COMMERCIAL.

Otago Witness, Issue 3882, 7 August 1928, Page 22

COMMERCIAL.

LONDON STOCK EXCHANGE. .... , LONDOX, August 2. Jhe folloumg !lre the latest quotations for .oxermnent securities, coinpar. .1 wilt, f|„. , )rieeH mung, last weei

FOREIGN EXCHANGES.

BANK OF ENGLAND RETURN. LONDON, August 2. The following is the Bank of England .. return: — ISSUE DEPARTMENT.

4 7-32 per cent. * LONDON SHARE MARKET. LONDON, July 31. Dalgety and Co. shares, £l4 15s; DaLgety 4 per cent, debentures, £75 15s; Goldsbrough, Mort 5 per cent, debentures, £B4 P. AND O. DEFERRED STOCK. LONDON. August 2. P. and O. Deferred Stock is quoted at £235. LONDON METAL MARKET. LONDON, August 3. Copper: Spot, £62 Ss 9d; forward, £s*" 18s lid. Electrolytic: Spot, £6B .15s; forward, £69 ss. Wire bars, £69 ss. Lead: Spot, £2l; forward, £2l 3s lid. Spelter: Spot, £24 13s 9d; forward, £24 17s 6d. Tin: Spot, £214 13s 9d; forward, £213 7s 6d. Silver: Standard, 27Jd; fine, 29 7-16 d per oz. LONDON TIN MARKET. LONDON, August 1. Tin: The divisible supply is 17,898 tons. Spot, 1464; afloat, 2455; deliveries, 2113. BALDWIN’S LIMITED. "LONDON, July 30. The .Chancery Court has sanctioned the reduction of capital of Baldwin’s, Ltd, from £8,000,000 to £4,213,568. CHICAGO WHE.AT MARKET. NEW YORK, August 3. The Chicago wheat quotations are as follow:—September, 117:?d; December, 122jd. LONDON WHEAT MARKET. LONDON, July 30. Wheat: Cargoes are in demand, but are quiet and unchanged, tending easier. Part of the Bosworth’s cargo sold at 47s 6d anfi the Indianic's at 47s lOld to 48s lid.

Parcels are in poor request with an occasional decline of 3d. - — Liverpool futures: July nominal, October 9s s?d, December 9s 7 Ad. FROZEN MEAT MARKET. LONDON, August 4. The Smithfield market superintendent says that the butchers are alarmed at the shortage of . meat from the Argentine and Australia. July arrivals were 2017 tons below July of last year. The recent heat wave reduced the demand to a minimum or prices would have reached high levels BUTTER AND CHEESE. LONDON, August 2. Butter is quiet, but steady. Danish, 180 s; choicest New Zealand salted 180 s and 184 s, unsalted 186 s and 190 s; Australian salted 168 s and 1725, unsalted 176 s and 178 s. Cheese is firm. New Zealand, 110 s and 112 s. . LONDON MARKETS. LONDON, August 2. Wheat: Cargoes are quiet in tone and arc occasionally 3d easier in sympathy with American prices. Parcels are steadier, but there is ~ moderate business at an advance of 3d; ex Balranald 46s 6d net, ex Ferndale 46s 6d to 46s 7-ld net. Liverpool futures: October 9s 6d, December 9s BJd, March 9s 9Jd. Spot trade is dull and tending easier. Australian, ex ship, 49s 6d. Flour is dull. Australian, ex store, 35s 6d to 36s 6d.

Oats and peas are dull, and beans firmer.

LONDON, August 4. Cotton.—September shipment 10.40 d. Rubber: Para, lljd per lb; plantation smoked, 9j|d. Jute: New crop, August-September shipment, £37 2s 6d per ton. Hemp: July-September shipment, £3O per ton.

Copra: August-September shipment, £25 7s 6d per ton. Linseed oil, £2B 15s per ton.

Turpentine, 42s 6d per cwt. Sheep—Canterbury: Medium, 7|d per lb, heavy 7d; North Island: Medium 7Jd; New Zealand ewes 5Jd; Australian ewes, sjd; Argentine light 6Ad, medium 6d, heavy s|d. Lambs.—Canterbury: Medium 9Jd per pound, seconds 9J; North Island firsts: medium 9§d. Frozen .Beef. —New Zealand fores 4d, hinds 6J; Australian crops 3Jd, hinds 5Jd; chilled Argentine- fores 4d, hinds 7Jd: Uruguay fores 3Jd, hinds 6d. Others arc unchanged.The Otago Farmers’ Co-operative Association of N.Z., Ltd., have received the following cablegram from their London office:— Butter.—Trade is dull at slightly lower prices, but the undertone is firm. New Zealand, 180 s to 184 s. Cheese is quiet; 110 s to Ills. Meat.—The tone of the market is good for all descriptions. The National Mortgage and Agency Company is in receipt of the following cablegram from London: — Butter. —The market is steady and there is a better tone on the market. New Zealand. 180 s to 184 d: Danish, 180 s to 182 s; Irish, 174 s to 1765. Cheese.—Market firm. New Zealand, 110 s to Ills: Canadian, 108 s to 110 s. . The New Zealand Loan and Mercantile Agency Company, Ltd.. have received the following cablegram from their London house under date Ist instant:— Butter.—New Zealand choicest, salted, 182 s. The market is quiet. Cheese, Ills to 112 s. There is a good demand. Messrs Dalgety and Co. advise having received the following cablegram from London, dated August 2:— There is a fair demand for frozen meat, and quotations are unchanged except for beef, which is Jd to (d per lb lower. Dairy Produce.—The butter market is quiet and prices are difficult to maintain. Cheese is quiet and steady. Quotations are as follows:—Danish butter, 180 s to ]B2s; New Zealand finest, 180 s to 184 s; Australian finest unsalted, not quoted; salted, 168 s to 1745; Australian G.A.Q., 158 s to 1625. New Zealand cheese, white,. 110 s to 112 s; coloured, 109 s to Ills; Canadian cheese, white and coloured, 109 s to 110 s; Canadian cheese, c.i.f., 109 s. THE . TALLOW MARKET. LONDON, August 1. Tallow: Stocks, 1536 casks; imports, 1328; deliveries, 1165. BRADFORD TOPS MARKET. LONDON, July 30. The Bradford market is very dull. There is practically no interest, and prices are barely maintained. - LONDON, August 2. There is no business on the Bradford market. Quotations are unchanged. AUSTRALIAN WHEAT. LONDON, August 2. There is considerable activity in the chartering of wheat ships for Australia, several fixtures being made for December and January. THE SUGAR MARKET. LONDON, August 2. Sugar: Granulated, 275. A light nine months’•beet sugar production amounts to 4,292,847 tons. EXPORT OF RUBBER. RUGBY, July 31. It is officially announced that the percentage ■of the standard’ production of rubber which may’be exported at the minimum rate of duty from .Ceylon and Malaya for the quarter beginning August’ 1 will be 60.

SUGAR FOR VANCOUVER. SUVA, August 2. The Hauraki sailed to-day for Vancouver. She took 8295 tons of sugar—a record shipment for Fiji. AUSTRALIAN MARKETS. SYDNEY, August 2. Wheat: Growers’ bagged lots at country stations, 4s 6Ad,- ex truck, at Svdney 5s 2d. ‘ *“ -

Flour: Export trade is lifeless. Local, £l3. Braii, £6 10s. Pollard. £7 10s. Oats: Tasmanian Algerian, 4s 9d to 4s 10s; white. 4s 6d to 4s lOd. Maize: Yellow, 3s 9d; white, 4s 4d. £4 to £6. Onions: Victorian, £l3; Japanese, £l6. ADELAIDE, August 2. Wheat: Growers’ lots, 5s Id to 5s lid. Flour: Bakers’ lots, £l2 15s. Bran, £5 17s 6d. Pollard. £7 2s 6d. Oats, 3s 3d. MELBOURNE, August 3. Wheat: No sellers. Parcels, 5s 2d. Flour, £l2 2s 6d to £l2 12s 6d. Bran, £6 10s. Pollard. £7 10s. Oats: Milling, 3s 6d to 3s 8d; feed, 3s 3d. Barley: English malting, 5s 4d; Cape, 4s. Chaff is quiet at £5 to £6. Potatoes are steadier at £2 15s to £3 10s. Butter is easier at Is B.ld. Cheese is steady at lOd to lOld. MELBOURNE HIDE MARKET. MELBOURNE, August 2. Hides declined id, except kips and stouts. CUSTOMS RETURNS. The Customs returns for July show that the net duty collected at the Dunedin office for the period ended yesterday amounted to £77,132 8s 7d. The beer duty totalled £17,378 Os 2d. The figures for July last year were as follow:—Customs duty, £96,671 13s 7d; beer duty, £12,377 16s Id.

CHRISTCHURCH, July 31. The Customs duties collected at Christchurch for the month of July showed an increase of over £4OOO, compared with June. The figures are as follow: —Julv. 1928, £79,752; June, 1928, £75,577, The beer duty for July, 1928, totalled £7469, and for June, £6123. The motor spirit tax for July, 1928, was £lO,lll, and for June, ’£10,093. The amount collected to date totals £37,451. WELLINGTON, July 31.

The following are the Customs figures for July, the figures for the corresponding month last year being given in parentheses: —Customs, £245,485 0s lid (£207,339 10s 6d); beer duty, £4117 9s 2d (£3658 10s 4<l). The motor spirit tax yielded £30.647 15s Bd. and the tvre tax £4380 3s Id. OAMARU. The Customs returns for Oamaru for the month of July are as follows (the figures of the same month, of last year being given in parentheses):—Customs revenue, £462 6s 3d (£421 9s 3d); two passports (two); meat export levy:, £235 16s 7d (£lB6 6s 8d) ; marine revenue, £3 17s lid (£36 19s 3d); total, £702 0s 9d (£644 15s 2d). MINING IN OHINEMURI. EFFORTS FOR REVIVAL. The committee .appointed to approach the Minister of Mines for Government assistance toward the provision of a public battery on the Ohinemuri field met recently to consider proposals submitted by the Rising gun Goldmining Company for the use of the company’s plant at Owharoa (reports, the correspondent of the New Zealand Herald). Mr W. Marshall Mayor of Paeroa, presided and Mr A. R. Aitken represented the Rising Sun Company, with authority to accept any decisions reached at the meeting. The Mayor of Waihi (Mr W. M. Wallnutt) expressed the opinion that the prospects of bringing about a revival of the mining industry in the district depended largely upon the adoption of some such scheme as that proposed. The provision of a battery would help prospectors and small syndicates not equipped with crushing plants, but who had discovered small reefs which could be treated, and would encourage further operations which might lead to valuable finds.

After a lengthy conference agreement was reached between the committee and the representative of the Rising Sun Company. This provided that the company should bring its battery at Owharoa thoroughly up-to-date in order to permit of its use as a public crushing plant and also erect a two-stamp mill and an automatic sampler for the treatment of small parcels of ore, the seller to have the option of putting his own parcels through the mill up to five-ton lots. The company undertakes to treat all outside quartz at*a cost of £1 per ton and guarantees an extraction of 85 per cent, of the agreed assay value, of the quartz. To permit of the necessary improvements to the company’s plant the Government is to be asked to lend the company £6OOO free of interest and make an annual grant of £5OO for the first six years, the grant to be deducted from the principal sum in making repayment. The proposals will be placed before the acting-Minister of Mines (Mr J. G. Cqates) at Wellington at an early date.

WELLINGTON WOOLLEN COMPANY.

WELLINGTON, August 2. The gross profits earned by -the Wellington Woollen Manufacturing Company, Ltd., for the year ended June 30 last were £6.3,906, as compared with £65,378 last. year. Rent and transfer fees amounted to £3694, and the gross, income was £67,600, compared with £69,139 for the 1927 period. Rates, taxes, interest,

salaries, and other expenses absorbed £23,672, and maintenance, insurance, directors, and auditors’ fees, and other incidentals absorbed £29,394, compared with £ 34,651 last year. Again £5OOO is written oft for depreciation, the net profit for the year being £33,206, compared with £29,487 tor last year. Payment of the interim dividend called for £14,914, and £2OOO was placed to reserve.

lhe directors describe the year’s working as gratifying to them, as the year was a difficult and most unusual one. The high wool values of the season 1926-27 further advanced in 1927-28 to figures quite unocpected, whilst, strangely, a general depression' in business existed throughout the Dominion, making sales difficult, as wholesale prices were keenly competitive. The directors are therefore pleased to be able to recommend maintenance of last year’s dividend, the placing of £2OOO to reserve, and the forward of the balance, £2474 Ils. 'The amount of £5OOO has been written off for depreciation of the plant and buildings, which, as usual, have been well maintained out of revenue. EXPORT DAIRY PRODUCE. „ . AUCKLAND, July 31. Consignments of butter from Auckland totalling 6237 boxes were carried by the Aorangi, which sailed for Vancouver today. Of the total, 4400 boxes are for Vancouver and Victoria, 1092 for Honolulu, 700 for Shanghai, and 45 for Suva. The vessel also carried a small quantity of cheese for Vancouver.

NEW ZEALAND INSURANCE COMPANY.

AUCKLAND, July 30. The annual meeting of shareholders of the New Zealand Insurance Company, Ltd., will be held on August 7. The directors propose the payment of a dividend of Is lOd a share, less an interim dividend of lid paid in February. In the preceding year the dividend was Is 9d, and in 1926 Is Bd.

The company’s year ended on May 31. The directors state that the net revenue from fire, marine, and accident premiums was £1,150,232. The balance brought forward from 1927 was £199,993, of which the dividend of lid a share, paid in August, 1927, absorbed £68,750, leaving £131,243. The surplus on the year’s operations, after making full provision for all ascertained losses to May 31, depreciation of investments, and an appropriation for taxation, was £80,521, to which is added the net income from interest and rents, £130,272, making a total of £210,793, and, with the balance brought forward, £342,037. The interim dividend of lid a share, paid last February, absorbed £68,750, while £75,000 has been transferred to reserve fund, leaving a balance''of £198,287. It is proposed to pay a dividend of Is lOd a share (less interim dividend of lid a share paid in February), which will absorb £68,750, leaving ' a balance of. £129,537 to be carried forward. The retiring directors—Sir James Gunson, Air Charles I. Nathan, and Mr George H. ‘Wilson—offer themselves for re-elec-tion.

POSTAL REVENUE.

RETURNS FOR JUNE QUARTER

WELLINGTON, August 2. The Postal returns for the four main centres for the quarter ended June 30 were gazetted to-night. They are:— P. and T. Revenue. Auckland £214,420 Wellington £159,933 Christchurch £120,032 Dunedin .. .. £43,460

Under the heading “Postal Revenue,” the following are the returns for the second quarter of 1928, compared with the figures of the corresponding period of last year:—

The total number of money orders issued for the second quarter of 1928 was 193,901 for a total amount of £1,144,203, as against 193,499 for an .amount of £1,166,162 for the corresponding period of last year. In the Savings ’Bank branch, a total of 23,925 accounts were opened, compared with 23,938 for the same period of 1927. The amount of deposits was £6,928,669, against £7,108,540 last year, while Withdrawals were £7,455,671 and £7,853,591 respectively. The excess of withdrawals over deposits was £527,002, against £745,050 for ’the corresponding period of 1927.

GOVERNMENT LIFE INSURANCE DEPARTMENT.

In the annual report which has been laid before Parliament the Government Insurance Commissioner (Mr- A. E. Allison) shows evidence of the continued progress of the department combined with' safe and economical management. There is a reduction in the expense ratio and also a very healthy interest yield on the department’s investments. The net rate of interest realised after the deduction of taxes was £5 10s lOd per cent., and as the department adopts the stringent valuation, basis of an estimated return of only £3' per cent, on its funds, the margin of difference which is the chief criterion of the strength of an insurance office should be ver- encouraging to policy holders. During the year the sum of £473,199 was paid out in death and maturity claims, bringing the total amount paid in. claims since the inception of the office to nearly £11,000,000. The inauguration of a system of annual bonuses has already had a bene-, ficial effect on new business. The certificates recently despatched to policy holders represented a distribution (after

further strengthening the reserves) of a record cash surplus of £190,500, producing reversionary bonuses amounting ' to £305,484. The department's assets now amount to over £7,500,000, and, as they are wholly invested in the Dominion, they play an important part in its development.

Last wecK This «■<>< k. Imperial Consols, 2’ p. c . W ar loan, 5 p.c., 1929-47 £ 102 s. 17 0 d. 6 0 £ 55 102 B. 12 <1. 6 Conversion Io: n, 31 p.c. 17 6 17 6 C’wealth 6 p.c., 1931-41 l>8 6 r* 10 6 C wealth loan 103 0 IO1 6 3 AZ. 8 p.c., 1936-51 ... 10C 15 0 106 18 9 N’-Z. 4 p.c., 1929 99 13 9 99 17 6 N.Z. 3| p.c., 1940 87 12 6 8* 12 6 N.Z 5 p.c., 1945 79 10 3 79 18 9 N .b. W. - p. 2., 1930-40 101 0 0 101 o 6 K.S.W. 6 p.c , 1930-40 101 6 101 / 7 6 K.S.W. 5* p.c , 1922-32 101 12 6 101 10 0 N.S.W. 4 p.c , 1933 ... 93 7 6 93 7 6 N.S.W. p.c 1930-50 86 5 0 86 5 0 N.S.W. 3 p.c. . 1935 ... 76 0 0 76 2 6 Vic 5J p.c.. 1930-40 ... 101 7 6 101 10 0 Vic. 5 p.c., 1932-42 99 0 6 99 5 0 Vic 3* p.c.. 1929-49 ... 94 7 6 94 7 6 Vic 3 p.c.. 1929-40 ... 71 2 c 72 0 0 Q’land 3 p.c. 1922-47 100 10 0 100 15 0 Q’land 3J p.c , 1930 .. 96 10 0 96 15 0 Q’land 6 p.c.. 1930-40 71 10 0 71 5 0 S.A. 6J p.c., 1930-40 ... 101 7 6 101 11 3 S.A. 3.) p.c., 1939 81 15 0 84 12 6 S.A. 3 p.c., 1916 or after 60 15 0 co 17 6 W.A. 6 p.c.. 1930-40 ... 100 15 0 100 18 9 W.A. 31 p.c., 1920-35 ... 89 0 0 89 2 6 W.A. 3} p.c., 1915-35 ... 86 17 6 86 15 0 Tas. 6$ p.c.. 1930-40 ... 101 2 6 101 6 Tas. 3J p.c., 1920-40 ... 85 5 0 85 10 0 Tas. 3 p.c., 1920-40 ... 81 5 0 81 5 0

LON HO . Par. )N, August 2. July 30. Aug. 2. Paris, fr. to £1 .. 25.221 121.07 124.10 Brussels, belgas to £1 ... 25 34.91 31.90 Oslo, kr to £1 ... 18.81 18.191 18.20 Stockholm, kr to £1 ... 18.103 18.15.1 18.15 Copenhagen, kr to £1 .. 18.150 18.19J 18.19 ' Berlin,. reichmkn to £1 9.19 20.34.1 20.35 Montreal, dol. to £1 . 4.45 4.85 13-16 4.86 New York, dol to £1 .. 4.662 4.85 25-32 4.85 9-16 Yokohama, pence to 5 ,en 24.43 on 5 005 ““U Hongkong, pence to dol 24.3 29 9-16 24« Calcutta, pence to rupee 24 1U : 17 15-16 Batavia, guild to £1 22.221 12.09.1 12.10 ... 25.22.J 92.82 92.81 Amsterdam, guild to £1 12.107 12.072 12.08 J Prague, kr. to £1 ... 12.107 163J 1637

Note circulation Notes in reserve £137,216,000 53,428,000 £190,644,000 Government department Other securities Gold coin and bullion . . . . £11,015,000 8,735,000 . 170,894,000 £190,644,000 BANKING DEPARTMENT. Proprietors’ capital . £14.553.000 Rest . . Public deposits .. .... . 3,550,000 . 12,171.000 Other deposits Seven-day and other bills . . 103.540.000 4,000 £133,818,000 Government securities .. . Other securities .. . Notes in reserve Gold and silver coin .. . . £29,201.000 . 48,424,000 . 53.428,000 2,765,000 £133,818,000 The proportion of reserves to liabilities is 48.50 per cent. Short loans are quoted at 31 per cent., and three months’ bills at

June qr„ June qr., 1928. 1927. £ £ Money Order commission 6,021 6,401 Postages 316,166 308,465 Postal note commission 5,859 5,879 Postal revenue .. .. 401,031 368,010 Telegrams 93,216 96,531 Telephone exchanges .. 317,869 290,214 Total telegraph .. .. 525,522 485,908