COMMERCIAL CABLEGRAMS.

Otago Witness, Issue 3877, 3 July 1928, Page 21

COMMERCIAL CABLEGRAMS.

LONDON METAL MARKET: LONDON, June 28. Copper. Spot, £63 Is 104 d; forward, £63 4s 3d. Spot, £6B 10s; forward. 1 £69. , Wire bars, £69. Lead: Spot, £2O 17s 6d; forward, £2O ' 18s 9d. Spelter: Spot, £25 13s 9d; forward, £25 ! 8s 9d. Tin. Spot, £213 17s 6d; forward, £2lO 12s 6d. Silver: Standard, 27 ■ 7-16 d; fin® 29gd. 1 BANK OF ENGLAND RETURN. LONDON, June 28. 1 The following is the Bank of England return: — ISSUE DEPARTMENT.

The proportion of reserves to liabilities is 46 per cent. Short loans are quoted at 3J per cent., and three months’ bills at 3 25-32 per cent. LONDON STOCK EXCHANGE. ] LONDON, June 28. The following are the latest quotations tor Government securities, compared with the price*

FOREIGN EXCHANGES.

TALLOW SALES. LONDON, June 27. '! At the tallow sales 522 casks were offered, of which 439 were sold. The quality was good but mixed. Prices ad-; vanced Is. Mutton: Fine 42s 3d. medium! 38s. Beef: Fine 425, medium 38s.—Australian Press Association—United Ser< vice. The Bank of New Zealand has received the following advice from its London office under date 27th inst.—Tallow: There is a good demand. Current quotations:; Good mutton, 41s 6d to 41s 9d per cwt;' good beef, 41s to 41s 6d per cwt; good' mixed, 40s 6d to 41s per cwt; gut. 35s' to 38s. LONDON WHEAT MARKET, LONDON, June 25. '! Wheat.—Cargoes are occasionally 3d higher, but the demand is inactive. Parcels are in small demand, and prices are unchanged. Liverpool Futures.—July, Ite Ogd; October, 10s 6Jd; December, 10s 7fd. June 27. Wheat: Cargoes are steady in tone in . sympathy with American <dvices, .but \

there is-little business-passing. Part of - the Cymric’s shipment realised 52s 4jd.' :■ Parcels are in poor demand,and occasionally lower. Ex Ordsdale, 51s . lid. Liverpool futures’: July, 10s Old; Octoberj, 10s 6d; December, 10s ; 7id.‘ : : CHICAGO WHEAT MARKET, 5 \ " NEW YORK, June 30. Chicago wheat quotations; July, 130 5-8 * cents per bushel; September, 140 5-8; Dei c'ember 144A.' -LONDON MARKETS’ ' , ' HIGH; COMMISSIONER’S REPORT. : i WELLINGTON, June 26. ■ - The Department of Agriculture has received the following cablegram, ' dated June 23, -from- the High- Commissioner for New- Zealand in -London:— ... •’ .market quiet; sellers ’ • quote “ J’’..grade, July-September ship-, irient and August-October shipment, at £37 ■ ‘5s.C . Sisal, —Market slow, and ./easier; closing values ' July-September shipment, ’ No. 1, 134 to £34 10s; No. 2j £32'.10s to £33; New Zealand market very quiet, and values unchanged. / ; ■■ 5 •--Wool.—Bradford tops • market quiet; ; fair inquiry for crossbred tops; average quotations for- tops -are: 4 64’5,-(merino), ; warp 4s 7d per lb (average 4s s|d)-to <B. 6d;> 56’s (super halfbred)', 3s sd; s.o’s „(halfbred)., 2s 7Jd to 2s 8d; 40’s (prepared) 2sT|d. ./ ■. ■ • ‘ ; : Ex'-lonic bn the market; condi- - tion fair, apart 'from bruise in Sturmer; ■ Port Adelaide cbmpieiices discharge to- ■ day; market quietr and large Sturmers difficult to sell; London . prices—Dougherty. and Statesman; 12s to 14s per ease; Delicious and Rome Beauty, 12s td 13s; < Sturmer, Jos tol2s6d;-Pioneer,l2s'. '■ <■' .‘/Pears.—Ex lonic, .-P. Barry sound and d'Winter Nellis very; wasty; : Barry, 4s’; - Winter Nelis, 2s 6d'to 3s per ■ tray, and- sound repacked, 5s to 6s; Otago • pear.: ex'Port Adelaide /very, good: prices —Winter Nelis, - ss-6d to 6s 6d per tray.

-National ' Mortgage and Agency re Ports having"received the'fold lowing cablegram front London:—-■ ‘ '■< The market is firm but : quiet; Finest New Zealand, 176 s to 178 s; Danish ■ 172 s to-1745. . ■■■ ■ • 1 ’ A The market’.is firm. ’ Finest New Zealand, 106 s;/first grade, 105 s: Canadian, 103 s to 1055,; ef.-f. Canadian ppGes are firm on accbunt of the" United States buying front this quarter. ’ ,

*■ . The Otago Farmers’-Cooperative Asso-ciation-is in- receipt 'of ; the following Cablegram from its London office:—• ■ - / Butter: New Zealand firm; 176 s to 178 s. Cheese: Firm.rbut .quiet j losp. - - -jLambs and-mutton:. Weakness due to ■ temporary check in-buying owing to present high prices.,—• A ; ;

I ’ ' LONDON, June 30. i Cotton: July, H.B9d per lb. . Rubber: Para,., 113 d;? plantation smoked, 9Jd. \ j. ; Jute: July-August, £34 15s. Hemp: June-August, £3O ss. Copra: July-August, £26 7s 6d.. Linseed Oil; £29 15s. Turpentine: 44s 9d. Sheep.—Canterbury light, 7 3-Bd’ medium. 7d; hea,vy, 7Jd. North Island light, 7d;‘ medium, 6 7-Bd. New Zealand ewes, 5 3-Bd. .Lambs—Canterbury light, lOJd; medium, 9fd; seconds, 9£d; other selecteds—light, 103 d; medium, 9?d; North Island firsts—light; 9 7-8 d; medium, 9Jd; Patagonian seconds, 9 l-8d Frozen Beef.—Australian hinds, 5Jd; ™illed Argentine—fores, 4. 3-8 d; hinds, 72d; Urugiujy—fores, 4 l-8d; hinds, 7d: others unchanged. DAIRY PRODUCE. Messrs A. S. Paterson and Co. are in receipt of the following cablegram from London, dated 25th inst.:—-Butter: Market firm, 178 s. Cheese: Market active, ;105s. The New Zealand Loan and Mercantile - Company, Ltd., has received- the following cablegram from, its London house, under date June 28:— \-Gutter: choicest steady 178S ’ matket is tjuiet and firm^ 688 ’ 105 s. The market is BUTTER AND CHEESE. T . _ . LONDON, June 28... .> but 6te ady. Panish, 172 s ‘ 17R 17 a S; ,,S hoi S eBt Sa,ted New Zealand; 176 s and 178 s; Australian, 164 s and 168snnsalted New Zealand, 170 s and : 176s* Australian, -1665, and 170 s. • iog^ Se: Firrii -- New Zealand, 105 s-and . PRICE OF IBUTTER. - i i , SYDNEY,: June 27. J he wholesale price of butter-has been cWt l;e^ Bed bj per pound t 0 "182 s per APPLES AND PEARS. * ss ’*l • ■ : „ b< ’ ut , n .Australian. Jonathans realisedHs to 12s; Romes, 10s 6d to 1 Ils 6d;,Cleo- + S ’ 1 8 , . -^ s 6d; Rokewoods, 12s to t3s; and Nickjacks, 12s. ‘ •- t The Port Adelaide’s New Zealand Jonathans realised 9s to 'l3s; -.Cleopatras, 12s 118 t 0 13s; and Spitzenberge, 10s to 12s. ' P ea JB. (trays) ex Port Adelaide, realised: Winter Nelis, 4s to ‘ ™ r®“L ®x.;lome ‘?(sbmewhat ; over-ripe)/ Winter Nelis, 2s to 4s; Bnirys, 3s to 4s’

BALDWINS. LTD. LONDON, June 26. The shareholders of Baldwins, Ltd., passed a resolution reducing the capital from £8,000,000 to £4,213,568. Sir, Robert Horne, presiding, said that the company’s present plight was largely due to the ; generous response the company made to the Government’s urgent requests during the war. They had extended the plant to meet the nation’s necessities only to find that when peace arrived they had burdened themselves with capital charges which showed little or no return in revenue. One branch, built at great cost during the war, was responsible for a capital loss of approximately £1,000,000. P. AND O. DEFERRED STOCK. LONDON. June 29. P. and-O. Deferred Stock is quoted at £239 10s PRICE OF FINE GOLD. LONDON, June 27. Fine gold is quoted at £4 4s lOld per oz. LONDON ’STOCK EXCHANGE. LONDON,. June 26. r Bank of Australasia, £l4 15s; Bank of New. South. Wales, £4B Is 3d; Union Bank of Australia, £l5 13s 9d; National Bank of New Zealand, £7 : 8s ijd; Bank of New Zealand (4 per cent.), £93; shares, 635; loan and Mercantile debentures, £75; ordinary, £111; P. and O. Deferred Stock, £240; ‘ -, THE NATIONAL BANK. • LONDON, June 27. ~ The National Bank of New. Zealand, after . paying a staff bonus of £15,000, shows, a non profit of £465,572. The sum of £lO,OOO was placed to the premium account, £lO,OOO to,.the pension gratuity fund, and £165,572 was carried forward. . AUSTRALIAN~MARKETS. , ... . MELBOURNE, June 28. ' Hides were in keen 'demand. Mediums advanced |d- to }d, -lights advanced jd, • and others were firm. - ■ - • J- - ' June 29. - .Wheat: Quiet. Parcels, 5s 5Jd. Flour, £l2 17s fid and £l3 2s 6d. -Bran,'£6 15s; ' Pollard, £B. ' . Oats: Quiet, 3s 8d- and 4s Id. . • Barley: ■ English, 5s -4d and 5s 4Jd; Cape, 7s. ■. . ■ ■ Chaff .‘Quiet,; £5 15s and £6 ss. -’Potatoes: -Dull; £2 15s and £3 10s. - - "’Butter: Finn, Is 7id. . • - Cheese:■ Steady, lOld. ' SYDNEY,; June ,28. Wheat: Growers’- lots at country stations 4s 9d, ex truck at Sydney 5s 43d?

Hour: J he export trade is lifeless. Local £l3 10s. Bran, £6 10s. 1 Pollard, £7 10s. Oats: Tasmanian-Algerian, 4s 9d to 4s lOd; white, 4s 6d to 4s lOd. Maize: Yellow, 4s; white, 4s 4d. Potatoes: Tasmanian, £4 to £6. Onions: Victorian, £l4. 5 ADELAIDE, June 28. Wheat: Growers’ lots 5s 3d to 5s 4d. Flour: Bakers’ lots £l3 10s. Bran, £5 17s 6d. Pollard, £7 2s 6d. Oats, 3s 3d, ' THE BRADFORD MARKET. ’ ■' ’ LONDON, June 28. At Bradford business is quiet. No new business is passing. Sixty-fours, 53d; 60’s, 51d: 56’s, 42d; 50’s 33d; 46's, 26-ld; 40’s,' 253 d. ... CUSTOMS RETURNS. The Customs returns for June, for the last quarter and for the last half-year, also those for the corresponding periods of 1927, are as follow:— MONTH OF JUNE. 1928 1927 Customs duty £48,450 0 11 £105.149 2 1 Beer duty £15,401 17 11 £13,473 0 1 QUARTER ENDED JUNE 30. ‘ 1928 1927 Customs duty £158.373 15 5 £220,448 1 7 Beer duty £57,163 16 4 £52,389 16 1 HALF-YEAR ENDED JUNE 30. _ , 1928 1927 Customs duty £348,884 7 4 £438.345 15 10 Beer duty £118,995 18 1 £112.639 12 5 The decrease in the Customs duties is largely accounted for by the fact that in June, 1927, there were heavy clearances in anticipation of the new Customs tariff. ; THE CHRISTCHURCH‘RETURNS. CHRISTCHURCH, June 30. A decrease of £125,875 is shown in the Customs revenue collected in Christchurch for the half year ended June 30. The beer duty showed a decrease of £5031. The drop in the Customs is the result of the reduced imports. The comparative figures are as follows:—Half year 1928: Customs, £475,155. 1927 £601,031; beer duty, 1928'£38,907, 1927 £48.939; June quarter 1928—Customs £223.752, 1927 £308.238; beer duty, 1928 £20,487, 1927 £2L5O3;‘ month of June, 1928—Customs £75.577, 1927 £146,624; beer duty, 1928 £6123, 1927 £5837. The motor spirit tax since it was imposed in February has yielded £27,339. . WELLINGTON CUSTOMS. WELLINGTON, July 1. A sharp decrease in the Customs revenue, collected at the port of Wellington during June of this year is seen when the figures are compared with those for the month of June of last year. There is also a slight decrease in the beer duty collected. The figures are as follows: —Customs. June, 1927, £305,216 10s 2d; June, 1928, £168,254 Is lOd; beer duty, June. 1927, £4122 14s sd; June, 1928, £3947 14s. The figures for the six months ended June 30, 1928, compared with those of the similar period .for last year, are. as follows:— Customs, 1927, £3,182,819; 1928, £3,066.363 beer, 1827, £65,620; 1928, £64.924. Although the Customs duty col Jeeted is slightly less than the average for this tijne of the year, June of-' last year, however, proved an exceptional month on account of the large quantity of spirits cleared in anticipation of the change in the tariff. ' HIDE SALE. Messrs Waters, Ritchie, and Co. report as follows:—We held our usual monthly sale of bides at our stores, Crawford street, on Thursday afternoon. There was the usual attendance of buyers present, and competition was active at prices ruling similar to those of the previous sale. Shippers were more interested than of late, and took a fair proportion, of the catalogue, which consisted of 1845 hides. The following were, some of our best prices (per lb):—Thirteen 751 b, 13 Id: nine 821 b, 13gd; two 661 b, 133 d; eight 651 b; 13d; four 801 b, 12|d; twenty 601 b, 12Jd; 24 751 b, 12Jd; two 581 b, 12£d; two 581 b, 12d; two 791 b, 12d; two 361 b, 12d; 12 401 b, lljd; three 371 b, lljd; two hundred and eleven 631 b, llfd; one 621 b llfd; six 421 b, Hgd; sixty-riine 561 b, lljd; twenty-eight 501 b, llfd; eighteen 631 b, 113 d; one hundred and nine 751 b, Hid; eight 471 b, lljd; nine 561 b, lljd;-twenty-four 631 b, Hid; six 711 b, Hd;, fifteen 551 b, 10id; four 481 b, lOJd; nineteen 371 b, IOJd. Cows: One 651 b, 12fd; three 651 b, 12d; ten 361 b, 12d; twenty 371 b, 12d; eighteen 371 b, Hid; two 381 b, lljd'; four 611b,_lL}d; thirty 451 b, HJd; one’hundred and twenty 461 b, HJd; thirty-two 37ib, lid; forty-three 541b/'Hd; .fourteen 461b', 103 d; four hundred and ninety-six 561 b, lOJd; eighty 541 b, lOgd; five 421 b, lOgd; fifty-seven 461 b, lOJd; nine 531 b, 10id; fourteen 571 b, 103 d; twenty-one 451 b, lOJd; twenty-eight 441 b, 10,id';. sixty-three 551 b, lOd per lb. ’’ -• _ / BINDER TWINE PRICES. Australian manufacturers of reaper and binder twine and sewing twine, have an' nounced the prices at which their goods will be distributed in the ensuing season. Owing , to a decline in the price of ra<z materials the prices listed are slightly below those of last year, and represent a substantial reduction .on those charged two years ago. .Binder twine, 425 ft to 11b, of New Zealand hemp, is quoted at 8d a lb; 475 ft to 11b, 8?d; ■ standard MTanila 500 ft tolib? Old a- lb; and pure. Manila, 550 ft; to lib, lid a lb. These prices are siibjegt* to a discbiintTor each of 3d a lb. Sewißg»twines : a're‘. listed as '.followsSuperfine ftalian -heifep; fiveply, 2s 8d a lb;, fine Italian hemp, fiveply, and’five-ply/2s -d a lb; and . fine Italian 'henip,' three-ply,' 2s 8d a" Ik ' * •

C(M>ANY. s REGISTEREDThe latest issue of the Mercantile Gazette notifies the registration of the following company:-— Booth, E. E., Ltd. Registered as a private company, June 8. 1928. Office: Arrowtown. Capital: £5500 in 5500 shares of £1 each. Subscribers: E. E. Booth 2750, T. A. M'Gill 2750. Objects; Storekeepers and incidental. HAYWARDS PICTURES, LTD. , . AUCKLAND, June 26. Hie fourteenth annual report of Hayward’s Pictures, Ltd., states that the business over.the year has been quite satisfactory The net profit is £9220, and a (lividend of 5 per cent, is recommended, making 9 per cent, for the year. The report adds: ‘‘ This company operates ip conjunction with the New Zealand Picture Supplies. Ltd., and holds a substam nal interest in the latter company's capital. I'urther theatre interests acquired by New Zealand Picture Supplies. Ltd. will, it is anticipated, considerably increase the earning capacity of that corm pany.’ EXPORT LAMB PRICES. mi XT WELLINGTON, June 27. flic New Zealand Meat Producers’ Board advises that the following prices are being offered for fat stock for export at June 25, 1928:— 5 Canterbury prime woolly lambs, 36Jh and under,-12id; 371 b to 421 b. 113 d; 431 b l?fd ° Ver ’ second quality lambs, BONELESS VEAL. NATIONAL CO-OPERATION PROPOSED. HAMILTON. June 28. Representatives of the South Auckland dairy companies to-day decided to sup ; port the proposal of the National Dairy Association for a national co-operative scheme for the export of boneless veal. DAIRY PRODUCE. Messrs Dalgety and Co., Ltd., have re--ceived the following cablegram from their head office, London, dated June 28: — Tallow. —522 casks offered and 83 per cent sold. Mixed, good is Is per cwt higher; other descriptions are unchanged, Prices are as follow:—Mutton, fine, 6d; beef, fine, 445; mixed, good 41s, in. feri'or. 375? Frozen Meat.—Lamb and mutton mar, kets are weak, with downward tendency, 'but market for frozen beef very firm. Dairy Produce.—Butter market quiet; cheese market firm. Quotations are as follow for dairy produce:—Danish butter, 1.74 s to 1765; New Zealand finest butter, 174 s to 178 s; Australian finest unsalted, 166 s to 170 s, salted 164 s to 168 s; Austra* lian G.A.Q., 156 s to 160 s; Australian cheese, white and coloured, 102 s to 104 s; New Zealand cheese, white and coloured. : 104 s to 106 s; Canadian cheese, white anq coloured, 96s to 98s; Canadian c.i.f., Io3s to 104 s. DAIRYING IN THE WAIKATO. HAMILTON, June 30. The aggregate advance payment, of the 12 co-operative dairy companies in the Waikato for the season from June, 1927, to May, 1928, totalled £4,299,218, showing an increase of £564,471. The total will be considerably increased by the final payments after the butter and cheese have been marketed. The authorities estimate that the output increased from 1J to 2 per cent., despite the dry summer.

Note circulation Notes in reserve ... .. . . £136,257,000 53,127,000 £189,384,000 Government department .. £11,015,000 Other securities 8,735,000 Gold coin and bullion .. ., . 169,634,000 £189,384,000 BANKING DEPARTMENT. Proprietors’ capital .. £14,553,000 Rest 3,402,000 Public deposits .. 23.793,000 Other deposits .. 105,513,000 Seven day and other bills , 6,000 | £147,427,000 Government securities .. .. £30.779,000 Other securities .. 60,868,000 Notes in reserve .. .. .. 53,127,000 Gold and silver coin .. . 2,653,000 £147,427,000

ruling last week:— Last week. This week. £ 6. d £ s. d. i Imperial Consols, 24 p.c. ._ 56 0 0 56 0 0 War loan, 5 p.c., 1929-47 ... 101 12 6 101 12 6’ Conversion loan, 3| p.c. ... 78 0 0 78 2 6 I C’wealtb 6 p.o., 1931-41 ... 98 10 0 98 17 6 C’wealtb loan ... 102 17 6 103 2 6 N.Z. 6 p.c., 1936-51 ... ... 108 15 0 108 15 O N.Z. 4 p.c., 1929 ... 99 5 0 99 7 6 N.Z. 3$ p.c., 1940 ... 97 o 6 97 3 9 N.Z. 5 p.c., 1945 ... 78 17 6 79 5 O N.S.W. 64 p.c., 1930-40 ... 100 13 6 100 17 6 N.S.W. 6 p.o., 1930-40. ... 103 to 0 103 10 0 N.S.W. 5J p.c., 1922-32 ... 101 7 6 101 8 9 N.S.W. 4 p.o., 1933 ... ... 92 11 3 92 7 6 N.S.W. 3J p.o., 1930-50 ... 85 7 6 85 15 O NS.W. 3 p.c., 1935 ... 75 0 0 75 7 6 Vio. 5J p.c., 1930-40 ... ... 100 15 C 101 2 $ Vic. 6 p.o.-. 1932-42 ... ... 98 7 6 99 12 6 Vio. 3J p.c.. 1929-49 ... ... 77 11 3 77 15 0 Vio 3 p.c., 1929-40 .„ ... 71 5 0 71 7 6 Q’land 3 p.c., 1922-47 ... ... 102 12 6 102 15 0 Q’land 3J p.c., 1930 ... - 95 15 0 95 15 0 Q’land 6 p.c. 1930-40 .„ 75 15 0 70 12 6 S.A. 6} p.c., 1930-40 ... ... 103 ro 0 103 12 6 . S.A. 34 p.o., 1939 ... 84 10 0 84 15 O S.A.. 3 p.c., 1916 or after .„ 60 10 0 GO 15 0 W.A. 6 p.o., 1930-40 ... ... 100 12 6 100 12 6 W.A. 3J p.c., 1920-35 ... ... 88 10 0 88 15 0 W.A. * p.o., 1915-35 ... ... 85 17 6 86 2 6 . Tas. 6J p.c., 1930-40 ... ... 103 17 6 104 0 O Tas. 34 p.c., 1920-40 ... ... 84 10 0 84 10 0 Tas 3 p.c., 1920-40 ... .... 80 15 0 81 3 9

LONDON, June 28. Par. June 25. June 28, Paris, tr. to £1 ... 25.221 124.13 124.06 Brussels, belgas to £1 _ 25 34.93 34.93 : Oslo, kr to £1 — 18.31 18.19 18.22 | Stockholm, kr. to £1 ... 18.103 18.23 18.18 | Copenhagen, kr- to £1 ... 18.150 18.21 18.21 I Berlin, reichmkn. to £1 9.19 20.41 20.40 ! Montreal, dol to £1 „ 4.45 4.89 4.88 15-18 New York, doL to £1 ._ 4.86$ 4.87$ 4.87 21-38 Yokohama, pence to : yen 24.43 22$ 22$ nongkong, pence to dol. 24.3 24J 24 13-18 Calcutta, pence to rupee 24 17$ 17$ Batavia, guild to £1 ... 22.221 12.12 12.12$ Home, lire to £1 ... 25.22$ 92.74 92.71 Amsterdam, guild to £1 12.107 12.10$ 12.10} Prague, knr. to £ 1 12.107 164$ 164$