COMMERCIAL.

Timaru Herald, Volume CXXV, Issue 18542, 12 April 1930, Page 18 (Supplement)

COMMERCIAL.

BUTTER MARKET. DECISION OF PRODUCE BOARD. (United Press Association—By Electric Telegraph—Copy -lglit.) (Received April 11, 7.30 p.m.) LONDON, April 10. The Australian and New Zealand Produce Board announces that importers have decided to sell best Australian and New Zealand butter at 118/- to 122/-. DUNEDIN WEEK-END REPORT. By Telegraph—Pres* Aemoclation. DUNEDIN, April 11. The change in the weather has held up threshing of wheat to some extent. However, the fall was slight, and it should not be long before offerings are again on the market. A good deal of wheat is still in stook. There is practically no alteration in prices, except that millers are showing more inclination to buy Tuscan. Hunters is fairly plentiful, and Velvet seems to be in over-supply. The latter variety is difficult to sell, as millers are not using nearly the same quantity in their mixtures as in the past. Values ruling are on the same basis for free wheat as Poo’l wheat—namely 6/3, f.0.b.,5.i., sacks extra, for Tuscan, 6/5 for Hunters, and 6/7 for Velvet. These prices are equivalent to 5/8, 5/10 and 6/1, on trucks at country sidings, sacks extra. All the milling wheat in Otago district will be absorbed by millers without any difficulty. Fowl wheat continues in short supply. The current value is 6/-, sacks extra, ex truck. The oat market remains fairly firm. There is practically no business being done with the North Island, but inquiries from Canterbury merchants are keeping the market steady. Reports from all southern districts state that there will be heavy yields, and that this will be one of the best harvests for oats experienced for at least ten years. Present values to farmers are 3/2, sacks extra, on trucks, country sidings, for A’s., and 3/- for B’s. These prices are equivalent to 3/10, f.0.b.,5.i., for A’s, and 3/8 for B's. Chaff continues quiet. Occasional orders are received from feeders for truck lots, but in some instances the chaff has had to be taken into store. Best quality is worth from £5/5/- to £5/10/-, sacks extra, ex truck. Potatoes have still been arriving in excess of demand, and sales have been difficult to make. There is not a great deal of buying by merchants, and a fairly large quantity has been placed in store. Yields in most potatogrowing districts in Otago are very heavy, and there will be abundant supplies this season for New Zealand requirements. High prices have been paid for ryegrass on the assumption that the crop will be a short one, but with curtailed operations there should be ample stocks to go round. In the meantime there are no quotable changes in prices. SLUMP IN ONIONS. LITTLE BUSINESS IN OTHER LINES. By Telegraph-Press Association. CHRISTCHURCH, April 11. There is little business passing in the grain and produce market. Wheat stiff offers fairly freely, but millers are n« t operating on the market. Quotations are 5/8 on trucks for Tuscan, 5/10 to 5/11 for Hunters, and to 6/2 for Pearl. Fowl wheat is offering more freely, but there are few buyers. The oats market is firm. Spread April-September A grade Gartons are quoted at 3/10 f.0.b., s.i., while “prompts” are available at Dunedin and Invercargill at 3 91. The yield in the South is particularly good, and the shortage of supplies evident in Canterbury will be largely offset by the outstanding yields in the south. B Gartons are quoted at 3/9 f.o.b, s.i. • The chaff market is practically at a ; standstill. The potato market is still very weak with little business passing. There are still a fair number of orders from Auckland. The Karepo took 2966 sacks this week, and they are selling there at from £6 to £6 5s ex wharf. There is not another shipment leaving until next Tuesday, when the Kartigi is expected to take a fairly heavy shipment. Quotations to-day are 95./- for whites, and 97 6 for Dakotas; AprilJune £4 10s, July-September £5 10s, and July alone £5. The price to farmers is £3 10s on trucks. The onion market continues very low, and there has been a further | easing apparent during the last three • clays. Sales have been made at 35 - I per ton. The chief hindrance to the I market is that there is no outlet. I Bran rose by 10 - a ton to £7 10s i f.o.b. yesterday, to fall in line with the j prices ruling in Australia. This brings it level with pollard, which is also £7 J 10s a ton f.o.b. At the moment the small seeds market is neglected. OUTLOOK FOR PRODUCE. BETTER DEMAND AT LOWER LEVEL. (United Press Association—By Electrio Telegraph—Copyright.) LONDON. April 10. Butter:—Danish 136/-, choicest salted New Zealand 134/- to 138/-; Ausi tralian 122 - to 124/-. There is a bet--1 ter demand at the lower level, and , traders are filling Easter requirements, j Some multiple shops are retailing New Zealand at 1/2. j Cheese is dull: New Zealand 71/- to I 73/-; Australian about 70/-.

AUSTRALIAN MARKETS. (United Press Association—By Electrlo Telegraph—Copyright.) MELBOURNE, April 11. Victorian quotations are:— Wheat—4/lli bushel. Flour—£ll to £ll/5/- a ton. Bran and Pollard —£7/10/- a ton. Oats—3/1 to 3/2 a bushel. Barley—English 3 6 to 3/7 a bushel. Maize—3/6 a bushel. WHEAT QUOTATIONS. (United Press Association—By Electrlo Telegraph—Copyright.) LONDON, April 10. Cargoes are firm. Sellers are asking an advance of 6d to 9d. Parcels opened firmly at 6d to 9d dearer, and closed quietly. London Futures —May 38/9, July 39/3. Liverpool Futures—May 8/22, July 8/45 (net), October 8/7J (net). Spot trade is fairly active; Australian ex-ship 42/6. SHIPMENT DF ONIONS. VANCOUVER MARKET AFFECTED. (United Press Association—By Electric Telegraph—Copyright.) VANCOUVER, April 10. The arrival of 2600 sacks of New Zealand onions threatens to send prices tumbling, since the British Columbia growers have been holding 75 car loads in cold storage, waiting the end of the United States surplus. New Zealand onions are admitted free. BRADFORD MARKET FIRM. RESTRICTED BUSINESS REPORTED. (United Press Association—By Electrlo Telegraph—Copyright.) LONDON, April 10. At Bradford wool is very firm, but business is restricted by labour troubles. Quotations: —64’s 28d; 60's 27d; 56's 206 d; 50's 176 d; 4G’s 15.',d; 40’s 15d. LONDON APPLE MARKET. FALL IN PRICES. (United Press Association—By Electric Telegraph—Copyright.) LONDON. April 10. Owing to the arrival of several Australian cargoes, the Rangitane's New Zealand apples are selling cheaper than Monday’s; Cox’s 18 - to 22/-; Dunn’s and Worcesters 10/- to 14/-. j THE BANKING RETURNS. QUARTER’S FIGURES NOT UNSATISFACTORY. By Telegraph—Press Association. WELLINGTON, April 11. The banking returns for the past quarter, critically analysed and compared with those in 1929, arc not so unsatisfactory as was expected. On ' the contrary, in some respects they are really satisfactory, and were it not for the inevitable pressure from Ausrtalia the position to-day would cause no concern, nor is there in reality any reason for anxiety. The banks have taken timely steps to keep the country's credit sound. The salient features cf the returns as compared with the March figures of last year arc:—Government deposits have increased by £691.647: free deposits have decreased by £1.830.921; fixed deposists increased by £438,667; advances increased by £7.271,832: discounts increased by £45. 202: circulation increased by £46.144: coiii and bullion decreased by £614.302. The Government deposits totalleu £3.406.086. against £2.864,439. showing a small gain. The shrinkage in the call deposits on current account balances at £1.730.921 is rather large, and in this decrease all the banks shared except the Commercial Bank of Australia. which, shows the small increase of £69.168. The figures are as under: New Zealand, decrease £1,108,327. Union £25,514. New South Wales. £215,579. Au: t-ralasia. £211.634. National. £338,035. Commercial, decrease £69.108. Totals— March 1930 £2,573,643: March 1929. £25.905.822. December £1,839,921 increase. The figures of the fixed deoosits of the several Banks are as under:— Bank of New Zealand. March 1929 £11.622.324: March 1930, £14.863,274: increase £2^0.950. Union. £3.450,484—£3.209.883. decrease £240.601. New South Wales, £2.922.462—£4109.384—£185,922. Australasia, £2,616.863—£710,336 £99.473. j National. £4,345.037 £4,585.234 | £240.109. l Commercial, £G37.584 £619.308 | £33.276. Totals 1929. £20.608.752. 1930, £3O- - 097.419; £438.007 decrease. | The fixed deposits have shown a tend--1 ency to expand in the last few years, | and compared with 192 G the increase | is nearly £10.000.000. I The advances have increased from ' £45.175.304 to £5.244.736. an increase 1 of £7,271.832. and every bank has advanced liberally. ! The discounts for the quarter £1,220.642, show an increase cf £45.202 j over the corresponding quarter of last year.

CHRISTCHURCH STOCK EXCHANGE. (Special to tb.e "Herald.”) CHRISTCHURCH, April 11. At this afternoon’s call on the Stock Exchange, the undermentioned quotations were current: — Buyers. Sellers.

THE DAY’S SALES. Sales on ’Change.—Bank of New Zealand (cum. div.), 59/6; United Building Society, 14/3; New Zealand Breweries, 53/-, 55/-; Staples Brewery. 50/-; Beath and Co.. 27/6; British Tobacco, 40/3 (2); Wilson's Cement, 39/76. Sales reported.—New Zealand Government 51 p.c. Inscribed, 1932 (late sale 10th), £99; Dalgety and Co., £ll/5/-; New Zealand Breweries, 52/3, 52 6; British Tobacco, 40/3; Mt. Lyell, 34 6; Staples Brewery. 50/3; North Canterbury Hospital Board. 56 p.c., 1933, £99/2 6; Wilson’s Cement, 39/106. THE SHAREMARKET. By Telegraph—Press Association. AUCKLAND, April 11. Sales on ’Change:—Australian Bank of Commerce 25/-; National Bank of Australia (con.) £7/7/-; Bank of New Zealand 59/-; Union Bank £l2; South British (late sale Thursday) 62/-; Goldsbrough Mort 31 4. 31/-; Pukemiro 63/- (2); Auckland Gas (last sale Thursday) 23/7; New Zealand Breweries 53/6; British Tobacco 40/6; Electrolytic Zinc (pref.) 27/9; Farmers’ Trading 8 6; Hayward’s Pictures 13/-; Mount Lyell (late sale Thursday) 34/9, 34/6; Wilson’s Cement 39/106. WELLINGTON, April 11. Sales reported: Commercial Bank of Australia (ord.) £l/2/1 (2); National Bank of Australasia £7/10/6; Bank of New South Wales £39/5/-; Union Bank of Australia £l2; Wellington Trust and Loan Co. £7/2/6; New Zealand and River Plate Co. £l/9/-; National Insurance Co. 14/6; South British Insurance Co. 32/3; New Zealand Breweries £2/11/6; British Tobacco Co. (ord.) £2/0/6 (3); Burns, Philp and Co. £l/16/9, £1 16/6; Mount | Lyell Mining Co. £l/14/6 (2).

• V ?' LONDON WOOL SALES. , ’ In connection with the series of wool sales which have just closed in 1 London, the National Mortgage and Agency Co. have received the following j information from their London office: : “The auctions closed here to-day : firm, buyers operating freely. The sales closed at their best point, with very keen competition. Compared with opening rates, we quote:—Greasy Merino, no change; half-bred (50/56) 6d dearer; crossbred (48/50) 3d dearer; 46/48 3d dearer; 44/46 Id dearer; 40/44 Id dearer; 36/40 Id dearer; scoured crossbred 76 to 10 per cent.; scoured Merinos par to 5 per cent.; slipe wools generally 5 to 76 per cent dearer. The future outlook is rather uncertain, but there is a better feeling prevailing.”

£ s. d. £ s. d. N.Z. Govt. Debentures— 51 p.c. Inscr., 1941 — 98 0 0 4J p.c. Inscr., 1939 97 10 0 98 10 0 4£ p.c. Bonds, 1938 97 10 0 — 4i p.c. Bonds, 1939 97 12 6 — 4i p.c. Bonds, 1941 97 0 0 — 51 p.c. Inscr., 1933 98 0 0 5ii p.c. Inscr., 1933 99 7 6 — 54 p.c. Bonds, 1933 99 7 6 — 54 p.c. Inscr., 1936 99 7 6 — 5 h p.c. Bonds, 1936 99 7 6 — Banks— Adelaide 7 0 0 7 5 0 Aust. of Comm. . 1 4 9 1 4 11 Australasia . . . 12 6 0 12 10 0 Comm, of Aust. . 1 1 10 1 2 0 Comm, of Sydney — 21 2 6 E., S. and A. . . . 6 13 6 6 15 6 National of A/asia (£10 paid) . . 14 18 6 15 0 0 National of A/asia (£5 paid) . . . 7 5 0 7 8 0 Natl, of N.Z. . . . 6 4 0 — New South Wales 39 0 0 39 5 0 New Zealand (cum div.) 2 18 0 2 18 10 Queensland Natl. . 6 16 0 — Union of Aust. . . 11 17 6 12 0 0 Insurance— National 0 14 7 — New Zealand . . . 2 4 1 — Queensland . . . — 2 13 0 Standard 2 10 0 2 16 0 South British . . 3 1 0 — Loan and Agency-Ch-Ch. Building Society .... 13 10 0 14 10 0 Dalgety and Co. . 11 2 6 11 6 0 Goldsbrough Mort 1 10 9 1 11 0 Mutual Benefit . . 11 15 0 — Permanent Investment — 11 0 0 United Building Society .... 0 14 2 0 14 6 Shipping— Huddart Parker . 1 17 0 2 0 0 Do. (pref.) .... — 1 0 0 Union (pref.) . . . 1 0 0 — Frozen Meat— Canterbury (pref.) 3 15 0 — N.Z. Refrigerating (£1 paid) . . . — 0 11 9 N.Z. Refrigerating (10/- paid) . . 0 4 3 0 5 2 North Canterbury Freezing .... — 0 2 6 Wellington .... 0 8 6 0 11 6 Woollens— Kaiapoi (7/- paid) 0 3 8 — Kaiapoi (pref.) . . — 0 14 3 Coal— Grey Valley . . . 1 5 0 1 7 0 Stockton (ord.) — 0 1 9 Westport 1 11 6 1 1? 3 Gas — Auckland .... 1 3 4 1 3 9 Christchurch . . . 1 5 10 1 6 2 Timaru — 1 4 0 Breweries— Carlton — 1 16 6 Monteiths .... — 0 19 9 New Zealand . . . 2 13 6 2 14 0 Staples 2 9 0 2 10 0 Timaru — 0 15 0 Tooheys 1 2 9 1 3 3 Tooths 1 12 0 1 13 3 White Star .... 0 14 0 0 15 9 Miscellaneous — Aust. Distillery . . — 1 1 0 Beath and Co. . . — 1 8 6 Do. (1/- paid) . . 0 6 9 0 7 0 Booth. Macdonald (pref.) .... — 0 3 6 British Tobacco 2 0 0 2 0 3 Broken Hill Proprietarv .... — 1 2 8 Burns. Philp . . . — 1 16 9 Do. (pref.) .... — 1 8 0 East African Coffee 1 5 0 — Electrolytic Zinc (ord.) — 1 7 0 Electrolytic Zinc (pref.) — 1 7 10 H e n r y Jones Co-op — 1 10 3 Anthony Hordern (ord.) — 0 17 6 Mason, Struthers (£1 paid) . . . — 0 14 6 Do. <14 - paid) . — 0 14 3 Mount Lyell . . . 1 14 3 1 14 5 N.Z. Drug Co. . . . — 3 7 0 N.Z. Farmer s’ Co-op. (10/-pd) — 0 1 0 N.Z. Farmer s’ Co-op. (B pref.) 2 0 0 2 11 6 N.Z. Parmer s' Co-op. (62 p.c. Stock, 1939) . . — 88 0 0 N.Z. Far m c r s’ Fertiliser . . . — 1 0 0 N.Z. Paper Mills . — 1 0 3 Victoria Nyanza Sugar 1 18 9 1 19 3 Wilson’s Cement . 1 19 6 — Wunderlich (cum. div.) — 1 6 6 Mining— Alexander .... — 0 16 6 Mahakipawa . . . — 0 0 1 Okarito 0 1 3 0 2 9 (prem.) Stoney Creek (6d paid) 0 0 6 0 0 9 Winding Creek (1 - paid) . . . 0 0 3 — Winding Creek (Sd paid) 0 0 3 0 0 8 Cornish Point (1/paid) 0 0 6 0 0 9 Waihi Grand Junction . . . 0 1 0 —