FINANCE AND COMMERCE.

Press, Volume LXIII, Issue 19176, 6 December 1927, Page 12

FINANCE AND COMMERCE.

GOODS TRAFFIC. MIDDLETON MARSHALLING YARDS.

IN FULL OPERATION. At 8 a.m. yesterday, the Middleton railway marshalling yards were brought into full operation, and in future wil be in use for the full 24 hours every dav The change was made from partiafto full-timo working as the outcome of the completion of the interlocking signalling system, and simultaneously with the change-over to the summer time-table. , Inward goods trains from the south will now be broken up at Middleton, and those for the south will be marshalled there. Loads will bo put ott bv and made up for inward and outward mixed trains, while Addingtoa will be the centre for north line goods traffic, but the waggons on inward trains on that line will be shunted to Middleton. Tho busy time each day will be between 9 p.m. and midnight, when the staff will bo engaged on the making lip of goods trains for the various lines. WorK will be facilitated at the Christchurch goods sheds by tho obviation of delays to waggons through their being shunted on to out-of-tlK 1 - way roads to give,passage to trains. Eight boats were discharging at Lyttelton yesterday, 31 gangs being employed, in addition to two grabs and baskets.

About 120 men, including permanent hands, are working in the eoods sheds in Christchurch, this number being greator than the average, dealing with a rush of Christmas goods and a large shipment of bananas. All of the space in D shed is taken up, and half of that in 0 «hed by the overflow of West of England goods, drapery, and other merchandise. The other sheds are also busv. and tho three steam cranes in Waltham yards are in constant use. Motor-cars aro being unloaded in fair numbers, and considerable quantities of heavy goods are being dealt with, notably 2000 tons of sheet iron. No congestion has taken place, but four days' work will he required at tho sheds to effect a clearance.

V.D.L. CO.

BIG DEAL IN TIMBER LANDS,

At a recent meeting held in London the shareholders of the Van Diemen's Land (Tasmania) Company approved of the sale of the company's properties to Mr Gerald Mussen, of Melbourne. The original purpose of the company was the establishment of works for the conversion of Tasmanian timbers into pulp and paper. It is not necessarily implied by the transaction that the works will be established, but if they were commenced employment would be found for nearly 6000 men. The sale of the whole of the V.D.L. Company's land to Mr Mussen means, it is suggested, that there will, be put into force an active developmental policy with the view of selling the land to immigrants and settlers. It is thought, in Tasmania, that the owners contemplate the extension, of the timber trade from the heavy lands, and possibly other new industries may develop as a result, using the inexpensive hydro-electrio power available, and the great natural resources of the forests.

The holdings of the V.D.L. Company, shortly before the _ transaction took place, were set down in a balancesheet at 257,656 acres, and the size of the purchase indicates that, should the scheme bo commenced, it will be a big iconcern. CANADA'S TRADE. FIVE NEW VESSELS BUILDING.

[THE PRESS Special Service.]

AUCKLAND, December 5.

The continued development of the Canadian Government Merchant Marine AV'as discussed on the Aorangi last evening by Mr G. Bunting, supervisor of the Service for Australia and New Zealand, who is returning from a visit to Canada and will continue his voyage to Sydney. Mr Bunting said that tho Canadian Government was now building five new vessels for its growing transport trade, and these embodied the latest developments in marine construction. Many of the newey developments wcro, however, still in the experimental Btage, as, for instance, the method of motor propulsion like that of the Aorangi. The traveller was impressed by the increased prosperity of Canada, l by tho phenomenal crops of wheat obtained this year, and by the general keenness fully to develop the resources of the Dominion. Ho believes that a busy time is ahead for the shipping trade.

In connexion with the Canadian Government' Merchant Marino, it is» of interest to record that Captain H. S. Hilton has been appointed Marine Superintendent for New Zealand. For the past four years Captain Hilton has been Assistant Superintendent in Vancouver. He is expected to arrive from Montreal by one of the Canadian Government steamers at an early date.

CANADIAN BONDS.

LOW RATE OF INTEREST.

(by" cablb— pbsss association—copyright.) (AUSTRALIAN AND K.K AND HUN CABLE.)

OTTAWA, December 4

The British Columbia Government has just sold a 1,000,000 dollars bond issue that will yield 4.42 per cent, to investors. This is the lowest interest rate paid by any Canadian province since the war.

The Canadian bond market is unusually strong. With times good throughout Canada monej is plentiful The,income which Canadians reap from investments at home and abroad was recently estimated at £15,000.000 monthly. A "ood portion of this seeks reinvestment. The Dominion Government recently finnnced war debt payments falling dup bv the issue of 4 per (ent. Treasury notes, which were sold to Canadian banks at par

POTATO SHORTAGE IN AUSTRALIA.

(BT CABLB- P3*#b ASSOCIATION - COPTRIOHT.t (AUSTRALIAN AND H Z CABLE ASSOCIATION )

(Received December sth, 9.40 p.m.)

SYDNEY, December 5,

As a result of the strike stopping Inter-State supplies,, potatoes have suddenly jumped from £7 to £l3 a ton. Supplies will now be confined practically to limited local sources.

WELLINGTON WOOL SALE.

COARSER WOOLS EASIER.

(7SESB ASBOCIATIOB TIMOEAM.)

WELLINGTON, December 5,

At to-day's wool sale, the second of the series, 20,700 bales were offered, of which ninety per cent, were sold. A quieter tone prevailed compared with the somewhat feverish buying which characterised the November sale. Compared with last month crossbreds were Id lower, pieces and bellies Hd lower, and halfbreds id to Id lower. Hoggets were at par. Competition was keener for finer wools! Bradford operators bought more freely, while American and Australian buyers competed for the finer lots. Continental buyers competed for halfbreds and crossbreds. The French buyers were not so strong on bellie9 and pieces. Merinos maintained November values. Super lines were slightly higher. The range of prices was as follows: —

N.Z. EXPORTS.

KEEN DEMAND IN CANADA.

[THE PRESS Special Service.]

AUCKLAND, December 5,

With renewed enthusiasm for the cause of Empire trade, Mr C. M. Croft, Canadian Trade Commissioner for New Zealand, returned by the Aorangi last evening after an extensive tour in his native Dominion. It is the policy of the Canadian Department of Trade to recall their Commissioners at stated intervals, so that they may refresh themselves by gaining knowledge of the developments in respect of the manufactures and of the progress of the country in general. "One thing that impressed me," said Mr Croft, "was the keenness of Canadian manufacturers to use every effort to see that their goods are the best that can be produced. I was in touch with one firm which had gone to the extent of purchasing their competitors' articles for complete analysis so that they might, without infringing patents, bring their own goods up to equal standard. The Canadian firms want to feel that they are producing the best that can be made."

"I can say without fear of diction," said Mr Croft, "that on the part of the Canadians more, interest is taken in New Zealand than in any part of the Empire. They are tremendously keen to trade with this country. The reputation of New Zealand for business morality stands very high-" So far as New Zealand butter is concerned, Mr Croft added, it is valued highly by both importers and consumers. One importer went so far as to tell him that when he buys New Zealand butter he never bothers to look at the pure foodte certificate. Hte knows that the article is good. The Commissioner found a similar interest in New Zealand woollen goods and a desire to see more of them.

WELLINGTON SHOW ASSOCIATIONS. (TBES3 ASSOCIATION TBLMBAM.) WELLINGTON, December 5. At the Wellington Show Association Meeting to-night it was agreed to accept the offer of the Defence Department of £350 yearly for training facilities in the new Show Ground and buildings, on three nights per week, no half days a year, and storage room. The Motor Traders' Association offered a gift of £532 on condition that the Show Association agreed that the building be made available to' them for 9even days each year for the Olympia Show. This offer was accepted. The first day'j appeal for debentures realised £4IOO.

CHRISTCHURCH STOCK EXCHANGE. The markets were quiet on call yesterday and prices showed little variation. The outstanding feature was the rise in New Zealand Brewery shares. In the etock and bond section, the 4J per cent. 1938-9 tax free issues were wanted at £9G 15s sellers offering at £97. The market in very firm and the demand continues. i.UO 5J per cent. 1933 stock was released at £lOl ss; buyers offered that price for more, bur sellers asked .£lOl 109. £IOOO North Canterbury Hospital Board debentures changed hands at £99. New Zealand Brewery 10 per cent. Bonds were fractionally weaker with sellers 23a 7d, no buyers. In the banking section, Australian bans of Commerce were weaker, buyers 30s_ -d, sellers 32s 6d. Bank of New South \\ ales were firm with buyers bidding up to £l4 17s 6d, Hellers offered at £45 2a 6d. Bank of New Zealand, which are now ex a dividend of Is 4d per share were wanted at 593, but were not offered by Roller? Dalgety and Company were .slightly firmer with buyers £l3 Is, sellers £l3 2s (id. In the miscellaneous investment section, Devonport Ferries, who have announced an interim dividend of 9d. payable December 14th, were offered at 25s 3d, buyers bid 23a 9d. New Zealand Itcfrigerahng were firm and buyers 'offered ISs for the fuhy paid sellers wanted 19a; 10s paid shares were quoted, buyers Ss Gd, sellers ?s 9d. Enquiries for New Zealand Breweries wero more spirited than has been the case for some time—lso were sold at varying prices from 143 3d to 44s 9d, the market closing firmer at buyers 41s lOd, sellers 43s 3d. Staples market was firm at buyers 37s 6d, sellers 38s. Sellers of Tituaru required lGs 3d without attracting buyers. British Tobaccos were sold at 535, sellers quoting on the 3 p.m. call to sell at 53s 3d without attracting buyers from their retirement. In the mining section, Mt. Lyells hardened slightly, but in a close market of buyers 28s 4d, sellers CBs 6d, no business was recorded. A sale of 103 Waihi3 was effected at 225, market closing, buyers 21s 1C«1, eellei-B 22s 3d. The company has announced an increase of capital by capitalising £107,017 from share premium account and £13,259 of undivided profits.

YESTERDAY'S TRANSACTIONS. Sales on 'Change—N.Z. Browcrie3, 44s 3d, ■ils 9d; Brilieh Tobacco, 53a; Waihi, 22a. Sales Reported—N.Z. Govt;. 51 per cent. li.Bcribed, 1933, £lOl sa; N.Z. Insurance, 40s 3d; North Canterbury Hospital, 5i per cent., 1932, £99; N.Z. Breweries. 4-1-3 9d, 455. LATEST QUOTATIONS.

OTHER EXCHANGES. (PRISS ASSOCIATION TILIORAUS.) AUCKLAND. December 5. Sales—Wellington Harbour Board, 1340, SJ per cent., £93; War Loan 1938, 4§ per cent., £9?; Commercial Bank of Australia, 29s 2d, 29a 3d; New Zealand Insurance, 40a; South British Insurance, 57s 3d; Hikurangi Coal (pref.), 7a 3d, A pref. 6s 4d; Waipu Coal. 16s; Wellington Woollen (pref.), £6 ?s 6d; Wilson's Cement, 375; Moanataiari (paid), 2s 3d; Lucky Shot $s paid), Is 4d WELLINGTON, December 5. Sales reported:—per cent. Bonds, 1930, JS9S; Wellington Woollen (ord.), £6 ss. DUNEDIN, December 5. Sales Reported—E.S. and A. Bank, £7 13s; Wellington Woollen, (ord.), £G ss.

REILLY'S (DUNEDIN) MARKET REPORT. Reilly's (Dunedin) report as follows: Tomatoes, choice Is 3d to js Id, medium la, second 8d to lid per lb: cherries, choice la 2d to Is s|d, suall 7d to Ski per lb; strawberries, choice 2s BJd per lb, others la 5d to 2s Id per lb; gooseberries, choice 4}d, medium 25d, 3d per lb; peas, choice sjd, medium 4Jd per lb; potatoes, choice sd, medium 2*d to 3d per lb, email and inferior unsaleable; hothouse French beans. 2s sid per lb; broad beans, 4Jd per lb; local frrapes, 5s per lb: asparagus, 8s 6d to 103 6d per dozen bundles; turnips, Is 3d per dozen bundles; cucumbers, ss, 7s 6d, and 12s per dozen; lettuce, choice 4s 9d, medium 3s per dozen, inferior unsaleable; cabbage, choice 3s 6d per dozen: carrots, choice 3s 9d, medium 2s 6d per dozen bundles; cauliflowers, lis per dozen; Sturmers, choice 14s per case. —6

ALEXANDER MINES. (SPECIAL TO THE PBESB.) REEFTOJC, December 5. The report for November of the Alexander Mines. Ltd. is as follows; Battery—Bo tons crushed for a yield of 91 oz melted gold; value, £375. Cyanide—Xo clean-up tahos place until Christmas.

HIGH COMMISSIONER'S REPORT.

[THE PEE S3 Special Service.] WELLINGTON, December 2. The Department of Agriculture has received the following cablegram, dated December 3rd, from the High Commissioner for New Zealand, London:— TALLOW. Spot market quiet, and poor demand at auction. Present quotations are:—Mutton, line 89s 6d to 40s per cwt, fair to good 37b to 395, dark to dull 35s to 365. Beef, sweet and or mixed 39s to 445, fair to good 36s 6d to 38s 6d, mixed fair to good 3Ca to 38s 6d, dark to dull 34s to 355; gut, etc., 33s to 3Gs per cwt. HEMP. The Manila market is steadier. "J" grade, December-February shipment, sold at £4l ss, the closing value being £42. There is more enquiry for afloat; and "J" grado sold at £42 10s. Sifsal.—There is a better tone for No. 1. November-January and December-February shipments sold at £3G. Holders are reserved. No. 2is quoted at £34 15s, but there is less interest in this quality. Hemp.—The market for New Zealand is quietly steady. Cheap sellers have withdrawn, and buyers do not follow the advance. Closing values are: Decomber-January shipments. Highpoinls £34 10s, fair £32 ss, common £3l 10s. OATS. Tho market is quiet, and shippers are not offering. Good quality English are scarce, best while making 31s Gd to 33s per quarter. New Zealand A Grade Gartons afloat have been resold at 33s Gd. The value of December shipments is 335, c.i.f. Plato, now crop, January shipment, sold at 24s IOJd. WOOL. The sales continue. Competition is very keou, with a strong demand for all grades. Values are fully maintained. Peas. —The maple market is quiet, and the tendency is somewhat easier. There are resellers of February-March shipments at 70s, and March-April shipments at 73s Gd, but buyers are not interested. Present quotations are: —No. 1 New Zealand, shipment early next year, 72s Gd, and "A" grado Tasmaniau 82s Gd, c.i.f. Blues.—Small business is reported in "A" grado Tasmaniau for shipment early next yoar. The present value is £2O per ton, c.i.f. There is no enquiry for New Zealand on account of the inferior quality, but the nominal value is £l9 to £2O ex store. Beans. —The market is quiet but steady, English best dried samples making 45s to 475. Good old crop winter is held firm for 545. Chinese horse_ afloat is offered at £lO 10s per ton, and November-December shipments at £lO 15s. ■■ksfoot. —The market is quiet, and ; "t have declined slightly. 90-95 seed is <_■ i :o!y scarce. To-day's quotation is £5 5.s c.i.f. main New Zealand ports. It is expected that prices will advance in the spring.

PROPERTY MARKET. Jones. McCroslie Company, Limited sold by public auction yesterday, on account of Mr Allan, the property situate No. 63 Puriri street, just off Weka street, lliccar-ton-cum-Fendalton, comprising bungalow ot 4 rooms and offices together with over J-acrc of land to Mr W. C. Carr for £l-275; also following on their auction having sold the property in the estate of the lato Isaac Gibbs, two-storey art bungalow o; 7 rooms, together with 1 rood 22 perches of land, situate No. 53 Papanui road, to a client. On account of the trustees in the estate of the late M. Hampton, comprising four acres of land, together with residence and outbuildings, for £ISOO, to Mr Sutton; also 6 more sections in the Eudleigh avenue subdivision off Riccarton road (in conjunction with Messrs Baker Bros, anri Messrs Field and Eoyds) to various clients.

Nov. 14th. Dec. 5th. d. d. d. d. Merino 64-70, 60-64— Super .. 25{ to 26} 25 to 27 Inferior 18* to 20 Average .. 23 to 24 21$ to 24 Fine Halfbred 56-58— Super .. 22P to 26} 22$ to 25 Average .. 19J to 225 19} to 22$ Inferior 17* to 19 Medium Halfbred 50-56— Super .. 20} to 22$ 20 to 22 Average .. 19 to 20* 19$ to 20.1 Inferior 15} to 16* Coarse Halfbred 48-50— Super .. 19 to 21 18* to 20} Average .., 16 to 18} 15} to 18 Inferior .. 14 to 15$ 13* to 15 Corriedale — Super 22 to 24 Average .. 19 to 20} 18} to 21* Inferior 16 to 17* Pine Crossbred 46-48— Super .. 17 to 18} . 17 to 18} Averago .. 15 to 17$ 15 to 16} Inferior .. 13 to 14$ 13 to 14* Medium Crossbred 44-46— Super .. 16 to 17$ 16 to 17 Average .. 14 to 15} 14 to 15J Inferior .. 12 to 13} 12 to 13* Coarse Crossbred 40-44— Super .. 14 to 15} 14 to 15 Average .. 12* to 14$ 12 to 13} Inferior .. 10 to 12 10 to 12 Low Crossbred 36-40— Super .. 13$ to 14$ 134 to 14$ Average .. 11$ to 13} 11 to 13 Inferior .. 9 to 11 9, to 10* Super 48-50 16 to. 20} 14 to 19} Fine 46-48 15 to 18$ 14 to 18 Medium 44-46 144 to 17 14 to 16$ Coarse 40-44 14 to 15} 13$ to 15 Low 36-40 .. 13 to 14 12 to 14 Lambs— Down 50-56 17 to 20 Fine 44-50 16$ to 19 Bellies and piecesMerino — Good to super — 14* to 17$ Halfbred— Good to super — 15 to 18 Low to medium — 11 to 14 Crossbred— Good to super 13 to 17$ 13 to 16 Low to medium .. 8$ to 12$ 8 to 11$ Crutchings— Medium to good .. 9$ to 12} 94 to 12 Inferior and seedy .. G* to Sj 6 to 8 Locks— Merino .. — 11 to 12$ Halfbred .. 8$ to 9$ 8 to 9$ Crossbred .. 6* to 84 6 to 8

Buye vs. Sellers. £ s. d £ s. d. N.Z. GOVT. DEBENTUEESih per cent. Inscribed, 1933 96 15 0 97 0 0 44 per cent. Bonds, 1930 98 2 6 — 44 pev cent. Bonds, 193S 96 15 0 97 2 6 4J per cent. Bonds, 1939 - 97 0 0 5 per cent. Inscribed, 1939 9S 15 0 — 5J per cent. Inscribed, 1927-41 .. _ .. OS 12 6 99 2 6 5J per cent. Inscribed, 1933 . '.. 101 0 0 101 10 0 BJ per cent. Bonds, 1933 101 5 0 — 54 per cent. Inscribed, and Bonds, 1936 .. 101 5 0 — COMPANY DEBENTURES— N.Z. Breweries, Bonds — 1 3 7 Glaxo, 6i per cent.. 1915 CI 10 0 9C 0 0 Booth, Macdoiuld, Gi cent., 1932 — 67 10 0 BANKSAdelaide 8 12 0 S 15 0 Aust. of Commerce .. 1 12 3 1 12 6 Australasia 14 10 0 14 14 0 Comm. of Aust. 1 9 1 1 9 3 Comm. of AuBt. (prsf.) 6 19 0 7 1 0 E., S., and A. 7 12 0 7 12 6 National of Australasia (£10 paid) 1G 17 G 17 0 0 National of Australasia (£5 paid) .. s e 0 a 7 6 National of N.Z. 6 16 6 6 17' 6 New South Wales 44 17 6 45 2 6 New Zealand .. 2 19 0 Now Zealand (Mortgage Shares, 103 paid) .. 0 15 9 — Union of Aust. 14 9 0 14 15 0 Union of Aust. (new 1st instalment paid) 5 17 6 5 19 0 INSURANCE— Mercantile Mutual 1 8 0 National 0 15 6 0 15 7 New Zealand .. 2 O 0 2 0 4 South British 1 16 9 2 17 O Standard 3 1 0 LOAN and AGENCYDalgety and Co 13 1 0 13 2 6 National Mortgage 3 10 0 3 12 6 N.Z. Loan and Mercantile (ord stock, cum div.) 94 10 t) — SHIPPING— Devonport Ferrv 1 C 9 1 5 3 P. and 0. Deforced Stock (cum div.) .. 250 0 0 271 0 0 Union (pref.) 1 0 0 _ FROZEN MEATCanterbury (cum div.) 8 12 0 _ N.Z. Eefrig. (£1 paid) 0 18 0 0 19 0 N.Z. Refrifr. (contr.) .. 0 8 0 0 8 9 WOOLLENS— Kaiapoi (17s paid) 0 8 6 0 8 11 Kaiapoi (prefJ 0 13 3 COALWestport 111 S GASChristclvurch .. 1 4 7 1 5 0 Christchurch (new, os paid) 0 6 5 ,0 6 S Timaru 1 3 0 Wellington (ord.) .. — 1 7 6 BREWERIESNew Zealand ., 2 4 10 2 5 3 Staples 1 17 6 1 IS 0 Timaru 0 16 3 Ward .. ,, 1 17 0 TIMBER— Kauri (cum div.) ., _i 1 i 0 MISCELLANEOUS— Allied Motors 0 15 0 British Tobacco 2 12 9 2 13 g Burns, Philp — 1 17 6 - Electro. Zinc (ord.) .. — 1 11 0 Electro. Zinc (prof.) .. 3 11. 9 1 32 0 Henrv Jones. Co-op. .. 1 13 0 N.Z. "Drug Co. 3 B 6 . N.Z. Farmers' Co-op. (Gi per cent. Stock, 1930) 78 10 0 Su 0 0 N.Z. Farmers' Co-op. (6$ per cent. Stock, 1930) 75 0 0 Taranaki Oilfields 0 11 3 Quill, Morris 1 1 S 1 2 3 MINING— • Mt. Lyell (cum div.) ., 1 8 4 I 8 6 WaiH 1 1 10 1 2 3