COMMERCE AND FINANCE

Otago Daily Times, Issue 20355, 12 March 1928, Page 6

COMMERCE AND FINANCE

THE SHARE MARKET, DUNEDIN STOCK EXCHANGE. The contributing issue of New Zealand Refrigerating shares firmed on the Stock Exchange on Saturday morning, and one lot was placed at 7s fid. The quotations closed with a buyer at 7s 5d and a seller at 7s Bd. E.S. and A. Banks were wanted at £8 Is, sellers asking £8 3s. Inquiry was made for New Zealand Taper Mills at 15s 6d, but sellers would not accept less than 16s Bd. No reply was made to an offer of 28s for Mount Isas. Upper Nevis had a buyer at 20s and a seller at 21s 3d. , . . , A x Sales: N.Z. Refrigerating (cont.), is fid. The following are Saturday morning’s buying and selling quotations, which are subject to the usual brokerage:— BANKING. Bank of N.S. Wales—Sel £4B. Bank of New Zealand —Sel 59s 6d. Bank of New Zealand (D issue)—Buy 26s 3d, feel 275. Commercial Bank—Buy 27s 6d. E.S. and A. Bank—Buy £8 Is, sel £8 3s. National Bank of N.Z.—Sel £6 19s. National Bank of Aust. (cont.)— Buy *8 15s. Union Bank —Sel £l4 14s. BREWERIES. N.Z. Breweries, Ltd. —Buy 41s 9d. N.Z. Breweries Debent. —Sel 23s 3d. Staple's Brewery—Buy 36s 9d. INSURANCE. National Insurance Co. —Buy 15s sd, sel Jss Bd. N.Z. Insurance Co.—Buy 40s 3d. South British Insur. Co.—Buy 58s. Standard Insurance Co. —Buy 62s 6d. SHITTING. Burns Thilp—Buy 40s. Huddart, Tarker (ord.) —Buy 48s 3d, gel 50s. Huddart, Parker (pref.)—Buy 20s lOd, sel 2le 3d. P. and O. Deferred Stock —Sel £248. U.S.S. Co. (pref.)—Buy 20s. COAL. Taupiri Coal (ord.) —Buy 265. Westport Coal Co. —Sel 31s 3d. Westport-Stockton (ord.) —Buy Is 4d, Bel Is 6d. Westport-Stockton (pref.)—Buy 2s 6d, gel os 3d. LOAN AND AGENCY. Dalgety and Co. —Sel £l3 17s. Goldsbrough, Mort —Buy 48s 6d, eel £9s 6d. National Mortgage—Buy 70s. N.Z. Loan and M. (ord.) —Buy £95. Tereptual Trustees —Buy 61s. Trustees, Ex., and Agency—Buy 58s 6d, sgl 60s. Wright, Stephenson (ord.) —Buy 21s. Wright, Stephenson (pref.)—Buy 15s. MEAT PRESERVING. N.Z. Refrigerating (cont.) —Buy 7s sd, ael 7s Bd. MISCELLANEOUS. British. Tobacco—Buy 39s fid, sel 40s. Brown, Ewing (ord.) —Sel 31s. Brown, Ewing (pref.)—Buy 20s. Bruce Woollen Co. —Buy 11s. Crystal Ice Co.—Buy 20s. D.I.C. (ord.) —Buy 9s prem. D.I.C. ''pref.)—Buy 20s 9d. Dominion Investment—Buy 225. Donaghy’a Rope and Twine—Buy 33s 9d. Dunedin Stock Exchange Ppy.—Sel 80s 6d. . Eclipse Petrol—Sel 10s. Kaiapoi Woollen (ord.) —Buy 8s 9d. Milburn Lime and Cement—Buy 32s 6d, ael 33s 6d. Milburn Lime and Cement (new issue) —Buy 9s 3d prem. National Electric —Sel 11s 6d. N.Z. Drug (£2 paid)—Buy 67s fid. N.Z. Express (ord.) —Buy 20s 6d. N.Z. Milk Prods, (bonds) —Buy 225. N.Z. Paper Mills (ord.) —Buy 15s 6d, ael 16s Bd. Wilsons (N.Z.) Cement —Sel 38s. MINING. Kawarau G.M. Co.—Buy 6d, sel 7d. Waihi Grand Junction —Sel Is 6d. Mount Lyell—Buy 29s 9d, sel 30s fid. Mount Isa —Buy 28s. North Broken Hill—Buy 82s. Broken Hill South—Buy 425. Upper Nevis—Buy 20s. sel 21s 3d. Big Beach —Sel 17s fid. AVAR BONDS, per cent. Bonds, 1938—Buy £97. 44 per cent. Bonds, 1939—8uy £97 2s fid. 44 per cent. Inscribed, 1938 —Buy £97 ss. 44 per cent. Inscribed, 1939 —Buy £97 2s fid. 54 per cent. Soldiers’ Inscd., 1933—5 el £IOO 15s. H per cent. Bonds, 1930—Buy £9B. northern” exchanges. . (Pep. United Press Association.} T'he following business was done on ’Changes on Saturday: Auckland.—Sale?: South British Insurance, 58s 3d; Oiinemuri gold and silver. 6s lOd. Wellington.—Sales reported: Government 4j per cent. Inscribed Stock (1939), £97 15s; Government 4j per cent. Inscribed Stock (193 o). £97 15s; Bank of Australasia, £ls Os 6d. Christchurch.—Sales: Australian Bank of Commerce, 34s Id; Commercial Bank of Sydney, £25 12s 6d; Bank of Now South Wales, £47 12s 6d (odd lot); New Zealand Government 5 per cent. Inscribed (1929), £99. Sales reported: Bank of New South Wales, £47 12s 6d; Union Bank, £l4 14s; New Zealand Drug Co. (cum div.), 68s 3d. FRUIT AND PRODUCE WORLD. Reilly’s report:—Fruit and produce in full supply. Sales are entirely in favour of buyers for all lines excepting eggs, which have advanced to 2s 3d per dozen. We received and sold:—Section honey: Choice, 9s. Cucumbers, 2s fid, 4s fid; outside, Is fid. 2s. Carrots, Is Gd. Parsnips, Is 3d. Beetroot, Is. Lettuce, -Is, 7s. Cabbage, Is fid, 2s fid. Cauliflower, 4s, Bs. Eggs, 2s, 2s 3d. Blackberries, fid, lOd. Butter: Pats, bulk, Is Id; factory pats. Is 3d, Is 4d. Preserved ginger, Is 2d. Garlic, 3d. Fresh figs, lOcl. Mushrooms: Choice, Is, Is 4d; others, Id to 4d. Peaches: Crate peaches, 34d, fid; cases, 4s fid, 7s fid. Pears: Dumps, Cs to 10s fid; halves, 2s fid to 5s fid. Apricots: Crates, fid; cases, ss, 7s fid. Nectarines: Crates, 2fd, sd; cases, 5s fid, 7s fid. Strawberries, 2s, 2s 2d. Plums: Angelinas egg plums, ijd, 2d; greengages, 4d; extra choice desserts, 3d, sd. Honey: Bulk, 4d, sd; 101 b tins, 4s fid, Gs; 21b pottles. Is. Grapes: Locals, Is 3d, Is 9d; Kakanui, Is Sd, Is sd. French beans, 2d, 34d. Butter beans, 3d; scarlet runners, 2|d. Green peas: Choice, 2d, 2Jd. 3d. New potatoes: Locals, 7s 6d; Outraias.. 7s; Oamarus, 6s ewt. Peanuts, sd. Brazils, lOd. Almonds, lOd. Tomatoes; Nelson glasshouse, coloured, 4s, os; Hawke’s Bay quarters, la fid, 3s fid; Christchurch special, sd, fid; Otago Centrals, 4d, fid; Christ church outside, Pld, sd; locals, Bd, lOd. Swedes: Choice, 3s. Vegetable marrows, 9s 3d cwt. Cheese; Mediums, 9d; loaf. lOd. Tea; Orange pekoe, 2s fid. Beeswax, Is fid. Is 9d. Horsehair, fijd, 2s. Feathers. Is, Is 9d. Bacon pigs; Prime, 5Jd; porkers, fid; heavy-weights. 4-Jd, sd. Bacon: Choice, lid: odd lots, fid to 9d. Apples: Blenheim, Nelson Gravensteins, 6s, 8s fid; Cox’s, 9s, 12s fid: Emperor, 6s fid, 7s: other varieties, 4s, 6s fid. Bananas: Choice Suvas, 335: ripe. 37s fid. Lemons: Missions, 57s fid: Aucklands, ss. Navel oranges: Choice, 40s. Grapefruit, 265. Onions: Canterburys, 9s fid. 10s fid; picklers, 9s. 10s fid. Oyster grit, 8s fid. Fat 16s, 245. Cross Keys meatmeal, 18s. quality woodwool, 35s cwt. Fowl K to 6d 7s. Oats: “A” Cartons, *?« 3d - “B” 3s P er bushel. Potato sacks; First ’grade Us; flour sacks first grade, Its fid dozen. Special apple wrapping paper: 10 x 10. 3s 8d per ream. Black Leaf -< 40”: 101 b tins, 545; Jib tins, us 3d. Oatsheaf chaff: Choice, to fo 10s. Bran, £6 10s. Pollard. £9. In poultry, we penned 674 hens, 2slod to 8s 8d; 11 cock birds 3s 4d to 4s 2d: 157 cockeiels, 4s 2d, 8s Bcl- 18 chickens. 2s ficl, 4s; 86 pullets, Cs, 225: and 12 ducks, 4s Bd, 5s lOd per per pair. REILLY’S CENTRAL PRODUCE MAE?, l/TD, Puoadin,

LOCAL' AND OVERSEAS MARKETS.

FERTILISERS. EXTRACTION OF NITROGEN. Up till recently it has been generally recognised, both in Now Zealand and in other countries, that superphosphates are the main fertilisers for the farmers. Accoi'ding, however, to a Dunedin merchant who has a sound knowledge of the fertiliser business there is now a trend in a different direction. Owing to tho high prices of nitrogen in the past farmers were disinclined to use this manure to any great extent, their purchases being mostly confined to small lots. The chief source of tho supply of natural nitrogen in the past has been Chili, where the deposits are very large, but following on the enormous amount of nitrogen required during the war period, and tho restrictions on steamer services, scientists set to work to exploit other methods of obtaining this valuable article. The work of extracting it from tho air was greatly advanced, and tho process has grown to such an extent that there are now very large plants in Sweden, Germany, and some other countries to deal with tho nitrogen in the air, and convert it into artificial manure. The result is becoming increasingly apparent. Nitrogen manures are now much more plentiful, and are being more cheaply produced, and their sale is affecting tho for superphosphates. So much so that New Zealand merchants can purchase heavy supplies of superphosphates on the Continent at a much lower figure than has hitherto been ruling, and one Dunedin firm at least has taken advantage of the quotations offered to import a cargo. It will be remembered that a Now Zealand company was formed by Mr Orchiston, an ex-engineer of the Telegraph Department, to purchase a plant and install it in Southland for the purpose of extracting nitrogen from the air. Heavy deposits of lime were situated in the locality, and the nitrogen was to be incorporated with the lime. Tho company first secured an area of land at the Bowen Falls, and the power from tho falls was to be used for driving the plant. A_ public agitation arose against the falls being thus used, and tho company shifted its operations to Lake Mauapouri. A tunnel was to be driven from the lake, with an outlet to tho sea, and the power was to be obtained from this flow. The company, however did not appear to pull together. Mr Orchiston’s desire was to build up a New Zealand industry, but, so far as can be gathered, some of tho other directors were more inclined to sell their options to an English syndicate at a larger figure. The sale has not eyenfccated, and it seems that tho operations of the company have reached a dead end, to to speak. CHICAGO WHEAT MARKET. (Press Association— By Telcgrapb-Copyrlgbt.) NEW YORK. March 9. Chicago wheat; March, 136 - cents per bushel May, 136; July. 1535.-A. and N.Z. Gable. BANK OF ENGLAND RETURN. (Press Association—By Telegraph—Copyright.! LONDON, March 9. , The following is the Bank of England return. IgsuE DEPARTMENT. Note circulation Notes in reserve 41,618,000 £176,703,000 Government debts Other securities ... nctooxonn Gold coin and bullion 156,985,000 £176,733,000 BANKING DEPARTMENT. Proprietors’ capital ;;; ... ... Public deposits f 879 000 Other deposits ... - 103 ‘ 87 » Seven-days and other bills £129,616,000 Government securities Other securities 41’618^000 Notes m reserve qifi 000 Gold and silver com _ £129,616,000 The prooovtiou of reserves to liabilities is MlO per cent. Short loans are quoted at 3i per cent., ana throe-months biUs at 4 5-52 x>er cent.—A. and N.Z. Cable, MERCHANDISE MARKET. The Manuka, from Melbourne, brought transhipments of tea, ex a steamer from Colombo. Amongst other merchandise lines brought by this steamer were Chinese walnuts, preserved ginger, Barcelona nuts, craft cheese, and Sicily almonds. K. -nd Oak Bartlett pears, 241 b tins, have been reduced in price. The Wingatui discharged a cargo or sugar last week. The next sugar■boat: is the Kurow, due about the middle of the W The Waikawa, from San Francisco, due here on March 20, has on boar^. a , supply of Sockeye salmon ones and halves Californian muscatels, and Canadian craft Pa The hold-up of the Manuka will mean a delay in the landing of certain lines now awaiting shipment from Melbourne. A shipment of Maconochie s dried sprats has reached the market. , Advice from London states that the prices for dates are showing a firmer tendency. Shipments of stone dates have just come forward, with varying quotatK>ASiine of Karswood poultry spice has a-rived from London. The market is now well supplied with walnut meat. .. , . Stocks of all kinds of currants are short in wholesale hands. . A new line of G.P. flakes, similar to corn flakes, is quoted at Ss 6d per dozen cartons. . , T . , Supplies of Union fine sale, Imperial coarse, and Black Horse coarse are due to arrive ex the Somerset. The price of medium Nugget boot polish has been reduced to 54s per gross. The prices of the other sizes are unchanged. A new line of Glaxo, “ prescription, m 12oz tins, has been placed on the market at 27s fid per dozen. The prices of cream of tartar, tartaric acid, and citric acid continue very firm. MEAT EXPORT TRADE. SMITHFIELD MARKET TRICES. (Pee United Press Association.) * WELLINGTON, March 10. The New Zealand Meat Producers’ Board has received the following cablegram from its London office, dated March 9. advising Smithficld delivered prices at that date as follows: Canterbury quality selected brands: 561 b and under. - 74 d: 571 bto 641 b, 7d; 651 b t a 721 b. 53d. Other brands: 561 b and under, 7?d; 571 b to 641 b, 6|d; 651 b to 721 b, 53ct. , T , , New Zealand Lambs. —Canterbury quality: 361 b and under. 9|d; 371 b to 421 b, 9}d; 431 b to 501 b, 9j|d; seconds, 9d. Selected brands; 361 b and under, 9Jd; 371 b to 421 b, 9id. Other brands: first quality—36lb and under 9id, 371 b to 421 b 9jd; second quality—3olb to 321 b average, 4 Australian Lambs.—Victorian, first quality, 361 b and under. BJd. _ Argentine Lambs. —First quality, 361 b and under, B}d; 371 b to 421 b,. B|d.

New Zealand Beef.—Ox fores, 3§d; ox hinds, 4|d; cow fores, 3Jd; cow hinds, 4d. Argentine Chilled Beef.—Ox fores, 3|d; ox hinds, 6d. Argentine Frozen Beef—Ox fores, 33d; ox hinds, 5Jd. Frozen Pork. —Porkers —601 bto 681 b 7id, 811 b to 991 b 6£d, 1001 b to 1201 b fi.Jd; baconers—l2llb to 1801 b 63d. Frozen Veal. —Not quoted. The lamb market is easing as arrivals are now heavier. Tho mutton market is firm, with short stocks, and tho higher prices are. checking the demand for New Zealand. Beef is in very slow demand, and stocks are light. New Zealand frozen pork, 801 b to 120)b, is unchanged, and the market is slow; 1211 b to 180 lb—there has been a better demand for forward shipments. WYNDHAM SALE. (From Our Own Correspondent.) GORE, March 9. The fortnightly stock sale was held at Wyndham yesterday, there being a good attendance of farmers and buyers. Sheeji.—There was a fairly large yarding of all classes of sheep, with a large number of breeding ewes and a fair number of store lambs. Only a few tats were forward, and made firm rates. Fat wethers realised up to 28s fid, fat ewes up to 13s 9d, and fat lambs up to 28s. A pen of two-tooth ewes ox. poor quality made 25s 3d, and four, rix, and eighttooth ewes realised' up to 30s 3d. Good full and failing ewes made from 11s to 14s 3d, while poorer quality were quitted at from 3s 7d to ss. Good forward lambs realised from 22s to 25s 6d, and backward sorts up to 16s 3d. Cattle. —Only a small entry of cattle was forward, which included a few pens of fat and good-conditioned store cows. Fat cows made from £7 to £8 10s, store steers to £7, store cows £3, and bulls £3 17s 6d. THE LEATHER MARKET. An interesting report oi* the trade in leather in 1927 has been prepared by R. IV. Spicer and Co., Ltd., ot London. The experience recorded by the firm has a parallel in that of Australian and New Zealand tanners and manufacturers, who have been apprehensive of the steadilymounting prices of raw material. The report states that the first change in conditions came in July, when prices for hides moved upwards. It was not until September that leather responded to the advance, but at the annual Leather Fair in October considerable business was done at higher prices. From then until the close of the year hides advanced steadily, with corresponding increases in the price of leather, until in some cases hides were double the price quoted a year previously, and generally they were 50 per cent, dearer. Russia bought heavily in South America, and that country also supplied many hides to the United States of America. The United States found, early in the year, that stocks of hides and leather were abnormally low, and that the herds of cattle had been depleted, so that 30 per cent, to 40 per cent, of its hide requirements had to be imported. _ The additional demand synchronised with a drought shox tage in South Africa and Australia. Tanning materials advanced, in price during the year, and this, coupled with the hide shortage, forced an advance in leather prices which amounted to 30 per cent, or 40 per cent. One result of higher leather prices was that contracts for boots and shoes for the spring trade were issued earlier than usual. This led to trade activity, which may not be continued, but nevertheless the outlook for 1928 is considered fairly promising.

LONDON MARKETS. (Frees Association—Bv Telegniph—Copyright.) LONDON, March 10. (Received March 11, at 5.5 p.m.) Cotton: April, 9.91 d. Rubber: Rara, Isj plantation smoked, 12id. Jute: March-April, £3O. Hemp; February-April, £33. Copra: February-March, £26 15s. Linseed oil. £2B 10s. Turpentine, 40s 3d. Sheep: North Island light 7gd, medium 6Jd, heavy s|d. Lambs: Canterburylight 9jd, other medium 9jd, heavy 9i|d, seconds 9d, other gelectods 9id. North Island: Firsts 9gd, seconds Sid. Argentine: Firsts light seconds 7|d. Chilled beef: Argentine fores 41d, hinds 6d ; others were unchanged.—A. and N.Z. Cable.