COMMERCIAL.

Otago Daily Times, Issue 19199, 16 June 1924, Page 6

COMMERCIAL.

Daily Times Office, Saturday morning. A lino of Californian prunes, in carton®, has just come to hand. A now brand of 6d cigarette, Old Dominion, has mad© its appearance on the market. The same firm is packing cut tobacco in 2ox and slb tins. A parcel of fancy needed raisins has just reached tho market. M'.Leod Bros, arc now manufacturing a line of Cartel brand soap. The Waikouaiti, from Sydney, brought transhipments out. o? a number of Eastern trading ships, including several consignments of tea from Colombo. The Wingatui reached Dunedin on Thursday with a consignment of sugar. The Wanaka has a further consignment. The demand for kerosene has increased considerably, following on th© winter months. Morton’s soz and Ktoz castor oil has advanced 6d per, dozen. The local demand for cheese is better, owing to the cold weather, which always brings increased consumption. Prices remain firm. Tho London market shows a slightly improved demand. The Dorset brought a shipment of cornflour in bulk and packets. A line of sapon is on board tho Norfolk. This vessel is also bringing bisto. FROZEN MEAT MARKET. Tho Meat Producers' Board has received the following cablegram, dated June 13, advising Smithfiold delivered prices at that date as follows; New Zealand wethers and maiden ewes: Canterbury quality, selected brands, 561 b and under, ?id per lb; 671 - to 6-llb, 7d; 651 b to 721 b, other brands, 561 b and under, 'iu; 571 b to 641 b, GSd; 651 b to 721 b, Ggd. New Zealand ewes, G4lb and under, s£d. New Zealand lamb: Canterbury quality, 361 b and under, lid; 371 b to 421 b, lid; 431 b to 50ib, lOd; seconds, lOJd; selected 361 b and under, HJd; 371 b to 421 b, Hid; other brands, first quality, 421 b and under, lOJd; seconds, lOd. New Zealand beef; Ox fores 2Jd, hinds 4-j£d, cow fores 2|d, hinds 4Jd; Argentine chilled beef, ox fores 3d, hinds 7d; Argentine frozen beef, ox fores 3d, hinds 5Jd. Frozen pork, not quoted. DAIRY PRODUCE. The National Mortgage and Agency Company are in receipt of the following cablegram from Messrs A. J. Mills and Co. (Ltd.), London; Owing to email available supplies of New Zealand cheese and late Canadian season the market suddenly improved 92a to 945. GORDON AND GOTCH (LTD.). The report of tho directors of Gordon and Gotch (Ltd.) for the half-year ended March 31, disclose a net profit of £23,437 (after making provision for income taxes to the extent of £4327) compared with £26,585 for the previous six months. With £-145 brought forward there is available for distribution £23,882. A dividend at th© rate of 8 per cent, per annum on preference shares absorbs £4OOO, at the rate of 8 per cent, per annum on ordinary shares £12,914, and £6500 is transferred to tho reserve fund, leaving £4Go to be carried forward. It is recommended that an item of “Underwriters’ commission and brokerage, £3856,” be written off out of reserve. The item was incurred in. the issue of the balance of th© ordinary shares. GOLDSBROUGH, MORT, AND CO. (LTD.). Tho directors of Goldsbrough, Mort, and Co. (Ltd.) state in their annual report that, for the year ended March 31 last, the company made a net profit of £231,130, as against £170,425 for th© previous year, and £174,4a/ for 1921-22. The amount brought forward was £31,779, out of which a bonus of £2939 was paid to the staff. An interim dividend at the rate of 1C per cent, per annum was paid in December, and the directors now recommend the payment of a final dividend at the rate of 10 per cent, and a bonus of 5 per cent, each of these three distributions requiring a sum of £48,342. The dividend and bonus together amount to 15 per cent £40,000 is to be transferred to the reserve fund, £2500 is to be added to the provid at fund, and £72,442 is to be carried forward. GRAIN-HANDLING RECORD. It is reported that all previous grainhandling records of tho Canadian Pacific Railway in Alberta have been completely smashed this season. Since th© commencement of the grain shipping season on September X to March 31 the Canadian Pacific placed 10,000,000 bushels of wheat in store and 2,000,000 bushels other grains, and shipped out of the province 83,500,000 bushels of wheat and 15.500,000 bushels of other grains. The total grain handled in tho period mentioned was 111,000,000 bushels. This is practically double tho shipments made by the company for the whole of last season, the figures then being 36,500,000 bushels of wheat and 7,250,000 bushels ot other grains. COMPANIES REGISTERED. The following companies have just been registered: A. Taylor and Sons (Ltd.). Registered as a private company June 4, 1924. Office: 265 Princes street, Dunedin. Capital: £2500, into 2500 shares of £1 each. Subscribers; Dunedin —A. J. Taylor 1075, W. T. Taylor 1075, A. E. Taylor 350. Objects: To acquire and take over as a going concern the business now carried on at Dunedin under the style of “A Taylor and Sons,” and to carry on the business of manufacturers of and dealers in furniture and upholstery, and also the business of general dealers in coal and like products. Rugby House Shoe Stores (Ltd.). Registered as a private company June 2, 1924. Office; Th© office of Messrs W. E. C. Reid and Co., Princes street, Dunedin. Capital: £IOOO, into 1000 shares of £1 each. Subscribers : Dunedin —Alexander Williamson 750, James Collier 250. Objects: To carry on all or any of the businesses of makers, manufacturers, repairers, importers, and exporters, and wholesale and retail dealers of and in boots, shoes, and all kinds of footwear and leather goods, H. W. Moss (Ltd.). Registered os a private company June 9, 1924. Office; New’ Zealand Loan and Mercantile Agency Company (Ltd.) Buildings. Featherston street, Wellington. Capital: £IO,OOO, into 10.000 shares of £1 each. Subscribers; Wellington —H. W. Moss 9800, Emma L. Moss 100.; Hawera, L. G. Moss 100. Objects: To carry on the business of general merchants and incidental. SOUTHLAND MARKET REPORT. (From Orb Own Correspondent.) INVERCARGILL, June 13. Oats. —During the week the market has again advanced—B grade having been sold at 5s 8d per bushel f.0.b., s.i., and to-day sellers are asking an advance of Jd, while A. grade are quoted at 5s lid. These are in the nature of forced sales to resellers, but nevertheless, show not along th© trend of the market, but holders’ ideas of values. Offerings from farmers are absolutely nil. and the bulk of our producers have to secure their seed requirements so the dearth of supplies will be felt even to a greater extnt latr on. Chaff. —Notwithstanding prices in the north, still maintains its established value of £6 10s per ton, 0.t.c.5., for good prim© qualify. Ryegrass.—This market has also advanced and 27-2Slb seed is now being generally quoted between merchants at 8s 8d per bushel, with corresponding advances in tho heavier weights. Offerings from farmers are extremely rare and depending on the weight and dressing by tho mill command from 5-s 6d to 6s per bushel. THE OAMARU MARKETS. (Prom Odr Own Correspondent.) OAMARU, June 14. The week has witnessed a material change in the weather, which had all the brightness and warmth of spring for the first few days, and then changed sharply to winter conditions. A light rain set in on Wednesday night, and was followed by u much more pronounced downpour on Thursday afternoon and night, while last night there was a recurrence of showers, which have been continued. In tho town tho rainfall for the week haa amounted to about half an inch. That total was exceeded in a good many

country localities, and farmers are hoping for a cessation of rain for a short spell and a return to warmth to encourage further growth of vegetation. But as frosts have now set in, and the season is late, there is small likelihood of farmers' desires being satisfied. However, there has already been a good growth of both pasture and crops sown for green feed, and there is no room for misgivings upon the score of winter and early spring feed for stock. In the last few days a good amount of snow has fallen in the back country, and mountains that previously had been cleared of snow have now been covered with a mantle of white. Thursday night's fall extended to the level lands <»f Kurow township and Towarahi. Necessarily, a low temperature has prevailed in all directions. The chief feature of the week in the grain market has been the demand by farmers for seed whoat. and a considerable quantity has been sent out. It now appears certain that the area under auturrm and winter wheat will be much greater than waa anticipated. Three tilings have conbined to produce that change of prospects. The first and most pronounced of these causes has been the coming of the long-d«ferred rain. The acquisition of moisture enabled farmers to break up land that waa previously unploughable, and there was a pretty general rush to seize the opportunity. Another factor has been the (scarcity of shoep and the high prices prevailing, which precluded farmers from turning their land to growing meat and wool. Finally, there Ims "been a pretty extensive clearing out of poor and unprofitable cattle with a view to an improvement of dairy hords. This has not been easy of accomplishment, and must' be spread over several years, while the outlook in regard to dairy produce is not such as to encourage enterprise in the industry on a largo and costly scale. A resort to whoat-growing for the time being is the result. In the last fortnight a considerable area has been sown, and more sowing will be done during the incoming week. Then winter sowing will come to a clo&e. What may be the case in the spring cannot be foreshadowed, for everything will depend upon the conditions then existing. There has been little doing in oats, for offerings from the country are few and far between. One fair-sized line of A grade Gartons was acquired at country station at Is lid net, and some small lota have been taken at 53 net delivered in Oamaru. A number of samples of cowgrass seed have been on offer, but growers have sought prices above merchants' present limits, and business has been restricted. One very nice clean line changed hands at Od net at a country station, which represents buyers' highest appraisement of values The turnover in oatensheaf chaff has continued on a fairly extensive scale. A number of transactions are reported at prices ranging from £6 12s 6d to £7 net on trucks, according to quality. The weather during the last few days has not been favourable to business in tbo stock market, but it is questionable if this made much difference, for while there is a demand for good ewes in particular, there are not many sellers of any descriptions of sheep. There was only a small yarding at the weekly market and the offerings were mostly found in tho fat pens. The range of prices was as follows: —Prime lambs, 32s 6d to 355; medium, 23s to 31a 6d; light, 26s 6d to 28s: extra prime wethers, Its; prime, 35a to 36s 9d; medium, 30s to 33s 6d; prime ewes, 24s Rd to 25a Od; medium, 22s 6d to 23s 6d; light at 18s 6d to 21s 6d; small store wether hoggets brought from 18s 6d to 21s 6d. and aged wethers were eold at 18s 6d. Th* regular sale at Duntroon, which followed, promised to provide business, but the bulk of the. sheep entered did not come forward, and the sale was a frost. There was nothing of note in what were offered. The fat lambs wore a mixed lot, and the beat were sold at 32s 6d, and others ranged downward from 2Ds Gd to 18s 6d. Fat wethers brought from 30s to 345, and a pen of mixed sex store lamb 3 realised 21s 3d. Sales of sheep have been limited to four modest lines is follows:—Extra quality ewe hoggets, 30s; three-quarterbred full-mouthed ewes, 30s; failing-mouthed ewes. 20s: fat ewes, 26s 6d. Though a good number of transactions in cattle are reported, the volume of business has been small, and the beat part of it has been in butchers' animals. The small offering at the weekly market consisted wholly of fat cows, mostly of medium quality. The be3t of them brought from £6 to £7 7s 6d, and other? from £i to £5 10s, while inferior sorts went at from 27s 6d to 47s 6d. By private treaty fat cattle have been sold at the following rates:—Medium-weight bullocks, £9 to £10: medium steers. £8 12s Sd to £9; prime heifers, £8 10s: other heifers, £4 to £6 cows, £5 to £7, according to weight and quality. The chief feature of the market -sale on the cattle side waa an offering of some Holstein-Friesian cows and heifers. A couple of cows made £l7 each, «nd the heifers realised from £lO to £lO 10s. Outside of dairy cows, there waa nothing in the yards .of any note. The best of tho cows at profit sold at from £7 to £B, and these have been done by private treatv. Aged cows at profit have been sold at from £2 to £4. Most of the business in store cattle has been in old cowe, which have been quitted at about the value of their hide? Some two-year-old steers were placed at £9 10s, and 18-month-old mixed-sex at £ mm 10b, and 18-month-old mixed sexes at £1 10s. LOivjON MARKETS. Press A«»ociation—By Telegraph—Copyright. LONDON, June 14. (Keceived June 15, at 5.5 p.m.) Lamb. —New Zealand selected light, lOgd; medium, 10§d. Australian firsts: Victorian, lOd; other States, 9Jd. Seconds: Victorian, %&; others, 9fd. Thirds, 9Jd. Argentina firsts, light, 9Jd; medium, 9d; seconds, 9Jd. Frozen Beef.—Argentine fores, 3d; Uruguay fores 22d, hinds 4Jd. Chilled Argentine fores, 3d, hinds 7d. Uruguay fores 23d, hinds 6Jd. Others unchanged. Rubber.—Para, lid lb; plantation smoked, IOJd per lb. Jute.— June-July shipment, £2l 7s 6d per ton. Hemp.—May-July shipment, £36 10s per ton. Copra.—June-July shipment, £26 17a 6d per ton. Linseed oil, £4O 10s per ton. Turpentine, 68s 9d per cwt.—A. and N.Z. Cable. AUSTRALIAN FLOUR. Press Association—By Telegraph—Copyright. LONDON, June 12. Australian flour is quoted at 35s. —A. and N. 4. Cable. FOREIGN EXCHANGE BATES. P'i*» Aspc.i&l'.on—Bv I>' -"liih-Convrigb' LOXTIDX, June 12. The exchange rates are as follows:

•Determined by price of silver The exchange rate on Berlin (par 20.15 marks in the £1) is eighteen billions. —A. and N.Z. Cable. BANK OF ENGLAND KETTJHNS. Press Association —By Teleprraph—Copyright. LONDON, June 12. The Bank of England returns lor the week ended June 12 were: — June 5. Jim* l 12.

GOVEKNMEN-T SECTJBITIES. Preas Association—By Telegraph—Copyright. LONDON, Juno 12. The following are the latest quotations (or Government srenritica, oompared with the prices ruling last week: —

THE FRUIT AND PRODUCE WORLD. Reilly’s Central Produce Mart reports: Considerable consignments of Island and Australian fruit have reached us during the week, and arc meeting a steady sale. Good cooking apples are in short supply. Consignments of eggs are increasing; prices re main firm at 2s lOd per dozen for stamped and guaranteed. We sold at the following prices:—Narcissi, 4d, 6d, 9d. Violets, 3d, 4d, 6Jd. Grapes: Gros Colmars, 2a 3d Tomatoes: Christchurch hothouse, lOd to Is 4d; local, Is 3d, Is 7d; outside, 2d to 4d. Quinces, 2d. Pears: Winter Neiis, 4d, 4jd ; Coles, 3£d, 4d; cooking, 2d, 2|d. Apples ■ Choice Jonathans, 9s, 10s, lls; Delicious, 10s, 12s 6d; Scarlets, 6s, 9s; Cleopatraa, Bs, 10a; other desserts, Gs, 8a; choice oook era, 6s 6d, 7s. Californian oranges, 86s; Rarotonga repacks, 12s 6d; Australian navels, 17s Gd, 20s. American lemons, 37a 6d; Melbourne, 17s. Passion fruit, 265. Pineapples, 225. Grape fruit, 16s. Bananas; Ripe, 355; green Rarotonga, 21e; Fiji, 255. Prize-winner tinned pines: Slices, 7a 9d; cubes, Bs. Choice dates: Packets, ss, 7 s Peanuts: Choice quality, 6d. Walnuts, Gti, lOd. Almonds, 10|d. Layer figs, lljd. Prunes, sd. Lexias, 4d. Fielding onions, lid. Vegetable marrows, 12s. Pumpkins, 12s. Jam melons, 10s 16d. Potatoes: Stirling, Outram, Ba, Ss 6d; Oamarus Waimates, 7s 6d. Carrots, 7s 6d. Onions: Melboumes, 16s. Swedes, 3s 6d. Parsnips, Os 6d cwt. Cabbages: Choice, Bs, 12e. Cauhflowers; Choice, 9s, 12s. Cucumbers: Hothouse, email, 4s to 6s. Lettuce: Choice, Is 6d. Tea: Broken Orange Pekoe, 2s 6d. Butter: Separator pats. Is Gd; dairy pats, Is- sd; milled, Is 6d. Cheese, SJd, 9Jd. Beeswax, Is Gd. Preserved ginger, la 2d. Hams, Is 2d. Bacon, Is Id for choice. Pigs: Prime baconers, 6Jd> 7d; prime porkers, 7d; heavy-woights, to 4d. Honey; Choice bulk, 5Jd; 101 b tins, 5s Gd, 7s Gd; pats, 4s 3d ; sections, choice 10s, 12s. Sardines: "Pelican” brand brislings, 6e; sild, 5s 3d, best quality. Eggs: Stamped, 2s lod; pullets, 2s Gd; cased, '2s 7d; preserved, 1s 8d Egg crates; Champion, 34-dozen, 17s Gd; Economic, 20-dozen, 15a. Fowl wheat, 5a 9d, Gb. Oats; A Gartons, 5a 3d; B Gartons, ss. Prime oatsheaf chaff, £B, I® 5s per ton, ex truck. Crushed peas, 150’s, 16e Gd. Molasses; Casks, 10s cwt. Vallo-Giraffe brand lime sulphur: Casks, Is lOd gallon. Atomised sulphur, 9d. Arsenate lead paste, 1001 b kegs, lOrd. Arsenate lead powder: 1001 b kegs, Is sd; 561 b kegs, Is Gd. Petroleum emulsion: Barrels, 3s Gd. Spreader: Cased, 10d. Bluestono, 45a cwt. Black leaf “40”; 10lb tine, 595. Woodwool; Special quality. 28a per bale. Poultry; Hens realised 2s Gd to ss; pullets realised 6s to 7a Gd; cockerils realised 3e to 10s; ducks realised 6a 6d to Bs, all at per pair; turkey realised Hd to Is 2Jd per lb. E. OSWALD REILLY, Managing Director, Moray place, Dunedin.

Par. June 10., June 12. Paris, fr. to £1 ... ... 25.225 85.50 81.35 Brussels, fr. tc > £1 ... ... 25.225 08.17 04.50 Christiania, kr . to £1 ... 18.150 31.97 31.03 Copenhagen, ki -. to £1 ... 18.150 25.57 25.58 Stockholm, kr. to £1 ... 18.153 16.23 16.22 New York, do] [. to £1 ... 4.88 4..TOJ 4.318 Montreal, <lol. to £1 ... 4.8G 4.37J 4.38J Rome, lire, to £1 ... ... 22.22J 00} 00 Yokohama, Bt. to yen ... 21.5 221 22 15-16 Calcuttta, St. to rpe. 10 to gold 16 15-17 16 15-16 Hongkong, st. to dol. . * 20 28J

Coin and bullion ... £126,.138,000 £UBJMJM) Bcserve ... 21,1158,000 21.827,000 N<teG in circulation ... 126.B78.0O0 126,136,000 Government deposits ... 10,788,000 10,747,!XX) Other deposits ... 127,80:j,000 122,256,000 Govern rrxnt security 3 ... 65,082,000 58,917,000 Discounts find advan ices 69,!)M,000 70,015,000 Proportion of reserve t ,o Per cent. Per cent. liabilities 15.11 16.41 Short loans 2\ n Three months' hills 3 35 —A. and N.Z. Cable.

L.TSt we< :k. This' tree k. Imperial consols, 24 p.c ... War loan, 6 p.c, 1929-47 57 0 0 57 2 R 101 0 0 101 2 G War loan, 34 p.c, 1325-28 ... 97 0 0 9G 17 6 Conversion loan, 3£ p.c. ... 78 0 0 78 2 6 Commonwealth, 6 p.c, 193141 10B 7 6 100 7 6 Commonwealth. 51 p.c, 192207 101 10 0 110 10 0 N.Z. e" v.'c., 193G-51 110 5 0 110 15 0 N.Z. i p.c, 1929 98 0 0 9(i 0 0 N.Z. 31 p.c, 1940 84 0 0 84 5 0 N.Z. 3 p.c, 1945 77 5 0 77 0 0 N.P.W., BJ p.c, 1930-40 ... 108 17 G 109 5 0 N.S.W. 6 p.c, 1930-40 ... 105 0 0 104 17 e N P W. 5J p.c, 1930-50 ... 101 1 G 101 2 G N.B.W. 4 p.c, 1933 92 0 0 92 5 0 N.S.W. 3i p.c, 1930-50 ... 83 7 8 83 7 fi N.fi.W. 3 p.c, 1935 78 0 0 78 0 0 Vic 51 p.c, 1930-40 102 17 6 102 17 0 Vic 3j p.c, 1921-20 98 7 G • 98 7 (i Vic 3J p.c, 192940 79 15 0 79 7 0 Vie. 34 p.e., 1929-40 73 0 0 73 0 0 Queensland 6 p.c, 1930-40 105 0 0 105 7 o Queensland 4 p.c, 1924 ... 101 5 0 99 10 0 Queensland 3J p.c, 1924 ... 99 15 0 99 10 0 Queensland 34 p.c, 1930 ... 91 0 0 90 17 B Queensland 3 p.c, 1922-47 71 10 0 71 5 0 fi.A. B4 P-C, 1920-40 109 0 109 G S.A 44 p.c, 1945 or after 83 10 0 83 10 0 S.A. 3 P-c, 1930 (11 0 0 (11 15 0 W A. 6 p.c, 1930-40 104 0 0 104 0 0 W.A. 34 p.c, 1920 25 ... 87 5 0 87 5 0 W.A. 3 p.c, 1915-35 82 5 0 82 7 6 T.1S. 81 p.c. 1930-40 109 0 0 109 7 6 —A. and K.Z. Cable.