COMMERCIAL

Otago Witness, Issue 4042, 1 September 1931, Page 20

COMMERCIAL

LONDON STOCK EXCHANGE. LONDON. August 27. The following are the latest quotations for Gorernment securities compared with the prices ruling last week:— Last week. This wees

LONDON METAL MARKET. LONDON, August 27. Following are the official quotations in the metal market:— Ton.

BANK OF ENGLAND RETURN LONDON, August 27. The following is the Bank of England return: — ISSUE DEPARTMENT.

Government securities .. .. £50,175,906 Discounts and advances .. 9,296,455 Other securities 28,052,020 Notes in reserve 58,030,506 Gold and silver coin .. .. 1,303,674 £146,85V 61 The proportion of reserve to liabilities is 46.10 per cent. Short loans are quoted at 3} per cent.; three months’ bills at 4 9-10 per cent. LONDON STOCK EXCHANGE LONDON, August 25. Dalgety and Go’s shares, £5 15s; 4 per cent, debenture stock, £O6. BANK OF AUSTRALASIA LONDON, August 27. The Bank of Australasia has declared an interim dividend of 5s per share, which is subject to a deduction of 4s 6d in the £ income tax. PRICE OF FINE GOLD LONDON, August 27. Fine gold is quoted at £4 4s per ounce. BEET SUGAR • LONDON, August 27. -- Beet sugar: September, 5s Bd. BRADFORD MARKET LONDON, August 27. The market at Biadford is steadier, and there is more inquiry, but not much business. Seventies, 24 Jd; sixty-fours, 22d: sixties, 20d; fifty-sixes. 15}d: fifties, 12Ad; forty-sixes, lOd; forties, 9Jd. LONDON MARKETS LONDON, August 29. Friday's closing prices were:— Cotton: September shipments, 3.70 d per lb. Rubber: Para, 3?d; plantation, smoked, 2id. Jute: September-October shipments, £l6 16s 3d. Hemp: None offering. Copra: September shipments, South Seas,\£ll 2s 6d; plantation, Rabaul, £ll ss. Linseed oil, £l5 ss. Turpentine, 475. The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cablegram • from its London house under date August 26:— Butter. —New Zealand choicest salted (no business) nominally quoted at 113 s to 114 s. Cheese.—White, 61s to 625; coloured, 63g to 645. The market is dull. FROZEN MEAT MARKET LONDON, August 29. New Zealand sheep: Canterbury and North Island, selected crossbred wethers and maiden ewes, 481 b to 561 b, sgd; 571 b to 641 b, s|d; 651 b to 721 b, 4|d; North Island, 481 b to 561 b, s>}d; 571 b to 641 b, s}d; 651 b to 721 b- 4Sd; ewes under 481 b, 4gd; 481 b to 641 b, 4£d; 651 b to 721 b, 3]d. Australian sheep, first quality crossbreds and /or merino wethers, 401 b to 651 b, 4id; second quality, 301 b to 551 b, 4}d; ewes, 301 b to. 551 b, 4ld. Argentine sheep, first quality crossbred wethers, 481 b to 641 b, sd; 651 b to 721 b, 4sd; over 721 b, none offering. Patagonian sheep: Wethers and/or maiden ewes, under 501 b, sd; 501 b to 601 b, 4}d; ewes, 401 b to 501 b, 4Jd. New Zealand lambs: Canterbury, 361 b and under, BAd; 371 b to 421 b, 8d; 431 b to 501 b, 7Jd; second quality, average 301 b, Bid: other South Island brans, 361 b and under, BJd; 371 b to 421 b, 7*d; 431 b to 501 b, 6?d; selected North Island brands, including Downs, 361 b and under, Bfd; 371 b to 421 b, 8d; 431 b to 501 b, 7Jd; second quality, 361 b and under Bid; 371 b to 421 b, 8d; seeond quality, average 301 b, BJd. Australian lambs: Victoria, first quality, 361 b and under, 7|d; 371 b to 421 b, 7d; other States, first quality, 361 b and under, 7d; 371 b to 421 b, 6}d; Victorian second quality, 361 b and under, 7£d: other States, second quality, 361 b and under, 7d; all States, third quality, 7£d. Australian frozen beef: Ox crops, under 1001 b, 2f(d; over 1001 b, 2§d: ox hinds, under 1601 b, 4d; over 1601 b, 4id. Argentine chilled beef: Ox fores, 1601 b to 2201 b, 3?d; ox hinds, 1601 b to 2201 b, 7gd. New Zealand pigs: First quality. 601 b to 1101 b, average 901 b, 6]d; 1111 b to 1201 b, s?d. Australian pigs: First quality, 601 b to 1101 b, average 901 b, 6Jd; first quality, 1111 b to 1201 b, 5Zd. WHEAT, FLOUR, ETC. LONDON. August 27. Wheat: . Cargoes are firmer, and 3d dearer. Parcels mostly show 3d advance. Futures: London—September, 17s; December, 17s 10i; February„lBs 7d. Liverpool—October, 3s lOJd; December. 4s Oid; March, 4s 3}d; May, 4s 51d. The spot trade is slow. Australian (ex ship), 20s and 22s 6d. Flour: Quiet. Australian (ex store) 16s 3d and 16s 9d. Oats: Tending to be firmer. Peas and beans are slow and unchanged. NEW YORK, August 27. Chicago .wheat: September, 471 cents per bushel; December. 511; March, 54 7-8: May, 58}. WASHINGTON, August 28. The Agriculture Department to-day announced that farmers intend to plant 12 per cent, less winter wheat next fall than was harvested this year. DAIRY PRODUCE LONDON, August 27, Butter is quiet. Danish, 1225. Choicest salted New Zealand, 110 s to 112 s; Australian, 106 s to 108 s. Unsalteds the same. Cheese is slow. New Zealand—white 62s to. 635, coloured 64s to 655; Australian—white 60s to 61s, coloured 61s to 625.

Messrs A. S. Paterson and Co., Ltd., have received the following cablegram from their principals, dated August 27:— Political affairs adversely affecting this week’s trading; all goods. Markets de-

pressed, lacking confidence, anticipate improvement now onwards. Butter: Danish, 120 s; New Zealand 112 s, 113 s; 106 s, 107 s. Cheese;, White, 61s, 625; coloured, C3s, 655. Messrs Dalgety and Co., Ltd., advise having received the following cablegram from their head office. London, dated August 27: — The butter market is weak. The cheese market is slow. Danish butter, 122 s to 1245; New Zealand finest butter, 112 s to 114 s; Australian finest unsalted butter, 108 s to 110 s; salted, 107 s to 109 s; G.A.Q., 104 s to 106 s. Australian cheese, white 60s to 61s, coloured 62s to 635; New Zealand cheese, white 62s to 635, coloured 64s to 655; Canadian cheese, white 62s to 635, coloured 63s to 645; c.i.f., 60s to 61s. Top prices quoted are exceptional. The National Mortgage and Agency Company, Ltd., is in receipt of the following cablegram from London:— Butter: Market very slow. New Zealand finest, 112 s to 114 s; New Zealand first grade, 110 s to Ills; New Zealand unsalted, 112 s to 114 s; Danish, 124 s to 1265; Australian, 106 s to 108 s. Continental market has declined heavily. Cheese: Market slow. New Zealand white 62s to 635, coloured 63s to 645. Amalgamated Dairies, Ltd., report receipt of the following cablegram from its London office:— Butter market dead quiet; Danish, 114 s, f.0.b.; very little business doing; other finest down to 112 s. Retail: Danish reducing Monday Is 3d. The South Island Dairy Association, Ltd., has received the following market report from the New Zealand Produce Association, Ltd., London: — Butter.—Slow; 110 s to 114 s; unsalted, 116 s to 118 s; Danish. 1235. Cheese.—Quiet; white, 61s to 635; coloured, 63s to 645. AMERICAN MONEY RATE NEW YORK, August 27. Call money rate of renewal was 1} per cent, all day. AUSTRALIAN MARKETS SYDNEY, August 27. Wheat.—Ex trucks at Sydney, 2s l}d; at country stations, Is 6Jd. Flour, £lO. Bran, £3 10s. Pollard, £3 15s. Potatoes, £8 10s; Victorian, £7. Onions.—Victorian, to £6. Maize, 3s 3d. Oats, 2s 6d MELBOURNE, August, 28. Wheat, 2s 4d and 2s sd. Flour, £6 15s. Bran. Firm, £3 15s. Pollard, £4 ss. Oats, 2s and 2s Id. Barley: English, 2s 6d and 2s 7d. Maize, 3s 2d and 3s 3d. BOURNVILLE FIRM’S CENTENARY CENTENARY Bournville last month celebrated the centenary of the Cadbury firm. One hundred years ago the original John Cadbury, a grocer of Birmingham, started the business, pounding cocoa with a pestle and mortar. There were present, at the celebrations, children, great-grand-children and great-great-grandchildrcn of John Cadbury, and 9000 employees of the firm took part. Ilustrating the development of the industry, Mr Barrow Cadbury said that 40 years ago the cocoa shipped from the Gold Coast of Africa weighed 801 b and was valued at £4. In 1929 the exports from the Gold Coast amounted to 238,000 tons, valued at £9,700,000. The firm marked the occasion by presenting a hospital and playground site to the town and distributing £50,000 to employees. TIMARU GAS, COAL, AND COKE COMPANY ■ , WELLINGTON, August 30. A letter received from the Timaru Gas, Coal, and Coke Company, Ltd., by the Stock Exchange Association states:“ The board of directors have decided not to pay an interim dividend in respect of the past half-year’s operations.” BRITISH TOBACCO COMPANY WELLINGTON, August 30. The Stock Exchange Association states that the directors of the British Tobacco Company (Australia), Ltd., have declared a quarterly dividend on the ordinaryshares of 1J per cent, payable on September 30. ADAIR BROS., LTD. WELLINGTON, August 30. At the annual general meeting of Adair Brothers, Ltd., Gisborne, to be held on Sentember 17, the directors will recommend the payment of a dividend of 6 per cent, free of income tax. THE HOOVER MORATORIUM FINANCIAL RESULTS OF THE DEBTS SUSPENSION. The Guaranty Survey, the publication issued by the Guaranty Trust Company, of New York, thus summarises the results' of the suspension of war debts payments for 12 months, as proposed by President Hoover:— " The initial result of the proposed suspension of reparations payments, if the plan is accepted, will be equivalent to a loan of approximately 425,000,000 dollars to Germany by the Governments of the creditor nations. This is the amount of the reparations payments that would have had to be made under the terms of the Young plan. The delayed payments will be distributed over a term of 10 years. The 'unconditional’ payments to France, amounting to about 100,000,000 dollars, will be paid to the bank for international stttlements, but will be immediately re-loaned to Germany. This arrangement was adopted at the suggestion' of France, in order that the machinery

set up by the Young plan might remain intact. “ The net work of international payments suspended under the moratorium plan is so complex that the exact amounts, and sacrificed by each country are difficult to determine. It is estimated, that the United States sacrifices about 257,000,000 dollars, due from other countries during the next 12 months. France gives up 200,000,000 dollars in German reparations payments and about 86,000,000 dollars in payments from other countries, but savbs 61,000,000 dollars that would overwise be due to Great Britain and 50,000,000 dollars to the United States, leaving a net sacrifice of about 175,000,000 dollars. Great Britain gives up a total amount of 241,000,000 dollars, including 124,000.000 dollars from Germany, 61,000.000 dollars from France, and 32.000,000 dollars from dominions and colonies, but saves 161,000,000 dollars that would normally have to be paid to the United States, so that her net sacrifice amounts to 80,000.000 dollars. Germany, 0 • * 3ourse > the principal beneficiary, with no sacrifice and about 427,000,000 dollars in savings. Altogether, the com* bined sacrifices of the United States, rrance, and Great Britain, amounting to 512,000,000 dollars, may be regarded Q 4 accruing to the benefit of Germany to the extent of 427,000,000 dollars, and to other countries in the amount of 85,000,000 dollars. Among these other countries, however, there are some that show a net saving and some that make a net sacrifice.” COMPANIES REGISTERED The Mercantile Gazette notifies the re* gistration of the following companies:— New Zealand Fibre Corporation, Ltd, Registered as a private company, August 15, 1931. Capital: £2500, into 2500 shares ot £1 each. Subscribers: Dunedin—T W, Dobbie 1000, R. E. Massey 750, E. J. Anderson 250, A. Yorston 500. Objects: lo grow, cultivate, and mill New Zealand flax, make and sell rope, matting, twine, etc., and deal generally in fibrous ma* terials. Cartwright (H. J.), Ltd. Registered aa a private company, August 13, 1931. Capi* tai: £250, into 250 shares of £1 each. Sub* scribers: Oamaru—H. J. Cartwright 249, M- K. Cartwright 1. Objects: Dealers in motor cars, cycles, tractors, wireless, agri* cultural implements, machinery, carriages, launches, etc., garage keepers, etc. BANK OF AUSTRALASIA INTERIM DIVIDEND DECLARED. WELLINGTON, August 28. Advice received from the Bank of Aus* tralasia states that an interim dividend of 5s per share at the rate of 10 per cent, per annum, less income tax at 4s 6d in the £, has been declared by the directors, payable on October 2, to proprietors registered by September 7. The dividend is again payable in New Zealand at the current rate of exchange on demand draft on London. NEW ZEALAND DRUG CO., LTD. At a meeting of the board of directors of Messrs Kempthorne, Prosser, and Co.’s New Zealand Drug Company, Ltd., held yesterday afternoon, an interim dividend of 3} per cent, for the half-year ended July 31 was declared. BUSINESS IMPROVEMENT “ Tangible evidence of business improvement is still not particularly obvious,” states the Alexander Hamilton Institute in reviewing the position in the United States, “ but the situation is not entirely devoid of encouraging developments. Gen. oral sentiment is decidedly better, having been immensely improved by President Hoover’s move in the matter of international debts and reparations. It is probable that if the zero hour for business has not already been reached it is close at hand, and when the shadow of the usual summer contraction lifts it will be found that business is over the top and on its way to a new era of prosperity. We now have the fundamental requisites for business revival. As the result of two years of drastically curtailed output stocks of goods in the hands of consumers are severely depleted, while the supply of loanable funds available for business expansion is unusually abundant. The distorted relationship among commodity prices, the great obstacle to consumer buying and to the consequent use of funds for business expansion, is now showing signs of being corrected. . . . The present bright outlook for the future must not be interpreted, however, as meaning a sudden return to prosperity. Further readjustments must be made, and these will naturally take time. Some false steps may be made, which will hinder the revival. But in the end the necessary adoption of the proper corrective measures will restore fully prosperity.” HUME PIPE COMPANY WELLINGTON, August 25. A letter from the Hume Pipe Company (Australia), Ltd., received on August 25, advises that the annual general meeting will,be held on September 30. The net earnings for the year ended June 30, after providing for income tax, amounted to £17,146 13s Bd, and the balance brought forward from last year £23,827 4s 6d, making available for distribution £40,973 18s 2d. In view of the trade outlook, the directors cannot recommend the payment of a dividend in respect of the past year’s operations. The sum of £lO,OOO has been transferred to the reserve fund, leaving a balance of £30,973 18s 2d to be carried forward. BANK OF NEW SOUTH WALES DIVIDEND PAYABLE LESS EXCHANGE. WELLINGTON, August 27. The interim dividend of the Bank of New South Wales for the quarter ended June 30 of 8s per share in Australian currency was payable to-day. Exchange oil the basis of £llB 12s 6d for £lOO in New Zealand is being charged so that the payment to New Zealand shareholders it, approximately 6s 8d per share.

£ 8. d. £ d Imperial Consols, 2% p.c. • • 5l 10 0 58 3 9 War Loan. 5 p.c.. 1920-47 .. 100 15 0 100 10 0 Conversion Loan. 3% p.c. .. 79 0 0 79 0 0 Victory, 4 p.c. .. 94 5 0 92 17 6 C’wealtb 6 p.c., 1931-41 .. 82 0 0 82 5 0 C’wealtb 554 P.c., 1922-27 .. 71 15 0 72 2 6 N.Z. 6 p.c.. 1936-51 .. 102 2 6 101 10 0 N.Z. 4 p.c„ 1920 .. .. .. 90 5 0 — N.Z. 3% p.c.. 1940 .. 85 0 0 84 5 0 N.Z. 3 p.c.. 1945 .. .. .. 75 12 0 75 10 0 N.S.W. 654 p.c., 1930-40 .. 79 0 0 79 5 0 N.S.VV. 8 p.c., 1930-40 .. .. 78 0 0 78 10 0 N.S.W. 551 p.c*. 1922-32 .. 77 5 0 75 0 0 N.S.W. 4 P.O., 1933 .. 69 0 0 60 0 0 N.S.W. 354 p.c.. 1930-50 .. 59 5 0 61 10 0 N.S.W. 3 p.c.. 1935 .. .. 47 0 0 51 0 0 Vic 654 p.c.. 1930-40 .. .. 68 0 0 6G 10 0 Via. 6 p.c.. 1932-42 .. .. 69 0 0 68 0 0 Vic. 451 p.c.. 1940-60 „ „ 77 0 0 77 0 0 Via 3’4 P.c.. 1929-49 .. .. 52 0 0 50 0 0 Vic 3 p.c.. 1929-40 .. 46 0 0 49 0 0 Q’land fl P.C., 1930-40 .. 78 0 0 89 15 0 Q’land 5 P.O.. 1940-60 • • 67 5 0 60 10 0 Q’land 3 P.c.. 1922-47 .. 48 10 O' 58 0 0 S.A. 6% p.c.. 1930-40 .. .. 82 0 0 86 0 0 S.A. 354 P.O., 1939 .. 55 0 0 56 15 0 S.A. 3 p.c., 1918 or after .. 47 0 0 39 0 0 W.A. 6 p.c., 1930-40 .. .. 83 0 0 83 0 0 W.A. 354 P.O.. 1920-35 74 10 0 74 10 0 W.A. 354 P.O.. 1915-35 .. 61 10 0 60 0 0 Tas. 654 P.O.. 1930-40 .. .. 89 0 0 85 0 0 Tas. 354 P.c.. 1920-40 .. .. 58 0 0 59 10 0 Tas. 3 p.c., 1920-40 .. 55 0 0 55 0 0

Copper, spot .. ., 714 Rise £0 2 6 Copper, forward .. . 32 11 10H Fall 0 18 9 Electrolytic, spot ,. . 35 10 0 No change Electrolytic, forward . 36 10 0 No change Wire bars .. .. . 36 10 0 No change Lead, spot .. .. . 12 5 0 Rise 0 6 3 Lead, forward .. . 12 0 0 Rise 0 1 3 Spelter, spot .. .. . 12 1 3 Rise 0 12 6 Spelter, forward .. . 12 7 6 Rise 0 6 3 Tin, spot .. .. . 121 1 3 Rise 6 10 0 Tin. forward .. .. . 123 11 Oz. 3 Rise 6 10 0 Silver, fine .. Silver, standard .. . 13d . l#d Rise l-16d Rise Id

Note issue in circulation .. Banking department £350,310,627 58,030,506 Government debt Other Government securities Other securities .. .. 4 . .. Silver coin .. Gold coin and bullion .. .. £408,341,133 £11,015,100 259,786,334 2,114,006 4,084,560 133,341,133 £408,341,133 BANKING DEPARTMENT. Proprietors’ capital £14,553,000 ■Rest .... X fi70 10n Public deposits • • •. .. .. 36,323,458 53,593,207 48,707,955 1,746 Other deposits (bankers) .. Other accounts Seven-day and other bills .. £146,858,561