COMMERCIAL.

Otago Witness, Issue 3885, 28 August 1928, Page 23

COMMERCIAL.

LONDON STOCK EXCHANGE. LONDON, August 23. The following are the latest quotations tor Government securities, compared with the prices filling last week: —

R. AND 0. DEFERRED STOCK. LONDON, August 23. P. and O. Deferred Stock is quoted at 4233 10s.

FOREIGN EXCHANGES.

BANK OF ENGLAND RETURN. LONDON, August 23. The following is the Bank of England return: — Note circulation £134,921,000 Notes in reserve 56,901,000 £191,822,000 Government department .. £11,015,000 Other securities 8,735,000 Gold coin and bullion .. 172,072,000 £191,822,000 BANKING DEPARTMENT. Proprietors’ capital .. .. £14,553,000 Rest 3,650,000 Public deposits 16,612,000 Other deposits 97,984,000 Seven day and other bills 5,000 £132,714,000 Government securities .. £27,969,000 Other securities 45,093,000 Notes in reserve .. .. .. 56,901,000 Gold and silver coin .. .. 2,751,000 £132,714,000 The proportion of reserves to liabilities is 50.09 per cent. Short loans are quoted at 31 per cent., and three months’ bills at 49.32 per cent. LONDON STOCK EXCHANGE. LONDON, August 21. Bank of Australasia, £l5; Bank of New South Wales, £4B; Union Bank of Australia (ex. div.), £l5 6s 3d; National Bank of New Zealand, £7 6s 3d; Bank of New Zealand, 4 per cent., £93; Bank of New Zealand (shares), 60s; New Zealand Loan and Mercantile, 4 per cent, debentures, £75, ordinary stock £114; P. and O. deferred stock, £233. LOAN FOR INDIA. DELHI, August 22. The Controller of the Currency announces a full subscription of 35 crores of rupees to the Government loan, which

was issued at the end of July. LONDON METAL MARKET. LuNDUN. ‘.u.-ust 23. Copner: Spot, £62 Ils lOJdj forward, £63 Is 3d. Electrolytic: Spot, £7B 15s; forward £79 ss. V ire bars, £69 ss. Lead: Spot, £22; forward, £2l 17s 6d. Spelter: Spot, £24 10s; forward, £24 12s 6d. Tin: Spot, £212 12s 6d; forward, £209 7s 6d. Eilver: Standard, 27s l-8d; fine, 29£<1 per oz. CHICAGO WHEAT MARKET. NEW. YORK, August 24. Chicago wheat quotations: September, 109 J cents per bushel; December, 115; March, 1193; May, 122 J. LONDON MARKETS. LONDON, August 25. Cotton: September shipment, 9.97 d per lb. Rubber: Para, lljd per lb; plantation and smoked, 93d. Jute: August-September shipment, £37 per ton. Hemp: July-September shipment, £3O 10s per ton. Copra: August-September shipment, £24 15s per ton. Linseed oil, £29 per ton. Turpentine, 42s per cwt. Messrs Dalgety and Co. advise having received the following cablegram from London, dated August 23: — Frozen Meat. —The market for New Zeai land lamb is very firm, and the demand has been checked by increased prices asked. The market for New Zealand mutton is very firm, and the demand con- • tinues. The market for New Zealand ) beef is unchanged, and the demand is ) active. Quotations are as follow for frozen 5 meat: —New Zealand prime Canterbury ) lamb, 281 b to 361 b, lOJd; North Island, > lOJd; Canterbury, 361 b to 421 b, 10fd; 5 North Island, lOd; Canterbury lamb, ) ’ second quality, lOd; North Island, lOJd; - Canterbury lamb, 421 b to 501 b, lOd; North , Island, 9jd; Canterbury mutton, 481 b to . 561 b, 7§d; North Island, 7id; Canterbury, . 561 b to 641 b, 7?d; North Island, 7|d; . Canterbury, 641 b to 721 b, 7Jd; North ’ Island, 6Jd; Canterbury ewes, 481 b to 6 641 b, 6d; North Island, s|d; ox beef hinds, 3 6Jd; fores, 4d; Argentine chilled hinds, 3 BJd; fores, sd; English pokers, 801 b to 6 1001 b, 9d; New Zealand porkers, 1001 b to 0 1201 b, 81d; New Zealand pork, 801 b to ° 1001 b, agerage, 7Ad to Bd. ® Dairy Produce.—The market .for butter - is very quiet and the cheese market is 3 slow. Quotations are as follow: —Danish 0 butter, 186 s to 188 s; New Zealand finest, 6 181 s to 184 s; Australian finest unsalted, 0 178 s to 182 s; salted, 166 s to 1725; G.A.Q., 0 158 s to 1625; New Zealand cheese, white, o Ills to 113 s; coloured, 110 s to 112 s; Cana--0 dian cheese, white and coloured, 110 s to 6 112 s; Canadian, c.i.f., 109 s.

LONDON WHEAT MARKET. LONDON, August 20. Wheat: Cargoes are dull at mostly 3d lower. Parcels are in poor request at 3d to 6d decline. Liverpool futures: October 8s 10|d, December 8s Hid, jjarch 9s lid.

■ - « LONDON, August 23. Wheat: Cargoes are firm in sympathy with improved American cables and a forecast of frost in Canada. Quotations advanced 3d to 3d, Buyers did.not. follow. Parcels are in moderate demand at an increase of 3d to 6d. On unnamed passage, 43s 6d. Liverpool futures: October, Bs> Hd;, December, 9s o|d; March, 9s o|d. The spot trade is quiet. English firmed on account of bad threshing weather. Others are easier. ' '■ Flour: Quiet:-; ’ Oats and beans are steady, Reas are easier. k .... . Sugar: Granulated, 27s 3d. BRADFORD TOPS MARKET. LONDON, August 20. The Bradford wool market is lifeless, with no new business. THE APPLE MARKET. LONDON, August 21. Apples ex the steamer Tasmania, auctioned at Manchester, realised: —Doughertys, 9s 6d to 15s; Sturmers, 7s 9d to 12s 3d; Rokewoods, 10s 6d to 14s. LONDON MEAT MARKET. LONDON, August 25. Sheep.—New Zealand ewes, 6Jd per lb. Lambs.—Canterbury medium, 104 d per lb. Frozen Beef.—New Zealand hinds, s|d; Australian hinds, 5Ad; chilled Argentine fores, 4|d; hinds, 7fd; Uruguay, not offering; others, unchanged; osmiridium, unchanged. SASKATCHEWAN WHEAT CROP. WINNIPEG, August 23. Serious damage to wheat by frost last night is reported from many widely separa.vCd p«<in. .n i . -i-, a number of places in Alberta. It is impossible to tell how much damage hae been done until threshing, but where crops are green and late, the loss will be serious. The principal damage is confined to Saskatchewan, which is the chief wheat province.

CALCUTTA TEA SALES. CALCUTTA, August 22. At the tea sales the quality showed a falling ofi, but a better tone prevailed. Mediums declined three to six pies per lb, brokens were a shade easier, and sweet liquoring sorts continued in strong demand. The average prices were as follow:—Common pekoe souchong, 8 annas 6 pies to 9 annas; clean common broken pekoe souchong, 8 annas to 8 annas 6 pies; even black leaf pekoe, 11 annas G pies to 12 annas. AUSTRALIAN MARKETS. SYDNEY, August 23. Wheat. —Growers’ lots at country stations, 4s Ijd; ex truck at Sydney, 4s 9d. Flour.—The export market is dull. Local, £l2 10s. Bran, £6. Pollard. £7. Oats.—Tasmanian white. 4s 8d to 4s lOd; Algerian, 4s 6d to 4s 9d. Maize.—Yellow, 3s 8d; white, 4s. Potatoes.—Tasmanian, £5. Onions. —Victorian, £l2 to £l3; Japanese, £l6. ADELAIDE,. August 23. Wheat.—Growers’ lots, 4s 7d to 4s Bd. Flour.—Bakers’ lots, £l2 2s 6d. Bran, £7 17s 6d. Pollard, £7 2s 6d. Oats, 3s 3d. SYDNEY WOOL SALES. SYDNEY. August 22. At the wool sales to-day 7000 bales were offered and 6131 sold, making the total sales for the three days 24,0.00. Competition was well maintained for all wellgrown fleece and skirtings at opening rates. Japan and Germany operated freely, while France bought a fair quantity. Greasy merino made to 27d. WARD AND COMPANY. CHRISTCHURCH, August 24. Messrs Ward and Co., brewers, decided to-day to go into voluntary liquidation. The company had previously sold its brewing business to the New Zealand Breweries, Ltd. COMPANY REGISTERED. The list of registrations of companies in the latest issue of the Mercantile Gazette includes the following:—Parson's Engineering Company, Ltd. Registered as a private company, August 2. 1928. CapitqJ, £3OOO, in 3000 shares of £1 each. Subscribers —Invercargill: R. Parsons 2000, R. T. Parsons 500, J. L. Parsons 500. Objects: Motor engineers and general.

DUNEDIN HIDE SALE. Messrs Waters, Ritchie, and Co. report having held their usual monthly sale of hides at their stores, Crawford street, on Thursday afternoon. There was the usual attendance of buyers present, but competition lacked the keenness of the previous sale, and prices receded from Id to Id per lb. Shippers, who have been the principal operators for some time past, having had their buying limits reduced, secure’d a very small proportion of the offerings, the bulk of which were taken by tanners. Included in our catalogue were some lines of very stout hides, and. these brought up to 14d per lb. Our catalogue consisted of 1608 hides, and the following were some of our best prices:— Ox: Six 841 b, 14d; eight 821 b, 13jd; four 631 b, 13d; four 671 b, 13d; ten 751 b, 13d; ten 601 b, 13d; thirteen 641 b, 12£d; twentyfive 761 b, 123 d; one 641 b, 12 £d; two 621 b; 12|d; three 561 b, 12Jd; eleven 781 b, 12Ja‘ seven 731 b, 12id; ten 401 b, 12d; three 631 b, 12d; three 431 b, HJd; fourteen 561 b. 115 d; fourteen 501 b, 113 d; two hundred and -thirty-eight 641 b,. llfd; ten 491 b, llgd; two 661 b, HJd; three;76lb, Hid; two. 811 b, Hid; sixty-six 561 b, 113 d; two 741 b, Hid; forty 631 b, lid; one hundred

and thirty-nine 751 b, lid; forty 631 b, Hd; two 491 b, lOgd; three 561 b, 103 d; four 391 b, 103. Cows: Two 671 b, 13d; four 651 b, 123 d; thirty-two 371 b, 12d; twentytwo 371 b, 12d; .nine 461 b, Hgd; one hundred and thirty-eight, 451 b, 12d; nine 521 b, Hid; twelve 561 b, Hid forty-two 371 b, 113 d; one 641 b, lid; four 421 b, 103 d; fourteen 441 b, 10|d; seventy-four 451 b, 10§d; one hundred and thirteen 561 b, 10 Jd; twenty-eight 441 b, lOgd; twenty-eight 561 b, 10|d; four 431 b, lOd; six 571 b, lOd; twelve 521 b, at 10 per lb. ANGORA RABBITS. Considerable interest has been shown throughout New Zealand in the possibilities of Angora rabbit breeding, and probably the first shipment of pedigree English Angoras to arrive in New Zealand will be that to the order of Messrs J. K. Mooney and Co. of this city. This firm has a considerable number now on the water, and has arrangements for breeding on a very extensive scale. They are already booking up orders for forward delivery, and are now supplying New Zealand bred Angora rabbits from the farm of Mr Wilkins, at Milton. Mr Wilkins is an expert in his line, and is managing the breeding side of this new venture. Messrs Mooney and Co. hold out great hopes for the breeding of Angora rabbits in. New Zealand. They have already made arrangements to purchase or ship on consignment the wool to be shorn from the rabbits they will distribute.

KAIAPOI WOOLLEN COMPANY. CHRISTCHURCH, August 24. The Kaiapoi Woollen Company, after several years’ adversitv. enjoyed a profitable year last year, and the payment of dividends on the ordinary shares will be resumed. The directors’ report states:-—The disastrous fire at the Kaiapoi mill caused a serious dislocation of business, but the company’s turnover has been maintained, chiefly by goods of our own manufacture. The balance sheet shows a credit of £17,664, less £5OOO for depreciation. The directors recommend a dividend of 3 per cent, on the ordinary shares and 6 per cent, on the preference shares.

MELBOURNE HIDES MARKET. MELBOURNE, August 23. At the hides market there was keen competition, and the market was very firm in favour of sellers. BREEDING FOR DAIRY RESULTS. TO THE EDITOR. Sir, —I have read a letter from New Plymouth signed “ Safety First,” in which the -writer condemns the use of Friesian pedigree bulls on grade Jersey cows. In the course of my duties as secretary of the New Zealand Friesian Association I have made inquiries all over the Dominion as to the results of using pedigree Friesian bulls on Jersey cow-s, and the almost unanimous opinion of experienced dairymen and breeders is that no special calving difficulties are caused by the use of Friesian bulls. Some of the very finest grade dairy cows that I have ever seen have been by Friesian bulls out of Jersey cows. Last season, for example, Mr Laird, of Westmere, gained the grade championship at the Stratford and at the Marton A. and P, Shows with a cow whose sire was a pedigree Friesian and whose dam was a grade Jersey. Mr Laird’s cow during the last season milked up to 841 b daily with a 3.8 per cent, test on twice a day milking. At the Te Puke A. and P. Show, Mr J. B. Boyes had a dairy cow (sire, pedigree Friesian bull; dam, pedigree Jersey cow) of exceptional dairy quality, and she had given over 901 b fat in a month. One of the surest and quickest ways of improving a grade or crossbred herd is by the use of pedigree Friesian bulls with a good butter-fat backing, and if “ Safety First ” wishes for first-hand information I can refer him to such highly-practical and experienced dairy farmers as Mr James Hart, of Tatuanui, Waikato; Mr H. Jolly, of Waiuku; and Mr P. F. Boucher, of Kumeu, Auckland, all of whom will give him details of their very successful use of Friesian bulls on Jersey cows, and will, I hope, disabuse him of some of his present ideas on the subject. The manager of the Piri Land Company, Orini, one of . the largest dairyfarmers in the Dominion, informs me that he has for years past used pedigree Friesian bulls on grade Jersey cows, and that at no time has he had calving trouble with these cows. Mr R. R. Pearson, of Rongotea, is a strong supporter of the use of pedigree Friesian bulls on grade Jersey cows. He writes me: “ Some of the finest dairy- cows I have ever seen have been Friesian —Jerseycross.”

May I suggest that dairy- farmers should attend to two things, no matter what breed of bull they are using in their herds: (a) See that the cows are wintered well, and that they- are in good condition at calving; (b) do not use coarse-boned bulls. I strongly advise all dairy farmers not to pay any attention to the wailings of “ Safety First.” whose letter, I note, comes-from New Plymouth. Your readers will learn that Taranaki dairy farmers using high-testing herds are greatly agitated by the publication of the Dairy Scientist’s report on the Hawera cheese experiement. His results have been a tremendous victory for the Friesian dairy breed, as he has shown that Friesian butter-fat makes 13.7 per cent, more cheese than Jersey butter-fat does, and the Scientist states that the dairyfarmers of the Dominion are losing immense sunjfs annually by the use of hightesting VSrds for cheese manufacture. He also states that the whole of the Dominion will eventually go over to the lowtesting breeds, that is, the Friesians. I shall be pleased to supply any of your readers with a copy of the Dairy Scientist’s report which deals with a matter involving the loss of a million sterling annually in this Dominion. —I am, J. P. Kalaugher. Secretary New Zealand Friesian Association. Box 765, .Auckland, August 21.

Last week. This week. £ s. d. £ a.d. imperial Consols, 2$ p.c. . . 55 12 6 56 0 0 War loan, 5 p.c., 1929-47 . . 102 5 0 102 10 0 Conversion loan, 3| p.c. .. 77 15 0 78 0 0 O’wealth 6 p.c., 1931-41 .. 101 10 0 101 7 6 O’wealth Line 5J p.c., 1922-2 7 98 12 6 98 18 9 N.Z 6 p.c., 1936-51 .. 106 17 6 106 15 0 N.Z. 4 p.c., 1929 .. 99 18 9 99 17 6 N.Z. 3i p.c., 1940 ... .. 87 15 0 87 18 9 N.Z 5 p.c., 1945 .. 80 0 0, 80 2 6 N.S.W. 61 p.c., 1930-40 .. 101 10 0 101 8 9 N.S.W. 6 p.o., 1930-40 .. 101 12 6 101 13 9 N.S.W. 5£ p.c,, 1922-32 .. 101 13 9 101 17 6 N.8.W. 4 p.c., 1933 ... .. 93 10 0 93 15 0 N.S.W. 3} p.o. 1930-50 .. 86 10 0 86 12 6 N.S.W. 3 p.o., 1935 ... .. 78 6 3 76 11 3 Vio 5J p.c., 1930-40 ... .. 101 12 6 101 17 6 Vio. 6 p.o., 1932-42 ... .. 99 6 3 99 12 6 Vio 31 p.c., 1929-49 ... .. 79 5 0 78 5 0 Vio 3 p.o., 1929-40 ... .. 71 18 9 72 0 0 Vic. 4J p.c., 1940-60 ... .. 94 15 0 94 7 6 Q'land 3 p.c., 1922-47 .. 100 15 0 100 15 0 Q’land 31 p.o., 1930 ... ... 97 0 0 96 16 3 Q’land 6 p.o., 1930-40 ... 71 11 3 71 15 0 fi.A. 61 p.c., 1930-40 ... ... 101 10 0 101 7 6 S.A. 31 p.c., 1939 ... 84 0 0 84 10 0 S.A. 3 p.c., 1916 or after ... 60 17 6 60 15 0 W.A. 6 p.0., 1930-40 ... ... 100 13 0 100 15 0 W.A. 31 p.o., 1920-35 ... ... 89 7 6 89 10 0 W.A. 31 p.c., 1915-35 ... ... 86 15 0 86 17 6 Tag. 61 p.c., 193040 ... ... 101 0 0 101 13 9 Taa. 3| p.o., 1920-40 ... 85 17 6 85 15 0 Tas. 3 p.c., 1920-40 ... ... 81 0 0 81 0 0

LONDON, August 23. Par. Aug, 16. Aug. 20. Paris, fr, to £1 25.221 125.15 124.25 Brussels, belgae to £1 25 34.90 34 90 Oslo, kr. to £1 18.81' 18.19 18.19 Stockholm, kr. to £1 18.103 18.14 18.13 Copenhagen, kr. to £1 ... 18.150 19.19 18,19 Berlin, reichmkn to £1 9.19 20.36 20.36* Montreal, dol. tc £1 ... 4.45 4.85 1-16 4.85* New York, do! to £1 4.86J 4.85 11-32 4.85* Yokohama, pence to ; j-en 24.43 22 3-16 22 3-16 Hongkong, pence to < iol 24.3 24* 24* Calcutta, pence to rupee 24 18 17 15-16 Batavia, guild to £1 22.221 •12.11* 12.11* Rome, lire to £1 25.22* 92.82 92.68 Amsterdam, guild to £1 12.107 12.10 12.10* Prague, kr. to £1 12.107 1635 163 11-16