COMMERCE AND FINANCE

Otago Daily Times, Issue 21148, 4 October 1930, Page 8

COMMERCE AND FINANCE

DUNEDIN MARKETS. - WHEAT, OATS, ETC. . Odd lines of seed wheat are still being delivered to the country, and apparently sowing is not yet quite finished. It yill not be long, however, before farmers have finished planting for the season. It is said in some quarters that the area sown in wheat will not be as large as last year’s area, hut there is no doubt that so far as the Otago district is con- • earned there will be an increased aereThe favourable prices for wheat i have caused a number of farmers to sow this cereal fbr the first time for a number’of years. So far aa_ the past season’s wheat is concerned, little business is passing, as there is a lack of offerings. Prices remain unchanged, with some millers still inquiring for Tuscan, which continues in * - short t supply. The value of,Tuscan today is fis fijd, f.0.b., sacks extra, this, price being equivalent to fis to fis ’ 2d, sacks extra, on trucks, according to railage from the port. The demand for fowl wheat is also quiet. ' North Island merchants have not been buying to any extent, with the - ’ result that stocks have not been cleaned up as quickly as usual. Odd lines only are arriving from Canterbury", and the present shipping value from there is fis 2d, f.0.b., sacks extra." The local value ? remains steady at fis ,3d per bushel, sacks 7 extra, ex truck, with the supply just . about equal to the demand., Sales of wheat for delivery next season are still being made on a basis cf 6s lOd, f.0.b., for Tuscan, fis for Hunters, and 6s 2d for Velvet, A number" of sales of Otago wheat have been made at these <■ figures. Reports from Canterbury state that. forward sales are also being made there at the foregoing figures. Millers’ prices for flour, etc., are as • follow: Flour: 2001 b, £l7 ss; 100's, £lB 59; 50's, £lB 10s; 25’s, £l9. . i Bran, £6 10s per 'ton. Pollard, £6 15s per -ton. Oatmeal: 2001 b, £24 10s; 25’s, £25 10s, Bran and pollard have been reduced another 10s per ton. The'reduction took place yesterday. ‘ v The shipping market for oats shows a ~ further decline in Southland, and quotations have been received from there at .< Ss 6Jd,_ f.0.b., s.i., prompt, shipment. These oats, it may be explained, are being ■’ ■ offered .by merchants who purchased earlier in the season on a speculative basis, and"who now, want to clean pp their • business. Holders of actual oats , in the south are not prepared to meet the ’■ market at this figure." The low price , named, it may be pointed but, has'no the price at other porta. ■ • . Stocks of oats at this port-are now limited, and the local demand for seed keeps valuds firm. For. delivery from ' Dunedin 3a 10d, f.0.b., s.i., is asked for A Gartons and 3s 8d for B’s. Odd sales .have been made at these prices to mer7 1 - chafits in the North. Island. The demand for seed oats during the week has been; satisfactory. Oats are „ still required for sowing, and it is considered that the stocks available, in stores ..... will be sufSceint for this purpose. Few 1 oats, however, are on offer by growers. Taking the shipping prices as a basis, the prices in the country may be given v aa 3s 2d, sacks extra, oh trucks, for A’s ? and 3s for B’s. There is. an entire absence of demand for chaff , for shipment. This has been caused through other., ports having reduced their quotations. Sales have been . made to the North;lsland from outside , ports at ffi 10s, f.0.b,, si., and local merchants are unable. to compete at this figure." As a result the market has developed into a local one. 1 Sales are con.fined 1 to best quality,: which is. worth up > ' to £5 10s pep ton, sacks extra, ex store; The demand for medium and ,poor quality ,is weak. Prices range from £4 to -£5 per ton, sacks extra, ex store, Dunedin'. ■ Merchants are now showing little interest in the potato market. At this time y , of the year there is only a . Small" dis(Titrating business, as both merchants and retailers work on a hand-to-mouth basis. New potatoes are expected to come , inearlier this year than last. In the meantime, the local, market is, kept supplied with, potatoes- from Canterbury, s* Values remain unaltered, and for best i quality the current value is £4 5s to £4 10a per ton, "packs included, ex truck, v ' The market for seeds remains quiet, with, quotations firm at late values, Deliveries to "the country are now increas- £ ing, but business is practically confined S to retail orders. Produce lines are quoted wholesale as follow: f i' - Chaff; Prime quality, £5 ss-per ton, ex v } truck; medium, £4 to £4 10s per ton, sacks /v extra. " t-' "Potatoes: Choice, £4 5s to £4 10s per ton. 7 Eggs: Stamped, Is 2d; case. Is to Is 'ld. - Dairy butter; Milled bulk, Is Id per lb; pats, Is, % Bacon, Is 3d pej; lb. Hams; Ordinary, Is 3d; boneless; Is v. 4d per lb. • Onions: Californian, 22a per bag. : Honey, 5a fid to 6s per 101 b tins; 3a 'f to 3s" fid for 51b tins; and 5Jd per lb for bulk. FRUIT REPORT. Fair supplies of apples are still reach- ° ing the .market. The, demand is prae,v tically _ confined to choice quality, and v; there is a considerable range in prices. I - The season is now drawing on and supy plies must be getting into small com- ‘ pass. Cookers' have still a good de- .„ mand. _ . ' . A shipment of Samoan bananas is due to arrive to-day, ex the Waimarino. The fruit _ will probably -be sold on Monday .... morning, and sound prices are expected. \ Fair stocks of Valencia oranges are held by the wholesale houses. Navels are practically sold out, but supplies will come to hand on the arrival of the Maheno ‘ from Melbourne." Lemons are fairly plentiful, and have a fair demand. , ( The mandarins which arrived ex the Karepo were mostly in poor condition, and were sold at low rates. The fruit which was in good. order realised fair prices. • >

LOCAL AND OVERSEAS MARKETS.

The pines and passions "which were landed from the Karepo realised quite satisfactory prices. Further supplies of American grapes should reach the market ex the Golden Cloud, due here about October 17. Reports'.from Christchurch state that the tomato season will be later this year than usual, owing to lack of sunshine, and the changeable weather which has been experienced." Some hard frosts were experienced in Central’Otago during the week, but it is too early yet to know how much, if any, damage has been caused to the stone fruit crops. Cauliflowers continue in heavy supply. Swedes are hard to sell, but choice spring cabbage have a keen demand. Good-hearted lettuce have a keen demand, "but poor quality is hard to place. Rhubarb is plentiful and prices are easier. , Carrots and parsnips are bringing good prices. The market could do with larger supplies. - Wholesale prices are as follow: Apples: Delicious, choice 8s fid to 14s; others 4a 6d to 8s 6d; Democrats, 7s 6d to 8s fid; Stunners, choice to 10s, others 5s to 7s; cookers, choice to 8* 6d, others to 5s fid. Bananas: Ripe, to 32s fid per esse. Oranges: Australian navels, 18a fid to 20s per case; Valencias. 12s to 15s. Lemons:' Australian, 16s to 20s per case; New Zealand, 10s to 12s. Mandarins. 12s to 16s per case. American grapes, 27s 6d to 30a per keg. Passions, 18s to 22a 0d per ease. Pineapples, 18s to 22s fid per ease. Cauliflowers: Choice, 3s 6d to 6s per sack of 18; others, Is 6d to 3s per sack. . Swedes, 2s 6d per cental bag; sacks, 4s to ss. , Spring cabbages, to 6a Od per ease of two dozen. Lettuce, Is Od to 4s Od per doaen. Potatoes, 6s to 6a per cwt. Kumeras, 2d to .2id per lb. Carrots, 5s per sugar bag. Leeks, 4d per bunch. Parsnips, 3s Od per sugar bag. Rhubarb, 2s to'3s per dozen bunches. THE SHARE MARKET. DUNEDIN STOCK EXCHANGE The total number of sales recorded on the Dunedin Stock Exchange during the past week was 13, which, if anything, is slightly better than the number for the previous period. The sales were again scattered over , several sections, the banking, miscellaneous, and mining departments seeing most activity. Bank of New Zealands continued to ease during the week, but picked up a little towards the close. At mid-week, buyers were offering 49s with a seller at 60s. However, the close of the market saw buyers asking for the shares at 60s 6d, .with sellers demanding 2s more. National Bank of New Zealands were offered at £5 7s at the commencement of -the period, but they also tended, to ease, and sales took place at 99s 6d and 97s Od. No buyer was forward when the market closed, but sellers' were 'offering the shares at. £5 10s. • The earliest quotation for Union- Banks was £8 12s (seDers). Business was done at £8 10s, and there was a buyer then at £8 7s fid. The closing offer was £8 15s, no sellers coming into the market. No business, has been' done in the insurance, shipping, coal, loan and agency, or meat sefctions. __Kaitangata Coals improved slightly, .3s discount being offered without attracting a seller. Gear Meats -were on offer- yesterday at 36s 6d, no buyer coming into the market. Business was done in Auckland Amusement,; Park ordinary shares at lOd. Buyers would not give more than 8d later, and sellers were firm at Is. British Tobaccos were first asked for at 28s Od, sellers asking 30s. At the close of the market there was a buyer at 29s 6d, hoseljer coming forward. 1 * The quotations for Crystal Ices have been 21s (buyers) and 23s (sellers) during the week. There was no change at the close-of the market, but. a sale was recorded at 225. D.I.C. preferences were asked for yesterday at 20s 6d, sellers asking Is more. There has been a steady demand for Mosgiel Woollens at £6 10a, no. seller being attracted. National Electrics have tended to ease. The closing quotations were 8s 3d (buyers) and 9a (sellers). A shilling separated buyers and sellers of New Zealand Drugs at the commencement of the period, the offer being 575. There was a sale at 57s fid. They- were later offered at 57s 9d, no buyer coming into the market. Paper Mills have been in demand at 10s. There was. a sale at 19s 3d, and the shares were offered yesterday at 19s 9d without attracting a buyer. ;The first offer for New Zealand Breweries shares was 425, sellers asking 455. Business was done at 435, and buyers later offered 43s Od, sellers remaining firm at 455, - , Waihi Grand Junctions were dealt in at 2a Id. The shares were later on offer at 2s 3d, but no buyer came into the market. • There .was an offer of 10s for Electrolytic- Zinc ordinaries yesterday, no seller coming forward. The new issue of Mount Lyells was asked for at 16s, but sellers were reticent. Business was done in Mahakipawas at fid. Buyers later offered 7d, but sellers would not take less than lOd. , Okaritos eased again, sales taking place first at 7s 7d and later at 7s 3d and 7s. The closing quotations were 7s Id (buyers) and 7a 6d (sellers). Sale: Auckland Amusement Park (ord.), lOd. Sale reported: Waihi Grand Junction, 2s Id. The. following are yesterday afternoon’s buying and selling quotations, which are subject to the usual brokerage:—■ ' MINING. Bank of New South Wales—Buy £3O ,ss, sel £32 ss. Bank of New Zealand—Buy 60s fid. sel 52s fid. Commercial Bank—-Buy 15s 3d, sel 16s fid. - - National Bank of New Zealand—Sel £5 10s. Union Bank—Buy £8 15s.

INSURANCE. National Insurance Co.—Buy 13s fid. South British Insurance Co.—Buy 625. SHIPPING. Huddart, Parker (pref.)—Buy 19s fid. Union S.S. Co. (pref.)—Buy 20s, sel 20s 9d« > COAL. Westport Coal Co.—Buy 28s, sel 30s ud« Westport-Stockton (pref.)—Sel 3s 3d, LOAN AND AGENCY. Goldsbrough, Mort—Buy 18s fid. National ,Mortgage (“B”)—Sel 365. Perpetual Trustees—Buy 58s. Executors, and Agency—Buy .MEAT PRESERVING. Gear Meat Co.—Sel 30s 6d. MISCELLANEOUS. Auck. Amusement Park (ord.)—Buy od, sel Is. British Tobacco—Buy 29s- fid. Brown, Ewing ford.)—Sel 30a. Brown, Ewing (pref.)— Buy 20a. sel 123* W °° en ( ord ’)~Buy Os 6d, Crysial Ice Co.—Buy 21s, sel 23a. D.I.C. (pref.)—Buy 20a fid. eel 21e OCK Dominion Rubber—Sel 12a fid. Eclipse Petrol—Sel 10a. Milhurn Lime and Cement—Sel 325. Mosgiel Woollen Co.—Buy £6 10s, National Electric—Buy 8s 3d, sel 9a. N.Z. Express (pref.)—Buy 15a 9d. Farmers; fertiliser—Sel 18s. N.Z. Paper Mills (ord.)—Sel, 19s 9d. Regent Theatre—Sel 20s fid. Christchurch Gas—Buy 25s fid. BREWERIES. 45s*' Z ’ Breweries * Ltd.—Buy 48s od, sol N.Z. Breweries Debent.—Buy 21s. Dunedin Brewery—Sel 26a fid. MINING. Waihi Grand Junction—Sel 3s 3d, Electrolytic Zinc (ord,)—Buy 1&, ■Mount Lyell—Buy 17a. Mount Lyell (new issue)—Buy Ifc, Molyneux Electric—Sel 4a. Kildare—Buy Bd, sel Is. 1 Okanto—Buy 7s Id, sel 7s M. - King Solomon—Sel Is. WAR BONDS. 2 g% per cent " Inscribed,'l9Bß—Sel £IOO fid * ent ‘ Bond ®’ 1036—Buy £O9 2s 2a S | d p * r oent " Inscribed, 1036—Buy £9O Si per cent. Bonds, 1937—8uy £96. NORTHERN EXCHANGES. (Peb United Press Association.) The following businesa waa done on Changes yesterday:Auckland.—Sajea: War Bonds- (1939), 4J per cent £100; Commercial Bank of ffi USt a? ia w^^'? te - Ba J e > Thursday), 15s sd, If,* Bank of New, Zealand, S2s, 62s Zealand Insurance, 39s fid; New ?r, a i and^n re 1 w C : erie l^ 4 4e* 44b 6d; Colonial sugar, £29 15s; Waihi Grand Junction, nniji Bank of Australasia (£5 ? al d)j £6 12a fid; English, Scottish, and Australian, £5 7s fid. Christchurch.—Sales: North CanterHospital, 5i per cent. (1940), £99 10s; Glaxo, 61 per cent. (1945), £9O; Australian Bank of Commerce, 18s (four Bank of Australia, ir 8 cj (three parcels), 16s sd, 16e 6d, 16a 4d, 16s ,3d (two parcels); Bank of New Zealand (cum fo T ’ ij i. 6d ’ Union Bank of Australia, £9; Goldsbrough, Mort, 20s; New Zealand Brewenes, 44s 3d, 44s 9d, 455; Tooths Brewery, 21s fid (two parcels): Mount Lyell, 18s; Mahakipawa. 71d (three parcels) ;■ Okarito, 7s 2d. Sales 1 reported: Comm. Bank of Aust., 16s (five'parcels), Ifla 7d (two parcels), 16a od (six parcels) ; New Zealand Gov®ramoit 61 per cent. Inscribed (1936), £99 17s 6d. - BEET SUGAR. (United Press Association.) (By Electric Telegraph—Copyright) • ■ LONDON, October 2. Lichts estimate for 11 months for beet sugar production is 6,073,800 tons. Beet sugar: November, 4s o|d, LONDON MARKETS. Messrs Dalgety and Co., Ltd., -advise having received the cablegram xrom London, dated October 2i FROZEN MEAT. Lamb.—The market for New Zealand lamb is firmer, the demand is fair. Quotations: Prime Canterbury lamb. 28/361b, 83d; prime North Island lamb, 28/361b! B|d; prime Canterbury lamb, 36/42]b, q?j’ pn - me or tb Island lamb, 30/421b, aid; prime Canterbury lamb, second quality, 7Jd; prime North Island lamb, second quality, 7d; prime Canterbury lamb, 42/501b, Sid; prime North Island lamb, 42/501b, Bjd. Mutton. —-The market for New Zealand mutton is firmer, the demand has been checked by increased prices asked. Quo- "* „ P l ™. 6 Canterbury mutton, P njne North Island muttop, Sl4’ prime Canterbury mutton, 56/0410, sad; prime North Island mutton, 56/641b sfd; prime Canterbury mutton, 64/721b.. s|d; prime North Island mutton, 64/721b, sd; prime Canterbury ewes, 48/641b. 33d; prime North Island ewes, 48/641b, 3fd. Beef.—The market for New Zealand beef is firmer. _ The demand has been better. Quotations: New Zealand prime ox beef—hinds 5Jd, fores 4d; Argentine chilled —hinds 7Jd. fores '4Jd. Pork.—The market for pork is firmer. The demand has been . checked by increased prices asked. Quotations: English porkhrs, 80/1001b, 9sd; New Zealand porkers, 80/1001b, 84d; New Zealand porkers, 100/1201b, Bd. BALCLUTHA STOCK SALE. (Feom Oub Own Corkespondent.) . BALCLUTHA, October 3. Prices to-day were not so good as at last sale, but nevertheless it was a good sale. About 3000 sheep were yarded. Fat wethers sold at 18a to 235, prime fat wethers 26s to 30s, fat ewes 23 a to 255. Store Sheep.—Ewe hoggets, 11s 4d to 21s fid; mixed-sex hoggets, 20s; ewe hoggets, 11a 4d. Cattle.—A small yarding,. Fat cows sold at £lO 10s to £l2; yearling steers, £5 10s. In the dairy pens cqtvs sold at from £6 to £8 10s; yearling heifers, £2 14s. Pigs, of which a fair number were present, were in great demand. Suckers realised 20s to 31s, slips to 41e.

COMPANY BALANCE SHEETS.

STATE FIRE INSURANCE OFFICE. Total General Dec. SI Reserves Kevenue Expenses Surplus

Although the surplus for 1929 has fallen below that of the preceding year, it is considerably in excess of those shown in earlier years. The revenue continues to increase, -while, if general expenses show a. rise (mamly due to heavier income taxj the fire lossses are reduced. After various allowances, aggregating £21,000, are made, there is a Burp i us 0 f £57,277, or £4324 less than that of 1928, to be added to reserve fund. _ The net premium income, after deduction of reinsurances and rebate, comes out at £190,782. This is some £5500 higher than that of the previous year, while a reduction of over £6OOO in the losses further improves the position. The larger turnover haß accordingly resulted in bringing the proportion of losses to premium income under 40 per cent., a position they have not occupied since 1925. For the past 10 years the relative positions have been as follow: Premium Fire

It would seem that 1927 had been espeoial!y unfavourable in the matter of losses, and that the experiences of the year preceding and succeeding were also unfortunate, although not to the same extent. Ihe annual average over the 10 years since 1919 comes out at 37,10, which is still under the proportion of the past yeM, owing to .the exceptionally favourable ratios in /the earlier seasons. It remains to be seen whether 1929 was a normal season, or whether possibly the period taken is too short to arrive at a reliable result. The capital of £IOO,OOO, authorised to be raised for the purpose of this department, has not been required so far, and each year that passes makes its utilisation less probable. The accumulated funds are comprised under the heading of reseive fund, which, with the addition of the aS? t o o r a ff 1 . sur P ll i s > will amount to £644,394. It is not clear why the surplus alone is termed " amount of fire insurance tunds as the designation might equally apply to the total of general reserve. In tact, the statement that the fire insurance funds at the end of the period amount to only £67,277 is rather misleading. Reserve for unearned premiums, swelled by £2543 appropriated from the annual working, has reached £87,196, while bonus reffnnn reserv ®L a A £28,500, after receiving £IOOO, exceeds the latest yearly rebate to policyholders. Reinsurance reserve bv an of £lO 000 has been raised to £45,000, but how it stands in relation to tne amount of reinsurances is not shown. no ii, deserve funds is brought to £821,091 by the inclusion of investments , re ®‘i rve which been raised to £16,000 by the allocation of £6OOO from revenue account. The strong position occuKed hy reserves is apparent. Liabilities aggregate £41,195. The os .®?s outstanding amount to only £6136, which os an estimate is not likely to be under the mark. Taxes represent £15,836, nearly all of which would be accounted for by income tax if still outstanding. Sundry creditors are entered at £6313, but. there are further amounts, which might come under that heading aggregating £11,638, the largest Sotor nu.- 18 • re,n surance premiums at £8705. Inis is practically balanced by side premmms outstanding on the other ;The fixed, section proportionally occupies a prominent place among the assets, being the largest individual item. After allowing £3313 for depreciation and writing off £4OOO, land and buildings are reduced to £210,926. This leaves them at Ba ( ne figure as at December, IJ2B, tne year■ s capital expenditure upon them having been balanced. The liquid investments total £500,808, Government securities at £330,290 predominating, nuviari £ ? i r,ty employ' £110,396, while an almost similar sum is wdged on fixed deposit and at . short call. Kurnl advances and intermediate credit bonds make up £34,175. From the nature of the investments, it would appear that their fluctuation would be slight, but the s JfP , several months ago to strengthen the investment fluctuation reserve by £6OOO has been justified by events. Cash in bank and in transit come to £4! 705, or just sufficient to meet the total liabilities at the closing date. A surplus of assets of £821,091 speaks well tor a quarter of a century’s growth commenced on a loan of '£2ooo. the tin market. (United Press Association.) (By Electric Telegraph—Copyright.) m. —. , LONDON, October 2. f ! Z mh h 40 : 251 tons spot, 1864; afloat, 525; deliveries,. 1691. , * BRAY BROS., • FRUIT FARM AND DAIRY PRODUCE MERCHANTS, DUNEDIN. WRITE US FOR MARKET REPtyrt HAVE INQUIRIES FOR ALL IINES: —Advt.

. LONDON STOCK EXCHANGE.

(United Press Association.) (By Electric Telegraph—Copyright.) LONDON. Or to her 3. Xbe following are .the latest quotaUoni for Oorenunmt securities, compared with the prices ruling last week:— Last week. This week.

- FOREIGN EXCHANGES. (British Official Wireless.) (United Press Association.) , (By Electric Telegraph—(Jopyright) , RUGBY, October 2. Par. Sept. 2S. Oct. 2. Pari*, (r to £1 .. 124.21 123.70 125.775 Brussel*, belgas to £1 35 54.85 34.5 i O*lo, to to El .. .. 34.43 18.16% 18.10 Stockholm, to to £1 .. 15.150 18,00 18.085 Copenhagen, to to £1 18.150 18.10 18,155 Berlin, mark, to £1 .. 20.43 20.41 20.405 Montreal, .dot to £1 .. 4.80 2-3 4.8514 New York, dol to,£l 4.80 2-3 4.80 4,85 7-10 Yokohama, pence to yen 24.58 24 13-32 24 7-16 Hongkong, pence to del. 24.58 15% 15 7-1$ Bombay, pence to rupee 18 17% Batavia, florins to £1 12.107 Milan. lire to £1 .. 82.46 02.70 92,78 Amsterdam, guild to £1 12.107 10.05% 12.04% Prague, to to £1 ... 24.02 163% 183 Geneva, to to £1 .. 25.2214 25.05% 25.035 Vienna, schillings to £1 24.50% 34.43% 34.42 Helsingfors, marks to£l 193.334 183% Madrid, pesetas to £1 25.22% 45.25 47 Athens, drachma to £1 25.22% 375 375 Lisbon, escudos to £1 4.50% 108.25 108.26 Bucharest lei to £1 073 816 818 Bio do Janeiro, pence to mllrelg .. .. .. xS 5*4 Buenos Aires, pence' to B“°« 47.82 ■ 40% 39 8-10 Shanghai,' pence to tael 23% 10% ' 18% LONiX)N MARKETS. (United Press Association.) (By Electric Telegraph— Copyright.) . LONDON, October 2. (Received Oct. 3, at 5.5 p.m.) Wheat: Cargoes are steadier, and advanced 3d to 6d. Parcels are active at an advance of 6d. Spot trade is active. Australian, ex ship, 30s 6d, Hour .is steady. Australian, ex store, 24s to 24s 6d. Oats are firmer, but peas and beans are slow. AUSTRALIAN MARKETS. (United Press Association.) (By Electric Telegraph—Copyright.) _ . SYDNEY, October 2. Wheat is quiet. Bulked, 2s B*d; bagged, 2s 9Jd. Flour, £9 ss. Bran and pollard, £5. Potatoes: Tasmania, £7 10s to £9 10s; Victoria, £7 10s. ' Onions; Victorian Spanish, £6. Oats. White, 3s 9d; Algerian, 4s 4d. Maize, 4s. ADELAIDE, October 2.' Wheat, 2s 7d to 2s SJd, Flour. £8 15s. Bran, £5 10s. Pollard, £6. Oats: Algerian, 2s 3d. TARANAKI OILFIELDS. The following report, issued for the week ended September 27, has been received from the Taranaki (N.Z.) Oilfields:—“Waitangi No.. 1 well: Transport continuing, with more promising weather conditions.” OAMARU MARKETS. (Special to Daily Times.) OAMARU, October 3. Odd lines of the 1931 wheat crop are still being sold at the " pool ” prices. None of this season’s milling wheat is available, and millers are purchasing 1929 the " pool.” The oat market ie quiet, and scarce, but as merchants’ stocks are short they are making their purchases through the “ poo].” The oat market is quiet; and no shipping demand exists. There is a fair demand locally, which merchants are meeting out of stocks sold forward and still in store. The prospects for next season’s crop are good, and as the area appears to be large, merchants have been endeavouring to sell for forward delivery, but no business so far has resulted. Forward quotations are ruling at 3s 3d for A Gartons and 3s Id for B’s. , The stock market has been brisker during the week _ than _ for some time past, and the following private sales took place: Ewe hoggets, 19s 6d; forward wethers, 18s od ; wether hoggets, 12s; ewes and lambs (all counted), Bs, 12s; fat wethers, 25s 6d, 28s 6d, 30s, 325; fat ewes, 225; fat heifers, £l2; dairy cow, £9; Friesian bull, £2o; fat steers, £ll 10s, £l2, £l2 ss, £l3, £l4 10s, £l6; five-year-old draught marc, £2o.

BANK OF ENGLAND RETURN.

(United Press Association.) (By Electric Telegraph—Copyright.) LONDON, October 2. The following is the Bank of England .return: — . ISSUE DEPARTMENT. '■ Note issue in circulation .. £359,386,483 Banking Department .... 56,232,482 415,618^965 Government debt .. .. £ 11,015,100 Other Government securities 232,894,634 Other securities 11,627,417 Silver coin . 4,462,849, Gold coin and bullion 155,618,965 415,618,965 BANKING DEPARTMENT. Proprietors’ capital .. .. £ 14,553,000 Rest ... ... ... .. .. 3,710,847 Public deposits .. .. .. 21,645,391 Other deposits (bankers’) .. 61,317,731 Other accounts ..... .. 34,789,325 Seven-day and other bills .. 2,143 136.027.437 Government securities .. £ 44,536,247 Discounts and advances ~ 11,916,677 Other securities 22,157,669 Notes in reserve 56,232,482 Gold and silver coin .. ~ - 1,184.362 136.027.437 The proportion of reserves to liabilities is 48.70 per cent. Short loans are quoted at 2 per cent.; three-months bills at 2 3-32 per cent. DAIRY PRODUCE. The National Mortgage and Agency Company, Ltd., has received the following cable from London:—Butter: Market very slow. New Zealand finest, 122 sto 1245; New Zealand first grade, 118 s to 120 b; Danish, 146 s to 148 s; Australian, 118 e to 120 s; stored, 2s to 4s less. Cheese: Market quiet. New Zealand white, 72s to 735; New Zealand coloured, 71b to 725; Canadian white, 745; Canadian coloured, 78s. Messrs A. S. Paterson and Co.. Ltd., are in receipt of the following cablegram from London, dated October 2:— Butter: Market depressed owing no demand. Danish, 148 s; New 'Zetuand, 120 e, 1245; Australian, 118 s, 1225. Cheese: Market is dull,'with, downward tendency. White cheese, 725; coloured; 70s. ■ • MELBOURNE MARKETS. MELBOURNE, October 3. Wheat, 3s. • - Flour, £9 15s and £lO. Bran and pollard, £5 15s. Oats, 2s 5d and 2a 6d. Barley; English, 3s Id and 3s 3d. Maize, 4s 6d. OKARITO DREDGING COMPANY. The secretary of the Okarito Five-mile Beach Gold Dredging Company, Ltd., reports that a return of 183 oz has been obtained from the, paddock just completed,' 21oz being taken from the tables and I62dz from the head boxes. The return is for a period of seven weeks’ elevating and the area of the bottom ,of the paddopk is approximately 1 acre. The average depth of the ground is from 20 feet to 24 feet, and the average value of the ground over all is' therefore not less tfyan Is 6d per cubic yard. Before shifting the elevator it is intended to take out another small paddock alongside the elevator in its present position, MATAURA STOCK SALE. (From Our Own Correspondent.) . GORE, October 3. The usual monthly stock sale was held at Mataura yesterday before a fair at-, tendance of .formers and buyers. Sheep.—The entry comprised over 900, including a few pens of fats. The sale started off well and indications for a bright market promised, but after the first pen was sold the market slackened and sales were hard to make. Several sales, however, were made by private treaty. Fat wethers realised from 20s to 26s 6d,' and fat ewes 20s. The market, in the store section was also very slack and business was hard to transact, but several lots changed hands privately. Two-tooth ewes realised 19s, and full and failing ewes 10s. A- very nice line of wellgrown and well-woolled ewe hoggets sold on behalf of Mr George Stewart. Brydone, should prove a good investment to the buyer at 19s 7d, while another line made 19s. Good mixed-sex hoggete made 13s 7d, and small sorts 5s 3d. The first line °f ewes and lambs offered in the yards this season did not brighten the hopes of those who are holding this class of stock, and were sold at 5s 3d all counted. Cattle, —The entry comprised 55 head. In the fat pens some prime heavy cows were brought in by Mr D. Dickie, Clover Lea,” Ferndale, and realised from £9 12s 6d to £l3 ss, the average being £ll 3s 4d. A prime bullock ■ realised £l4 10s. With the dairying season now in operation a large number of dairy cows were on offer and competition was good, prices ranging from £5 2s 6d to £l4. A special line sold on behalf of Mr C. E. Rowe, Mataura, made an average of £9 4s 6d. Yearling steers and heifers realised £2 10s.

136,027,437

LONDON WOOL SALES.

(United Press Association.) <■ (By Electric Telegraph—Copyright) LONDON, October 2. At the wool sales 9993 : bales* were offered, including 2916 from New Zealand., Approximately 3900 bales were sold. There was a moderate offering of all ' descriptions, * with fair competition. Prices were unchanged. The small demand for scoured merinos caused many withdrawals. New Zealand sales; Greasy crossbreds—“ Annedale ” 9Sd and 9d, “ Tauhero ” OAd and BJd; halfbred—“Mount Paul ’’ 10 Jd and 9Jd. In Bradford tops the severe depression continues, and business is neglected. Quotations are nominal. Sixty-fours, 24d; sixties, 22d; fifty-sixes, 18d; fifties, 14Jd; forty-sixes, 12id; forties, 12d. LOAN TO CANADA. ISSUE IN NEW YORK. i , (United Press . Association.) (By Electric Telegraph—Copyright.) .ijL ■ NEW YORK, October 2. (Received Oct: 3, at 9 p.m.) . New York Herald-Tribune’s financiareditor states that arrangements have been virtually completed for a 100,000,000 dollar loan for Canada in the- local market, ■which is the largest offering for the year» A banking group, , headed by the, Chase Securities Corporation, will underwrite the will be offered at a figure which will yield the investor 4.4 to 4.6 per cent. The proceeds of the loan are for a 1930-1931 refunding operation, * .The Canadian Government believes that the issue will be sold only in New York and Canada. BUTTER Alp CHEESE. (United Press Association.) (By Electric Telegraph—Copyright.)' - . LONDON, October 2. Butter is stagnant;- The -reduction in ?Fi ces 10 attract buyers. Danish, 1465. Choicest salted New, Zealand, 1208 to 121 s; exceptional, 1245; Australian. 118 sto WOs. Unsalted New -Zealand, 144 s to 1465. Australian. 120 a to 128 e.. - Cheese >s neglected. New Zealand— Coloured 7ls, white 725; Australian, 70s and 71b. ’ CHICAGO WHEAT MARKET. T i (United Press. Association.) , (By Electric Telegraph— Copyright.) _ NEW YORK, October 2. • Chicago wheat: December 818 cents per bushel; March 85J; May, 88, CHRISTCHURCH GRAIN MARKET. (Peb United Press Association.) , CHRISTCHURCH. October 3. bo far as business on the local grain and produce market is concerned it is almost at a standstill, except for potatoes, ini which there is still a little doing, luere has been a slightly better inquiry for. potatoes this week, and the price has i*ttle. ■ To-day’s quotations are. fn 11 8 15b, f .0.b.-s.i., equal ; to “ 15e to £3 on trucks. There is very little doing in small seeds, and no change' in prices. _ There was another -drop of 10s a ton in the price of bran and pollard yesterday, in sympathy with the further drop in prices in Australia. Todays prices are:—Bran, local, £6; shipping, £5 10s. f.0.b.,, with lOs extra for smaller packings; pollard, local, £6 6s; shipping £5 ss, f.0.b., with 10s extra for' smaller packings!

£ £ £ £ V 1920 316,057 135,670 34,115 47,210 1921 361,138 150,073 6G.174 39,325 1922 410,006 156,476 «0,576 40,403 1923 458,513 169,249 59,567 38,878 1924 490,007 190,300 62,984 31,131 1925 568,002 207,418 59,960 35,917 1926 623,622 233,546 70,425 40,738 1927 670,061 243,490 69,157 35,883 1928 744,271 252,004 66,878 61,601 1929 821,091 258,995 75,650 57.277

income Losses Ratio mo e 124,538 £ 21,182 . P.c. 17.01 1921 136,429 38,126 27.95 . 1922 142,591 46,090 32.32 1023 143,168 46,178 ‘ 32.25 1924 143,065 60,817 42.51 1925 159,260 56,998 35.79 1926 172,975 79,063 45.71 1027 181,846 98,135 53.97 1928 185,213 81,585 44.05 1929 190,782 75,317 39.48

e 1. d. fi 8. d. Imperial Console,' 2H p.c. ... 55 10 0 65 17 6 War Loan, 5 p.c., 1829-47 .. 104 10 0 104 *5 0 Conrersloo Loon. Si4 p.c. .. IS 10 0 78 10 0 Victory 4 p.c 7 6 05 10 0 C’wenlti 6 p.c., 1931-41 .. 03 10 0 06 0 0 C’wealtli P.o., 1922-27 .. 85 0 0 86 0 0 N.Z. C p.c.. 1936-81 .. .. 101 15 0 104 16 3 N.Zl 4 p.o.. 1020 .. 94 0 0 94 1 3 N.Z. 3% p.c., 1019 .. .. 88 T G 88 10 0 N.Z. ,3 p.o.. 1045 .. .. 5 0 80 11 3 N.S.W. 6hi p.c., 1930-10 .. 98 0 .0 00 0 0 N.S.W, 0; p.c... 1930-49 .. 94 10 o' 95 15 0 N.S.W. S9i P.C., 1922-32 .. 03 0 0 94 0 0 N.S.W. 4 p.c., 1933 .. 92 7 fi 93 10, 0 N.S.W. 3’4 p.c.. 1930-50 .. 82 0 0 84 0 6 N.S.W. 8 p.c,, 1935 ... .. 64 0 0 66 15 0 Tic. 6% p.c., 1930-40 .. .. 77 10 b 81 10 0 Tic. 0 ■ p.c.. 1932-42.,, .. 82 0 0 81 17 6 Vic. 4% p.c,, 1040-69 .. .. 93 0 0 92 0 0 Vic. 314 P.O., 1920-49 .. .. 03 0 0 65 0 0 Tic, 3 p.c., .1929-40 .. .. 60 3 6 63 10 0 Q’land 0 p.c., 1930-40 .. 94 10 0 96 0 0 <J‘land 5 p.c.. 1910-00 .. 81 6 0 83 10 ■ 0 Q’land 8 p.o.. 1922-47 .. 62 0 0 62 0 0 S.A, 6H P.o.. 1030-40 ., .. 84 8 0 96 8 9 S.A. SH P.O.. 1839 .. ,. 81 0 0 SO 6 0 S.A. S p.c., 1913 or After .. 51 0 0\ 61 0 0 W.A. e P.O.. 1930-40 .. .. 94 0 0 94 13 8 W.A, 8H P.O., 1920-85 .. 87 S 9 84 10 0 W.A. Shi P.O., 1915-35 .. 87 10 0 so’ 10 0 Tag, 6H P.o,, 1030-40 .. .. 97 17 ( 09 10 0 Tag. 344 p.c.. 1920-40 .. .. 80 10 0 SO 10 0 Tag. 3 p.c., 1920-40 .. .. 79 10 0 79 io: 0