COMMERCIAL.

Otago Witness, Issue 3995, 7 October 1930, Page 19

COMMERCIAL.

LONDON STOCK EXCHANGE.

LONDON, October 2.

The following are the latest quotations for Government securities, compared with the prices ruling last week:—

THE TIN MARKET. LONDON, October 2. Tin: Visible. .40.251 tons spot, 1864-; afloat, 525; deliveries, 1691.

FOREIGN EXCHANGES.

LONDON METAL MARKET.

LONDON, October 2. Following are the official quotations in the metal market:—

BANK OF ENGLAND RETURN. LONDON, October 2. The following is the Bank of England return: — ISSUE DEPARTMENT. Note issue in circulation .. £359,386,483 Banking Department .. .. 56,232,482 415.618.965 Government debt . . . . £ 11,015,100 Other Government securities 232,894,634 Other securities 11,627,417 Silver coin 4,462,849 Gold coin and bullion .. ..155,618,965 415.618.965 BANKING DEPARTMENT. Proprietors’ capital .. .. £ 14,553,000 Rest 3,719.847 Public deposits 21,645,391 Other deposits (bankers’) .. 61.317,731 Other accounts 34,789,325 Seven-day and other bills .. 2,143

136,027,437 Government securities .. £ 44,536,247 Discounts and advances .. 11,916,677 Other securities 22,157,669 Notes in reserve 56,232,482 Gold and silver coin .. .. 1,184,362 136,027,437 The proportion of reserves to liabilities is 48.70 per cent. Short loans are quoted at 2 per cent.; three-months bills at 2 3-32 per cent. LONDON STOCK EXCHANGE. LONDON, September 30. Bank of Australasia, £lO 15s; Bank of New South Wales, £3l 10s; National Bank of New Zealand, 107 s 6d; Bank of New Zealand, 4 per cent. Stock, £96 10s, shares 51s 9d; Loan and Mercantile, 4 per cent, debentures, £5B 10s, ordinary stock (ex dividend), £92.

PRICE OF FINE GOLD. r LONDON, September 30. The price of fine gold is £4 4s 11 Jd per ounce. j

CEYLON GOVERNMENT LOAN. RUGBY, September 29. The subscription lists in connection with the issue of £1,750,000 Ceylon Government 44 per cent, stock opened to-dav, and were closed shortly’ after 10 o’clock this morning.

NEW LOW LEVEL FOR RUBBER.

RUGBY, October 1. On the London Exchange to-day rubber touched a new low record at 3§d per lb.

BEET SUGAR. LONDON, October 2. Licht’s estimate for 11 months for beet sugar production is 6.073,800 tons. Beet sugaY: November, 4s OJd. LONDON WOOL SALES. LONDON, September 30. At the wool sales 12,152 bales were offered, including 5206 from New Zealand Approximately 15 to 20 per cent, were withdrawn.. There was a good representative offering of all descriptions and a steady market at late rates. New Zealand greasy crossbred made 7d to Hid; halfbred slipe lambs, Waitaki and Pukeuri, UJd. October 1. At the wool sales 11.896 bales were offered, including 303 bales from New South Wales. 517 from South Australia, 1786 from Western Australia. 2370 from Queensland, 799 from Victoria, 63 from Tasmania, and 601 from New Zealand of which approximately 7110 bales were sold. There was a moderate selection of greasy merinos. The principal feature of the Western Australian wools was the good offering of scoureds. All New Zealand sorts met with fair competition.

Prices were unchanged. There were large withdrawals, chiefly due to the high limits.

Queensland greasy combing “ Amby Downs,” ll|d and llijd. scoured “Marathon.” 28d and 23-ld; New Zealand greasy crossbred “ Otairi,” 10id and 9d.

October 2. At the wool sales 9993 bales were offered, including 2916 from New Zealand. Approximately 3900 bales were sold. There was a moderate offering of all descriptions, with fair competition. Prices were unchanged. The small demand for scoured merinos caused many' withdrawals. New Zealand sales: Greasv crossbreds—“ Annedale ” OJd and 9d, “ Tauhero ” 9Ad and BJd; half bred—- “ Mount Paul” 10RI and 94d. In Bradford tops the severe depression continues, and business is neglected. Quotations are nominal. Sixty-fours, 24d; sixties. 22d; fifty-sixes, 18d; fifties, 14Jd; forty-sixes, 12Jd; forties, 12d.

October 3. At the wool sales 9526 bales were offered, including 3568 from New Zealand. There was a large supply of scoureds and a moderate offering frem New Zealand. Prices were maintained and competition was fair. ~ Zealand greasy crossbreds: Maku,” B:,d and 7Jd; “ Remuroa,” Bid and 84<L

Messrs Murray, Roberts, and Co., Ltdhave received the following wool market cablegram from their London agents, dated September 30, 1930:—“Competition less keen. Greasy’ merino and slipe crossbred, best descriptions, market sho-ws no change. All other descriptions of wool declined 5 to 74 per cent.” DAIRY PRODUCE. LONDON, October 2. Butter is stagnant. The reduction in prices failed to attract buyers. Danish, 1465. Choicest salted New Zealand, 120 s to 121 s; exceptional, 1245; Australian, 118 s to 120 s. Unsalted New Zealand, 144 s to 1465. Australian, 120 s to 128 s. Cheese is neglected. New Zealand— Coloured 71s, white 725; Australian, 70s and 71s.

The National Mortgage and Agency Company, Ltd., has received the following cable from London:—Butter: Market very slow. New Zealand finest, 122 s to 1245; New. Zealand first grade, 118 s to 120 s; Danish. 146 s to 148 s; Australian, 118 s to 120 s; stored, 2s to 4s less. Cheese: Market quiet. New Zealand white, 72s to 735; New Zealand coloured. 71s to 725; Canadian white, 745; Canadian coloured, 78s.

Messrs A. S. Paterson and Co.. Ltdare in receipt of the following cablegram from London, dated October 2:— Butter: Market depressed owing no demand. Danish, 148 s; New Zealand. 120 s, 1245; Australian. 118 s, 1225. Cheese: Market is dull, with downward tendency. White cheese, 725; coloured, 70s.

Amalgamated Dairies, Ltd., report receipt of the following cable from London: —Butter market demoralised; Anchor, 1245; Danish. 140 s, f.o.b. Cheese, white, 725, 735; coloured, 71s 725. Market depressed, hardly any business passing. Importers have reduced advances on butter to lOd, and cheese to 54d on and after October 3.

The South Island Dairy Association, Ltd., has received the following market report from the New Zealand Produce Association, London:— Butter.—Much weaker, with less demand, 116 s to 1225; Danish, 146 s to 148 s. Cheese.—Slow. White, 71s to 725; coloured. 70s to 71s. Canadian, white and coloured, 77s to 78s. LONDON MARKETS. LONDON, October 2. Wheat: Cargoes are steadier, and advanced 3d to 6d. Parcels are active at an advance of 6d. Spot trade is active. Australian, ex ship, 30s 6d. Flour is steady. Australian, ex store, 24s to 24s 6d. Oats are firmer, but peas and beans are slow. _ ~ , October 4. Frozen Meat.—New Zealand sheep: Canterbury and North Island selected crossbred wethers and maiden ewes—4Blb to 561 b, 5Jd; ditto, 571 b to 641 b, 54d; ditto, 651 b to 721 b, sid; North Island ditto, 481 b to 561 b, 5Jd; ditto, 571 b to 641 b, sld; ditto, 651 b to 721 b, ewes, 481 b to 641 b, 3Jd; ditto, 651 b to 721 b. 3gd Australian sheep: First quality crossbreds and/or merino wethers—4olb to 651 b

4<d; ditto, second quality, 301 b to 551 b, ewes, 301 b to 551 b, 4d. Argentine sheep—First quality crossbred wethers, 481 b to 641 b, 5Jd; ditto, 651 b to 721 b, 4Jd; ditto, over 721 b, 4|d. Patagonian sheep* vyethers and/or maiden ewes, under 501 b, 4gd; ditto, 501 b to 601 b, 44d; ewes 401 b to 501 b, 3jjd. New Zealand Lambs.—North Island brands: Second quality, average 311 b, 7|d Australian lambs: All States, third quality, 64d. Argentine lambs: First quality, 531 b to 501 b, 6d. Australian Frozen Beef.—Ox crops, under 1001 b, 4d; ox crops, over 1001 b, 4£d Argentine chilled beef: Ox fores, 1601 b to 2201 b. 4?d.

New Zealand Pigs.—First quality: 601 b to 1001 b, 9d; ditto, 1011 b to 1201 b, B|d; others are unchanged. Hides. —Meat works dry’ salted: Queens, land—3slb to 451 b 64d, 30lb to 401 b 6Ad 251 b to 351 b sid, 201 b to 301 b 6|d; New South \Vales same weights—7d, 7Jd 7gd, 74d. Wet salted: Queensland —501 b to 601 b 43d, 401 b to 501 b 4?d; New South Wales ditto —sjd, 5Jd; Victorian abattoirs, both sj?d. Friday’s closing prices were as follow:— Cotton: .November, 8.61 d per lb. Rubber: Para, 5Jd; plantation smoked, 3 15-16 d.

Jute: October-November, £l6 8s 9d. Hemp: None offering. Copra: October and November South Sea, £l5 10s; plantation Rabaul, £l5 ss. Linseed oil, £29. Turpentine, 34s 6d.

Messrs Dalgety and Co., Ltd- advise having received the following cablegram from London, dated October 3: — Wool.—The wool sales continue with an active demand for greasy, good and scoured good, but prices generally show some decline from opening; inferior and faulty neglected; greasy crossbreds selling freely; crossbred medium and coarse 5 per cent, lower now as compared with opening rates; 75 per cent, to 80 per cent, ot catalogues are being cleared. Dairy Produce.—The prices for butter are 4s per cwt lower with no sign of improvement.

Messrs Dalgety and Co.. Ltd- advise having received the following cablegram from London, dated October 2: —

FROZEN MEAT*.

Lamb.—Die market for New Zealand lamb is firmer, the demand is fair. Quotations: Prime Canterbury lamb, 28/361b, Sid; prime North Island lamb, 28/361b, 8L1; prime Canterbury lamb, 36/421b, Bjd; prime North Island lamb, 36/421b, BJd; prime Canterbury lamb, second quality, 7{d; prime North Island lamb, second quality, 7d; prime Canterbury lamb, 42/501b, prime North Island lamb, 42/501b, SJd. Mutton.—The market for New Zealand mutton is firmer, the demand has been checked by increased prices asked. Quo< tations: Prime Canterbury mutton, 48/5611), 6d; prime North Island mutton, 48/561b. s:|d; prime Canterbury mutton, 56/641b, prime North Island mutton. 56/641b. SRI; prime Canterbury mutton, 64/72111. s§d; prime North Island mutton, 64/721b, sd; prime Canterbury ewes, 48/641b. 3Jd; prime North Island ewes, 4S/641b, 3j|d. Beef.—The market for New Zealand beef is firmer. . The demand has been better. Quotations: New Zealand prime ox beef—hinds 5Jd, fores 4d; Argentina chilled—hinds 7Jd. fores 4?d. Pork.—The market for pork is firmer. The demand has been checked by increased prices asked. Quotations: English porkers, 80/1001b, 9Jd; New Zealand porkers, 80/1001b, 84d; New Zealand porkers. 100/1201b, 83. Messrs Dalgety and Co., Ltd- have received the following cablegram from their head office, London, dated September 29:—Dairy’ Produce.—The market for butter is weak, and prices are Is to 2s per cwl lower. 1 WHEAT MARKET. LONDON, September 30. Wheat cargoes are steadier following a recovery’ in America. Buyers are apathetic. Part of the AVest Ly-nn’s cargo for Italy’ realised 29s 6d. For parcels sellers are asking a slight advance, but -buyers are still holding off. There is a fair amount of business. Russian cargoes, ex Matakana, Baradine, and City of Bedford, 28s 6d. Futures: London—December, 27s 4d; February, 27s 3d. Liverpool—October, 5s 9jd: December, 51 ll£d; March, 6s OJd; May, 6s l£d. / October 1. Wheat cargoes are steadier in sympathy with North and South American sellers, who occasionally advanced quotations. Buyers were not responding. Parcels opened dearer, but owing to lack of interest apart from Russians, fell back U

yesterday’s closing rates. Ex T.ekoa, Port Hobart, and Matakana, 28s 6d; ex West Lynn (sold to Italy), 29s 6d. Futures—London: December, 26s 8d; February, 26s 7d. Liverpool—October, 5s BJd; December, 5s Ojd; March, 5s lOJd; May, 5s lljd.

October 3. Wheat cargoes opened steadier on advance Australia crop advices, and better American closing. Sellers asked an advance of 3d, but this was discounted by Indications of impending rains in Australia, and a resumption of Russian offerings. The balance of the Cape Saint George’s cargo and part of the Ouyo Maru’s cargo, both for Italy, realised 30s. Parcels opened steadier, and closed quieter on copious offers of Russians. Ex Port Victor, 29s 6d; ex Nolisement, 39s 4d. Futures. London, December-Febru-ary, 27s 6d; Liverpool, October, 5s ll|d; December, 5s ll£d; March, 6s OM; May, 6s 2|d. NEW YORK, September 30. Chicago wheat quotations: September, 74 cents per bushel; December, 781; March, 81 g; May, 84J. ' October 2. Chicago wheat: December 813 cents per bushel; March 85J; May, 88. LOAN TO CANADA. NEW YORK, October 2. The New York Herald-Tribune s financial editor states that arrangements have been virtually completed for a 100,090,000 dollar loan for Canada in the local market, which is the largest offering for the year. A banking group, headed by the Chase Securities Corporation, will underwrite the issue at 4 per cent, for 30 years, which

will be offered at a figure which will yield the investor 4.4 to 4.6 per cent. The proceeds of' the loan are for a 1930-1931 refunding operation. The Canadian Government believes that the issue will be sold only in New York and Canada.

AUSTRALIAN MARKETS. SYDNEY, October 2. Wheat is quiet. Bulked, 2s BJd; bagged, 2s 9Jd. Flour, £9 ss. Bran and pollard, £5. Potatoes: Tasmania, £7 10s to £9 10s; Victoria, £7 10s. Onions: Victorian Spanish, £6. Oats. White, 3g 9d; Algerian, 4s 4d. Maize, 4s.

ADELAIDE, October 2. Wheat, 2s 7d to 2s BJd. Flour, £8 15s. Bran, £5 10s. Pollard, £6. Oats: Algerian, 2s 3d. MELBOURNE, October 3. Wheat, 3s. Flour, £9 15s and £lO. Bran and pollard, £5 15s. Oats, 2s 5d and 2s 6d. Barley: English, 3s Id and 3s 3d. Maize,' 4s 6d. BANK OF NEW ZEALAND. WELLINGTON, October 2. The Bank of New Zealand announces that although the profits for the half-year ended September 30 are not up to the standard of the corresponding period last year, they, nevertheless, will permit of the payment of an interim dividend at the 'usual rate next December.

CUSTOMS RETURNS.

DUNEDIN FIGURES FOR SEPTEMBER. The Customs duties collected in Dunedin for the month, the quarter, and the nine months ended September 30 are as foljow, compared with the figures for the corresponding periods in 1929:—

WELLINGTON. The duty collected on motor spirit last month was £36,170, compared with £28,917 for September, 1929, an increase of £7253. The figures for the nine months are respectively £324,568 and £292,601, an increase of £31,967. The collection of tyre tax last month totalled £2331, compared with £3748 for September, 1929, a decrease of £1417. For the nine months a drop of £16,888 is recorded, the figures being £28,397 and £45,285 respectively. The beer excise collections for September were £5278, compared with £3837 for September, 1929, an increase of £1441. For the nine months figures were £40.041, as against £36,286, an increase of £4115. AUCKLAND. AUCKLAND, September 30. A decline of £50,971 occurred in the Customs revenue, collected in Auckland last month compared with the yield for September, 1929. The duty obtained from the tyre tax was lower, by £456, but there was an increase of £8535 in the petrol tax. The total from the three sources was £206,354, compared with £249.246 last September, a decrease of £42,892. For the first nine months of the year the revenue from Customs duties was £104,233 lower at £1,541,851 than it was for the corresponding period of 1929. DOMINION RUBBER COMPANY. The secretary of the Dominion Rubber Company, Ltd./ reports that he has received a cablegram from the estate advising that the crop of rubber harvested for September was 40,0001 b.

Last week. This week. £ s. d £ s. d. Imperial Consols. 2-,i p.c. .. 55 10 0 55 17 6 War Loan. 5 p.c., 1029-47 .. 104 10 0 lot 5 0 Conversion Loan. 354 p.c. .. IS 10 0 78 10 0 Victory 4 p.c. .. 95 7 G 95 10 0 C'weaith G p.c.. 1931-41 .. 93 10 0 9G 0 0 C’weaith 554 p.c.. 1922-27 .. 85 0 0 SG 0 0 N.Z. 6 p.c.. 1936-51 .. .. 104 15 0 104 1G 3 N.Z. 4 p.c.. 1920 .. 94 0 0 94 1 3 N.Z. 3% p.c.. 1940 .. 68 7 G 88 10 0 N.Z. 3 p.c.. 1945 .. .. .. SO 5 0 so 11 3 N.S.W. 6% p.c.. 1930-40 .. 98 0 0 9G 0 0 N.S.W. 6 p.c.. 1930-40 .. 94 10 0 95 15 0 N.S.W. 5% p.c.. 1922-32 .. 93 0 0 94 0 0 N.S.W. 4 p.c.. 1933 .. .. 92 7 G 93 10 0 N.S.W. 3’4 p.c.. 1930-50 .. 82 0 0 84 0 0 N.S.W. 3 p.c., 1935 .. .. G4 0 0 05 15 0 Vic. G% P.c.. 1930-40 .. .. 77 10 0 81 10 0 Vic. G p.c., 1932-42 .. ... 82 0 0 84 17 G Vic. 4% p.c.. 1940-G0 .. .. 93 0 0 92 0 0 Vic. 3?4 P.O.. 1929-49 .. .. 63 0 0 C5 0 0 Vic. 3 p.c.. 1929-40 .. .. GO 2 G G3 10 0 Q’land 6 p.c., 1930-40 .. 94 10 0 9G 0 0 Q’land 5 p.c., 1940-GO .. 81 5 0 83 10 0 Q'land 3 p.c.. 1922-47 .. G2 0 0 62 0 0 S.A. G54 P.c.. 1930-40 .. .. 84 5 0 96 8 9 S.A. 314 P.O.. 1939 .. .. 81 0 0 SO 5 0 S.A. 3 p.c., 1918 or after .. 51 0 0 51 0 0 W.A. 6 p.c., 1930-40 .. .. 94 0 0 94 12 6 W.A. 3% P.C.. 1920-35 .. 87 3 9 84 10 0 W.A. 314 P.c.. 1915-35 .. 87 10 0 8G 10 0 Tas. G14 p.c.. 1930-40 .. .. 97 17 6 99 10 0 Tas. 3% P.C., 1920-40 .. .. 80 10 0 80 10 0 Tas. 3 p.c.. 1920-40 .. .. 79 10 0 79 10 0

RUGBY, October 2. Par. Sept. 25. Oct. 2. Paris, fr to £1 124.21 123.79 123.775 Brussels, bclgas to £1 35 31.80 34.84 Oslo, kr to £1 .. 34.43 18.10% 18.10 Stockholm, kr to £1 .. 18.153 18.09 -f8.0S5 Copenhagen, kr to £1 18.150 18.10 18.155 Berlin, marks to £1 .. 20.43 20.41 20.405 Montreal, tlol to £1 .. 4.80 2 -3 4.85% New York, dol to £1 4.8G 2 -3 4.86 4.85 7-10 Yokohama, pence to'yen 24.58 24 13-32 1 24 7-10 Hongkong, pence to dol 24.58 15% 15 7-16 Bombay, pence to rupee 18 Batavia, florins to £1 12.107 Milan, lire to £1 92.45 92.79 92.78 Amsterdam, guild to £1 12.107 10.05% 12.04% Prague, kr to £1 24.02 163% 193 Geneva, kr to £1 25.22% 25.05% 25.035 Menna. schillings to £1 24.50% 34.43% 34.42 Helsingfors, marks to £1 193.334 103% Madrid, pesetas to £1 25.22% 45.25 47 Athens, drachma to £1 25.22% 375 375 Idsbon. escudos to £1 4.50% 108.25 108.25 Bucharest, lei to £1 973 810 818 Rio de Janeiro, pence to milrels 18 5% Buenos Aires, pence to z pesos 47.82 40% 39 9-10 Shanghai, pence to tael 23% 19% 18%

Ton. Copper, spot .. .. .. £14 13 9 Rise 25/Copper, forward .. 44 11 3 Rise 22/6 Electrolytic, spot .. 46 10 0 Fall 10/Electrolytic, forward .. 47 10 0 Fall 30/Wire bars .. 47 10 0 Fall 30/Lead, soot .. .. .. 16 8 9 Fall 6/3 Lead, forward .. .. .. 16 G 3 Fall 1/3 Spelter, spot .. .. .. 14 8 9 Fall 11/3 Spelter, forward .. .. 15 2 G Fall 20/Tin, spot .. 124 gXG Fall 76/3 Tin, forward .. .. .. 125 13 9 Fall 77/6 Oz. Silver, fine .. .. .. 1/ '4 7-16 Fall 3-16d Silver, standard .. l/5?i Fall 3-16d

Sept., 1930. Sept., 1929. Customs duty .. 156,815 0 4 £72,455 12 11 Beer duty 16,374 0 5 20,020 13 9 Petrol tax 12,082 7 X 4,304 6 0 Tyre tax . 1,115 0 0 1,263 14 0 Quarter ended Quarter ended Sept. 30,1930. Sept. 30,1929. Customs duty .. £196,147 4 5 £230,207 7 1 Beer duty 41,950 10 1 54,187 10 6 Petrol tax 29,034 7 8 16,832 10 4 Tyre tax 2,730 9 8 2,907 3 0 9 months 9 months ended ended Sept. 30,1930. Sept. 30,1929. Customs duty £612,639 11 10 £600,043 13 4 Beer duty 157,521 9 7 170,572 13 0 Petrol tax 86,603 0 4 50,722 15 0 Tyre tax 8,730 4 3 8,402 12 0 CHRISTCHURCH. The Customs revenue 'or September. compared with the same month last year. was as under: — 1930. 1929. Customs . . £84,869 0 0 £11,247 3 1 Beer duty 7,583 12 0 7,038 17 5 Meat levy 578 18 7 270 18 4 Motor spirit 16,804 5 1 18,670 7 10 Tyre duty 1,060 12 9 2,037 16 10