COMMERCIAL.

Sun (Christchurch), Volume I, Issue 120, 26 June 1914, Page 10

COMMERCIAL.

THE MONEY MARKET. BANK OF ENGLAND RETURN. By Cable. — Press Association. — Copyright. (Received June 26. 11.20 a.m.) LONDON, June 25. The Bank of Englaud return issued for the week ended Wednesday, June 24, is as under: — ISSUE DEPARTMENT. Notes Gov. debt £11,015,000 issued £28,703,000 Other seNotes in curities 7,434.000 reserve 28,049,000 Gold 38,303,000 £56,752,000 £56,752,000 BANKING DEPARTMENT. Proprietors' Gov. secucapital £14,553,000 rities £11,047,000 Public de- Other secuposits 18,074,000 rities 39,995,000 Other de- Notes 28,049.000 posits 44,916,000 Coin 1,626,000 Rest, 7-day and other bills 3,174,000 £80,717,000 £80,717,000 The leading items of the Bank of England -~J*Rturn afford the following comparisons:— Increase or Increase or decrease on decrease on Amount, last week, last year. ■£ £ * Bullion 38,303,000 *1,26G,000 *1,532,000 Note circulation 28,703.000 *285,000 *50,000 Reserve 29„675,000 *961,000 *1,461,000 Deposits 02,990,000*3,474,000 *3,663,000 Proportion of reserves to liabilities 47.10 tl.l* t.« ♦lncrease. tDecrease. LONDON MARKETS. VfHEAT WEAKER. By Cable. — Press Association. — Copyright. I LONDON, June .25. ~. The wheat market is weak, and from 3d to 6d lower. Buyers are unresponsive. 36/3 is offered and 36/- bid. f FINANCE FOR FRANCE. PARIS, June 25. The French loan. of £32,000,000 will be issued at 91. SHEEPSKIN SALES. (Received June 26, 10.5 a.m.) LONDON, June 25. sheepskin sales there was a good attendance and spirited competition. Four thousand bundles of Australasian skins were offered, and all were sold. Australian combings were a farthing dearer, and crossbred'clothings from a farthing to a halfpenny 'dearer. 1 Merinos were unchanged. New Zealand crossbreds and combings were a farthing dearer, and clothings a halfpenny lower. AUSTRALIAN MARKETS. -. SYDNEY WOOL SALES. V SYDNEY, June 25. The wool sales, the last of the present ' series, have closed. Competition was ■1 keen from all buyers. .All".descriptions showed an improvement, chiefly faulty "sorts. Greasy sold to" 15d and scoured to 25Jd.

GRAIN AND PRODUCE, Wheat, 3/101 to' 3/11. Fiour, £8 5/to £8 7/6. Bran and Pollard, £5 5/-. Oats, Algerian feeding, 2/4 to 2/5; milling, 2/7 to 2/8; Tasmaniau, 3/-. Barley, English, .2/0; Cape, 2/6; seeding, 2/10. Maize, 3/0 to 4/-; Java, 3/6. Potatoes, Tasmanian, £5 .10/-. Onions, Victorian, £7 15/- to £8; New Zealand £7 5/-; picklers, £3. : Butter, selected, 120/-; secondary 102/- to 108/-. Cheese, 9d to OJd. Bacon, 8-Ad to 9d. ADKLAIDE, June 25. Wheat, .">/*» .to 3/10. Flour, £8 5/-. Bran, 1/2. Pollard, 1/3. MELBOURNE, June 25. Hides —There were average supplies] all round at the sales to-day, and the market was nrm. (Received June 26, 10 a.m.) MELBOURNE, June 20. Wheat, 3/11; /lour, £9; Oats, Algerian, 2/1 to 2/3 A; barley, English malting, 3/- to 3/6, Cape 2/2 to 2/5; maize, 3/6 to 3/7; bran, £5 10/-; pollard, £5 15/-; potatoes £3 10/- to £4 15/-; onions fi6 10/-'. CARRIAGE OF PRODUCE. SYDNEY, June 25. Tire Norddeutscher Lloyd Company has rescinded the restrictions-with respect to carrying frozen meat, butter, and cereals on mail steamers. All produce will be carried in future. BUTTER AND CHEESE. Under date, London, June 25, Messrs '• Weddel and Co., Ltd., advise the position of the dairy produce market as follows:—Danish butter .118/-, New Zealand first grade, salted, 112/- to 114/-; market quiet. New Zealand first grade Avhitc cheese, 63/ to 03/0; do coloured, 64/- to 64/6; market quiet. The New Zealand Loan and Mercantile Agency Co., Ltd., have received a cable-

gram from London giving the undernoted market information: — Tallow. —We quote spot value for the following descriptions of tallow: Fine mutton 34/9, good beef 32/9, mixed 29/9. Market quiet. Wheat. —Australian cargo sold at 36/6 e.i.f. Very little demand owing to favourable crop reports. Outlook discouraging. FARM PRODUCTS. The conditions affecting the grain trade have in no way altered materially since the last report, and business is at a standstill. j!*mong shrewd grain growers it is usually an axiom to "sow cheap seed," meaning, of course, that following a low-priced season cereals are usually neglected, but it would require an extremely optimistic person to pin much faith to a rise in prices this year, more especially in regard to oats and barley. The introduction of motor traction is inaking itself felt throughout the world, a fact that is emphasised by the present-day demands of the Old World for oats. It is only super quality milling oats that the Home markets require. Wheat, too, has been kept down this season to a price that leaves little or Tio profit when the cost of growing has been deducted, except in the case of abnormal yields. This has been ascribed to the importation of flour. Generally the grain trade during this season has been such >hat it may be expected that the area in cereals this year will show another decline. Probably the high prices ruling for store sheep may counteract the rush from grain-growing. WHEAT. There is little or no enquiry for wheat, though on the other hand sellers are few and far between. Quotations are:— Pearl, 3/8* to 3/9; Hunters, to 3/8; Tuscan, 3/7 to 3/74; and fowl wheat up to 3/5. OATS.

The demand for anything but A Gartons is non-existent, though the approach of spring sowing should see a brightening up of seed lines. Quotations are:Prime seed Algerian to Inordinary 1/6 to 1/7*, A grade Gartons to 1/8, B grade 1/6 i to 1/7, Danish 1/7, Duns 1/7 to 1/84. BARLEY. Good malting barley would be very difficult to sell at anythiug over 3/- at the present time. CHAFF. The dullnes of oats has had an effect upon chaff, and the price that has ruled for some .weeks past for prime oatshcaf, viz. 55/- 'per ton, still obtains. POTATOES. Quite a lot of potatoes have not yet been dug, especially on the higher lands, and the continued rain experienced of late must have damaged a. proportion of the tubers. The result will be that though; they may dig sound, the probabilities are that they will not keep. •Evidentty northern -markets are improving, and this fact should soon make itself felt locally. As yet not more than 55/- por ton can be obtained for immediate delivery, but up to £H has been offered within the past day or so for July shipments; ONIONS. The value of onions is also stationary, at from £3 15/- to £4. GRASS SEED. Ryegrass is from 2/3 to 2/6, and inferior quality, ranges'from 1/6 t6 1/9. White elover is worth 9d to lOd, and cowgrass 7d to 7£d. OTHER LINES. . ' ' Linseed is worth from £9 to £9 5/-. No. 1 Partridge peas are quoted at up to 4/6, being very scarce, and other lines are in proportion. Prussians

realise from 3/- to 3/3, and Imperials 3/- to 3/6. Beans are at 2/10. Bran is quoted at £4 5/- per ton, and pollard £6. Oatmeal £l2 per ton. Flour is now: Sack 3 £lO, 1001b bags £lO 10/- ; 501b £lO 15/-, 251b £ll. DAIRY PRODUCE. Butter values now are as follow:—I Factorv prints 14d, farmers' separator! lid to" Hid, and dairy lOd to HHd. Cheese. —Large dairy sid, loaf 6d, factory large s£d to 6d. Hams are at J.2d, sides fMd, rolls IOJd, large Hid. Eggs are now l/ti per dozen, with a prospect of an early advancement. Extracted honey 3Jd, sections 4/6 per dozen. IN AUCKLAND. (Sl'.v Special.) AUCKLAND, June 26. There is a keen demand for Canterbury potatoes, which are the best in quality coming forward from any part of New Zealand. Arrivals have been light since last special report, and £5 5/- is a decidedly firm quotation. Local supplies are now a negligible quantity, and as store holidays have been considerably reduced there is an excellent opening for good quality tubers. Higher prices in the near future are predicted. Seed potatoes have slackened in demand owing to the upsetting effect of the protracted showery season. Farmers are anxious to get crops in, but at the present rate of progress planting will be generally late. Substantial supplies are held in store, and prices remain unaltered. With the further lowering of freights and the heavy exporting that has occurred of iate, it is surprising that the oats market should be at such a comparatively low ebb. The point is that oxportoi-s" desire to handle only first quality, and as heavy lots of second grade have been left over the outlet has been somewhat choked up. Quotations, are, 2/0 ex wharf, and 2/10 ex store. Algerian seed is selling freely at 3/8, but more extensive business is anticipated a little later on, when sowing operations get into full swing. Best milling wheat is rather scarce. The offer is 3/11 f.o.b. southern ports.

Good business is being done for wheat. Locally the quotation is 4/10, ex store. The'non-arrival of the weekly boat at Onehunga left the chaff market low of supply, but the effect of this was counteracted by the Waitomo turning up opportunely with a shipment from Picton. Supplies are now mostly coming from Christchurch and Marlborough. Quotations are, £6 o/- at wharf, and £6 10/- ex store. Onions are down to 7/- per cwt, but a rising tendency is predicted until the first of the Japanese shipments arrive. Higher prices are reported to be ruling in Vancouver, and on this account it is thought that shipments from that quarter will be light. Considerable business has been done in Japanese onions for forward delivery, at £lO 10/- to £ll per ton. ROSS GOLDFIELDS. Press .Association. AUCKLAND, June 26. At the annual meeting of shareholders in the Ross Goldfields, the chairman (Mr G. F. Davis), said the last drives put in had given considerably better results than had been the case with former ones, and values were improving. The plant was in excellent condition and the facilities at the mine were all that the directors could wish for, but gold had not been located in values which it was considered would be payable. To be payable wash must be worked on a larger scale than the finances would at present permit. The mine manager was of opinion that the company still had a reasonable prospect of becoming a good gold producer. A call of 3d per share would probably be made in the course of a few days. Exclusive of the Government loan of over £3OOO, the liabilities amounted to £ISOO. Mr Cock had resigned "his position as mine superintendent to take a position he formerly held in Australia. Mr Cock firmly believed that the mine was likely to become a good one, and had very' reasonable prospects. Speaking on the prospect of the mine, Mr Cock recommended the company to continue driving in an easterly direction, as the gToUnd "'was improving as the driving east progressed. It was worth spending another £I4OO or £ISOO on the mine. The retiring directors, Messrs Davis (Christchurch) and Smythe (Hokitika) were re-elected. The chairman said it was suggested that £7OOO should be raised to enable the company to do further prospecting, and a committee of shareholders was appointed to confer with the directors as to the best means of raising the sum named. CHRISTCHURCH STOCK. EXCHANGE. FRIDAY, JUNE 26, 1914. SALES REPORTED. National Bank of N.Z., £5 16/-. Mason, Struthers, and Co. (£1 paid), Jtl 2/9. New' Zealand Insurance, £0 7/6. TO-DAY'S QUOTATIONS.

ROSS GOLDFIELDS, LTD. The Christchurch Stock Exchange received the following telegram to-day from the secretary of the' Ross Goldfields, Ltd.:. ."Call threepence per share struck yesterday afternoon, -payable" ~>July 11." AUCKLAND STOCK EXCHANGE. I'resa Association. AUCKLAND, June 26. g a ] eK —Ross (3d call) 1/4, Talisman 33/3, Junction 25/9, Auckland trams (ordinary) 23/9. WELLINGTON STOCK EXCHANGE. WELLINGTON, June Sft. Bale —Talisman XI 14/7.

Buyers. \ Sollcri BANKS — £ s. d. £ s. d. N.Z. (fully paid) . . — . 17 5 0 SHIPPING — Union S.S. (pref.) I 0 6 — MISCEljIiANEOUa— Golden Bay Cement. . — 1 1 0 Mason, Strutbcrs, and Co; (£1 paid) '. . — 1 2 9 N.Z. Consbl. Dental , . — 1 1 6 N.7i. Farmers' Co-op. '— 2 8 6 MINING— Mount Lyell — 1 C 3