COMMERCIAL.

Press, Volume LXI, Issue 18480, 7 September 1925, Page 10

COMMERCIAL.

,V —♦ —' N.Z. GOLD-MINER^. THE CONSOLIDATED GRbUP. (tbok oub owh cobbespokbekt.) LONDON, July 29. The report of the Consolidated Gold Fields of New Zealand shows that tho receipts in 1024 exceeded expenses by £423, which amount increases the ; to&l credit on profit and loss account "to £6644.

Progress Mines. ■ -No mining was carried out by the Progress Mines of New Zealand in 1924, operations again being confined to cleaning up and treatment of residues and maintenance. The profit amounted to £'1024 (against a loss of £792), against which is a liability for accrued interest of £2720, making a net loss of £1096. This sum increases the accumulated debit on profit and Joss account to £78,326. Negotiations for raising fresh working capital have been in progress, but owing to the unsatisfactory labour position and financial conditions in England these have not, as yet, been brought to a definite conclusion.

Blackwater Mines. The gross revenue of the Blackwater Mines, Limited, for 1924 was £79,742 (against £81,496 in 1923). After deducting all expenses and writing off £5956 for depreciation, and £6613 for development, the net profit comes out at £10,637 (against £6680). It is proposed to resume dividends after a lapse of fire years, with a paymerit of 5 per cent., free of tas, which necessitates the reduction of the "carrv forward" from £6580 to £4418. Ore reserves at the end of the year were estimated at 88,740 tons (against 87,250 tons a year previously), of an average value of 10.33dwt. (against TO.Oodwt.) over 43 in. against 42in.). Working eosts declined by 2s 0.39 d per ton milled.

COMMONWEALTH TARIFF.

APPRECIATED IN ENGLAND. , («T CABLg—PRESS AgIOCIATIOif—COFYBIOHT.) " (AtrSTEAiaAK AND H Z. CABLS AS3OCIATIO*.) (Received September oth, 5.15 p.m.) LONDON, September 5. Tho "Daily Telegraph," commenting on the new Commonwealth, tariff, says: "Australia is already giving us far more in the way of special tariff privileges than we have given her. Now she is goipg still further. Australia's action is in itself sufficient to justify the British Government's wise decision to' fulfil the pledges given the Economic Conference in. 1923, and is as speedy and welcome a demonstration of the practical importance of Imperial preference as we could wish." The '"Morning Post" regards the tariff, not only as increasing the material benefit of preference at a time when British trade needs all the help it can get, but as evidence of friendship in a world fall of enemies.

RUSSIAN ORDERS.

c DELEGATES IN FRANCE,

(BI CA»L»—MIBSS ASSOCIATIOH—COPTBIOHT.) UUSTBALIAJf AND K.Z. CABLE ASSOCIATION.J LONDON, September 4. • The Paris correspondent of "The . ?imea" reports that the Russian , . frade Delegation, which, recently - visHed Lancashire, arrived at Paris, vhere they commenced negotiations on .in equally lordly scale, and announced that they were prepared to purchase machinery and textiles totalling .40,000,000 francs. Their purchases in Western Europe total £12,000,000 for textiles. They asked for six months' credit only, which French manufacturers were willing to give, but it is understood that, the amount thus to be expended would be very small. For machinery they , want oreditfor two to five years, which „.the firms approached declare is quite impossible. There is talk of forming a %pecial bank, facilitating these transortctions, but the existing banks will be ; ggp party to such a scheme, which is unlikely to materialise, •nc. ■ . ' .

'■ 9ii NIGHT BAKING.

; N.S.W. LEGISLATION. j (AUBTBAUAH AND K.Z. CABLE ASSOCIATIOH.) * UaCI ' SYDNEY, September 5. The Labour Caucus approved a draft ito prohibit night baking and. tha CEvUxrery of fresh bread. The hours of j baking will be between 7 a.m. and 6 pit?.' Employees engaged in the baking of* pastry will be allowed to start an hour earlier than operative bakers. reason for prohibiting the delivery of fresh bread is stated to be mainly to prevent the fostering of small bakcries, which do not employ labour, and ttto'iienable bread carters to make deelljeries within reasonable hours. -—■ % —— BRITISH BANK COMBINES. —

COCWIe office of the British Trad© Commissioner in New Zoaland is advised: of the front amalgamation of interests of the ink of British West Africa in Egypt with oyd'e Bark's interests in that country, oyd'a associations now include the Bank London and South America, iLloyd's and Provincial Foreign Bank, with •Wanchee in France, Belgium, Germany, and the National Bonk of New Zealand, the British-Italian Banking Corpora4 ion, and the Banks of Cox and Co., and leniy S. King and Co., with branches in India and Burma. Advice is also received of the absorption of the Union Bank of Casada by the Boyal Bank of Canada..The merger now leaves only eleven banks in Canada.

ADELAIDE WOOL SALES. ADELAIDE, September 5. At the wool sales, fine and lamps' wool ue on a par with last sale's rates in sellers' favour, while low-grade and oddments are firm at late rates, and coarse, heavy, and inferior wool 'weaker, and in buyers' favour.

i ) BiAIRY PRODUCE. Messrs A. H. Turnbull and Co. have received a cablegram from Messrs W. Weddel •nd Co., Ltd., dated London, 4th inst., reading:—"DaiysTii butter, 220s Klast week 212s to 2145); N.Z. unsalted 198s to 202 a (196s to 200s); N.Z. salted 198s to 200s (19€s to 198s). Market Arm. Cheese: White and coloured 106s to 108s _^flal{ l we«k 106s to 107s). Market steady."

CHAMBER OF COMMERCE.

ANNUAL REPORT.

RECORD OF THINGS DONE. The S'i!v-ikth annual report c-f the c?uncil of the Canterbury Chamber of Commerce, which will be presented at the annual meeting of the Chamber to-night, is chiefly a resume of the work cionc during thc year. The report states that the past year iias been one of considerable and vari-d activit;, and the council las been called upon to consider and take action upjn a great man> matte:3 affecting the commercial or the Dominion and the province. While in certain instances the subjects requiring attention have been of a nature calling for consideration from year to year, now ground lia3 been broken in many directions.

Chris tchurch-Lyttcltou Railway. Dealing with the Christch'irch-liytte.ton railway, the r:;<>rt states: "In pursuance of the policy previous.> laid down, the support of chamber hai been accorded to tlij Canteroury League in advancing the ciainis for improvement of the port ' ai!.vav. The position at present- is that the Government las promised to undertake extensive improvements, including po;6ibly electrification of Hie line and the dup.icalion cf th»' tunnel, out is still engaged collecting data- concerning the requirements of the inlway • and the nature of the work nec«ssa.rv to bring il in line with in'.dein requirements. It was agreed w'ith tlie Minister of Itailwaya that although the Government had voted .money for the purp so, it was useless to commence any woric until the report of the electrical experts w:u3 to hand. "This report was expcctid by the Government in May at. the fates!. :-nd it was understood that decisions would ihen be made at once on the subject of tlie_ character of the work, in order that it might be commenced during the present winter, und unemployment might be cHUsing 'lhe Chamber is disappointed at the delay, because at this period cf th? year a surplus of labour would be available, and any concern for unemployment removed."

Kail-way Freights. The report de<a!s with East and est Coast railway freights. It Ktate3 that the Chambor lias continued iU efforts to mduoe the Kailwa? Department to institute competitive rates between Canterbury and Westland, so as to capture traffic that at present is being sca-borna, but so far without success, The Railway Department has, however, now conoedod the principle that special conditions do justify a. departure from uniform rates, and as this is one of 'those cfeses in which the institution of special rates xcttld bring extra, traffic to the railways, it is hoped that this obvious commercial procedure will be adopted.

\ Immigration. Concorning immigration matters, the • report states; — "Tho Government has been urged by tin Chamber to eet up a permanent Immigration Commission to co-operate with, the Immigration Department, the duties of the Commission 'being as follows: "(1) To arrange for the obtaining of regular information concerning the labour requirements of both primary and secondary industries of the Dominion.

"(2) To formulate pl.ins for the systematic encouragement of immigration of iK-ople of a suitable class, and to suggest, if necessary, the lines upon which the office of the Immigration ■ Department in Britain should be reorganised. "(3) To organise a system of supervising and assisting immigrants during their firet and must difficult period. "(4) To report on (a) the unoccupied lands ii: New Zealand available for settlement; (b) the amount of land in large blocks v.-hich is suitable for subdivision and increased cultivation, with a view to the settlement of immigrants."

Direct Shipping to South Island. "As % result of many years of. persistent agitation on the part of this and other South Island chambers," states tho report, "the shipping companies have instituted a direct service from the United Kingdom to SoUth Island ports. The advantage to the trading community of the South Island is obvious, and it is hoped that the service ■will be a immanent one. With this end in view, importers have been urged by the Chamber to'do their utmost to ensure the success of the new service, particularly by instructing their shippers at the other end to arrange as much freight sie possible by these steamers."

Municipal Trading. "Representations have teen, made, to the Government," the report "'or the •purpose oi securing legislaiion restricting the trading enterprises of municipal and local bodies where those enterprises come into competition with the legitimate business of ratepayers, it being- considered that the institution of such competition is, lor many reasons, both unjust and unsound.''

LONDON MARKETS. , (BY CABLE —PRESS ASSOCIATION —COPYRIGHT.) (AUSTRALIAN AND K.Z. CABLE ASSOCIATION.) (Received September 6th. 5.5 p.m.) LONDON, September 5. Cotton. —The' October quotation is 12.03 d per lb. Rubber. —Para 36d per lb, plantation 39Jd, smoked 39|d. Jute. —September-October shipment £43 per ton. Hemp.—August-September shipment £39 per ton.

. Copra.—September-October shipment £29 17s 6d per ton. Linseed Oil.—£4o 15s per ton. Turpentine.—74s 6d per cwt. Antimony.-—English £75 to £BO per ton, foreign £64 10s to £65 10s. Frozen Meat.—New Zealand mutton: Ewes 5Jd; Argentine light 6gd, medium 6jjd, heavy ssd; ewes 5Jd; Patagonian, medium 6d. Froaen beef: New Zealand fores 4id, hinds sgd; Australian crops 4d; chilled Uruguay hinds Gd, others unchanged.

TATTERSALL'S HORSE SALE. Messrs H. Matson ad Co. submitted fifteen horses to auction on behalf of various clients on Saturday last at Tattersall's Basaar. Although the entry was smaller than usual, the tone of the market was better than at lator sales. With the prospect of more favourable •weather purchasers seemed to be encouraged to buy, so as to go ahead with the cultivation that has been held up so long. The quality at Saturday's sale, with one or two exceptions, was below the average, but this evidently did not affect the buying strength, as practically every horse changed hands at prices satisfactory to vendors. It is evident that good farm horses are kefenly sought for. The principal sales made were for Messrs E. "Washbourne (Seiwyn), G-year-old draught gelding £26, do. £l6, 8-year-old gig mare £l2; J. Watt (Sydenham), 9-year-old gelding £ls 10s; J. Tyson (Spieydon), 9-year-old mare £l4 10s; client, aged gelding £11; J. OliTer (St. Martins), aged mare £9 10s.

SALE OP DAIRY COWS. H. C. Smith, of the Farmers' Saleyards," sold eight half Jersey and Shorthorn "cows, account McGregor Bros., Selwvn. The followingr prices were obtained: £l3 se, £lO 10s, £lO ss, £9. £7 ss, £7, £6. and £2 10s. Three of the number had calved. —6

PROPERTY MARKET. The Farmers' Co-operative Association soM by public aaetioc on Saturday, on behalf of the executrix of the estate of the late J. W. Mackav, of Kimberley, a farm property comprising 87 acres, together with homestead buildings, to Mr James Steele, at i!i!8 per ,a«re. '

Jones, McCrostie Company, Ltd., sold bv public auction, in their land sale rooms on Saturday, on account of Mr Hitching, the property situate at No. 43£, Wilson's road, Linwood, comprising residence of five rooms! together with section of 20 perches, for £3Bo* to Mr T. Sible.v.

POULTRY MARKET. The Canterbury Co-op. Poultry Producers' Ltd., report that although a good entry of poultry came forward this week, the supply of good quality birds was not equal to the demand. Following are prices per pairTable chickens 9s to 14s 6d, hens (light) 6s to 8s 6d. hens (heavy) 8s to lis, ducks 9s to 13s 6d, geese 7s to tnrkeys 18s to 425. Eggs. As is usual at this time of the year, eggs continue to come forward very freely. The Canterbury Co-op. Poultry Producers,' Ltd quote the following prices per dozen: First grade hen eggs is sd, second grade hen eggs la 4i, pnd duck eggs Is sd.

COMMONWEALTH LOAN.

NEW YORK FLOTATION. Owing to Jack of support the syndicate which floated the Commonwealth loan in New York was dissolved, and the bonds which had been selling at 90-i broke, two points on the exchange last week. The issuing of foreign !oan3 in N«w lork is much more difficult than financing in London, for the American authorities impose certain conditions. Every foreign loan issued in Hie L'nitcd States must be approved bv the Treasury. In London an issue thc Commonwealth loan would be underwritten and tjjen offered to the public for subscription. Of the last Commonwealth loan 0! £20,000,000 if-sued abroad £5,000,000 was raised in London and i' 10,000,000 in Sew i or.*. The inoieiy issue in London carried 3 per cent, interest, and was issued at £9Dh cent., but with tbe turn of fi in the first interest pavnient tbe actual price was 10s. The "issue was ,of coiirse, underwritten. The amount i?sued in Xew \ork was for 75,000,000 dollars, intereflt at 5 per cent. I.i the United States loan? are not underwritten a3 in London, but are purchased outright by financial houses, either singly or in groups. On July 17th iast the Morgan Company announced the purchase of 75 million dollars' worth of gold bonds from the Commonwealth of Australia. These bonds carry 5 per cent., and have a curicney of 30 years. Ihe others associated with the Morgan Company in the purchase of thc bonds wore the Firef ><ationul Bank of New York, the Kational Citv Company, the Guarantee Trust Company, the Bankers' Trust Comp-any, the Forbes Company, the Lee Higginson Company, the Kidder Peabody Company, and Brown Brothers. The price paid for the bonds waa not disclosed, but they were offered for sale to the public at per cent. The syndicate has apparently not been able to unload on the public, and consequently the syndicate has been dissolved, which means that the members ire now at liberty to sell the. bonds at any price they may choose. The loan did not carry a sufficiently high rate of interest to be attractive to the investing public, for most of the foreign loans placed in Xew York during the past iwo or three years have oarried 6 per cent.- to 8 per cent., except Canadian loans, which are in a different category so far as New York is concerned. It is interesting to note that whereas the portion of the Commonwealth loan floated in London is a trustee security in Britain, the £15,000,000 floated in Sew York is not on the trustee list.

BANK OF ENGLAND RETURNS

LONDON, September 3. Issue Department. Notes issued .. .. 130,4t>8,000 Government Debt .. 11,015.000 Other securities . . 8,7:55.000 Gold coin anil bullion .. 100^718,000 £1 30,408,000 Banking Department. Capital .. .. 14.3y3.000 •• .. 3,715.000 Public deposits • .. 12,665,000 Other deposits .. .. 110,781,000 ■Seven-day and other bills 3.440,000 Other securities . . 70,767,000 Government securities .. ."if,647,000 Notes . . . 05.490,000 Gold and silver coin .. 1,01:3,000

GOVERNMENT SECURITIES.

N.Z. FROZEN MEAT. The New Zealand Meat Producers' Board has received the following cable from London, dated September 4th, advising Smithfield delivered prices at that date as follows: New Zealand wethers and maideM—'Canterbury quality, selected brand: 56 and under 7jjd per lb, 57 to 64 7Jd, 65 to 72 7d. Other brands: 5<5 and under 7Jd, 57 to Gi 7d,_65 to 72 7d. New Zealand ewe 9—64 and Tinder old. New Zealand lamb—Canterbury qualitv: 35 and under lljd, 37 to 42 10id, 43 to 50 9»d, Seconds llid- Selected brands: 36 and under Hid, 37 to 42 9jd. Other brands, first quality: 42 and under 103 d, seconds Hid. New Zealand beef—Ox fores 4Jd, ox hinds 5Jd, cow for«s 3d, jcow hinds 4Jd. Argentine chilled beef—Ox fores 4Jd, ox hinde 7Jd. Argentine frozen beef—Ox fores not quoted, ox hinds not quoted. Frozen pork—Bo to 1201b not quoted, 120 to 1801b i'Jd.

CHRISTCHURCH STOCK EXCHANGE.

SATURDAY'S TRANSACTIONS. Sales Reported—Bank of Xew South AVales, £11; Union Bank, £l} l:; 5i £l4 2'2s t<3. Sales cn 'Change—Bank of ,Xc»- Zealand 56> yd.

LATEST QUOTATIONS,

OTHER EXCHANGES. (rRESS ASSOCIATION TELEGRAMS.) AUCKLAND, September 5. Sales on 'Change:—National Bank of New Zealand £6 14s; Bank of New Zealand 56s

LONDO,X, September 3. The following are the latest quotations for Government securities: Aug. 2 Sept. 3. £ e. d £ B. d. Imperial consols, 2i per cent. .. 56 10 0 55 10 0 War Loan, 5 p.c., 19i047 .. .. 101 12 6 101 15 0 Conversion Loan, 3£ p.c. .. ..76 15 0 70 10 . 0 Commonwealth, 5J p.c., 1931-3' .. ' .. 101 15 0 101 15 0 Common-wealth, 6 p.c., 1922-27 .. .. 102 5 0 102 5 0 New Zealand, 6 p.c., 1938-51 .. .. 108 7 6 108 7 6 New Zealand, 4 p.c., 1929 .. .. 97 ,0 0 97 2 C New Zealand, 31 p.c., 1910 .. .. 84 10 0 84 12 6 New Zealand, 3 p.c., 1945 .. .. 77 10 0 76 10 0 New * South Wales, 6 p.c., 1930-40 ..104 7 6 104 17 6 New South Wales, 5J p.c., 1922-23 .. 103 12 6 101 0 D New South "Scales, 4 p.c., 1923 .. 92 7 6 92 7 6 New South Wales, SI p.c. .. .. 78 2 6 78 0 ' 0 New South Wales, 8 p.c., 1940-50 .. 83 0 New South Wales (n«w 0 8117 6 loan) .. .. 102 7 6 102 7 6 Victoria, 5 p.c., 1930-40 102 2 6 103 15 0 Victoria, 3J p.c., 1921-26 99 12 6 99 10 0 Victoria., 3i p.c., 1929-40 . 79 12 6 79 0 0 Victoria, 3 p.c., 1923-40 72 0 0 72 i0 0 (Queensland, 6 p.c., 193040 ... ..102 12 6 10a 15 0 Queensland, 3£ p.c., 1939 .. .. 92 7 6 92 7 6 Queensland, 8 p.c., 192247 ■■ .. 70 10 0 70 10 0 South Australia, 64 p.c., 1920-40 .. .. 104 12 6 105 0 0 South Australia, 3 p.c., 193Q • •• .. 62 0 0 62 0 0 South Australia, 3i p.c., 1945 cr after .. 83 12 6 83 15 0 West Australia, 6 p.c., 1930-40 .. ..102 7 6 102 17 6 West Australia, 3J p.c., 1930-35 .. .. 87 0 0 87 10 0 West Australia, 3 p.c., 1915-35 .. .. 83 0 0 83 0 0 Tasmania, 6i p.c.. 19WJ40 .. ..104 12 6 105 0 0 Tasmania, 3J P-C'i 192084 0 0 40 .. •• 8312 6 Tasmania, 3 p.c., 192040 .. 77 0 0 77 15 0

FOREIGN EXCHANGE RATES. LOXDOX, September 3. ■ The exchange rates are: — Par. Aug. 31. Sept. 3. Paris, fr. to -£1 25.22 V 103.45 102.45 Brussels, fr. to JSi ... 25.22* 107.95 108.55 Oslo, kr. to £1 18.159 23.42 - 23.56 Copenhagen, kr to £1 18.159 39.39 19.53 Stockholm, kr. to £1 18.150 18.09 18.09 Berlin, Reichmarken toil .. — 20.40 19.37 Montreal, dol. to £1 4.86J 4.R5i 4.841 New York, dol. to £1. 4.863 4 85 7-16 4.812 Rome, lire to £1 25.221 129 121-1-16 Yokohama, st to yen 24.58 20 20.1-16 Calcutta, at to rpe 10 to ** "o to 181 15J, Hong- Korf&, pt. to dol * 29id D9Jd Amsterdam, fl. 12.107d 12.05Hd 12.04|d Batavia — 11.99 to 11.98 to 12.03 12.02 * GoTerned by price cf silver.

SEASON'S KILLINGS. Killings at all works during 1924-25 season, commencing November 1st, 1924, to August 15th, 1925:— North South' Island. Island. Total. Beef (qrs) .. 451,439 13,711 465,150 Wether mutton (c'cs) .. 1,123,801 150,022 1,273,323 Ewe mutton (c'cs) . . 673,122 285,133 958,255 Lamb (c'cs) 2,042,263 2,705,850 4,748,113 Pork (c'cs) 35,112 467 35,579 Boneless beef (frt c'cs) 201,787 58,862 260,649 Sundries (frt c'cs) 48.310_ 11,063 59,373 Stocks on hand in New Zealand August 15th, 1925:— North South „ . . . Island. Island. Total. Beef (qrs) 206,342 9,217 215,559 Wether mutton (c'cs) . . 221,636 40,571 262 207 Ewe mutton . r^L C i! . "v 178,646 100,086 278,732 Pl"k (cVsV 16:W ° Boneless beef <,d7„ Sundries C c3^ . « 2 .«« 35,686 98 132. . (Xtt C CS). 24,130. J,66], ?5 .791

Buyers. Seller*. i' 8 d £ s d GOVT. DEBENTURES— 4} per cent. Inscribed, 1928 96 12 6 97 0 0 5J per cent. Inscribed IW'l 101 7 G 5} per cent. Bonds, 1UJ3 101 10 0 BANka--Adelaide S 15 0 9 0 0 Aust. Bank of Comm. i a 0 1 3 9 Victoria . : 9 t> 7 12 6 Comm. of Australia I 11 Comm. of Sydney 21 0 0 25 5 0 National tt Australasia U'O paid) l(i 17 6 National of Australasia paid) S 0 0 8 11 0 National ot X.Z. ti 12 0 6 14 0 New South Waies 40 37 6 41 0 s New Zealand .. 2 16 t> 2 17 0 P. and 0. Bank — 10 10 0 Royal (XI paid.) 1 16 3 Kova! (£4 paid) 7 0 0 Union of Aust. — 14 14 0 Western Australian ,. — 2 11 s INSURANCE— National 3 13 6 New Zealand .. 1 15 3 LOAN AND AGENCY— Dalgety and Co. 15 1 0 Ooldsbrough, Mort — 2 6 Gold«brougk, Mort issue) 2 4 9 2 5 0 National Mortgage 14 0 — Permanent Investment 9 0 0 9 15 SHIPPING— Howard, Smith — 1 14 Huddart-Parfcer — 2 6 0 FROZEN MEAT— N.Z. Refrij. (contr.) .. 0 8 9 0 9 3 North Canterbury — 2 5 0 GAS— Christcburch. 7 U 0 7 14 0 BREWERIES— Crown 1 4 0' 1 10 0 Manning 2 0 6 2 4 0 New Zealand .. 2 0 0 2 1 0 Ward 3 2 0 3 4 is CEMENTS— Wilson's 1 13 5 1 14 0 MISCELLANEOUS— Australian Glass — ■ 1 13 0 Beath and Co. 1 13 6 1 14 6 B.A.W.R.A. 0 11 4 0 11 3 British Tobacco 2 3 9 2 4 0 Electro. Zinc (pref.) . ■ 1 0 0 1 9 6 Glermore Brick and Tile 1 3 0' — Mason, Strutliere (£1 paid) 1 2 3 1 3 0 Mason, Strutters (1 la .0 16 paid) — 0 Mason. Struthers {IDs 0 11 paid) 0 11 1 4 N.Z. Farmers' Co-op. 3 10 0 6 (First Prof.) — WTiitcombe and Tombs — 3 14 MINING— 0 16 0 9 G Kawarau o 9 6 Mt. Lvell — 1 2 St. Bathans .. 0 2 6 0 8 prem. prem.