COMMERCIAL CABLEGRAMS.

Otago Witness, Issue 3854, 24 January 1928, Page 22

COMMERCIAL CABLEGRAMS.

LONDON METAL MARKET. LONDON, January’ 17. Copper: Spot, £6l 6s 3d; forward, £6l Ils IOJd. Electrolytic: Spot, £66 10s; forward, £67. Aline bars, £67. , 1 Lead: Spot, £2l 15s; forward, £22 ss. Spelter: Spot, £25 16s 3d; forward, £25 16s 3d. Tin: Spot, £249 16s 3d; forward, £248 18s 9d. . Silver: Standard, 26id; fine, 28 5-16 d ■per oz. January 19. Copper: Spot, £6l 8s l^d; forward, £6l 5s 7id. Electi'olytic: Spot, £66 10s; forward, £67. Wire bare, £67. Lead; Spot, £2l 15s; forward, £22 ss. Spelter: Spot, £26 2s 6d; forward, £26 Is 3d. Tin : Spot, £248 18s 9d; forward, £247 13s 9d. Silver: Standard, 26 l-16d; fine 281 d per oz. LONDON STOCK EXCHANGE. LONDON", January 19. The following are the latest quotations fer Government securities, compared with the prices ruling last week:—

FOREIGN EXCHANGES.

LONDON, January 19. The' exchange rates on London are as follows :— Par. Jan. 16. Jan. 19 Paris, !r. to £1 ... -25.22 J 124.00 124.00 Brussels, belgas to £1 25 34.98 34.98 Oslo, kr. to £1 ... ._ 18.81 18.34 18.30 Stockholm, kr. to £1 .. 18.159 18.14 18.15 Copenhagen, kr to £1... 18.159 18.20 18.20 Berlin, reichmkn to £1 9.19 20.47 20.46 Montreal, dot to £1 ._ 4.45 4.88 J — New York, dol. to £1 4.87 11-16 4.87 11-16 Yokohama, pence to yen 24.45 23 J 23 J Hongkong, pence to dol 24 24J 24J Calcutta, pence to rupee 24 18J 18J Batavia, to £1 ... 22.221 12.071 12-08 J Amsterdam, guild to £1 12.107 12.081 Rome, lire to £1 25.22 J 92.18 92.15 Prague, knr to £1 ... 12.107 1641 164 7-16 BANK OF ENGLAND RETURN. LONDON, January 19. The following is the Bank of England return: — ISSUE DEPARTAIENT. Note circulation .. .. .. .. £134,748,000 Notes in reserve .. .. 39,672,000 £174,420,000 Government debts .. .. .. £ 11,015,000 Other securities 8,735.000 Gold coin and bullion .. .. 154,670,000 £174,420,000 BANKING DEPARTMENT. Proprietors’ capital .. .. £ 14,553.000 Rest 3,502.000 Public deposits 19,201,000 Other deposits 100,132,000 Seven-day and other bills .. 3,000 ') £137,391,000 . : ■ Government securities ’ .. .. £36,484,000 Other securities 60,366,000 Notes in reserve 39,672,000 Gold and silver coin .. .. .. 869.000 £137,391,000 - The proportion of reserves to liabilities is 33.90 per cent. Short loans are

quoted- at •3J per- cent., ,and three-month bills at 4 3-16th per cent,;

LONDON WHEAT MARKET.

LONDON, January 16. Wheat: Cargoes are dull and featureless, with no material change. Parcels are given little attention at 51s 4Jd. Liverpool futures: March, 10s~ 3|d; May-July, • 10s 2gd per cental.

; January 2-1. The wheat market is steadier, but with the increase in the quantity afloat, the demand continues quiet. Parcels are slow at about late rates. ( ' Liverpool futures: Marchj 10s o§d; May, 10s 3d: July, 10a 3Jd.

CHICAGO WHEAT- QUOTATIONS.

NEW YORK, January 21. Chicago wheat: March, 1301: Mav, 131 g; July, 127 J.

ARGENTINE WHEAT. - BUENOS AIRES, January 20. The latest Government estimate of the (H'heat crop is 6,500,000 tons. LONDON MARKETS. LONDON, January 19. . Wheat cargoes'are steady, with mederate inquiry. Parcels are in small demand and fully steady. Ex Euripides 51s,’ ex Port Nicholson 50s 9d. Liverpool futures: March 10s 3gd, May 10s sgd, .July 10s Jid. The spot trade is quiet, with prices firm. Flour is slow. Australian, ex store, -6s 3d

Oats, peas, and beans are dull. Sugar, granulated, is quoted at 29s 10£d. January 21. Cottqn: February delivery, 10. Old. Rubber: Para, 15£d; Plantation, smoked, 19|d. Jute: January-February shipment, £3O 10s a ton.

Hemp: January-March shipment, £35. Copra: January-February shipment, £27 10s a ton. .

Linseed oil, £2B 10s a ton. Turpentine, 41s 3d a cwt. Sheep: Canterbury, medium 6d, heavy sjd; North Island, heavy sfd. ■*Lambs: Selected, light lOjd, medium lOJd; North Islands, firsts 10|d, seconds 9fd; Victorian, firsts 9a d; other States, thirds. 5Jd.

Argentine chilled beef, fores 3.? d, hinds GJd.

Other meats are unchanged.

BUTTER AND CHEESE.

LONDON, January 19. Butter is very slow; Danish, 170 s to 1725; choicest salted —New Zealand, 152 s to 1545; exceptionally good, 1565; Australian, 148 s to 1525; unsalteds, 4s to 6s premium. Cheese is quiet; New Zealand, 90s; Australian, 88s. In an interview, a leading importer attributed the unsatisfactory butter position partly to the disuse of preservatives, as owing to the poor keeping quality of the butters retailers were only buying from hand to mouth, showing a preference for fresher made Continentals. Some importers are advising the producers to urge the Australian Government to ask the British Govevrnment to remove the ban on the use of preservatives. English and Scottish cream producers,, who are suffering similarly, have already approached the Ministry of- Health on the same subject. CALCUTTA TEA SALES. CALCUTTA, January 18. At the tea sales the average prices were:—Common pekos souchong, 12 annas to 12 annas 6 pies; clear common broken pekos souchong, 12 annas 3 pies; even black leaf pekos. 14 annas 6 pies to 14 annas 9 pies. Well-made leaf teas sold at steady rates, while a few useful autumnals met with good competition, and sold at satisfactory prices. Stalky pekos, plain and medium descriptions, met with the fairest demand. Prices tended in buyers’ favour at 3 pies per lb. Dusts advanced 1 anna per lb under keen bidding from the Hankow trade. LONDON TALLOW SALES. LONDON, January 18. At the tallow sales 1150 casks were offered and 144 were sold. SOUTH AUSTRALIAN LOAN. LONDON, January 18. South Australia, independently, but with the co-operation of ' the Commonwealth is issuing a £1,500,000 loan. LOAN FOR FRANCE. WASHINGTON, January 16. The Treasury officials indicate in connection with the French loan that the French Government will be given credit with the Federal Reserve Bank to aid a return to the gold standard, and it may even be permitted to float Government loans in the United States if these privileges are sought. INDIAN GOVERNMENT LOAN. RUGBY. January 10. The subscription lists for the issue of the Government of India loan of £7,500,000 at 4 J per cent, were opened this' morning and closed this afternoon. AMERICAN GOLD STOCKS. WASHINGTON, January 16. The gold stocks in the United States decreased by 151,000,000d0l during 1927, but the officials of the Commerce Department declared that there is no cause for fear, of a further drastic loss. The bulk of the gold expoi-ted went to Latin America. PRICE OF FINE GOLD. LONDON, January 18. Fine gold is quoted at £4 4s lid per ©z. P. AND O. SHARES. LONDON, January 18. P. and O. shares are quoted at £248. AUSTRALIAN~MARKETS. SYDNEY, January 19. ■Wheat.—At country stations, 4s 9d to 4s 9|d; ex truck, Sydney, 5a sd.

Flour.—Exporti trade i 3 at a standstill; local, £l3 ss. Brun, £6 10s. Pollard, £7 10s. Oats.—Tasmanian Algerian, 5s 3d; white, 4s 9d. ■ Maize, .’4s. Potatops.—Local new, £2 to £5; Tasmanian, £2 -to £6. Onions.—Victoria; £9 10s.

ADELAIDE, Januaiy 19. Wheat.—Growers’ lots, 5s 2d to 5s 3d. Flour.—Bakers’ lots, £l3 10s. Bran, £6 10s. Pollard, £7 2s 6d. Oats, 3s 7d to 3s 9d.

! BRADFORD TOPS MARKET. LONDON, January’l6. The Bradford market is firm, with a upward tendency, but less business is passing, spinners being disinclined to follow the advances.

January 19. The Bradford tops, market is less active and advanced quotations are checking business. Quotations : 64's, 53d; 60’s, 48d ; 56’s, 41d; 50’s, 31d; 46’s, 254 d; 40 s, 24d.

LONDON WOOL SALES.

LONDON, January 17.

At the wool sales 8439 bales were offered, of which 6871 were Australian and 1368 New Zealand. There was a large attendance, and all sections were strong, with all-round competition. Yorkshire was most activee, but Continentals were rather less active than recently. In merinos there was an excellent selection of greasy, and prices were par to 5 per cent, above December closing rates. Scoureds were practically unchanged, and occasionallj’ a shade easier. Crossbreds had the keenest competition at an allround advance of 10 per cent. Lambs were firm. New Zealand’s “ Tar ata,” 234 d and 22d; “Pare,” 26d and 23d; “ Tyo,” 40d.

January 18. At the wool sales 8917 bales were offered, of which 1144 were Australian and 1120 New Zealand. There was splendid competition for merinos, principally for Continental descriptions. The opening rates for all classes' were fully maintained, with keen competition. New Zealand “Ngapara,” 25d and 24d. January 19. At the wool sales 10,328 bales were offered of which 3634 wete Australian and 2059 New Zealand. There was a splendid selection cf merinos suitable for the Continent. Yorkshire was' a miscellaneous lot, but crossbreds were in strong general competition. Prices v-ere very firm. New Zealands—Piako, 21d to 19d: HL/W, 23d and 22d; Black, Pakawa, 24Jd and 23d.

January 20.

At the wool sales 8006 bales were sold, 6586 being from Australia and 907 from New Zealand. - There was an excellent offering of merinos, including large quantities of scoureds. The Continental demand was predominant. There was a poor selection of all classes of crossbreds. Prices . were uchanged. SYDNEY WOOL SALES. SYDNEY, January 17. At the wool sales, under excited competition, the market ruled at the best point of the season, - and very full and satisfactory' clearances were made, all descriptions sharing in the demand. Greasy merino sold to January 19. At the wool sales the market closed firm, with prices generally ruling quite equal to the best point of the recent sales, and under keen competition very full and satis factory clearances were made. Greasy merino sold up to 33d. BUTTER EXPORTS TO CANADA. AUCKLAND, January 17. Another large shipment of butter, 28,740 boxes, was taken by the Niagara for Pacific ports when she sailed to-night. The bulk of the consignment is for Vancouver, British Columbia. The consignments by the two previous mail steamers in November and December totalled 58.293 boxes, and the three shipments thus aggregate 87.000 boxes, or 2175 tons. The sale of this quantity to Pacific ports at the present time is of distinct benefit to New Zealand producers by relieving the London market to a certain extent. Fairly heavy shipments have also been made this season to Eastern Canadian and United States ports. The fur-ther-development of these outlets will be a large . factor in avoiding overloading the British markets and in the maintenance of prices at a reasonable level.

WELLINGTON TRUST AND LOAN COMPANY.

WELLINGTON, January 16. Tho balance sheet of the Wellington Trust , and Loan Company for tho year ended December 31, 1927, shows that the gross revenue from interest, rents, fees, etc., amounted to £33,734, against £34,253 in the previous year, and interest from Government stocks at £lBOO was the- same as in the previous year. There was brought forward £4086, making a- total of £39,620, as compared with £40,234 for 1926. The interest payments totalled £16,286, against £18,316. Directors’ and auditors’ fees amounted to £5OO, and there was.added-to the reserve fund £l5OO, compared with £2OOO last year. The charges amounted to £1832, against £1766. Provision for Iqss in deteriorated land areas required £1657, while last year £2BOO was set aside as a special reserve. Rates and insurance absorbed £482, against £2788, and the interim dividend which was at the same rate as last year, absorbed £4373, leaving a balance of £9916, as compared with £7Bll last year. The directors recommend a further dividend at the rate of 4| per cent., absorbing £5625, and making 8 per cent, for the year, and to carry forward the balance of £4291. The dividend is at the. same rate as was paid last year. Tlio capital of the company, is unchanged at £125,000. Deposits and interest, total £334,486 against £346,556. The reserve fund stands at £78,500, against £77,500. and income tax £3334 against £2751. The amounts due by the company total £259, against £458, and the special reserve account £2500. The assets include mortgages £476,642, against £488,971, war loan stock £37,998, special deposit £15,000, busi-

uess premises £10,969, interest, etc., current £6368, against £6924, and bank balance £6328, against £4218.

PUBLIC TRUST OFFICE.

NOVEMBER BUSINESS.

The following particulars of the loan transactions of tho Public Trust Office and new business reported during the month ended November 30, 1927, have been supplied by the Prime Minister (Mr J. G. Coates): — The amount paid out in settlement of new loans was £183,751, making a total of £1,806,340 since the beginning of the present financial year on April 1 last. Further new loans to the amount of £75,727 were granted, making the total of new loans awaiting settlement £697.754, while offers of loans less than the full advances applied -for amount to £193,756 — a grand total of £891,510. Applications for additional new loans amounting to £428,344 are receiving attention.

The new business was again very satisfactory, estates of a value of £539.565 having been accepted for administration, bringing the total of new business for the eight months from April 1 last to £4,141.008. exceeding the figures for the same period in the previous year by nearly half a million pounds. The estates under administration on March 31, 1927, were, of a value of £41.043,523.

New wills deposited for safe custody by testators appointing the Public Trust their executor numbered 437, and the total now held in 56,474.

DOMINION TRADE.

RETURNS FOR PAST YEAR. WELLINGTON, January 19. The Dominion trade returns for the 12 months ended December 31, 1927, show a favourable balance of £3,713.000, and the trade position is much healthier than it wao 12 months previously, when there was an adverse balance of nearly £4,614,000. Last year there was a big falling-off in imports to the extent of £5,106,617, and a very satisfactory increase of £3,220,779 in the value of exports compared with 1926. which represents an improvement of £8.327,396 in the trading position of the Dominion. The detailed figures afford the following comparison:— 12 months, 12 months, 1927. 1926. Exports . . . . £48.496,354 £45.257.575 Imports . . . . 44,782,946 49,889,563 Excess exports, £3,713.408. Excess imports, £4,613,988.

The trade improvement is also clearly reflected in the figures for December. Last month there was an excess of exports amounting to £1,449,286 compared with an excess of imports of well over threequarters of a milion sterling for December, 1926. The value of the exports last month was up by £1.766.786, and imports were lower by £438,898 compared with December, 1926. The figures are as follow: —

Dec.. 1927. Dec.. 1926. Exports .. .. £5.398,484 £3.631.698 Imports .. .. 3,949,198 4,388,096 Excess exports, £1,449,286. Excess imports, £756,398. The Dominion curbed its expenditure as represented by imports to the extent of over £5,000,000, and received for exported goods nearly three and a-quarter millions sterling more than in 1926. JAFFA ORANGES. A TRIAL SHIPMENT. AUCKLAND, January 20. A trial shipment of Palestine oranges from Jaffa will reach Auckland by the Ulimaroa from Sydney next Tuesday, comprising about 2000 cases. The consignment will be the first of its kind to be brought to New Zealand. The Jaffa orange, which resembles the South Australian orange in appearance, is very well known in England, where it has proved popular. It is very problematical whether the condition of the fruit will be entirely satisfactory on arrival, as the whole voyage has not been made in cool storage and transhipment was necessary at Sydney. It is realised that the consignment is merely a trial one, but should it prove successful importers will place further orders, thus encouraging producers living under the British flag and diminishing the large sum spent annually in the purchase of Californian fruit. As Jaffa is situated in a mandated territory, it is possible that the oranges will be admitted to New Zealand free of duty. LONDON WOOL SALES. WELLINGTON, January 20. The Department of Agriculture has received the following cablegram, dated January 18, from the High Commissioner for New Zealand in London: — The wool sales opened' yesterday with a crowded attendance and a very keen demand. There was an excellent selection of merino, but crossbred was somewhat limited in bulk. As the New Zealand wool has recently arrived it will not come forward until next week. Compared with the closing rates of the last series, best well-grown merino was 7J per cent, higher; top-making sorts, par to 5 per cent, higher; crossbred and fine halfbreds, 7J per cent, to 10 per cent.; others, 10 per cent.; scoured, 5 per cent, A total of 108,500 bales are available for the series, of which 76,000 bales are Australian and 25,000 New Zealand. _ • WANGANUI WOOL SALES. GROWERS PLEASED. WANGANUI, January 21. The healthy and buoyant tone of the wool market has naturally caused much jubilation among growers, and the splendid prices received for their clip at last night’s sales have given them a chance to remove some of the incubus which has been hindering them lately. One wellknown farmer expressed the opinion today that the big cheques they will receive will now provide many farmers with the means to carry on with the work-of dealing with deteriorated lands.

Last year the wool at the local sales averaged from £l7 to £l7 10s a bale. An analysis made to-day of last night’s sale shows that the average per bale works out at £24. This very substantial increase is very welcome. The sale will mean an approximate distribution of £600,000. MEETING OF FARMERS. WANGANUI, January 21. Mr W. J. Polson, president of the New Zealand Farmers’ Union, is in communica-

tion with the Wairarapa Provincial Executive with the object of holding a big rally of farmers in the Wairarapa during February. There are many questions to discuss, and the proposed rally will give an opportunity to the producers of the Wairarapa to consider matters of' special interest to the farming community.

Last week a. This week £ s. £ B. a. Imperial Consols. 2J p.o. 55 7 6 55 10 0 War Ioan, 6 p.c., 1929-47 101 10 0 101 10 0 War loan, 3J p o., 1925-28 101 0 O — Conversion loan. 3} p.o. 76 17 6 77 2 6 O’wealth. 6 p.o., 1931-41 ... 103 7 6 103 15 0 O’wealtb loan ... ... 98 10 0 98 12 6 N.Z 6 p.o., 1936-51 ... 10G 15 0 107 0 0 N.Z. 4 p.o.. 1929 ... 98 12 6 98 15 0 N.Z. 3| p.c., 1940 ... 87 5 0 87 12 6 N.Z. 3 p.c., 1945 ... 79 5 0 79 10 0 N S.W. 6$ p.c., 1930-40 101 5 0 101 0 0 N S W. 6 p.c.. 1930-40 ... 101 17 6 101 15 0 N.S.W. 5j p.c., 1922-32 ... 101 12 6 101 13 9 N S.W. 4 p.c.. 1933 ... ... 93 7 6 93 7 6 N.S.W 3J p.o., 1930-50 ... 85 6 85 12 6 N S.W. 3 p.o., 1935 „ ... 8 9 10 0 Vic 5} p.o., 1930-40 ._ ... 101 8 9 101 5 0 Vic 5 p.o., 1932-42 .„ ... 99 7 6 99 5 0 Vio. 3j p.c.. 1929-49 ... 77 12 6 17 6 Vio. 3 p.o., 1929-40 ... ... 71 7 6 71 17 6 Q’land. 3 p.c., 1922-47 ... 101 5 0 101 5 0 Q’land 3J p.c., 1930 ... 95 17 6 95 17 6 Q’land, 6 p.o.. 1930-40 70 17 6 71 0 O S. A 6 J p.o., 1930-40 ... 101 12 6 101 12 6 S.A. 3J p.c., 1939 „ .. 85 0 0 85 12 6 S. A. 3 p.c., 1916 or after 61 0 0 CI 2 6 W.A. 6 p.o., 1930-40 ... 101 2 6 101 10 0 W A. 3} p.o., 1920-35 ... 88 15 0 89 0 0 W.A. 3 p.o., 1915-35 _ ... 85 11 3 85 15 0 Tas 6J p.o., 1930-40 ... 102 7 6 102 10 0 Tas 3} p.o.. 1920-40 ... 81 0 O 84 0 0 Tas 3 p.o.. 1920-40 ... 80 10 0 so 12 6