COMMERCE AND MINING

New Zealand Times, Volume LI, Issue 11785, 22 March 1924, Page 15

COMMERCE AND MINING

WELLINGTON EXCHANGE. YESTERDAY'S QUOTATIONS. (3.15 p.m. Call.) Trices for investment and mining stocks yesterday were as follow:

GASCO PRESSED BRICKS. LTD. The Provisional Directors have allotted approximately 20,000 shares, and have decided to order the plant. Prompt application for the small quantity of shares now remaining should he made to any member of the Stock Exchange, or to A. | M. Adams, 157, Feathsraton street, Organising Broker.—Advt. SALES IN OTHER CENTRES. Per Press Association. CHRISTCHURCH, March 21. Sales reported.—New Zealand Government M p.c. Inscribed Stock (1233), .£IOO 15s; New Zealand Breweries 10 per cent. Bonds, 21s; New Zealand Partners’ tty per cent. Stock (1936), £7l (three parcels); Bank at New Zealand!. 52a; Union Bank, £l4 7s 8d (two parcels); Gear Meat, 42s 6d; Mason Strothers (£1 paid), 24s 6d. AUCKLAND, March 21. At the Shook Exchange there were only two calls on account of the. cricket. Sales National Insurance, 77s 6d; Kauri Timber, 28e 10d, 28s lid; National Timber, 22s 3d; Grand Junction, 4s 9d; Soldiers’ Bonds, £l4O 10s. r

OAMK OF ENGLAND WEEKLY BBT URN. Australian and N.Z. Cable Association (Received March 21, 7.5 p.m.) LONDON, March 26. . The Bank of England returns this week afford the following comparisons with those of March 13th— March 20. March 13.

LONDON STOCK EXCHANGE GOVERNMENT SECURITIES. Australian and N.Z. Cable Association. (Received March 21, 7.5 p.m.) March 20. Following are the latest quotations for Imperial and Colonial Government securities March 20. March 13.

FOREIGN EXCHANGES * Australian and N.Z. Cable Association. {Received March 21. 7.55 p.m.) LONDON, March 20. New York—4.29J dollars, 4.28| dollars, 4 866. Montreal—4.43l dollars, 4.43 dollars, 4.886. (6 Paris—B3.9s francs, 87,55 francs, 25.225. Brussels—losJ francs, 106 J francs, 25.225. Rome—9Bl lire, 100 i lire, 25 225. Berlin—l B-19 billion marks, 18-19 hdliiono, 20.43. Ig'ifr^hholm —16.27 kroner, 16.27 kronor, 31.97 kroner, 31.80 kroner, 1815? enhaßOn — 27-47 kronOT > 27.26 kroner, •Calcutta—l6fd (to the rupee), 16 11-16 d. •Hongkong—2Bl to tho dollar), 2S)d.. •Yokohama—23>}d (to the yen), 235 d. Par fluctuates with tfc= riso and fall in thejjricfl.gf silver. ...

HOME MARKETS

BUTTER VERY DULL. Australian and N.Z. Cable Association. (Received March 21, 7.55 p.m.) LONDON, March 20. Tho butter market is very dull. Choicest New Zealand is quoted at 1703, and Australian at 160 s, the -principal importers having agreed not to self below these prices t-liic week. Buyers are indifferent, and sales are few and far between. Danish has fallen to 1965, owing to the ccreation of American purchases, and a considerable diminution of German, which has left the Danes -with a much larger surplus than has been tho coso for two months. Argentine butter is very plentiful, and is selling at 120 s to 140 s. Cheese is quiet. New Zealand, white 82s, coloured 82s to 84s. WOOL FIRM. At tho wool sales thore was a splendid selection of all classos. Tile market was firm for all sorts, without quotable change. The Bradford tops market is quiet. Crossbreds hiro very firm. Merinos are slow. Sixty-four’s, 69d; 60’s, Pod; 46’s, 48d; 50’s, 3Gd; 46’s, 29d; 40’s; 25d. CEREALS AND SUGAR. Wheat freights have weakened. Ono steamer, fixod to leave Sydney in April for the United Kingdom and the Continent, has been secured at 400. Cargoes aro quite, with an easior tendency. Quotations are lid to 3dl lower. Paroels are in poor request, with 3d decline. The spot trade is small, with quotations generally easier. Australian (ex store), 49s fid. Flour is quiet. Australian (to arrive), 85s 6d. Oats, iboans, and peas aro quiet; and unchanged. Sugar (granulated), 62s 74d. HIDES. At tho hides sales there was a poor demand. Australian salted hides, 30-40, are quoted at 6jd to 0)d a pollTKl; 40-50, ditto; 50 and upwards, 6|d to 6V,d. Dry, salted, 20-30, 8d to Bfd; 30-40, BJd to 9d. METALS. Cojrper —Spot, £OS 6s 3d; forward, £66 Lead—Spot, £3B ss; forward, £35 ss. Spelter—-Spot, £34 17e 6d; forward, £34 Us 3d. Tin—Spot, £373 2s 6d; forward, £373 2s- 6d. Silver, 33k!. WAIHI SHARES. Waihi shares, 30b Id. DAIRY PRODUCE. Mossi-s Dolgety and Company, Limited, repeat having received tho following cablegram from their London tense under date of March 20th:—

“Dairy prodnoe market at present shows no sign of improv-omont, and it is not expected mattora will improve much until accumulation of stooks is reduoed. This accumulation was caused by very heavy shipments from New Zealand during February and also by the dock 6triko. “Butter market very dull. • We quote: New Zealand, salted, at 170 b (174 e); New Zealand!, exceptional brands, 172 s (182 s); Danish, 204 s (2125); finest Australian, salted, and unsalted, 1603 (160 s). “Cheese market veay quiet. Quota, tkm: New Zealand Cheese, 82s (865)." (Inst week’s quotations are given in parentheses.) FROZEN MEAT. Mocsns Dolgety and Company, Limited, report having received the following cable from their London house, under date 20th inch:— “Lamb.—New Zealand prime crossbred lamb, Canterbury, heavy 9fd; Canterbury, light, 10k!; North Island, hoavy, 9a 1 light, 6}d- Demand for New Zealand lamb is poor owing to cold weather; market is weaker. "Mutton.—Now Zealand prime cross, bred mutton, Cantewwny, heavy. 7J4; CanxeibuTy, light, 8d- North Island, heavy, 7d; light, 7WL Demand for New Zealand mutton is moderate. Market weofeea "Australian frozen meat.—Good' average quality crossbred lamb, Australian, hoavy, 8d; light, BJd. Demand for Australian lamb Is poor. Good average quality crosdhred mutton, 6d. Demand for Australian mutton is limited.

STERLING IMPROVING iiieii'alian and N.Z. Cable Association (Received March 21, 7.5 p.m.) NEW .YORK, March 21. Sterling reached 4-30 t, gaining within 48 hotlrs more than 2 cents. j The franc reached 5 1-10 cents.' <

DECIDEDLY DULL ** CHRISTCHURCH MARKET. LITCLE TRADE BEING DONE. ■ Per Press Association. CHRISTCHURCH, March 21. In the produce market business is do* cxdodly dull, and no lirie shows a tendency to advance in value; Very little trade 5s being- done with tho North Island. At tne beginning of tbe season it appeared as though a lot of businetts would, eventuate, but it practically ran itself out at the ondi of January, and has since shown no sign of revival. . Partridge poos are still weak with no indication of improvement. Best lines are worth 6e fid on trucks to formers. Chaff continues weak, and merchants are not now offering more than «B 5 15a to £G on trucks. Co<Asfoot shows no improvement and standard 16-17 pound machine-dressed seed may be bought at Is. Vory littl 3 wheat is finding its way into merchants* hands. It is considered that a lot must still be held in tho country. as it cannot all have teen sent into the markot.

Potatoes are not boing offered to any oxtent 'by Growers, who are understood to be awaiting the result of a deputation to Mr Masssy in respect to the importation of Australian potatoes. SHEEPSKINS AND HIDES YESTERDAY'S SALES. The fortnightly sale of sheepskins, m/des and tallow was held yesterday. Thore was a largo attendance of buyers und considerable competition Compared with previous sale held on March 7th, sheepskins were higher by $d to Id per lb. Ox hides sold on a par with previous sale; cow hides also sold on a par with previous sale; calfskins were higher by about l£d per lb. Tallow was in Good demand. The range of prices was as follows: Sheepskins—Halfbred,' l&Jfd to 2ldj fine crossbred, lfijd to 21d; medium C crossbred, 12|d to 19d; short to half wools, 9d to 14|d; lambs, 10id to 18d; dead and damaged crossbred, 9{d to l&Jd; inferior and badly damaged, 8d to 12Jd; pelts, 9d to ld^d 1 ; damp, salted and green, 5s 4d to 13s 6d; pelts, salted, 2 s 1d to fis 9d; lambs, salted, 5s Sd to 7s 9d. Hides.—Ox, hoavy. 101 b and over, Hid to 12d; ox, heavy, 591 b to 691 b, I6|d to Hid; ox, medium, 531 b to s#lb, 9sd to 9|*i; ox, light. 4p\U to 521 b, 53d) to 7gd.J cut, slippy and inferior, 3d to Sid; cow, heavy, 531 b and over, 7|d to Bffcl; oow, medium. 451 b to 521 b, s£d to fifd; cow, light, 331 b to 441 b, s£d to 6d-; cut. slipnv and inferior, 2\d to 4?d; bull, stag, 3|<l to sfd; yearlings. Iftb to 161 b. 6?d to 1: yearlings, 171 b to S2Lb, ssd to Pd; calf, superior, up to 101 b, 21d to 2Ud; calf, medium-good, 1 4d to 21d; calf, damaged. l|d to Isd. Tallow.—ln casks, 265; -n tins, etc., lfis to S 4&. Sundries.—Horsehair, lfi|d to 19Jd. Messrs Dalgety and Co., Ltd., report bavinp l received a cable from tlicir tyvr»don office on the sale* hcH on the inst. t —" Good demand. Prices on tlie average are 15 nor cent, dearer than

WOOL SALES

Messrs Murray, Roberts and Co., Ltd., yesterday received tne following wool market quotations from their London agents, dated 20th inst., showing January and March series (in parentheses): — 60 to G4*s merino, yielding 48 per cent., - (85d). 56's, yielding 60 per cent., 30d (31$d). 50*6, yielding 60 per cent., 25d (27£d). 44 to 46's perparing, yielding 74 x>er cent., 17£d (19id). 44 to 46's carding, yielding 72 per cent., Ififcd (lOd). 40 to 44's, yielding 73 per cent., 16d (18 Jd). % to 40*s, yielding 75 per cent., 15d (17id). RANGE OF PRICES. Messrs Dalgety* and Co., Ltd., report having received the following cablegram from their London house, under date of the 20th instAnt:— Tb. 3 following is tho range of prices realised at the first wool sale qf the present series:—Merino, yood to super 31d to 36d, low to medium 26$ d to 29d; halfbred, 56 to 58, good to super 29$d to 32d, low to medium 25$d to 28$d; halfbred. 56 to 56, good to super-27$d to 29$d, low to medium 23d to 24$d; fine crossbred, 48 to 50, good to super 25d to 28d, low* to medium 21d to 24d; fine crossbred, '46 to <4B, good to super 33d to 25d, Sow to medium 194 dto 22d; crossbred, 44 to 46, good to super 21d to 28£d, low to medium 18$d to 20d; crossbred, 40 to 44, good to super 19$d to 21d, low to medium 17d to 10dj coarse crossbred, 86 to 40, good to super 18$d to 19id, low to medium 16£d to 18d.

¥im FRLHES REALISED AUCKLAND WOOL SALES. CI.EARING-UP AUCTION. Per Press Association. AUCKLAND, March 21. Tho clearing-up sale, tjie third wool sale of the season in Auckland, was held in the Town Hull, when a small catalogue, comprising about 4000 bales, was offered. The bench of buyers was the largest that has ever attended a clearing up wool sale in Auckland. Competition was at times very animated. A genera] rise tu prices was experienced in comparison with those ruling at last month’6 sales in Auckland, the increase averaging about id, and in some cases 2d per pound. Prices were consequently on a par with those realised at the recent southern sales. CONSIDERED SATISFACTORY. A large proportion of the offerings comprised back country wools, heavy in condition and showing considerable bush stains. A fairly large quantity of seed wool was also offered. In view of the quality of wools orought forward the sale is regarded os an exceedingly satisfactory one from tho growers’ standpoint. The bulk of the wool purchased went to Bradford and Continental buyers, tho latter being principally representative of Frenoh and German firms. GOOD CLEARANCE. A fair proportion, however, was taken by New Zealand wool-scourers, ’ while Italy and Japan entered into purchases on a minor sp&le, Japanese buyers took up a certain quantity of crutohings. Thero was a good clearanoe, practically sent, of the wool catalogued being The top price at the sale was realised for a Jins of greasy super halfbred wool, for which 28|d was obtained. A line of slipe freezing works lambs’ wool, however, wept as high as 30Jd. The following table gives the range of prices realised, compared with last month’s sales at Auckland:—

FAT STOCK FOR EXPORT WEEKLY v T>Ke tfovr Zealand Meat Producers Board advises tbat the following prices are being offered, March 29th, 1924: Auckland—Wethers, 641 b and under, 6<3; ewes, 641 b and under, 4Ad; prime woolly lambs, 421 b and under 9d, 431 b and over B|d; second quality lambs, B|d* Poverty Bay—Wethers, 641 b and under, Gd; ewes, 641 b and under, prime woolly lambs, 421 b and under Bfd. Hawke's Bay—Wethers, 641 b and under, 6£d; ewes, 641 b and under, 6a; prime woolly lambs, 421 b and under 9fd; second quality lambs, 82d; prime ox beef, 22s per lOOlbs. Wellington—Wethers, 641 b and under, 6|d: ewes, 641 b and under, sd; prime woolly lambs, 421 b and under, 9|d, 481 b and over OJd; second quality lambs, B|d; {prime ox be6f, 22s per 1001 d. Canterbury—Wethers, 641 b and under, 6Jd: ewes, 641 b and under, sd; prime woolly lambs, 421 b and under lOfrd, 431 b and over 10d; second quality lambs, s>sd. Southland—Wethers, 641 b and under, 6Jd; ewes, 641 b and under 4r£d; prime woolly lambs, 421 b and under, 9|d.

Buyers. Seller*. £ a d. £ 8. d. Mining— Wftihi 1 19 0 V\ ar -Loans— 5* p.c.-Inscribed 1983) hi p.c. Feby. 1st (1933) 100 10 0 100 12 6 44 p.c. Bonds (1939) ... 96 10 0 — 5i p.c. Bonds (1933) ... 100 10 0 — 6 p.c. P.O. Inscribed (1929) 5 p.c. P.O. Inscribed 97 10 0 (1927) Debentures — 97 0 0 97 10 0 Wellington Gas — 105 0 0 N.Z. Breweries 1 0 9 1 1 3 Devonpprt — 103 0 0 Wn. City Council, 5i - 99 0 0 Banks— Australasia 13 2 0 Commercial (prof.) 6 5 0 — National — 6 17 0 New South Wales 40 2 6 — New Zealand 2 11 9 2 13 3 Union 14 7 0 14 10 0 Financial— River Plate 1 0 0 _ Gas— Wellington * - 13 12 6 Insurance—National 3 18 6 South British 2 0 0 Meat Preserving — 3 N.Z. Refrigerating Meat Export 1 0 1 12 6 Transport— Huddart-Parker 2 2 9 2 3 6 Woollen— Wellington (,8219s pd. — 3 10 0 Coal— 6 Wostport Westport - Stockton 1/18 6 (prof.) — 0 7 Timber— 1 8 9 1 9 6 Leyland O'Brien 2 0 1 3 0 Taringamutu 1 13 3 — National 1 3 0 — Miscellaneous — Crown Brewery 2 0 0 Howard Smith. — 2 12 6 Manning and Co — 1 8 t> W.F.C.A 0 18 6 — Ward and Co, —. — 2 4 0 Wellington Cordage ... — 0 19 0 No sales were reported.

J£ A Coin and bnllion ... 126,276,000 126,275,000 Beserve ....... 22,950,000 29,807,000 Note circulation ... 121,906,000 125,042,000 Govt, deposits 23,697,000 48,182,000 Other deposits 105,795,000 105,397,000 Discounts and advances 76,748,000 72,158,000 Govt, securities ... 18,357,000 48,182,000 Proportion of re* <*arve to liabilities 17.68 p.c. 18.26 p.c. loanrs 2* p.c. Three months’ bills 31-16 p.c. 3* p.c.

A 8. d. Jt s. d. 2± jp. e. Imperial 555 0 55 10 0 6 p.c War Loan (19221927) 101 2 6 101 5 0 6$ p.c. War Loan (192&1929) 95 15 0 95 15 0 3£ p.c. Conversion ft r * c. Aus. • Comm. 75 2 6 75 10 0 (1931-41) ioe 0 0 104 15 0 5} p.c. Aus. Com. (1922-27) 101 17 6 101 17 6 6 p.c. N.Z. (1936-51) ... 108 7 6 108 5 0 4 p.c. N.Z. (1940) 96 10 0 96 2 6 31 p.c, N.Z. (1940) 83 0 0 83 0 0 3 p.c. N.Z. (1945) «1 p.c. N.S.W (1930. 74 5 0 74 10 0 40) 107 6 p.c. N.S.W. (193032) 106 0 0 105 7 6 6J p.c N.S.W. (192240) 102 7 6 102 7 - 6 4 p.c. N.S.W. (1923) ... 90 17 6 90 17 6 ■ii m.c. N.S.W. (193050) 80 15 0 80 10 0 8 p c. N.S.W. (1933) ... 31 p.c. Vic. (1930-40) ... 75 101 7 0 6 75 7 0 101 0 6 0 31 p.c. Vic. (1921-26) ... 93 0 0 98 10 3 p.c. Vic. (1922-49) ... 72 6 p.c. Q'land (1930-40) 104 0 0 0 72 10 0 104 10 0 0 4 p.c. Q'land (1930-40) 100 0 0 99 10 0 51 p.c. Q'land (1921-30) 99 17 6 99 2 G 31 p.c. Q’land (1921-24) R9 0 0 88 10 0 3 p.c-. Q'land (1922-47) 68 0 0 67 10 0 61 p.c. S. Aus. (1945) ... 107 5 0 107 5 0 51 "p.c. S. Aus. (1929)... 82 0 0 82 0 0 3 p.c. S. Aus. (1930) ... 61 0 0 61 12 6 6 p.c W Aus. (1930-40)104 0 0 104 0 o 3* p.c. W.A. (1915-85)... 86 0 0 86 0 0 3 p.c. W. Aug. (1930-35) 82 2 6 82 0 0 61 p.c. Tas. (1930-40)... 3{ p.c. Tas. (1920-40) ... 107 10 82 0 0 107 5 0 82 0 0 o 8 p.c. Tas. (1920-40) ... 77 0 0 77 0 0

March. ■February. d. d. d. d. Pin a halfbred sapor m to 28J not quoted Pino crossbred super 25 to 26i 19 to 211 Med* 11131 average ... 20 to 261 17 to 18$ Med crossbred super :» to 3$ 18 to 191 Average 16 to 18 16 to 171 Inferior 131 to 16 14 to 15 Coarse crossbred, average -.. 14 to 151 14 to lei Jlogreeta, super ...... Medium 20 18 to 241 to 20 21 to 251 18 to 20 14 to 15 15 to 16 20 to 25 22 to 261 Medium .— 16 to 19 16 to 19 14 Seedy - 10 "to 14 81 to tat not quoted Bellies and pieces 12 to 14 Crossbred — Good medium 9 to 11 not quoted Crutchings, good ... 12 to 14ft not quoted Medium and seedy 6 to Si not quoted Locks, good 8 to 9ft not quoted