COMMERCIAL

Taranaki Daily News, 19 October 1927, Page 11

COMMERCIAL

CANTERBURY MARKETS. POTATOES ABOUT THE .SAME, By Telegraph.—Prc»« Association. Christchurch, Last Night. The Potato market ie about the same. Inquiries continue to come from Auckland fairly freely for end-of-moiith and early November deliveries. The early crop In the Pukekohe district is turning out disappointingly, and there is a probability of southern tubers being wanted until well on in November. However, though a degree of filming is probable, merchants expect little appreciable advance, as the potatoes are about if any improvement sets in in the meantime. The f.o.b. sacks in price is a shade better than last week. Today there are no £4 a ton potatoes about, but there has been a little business at £4 ss. Farmers are not offering at the recent on-truck- price of £2 15s, but are prepared to consider £3. This week’s Auckland boat will not sail until about Thursday, a delay being caused through the broken weather in the south interfering with loading operations. The other branches of produce for the most, part remain firm. Wheat is offering in very small quantities. though fowl wheat is the source of a fair amount of business. .SOUTH BRITISH INSURANCE. SATISFACTORY YEAR’S TRADING. Auckland, Last Night. The annual report of the South British Insurance Company, states that after making full provision for losses outstanding, there is a surplus in the underwriting account of £83,385, which with the income from interest and rents £120,780, makes a total of £204,105. This had been dealt with as follows: To reserve fund, £75,000; sinking funds of leaseholds, £500; leaving available £128,605. Out of this an interim dividend of Is Id a share was paid in April, absorbing £55,880, and the directors now recommend the payment out of the balance of profits of the year of a dividend of Is 2d a share (making a total distribution for the year of 2s 3d a share) which will absorb £60,179, a total of £116,059. This leaves £12,603, to which must be added the balance from August, 1926, less the dividend paid in October. 1926, totalling £167,735, making the amount to be carried to new account at present £180,342. The directors have decided to make a call of 5s a share and to declare a bonus out of reserves to meet the call. RETAIL BUTTER PRICES. ' REDUCTION IN WELLINGTON. Wellington, Last Night. The local retail jrice of butter has been reduced by id per lb, to Is 8d and Is 9il for standard brands. THE SHAREMARKETS, Christchurch, Oct. 18. Sales reported: Taupiri Coal (ord.), 265. Sales on Exchange: Christchurch Gas (new os paid), 6s 4d (three parcels); Colonial Sugar, £53 10s; Electro Zine (pref.), 31s 3d (two parcels). ' Wellington, Oct. 18. Reported sale: 5| uer cent, bonds (1933), £lOl 7s Cd. Auckland, Last Night. Stock Exchange sales; Inscribed Steck, 1938, 4J per cent., £96 ss; Bank of New Zealand, 57s 6d; 58e; New Zealand and River Plate, 27s 4d; Hikurangi Coal, 5s 4d; Taupiri Coal Company, 265; Auckland Gas Co., 22s lid; Huddart Parker, 46s 9d; Staples’ Breweries, 38s 6d, Auckland Amusement Park, 16s 3d; Occidental Una (*ont.), Is 3d; Ohinemuri Gold and Silver, 7s 4d. 7s 3d; Waihi, 22s 4d. BRADFORD MARKET ACTIVE. By Telegraph— Press Assn.—Copyright. London, Oct. 17. The Bradford market is fairly active. Topmakers hesitate in making large commitment*. LONDON MARKETS. HIGH COMMISSIONER'S CABLE. The Department of Agriculture has received the following cablegram dated October 15 from the High Commissioner for New Zealand, London: — Tallow.—Spot mar’ -i firm, but small bus' .ess doing owing to lack of sellers. Demand is good at auction. Present quotations are:— Mutton: (Fine, 37s per cwt; fair to good, 33s to 36s fid; dark dull, 33s to 34s 6d. Beef: Sweet and/or mixed, 37' io 4ffs; fair to good, 35s to 37e; dark to dull, 32s fid to 33s fid. Mixed: Fair to good, 35s to 36s fid; dark to dull, 32s fid to 33s fid. Gut, etc., 29s to 335.

Eggs.—Market for the beet. Cheaper sorts selling well. Present quotations are; —English. 23s to 25s per long ICO; Dutch and Danish, 17s fid to 20s; French, 14s to 21s; Belgian, 17s to 18s 6d; Ar; entine, Esthon'.an, South African, and Australian, 14s fid to I8s; Lithuanian, P leb and Russian, 10s fid to 15s 6d. , Hen p. Manila market <IulL but closes steadier with “J” grade, October.-No-yember sold j£42 15« and

October-December shipments £42 10s, Output from January 1 to September 30, 974,000 bales, against 984,000 for same period last year. Stocks in Manila at September 30, 158,000 bales, against 147,000, and in Great Britain 4814 against 9’27. Sisal dull. Small business has been done in October-December shipments No. 1 at £36 10s to £37. New Zealand: Small business continue® in October-December shipments ol fair at £33 10s, and common at £32 10s, Buyers quote highpoints at £35, but sellers asking £35 10s to £35 15s. BUTTER AND CHEESE. DAIRY BOARD’S ADVICES. me New Zealand Dairy Produce Board aas received the following market report from its London agency, dated October 14;— BUTTER. New Zealand. —Salted: October 14, 174 s to 178 s per cwt; October 7,178 s to 182 s per cwt. Unsalted: October 14, 184 s to 188 s per ewt; October 7,184 s to ' 3s per ewt. Market very slow, hut indications market i. urni:.g. Australian.—Finest salted: October 14, 172 s to 176 s per October 7,174 s to 178 s per cwt. Unsalted: October 14, 178 s to 182 s per ewt; October 7,178 s to 184 s per ewt. Argentine.—-Finest unsalt.d: October 14, 170 s to 176 s per cat; October 7,174 s to 178 s per ewt. • Irish Creamery.—Salted: October 14, 174 s to 176 s per cwt; October 7,174 s to 178 s per cwt. Unsalted; October 14. 174 s to 178 s per ewt; October 7,174 s to J 80s. Dnt b.—Unsalted: October 14, 194 s to 196 s per cwt; October 7,194 s to 198 s per cwt. Esthonian.—Salted: October 14, 170 s to 178 s per cwt; October 7,174 s to 17<’ per ewt. Unsalted: October 14, 174 s to 178 s per ewt; October 7,176 s to 178 s per ewt. Siberian.—October 14, 152 s to 158 s per ewt; October 7,154 s to 160 s per <wt. Dan: Ji.—October 14, 192 s to 196 s per ewt; ... etober 7,194 s to 196 s per ewt. P.eiaii prices unchanged. CHEESE. - New >7 aland. — Wj,ite and eeioi.,ed slow 103 s after having reached lOOs; October 7,104 s to 196 s per cwt. Market quiet. Canadian. —Finest bite and coloured: October 14; 164 s to 105 s per cwt; October 7,164 s to 106 s per cwt. Australian. —Finest white: October 14, 101 s to )02s per ewt; October 7,101 s to 103 s per ewt: coloured. 100 s to 103 s per cw.; October 7. 160 s to 103 s per cwt. English.—Finest farmers’: October 14, 126 s to 130 s per ewt; October 7, 124 s to 128 s per cwt. THE MONEY BAROMETER. RETURNS STILL UNSATISFACTORY. The banking returns for the September quarter, while showing some slight improvement on the earlier quarters of the year, are still very unsatisfactory. Tire figures show very clearly that the policy recently adopted by the associated banks is proving effective. In May last the banks raised the rates for deposita and advances by 10s per cent., with the object of attracting deposits, and restricting, advances, .-rad the returns show that compared with ‘a year ago the fixed deposits are larger by £2,323,354, the actual figures being £23,5tiff,246 against £21,-074,8-92. An interesting feature of the returns is that there is a substantial decline in the free deposits, or current account balances. For the quarter under review the amount was £21,815,504, while a year ago the total was £24,907,961. There was thus a shrinkage of £3,092,457. which means that the customers of the banks have so much lees credit to draw upon, and their spending power has contracted by that amount. It is difficult to account for the decrease, because imports have been declining, and the money could not have been drawn for that purpose. However, whatever the cause, the fact remains that the spending power has been reduced. The note circulation, at £6,279,388, is £206.050 less than it was a year ago. and this is another contraction in spending power. The notes in circulation represent the money in the pockets of the people and available for immediate expenditure. Thus compared with a year ago the spending power cf the people has contracted by 3(4 millions sterling, and accounts in some Measure for unemployment. The advances at £47,475,3-63 show an increase of £782.912, but the bills discounted at £1,399,867 decreased by £231,628, so that the accommodation provided by the banks is really only £551,284 more than in the September quarter’ of last year. The aggregate of the deposits is £45,213,730. while the advances and discounts combined total £48,875,230, so that the advances exceed the deposits by £3,661,480, which is very unsatisfactory. The fact is that we have not had a general cleanup. and that has lo be faced. The drop in the current account balances shows that some businesses are cleaningup. but a great deal more must be done. A great many business men are in hopes that prices will advance and so ease the situation, but the safe course is to reduce costs and overhead charges.