COMMERCIAL CABLEGRAMS.

Otago Witness, Issue 3830, 9 August 1927, Page 24

COMMERCIAL CABLEGRAMS.

LONDON METAL MARKET. LONDON, August 2. Copper: Spot, £56 5s 74d; forward, £56 10s 7Jd. Lead: Spot, £24 7s 6d; forward. £24 15s. Spelter: Spot, £29 6s 3d; forward, £29 2s 6d. Tin: Spot, £298 2s 6d; forward, £289 12s 6d. Silver: Standaid, 25 7-8 d; fine. 27 15-16 d. August 5. Copper: Spot, £56 8s o|d; forward, £56 15s 7Ad. Lead: Spot, £24 6s 3d : forward, £24 15s. Spelter: Spot, £2l ss; forward, £29. Silver Standard, :25 9-16 d; fine, 27 9-16 d. BANK OF ENGLAND RETURN. LONDON, August 4. The following is the Bank of England return:—

The proportion of reserve to liabilities is 29.90 per cent. Short loans are quoted at 3g per cent., and three month bills at 4 5-16 per cent.

CHEESE AND BUTTER. LONDON, August 5. Butter is firmer all round, owing to the decreasing Home and Continental production. New Zealand choicest salted, 1655: exceptionally choice, 1625. Australian, 164 s to 1655. Danish, 170 s. Cheese is firm. New Zealand, 92s to 935. Sugar, 31s 4jd per cwt.

LONDON STOCK EXCHANGE. LONDON, August 5. The following are the latest quotations f<r Government securities, compared with the prices ruling last week :—

LONDON WHEAT MARKET. LONDON, August 2. Wheat cargoes are quiet in a holiday market at 3d decline. Parcels are inactive. Liverpool futures: October and December, 10s lid per cental; March, 10s 10id; .May, 10s 9d. August 3. Wheat cargoes are dull. Buyers are holding off owing to finer weather in Britain, and the increasing offers of Continental grain. Parcels are in better request, btiv prices are irregular at 3d lower to Is higher. Parcels ex Mongolia sold at 53s 6d a quarter. Liverpool futures: October and December, 10s 10? d per cental; March. 10s 10.}d; .May, 10s 9d.

CHICAGO WHEAT QUOTATIONS. NEW YORK, August 4. Chicago wheat quotations: September, 1 381 nents per bushel; December, Slav, "145*. , . . August 5. Chicago wheat quotations: September, 137 g cents per bushel; December, 141 s; March, 144 J. AMERICAN WHEAT HARVEST. WASHINGTON, August 1. The Agricultural Department has announced that a big wheat crop is I n harvested in the Pacific and North-West I States. It also declared that spring 1 wheat in the north shows the best prospect for five years, while the southern belt has reported that the spring wheat is nearly a failure.

LONDON MARKETS. LONDON, August 5. Wheat cargoes are more favourable, but the European crop outlook caused, buyers to hold off. Parcels had small inquiry, but were steady. Liverpool Futures: October, 10s lid per cental; December. 10s 10gd; March, 10s lOJd; Mav, 10s 9ld. Spot trade is quiet. Australian, ex ship, 55s 6d. Flour is slow. Australian, ex store, 41s. Oats arc firmer, but peas and beans are SIOW. , . £ August 6.

Sheep: Canterbury light, 5Jd. Frozen Beef: Australian crops, 3Jd; Argentine fores, 3)<l : chilled Argentine fores, 3d, hinds, 7d; others unchanged. Cotton: September, 9.20 d per lb. Rubber: Para, 15jd per lb; plantation smoked, 17 |d Jute: August shipment, £36 per ton. Hemp: June-August shipment, £35 per ton. . Copra: August-September shipment, £2o 10s per ton. Linseed Oil, £32 5s per ton. Turpentine. 44s per cwt. PRICE OF FINE GOLD. LONDON. August 3. The price of fine gold is £4 4s IOJd per oz. August 4. The price of fine gold is £4 4s lOd. COLD STORAGE RATES REDUCED. LONDON, August 5. As a result of the New Zealand Meat I Board’s efforts the cold storage rates at I London were reduced from August 1 by 5 per cent, for the first month and by 12iper cent, on the subsequent months. CALCUTTA TEA SALES. CALCUTTA, August 3. At the tea sales a better selection -was offered, and the quality generally was good. Attractive liquoring teas produced keen competition at improved rates. Poor classes, tannings, and dusts were in less demand, and eased three to six pies. The average prices for common Pekoe Souchong were 11 annas 6 pies to 12 annas;

for clean common broken Pekoe Souchong 12 annas 3 pies to 12 annas 9 pies; even black leaf Pekoe, 13 annas to 13 annas 6 pies; 12 annas to 13 annas 6 pies.

TALLOW. LONDON, August 2. Tallow: Stocks, 9325 casks. The imports during July were 2403 casks, and the deliveries 1121 casks. TIN STOCKS. LONDON. August 3. Tin: Stocks, 14,283 tons; spot, 612; afloat, 1970; deliveries, 2644. THE RUBBER MARKET. LONDON, August 2. Rubber: Stocks, 63,626 tons. BEET-SUGAR PRODUCTION. LONDON, August 1. Herr Licht (the Magdeburg sugar authority), in his monthly circular, estimates the beet sugar production for the current season’s European campaign at 3,908,394 tons. PRICE OF COPRA. LONDON, August 3. Copra was quoted to-day at £25 7s 6d. AUSTRALIAN MARKETS. MELBOURNE, August 4. Hides were irregular, excepting kips, which declined £d to Id. The sloppy condition of most of the hides affected the quotations. SYDNEY, August 4. Wheat: At country stations, 4s 9-ld; ex truck, at Sydney. 5s sd. Flour: Export, £l2 7s 6d, £l2 10s; f.0.b., £l3 ss. Bran, £7. Pollard. £7 10s. Oats: Tasmanian Algerian, ss; white, 4s lOd. Maize: Yellow, 5s 3d. Potatoes: Tasmanian. £9 10s to £ll. Onions: Victorian, £6 10s to £7. ADELAIDE, August 4. Wheat Growers’ lots, 5s 4d to 5s 4Ad. Flour Bakers’ lots, £l4 2s 6d. Bran, £6 10s. Pollard, £6 15s. Oats, 3s 9d. THE BRADFORD MARKET. LONDON, August 5. In the Bradford top market very little business is passing, with merinos firm and crossbreds quieter. . _ , Quotations, for 64 s 49d. 60s ‘.-d, 56 s 35d, 50’s 28d, 46’s 21Ad, 40’s 20LI.

LONDON BUTTER MARKET. WELLINGTON, August 4. •'The indications are that the butter market at Home is tinning.” said Mr T. C. Brash (secretary of the Dairy Produce Export Control Board) to-day. “London merchants are making inquiries and consignments by several factories have been purchased on the water. This was foreshadowed by our last cabled report, which announced an improving demand for the best butters, and is very satisfactory. Of course, it has been a wonderful season both at Home and on the Continent, and that is what has brought the market down. There lias not been much demand from the Continent up to the present time.” THE FRUIT MARKET. The societaly of the Otago Provincial Fruitgrowers’ Council, Ltd., advises that the High Commissioner’s cable report on the fruit market in London for the week ended July 30 is as follows: — “ Apples.—Cool stored shipment ex Tainui marketed this week. Condition very satisfactory.' Prices are as follows: Sturnier. 15s to 20s per ease; Statesman, 20s to 235; Rome Beauty, 17s to 20s. This refers to an experimental line which was placed in cool store for some time at Southampton to test quality and value. , v . , The last of the season’s New Zealand apples left Wellington at the end of June to try the experiment of late shipment, and these should find a good market in view of the great shortage ot apples at Home this season. This arrival is about six weeks later than has hitherto L.en recommended as a sate finishing date.

TRADE WITH THE UNITED KINGDOM. ARRESTING STATISTICS. At the last fortnightly meeting of the Council of the New Zealand Association of British Manufacturers and Agents, Mr G. H. Scott (the president) referred to the serious position revealed in the figures relating to trade with the United Kingdom, and in the course of his remarks stated: — I doubt very much if the people of our Dominion fully realise the extent to which the proportion of our trade with the United Kingdom is being reduced and the degree of increase in the proportion ot our foreign purchases. The disclosed tendency of- our trade figures taken for the period 1909 to 1926 must be a disturbing fact to those who visualise the possible effect upon values of our exports if we continue decreasing the degree ot our support to the United Kingdom. In 1909 the percentage of imports into this Dominion from the United Kingdom was 62.68; in 1913 it was 61.48; but in 1926 it had fallen to 45.69. The years during which our imports expanded very largely were the years 1920 to 1926, and it is * over this period that the very serious drop in the percentage of our imports from the United Kingdom has taken place. Commencing from 1919 (but particularly in regard to the period 1920-1926), there was a very noticeable rise in the volume of this Dominion s imports, but it is a regrettable fact that foreign manufacturers obtained the la rgest percentage of the increase. The following figures relating from the period 1909 to 1926 show

the increased percentage in this Dominion’s imports from all sources, and also supply an analysis: — Total Imports. Percentage 1909.192 G. of increase. £14,817,402 £49,811,741 230.16 Imports from United Kingdom. Percentage 1909. 1926. of increase. £9,287,786 £22,752,622 144.97 Imports from the United States. Percentage 1909. 1926. of increase. £1,166,063 £10,004,264 757.95 Imports from Canada. Percentage 1909. 1926. of increase. £198,384 £3,430,458 1629.20 Total Foreign Imports. Percentage 1909. 1926. of increase. £2,119,757 £15,823,907 646.50 Taking the years 1920 to 1926, the total value of imports from foreign countries amounted over the whole period to £92,760,811, whereas the exports to foreign countries over the same period only amounted to £38,075,270, leaving a balance of £54,685,541 against us. This huge sum has gone out of the dominion in hard cash, and no section of the British Empire _is benefited thereby. This position points to this Dominion's failure to create trading treaties with foreign nations that will enforce a greater degree of reciprocity, or, in other words, trade on the basis of interchange of commodities. AUCKLAND PROPERTY SALE. TRANSFER OF FULLERS’ OPERA. HOUSE. r , AUCKLAND. August 4. The sale was completed this afternoon of the property known as Fullers’ Opera House in Wellesley street west-. The purchasers are Messrs Smith and Caughey, Ltd., and the price is £43,000 cash. The property will be used for an extension of Messrs Smith and Caugheys Queen street business. The opera house was practically destroyed by fire last year, although the ai . e j ll a good state of preservation. J , kiulding was owned by Messrs John I 4 uller and Sons, who have purchased a site in the vicinity for a new theatre. WELLINGTON WOOLLEN COMPANY. WELLINGTON, August 5. lhe directors of the Wellington Woollen Manufacturing Company, Ltd., in their forty-fourth annual balance sheet and statement of prolit and loss for the 12 months ended June 30 refer to the acute business depression generally, more especially in recent months as haying caused sharp competition, so that whilst the company’s out put in bulk has been satisfactory the selling pr ices have not maintained a sufficiently compensating level of profit. An amount of £tjOOO for depreciation has been written off plant and buildings and £2090 has been transferred to the reserve, iaking that account £52,000. The directors lecommend, the payment of a further dividend of 5» per cent, on both the ordinary and preference shares. DAIRY. PRODUCE. c AX ELLINGTON. .August 6. Ihe figures-of the dairy division of the Department of Agriculture for July are as follows: — Salted butter graded, 628 tons; unsalted I ton making a total of 629 lons compared with 344 tons of salted and nil unsalted loi July, 1926, 3ii increase of 82 per cent For the 12 months ended July, the respective figures were 69,433 tons and 2262 tons, a total of 71,695 tons, compared with 59,739 and 2810. a total of 62.577 tons—an increase of 14.6 per cent. Cheese graded, white 44 tons, coloured 155 tons, total 399 tons, compared with 145 tons white and 171 coloured, a total of 316, a decrease of 37 per cent. For the 12 months the figures were, white 50 427, coloured 25.885. a total of 76.312, compared with 47,174 white and 26,971 coloured, a total of i 4,554. an increase of 2.9 per cent Converting these figures into butter fat equivalent there is an increase of 10.47 per cent, on butter-fat production for the 12 months compared with the previous ycc.r. The stocks held at the various grading ports at July 31 were: Butter 1935 tons, cheese 503 tons, compared with 2439 tons of butter and ISB3 tons of cheese at July 31 last year. WELLINGTON WOOLLEN ; COMPANY. AA ELLINGTON, August 6 The gross profit earned by the AA’elliiip--ton AA oollen Manufacturing Co., Ltd for the year ended June 30 last amounted to £65,378, and. with rents and transfer fees the, * ros . ? income was £69.139. against £72,350 in the previous year. Rates, taxes, and management expenses totalled £26,421, against £29.554. Maintenance, provision for bad debts, etc., amounted to £ 1963. against £BO/0. 'the auditors’ fees absorbed £262, and there was written off for depreciation £5093. leaving the net profit at £29,487. compared with £29 454 in the previous year. With £2401 brought forward from the previous year, there is available £31,388, against £31.565 last year. Out of this £2OOO is added to the reserve fund, making that fund £52,000. The interim dividend alisorbed £14.165, and it is now proposed to nay a further divided of 5 per cent, on both ordinary and preference shares, and to carry forward - the balance

The directors, in their report, say: "The acute business depression generally; rrtCro especially in recent months, has caused sharp competition, so that whilst the company's output in bulk has been satisfactory, the selling prices have not maintained a sufficiently compensating level of prices. That the company is conducting its business on sound economic lines is shown by the reduction in management costs by nearly £3O-30, as compared with last year. The capital of the company now stands at £295,000, and will l>c raised to £300,0X as soon as the balance of 5s per share is paid on the 20,090 ordinary shares. The sum of £5OOO has been written off for depreciation in each of the past three years.”

ISSUE DEPARTMENT. Note circulation Notes in reserve ... £138,342,000 ... 32,063,000 £170,405.000 Government debts Other seenrtities Gohl coin and bullion ... £11,015,000 ... - 8,735.000 ... 150,655,000 £170,405,000 BANKING DEPARTMENT. Proprietors’ capital Rest ... Public deposits Other deposits Seven-day and other bills ... £14,555,000 3,577,000 9,522,000 ... 102,840,000 3,'000 £130,495,000 Government securities Other securities Notes in reserve Gold and silver coin ... £52,0/7,000 ... 44,741,000 ... 32,063,000 1,514,000 £130,495,000 — *— —

Last week. This week £ 8. 0. £ b. d. Imperial Consols, 2> p.o. ... 54 15 0 54 15 War loan, 5 p.c., 1929-47 101 5 0 101 12 6 War loan, 3} p.c., 1925-28 10O 10 0 99 2 6 Conversion loan, 3£ p.c. 76 2 6 76 10 0 C'wealth. 6 p.c., 1931-41 104 0 0 101 12 6 O’wcaltb. loan 97 17 6 98 0 0 N.Z 6 p.c., 1936-51 106 17 6 107 7 6 N.Z. 4 p.c., 1929 98 10 0 98 7 6 N.Z. 3J p.c., 1940 87 0 0 86 15 0 N.Z. 3 p.c., 1945 77 10 0 78 0 0 N.S.W. 6.1 p.c., 1930-40 103 2 6 103 0 0 N.S.W. 6 p.c.. 1930-40 102 12 6 102 10 0 N.S.W. 5J p.c., 1922-32 101 11 3 101 15 0 N.S.W. 4 p.c.. 1933 ... 93 10 0 93 12 6 N.S.W. 3.J p.c., 1930-50 85 15 0 86 15 0 N.S.W. 3 p.c., 1935 ... io 15 0 75 12 6 Vic- 5J p.c., 1930-40 102 0 0 102 0 0 Vic 5 p.c., 1932-42 ... 99 0 0 99 0 0 Vic. 3J p.c., 1929-49 ... / < 17 6 78 0 0 Vic. 3 p.c., 1929-40 71 12 6 71 17 6 Q’land. 3 p.c., 1922-47 101 15 0 101 15 0 Q’land. 3J p.c., 1930 95 7 6 95 7 6 Q’land. 6 p.c., 1930-40 , 1 7 6 71 10 0 S.A. 6} p.c., 1930-40 103 0 0 103 7 6 S.A. 3J p.c., 1939 84 10 0 84 15 0 S.A. 3 p.c., 1916 or after 60 6 3 60 0 0 W.A. 6 p.c., 1930-40 101 17 6 101 15 0 W.A. 3.J p.c., 1920-35 88 15 0 88 1-5 0 W.A. 3 p.c., 1915-35 ... 85 11 3 86 0 0 Tas. 61 p.c., 1930-40 103 2 6 103 2 6 Tas. 31 p.o.. 1920-40 ... 84 2 6 84 0 0 Tas 3 p.c., 1920-40 ... 7l 0 0 7( 0 0

FOREIGN EXCHANGES. The exchange rates cd LONDON, Aug London are as ust 5. follows : Paris, !r. to £1 21.22J Aug 2. 124.01 Aug. 5. 124.01 Brussels, belgas to £1 5 31.93 34.93 Oslo, hr. to £1 18.19 18.80 18.80 Stockholm, kr. to £1 ... 18.159 18.12 18.13 Copenhagen, kr to £1— 18.159 18.15 18.15 Berlin, reichmkn. to £1 20.19 20.42 20.42 Montreal, dot. to £1 ... 4.855 4.S6J 4.S6 7-16 New York, dol. to Il4.865 4.855 4.85J Yokohama, st. to yen— 24.5 23 15-16 23* Hongkong, st. to dol— 21 23£ Calcutta, st. to rpe, 1G to gold £ UJ 1 "a H>me, lire to £1 22.221 89.30 89.25 Amsterdam, guild, to £1 12.107 12.11J 12.12* Batavia, guild, to £1 — 12.107 12.11i 12.12 ’Governed by price of silver.