COMMERCIAL

Southland Times, Issue 18969, 16 June 1923, Page 2

COMMERCIAL

CANTERBURY MARKETS. (Per United Press Association). CHRISTCHURCH, June 15. The potato market has been excited by the information from Auckland that 300 tons of Tasmanian potatoes had been bought by Auckland merchants at £8 10/per ton and was being loaded by direct steamer for Auckland. With freight 35/and duty £1 per ton, would make the landed cost £ll 5/-, less brokerage or other incidental costs, practically the same figure as Canterbury potatoes, £lO f.o.b, s.i, could be landed there, the coastal freight to Auckland being £1 7/6. The report rather surprised the merchams here, as inquiries from Christchurch to Tasmania a little over a fortnight ago met with quotations varying from £ll to £l2 for JulyAugust shipment, and declining to quote for later. Something exceptional, therefore must have happened to secure a drop of from £3 to £4 per ton in a fortnight. The cables reported floods, but this should have operated in the direction of firming, not easing the market. However, the report temporarily checked the activity thought it was not given a great deal of credence, and this evening the expected happened. An Auckland report stated that only a proportion of the Tasmanian business was confirmed, and that at £9 per ton, not £8 10/-. The quotation was for Scotias, a medium quality potato. It is apparent, however, that the Tasmanian market has eased, as potatoes in Melbourne on. June 6 was quoted at £9 to £9 10/- for best and medium £8 10/- to £8 15/-. Considering the loss of weight that is inevitable, probably about 5 per cent., this would make Tasmanian tubers £l2 6/- per ton c.i.f., Auckland, with poor value for sacks in comparison with New Zealand quality, so that potatoes at Lyttelton at £lO f.o.b. are quite 20/- lower in value. Since the midweek report, the only vessel to sail north with potatoes, was the Wingatui last night, with a small cargo of 1225 sacks. The next vessel in sight will not sail until well on next week, so that Auckland is destined to be very short of tubers as the previous heavy shipments went immediately into use. Quotations to farmers are from £8 to £8 5/- for whites, and from £7 10/- to £7 15/for Dakotas, which is not being very freely accepted. Any good milling wheat offered is being at once taken by millers. Fowl feed has firmed up and is now being quoted to farmers at 4/3 to 4/4. It is understood that the movement is due to sellers who found that growers would not respond to offers of'4/- and lower. Oats are very dull and have eased, being worth from 2/7 to 2/8 at country stations. There is a brighter tone in the seed inarket, both perennial and Italian ryegrass are worth 7/6, f.0.b., s.i. Cowgrass is better and worth from lOd to lid per lb. Linseed is firmer and some busihess has taken place at £l9, f.0.b., s.i., equal to £l7 at country stations. There is a shade healthier tone about cocksfoot, and some inquiries have been made. Farmers’ undressed is worih from 4£d to sid. Chaff about maintains late rates of £5 per ton.

MEAT PRICES, PRODUCERS’ BOARD’S REPORT. WELLINGTON, June 15. The New Zealand Meat Producers’ Board advises that the following prices were being offered on June 14, 1923: Auckland.—Wethers, 641bs and under, 6Jd; prime woolly lambs, 421bs and under, 84d. Poverty Bay.—Wethers, 641bs and under, 6d; prime woolly lambs, 42Ibs and under, 83d; 431bs and over, 7£d; second quality lambs, 7Jd; prime ox beef, 20/- per lOOlbs; second quality ox beef, 17/6 per lOOlbs. Hawke’s Bay.—Wethers, 641bs and under, Bid; prime woolly lambs, 421bs and under, 9id; 431bs and over, Bsd; second quality lambs, Bid; prime ox beef, 20/- per lOOlbs; second quality ox beef, 17/6 per lOOlbs. Wanganui.—Wethers, 641bs and under, sjd; prime woolly lambs, 421bs and under, 9d; 431bs and over, 8d; second quality lambs, Bd. Wellington.—Wethers, 63ibs and under, 53d; prime woolly lambs, 421bs and under, 9d; 431bs and over, 8d; second quality lambs, Bd. Canterbury.—Wethers, 641bs and under, 7d; prime woolly lambs, 421bs and under, 10|d; second quality lambs, lOd. Southland.—Wethers, 641bg and under, 6d; prime woolly lambs, 421bs and under, second quality lambs, 83d. STOCK EXCHANGES. CHRISTCHURCH, June 15. Sales reported:—Government 44 per cent. Bonds (1938), £97 10/-; Crown Brewery, £2 14/6, £2 14/9; Howard Smith, £2 14/6; Ward’s Brewery, £2 6/6, £2 6/9. Sales on ’Change: Manning’s Brewery, £6 9/- (four parcels), £6 8/6: Electrolytic Zinc rights, 11/9 (two parcels), 11/10. AUCKLAND, June 15. Sales: War Loan, 1930, £97 10/-; 1938, £97; Soldier’s Inscribed 5| per cent., £lO2 2/6; Bank of New Zealand, 63/-, 62/-; New Zealand Insurance, 29/6; Auckland Gas, 26/9 to 26/8; Howard Smith, 54/6Kauri Timber, 29/-; Parker Lamb, 25/-; Meredith’s, Samoa, 9/3; Takapuna Tram, 20/6; New Waiotahi, 9d; Waihi, 26/6; Grand Junction, 7/2, 7/-.

DOMINION’S LOAN. Referring to the recent Dominion loan, Sir George Elliot, in his address at the annual meeting of the Bank of New Zealand in Wellington yesterday, said.— Last month the Government issued in London a 4 per cent, loan for four millions at 92, which gives the investor a return of £5. 1/1 per cent, if the loan is repaid in 1933, or £4 12/7 per cent, if not repaid until 1943. The Right Honourable the Minister of Finance, and the High Commissioner also, are to be congratulated on a flotation, the success of which speaks volumes for the high standing of the Dominion on the London money market. During the next six years the Dominion has about £13,000,000 of loans maturing in London, in addition to nearly £45,000,000 falling due in Australia and New Zealand. If we expect® these loans to be renewed on advantageous terms, it is imperative that the present status of the Dominion on the London money market be maintained. To that end, Government loan expenditure should be confined to work .that is essential, and the severest economy should be practised in all the Government Departments. The country carries a great burden of debt, much of which is unproductive, largely due to war expenditure. It is of paramount importance that the unproductive portion should be steadily reduced. Although we all desire to see lower taxation, we ought at the same time to regard the present high rate as part of a price paid to escape German domination. This view of the matter should be an antidote to undue complaint. We hear from time to time of demands made upon the Government to open unoccupied lands. In our opinion at this juncture any further opening up of unoccupied land would be unwise, for there is already far more land in occupation than can be profitably used by the holders. Subdivision of large holdings into reasonably sized areas would permit of a large increase in the number of producers without expenditure by the Government on additional roads, bridges, and railways.”

BANK OF NEW ZEALAND SHARES. WELLINGTON, June 15. For some time past public interest in the ordinary shares of the bank had been particularly keen. The Wellington Stock Exchange reports, which reflect more or less prices on other New Zealand exchanges, show that sales were made in March, 1921 at as low as £2 0/6. In June, 1922, the price was from £2 12/6 to £2 14/6, rising to as high as £2 17/- and coming back on the announcement by the General Manager in August of that year, that there were then no foundations for the rumours that there was to be a new issue of capital, and that there had been no change in the

position since the annuaj, meeting held in June of that year. In fact, when the issue of further share capital would be made it not been seriously considered by the 'directors. Shares had been steadily rising this year—they opened at £2 16/6 in January and went to £2 19/6, and receded to £2 16/-, ex dividend, closing at £2 17/6. They remained round about that figure until April, when the rise began again, sales being effected at £3 to £3 15/9, but falling again towards the end of the month. During June they have been dealt in at £3 1/6 to £3 2/9 (cum. dividend).

CLYDESDALE SHIPMENT. DUNEDIN, June 15. .4 valuable consignment of 21 Clydesdale stallions, stud mares and fillies was shipped by the Moeraki by Messrs Wright, Stephenson and Co. to Campbell and Sons., Melbourne, on account of Mitchell and O’Brien, Oamaru. The shipment was drawn from Thomson’s Wairongoa Stud, Johnston’s (Palmerston), Mac Lean’s (Hawke’s Bay), Boag’s (Rakaia) and Taylor’s and Shearer’s (Ashburton).

AUSTRALIAN MARKETS. (By Telegraph—Press Assn. —Copyright), i 1 MELBOURNE, June 15. j 1 At the hides’ sale there was a large cata- « logue. Bidding was more spirited and the : tope of the market firmer except for badly- ’ arranged parcels. Values are unchanged. 1 Barley, English, 4/-; oats, 3/7 to 3/8; ’ potatoes, £9 to £9 10/-; onions, £4 to £4 ’ 5/-. 1 GOVERNMENT STOCKS. ! LONDON, June 14. (Received June 15, 7.15 p.m.) ’ Consols, 59. 1 Imperial War Loans, £96 2/6, £lOl 7/6. } Conversion loan, £BO 17/6. J Commonwealth, £lOl 5/-, £lO6 12/6. Victorian 34 per cent., £97 12/6. 1 New South Wales 64 per cent., £lOB » 17/6, 6 per cent. £lO5 5/-. ; Queensland, £97 12/6, £97, £B9, £72 10/-, £lO5 12/6. J New Zealand, £95 7/6, £B5 10/-, £77 9 17/6, £ll2. South Australian 6 per cent., £lO9. 5 Tasmanian, £B5 2/6, £79, £lO9. West Australian 3$ per cent., £B7 10/-. f Other stocks unchanged. « j LONDON MARKET REPORTS. * LONDON, June 14. 0 (Received June 15, 7.15 p.m.) D Wheat.—Cargoes firm; parcels firm at 3d to 6d advance; spot trade quiet and 8 prices well maintained. ’• Flour.—Slow of sale. Australian, 36/6 to 37/3, ex store. 18 Barley.—Quiet. B Oats and Bean. —Quiet and steady. Peas. —In good inquiry at full rates. 8 Sugar.—Unchanged. ‘ Butter.—Dull, chiefly owing to heavy supplier of Danish reducing the price to lfc about 156/-. New Zealand, choicest 156/-; n exceptionally good lots 160/-; Australian n choicest, little offering at about 150/-. e Cheese.—Quiet. New Zealand, 86/- to 88/-; Australian, 80/- to 84/-. Fruit. —Ruahine’s New Zealand pears are . in excellent condition. All sold at 10/- per tray. Otago apples, fair condition; Cox’s excellent. Wool.—Bradford market more cheerful, though actual business is quiet. 60’s, 4/5; e 58’s, 3/8; other quotations unchanged. r’ FOREIGN EXCHANGES. r LONDON QUOTATIONS. y LONDON, June 14. (Received June 14, 8.40 p.m.) Foreign exchange rates afford the followr ing comparison with those last previously cabled:—

To the £. Par. June 6. June 13. Paris (fr) 25.22 71.65 78.45 Christiania (kr) 18.16 27.70 27.85 Stockholm (kr) 18.16 17.36 17.37 Copenhagen (kr) 18.16 25.43 25.63 Berlin (mark) 20.43 363,000 490,000 Rome (lire) 25.22 98.75 99{ Calcutta (rupee) 10.00 14.88 16* Yokohama (yen) 9.76 9.41 258 Hongkong (dol) 8.72 2.7J Montreal (dol) 4.86 4.721 4.721 New York (dol) 4.86 4.621 4.611