COMMERCIAL CABLEGRAMS.

Otago Witness, Issue 3864, 3 April 1928, Page 23

COMMERCIAL CABLEGRAMS.

LONDON METAL MARKET.. LONDON, March 27. Capper; Spot, £6l 8s l|d; forward, £6l 9s lid. Electrolytic: Spot, £66 10s; forward, £67. Wire bars, £67. Lead: Spot, £2O 10s; forward, £2O & 6d. Spelter: Spot, £25 3s 9d; forward, £25 Is 3d. Tin: Spot, £239 12s 6d; forward, £238 17s 6d. Standard, 26. 7-16 d: fine. 28 5-lfid per oz. March 29, Copper: Spot, £6l 16s lOJd; forward, £6l 19s 4Jd. Electrolytic: Spot, £66 10s; forward, £67. Wire bars, £67. Lead: Spot, £2O 2s 6d; forward, £2O 10s. Spelter: Spot, £25 Is 3d forward, £25. Tin: Spot, £238 12s 6d; forward, £238 3s 9d. Silver: Standard, 26 7-16 d; fine, 28 946 d per oz. LONDON WHEAT MARKET. LONDON, March 26. Wheat: Cargoes are dull and inactive, mostly at 3d and 6d down. Parcels failed to attract attention, and are easier at 52s 9d. Liverpool futures: March, 10s 3d; May, 10s 4fd; July, 10s 6d. CHICAGO WHEAT MARKET. NEW YORK, March 31. March shipments. 142 J cents per bushel; May, 142|; July, Illi. " LONDON STOCK EXCHANGE. liONDOK, M.urch 29. The following ore the latest quotations for Government securities, compared with the price? ruling last week: —

FOREIGN EXCHANGES. LONDON, March 29 The exchange rates on London are a s follows: — Par. Mar. 22 Mar. 29. Paris, tr to £1 ... 25.22* 124.02 124.02 Bl needs, belgas to £1 25 35.02 34.37“ Oslo, kr to £1 _. _ is.si 13.20 jg'oy Stockholm, kr to £1 . 18.150 18.19 18.19 Copenhagen, kr t0i1... 18.150 18.21 18.22 Berlin, relchmkn to £1 9.19 20.41 20.41 Montreal, dol to £l. 4.45 4.87 J 4.87 11-16 New York, dol to £1 4.86? 4.88 3-16 4.88 7-32 Yokohama, pence to yen 24.43 23* 23V Hongkong, lienee to dol 24 2J* 24J Calcutta, -pence to i-upee 24 IS 43 Batavia, guil u to £1 ... 22.221 12.14 12.13 Borne, lire to £1 —25.22 J 92.04 22.40 Amsterdam, guild to £1 12.107 12.12 J 12.12 Prague, kr to £1 ... 12.107 164 11-16 164 J BANK OF ENGLAND RETURN. . LONDON, March 29. The following is the Bank of England; return:— ISSUE DEPARTMENT. Note circulation ... £135,409,090 Notes in reserve 41,195,000 £177,004,000 Government debts ... £11,015.900 Other securities 8,735,000 Gold coin and bullion 157,254,000 . £177,004,000 BANKING DEPARTMENT. Proprietors’ capital ‘ £14,553,900 Rest 3,734,000 Public deposits ... 13,635,000 Other deposits ... Seven-days and other bills ... 3,000 £130,173,000 Government securities ... ... £30,824,000 Other securities . ... 56,878,000 Notes in reserve ... ... 41,595,000 Gold and silver coin ... ... 876.C00 £130,173,009 The proportion of reserves to liabilities is’ 37.99 per cent. Short loans are euoted at 34 per cent., and three-months bills let 4 per cent. LONDON MARKETS. LONDON. March 30. Influenced by the bullish CanadianAmerican closing report, wheat cargoes are firm, with sillers at 3d to 6d advance, but buyers continue to be reserved. Parcels are in fair speculative request, at 3d to 6d higher. Liverpool futures: March 10s 3Jd, May 10s s|d, July 10s 7|d, October IQs 7d. Spot trade is quiet and tending easier. Australian, ex ship, 555. J?lour is steady and unchanged.

Oats are qub f, and peas and beans steady. March 31. Rubber: Para, 12id; plantation, smoked, 13id. Jute: April-May shipment, £3l 15s per ton. Hemp: April-May shipment, £3l 10s per ton. Copra: March-April shipment, £26 7s 8d per ton. Linseed oil, £2l 15s per ton. Turpentine, 40s 6d per cwt. ; Messrs Dalgety and Co., Ltd., advise having received the following cablegram from their head office, London, dated March. 29: — Frozen Meat.—The market for New Zealand lamb is weaker, and the demand has not improved by the change in prices. The market for New Zealand mutton is weaker, and the demand is poor. Quotations are as follow for frozen meat: —New Zealand prime Canterbury lamb: 28/361b, 9 l-8d (North Island do. 8 5-8 d) ; 36/421b, 9d (North Island do, B|d). Canterbury lamb, second quality, BJd; North Island second quality, 8 l-Bd. New Zealand prime Canterbury lamb, 46/501b, 84d; North Island do, 8;)d. New Zealand prime Canterbury mutton: 48/561b, 7 l-8d (North Island do, 6|d); 56/641b, 6Jd (North Island do, 6d); 64/721b, 5 3-8 d (North Island do, sd). Argentine chilled hinds, Gd; fores, 4d English r.,ers, 80/1001b.’ lOd; New Zealand porkers. 80/10011), 6_?d. New Zealand porkers, 100/1201b. 6|d. Dairy Produce. —The butter market is slow and the cheese market quiet. Quotations ar as follow for dairy produce: Danish butter, 1945; New Zealand finest, 168 s to 1725; Australian finest unsalted and salted butter, 162 s to 1645; Australian G.A.Q., 58 to 160 s; Australian cheese, white and coloured, 98s to 995; Canadian cheese, white, 108 s to 112 s; Canadian eheese. coloured, 104 s to 108 s.

Wool Sales. —Merino: Good to super, 284 d; low medium. 24d to 27|d. Halfbred:. 56/58. good to super 29d to 314 d, low to medium 24d to 28d; 50/56. good to super 264 d to 284 d. lew to medium 22d to 25|d. Fine crossbred: 48/50. good to super 23L1 to 254(1, low to medium. 19£d to 224t1; 46/48. good to super 22Jd to 24|(1. low to medium 184 d to 21Jd. Crossbred: 44/46. good to super 2IJd to 23d. low to medium 18d to 204 d; 40/44, good to super 204 d to 22d. low to medium 174 d to 194 d. Coarse crossbred: 36/40. good to super 184 d to 194 d, low to medium 17d to 18d. The Otago Farmers’ Co-operative Association of New Zealand. Ltd., has rethe following cablegram from its London office: — Butter. —The market is slow, and the absence of demand is causing weakness. New Zealand, 169 s to 1725. Cheese is steady, but little is doing at 98s to 995. Lambs. —Trade is fair. Values, twos unchanged, others weak. Mutton. —Very slow. FROZEN MEAT MARKET. LONDON, March 31, Sheep: Canterbury light, 6jd; medium, 6§; heavy, s;}d. North Island light, medium. Gd; heavy, 5Jd. New Zealand ewes, ssd. Argentine light, sg; medium, 4Jd; heavy, 4|<l; ewes, none offering. Lambs: • Canterbury medium, B|d; heavy, BJd; other seleeteds, light 9d; medium, Bfd. North Island firsts, medium BJd. Argentine firsts, 8d; seconds, 7id. Chilled beef: Argentine fores, 4d; others are unchanged.

BUTTER AND CHEESE. LONDON. March 29. Butter is quiet and rather easier. Danish, 1925; choicest salted —New Zealand 170 s to 1725. Australian 162 s to 1645; unsalteds, about 2s to 5s premium. Cheese is slow. New Zealand, 98s to 995. Australian is temporarily cleared. SHEEP SKIN SALES. LONDON, March 30. At the sheepskin sales 2385 were offered, of which 1088 were New- Zealand and 651 Australian. There was a good attendance, and keen competition by .the Home trade, the United States, and the Continent, there being very few withdrawals. Australian was generally-5-pcr cent, dearer than in February. New Zealand halfbreds advanced 5 to 74 per cent., medium to low,-10 per cent.; and pelts, 10 per cent. GRANULATED SUGAR. LONDON. March 29. Granulated sugar is quoted at 30s 74d. THE TALLOW MARKET. LONDON, March 28. Owing to the limited supplies the tallow sales were not held. THE NORTHUMBERLAND’S APPLES. LONDON. March 28. The Northumberland’s New Zealand apples are in excollent condition, and are fetching the same prices as the Tamui’s shipment. A LOAN FOR FIJL LONDON, March 27 The Crown agents for the colonies are inviting applications for £765,900 on be half of the Fiji Government at 101 and carrying 5 per cent redemption is- from 1946 Jo 1953. BANK OF AUSTRALASIA. LONDON, March 29. The shareholders in the Bank of Australasia approved of the proposed increase in the capital. Several speakers offered the opinion that the proposed premium of £6 was excessive. The chairman said the directoriTwould o'vjsider the matter. A. and N.Z. CabJa A preview message stated: Owing to increased business the Bank of Australasia has circularised its proprietors proposing the issue of an additional 109,000 shares of 100 s each, which will be offered .to proprietors pro ratafe. 11 jir holdings at £ll.

AUSTRALIAN MARKETS. MELBOURNE, March 29. In the hide market lights and mediums are firmer, but others are unchanged. xxTi , - March 30. Wheat.—Steady; 5s G|d. Flour, £l2 7s 6d and £l2 12s 6d. Bran, £6 15s. Pollard, £7 10s. Oats.—Milling, 3s 9d; feed, 3s 3d and 3s 4d. Surley. English, 5s and 5s 3d; Cape, 4s 2d and 4s 3d. Potatoes, £4 and £4 10s. Onions, £8; occasionally, £8 10s. SYDNEY, March 29. Wheat: Growers bagged lots, at country stations, 4s lOd; ex truck, Sydney, 5s 5Jd. Flour: The export trade is lifeless. Local, £l3. Bran, £6. Pollard, £7 10s. Oats: Tasmanian Algerian, 4s 3d to ss; White, 4s lid to ss. Maize, 3s lOd to 4s 3d. Potatoes: Tasmanian. £5 to £6. Onions: Victorian, £lO. ADELAIDE, March 29. Wheat: Growers’ lots. 5s 34d to 5s 4d. Flour: Bakers’ lots, £l3 12s Gd. Bran, £7. Pollard,' £7 7s 6d. Oats, 3s 3d.

BRISBANE WOOL SALES. BRISBANE, March 29. At the wool sales seoureds were in keen demand, and, under strong competition. Russian buyers touched 50jd—the sea season's record. LONDON WOOL SALES. LONDON, March 26. At the wool sales 10,132 bales were sold, of which 4301 were Australian and 5171 New Zealand. There was a good selection of greasy crossbreds, several good parcels of best style slipes, and a miscellaneous offering of merinos. Good general competition ajid full rates marked the sale. Ne” Zealand, K.R.A., 254 d to 24d; Paparapu, 24d and 21d; Landsdowne, 294 d and 29d; Bungaree, 29d and 284 d. Bradford is very slack, an the market shows a less confident tone. Quotations are maintained. March 27. At tile wool sales 13,193 bales were sold, of which 5397 were Australian and 2827 New Zealand. Theoe was a good selection of merinos and a medium offering of greasy crossbreds, the bulk of both being second-hand lots. Prices were firm and unchanged. The sales close on Thursday. New Zealand sales: Backshaycn. 23d-and 21id; Waiau, 22d and 20jd; itourau. 23gd and 21gd. March 28. At the wool sales 7928 bales were sold, of which 5122 were Australian and 2213 New Zealand. There was a medium offering of meiir.os, principally super spinners, and a miscellaneous selection of crossbreds. There was Keen genera] competion, ad prices were unclianged. New Zealand sales: Hauber, 22d and 20d; Wa&atu. 26d and 21d. March 29. The wool sales have closed. There were catalogued 128,750 bales. It is estimated that there were sold to the Horae trade about 63.000 bales, to the Continent 42.000, and to the United States 4000, 20,000 being held over. Merinos were fully 5 per cent, above the February closing rates except for superior grades, which were firm and unchanged. The finest crossbreds substantially appreciated. Fine halfbred comebacks advanced 74 to 10 per cent., medium 74 per cent., inferior grades 10 per cent., and scoured generally 74 to 19 per cent. Half bred smlipes met with the keenest demand at 71 to 10 per cent. rise. New Zealand clips: Kenley Downs, 2Gld; King’s Drive. 35d; W.F.M.. 34£d. Bradford business is quiet, topmakers making small concessions. Sixty-fours are quoted at 541 d; sixties, 52d; fiftysixes, 42Jd; fifties, 23d; forty-sixes, 27d; forties, 25d.

Messrs Murray, Roberts, and Co., Ltd., are in receipt of a cablegram from their London agents, dated March 29, read-. ing as under: — The sales have closed with a good tone, : compared with closing rates of last London sales. Greasy merino, competition fair; best descriptions, closing rates of last series are barely maintained; good descriptions, market shows no material change; inferior description and locks advanced 5 per cent.; scoured merino (best), market firm; scoured merino clothing wools advanced 5 to 10 per cent.; crossbred greasy comeback, crossbred greasy fine, and crossbred greasy medium advanced 5 to 7J per cent.; best descriptions show the greatest advance. Crossbred greasy coarse, crossbred lambs, greasy and crossbred scoured advanced 19 per cent.; slipe crossbred advanced 7J per cent. Sheepskins: Merino, market par to 5 per cent, advance; crossbred advanced 10 per cent. Messrs Murray, Roberts, and Go.. Ltd., are in receipt of a further cablegram from their London agents dated March 29, reading as under: — 6O’s/64’s (New Zealand merino) yielding 48 per cent, 25d. 56’s yielding 60 per cent., 27d. Opening of series, 27d. 50’s yielding 65 per cent., 241 d. Opening of series, 25d. 44’s/46’s (preparing) yielding 74 per cent., 20d. Opening of series, 19jd. 44’s/46’e (carding) yielding 72 per cent., 194 - Opening of series, 19d. 4O’s/44’s yielding 73 per cent. 184 d. Opening of series, 18d. 36’s/40’s yielding 75 per cent., ISJdMessrs Dalgety and Co. report as follows:— wool sales closed active, with bris competition. As compared with closing vates of last sale:. G.easy merino, par to Id higher; scoured merino, par to Id higher; greasy, halfbred. Id to l|d higher; greasy crossbred fine, Id to higher, greasy crossbred medium and coarse, ljd to 2Jd higher; scoured crossbred, 2d to 3d higher; slipe, 2d to 3d higher; greasy lambs crossbred, 2d to 24d higher. There were 126,000 Bales offered and 109,500 bales sold. Continent have

bought 60,000 bales, Home trade have bought 45,500 bales, America has bought 4000 bales, carried forward 20.000 bales, of which 6000 bales were not offered. ELECTROLYTIC ZINC COMPANY. lhe following is the production statement of the Electrolytic Zinc Company:—• hour weeks ended February 8: Zinc, 38ZO tons; zinc used at the works, 70 tons; lead, 610 tons; silver, 84,0000 z. Four weeks ended March 7: Zinc, 3835 tons; zinc used at the works, 70 tons; lead, 660 tons; and silver, 83,0C00z. PRICE OF BUTTER IN SYDNEY. SYDNEY, March 2ff. , lhe wholesale price of butter has been increased by gd per lb to 177 s 4d per cwt. THE TEXAS COMPANY. IMPORTANT NEGOTIATIONS IN OIL. The National Petroleum News of January 1928, reports important negotiations m oil company mergers. Th* most' important of these is the acquisition of the Californian Petroleum Corporation by the Texas Corporation. Consolidation of tho two will give the Texas Corporation crude reserves, and additional refining capacity with a source of supply for its north-west-ern domestic markets, and an outlet to the O iental export markets. More directly it means facilitated distribution for New Zealand and Australian markets. This merger will result in the formation of a giant corporation. Already the Texas Company markets gasoline over a wider territory than any other petroleum organisation in tho United States. The combined capacity of its various refineries is around 125.000 barrels daily. Its average crude eharees a day in 1926 was approximately 100.000 barrels and in the year, amounted to 21,576,562 The Texas Company held an area of oil and gas lands and reserves totalling 2.254,569 acres in America, 8649 in Mexico an<] 106,367 in Venezuela. The California Petroleum’s output was rated at 55.000 barrels. Thus, in the ono organisation are held properties valued at eJose to £110.000.000. It was believed in — New York banking circles, that the Texas Corporation' would pay one share of its stock for each tw n outstanding shares of California Petroleum. ’This would require about 1,000.000 shares of Texas stock, an amount that has been authorised under the 1926 reorganisation of the corporation, bur, has not vet been issued. The Texas Corporation has lately been selling around 54 and California Petroleum around 24.

CUSTOMS RETURNS. Compared with March of last year, a decided decrease is showr in the Customs revenue collected at Dunedin during the past month. The decrease in beer duty, however, is slight. During March, 1927, the Customs revenue amounted to £80,599 12s 4(1. and the beer duty to £19.879 10s. The figures for last month were £64.402 7s 7d and £19,819 13s lOd respectively. WELLINGTON, April 1. There was a slight decrease in the Customs revenue collected at the Port of Wellington in the financial year just concluded compared with the previous year. The figures for March also show a decrease compared with the corresponding month of last year. The monthly figures are as follow, the corresponding figures for the previous year being given in parentheses: — Customs £205,237 (£223,236), beer £4352 (£5344). Yearly figures: Customs £2.505,939 (£2,513,796). beer £52,186 (£53,072). DOMINION RUBBER COMPANY. lhe directors pf the Dominion Rubber Company state, in their annual report, that the profit for the year ended November 30, alter provision for income tax, amounted to £5OlO Is sd. The balaime brought forward from the previous year was £2158 Ils 2d. The interim dividend paid in October last absorbed £5OOO, an;l the directors propose to carry £2168 16s 7d to next year’s account. The crop for the year, together with tho carry-over, totalled 358,1631 b, and was 58,2311 b m excess of the company’s export license. Owing to the continued low price of rubber the exportable allowance ou standard production was reduced from 80 per cent, as at December 1, 1926, to 70 per cent, on February 1, 1927, and further to 60 pet cent as from May L 1927, and remain} at that rate. The flood in December, 1926 caus'ed considerable Joss in buildings, ans many trees were washed away. Cleaning up and repairing added considerablv t* the year's expenditure The planted aret has been increased by 31 acres to 1084 acres, of which 1000 acres are tappable. All buildings and plant are in good order A very considerable expenditure has beet incurred lately to house the Tamil coolie as well as to comply with Governmen health regulations. COMPANIES REGISTERED. The Mercantile Gazette notifies the registration of the following companies:—• Amber Downs, Ltd. Registered as a private company, March 13, 1928. Capital: £lO,OOO into 10,000 shares of £1 each. Subscribers: Glenavy—F. M. Ruddenldau 9900. Oamaru —Hoderick Finch 100. Objects: To acquire from the trustees of the estate of Edward Richards, deceased, certain real and personal property; to establish and carry on in Canterbury the business of farmers, pastoralists, and incidental. Gleneairn. Ltd. Registered as a private company, March 3, 1928. Capital: £lO.OOO into 10,000 shares of £1 each. Subscribers: Glenavy—J. G. Ruddjenklau 9900, F .M. Ruddenklau 100. Objects: To establish and carry on in Southland the business of farmers, pastoralists, and stock breeders, .and incidental. Samuel Nicholson, Ltd. Registered as a private company, March 15, 1928. Office: Gore, Southland. Capital: £2OOO in 2000 shares of £1 each. Subscribers: Gore—S. Nicholson 1750. W. Nicholson 250. Objects: Saddlers and cover-makers.

Last £ week. -S. d. This week £ 8. d Imperial Consols, 2J p.c. ... 55 10 0 55 10' 0 Wa T loan, 5 p.c. 1929-47 ... 102 2 6 102 5 0 Conversion loan, 3J p.c. ... 76 10 0 76 17 6 C’wealth 6 p.c.. 1.931-41 99 0 0 99 7 6 C’wealtb loan — ... -•... ... 101 10 0 101 10 0 N.Z 6 p.c.. 1936-5) ... 107 15 0 107 15 O N.Z 4 p.c., 1929 — 99 17 6 99 17 6 N.Z. 3| p.c.. 1940 ... ... 83 0 0 88 2 6 N.Z. 5 p.c., 1945 ... — ... 78 6 3 78 12 6 N.S.W El p.c.. 1930-40 ... 101 12 6 101 15 0 N.S.W 6 p.c., 1930-40 ... 102 7 6 102 6 3 N.S.W. 53 p.c., 1922-32 ... 1(B 5 0 102 5 0 N.S.W. 4 p.c.. 1933 ... ... 93 15 0 93 15 0 N.S.W. 31 p.c. 1939-50 .... 85 2 6 85 2 6 N.S.W. 3 p.c.. 1935 ... ... 75 11 3 75 11 3 Vic. 5j P-C. 1930-40 ,~ ... 100 0 0 100 0 0 Vic. 5 p.c.. 1932-42 87 10 0 97 17 6 Vic. 3J p.c.. 1929-49 ... «c. 77 5 0 77 5 0 Vic. 3 p.c., 1929-40 ... ... 72 5 0 72 7 6 Q’land 3 p.c.. 1922-47 ... 101 2 6 101 10 0 Q'land 3J p.c., 1930 ... 96 0 0 96 12 6 Q'land 6 p.c., 1930-40... ... 71 12 6 71 7 6 6.A. p.c.. 1930-40 .... ... 102 0 ■0 102 5 0 S. A. 3$ p.cx 1939 „. ... 85 6 3 85 5 0 S.A. 3 p.c., 1916 or alter ... 61 0 0 61 5 0 W.A. 6 p.c..1930-40 .„ 191 7 6 101 7 6 W.A. 31 p.c.. 1920 35 ... 89 5 0 89 7 6 W.A 3 p.c., 1915-35 ... ... 86 5 0 86 15 0 Tas. 6} p.c.. 1930-40 ... 103 0 0 103 0 0 Tas. 31 p.c., 1920-40 ... 84 10 0 85 10 0 Tas. 3 p.c., 1920-40 ... ... 81 0 0 81 0 0