FINANCE AND COMMERCE.

Press, Volume LXIII, Issue 19141, 26 October 1927, Page 10

FINANCE AND COMMERCE.

N.Z. BUTTER. EXPORTS TO CANADA AND CHINA. THE AORANGI'S SHIPMENT. [THE PBESS Special Service.] AUCKLAND, October 25. The wider range of markets for dairy produce which New Zealand is now enjoying was exemplified in the destinations of 9855 boxes of butter stored in the holds of the Aorangi, which' sailed this evening for Vancouver, via Honolulu. Of the consignment 4960 boxes are for Vancouver, 1550 for Victoria, .British Columbia, 1487 for Shanghai, and 1858 for Honolulu. Substantial exports to Canada under forward contracts made at payable figures have become commonplace this season since Canada determined upon a policy of exporting all its own produce and importing new from New Zealand in the Canadian winter. Honolulu, too, has for a considerable time evinced a preference for New Zealand butter. There is particular interest in Shanghai's acceptance of so large a tjuantity. One exporter expressed the view that it was the result of direct shipment from New Zealand replacing j^-shipment from England to China niter sale in England. Another ascribed it to the fact that Australia, which usually exports largely to Shanghai, is at present at a low level of production duo to drought conditions. 7\e\v Zealand, this expert said, uas filling tho breach but was unlikely to develop any great volume of trade with the East through the passing turn of events. "Australia, exporting a butter inferior in quality to that of 7\cvr Zealand, can always beat us on the Shanghai market," he said.

CHAMBERS OF COMMERCE. CONGRESS IN SOUTH AFRICA. (from our ow.v cohhespohdent.) , LONDON, September 21. A party of over' 100 Chamber of Commerce delegates is en route to South Africa to attend the Eleventh Congress of Chambers of Commerce of the British Empire, which will be inaugurated by the Governor-General of the Union, the Earl of Athlone, in Capo Town. Representatives of Oiambers throughout the Empire will be in consultation there, including delegates from all over the Union. The Congress is held triennially alternately in London and in one of the Dominions, Crown Colonies : j>r India. This is the first occasion of its meeting in South Africa. The president of the Federation of Chambers of Commerce of the Empire, and therefore of the Congress, is Lord Kylsant, and Sir Edward DAvson, Bart., is chairman of the council. \ Th« Congress has a lengthy agenda to debate, containing a variety of subjects nil of which have a direct bearing upon tho development of inter-Imperial commerce and industry, this being tho primary object for which the Federation was formed. At its conclusion the visitors willmake a month's tour of the Union and Southorn Rhodesia, travelling in special trains as ;tho guests of the Union Government, .which-will entertain thorn at a Stat©'bapquet. The Government of Southern : Rhodesia will also offer themhospitality. ; Visits will be paid to Kimnerley, -Mftfeking, Bulawayo, Victoria (Rhodesia), Johannesburg, Pretoria, Ladysmith; Colenso, tennantzburg, Durban, Bloemfontein, ti EIl^ betll . Outdshoorri, and Mossel Bay Everywhere elaborate arrangements have been made for the reception, instruction, and entertainment of tno guests by the local municipal commercial, and industrial representatives.

DAIRY BOARD MEETS. BUTTER AND CHEESE PAYMENTS (press association telegram.) WELLINGTON, October 25. At the monthly meeting of the Dairy Produce Board, held last Friday, it was decided that the standard weight of butter either for consignments or f .o.b. sales should, be recognised as 561b -6oz, including parchment to be set off against short weights. London advice stated that the British health regulations provide that al 1 butter containing preservative must be consumed by December 81st. A further payment of nine-sixteenths of a penny per pound on the second butter pool will oe made on November 4th, totalling £267,000. Further payments of about three-sixteenths of a penny per lb on the cheese pool, totalling about £125,000, will be made about the end of November. This leaves but a small further payment to be made on each.

VICTORIAN LOAN. OVER-SUBSCRIBED IN LONDON. (BT cablb—pmss association—coptmghx.) (AUSTRALIA* AKD V.X. . AKD SZX CABLE.) LONDON,'October 24. The Victoriaa loan was over-sub-icri'bed. NEW GUINEA GOLD, BIG SHIPMENT TO SYDNEY, (BY CABLE—PBISS ASSOCIATION—COPYRIGHT.) (AUSTBALIAK AKD K.Z. CABUI ASSOCIATION.) (Received October 2oth, 7.45 p.m.) SYDNEY, October 25. Seventeen thousand ounces of gold; Talued at £42,500, arrived by the •teamer Montoro from Edie Creek and the neighbouring goldfields of New Guinea. This is the richest shipment so far from the New Guinea fields.

SHIPPING RETURNS.

A WORLD'S RECORD. (ArsTBALIAJ? AKD X.Z. AND STO CABLE.) (Received October 25th, 7.10 p.m.) LONDON, October 24. The fact that there was a record of 30,000,C00 tons of shipping afloat in June, 4,250,000 of which comprised motor-ships, is revealed in Lloyd's annual return. In addition there were 2,000,000 tons under, construction. New plans were laid down last year for 490 vessels- aggregating 1 ; 832,000 tons, the highest since 1920. Sixty-six per cent, of these will be built in Britain.

■-*"' UNION BANK. NEW £5 PAID SHARES. (BT CABLE-PRESS ASSOCUTIOS-COPYEIGHT.) (ICSTRALIAN- A*D X.Z. CABLE ASSOCIATION.) LONDON', October 04. The Union Bank of Australia has issued new capital. Shareholders are offered a £3 paid share for overy seven held. The price is £ll. FOREIGN EXCHANGE RATES. (Received October 25th, D.IC p-xa.) LOXDOX, October 24. Tho eschanire rates on London arc as follows:

WHEAT. ' ': LONDON, October 24. Cargoes are weak, due to selling pressure from North America, and prices have declined from 3d to 6d. Parcels are flat, due to weakness in America and Canada. Prices declined from Od to 9d. Liverpool futures are quoted:—October 9s lid, December-March 10a OSd, May 93 113 d a cental. NEW YORK, October 24. Chicago wheat, December 122J, March 125§, I* 3 ? 1272 cents a bushel.

METALS. .(Received October 25th. 8.15 p.m.) LONDON, October 24. Copper—Standard, spot and forward, £55 14s 4Jd per ton. Electrolytic—Spot £62 10s, forward £62 15s per ton. Wire Bars—£62 5s per ton. Lead —Spot £2O 2s 6d, forward £2O 10s per ton. Spelter—Spot £26 17s 6d, forward £26 lis 3d per ton. Tin—Spot £267 7s 6d, forward £263 17s 6d per ton. Silver —Standard 25 13-16 d, fine 27Sd per ounce. WOOL. (Received October 25th, 9.10 p.m.) LONDON, October 24. The Bradford tops market is strong, but business is small. , t AUCKLAND MARKETS. • [THE PBESS Special SaiTlee.] AUCKLAND, October 25. Potatoes —There are ample southern potatoes on hand. Onions —The market is kept going with Canadian and Australian importations. Oats and Chaff —The markets are quiet. Maize —The market remains very weak. Wheat—The market contimies firm. ■Wholesale current prices . . are: —Local sharps'£B 5s per ton, Australian .£9 10s, bran £5 15s per ton; oat pollard £B'los per ton; New Zealand oats seed, B Cartons 4s 4d, A's 4s 7d per bushel; wheat, New Zealand, 8s 6d to 8s 9d; maize, ex store, 6s, ex wharf 5s 3d per bushel; barley feed 5s 9d por bushel; Cape seed 7s 6d per bushel; maize meal 16s 6d per 1001b; barley meal 13s per 1001b; chaff, Blenheim g.b.o.s. £9 10s per" ton ex store; Canterbury £9 10s;_ potatoes, table southern, £6 15s per ton; onions, Canadian, in bags, 17s Gd, in cases 19s 6d. RANGIORA MARKET. Farm work being at a standstill owing to the wet weather, there was a large attendance at the Eangiora market yesterday. The stormy conditions • affected the stock entry, only 843 sheep and lambs, 4.0 head of cattle, and 89 pigs being yarded. There wero no fat sheep forward and more than half the stores were passed in, the only sales worth mentioning being 120 ewes and lambs at 16s 3d, 44 two-tooth, wethers at 28s. The prices realised by the cattle were: Cows in profit £3 15s to £7 17s 6d, springers £3 2s 6d to £o 12s Cd; dry cow, £4 10s; and a calf for £2 lis. In the pig pens heavy baeoners ; made £4 Os 6d to £i 5s 6d, others £3 2s 6d to £3 19s, porkers £3 10s to £3 5s Cd, stores Sis to 335, large weaners 26a to 2Ss, others 18s to 23s 6d. Poultry—Old roosters brought Is 6d a pair, hens 3a, chickens Is Bd. Produce—Chiekwheat made 21a to 23s a bag, oats 10s to 13s Cd, meal 15s, oatsheaf chaff 4s to 4s Cd, straw chaff 2s, table potatoes 6s to Bs, swedes 3s to ss, onions 3s tin, lettuce' Is dozen bundles, apples 2s to 5s case. Skins, etc.—Halfo/red sheepskins sold fo 13s,- crossbred 9s, hoggets Bs, calfskins 4s, dead wool lid lb, fat lid, horsehair la'6d. ■ / ASHBURTON STOCK SALE. There was an .unusually small yarding ef sheep at the ABhburton stock sale yesterday, and only a moderate attendance. The fat pens contained only 36 ewes. There were • 498 steers and six head of cattle. The prices. realised for the fat sheep were just about equal to last week's rates. The sales were:— Ewes—Two', at 325, 6 at 18s 6d, 3 at 20s, 8 at 25s 3d, 6 at 365, 4 at 25s 9d, 4 at 28s sd, 2 at 335. -Three single ewes brought 33s 6d, 85s 6d, and 40s respectively. Stores —Out of the 498 ewes and lambs yarded, the only sale made was 127 failingmouth ewes and 126 lambs at-15s lOd. Cattle—A .fat heifer realised £l2, cows £9 10s and £l2, and three runners £3 4s each.'

j BORING FOR OIL. i, (PRESS ASSOCIATION TELEOKASC.) GISBORNE, October 25. faranaki Oilfields report is as follows: — Waiapu No." 2 well sunk to a depth of 2425 '.feet in ■ grey shale; the BJin casing down to 2410 feet. Gisborne No. 1 well:-Depth 760 feet in sandy shale, and lOin casing down to 730 feet. LONDON MARKETS. The New Zealand Loan and Mercantile Agency Co., Ltd., received the following cablegram from London under date 21st inst: — N.Z. frozen meat—Lamb, market weaker; mutton, 6d lower. Market slow.

PROPERTY SALE, r Jones, McCrostie Co., Ltd., sold by public auction in their rooms yesterday, on account of the trustees in Flohr's Estate, the property known as "Avon Lodge," situate No. 3 Park Lane, Fendalton, comprising residence of 9 rooms and numerous outbuildings, together with 2 roods 13 perches of land, for £1750, to Mr A. "West. REILLY'S (DUNEDIN) MARKET REPORT. Reilly's (Dunedin) report as follows: — Tomatoes, small roughs Is lOd, mediums 2s 3d, choice 2s 8d per lb; asparagus 9s to 12s per dozen bundles; cucumbers, small 7s 6d, good 13s, choice 16s per doz.; lettuce, small Is 6d, 2s 6d, medium 3s 6d, choice 5s 8d per . doz.; spring cabbage, choice 4s 6d, others i Is 6d to 3s per Aaz.; cauliflowers, 4s 6d to 9s per doz.; radishes, Is 6d per dozen , bundles; spring onions 2s 6d to 3s per dozen bundles; tulips, 18s; Poeticus Recurvis, 9s per dozen bunches; Sturmers, choice las per case, frosted 7s 6d to 12 6d; pears, extra choice to 6id per lb, others 4d to 5d per lb; • potatoes, choice locals, Is 4d to Is 6d per lb; green peas, Is 7d per lb. —6

1 CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS. Salss Eeported—Bank of N.Z., 57s lid; National Insurance, 80s; N.Z. Drug Co., 64s 3d; 'RTjitcojube and Tombs, 67s 6d (2 parcels). Sales on 'Change—Union Bank (rights), 31s (2 paresis), fractions, 7s; South British Insurancs (cum div.), SSs 3d. LATEST QUOTATIONS.

OTHER EXCHANGES. (SVLT.BS ASSOCIATION TELEGRAMS.) AUCKLAND, October 25. Sales—New Zealand Loan, 1936, 5i per cent., £lOl ss; Inscribed Stock, 1939. 45 per cent., £96 7s 6d; Bank of Now Zealand, 57s lOd; New Zealand Insurance, 395; South British Insurance, 58s, 58s lid; Hikurangi Coal (A pref.), 5s 4d; Auckland Amuseihent Park, 16s 6d; Moanatiari (paid), 2s Ba, (con.) Is 2d; Occidental Una (con.), 18 ° ' WELLINGTON, October 25. Sales Reported—New Zealand Drug, 64s 3d. EGG AUCTION. Harris Bros., Ltd., report that the weekly auction sale of "Feather Brand" guaranteed fresh eggs wag held yesterday afternoon. The following prices were realised:—Hen eggs, Ist grade (2oz or over), rls 6d. —6

Par. Oct. 00. Oct. 24. Paris, fr. to £1 .. 21.22J lit .05 124.05 lin.sseU, belgas ioJSl 5 S4.93 .34.93 Oslo, kr. to £1 . IS.lo 1S.55 18.13 Copenhagen, kr. to CI 18.159 1S.17 1S.17 Stockholm, kr. to £1 18.159 1S.0S 1S.OS Amsterdam, fl. 1-2.107 12.101 32.19 Berlin, Keichmarken to £1 .. _ 20.40 20.40 Montreal, dol. to £1 New York, dol to £1 4.SGJ -t.ST 3-16 •l.SGi 4.80 9-16 1 4.S1J Yokohama, st. to ycr i 24.5 ■ 2-2 15-1G 22 31-32 Rome, lire to £1 . . 25.221 69.13 S9.10 Calcutta, st to rpe. 15 to gold £, IS 17-31-32 Ilong-Kong, si to dol. 2-1 2-1 1-1C Batavia — 12.121 12.10J Prague, kroner to £1 — mi * Governed by price of silver

Buvers. Sellers. £ a." Q. £ a. d. N.Z. GOVT. DEBENTURES— 4J per cent. Inscribed, 193S 96 5 0 £6 10 0 4$ per cent. Inscribed, 1939 06 2 6 96 10 0 4% per cent. Bonds, 1930 97 10 0 — 4j per cent. Bonds, 1939 26 5 0 — 5£ per cent. Inscribed, 1927-41 9S 5 0 &s :5 0 5J per cent. Inscribed 1933 101 2 G — 3J Der cent. Bends, 1933 101 3 0 — oh per cei!t. Bonds, .1936 101 5 0 — COMPANY DEBEXTURESN.Z. Breweries, Bonds 1 3 4 — Glaxo, 6i per cent., 1945 90 0 0 — BANKS— Adelaide (cum div.) .. S H 0 S 18 0 Aust. of Commerce .. 1 1-2 !> 1 12 10 Australasia 14 10 G It 12 6 Couim. 01 Aust. 1 8 6 18V E., S., and A. 7 1-2 0 7 15 0 E., S., and A. (Royal Bank issue) 7 10 0 — National of Australasia (£10 paid,) 17 9 0 17 11 0 National of Australasia (£0 paid) .. S13 0. — National of N.Z. — 6 13 0 New South "Wales .. ii 0 0 41 5 0 New Zealand .. ' .. 2 17 9 2 17 11 New Zealand (Mortgage Shares, £1 paid) .. 1 6 "> — ' New Zealand (Mortgage. ' . Shares, 10s paid) . 0 16 6 — Union of Aust. (cum right?) 14 10 0 14 14 0 Union of Aust. (rights). 2 10 6 2 11 6 Union of Aust. (fractions) 0 7 0 0 8 0 INSURANCEMercantilo Mutual ., — 1 7 8 National — 4 0 0 New Zealand .. 1 IS 9 119 1 Queensland — 2 16 6 South British • (cum div.) '2 IS 3 2 18 9 LOAN and AGENCY— Dalgety and Co. 13 10 0 13 12 6 Dalgety and Co. (new) 13 0 0 13 1 0 Goldsbrough, Hort 2 7 6 2 S 0 Goldsbrough, Mort (new) 1 2 6 3 2 6 9 National Mortgage 3 12 0 3 18 0 5HIPP1NG- " Howard, Smith 1 10 n 1 10 10 Huddart-Parker 2 6 6 — FROZEN MEAT— Canterbury 7-in 0 S P 0 N.Z. Eefri<7. (ti. paid) 0 14 10 0 15 1 N.Z. Refrig. (contr.) .. 0 7 7 0 7 9 WOOLLENSKaiapoi (17s paid) 0 7 9 0 9 6 Koiapoi (pref.) 0 10 0 0 12 6 COALHikurangi (pref.) — 0 6 9 Hikurangi (ord.) — 0 3 3 Taupiri (ord.) ... 1 5 9 — GASChristehurcli .. 1 3 i 13 7 Christchurch (new 5s paid) .. 0 6 5 0 6 7 BREWERIESCrown 0 15 9 0 H 1 New Zealand 2 3 10 2 4 6 Staples 1 18 0 1 19 3 Ward — 1 18 0 ■White Star — 10 0 CEMENTS— "Wilson's ,,■ ..: 1 16 0 — TIMBERKauri •.« 1 a 9 14 6 MISCEiLLANEOUS- / Allied Motors -•: • — 0 13 ,0 Eeath and Co. 1 12 3 1 12 S British Tobacco .. — 2 18 0 Colonial Sugar 53 16 0 54 5 0 D.I.C. (prei. cum div.) 1 1 0 — , Electro. Zino (ord.) .. 1 9 S 1 10 2 Electro. Zinc (pref.) .. 1 10 10 1 11 3 Henry Jones Co-op. .. 1 15 0 — Holden's Motors 1 14 9 1 15 0 Mercantile Finance Corporation (3s paid) .. 0 1 3 0 2 3 N.Z. Drag Co. 3 4 0 3 4 6 N.Z. Farmers Co-op. (1st pre>f!) .. 2 17 6 3 7 6 N.Z. Farmers' Co-op. (6£ per cent. Stock, 1935) 75 0 0 8*2 0' 0 ■N.Z. Guarantee Corpn. 0 8 6 0 8 9 Taranaki Oilfields 0 8 6 0 9 6 Whitcombo and Tombs 3 7 0 3 7 6 Greater Crystal Palace 0 17 8 1 0 10 MINING— Kawarau ■-.. ., 0 0 9 0 15 Mt. Lyell •1' 7 1 18 0 "Waihi (cum div.) Grand Junction 1 2 5 ■ — — 0 2 0