COMMERCIAL.

Otago Witness, Issue 3912, 5 March 1929, Page 21

COMMERCIAL.

LONDON STOCK EXCHANGE. LONDON, February 28. The tollowing are the latest quotations tor Government secunties, compared with the prices ruiihg last week:—

FOREIGN EXCHANGES. LONDON, February 28.

BANK OF- ENGLAND RETURNS. LONDON, February 28. The following is the Bank of England return: — ISSUE DEPARTMENT.

The proportion of reserves to liabilities is 54.70 per cent. Short loans are quoted at 44 per cent. Three months’ bills 5 5-16 per cent.

LONDON METAL MARKET. _ _ LONDON, February 25. Copper: Spot, £7B 4s 41d; forward, £7B 18s 14d. Electrolytic: Spot, £B4; forward, £B4 10s. Wire bars: £B4 10s.

Lead: Spot and forward, £23 10s. Spelter: Spot and forward, £26 6s 3d. Tin: Spot and forward, £222 13s 9d. Silver: Standard, 26d; fine, 28 l-16d per oz.

•February 28. Copper: Spot, £B2 13s lid; forward, £B3 13s lid.

Electrolytic: Spot, £BB 10s; forward, £B9 10s. Wire bars, £B9 10s. Lead: Spot and forward, £23 17s 6d. Spelter: Spot; £26 7s 6d; forward, £26 8s 9d. Tin: Spot, £220 6s 3d; forward, £222 13s 9d. Silver: Spot, £26 2s 6d; forward, £2B 3s 9d. LONDON STOCK EXCHANGE. LONDON, February 26. Dalgety and Company shares, £l5 7s 6d; Dalgety and Co. 4 per cent, debentures, £76.

PRICE OF FINE GOLD. LONDON, February 26. Fine gold is quoted at £4 4s 16jd per ounce.

BUTTER AND CHEESE. LONDON, February 28. Butter is dull. Danish, 182 s to 184 s. Choicest salted New Zealand, 170 s to 182 s; Australian, 168 s to 170 s, Unsalted, 6s to 8s premium. Cheese is firm. New Zealand, 90s to 91s; Australian, 86s to 88s.

THE MEAT MARKET.

.LONDON, March 2. Sheep.—Canterbury heavy, sgd; North Island, light 63d, medium 6Jd. Lambs—Canterbury, light 9Jd, medium 9gd, heavy 9Jd, seconds Bjd, other selected lots, light 94d, medium 9gd; North Island firsts, medium 9d, seconds Bgd; Australian firsts, Victorian, 8 3-16 d, others 7 15-16 d; seconds, Victorian, B}d, thirds 73d; Argentine firsts, medium 7|d.

Chilled Beef. —Argentine, fores 43d, hinds 6jd

LONDON WHEAT MARKET.

' LONDON, February 25. Cargoes are dull in tone, apart from renewed inquiry from India. - Quotations are little changed. Parcels are inactive and unchanged to 3d easier. Liverpool futures: March, 9s lid; May. 9s 43d; July, 9s 73d. February 26. Wheat cargoes opened at 3d lower. Apart from Italian inquiries, Australian buyers were not attracted: Parcels were offered at 3d to 6d lower. The market is idle.

. Liverpool futures. March, 9s Old; May, 9s 93d; July, 9s 63d.

February 27. Wheat: Cargoes are occasionally 3d easier, buyers showing little interest. The Calcutta inquiry is checked by a shortage .of rail wagons. Parcels ara receiving little attention, and are unchanged. Liverpool futures: March, 9s Old; May, 9s 4Jd; July, 9s 7|d.

March 2. Wheat: Cargoes are steady. Occasionally there is a higher improved Continental demand. Parcels are quiet in demand and irregular. Liverpool futures: March, 9s OJd; May, 9s 3|d; July, 9s 64d.

LONDON MARKETS.

LONDON, February 28.

Wheat: Cargoes have not improved, and generally are 3d lower. Parcels are receiving no attention, and Manintoba dropped 3d to ■ 9d, and Plates 3d. Liverpool futures: March, 8s IJd; May, 93d; July, 94d. Spot trade is quiet, with an easier tendency—Australian ex ship, 565.

Flour is slow. Australian, ex store, 35s 9d. Oats, peas, and beans, are steady.— March 2. Cotton: April shipment, 10.53 d per lb. Rubber: Para-,134d; plantation smoked, 123 d.

Jute: March-April shipments, £35. Hemp: None offering. Copra: March-April shipments, £22 10s per ton.

Linseed oil, £-30 10s per ton. , Turpentine, 45s 9d per cwt. Osmiridium: Tasmanian, £27; South African, £22.

The Otago Farmers’ Co-ope’-ative Association of New Zealand, Ltd., has received the following cablegram from London:— Butter: Business passing at lower prices, but buying is confined to present requirements. New Zealand, 168 s to ,170 s. Cheese is firmer, with shortage on the spot, 89s to 90s. Lambs, steady. Mutton, good.

The National Mortgage and Agency Company h.v received the following cablegram from London: —Butter: Market quiet, with easier tendency. Finest New Zealand, 169 s to 170 s; first New Zealand, 168 s to 1695. Danish, 186 s to 188 s; Australian, 168 s to 170 s. Cheese: Market hfs advanced, but is quiet. New Zealand white and coloured, 90s to 91s.

Messrs Dalgety and Co. advise‘having received tin following cablegram from their head office, London, dated February 28.— FROZEN MEAT. The market for New Zealand lamb is weaker, and the demand is limited. Quotations: New Zealand prime Canterbury lamb, 28/361b, 94d; North Island do, 9d; Canterbury, 36/421b, ,9 3-8 d; North Island do, 9d; Canterburj’, second quality, BAd; North Island do, B£dCanterbury. 42/501b, 9j 1; North Island do, 9d. '

The market for New Zealand mutton is weaker, and the demand is quiet. Quotations: New Zealand prime Canteibury mutton, 48/561b, 63d. North Island do, 6id; prime Canterbury, 56/641b,'6 l-8d; North Island do, 5 7-8 d; prime Canterbury, 64/721b, 5 3-8 d; North Island do. s|d; prime Canterbury ewes, ’ 48/6411); 44d; North Island do, 4Jd. The market for New Ze tland beef is firm and the demand continues. Quotations: New Zealand prime ox beef, hinds 5 l-Bd, fores 4d. Argentine chilled hinds 7d, fores

The market for Australian lamb is weak and the demand is quiet. Quotations: G-A.Q. Australian lamb, 28/361b ; do, 36/421b, BJd; F.A.Q. Australian lamb, 28/361b, 8d; third Australian lamb. 7 3-Bd.

The market for Australian mutton is weak and the demand is. -limited. Quotations: G.A.Q. Australian mutton, 40/601b, 4 5-8 d; F.A.Q. • Australian mutton. 30/551b, 4 3-8 d; Australian ewes, 4}d.

Quotations are as follow for pork: English porkers, 80/1001b, lljd; New Zealand porkers, 100/1201b, 74d; New Zealand porkers, 80/1001b, 81. LONDON WOOL SALES. LONDON, February 26. Ihe wool sales will open on March 5. There are 114,000 bales available, of which 95,500 are new arrivals, including 40,000 from New Zealand. LONDON TALLOW MARKET. LONDON, March 1. Tallow: Stocks, 1472 casks; imports, 484 casks; deliverties, 994 casks. The of Now Zealand has received the following advice from its London office, dated February 27:— There is a fair demand. Current quotations are as follow:—Good mutton, 44s per cwt; good beef, 42s 6d per cwt; good mixed, 42s per cwt; gut, 36s to 38s ner cwt. THE BRADFORD MARKET. LONDON, February 28. At Bradford merinos are steadiei ow ing to speculative buying, but cross breds are moving downwards. Sixtyfour’s, 43d; 60’s, 40Jd; 56’s, 32d; 50’s, 275; 46’s, 224 d; 40’s, 21d. COLOMBO TEA SALES. At Tuesday’s auction 2,300,0001 b were ottered. Owing to inferior quality common and low medium teas were easier, but good.growths were in good demand, and prices were firm. Next week’s catalogues total 2,390,0001 b. CALL MONEY RATE. YORK, February 28. Call money rate of renewal was offered at 8 per cent., the highest level being 10 per cent., and the lowest 8 per cent. The market closed .at 10 per cent. CHICAGO WHEAT MARKET. NEW YORK, February 26. Chicago wheat: March, 125§ cents pet bushel; May, 1303; July, 133 j. February 28. Chicago wheat: March, 1234 cents p<a( bushel; May, 129 J; July; 131 j.

CANADIAN WHEAT POOL -OTTAWA, February 26. Mr E. B. Ramsay, general manager of the Canadian Wheat Pool, stated that an interim payment on the 1928 crops, totalling over 6,000,000d01, will be distributed Xo the pool members of estern. Canada. TARANAKI OILFIELDS LTD. MELBOURNE, February 25. The shareholders of the Taranaki Oilfields, Ltd., to-day decided to place the company in liquidation preparatory to forming a new no liability company. The requisite resolutions were passed by a large majority. BUTTER REDUCED IN SYDNEY. i SYDNEY, February 27. lhe wholesale price of butter in Sydney will be reduced id to 100 s per cwt to-morrow. MELBOURNE HIDES MARKET. MELBOURNE, February 28. Hides: Stouts are unchanged, but besttonditioned parcels are 3d dearer. BUTTER REDUCED IN MELBOURNE. MELBOURNE, February 25. The wholesale price of better has been reduced Is a cwt, and choice is quoted kt 200 s 6d. AUSTRALIAN MARKETS. SYDNEY, February 28. Wheat: At country stations, 4s IJd; ex trucks Sydney, 4s BJd. Flour, £ll 10s. Pollard and bran, £6 10s. Potatoes: Tasmanian, £l7 to £18; Victorian, £l6. Onions. £9 a ton. Oats: Algerian whites, 4s 6d..

Swedes and" pumpkins, 16s to 25s per cwt. MELBOURNE, March 1. Wheat, 4s 83d to 4s 9Jd. Flour, £ll to £ll ss. Bran, £6 16s. Pollard, £6 15s. jOats, 2s lid to 3s. Barley: English, 4s to 4s 3d. Maize, 4s lOd. WANGANUI WOOL SALE. • . WANGANUI, February 27. The third Wanganui wool sale opened .this evening, when half of the catalogue of 25,000 bales was offered to a full bench of buyers. The offering was comprised of wool on a par with that usually catalogued at the February sale, much of it coming from the back country and showing signs of seed and being matted. Bidding, while not spirited, was steady and solid. _ Taking the class of wool into consideration, the sale must be considered satisfactory. Prices were roughly Ad to Id down on the last Wanganui sale, but, so far as the bidding went to-night, it was equal to the range set' at Auckland. At the start passings were frequent, this tending m some measure to the assumption that the reserves were too high

, , February 28. Lhe wool sale ended to-day, with prices arm on the Auckland rates. The range of prices was as follows:— ° Halfbred, 56-58—to I9Jtl. Extra fine crossbred, 48-50— Super, 16Jd to 17Jd. Average, 15d to 16jd. Inferior, 13d to 14d. Fine crossbred, 46-48— Super, 16d to' 17Jd. Average, I4d to 15£d. Inferior, lid to 134 d. Medium crossbred, 44-46— Super, 15d to 16<L Average, 13|d to 143 d. Inferior, lid to 12d. Coarse crossbred, 40-44— Super, 131 d to 141 d,.

Average, Hid to 13d. Inferior, lid to 12d. Low crossbred, 36-40— Super, 12d to I3fd. Average, IOJd to 12}d. Inferior. 9d to lOd. Hoggets, 48-50—16<l to 18d. Fine, 46-48—14 d to 16d. Medium. 44-46—13 d to 15Jd. Coarse and low, UJd. to 13d. Lambs — Down, 20d. Fine 18d to 22£d. Medium, 16d to 174 d. Seedy and inferior, 6d to 12d. Bellies and pieces— Crossbred, good to super, lid to 14d. Crossbred, low to medium, 8d to IOJd. Crutchings— Medium to good. IOJd to 12|d. Inferior and seedy, 7d to lOd. Locks — Crossbred, 6d to 71 d. CUSTOMS REVENUE.

THE AUCKLAND RETURNS. AUCKLAND, March 1. During the past six months the Customs revenue collected at the port of Auckland has shown a material advance, which has been maintained in spite of the decline in the figures for last month. The half-year ended February shows an actual improvement of £80,264 over the corresponding period of a year ago. The Customs duty and tyre tax revenue in February totalled £184,112, which is £17,511 less than the amount collected in February, 1928. WAIAREKA SALE. There was a fairly good offering of sheep at Tuesday’s Bale at the Waiareka yards, with a good attendance of buyers. For stor-- the bidding was slow, as a consequence of the feed outlook, and the

absence of a good rain, and several lots were passed, including some of good proportions. Fat sheep, on the contrary, met with a fairly ready sale at sustained prices. N.i fat wethers were forward, and there was only a small representation of fat lambs. Ewes constituted the great bulk of the occupants of the fat pens. The actual sales made were as follows:—Two extra prime fat lambs. 33<s; other fat lejnbs, 29s 3d; best fat ewes, 20s t 21s 9d; light and unfinished fat ewes from 16s to 18s 6d; mixed-sex rape lambs, 20s 9d to 23s 7d; good mixed-sex store lambs, 18s 9d; cull jambs, 10s; mixed two and four-tooth ewes, 325; mixed four, six and eighttooth ewes, 275; six-tooth ewes, 27s 3d; eight-tooth ewes, 24s 6d; full and failingmouthed ewes, 14s 6d; failing-mouthed ewes, 13s 6d; two-tooth wethers, 24s 6d. There was a very modest array of cattle, only four butchers* animals being penned, and these sold as follow:—Cow, £lO 10s; two light heifers, £6 10s and £4; light steer, £7. Young stuff formed the larger part of stores, which changed hands at the following prices:—Forward cows, £4 7s 6d to £5 5s- ordinary cows, £3 5s to £4 ss; extra quality calves, mostly steers, £2 19s; mixed-sex ordinary calves, £2 Is to £2 4s.

Only a couple of dairy cows were offered, and one of these, coming to profit, brought £7 ss, and the other in milk, -went for £5 10s. Only a small number of pigs were forward, and prices were about on a par with last week’s low level, the range being as follows: —Store pigs, 20s; slips, 15s to 16s; best weaners, 10s to Ils; medium weaners, 7s 6d to 8s; small weaners, 5s to 6s 6d.

MOSGIEL INDUSTRIAL CO-OPERA-TIVE SOCIETY.

Mr D. Connor (president) was in the chair at. the half-yearly meeting of the Mosgiel Industrial Co-operative Society.

The report and balance sheet were read and adopted. The latter showed a net surplus of £4OB 3s 4d, which the committee recommended the appropriation of in the following way: To 7J per cent, interest on. capital reserve account, £96; discount on purchases account, £3OO Ils; reserve account, £ll 12s 4d. Members received a rebate of Is in the £ on all purchases paid for during the past six months. The office-bearers for the ensuing six months were elecetd, and a vote of thanks nas passed to the retiring office-bearers the manager, and staff. ' NEW ZEALAND LAMB.

WELLINGTON, March 2. Isew Zealand Meat P-oducers* Board advise that the following prices were being offered for stock for exnort on February 29:—

Hawke’s Bay prime woolly lambs, 36’s and under, 9d; 37/421b, BJd; 43’s and over, 8d; second quality lambs, Bd. Wellington. The same as Hawke’s Bay, Canterbury.—Prime woolly lambs, 36’s and under, 93d; 37/421b, 8Id; 43’s and over, 83 d.

Southland.—Prime woolly lambs, 36’s and under, 9Jd; 37/421b, B’d; 43’s and over, Bjd; second quality lambs, 36’s and under, 8.ld; over 361 b, 73d. AUCKLAND WOOL SALE. OFFICIAL RANGE OF PRICES. AUCKLAND, February 25, lire wool sale was concluded to-dav and 90 per cent, of the offering was sold’ Competition was animated on a lower range of prices than the November sale. Continental purchasers took over 50 per cent, of the wool sold, operating freely, as the wool submitted was the quality they were chiefly interested in. Verylittle super was offered. A large proportion of lambs’ wool was offered, the bulk carrying a fair percentage of seed. Any fine line lambs realised extremely satisfactory prices, but coarse lambs were not so keenly sought. The sale hardened up towards the close, and finished up at par to Id above the last Wellington values. Having regard to the circumstances that the clip was heavier conditioned and not so attractive as that offered at Wellington last week, even the slight improvement on Wellington values must be regarded as eminently satisfactory. Prices at no time were spectacular, although there was a bid of 20Jd for a line of slipe wool, which was passed in at the figure. The highest actual sale level of the day was 19d. The official report of the Auckland Woolbrokers’ Association mentions that the offering was a record, and states that over 90 per cent, was sold under the hammer. The range of prices was:— Medium halfbred:

DAIRY PRODUCE. The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cablegram from London:— Butter: New Zealand choicest salted*, 170 s to 1725. The market is slow. Cheese, 87s to 88s. The market* is firm. Messrs Dalgety and Co, Ltd., have received the following cablegram from don.:—Cheese:' New Zealand white, 87s; New Zealand coloured, 87s. Tallow: At the London tallow sales 681 casks were offered and 21 per cent. sold. Prices are as follow:—Fine mutton 455, fine beef 445, mixed good 425, inferior 38s. CUSTOMS RETURNS. THE DUNEDIN FIGURES. The Customs returns for the month of February show several increases, notably iu the petrol tax. There is a slight increase in the Customs duties amounting to about £5OOO and, in proportion, a much larger increase in the petrol tax. The figures for this latter tax in February, 1928, were £1305 Ils, while for February of the present year they have risen to £6242 15s Bd. The following table affords a comparison between the figures for February of this year and last year respectively:—

WELLINGTON RETURNS. ' _ WELLINGTON, February 28. An increase of £33,000 in the Customs revenue _ collected at the port of Wellington in February is shown when compared with the figures for the corresponding month last year. The figures are as follow:—-

CHRISTCHURCH FIGURES. . CHRISTCHURCH. February 28. This month there was a considerable increase in the Customs duties collected pt Christchurch as .compared with February, 1928. The following are the returns: —

E r RETURNS FOR LAST YEAR. WELLINGTON, February 28. The return of Customs duties collected at Jhe several ports of New Zealand during the quarter ended December 31. 1928, shows that the revenue amounted to £7,648,747, compared with £8,110,497 collected for the corresponding period in the previous year. The excise duties for the same period yielded £810,179 and in the corresponding period of the Previous year £752,315.

Last week. This week £ k d. £ 8 >i Imperial Consols, 2J p.c. ... 55 5 0 55 10 0 War loan, 6 p.c., 1929-47 ... 102 0 0 101 10 0 Conversion loan, 34 p c. ... 78 0 0 76 10 0 D’wealtb 6 p.c.. 1931-41 ... 100 10 0 100 10 0 O’wealtb 5J p.c. 1922-27 ... 98 8 9 98 17 6 N Z 6 p.c 1936-51 — ... 106 5 o' 105 17 6 N.Z 4 p.o.,- 1929 ... ... 100 5 0 100 5 0 N.Z 3J p.c.. 1940 ... 87 6 3 87 0 6 N.Z. 3 p.c., 1945 ... ... ... 60 1" 3 79 15 0: N.S.W 6} pc., 1930-40 ... 101 0 6 101 0 0 NSW 6 p.c., 1930-40 .101 ? 5 0 101 50 NSJW 5J pc.. 1922-33 -101 10 0 ;• 101 8' 9 *18. W 4 p c. 1933 ... — 94 0 0 93. 15 0 NSW 34 p.o 19.30-50 .i. 86 15 0 . 86 7 6 N S W 3 p.c:. 1935 .„ ... 76 0 0 75 17 6 Vio 5j p.c., 1930-40 ._ 98 11 3 98 3 ■9 Vio 5 p c., 1932-42 ... ... 92 15 0 92 18 9 Vio 34 p.c.. 1929-49 ... ... 101 15 0 101 0 0 Vic 3 p.c.. 1929 40 ... ... 78 10 0 77 .0 0 Vic 4J p.c.. 1940-60 — ... 72 0 0 70 15 0 Q'land 3 p.c., 1922-47 160 3 9 100 7 6 Q’land 3$ p.o. 1930 ... 72 5 0 71 .10 0 Q’land 6 p7c., 1930-40 ... 97 2 6 97 0 6 S.A 64 p.c., 1930-40 ... ... 101 7 6 101 3 9 S.A 3J pc., 1939 ... 83 10 0 84 6 0 S.A 3 p.c., 1915 or after ... 60 0 0 60 0 0 W A 6 p.o., 193O-4Q. ._ ... 100 17 6 100 10 0 W A 3J p.o.. 1920-35 „ ... 90 0 0 88 15 0 W.A 3$ p.c., 1915-35 ... 87 0 0 86 10 0 fa* 6‘ p.o.. 1930-40 ... ... 101 8 9 101 10 0 Tas. 3} p c., 1920-40 _. ... 84 15 0 84 5 0 Tas. 3 p.c., 1920-40 _. ... 80 0 0 79 0 0

Paris, fr. to £1 Par. 25.331 Feb. 26. Feb. 28. 124.20 124.25 Brussels, belgas to £1 ... 25 34.935 34.935 Oslo, kr to £1 — ... 18.81 18.200 18.19 Stockholm, kr to £1 — 19.104 18.16 18.13 Copenhagen, kr. to £1 18.150 18.20 18.20 Berlin, reicbmkn to £1 9.19 20.455 20.45 Montreal, dol to £1 4.45 4.87J4.87J New York, dol to £1 ... 4.86J 4.85 9-32 4.85 5-16 Yokohama, per ce to J Fen 24.83 22} OOl Hongkong, pence t ;o dol 24.3 23} 23’ Calcntta. pence to rupe«» 23 17 31-32 17 31-32 Batavia, guild to £1 23.331 12.15 12.15 Home, lire to £1 ... ... 25.32.} 92.65 92.65 imsterdam, guild to £1 92.108 12.115 .12.12 Prague, kr to £1 — 12.107 163J 163’

Notes issued .. Government debt .. ,. Other Government securities Other securities Silver coin .. .. ... Gold coin and bullion .. £410,897.000 11,015,000 234,525,000 91,465,000 4,995,000 150,897,000 Total £410,897,000 BANKING DEPARTMENT. Proprietors’ capital Rest Public deposits Other deposits Seven-day and other bills .. £24,553.000 3,703,000 13.967.000 93,702,000 1,000 Total £125,926,000 Government securities Other securities Notes.. Coin £42,977,000 23.941,000 58,844,000 358,000 Total ... ...... £125,926,000

Average Inferior 161d 14d to 17<d tn 153a Coarse halfbred: Super 17-ld to 18id Average 16d to 173d Inferior - 13’d to laid Fine crossbred: Super .; , 17d to 173d Average 15Jd to 16Jd Inferior 12Jd 15d Medium crossbred: Super laid to l&Jd Average 14d to 15d Inferior lid 13d Coarse crossbred: Super 14 Id to lod Average 13d to 14d Inferior 9£d to 12d Low crossbred: Super 121d 1914 Average ii id to.. 12 Jd Inferior 9-Jd to lid Hoggets: Super 17}d to 18id Fine 15d to 17d Medium 14d to 16d Coarse 13d to 15d Lambs: ’’•“Fine I«d to 18|d Medium 13d to 16d Seedy and inferior .. 5*d to 14d Bellies and pieces: Crossbred, good to super Hid to 13Jd Low to medium ,. .. 9d to lid Crutchings: Medium to good .. . . lOd to 12Jd Inferior and seedy . . 5d to 9d Locks: Crossbred 6d to 8id

Feb., 1928. Feb.. 1929. Customs .. £59,419 12 3 £64,374 9 8 Beer duty 19,942 18 4 19,581 1 5 Tyre tax 644 18 0 628 19 0 Petrol tax 1,395 11 0 6,242 15 a

1929. 1928. Customs £233,276 17 € £200,288 17 9 Beer duty 4,093 19 9 4,537 6 1 Motor spirit tax 32,419 10 0 - Tyre tax .. 4,534 10 , 0 —- —

1929. 1928. k Customs £84,297 £08,187 p Beer duties .. 6,844 5,736 H .Motor spirits B tax ■ • • • 12,086 1,001 g Tyre tax 835 1,667