COMMERCE AND FINANCE

Otago Daily Times, Issue 20289, 23 December 1927, Page 7

COMMERCE AND FINANCE

the share market. DUNEDIN STOCK EXCHANGE. The last call on the Stock Exchange for 1527 was held yesterday afternoon. Business will not be resumed until January 9. Sales have not been numerous this week, the bulk of the transactions having been effected in the insurance and banking sections. ■, Bank of Australias are firm with a buyer at £l4 13s. Sellers require £l4 lbs. Bank of New South Wales have increased in value, a parcel being placed at £45 10s, but a recent offer of that price has failed to attract a seller. . , Commercial Banks are easier. One lot changed hands at 295, and further lots are inquired fot at that figure, the nearest seller asking 29s 6d. There has been practically no movement in Nationals and Unions. N Z Breweries shares have not been in demand. Sellers, however, are holding fast at 44s 6d. . Staples have made a further increase m value, but an offer of 39s has not attracted an answering quote. National Insurances have been active Several lots have been turned over at los Bd. Buyers at present are ottering los id, but sellers will not accept less than 15s New Zealands and Standards arc unchanged, but South British firmed earlier in the week and were placed at 57s 9d, which price has since been ottered. Ordinary Huddart Parkers are inclined to firm. Buyers have been offering 4is fed throughout the week. . Westport Coals, too. show signs of improving. Buyers' offer of 31s 6d leaves only a sixpenny margin. Clear Meats are wanted a* ox dividen, but sellers require 38s 6>- : . . Paid-up Refrigeratings are quieter with no buyer better than 16s, and sellers at 17s. The contibuting shares are firmer, however, with inquiry at 8s 3d. There ha s been no jbetter offer than 14s for ordinary Auckland Amusement Parks, for which sellers demand 15s fed. The quotations for British Tobaccos are separated by sixpence, buyers quotation being 39s 3d. „ . . Sellers still ask 47s fid for Dominion Rubbers, but the offer has not exceeded 43». . . . . N.Z. Drugs have continued to improve in price, but sellers remain reticent. At the beginning of the week one lot found a, buyer at 68s 3d, and inquiry has since improved to 68s 9d. Buyers’ offer of 7d for Kawaraus still holds good, but sellers have not moved from lOd. Uppei Nevis have made no move towards recovery. Buyers are unwilling to give more than 21s, and quotation of 25s leaves a wide margin. Big Beach, which have sellers at par. are not in demand. Government Stock is almost unchanged. The following are yesterday afternoon s buying and selling quotations, which are subject to the usual brokerage: BANKING. Bank of Australasia—Buy £l4 13s, ael £l4 16s. „ , „ „ Bank of Now South Wales—Buy £45 10s. # Bank of New Zealand—Sol 59a 3d. Bank of New Zealand (D issue)— Buy 265. Commercial Bank —Buy 295, sel 29s fid. E.S. and A. Bank —Buy £7 12s. National Bank of New Zealand—Buy £6 17s fid, sol £6 19s 6d. National Rank of Australasia Buy hif. Union Bank —Buy £l4 10s. BREWERIES. N.Z. Breweries, Ltd.—Sel 44s 6d. N.Z. Breweries Debs. —Sel 23s fid. Staple’s Brewery—Buy 395. Ward and Co. —Sel 595. INSURANCE. National Insurance Company—Buy 15s 7d, sel 15s lOd. N.Z. Insurance Company—Buy 40s 3d, sel 40s Ed. . Standard Insurance Co. —Buy 625. SHIPPING. Adelaide Shipping—Buy 2? s 6d. Huddart, Parker ford.)—Buy 47s fid, sel 48s 3d. „„ „. Huddart, Parker (pref.)—Buy 20s Bd. U.S.S. Co. (pref.)—Buy 20s. COAL. Westport Coal Company—Buy 31s fid, sel 325. _ , , Wostport-Stockton (ord.) —Buy Is, sel Is fid. Westport-Stockton (pref.)—Sel 3s 3d. Kaitangata—Sel 2s dis. LOAN AND AGENCY. Dalgety and Co.—Buy £l3 2s. National Mortgage—Buy 70s. N.Z. Loan and Mercantile Agency (ord.) —Buy £9O. Perpetual Trustees —Bvy fils. Trustees Executors and Agency—Sel 61s. Wright Stephenson (ord.)— Buy 20s, sel 21s fid. MEAT PRESERVING. Gear Meat Company (ex. div.) —Buy 355, sel 58s fid. N.Z. Refrigerating (pd.)—Buy 16s, sel 17s. N.Z. Refrigerating (cent.) —Buy 8s 3d, sel 83 7d. Southland Frozen Meat (ord.)— Buy 30s. MISCELLANEOUS. Auckland Amusement Park (ord.) —Buy 14s, s el 15s fid. British Tobacco —Buy 39s 3d, sel 39s 9d. Brown, Ewing (ord.) —Buy 30s. sel 33s Brown, Ewing (pref.)—Buy 20s 4d. Bruce Woollen Company—Buy 11s. D.I.C. (ord.)—Buy 9 a 3d prem. D.I.C. (pref.)—Buy 20s fid. Dominion Investments —Buy 225. Dominion Rubber—Buy 435, sel 47s fid. Don&ghy’s Rope and Twine —Buy 33s 9d. Dunedin-Kaikorai Trams—Buy 32s 9d. Dunedin Stock Exchange Ppty.—Sel 82s. Eclipse Petrol—Sel 10s 3d. Kaiapoi Woollen (ord.)— Buy 8s sd. Kaiapoi Woollen (pref I—Sel 15s. Milbutn Lime and Cement—Buy 32s 3d. Mosgiel Woollen Co.—Buy £6 12s. M'Leod Bros.—Buy £2B. National Electric —Sel 13s Bd. N.Z. Drug Co. (£2 pd.)—Buy 68s 9d. N.Z. Express (ord.)— Buy 20s fid. N Z. Milk Products (bonds)— Buy 225. N Z. Paper Mills (ord.)—Sel 17s. Otago Daily Times—Buy 72 s fid, sel 765. Wilsons (N.Z.) Cement—Buy 375, sel 38s. MINING. Kawarau d. M. Company Buy 7d, sel lOd. Nokomai Sluicing—Sel 39s fid. Waihi—Buy 22s 3d. Mount Isa—Sel _2ss. Molyneux Electric —Buy fis, sel 12s. Broken Hill South —Sel 47s fid. Upper Nevis —Buy 21s, sel 2os. Big Beach—Sol 20s. WAR BONDS. ■U per cent. Bonds, 1950 —Buy £97 12s fid. pi per cent. Bonds, 1938—Buy £96 15s. 4i per cent. Bond?, 19t9—Buy 1,96 15s. per cent. Soldiers’ Bonds, 1933 Buy 4i per cent. Inscribed, 1938—Buy £96 15s. 4i per cent. Inscribed, 1939—8uy £.6 15s. 5' per cent Soldiers’ Inscribed. 1903 B 5 J percent. Postal Inscribed. 1929—8uy per cent. Inscribed Bonds. 1927-41 fit per cent. Bonds 1930—Buy £93 ss. 5j per cent Bonds, 1936—8uy £lOl. per cent. Inscribed, 1936 —Buy -^Ol NORTHERN EXCHANGES. The following business was done on 'Changes yesterday: Auckland.—Sales Staple s Brewery, 39- 9d ; Occidental Una United Font), Is — Sales reported; Union Bank, £l4 12a. . Christchurch.—Sale? •. National Bank of Australasia (£5 paidi. £8 10s fid; staples Brewery 39s fid. Sales reported: \\ aim. 22s gjdV Staple's Brewery. 39s 9d. AMERICAN WINTER WHEAT. f Press lh leh 1 er-ri:':.' WASHINGTON, Decwubor 21. The Agriculture Department announce! that an area of 47.;57.C00 acre,- mr winter wheat w.a- ><r.vn thi- autumn. The area own in 1927 was 10.2 per rent, aide than the ievised estimate of 46,639 acres sown in the autumn of 1926. The rendition of the winter wheat on December i was 3o per rent, of norma! compared with 31.1 pm cent, on December 1. 1926, and, compared with a 10 years’ average, 34 per cent. — A. and N Z. Cable.

local: and overseas markets.

NEW ZEALAND BUTTER. AUSTRALIAN PROTECTIVE DUTY. LOSS OF PROFITABLE MARKET. (Special ro Daily Times.) WELLINGTON, December 22. The decision of the Commonwealth Government to place a duty of 6d per lb on New Zealand butter and cheese means the end of a profitable, if intermittent, market for New Zealand produce. This was the opinion expressed by leading firms of dairy produce exporters to-day. The past 11 months have seen a total of 200,000 boxes of butter exported from the Dominion to Australia. This is the biggest figure that the export has ever reached, and represents produce valued at £900,000. The erratic nature of the demand is seen from the following figures of exports for the last four-yearly periods ended at March 3180xe5—1924, 101,616; 1925, 831; 1926, 480; 1927, 61,306, In the middle of this year the demand suddenly swelled on account of shortages of supply owing to dry weather in Australia, and during July, August, and September the exports of butter exceeded those for the preceding 12 months. In these three months 70.000 boxes went from New Zealand to the Commonwealth. The new duty, state the exporters, makes further exports from the Dominion after June next an obvious impossibility. The present duty on New Zealand butter imported to Australia is 2d per lb, while freight and handling charges incurred represent another id per lb. Prices today give little margin for importers in Sydney and none at all in Melbourne, for butter to-day is quoted at Is 4d, f.0.b., Wellington, and is selling in Sydney at Is 7d per lb, and in Melbourne at Is feid. Even in June when prices were most in favour of the Australian importers there was not more than lid margin. New Zealand quotations then were Is 5d per lb, and Australian Is 9d, The decision to increase the rate of duty is traced to the operation of the Patterson scheme. lb is scheme, which is designed to place the export price of butter on a parity with local market prices, provides for the payment of an export bounty of _3d in the lb on a rate of duty of 2d in the lb. Thus, unless there is a very dry season in the Commonwealth, which causes the Government to lift the fid duty the Australian market for New Zealand butter is considered to be gone for good The effect of the Patterson scheme which was introduced in 1925 is to make for a high price level on the local market, since ultimately the consumer pays the levy and the producers refrain from rushing upon the home market with their butter .This high local price level has op ® n ? d J blo "fT for imports of New Zealand butter, and this import is now to be stopped. Aus tralia, however, is experiencing a very good season for dairy produce, and the result of this is that the amount of the levy will be lessened. The Patterson scheme recently reacted unfavourably upon the Australian export trade to Canada. The Canadian anti-dumping laws provide for the exorcise of a 3-cent duty instead of a 1-cent duty if butter is being sold m Canada at a price lower than that rnlmg on the homo market of the exporting country. A threat was made that this law would be put into operation against Auv tralian butter, and as a countei move it was proposed to send butter to Canada for sale on consignment, an action which has provided a problem for the Canadian Government since there is no provision for the application of anti-dumping laws to consignment sales. To understand the different adopted by New Zealand and Australia towards the dairy produce trade it is necosZry to realise the difference in pos,ion of the two countries. In New Zealand last season 65,000 tons of butter were exported, and only 10.000 to 12 000 tons, or 1S 2 per cent were sold on the local market. In Australia only 25 per cent of the total production is exported, and by far the greater quantity is sold on the horn market. However, if. one good market is closing. New Zealand appears to nave gained another in, Canada since Australian production was not up to expectations, and Se had no surplus to export until the end of November. New Zealand has exported over 10.000 boxes of butter to -Vancouver and Halifax this season, com pared with 6600 durin* the previous year. FLOUR. WHEAT. AND OATS. RESULTS OF DOMINION CENSUS. (Peb United Pbebs Association.) WELLINGTON, December 22. A census of the stocks of flour, wheat, and oats in the Dominion was taken at November 30, 1927, and the results are given as follow: — . . , Returns were received covering all stoetts owned or stored by millers, merchants, and farmers throughout the Dominion. With a few unimportant details, which would not appreciably affect the position, the totals are as follow (the corresponding'figures for November 30, 1926, being given in parentheses:—Flour, 108,123 tons (17,065 tons); wheat (all bushels), in grain, Tuscan or Longberry (N.Z.). 930,188 (349,063); Hunters varieties (NZ), 281,287 (58,301); Velvet or Pearl (NZ.), 87,108 (19,623); other varieties (including Australian) and unspecified, 24,890 (65,614); total milling, 1,323,4/3 (492,601); other than milling, 162,414 (92,101); in stack (estimated), 12,198 (7554); oats (all bushels), in' grain, 1,229,640 (1,424,777); in stack (estimated), for threshing, 155,737 (29,071); for chaffing, 69,578 (34,649). WELLINGTON GAS COMPANY. (Special to Daily Times.) WELLINGTON, December 22. At a recent meeting of the board of ■the Wellington Gas Company, Ltd., it was decided to reduce the price of gas by 2d per 1000 cubic feet as from January 1, 1928. This reduction will mean a concession to consumers of not less than £4750 per annum, a very welcome New Year’s gift. It may be mentioned that since 'August, 1922, there have been eight reductions in price, which, based on the present consumption, would mean a saving to consumers of not less than £49,300 per annum. CHICAGO WHEAT MARKET(Brese Association—By Telegraph—Copyright.) NEW YORK, December 21. ' Chicago wheat: December, 126| cents per bushel; March, 128 J; May, 130|,—A. and N.Z. Cable. CALCUTTA TEA SALES. (Press Association—By Telegraph—Copyright.) CALCUTTA. December 21. At the tea sales price? were much on a level with the previous week. In leaf tea? there was a good competition for common broken?, and prices were firm, but poor and medium descriptions generally declined 3 to 6 pies, and fanning? from 1 to anna?. Dusts were strong and actiie. Average prices: Common pekoe souchong, 12 annas 6 pies to 13 annas; clean commons, broken pekoe .• ouchong, 12 anas 6 pies to 13 annas; even blackleaf pekoe. 14 anas to 14 anna s 6 pics.— A. and N.Z. Cable. AUSTRALIAN MARKETS. • Press Association—By Telegraph—copyright , SYDNEY, December 22. (Received Dec. 22, at 10.15 p.m.) Wheat; At country station? 4? lOd, ex truck, Sydney 4s lid. Parcels: January— June 5s feid to 5s 7d, Flour: For export £l2 2s fid to £l2 ss, lore! £l3 15 s . Bran, £6 Pollard, £7. Oat?: Tasmanian Algerian, 4s 9d to 5s 3d. Maize-, 4- fid. Potatoes; Local? £7 to £S_ Tasmanian £lO. Onion?; Victorian £4 to £lO. ADELAIDE. December 22, Wheat: Grower;-’ lot- 5- 2d to 5-- 3d, parcels nornina'ly >s 4d. Flour: Bakers' lor- £l3 12s fid. Bran, £6 ss. Pollard, £fe 17s fid. Oats, 3b 7d to 3s 8d

ORANGES IN ENGLAND. ENORMOUS CHRISTMAS SUPPLIES. (Press Association —By Telegraph—Copyright.) LONDON, December 21. (Received Doc. 22, at 5,5 p.m.) “A feature of the Christmas markets has been the enormous supplies of Spanish oranges, 209,000,000 having been auctioned at the Monument Sale Rooms during the Christmas season Prices were very low and the oranges ought to be retailed at three or even four a penny, but none arh visible in the shops at that price.—A. anrl N.Z and S.S. Cable. SOUTHERN CROSS GLASS COMPANY. At the annua] meeting of shareholders of the Southern Cross Glass Company of New Zealand, Ltd,, Mr R. P. Meek (chairman of directors), presided over a large attendance (says the Ashburton Guardian). In their annua! report the dirccto-s stated that steady efforts had been made, with gratifying results tn secure ample caoital successfully to establish the glassmaking industry in New Zealand. Build ing operations had continued, with the ro suit that the factory was virtually completed, with the exception of the chimney stack, on which work had started. Although the factory premises showed on the balance sheet as leasehold, arrangements had since been completed, which would result in the acquisition of the freehold. Many shareholders and prospective shareholders had visited the site of the remarkable deposit of silica from which tho company will draw its supplies of silica (glass sand) The directors were pleased to report that a lease on very satisfactory terms' had been granted to the company by the Mines Department. The plant was coming to hand, a fair quantity having already been delivered at the factory, whilst the balance was on the water The constructional engineer had advised by cablegram that he would arrive in New Zealand in January, and work on the erection of the furnaces and plant would be commenced immediately thereafter. Much of the preliminary work incidental to the actual installations was in progress. The engineer advised that the period of construction and tempering of the various furnaces would occupy throe months. H was anticipated, therefore, that manufacturing onerations would commence during May, Although the period under review had not been free from those, anxieties inseparable from the establishing of ' new Dominion industry, the directors believed that the main difficulties had been overcome, and tbit the future of the company was assort'd. Tile retirinc- directors. Messrs H. L. Barker, T. W. Allen, J. S. Faulkner, and G. W. Palmer wore re-elected, and Mr A. R. Nicol was elected to fill one vacancy. Mr J. M. Preston was re-elected auditor. FRUIT EXPORT TRADE. . THE SEASON’S PROSPECTS. INCREASED GOVERNMENT GUARANTEE. Commenting on tho increase of the Government guarantee on export fruit from 10s to 11s per case gross, Mr H. Turner (secretary of the Otago Provincial Fruitgrowers’ Council) states that this has been obtained as a result of the joint negotiations of tho Fruit Board and Otago Council, which culminated in a deputation to tho Minister of Agriculture recently. The new guarantee is 6d per case less than last season’s guarantee, and approximately Is 6d per case less than 1926. It is gratifying to bo able to report that for tho shipping season just past, the Government has not boon called upon to pay out. a penny under the guarantee, and growers fool confident that only extraordinary circumstances will make it necessary for any payments to bo made on the basis of the now guarantee of 11s per case gross. At tho same time tho Government has indicated quite definitely that the industry must look forward to the elimination of tho guarantee altogether in the course of a few years. Present indications are for good crops of apples, pears, and stone fruit in Otago and right throughout New Zealand. The pip fruits, with the exception of some varieties of pears, are setting well, and there is a busy time ahead for growers in thinning out to reasonable crops. Stone fruitgrowers have always been alive to tho importance of drastic thinning, and this some necessity is being recognised by pip growers more and more every season since export has developed. One largo grower confidently states that one hour, devoted to thinning in the early stages will save two at export time, when everything is rush and scurry. It has been proved that, after thinning out half or more on a heavy cropping tree the net weight of fruit finally harvested has been greater than if tho whole crop had been left. This also means a much better sample and a correspondingly better financial return. This is a. phase of commercial apple growing to which the Government orchard instructor devotes a good deal of time from now on. and growers are much indebted to these gentlemen for the valuable advice given. . Altogether, prospects were never brighter for a successful fruit season, and this, together with the improving output and prospects for the dairy and sheep farming industries, should be a source ot gratification to the general public as well as those engaged in such industries, as we cannot have general prosperity while any of pur primary industries are inclined to languish. ITALIAN GOLD STANDARD. (Press Association—By Telegraph—Copyright) ROME, December 21. (Received Dec. 22, at 10 p.m.) Tho King has signed tho Cabinet s decree whereby the gold standard becomes effective to-morrow. The now parity is about 92 lire to the £l.—A. and N.Z. Cable, DAIRY PRODUCE. The New Zealand Loan and Mercantile Agency Company. Ltd., has received the following cablegram from its London house, dated December 22Butter.— New Zealand, 158 s to 160 s. Cheese.—New Zealand, 88s to 89s. The markets are slow. -