CHRISTCHURCH STOCK EXCHANGE.

Press, Volume LX, Issue 18229, 13 November 1924, Page 12

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS,

Sales on 'Change—tTnion Bank (fractions), 103 ' LATEST QUOTATIONS. ' Buyers. Sellers. £ a. d. £ a. d.

OTHER EXCHANGES. (PKESS ASSOCIATION TELEGHAitS.) AUCKLAND, November 12. Sales—-So'diers' Inscribed, £lolßank of Now Zealand, 59s' 6d; Kaiapoi Woollen, 17s 9d. • ■ LONDON WOOL SALES. EASIER PRICES. (FBOU OUB OWK COBBBSPONDBHT.) LONDON, October 9. The wool auctions in London during the past weeik have suffered some relapse, and there is a ; prospect of them finishing with a distinct ease (writes the "Daily Telegraph" correspondent). It almost looks as if prices wero overdone during the second week of the series/ .It is certainly Correct to say that Continental buyers pushed values beyond what Bradford firms regarded as rear sonable and: had found to be -workable. When the former .bad had.their fling it was only in the natural order of things for a decline 1 to develop, and it is as well thai the fall has not been more than 5 per cent. Everybody recognised, even before the auctions commenced, . that merino wools were exceedingly dear, much too dear for the Home trade, and yet during the first two weeks of the series both merino and crossbred values were frequently fully 15 per cent, above tho July level. It would have been far better if the opening advance had been 6 to 7J per cent, with a firm market maintained to the end. A decline as a> series draws to , a finish, always leaves an uncomfortable impression in Bradford, and ■usually leads to a, disappointing interval. -Too- much, importance, however, should not be,attached:.to" the reaction. Except from a sentimental point of view, it is not serious. Crossbred Slightly liower.

As to the actual movement of values, both I merinos and crossbieds ha.v£ ■ sold on a slightly lower clean-ecoured basis compared with the previous week. Selling brokers admit that they have- not been able to command prices within a full Id for good merinos compared with the previous week. This applies to both grease and scoured parcels. Really' good warp meritos have realised big ' figures, 64's combmg of spintiers* 'type selling" on a clea#. basis- of 73a. Nearly all the Queensland 70[s have spld around 76d to 78d clean, while very fine Sydney free 80's to 90' a have frequently made 36d' to 38d in the grease, or about -840. clean. Some very, big prices have been paid for ocoureds_ and ■ about 69d is . the extreme,, compared with 72d a good week ago, Kecogn;ainf the clearness of merinos, buyers., have been determined to buy only at_ more .reasonable limit?, an attitude on their part; which no one can find fault ■ with. There_is also one more important consideration.. No selling centre. in Australia has. been within, pence per pound of Coleman street value. Good M's tons have been mostly bought on a clean basis of 6s Bd, and with similar tops costing-out of London :7s 3d, buyers naturally feel , that they are going, to purchase ■as little as . possible until their cheaper Australian . purchases . ""je home Crossbreds also have the Home trade support for these is still verv-good indeed. i '• The effect upon Bradford c-f the depreciation in London has been very small. Bigness has. certainly been, somewhat curtailed, but toomakers'. quotations al! remain very firm. It hais been possible'for spinners to buv fine tons here' and there at fractional •reductions, but it will be a long time before anv really cheaper tops come round. Crossbreds are all quite firm, and a large consignment is proceeding, the . demand for medium quality fabrics continuing on an Stensive scale in consequence of the Searness of superior style goods.

FRENCH FINANCES. LOAN FROM AMERICA POSSIBLE. .(BY CABLE—PBES3 ASSOCIATION COPTBIGHT) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) (Received November 12th, 8.40 p.m.). NEW YORK, November 11. K is understood that a banking group headed by J. P. Morgan is prepared to float a French external loan. here . on short notice. The- amount probably would..be ■100,000,000 dollars, the proceeds to be used to place on a more permanent basis the dollar balances created by the Morgan firm last spring to stabilise the French franc.

FOOT-AND-MOUTH DISEASE. The Canadian Government Merchant Marine, Ltd., Christchurch, is in receipt of the 'following order from Mr J. H. Grisdale, Deputy-Minister oi Agriculture, concerning direct importation of hay, straw, mill-feed or other material for feeding live stock permitted from Australia and New Zealand:—

(1) Owing to the freedom of the Commonwealth of Australia and Dominion of New Zealand from. the diseases known as foot-and-mouth disease and rinderpest, tho importation into Canada direct of _ hay, straw, forage, mill-feed cr other materials for use in the feeding of live stock ifi permitted from those countries.

(2) The order of July 30th 3 1924, prohibiting Bach importations into Canada direct from all countries other than the. United .States is hereby varied to conform to 'the provisions of this order.

AUCKLAND STRAWBERRY SEASON. (SPECIAL 50 "THE PBS SB.") AUCKLAND, November 12. . The. strawberry season has started well in Auckland, and good supplies:of old bed •berries are now coming to hand. The -new beds are rather backward, but if conditions prove favourable, excellent yields 'should be obtained. Rain is now. required -to stimuli the. plants, ;The demand vg Rood end high prices have been iva;Lscd.' A djatmct improvement has. been made in" the of the fruit, as the result of the Governl meat's cew icgulatiooa. * **•

(Continued at foot of next column.)

A HUGE DEFICIT.

MERCHANT BANKERS' FAILURE.

(BT CABLE—PBESB ASSOCIATION— COPXBIfjxr) (AUSTBAIiIIN AND H.Z. CABLB ASSOCIATION.) (Received November . 12th, 8.10 p.m.) LONDON, November 11. Debts amounting to £1,500,000 were proved at a meeting of creditors of Boulton Bros., merchant' bankers and insurers, of Old Broad street. In the middle of 1921 tho £rm had a surplus of. £500,000. Then it suffered losses through Russian bonds and currency depreciation as a'"result' of the revolution; also losses on Indian exchange. The principal creditor is the Alliance Bank of Simla (£964,000); .which had agreed to take over the bunking side, of Boulton's affairs,-the latter to form a new company for the purpose of repaying the shareholders, but the plan broke down owing , to the Alliance Bank's failure in April, 1923. The firm's assets totalled £30,000.

The official receiver announced that the losses had long since been discounted. Boultons' admitted that they began business in 1907 with a capital of £3OOO.

GOLD. (BY CABLE —PBESS .ASSOCIATION —COPYRIGHT) (AUSTRALIAN " AND K.2. CABLE ASSOCIATION.) (Received November 12th, 5.5 p.m.) LONDON, November 11. The price of gold is £4 9s 8d an ounce.

SHARES. (Received November 12th, 5.5 p.m.) LONDON, November XI. P. and O. (def.): Buyers, £3XS; sellers, £325. Dalgety and Co., Ltd.. £ls XOs and £76 ss.

WHEAT. / ■ (Received November 12th, 8.10 p.m.) LONDON, November' 11. Wheat cargoes are firm with fair enquiry, trat near position are neglected.' Quotations nominally are unchanged. Parcels are in fair demand at a slight aflvance. DecemberJamiaiy is quoted at 63s 6d to 63s 9d.

EXCHANGE ON NEW YORK. (Received November 12th, 5.5 p.m.) LONDON, ,ofovembeE 11.' New York • exchange, after reaching 4.63, reacted to 4.615 on profit taking and closed &t 4.615. (deceived. November 12iH, B.4<>- p-trr.) • NEW YORK,- iCVivcmbir •* 11. Sterling recordpd an advance at mid-day bat-closed at 4.611.

X.Z. GOVT. DEBENTURES 4j per cent. Inscribed, 1938 _ 97 15 0 4V per cent. Bonds, 97 10 1930 - .. .. 0 — Si per cent. Inscribed, 1933 101 10 0 101 12 6 4t per cent. Bonds, 1941 .. _ 97 13 0 OTHEE DEBENTURESChristchurcli Drainage oh per cent. 96 0 0 — X.Z. Breweries, Bonds 1 1 3 1 1 10 BANKS— _ 13 % Australasia — 0 Bank cf Victoria (ord.) G 10 0 6 13 1 National cf N.Z. G 12 6 G | Royal (£1 paid) — 1 13 9 ! Royal (£4 paid) — 6 15 0 1 Union of Aust. (rights) — 2 .7 0 1 Union of Aust. (frac- | tions) — 0 10 0 1 LOAN AND AGEXCY— Gold3brcug"h, Jlort 2 6 G — Goldsbrougb, Mori (new is?ue) — •2 6 0 X.Z. and River Plate — 1 0 0 P. and 0. Def. (cum div., London Repistei) .. - 3C7 0 0 ' — FROZEN MEAT—"" N.Z. Refrigerating (pd.) — 1 2 0 WOOLLEN'S— Kaiapoi (ord.) 0 14" 6 — ! Kniapoi (con.) — 0 7 6 . Wcstport (cum dir.) .. — 1 17 0 GAS— Christ churcli .. 7 12 6 7 16 0 BREWERIES— AVnrd .. - — 2 12 0 MISCELLANEOUS— Beath and Co. — 1 12 0 Burns. Philp 1 13 0 ' — Electro. Zinc (pref.) .. 1 7 3 — Hume Pipe (Aust.) 0 15 6 ■ Mason, Strutters (£1 paid) ' — 1 4 0 Mason. Struthera (14s paid) — 0 16 0 ALason, Stru'.hers (10s paid) 0 10 0 0 11 3