COMMERCIAL

Southland Times, Issue 22215, 6 January 1934, Page 3

COMMERCIAL

DUNEDIN MARKETS. (Per United Press Association.) Dunedin, January 5. Local merchants have not yet resumed operations in the grain, produce and seed business as the holiday period has been extended to the end of this week. The weather conditions that have prevailed recently throughout the South Island would be beneficial, speaking generally, to the growing crops of wheat in some districts. However, too much rain has fallen, with the result that crops are lying down. A spell of fine weather is now badly needed, especially in the southern areas. Fruit Report. The fruit marts had a busy time during the holidays and' prices for all classes of fruit were well maintained, with the exception of those for tomatoes which accumulated and had to be sold at lower values. When the marts reopened there was a firmer tone for tomatoes. Towards the end of the week choice quality peaches, apricots and plums have had a keen demand, with high prices ruling. Florence cherries are still on offer from Central Otago and the market is easier. Red and black currants have been in good supply and now have a better demand. Raspberries are offering at low rates, but the demand is improving. A shipment of Rarotongan bananas is expected ex the mail steamer due at Wellington on Monday. These will come to a bare market. A small quantity of Californian oranges is expected by the same steamer. Vegetables of all classes have been in good supply with low prices ruling. CANTERBURY MARKETS. (Per United Press Association.) Christchurch, January 5. Merchants’ offices re-opened on Wednesday after the holiday vacation, but little business has been done. Until the position in the matter of crop yields is more clarified, merchants are disinclined to quote prices for incoming crops. The only forward business mentioned is in potatoes and a little has been done for May-June at 42/6 a ton on trucks, equal to £3 10/- f.o.b. The crops are looking well. Statistics show that a smaller acreage has been planted in the North Island this season and more consumption of southern potatoes is anticipated. The northern area is estimated at 5500 acres. In 1932-33 it was 7351 acres. The trade in potatoes with North Island last season was the smallest over a long period of years. Fowl wheat is quoted at 3/5 to 3/6, f.o.b.s.e. No estimate of values for the new season’s small seeds is available. It is fairly certain that production of cocksfoot, ryegrass and white and red clover will be considerably reduced, but merchants require more evidence of the extent before venturing to quote. In the meantime prices for old season’s seeds are firm. There is no inquiry so far for new season’s oats. A fair area is now in stack, and will probably stay there until the demand sets in. Some threshing of Algerians may take place for autumn sowing. Chaff is quoted at 70/-, f.0.b.5.i., but there is very little business being reported. The poor Marlborough crop is expected to be reflected in a better demand from the North Island, but it is not certain that there will be much Canterbury chaff to spare.

DAIRY PRODUCE.

MARKETS SLOW.

(United Press Assn.—Telegraph Copyright.) London, January 4.

Butter: Slow. Danish 91/-. Choicest salted New Zealand 67/-, 68/-. Australian 67/-. Unsalted, New Zealand 70/-, 71/-. Australians 68/-, 70/-. Cheese: Quiet. New Zealand white 48/-; coloured 44/-, 45/-. Australian coloured, 42/-, 43/-. Mr A. H. Mackrell, agent for R. and W. Davidson, Ltd., reports having received the following market report:— Butter: Weak and easier. 66/- to 67/-; unsalted 68/-, 70/-. Cheese: Quietly steady. White 48/-, 48/6; coloured 44/-, 44/6.

Messrs A. H. Turnbull and Co., Ltd., advise having received the following cable from their principals, Messrs W. Weddel and Co., Ltd., dated London 3rd inst. reading—Danish butter, 100/to 102/-; N.Z. finest, 66/- to 68/-; Kangaroos, 65/- to 67/-. Butter market has a tendency to decline. N.Z. cheese white, 47/- to 48/-; N.Z. cheese coloured 44/-. Cheese market has a tendency to decline. Advances: Butter advances are reduced to 6}d per lb. Cheese advances remain at 4d per lb.

Messrs A. S. Paterson and Co., Limited, report having received the following cable advice from their principals, Messrs J. and J. Lonsdale and Co. (London) Limited:— Butter—New Zealand 65/- to 66/-; Australian 64/-; Danish 71/-, landed cost 92/-; market weak. Cheese—White cheese 48/-; coloured cheese 44/-; market steady.

BRADFORD QUOTATIONS.

(United Press Assn.—Telegraph Copyright.) London, January 4.

Bradford.—The market is firmer on the advance of the Australian sales. Topmakers are asking for 70’s 42d, 64’s 41d, 60’s 38d, 56’s 28Jd, 50’s 20Jd, 46’s 15Jd, 40’s 12d. The advance has checked any new business.

THE METAL MARKET.

(United Press Assn.—Telegraph Copyright.) (Rec. 7.50 p.m.) London, January 4. Metal quotations are as follows: — Jan. 3 Jan. 4 £sd £ s d

CARLTON AND UNITED BREWERIES. An increase of £Bll3 in net profit is shown by Carlton and United Breweries, Limited, for the year ended June 30, net income being £234,540, compared with £226,427 for the previous year. Trading profit at £263,231 is £18,994 higher than for 1931-32, but rents, interest, etc., at £65,854, are down £10,724. Dividend of 10 per cent, on the preference shares takes £20,000, and ordinary shareholders again receive 10 per cent., requiring £175,000, while the balance of £39,540 is transferred to the reserve fund. The yield on shareholders’ funds employed in the business for the year is 7.03 per cent., compared with 6.72 per cent, for 1931-32. In the year first mortgage debentures and interest of £101,405 have been extinguished from the balance sheet and mortgages and interest are less by £32,275. Sundry debtors have

been reduced £122,576, and cash is higher by £40,448. NATIONAL BANK OF NEW ZEALAND LIMITED. INTERIM DIVIDEND. The general manager of the National Bank of New Zealand Limited announces payment on January 6 of an interim dividend at the rate of 4 per cent, per annum, free of tax, for the half-year ended September 30 last. The above dividend will be payable in New Zealand, at any branch of the National Bank of New Zealand Limited at current rate of exchange for demand drafts on London on the date of negotiation. This makes the interim dividend equal to £2 9/7 per cent. This bank shows its capital and reserves as under:— £ Subscribed capital ' 6,000,000 Paid-up capital 2,000,000 Reserve Fund (mainly invested in Government securities) 2,000,000 Reserve liability of shareholders 6,000,000 10,000,000 In addition there are undivided profits carried forward of £114,742. In the balance-sheet liquid assets stand at £9,367,000, or 11/7 which are equivalent to 58 per cent, in £ of total liabilities to the public, and for every £1 of its own funds the bank is holding only £3 18/1 of the public’s money which is an exceptionally strong position. LONDON MONEY. DOMINIONS CONVERSION One of the most encouraging features of the improving financial position in London (remarks the Daily Telegraph) has been the reopening of the capital market to dominion borrowers in recent months. Full advantage has been taken by these Imperial countries of the London money market in which to replace costly loans by issues more in line with the present era of cheap money. With the exception of £15,090,000 for Canada, which heralded the return of that dominion to London, the loans have been for conversion purposes. It will be observed from the following table, in which the issues are set out, that there has been a progressive decline in the cost of borrowing:— Issued

The success of one-dominion loan has been of assistance to the next. Thus, whereas the Commonwealth of Australia encouraged confidence in Dominion borrowings by placing £21,000,000 in 3$ per cent, stock at 98, New Zealand secured slightly better terms with a 31 per cent, issue at 97 per cent. South Africa in turn benefited and was able to secure a 3| per cent, loan at 98|. Such is the appetite for well-se-cured loans with a redemption date that current market quotations are well above the issue prices. The total amounts to about £101,230,000.

FOREIGN EXCHANGES.

(British Official Wireless). Rugby, January 4.

The following rates of foreign exchanges are current to-day compared

THE DOLLAR QUOTATION. (United Press Assn.—Telegraph Copyright.) London, January 4. The dollar is quoted at 5.10. THE PRICE OF GOLD. (United Press Assn.—Telegraph Copyright.) London, January 4. The price of gold is quoted at £6 7/6 per ounce. WHEAT CARGOES. (United Press Assn.—Telegraph Copyright.) (Rec. 5.5 p.m.) London, January 4. Wheat cargoes are quiet. Parcels are steady. Futures: London, February 18/14; April 18/2J; June 18/7; Liverpool, March 4/3J; May 4/51; July 4/63 per cental. Spot trade is dull. Australian exship 23/3, 24/-. Flour has an easier tendency. Australian ex store 17/6, 18/-. Oats are steady. Peas and beans are quiet.

Copper, standardSpot 32 3 1J 32 10 0 Forward 32 6 3 32 6 3 Copper, electrolytic— Spot 35 10 0 35 10 0 Forward 35 15 0 35 15 0 American 8.25 cents Wire Bars 35 15 0 35 15 0 Lead— Spot 10 17 6 11 0 0 Forward 11 2 6 11 6 3 Spelter— Spot 14 7 6 14 8 9 Forward 14 15 0 14 16 3 TinSpot 226 18 9 224 18 9 Forward 227 3 9 225 8 9 Silver (pence)— Standard 19 5-16 19 1-8 Fine 20 13-16 20 5-8

£ p.c. price C’wealth 11,409,965 3£ 1937-38 99 C’wealth 17,221,191 4 1943-48 99 C’wealth 20,961,226 3| 1948-53 98 Canada 15,000,000 4 1953-58 100 N. Zealand 5,000,000 3£ 1949-54 97 S. Africa 13,000,000 3i 1955-65 981 India 12,000,000 4 1948-53 97i Australia 16,647,349 35 1945-48 99

with par:— Par. ’ fo-day. Paris, fr. 124.21 82 25-32 New York, dol. 4.866 5.13J Montreal, dol. 4.866 5.134 Brussels, belga 35.00 23.43 Geneva, fr. 25.22 16.781 Amsterdam, fr. 12.10 8.09 Milan, lira 93.46 61 13-16 Berlin, r.m. 20.42 13.67 Stockholm, kr. 18.159 19.39J Copenhagen, kr. 18.159 22.40 Oslo, kr. 18.159 19.90 Vienna, sch. 34.585 29J Prague, kr. 20.02 1091 Helsingfors, mark 124.23 226J Madrid, kr. 15.225 39 7-16 Lisbon, escu 4J 109J Athens, dr. 570 5821 Bucharest, lei 25.225 545 Belgrade, kr. 25.2215 240 Warsaw, zlotys to £1 43.36 28.87 Rio de Janiero, mil. 4.898 4J Buenos Aires, dol. 45.57d 36 Montevideo, dol. 45.57d 35g Bombay, rupee 19 18 1-16 Shanghai, tael 16 Hong Kong — 17 5-8 Yokohama, p. to yen 24.57 14 15-32