FINANCE AND COMMERCE.

Press, Volume LXIII, Issue 19063, 27 July 1927, Page 10

FINANCE AND COMMERCE.

N.Z. WHEAT. PROPOSED LEVY FOR RESEARCH ITBX PKB6S Special Berries.] WELLINGTON, July 26. Recently overtures ■were begun in Canterbury for the institution of a voluntary levy by farmers, millers, and bakers for the purpose of conducting investigations into New Zealand wheat. It is proposed that a laboratory of cereal research shall be established in Canterbury, and that this shall be operated for the benefit of all three groups which are interested in the quality of the New Zealand production. The Department of Scientific and Industrial lie search has been approached in the matter, and when Dr. E. Marsden, secretary to the Department, visited Christchurch a month ago he met in discussion some of those interested in the scheme. However, at present, the Department is doing nothing, but is awaiting developments. The question of the establishment of a laboratory is now purely one of finance, and if all the parties are agreed on the imposition of a levy necessary for the beginning and operating of such a laboratory it is certain to come into being. At present representatives of the farmers, millers, and bakers are placing the scheme before their various organisations and the whole 'matter is to be discussed at a conference in Cbristchnrch towards the end of next month. Farmers, of course, are interested in improving the production and quality of their wheat, millers in improving the quality of the grain, while bakers wish more knowledge of the best method of treating New Zealand flour, which at present has to be blended with Australian four in order to ohtain a. good loaf. One of the issues in the present proposal is that any of the contributing groups may be able to tax themselves further on grain or four for the purpose of subsidising research upon any particular side of the wheat investigation, which may promise results valuable to their particular industry. This knowledge, of course, will be made public and is expected to be of value to the whole Dominion. PRICE FIXING. A FARMER'S SUGGESTION. [THE PBESS Special Service.] WELLINGTON, July 26. When proposing a vote of thanks to Mr W. J. Poison for his presidential address to the Dominion Farmers' Conference, Mr J. H. Jull (Hawke'B Bay) said that he could not see why farmers should not fix the price at which their products should be sold. When they attempted to buy other things they quickly found that he prices were fixed, and fixed high enough, too. Why should not farmers have the same privilege! Those who talked about the inexorable law of supply and demand having an effect on price-fixing, he suggested, were not on very sure ground, as cool storage, and the ability to hold produce in store for a long time,, was a very important factor to bo reckoned with. HIGH COMMISSIONERS REPORT. Tie Department of Agriculture has received ■ the following ' cablegram, dated the 23rd instant, from the High Commissioner for New Zealand, London: — WOOL. The sales closed on Thursday. Competition was general and aetive throughout, and t opening rates generally were just about maintained. Pine, aliped, and' medium crossbred thawed a" great advance. At the close merino «,uper was at par, average 5 per cent., greasy fine crossbred par to 5 per cent., medium and coarse crossbred folly & per cent., aliped fine 'I per cent, and medium and coarse crossbred S per cent, dearer. Average closing rates are as follows: —60-64's super, 2s to 2a 3d per lb (average la 7d to Is lid per lb) -. 56-58's. la lOd to 2s per lb; 50-56's, Is 84 to It lOd per lb; 48-50's, Is 5d to Is 7d per lb; 44-46's. Is 3d to la 4d per lb; 3640's. Is 2d to la 8d per lb. TLere were 100,000 bales sold, of which 57,000 were taken by the Home trade, 60,000 by the Continent, and 2000 by America. The nest series commences on September 13th. APPLES. ; The market it quiet. London is practically cleared at coloured apples. Prices are as follows:—Stunner, 16s to. 19a and up to 20s r*r case; Dougherty. 17a to 20a per case. TALLOW. Owing to the absence of demand there was no auction this week. Prices are nominally unchanged The roanila market is firm. Sales are renortcd in "J" grade afloat at £44. JulySeptember shipments are quoted £43 10s '*The alsal market is steady. Tanganyika No. 1 July-September shipments are quoted £3B to 488 10a value. No. 2 20s less. Tow—The market is quiet. No. I*3o to X3J nine. More interest is shown in New Zealand, but the quantity oifered from New Zealand U very small. Buyers here have pSiNew Zealand sellers *35 10s for highpoint* and £34 to *B4 10s for fair. FOREIGN EXCHANGE RATES. (mt ckviM— nsss assooanoir— coptbight). (AOSTJUUU AKD H.B. Ct3ia ASSOCUTIOX.) LONDON, July 25. Tfca exchsnga rates on London are as follows:- Par. July 21. July 25. Paris, fr. to *1 •• 31.224 124.00 124.05 Irnaaala. belga. «> «■ 6 34 - 93 , B f.9S Oslo si' to £1 •• 18-K 9 18.79 18.80 Copenhagen, kr. to*l 18.159 18.16 18.154 Stockholm, kr. to *1 18.160 18.13 18.121 Amsterdam, fl. .. 13.107 12.12 12.111 Berlin. Beidunsrken to £1 ..'• Montreal, dol. to £1 4.86 JiM 5-16 4.86 1-16 Sew York,dol.to£l *3b " "a 4 -»*2» Yokohama, et. to yen 24.5 231 23 9-32 Home, lire to *1 .. 25.22J 89.31 89.30 Calcutta, st. to rpe. 15togoM*ri7i "J Hong Kong, et to dol. • 24J 94| Batari* .. ... 1 2 13 - 12 •Governed by price of silver. METALS. (Beceived July 26th, 7.20 p.m.) .? . LONDON, July 25. Copper—Spot *55 19s 4jd. a ton, forward "'Lead—Spot *24 7s 6d a ton, forward *24 Spelter—Spot *29 Is 3d a ton..forward *2B Tin—Spot £2BB lis 3d a ton, forward £283. Silver —Standard 26 3-16 d per os, fine Wid. WHEAT. (Mr casus—fbxss assocutiok— coptbight). tjLWtaXUAX AKD V.Z. UJD BUN- CABUS.) (Beceived July 26th, 7.20 p.m.) "' ' LONDON, July 25. are unchanged • and the h*Tg*R>*4 4a.inactive. .• Parcels .opened 'Steady -!•#'<»»»!« dull at a decline of., threepence. •*" W&2z!£.l*2** at t0 6 * B 4 « d *•» 28 Wb. w^JSHSf*pS^F l| *Ms* , qjiototionß'are: July to cental; December.' 10s r aOs »ld. , i

CANTERBURY MARKETS i " A DULL PERIOD. (BT OUR COMMERCIAL XDITOE.) Tuesday Evening. Potatoes Tvere in slightly better demand over the -week-end, a few July sales taking place at £4 18s a ton, a | 2s 6d advance, but to-day the market is back to the preceding week's level of £4 12s 6d. Forward sellers commenced operating when the firming developed, and not much of this was needed to ease the market. August-Sep-tembers are quoted at £5 a ton, f.0.b., si., values on trucks being about £3 A buyer of Dakotas had some difficulty in filling his needs with this variety, and paid up to £5 17s 6d a ton, f.o.b.,'s.i. The Wingatui, which leaves to-mor-row from Lyttelton, is expected to take between 7000 and 8000 sacks, this vessel being the last of this month. The .Waipiata has sailed from Timaru direct with 4135 sacks. With the 300 tons that landed in Auckland on Saturday from Tasmania, the northern city will be supplied for some time ahead. Oats, Etc. Oats are very dull, August-Septem-ber A Gartons having been sold at 3s 3d to 3s 3sd, and B's 3s f.0.b., s.i. Chaff is also easier, there being fair quantities offering at present. From £3 10s to £3 12s 6d is the cm-truck quotation. Wheat is very firm, and there seems to be little about. Fowl wheat has been sold at 6s 6d, f.0.b., for AugustSeptember. There is no move in the seed market. Quotations. The following are quotations for produce, to be paid to farmers, sacks extra, except where otherwise stated: Wheat —6s Id per bushel on trucks for Tuscan and 6s 4d for Hunters. Oats—Gartons 2s 8c" to 2s 96. a bushel for A's, 2s 5d for B's; Algerians 2s 6d to 2s Bd. Chaff—£3 10s to £3 12s 6d. Potatoes—£3 10s. Onions —£3 per ton. Cowgrass—Bd to 9d per lb. White Clover—73 d to, Bd. Perennial Eyegrass—2s 9d per bushel. Italian Eyegrass—ls 9d per bushel. Partridge'Peas—Bs 6d per bushel. Cocksfoot—sd to 6d per lb. Linseed —£13 5s per ton.

Bran—£6 per ton f.0.b., southern ports; 10s extra for smaller, packings. Pollard—£ 7s 5s per ton, f.o.b. southern ports; 10s extra for smaller packings. Flour—Local wholesa-le price, £l7 10s per ton for 2001b sacks; for shipment, £l7 freight paid to main New Zealand ports. RANGIORA MARKET. In consequence of tho rain yesterday, very little business was done at the Eangiora market, only abput 150 sheep, 5 head of cattle, and 20 pigs being yarded. The sales were: 109 owes at 16s 9d, 20 at 20s 6d, dairy cows at £& 5a to £7 ss, and weaner pigs at 20s to 27e 6d. Poultry—Roosters made 10a a couplo and bens 7s. ' , > ' Produce—Chickwheat brought 13s to 17ai Od. a bag, oats 13e,; barley 14s, oatsheaf chaff 4s to ss* straw chaff 3s, pig meal 17a, potatoes '6s to Bs, carrots 6s to 6s 6d, 'parsnips 2s tin, onions Is to 2s, apples 3s to 4s 6d case. ~.',.-, Skins, etc.—Halfbred sheepskins realised 9s, hoggets Bs, calfskins 2e 9d to 43 3d, rabl>it skins IOJd, fat l§d, horsehair Is 6d. AUCKLAND MARKETS. [THE PBESS Special Service,] AUCKT/A7TO, July 26. Potatoes—There are not many potatoes on the local market at present, and as the next shipments will not be here till Friday, when tho Wingatui and "Waipiata are timed to arrive, all immediate stocks should ' bo readily cleared. The price is steady at £7 15s ex etore, and this is about on a parity with the replacement cost, although tne southern market has been moving ug and down a good deal lately. The Kartigi has landed a shipmnet otf Australian potatoes and these are" selling at the same price. Onionß—Locally-grown -onions were such a heavy crop that they have lasted longer than usual, and tho best are now quoted at 83 1 with the supply nearly exhausted. However, Australian have been ■ imported in 1 larger quantity by the Kartigi, and these are selling at 12s. . Oats and Chaff—Both oata and chaff aro ' dull of salo, the city demand tending to fall ' off a little more each year, and new_ re--1 gulations regarding horse-drawn vehicles in Queen street will probably further restrict their use and consequently the dei mand for fodder for city stables. The ' country demand is also quiet this year, for moat districts saved enough hay and oats for local requirements, and any business passing is being don© through farmers: ' City prices aro fairly firm at 4s 2d for B 1 grade oats, and 9s 6d for best southern cbaff, each in email lines ox store. i Wheat—Another sharp rise has taken place in the South Island in fowl wheat, and the i local price is. now firm at 8s on wharf, or r 8e 3d ex store. r Maize—Plenty of good quality maize is > now arriving from Gisbome and this is • realising 6s on wharf in wholesale lines, agents being able to sell at that price by taking advantage of any low freights offering up the coast. Some buyers must have maize which will stand crushing, and they are still paying 7s 9d ex store for any old grain they can get, but coastal maize will soon be in suitable condition for all purposes. ASHBURTON STOCK SALE. Continuous rain throughout tho night and all yesterday morning waa inainly responsible for a limited entry and a very email attendance at the Ashburton stock sale yesterday. The total yarding of sheep was only 632, the smallest number for over a year. There were 138 fat ewes, 195 fat wethers, and 440 stores. The quality of- the fats was not so good as those yarded at the Tinwald stock salo last Tuesday, when the best fat sheep sale in the Ashburton district for many months took place, but the prices realised were fully equal to those at the Tinwald yards, when quality is taken into consideration. A number of tho best wethers were passed 'in at' bids ranging from 34s 6d up to 40s. The principal sales were: Ewes—ll at 26s Id, 12 at 26s Id, 10 at 225, 8 at 17s Id, 11 at 12s, 19 at 17s 4d, 6 at 15s I'd, 13 at 23s 6d. 6 at 27s 6d, 9 at 22s 10d, 10 at 27s 6d, 12 at 20a, 10 at 19s lid. Wethers—9 at 34s 3d, 10 at SSs 6d, 5 at 33s 3d, 7 at 295, 4 at S2s 6d, 39 at 345, 26 at 28s, 5 at 34s 3d, 8 at 34s 6d, 3 at 33s 9d, 9 at 84s, 10 at 80s 3d. : Stores—2oo full and failing-mouth threequarterbred ewes at 17s 3d, 74 sound-mouth halfbred ewes at 21s 9d.. 65 failing-mouth ewes at 12s, 45 sound-mouth ewes at 23s 7d, 43 crossbred wether hoggets at 18s Bd, 40 three-ouarterbred ewe hoggets at 275, 150 ewe hoggets at 265. Cattle—Only four head were yarded. A cow in profit £5 6s and another cow t also in profit, £B 15s. ARAHURA STOCK SALE. (press association tblegbam.) GREYMOUTH, July 26. At the Arahura fortnightly stock sale, the yarding comprised 92 head of fat cattle and a small entry of sheep. Prices for prime ox beef showed an advance on previous sales, and realised up to 42s per 1001b, whilst good I heifer and cow beef also sold well. .

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Sales Reported—N.Z. Govt. 5J per cent. Inscribed, 1933, £lOl 2s 6d; N.Z. Breweneß Bonds, 23s 7d; Comm. of Aust., 25s Id; National Bank of N.Z., £6 16s; Union Bank, £ls 11a (2 parcels). Sales on 'Change—Union Bank, £ls 10s; Gcldsbrough, Mort, 45s 3d; Goldsbrough, ilort (rights), 9s 3d; Union Steam (pref.), 20s Id; Mason, Struthers (10s paid), 10s 9d.

OTHER EXCHANQES. (FBESS ASSOCIATION TBI/EQBAMd.) AUCKLAND, July 26. Sliaremarket sales—New Zealand Inscribed Stock, 1938, 4Jper cent., £96 15s; New Zealand Inscribed Stock, 4J per cent., £96 15s; New Zealand Breweries' debentures, 23s 6d; National Bank of New Zealand, £6 16s 3d; Bank of New South Wales, £45 2s 6d; South British Insurance, 56s 6d; Huddart-Parker, 47s 9d; Hill and Poummer, 225; Waihi, 20s. WELLINGTON, July 26. Sales reported—N.Z. Breweries' bonds, 23s 7d (two parcels); N.Z. Guarantee Corporation (ord.), 9s. DUNEDIN,. July 26. Sales—Auckland Amusement Park (ord.), lis; Kawarau, Is Id (two parcels). BUTTER AND CHEESE PRICES. The New Zealand Dairy Produce Board has received the following market report from the London agency, dated July 22nd, 1927, prices for the previous week being shown in parentheses: — BUTTER. New Zealand, salted 156s to 158s up to 160s (158s to 160s), unsalted 160s to 162s up to 164s (160s to 1645). The market is still quiet. . __„ , „_„ ,„_,, Australian, finest salted 156s to 159s (158s to 160s), unsalted 158s to 162s (160s to ' finest unsalted 160s to 164s . (I MS&, ~Kea 148s t0,150. (148s to 150s), unsalted 150s to 154s (152s to 16 Dutch, unsalted 156s to 158s (154s to 15 Estnonian, 14Ss to. 150s (146s to 1545). Latvian, salted 144s to 148s, unsalted 148s to 150s (146s to 1525). Lithuanian, salted 142s to 146s (144s to 1465), unsalted 1525. Siberian, 136s to 140s (140s to 1445). Danish, 153s to 162s (160s to 1625). Danish quantities continue large. Retail prices are unchanged. CHEESE. New Zealand, white and coloured, 89s to 90s (87s to 88s). The market is firm, with an upward tendency. Australian, coloured, 84s to 80s up to 86s (82s to 84s). ,_. „,„ ~„ Canadian, old season's, white 112s (106s to 108s), coloured 98s to 102s (96s to 100s); new season's, white and coloured 90s to 91s (84s c.i.f.). We consider the cheese market prospects good. August and September will probably run 88s to 945, October 88s to 925. FROZEN MEAT. The New Zealand Loan and Mercantile Agency has received the following cabled advice from London:—New Zealand frozen meat: Lamb, BJd per lb (average); mutton, wether and maiden ewe, light s|d per lb, heavy 4Jd; ewe, light 4|d per lb, heavy 4d. Tho market is quiet.

N.Z. APPLES. (bt cable—psess association—coptbight). (AUSTRALIAN AND K.2. CABLE ASSOCIATION.) LONDON, July 25. Five thousand cases of New Zealand apples, ex Tainui, which arrived on June 10th and were placed in cold storage at Southampton as an experiment, are now being marketed in London. They are in excellent condition. Stunners made 17s to 21s, and Statesmen 20s to 235. STUD SHEEP SALE. An important sale of Corriedale and English Leicester stud sheep will be held on tile Addingt-on Show Grounds to-morrow, the vendors being Messrs L. W. Storry and L. White. These two flocks have provided a list of winners in the metropolitan show rings, and an exceptional opportunity is thus afforded breeders of adding the best blood to their studs. EGG AUCTION. Messrs Harris Bros, Ltd. report that the weekly auction sale «f Feather brand guaranteed fresh eggs was held yesterday afternoon. The following prices were realised: Hen egg®, first grade (2oz or over), 2s Id; hen eggs, second grade (under 2oz), la lid. —9 TARANAKI OILFIELDS. (PRESS ASSOCIATION TE LEGE AM.) NEW PLYMOUTH, July 36. Taranaki Oilfields report:—'Waiapu No. 2 well: The water is not effectively shut o£f. The well has been drilled to ,1919 f ee t in hard shale, and preparing to cement again. Gisborne No. 1 well;. Commenced drilling Monday,

LATEST QUOTATIONS. Buyers. Selleri. £ a. d. £ 8. d. 2N-.Z. GOVT. DEBENTURES— 4J per cent. Inscribed. 96 15 1938 08 12 6 0 4J per cent. Inscribed, 1939 06 12 6 96 17 c 4$ per cent. Bonds, 1930 !)7 12 6 98 5 0 4J per cent. Bonds, 1938 96 15 0 97 0 0 4& per cent. Bonds, 1939 06 12 6 — S per cent. Inscribed, 1927 99 6 0 — 5 per cent. Inscribed, 1929 96 15 0 — 5 per cent. Bonds, 1927 99 7 6 — 5; per cent. Inscribed, 1927-41 98 0 C — 5J per cent. Inscribed, 1933 101 0 0 101 2 6 5J per cent. Bonds, 101 5 1933 0 — SJ per cent. Inscribed, 1936 101 ff 0 — 5J per cent. Bonds, 1936 101 5 0 _ OTHER DEBENTURESNorth Canterbury Hospital, 5J per cent., 99 10 0 1932 — X.Z. Breweries, Inscr. 1 3 s — N.Z. Breweries, Bonds 1 3 6 1 3 8 Glaxo, 6J per cent., 1945 90 0 0 100 0 0 BANKS— Adelaide 8 12 0 9 5 0 Aust. Bank of Comm. 1 13 4 1 13 9 Aust. Bank of Comm. (new) —! 1 13 9 Australasia 14 12 6 14 15 0 Comm. of Aust. 1 8 6 1 9 0 Comm. of Aust. (pref.) 6 16 6 6 19 6 Comm. of Sydney 25 7 6 25 15 0 E., S., and A. (ex rights) . .. — 7 12 6 E., S., and A. (rights) 1 8 0 1 10 0 National of Australasia (£10 paid) 17 2 6 17 5 6 National of Australasia (£5 paid) 8 10 0 8 11 3 National of N.Z. G 15 6 6 16 0 New South "Wales 44 12 6 45 0 0 New Zealand . 2 18 4 2 18 9 New Zealand (Mortgage Shares, £1 paid) 1 6 2. — Union o£ Aust. (cum div.) 25 9 6 15 10 6 INSURANCE— National 3 15 6 — New Zealand (cum div.) 1 19 2 1 19 9 South British 2 16 3 2 17 0 LOAN AND AGENCY— Dalgety and Co. , - 13 13 0 Dalgety and Co. (new) 7 17 6 8 2 6 Goldsbrougli, Mort 2 5 1 2 5 6 Goldsbrough, Mort (rights) 0 9 5 0 9 9 N.Z. Loan and Mercantile (ord stock) 91 0 0 — N.Z. Loan and Mercantile (pref. stock) 78 0 0 — N.Z. and River Plata 1 6 6 Permanent Investment 9 15 0 — Wright, Stephenson (pref.) 0 16 3 SHIPPING— 1 lt> Howard, Smith .. 0 1 10 10 Huddart-Parker 2 7 10 2 8/0 Huddart-Parker (pref.) 1 1 0 — P. and 0. Deferred •Stock 282 0 0 289 0 0 Union (pref.) 1 0 0 1 0 4 FROZEN MEAT— 6 Canterbury — 8 7 Canterbury (pref.) 4 16 0 — N.Z. Refrig. (contr.) .. 0 5 10 0 6 2 WOOLLENS0 11 Kaiapoi (17s paid) 0 10 0 0 Kaia/poi (7s paid) 0 2 9 0 8 5 Kaiapoi (pref.) .• — 0 15 0 COALTaupiri (ord.) 1 4 9 0 1 5 3 6 Westport 1 13 1 13 Stockton (ord.) 0 1 4 0 1 9 Stockton (pref.) ~ — 0 3 6 GAS5 14 6 Ashburton 5 12 6 Chriatchurch «. 1 4 a 1 4 6 Timaru 1 3 6 1 4 0 BREWERIES— 0 19 Manning ,.i .. 0 19 6 9 New Zealand ... 3 8 1 2 4 6 Staples 1 17 0 1 18 3 Timaru 0 15 ,9 — Ward — 1 19 6 MISCELLANEOUS— 1 18 Beath and Co. 1 12 3 0 Auckland Amusement Park 0 10 6 — British Tobacco .. 2 12 0 2 12 6 Burns, Philp .. 1 17 9 1 19 0 Colonial Sugar 52 5 0 — Dominion Rubber 1 12 0 — Dunlop Rubber 1 8 10 1 10 0 Electro. Zinc (ord. ctirn 1 12 div.) 1 11 0 3 Electro. Zinc (pref cum 1 12 div.) 1 11 10 3 Henry Jones Co-op. .. 1 15 0 1 17 0 Holden's Motors 1 18 9 1 19 9 Holden's Motors (new) '■ — 1 19 3 Mason. Struthers (£1 paid) .. .. 1 2 6 1 4 3 Mason, Struthers (14s paid) 0 15 0 0 15 6 Mason, Struthers (10s paid) 0 10 8 0 10 9 N.Z. Drug Co. 3 3 6 3 5 6 N.Z, Drug Co. (new) — 3 5 0 N.Z. Farmers' Co-op. (6£ per cent. Stock, 1930) 77 0 0 — N.Z. Guarantee Corpn. 0 9 0 0 9 4 Whitcombe and Tombs 3 9 0 3 10 0 MINING— Alburnia 0 3 10 0 4 6 Kawarau 0 0 7 0 1 0 Mt. Lyell 1 7 0 1 7 8 Waihi _ 0 19 0 0 19 11Grand Junction 0 1 3 0 1 9