TRADE REVIEW.

Press, Volume LXI, Issue 18414, 22 June 1925, Page 10

TRADE REVIEW.

NO IMPROVEMENT ON EXCHANGE. BUTTER PRICES HARDENING. (BT CIBLE—PRESS ASSOCIATIOK —COPYRIGHT.) (AUSTRALIAN S.Z. CABLE ASSOCIATION.) (Receired Jane 21sfc, 5.5 p.m.) LONDON, June 2f>. There has been ho improvement c:i the Stock" Exchange, p.nd the condition of gflt-ed.ged sto:ks remains much the same as it was a fortnight ag r >, except that prices; (;nv-.- n-e:ikened furthej - . 'nierc- liab been :i steady flow of selling, mostly on behalf of underwriters, in order to reduce their commitment in respect, to several recent issues, which still stand at- a discount- of over 25s per' cent., notably New Zealand, New South "Wales, and London. County Council. .

The result of this state of affairs i J that borrowers this week have bean compelled to offer rnor** favourable terms, and the issue of £2.000,000, at '•s per cent., by the Synthetic Ammonia Nitrates Company under the Tr«<|-' Facilities Aat ha.f' b?en made at £9d.

Tlie hoom in rubber shares has been checked by the relapse of the pric-J of the raw material.

The foreign boncl? market- has been somewhat upset by the disturbances in Shanghai.' which natiua-Uy caused a heavy fall in Chinese bonds. The only satisfactory -feature ba« been a distinct revival in Home railway shares, apparently induced by th'' optimistic speech of Viscount Churchill, chairman of the Great Western It ail•way, who spoke hopefa[lr of prospectin the- South Wales coal trade and substantial results nrising from economies effected by th© Great Western directors.

Among new industrial issues is one jof Australian interest: tlie Union Cold ! Storage Company's "53.220,000 6 per cent. £1 preference shares. Italian Collapse. Explaining tho collapse of the Italian exchange, the "Statist'' says:: Speculation apparently , had little to do with the depreciation. Most- of the Italian buying orders for foreign currencies -'must be considered genuine trade requirements. The present movement is probably seasonal in character. ~ Its main cause must he sought in the comparative failure of the last Italian wheat crop and the consequent imports of grain tliat are now being made in unusually large quantities. What has happened •is the strongest argument that can be advanced for Italy's immediate return to the trold standard. Despite the fact that the slocks of butter in cold store are very lieavy nrict arrivals of Australian and New Zealand continue large, there has bfen a, good demand lately, with hardening prices. Three weeks- of !hot weather have curtailed both Home and Continental supplies, and buyers have apparently come to the conclusion that there is little prospect of prices going lower, consequently tfiey hive' onme on. the market and purchased freely. The hot weather also had a good effect on_.the cheese market, for. the consumption of cheese always rises with the_ temperature, and as" urospectivo arrivals are small, the outlook is decidedly favourable. r Apple Market "Weaker.x - The apple trade is feeling the effect of the competition of soft fruits, particularly strawberries, which are now being marketed freely. The quality, however, is not equal to standard, the berries being mostly 6tnaH and deficient in flavour, owing to the dry weather, j But eostermongers are taking them in placo of apples, consequently prices are lower. The prices of apple* have weakenoa, the, decline beiflg accentuated by the fact that many Tasmanian and Victorian lots have been of indifferent quality. Tho beat sorts, particularly keeping varieties like Stunners, continue to meet on excellent demand and realise good prices, and the Continent is .taking considerable quantities of -well-coloured, showy fruift/ , Regarding the wool- outlook, a Bradford -correspondent- writes: —The amount of" new business which producers of yarns and piece goods are receiving is insufficient to mate them anticipate any marked or sustained revival just yet. Consequently they are adhering to a policy of doing no more than will cover actual., needs, which are very limited. They are waiting to see what Australia's policy will be regarding the liquidation of the balance of in hand. ,/ N NATIONAL BANK OF N.Z. DIVIDEND AND BONUS. Tho General Manager of the National Bank of New, Zealand, Ltd., has received cabled advice that the net profit for thd year to ,3.lst March last, after providing for bad and doubtful debts and after paying a bonus to tho Btaff -of £13,100, amounted to £279,826 which, added to. the £155,558 brought forward from the previous year, leaves available for distribution £435,384, which it is proposed to allocato as follows:—* , £ In payment of a dividend at the rate of 12 per cent, pier annum, and bonus of 2 per cent, per annum ... 208,687 To Reserve Fund (which will . Hhen stand at £ 1,450,000) 10,000 To Premises Account ..' 40,C00 To Pension Fund .. .. 9,000 Balance to be carried forward •• 167,697 £435,384 "With the capital issue now being made the shareholders' funds will stand at:— Paid-up Capital .. .. £ 2,000,000 Reserve Fund and carry forward . ... ... £2,147,1)67 I £4,147,967 A NOTED STALLION. Messrs Martin and Hurray, of Temuka, liavo purchased irom Mr Allan Donald, Featherston, tho noted Clydesdale Btallion, , Buchlyvie's Favourite. This impoited horse has a great shOTV ring'record, and ; no doubt the enterprise of the purchasers in securing for the use of South Island breeders a horse of his-calibre will be rewarded. COMBINED BUYERS, LIMITED. As there are a considerable number of I shareholders of Combined' Buyers, I<td., in I Canterbury, considerable interest is being j ,taken locally in tho special meeting oi \ i shareholders to ba held in Wellington this . week to consider several matters connected vith the'business. Mr T. H. CaverhiU and : Mr G. Jones leave on Wednesday evening to. reprtiscnt a considerable number of Can- [ terbory shareholders at tho meeting.

SOUTHLAND'S FAT LAMB TRADE. A SUBSTANTIAL INCREASE. (special to "the hhsss.") INVERCARGILL. Juno 21. The killing season r.-t the three works in .Southland lias now ceased. It 11 been r. very good one, being steady, and the supplies coming to hand arrived more regularly then in 1924, when there was .a lot of broken time during the mor.tis of February and March. Tho following figures for the three works show .that there have been increases at each of the works :• —

According to the manager of one of the companies, the increase in the number of lambs killed is on account ol' the good prices offered this season. Last year the average price obtained was 28a 2d, while this season it lias advanced to Sos. The season for fattening has I>een an oxceptionr.l ore, and has proved how well Southland can stand a dry spell. The comparative weights of lrvmbs for the past two seasons are: IS2I. 1925. Mntaura Works ■ 38.871b 39.131b Makarewa , do. 38.611b 28.151b Otiean Beaeli do. , 37.28113 35,941b Averages 37.591b 35.741b Regarding quality, the ijercentage of "seconds" in 1924 was fibout 25 per cent., but this year it lias dropped to 12, per cent. It may be mentioned that there is an inclination to get the weight of lamb too hean'y to suit the requirements of the London. lharket, ■ but, m one expert .added, it is only natural that the farmer should continue to secure as much weight r.s he can. For tlie 1924 season the value oF lambs killed in Southland was about £420,000, while for the past season it was nearly £7O0 S OCO.

SMITHFIELD MARKET. lbs New Zealand Meat - Producers' Board lias received the following cable frc-m its London _ office, dated June 19th, 1925, advising Smithfield delivered prices at that date a-s follows (prices for.the two previous weeks are also shown):— New Zealand wethers and maidens—Can.terbury quality, selected brands, 66-under, -19-6-25 7Jd, 12-6-25 BJd. 5-S-25 fijd; 57-64, 7d, 7d,. 7di: 65-72, 6|d, 6Jd, G|d; other brands, C6-under. 7Sd, 7Jd. 65-72, 6£d, Ggd,. 6Jd. N-ew Zealand ewes : 61-under. 6J-d, 6Jd, *o}d. New Zealand lamb: Canterbury quality, 86-under, lgi, 123, 12jd; 87-42, 114-1, Hid, ll),d; 43-50, IOJd, 10|d, lOJd; seconds, llgd, llgd: rejected brands. 36-undei - , 12d, 12d, 32£ d; 37-42, lljd, lijd, lljd: other brands, first quality. 42under, 1 lid, lljd, ll|d; seconds, ll§d, l]Jd, 11 Id. New Zealand. beef: Ox fores, 2Jd, 2Jd, 8d: ox hinds, 4?d. 4j|d, sd; cow fores, 2jd, 2-Jd, 2Jd; cow liinda. 4)d, 4Jd, 4}d. Argentine oluVed beef: Ox fores, 2£d, 3Jd. 3id; ox hindig', 6J4, 6id, GJd. Argentine frozen beef: Os fdres, 'B4, 2Jd. 3d; os binds, sd, 4|d, sd. Frozen i>c-rk: 80-1 ?olb, not quoted. 120-180lb, Bid, Bid, BJd. Frozen vea:: not quoted.

RAKAIA STOCK SALE. \ As the fat- stock season ia drawing to a oiose and two of the freezing companies have closed down, there waa only a small entry of fat etook at the last Rakaia stock sale. The attendance of farmers and buyers wa* small. Good ■ lambs bnought 35a Gd, medium 80s, and lighter and unfinished sorts 253 to •27s 9d. 'Fat wotliejs made 36s ffnd lighter sorts 34a .to 35s ,9d:. . Store lambs made 2-ls 9d. No breeding ewes were forward. Heifers made £6 10a to £7 15s, and weaner pigs 17s to 235. DAIRY PRODUCE. Dalgety and Company, Limited, have received the following cablegram from their London office, dated June 19th:— "Dairv i-roduce —Since our advice of yesterdav prices for butter are 2s higher. The cheese market is easier, but not quotably lower." WHEAT POOL PROPOSED. i ; . (BY CABLE—PRESS ASSOCIATION —COPYRIGHT.) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) MELBOURNE. Juae 20. ■ In the House of Representatives during the debate on the Supply Bill, Mr John McNeill moved the reduction of an item by £1 to serve as an expression of the opinion that the Commonwealth should establish a compulsory wheat pool. Tho debate was adjourned. ROYAL OAK HOTEL, WELLINGTON. A new company has taken a sub-leaee of the Royal Oak Hotel, Wellington, from tho Gilmer Estate for a period .of 11J years aB from Monday last. Tho "Mercantile Gazette" notifies the registrc tior. of the new company as follows: Gilmer's Royal Oak Hotel, Ltd., registered as a private corcpany Juiie 11th 1925. Office: Hotel premises, Cuba street, Wellington. Capital: £30,000, ir-to 30,000 shares of £1 each. Subscribers- —Wellington: Ellis and Manton, Ltd., 7000 f.p., 13,000 contributing; Thomson, Lewis and Co., Ltd.. 4000 f,p., 1000 contributing; A. Lulhum, 2000 f.p., 3000 contributing Objects: To take a lease of tho lands and premises known as the Boyal Oak Hotel, Wellington, to carry on the business of licensed victuallers, hotelkoepers wine and spirit merchants, and general incidental. TATTERSALL'S HORSE SALE. Messrs H. Matson and Co. had an entry .of 41 horses at Tattersall's on Saturday last. With the esception of one or two young useful farm horses, the yarding comprised nondescript sorts, the bulk being made up of aged draughts and harness' horses. The farm horse showing eigns of usefulness is still' in good demand, and anything of thia class offering sold readily. The chief transactions were:—Fcr Mr Ryan, St. Albar.a, seven-year-old- gelding, £4tf, client, aged mare, £6; aged gelding, £5; J. and P. Clinton (Darfield), unbroken mare, £7; client, nine-year-old gelding, £27; agedi mare, £11; L. Bailey (Southbndge), aged gelding, £10; E. "White (Prebbleton), nine-year-old mare, £18; client, eis-year-old gelding, £l3 10s; I. Kobe, eight-year-old mare, £l2 10a • nine-year-old gelding, £lB 10s; T. Mo:te (Rakaia), rdne-year-old gelding, £23; five-yeaivold gelding. £24; client, nine-year-old mare, £l6 108; nine-yearold mare, £24; J. Christey (Southbridge), aged mar®, £23; W. Aahby (Harewood), aged hack, £9. POULTRY PRODUCERS' LIMITED The Canterbury Co-op. Poultry Producers', Ltd., report that large entries of poultry still continue to come forward to the market but the supply does not equal the demand, and prices lor prime quality birds have an upward tendency. Following are prices per pair: Table chickens, 6b to 14s, hens, light 3s to 4s 6d, heavy 5s to 7s 6d; ducks, light 7s to 9s, heavy 8s fid to 13s; geese, 6s to 8s; turkeys, 16s to 455. Eggs continue to come forward freely, and another, declino in prices has been recorded. The Canterbury Co -op. Poultry Producers', Ltd., quota tho following prices per dor.:— First grade hen eggs, 2s 2d; second grade hen eggs < 2s; and duck eggs 2s 2d. 6

CHRISTCHURCH STOCK EXCHANGE. SATURDAY'S TRANSACTIONS. . Sales Beported—National Bank of X.Z. (Hghts), 2cs 9d (2 parcel?). Sales on 'Change—Union Bank of A us- , tralia, £l-1 15s. •

OTHER EXCHANGES. (PRES3, ASSOCIATION TELEGRAM'S.) WELLINGTON, June 20. Sales: —Nevr Zealand Breweries £1 2s; Bank of New South Wales £4l 10s. BUTTER UP IN SYDNEY. (BY CABLE— press association—copyright.) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) SYDNEY, June 21. The wholesale price of butter has been increased by 4s Bd, to 163s 4d per cwt.

Sheep. 1524. 192o. Matanra Works 1 !,<*>" 20,924 Makarer/a <lo. 1-3, oOj 17 443 Ocean Beach do. ] 7.904 -5,280 lis!! sgsss -13,406 63.047 Increase. 20,251 she?]). Lambs. Mataura Wks. 107,S '-3.129.S32' Makarewa. da. 1ft'.-;' 248 117,247 Ocean JJeacli .130,72o 140,1 < 4 39.121b as.istb 33.yilb 347,312 3S7.353 Increase, 30 511 lambs. Cattle. 1S'24. Mat-aura Works ••• 780 Mnkarevra do. ... 230 Ocean Beach <io. ... 1330 1925. 1807 1394 2503 2346 5704 Increase, cattle, 33138.

LATEST QUOTATIONS. Buyers. Sellers. ij 6. d. £ 9. d. N.Z. GOVT. DEBENTURES— " 5 per cer.t. Bonds, 19^7 9S 5 0 OTHER DEBE.\TTTEEaNew Plymouth Buro., 5£ par cent. — 9S 0 0 VTanganui Boro., 52 ;;or cent. — 100 10 0 New Brighton Boro., -. t 52 per cent. — 1C0 0 0 Ghi'iatchurch 't ram v,-ays, on per cent. 97 10 0 Christ-church Drainage 5i per cent. 98 0 0 — ,N.Z. Breweries, Bonds 1 1 9 — Glaxo, I'J rier cent. S3 0 0 — BANKS— Ac'-elak'.c 8 9 6 — Australasia H 9 0 — Bank of Victoria 7 7 0 7 12 G Comm. cf Auat. fpref.) 6 1-t 0 — Comm. of Sydney — •24 15 0 N atioual of A'asia (£5 paid) S 3 0 8 5 0 National of N.Z. (rights) 1 6 9 — New Zealand (es div.) 2 16 0 2 17 6 . Boyal (£1 pa-id) — 1 17 0 Union of Aust. 14 14 0 14 15 G INSURANCE— National 3 11 0 New Zealand 1 13 9 — LOAN AND AGE-NCY— Dnlgety and Co. 14 5 0 — Ooldsbroueh, 'Mart(cum div.) — 2 7 0 SHIPPING— Huddart-Parker 2 5 0 — P. and 0. Deferred •• — 275 0 0 j'pi'/p\T 'MEAT — Canterbury 13 0 0 13 5 0 Gear — 0 4 0 N.Z. Befrig. (paid) .. 0 18 3 0 19 2 N.Z. Iiefrig.. (contr.) .. 0 9 0 0 9 4 frorth Canterbury — 2 2 G COAL— 0 Stockton (pref.) — 0 4 West-'.ort .. — 1 116 GAS— Chr's'.church 7 12 6 7 15 0 Timaiu — 7 7 0 BBEWEBIBS— Crown 1 15 9 1 16 9 New Zea'.air.l 1 18 0 — Ward 2 16 0 2 IS 0 CEMENTS— "Wilson's .. 1 12 G — TIMBER— 112 Kauri • • • — 6 , MTSCELLA NF-OUS— r.nd Co. 1 10 0 — Burns, PhiH — 1 16 5 F-'ectro. Zinc (prcf.) .. 1 8 9 1 9 6 Electro. Zinc (def.) .. 1 7 6 — Maaon. Struthers (£1 paid) 1 3 0 1 3 9 Mason. Struthers (14s 0 16 6 paid) 0 15 6 Mason, Struthers (103 0 11 paid) ■ • rt •• 3 — N,Z,. Farmers Co-op. (f 5 * -Del* cent. -Stock, 0 1S30) 0 9 93 0 N.Z. Guarantee . Corpn. 9 — tYTiitcombe r.nd Tombs 3 9 0 3 11 0 MTNIN^— lit. Lyell (cum div.) .. 1 1 6 1 1 10