COMMERCIAL

Southland Times, Issue 20538, 14 July 1928, Page 2

COMMERCIAL

CANTERBURY MARKETS. A QUIET WEEK. Christhurcch, July 13. The week has been an exceptionally quiet one, all classes of produce moving slowly although in most of them the tone remains quite firm. Potatoes have met with the first set back for some time. This month’s shipments north have been extraordinarily heavy and a natural slackening of the market has resulted. From £6 5/- for July’s a fortnight ago to £5 17/6 has taken place, and August-September’s have also eased from £6 12/6 to £6 5/-. At the moment the market is inclined to be bilious. This has been brought about very largely by over-sellers, and a good deal of speculative interest exists as to what will happen when the real show-down takes place in the position in later months. The Waipiata during the week took 3556 sacks for Auckland, and 1403 for Napier in addition to 400 from Timaru. The next week’s boats from Lyttelton are the Kurow and the Katoa, but they are not expected to take many. At the moment sellers are not available under £5 17/6 for July’s, and £6 5/- for August-September’s. Prices to farmers are up to £4 15/- on trucks. The wheat market is fairly firm for first grade milling, but operations are largely confined to second grade milling. Oats are lifeless and f.0.b., s.i. prices remain at 4/- a bushel for A Gartons, and 3/8 to 3/8* for B’s. Chaff has rarely met at this period of the winter with so little inquiry. It is difficult to sell and quotations to farmers are £3 12/6 to £3 15/- per ton on trucks. Both perennial and Italian ryegrass are quite firm and remain at 5/9 and 4/- : respectively f.0.b., sacks extra. Cocksfoot maintains the sound position recorded in recent reports, standard seed being worth 13d to 13*d a lb. DUNEDIN MARKETS. DECLINE IN OATS. Dunedin, July 13. The quietness in the milling wheat market continues. Farmers who decided to hold for higher prices are still waiting for the market to firm, but millers on the other hand are not inclined to operate, even at current values. The recent drop in the price of flour has helped to restrict buying by millers, and it will no doubt affect wheat values to a considerable extent. Flour has been reduced by 25/- per ton for shipment to the North Island and it now rules at £l6 5/- f.0.b., South Island ports. The local price has been dropped 15/- per ton. Tuscan is quoted at 5/6 to 5/8 on trucks and Hunters at 5/10 to 6/-. There is no Velvet offering up to the present. There has not been a great demand for seed wheat. With promising prospects for next season’s dairy produce, cheese particularly, and for the industry, farmers are apparently showing a greater disinclination than ever to go in for wheatgrowing. This position may affect the returns of wheat next season, and it is already being forecasted that there will be a shortage of supplies. The fowl wheat market has weakened in sympathy with the weakness of milling wheat and sales are difficult to effect. Locally, up to 5/9 per bushel, sacks extra, ex store, is obtainable, for good quality. According to reports from Canterbury, 5/7 f.0.b., sacks extra, is the general quotation with little business passing. Heavy stocks of undergrade milling wheat are still held in Canterbury stores, this wheat being rejected at the threshing period as of not good milling quality. There is a distinct downward tendency in the price of oats and even' so it is almost impossible to make sales. Quotations during the week have been round about 4/- f.0.b., s.i., for A’s, and 3/8 for B’s, but buyers have not been attracted. There are sellers at the foregoing price for forward delivery, but the only buyers are merchants who have to cover forward commitment. There appears to be few oats now required for actual consumption with the result that stores in the South Island are still holding fairly large quantities. A few lines are on offer from growers as most of the oats are now in merchants’ hands. The nominal quotation to growers is 3/3 on trucks for A’s and 2/11 for B’s, sacks extra. Consignments of chaff are not plentiful but the market is kept supplied with store lines of which there are a good quantity available. Best quality is selling as £5 10/- per ton, sacks extra, ex truck. Medium and poor quality is worth about £4 to £4 10/- sacks extra ex store. With the weather showing an improvement, more potatoes are being offered from Canterbury. The local market is a little bare of supplies and up to £6 5/- per ton, sacks included, ex truck, has been obtained for the best quality. Merchants are still working from hand to mouth as they are not confident that the present prices will be maintained. The seed market remains quiet but firm, with no quotable change in any of the lines. Up to 1/1* is being asked for standard Akaroa cocksfoot, and white clover is firm at about 170/- per hundredweight for best quality. NEW ZEALAND BREWERIES’ LTD. ANNUAL MEETING. Wellington, July 13. The fifth annual meeting of the New Zealand Breweries’ Limited, was held today, the chairman of directors, Mr A. S. Bankart, of Auckland, presiding. The report and balance-sheet were adopted. The chairman stated that after paying interest on debenture issue and making full allowance for depreciation on buildings, plant and machinery, and providing for all charges for administration of the company, a gross profit of £597,547 19/2 was made, and of this no less a sum than £476,216 5/11 was paid to the New Zealand Government as beer duty, leaving a nett profit to the company of £121,331 13/3. The chairman stated that the increase in the nett profit was due to ’returns for interest on an investment which had steadily increased as the result of transfers made annually to the reserve fund. To the nett profit mentioned had to be added £18,839 5/5 carried forward from the previous year, making £140,170 18/8 available for appropriation. From this amount an interim dividend of 5 per cent, which required £25,000 was paid in September last, so that there remains a balance of £115,170 18/8 to be dealt with. £75,000 was allocated to reserve, bringing it up to £250,000, and thereby to that extent providing for the goodwill item of £500,000 which is still retained as an asset in the company’s balance-sheet. It was proposed to pay a further dividend of 5 per cent making 10 per cent, for the year, absorbing £25,000 and to carry forward £15,170 18/8 to a new account. Office furniture has been written down to a nominal £2OO. Book debts are lower, reflecting the decreased trade of last year. Investments have increased to £425,645 16/7. Cash in hand with the bankers is larger than last year. LONDON WOOL SALES. The London Loan and Mercantile Agency Company, Limited, report having received the following cablegram from their London house under date 10th instant:— London Wool Sales.—There was a good attendance at the opening of the sales today competition by Home and Continental buyers being fairly active, and prices as compared with the close of preceding series

ruled about 5 per cent, lower for fine and medium crossbred slipe. No change in market for others. The opening catalogues were fairly representative. FOREIGN EXCHANGE. (United Press Assn.—By Telegraph—Copyright.) London, July 12. The exchange rates on London are as follow:

WHEAT CARGOES. (Rec. 7.5) London, July 12. Wheat: Cargoes are inactive at a decline of 3d to 6d. Practically no inquiry except Australians for India. Parcels are quiet at a decline of 3d to 1/Is. Liverpool futures: July 9/10*; October 10/2 1; December The spot trade is slow. Australian ex ship 54/-. Flour is dull. Australian, ex store 37/3. Oats are weak. Australian Algerian 31/6; A grade Gartons 34/-. Peas: Blues are steady. Tasmanian 400/- to 420/-; New Zealand 380/- to 400/-. Maples are dull. Tasmanian 77/6 to 80/-; New Zealand 70/- to 72/6. New Zealand beans are firm at 48/- to 50/-. —Australian Press Association. AUSTRALIAN MARKETS. Melbourne, July 13. Wheat: Quiet. Parcels 5/6. Flour: £l2 17/6 to £l3 2/6. Bran: Quiet, £6 10/-. Pollard: £7 10/-. Oats: Dull. Milling 3/7 to 4/-. Barley: English malting 5/4. to 5/ss; Cape, nominal 4/-. Potatoes: £2 10/- to £3 5/-. Butter: Firm, 10/8. Cheese: lid.—Australian Press Association. STOCK EXCHANGE. YESTERDAY’S QUOTATIONS. At a meeting of the Invercargill Stock Exchange held yesterday morning, the following prices were quoted:— Bank of Australasia, b £l4 14/-. Commercial Bank, b 29/6; s 29/9. E.S. and A. Bank, b £8 11/-; s £8 12/-. National Bank of New Zealand, b £7 2/6; s £7 5/-. Bank of New South Wales, b £49 15/-; s £5O. Bank of New Zealand, b 59/3; s 60/-. Union Bank of Australia, b £l5. Westport Coal Co., b 30/3; s 30/9. Westport Stockton, (ord.), b 3/-. Huddart, Parker Shipping Co., (ord.) b 48/-; s 48/9. National Insurance, b 15/10. New Zealand Insurance, b 42/6; s 43/3. South British Insurance, b 60/-; s 60/6. Standard Insurance, b 63/6. Goldsbrough Mort and Co., b 49/3; s 49/9. Dalgety and Co., s £l4 12/6. Wright, Stephenson and Co. (pref.), b 15/6; (ord.), b 22/6. Mt. Lyell Mining Co., b 34/6; s 35/3. Waihi Gold Mining Co., b 12/3. New Zealand Refrigerating Meat Co. (20/- paid), b 18/3; s 18/9; (10/- paid) b 8/6: s 8/9. Southland Frozen Meat Co. (£1 ord.), b 33/3; s 34/-; (10/- ord.), b 16/6, s 17/-; (£1 pref.), b 33/3; s 34/-. Kaiapoi Woollen Mills (ord.), s 12/6; (pref.), b 14/-. Mosgiel Woollen Mills, b £6 15/-. Wellington Woollen Mills (ord.), b £6 5/-. Colonial Sugar Co., b £59 15/-. Dominion Rubber Co., s 31/3. Donaghy’s Rope and Twine, b 32/6. Milburn Lime and Cement, b 32/-. New Zealand Drug, b 68/-. New Zealand Guarantee Corporation, b 8/6. New Zealand Milk Products, s 23/-. Wilson’s (N.Z.) Portland Cement, b 37/6. Dominion Investments, b 22/6. War Bonds (1930), b £9B. Inscribed Stock (1938), b £9B 5/-. War Bonds (1938), b £9B 5/-. Inscribed Stock (1939), b £9B 5/-. War Bonds (1939), b £9B 5/-. P.O. Inscribed Stock (1929), b £9B 10/-. Soldier Settlement Loan Bonds (1933), 5* per cent., b £lOO 10/-. A sale was reported of National Insurance at 16/-. THE SHAREMARKET. YESTERDAY’S TRANSACTIONS. (Per United Press Association.) Auckland, July 13. Sales on ’Change: Auckland Harbour Board (1944) 6 per cent. £lO4 10/-; Bank of New Zealand 59/6 (three sales) ; South British Tobacco 43/-; Checker Taxi Cab 8/-; Waihi 12/6. Wellington, July 13. Sales on ’Change: New Zealand Breweries 22/10 and 23/4. Sales Reported: Gear Meat 40/-. Christchurch, July 13. Sales on ’Change: National Bank of Australasia (£5 paid) £9 2/6; National Bank of New Zealand £7 4/9; Christchurch Gas (10/- paid) 11/10; British Tobacco 42/6 (2 parcels); Mahakipawa 3/5 (4 parcels). Sales reported: New Zealand Government 50/-; Inscribed (1941), £97; National Insurance 16/- (2 parcels) ; Goldsbrough Mort 49/6; Victoria Nyanza Sugar 44/9. Dunedin, July 13. Sale reported: Westport Coal 30/6.

May 7. . July 9. Paris, fr to £1 .. .. 124.02 124.25 Brussels, belgas to £1 .. 34.95 34.91 Oslo, kr to £1 18.23 18.20 Stockholm, kr to £1 . 18.20 18.16 Copenhagen, kr to £1 . Berlin, rchmkn to £1 . 18.20 18.20 20.40 20.41 Montreal, dol. to £1 . 4.88 1-32 4.87g Yokohama, pence to yen 23 1-16 22 13-10 Hong Kong, pence to dol. 24 5-32 24 11-16 Calcutta, pence to rupee 18 1715-16 Batavia, gldr to £1 . 12.10* 12.09* Rome, lire to £1 .. .. 92.63 92.87 Amsterdam, gldr to £1 12.09J 12.081 Prague, kr to £1 .. .. —Australian Press Associt 1641 1644 ition.