COMMERCIAL.

Otago Witness, Issue 3881, 31 July 1928, Page 23

COMMERCIAL.

BANK OF ENGLAND RETORN? "ISSUE DEPARTMENT.’ , ‘ ' / LONDON, July-•-The following is. the Bank'of England return: —- *- Note ■circulation ’ ■,-. ■ £1'36,016,000 Notes* *in ieserve ?.* 56,956,000 > 1 ’ ' ■' • ’ " £192,972,000 Government department .?■ £11,015,000 Other securities .. .. 8,735,000 Gold coin and bullion .s 173,222.000 ' * £192,972,000 BANKING DEPARTMENT. - Pebprietors’ Capital J Rest* ■ Public* deposits ; ? ■?. •*! .. .. 11,537,000 Other deposits <?.* ;? <?. *. 106,838;0Q0 ; Seven-day and other bills ’v ? ' ! *5,000 \ , * ’ ** - £136,451,000 i Q_. r, ; V’ • i Government securities ~ . , £28,279,000 .Other securities ... . , .. 48,418,000 Notes in reserve .. 56,956,000 Gold and silver coin .. .... • 2,798,000 £136,451.000 The proportion of. reserves to liabilities is 50.40 per cent.. Short loans.are quoted at 31 per cent.,.and. three.months’-bills at 4 1-16 per cent* ( < LONDON' STOOC pCCHANtE. ; 7 ' -■ ■'•LONDON', • Jaly 24.: ■’ Darik*, of-- Australasia.*- £l5 Is Id;-Batik tof-New’ South-Wales; £4B-ss; * Union Bank • ' <f Australia, £l5 -16 s *3d;* Natioßalzßahk.

of New Zealand, £7 6s 3d; Bank of New Zealand (4 per cent), £99 ss; Bank of Sew Zealand. Shares, £3.Os 4jd; Loan and ercantile (4 per cent, debentures), £74; Loan and Mercantile (ordinary stock), £113; P. and 0. Deferred Stocki £237. ■>■■■■ ■ ■ .■ LONDON STOCK EXCHANGE. LONDON, July 2«. The following are the latest quotations for Government securities, compared with the prices ruling last w« k. . ..... Last week. . This Week.'

FOREIGN EXCHANGES. LONDON, July 26.

P. AND 0. DEFERRED STOCK. LONDON, July 27. P. and O. Deferred Stock is quoted at £237 10s.

LONDON METAL LONDON, July 27. - Copper. Spot, £62 15s 7-Jd; forward, £63 3s lid. Electrolytic: Spot, £6B 15s; forward, £69 ss. Wire bars, £69 ss. Lead: Spot, £2O 18s 9d; forward, £2l 3s 9d. Spelter: Spot, £24 15b; forward, £24 17s 6d. Tin: Spot, £221; forawrd, £2lB 7s 6d. LONDON TALLOW MARKET. Messrs -jalgety and Co., Ltd., advise having received the following cablegram from their head office, London, dated July 25: — _ At the London tallow sales 678 casks of tallow were offered and 57- per cent. •—387 casks were sold. Prices are 6d per cwt. higher for fine mutton and 3d per cwt. higher for mixed good. Other descriptions of tallow are unchanged. Prices are as follows: —Fine mutton. 43s 6d; fine beef. 44s 6d; mixed good, 425; inferior, 37s 6d. BRADFORD TOPS MARKET.’ LONDON, July 23. Bradford is quiet. There is little inquiry, and quotations are iregular. Tops are not being taken very freely.LONDON, July 26. < 1 The Bradford market is slack; and quotations are easier. Sirty-fours, 524 d; sixties, 50Jd; fifty-sixes, 41d; fifties,3lJd;-forty-sixes, 26d; forties, 25Jd. LONDON WHEAT MARKET. LONDON, July 23. Wheat cargoes are weak on American and Canadian advices, and declined 6 J to Is. By an unnamed ship to Bombay, 49s 3d. Parcels have poor inquiry, and declined 6d to Is 6d. Liverpool futures: July, 9s 34d; October, 9s 7sd; December, 9s 9d. CHICAGO WHEAT MARKET. NEW YORK, July 27. • Chicago wheat quotations:—July, llflj cents per bushel; September, 1221; De- - cember, 126 J. QUEENSLAND CHEESE. . LONDON, July 26. A consignment of 64 crates of Queensland - chces p? specially made for the Nottingham show, aroused great interest in Tooley street. As space was not reserved in advance at Nottingham, the cheese could not be shown, and it was alternatively opened at Tooley street, the trade declaring that it was the best ever received from Australia. Practically all was sold at prices averaging above the current rates of the New Zealand product. • '

AMERICAN WHEAT CROP. * NEW YORK, July 22. A Chicago message states that there are indications that the spring wheat crop, in the north-west will exceed expectations. A record crop of 500,000,000 bushels is estimated for Western Canada'. ' Die Muortage ia the European crops ia ex-

pected to consume the American surplus, though low prices are .anticipated.

BUTTER AND CHEESE. ’ ’ i ■ ?.. LONDON,. July 26. The butter market is lifeless.- New Zealand, 182 s and 186 s; Australian, 170 s grid 1745; Danish, 180 s and 182 s. “ Cheese: Quiet. New Zealand, 108 s and INs.. : ■ : , GENERAL MOTORS CORPORAi: ' • bon. , 7.,. > . NEW YORK, July 27. The net profits of the General Motors Corporation for the six. months ended June 30, including equity in the undivided profits of subsidiary companies not consolidated, totalled 161,267,974 dollars after all charges, compared with 129,250,207 dollars for the first half of 1927.- ' THE APPLE MARKET. LONDON, July 26. Mr Stephens (representing the New Zealand Fruit Control Board) held a conference with representatives of the New Zealand, shipping companies, and obtained a. promise for the 1929 season alternatively of three steamers with a.capacity of 20,000 eases of apples apiece for direct shipment to Rotterdam and .Hamburg, or of two- vessels with a capacity of 25.000 cases apiece. It is expected that the Rotterdam steamers will carry the usual shipment of honey. _ , , . July 26lo mark the arrival of the millionth case of New Zealand apples, the growers 5 representative presented the blind exsoldiers at St. Dunstan’s and the annexe at Brighton with 25 cases. July 27, Apple prices kept up unexpectedly well. The Jervis Bay’s at London and Hull brought: Stunners, 9s 6d to 13s; Rome Beauty, 10s to 12s 6d, scarlets, 10s to 12s 6d; French crabs (ripe), 9s to Us; five crown (wasty), 8s to 9s 6d; Rokewoods. Us to 13s. The Port Darwin’s at Liverpool brought —Sturmers, 10s to 12s 9d; Cleos, 10s to 14s, Jonathans, 12s to 15s; scarlets, 10s to 14s. The Telamon’s were wastier than at first appeared to be the case. LONDON MARKETS. LONDON, July 26 In sympathy with American closing declines, cargoes were dull and neglected at 3d to 6d cheaper. Parcels were quiet at 6d easier. Liverpool futures: July, 9s 1 5-8 - October, 9s 5Jd; December, 9s 7 3-Bd. Spot trade is weak and irregular; Australian, ex ship, 50s 6d. Flour is dull; Australian, ex store 36s to 375.

Barley is dull; Australian Chevalier ex store, 58s to 655. Peas are quiet; Tasmanian Maples, 84s to 90s; Partridge, 70s to 80s. r , , . - July 28Cotton: August. U.o9d per lb. z Rubber: I’ara, 11 Id; plantation, smoked, 9 7-16 d. Jute: August-September, £37 12s 6d Hemp: July-September, £3O 10s. Copra: August-September, £2s’ 15s linseed oil, £2B 15s. . Turpentine, £43. Sheep: Australian ewes, 5 5-Bd. Frozen Beef: New Zealand hinds, 63dAustralian, 63 d. Chilled Argentine fores 3?d, hinds 62d; Uruguay fores 3’d, hinds s}. Others are unchanged Messrs Dalgety and Co., Ltd., advise having received the following cablegram from London, dated July'26:— Rabbit Skins. There is a good demand for furriers with slightly more sale at nominal prices. Pullings are worth par to 5 per cent, higher, unpulled 10 per cent higher, on the average; light racks par to 5 per cent, higher. Dairy Produce—The market for butter and cheese is quiet. Quotations are as follow:—Danish, butter, 180 s to 182 - New Zealand finest, 180 s to 184 s; Australian finest.unsalted, 176 s to 178 s; salted. 170 s to 1745; Australian GA.Q., 158 s to 1625; New Zealand cheese, white and coloured, 109 s to 110 s; Canadian cheese, ■c.i.f., 106 s to 110 s.

■ Frozen Meat.—Owing to the warm weather there is a poor demand for lamb and mutton at unchanged prices. Frozen bqef market is firm owing to light stocks, and the demand continues. The Otago Farmers’ Co-operative Association .of New Zealand, Ltd., has received the following cablegram from its London office: — --.- The butter market is quiet apart from a few re-sales offering, but the general .Undertone is good. The drought continues. New Zealand, 183 s to 186 s. Cheese is weaker at 109 s. Lambs and mutton firm. Prospects are favourable.

The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cablegram from its London house, under date July 26:— Butter, 184 s. Cheese, Ills. The markets are quiet. The National Mortgage and Agency Company is in receipt of the following cablegram from London:— '. Butter.—The market quiet, with slightly easier tendency. New Zealand, 182 s to 184 s; Danish, 180 s to 182 s; Irish. 174 s to 1765. Cheese.—Market slow, with tendency slightly lower prices. New Zealand, 109 s to 110 s; Canadian, 108 s to> 110 s. There are increased offerings in Canadian at 106 s to 107 s, c.i.f., but little selling. CANADIAN WHEAT POOL ' WINNIPEG, July 28. The record largest interim payment by the Canadian wheat -mol. of which the total exceeds 34,000,000 dollars, has been paid to. the provincial pools of Manitoba; Saskatchewan, and Alberta as the centra; selling agency: This is the second interim payment for the 1927-28 crop, the first payment of!s cents per bushel having been made on March 10. ~ Mr E. B. Ramsay, manager of tfie central selling agency, stated that as ah spreads had been adjusted in this pay: ment all deductions for elevator, commer-

cial reserve carrying charges, etc., had been made. The final payment at the end of the crop year will be a flat payment on all grades. - •" ?

Mr Ramsay stated that the 1926-27 crrfp had a difficult'market, due to the hcavy rains during the threshing season, but-the 1927-28 crop, of which a large volume suffered from . frost, rust, and excessive moisture, was, an even. greater problem. There -emed t'b. be general satisfaction at the manner in which the selling problems had been ’Handled and the average price secured .for members’ wheat.- ,

RABBIT SKIN SALES. / > j'? 1 , LoNDQN, July 27. : At the rabbit skin sales 2760 were offered and, 2050 were sold. Hatters were in strong -demand,' and advanced an Average of 10 per cent. Australians were ; sd to lOd higher for pulling and lOd to 20d for unpulled. New Zealands correspondingly were 5d to lOd to 15d. Australian furriers’ sorts sold freely at an advance of sd. The majority of the withdrawals were New Zealands, chiefly seconds and late winter bucks CALCUTTA TEA SALES. CALCUTTA. July 25. At yesterday’s tea sales 24,400 packages were offered, including 4100 dusts. Again there ’ was a useful selection from all districts,. some cahcars and sylhets showing improvement. There was a strong tone in all descriptions, the bidding being well distributed. Inquiry was particularly strong for good liquoring teas. The average price for the sale was 12 annas eight pies per lb compared with 15 annas nine pies at the corresponding sale last year, and 13 annas 11 pies in 1926. Special prices for broken orange pekoe: Common, 14 annas; medium, 15 annas; good, 19 annas. Broken pekoe: Common, 10 annas six pies; medium, 11 annas six pies; good, 15 annas six pies. Fanning: Common, 10 annas six pies; medium. 12 annas; good, 18 annas. SUGAR POOL IN JAVA. WELTEVREDEN, July 25. The Sugar Producers’ Pool decided to stock the crop of 1928 on the estates. The pool refused to accept £l7 16s lOd per ton for superior sugar. The pool is now much criticised, for not selling earlier, when higher prices prevailed. Some of the x Chinese sugar factories have joined the union of employers in- the sugar industry. A Dutch , company has rebought a Japanese sugar factory in East Java. AUSTRALIAN MARKETS. SYDNEY, July 26. “Wheat: Gowers’ bagged lots, at country stations, 4s 64d, ex truck at Sydney, 5s 2d. Flour: The export trade is lifeless. Local £l3. Bran, £6 10s. Pollard, £7 10s. . Oats: Tasmanian Algerian. 4s 9d to 4s lOd; white, 4s 6d to 4s lOd. Maize: Yellow, 3s 9d, white, 4s 4d. Potatoes: Tasmanian, £5 to £7 10s. Victorian, £l4. ADELAIDE. July 26. Wheat: Growers’ lots, 5s Id to 5s 14d. Flour: Bakers’ lots, £l3. Bran, £5 17s 6d. Pollard, £7 2s 6d. Oats, 3s 3d.

" MELBOURNE, July 27. Wheat.—Quiet, 5s BJd for parcels. Flour, £l2 17s 6d to £l3 2s 6d. Bran, £6 10s. Pollard, £7 10s. Oats.—quiet. Milling, 3s lOd; good feed, 3s 3d. Barley.—English, 5 S 44d; Cape, sellers, 4s. Potatoes, £2 10s to £3 ss. Butter.—Firm, Is 81d. Eggs, Is 4d and Is sd. ' MELBOURNE HIDES. MELBOURNE, July 26. Kips and sloppy condition hides, are 3d lower, while others are unchanged. ,3. FLOUR AND BUTTER IN SYDNEY. SYDNEY, July 25. The wholesale price of flour has been reduced by 10s to £l3 per ton. Local butter supplies are decreasing, but the demand is keen. Queensland makes an offering here of 1925, f.o.b. PRICE OF EGGS IN AUCKLAND. AUCKLAND, July 24. A further drop in the price of eggs was recorded at the Auckland city market to-day, and prices are now lower than they have been for some months. Hen eggs brought Is 5d to Is 6d a dozen, Id less than on Friday. Duck eggs showed a similar decline. DAIRY PRODUCE. The following cable message has been received by the South Island Dairy Association from the New Zealand Produce Association, Ltd., London:—“Butter quiet. Finest. 182 s to 184 s: firsts. 180 s to 182 s: Danish, 182 s to 184 s. Cheese quiet. Finest, both colours 109 s to 110 s: first grade,, H)Bs.; Canadian, 108 s to 110 s,” COMPANIES REGISTERED The latest issue of the Mercantile Gazette notifies the registration of the following 4 companies:— Stedman, Ltd., S.R. Degd. as a private company, . July, 10, 1928. Capital: £3OOO, in 3000. shares of £1 each. Subscribers: Dunedin—S. IL Stedman 975, R. T. T Stedman 500, R. L. Stedman 500, E.' Stedman '.900, L. E. Williamson'so, D. Fraser 25, H. ll.Stedman 50. , Objects: To take’over as a going concerntfie business heretofore carried on by S. R. 'Stedman, motor ghrage proprietor, at Dunedin ana elsewhere,-

Rhodes, Ltd. Regd. as a private company, July 9, 1928. Capital: £3OOO, into 3000 shares of £1 each. Subscribers: Dunedin—Jonathan Rhodes 2750, Rosetta Rhodes 50, L. A. Rhodes 50. C. W. Rhodes 50,1 Elizabeth Justice, 50, .W. A. Justice 50. Objects: To ealry on the business of. importers, manufacturers, and. dealers, in motor cars, bicycles, aniT other conveyances.

NORTHERN WAIROA DAIRY COMPANY.

; ;• DARGAVILLE, July 25. > _The twenty-sixth annual balance sheet of the Northern Wairoa Dairy Company for the year ended May 31 shows that a splendid year has been experienced. The total paid to the suppliers,- who number 686, amounts to no less than £268,150. The bonus for the year amounts to £40,520. The total amount of butter made was .198,467 tons,-and the total amount paid out since the inception , of? the company is £2,750,000, and the butter produced totals 20,000 tons. Last season was a •record in every way, the amount paid ont being £12,999 better than the previous best in 1920-21? This season has already started well, and shows a considerable increase in the tonnage payout.

£ e. d. . £ ». a. Imperial Console, 2j p,c. ... 55 15 0 . 55 17, 6 War loan, 5 p.c., 1929-47 ... 101 15 0 102 0 0 Conversion loaa, 3J p.c. ... 78 0 0 77 17 6 ©’wealth 6 p.e., 1931-41_ ... 98 0 0 98 7 6 C’weaJth loan ... 103 5 0 103 5 0 N.Z. 6 p.c., 1936-51 ... ... 106 13 9 106 15 0 “N.Z. 4 p.c., 1929 i.. 99 13 9 99 13 9 N.Z. 3$ p.e., 1940 87 5 0 87 12 6 N.Z 5 p.e., 1945 ... ..." ... 79 10 0 79 16 3 N.S.W. 64 p.c., 1930-40 ... 101 2 6 101 0 0 N.S.W. 6 p.C., 1930-40 ... 101 7 6 101 7 6 N.S.W. 5J p.c., 1922-32 ... 101 10 0 101 12 6 N.S.W. 4 p-o., 1933 93 1 3 93 7 6 N.S.W. 3J p.c., 1930-50 86 0 0 86 5 0 N.S.W. 3 p.c., 1935 75 15 0 76 0 0 Vic 5J p.c., 1930-40 101 7 6 101 7 6 Vic. 5 p.c., 1932-42 ... ... 99 0 0 99 2 6 Vie. 34 p.c., 1929-49 94 10 0 94 7 6 Vic 3 p.c., 1929-40 ... ... 71 12 6 71 2 6 Q’land 3 pc., 1922-47 ... 100 15 0 100 10 0 Q’land 3J p.c., 1930 ... ... 96 7 6 96 10 0 Q’land 6 p.c., 1930-40 ... 80 17 6 71 10 0 B.A. 6} p.c., 1930-40 101 8 9 101 7 6 g.A.- 34 p.c., 1939 84 13 9 84 15 0 S.A. 3 p.c., 1916 or alter ... 60 15 0 GO 15 0 W.A. 6 p.c., 1930-40 100 15 0 100 15 0 W.A. 3J p.c., 1920-35 88 17 6 89 0 0 W.A. p.c., 1915-35 86 10 0 86 17 6 Tas. GJ p.c., .1930-40 101 2 6 101 2 6 Tas. 34 p.c., 1920-40 84 17 6 85 5 0 Tas. 3 p.c., 1920-40 81 5 0 81 5 0

Paris, fr. to £1 — Par. 25.221 July 23. July 26. 124.06 124.05 Brussels, belgas to £1 ... 25 . 34.90 34.90} Oslo, kr. to £1 — — 18.81 18.194 18.194 Stockholm, kr. to £1 ... 18.103 18.16 18.25} Coperihagen, kr. to £1 — 18.150 18.19 18.19} Berlin, reichmkn to £1 9.19 20.36J 20.34 Montreal, dol. to £1 — 4.45 4.87 1-16 4.86 1-16 New York, dol. to £1 ... 4.86J 4.86J 4.85 11-16 Yokohama, pence to yen 24.43 22 J 22 9-16 Hongkong, pence to dol 24.3 24J 24 9-16 Calcutta, pence to rupee 24 171 17 29-32 Batavia, guild to £1 22.221 12.10 12.10 Borne, lire to £1 25.224 92.84 92.84 Amsterdam, guild to £1 12.107 12.081 12.07 Prague, kr. to £1 12.107 164 1-16 163 15-16