COMMERCIAL.

Otago Witness, Issue 3994, 30 September 1930, Page 19

COMMERCIAL.

LONDON STOCK EXCHANGE. LONDON. S?ptember 25. The following are the latest quotations for Government securities, compare*! with the prices ruling last week:—

IMPERIAL SMELTING COMPANY.

LONDON, September 23. The Imperial Smelting Company’s profit for the year was £231,372, of which £35,360 was brought forward. Dividends have been declared on the ordinary shares of 5 per cent, and on the preference shares of 6J per cent.

FOREIGN EXCHANGES.

LONDON METAL MARKET. LONDON, September 2G. Following are the official quotations in the metal market:—

BANK OF ENGLAND RETURN. . LONDON, September 25. lhe following is the Bank of England return: — ISSUE DEPARTMENT. Note issue in circulation .. £355.768 997 Banking Department .. .. 60,53'5,904

416.304.901 Government debt £ 11.015,100 Other Government securities 232.890.504 Ollier securities 11.628,897 Silver corn 4.465,499 Gold coin and bullion .. .. 156.304.901 . £416.304.901 BANKING DEPARTMENT. Proprietors’ capital .. £ 14.553 000 Rest 3,738,298 1 üblic deposits 13.310,231 Other, deposits (bankers) .. 64.173,863 Other accounts" 34.194,900 Seven-day and other bills .. 2.281 £129,972.573 Government securities .. .. £ 41,056,147 Discounts and advances .. 5,672,138 Other securities 21,586.045 Notes in reserve 60,535.904 Gold and silver coin .. .. 1,122,339 £129,972,573 The proportion of reserves to liabilities is 55.20 per cent. Short loans are quoted at 2 per cent.; three-mouths bills at 2 1-32 per cent. LONDON STOCK EXCHANGE. LONDON, September 23. Dalgety and Co.’s shares. £8 15s; 4 per cent, debenture stock. £7O. THE PRICE OF FINE GOLD. LONDON, September 24. The price of fine gold is £4 5s OJd per ounce.

BEET SUGAR. LONDON, September 25. Beet sugar: October, 4s 3Jd.

RABBIT SKIN SALES. LONDON. September 26. At the rabbit skin sales 3200 bales were offered and 2450 sold. Furriers’ does were in moderate demand at steady prices. All other sorts advanced. Compared with July 24, furriers’ bucks were 10 per cent, higher, early winter’s incomings 10 to 15 per cent., good hatters 10 per cent., low grades 15 to 25 per cent.

COTTON, RUBBER, ETC. .. , LONDON, September 272 Friday s closing prices are as follows.— Cotton: October shipment, 5.64 d. Rubber: Para, per lb; plantation smoked, 3Jd. Jute: September-October shipment, £l6 12s 6d. Hemp: None offering. Copra: October-November shipment, South Sea, £l4 12s 6d per ton; plantation Rabaul, £l4 15s. Linseed oil, £2B 10s. Turpentine, 35s 3d per cwt.

DAIRY PRODUCE. LONDON, September 25. Butter is quiet. Danish, 148 s; choicest salted New Zealand, 126 s and 128 s; exceptional, 130 s; Australian, 126 s and 1275; unsalted New Zealand. 146 s and 150 s; Australian, 128 s and 1325. Cheese: Slow. New Zealand coloured, 745, white 755; Australian, 7.1 s and 735.

The following cablegram has been received by Messrs A. S. Paterson and Co. from theirvLondon principals, dated September 25:—

Butter: Market is much weaker, and less demand, buyers holding off waiting for lower prices. Danish, 1465; New Zealand, 1245, 1275; Australian, 1245, 1265.

Cheese: Advance is not maintained; market is dull, with downward tendency. White, 745, 755; coloured, 735.

Amalgamated Dairies, Ltd., report receipt of the following cablegram from its London office:— Anchor butter. 130 s; other finest, 1275, 128 s; market very quiet. Danish, 141 s, 1425, f.o.b.

Cheese: White, 745, 755; coloured, 735, 745; market quiet.

The South Island Dairy Association. Ltd., has received the following market report from the New Zealand Produce As-uciation. Ltd.. London: —

Butter.—Slow; 124 s to 1265; Danish, 147 s to 150 s.

Cheese.—Quiet. White, 72s to coloured, 725.

The National Mortgage and Agency Company of New Zealand, Ltd., has received the following, cablegram from London: — Butter,—The market is slow. Quotations are: New Zealand finest, 127 s to 128 s; New Zealand first grade, 124 s to 1255; Danish, 146 s to 148 s; Australian, 124 s to 1265: stored. 2s to 3s less. Cheese. —The’ market is quiet. Quotations are: New Zealand white, 75s to 765; New Zealand coloured, 74s to 755; Canadian white and coloured. 76s to 78s. Canadian c.i.f., white. 775; coloured, 78s. LONDON WOOL SALES. LONDON, September 23. At the wool sales 11,779 bales were offered, including 4988 for New Zealand. Approximately 9570 bales were sold. There was an excellent offering of all New Zealand descriptions. There was a slightly better tone, and prices were maintained. New Zealand best greasy halfbreds made 13d; halfbred slipe lambs 12d; and greasy crossbred, “ Mangaohane,” 91d and 9d.

September 24. At the wool sales 10,881 bales were offered, including 5273 from New Zealand. About 6800 bales were sold. There was a large supply of greasy New Zealand wool of which the greater proportion was merino halfbred. Yesterday’s good tone was maintained, and prices were unchanged. New Zealand sales: Greasy crossbreds, “ Wharatoa.” BJd and 84d. “ Ruanui.” 9d and 84d; halfbred, “ Glennveis,” 9.Jd and 9.R1.

September 25. At the wool sales 11.532 bales were offered, including 5343 from New Zealand. About 4800 were sold. There was a moderate-sized representative offering of greasy merinos, and a very large supply of scoured, and a fair offering of New Zealand slipes. Prices were maintained. There were heavy withdrawals owing to the high limits. New Zealand greasy crossbred. “ Tutira.” 91d anil 91d; halfbred, “ Mandu,” Hid and JOjJ-d. The sales close on October 7. Two hundred and fifty bales of the Murchison clip realised 28d for combing, 261 d for clothing, and 25d for pieces. One hundred and eighty bales of halfbred slipe lambs, “ N.C.F., Kaiapoi,” fetched 124 d.

At Bradford the market is poor, there being no interest shown, except for small immediate requirements. Sixty-fours, 26d; sixties. 24d; fifty-sixes, 181 d; fifties, Jsd; forty-sixes, I31d; forties. 131 d. September 26.

At the London wool sales 8200 bales were offered, including 4469 from New Zealand, and approximately 6370 were sold. There was a medium-sized offering of greasy merinos—almost entirely spinners wools offered on speculative account. There was a good supply of scoureds and a good selection of all New Zealand sorts. Competition was brisk and prices were maintained. New Zealand greasy cross-bred, “Glenralloch.” 9|d and BJd; “ Ngaio,” and SJd: Tehua, 10fd and lOd. September 27. New Zealand scoured merino combing, “ Haldon ” reached 26d for the best lots. Greasy crossbreds 6Ad to 11 Ad. Halfbred slipe lambs, " WFM/TBS,” fetched 12Jd.

Messrs Murray. Roberts and Co., Ltd., have received the following wool market cablegram from their London agents dated September 26:— Competition maintained. Merino and crossbred best descriptions, market firm and shows no change. Other descriptions market weak and irregular. Messrs Murray, Roberts and Co., Ltd., have received the following wool market cablegram from their London agents, dated September 23:—

“ Competition good and general. Greasy merino, except inferior descriptions, market shows no material change. Scoured merino, crossbred greasy coarse to medium, crossbred scoured, declined 21 to 5 per cent, Slipe crossbred declined 5 to 71 per cent. Inferior descriptions show the greatest decline.”

Mows Dalgety and Co., Ltd., have received the following cablegram from their head office. London, dated September 26: The London sales continue, with less business doing for best greasy merino. The demand centres largelj- on finer qualities. All scoured wools have declined since the opening. Inferior and scoured short and faulty classes are difficult to sell. The sales will close on October 7. WHEAT, FLOUR? ETC. LONDON, September 25. , Wheat: Cargoes steady. Quotations are maintained. Parcels are steadier, but inactive. Futures: London—September 27s 9d, December and February 28s 7d; Liverpool—October 6s 2Jd. December 6s 2|d. March 6s 4Jd, May 6s sd. The spot trade is dull, and prices are easier. Australian, ex ship. 325.

Flour, weak. Australian, ex store, 25s 6d. Oats: Tending to be easier. Peas and beans: Quiet. .... . September 27. Wheat cargoes are dull, urices reacting to lower American cablegrams and liberal world shipments and heavy Russian Continental arrivals. Parcels are neglected at 9d to Is decline. Futures— London: September. 27s per quarter; De-cember-February, 27s lOd. Liverpool: October, 5s lid per bushel; December, 5s 113 d; March. 6s lid; May. 6s 2d. MELBOURNE, September 26. Wheat: On trucks, at Williamstown was quoted at 2s lid per bushel to-day, which is the lowest for 27 years. LONDON MARKETS. The New Zealand Loan and Mercantile Agency Company, Ltd., lias received the following cablegram from its London house dated September 24:— Butter.—New Zealand choicest salted, 125 s to 1275. The recent advance has not been maintained, and this contributes to the lack of business. Cheese.—White. 755; coloured, 745. The market is quiet. Messrs Dalgety a .id Co., Ltd., have received the following cablegram from their head office, London, dated September 24: — Tallow.—The prices for tallow arc nominally 6d per cwt. lower. Sales have been postponed indefinitely. Messrs Dalgety and Co., Ltd., have received the following cab’egram from their head office, London, dated September Tallow.—Owing to scarcity of supplies there will be no public sales of tallow this week. Messrs Dalgety and Co.. Ltd. advise having received the following cablegram from their head office London dated September 25:—The market for frozen meat is unchanged except for mutton which has an upward tendency. The demand for rabbit skins is much improved hatters being 10 per cent, to 15 per cent, higher, pulling and unpulled 20 per cent, to 25 per cent, higher, and furriers’ being 71 per cent, higher where sold. The market for butter is weak, the market for cheese is barely steady. Danish butter, 147 s to 148 s; New Zealand finest butter, 124 s to 128 s; Australian finest, unsalted 128 s to 130 s, salted 122 s to 1265; Australian G.A.Q., 118 s to 120 s. Australian cheese, not quoted. New Zealand cheese, white 72s to 765, coloured 72s to 755; Canadian cheese, white 72s to 80s, coloured 72s to 80s, c.i.f. 795. SYDNEY WOOL SALES. SYDNEY. September 24. At the woo] sales 11,494 bales were offered, 9967 being sold, in addition to 1013 disposed of privately. There was a good demand for the better class of fleece, but for dusty and burry fleece competition was irregular. Greasy merino made 16Ad. LONDON MEAT MARKET. LONDON, September 27. Canterbury and North Island selected crossbred wethers and maiden jwes: 48/56ib, sfd; do, 57/64!b. s|d; do, 65/721b, 5Jd. North Island: 48/561b, 51d; do, 57/641b, s£d; do, 65/721b, sd. Ewes: 48/641b, 3§d; do, 65/721b. 31d. Argentine sheep. First quality crossbred wethers over 721 b, 4|d. New Zealand Lambs.—Canterbury: 37/421b, 83d; do. 43/501b. BJd: do second quality, average 331 b. 7|d; other South Island brands, 43/501b, 81d. Selected North Island brands. 361 b and under, BJd; do, 43/501b, B£d; do second quality, average 311 b, 7gd; other North Island brands, first quality. 37/421b. none offering. Australian lambs, all States, third quality. 6§d. Australian Frozen Beef.—Ox hinds, under 1601 b, SRI; do over 16Clb, sid. Argentine chilled beef: Ox fores, 160/2201b, 4Ad; do ox hinds, 160/220!b, 71d. New Zealand Pigs.—First quality, 60/1001b, 9|d; do, 101/1201b, 9d; others unchanged.

AUSTRALIAN MARKETS. SYDNEY, September 25. Wheat is very quiet. Bulked 3s, bagged 3s Id. Flour, £9 ss. Bran and pollard, £5. Potatoes: Tasmanian £6 10s to £B, Victorian £6 10s. Onions: Victorian, £5. Oats: White 3s 9d, Algerian 4s 3d. Maize, 4s. ADELAIDE, September 25. Wheat, 2s lOd. Flour, £9. Bran, £5 10s. Pollard, £6. Oats, 2s sd. MELBOURNE, September 26. Wheat: Nominal, 3s to 3s Id. Flour, £9 15s to £lO. Bran and pollard: Unchanged, £5 15s. Oats £2 10s. Barley: English, 3s 3d to 3s 4d. Maize, 4s 64. AMALGAMATED WIRELESS. At a meeting of the Board of Amalgamated Wireless (A’sia), Ltd., on September 16, the directors declared a final dividend for the year ended June 30 last at the rate of 8 per cent, per annum on paid-up capital of the company in respect of the six months ended June 30, 1930, such dividend to be paid on October 8, 1930. The share transfer books and register will be closed from the 24th inst. to the Sth proximo, both days inclusive. N.Z. FARMERS’ CO-OPERATIVE ASSOCIATION. THE YEARS OPERATIONS. CHRISTCHURCH. September 28. Shareholders to the number of 250 attended the annual meeting of the New Zealand Farmers’ Co-operative Association. The chairman said the accounts of the association did not make such satisfactory reading as those of the past three years. It must, however, be obvious that in a year such as the past one the effects of the reduced financial returns to farmers would show in the asso-

ciation’s business. The profit of £19,031, while regrettably smaller than for several years, was not unexpected, and not enhrely unsatisfactory, especially as it had been arrived at after making provision of £20,000 for bad and doubtful accounts.

After a lively debate, a motion to increase the remuneration of the directors from £lOOO a year to £l5OO a year was lost by an overwhelming majority. OVERSEAS TRADE. IMPORT AND EXPORT RETURNS. WELLINGTON, September 25. The figures for the overseas trade of New Zealand for the month of August, 1930, show that the exports were valued at and the imports at £4,054,974. The figures for the corresponding period of 1929 were £2,580,860 and £4,275,000 respectively. For the period of eight months ended „_ 1930 ’ t,lc exports totalled £05,007,06a and the imports £29,637,230. For the corresponding period of last year the figures were £43,072,236 and £36,272,095 respectively. MILNE AND CHOYCE, LTD. AUCKLAND, September 24. The annual meeting of shareholders in Messrs Milne and Choyce. Ltd., was held to-day. The chairman of directors, Sir George Elliot, presided. In moving the adoption of the report and balance sheet, the chairman said that, although the profits had not been quite so large as for the previous year, they were more than sufficient to warrant the payment of the 8 per cent, dividend which had been returned annually without a break for 28 years. The report and balance sheet were unanimously adopted.

Last week. This week. £ s. d. £ s. d. Imperial Consols. 2Vi p.c. . . 55 2 G 55 : 10 0 War Loan. 5 p.c.. 1929-47 . . 104 0 0 104 : 10 0 Conversion Loan. 314 p.c. . 78 0 0 78 : 10 0 Victory 4 p.c. . 95 2 G 95 7 6 C'wealth 0 p.c.. 1931-41 . . 96 2 6 93 10 0 C’wealth .514 P.c.. 1922-27 . . 85 15 0 85 0 0 N.Z. G p.c.. 1936-51 .. . . 104 11 3 101 15 0 N.Z. 4 p.c.. 1920 .. . . M 0 0 94 0 0 N.Z. 314 p.c.. 1940 .. . . 88 15 0 88 7 G N.Z. 3 p.c.. 1945 . 80 2 6 80 5 0 N.S.W. 614 P.c.. 1930-40 . . 98 12 6 98 0 0 N.S.W. G p.c.. 1930-40 . 90 7 G 94 10 0 N.S.W. 551 P.c.. 1922-32 . . 95 15 0 93 0 0 N.S.W. 4 p.c.. 1933 ... . . 93 0 0 92 7 6 N.S.W. 314 P.c.. 1930-50 . . 84 5 0 82 0 0 N.S.W. 3 P.c.. 1935 .. . . 64 15 0 64 0 0 Vic. G14 P.c., 1930-40 .. . . 81 5 0 77 10 0 Vic. G p.c., 1932-42 .. . 87 0 0 82 0 0 Vic. 4% P.c.. 1940-60 .. . .. 95 0 0 93 0 0 Vic. 314 P.c.. 1929-49 .. , .. GG 0 0 63 0 0 Vic. 3 p.c.. 1929-40 .. . .. G2 0 0 60 2 G Q’land G p.c.. 1930-40 .. 94 17 6 94 10 0 Q’land 5 p.c.. 1940-60 .. 83 15 0 81 5 0 Q’land 3 p.c.. 1922-47 .. 62 10 0 62 0 0 S.A. P.c.. 1930-40 .. .. 9G 10 0 84 5 0 S.A. 3% p.c.. 1939 .. v .. 83 0 0 81 0 0 S.A. 3 p.c.. 1918 or after .. 50 0 0 51 0 0 W.A. 6 p.c.. 1930-40 .. .. 9G 12 G 94 0 0 W.A. 314 P-c.. 1920-35 .. 87 10 0 87 3 9 W.A. 314 P.C.. 1915-35 .. 83 17 .“6 87 10 0 Tas. 6% p.c.. 1930-40 .. .. 98 0 0 97 17 6 Tas. 314 P.c.. 1920-40 .. .. 81 0 0 SO-10 0 Tas. 3 p.c., 1920-40 .. .. 79 10 0 79 10 0

RUGBY, September 25. Par. Sept. 23. Sept. 25. Paris, fr to £1 124.21 123.795 123.79 Brussels, belgas to £1 35 34.86 34.86 Oslo, kr to £1 ,. .. 34.43 18.17 18.16% Stockholm, hr to £1 .. 18.150 18.09 18.09 Copenhagen, kr to £1 18.150 18.18 18.16 Berlin, marks to £1 .. 20.43 20.415 20.41 Montreal, dol to £1 .. 4.80 2 -3 4.85% 4.85% New York, dol to £1 4.SB 2-3 4.85 31-32 4.86 Yokohama, pence to yen 24.58 24 13-3 21 13-32 Hongkong, pence to dol 24.58 15% 15% Bombay, pence to rupee 18 17% 17% Batavia, florins to £1 12.107 12.04% — Milan, lire to £1 92.45 92.79 Amsterdam, guild to £1 12.107 12.05 1O.05H Prague, kr to £1 24.02 163% 163% Geneva, kr to £1 25.22% 25.05 25.05% Vienna, schillings to £1 24.56% 34.435 34.43% Helsingfors, marks to £1 193.334 193 3-16 193% Madrid, pesetas to £1 25.22% 45.10 45.25 Athens, drachma to £1 25.22% 375 375 Lisbon, escudos to £1 4.50% 108.25 108.25 Bucharest, lei to £1 .. 973 816% 816 Bio de Janeiro, pence to milreis IS 5 1-16 Buenos Aires, pence to pesos 47.S2 40U 40% Shanghai, pence to tael 23% 19% 19%

Ton. Copper, spot .. .. , >. £45 1 10% Fall 10/Copper, forward .. 45 1 10% Fall 12/Electrolytic, spot .. , .. 48 10 0 Fall 10/Electrolytic, forward .. 40 10 0 Fall 10/Wire bars , .. 49 10 0 Fall 10/Lead, spot ., ., , .. 17 17 6 llise 1/10% Lead, forward .. ,, , .. 17 10 0 Fall 2/0 Spelter, spot .. 15 7 6 Fall 0/4% Spelter, forward , .. 15 10 0 Fall 7/6 Tin, spot ..131 8 9 Fall 12/6 Tin. forward .. 132 IS 9 Fall 15/Or. Silver, flno .. , .. 1/4% Fall %d Silver, standard ,, .. l/'.i 3-10 Fall 3-lCd