COMMERCIAL NEWS

Ashburton Guardian, Volume 57, Issue 247, 30 July 1937, Page 7

COMMERCIAL NEWS

THE RESERVE BANK. THE WEEKLY STATEMENT. (Per Press Association.) WELLINGTON, July 29. A Gazette issued to-night contains the following statement of the assets arid liabilities of the Reserve Bank of New Zealand as at the close of business on July 26: LIABILITIES—

Proportion of reserve to notes and other demand liabilities 78.576 per cent. THE SHARE MARKET The following sales were mad© on the Christchurch Stock Exchange yesterday :—- LISTED STOCKS.

Sales Reported.

UNLISTED STOCK Sales on ’ Change. 50 Woolworths (Sydney, ord.) ... ... 6 13 G Sale Reported. 50 Woolworths (Sydney, ord.) ... ... 6 13 6 GRAIN AND PRODUCE. SOUTH! CANTERBURY. (Special to the “ Guardian.”) TIMARU, This Day. With the exception of fowl wheat, very little business is passing in any lines in the South Canterbury grain, seed and produce markets this week. Milling Wheat —Milling prices are: Tuscan 5s 4d a bushel f.0.b., Hunters 5s 6d, Velvet 5s Bd. Fowl Wheat—There is a good inquiry. The quotation is 5s 6d a bushel f.o.b. Oats—Owing to importations from Tasmania and Southland coming on to the market with supplies, oats have shown a decrease in value. Farmers lines of dark, heavy Duns have been cleaned up, and there has been nothing offering for some time. Prices are: A Gortons 3s 3d a bushel on trucks, B’s 3s Id, Algerians 2s lOd a bushel. Barley—Chevalier and Cape are in short supply. Values are: Chevalier Is 9d a bushel on trucks, Cape 4s 4d. Partridge Peas—There has been no export demand. Present quotations are: No l’s 5s a bushel on trucks; un-der-grade 3s 9d. Chaff—ln sympathy with oats, chaff lias also declined in value. The quotatation for good bright oatsheaf is £4 a ton on trucks. Potatoes—There is an odd inquiry from some North Island ports for parcels, hut the main centre, Auckland, has sufficient supplies for three weeks. As a result whites are inclined to ease, but Dakotas are holding their earlier value. Shipments to Montevideo are

still going forward, and the Fordsdale recently took 9000 bags from Timaru and about, 6000 bags from Lyttelton. Local prices are: Whites £5 5s a ton on trucks, Sutton’s £5 10s, Dakotas £6 10s.

Seeds—On account of the bad season in the Dominion there has been very little demand for seeds, with the exception of Montgomery red clover, which is grown mainly in South Canterbury, This season the yields have been very disappointing, consequently prices have about doubled last 3’ear’s values. Up to 3s 3d per lb has been paid for this particular variety. Quotations are: Canterbury ryegrass 3s a bushel on trucks, certified ryegrass 8s 6d a bushel on trucks, Italian and Western Wolths 2s 6d a bushel on trucks, cowgrass 7d lb, white clover 9d lb, Plains cocksfoot 7d lb. CHRISTCHURCH MARKETS. Christchurch, July 29. There is little change in local grain and produce prices since the beginning of the week. Advice has been received in Christchurch that the South American market for potatoes has weakened, and local interest has slackened off in consequence. The Fordsdale left Lyttelton with only 600 tons of a- scheduled cargo of 1400 tons, and it is reported that other export space has been cancelled. North Island business, too, has eased off, recent shipments from Lyttelton apparently • having satisfied all immediate acquirements. The grain and seed market is lifeless. The August increment of a bushel will operate on milling and fowl wheat as from Monday. The following are quotations to farmers on trucks at country stations, sacks extra unless otherwise stated:— Milling Wheat—F.A.Q. Tuscan 5s 4d, Hunters 5s 6d, Pearl 5s 8d (July delivery). Fowl Wheat—G.W.F. 5s 3d, f.0.b.; undei*-grade, 4s lOd to 5s (according bo quality). Oats—Gartons 2s 9d to 3s 3d, Algerians, 2s 8d to 3s; Duns, 2s 6d to 3s 3d (according to quality). Cocksfoot—4d to lOd (according to quality). Ryegrass—Perennial, 2s • 9d to 3s 3d (according to quality); Italian, 2s 9d to 3s. White Clover—Bd to lOd. Cowgrass—6d to 7d. Partridge Peas—4s 3d to 4s 9d; under-grade, 3s to 4s 2d. Flour—£l3 15s 6d, in 2001 b sacks. Bran—£4 15s to £5 5s (local price). Pollard—£6 5s to £6 15s (local price). Chaff—£4 to £4 10s (according to quality). ! Potatoes—Prompt: Dakotas, £5 15s; 'white, £5 10s. Onions—£lo to £ll (first quality). THE SYDNEY MARKET. SYDNEY, July 29. Wheat is nominally 5s od, or 5s 7£d including storage charges. The market is quiet, buyers holding off because of uncertain overseas conditions. Flour—£l3 ss. Bran and Pollard—£7 10s. Potatoes—Tasmanian £6, others £5 ss. Onions—Brown £l3 10s. Maize—Yellow 5s 6d. DIVIDEND DECLARED. BANK OF NEW SOUTH WALES. An interim quarterly dividend of 6s a share (Australian currency) has been declared by the Bank of New South Wales, payable on August 28. The rate, which is at 6 per cent, per annum on the £2O shares, is unchanged. FARMERS’ FERTILISER COMPANY AUCKLAND, July 29. The New Zealand Farmers’ fertiliser Company held its annual meeting today. The chairman (Mr A. A. Ross) said the company had had the best year since 1930. Reports had been circulated in regard to the Government’s attitude toward the fertiliser industry. Be did not think for a. moment that the Government had any intention of taking over the industry, which was well organised and economically conducted. Prices of fertilisers had been reduced by over 26 per cent, below pre-war values.

£ s. d. General reserve ... 1,500,000 0 0 Bank notes 12,590,827 10 3 Demand Liabilities— State 6,418,396 1 0 Banks 9,761,805 17 1 Other 962,458 11 0 Time deposits — Liabilities in , currencies other than New Zealand currency — Other liabilities .... 105,524 2 10 Total 31,339,012 1 0 ASSETS— £ s. d. Reserves: Gold 2,801,791 0 0 Sterling exchange . 20,859,070 7 2 Gold exchange ... — Subsidiary coin .... 112,125 17 2 Discounts— Commercial and — agricultural bills — Treasury and local body bills — Advances— To State or State undertakings: Dairy industry account 4,277,732 19 S For other purposes 300,000 0 0 To other public authorities — • Other — Investments 2,90Q,450 0 0 Bank premises — Other assets 81,841 17 0 Total 31,339,012 1 0

Sales on ’Change. s. d 50 Bank of New Zealand 2 4 7 200 N.Z. Ref rig. (£1 pd.) 0 19. L0 0 19 9 200 N.Z. Refrig. (10s pd.) (2) 0 9 8 25 Aust. Glass 4 15 2 100 British Tobacco ...i 2 9 6 2 9 5 50 Broken Hill Propty. ... 4 2 6 100 Dunlop Rubber 1 3 8 75 G. J. Coles 5 9 9 5 10 0 100 Hume Pipe (Aust.) ... 1 0 5 200 Taranaki Oilfields' 0 4 11 35 Woolworths . (N.Z., rights) 4 5 0 100 Broken Hill South ... 2 7 7 2 7 8 100 North Broken Hill ... 3 15 0 3 15 1 100 llawang Tin 0 12 6

7 Bank of New South Wales (cum div.) ... 34 15 0 200 Bank of New, Zealand 2 4 9 150 Broken Hill Propty. ... 4 3 10 4 2 7 100 N.Z. Newspapers 1 16 6 100 Radio (1936) 1 5 0 50 Broken Hill South 2 7 10