FINANCE & MARKETS

Sun (Auckland), Volume IV, Issue 1034, 26 July 1930, Page 11

FINANCE & MARKETS

POTATO MARKET WEAK

POSITION IN CANTERBURY Press Association CHRISTCHURCH, Friday. The market for potatoes is still very k The Katoa is due to sail from Tvtte'lton tomorrow night, and it is ex-nM-ted that she will take between f„ no an d 3,000 sacks to Auckland, a " t deal less than had been anticipated earlier. The Wingatui is schedled to sail from Timaru tomorrow, nd estimates are from 6,000 sacks to ?000 sacks. In any case it will be the est Shipment to leave Timaru over long period. For the Katoa, values nere considerably firmer than the rulprompt quotation, and sales were made at £4 las to £5. Today, forward quotations are £4 12s 6d a ton, fAb S.i. for Julys. fa 2s fd for Augjists ’and £5 5s for Septembers. The role’ the farmer is adopting is that of holder, and today, with values so low. he remains firmly in that position. The nominal value* to farmers is £ 3 10s to £3 15s on trucks, as compared with £6 15s during the corresponding ■*reek of last year. . Oats are also very quiet locally. However, the position is still firm and B grade 'Gartons have been sold this ■week for Lyttelton shipment at 4s, fob- s.i., and A grade Gartons at 4s Id The Southern quotations today are Iw'sid to 3s 9d f.0.b., s.i. for B grade gartons, and 3s 91d to 3s lOd for A gl The chaff market is quiet. There is little offering, and little inquiry from Auckland. The inquiry is small, as Tasmanian consignments hold the market there and more are expected next month. Sales for prompt delivery have been made at £6 17s 6d a ton f.0.b., s.i.. equiveilent to £5 7s fid on trucks. Chaff for later delivery is not offering in any quantity and the inquiry is dull. The onion market is practically a spent force, but a few orders are being met from outside ports. The duty which has just been placed on foreign unions has had a firming effect on the market, and up to £4 on trucks has been paid this week for quality lines A little business is being done in the new season’s wheat at 5s 5d to 5s 6d a bushel for Tuscan, according to stations. Fowl wheat is a shade firmer, with the inquiry fair. Today’s quotation is 6s to 6s Id f.0.b., s.i.

FEILDING STOCK SALE

KEEN DEMAND FOR DAIRY COWS Press Association FELLDING, Friday. Prices for fat sheep and lambs were firm at late rates at the stock sale today, when fairly large yardings were offered. Good quality sheep sold well. Only a few lines of breeding ewes were offered, and these dragged a little. Dairy cows sold at the prevailing high prices and the demand was keen, in sp£te of the large yarding. Prices were:—Prime fat lambs. 19s 3d to 21s Id; very good. 16s 3d to 17s Id; medium, 13s 7d to 15s 3d; fair. 11s lid; best fat ewes. 21s 6d to 225: very good, 17s 6d to 19s 9d; good, to 17s: medium, 33s 6d to 16s 7d; heavy fat wethers, 25s to 25s 3d; good weights, 20s. Store sheep: Four and five-year ewes, running with Southdown rams, 17s Id; aged ewes, 15s 2d; ewe hoggfets. 25s lOd; wether hoggets, 16s 6d. Hairy cattle: Best springing heifers, to £10: others, from £8; good springing cows, to £l4; others, from £8 to £8 15s; fat Jersey cows, £6 10s; medium, £4 to £5 12s 6d.

MELBOURNE PRODUCE

MELBOURNE, Friday. The following are among today’s quotations on the Melbourne produce markets: Wheat.—-4s 2d. Flour.—£ll. Bran and Pollard.— £7 ss. Oats.—3s 3d. Barley.—English, nominal, 3s 4d to Is (id. Maize.—ss lOd.

RABBIT SKINS

LONDON, Thursday. M the rabbitskin sales 2,900 bales offered and about 1,100 sold. Furriers’ sorts, stout pelted, declined by jper cent., compared with the . rates on May 30. Thin pelted were neglected. Oood hatters* sorts declined by 20 per c “nt. and poor sorts 30 per cent., ex-t-I>t kittens, which were unchanged.

WHEAT AND FLOUR -

LONDON, Thursday. —Cargoes are unchanged and Parcels met with poor inand are unchanged to 3d dearer. T«S res: London . July, 33s Sd; Sep--33s lOd; Liverpool. July, 7s u P er ce htal; October, 7s 4d; December, 7s 5 3-8 d; March, 7s 7 3-Sd. *P°t trade is quiet; Australian, Shjp, 38s 3d. •mu —Steady; Australian, ex store, M to 30s. Oats.—pirn,. Heana.— Dull. eaa.—Firmer tendency. ae et Sugar.—ss 32d.

THE MONEY MARKET

FOREIGN EXCHANGES

QUEENSLAND NATIONAL BANK

NET PROFITS OF £194,956 After writing down bank premises, etc., by £IO,OOO, the net profit of the Queensland National Bank for the year ended June 30 amounted to £194,956. This amount has been exceeded only by last year’s record profit of £202,387. and that of the year before. The profit was equivalent to 11.1 per cent, on capital. Two quarterly dividends of 2jfc per cent, were paid, after which the directors followed the conservative policy adopted at the time by three other banks and reduced the dividend for the March quarter to 2 per cent., which will be repeated for the last quarter of the year. The dividend rate is therefore 9 per cent., absorbing £157,500, against 10 per cent, last year An addition of £25,000 is made to the reserve fund, raising it to £840,000, and £18,515 is carried forward, against £6,059 brought into the accounts. Deposits decreased from £9,404,099 to £8,657.227, but advances increased from £10,348,614 to £10,423,181. Liquid assets are £854,418 lower at £ 3 790 277. Following is a comparison of the bank’s results for the last three years:-* 1925. If* 29. 1930. Brought forward £13,851 £5,672 £6,059 Net profit* .. .. 201,959 202,387 194,95.1 £215,810 £211,059 £201,015 To reserve . . . . 35,000 30,000 25,000 T lividend * - 10 10 9 Amount .. .. 172,139 175,000 157.500 Carried forward £8,672 £6,059 £18,510 * After writing £IO,OOO off premises.

PUKEKOHE PRODUCE GROWERS Special to THE SUN PUKEKOHE, Friday. A decision to form a Franklin Onion and Produce Growers’ Association was reached at a meeting of growers held last evening. ... Mr P Miller was elected president of the association; Mr. Parvin, secretary and Messrs. G. Gathercole, J. McMiken and W. Buttery, members of the executive.

METAL PRICES

LONDON, Friday. (Quotations on July 21 are given in paren theses.) Copper. —Spot, £4B 17s 6d C£47 6s 10Jd); three months, £4B 11s 3d (£47 Copper.—Spot £ JO 10 s (£51); three months, £52 10s (£oo). Wire Bars. — £52 10s (£53). Lead.— Spot, £lB 5s (£lB 3s 9d>; three months, £lB *8 , 2s r Spelter.—Spot, £l6 16s 10|d (£l6 5&); three months, £l7 6s 3d (£l6 16 Tin°—Spot, £134 7s 6d (£135 12s 6d): three months. £134 Is 3d (£137 Silver. —Standard, 16d (15 15-16 d) an oz.; fine, 171 d (17 3-16 d).

WHEAT DUTIES

The “Manawatu Evening Standard of Friday, July 18. in a long article on wheat production, warned its readers that “to allow the wheat-grower to go out of business rather than keep him iri at the present cost to the consumer might be falling out of the frying-pan into the fire. There is the fact, to begin with, that Australia is not always blessed with a bounteous harvest, and the “Standard” asks what the position of the North Island poultrymen and pig-raisers would be if the Australian crop failed. But even if New Zealand could get as much wheat from Australia as it wanted at a price it could pay “that would mean something over two millions sterling a year going out of New Zealand,” and the “Standard wonders what products from New Zealand would be given in exchange. We are practically shut out of their market by their tariff barrier, especially our potatoes and our butter, and “every importer knows to liis sorrow” that when the balance of imports is badly against us our imports cost more. It therefore concludes that “New Zeilanders would be well advise to adopt as a national policy the principle that the Dominion should be self-contained as far as practicable in the matter of its chief food supplies, of which wheat is the most important of all ” This is so sound and wise that it is not necessary to carry the argument any farther: but if it were necessary to add anything, it would be sufficient to remind the North Island that the price of bread is higher in Canada and America, which have dollar wheat, than it is in New Zealand, where wheat costs a dollar and a-half—Christchurch “.Press,” 22-7-30.—12.

BUSINESS ON ’CHANGE

NO CALL THIS MORNING Ho call was held on the Auckland Stock Exchange this morning on account of the footba.ll match. Following is a list of yesterday’s transactions on New Zealand Stock Exchanges. In the second column is given the return, based on the last dividend, from investment at the quoted price. In the case of Government and other redeemable securities the erturn includes redemption. The first column gives the figures at which the sales were made: AUCKLAND EXCHANGE Return on

SUN COMMERCIAL SERVICE

Special arrangements nave now oeen made whereoy inquiries from readers in regard tc commercial and financial questions will be dealt with immediately While every effort is made to ensure accuracy in every instance. no responsibility can be taken for the information given All queries should be addressed to the Commercial Editor THE SUN.

LONDON WOOL SALES

The New Zealand Loan and Mercantile Agency Company, Limited, has received the following cablegram from its London house, dated July 24, concerning the London wool sales: —As compared with last sales closing rates prices are about par to 5 per cent, higher for greasy Merino super and loured Merino super; about 5 per cent, to 7£ per cent, lower for Merino medium, greasy Merino inferior, coarse greasy crossbred and fine greasy crossbred; about 7i per cent, to 10 per cent, lower for lambs, Merino and crossbred, medium greasy crossbred, scoured crossbred; about 10 per cent, lower for scoured Merino inferior; about 10 per cent, to 15 per cent, for crossbred slipe; and about 20 per cent, for crossbred slipe inferior. The sales closed firmly. The prices realised for average to super grades of descriptions as below were as follow:—Merino, super, 121 d to 14Jd; average, lOd to 12d; crossbred (56/58), 11 Jd to 14d; 50/56, lid to 12£d; 48/50, 10£d to 12d; 46/48, lOd to llid; 44/46, 9id to 40/44, 9Jd to 10£d; 36/40, 9}d to 10? id.

BANK NOTE DUTY INCREASE

£96,000 ADDITIONAL Press Association WELLINGTON, Friday. The increase in duty on bank notes which it is proposed to make under the Stamp Duties Act will mean additional taxation of the six banks trading in the Dominion amounting to . over £96,000 a year. The present rate of 15s per cent, on the average amount of notes circulating during each quarter is to be increased to 22s 6d per cent. The increase, which will operate from Julv 1, means an increase from 3 per cent, to 4h per cent, per annum on bank note duty. The averages of note circulations of the six associated banks for the last four quarters were as follow: December 30, 1929, £6,544,522; September 30, 1929, £6,272,354; March 31, 1930. £6.417.038: June 30. 1930. £6,433,264. This gives the average for 12 months ended June of approximately £6,416,000, the duty on which at the new rate of 4* per cent, per annum will be £256,670. At 3 per cent, the duty would be £192,480, so that the new rate represents an increase of roughly £96,240 a year.

LONDON, Thursday. The following rates on foreign exchanges are current today, compared with the cabled quotations on July 22 and par:— July 2 RJontreal, dol. .. 4.SG 4.86 New \ ork, dol. . 4.86 21 -32 4.863 4.866 Paris, fr 123.67 123.67 124.21 Brussels, belga .. 34.SO 34.805 35.00 Geneva, fr 25.035 25.03 25 22 Amsterdam, 11. . 12.094 12.092 12.10 Rome, lire .. .. 92.88 92.87 Berlin, r.m 20.38 Stockholm, kr. .. 18.095 18.095 Oslo, kr 18.165 Copenhagen, kr. . 18.16 18.16 18.159 Vienna, sch 34.435 34.435 34.58$ Prague, kr 1641 Helsingfors, mark 1938 3931 192.23 Madrid, pes. . . . 42.55 42.60 25.225 Lisbon, escu. .. 108.25 Athens, dr .. .. 375 Buckarest, iei. .. sis SI 8 R. do Janeiro, m. 8jJ 5S B. Ayres, dol. .. 40 9-36 Calcutta, rupee . 17 25-32 17 25 32 18d Shanghai, tael . . 18 18 Hong Kong, dol. 15ft Yokohama, yen . 24 11-3 2 24* 24.58d COLONIAL STOCKS The following table for consols and colonial compared with those of July 17 — VariaPrice. tion. £ s. d. Consols, 25 per cent. .. Funding Loan, 4, 1960-90 90 0 ft 22 6* IV ar Loan, 5, 1929-47 . 103 10 Conversion Loan, 3& . . Victory Bonds, 4 .. -. 95 0 Com’wealth, 5, 3 945-75 Com’wealth, 6, 1931-41 99 1 ? 13 9* V ictorian, 3, 1929-49 . G3 0 0 20 0* V ictorian, 55, 1930-40 .. 96 1 3 3 9* V ictorian, 35, 1929-49 . 69 3 0 3 9* V ictorian, 5, 1932-42 89 10 0 10 0* Victorian, 42, 1940-60 . 81 2 6 7 6+ N.S.W., 4, 1933 .. .. 93 17 6 N.S.W., 3, 1935 .. .. 86 16 3 9* N.S.W., 31, 1930-50 67 0 0 35 0* N.S.W., 53, 1922-32 98 10 0 2 6* N.K.W., 61. 1930-40 99 13 9 3 9t N.S.W., 6, 1930-40 97 15 0 10. 0* Queensland, 5, 1940-60 . 86 15 0 7 6* Queensland, 3, 1922-47 . 62 17 6 17 6* Queensland. 6. 1939-40 . 97 11 3 3 9t N.Z., 41, 1948-5S .. .. 95 5 0 Same. N.Z.. 31, 1940 .. .. - 90 0 0 5 0t N.Z., 3, 1945 .. .. 81 10 0 2 6* N.Z., 6, 1936-51 .. .. 103 7 6 7 6* S. Aust., 3J, 1939 . . . . SI 15 ft 20 0* S. Aust., 3, 1916 or after 53 10 0 S. Aust., 61. 1930-40 .. 99 12 6 Tasmania, 31. 1920-40 .. SO 10 0 5 Ot Tasmania, 3, 1920-40 . . SO 6 3 26 3t Tasmania. 3, 1920-40 .. SO 6 26 3t Tasmania, 61, 1930-40 . . 100 0 0 Same. W. Aust., 21. 1929-35 .. 87 10 ft Same. VV. Aust., 3, 1915-35 .. 84 15 0 10 0* VV. Aust., 6. 1930-40 .. 97 17 6 12 6t fHigher. •Lower.

Sale Price. Investment £ s d £ d Bank of N.Z. (3) . . 2 15 National Insurance . 0 14 b 5 7 Dorn. Investment .. 10 V 7 0 0 Pukemiro Coll. . . 3 2 G 11 4 0 Auckland Gas .... 1 5 6 6 5 6 N.Z. Breweries .. 10 0 6 0 0 CHRISTCHURCH EXCHANGE Nat. B. A’sia, £5 pd. 6 19 6 7 3 4 Bank of N.S.W. . . 3G 0 0 5 11 Bank of N.Z. <5) . 2 15 2 Aus. Bank of Com. 1 2 G 6 Christchurch Gas (2) 1 5 8 G 4 8 Ditto, 10s paid .. 0 12 10* 4 8 N.Z. Breweries .. 2 10 1 19 10 Ditto 2 9 11 6 0 The following sales also took place:— Mount Lyell, 23s 8d, 23s lOd (2) ditto (rights), 2s Id; Mahakipawa, 2d (4). No return is being; given or Mount Lyell shares owing to the reduction in the of interim dividend and the of the final distribution. WELLINGTON EXCHANGE ins. Stk., 1939, 4 h . 99 15 0 4 10 S Com. Bank Aus .. 1 1 0 7 V) Bank of N.Z. (2) .. 2 15 9 10 N.Z. Breweries . . 2 9 G 6 1 2 Leyland-O’Brien T. 1 5 0 G 13 4