COMMERCIAL.

Timaru Herald, Volume XCVIII, Issue 18084, 15 November 1924, Page 10

COMMERCIAL.

LONDON MARKETS. By Cable—Press Assoc, al ion—Copyright. Australian aiul -x.Z. Cable Association. Received November 14, 8.5 p.m. LUNDUiN, November 13. The butter market is weak and irregular. New Zealand 202 s to 206 s ; Australian 184 s to iebs, occasionally 188 s, Jjamsli 2205. Cheese is very weak. New Zealand white and coloured 02s to 945; Australian, little offering, 86s to 88s. Bradford tops market, good tone for all sorts. Crossbreds are exceedingly linn. CEREALS. Wheat qargoes have firmed on reduced Canadian crop estimates, and there is better Continental inquiry lor forward position. Australians arc in active request, and advanced 6d to Is per quarter. l-'a -us are also in good demand, at 6d to Is up. Australian, oil passage, sold in London at 64s 3d; Decembei-Janu-ary delivery 64s 3d; February (bags) 64s 3d; (bulk) 63s 9d. Spot trade is quiet. Prices have declined Is to Is 6d. Flour is quiet. Australian, ex store 47s 6d. OATS. Oats are in little demand. Prices declined Gd to Is. Beans are dull, prices are unchanged. Peas are in small demand at unaltered prices. Sugar, granulated 36s 4£d.

LOCAL MARKETS.

As usual during Carnival "Week the markets have been very quiet, and values mostly remain uucuungcu Irom fast vveex. .Practically urn only inquiry lrom tbe iNortli Island is io. loivi wheat, winch is warned in small quantities lor coastal ports. Up to 7s od a bushel i.o.D. has been paid during the 1 week for good samples'. 1 Australian wheat is quoted 10. December and January delivery at 6s 2jd, f.0.b., sacks in. When tins is available tlie price ot local wheat may recede.

Oats are meeting with a steady demand lately but merchants’ stocks are very light, ttlie prospects lor the season are quite goou and values will no doubt come down with a run when the new season’s grain is available. Prices ex store to farmers are from 5s d to 6s for best feed quality. Chaff is steady at late values, and only , sufficient to meet local requirements is coming forward. At the same time merchants are not anxious to carry heavy stocks in view of the large supplies tliat will shortly be available when harvesting operations commence. Prices to growers are from £7 5s to £7 10s on trucks for good bright quality, sacks found by growers. Linseed is practically off the market. The nominal value to growers is £lB on trucks.

Very little interest *ss being taken in peas, 5s to 5s Cd being the current quotation.

Clovers and grass seeds ai'e practically all in merchants’ hands. Grass seed is inclined to ease in value. Clovers are steady at late quotations.

New potatoes are coming on the market in increasing quantities, and old ones are practically finished with for the year. A few trucks of the old variety are being sent on consignment to Wellington and Auckland but it is not expected that returns will be very good. A report from Auckland says, that a sharp fall in new potatoes took placw this week owing to large supplies coming to hand. The splendid weather during tho past week has ripened off all forward crops, and farmers have been busy digging. The result is that merchants are selling at 11s. to 12s per cwt. ex store. The Wanaka landed a small shipment of southern potatoes this week, and another is expected on Tucsdav, but the demand will rapidly fall off" with the new selling so much cheaper. The quotation for southern is about 10s to 11s er cwt. ex store. The future price of new depends on supplies, but as the crop is known to be linbt it is unlikely' there will be any glut.

REVIEW OF THE SHARE MARKET.

The great Activity which characterises the Stock Exchanges ef London and New York has not yet been reflected in the Dominion. There has been during the week a quiet tone and transactions both off and on ’Change have been fewer than usual. It is doubtful if there will bo much business done till ihe adv-ent of the New Year.

In the Banking group Unions have fallen a little, sales of rights having taken place at 45s 9d, against 47s 9d a fortnight ago. The old issue has a buyer at £l4, cum, rights, and a seller at" half a crown more. New Zealamls remain firm at 59s 6d, at which price sales have been made. Australasias are on the market at £l3 5s without a buyer’s quote. New South Wales are offered at £4l, without Response from buyers. Nationals of New Zealand have inquiries at £6 13s, but sellers ask an additional sixpence. Commercial of Australia lias a buyer at 30s, and a reller at 30s 9d. P. and O. Bank aro not in demand at £l2, the best buyer bidding ten guineas. Little is doing in insurance. New Zealands are very firm at 30s. South British and Standard quotations aro unaltered. In Shipping there is an upward movement in P. and O. deferred stock, which

lias been iransferred at £305 and £306. Hi id dart Parker preterencc 6 per cents, have been quitted at 20s 3d, and business may b.; done at that figure. The ordinary issue is 42s 3d to 42s 6d. Howard Smith is inclined to weaken. The strike in Australia may affect shipping share:; to some extent as the shipping companies have large interests in the coal ‘mines, which seem likely to be very much involved in the industrial troubles.

In coal mining little movement is noticeable. New Zealand CoaL and Oil has a buyer at Is 7d. Westports have buver.s at 555. but sellers ask ninepence more. Stocktons aro quiet at 3s 6d but preference are slightly firmer, 5s being offered and 6s required for tin’s issue.

In the Loan and Agency Dalgety's are steadily rising. Buyers cannot, no supplied at £l4 10s. National Alortgago are offered at 77s 6d without eliding a buying quote. Wright Stephenson's ordinary issue is wanted at 27s Gd, but 31. s is tbe best seller.

ATeat Preserving shares are quiet. Now Zealand Refrigerating (contributing) has a seller at 11s od, but 1 Is is the host buyer Double those prices represents the value of paid-ups. hi the Woollen Companies the competition of British goods and the high price of wool are factors tending to islackcn business. Few inqiiiiies loi this scrip arc made. A sale of Kaiapoi prof at 17s 9d is reported. All other issues are dull and without buying quotes. Christchurch Gas are firm at £7 14. Sales of Auckland Gas at 24s 6d and 24s 7d indicate a steady market. Timaru Gas aro quoted about £7 7s 6d, as compared with £7 at this time last tear. Little business has been recorded in Brewery shares. 27s 9d is offered for New Zealand Breweries Limited. The debentures and stock are firm in tbe neighbourhood of 225. New Zealand Drugs have fallen to 64s buyer, 66s 6d seller. Tbe new issue is being made at 10s premium, making tbe shares 50s each. Dominion Rubber:, are fairly strong at Is above par. Wliitcoinbe Tombs have a seller at 71s 6d. “Otago Daily Times” are wanted at 69s 6d. New Zealand Farmers’ Co-op. hate made a call of 20s per share on the £2 issue, which can now be purchased for a very small sum. The five pound fully paids are inquired for at 30s. The f 1 per cent, stock 1935 is wanted a x £73. Alining is lifeless. Ivawarau Gold Mining have lmd sales; at 20s. _ Mount Lyell is worth 21s 9J, and AVaihi’s have changed bands at 25s The Government bonds rema’” practically unchanged. £97 10s is the pr.ey cf the 1938 and 1939 issues, and £lOl 5; is offered for the 51- per cent. Soldiers’ bonds. The five per cent. Wellington City Loan was floated at £9B. The Mayor of Wellington states that this is the most successful loan floated by a local body in New Zealand in recent years.

WESTPORT COAL COMPANY. Toe annual meeting of the Westport Coal Company takes place on tbe 19th inst. For the year ending September 30, the profit, after provision was made for bad debts, depreciation, and all charges, amounted to £27,701 2s 10d, to which must be added £9429 Is lid, brought forward from last year. An interim dividend, for tbe half year ending March 31, 1924, of 2J per cent, absorbed £11,250. The directors now propose to pay a dividend of 3J per cent, for the half year ending September 30, 1924, which will absorb £16,875 and leave a balance of £9005 14s 9d to, carry forward to next year. Owing to the immunity from loss of insurance funds it is'proposed to pay 9d per share as a bonus from this fund. The dividend for the year is thus 10 per cent. N.Z. BREWERIES (LTD.) The Standard Brewery (Dunedin) has become merged into the New Zealand Breweries Ltd from from November 1. Cowie’s Brewery, which was established in the sixties, is the only brewery in Dunedin outside the amalgamation. IVAIHI GRAND JUNCTION GOLD COMPANY. The report for the year ending December 31, 1923, is more favourable than anticipated. 85,910 tons of ore yielded bullion to 1 the value of £108,543. Slag yielded £2922. Deducting expenses of realisation the balance was £108,233. Working costs including mine redemption £21,477, depreciation £10,309, administration £10.765. The loss for the venr was £31.431. and with tbe debit balance of £24.548 leaves a debit balance of £55,979 to carry forward to next year’s account.