COMMERCIAL

Otago Witness, Issue 3972, 29 April 1930, Page 17

COMMERCIAL

LONDON STOCK EXCHANGE. LONDON, April 24. The foliowins are the latest quotations fo< Government securities, compared with the price! ruling last week Last week This week.

DALGETY AND COMPANY. LONDON, April 23. Dalgety and Co. declared an interim dividend of 5 per cent., tax free.

BANK OF ENGLAND RETURN. LONDON. April 24. The following is the Bank of England return: — ISSUE DEPARTMENT. Note issue in circulation .. £362,184.405 Banking department . . ■ • 60,703,082 £422,887,487 Government debt £11,015,100 Other Government securities 232,897,889 Other securities 11,629,001 Silver coin 4,458.010 Gold, coin, and bullion .. 162,881,48/ £422,887,487 BANKING DEPARTMENT. Proprietors’ capital £14,553,000 Best 3 >, 12 , 1 ’ 27 2 Public deposits Other deposits (bankers) .. 66,010,0 s Other accounts 35,779,180 Seven-day and other bills .. 12,130 £136,789,909 Government securities .. .. £58,053,029 Discounts and advances . . 6,804,492 Other securities 10,2' 3,976 Notes in reserve 60,703,082 Gold and silver coin . . .. 955,730 £136,789,909 The proportion of reserves to liabilities is 51.70 per cent. Short loans are quoted at 2J per cent. Three-month bills at 2 9-16 per cent. LONDON METAL MARKET. LONDON. April 23. Copper: Standard, £55 10s to £55 2s 6d. Electrolytic, £65 and £66. Wire bars, £66. Best selected, £6O 12s 6d. Lead, £lB Is 3d and £lB 2s 6d. Spelter. £l7 10s and £lB Is 3d. Tin. £162 3s 9d and £164. Silver: Standard, 19i)d; fine, 21 5-16 d. LONDON STOCK EXCHANGE. LONDON, April 22. Dalgety and Co. shares, £lO 17s 6d; Dalgety and Co. 4 per cent, debenture stock, £72 10s. QUEENSLAND FINANCE. LONDON, April 25. The Queensland conversion loan of £3,781,700 at 5J per cent, at 97 has been underwritten. The loan is redeemable between 1934 and 1936. The holders of the £3,781,700 loan, which was issued at 31 per eent. swd which will mature on July 1, are m-

vited to exchange into 51 per cent, stock at 97. Cash applications are also invited, with payments of 5 per cent, on application and 92 per cent, on July 1. The loan will yield an interest at once of £5 13s 6d per cent. With redemption in 1934, it will yield £5 17s 3d per cent.. and with redemption in 1936 £6 2s Id per cent.

PRICE OF FINE GOLD. LONDON, April 22. Fine gold is quoted at £4 4s 114 d per

LONDON FRUIT MARKET. LONDON, April 23. New_Zcaland pears: Trays. Comice 4s 6d.to 7s; half-bushel boxes, Packham 3s 6d to 4s: Anjou 4s 6d; Keiffers and Beurre Diels 4s; Capuahnonts 4s to 5s 6d.

r . April 25. Ihe Cumberland’s New Zealand apples realised: Cox’s Orange, 14s and 18s: Jonathans and Dunn’s Favourite, Us and 14s.

The secretary of the Otago Provincial Fruitgrowers’ Council, Limited, advises that the High Commissioner’s cabled report for the week ended April 17 on the fruit market in London is as follows: — Westmoreland almost cleared. Cox’s Orange, 15s to 18s; Willie Sharp, Dunn’s Favourite. Us to 13s; Shoreland Queen 12s; Alfriston, Lord Wolsley, 12s to 13s; Jonathan, 12s to 14s; Gravenstein, Ss to lid. Tamaroa just finished discharging. Apples in good condition, but nothing has been sold as yet. THE MEAT MARKET. LONDON, April 26. New Zealand Sheep.—Canterbury: Crossbred wethers and maiden ewes. 48 to 561 b, 5-Jd per lb; 57 to 641 b, 53d; 65 to 721 b, 4Jd: North Island, 48 to 561 b, 53d; 57 to 641 b. 4jd; 65 to 721 b, 43(1. Ewes, 48 to 641 b, 3?d; 65 to 721 b, 3j<l. Australian Sheep.—First quality crossbreds and/or merino wethers. 40 to 651 b, 4d; second quality. 30 to 551 b, 4d; ewes. 30 to 551 b, 31d.

Argentine Sheep.—First quality crossbred wethers. 48 to 641 b, 41d; 65 to'72lb, 3gd; over 721 b, 3gd. New Zealand Lambs. —Canterbury: 361 b and under, Sid; 37 to 421 b, 73d; 43 to 501 b, 7d; second quality, average 331 b, 7|d; other South Island brands, 361 b and under 8d; 37 to 421 b, 7’d; 43 to 501 b, 63d; selected North Island brands, second quality, average 311 b, 8d; other North Islands brands, first quality. 361 b and under, 8d; 37 to 421 b. 73d;; second quality, average 311 b, 73d.

Australian Lambs.—Victorian, first quality. 361 b and under. 73d; 37 to 421 b, 7d. Other States: First quality, 361 b and under, Sd; 37 to 421 b, 7]d; second second quality. 36ib and under. 7§d. Other States, second quality. 361 b and under, 73d; all States third quality, 71d. Argentine Lambs. —First quality, 37 to 421 b, 61(1; 43 to 501 b, 6d.

New Zealand Frozen Beef—Ox fores. 160 to 2201 b, 33d; ox hinds, 160 to 2201 b, s§d. Australian Frozen Beef.—Ox hinds, over 1601 b, Argentine Chilled Beef. —Ox fores. 160 to 2201 b. 3Ad; ox hinds. 160 to 2201 b. 6gd. New Zealand Pigs.—First quality, 60 to 1001 b, 10Jd; 101 to«1201b, BJd; others unchanged.

BRADFORD WOOL MARKET. LONDON, April 24.

The Bradford tops market is firm, with prices hardening. Combers are practically at a standstill, but several spinners are working. Quotations: For 64’s 28Jd, 60's 27(1, 56’s 21d; 50’s 18d, 46’s 153 d, 40’s 151 d.

LONDON. April 26. The Bradford wool trade continues optimistic despite the prolonged wages’ dispute, and as many of the spinners are resuming work, a large consumption of tops is assured. The Continental inquiries remain good, but experts express the opinion that it must be a long time before colonial wools will again fetch reallj' high prices. Pastoralists must reduce their production prices to the utmost. LONDON MARKETS. LONDON, April 24. Wheat cargoes opened steady, sellers asking an advance of 6d. Buyers were slow in responding. Parcels firmed 6<l. Trading was small. Futures: London — May, 36s 9d; July. 36s lOd. Liverpool ber, 8s 3«d net; July, 7s ll§d net; October, 8s 2 gd net. The spot trade is slow, and prices are easier. Australian, ex ship, 41s 9d. Flour quiet. Australian, ex store, 31s. Oats easier. Peas and beans steady. April 24. Beet sugar: May, 6s 10Jd. Butter is fairly active. Danish. 138 s. Choicest salted: New Zealand, 130 s to 1325; Australian. 126 s to 128 s. Unsalted: New Zealand, 138 s to 140 s; Australian, 126 s to 128 s. Cheese is firm. New Zealand: White, 78s; coloured, 80s to 82s. Australian: White, 78s; coloured, 80s to 81s.

April 25. Wheat cargoes mostly 3d down. The demand is inactive. Parcels are in poor demand and have declined 6d. Supplies ex the Hurunui are quoted at 39s 6d.

Futures: London —May, 36s sd; July, 36s 6d. Liverpool—May, 7s 7»d; July, 7s 9J net; October. 8s net.

April 26. Cotton: May shipment. B.lBd per lb. Rubber: Para, B}d; plantation smoked, 7 3-16(1. Jute: April and May shipment, £25 ss. Hemp: None offering. Copra: South Sea May shipment, £2l per ton; plantation Rabaul, £2l ss. Linseed oil, £4l 5s per ton. Turpentine, 42s 3d per cwt. Osmiridium: Tasmanian, £l6; South African, £l3 10s. RABBIT SKIN SALES. Messrs White have-received the following relative cablegrams from their agents: From Sydney, dated April 23: Rabbitskins at auctions to-day weaker; autumns and racks 2d lower.

From Aiming and Cobb, London, dated April 24: Owing to Sydney auctions’ reports New York is absolutely chilled. European furriers’ reports gloomy. DAIRY PRODUCE. The New Zealand Loan and Mercantile Agency Co., Ltd., has received the foilowing cablegram from its London house under date April 23:— Butter: New Zealand choicest salted, 128 s. Cheese: White, 775: coloured, 80s. The markets are steady. CALL MONEY RENEWAL RATE. NEW’ YORK. April 24. Call money renewal rate is as follows: High level, 4 per cent.; low level and close, 35 per cent. WHEAT MARKET. LONDON, April 22. Wheat: Cargoes are dull, with quotations mostly lower. Parcels are dull, and closed at a decline of 4d to 6d. Futures: London —May 35s lid, July 36s 3d; Liverpool—May 7s 7gd, July 7s S|d net, October 7s UJd. NEW YORK. April 22. Chicago wheat: May. 1032 cents per bushel: July. 1053; September, 1082; December, 112 J. April 23. Chicago wheat: May, 1044 cents per bushel; July, 106 J; September, 110; December, 1143. ; April 24. i Chicago wheat quotations: May, 1035 ; cents per bushel; July, 1064; September, I 1093; December, 114 J. AUSTRALIAN MARKET. SYDNEY, April 24. 1 Wheat: Country bagged lots, 3s lid and > 4s. ex truck; Sydney. 4s 6d and 4s 7d. Flour is quiet at £ll. Bran. £B. Pollard. £8 ss. Oats: Tasmanian white, to 4s; Algerian, 4s to 4s 3d. Maize, 6s.

ADELAIDE. April 25. Wheat: Growers’ lots. 4s 3d. Flour: Bakers’ lots, £lO ss. - Bran. £7. Polard. £7 17s 6d. Oats: Algerian feed. 2s Sd to 2s lOd. MELBOURNE, April 24. Wheat: Nominal, 4s Sid. Flour, £ll to £ll ss. Bran and Pollard. £B. Oats, 3s 4d to 3s sd. Barley: English, 3s 6d. Maize, 6s 6d. MESSRS DALGETY AND CO., LTD. Messrs Dalgety and Co., Ltd., have received advice by cablegram from their head office, London, announcing the_declaration of an interim dividend of 5s per share, payable on May 15. PRICE OF SUGAR. REDUCTION OF 10s PER TON. AUCKLAND, April 21. A reduction of 10s per ton in the wholesale price of sugar is announced by the Colonial Sugar Refining Company. This makes the price 60 per cent, lower than the peak price reached during the period of post-war inflation, and it is below the rate which ruled at the end of 1924. On December 22. 1914. the price was raised from £l9 7s 6d a ton to £2O 2s 6d. compared with £l9, the price current in Auckland to-day. Prices rose steadily during the war. and in post-war years reached the peak in July, 1920, when the quotation was £47 10s —exactly two and a-half times to-day’s rate. This peak price was maintained until November. 1921, when there was a sharp drop to £35 10s. Prices fluctuated considerably in the following years, but the general' trend was downward, and in 1922 the rate was down to £27 15s. In 1924 it had risen again to £35. A steady decline followed, a series of reductions bringing the price down to £22 in November, 1925. By December of the following year the price had risen again to £25 10s, but since that date a downward tendency has been steadily resumed, there being four reductions of 10s per ton each in 1927. five in 1928, three in 1929, and one in the current year to date. The prices quoted are wholesale rates for No. 1 sugar, the popular table grade. The latest reduction of 10s per ton applies from to-day to all grades of raw and refined sugars, with the exception of tablet and icing sugars. The rates for which were reduced on April 1. AUCKLAND SAVINGS BANK. NEW RECORD ESTABLISHED.

AUCKLAND, April 24

New records in practically every department are shown in the annual report and balance sheet of the Auckland Savings Bank, presented to the annual meeting of trustees this afternon. In its advocacy of greater thrift in the community the bank is able to show total deposits increased to £6,084,244. Notwithstanding the difficult year just closed the deposits exceed those of the previous year by £120,608. The excess of deposits over withdrawals was £194,003, and this, together with nearly a quarter of a million pounds added to

the depositors’ accounts by way of interest, brought the total deposits to the new high record of approximately £440,000 greater than those of the previous year. 1 “ In spite of the sound position of the institution,” states the report of the president (Mr John Alexander), “complacency should not blind us to the necessity of exercising prudent control. Undoubtedly the watchword of the present time is economy, that is. the conservation’ of funds and wise spending. To say that the spending power should be wisely used is a platitude, but nevertheless until this fact is recognised in national, civic, and private life true prosperity will not be experienced. The disciplinary effect of setting out to save a certain part of incomes to meet the uncertainties of the future is wholesome and necessary. This cannot be said of the practice of purchasing articles in many cases of doubtful necessity on the time-payment system.” 'lhe profit and loss account shows income by way of interest on investments? etc., at £344,701. The sum of £245,340 was returned to depositors as interest on ac-' counts, and general charges and running expenses amounted to £28,058. The net profit for the year is shown at £71.3u3.' The sum of £4242 has been written off premises and furniture, and £60,000 transferred to the reserve fund and investment fluctuation account. A balance of £10,327 is carried forward. The bank has now a grand total of 145,937 accounts, an increase during the year of £7791. The average of deposits in the operative accounts as distinct from the inoperative accounts —thrift clubs, penny banks, and school banks—is £6O 15s 6d.

ROMAN CATHOLIC CHILDREN.

ATTENDANCE AT STATE SCHOOLS ORANGE LODGE RESOLUTIONS. WELLINGTON, April 23. The Grand Lodge of the Loyal Orangq Institution at its annual sessions to--day passed resolutions that public attention be called to the recent pronouncement in reference to the attendance of Roman Catholic children at State schools by Arcnbishop Redwood. We are of the opinion that this pro : nouncement is bitterly sectarian in its tone and is calculated to place a handicap upon many children in this country, tending to create and perpetrate in the minds of the young people feelings of antipathy toward those who differ from them in religious matters. In the estimation of this Grand Lodge the time has arrived in the history of ‘ this country when attendance at State primary schools should be made compulsory to all children. Further, we express the conviction that if the State schools are not fit places for the children of Roman Catholics to attend as scholars the State schools should be closed to members of that church as teachers.’’ To the Minister of Railways: “ That the members of this Loyal Orange Institution in Grand Lodge assembled renew their protest against I the continued granting of free travel on I the railways of this country to children attending denominational schools, sucli I privilege operating to the disadvantage of the State schools, and call upon the Minister of Railways to revise the policy of his department with a view to the withdrawal of this privilege.” To the Minister of Education: Having' learned that there is a move, merit on foot to secure a free supply of school journals for Roman Catholics schools, this Grand Lodge protests in the strongest terms against such a con. cession being granted.” “ That we join with other bodies in making a strong protest to the Minister of Railways against the policy of the department in running Sunday excursion trains in all parts of New Zealand.”

“ ’lhat this Grand Lodge views with grave concern any further attempt to alter the coronation oath in the direction of making it possible for a Roman Catholic to occupy the British Throne.” “ I hat this Grand Lodge is gravely concerned at the attempt now being made by the Irish Free State to secure to itself and its people immunity from the operations of the Pricy Council and records its deep conviction that should this attempt be successful the effect on the unity of the Empire would be serious and far-reaching.” “ That this Grand Lodge enters its most emphatic protest against the extension by the Minister of Health of the provisions of the dental clinic to the scholars of Roman Catholic schools.”

At least one man who watched the Auckland aero pageant (says the Sun) was forcibly struck by the contrast. He still carries in his shoulder a bit of metal as a souvenir of the bomb which struck a London printing office in a daylight raid in January, 1918. That raid cost 65 their lives. The Gothas overhead seemed as thick as sparrows. After al], to be forcibly struck by the contrast is better than being forcibly struck by a piece of exploding shell. It was about that time that the device of hanging dangling piano wires in screens from captive balloons was adopted by the defenders of London. The piano wire was strong enough to cut a wing off an aeroplane going at speed, and it had a strong moral effect on the enemy pilots. There was one great day when a Gotha ran into a screen of invisible wire and fell at oucC before a million eyes. Had the war lasted longer. London and several other Allied capitals would have been sheltered on all sides by barriers of piano wires. A successful ascent of Mount Rollestori was recently made by Dr J. C. Bradshaw and Mr J. E. Fraser, a Canterbury College student. Leaving Arthur’s Pass at 4.50 a.m., the lower peak (7500 ft was reached at 10.20 a.m. Leaving this point 15 minutes later and climbing by way of Clow Glacier, they gained the top peak (7750 ft at 11.20 a.m.

- £ B. d. £ « d. imperial Console. 24 p.c. — 56 2 6 64 15 0 War loan 5 p.o., 1929-47 103 0 0 103 5 0 Conversion loan 3$ p.o. 78 5 0 77 2 6 Victory 4 p.o •97 10 0 94 5 0 O’wealtb 6 p.c. 193141 100 0 6 100 0 0 O’wealtb 54 p.c., 1922-27 — 93 5 0 92 5 B N Z 6 p.o. 1936-51 _ ... 105 5 0 105 12 9 N Z 4 p.o 1929 .. „ 94 17 6 94 13 9 N Z 34 p.o. 1940 ... , ... 89 7 a. 89 12 6 N Z 3 p.c., 1945 ... 79 0 0 80 5 0 NSW 64 p.o. 1930-40 ... 100 7 6 100 2 6 NSW 6 p.o. 1930-40 ... 98 2 6 98 12 8 NSW 5J p.o.. 1922-32 98 2 6 97 17 g NSW 4 p.o.. 1933 ... 94 15 0 91 17 « NSW 34 p 0. 1930-50 89 10 0 86 7 6 N S.W., 3 p.c., 1935 ... 71 2 6 70 10 0 Vie 64 p.o- 1930 40 „ ... 91 17 6 90 8 9 Vic 6 p.c., 1932-42 ... 87 15 0 85 17 6 Vio 4j pa. 194ii-6O ... 97 10 0 97 0 0 Vio 34 p 0 1929 49 _ — 72 0 0 71 5 0 Vio 3 p.o.. 1929 40 _ ... 68 0 0 66 12 « Q’land 6 p 0 1930-40 _ ... 99 7 6 99 10 6 ■J'land 34 p 0 1930 67 10 0 67 0 0 Q’land 3 p.o. 1922-47 .„ 99 15 0 100 0 0 S A 64 p.o. 1930-40 „ •M 100 5 0 99 15 0 SA 34 p c.. 1939 .. ... »*• 83 7 6 83 10 0 S. A 3 p.o., 1918 or after 54 10 0 53 10 0 W A 6 p.o. 1930-40 ... 10O 0 0 99 10 0 W A 34 p.c 1920-35 ... ... 86 10 0 86 10 0 W A 34 p.a. 1915-35 ... 87 0 0 87 15 0 Tas 64 p.o. 1930-40 — 101 0 0 101 3 9 Tas 34 p.a. 1920-40 _ — 83 0 0 82 10 0 Tas 3 p.a. 1920-40 . — 80 0 0 81 0 0