COMMERCIAL CABLEGRAMS.

Otago Witness, Issue 3829, 2 August 1927, Page 21

COMMERCIAL CABLEGRAMS.

LONDON METAL MARKET. LONDON, July 28. Copper : Spot, £55 15s 7£d; forw-rd, £55 19s 4£d. Lead: Spot, £24 2s 6d ; forward, £24 12s 6d. Spelter: Spot- £29 ss; forward, £2B 16s 3dTin: Spot. £289 2s 6d: forward. £284 16s 3d. Silver: Standard, 25 7-8 d; fine, 27 15-16 d per oz. ~ July 25. Copper: frpot*. £os 19s 4jd; forward, £56 5s 71(1. Lead : Spot. £24 7s 6d; forward, £24 17s 6d. Spelter: Spot, £29 6s 8d; forward £23 13s 9d. Tin : Spot. £2BB Us 3d ; forward, £233 Silver: Standard, 26 3-10 d; fine, 28RI. LONDON STOCK EXCHANGE. LONDON, July 23. The following are the latest quotations frr Government securities, compared with the prices ruling last week:—

FOREIGN EXCHANGES. LONDON, July 28.

BANK OF ENGLAND RETURN. LONDON, July 28. The following is the Bank of England return: —

The proportion of reserve to liabilities is 29,60 per cent. Short loans are quoted at 3J per cent., and three month bills at 4 11-32 per cent. LONDON WHEAT MARKET. LONDON, July 25. Wheat, cargoes are unchanged, and the demand is inactive. Parcels opened steady but closed dull at a decline of 3d, sales being made at 54s and 54s 4£d. Liverpool futures: July-October. 10s 11 3-8 d per cental; December, 10s lid; March, Ils lOJd; May, 10s 9|d.

July 26. Wheat cargoes art dull in the absence ot buying support. Quotations declined 3d, and parcels dropped similarly. Liverpool futures: July, jos ll.ld per cental; October, ltd HJd: December. 10s Hid; March, 10s lid: May, 10s Old. * ' July 28. Cargoes are steady, with some' Continental inquiry for Australians, but reports oi finer weather in France have caused buyers to hold off, and the market closed quiet, and unchanged. Parcels are quiet and lower to sell at Liverpool and ’jrlasgou. South Australians, ex Anchises, 53s 9d. Liverpool futures: .July Ils 0 1 d-’ October. Ils Old; Decembe:’ Us o>dMarch, 10s Hid; May, 10s lOd. The spot trade is easier. Australian, ex ship to arrive, 56s 6d; ex store, 41s 6d and 42s r • . f Jll] V 30. Liverpool futures, Octol>er-December U»T<"’ e Ma.v 10s 9d. l>Cr Ce, ‘ tal; MaiCl ‘ 103 LONDON MARKETS. „ ' . LONDON, Julv 28. Blitter is firmer, but there is small trading owing to the holidays. New Zeaic'n 1 ’ i?° S - 1° IG2s; -Australian, 158 s to 160 s; Danish, 1635. Cheese. —New Zealand is quiet at 925. Sugar Granulated, 31s l-Ad per cwt. CHICAGO WHEAT QUOTATIONS. . NEW YORK. July 26. Chicago wheat: July. 1421- t nts per bushel; September, 140; December, 143 J. , July 27. Chicago wheat: July, 1401 cents per bushel; September, 139; December, 142 J. . . - July 28. Chicago wheat quotations: July. 13SJ cents per bushel; September. 1372; December, 141 S. ■rrrl , , Julv 30 Mheaf: July, 134£ cents; September, 1362 cents; December, 140£ cents CANADIAN - WHEAT. ’ VANCOUVER. July 26. At Winnipeg wheat closed 1J cents to 2 rt cents above yesterday’s levels, following on sensational reports of continued oppressive heat, which has aggravated and is spreading the rust menace. All months’ quotations finished at only a fraction below the day’s highest levels. . - July 28. V. innipeg reports that the July cash wheat fell 41 cents from the high level of 165£ cents, which is g below Wednesdays closing rate. The decline is attributed to a flood of offerings from the seaboard and cool weather settling the fears oi rust. CANADIAN OAT MARKET. . OTTAWA, July 30. At n innipeg. belated buying by shorts caused a sensational advance of 18*- cents in July oats. There wore exciting scenes. Holders clung to supplies, while .shorts fought frantically to meet the commitments. FROZEN AND CHILLED MEAT. LONDON. Julv 50. Sheep: Canterbury light, 5 7-8 d ; North Island light, sgd. Argentine: Firsts—medium. 1-eavv, 3 7-Bd. Patagonian; Heavy, 4ld. New Zealand lambs, North Island firsts, 7|d to Bd. Argentine: Firsts. 8d to 7jd. I' rozen beef: Australian crops, 3jd; hinds, 5 7-Bd. Argentine: Chilled hinds, 6Jd; others unchanged. LONDON MARKETS. LONDON. Julv 30. Cotton: August delivery, 9.92 d per'lb. Rubber: Para, 15gd per lb; plantation cmoked, 17d per lb. Jute: August delivery, £35 per ton. Hemp: June-August delivery, £35 per ton.

Copra: July—August delivery. £26 l~s 6il per ton. Linseed oil: £32 10s per ton. BARLEY, PEAS AND BEANS. LONDON. July 28. Bailey.—Steady. Australian Chevalier, ex store, 54s and 565. Beans, quiet. Peas, slow. AUSTRALIAN SULTANAS. LONDON, July 28. The Army and Navy Stores won the Empire Marketing Board’s 100-guinea silver cup for the best Empire window display, which consisted of Australian sultanas, illustrating the complete process, also emphasising that Australia is producing sufficient sultanas and currants for the whole of the world’s Christmas puddings. The board’s reports of the Empire ShopvjnS, Week reveal a marked growth in Empire buying mentality. TALLOW MARKET. LONDON, July 28. At the tallow sales 1489 casks were offered and 593 sold at declines all round. The quotations for mutton are: Fine, 31s 6d per cwt; medium, 31s. Beef: Fine, 365; medium, 31s. NEW ZEALAND APPLES. LONDON, Julv 25. Five thousand cases of New Zealand apples, ex Tainui. which arrived on June 10 and were put into cold store at Southhampton as an experiment, now Being marketed_ in London. They are in excellent condition. ' Sturmcrs are realising from 17s to 21s, Statesman from 20s to 235. QUEENSLAND LOANS. VANCOUVER, July 26. The Premier of Queensland (Mr W. M'Cormack) sails for home on Thursday. He says that he has successfully arranged large loans for Queensland. He believes that all Australian borrowings in future will be done on the loan commission plan, as competition is eliminated and better terms are obtainable.

WESTERN AUSTRALIA. - . . PERTH, July 28. lii Ins speech nt the opening of the Slate I arliament the Governor said that the past season had been the most favourable in the State s history Tho wool production was o'er 50,000,0001 b. and the number of sheen had increased by 600,000 to 7,800,G00. LONDON SHARE MARKET. , LONDON. July 26. Bank of Australasia, £l4 18s 9d:’ Bank of New South Wales. £43; Union Bank of Australia, £l5 Us 3d; National Bank of New Zealand, 137 s 6d; Rank of New Zealand Stock. £93 17s 6d, shares 58s 3d; New Zealand Loan and Mercantile deben-. tures, £76; ordinary stock, £94. P. AND O. DEFERRED STOCK. LONDON. July 28. P. and O. Deferred Stock is quoted at £.288 15s. AUSTRALIAN MARKETS. MELBOURNE, July 28. Hides.—Heavies ami hips are firm at late rates and (.J to id lower SYDNEY, July 28. • Wheat: At country stations, 4s 9id ; ox truck, at Sydney, 5s sd. Flour: Export, £l2 10s, f.0.b.; local. £l3 ss. Bran and pollard, £7. Oats: Tasmanian Algerians, ss; White, 4s lOd. ’ Maize: Yellow, ss. Potatoes: Tasmanian. £7 to £9. Onions: Victorian. £6 10s to £7. July 29. Wheat. —Buyers scarce, 5s 7'd; sellers asking 5s Bd. Flour, £l3 5s and £l3 10s. Bran, £7. Pollard, £7 10s. Oats, 4s 8d to 4s lOd. Barley.—English, 4s 3d and 4s 6d; Cape. 4s and 4s 3d. Potatoes, £8 and £8 10s. Onions, £5 5s and £5 10s. ADELAIDE. July 28. Wheat: Growers’ lots, 5s 4J,d; parcels nominally 5s 7d, 5s 71(1. Flour: Bakers’ lots, £l4 2s 6d. Bran, £6 10s. Pollard, £6 15s. Oats, 3s 9d. BRADFORD MARKET. LONDON, July 25. At Bradford business is limited, but all quotations are firmly maintained.—A. and N.Z. Cable. July 28. The Bradford wool tops market is very quiet owing to the holidays. Quotations arc firm, but unchanged. DUNEDIN HIDE SALE. Messrs Waters, Ritchie, and Co. report as follows:— We held our usual monthly sale of hides at our stores, Crawford street, on Thursday afternoon. There was the usual attendance of buyers present and competition was again very keen, last sales extreme prices for all descriptions of cow hides being fully maintained, and in some cases exceeded. Prices can be quoted from par to id per lb higher for cows, but heavy ox were rather neglected, and can be quoted slightly easier. , Though tanners were keen to operate in cows they were completely outbid by shippers, who secured practically 80 per cent, of the catalogue, which consisted of 2057 hides. The following were some of our best prices:—Ox: One 651 b, 12d; 18 661 b, llgd; 17 641 b, lid; 30 811 b, lOld; two 581bU' lO^d; one 681 b, lOgd: Ud; four 931 b. Ud; 25 801 b, 10Jd; 49 771 b, 10id; 34 781 b, : two 531 b, lOld; one 681 b, lOgd; six 361 b, lOgd ; 11 381 b, five 771 b, 10gd; two 791 b, lOld ; 161 641 b, 92d ; 136 751 b, 9|d; seven 551 b. 9^d; 30 561 b, 9sd; four 841 b, 9gd; four 561 b, 9gd; 14 421 b, 9gd; nine 501 b 9gd; 15 481 b, 91d; seven 491 b, 9^d; three 661 b. 9gd; 10 55ib, 9d; three 771 b, BJd : nine 551 b; Bgd ; eight, 751 b, Bgd; three 401 b, Bgd ; 20 391 b, Bid ; 2*l 621 b, Bjd.—Cows: Fourteen 371 b, lOld;' 17 381 b. 10gd; eight 581 b, lOd; 82 451 b, lOd; five, 731 b, 9Jd; 11 661 b, 9?d; 52 371 b, 9fd; two 661 b, 9^d; 70 451 b, 9gd; 74 55111, 9Ad; 401 571 b, 9^l; 142 451 b, 9d; 16 421 b, 9d: 14 531 b. Sd : 249 561 b, 8?d; 35 361 b, Bfd : 61 441 b, B|d; and two 451 b, Bfd. STRENGTH OF BANKS. During the past six months three Australian banks have passed out of existence through amalgamation with other banks. Thus the Bank of Western Australia was absorbed by the Bank of New South Wales, the Bank of Victoria by tho Commercial Banking Company of Sydney, and tho Royal Bank of Victoria by the English, Scottish and Australian Bank. Those fusions with new issues of capital have tended to strengthen the banks greatly, and it can be said that the banking position in Australia and New Zealand is now one of exceptional strength. A table showing the amount, of funds controlled by the principal banks in the Commonwealth and the Dominion discloses that the total is £33.523,897, of which £48,890,110 represents paid up capital, and £34.633,787 reserves and undivided profits. Of the total 44£ per cent, is controlled in Melbourne, 28* per cent, in Sydney, 17g per cent, in New Zcala'nd, 6g per cent, in Queensland, and 2J per cent, in South Australia. The funds controlled by the several banks are as under:—• Bank. £

AUSTRALIAN BUTTER. REDUCED EXPORT LEW. SYDNEY, July 27. . The Dairy Produce Control Board h.is decided to reduce by 25 per cent, tho levy paid by exporters on export butter. A recommendation will be made Vo tho

Minister of Markets to amend the regulations and to reduce the levy under the Dairy Control Act on butter from l-16d per lb to l-20d, and on cheese from l-32d to l-40d per lb. FRUIT PRESERVING. WELLINGTON, July 27. No money was advanced from the State Advances Office under the fruit preserving industry account during the last financial year. The amount outstanding in respect of advances at March 31 last was £44,613. The arrears due wgre as follows: —Marlborough Fruit Packing and J-reserving Company, Blenheim, £1325; Nelson Co-operative Fruit Company, £858; Messrs Apsey and Co., Hastings, £l5O. THE FRUIT MARKET. The secretary of the Otago Provincial Fruitgrowers’ Council (Ltd.) advises that the High Commissioner's cabled report on the fruit market in London, for week ended July 23, is as follows:— Apples.—The market is quiet. London practically cleared of coloured apples. Prices are as follows:— 16s to Ifte, and up to 20s per case; Dougherty, 17s to 20s per case. FACTORIES IN AUSTRALIA. HOME INDUSTRIALISTS INTERESTED. LONDON, July 26. Mr H. E. Pratten (Australian Minister of Trade and Customs), before leaving for America, said in an interview that

he was confident that his meetings with the industrialists would lead to the investment of £5,000,000 in branch factories. Artificial silk alone would involve an expenditure of £1,000,000. Other industries were tinplate manufacture, floor coverings, and other goods.

MONEY IN MOTORS. PROSPEROUS AMERICAN CORPORATION. NEW YORK, July 26. The General Motors Corporation has reported that the net earnings for the first six months of 1927 were 129,250,207 dollars, which is an increase of more than 27,500.000 dollars over the same period for 1926, constituting a record. Sales to dealers and to users were also records. WELLINGTON INVESTMENT TRUSTEE AND AGENCY CO. WELLINGTON, July 28. The annual meeting of shareholders of the Wellington Investment Trustee and Agency Company, Ltd., was held to-day. Mr George Shirtcliffe (chairman of directors) presided. In the course of his speech the Chairman said: The capital account remains unaltered at £62,000 paid up and £62,000 uncalled. The general reserve account stands at £24,700, as compared with £23,700 a year ago. It is now proposed to transfer £3OO from the profit and loss account to this account, thus bringing the reserve up to £25,000, equal to slightly more than 8s in the £ on the paid-up capital. The .eserve for depreciation of securities has been reduced by £6OO, which

has been transferred to the reserve for the depreciation of mortgages account, it being considered that the balance of £4OO is now amply sufficient to cover the difference between the book value of the Government and local body securities held bj the company and their present market values. Not one penny of the company’s capital has been lost on loans made by the board from December, 1920, to the present time. It became evident during the year that a certain loss would have to be faced and provided for, and this explains the writing off of £1706 8s 6d. The sum of £ll3l 15s lOd is still carried forward as a reserve against any further losses that may possibly occur. The reserve for income tax stands at £7OO, as compared with £6OO last year. The deposits stand at £136,526, compared with £137,652 a year ago. On the assets side of the balance sheet mortgages stand at £187,605. or an increase of £3412 over last year. Interest due and accrued amounts to £lBBl, or £775 less than last year, and is all either paid or will be paid as it becomes due. Freehold property stands at £4028. £193 less than it was last year, the income having been used to depreciate the capital cost of the property which was acquired by foreclosure &me time ago and which is at present leased at a satisfactory rental with a purchasing option. Debentures and inscribed stock stand at £32,761, the same as last year, and it is proposed to keep these intact as a liquid asset. As regards the future earning capacity of the company, I would like to assure shareholders that even if no interest whatever is taken into profit in respect of the doubtful securities to which I have referred the assured income is, in the opinion of the board, quite sufficient-to enable a continuation of at least 6J per cent, dividend and the

placing to reserve, if necessary, of a sum of about £lOOO a year. lam hopeful, however, that the actual results will be better than that, and that before very long it will be possible to increase to some extent the diiydend rate. In the meantime the policy of the directors is to add steadily to the strength of the company. LONDON RUBBER MARKET. The London market for rubber when last •nail advices were written was described as dull and inactive. A report under date June 2 states; — The good demand for spot and near rubber still continues, but very little interest is shown in the forward position. Manufacturers are apparently quite prepared to continue purchasing their requirements' only for immediate use, and speculators are taking very little interest in the rubber market just now. sw that any activity in the forward positions is out of the question at present. The Board of Trade figures to end of April show that imports to the United Kingdom for the first four months of this year amounted to 55.637 tons, and exports 20,880 tons, leaving a balance of 34,807 tons. The United Kingdom stocks have increased in the four months by 18.477 tons —namely, from 51,243 tons to 69,720 tons. The difference is aci counted for by deliveries to home trade, which amount on this calculation to 16.330 tons for four months, which is at the rate of 49,000 tons per year. CUSTOMS RETURNS. PORT OF OTAGO. The Customs revenue collected at tiio port of Otago during the month of July was as follows: —■ July, 1927. July, 1926. Customs duty £96,671 £68,415 Beer duty ... £12,377 £13,722 The increase of £’28,256 in Customs duty last month over the amount for the corresponding month last year may be accounted for by withdrawals from bond in anticipation of the changes in the tariff which are looked for shortly. PORT OF AUCKLAND FIGURES. AUCKLAND, July 30 The contraction of imports, which, with the exception of June, has been indicated, by Customs figures for the port of Auckland this yea)-, was again pronounced in the revenue for July, which was over £30,000 below that for July, 1926. Collections for the first seven months of the year are £21,044 less than those for the corresponding period last year. The beer duty for Julv was £7978, compared with £8329 last year. W ELL INGT O N RETUR N S. WELLINGTON, July 30. I The Customs duty for July was £207,339 I 10s 6d, as against £195.747 Ils 4d for July ' last year. The beer duty was £3658 10s 4d. as against £3495 5s 7d for the same month last year. CHRISTCHURCH FIGURES. CHRISTCHURCH. Julv 30. Following on the abnormal conditions which prevailed during June, owing to largo clearances of spirits from bond in anticipation of an increase in the duty, the Customs revenue collected in Christchurch dining the present month has approximated the normal amount. In June this year the net Customs duties collected amounted to the large total of £146,624 8s 6d, a,s against £92,581 Ils 9d in Juno last year. During the past month the amount collected was £97.623 3s Id, compared with £77,676 16s 3d in July last year. The beer duty for July was £6729 18s, and last year it was £5836 15s.

WARD AND CO. The forty-sixth annual report and balance sheet of Ward and Co., brewers, of Christchurch, states that, acting on authority given by shareholders to the directors at the last annual meeting, £4OOO out of tho amount carried forward has this year been credited to the. mortgage depreciation reserve, and this account now stands at £ll,OOO. Tho balance to the creJ.it of profit and loss account for the year, after payment of the interim dividend of £5OOO in January last, amounts to £5266 6s, and it is recommended rat the payment of a further dividend bo made of Is per share for the half-year ended June 30, 1927, leaving a balance of £265 6s to be carried forward to next year's accounts. RECORD PETROL OUTPUT. Petroleum production in tho United States reached new high levels during March, the output for the month totalling 75,304,000 barrels, a daily average of 2,429,000 barrels. The daily average shows an increase of one-fifth of 1 per cent, over the previous record, established in February of this year, and of 24.1 per cent, over March. 1926. Domestic consumption amounted to 54,523,000 barrels, a daily average of 1,758,800 barrels. Ihe daily average consumption was higher than in February last, but was not sufficient to absorb the increase in production, and stocks accordingly rose for the fourth succesive month, standing at 289,894,000 barrels on March 31, the highest total since January of last year. Gasoline production amounted to 27,5b0.000 barrels, a daily average of 899,500 barrels. The daily average output showed a gain of 16.8 per cent, over the ’ike month a year ago, and was second only to the record daily average registered in January this year Consumption totalled 22,464,000 barrels, a daily average of 725,000 barrels, an increase of 11.3 per cent, over the daily average for February, and of 16.2 per cent, over the daily average for March a year ago. Stocks again increased, amounting to 52,410,000 barrels, at the end of March, this being the highest total recorded in at least three years, and probably the largest for all time. -- RECORD CHEESE SALE. CAMBRIDGE,. July 30. The Cambridge Co-operative Dairy Company has sold the whole of its cheese output until tho end of November at a price that will enable it to p»y its suppliers aproximately Is 7d for butter-fat. This is probably the best de-al yet made for the coming season, and affords general satisfaction. It is also an indication of better prospects for the industry next season. /

Last week. This £ week £ s. d. s. d. Imperial Consols. 2} p.c, ... 54 15 0 54 15 0 War loan, 5 p.c., 1929-17 101 0 G 101 5 0 War loan, 3} p.c., 1925-28 ... 100 8 9 100 10 0 Conversion loan, 3} p.c. 7G 2 G 7G 0 6 C’wealth. 6 p.c., 1931-41 103 15 0 104 0 0 C’wealth. loan 97 15 0 97 17 G N.Z 6 p.c., 193G-51 100 15 0 106 17 G N.Z. 4 p.c* 1929 98 10 0 98 10 0 N.Z. 31 p.c., 1940 86 15 0 87 D 0 N.Z. 3 p.c., 1945 10 0 77 10 0 N.S.W. GJ p.c., 1930-40 ... 103 0 0 103 2 G N.S.W. G p.c.. 1930-40 102 7 102 12 6 N.S.W. 5J p.c., 1922-32 ... 101 3 9 101 11 3 N.S.W. 4 p.c.. 1933 93 2 G 93 10 0 N.S.W. 3J p.c., 1930-50 ... 85 15 0 85 15 0 N.S.W. 3 p.c., 1935 7 1; 75 15 0 Vic. 51 p.c., 1930-40 101 17 G 102 0 0 Vic 5 p.c., 1932-42 99 2 G 99 0 0 Vic. 3J p.c.. 1929-49 78 5 0 17 G Vic. 3 p.c., 1929-40 71 0 71 12 6 Q’land. 3 p.c., 1922-17 101 12 G 101 15 0 Q'land. 3J p.c., 1930 95 0 0 95 G Q'land. G p.c., 1930-40 71 5 0 71 7 G S.A. GJ p.c., 1930-40 103 3 9 103 0 O S.A. 3.J p.c., 1939 84 0 O 84 10 0 S.A. 3 p.c., 1916 or after ... 59 10 0 CO 6 3 W.A. G p.c., 1930-40 101 1G 3 101 17 G W.A. 3} p.c., 1920-35 89 0 0 83 15 0 W.A. 3 p.c., 1915-35 85 15 0 85 11 3 Tas. GJ p.c., 1930-40 101 1G 3 103 2 G Tas. 3| p.c.. 1920-40 84 5 O 81 2 6 Tas 3 p.c., 1920-40 76 0 0 7G 0 0

The exchange rales on London are as follows: Par. July 25. July 28. Paris, fr to £1 21.221 124.05 124.10 Brussels, belgas to £1 5 34.93 34.92 Oslo, kr. to £1 IS. 19 18.80 18.80 Stockholm, kr. to £1 ... 18.159 18.121 18.121 Copenhagen, kr to £1— 18.159 18.151 18.151 Berlin, reichtnkn to £1 20.19 20.40 20.411 Montreal, dol. to £1 ... 4.85} •l.SG 1-18 4.76 1-16 New York, dol. to £1... 4.88} 4.85 13-16 4.76 Yokohama, ft to yen... 24.5 23 9-32 23 1 Hongkong, st. to dol... • -‘1, 21J Calcutta, st to rpe, 16 to i gold £ in I • rf Bane, lire to £1 22.221 89.30 89.25 Amsterdam, guild, to £1 12.107 12.11’ 12.UJ Batavia, guild, to £1 ... 13.107 12.12 12.12 •Governed by price o! silver.

ISSUE DEPARTMENT. Note circulation Notes in reserve .. .. £137,958,000 32,014.000 £169.972.000 Government debts . . .. £11,015,000 Other securities 8.735,000 Gold coin and bullion .. .. 150,222,000 £169.972,000 BANKING DEPARTMENT. Proprietors’ capital .. £14,553,000 Rest 3,530.000 Public deposits 9,877,000 Other deposits .. 103,482,000 Seven-day and other bills 3,000 £131,445,000 Government securities . . .. £49,992,000 Other securities 47,857,000 Notes in reserve .. 32,014,000 Gold and silver coin 1,582,000 £131,445,000

New South Wales 13.743.664 New Zealand 10,467,768 1'1. S. and A. Bank 8.476.056 (Com, Bank of Sydney ... 8,233:366 National of Australia ... 7,932,958 Australasia 7,892,887 -Union 7.847,938 Queensland National 5,563,318 (Commercial of Australia 4,735,119 National of New Zealand 4.175,770 Adelaide ... 2.263.750 Aust. Bank of Commerce 2,191,503 £83,523.897