COMMERCE AND FINANCE

Otago Daily Times, Issue 20039, 4 March 1927, Page 12

COMMERCE AND FINANCE

THE BUTTER POSITION. CAUSE FOE CONCERN. ACCUMULATIONS IN ENGLAND. (Special to Daily Times.) WELLINGTON, March 3. When questioned yesterday in regard to the butter position, Mr J. B. Mac Ewan, the head of the firm bearing his name, replied promptly that he thought it presented occasion for grave concern, if not for actual alarm. The most disturbing feature of the situation, he said, was that, while Australia and the Argentine were quitting their shipments practically as they came to hand. New Zealand was accumulating stocks at a most disturbing rate. At the end of February, only two days before, there was no unsold Argentine butter in London, and only 23,500 boxes of unsold Australian, which was merely a tow days’ sunnly. On the other hand, there was an accumulation of 400,000 boxes of New Zealand butter in store. This could mean only that the distributors, retailers, and consumers, for some reason or other, were looking with less favour upon New Zealand butter in store than upon Australian and Argentine. Danish butter, of course, was sold from day to day, and other northern supplies were not yet bn the market in any quantities. There were other significant facts which Mr Mac Ewan stated without comment. The estimated stock of New Zealand controlled butter in London on February 28 was 8750 tons, and of uncontrolled 1250 tons —a total of 10,000 tons, or 16J per cent, of the season’s estimated shipment of 60,000 tons. The estimated arrivals for March, April, and May were respectively 8750 tons, 7750 tons, and 6250 tons, which, added to the butter in stock on February 28, made a grand total of 32,750 tons, or 544 per cent, of the Dominion’s esti ated total export. The sales of "controlled butter” up to February 18 amounted to 9500 tons, an average of 650 tons per week, but, with the 17,000 tons estimated to arrive after May 31, there would be 49,752 tons to sell between February 18 and the end of the season. To effect a clearance of this huge total it would have to be moved off at the rate of 2000 tons a week, and this in face of the spring and summer production in the Northern Hemisphere. In other words, the sales would have to be increased by 300 per cent, to avoid a heavy carry-over, and the inevitable deterioration in quality and decline in value. “I do not want to add further fuel to the old controversy over compulsion,” Mr Mac Ewan said in closing the interview. "The position is too serious for us to be quarrelling between ourselves. It is obvious, however, that our marketing arrangements have gone wrong, and that something must be done to avert a catastrophe. Our butter, much improved in quality as everyone admits, instead of gaining ground in popular favour and challenging the supremacy of Denmark, is losing ground. The Prime Minister still has to tell us of the result of his observations in London, and, meanwhile, we must possess our souls in patience, but it is to be hoped that at the earliest possible moment, in the interests of the producers and their industry, Mr Coates will apply himself earnestly to some sound remedy for an extremely unsatisfactory state of affairs.” LONDON TALLOW MARKET” (Press Association—By Telegraph—Copyright.) LONDON, March 2. (Received March 3, at 5.5 p.m.) At the tallow sales 1615 casks wore offered, and 681 wore sold at par to Is 6d decline. Quotations: Mutlon, line, 58s; medium, 345; beef, fine, 59s 6ci; medium, 34s.—A. and N.Z. Cable. SULTANAS AND CURRANTS. (Press Association—By Telegraph—Copyright.) LONDON, March 2. (Received March 5, at 5.5 p.m.) The sultana trade is quiet. Australians, fine, 68s to 735; medium, 63s to 68s; common, 56s to 625. Currants are in good demand, and stocks of Australian are practically cleared. Prices: 35s to 38s. —A. and N.Z. Cable. LONDON WHEAT MARKET. (Press Association —By Telegraph—Copyright.) I.ON DON. March 2. (Received March 3, at 5.5 p.m.) Wheat: Cargoes showed improved demand in sympathy with American reports, ami prices advanced by 6d. Quotations: Hesperus, 53s 3d (net); fiithonia, 53s 3d; Faxon, 53s 9d; Hoyanger, 53s l£d. Parcels were moderately active at an advance ol 3d to 6d. Ex the Medic, 53s 3d (net), 55s ex the City of Corinth and Yedic, 53s 4d ; ex the Euripides and City of Hankow, 63s 3d; ex the Euryades, 53s 9d; ex the Berwickshire, 53s 6d. Liverpool futures— March, 10s Bid; May, 10a July 10s 4d per cental.—A. and N. Z. Cable. CALCUTTA TEA SALES. (Press Association—By Telecrfiph Copyright.) CALCUTTA. March 2. (Received March 3, at 8 p.m.) At tho final tea sale of the season the demand was active and prives advanced six pies to ono anna in the case of leaf teas and six pics for dusts. The tea interests strongly condemn the Budget proposals to increase tho assessment on the tea companies from 25 per cent, to £0 per cent, as an offset to the abolition of the tea export duty. UNITED BTAER-BOWKETT. A meeting of members of the United Starr-Bowkett Building Society was held in Messrs J. W. Smoaton and Co.’s office last evening to dispose of £2BOO. Mr E. A. Rosovear, chairman of directors, presided. Mr Rosevear stated that No. lu group was holding its second appropriation. Tho next appropriation would be by ballot, and as there were still a few shares available those intending to join should call and have the system explained and so participate in the next ballot. A, further £6OOO would be disposed of during the next month, making a total of £IO,BOO in less than two months. A ballot was then taken for the 76th appropriation in No. 4 group. Cluster No. 36 was drawn, hold bv one member. A sale was taken for the 77th appropriation in No. 4 group, £SOO being bought at £25 and £l2 por £IOO. A sale was taken for tho second appropriation in No. 10 group. £BOO being bought at £46 and £4O por £IOO. SYDNEY WOOL SALES. (Press Association—B? Telegraph— Copyright ) S.YDNEY, March 3. (Received March 3, at 11.30 p.m.) Under animated competition the market ruled very (irm at full late rates for all descriptions. Greasy merino fleece sold to 40Id. AUSTRALIAN MARKETS. (Frees Association—By Telegraph—Copyright.) SYDNEY. March 3. (Received March 3. at 11.30 p.m.) Wheat, 4s sad at country stations, equal to 5s Id ex truck, at Svdney. Flour, £ll 10s to £l2 ss. Oats: Tasmanian white Giants, 4s; Algerian, 3s 9d. Slaize, 8s Potatoes: Tasmanian, £ll to £l2; Victorian, £lO 10s. Onions, £6 to £7. ADELAIDE, March 3 Wheat: Growers’ lots, 4s lljd to ss; parcels, 4s IJcl. Oats, 2s 4<l to 2s 6d. MELBOURNE. March 3. Hides were strong, and the previous values were readilv forthcoming.

LOCAL AND OVERSEAS MARKETS.

THE SHARE MARKET. DUXEDIX STOCK EXCHANGE Yesterday was u fairly busy day on the Dun Min Stock Exchange. A parce of P. and 0. Deferred Stock was exchanged at £255, and business was also done in Milburn Lime and Cements (new issue) at 3s Cd premium, two parcels being turned over. There was Iso a kale of St. Bathans (B issue) at 10s and a sale was reported in Bank of New Zcalands at 60s. Banking lines were in vood demand, and war bonds wore :d- noted freely. „ „ , ~ Sales; P. and O. Deferred Stoi ■ Milburn J-me (new issue), 3s Cd nn. (two); St. Bathans (B issue), 10s discount. , r . , , Sales reported: Bank of New Zealand, 60s. . , The -ollowing are yesterday afternoon s buying and selling quotations, which are subject to the usual brokerage: BANKING. Bank of Now South Wales—Buy £4O 5s Bank vf New Zealand—Buy 50s od, sel 60s 6d. . . Bank of New Zealand (D issue, cont.) Buy 6s 6d prem. Commercial Bank —Buy 30s 3d, sel 31s Commercial Bank (new issue) Buy 13s 6d prem. . _ _ „, National Bank —Sel £7 2s 6d. National Bank of Australasia— Buy £lB Bank of Aust. (cont.) —Buy £0 3s 6d. Western Australian —58s 6d. BREWERIES. N.Z. Breweries (Ltd.)— Buy 50s. sel 51s. N.Z. Breweries (Ltd.) Debs. —Buy -4s 3d. sel 24s Od. Ward and Co. —Buy *-2s. Staples—Buy ’’6s 3a. INSURANCE. National Insurance Co. —Sel 74s Od. N.Z. Insurance Co. —Sel 36s 6d. South British Insurance Co.—Sel o6s. Standard Insurance Co. —Buy 575. SHIPPING. Burns Philp.—Buy 40s 6d. Huddart, Parker (ord.) Buy 4is 3d. HuchUrt, Parker (pref.)—Buy 21s. ]>. and O. Deferred Stock —Buy £2ol, sel £263 U.s.s. Co. (pref.)— Buy 20s 2d, sel 20s 6<L COAL. "Westport Coal Co. —Sol 35s Od. LOAN AND AGENCY. Dalgety r.nd Co—Buy £ls 7s 6d, sel £ls 15s. Goldsbrough, Mort—Buy 50s. National Mortgage—Buy 70s. N.Z. and River Plate—Buy 255. Perpetual Trustees —Buy 60s. Trustees, Executors, and Agency—Buy 58s Wright, Stephenson (ord.)— Buy 21s 6d, sel 2os. _ _ _ Wright, Stephenson (prof.)—Sel 17s. MEAT PRESERVING. Canterbury Meat —Buy £7 15a. N.Z. Refrigerating (pd.)—Sel I4s 6d. N.Z. Refrigerating (cont.) —Buy 6s, sel ° S 3d ' MISCELLANEOUS. Auckland Amusement Park (ord.) —Sel 16s. Auckland Amusement Park (cont.) Sel 21s. British Tobacco —Sel 545. Brown, Ewing (ord.) —Buy 20s od. Crystal Ice—Sel 20s. D.I.C. (pref.)—Buy 21s. Dominion Rubber —Sel 48s 9d. Donaghy’s Rope and Twine—Buy 345. Duneclin-Kaikorai Trams —Buy 345. Kaiapoi Woollen (ord.) —Buy 9s 3d. Milburn Lime and Cement—Buy 265, sel 28s. Milburn Lime and Cement (new issue) —Buy 3s 5d prem, sel 3s 7d prem. Mosgiel Woollen Co.—Buy £6 3s. National Electric —Sel 17s. N.Z. Drug Co. (£2 paid)—Sel 68s. N.Z. Express (ord.) —Sel 23a. N.Z. Express (pref.)—Buy 17s, sel 19s. N.Z. Hardware (ord.)— Buy 4s Od, sel ss. N.Z. Malay Rubber (ord.) —Sel 43s 6d. N.Z. Milk Products—Buy 20s 6d. N.Z. Paper Mills (ord.)— Buy I9s. Otago Daily Times Rights—Buy 34s 9d. Smith and Smith (pref.)—Buy 15s 9d, sel 18s 3d. Whitcombe and Tombs—Buy 725. Wilsons'(N.Z.) Cement—Sel 36s 9d. MINING. Kawarau G.M. Co.—Buy 3s 3d, sel 3s 7 Nokomai (cont.)— Buy 11s prem., sel 14s 9d prem. Waihi —Buy 17s 9d, sel 18s 9d. Waihi Grand Junction —Sel Is lOd. Electrolytic Zinc (prof.)—Buy 36s lid, sel 37s 2d. Electrolytic Zinc (dcf. ord.) —Buy 36s 3d. Mount Lyell—Buy 28s 7d. Kawarau High Levels —Buy par, sel 2s prem. St. Bathans (A issue) —Buy 11s 3d disc., St. Bathans (B issue) —Buy 11s disc., sel 9s 6d disc. Molyneux Electric—Buy 19s Bd, sol 20s Od. Alburnia —Buy ' s 9d, sel 3s 3d. Big Beach —Buy Is 3d disc., sel 9d disc. Mount Isa—Sel 40s. Upper Nevis—Buy 3s 4d prem., sel 5s prem. WAR BONDS. 4i per cent. Bonds, 1930—Buy £97 ss. 44 per cent. Bonds, 1938 —Sel £96 ss. 5j per cent. Soldie. ’ Bonds, 1933 —Buy £lOl. 4J ncr cent. Inscribed, 1938—Sel £96 10s 5| per cent. Soldiers’ Inscribed, 1933 — Buy £lOl. 5 per cent. Postal Bonds, 1927 —Buy £9B 12s Od. 5 per cent. Postal Inscribed, 1927 Buy £9B 12s 6d. 5 per cent. Postal Inscribed, 1929—8uy £9B 12s Od. 5f per cent. Bonds, 1930 —Buy £9B. 54 per cent. Inscribed, 1936—8uy £IOO 10s. 54 per cent. Bonds, 1936 —Scl £lOl 2s Od. NORTHERN EXCHANGES. (Per Exited Press Association.) The following business was done on ’Changes yesterday: — Auckland. —Sales : Soldiers’ Bonds, £lol, Inscribed Stock (1938), 4$ per cent., £96 10s; English, Scottish, and Australian Bank, £8 10s; Bank of New South Wales, £49 lOe; Bank of New Zealand (new issue, paid). 275; Union Bank of Australia, £ls ss; ’«*supiri Coal, 22s 2d; Auckland Gas, 235; Northern Steamship (cont.), 6s 6d; Kauri Timber, 26s 6d; Milne and Choycc Debenture Stock, 255; Wilsons Cement, 36a, 36s 3d; Alburnia, 3s; Lucky Shot (cont.), 2s 3d; New Waiotahi (cont.). Is; Occidental Una United, 9d; Waihi, 18s. Wellington.—Sale: Bank of New South Wales, £49 10s. Christchurch.—Sales reported: E.S. and A. Bank, £8 10s sd; National Bank of Australasia (£5 pel), £9 12s 6d- Western Australian Bank, 59s 6d; New Zealand and River Plate, 25s 6d; Union Steam (prof.), 20s 4gd ; Electrolytic Zinc (prcf.,_ cum div.), 37e Id ; Holden’s Motors (cum. div.), 51s 6d. Sales: E.S. and A. Bank. £8 10s 6d; Commercial Bank of Sydney, £25 2s 6d; Union Bank, £ls Ss ;Goldsbrough, Mort, 50s 6d; Now Zealand Refrigerating (cont.), 6s Id; Huddart, Parker (cum div.), 48s.