COMMERCIAL.

Taranaki Daily News, 9 October 1928, Page 14

COMMERCIAL.

SHAREMARKET SALES. Christchurch, October 8. —Sales on Ex-change.—-Bank of New South Wales, £5l ss; New Zealand Refrigerating Co. (£1 paid), 18s lOd; Kaiapoi Woollen Co. (7s paid); Christchurch Gas (10s paid), 12s 7d; Mahakipawa, Is lid (three parcels), Wellington, October B.—Stock Exchange sale: New Zealand Breweries, £2 14s 3d. Auckland, October 8. —Stock Exchange sales: War Loan, 1930, 4| per cent., £99; Inscribed Stock, 1938, 44 per cent. £9B 19s 6d; Farmers’ Trading Co., 7s 6d; Sanford Ltd., 18s 6d; Waihi, 14s ■ 2d. . NEW RECORD OF FIXED DEPOSITS. OVER 55 PER CENT. OF TOTAL. The 'ban king returns show that there has been a further increase in fixed deposits for the past quarter of this year, the amount of which has risen to successive new “records” in each of the last four quarters. A year ago the total of fixed deposits for the first 'time exceeded that of free deposits. The excess is now greater than ever before. Following is a summary of the expansion of fixed deposits since Mareh, 1927, showing also the excess over free deposits and the ratio of fixed to total deposits:— Mareh, 1927. —Fixed, £21,088,834; excess, ’‘£3,351,944; per cent., 46.32. June, 1927.—Fixed, £21,740,104; excess, *£2,992,158; per cent., 46.78. September, 1927. —Fixed, £23,398,246; excess, £1,582,742; per eent., 51.75. December, 1927.—'Fixed, £24,280,160; excess, £2,824/187; per cent., 50.94. March, 1928.—(Fixed, £25,476,144; excess, £993,993; per eent., 50.91. June, 1928.—(Fixed, £27,589,988; excess, £2,232,843; per cent., 52.11. September, 1928.—(Fixed, £29,251,064; excess, £5.906,110; per cent., 55.19. -Excess of free deposits. Comparing the latest returns with those for the March, 1927, quarter, as the latter preceded the rise in interest rates, it is found that free deposits are now less by £1,095,826. In that period, fixed deposits have increased by £8,162,230, or nearly 39 per cent. In spite of the lower rates operating since the beginning of July, the increase lias continued. LONDON MARKET REPORTS. DAIRY BOARD’S ADVICES. The New Zealand Dairy Produce Board has received the following market report from its London office dated October 5, the figures' for the previous week being given in parentheses:— BUTTER. New Zealand. —Salted, 178 s to 184 s (180 s to 186 s); exceptionally, 186 s; unsalted, 186 s to 196 s (186 s to 1965). First grade whey, 164 s (1665). Second grade whey, 160 s (1625). Deliveries of New Zealand this week, 555 tons. In store New Zealand this week, 3700 tons.

Australian. —Finest salted, 16Gs to 172 s (168 s to 1745). Argentine.—Finest unsalted, 176 s to 180 s (176 s to 182 s); exceptionally, 182 s.

Irish creamery.—Salted, 174 s to 176 s (176 s to 178 s); unsalted, 178 s to 180 s (184 s Danish. —Spot,- 195 s to 198 e (195 s to 1965); f.0.b.. 190 s to 191 s (190 s to 191 s). Dutch.—Unsalted, 188 s to 192 s (192 s to 1945). Siberian. —160 s to 162 s (160 s to 1625). Ukrainian— 162 s to 166 s (164 s to lj>Bs). Polish.—ls4s. Li thnanian.—l6os. Butter market slow. New Zealand retail price unchanged, Is lOd; Danish retail price reduced to Is lid. CHEESE. New Zealand. —White, 112 s to 114 s (114 s coloured, 110 s to 112 s (Ills to 112 s). Deliveries of New Zeaalnd this week, 4850 crates. In store New- Zealand this week, 31,000 crates. Canadian.—White, 110 s to 114 s (112 s to 114 s); coloured, 110 s to 112 s (Ills to 114 s). C.i.f., 106 s to 107 a (112 s Australian. —White, 110 s (110 s to 112 s); coloured, 108 s to 110 s (108 s to 110 s). Market quiet. Retail prices unchanged. English finest farmers, 134 s to 138 s; market firm. Cargo discharging. Taranaki finished discharge butter September 28. Rotorua finished discharge butter October 2. Te Koa commenced discharge buttep October 4. Estimated stocks all butters in Great Britain at October 1, 1928, 10,360 tons, compared with last year, 14,760 tons. Estimated stocks of cheese at London, Liverpool, Bristol at October 1 (last year's figures in parentheses): New Zealand and Australian, 39,500 crates (47,000 crates); Canadian, 182,000 (168,300 boxes). F.o.b. sales: Cheese—Sales have been made for up to end December make at 9 9-16 d, and for whole season at 9 3-Bd. LONDON MEAT MARKET. The New Zealand Meat Producers’ Board has received the following cablegram from its London office, dated October 5, advising Smithfield delivered prices averaged for week ending that date as follow (prices for the two previous weeks are also shown): — New Zealand wethers and maidens.— Canterbury quality, selected brands, 561 b. and under, 7 3-8 d (7Jd, 7 5-8 d); 57-641 b., 7 l-8d (7id, 7 3-8 d); 65-721 b., 6 7-8 d (7d, 7 l-8d); other brands, 561 b. and under, 7 l-8d (7id, 7Jd); 57-641 b., 7d (7 l-Bd, 7id); 65-721 b., 6fd (7d, 7d).

New' Zealand ewes: 641 b. and under, sfd (5 7-Bd, 6d). New Zealand lambs: Canterbury quality, 361 b. and under, lOfd (10id, 10 3-8 d); 37-421 b., IOJd (IOJd, 10 3-8 d); 43-501 b., 9Jd (9id, 9 7-8 d); seconds, 9 3-8 d (94d, 91d); selected brands, 361 b. and under, 10 l-8d (10|d, 10 3-8 d); 37421 b., 10 l-8d (IOJd, 10jd). Other brands, first quality, 361 b. and under, lOd (10d, lOd); 37-421 b., 10d (10d, lOd); second quality, 30-3210., average 9 3-8 d (91d, 9id). Australian lambs. —Victorian, first quality, 361 b. and under, not quoted; 37-421 b., not quoted. Argentine lambs.—First quality, 361 b. and under, not quoted; 37-42Jb., not quoted. (New Zealand beef. —Ox fores, 4d (4tl, 3Jd); ox hinds, 5Jd (sid, s£d); cow fores, 3Jd (Old, Sid); cow hinds, 5d (sd, sjd). Argentine chilled beef.—Ox fores, 4

3-8 d (4 3-Bd, 4Jd); ox hinds, 6 5-8 d (6 7-Bd, 7£d). Argentine frozen beef. —Ox fores, not quoted; ox hinds, not quoted. Frozen pork.—Porkers, 60-80ib., 7Jd (Bd, 8d); porkers, 81991 b., 7Jd (7}<l,

7id); porkers, 100-1201 b., 7id (7Jd, 7id); baconers, 121-180Ib., 7*d (7sd, 7Jd). Frozen Veal. —Not 'quoted. Remarks.—Lamb and mutton: Market is dull and depressed by heavy pitchings of home-killed meat. Beef: Market quiet but steady. New Zealand porker pigs: Market is easier owing to heavier supplies of home-killed. Now Zealand baconer pigs: Stocks exhausted. Nominal prices. SHIPMENTS FROM SOUTH AMERICA. The (New Zealand Meat Producers' Board has received a cablegram from its representatives at Buenos Ayres, South America, advising the following shipments to the United Kingdom for the fortnight ended September 27, from Argentine and Uruguay: 250,060 quarters cliilled beef, 3028 quarters frozen beef; 83,200 carcasses frozen mutton; 92,906 carcasses frozen lamb. The quantity shipped to the Continent during the same period was as follows: 72,338 quarters frozen beef; 13,141 careasses frozen mutton; 1270 carcasses frozen,lamb. LONDON HIDES MARKET By Telegraph—Press Assn. —Copyright. London, Oct. 6. The hides market is demoralised, and no business is passing. Quotations are at present useless. NIGHT BANKING. A MECHANICAL APPARATUS. Night banking is not a new proposition, for it has been practised in some of the larger cities of the U.S. for some time past. It is, however, new in England, and it has just been introduced by the Midland Bank, of which Mr. Reg. McKenna is the chairman. It is recognised that theatres, kinemas, restaurants, shopkeepers, and, in fact, traders generally who conduct business after the usual local banking hours, have always had to retain in their possession considerable quantities of cash overnight or during week ends and holiday- periods. This they have had to do under conditions perhaps not always calculated to assure the maximum of safety combined with convenience. The present innovation is designed to provide for such cases as these, not by extending the hours of banking, but by means of a mechanical apparatus available for use during those hours when the doors of the bank are closed. This apparatus is known as the night safe, constructed by the Chatsworth Safe Company, is inside the bank building, and is connected by means of a chute with a fitting built into the outside wall of the bank. Access to the safe is gained by a revolving door in this fitting, the door being controlled by a special key provided by the bank. The customer is also furnished with a leather wallet in which he places cash, cheques, etc. After unlocking and opening the revolving door on the outside ■wall the customer places the wallet on a rotating platform as the door closes, thus permitting the wallet to travel via the chute into the night safe. Here it remains until the customer calls dfiring banking hours. This wallet must be used solely for the purpose of holding articles intended for the credit of the customer. The bank is not deemed to have received the contents of the wallet until the customer has opened it and paid in the contents to the credit of his account. LONDON WOOT, SALES CLOSE. The Loan and: Mercantile Agency Company, Ltd., have received the following cablegram from their London house, under date October 4:—“The sales iiosed with a weak tone to-day. As compared with last sales’ closing rates, prices are about 10 per cent, lower for lambs, merino and crossbred, greasy merino, super, fine greasy crossbred; about 15 per cent, lower for crossbred slipe, greasy merino inferior; about 10 per cent, to 15 per cent, lower for scoured merino super, medium and coarse greasy crossbred, also scoured crossbred; and 15 per eent. to 20 per cent, lower for scoured merino inferior. There is much irregularity in the bidding. The prices realised for average to super grades of descriptions, below, were as follows: — Merino super, 24d to 26d per lb; average, 19d to 2Ud; crossbred, 56/58’s, 18d to 20d; 46/48’s, 17d to 18d; 44/46’s, 15d to IGJd; 40/44’s, 15d to 16d; 36/40’s, 15d to 15Jd.”

Messrs. Wright, Stephenson and Co., Ltd., and Abraham and Williams, Ltd., report having received a cablegram from their London house, reading as follows: —Wool sales closed, market irregular; 129,000 bales offered, 92,000 sold for series to date. Greasy fine halfbred, 56/58’s, yielding CO per cent., clean scoured baais, 24d; greasy half bred, 50/56’s, yielding 64 per cent., 22d; greasy three-quarter-bred, 48/50’s yielding 73 per cent., 204 d; greasy fine crossbred, 46/48's, yielding 75 per cent., 19d; greasy medium crossbred, 44/46’s, yielding 76 per cent., 18d; greasy crossbred, 40/44’s, yielding 77 per cent., 17d; aliped prices, 5 per cent, lower.

Messrs. Dalgety and Company have received the following report from London, dated October 4:—“London wool sales closed fairly animated at lower level in price. There does not seem to be much confidence in the market yet. Quotations for 30/40's, super, to 46/48’s, super, largely nominal. Offered, 140,445 bales; Continent bought, 55,500 bales; Home trade bought, 35,500 bales; America bought, 1000 bales; carried forward, 39,500 bales; of which 9500 bales were not offered. Total sold, 92,000 bales. As compared with closing rates of last series:—Greasy merino, 2Jd to 3d lower; scoured, 3d to 4d lower; greasy halfbred, 2Jd to 3d lower; greasy crossbred fine, 2d to 3d lower; greasy crossbred medium, 2Jd to 3d lower; greasy crossbred coarse, 2)d to 3d lower; scoured halfbred, 3Jd to 4Jd lower; scoured crossbred, 3d to 4d lower; slipe halfbred, 3Jd to 4£d lower; crossbred, 3d to 4d lower; greasy lambs, lid to 24d. The following is the range of prices:— Halfbred, 56/58

Good to super .... Low to medium .... 24d to 27d 19d to 23$d Halfbred, 50/56 — Good to super ... 22d to 24d Low to medium .... Fine crossbred, 48/50— 13d to 21Jd Good to super .... 19d to 21 Jd Low to medium .... 16d to 18Jd Fine crossbred, 46/48 — Good to super .... 18d to 20d Low to medium .... 15|d to 17£d Crossbred, 44/46 — Good to super ■•... 17Id to 19d Low to medium .... 15d to 17d Crossbred, 40/44--Good to super .... 164d to 18d Low to medium .... 14jd to 16d Coarse crossbred, 36/40 — Good to super .... 16d to 174d Low to medium .... 14d to 15Jd SALTS IN NEW ZEALAND. Corresponding Sept 11 for 3 mtns tember 3 mths. 1927 Dunedin 1082 2436 1320

Timaru ......... . 390 397 632 Christchurch an . 109 2123 2417 Blenheim . 6 45 71 Wellington x.. n 13 2099 2519 Wanganui a. .— 1653 1631 Napier 9 1021 1256 Gisborne a.... 69 218 29 Auckland K 134 971 400 Totals ..... . 1812 10,963 10,275 Exports from New Zealand during September were:— Invercargill . Corresponding Sept- T1 for 3 mths tember 3 mths. 1927 366 2380 2979 Dunedin .■ 1136 3273 3969 Oamaru •»..... . 645 1651 1045 Timaru . .. 1174 3956 5416 Christchurch »«. V 1897 7932 7543 Blenheim 259 505 Nelson a •— — — Wellington >.. . 2875 9121 7888 Wanganui ..... . 871 1462 3473 New Plymouth, Waitara .- 99 196 151 Napier, Wairoa . . 1072 3510 4466 Gisborne, Tokomaru Bay - 1929 3814 Auckland, Opua . 1039 2515 3168 Totals ■•... 11,174 38,181 44,417