COMMERCE AND MININS

New Zealand Times, Volume LII, Issue 12075, 28 February 1925, Page 15

COMMERCE AND MININS

WELLINGTON STOCK EXCHANGE YESTERDAY’S QUOTATIONS. (3.15 p.m. Call.* The following were the closing Quota* tions yesterday :

•Corn div. Sales reported (3.15 p.m.).—lnscribed Stock |1933), -£101; New Zealand Breweries (deb.), £1 2s ; Bank of New Zealand (rights), ,£1 Us 6d; Union Bank of Australia, Jlt-ts; New Zealand Insurance, £1 Us; Taranaki Oil Yields, £1 10s. SALES IN OTHER CENTRES. Per AssociationCHRISTCHURCH, February 27. Sales reported:—New Zealand Refrigerating (cent.), 10s 3d; Kaiapoi Woollens (ord.l, 13s; Kauri Timber, 32s 6d. Sale on ’Changeßank of New Zealand (rights), 31s 3d.

DUNEDIN, February 27. Sales: —Kaiapoi Woollen (ord.), 13s 6d; New Zealand Breweries Debentures. 21s lOd. Sales reported :—Bank of New Zealand (rights), 31s sd, 31s 6d: Bruce Woollen Co., 22s 3d. February 27. Sales:—Union Bank of Australia, £l3 9s: New Zealand Loan, and Mercantile, £94; Kauri Timber, 32s 6d; Waihi Mining, 255; Auckland Gas, 24s 8d; Wellington Gas Debentures Stock, £lO2 10s. WATERS IN LONDON. - Australian and N.Z. Cable Association. (Received February 27, 8.55 p.m.) LONDON, February 26. Waihi shares.—Buyers, 25s 6d; sellers, 26s 3d. FOREIGN EXCHANGE* Australian and N.Z. Cable Association. (Received! February -27, 8.55 p.m.} LONDON, February 26. The current rates of foreign exchange, compared with the rates ruling on February 24th, 4nd with par, are as follow: —- Now Y0rk—4.751 dollars, 4.75, 4.866. Montreal—4.76 dollars, 4.76 J, 4.866. Paris—92.os francs, 81.45, 25.225. Brussels—94.6s francs, 94.70, 26.225. Rome—ll7} lire, U6J, 25.225. Berlin—l9.9B reichsmarks, 19.98, 20. Stockholm—l7.6s kroner, 17.65, 18.159. 0510—31.23 kroner, 31.30, 18.159. Copenhagen—26.6l kroner, 28.77, 18.159. Amsterdam —11.881 guilders, 12. Batavia—ll.9B guilders, 12. •Calcutta—lßd to the rupee, 18d. •Yokohama—2o l-16d to the yen. 19 11-16 d. •Hongkong—27Jd to the dollar, 27Jd. •Par fluctuates with the price of silver.

LONDON STOCK EXCHANCE GOVERNMENT SECURITIES. Australian and N.Z. Cable Association. (Received February 27, 8.55 p.m.) LONDON, February 26. Following are the latest Quotations foi Imperial qnd Colonial Government se.

BANK OF ENGLAND

WEEKLY RETURN. Australian and N Z Cable Association. (Received February 27, 8.55 p.m.) LONDON, February 26. The Bank of England returns this week afford Itho following comparison with the previous Quotations:—

HOME MARKETS

DAIRY PRODUCE FIRM. Australian and N.Z. Cable Association (Received February 26, 8.55 p.m. ) LONDON, February 26. The butter market is firm, with a good demand, despite the higher prices. New Zealand, choicest salted, 176 sto 187 s; unsalted, ICSs; Australian, salted 170 sto 17s, unsalted 180 sto 182 s; Danish, 2265. Cheese is firm. New Zealand, 97s to 98s. Australian stocks have been cleared. - BETTER PRICES FOR WHEAT. Wheat cargoes are firmer on better American and Argentine reports. There is a moderate inqutry. Parcels are meeting with good inquiry at firmer prices. Liverpool futures.—March 14s 9d, May 14s 6Jd, July 14s 31d a bushel. The spot trade is slow, but prices are firm. Australian, ex ship, 72s 6d. OTHER CEREALS. Flour is quiet. Australian, ex store. 52s 6d. Oats, peas and beans are inactive, with prices nominally unchanged. Sugar is unchanged. TOP PRICES UNCHANGED. The Bradford tops market is dull. Buyers are showing little interest. Quotations are unchanged.

METALS. Australian ai d N.Z. Cable Association. (Received February 27, 10.10 p.m.) LONDON, February 26. Silver, standard 32Jd an ounce, fine 34 13-16 d. Copper, spot £64 Us 3d, forward £65 Lead, spot £3B a ton. forward £36 7s 6d. Spelter, £37 a ton. forward £35 15s. Tin, spot £261 18s 9d. forward £264 Us 3d. LONDON WOOL SALES COMMENCE ON MARCH 10th. Australian and N.Z. Cable Association. (Received February 27. 8.55 p.m. LONDON, February 26. According to present arrangements the London wool sales will be commenced on March 10th, and will close on March 34th. ’ The wool available tdv auction at the sale totals 117,500 bales, including 40,000 Australian, 21,500 New Zealand, 2500 Cape, 3500 South American, and 500,000 held over from the last series. AUSTRALIAN MARKETS GENERAL PRODUCE. ' Bv Telegraph.—Press s A««n. —Coovright (Received February 27, 5.5 p.m.) • MELBOURNE, February 27. Oats, milling 2s 9d to 2s lOd a bushel, feed 2s 4d to 2b 6d.- . Barley, 1 aglish 6s 8d to 6s 9d i> bushel, Cape 5s 6d to 5s Bd. Potatoes, £4 10s to £5 a ton. , Onions. £lO a ton. CANTERBURY MARKETS WHEAT COMING FORWARD. Per Press Association. CHRISTCHURCH, February 27. It is stated that the farmers are settling down to the new prices offered to them, and are sending" in their wheat in good quantities. The millegs, however, are stated to have sufficient to go with at present. Oats have been more sought after dur-

in* the past few days, the position being due to the belief that there is a shortage of white oats in the Dominion. Gartona are quoted at 3s 6d on trucks. Any sales reported, however, are on paper. Algerians are weaker than they were a few days ago. ... , Rye grass is firm, perennial for March delivery being quoted at 5a 9d bushel of from 27 to 281 b. Seed—Most of the movement # m this line is due to oversellers making‘s purchases with a view to covering their requirements. Southern merchants are asking 5s 7d f,o,b. for 27 to. 281 b lota The seed business is very quiet in red clover. One or two samples of the now crop of white clover have come to hand, and they are of poor quality. Price quoted is from Is to Is 3d. Practically no business is being done with the North Island in this line, most of the business is being done between merchants themselves. The cocksfoot market is inclined, if anything, to be weaker owing to the oheap Danish seed coming into competition with the local product. Danish peed is having bad effects on the Banks Peninsula seed, and is restraining people from speculating. Partridge peas still on the quiet side, and there is very little inquiry for them. Chaff is in the same position as it was during the weekend. and can be bought at £3 15s on trucks.

There is no change to report m the price of potatoes, which is £4i to farmers on trucks. Not a great deal of business is being done in these at the moment. Farmers are not sending their produce forward in any quantity, and weather conditions are causing them to act cautiously. The dry weather is beginning to affect later crops, and a fresh sou'wester would be welcome.

There does not seem to be much blight about, but at the same time the indications are that the crop will not be anything above the ordinary. In some districts where crops, having been washed out with the rain, necessitating their being put down a second time, tbey ore very backward. Farmers are described »q being difficult to do business with, at the present time, the result bein'* that there is .not much speculation going cn. The Auckland people are buying on the hand to mouth principle, which points to bigger business being done later on in the season.

Onions are firm, and are quoted at £5 5s per ton to farmers. Growers, however. are not at all satisfied with this figure, and are inclined to hang on with a view to getting something better. Some of the crops are said to be on the light side, while others are described as v e* ing good. So that, taken on avert* < onion crops should be much about tbo average. *

FAT STOCK FOR EXPORT WEEKLY PRICES. The New Zealand Meat Producers’ Board advises that the following prices are being offered, February 26th, 1925: — Hawke’s Bay.—Wethers, 641 b and under 7jd: prime woolly lambs. 421 b and under UJd. 431 b and over lid: Becond quality lambs, lid. Wellington.—Wethers, 561 b and under BJd, 57/641b Bd, 65/721b 7Jd, 731 b and over 6d : prime woolly lambs, 421 b and under 12d, 431 b and over Hid; second quality lambs. ll|d. Canterbury and North Otago.—Prime woolly lambs. 351 b and under 13d, 37/421b 121 d, 431 b and over Hid; second quality lambs, 12id.

LONDON MARKETS

DAIRY PRODUCE

DALGETY AND CO. Messrs Dalgety and Co.. Ltd., report having received the following cablegram from their London house, under date of the 26th instant:— Butter—Market is firm. We quote New Zealand salted, 176 s (1745): Danish, 226 s (2285); finest Australian salted, 172 s (168s>, uhsalted 182 s '(180s). Choose—Market is firm. New Zealand white and* coloured, &7s (94s to 955).

FROZEN MEAT Messrs Dalgety and Co., Ltd., report having received the following cablegram from their London house under date of the 26th instant:— Lamb—New Zealand prime crossbred lamb. Canterbury heavy 12d, light 12(d; North Island, heavy 12d, light 12Jd. Fair demand for Now Zealand lamb; market is weak.

Mutton—New Zealand prime crossbred mutton, North Island, heavy 7id? light 9ijd. Demand for New Zealand mutton runs principally on light weights. Beef—New Zealand prime ox lo of, hinds 5Jd, fores 4|d. Demand for New Zealand beef contiues; market is firm. Australian frozen meat —Good average ~n:\lity crossbred lamb, Australian, heavy 10Jd- light UJd. Demand for Australian lamb runs principally on finest qualities. Good average quality crossbred mutton, light 7d. Demand for Australian mutton is poor. DALGETY AND CO. Messrs Dalgety and Co., Ltd., report having received the following cablegram from their London house, under date of 25th instant : Twelve hundred and seventy casks of tallow offered, 730 sold. Prices at today’s salo.were reduced heavily to compete with River Plate supplies. Good mixed tallow is quoted at 44s to 44s Gd.

METROPOLITAN PERMANENT BUILDING AND INVESTMENT SOCIETY

REPORT OF DIRECTORS. The directors, in presenting 1 the thirtyfourth annual report and balance-sheet of the society, -state:— During the year 1000 "A” £lO LhaTes were issued to shareholders at a jremium of .£1 per share. The total premium, .61000, being added to the reserve fund. The directors recommend that the usual distribution of profits at the rate of 7 per cent, per annum be made, together with a bonus of 1 per and that a further sum of ,£2OOO he added to the reserve fund, which will then stand at ,£22,000. Two directors are to •be elected in place of Messrs Marchbanks and Reid, who retire in accordance v ith the rules, but are eligible, and offer themselves for re-election. During the year Mr E. Bucholz resigned the auditorship of the society, and in terms of rule No. 17 the directors elected Mr W. S. Wheeler to fill the vacancy. The profits for the year (including a balance of £2038 11s 10d brought, forward frori last year) amount to £10,179 4s (Id; less expense account, .?1024 12s 7d; leaving a net profit o* £9i34 11s lid; less interim dividend for six months ending August 15th. 1924, £IOB4 14s sd; leaving a balance of £BOB9 17s 6d. Which. *.t is proposed to apnvopriate as follows:—To credit holders "B ,J investment shares at 7 ner cent., for twelve months ending February 15ti\, 1925. £1999 19s Id; and 1 per cent, bonus, £285 13s 4d—£2285 30s sd; to payment of dividend at 3§ per cent, for six months ending February 15th, 1925, to holders of shares, £lllO 3s 4d; and 1 per cent, bonus, £304 6s 4d—£1414 9s 8d: total, £3700 0s Id; to \eservo fund, £2000—£5700 0a Id; to carry forward to next year, £2389 17s sd. CUSTOMS REVENUE. The Customs revenue received at the r»ort of Wellington yesterday aggregated £4720.

Buyers. Sellers. A a. d. A m. i. Mining— 1 3 0 Waihi — 1 5 6 Wairarapa Gold Claims 0 5 3 Vogel's Vision 0 6 0 0 8 s Inscribed Stock (1939) _ 96 12 6 Inscribed Stock (1933) — 96 12 6 Inscribed Stock <1933) 101 5 0 War Bonds (1933) ...... — 96 12 6 War Bonds (19S3) 101 0 0 — P.O. Inscribed Stock (1927) P.O. Inscribed Stock — 98 0 0 (1927) 97 13 6 — P.O. Bonds (1927) 97 12 6 Debentures— Wn. Racing Club 107 0 0 N.Z. Broweries . —• 1 2 0 Banks— Australasia 14 4 0 National of N.Z — 6 16 6 New Zealand 2 12 9 2 13 3 New Zealand (rights)... — 1 11 6 Union of Australia ... Financial— — 14 2 0 Goldsbrough Morfc National Mortgage ... 2 9 4 3 0 0 N.Z. Guarantee Corp. (ord.) N.Z. Guarantee Corp. 0 9 3 ~ (pref.) N.Z. Loan and Mercan*1 1 0 tile (oru ) 94 0 0 Wn. Trust- Loan ......a. o 14 0 — Gas— 7 15 Insurance— New Zealand 1 10 c — Meat Preserving— Canterbury Frozen (ord.) 13 13 0 Gear .2 3 3 — Transport— Huddart-Parker (ord.) 2 5 9 Htiddart-Parker (pref.) 1 0 6 — Woollen — Wellington (ord.) 6 6 0 Coal— 1 11 1 12 Waipa 1 1 3 Timber— 1 12 0 1 18 ieylnnd O’Brien 2 12 0 National '. 1 3 11 — Breweries— Crown 1 13 6 Manning and Co. ...... 1 17 6 1 19 6 1 17 0 Ward Co. 3 0 0 Miscellaneous 1 -'* Burns Pkilp and Co.... Farmers Co-op. Auct. — 1 16 6 3 8 0 Hume Pipe (-Auat.) ... 0 16 0 N.Z. Milk Products ... 1 5 6 : Taranaki Oil Fields ... 1 9 0 1 10 6 Wilson’s Cement ......... 1 10 6 —

curitios; —• Feb. 26. Feb, 19. JS s. d. £ a. d. 21 p.c. Imperial Con58 2 6 58 2 6 6 p.c War .Loan (19221927) 101 10 0 101 !2 6 31 p.c. War loan (19232 1929) 96 5 0 96 6 6J p.c. Conversion *73 5 0 79 10 0 C ".c. Aus Comm. (1931-41) : 104 0 0 104 0 0 61 n.e. Au&. - Comm. (1922-27) 102 0 0 102 0 0 6 p.c. N.Z. (1936-51) ... 109 10 0 109 7 6 4 p.c. N.Z. (1940) 96 17 6 96 7 6 34 p.o. N.Z. (1940) 85 10 0» 85 7 G 3 p.c. N.Z. (1945) 6i p.c. N.S.W. (193077 10 0 77 10 0 40) 6 p.c. N.S.W. (1930106 2 6 106 2 6 32) 105 5 0 105 0 0 64 p.c. N.S.W. (1922452) 101 7 6 101 15 0 4 p.c. N.S.W. (1933) ... 92 15 0 92 7 6 81 p.c. N.S.W. (133050) 84 2 6 84 0 0 3 p.c. N.S.W. (1935) ... 77 12 6 76 17 6 61 p.c. Vic. (1930-40) ... 104 2 6 104 2 6 31 p.c. Vic. (1921-26) ... 99 10 0 99 2 6 31 p.c. Vic. (1929-40) ... 80 0 0 80 0 0 31 p.c. Vic. (1929-40) ... 72 17 6 72 17 6 6 pc. Q'land (1930-40) 105 7 6 104 15 4 p.c. Q’land (1924) ... 91 5 0 90 10 0 31 p.c. Q’land (1921-30) 72 0 0 71 0 0 3| p.c. Q’land (1930) ... 3 p.c. Q'land (1930) ... 91 15 0 91 15 0 71 5 0 71 5 0 61 p.c. S. Ans. (1945) ... 106 5 0 106 0 0 31 p.c. S. Ana. (1929) ... 84 12 6 84 12 6 3 p.o. S. Aus. (1936) ... 63 10 0 63 0 0 « p.o. W. Aus. (1930-40) 104 0 0 104 5 0 31 p.c. W. Aus. (1926-36) 89 0 0 88 0 0 3 p.o. W. Aus. (1915-35) 84 0 0 82 10 0 61 ».<c. Tas. (1930-40) ... 106 5 0 106 0 0 31 p.c. Tas. (1980-40) ... 83 7 6 84 0 0/ 3 p.c. Tas. (192CMO) ... •Ex inte 77 10 0 77 0 0 rest.

Feb. 26. Feb. 19. £ £ Coin and bullion ... 126,761,000 126,754,000 Reserve 23,534,000 24,097,000 Not© circulation ... 124,8037)00 124,232,000 Govt, deposits 16,144,000 13,705,000 Other deposits 105,548,000 lU,244,000 Govt, securities ... 41,927,000 43,942,000 Discounts and advances 74,400,000 75,045,000 Proportion of re. serve to liabilities 19.34 p.c. 19.27 p.c. Short loans 2} p.c. 2i p.c. Three months’ bills Si p.c. 3} p.c.