COMMERCE AND FINANCE

Otago Daily Times, Issue 19969, 10 December 1926, Page 8

COMMERCE AND FINANCE

EXPORT OF BUTTER. MARKET IN AUSTRALIA. OF TEMPORARY CHARACTER. (Special to Dailv Times.) WELLINGTON, December 9. Owing primarily to tho drought in certain parts of Australia, and to the fact that, because of the Australian coastal freights and transport conditions, it io cheaper to supply eomo of the Australian markets with butter from Now Zealand than from those Australian dairying districts that have a surplus of butter. Important sales of 14 ew Zealand butter for Australia have been made during the last few days. The sales started at about Is 3d, and have now been made up to Is 4id, f.0.b.. New Zealand ports. These Australian prices are for the finest. The latest named quotation for tho now season’s board controlled butter in London for finest is 170 s a cwt. As 170 s a cwt is equal to Is 4.31 d, f.0.b.,' Now Zealand ports, it will be seen that Is 4jd from Australia is a shade better, but butter people interested in the Australian market should note not only the price quoted, but also the fact that, whereas the New Zealand requirement is 80 per cent, butter-fat, Australia requires 82 per cent, butter-fat in butter imported thereto. If the finest butter in London moves up to 175 s a cwt that will bo equal to Is 4.Sid, f.0.b., New Zealand ports (since tho above was written a cablegram received by Messrs Dalgety and Co., Ltd., announces that the “named” price in London has moved up to 176 s for finest, and 174 s for first grade). In addition to tho factor of drought in Australia, there is tho factor represented by the Paterson plan. The Paterson plan makes a levy on all butter produced in Australia for tho benefit of the portion thereof (one-third) exported from Australia. In other words the Australian consumer finds an export bounty for Australian export butter, and bo raises the prices of his own butter against himself to tho extent of the bounty which he pays to the exported article, and this margin of price helps to make the importing of New Zealand butter profitable in times of drought or shortage. The Paterson plan is a standing condition. Drought is occasional, and imports from New Zealand, therefore, fluctuate. Taking tho last three years ended March _3l, it is found that Australia took from New Zealand 101,000 boxes of butter, being 2500 tons, as compared with our total export ol 65,000 to 70,000 tons. . The present butter ’business with Australia is therefore, due primarily to particular conditions, and may bo affected by events either in Australia or London. RATES OF INTEREST. RAISED BY BANKS. (Special to Dailv Times.) WELLINGTON, December 9. The banks, in order to encourage the placing of money on fixed deposit with them for short terms, have decided to raise the three months’ rate of interest to 33 per cent, per annum, and allow tho same rate for broken periods, after three months, for any time up to within 12 months. Tho new rate is to take effect as from December 15. UNITED STARR BOWKETT. A meeting of members of tho United Starr Bowkett Building Society was held in Messrs J. W. Smeaton and Co.’s office last evening to dispose of £2OOO. Mr B. A. Rosovear, who presided, stated that this would bo the last appropriation for the year, but that early next year further appropriations would be taking place in the different groups, and all those intending to take up shares in tho New No. 10 group should do so without delay and so participate in the next ballot. A ballot was then taken _ for the fortyfifth appropriation of £SOO in No. 6 group cluster. No. 293 being drawn, held by one shareholder. A sale was then held for the forty-sixth appropriation of £SOO in No. 6 group, u -]>v- -esultci as follows:—£500 at £3O and £2l. . . ,allot for the fifteenth appropriation of £SOO in No. 9 group cluster resulted in No. 316 being drawn, held by two shareholders. A sale was then held for the sixteenth appropriation of £SOO in No. 9 group, which resulted as follows: —£500 at £46. CALCUTTA TEA SALES. CPIMB AssocinMon —R* TVlos»rpnh—rVnvnsf’* CALCUTTA. December 8. At the tea sales there was a strong active market, and satisfactory rates were obtained for good classes. Other sorts were irregular. The average prices for *he commonest leaf were 9 annas 6 pies to 10 annas 6 pies; ordinary common pekoe Souchong, 10 annas to 10 annas 3 pies, lowest even leaf pekoe, 11 anna* to 12 annas; dusts, fully firm. —A. and N.Z. Cable. LONDON TALLOW SALES. (Prose Association—By Telegraph-Copyright.) LONDON, December 8. (Received Dec. 9, at 5.3 p.m.) At the tallow sales 1813 casks were offered and 614 were sold at a general decline of 3s. Mutton; Fine. 41s; medium, 365. Beef; Fine, 40s; medium, 35s. —A. and N.Z. Cable. PRICE OF FINE GOLD. (Press Association—By Telegraph—Copyright.) LONDON, December 8. (Received Dec. 9, at 5.5 p.m.) Fine gold is quoted at £4 4s 11 id an ounce.—A. and N.Z. Cable. LONDON WOOL SALES. (Press Association—By Telegraph—Copyright.) LONDON, December 8. (Received Dec. 9, at 5.5 p.m.) At the wool sales there was an average selection and fair competition. Good wools were firm, but fanlties were irregular. New Zealand “PMD” made a top price of 154 d and an average of 14*d. A. and N.Z. Cable. Messrs Murray, Roberts, r.nd Co. (Ltd.) have received the following cablegram from their London agents, dated December 8; French competition has been practically withdrawn. The market _ lor greasy merino, except for best descriptions, shows par to 5 per cent, decline. The opening rates for crossbred are barely maintained. THE SHARE MARKET. DUNEDIN STOCK EXCHANGE There was a sale in Kawaraus at 3s 3d on the Dunedin Stock Exchange yesterday, and business was also reported in P. and O. (deferred) at £230, Milburn Limes at 30s, and Kawaraus at 3s 3d. There was an inquiry for Crown Breweries at 18s 6d, but there were no offers to quit. War Bonds were also in demand. Shares in Vogel’s Vision were available at Is Gd discount, but buyers made no offers. Sale: Kawarau 3s 3d. Sales Reported: P. and O. Deferred, £250; Milburn Lime, 30s: Kawarau, 3s 3d. The following are yesterday afternoon’s having and selling quotations, which are subject to the usual brokerage: BANKING. Bank of Australasia—Sel £l4 7s. Bank of New South Wales—Buy £45. Bank of New Zealand—Buy 595, sel 59s 6d. Bank of Now Zealand (rights)—Buy 6s 9d. Commercial Bank —Sel 52s 3d. National Bank—Buy £7 Is, sel £7 3s 6d. Union Bank —Sel £ls ss. E.S. and A. Bank—Buy £8 Is, scl £8 4s. BREWERIES. Crown Brewery—Buy 18s 6d. Manning and Co. —Sel 21s 6d. N.Z. Breweries, Ltd.—Buy 52s 3d, sel S3s. N.Z. Breweries, Ltd., Debs.—Sel 255. SUblm—Bui 37a 6d, sel 38*.

LOCAL AND OVERSEAS MARKETS.

INSURANCE. National Insurance Co. —Buy 72s 6d, sel 745. N.Z. Insurance Co. —Buy 57s 6d, sel 38s 3d. Standard Insurance Co.—Sel 58s 9d. SHIPPING. Burns Philp—Buy 38s 6d. Huddart, Parker (ord.) —Buy 45s 3d, sel 47s 3d. Huddart, Parker (pref.)—Buy 20s 9d, sel 21s. P. and O. Deferred Stock —Buy £247, sol £251. U.S.S. Co. (pref.)—Buy 20s 3d. COAL. Westport Coal Co.—Buy 355, sel 35s 9d. Westport-Stockton (pref.)—Sel 3s. LOAN AND AGENCY. Dalgety and Co.—Buy £ls 10s. scl £ls 15s. Goldsbrough, Mort —Buy 49s 6d, sel 50s 6d. N.Z. Loan and Mercantile (ord.)—Buy £95 10s. N.Z. and River Plate —Buy 22s 9d. Perpetual Trustees—Buy 60s 6d. Trustees, Executors, and Agency—Buy 58s. MEAT PRESERVING. Gear Meat Co.—Buy 36a 6d. N.Z. Refrigerating (pd.)—Buy 14s £<l. N.Z. Refrigerating (cont.) —Buy 5s 6d, S<?l 7S ’ MISCELLANEOUS. Brown, Ewing (ord.) —Buy 30s. Brown, Ewing (pref.)—Buy 20s 6d. Colonial Sugar—Buy £54. D.I.C. (ord.) —Buy 9s 6d. Dental and Medical Sup.—Buy 17s, sel 17s 6d. Dominion Rubber —Sel 50s. Donaghy’s Rope and Twine —Buy 335. Dunedin-Kaikorai Trams —Buy 345. Eclipse Petrol—Buy 11s, sol 13s. Kaiapoi Woollen (pref.)—Buy 14s, sel 14s 6d. Milburn Lime and Cement—Buy 30s> sel 30s 4d. _ „ Mosaic! Woollen Co. —Buy x»o. National Electric —Sel 19s 3d. N.Z. Express (ord.) —Sel 235. N.Z. Express (pref.)—Buy 17s. N.Z. Guarantee Corp —Buy 10s, sol 10s 6d. N.Z. Hardware (ord.) —Buy 7s, sel 8s 6d. N.Z. Paper Mills (ord.)—Buy 17s 6d, sel 18s 9d. Taranaki Oil—Buy 9s 6d. Whitcombe and Tombs—Buy 69s oil. Wilsons (N.Z.) Cement—Buy 32s 3d, sel 535. MINING. Kawarau G.M. Co.—Buy 3s 3d, sel 3s 4d. Nokomai Sluicing Co. —Buy 4s, scl 5s 9d. Waihi—Sel 18s. . . , Waihi Grand Junction—Buy Is 9d, scl Electrolytic Zinc (pref.) —Buy 36s 9d, sel Electrolytic Zinc (ord.)— Buy 35s 6d, sel 36s Sd. Mount Lycll—Buy 28s 6d, sel 295. Kawarau High Levels —Scl 6d_ prem. Vogel’s Vision —Sel Is 6d disc. St. Bathans (A Issue)—Sel Is 6d prem. St. Bathans (B Issue)—Sel U 6d prem. Blacks G.M. Co.—Sel 3s disc. Mt. Isa—Buy 21s 3d, scl 22s 3d. Upper Nevis —Buy 6s 3d prem., sel 8s pvem. Alburnia —Buy 3s 4d, sel 4s. WAR BONDS. 44 per cent. Bonds, 1950 —Sel £93. 44 per cent. Bonds, 1958—Buy £96 15s. 44 per cent. Bonds, 1939—8uy £96 15s. 54 per cent. Soldiers’ Bonds, 1933 —Buy. 54 per cent. Soldiers’ Inscribed, 1933Buy £IOO 15s. ■ 5 per cent. Postal Bonds, 1927—8uy £9B 10s. 5 per cent. Postal Inscribed, 1927—8uy £93 ss, sel £99. NORTHERN EXCHANGES. (Peb United Pbess Association.) The following business was done on ’Changes yesterday: — Auckland.—Sales; Inscribed Stock (1938), 44 per cent, £97; (1939). 44 per cent., £97; Auckland Hospital Board Debentures (1947), 5J per’cent., £101: Commercial Bank of Australia, 325; Bank of New South Wales, £45 2s 6d; Bank of New Zealand, 59s 6d; New Zealand Insurance, 37s 9d; South British, 55s 9d; New Zealand and River Plate, 245; Loan and Mercantile, £96; Taupiri Coal, 21s 9d; Auckland Gas, 245; Moanataiari (con.), 5s 9d, 5s 9d 5s Bd, 5s 7d, 5s 3d; Lucky Shot (con.), Is 3d. Wellington—Sales Reported: New Zealand Government Loans, 64 per cent. Inscribed Stock (1933), £IOO 17s 6d. New Zealand and River Plate, £1 3s lid. Sale: Wellington Gas, £1 6s 3d. Christchurch.—Sales Reported ; Standard Insurance, 58s; New Zealand Government 44 per cont. Inscribed (1938), £96 17s -6d, £96 15s.— Sale: Kaiapoi Woollens (7s pd.l, 3s MELBOURNE HIDES SALES. (Press Association —Bv Tslccraph—Copyright.) MELBOURNE, December 9. (Received Dec. 9, at 11.30 p.m.) At tho hides market the demand was general. Previous values were unchanged.