COMMERCIAL

Otago Witness, Issue 4041, 25 August 1931, Page 19

COMMERCIAL

LONDON STOCK EXCHANGE. LONDON, August 20. The tollowinq are the latest quotations for Government securities compared with the prices rullno last week: —

PRICE OF FINE GOLD LONDON, August 18. Fine gold is quoted at £4 4s llgd per ounce.

LONDON METAL MARKET. LONDON, August 20. Following are the official quotations In the metal market: — Ton.

BANK OF ENGLAND RETURN LONDON, August 20. The following is the Bank of England return: — ISSUE DEPARTMENT.

The proportion of reserve to liabilities is 45.80 per cent. Short loans are quoted at 31 per cent.; three months’ bills at 4 3-16 per cent. LONDON STOCK EXCHANGE LONDON, August 18. Bank of Australasia, £7 15s 3d; Bank of New South Wales, £22 17s 6d; Union Bank of Australia. £5 12s Gd (ex div.); National Bank of New Zealand, 655; Bank of New Zealand 4 per cent., £95 10s; Bank of New Zealand shares, 455; Loan and Mercantile debentures, £62 10s; ordinary stock, £4O. BRADFORD TOPS MARKET LONDON, August 17. Bradford is quiet. Merino tops are steady. Crossbreds are a shade easier. August 20. At Bradford there is very little business. Prospective buyers are seeking concessions. BEET SUGAR LONDON. August 20-. Beet sugar: September 5s B]d.

WHEAT, FLOUR, ETC.

LONDON, August 21.

Wheat cargoes are steadier. With the continued adverse weather sellers are inclined to raise quotations, but trading is less active on account of heavy Russian shipments. King John, 18s IOJd. Parcels are firmly held for 6d advance. Canadians, and consequently Europeans, were more interested in cheaper Australian offers. Ex Port Darwin, 19s 4Jd, ex Observer, 18s lOld to 19s. Futures: London —September, 17s Gd; December, 18s 3d; February, 18s lid; Liverpool —October, 3s 112 d; December, 4s Id; March 4s 3Jd; May, 4s 6id. August 20. Cargoes are steady. Parcels are in fair request. Futures: London—September 17s sd, December 18s 2d, February 18s lOd; Liverpool—October 3s 11 id, December 4s Id. March 4s 3Jd, May 4s 6d. The spot trade is moderately active, occasionally lower. Australian, ex ship, 20s to 22s Gd. Flour is quiet. Australian, ex store, 16s 6d to 17s. Oats are steady. Peas and beans are quiet. LONDON MARKETS LONDON. August 22. Friday’s closing prices were as follow:— Cotton. —September, 3.56 d per lb. Rubber. —Para, 3Jd; plantation smoked, 2 2d. Jute.—August-September £l5 15s. Copra.—August-September South Sea, £ll 2s 6d; plantation Rabaul, £ll 7s 6d.

Hemp.—None offering. Linseed oil, £l5 10s. Turpentine, 475. Frozen. Meat. —New Zealand sheep: Canterbury and North Island selected crossbred wethers and maiden ewes, 481 b to 56!b, 5Jd; do, 571 b to 64ib, 4Jd; do, 651 b to 741 b, 4Ad; North Island do, 481 b to 561 b. sd; do. 571 b to 641 b, 4Jd; do, 65. b to 721 b, 4§d; do, ewes under 481 b, 4gd; do, 481 b to 641 b. 3Jd; do. 65ib to 721 b, 3gd. Australian sheep. First quality crossbreds and/or merino wethers, 401 b to 651 b, 4Jd; do, second quality, 301 b to 551 b, 4Jd; do ewes, 301 b to 551 b, 4d. Argentine sheep: First quality crossbred wethers, 48)b to 641 b. do, 651 b to 721 b, 4jd. Patagonian sheep: Wethers and/or maiden ewe.s, under 501 b, 43d; do. 501 b to 601 b, 4gd; do ewes, 401 b to 501 b, 4d. New Zealand Lambs.—Canterbury. 361 b and under, 73d; do, 371 b to 421 b, 7gd; do, second quality, average 301 b, 7fd; do, other South Island brands, 361 b and under, 73d; do, 371 b to 421 b, 7Jd; do, selected North Island brands, including Downs, 361 b and under, Sid; do, 371 b to 421 b, 73d; do. 43)b to 501 b, 6|d; do, second quality, average 301 b, 7§d; do, other North Island brands, first quality, 361 b and under, 7§d; do, 371 b to 421 b, 7Jd; do, second quality,, average ’ 301 b, 7fd. Australian lambs: Victorian, first quality, 361 b and under, 63d; do, other States, first quality, 361 b and under, 6’d; do, 371 b to 421 b, CJd; do. Victorian second quality, 361 b and under, 6Jd; do, other States, second quality, 361 b and under. 6|d; do. all States, third quality. 7d. Argentine lambs: First quality, 361 b and under. 7d; do, 371 b to 42'b, 6fd; do, 431 b to 501 b, 7d. Patagonian lambs: First quality, 361 b and under, 7id; do, 371 h to 421 b, 7d; do, second qalitv, average 301 b, 7id. Australian Frozen Beef. —Ox crops, under 1001 b, 2Jd; do, ox crops, over 1001 b, 2gd; do, ox hinds, under 1601 b, 3/d. Argentine chilled beef: Ox fores, 1601 b to 2201 b. 3§d; do, ox hinds, 1601 b to 2201 b, 7}d. New Zealand Pigs.—First quality, 601 h to 1101 b, average 901 b. 6|d; do, 1111 b to 1201 b, s§d. Australian pigs: First quality, 601 b to 1101 b, average 901 b, s|d; do, 111 b to 1201 b, sgd. Others are unchanged. DAIRY PRODUCE LONDON, August 20. Butter is firm and fairly active. Danish, 1365; choicest New Zealand salted, 114 s to 116 s; Australian, 110 s to 112 s. Unsalteds are Is to 2s premium. Cheese is firm. New Zealand white, 62s to 635; coloured, 64s to 655. Australian white, 60s to 61s; coloured, 61s to 625.

The New Zealand Loan and Mercantile Agency Company, Ltd., has received the

following cablegram from its London house, under date August 19:— Butter. —New Zealand choicest salted, 115 s to 116 s. Cheese.—White, 62s to 635: coloured, 64s to 655. The market is quiet.

Messrs Dalgety and Co. r Ltd.,- advise having received the following cablegram from their head office, London, dated August 20: — Butter.—Market firm.

Cheese. —Market firm. Danish butter, 134 s to 1365; New Zealand finest butter, 114 s to 116 s; Australian finest unsalted butter, 110 s to 112 s; Australian finest salted butter, 110 s to 112 s; Australian finest G.A.Q. butter, 106 s to 108 s; Australian cheese, white, 61s to 625; Australian cheese, coloured, 62s to 635; New Zealand cheese, white, 62s to 635; New Zealand cheese, coloured, 64s to 655; Canadian cheese, white, 62s to 645; Canadian cheese, coloured, 62s to 655; Canadian cheese, c.i.f., 62s to 635. The National Mortgage and Agency Company, Ltd., is in receipt of the following cablegram from London: — Butter. —Market steady. New Zealand finest, 115 s to 116 s; New Zealand first grade, 114 s: New Zealand unsalted, 114 s to 116 s; Danish. 134 s to 1365; Australian, Ills to 112 s; Continental market strong. Cheese. I—Market 1 —Market firm. New Zealand white, 62s to 635; New Zealand coloured, 64g to 655.

Messrs A. S. Paterson and Co., Ltd., are in receipt of the following cable advice from their principals, Messrs J. and J. Lonsdale and Co. (London), Ltd.: — Butter.—Market quietly steady, buyers clearing stocks. Danish, 1335, market weak, declining; New Zealand, 115 s to 116 s; Australian, 110 s to 112 s. Cheese.—Market steady. White, 635; coloured, 64s to 655.

The South Island Dairy Association, Ltd., has received the following market report from the New Zealand Produce Association. Ltd.. London:—Butter; Firm, 114 s to 116 s; Danish, 130 s. Cheese: Steady. White 62s to 635, coloured 64s to 655.

AUSTRALIAN MARKETS SYDNEY. August 20. Wheat: Ex trucks at Sydney, 2s 2d; at country stations, Is 7d. Flour, £lO. Bran, £3 10s. Pollard, £3 15s. Potatoes: Tasmanian, to £8 10s; Victorian. £6 10s. Onions, 2s 6d. Maize, 3s 2d. MELBOURNE, August 21. Wheat, 2s 4d to 2s sd. Flour, £6 15s.

Pollard, £4 ss. ‘ Bran, £3 15s. Oats, 2s to 2s Id. Barley: English, la Cd to Is 7d. Maize. 3s 4d to 3s sd.

MASON, STRUTHERS, & CO. CHRISTCHURCH, August 19. The annual report of the directors of Messrs Mason, Struthers, and Co., ironmongers, states that the sales for the year show a considerable reduction compared with last year, and this, despite the strictest economy, has resulted in a loss oi £B6a9 on the year’s operations. Stocks have been reduced by nearly one-fourth, with a corresponding fall in the company's liabilities. The amount owing to depositors and sundry creditors is £27,092, compared with £53.523 last year. As the balance in the profit and loss account has been reduced to £2822, the directors regret that they cannot recommend a dividend this year because, with the uncertain future, it appears necessary in the shareholders’ interests to maintain their strong financial position. DUNEDIN HIDE SALE Messrs Waters. Ritchie, and Co., Ltd., report as follows: —We held our monthly sale at our stores Crawford street on Thursday morning. The usual buyers were in attendance. Moderate competition prevailed for all well cared for lots. Cows and light ox hides were on about a par to id lower, but heavy and substance ox hides remained fairly firm, and in some instances were Jd to -jd dearer. Shabby and faulty sorts were difficult to clear, except at reduced values. The top prices were 7Ad and 7<l for ox and 4Jd for cows. The catalogue consisted of 1201 hides and 462 yearlings and calfskins. The following are some of the best prices:— Ox.-?—One 801 b. 7Jd; 13 781 b, 7d; 3 671 b. 59 651 b. 6gd; 9 791 b 6Ad: 54 641 b, 6}d; 17 771 b. 6Jd; 26 771b,"6d; 3 621 b 5Jd; 8 561 b, 5Jd; 32 771 b, 53d; 9 641 b, sgd; 57 751 b, 5Jd; 52 ,631 b. sgd; 6 761 b, 5Jd; 13 641 b, 5Jd; 45 751 b sd; 11’ 561 b, 4Jd; 21 551 b 4|d; 3 721 b, 4Jd; 10 561 b, 4gd; 15 741 b, 4|d; 13 551 b, 4|d; 12 481 b, 4gd; 15 491 b. 4Jd; 7 481 b. 3®d; 6 361 b. 3 3 d. Vows.—Eight 611 b, 4fd; 1 541 b, 41d; 9 631 b. 43d; 29 581 b, 4Ad; 190 561 b 4d; 60 461 b, 3Jd; 28 561 b, 33d; 45 561 b 3?d; 24 351 b, 3Jd; 44 551 b. 3gd; 12 451 b, 3§d; 40 451 b, 34d; 9 361 b 34d. OIL FROM WHALES During the season recently ended whale oil prices have shown so great a decline in Europe that several comnanies have been placed i» difficult circumstances, according to the Financial Times. This authority says that most of the profit estimates of recently-formed companies

were based on a price of £25 a ton. During this season business has been done at from £ll 10s to £l4 5s a ton. The cause of the depression is, to .a very considerable. extent, occasioned by the largelyincreased production of whale oil made possible by modern methods. Efforts are being made to.offset this by discovering new uses for tire commodity and extending the. market.

COMPANY REGISTERED The Mercantile Gazette notifies the registration of the following company: — Stanton Bros., Ltd. Registered as a private company. August 12, 1931. Capital: £3500, in 3500 share® of £1 each. Subscribers: Dunedin—A. G. Stanton 1550, D. M. Stanton 1550, J. W. Stanton 265, P. A. Stanton 85, F. B. Stanton 15. C. F. Peters 15. Auckland—G. A. Worth 20. Objects: Stationers, printers, lithographers, linotypers, stereotypers, bookbinders, advertising agents, etc. REDUCTION OF CAPITAL The Mercantile Gazette announces that Messrs A. and T. Burt, Ltd., Dunedin, have reduced their capital by cancelling paid-up capital to the extent of 8s per share on each of the 99,650 fully paid-up ordinary shares of £1 each and by reducing the nominal amount of the 100,000 ordinary shares from £1 to 12s per share. OVERSEAS TRADE HEAVY REDUCTION IN VOLUME. The overseas trade figures of the Dominion for the month of July, compared with the corresponding month of last year, are as follow: —

HUDDART, PARKER DIVIDEND WELLINGTON. August 21. The interim dividend payable on September 17 by the Huddart, Parker Company, Ltd., is 3 per cent, on preference shares and 2-J per cent, on the ordinary shares.

Last week. This weoR £ s. d. £ a d Imperial Consols, 2% p.c. 57 10 0 57 10 0 War Loan. 5 p.c., 1929-47 101 5 0 100 15 0 Conversion Loan. 3’4 p.c. so 0 0 79 0 0 Victory. 4 p.c. 95 0 0 94 5 0 C'weaith G p.c.. 1931-41 81 10 0 82 0 0 C’weaith 5’6 p.c.. 1922-27 71 0 0 71 15 0 N.Z. G p.c.. 193G-51 102 0 0 102 o 6 N.Z. 4 P.C.. 1020 .. .. 90 5 0 90 5 0 N.Z 3U p.c.. 1940 85 7 G 85 0 0 N.Z. 3 p.c.. 1945 76 5 0 75 12 6 N.S.W 6% P.c.. 1930-40 79 10 0 79 0 0 N.S.W 6 p.c.. 1930-40 .. 78 15 0 78 0 0 N.S.W. 6% P.C.. 1922-32 76 0 0 77 5 0 N.S.W 4 P.C.. 1933 69 0 0 69 0 0 N.S.W. 3% p.c.. 1930-50 62 0 0 59 5 0 N.S.W 3 p.c.. 1935 .. 48 0 0 47 0 0 Vic 6’4 p.c.. 1930-40 .. 67 0 0 68 0 0 Via 6 p.c.. 1932-42 .. 68 0 0 69 0 0 Vic. 4% p.c.. 1940-60 .. 75 10 0 77 0 0 Vic. 3% P.C.. 1929-49 .. 53 0 0 52 0 0 Vic 3 p.c.. 1929-40 50 0 0 46 0 0 Q’land 6 p.c.. 1930-40 78 0 0 78 0 0 Q’land 5 p.c.. 1940-00 67 10 0 67 5 0 Q’land 3 p.c.. 1922-47 46 0 0 48 10 0 S.A. 6% p.c.. 1930-40 .. 84 5 0 82 0 0 S.A SHs P-C.. 1939 61 0 0 55 0 0 S.A. 3 p.c.. 1918 or after 47 0 0 47 0 0 W.A. 6 p.c.. 1930 40 .. 79 0 0 83 0 0 W.A. 3% p.c.. 1920-35 74 10 0 74 10 0 W.A 3’4 P.O.. 1915-35 65 10 0 G1 10 0 Tas. 6% p.c.. 1930-40 .. 87 0 0 89 0 0 Tas. 3% p.c.. 1920-40 .. 59 10 0 58 0 0 Tas. 3 p.c.. 1920-40 55 0 0 55 0 0

FOREIGN EXCHANGES. ItUGBY, August 20. Par. ’Aug. 18. Aug. 20. Paris, fr to £1 .. .. 124.21 123.95% 123.95% Brussels, belgas to £1 35 34.88% 34.87 Oslo, kr to £1 .. .. 18.150 18.17 18.16% Stockholm, kr to £1 .. 18.150 18.16 18.15% Copenhagen, kr to £1 18.150 18.17 18.17% Berlin, marks to £1 .. 20.43 20.52% 20.52% Montreal, do! to £1 .'. 4.86 2 3 — 4.80 7-11 New York, dol to £1 4.86 2-3 4.85 15-16 4.85 29-31 Yokohama, pence to yen 24.58 24 13-1 24 13-32 Hongkong, pence to dol 25.15 11% 11% Bombay, pence to rupee 18 17%. 17% Bataria, Sorins to £1 12.107 12.06 — Milan, lire to £1 .. .. 92.45 92.87% 92.87% Amsterdam, guild to £1 12.107 12.05 12.04% Prague kr to £1 .. .. 24.02 164 164 Geneva, kr to £1 .. .. 25.22% 24.98% 24.97 Vienna, schillings to £1 24.55% 34.55 34.55 Helsingfors, marks to £1 193.334 193% 193 Madrid, pesetas to £1 25.22% 55.95 54.80 Athens, drachma to £1 25.22% 375 375 Lisbon, escudos to £1 5.50% 110% 110% Bucharest tel to £1 .. 973. 817 817 Rio do Janeiro, pence to milrels .. .. .. 18 3% 3% Buenos Aires, pence to pesos 47.82 32% 31% Shanghai, pence to tael 23% 14% 14%

Copper, spot .. . £32 6 3 Fall £0 12 6 Copper, forward .. . 33 3 1% Fall 0 15 0 Electrolytic, spot .. . 35 10 0 Fall 0 10 0 Electrolytic, forward . 30 10 0 Fall 0 10 0 Wire bars .. .. .. 36 10 0 Fall 0 10 0 Lead, spot .. • • .. 11 15 7% Rise 0 0 7% Lead forward .. .. 11 18 9 Rise 0 7 0 Spelter, spot .. .. .. 11 IS 9 Rise 0 17 6 Spelter, forward .. 12 10 10 >4 Rise 0 3 IMi Tin. spot .. .. 115 3 9 Fall 0 7 6 Tin. forward .. .. .. 117 13 9 Fall 0 7 6 Oz. Silver, fine .. .. 12 ll-16d Rise l-16d Silver, standard .. .. 13 11 -16d Rise l-10d

Note issue in circulation .. Banking department £354,128.534 54,431,251 Government debt £408,559,785 £11.015,100 Other Government securities — Other securities 3,182,201 Silver coin 4,089.084 Gold coin and bullion .. .. 133,559.785 £408,559,785 BANKING DEPARTMENT. Proprietors’ capital .. .. .. £14,553,000 Rest 3,037,952 Public deposits 19,725.523 Other deposits (bankers) 61,755.078 Other accounts 40,099.213 Seven-day and other bills . 1,190 Government securities .. £139,771,956 £48,880.906 Discounts and advances 6,863,320 Other securities 28,286.189 Notes in reserve 54,431,251 Gold and silver coin .. .. 1,310,290 £139,771,956

July. 1931. July. 1930. £ £ Exports 2.227.313 3.384.742 Imports 1.859.251 3,014.713 For the sevenmonthly period, ended July 31, 1931, the figures compare as follow:— 1931. 1930. £ • £ Exports .. .. 24.012.289 33.165.433 Imports . . . . 14,774.556 25,582,256