COMMERCIAL.

Press, Volume LIV, Issue 16150, 2 March 1918, Page 7

COMMERCIAL.

(By Cable.—Press Association.—Copyright.) (Australian and N.Z. Cablo Associa 10 BANK OF ENGLAND RETURNS. LONDON, Februarv 28. The Bank of England returns ■week ended "Wednesday* . e v 27th, with those for the previous we > f„llrvn-=-—

government SECURITIES. The following are . the tions for Government 6ecuntl ?f' las t comparison with those rulin., H CCk ■ t»

DAIRY PRODUCE. Butter—No distribution has been made this week. Good quantities have arrived. The food controllers hope to distribute one-half of the applications for March and April. CEREALS. "Wheat and flour —The market is lifeless. ' Oats, peas, and beans—The market is firm at full rates. SUGAR. The market is unchanged. METALS. Copper—Spot £110 os, three months £110 ss. Tin —Spot £319, three months £316. Lead —Spot £29 10s, three months £28 10s. Spelter—Spot £54, threo months £50. Silver—i2£dperoz. MELBOURNE MARKETS. (By Cable.—Press Association.—Copyright.) MELBOURNE, March 1. Barley—English 4s 10c! to ss, Cape 3s Id to 3s 3d. Oats —Milling 3s 2d to 3s 3d, feed 3s to 3s 2d. Potatoes —£4 Is to £5. Onions —£5 15s to £<3. GRAIN AND PRODUCE MARKETS. (BY Ora COMMERCIAL EDITOR.) Friday Evening. Business still remains very quiet in the -wheat market, and brokers report that very little wheat and oats are offering. A fairly brisk demand still obtains for oats, particularly from the North Island, but it is very difficult to make arrangements for any space on ships—this fact holding up business considerably. A fair amount of ryegrass.is offering and prices range as before, ?rom 3s to 4s 6d* per bushel, according to quality. The price of oatmeal has risen to £23 a ton 251b bags, and £26 packed in 71b bags. Milling wheat, according to Government price. South Island, JanuaryFebruary, and arch 5s lOd, April 5s 101 d, May 5s lid, June ss_ llicf, July 6s, August 6s Oid, f.o.b. North Island 4d additional. Oats—Algerians, Duns and Danish 3s 3d to 3s 6d, Gartons 3s 6d to 3s Bd. Barley—ss 6d to os 9d, extra prime to 63, medium 5s to 5s od. Flour —£15 per ton; 1001b bagß £15 ] 0s;. 501b bags, £15 15s; 251b hags, £16. Bran —£3 I.os per ton. Pollard—£6 15s per ton. Oatmeal —251b bags £23 per ton, 71b bags £26 per ton. Oatshoaf Chaff —New chaff £3 los to £-1 ss, for immediate delivery, and £3 ; 10s for forward delivery. Cocksfoot —10$ d to Is per lb. Ryegrass;—23lb to 261b seed 3s 6d to 4s, extra prime heavy seed to 4s 6d, lighter seed 2s 6d to 3s. Onions —Main crop £3 15s. „ Potatoes —Early varieties £3 5s for present or 'forward delivery. DAIRY PRODUCE. The prices of dairy butter have hardened a Id, and eggs, prime fresh, are now worth Is 8d a dozen. Butter — Factory Is 6d net, farmers' separator Is 2d, dairy Is. Cheese —Factory lOd, dairy 9d, loaf 9£d. Bacon—Sides Is 2d, rolls Is 3d, hams Is 3d. Honey—Extracted 6d per lb. Eggs—ls 8d per dozen. F&UIT AND VEGETABLES. There are. good supplies of all vegetables now, but overseas fruit is, as usual lately, in rather short supply. Fair quantities of blackberries are coming forward from the Coast, and the demand is good at 6d a lb. The wholesale average prices during tfce week were:— Apples, dessert, per case, choice 6s to 7s 6d, medium. 4s to ss, cooking 2s 6d to 4s 3d; apricots, per lb, Id; Raratonga bananas, prime, 14s to 17s 6d; 'Frisco lemons, per case, 50s; nectarines, per lb, 3d. to 4id; Cook Island oranges, per case, 15s to 17s 6d; peaches, choice, per lb, 3d to 4sd, medium 2d to 3d; pears, Bon.Chretien, per case, 4s to 5s 6d, others 3s to ss; pineapples, per case, 8s to 10s; plums, 2s to 3s 6d; grapes. Is to Is 3d per lb; tomatoes, choice, 2£d to ,3i per lb, outdoor 2d to 2Jd; beans, broad 2s per bag; beet, dozen bundles 6d; cabbages, per Is to 2s 2d; cauliflowers, dozen, 4s to 9s 3d, small 2s to 3s; carrots, per dozen bundles, Sd; cucumbers, per box, Is to Is 6d; celery, per bundle, 6d; green peas, 1s to Is 5a peck; lettuce. 6d to Is per dozen bundles; marrows, per dozen, 13 6d to 2s 6d; onioijs, per cwt. 6s; parsnips, per dozen bundles, 9d; potatoes, per cwt. 5s to 53 6d; pumpkins, 4s to os; radishes, 6d; rnubarb, per dozen bundles, Is; spring onions, per dozen bundles, 4d; turnips, per dozen bundles, 6d.

SCARGILL EWE FAIR

The annual ewe fair was held at the Scargill yards yesterday, there being an entry of 5819 sheep. There was a good attendance of farmers and buyers, and most lines were sold at satisfactory prices. The fe.w lines passer, in changed hands after the sale. On the whole the market showed a slightly easier tendency. Two-tooui ewes sold well, especially anything showing quality. Wethers were m fiood demand, and sold exceptionally well. Mr S Gibbs, of Motunau, topped the market with a good line of two-tooth ewes, which brought 425. The average rango of prices was: Twtvtootht ewes -9s .d to 425, four and six-tooth 26s to vDs Id six and eight-tooth <>2s. mouth 21s 2d to 295, two-tooth haltbred ewes 31s 3d. two : tooth jethers °9s Id The principal lines sold were. " P. J. Overton, 386 four aad sis-

tooth ewes at 34s Id to 36s Id,. 215 t w .9."* o °th ewes at 33s 9d, 193 good and failing-mouth ewes at 2Ss lOd: Foxdown Estate, 100 two-tooth three-quar-terbred ewes at 3os lOd; Green Hills Estate, 218 halfbred ewes at 31s 3d-; H. Jones CScargill), 100 two-tooth ew;s at 31s; Mrs P. J. Overton, 54 twotooth wethers at 29s Id; AY. F. Pannett, 126 two-tooth ewes at 355; AV. ly two-tooth halfbred ewes at 36s • Sj. B. Gibbs (Motunau), 133 fourtooth ewes at 36s 9d; G. Buss, 103 two-tooth three-quarterbred ewes 355; James Gibbs. 112 two-tootli ewes at 26s 9d; S. B. Gibbs (Motunau), 104 two-tooth ewes at 425, 50 failing-mcutii ewes at 295; G. Gibbs 177 full-mouth ewes at 19s; N. D. Campbell (Glon Dhu). 100 full-mouth ewes at 31s_ 6d; T. AVilkie (Oniihi), 160 six and eighttooth ewes at 325: D. Patterson (Scargill), 197 full and failing-mouth ewes at 21s 6d; S.-Burrows (Omihi), 530 three-quarterbred ewe lambs at 275; J. Reside (Scargill), 28 lambs at 21s; clients, 94 two-tooth ewes at 295, S3 four and six-tooth ewes at 265, 215 full and failing-mouth merino ewes at 14s 2d. OXFORD MARKET. At the Oxford market yesterday 943 fat, and 5726 6tore sheep and owes were otferod. The sale was well attended, and a clearance of px-actically ! tho wholo yarding was effected at very satisfactory prices. The principal j sales of fats wore:— { Lambs—For D. Long, 58 at 27s 6d; R. P. McConnell, 204 at 275; 31. C. Morrison, 31 at 265; H. Campbell, 90 at 28s 6d; W. and J. W. Ivory, 19 at 27s 7d, 35 at 27s lOd; T. Mehrtens, 40 at 28s 9d; W. T. Williams, 34 at 27s od. Ewes —For J. C. Constable, 4 at 28s; P. Garlick, 42 at 28s 5d to 33s 7d; Cooper Bros., 34 at 2js 6d to 31s sd; C. A. Brown, 12 at 28s lOd; Mrs Mounsey, 12 at 27s W; Gillespie, 3S at 265; R. Pavolka, 30 at 26s 7d; F. Wotherspoon, 7 at 30s 3d; AY. and J. AV. Ivory, 18 at 30s 9d; AV. T. Williams, 19 at 26 s Id; AVills Bros., 9 at 28s 3d. AVethers—For F. Pavelka, 56 at 33s 6d; J. AA'olls, 70 at 32s 2d; F. AYothorspoon, 19 at 33s 3d. Stores—The principal sales were:— For E. Feary, 804 rape lambs at 23s Id to 23s 2d; F. Gilchrist, 308 at 24s lOd; AV. Anderson, 291 at 23s 8d; H. Bunn, 689 at 23s 3d; A. Henderson, 495 at 21s 74. Other lots wore —58 forward wethers at 29s 4d, 117 rapo lambs at 235, 63 at 23s sd, 240 at 21s 6d, 63 at 25s 6d, 199 sound-mouth ewes at 28s, 90 two-tooth ewes at 26s 7d, 46 two and four-tooth at 32s 3d, 86 two, four, six, and eight-tooth at 295, 73 at 29s 6d, 172 two-tooths at 30s 4d. 155 six and eight-tooth at 28s 2d to 28s 6d. 394 mixed sex halfbred store lambs at 22s 7d to 22s lid, 320 sound-mouth halfbred ewos at 29s 6d, 34 two-tooth owos at 335, 70 two, four, and six-tooth ewes at 325, failingmouth eyes at 21 s 6d to 24s id, 59 twotooth ewes at 40s, 52 four, six, and eight-tooth ewos at 3os 3d. failingmouth ewes at 21s 6d to 24s id. Cattle There was a small yarding. JLightoon-month-old stores sold at £7 to £9 16s, store cow s to £5 ss, and calves at £4 12s. s J r t a 'l l°t of weaners sold at Jos to 2os 6d. RANGIORA HORSE FAIR. There were / 2 horses offered at the Kangiora Horso Fair yesterday, and a fair amount of business was done. Unbroken four-year-old draughts made , , tO . 36 . ycarlmgs £3 to £5, broken-m four-year-olds £25 to £31 £3 S 'to £8 S ° rtS £I °' £22 > and hack s KIRWEE STOCK SALE. At the monthly stock sale, held yesrc, an entry of close on p)0 sheep, about half being fats, mostly lambs. The lambs were rather on the light side v although thero were several well-finished lots. Young and useful lines of ewes comprised the bulk of tho stores. Competition was good for both fats and stores, and tho wLole entry practically changed hands a't full current values. Th 0 principal sales were:— Fat lambs—J. Sims, 120 at 29s 6d; C. 'Page, 183 at 27s 7d to 2JJs 7d: AV. H. Marsh, 35 at 28s sd; J. R. Youngman. 160 at 28s sd; J. Thompson, 72 at 26s 4d to 28s sd; R. McClelland, 19 at 28s 7d; M. Alley, -108 at 27s to 27s 3d; J. H. Selby, 22 at 27 s 6d; D. Gallagher, 34 at 26s 8d; A. Zupperich, 67 at 26s lid; F. AVhyte, 41 at 26s 8d; Church Bros., 202 at 25s lOd; J. Dysart, 74 at 25s lOd. Fat ewes —C. Davis, 53 at 30s 4d; Johnson Bros., 29 at 27s lOd; A. Zupperich 12 at 28s 2d. Store sheep—94 two-'tooth ewes at 395; 127 four, six, and eight-tooth at 365; 84 four-tooth at 35s Bd'; 35 four and six-tooth at 335; 242 four and five-year-old at 275; 116 sound-mouth .ewes at 30s; 62 raoe lambs at 22s 4d; 47 at 235; 41 four,"six, and eight-tooth ewes at 26s 8d; 47 Merino ewes at 5s 9d. TIMARU PRODUCE MARKETS. (SPECIAL XO "THE FBESS.") TIMARU, March 1. AA T ith a slowness winch is exasperating tne new season's wiieat is coming on 'to the market. In view of ttie bareness of supplies prior to harvest celerity in the delivery of the new crop was specially desired this year, but tho weather has prevented quick dealing with the grain. \ r ery little has come to hand tiiis week, and the bulk of that received has only been of medium quality, but it has mostly been taken tor milling. Generally speaking, the quality is not by any means good, and somo samples shown since the rain aro very badiy sprouted, and cannot bo usod for other than fowl feed. The yields are very disappointing. A lot of grain has been put in stack since the rain, as it was impossible to thresh it from the stook, and it will have to bo left in stack for some time until it gets into condition, and millers are only buying in small quantities, and will j continue to do so until the Board of i Trade • has fixed the price of flour. I Until this is done they will not know whether it will pay 'them to continue running their mills. j Fowl -wheat is very scarce. Purchases of this description have been made during the week at from 5s 3d to 5s Bd, thero being a groat difference between I many of the samples. Contracts have | been entered into by some North Island merchants for the purchase of fowl wheat from Australia. .

Oats have soared to prices beyond all expectations. This is due to the fact that the crops are, comparatively speaking, a failure, and to the damage done to them by the rain. As high as 4s per bushel has been offered, and refused, this week for both Duns and Gartons, which were wanted for seed purposes. Algerians are quoted at 3s 6d to 3s yd. There is a very strong demand from the North Island. The rise appears to be based on the present shortness of supplies, but it is predicted that when tlio Southland oats come on the market the present high prices will ease back a little.

Oatshear chaff is wanted for prompt shipment to the North Island, and £4 5s to £4 10s is being offered, at country stations, for good quality, sacks found by buyers. There is very little demand at present for potatoes, reports from the North Island indicating that they have sufficient for requirements there in the meantime. Digging has not started here yet, and until it is started it will be impossible to tell the extent of the damage done by the blight. Purchases have been made at £4 10s per ton f.0.b., sacks in, for April, May, and June delivery. Ryegrass is not offering in large quantities. It is worth from 3s to 4s per bushel, while cocksfoot is quoted at Is to Is 2d per lb.

CUSTOMS DUTIES. FIGURES FOR FEBRUARY. The increase noted in tho .Customs and beer djuty collected in Christchurch for January of this year, as compared, with the same month of 1917, is also noteworthy in connexion with the returns for the month of February. The comparative figures were (shillings and pence omitted): — 191 S. 1917. £ £ Net Customs duties... 39,106 32,049 Beer duty ... ... 3,0*22 2,059 Totals ... £42,129 £34,108 The increase last month over February, 1917, was £8021. The figures for tho year so far, as compared with January and February, 1917, are (shillings and 1 pence omitted): 1918. 1917. £ £ Net Customs duty ... 96,979 78,930 Beer duty ... * ... 6,659 4,633 Totals £103,638 £83,569 The increase for the two months this year is £20,069. MONEY; MARKET. The "'Now Ztaland Trade Review" has the following observations in its current issue:— •'A large amount of wool, frozen meat, and dairy produce has been moved since the beginning of the year, which has released a fair amount of money, but there are still very large accumulations of produce of all kinds in store awaiting shipment, and the shipping outlook is not very hopeful. The value of this produce is probably over £12,000,000, and although the wool is paid for, and 90 per cent, advanced against dairy produce, there is still a large amount of capital locked up in this direction. "Tho valuo of our exports for 1917 was recently announced by the Minister of Customs, and the values of exports and inmorts. apart from specie, compare as follows for the past three years:— 1917. 1916. 1913. £ £ £ Exports .. 31,597,547 33,281,057 31,430,8*2 Imports .. 20,742,1U0 25,0-15,103 20,658,720Excess of Exptrte .. £10,855,417 £8,235,651 £10,772,102 "There is still a splendid surplus of exports; however, these figures have, to a certain extent, lost their full significance as regards tho money market, owing to the large amount that is paid out in wool, dairy produce, etc., prior to shipment. "There is a firmer tone generally in the money market, and the larger institutions are asking mostly 6£ per cent, for first-class mortgages, and even this figure is said not to show as good a return as the war loan. We hear that some estates that lent large amounts on mortgage are withdrawing these funds where possible snd investing in the war loan" owing to the heavy taxation, and fear of future taxation." NEW COMPANIES. llegi '-tralion of the following now companies is announced in this week's ".Mercantile Gazette":— E. 11. Roberts, Ltd. Registered as a private company, February 4th, 1918. Office: Lioh.fieid street, Christchurch. Capital: £2000 into 2000 shares of £1 each. Subscribers: R. R. Roberts 1900, M. L. H. Roberts 100. Objects: To carry on in all its branches the business of clothing manufacturers, general warehousemen, importers,, and agents, etc Sefton- Rink Hall Co., Ltd. Registered as a private company, February 6th, 1918. Offices: Sefton, C. Capital: £■500, into 500 shares of £1 each. Subscribers: J I>. Wyllie 200, D'. Bailey 30, Thos. Hanna 24, J. A. Howe 50, W. M. Livingstone L 4, Frank F. Croft J4, J. Ashworth, junr., 5, C. E. Tapp 14, A. Sliand 6, J. Ashworth 69, J. J. Henry o } G. Wilson 5, R.' Hanna o, J. Barclay 5, W. Hayes 5, J. Gollie 5, F. B. Reeves & James AVyllie2o,AV. E. Parnham. 10, J. O. Codp 20, J. D. Wvllio 5. Objccts :-r-To- mirbhase premises', known as the. Se?toiv Skating Rink; and to carry on tho..business of skating rink proprietors and caterers for public amusements, etc. Nimmo and Blair, Ltd. Registered as a private company, February, 1918. Office: Lower High street, Dunedin. Capital: £25,273 into-25',273 shares of £1 each.' Subscribers: J. H. Nimmo 15,632, R. ID. Nimmo - 9641. Objects: To acquire and carry on business of seed merchants, etc., lately carried on by Nimmo and Blair. Glendermid. Ltd. Registered February 19th, 1918. Capital: £80,000 into 80,000 shares of £1 eacli. Subscribers: .David E. Theomin, Walter Gow, John Mill, David Phillips. John A. P. Fredric, James Brown, L. F. Cleghorn, all one share each. Objects: To acquire and carry on tho business of tanners, leather merchants, etc., lately carried on by Michaelis Hallenstein and Co. CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Sal© reported:—Huddarfc-Parker, 39s Sd. LATEST QUOTATIONS.

YESTERDAY'S BUSINESS ON OTHER EXCHANGES. (PRESS ASSOCIATION TELEGRAMS.) DUHEDIN. SalesHuddart-PaTker, 39s 6d, 39s sd, 39a 4d, 39s 3d (three). Sales reported :— Huddart-Parker, 39s' Sd. MINING. BROKEN HILL SHARES. ' (By Cable.—Press Association.—Copyright.) (Received. March 2nd, 1.35 a.m,) SYDNEY, March 1. The boom in Broken Hill Proprietary shares has eased. They sold to-day at 6s below yesterday's highest price. .WAIHI-PAEROA COMPANY. (PRESS ASSOCIATION' TELEGRAM.) AUCKLAND, March 1. For the period ended February 23rd, the WaiLi-Paeroa Gold Extraction Company treated 15,700 tons of tailings for a return of .£4250, a decrease of £1900 on last year. The returns now total £238,261.

aro as toiion s. Feb . 20 . Feb.^7. SqSGOO 30,552,000 Pi-ocortion of reserve to 04 liabilities •• n l°„QQ 47,251,000 Circulation .. •• <S,-0.,00 4o.r-:,n.n00 Government deposits ,0.767,000 Other deposits .. lol,8.9,0UU Government purities 6e,.ol,000 - eu ' 000 Other eecuritics .. 101,441,uuu => , Short loans, 3} per cent., t ire months' bills,-3 9-16 per cent.

■ prico i> r iC3 last week, to-dar- £ a. d. £ s- d * 2J per cent. Imp. Con. .. ol 10 0 5t 15 per cent. War Loan .. So g 3 per cept. War Loan .. 8G 2 N S W. 4's. If 3 ' 1 - Jan.-Jlv. 82 o 0 8ls\S.W. 3Vs, 1930-59, Mch.Sept. .. 71 3 0 -1 5 0 N.S.W. 3Va, early currencv .. .. 99 n 0 99 10 0 >".S.\V. 3's, 1926, Apl.-Oct. 69 12 6 69 1Vic. 4's, 1929. Jnn.-Jlv. 9fi 10 0 10 0 Tic. 3-Vs 1921-26, Jan.-Jly. So li 6 S6 - b Vic, Si's, 1929-49, Jan.-Jly. 70 0 '' 1, ~ n Vic. 3's, 1929-49. Jan.-Jly. 62 5 0 C- o u Qtod <••. M1M0, 3«»- n „ „ al o » ciun£n:, mm. in* „• , SMji. 8\ izM. J« ; s2 s „ fi! „ „ N.Z. 4's, 1920, May-Nov. 86 12 6 86 13 6 N.Z. 3i'a, 1940, Jan.-Jly. 73 2 6 73 0 0 N.Z. 3'a, 1945, Apl.-Oct. 63 a 0 63 12 G S A. 3V«, 19?9, Jan.-Jlv. 72 10 0 72 0 0 S.A. 3's, 1916 or after, Jan.-Jlv 57 0 0 57 0 0 Tos 3Vs, 1920-40, Jan.Jly" .. .. 71 7 6 65 5 0 Tas. 3'a, 1920-40, Jan.-Jly. 65 0 0 65 0 0 W.A. 3i's, 1920-35, MayNov. .. .. 76 7 6.69 12 6 W.A. 3's, 1915-35, May- • Sov .. .. 69 5 0 69 6 0

Buyers. Sellers. £ 6. d. £ s. d. BANKS— National .• 5 8 6 — BREWERIES— Manning .. .. 3 0 0 8 2 6 FINANCIAL— National Mortgage (cum div.) .. .. 4 2 6 — INSURANCE— New Zelaland •• •• — 8 13 6 WOOLLENS— Kaiapoi .. — 7 10 MISCELLANEOUS— Colonial Sugar .. 22 15 0 — MINING— Waihi Grand Junction 0 14 3. —