tfemand for lamb fair. RABBITSKINS. Messrs Dalgety and Co., Ltd. report having received the following cablegram from their London house under date of the 22nd instant: —26so Bales of rabbitskins offered, 1400 sold; -furriers neglected. Large withdrawals owing to absence of demand from America and the Continent. There is a fair demand for hatters' skins. There is a decline of from 5 per cent, to 10 per cent, on September's sale rates, lower grades being the least affected. TALLOW SALES. Messrs A. H. Turnbull and Co. report: —We are in receipt of a cable from our principals, Messrs W, Weddel and Co., Ltd., dated the 21st instant, and reading as follow: —At tallow auotions to-day 1700 casks were offered, and 1100 sold. Average Cd extra, VICTORIAN PRODUCE By Telegraph.—Press Assn. —Copyright. MELBOURNE, November 23. Oats, 3s 6d to 3s 8d per bushel. Barley, English) 3s 9d to 4s per bushel. Potatoes, £l2 tu £ls -per ton. Onions, £5 10s to £5 15s per ton. HIDES - Competition was not general at the hides sales, and bidding dragged, excepting for stouts and any hides ehowjng substance and condition. Values declined a further }d to }d, notably on lights and mediums. METALS (Received November 24, 0.5 a.m.) LONDON, November 23. Copper—Spot, £6O 13s 9d; forward, £6l 8s 9d. Lead—Spot, £3O ss; forward, £2B ss. Spelter—Spot, £32 13s 9d; forward, £33 Is 3d. Tin—Spot, £223 2s 6d; forward. £223 12a fid. , Silver, 3315-lfid. PRODUCE MARKET WHOLESALE QUOTATIONS. Lacry and Co., Ltd., Wellington, report wholesale prices as follow: —Peamcal, £9 10s: barley meal, £9 ss; bran, Australian, £8 pot ton lots or over; wheatmeal, £11; linseed meal (Moose brand), 18s fid; linseed nuts (Moose brand), 16a fid; meat meal, fer poultry, 15s 6d; chicken raiser, 15s 6d; shell grit, 6s per 1001 b; fowl wheat, choice whole 5-spck lots or over 6s 6d, lesser quantities 6s 7d per bushel, sacks Is Id: shelled oats, for chickens, 5s 9d per bushel; mixed fowl feed, 5 sacke or over, 5s 4d, lesser quantities 5s 6d per bushel, sacks in; oats, machine dressed seed Algerians 5s 6d, farmers dressed seed Algerians 5s 3d, feed Gartons 4s, crushed oats 4s 4d, Sparrowbills 4s. seed Gartons 4s 2d, Duns 4s Id per bushel, sacks in; duns, machine dressed, 5s per bushel, sacks in; peas, feed 5s 6d, Prussian Blue 8s; Partridge peas, 7s 6d per bushel, sacks in; barley, feed 3s 10d and 4s 6d per bushel; maize, whole 5s lOd, crushed 6s 4d; butter, farmers’ separator and dairy. Is 2d to Is 3d per pound; eggs, new laid Is 2d to Is 3d dozen, storekeepers’ lines Is Id to Is 2d: fowls, White Leghorns 4s 6d to ss, Black Orpingtons and similar heavy varieties 7s tu 7s 6d pair; ducks, runners 8s to 10s per pair, large white, 10s to 12s per pair; turkeys, Is Id to Is 4d per pound; geese, 10s to 12s pair; fungus, 5d to 6d lb; rock 6alt, 6s 6d nor cwt; dressed pork, 60’s t.o 90’s, 8d to B}d per lb; chaff, oaten sheaf. Blenheim prime £9 10s, Blenheim medium quality £7 10s per ton, sacks in, f.o.b. Wellington; straw chaff, for chickens or cow feed. £6 15s per ton, sacks in; table potatoes (Canterbury) ton lots, £8 15s per ton, lesser quantities 2s per cwt.

WESTFIELD MARKETS DECLINE IN BEEF PRICES. Prices for beef at the Westfield fat 6took market this week showed a further decline. Extra choice ox realised £1 9s per 1001 b, other grades from 19s to £1 6s, according to quality. Cow and heifer beef sold from 14s to £1 ss. Prices for mutton were a fraction easier than those •ruling last week. Heavy prime wethers brought from £1 15s to £1 18s 3d, medium to heavy £1 12s to £1 14s 9d, light £1 10s to £1 12s 9d. Ewes realised from 19s to £1 10s. Lambs also showed a lower value, best selling up to £1 8s 6d, others from £1 0s 6d to £1 ss. Prices for fat and young calves again declined, but pigs were penned in small numbers, anc’ an improvement was 6hown in prices. CANTERBURY MARKETS FALL IN POTATO PRICES. Per Press Association. CHRISTCHURCH, November 2t». Potatoes are, if anything, easier than they were last week, and it is not easy to get £5 for forward delivery for next season. Cocksfoot, machine dressed Akaroa seed, is worth about 9}d per lb, equal tn 5d or 6d to farmers on trucks. Perennial ryegrass has been inquired for high terminating seed from England, but th« gure mentioned is not quite good enough to result in any export trade. Fowl wheat prices show an advance of from }d to Id per bushel during last few days, and a fair amount of this line has changed hands between mer* chants.

Buyers. Sellers. d. £ a. a. Mining— YYailii 1 7 0 1 8 6 Wiir Doans— Inscribed Stock (1939) 96 13 6 97 0 0 Inscribed Stock (1938) 96 13 6 97 0 0 Inscribed Stock (1933)100 5 0 — War -fronds (.lSSS) 96 12 6 — War Bonds (1933) ... 100 5 0 P. O Bonds (1927) .. — 98 2 6 Debenture* — N.Z. Breweries 101 10 0 — Devonport Borough 6 per cent. (103C) 102 0 0 103 0 0 Bents— Australasia . — IS 2 o National 6 14 6 6 17 6 New Zealand 2 11 6 — Union .*■>» 14 16 0 14 18 0 Financial— Wellington Trust Loan. — 5 IS 0 GasGisborne 0 13 9 — Wellington — 14 2 6 Wellington (pref.) 0 16 S ' Insurance-^ New Zealand — 1 9 c Meat ..Preserving— Wellington Meat Kxport (i!3 12s 6d) — 2 2 6 Transport— Huddart-Parker (ord.) 2 1 0 *— P and! O. Deferred Stock 295 0 0 — Woollen — Wellington (ord) — 9 6 0 Wellington (pref.) — 9 6 0 Coal— Westport — +1 19 0 Waipa 0 17 0 Timber — Levland O’Brien »1 19 0 —• ito'toiti 1 1 » — Miscellaneous — Australian Glass 1 8 0 Crown Bre-wery 2 16 6 • Dental and Medical Supply — 1 1 3 Gates. jLtd. — 0 19 0 Howard Smith 2 10 6 2 12 0 Kirkcaldio and Stains — 0 19 0 N.2. Paier Mills — 1 2 9 Sharland and Co 1 2 3 — Wairaiapa Fanners* (praH.) “ 0 17 3

Nov. 22. Nov. 13. Jt i. d. £ e. d. Imperial Consols 57 10 0 57 10 0 6 T>.c.*War Loan (19221927} 100 10 0 100 7 6 64 p.c. War Loan (19231928) 95 17 6 95 12 6 Si p.c. Conversion 77 10 0 77 5 0 6 p.c. Aus. Comm. (1931-41) 106 0 0 104 15 0 5J p.c. Ans. Com. (1922-27) 100 7 6 99 10 0 6 p.c. N.Z. (1930-51) ._ 109 5 0 109 10 0 4 p.c. N.Z. (1929) 9-1 17 6 94 10 0 34 p.c. N.Z. 71940) 84 8 0 84 0 0 3 p.c. N.Z (1945) 75 5 0 74 5 0 61 p.c. N.S.W. (193040) 107 0 0 107 0 0 64 p.c. N.S.W. (193040) 103 7 e 103 3 6 5J p.c. N.S.W. (1922321 100 5 0 100 5 0 4 p.c. N.S.W. (1933) ... 91 0 0 91 0 0 84 p.c. N.S.W. (193050) 31 7 6 80 15 0 3 p.c. N.S.W (1933)) ... 76 5 0 76 0 0 54 p.c. Vic. (1930-40) ... 101 0 0 101 10 0 34 p.c. Vic (1921-26) ... 98 0 0 98 0 0 34 P.c. Vic (1929-48) ... 78 10 0 77 15 0 3 p.c. Vic. (1922-48) ... 72 10 0 73 0 0 0 p.c. O’land (1930-40)... 104 0 0 104 7 6 4 p.c. Q’land (1924) ... 99 12 0 99 5 0 34 P.c. O’land (1921-30) 98 15 0 99 0 0 34 p.c. G’land (1921-24) 88 15 0 89 0 0 3 p.c. Q’land (1922-47) 70 0 0 70 0 0 54 p.c. S. Ans. (1945) ... 107 5 0 107 5 0 4 p.c. S. Aub. (1945) ... 83 10 0 83 0 0 3 p.c. S. Aus. (19301 ... 62 15 0 64 0 0 6 p.c. W.A. (1930-40)... 105 0 0 106 0 0 34 p.c. W.A. (1915-35)... 85 0 0 85 10 0 3 p.c. W.A. (1930-35) ... 81 10 0 81 17 6 64 p.c. Tas. (1930-40) ... 108 0 0 107 15 0 34 p.c. Tas. (1920-40) ... 84 0 0 83 15 0 3 p.o. Tas. (1920-40) ... 79 0 0 79 0 0