CHRISTCHURCH STOCK EXCHANGE.

Press, Volume LXI, Issue 18371, 2 May 1925, Page 10

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS. b'alcs on 'Change>'.Z. Kcfrig. (pd.), 20a 4d, 20i 6d; (canto.)* 10a 3d. (two parcel*); Manning' B Broircrj- (cx dir.), 375. LATEST QUOTATIONS,

OTHER EXCHANGES.

BANK OF ENGLAND RETURNS. (bt cable —yntss association—copumght.) (AUSTRALIAN AND N.Z. CABM ASSOCIATION) (Received May Ist, 8.10 p.m.) ■ J LONDON, April-M. are the Bank of , Eiigl#nd.;.;io-' turns' for' the' week" ended April 29th compared with tin pmroTW week':— . -

(PRESS ASSOCIATION . TELEGRAM.)

AUCKLAND, May 1. Sales—Soldiers' Bonds. £IOO 15s; Soldleia 1 Inscribed Stock, £IOO 15s; .Auckland Gas, SS& 9<L ' ■■ METHVEN STOCK SALE. Tie • usual fortnightly stock sal# was held, in the Methvcn yards, on Thursday. There was a large attendance of farmers. The yardings consisted of 3800 f&ts, 1050 fat ewes, and 157 fat wethers. JPreezinff buyers were operating up to tho full extent of their limits, and with . the addition of one or more' speculators op era tips, more particularly in the mutton classos, .a total clearance was effected at prices well advance of previous sales. ' The quality of fats was well above the average. Top price for lambs was secured by Dalgety and Company -on. account Sam Weilley, Highbank, for 22 lambs at 40s ad. Another nice line of 118 well-finished lambs Bold by the same firm' on account A. E. Bland, Methven,, for 39s 2d. In the store section a total of 2700 sheep were yarded. The bulk of the yarding was comprised of full and failing-mouth ewes of doubtful ages. Several lines of mixed-sex lambs were offered, and altogether the tone of the store market was buoyant, practically a total clearance being effected. The . cattle yarding was a small one and of indifferent quality, while pigs were also small in numbers, but sold at good prices. The usual quantity of sundries was offered while brought full market' rates. Several horses were offered, but ' few : found new owners, the sales recorded being: ■ One draught mare, 7yrs, foriMO, and gelding, 7yrS' for £2O. Ten shares in the Methven Saleyards Co. found a. buyer at £2 each. The following are the principal sales:— New Zealand Farmers' Co-op. Association, Ltd., sold: —Pats: 86 fat wethers at 83s Gd, 21 at 37s 9d, 17 at 36s 4d, 62 fat ewes at 24s 2d, 60 at 27s 6d, 61 at 325, 93 at 245, 10 at 24s 3d, .7 at 20s, 14 at 21s Id, 40 at 27s Id, 08. at 30s 7d, 85 at 30s 3d, 94 at 25s Id, at 26s Id; 73 fat lambs at 36s 2d, 269 at 34s Id, 82 at 35s 5d,, 93 at 33s lid, 8' at 34s Id, 58 at 33s Bd, 67 at 33s lid, 86 at 37s lid, 68- at 34s Gd, 119 at 38s "7d, 'l3l at 35s 9d, 3 at 42s Bd. .Store)}: 2§ failing-mouth ewes at 22b 6d, 209 half bred wether lambs at i 21s - 7d, 93 failing-mouth ewes at 16s, 58 at 28s 6d, 50 cull ewes at 5s 9d, 167 mixed-sexed half and three-quarterbred lambs at 275. Bams: 6 e.l. and b.l. rams at from ljgns to 2Jgns. National Mortgage and Agency Co. sold: 19 fat ewes at 24s Id, 1 fat wether at 29si 157 full and failing-mouth ewes at 14s 6d, 74 failing-mouth at 25s Bd, 74 at 24b sd, 70 cull ewes at 7s. Cattle: 1 fat cow at £6 17s 6d, 1 fat bullock £8 10s, 1 do. at £7 2s 6d, 1 steer at £4 15s, 3 steers at £4- 15s, 3 empty cows at £2 10s, .1 do' at £l' 12s 6d. Pigs: 3 store T>igs at £3 ss, weaners from Ss to 15s.

: [The great increases in the coin and car-' eolation totals are due to adjustments oecalioned fcy the transfer of £27,000,000 in gold from, .the currency note redemption «ece*int to the Bank of Englajld.j FOREIGN EXCHANGE RATES. (BY CABL*—PMSSS ABSOCUIIOH—COriEIOHT.) (ATTST2ALUN AMD H.Z. CASLB AfISOCUTIOH.)

GOVERNMENT SECURITIES. (Beceived May Ist, 8.10 p.m.) LONDON, April . 30. The following are the latest quotations for Government securities a<v> Aw*;i an.

Pyne, Gould, Guinness, Ltd., sold: 52 fat lambs at 31s, 32 at i!4s 3d, 52 at 325, S0 st 33s lOd. 92 at 38s 6d, 74 at 35s Id, 10 at 26s 3d, 70 at 35s 7d, .80 at 36s Bd, 150 at 35s Sd, 72 at 33s 9(1, 243 at 35s 6d, 5 at 35s 3d, 30 fat wethers at 31s, 1 at 295, 1 at 40s, 4 fat ewes at 19s 3d, 30 at 29s Id, 44 at 26s 9d, 61 at 23s Id. .38 at. 23s sd, 36 at 23s 3d, 3ii at 265, 52 at 20s Id, 7 at 27s 6d, 1 at 20s. Stores: 87 full and {ailing-mouth owes at 16s 6d, 72 at 18s 9d, 53 cull ewes at. 7s, 70 failingmonth ewes at 9s 9d. Pigs: 4 store pigs at 255,. 6 wcaners 10s to lls'Gd.

Dalgctv and Co., Ltd., sbld: . HO!) fat lambs at "6s, 35 do :it 33?, Mis at 39g 2d, 55 at 38s Id, 70 fat lambs at DBs Bd' 44 at 34s 9(1, 23 at 275. 22 at 40s 3d! 23 fat ewes at 275, 36 at 25s 9d, 43 at 25s 2d, 30.at 2,s 2d, 30 at 24.x. Stores: 250 six and three-quarterbred ewes at 355, 42 two-tooth wether:: at' 2fe. 3d, 27 mixed-soxed lambs at 30s 4d, 41. two, four, six, and eight-toothed threeqiiorterbred ewes at 345, GO two-tooth threequarterbrcd ewes at 37s Gd, 00 four-year-old ewes at. 34s (id, 101 sound-mouth threequarterhrcd ewes at 275, 355 two-tooth wot liera at 2Ss Id. New Zealand Loan and Mercantile .Agenrv On. sold: 03 fat and forward ewes at 17s !)d, I'SO rape ewes at lis Id, 77 mixed-sex lambs at 21s. 104 mixed-sex rape lambs at 21s. Od, lIS fijiling-moiith- ewes at 22s Id, 1 cow at 255, 2 heifers at £2 10* o yearlings at 12s 6d. ' FEILDING STOCK SALE. (•PBESS ASSOCIATION" 1 r.LEGEAM.i FEILDING, May i •At the reildin? stock sale to-dav, there ■was a large yarding- of sheep for the time of rear, but competition, except for two or three pens, was very slack and prices were easier all round. A good proportion of the entry was pissed. Some exceptionally .rood fat, heavy-skinned, twc-toolh T/ethers made 495. and a- line of 400 fat and forward Eomney two-tooth wethers iriade 3Ss. Pat lambs made His Gd to 36s 6d, • fat wc-thera 325 0d to 495, fat eves 25s Gd to 32a, .me&tun class ■ ewe 3 runninsr with Southdown rams 38s 9d to 30% fair Romney ew e lambs 27s 8d to 2Ss. good shorn wether lambs 25a very fair woolly wether lambs. 23s 3d, medium shorn white-face lambs 193 6d to 20s ■ 9d, pood biack-.'aoc lambs 255, medium 18s 7d to 21s 3d, small 12a Ed. There was a medium yarding of cattle. Competition was very poor and prices for both fat and store stock were easier. A large proportion of the offerrnp; was passed ]D . Good fat bullocks fold at £8 17s 6d t0 medium at n 3s, good fat oows at £5 5s to £5 14s, and mixed coloured for.; ward bullocks at £1 15»,

BRADFORD TOPS. (Uecrivcd May Ist, 8.10 p.m.) LONDON,. April SO. Ihe Bradford, tops market is rtagnioi. Quotations are impowible in tie abecuoe taoinegt

BANK OF NEW ZEALAND. | STAKING A BROAD VIEW." Mr. Williath Watson, acting-chairman of the Bank of Now Zealand, contributes an article of, one and a half columns in length to tho "Financial; Times," London, on the bank. He' states, inter alia, that, "No ehargo of inflation can bo laid t? the banking system of New Zealand. Tho Bank of Now Zealand, for example, has actually a legal right to issue notes to the value of £ 10,500,000. In 1924 its actual note circulation waa under £6,000,000. New Zealand banks issue notes —under a strictly limited right to do so—up to the value of the coin and Government securities which they hold in New Zealand, and further, under certain conditions, against Government securities held in London.

"These notes arc legal tender arid are the first charge on the assets of the banks. In no case may the circulation exceed three times the amount of tho coin. Were the banks of New Zealand to avail themselves of their full right to issue notes against securities held by them, they could issue to the value of £23,000,000 sterling. Tho fact ia that tho note issue amounts to about £6,000,000 sterling, aa. against less than £4,000,000 in 1914 —the reverse of excessive when it is remembered that during the past ten years there has been an increase in population and trade and that the cost of nocessaries has increased. This increase of 50 per cent, in.the issue of notes is quite normal,. and the New Zealand banking institu- { tions are now, as they have fUways been, in a sound position to meet all the currency exigencies of the Dominion." Mr Watson also refers to the exchange position as between New Zealand and Australia, which is heavily against the Dominion; and as botween New Zealand and London, which is also adverse to this country, for '' there is a tendency for funds to accumulate in London, for example, where only a low rate of interest .'is available, and whence money is moved only under difficult conditions to-New. Zealand,'.where higb interest is available." i. .The writer points to issues of loans bv local municipalities, which' have.been on an unsually .heavy scale, the total amount- approved by. the Government being over £6,000,000 sterling. '"These issues by local!' bodies. have adversely affected tie increase of fixed deposits with the banks, and when there is added the . competition ■> of the Post Office Savings- Banks and companies for deposits, it will be understood.: thiat the resources .of the banks in . New Zealand do. not expand as they might do." .: interest rates, for mortgages, Mr Wa,tson are rarely less: .than 6$ per cent.-in the North Island and 6 per cent, in the South Island.

"The serious shortage of wheat■ may be only temporary, and the raising,, of the mortgage moratorium Mr Watson thinks, may have the effect of turning investors' minds to* a favourable ...view of wheat-growing aa a staple industry. " Taking f brpad view of matters, Mr Watson - observes, that.' 'it is pretty clear now that the nations of the world are gradually recoveringj "and that Vith the settlenient iwith a . marked difference must make itself felt in every country in the. world. The remofvaUoit the trade einbargo with Germany (px* cept under license) in September, 1923j, opened up normal relations, German exporting.and importing houses.' Naturally, enough, . and owing! to "prejudice still persisting, viras 'smadl; •in. 1922 it was. valu6d atr f, £23,500; in 1923 it w33i*;£ are not-yet to hand for 1924, but it is" ;expected ;Wat .the r wili ; exceed j £150,000.5.v.' .'. '. ■vy ..v'v ?.?;■? '■

"Thereii-is continued eyidence: of increased'.energy in opening up. the country to. development, bybuilding new. railway, spurs and link-lines, by new irrigation schemes, by the introduction of telephones, by. cheapening tho rates for transportation, and : increasing; industries on which. New. Zealand' depends.'* " ; ; /■ ;• . -IV, (KeoMved V*r Ist, 8.10 : p.m.) ' : 'LONDON, ■ 80. • Wheat—Cargoes are steadier ■on North American firmie'ss, but prices are nnohanged. Parcels are stronger. but inactive. ILdvprpool futures are quoted as under:—Mtay, lis. 6Jd pear cental; July,' lis 7jd; October, lis. T1& spot trade is quiet prices generally are irregular. Australian ex ship is quoted; at 696, 6d yer quarter. .. • Flour —The -market 16 sk>w. Au&trslian ,qg store ip! quoted at. 455. Barley—Tho jn»rk6t is stewy; Oats, Beans,- and Peas—Th« markets aro ■ slow 1 ' aad tending -easier, v '• HIDES AND SKINS. . LONDON, April 30. The hide sales Were dull. Australian salted was all, nominally, at 7jd; dry salted, 20-301b,• lOd; SO-lOlb, 10 per jlb. DAIRY PRODUCE. .LONDON, April.Bo, Bultor —Prices' are ' firm and the - market is quiot. New 2!ealand choicest, 170s; exceptionally, 1745; Australian,- 160b to Ifiia.; Danish, 188s per cwt: . Siberian is arriving in increasing quantities, and supplies aro expacted to xeach fifty per cent, above last .season's. Siberian is selling well at 144s 'to 148s pe* cwt. Cheese—The market i» dull. New Zealand, 06s; Australian, 94s per cwt. '

The N<rvr Zealand Loan .and Mercantile Agency Co., ijiAj., Ins received tbe following cabled advice from London:—Butter, choicest salted 168s tc> 170s per cwt, choicest tinea) ted 17Ss to 180s per. cwt. • Thew is a temporary shortage o£ available suplilies. Cheese, . 9Gs ,to 98s per 'cwt. The market io dull. .. WHEAT. NEW YORK, April 30. Chicago T/hcat quotations:—May, 153 cents; July, 142 cents; September, 13'*i cents per inishel. MELBOURNE MARKETS;. MELBOURNE, May 1.. Oats—Milling,' 2s ■Od to 6d to 2s Bd. Barley: Knglish, 5s 6d to.sk Od; Cape, 4b. to 4s 6d. .Potatoes: £6 to £7 ss. Onions: £l2 to £l4. Hideo—lrregular, lights and heavy kips declined Jd to Jd; others remain firm. TALLOW. .Messrs A. -H' Tnrnbnll and Co. have receive*! the following cabled advice from London: "At tallow amotions 850 casket wore ottered and 118 sold; late rates to Gd loss." METALS. (Receded May Ist, IOJiO p.m.) , j, • TiONpON, .April 30. Copper—Spot, £6O 16e'3d; forward, £6l 16s 3d. ' : Lead—Spot, £33 2g 6d; forward, £3l 18s Bd. • Spelter—Spot, £3l Ss; forward, £33 105... Tin—Spot, iIMS as; forward, £247 is, 6d. Silver—Standard, 31|d; fine, 83Jd per. oz. DUNT3DIN CITY PROPERTY.' (arscuii to "m nan.') . - DITNKDESr May l. - There is a tendency to speculate in city property,, and figures at which some of> these haTe been turned over. signify a consider able increase in value. ; Tllia in turn baa

List Week. Lut T«*r., Buyers. Sellers. Buyers. Sailers Bojeri. Sellers. N.Z. GOVT. DEBENTURES4J per cent. Inscribed, 0 193S 95 15 0 97 5 0 _ _ 97 0 4 * per cent. Inscribed, 1935 — 97 7 6 __ — 97 0 0 5S per cent. Inscribed, 1933 too 10 0 101 0 0 101 0 0 100 17 6 101 1 6 OTHER DEBENTURES— Christchurcli Drainage, 5J per cent. 97 10 0 — 97 15 0 — — — Christchureh Tramways, 0 54 per cent. 9" 0 0 — 97 0 0 38 0 « 96 0 0 99 0 Chris tchurch Ciiv, 5 per renl. — 91 10 0 — — N.Z. Breweries, Stock — 1 1 10 — 1 2 0 —' N.Z. Breweries, Bonds 1 1 9 1 2 0 1 1 9 1 2 0 — Glaxo, 6i per cent., 83 0 1945 83 0 0 90 0 0 — — 0 Booth, Macdonald, 6i per cent.. 81 0 0 _ 78 0 0 83 0 0 Gisborne Sheepfarmers, 7i per cent. ICO 10 0 102 0 0 100 0 0 102 0 0 BANKS— 6 Australasia' 13 15 0 13 17 0 — — 13 5 13 7 . 6 Bank of Victoria 7 0 0 7 * 0 — ' Comm. of Aust. 1 7 G 1 8 0 — — Comm.. of Sydney / .. 23 15 0 — — — National of Australasia 16 5 I (£10 paid) IS 5 0 — 16 2 6 0 — National of Australasia 7 19 7 V> 41 10 (£5 paid) [National of N.Z. New South Wales 7 18 6 19 40 15 6 0 0 8 0 7 1 41 10 0 0 0 6 18 0 0 0 0 6 15 40 10 s 0 41 5 2 12 14 13 0 New Zealand .. Union of Aust. .. 2 It 14 5 9 0 2 15 6 2 14 14 2 0 0 2 14 14 5 6 0 2 12 li 10 0 0 0 INSURANCE— National (cum dir.) .. 3 12 0 — 8 11 3 — LOAN AND AGENCYi Dalgety and Co. (cum div.) Goldsbroufih, Mori 15 6 0 IS 9 6 15 5 0 15 12 6 — 2 7 3 2 7 9 2 7 s 3 8 0 6 2 1% 9 0 13 6 National Mortgage — 3 18 . G — 3 18 SHIPPING — 1 16 2 2 1 18 Howard. Smith — 1.16 3 1 15 3 1 16 3 0 0 Q Hudda-rt,-Parker 2 3 6 2 i 0 3 3 0 3 i 0 6 2 3 P. and 0. Deferred (cum div.) 270 0 0 — — FROZEN MEAT— 2' I: 13 2 5 3 Gear Canterbury -2 3 6 14 0 0 2 3 6 14 3 6 12 15 s o 0 6 3 4. 0 6 6 Canterbury (pref.) N.Z. Refrig. (paid) N.Z. Refriff. (contr.) 5 2 1 0 0 10 0 5 0 1 0 0 10 7 6 1 0 0 10 4 3 1 1 0 10 0 4 O J* 0 38 0.8. 0 19 0 9 6 0 WOOLLENS— Kainpoi (ord.) >. 0 12 s — 0 12 9 — COAL— 1 16 0 West-port m.i '*« — 1 14 0 ~ 1 13 6 GAS— 0 7 19 • Christchurcb. — 7 15 0 7 12 6 7 IS e 7 16 BREWERIES— Crown Manning (ex div.) ... 1 14 1 16 s 6 1 18 0 — 1 19 0 1 18 0 1 9 2 5 .0 • Ward •• 2 IS 6 2 18 0 — — — . o TIMBER— 1 10 0 Kauri .. — 1 13 6 . 1 13 0 .1.13 6 ,. 1' 9 0 MISCELLANEOUS— 0 11. 0 12 2.' 6 B.A.W.R.A. Beath, Schiess 0 11 0 7 3 0 _ 0 11 0 7 3 0 .o- ii . 6 0 11 6 Burns, Philp — 1 17 e 1 16 9 — — •woeon, Strut hers (£1 13 9 paid) .'•1 3 0 ■ — 1 3 0 ■ Mason. Struthers (14s 0 15 9 0 16 paid) Mason, Struthcra (10« 0 15 e — — 0 """" o ii 0 11 paid) .. •. 0 11 6 0 11 9 1 — N.Z. Maimers' Co-op. 2 10 0 (£5 paid) — 2 10 0 .— 6 — — JJv.Z. Milk Products .. ■ 1 7 9 — 1 7 — N.Z. Paper Mills (cum ■ div.) 1 1 0 1 0 6 1 2 0 1 3 » 1 5 6 Weeks, Ltd. (fully pd.) — 11 12 6 ■ • — • MINING— Blackwater Mt. Lyell •0 7 "l 1 0 1 1 2 0 11 1 . 10 6 11 8 Grand' Junction — 0 2 0 ~ i""""

Ap ril 22. Aptil 39. •4> Coin and bullion ,126,906,000 153,906,000 Reserve .. . 26,204,000 27,105,000 Proportion of reacrre to ftua liabilities ... M. 96 Hote circulation i.- ■ . 148.367,000 Public ■ depoeii© ' .. 17,053,000 17,048,000 Other deposit® ... 105,770,000 185,481^)00 Govt, securities ... 35,81^,000 36,852,000 Other securities 75;529,000 76,245.000 Short low® »i» qtboted at 32 per oent.; three months' bills, 4j| per cent.

(Received May 1st, 8.10 pjri.) . LONDON, April 80.. " The exchonse rates are:— ■ Par. April 27. April 30. Paris, ■ fr. to £1 • 25.22J .. 9235 92.65, Brussels, fr. to £1 25.22§ .. 94.35 95.60 Oslo, kr. to £1 .. 18.159 . 29.65 29.43 Copenhagen, kr. to £1 18.159 . . 29.65 25.9S Stockholm, kr. to £1 18.159 17.90 18.11 Berlin, Reichmarken . ' 1 20.374 to £1 .. •• —' 20.28 Montreal, dol. to £1 4.86J 4.82. 4.84 New York, dol. to £1 4.86J 4.82 4.813 Rom<V lire to £1 .. 25.224 ■118118i Yokohama, st: to yen 34.58 •• 20$d Calcutta, st. to rpe 10 to gold £ 17jd 17J<f Hons Kong,, ettodol. * 27i«i 27d Amsterdam, fl. .. 12.107 • 12.03^ 12.07J Batavia. fl. .. 13.107 ■ • i2.(«i 1-3.08 ■'Determined by tho pnet of silver.

April 23. E s. d. April < £ a. iU. d. Imperial consols, 2fc 57 0 per cent. 57 0 0 ■ 0 War Loan, 5 p.c., 192047 102 7 6 100 0 0 War Loan, ,3£ p.o., 19250 28 \ 76 fi 0 76 5 Conversion Loan, 3J p.c. 77 0 0 76 15 ■ 0 Commonwealth, 5£ p.c., 1931-31 .. 101 17 6 102 0 •0 Common wealth, 8 p.c., 1922-27 104 0 0 1M 7 6 New Zealand, 6 p.c., 1938-51 109 15 0 109 17 6 New Zealand, 4 p.c., 1929 93 2 6 95 7 6 New Zealand, 3J p.c., 194fl 85" 2. 6 85 5 0 New Zealand 3 p.c., 1945 75 12 C 75 12 6 New South ; Wales, 6 p.c., 1930-40 106 (5 0 106 2 6 New South Wales, o| p.c;, 1922-23 103 0 0 103 0 0 New South Wales, 4 p.c.; 1923 .. 99 IT 6 100' 7 6 New South Wales, "h p.c;; 7S 0 73 15 0 New South Wales, 3 p.c;,' 1940-50 • .. 82 lu 0 82 .3* 0 Victoria, 5 B.C.. 1930-40 101 17 6 101 15 0 Victoria,, 3J p.c., 19&1-26 99 10 0 99 13 6 Victoria, 3J p.c., 1929-40 78 o 0 78 5 0 Victoria, 3' p.c., 1909-4.9 72 2' 6 73 12 6 Queensland, 6 p.c., 1930<0 .. 105 2 6 105 2 G Queensland, 8?j p.c., 1930 Queensland, 3 p.c., 192290 0 0 ■93 0 0 47 • ■ 71 5 0 71 0 0 South Australia, 61 p.c., 1920-40 .. " 106 0 0 106 7 6 South Australia, 3* p.c., 194> or after 83 10 0 83 10 0 South Australia, 3 p.c., 1930 63 0 0 63 8 0 West 'Australia, 6 p.c., 1930-40 104 fl 0 104 3 6 West Australia, 3£ p.c., 19.%-.'!,i S7 13 6 87 15 0 West Australia, 3 p.c., 1915-35 82 19 0 83 5 0 Tasmania, 6$ p.c., 19S06 40 106 5 0 106 7 Tasmania, 3£ p.c., 19204ft .. 84 0 0 84 ft 0 Tasmania, 3 p.c., 182040 77 S 0 77 S 0