COMMERCIAL.

Sun (Christchurch), Volume VII, Issue 2029, 16 August 1920, Page 11

COMMERCIAL.

_ . BANK OF ENGLAND RETURNS. By Calif. — Press Association. — Copyright. (A. & N.Z.) LONDON, Aug. 12. The Bank of England returns for the week ending August 11 afford the following comparison with those of the previous week:— Aug. *. Aug. it. £ £ Coin and bullion .. 121,529,000 121,530,000 Reserve 15,069,000 15.990,000 Proportion of reserve to liabilities, p.c. .. 10.1/ H-4i Note circulation..l26,4B9,ooo 125,528,000 Government deposits 17,402,000 15,999,000 Other deposits .. .. 130,680,000 124,019 000 Government securities 76,266,000 68,250,000 Other securities .. 74,789,000 73,806 000 Short loans, 5J per cent.; three months bills, 0} per cent. GOVERNMENT SECURITIES. (A & X Z.) LONDON, Aug. 12. The following are the latest quotations for Government securities, with a comparison with those ruling last Week:— __

FOREIGN EXCHANGE HATES. < \ & n.z.) London, Aug. 12. flie foreign exchange rates on London afford the following Paris (fr.) .. .. 25.22* 51.00 52.20 Christiania (kr.) .. 18.159 23.60 24.20 Stockholm (kr.) ... 18.159 17.58 17.64 Calcutta (rpe.) 10 to gold sov 23d 23d Montreal (dol.) .. 4.86 4.06 4.14 New York (dol.) .. 4.80^^1^3.67 Yokohama (yen) _24} 30W to 3Hd 33|d LONDON MARKET REPORT. ( \ & xz,l LONDON, Aug. 11. Cotton—Liverpool quotation for American middling upland cotton, September delivery, 23.75 d per 11). Jute—The market Is quiet; August ship ment 151 10/'-, September shipment p> 10■-. Hemp—New Zealand Is dull. Mny-July shipment £43. Rubber—Fine hard Para 1/91 per lb plantation, first latex crepe 1/0J; smoked ribbed sheet 1/10}. ... . Copra—Tlie market Is quiet. AugustSeptember shipment £44 per ton. Linseed Oil—£Bl per ton (equal to 6,5} per gallon). , ~.,„.„, Turpentine—l 42,- per cwt (equal to 10, 8} per gallon). FRUIT AND PRODUCE COMBINE. (A. & N.Z.) ~~~~ LONDON, Aug. 14. Leading London and provincial fruit and vegetable firms have amalgamated under the name of the Fruit and Produce Exchange, with a capital of £1,125.000. They also propose to- establish subsidiary companies in America and Australia. ZEALANDIC AT NEW YORK. (A. & N.Z.) NEW YORK, Aug. 14. The Zcalandic has arrived from New Zealand with 3000 tons of frozen beef, 150,000 carcases of lamb and mutton, 2000 tons of wool, 200 tons of butter, and 1050 tons of cheese. The vessel is bound for Liverpool. CANADA'S CROPS. (A. & N.Z.) OTTAWA, Aug. 14. The Department of Agriculture estimates Canada's 1920 crops as follow:—Wheat, 21)2,338,000 bushels; oats. 490,006,000 bushels; barley, 03,438,000 bushels. BROKEN HILL PROPRIETARY. SYDNEY, Aug. 14. The net profit of the Broken Hill Proprietary for the year ended May 31 was £517,000. JAI'ANESE TRADE. TOKIO, Aug. 14. Mr Inouye, Governor of the bank of Japan, Interviewed, said that the five years i of war had witnessed a great change in the financial and economic situation of Japan, j primarily in the remarkable development i of her foreign commerce. The increase in ' her specie reserves had resulted In an I expansion of the bank notes in circulation, j which naturally contributed to the enhancement of industrial and business activities. I The imports and exports had increased j to three times what they were before the War, but Japan's foreign commerce in the near future would probably show a decrease ' in imports and exports, although the ! imports still continued high, and possibly i would exceed the exports for some years. I Japan's merchant marine totalled 3,000,000 j tons. The preponderance of imports over I exports in the future constituted a menace to Japan. "Our prc-War foreign investments," concluded Mr Inouye. "were negligible. Thev' now total about 2,200,000,000 yen. It is, therefore, inconceivable that Japanese business will be faced with the necessity of raising money to meet the unfavourable balance of trade, or that our specie reserves will suiter too heavy a drain. Japan's currency system will be quite as stable as ever." NEW COALFIELD TO BE OPENED. ISpecial to The Sun.l Clll'AMOlTll. Aug. 11. The outcrop of a seam of coal which lias i been known for years to be in existence. i in the neighbourhood of the present Westport mines, has recently been discovered, and steps are being taken for its develop-' ment. The seam, which is from 12 to II IVit thick, lias bieu traced iw ..ver a mile ii„ t|„. I,ill i.vcrl. ..I,u-.j: the W-.imangaroa | •:l.;v<r. and 1....1 is dueetly 1..w n In liie , |i,-,.,,i-.lon railway line. 1 he present holdI , . .. haw lal.cl. UP tw., 1.-iises ~f .HO a.•:.:.. I i-xtciuiiiig I" Ibe boiiinlai-j «r the \\c*t|„,rt Cmil <'•<..'■. lioliiiiit. uud there are two ./tlier

areas available. Four drives which have been made prove the seam to be of uniform thickness, and a ileld-borlng plant Is being I procured for further prospecting. If the I seam continues, as there is every indication that it does, there will be some million! of tons which can be cheaply worked. Au analysis shows the coal to be of first-class quality, containing 70 per cent, of fixed carbon and 20 per cent, hydro-carbon. It offers special facilities for working, as no pumping or hauling will be required. It is proposed to sluice the coal from the mine to the bins, it being anticipated that by this method less slack will be made. The position of the mine mouth will be very favourable for the erection of dwellings, and its situation will offer greater attractions to miners than those of the existing mines in the locality. DOMINION BUTTER. N PROTEST AGAINST CONTROL. Presi Association. DUNEDIN, August 15. At a meeting of butter producers, the following motion was carried unanimously: "That this meeting of butter producers of Olago protests against the action of the Imperial Government in controlling New Zealand butter, while English and Irish butter is not controlled; and, further, that the Dominion Butter Committee be asked to Insist on a free market." TALLOW. Dalgety and Company, Limited, have I received the following cablegram from their l London Office, dated August 11:—Tallow: I Market very firm. At the weekly auctions i 2000 casks were offered, and practically all sold. Prices have advanced. We quote | prime mutton 80/-, prime beef 80/-, good colour mutton 78/-, good colour mixed 78/-, no colour mixed 73/-, and gut 68/-. The Bank of New Zealand has ■ received i the following cable advice from its London i office, under date August 11:—"The tallow I market has advanced £ls to £2O per ton. Quotations: Fine beef and mutton £BO, good 1 mixed £7B, gut £65 to £08." SHIPMENT OF CEMENT. A shipment of Golden Bay cement Is expected at Lyttelton this week. A vessel Is to leave Nelson on TuesdayPRICE OF CONDENSED MILK. WARNING BY BOARD' OF TRADE. The recent rise in the price of sugar will be reflected in rates for condensed milk. The Board of Trade has approved of an increase of 14/- per case In the price of condensed milk on stocks manufactured from the new season's sugar. This Is equal to an advance of 3jd per tin. However, It has made an announcement that no increase in price will be permitted in respect of condensed milk bought at the old rates. Any such increase will be con-\ - sldered a breach of Section 32 of the Board of Trade Act, and action will be taken. EXPORT OF PRODUCE. STORAGE CHARGES IN LONDON. Rates now ruling in London for the storage of frozen meat, pelts and tallow, as supplied through Arlow and Co., Ltd., as agents for L. G. Ballantiuc and Co., London arc as follow: Frozen Meat.—Receiving from steamer, storing to marks, weighing and delivering out,- 22/- per ton for flrsf 28 days, plus 15ft per cent., thereafter for next 28 days 19/6, plus 150 per cent. If in store for a lesser period Jd per cwt per day until this amounts. ,„ to 19/6 per ton, plus 150 per cent. If the quantity Is less than 100 carcases, an add!- ' tlonal 33J per cent., plus 150 per cent., Is chargeable, unless bulked with other carcases making 100 or more. Cartage, docks to Smithfleld, pltcliage (2/9 a ton) and toll (2/3 a ton) 21/- inclusive, plus 150 per cent. Extra cartage on Sundays and public holidays. I Tallow.—Sampling 4d per cask, plus 150 per cent. Lighterage, lauding, weighing and loading, 6/ti per ton, plus 150 per cent. Rent Id per ton per week, plus 150 per cent. If oil'-'ed at auction (here is au additional rhnrge per !o* according to value. Sheep Pelts (in ca.-,Vs).—Landing, weighing, housing and delivery to van or craft, 8/- per lon. Rent per day fro.n first day of landing, (id per ton. Coopering, materials supplied additional, lOd each. Opening for customs 9d each. Opening, counting and repacking under eight cwt, 3/- each, and over eight cwt 4/- each. I>aying down for inspection or public sale, 2/- under eight cwt and 2/0 for eight cwt and over. Showing when open after first Inspection, Sd each. Marking 2}d each. Erasing marks and re-marking 4Jd each. Marking and port marking -Ud each. Ail these charges are plus 150 per cent. If offered at auction there is an additional charge per lot according to value. ASHBURTON GRAIN MARKET. Business has not been particularly brisk during the past week, owing, no doubt, to the holidays in connection with the races. Oats.—The position has been practically n repetition of that of last week, when northern merchants offered oats spread until the end of the year at 5/- f.0.b., s.l. Southern merchants appear to be as optimistic as ever, but unless the consumption is accelerated, any sharp rise will not eventuate until the spring. Wheat.—Nothing remains locally, and any fowl wheat lines must be submitted for the Wheat Controller's verification before being dealt with. Chaff- Tills has had a further decline in sympathy with outs, and to-day would bo difficult to place at £6 for good bright quality. Freights are slightly easier, but owing to the mild weather the consumption has been limited. Potatoes.- Definite quotations for these would be difficult to state, as matters have drifted from bad to worse, and merchants are only buying from hand to mouth to fill occasional orders coming to hand. Some growers are still optimistic In regard to the Australian position, but In the event of success In this direction, the decision will come too late to have any marked effect. Seed varieties are practically neglected. SATURDAY'S POULTRY MARKET. « Messrs J, I!. Merrett and Co. report a Rood entry of poultry. There was n keen demand in most lines and high prices were leaiised. Table chickens were 8/6 to 15/3, liens 7/6 to 11/-, ducks 8/6 to 13/-. turkeys 14/6 to 48/-, pullets 9/0 to 16/-, all at per pair. THE EGG MARKET. There is a good demand for eggs though the National sales have eased off. Till Wednesday's listings they realised 2/2 first grades, 2/- seconds/ From Thursday's listings eggs are 2/- firsts, second 1/10 per dozen.

with inose runui i«»i ««i Last wc ek. Tills ivee k. 2), per cent. Imp. Con. £ s. 46 10 d. 0 £ 46 s. 5 0 5" per cent. Imp. War 85 0 0 85 0 0 3} per cent. Imp. War. 82 10 0 81 17 (I oi per cent. C'wealth % 0 0 96 0 0 5} per cent. C'wealth Loan 96 12 6 96 12 c N.S.W. 4's, 1933, Jan.July 75 17 0 75 10 0 N.S.W. 3}'s, 1935-50, April-Jan.-July .. N.S.W. 3's, 1935, AprilC4 0 0 63 \i 6 " CO 7 6 60 t \ Vic. 4's, .1920, Jan.- „ ! 99 0 0 99 10 0 Vic. SJ's, 1921-26, Jan.82 10 0 83 10 0 Vic. 3}'s, 1929-40, Jan.0 58 0 0 58 5 Vic. 3's, 1929-49, Jan.61 15 0 62 0 0 Q'land 4's, 1924, Jan.87 5 0 87 2 0 Q'Jand 3J's, 1921-24 ■ Jan.-July 84 0 0 84 0 0 Q'land 3's, 1922-47, Jan.-July 54 10 0 54 10 0 Q'land 3J's. 1930-40 .. 94 0 0 94 u 0 N.Z. 4's, 1929, May84 5 0 84 5 0 N.Z. 3*'s, 1940, Jan.July ■• •■ •• 67 12 6 67 12 6 N.Z. 3's, '1945, Aprll0 Oclober 58 5 0 58 J S.A. Si's, 1916 or after G5 0 0 65 0 0 S.A. 3's, 1980, Jan.49 2 6 19 2 0 Tas. 3l f s, 1920-40, Jan.C6 5 0 07 0 0 Tas. 3's, 1920-40, Jan.61 0 0 61 0 0 W.A. Si's, 1920-35, 0 0 May-November .. 71 0 0 ' 1 W.A. 3's, 1915-35, MayNovember OS 5 0 68 0 0