COMMERCIAL.

Press, Volume LXI, Issue 18422, 1 July 1925, Page 10

COMMERCIAL.

. DOMINION LOANS. STRINGENCY IN LONDON MARKET. OPINIONS ON BORROWING FROM AMERICA. (•riCIAX. TO "THE MESS.") WELLINGTON, June SO. The recent Press cable about the- advisability of the Dominions borrowing in New York while there is a string ency in the London market has caused a good deal of interest in commercial circles. • To-day one banker, though he had no*. fully considered the matter, exprcsseu the opinion that the suggestion might have something to do with the exchange problem. He pointed out that the British Government itself had made 'arrangements in the United States for bank credits amounting to 300,000,000 •dollars. These credits were not loans but commitments, enabling loans to be had if desired, and they were probably established in connexion with tinstabilisation of the dollar-sterling exchange rates. Another opinion obtained by the "Post" was to the effect that it was undesirable in principle for any British Dominion to go to a foreign country for loans. True, there were precedents •furnished by Queensland and New South Wales, but the principle held good. The exchange rate was virtually at par, but if the pound sterling declined in New York (as it ultimately •might) the meeting of the interest due ,and payable there would be a serious matter "for the borrowing .Dominion. 'The only way the interest payments could be met would be by export of -goods, but the United States bahn.ee, so far as New Zealand is concerned, is

against us, and likely to be against us. It is the same in Australia. ' A third opinion was that the unfortunate reception given to the last New Zealand loan, and other Dominion ,loans raised in London, had given underwriters much to think over. They would have got rid of the loans, of course, by this, but it was evident that London for the present was disinclined to absorb further Australian issues. Yet it was strange how much British money was available for investment in foreign countries overseas, Argentina and Brazil, for instance. Of course, those investments gave a higher yield, their terms were more attractive, and labour troubles were probably less acute in the South American countries than in say, Australia,. but London gets back all it lends to the Dominions. Prob-

ably Lombard street felt it wanted a rest, and so has referred Australia to vNew York for any supplies it may need in the meantime. Yet another banker thought it re-

grettable that a British Dominion should have to go to a foreign coun- '' try for supplies. There was no doubt about it, the recent receptions of Australian and the last New Zealand loans floated in London were chilly to say the least of it. The last New Zealand loan was not good business for this country. The heavy percentage of the issue left on underwriters' hands was as unfortunate for us as for them; more so for our reputation, because the underwriters had ways and means of disposal of such investments as the public does not fall over itself to take up Avhen subscription lists are opened. The total General Government and local authority indebtedness of New Zealand is exceedingly heavy, and the annual interest bill payable overseas amounts to £5,064,000 for the Government, and over £500,000 for local bodies, li we cannot and if Australia cannot borrow in London, then tbo Governments should make enrery- endeavour to raise their requirements locally. f "I am quite sure that the last New Zealand loan, which proved a frost in London, could have been raised here at, say, 5} per cent., issued at, say, £99," said another business man. "It was offered in London at 4$ per cent., and issued at £95. We could . have done better here.f The loan would have cost less to raise and the interest would have circulated in the Dominion. There is plenty of money available for investment. Look at the position occupied by the Government War Loan and other gilt-edged securities as they . appear in tho stock exchange lists, and ' if we cannot raise all we ask for here, •then let us cut our coat according to our cloth, and refrain from going to London for a year or two. Jf we cannot : raise our six: or seven or more millions in New Zealand, then we must raise what we can and curtail Government and local expenditure accordingly. , London probably feels it needs a rest ."' from the Dominions'loans at any rate. But that is .not to say that we should • rush off to New York. _ On. the contrary, there are many, objections, financial as" well'as sentimental, why we should not-do so. We may rely upon it, I-think, that we shall not get money, any cheaper in New York than in-London. .Most probably we should have to pay more."

RESTRICTING LOANS. • (by . ciblk—r-kess association— copibight.) (Sxdnet "Sun" Sbevice.) LONDON, Juha 2D. Thereare persistent rumours in financial circles that it is intended to restrict the issue of Home and Dominions' loans. Enquiries go to confirm some form of loan rationing. This is inevitable, owing to the shortage of money.

CAFE DE PARIS HOTEL SOLD. Aii important deal in hotel property was made yesterday, when the Cafe do Paris Hotel, Cashel street, comprising a three-Rtoiey building, having a frontage of 40ffc and a depth cf about 90ft was sold to Mr M. Hollander, cf Economic, Ltd., drapers, for £41,000. Mr Hollander owns and occupies the adjoining premises. A feature of the transaction is that when the present lease and license expire it is .intended to utilise the property for ,an extension of business premises of tho Economic, Ltd. In such event an application will probably be made for the transfer of tho hotel license to another site. Tho vendor was Mr J. T. Sutton, formerly licensee of the Dominion Hotel, who has been the owner of the freehold of the Cafe do Paris for many years. The agents in the transaction were Messrs Lohrey and Co.

EXPORT OF POTATOES. The over-supply of potatoes in South Canteibury this season haa impelled merchants 'to look for markets outside JNew Zealand and Australia, more especially as the existing regulations aro said to constitute practically an embargo on the export of potatoes 'to tho Commonwealth. One onterprisinrr Timara firm has found a buyer as far afield as South America, having shipped a consignment of 2200 cental bags by the Pakeha •to a Spanish firm in Monte Video. There is a prospect of a.further shipment shortly to the same port.

CANTERBURY MARKETS.

(bt otm commeectal zditoe.) Tuesday Evening. The bad break in the 'weather has practically brought business to a standstill, except in odd lines between merchants. Fanners are offering very little of any class of stuff. Potatoes are firmer on account of the weather interfering with deliveries, and there lias been a firming for tubers that can be got down to the shin's side promptly. From £5 10s to £5 l'2s 6d, f.0.b., s.i., is offering for this das?, and farmers who can deliver eould get to £4 os on trucks. Though it is remarkable how quickly potatoes can be dug on some -classes of land after the soil is saturated, the present burst will probably cause more delay than usual, and any potatoes in pit are likely to remain there until there is a pro-iounced

rise. The oat market is unaltered at previous quotations. Good bright chaff is xery difficult to secure, and is worth £4 5s a ton at mid-way country stations. A. fair amount" of inferior stuff is offering, and is quoted at £3 10s. Tne following are nominal quotations, free of commission, sacks extra, except where otherwise stated : "Wheat—Tuscan 6s Bd, Hv.nters 6s lOd, Pearl 7s f.0.b., sacks extra; fowl wheat 7s f.o.b. Oats—Carton A's. 3s Sd; B's, 3s 4d; Algerians 2s 6d to 2s KM. Chaff —Good bright lo £4 us; secondary £3 10s. "White Clover—l2d to 15d. . Peas —4s S)d to 55." Cowgrass—yd to lOd. Italian Ryegrass—2s 9d. Perennial Ryegrass —3s 6d to 4s for good. Cocksfoot—To G}d. Linseed —£17. Potatoes—To £4 ss. Onions—To £8 10s lor prompt. Flour—£lß a ton f.o.b. nearest port; smaller packing. 1001b, £l9;-50's, £iy 12s 6d; 25's. £2O. Pollard—£9 f.o.b. nearest port, 10? extra for smaller packing. Bran—£B per ton f.o.b. nearest-'port, 10s extra for smaller packing.

ASHBURTON MARKET. On account of the rain and snow which fell on Monday and again yestei'dny, the entry of stock at the Ashburton yards was very small. The eheep Bection included 71 fat ewea, 43 fat wethers, 50 fat lambs, and four pens of stores. The attendance was very small. There were only two local butchers operating, and although values; were slightly above those ruling last week, the conditions were such that the ,true position of the market could not be gathered.' A line at 10 wethers penned on account of Mr G. TV'. Leadley, Elgin, realised 38s'6d each, and Mr A. Wilson, of Riverside, obtained 40s 3d each for four lambs. The principal sales were: Ewes—l at 25s 6d, 1 at 40s, 3 at 35s 6d, 9 at 22s 3d. Wethers—lo at 38s 6d, 9at 32s lOd, 10 at 2fls 9d, 11 at 28s 9d, 12 at 35s 9d. , Lambs—l at 40s sd, 12 at 30s sd, 34 at 26s 9d. Stores—43 merino ewes at Gs 9d, 21'mixedsex lambs at 20s sd, 10S full and. failingmouth three-quarterbred ewes at 25s 6d, and 180 halfbred ewes at 26s Id.

CUSTOMS RETURNS. CHRISTCHURCH FIGURES FOR~ JUNE. The net Customs duties collected at Christchurch during June, 1925, amounted to £84,598 17s sd, as compared with-£95,i15 .'lis 7d collected in June, 1924, a decrease last month of £10,516 14s 2d, and of £2470 12s lOd compared with the amount collected in May, 1925. Beer duty collected last month totalled- £7716 Is, as compared with-£sßll 15s 7d collected in June, 1924, .an increase last month of £1904 5s 53, and; an .increase of £1597 lis 5d compared'with the amount col-lected-in May, 1925. Details (shillings and pence omitted) are:—: June, June, 1925. 1924. £ /• £ Net Customs .♦ .. 84,598 95,115" Beer duty ;. ' ' '..- 7,716 5,811 For the June quarter of 1925 the net Customs collected amounted to £264,344 18s 4d, an'increase- of £27,744 lis lid compared with the June quarter, 1924. The beer duty receipts for the Juno quarter,, 1925, totalled £21,042 18s Id, a, decreas of £2ll 14s 8d as compared; with the June quarter of, 1924. Details (shillings and pence omitted) are:— <- June- June quarter, quarter, 1925. 1924. .£ : £ Net Customs .. -.. 264,344 236,600 Beer duty .. .. 21,042 21,234 Net.Customs duties collected in Christ-chuich-for the first six months of the calendar year 1925, totalled £548,875 4s *S, as compared with £503,086 0s 8d collected during the corresponding period of increase this year of £45,789.3* Bd. Beer duty collected in the first six months of the calendar year 1925 totalled. £45,578 6s 6d, 6a compared with £48,281. 13s Id for the corresponding period of 1924—a decrease this year of £2703 6s 7d.- ,• ' ••

PRODUCE LEVIED MEAT, BUTTER AND CHEESE. The amount collected in Christchurch during June, 1925,. as levy, under .. the • Meat Fixport Control Act was £BOO 16s, as compared with £832 lis 3d collected in June, 1924. Other details and comparisons are:— S- s. d. Collected, June, 1925 ■■'... .800 16 0 Collected, June, 1924 .. ,832 11 3 Decrease, June, 1925 . -.. 31 15 '3 Collected, May, 1925 . ...-1,564 16 9 Decrease, June, 1925' ... 764 0 0 Collected since levy imposed in 1922 .. ■ :. 20,986 11 2 The amount collected in June, 1925, under the I>airTr Produce Export Control Act was £4B- Is Id, as compared with £37 15s 5d in June, 1924. Other details and comparisons are:— £ s. d. Collected, June, 1925 .. 48 1 1 Collected, June, 1924 ... 37 15 5 Increase, June, 1925 . . 10 SYB Collected, May, 1925 .. 92 11' 2 Decrease, Juno, 1925 ... 44 10- 1 Collocted since levy imposed in March, 1924 .. ... 2,286 13 ,5

FOREIGN EXCHANGE RATES. (bt cablk—pbess association—cofibight.) (acstbaijaij and x.z. cable association.) LONDON, June 29. The exchange rates are: Par. June 25. June 29. Paris, fr. to £1 .. 25.224 104.85 107.25 Brussels, fr. to £1 .. 25.22 i 105.85 108.25 Oslo, kr. to £1 .. 18.15» 28.30 27.74 Copenhagen, kr to £ 1 18.159 21.90 24.44 Stockholm, kr. to £1 18.150 19.17 18.14 Berlin, Beichmarken to £1 .. ' .. Montreal, dol. to £1 4.56J 4.86 4.86 New York, dol. to £1 4.€6i 4.66J 4.86 Rome, lino to £1 .. 25.22J 1314 1362 Yokohama, st to yen 24.58 20 l-16d 20Jd Calcutta, at to rpe 10 to gold £ 18Jd . 18Jd Hong Kong, st. to dol. * 29, a 29a Amsterdam, fl. .. 12.10 id 12.13 d 12.13 d

Bat*via, fi. .. 12.107 d 12.90 l-13d 12.08 t012.12d •Determined by price of silver.

SHARES. LONDON, Juno 29. P; and o.—Buyers £260, sellers £270.DAIRY PRODUCE. Dalgety and Company, Limited, have received the following cablegram from their London office, dated June.29th: —'• "Cheese—Since our advice of 25th inst.. prices are Is to 2 s higher."

CHRISTCKURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS.

Sales reported:,—Commercial Bank of Sydney, £24 17a Cd; IC.Z. Govt, ii per cent. Inscribed, 1938, £37; Xcw Zealand Breweries, 410.

OTHER EXCHANGES. • ' (CIISS *SSOCIATIOX MLXGRAHS.) AUCBXAND, June 30. Sales-,Soldiers' Bonds, 3983, £lOl 10s; New, Zealand Inscribed Stock, 1927-41, £9B 10s; Xe-w Zealand Insurance, ,34s 4d; Huddart, Parker,'4s»; Bartholomew Timber, 21s 9d; Kauri Timber, S>2s 3d; New Zealand Breweries, (shares), 41s; .Farmers' Fertiliser, 80s; Union Oil/ Soap and Candle, 375. • • WELLINGTON, June 30. Sales Keported—Bank of New Zealand, £2 17s, £2 17s 3d; National Insurance Co., £3 186 ' DUNEDIN,;June 30^ Sales—Standard Insurance, 44s Cd; National Electric, 19s 6d (two). Sale- Reported—New -Zealand Breweries, Ltd.,' 225. .

HIGH COMMISSIONER'S REPORT. The ; Department, of Agriculture has received the following cablegram, dated June 27th,' from the High Commissioner - for Now Zealand, London: — ' ' Butter. Market -firm and demand is good. Official quotations are:—' New Zealand: Finest sailed, 188s to 190s cwt (Is 8d to Is BJd lb) ;unsalted, J94s to 1963 cwt (Is BJd to Is h'U lb); other qualities, 1785.-to 184s cwt (Is 7d to Is 7jd lb). Australian: Salted, 180s to 184s up to 1 B<>e cwt (1b 7Jd to Is 7Jd to Is 7?d lb); other qualities, 158s to 178s cwt (Is 4d to Is 7d unßalted, 186s to 190s cwt (Is 7Jd to Is &4d lb) : ; -other ■•■ qualities, 174s to 180s cwt (Is 6id to Is 7id lb). Argentine: 178s to 182s cwt (Is 7d to If 7Jd lb); other qualities, 170s to 176s cwt (is 6Jd t° "Is 6!d lb). Irish: Salted, 190s to 192s cwt (Is Bjd to ls-Bid.lb);unsalted,.l94s to 196s cwt (Is BJd to Is BJd lb). Siberian: 170s to 174s cwt (Is 6id to Is 6Jd lb). Danish:'2o2s to 204s cwt (Is-9Jd lb). '...,.", Cheese. Market firm and demand steady. Official quotations are:— •Knglish, finest, farmers': 108s to 112s cwt (Hid to Is lb). ■ .- • Canadian (coloured and white) : 98s to 99s cwt (lflid lb). New Zealand: Coloured, 102s to 104s cwt (lojd to lid per lb) ; white. IOUs to 104k (lid to Hid lb). Australian: Coloured, 97s to 100s cwt (10id to.lOJd lb); white, 98s to 100s cwt (lOidto 10id lb). , . , Shipments of New Zealand produce arrived this week per s.s. Rvahine. • Hemp, Casein, and Wool.

Hemp: Manila market quiet, but steadier. "J" • grade t August-October shipments sold si £4l' 5s and £4l 10s per ton. New Zealand quiet. Small Eales reported of fair July-August 6liipments, £32 10s, at which figure" there are still sellers. Highpoints offered at £35 10s, but no business reported. Casein: Present quotations are: French rennet £46 to £SB per ton, Italian £4.8, Argentine lactic £45 10s. . Wool: Bradford market quiet. Quotations for tops easier. 64's (merino), warp, 4s 4d; 64's, average, 4s 2d; 56's, Buper halfbred, 2s lOd. Apples. Apples:' Tainui shipment. Sturmers in good condition; others generally ripe, and some waste, especially in London Pippins, Dunn's Favourite, and Stayman's Winesap. Port Brisbane shipment in splendid condition, but sales slow owing to heavy supplies of Australian apples and strawberries. Weather is cold. Prices Bteady for all kinds cf sound fruit. Values lor New Zealand range from 15s to 20s per case. Tallow. Market remains quiet. Present quotations are: — . . Mutton: Fine, 44s 6d to 47s cwt; fair to good, 44s to 465; dark to dull, 42s to 435. Beef: Sweet and-or mixed, 46s 6d to 47s cwt; fair to good, 43s to 465; dark to dull. 40s to 41s 6d. Mixed: Fair to good, 43s to 45s 6d cwt; dark to dull," 40s to 41s 6d. Gut, etc., 38b to 41s cwt. EGG AUCTION. Messrs Harris Bros, Ltd, report that the usual weekly auction sale of Feather brand guaranteed fresh eggs, on behalf of the Canterbury Egg Farmers' Co-operative Association, was held in their rooms,-158 Hereford Btreet, yesterday afternoon. The following . prices .were realised: Hen eggs, Ist grade ,(2oz. or over), 2s 4Jd; hen eggs, Becond grade (under 2or), 2s 2d. 6 (Continued .at foot of next column.)

LONDON MARKETS. LOXDOJs', June 29. There is little business in Bradford and crossbreds aro extremely duli. Spinning end combing machinery is idle. Xne apple ruarKet is a ahade easier. The T&inui'a New Zealand fruit wa3 over-ripe. Cleopatraa brought ISs, Stunners and Dunn's Scariet3 15s to ltxs, Statesman 12s to 14s. There is a very strong market in Liverpool, where supclies arc short. Copper— Spot, £53 16s 3d per ton; forward, £6O 18s 3d. Lead—£33 lis 3d and £32 15s. Spelter—£34 6s 3d and £33 12s 6d. Tin—£2s3 5s and £255 7s 66. Silver—Standard, 32Jd per oz; fine, 34 13-ied. WHEAT. LOKDOX, June 29. "Wheat cargoes are quiet, Americans offering more freely. Parcels are in quiet request at a decline of 6d. Loverpool futures: —July lis 4Jd, October 10s Bid, December 10s aid.

' • LATEST QUOTATIONS. Buyers. Sellers 1. £ s. < d. £ B. d. N.Z. GOVT. DEBENTURES— 4i per cent. Inscribed, 1038 3G 15 0 97 0 0 4J per cent. Inscribed, i WJ 96 17 6 — 4} per cent. Bonds, i'.i:J9 9G 15 0 — J} per cent. Inscribed, :o2"-;i. ,..' OS 0 0 — 5} y.or ce/.t. Inscribed, i 033 101 5 0 — 5"i per cent. Bonds, 1933 .... 101 7 6 — OTHER DEBENTT7BES- - Ashburton Eiec. Power, ")i p:r cent. — 93 0 0 C'hris'.church Tiamways, i-i per. cont. 97 10 0 — New Brighten Bcrc'ugh, 3J per cent. — 103 0 0 New Plymouth Borough, oh per c«*nt. — 98 0 0 N.Z. Breweries; Bonds — 1 2 0 GIuxo, GJ per cent., 1013 .. • .. S5 0 0 — BANKS— . Adelaide 8 10 0 — Aust. Bank o£ Commerce — 1 9 0 Australasia :. 14 5 0 — Bank of. Victoria 7 7 6 7 12 G Cornm. of Aust. — 1 11 3 Cornrn. of Avet. (pre?.) . '6 13 0 6 15 0 Comrn. of Sydney 24 15 0 24 19 0 National ot A'asia (£10 paid) 16 10 6 16 14 6 National • of A'asia , (£o paid) 8 0 0 8 4 6 National of X.Z. (cum • div.J ' .. ■ .. 6 11 0 — National Of X.Z. (flew) 6 7 0 G 9 0 New. South Wales ■ .. 41 9 6 41 12 0 New 'Zealand — 2 17 3 Royal-(£1 ps>;d)' — 1 17 0 Union of Aust. .. — 14 17 0 INSURANCE-' ' National 3 17 3 3 18 9 New Zealand ' •''..'. 1 14 0 1 14 3 Queensland .. — 2 10 0 Standard 2 4 0 —. LOAN-AND AGENCY— Dalge.ty"and Co. . .. — 14 14 0 Goldsbrough, Mort 2 4 0 2 4 9 National Mortgage ■ '.. — 3 18 0 SHIPPING— Huddart-Parker 2 4 6 2 5 6 FROZEN MEAT— N.Z. Hefrig. (paid) .. • — 0 19 4 N.Z. Refrig. (con'tr.)" .." 0 9 0 0 9 3 WOOLLENS— Kaiapoi .(prei.) — 0 16 9' COAL-.,. . Weatport 19 4 1 11 0 UAS— Auckland 1 2 7 1 3 7 ChriEtchurch .. 7 13 0 7 15 0 Timfaiii"' — 7 6 0 BREWERIES— ... . Manning 1 15 0 1 17 0 New Zealand" . 2 0 0 2 1 1 Ward 2 16 6 2 18 0 CEDENTS— _ ; .. Wilson's '.< 1 13 3 1 13 9 TIMBER— Kauri ' .. 1 12 0 1 12 9 MISCELLANEOUS— Beath and-Co. 1 11 6 1 13 0 Electro. Zinc (pref.) .. — 1 9 3 Electro.' Zinc (def.). •• 1 7 6 1 8 0 Mason, , Struthers, (£1 paid) 1 3 0 1 i 0 Mason, , Struthers (10s paid) ... ■• 0 11 0 0 12 0 Merc. Finance Corpn. (£l"pa'id) :. ■ — 0 19 0 Mere. Finance Corpn. (os-paid) .. 0 3 9 0 E 0 N.Z. Drug Co. — 3 6 0 N.Z. -Farmers' Co-op. (CJ.-per cent. Slock, 1930) ., 92 10 0 N.Z. Farmers' Co-cp. (6J per cent."Stock, 1935). .. ; .. — 87 0 0 ' N.Z. Farmers' Co-op. (G -per cent cum prei. re div only) 1 1G 0 2 7 9 .N.Z. Guarantee Corpn. (8s paid) 0 9 9 ■ —■ N.Z. Paper Mills •— 1 1 0 N.Z. Sugar of Milk .. 1' 0 0 1 5 0 Taranaki' Oilfields 1 2 0 1 3 0 Whitcombe and Tombs 3 10 6 : MINING— Mt. Lfell .. • 1 0 6 1 Oil)