WHEAT MARKET.

Press, Volume LXVI, Issue 20096, 27 November 1930, Page 12

WHEAT MARKET.

U.S. STABILISATION PROPOSALS. FARM BOARD PURCHASES APPROVED. (UKITED I'itKSS ASSOCIATION'—BI ELECTRIC TELEGRAPH—COPVEIOHT.) (Received November 26th, 7 p.m.) WASHINGTON, November 25. "The continuance of the Federal Farm Board's stabilisation efforts, Which have been centred round purchases to date of over a hundred million bushels of wheat, was virtually assured when representatives of the National Grange, American Farm Bureau Federation. and the Farmers' Union approved of tho purchases as the best immediate remedy for the agricultural depression. What the Farm Board will eventually do with its wheat was not discussed, but it was indicated that this matter was felt to bo secondary to tho immediate problem of withdrawing from the market the surplus, which threatened to ruin the graingrowers. .Exports are not contemplated now, as it would involve enormous losses in cutting the prices to meet foieign competition. Mr L. J. Tuber, Master of die Na/tional Grange, stated that the Grange proposes "To give the Farm Board a chance, and at tho same time to seek equality for the farmer through tariff, debenture and kindred methods." Senator Wheeler stated after tho meeting: "I think it will be unwise to try to nass the debenture proposal this session. I would give the Farm Board every nickel it asks for, in order to give it a full trial."

It is understood that as a result of establishing the understanding with the agricultural organisations, under winch the latter will not press for legislation during the short session of Congress, the Government is planning to advance at least 150,000,000 dollars to aid tho Farm Board, and it is intimated that tho administration favours increasing tin: sum to '2-50,G00,000 dollars. WHEAT POOL. ACTION AGAINST FARMER. [THE PRESS Special Service.J DUNEDIN, November 2(5. A case of importance to participants in the Wheat Pool was partly heard in the Supreme Court before Mr Justico Kennedy to-day. Tho Now Zealand Wheat-Growers Co-operative Association, Ltd., applied for an injunction restraining Andrew Allan, <t Awamangu, South Otago, from selling his wheat crop other than through the plaintiff Association.

Allan was a member of the plaintiff Association, and had agreed, along with a number of growers in the wheat-pro-ducing districts of New Zealand, to sell, his wheut only through the pool established by the Association. Allan had sold his *1930 crop other than through the Association, and the action was brought to restrain him from selling bis future crops except through the Pool. Mr H. E. Barrowclough, instructed by Messrs Duncan, Cotterill, and Co., of Christchurch, appeared for the plaintiff Association, and 31 rF. B. Adams appeared for defendant. ''Arrangements have been made which make it unnecessary for the case to be heard," said Mr Adains. "The plaintiff has waived any claim for penalties, but insists upon its right to an injunction, to which I am agreeable. Your Honour will observe that the statement of claim asks for an injunction restraining Allan from selling otherwise than through the Association his wheat crop for 1931. I have agreed with Mr Sim, of Christchurch, that the injunction is not to be limited to the year 1931, but should run to the termination of the contract, December 31st, 1933." An injunction in terms of tho amendment was sought. Defendant also consented to judgment for £2l inclusive of costs and disbursements.

Mr Barrowclough said the injunction asked for was in terms of the agreement between the plaintiff Association and defendant. Allan had made arrangements to hand over the proceeds of the sale of the 1930 crop to the Association to be distributed in tho same way as if the wheat had been sold through the Pool. His Honour said that as drawn up tho injunction covered Allan's acquisition of wheat in the market. The case was adjourned to allow of the terms of the injunction to be settled by counsel or to bo mentioned in Chambers.

WHEAT MARKET. CHICAGO QUOTATIONS. {Vtn'tKD PRESS ASSOCIATION—BT SLECTKIU TBLEGEAPH —COPYRIGHT.) NEW YOEK, November 25. Chicago wheat quotations are:— Cents. December .. 76J per bushel March . . TB£ per bushel May . . . . 80J} per bushel July .. .. 76-i per bushel SUGAR INDUSTRY. WORK OF AUSTRALIAN COMPANY (UNITED PHES3 ASSOCIATION— By ELECTRIC TELEGItAPH —COPYRIGHT.) SYDNEY, November 26. Giving evidence before the Commission enquiring into the sugar industry, Mr Henry Goldfinch, general manager of the Colonial Sugar Refining Company, said that during the past three vears the company had earned 7.5 per cent, interest on capital cost, which had been written down, and was about half the cost of replacing the mills today. The profits amounted to not more than 14s 9d a ton of sugar refined. The company provided the organisation for selling in Australia at a charge of 7s a ton, which was less than 1 per cent., and, as agents for the Queensland Government, it financed the whole business in respect of the Commonwealth requirements, except for 12,000 tons, at a rate of interest below bank rates. Moreover, it financed the whole business in respect of surplus sugar gratuitously. The company had not taken part m fixing the price of sugar, nor had it sought to obtain any increase in the margins allowed for refining and selling. Working costs, wages, and the cost of materials were heavier than in any other country, but the rate ot profit was substantially less. The mills were efficiently equipped employing 90 per cent, of British labour. Witness added that the company had always treated Press criticism of the company with the silence it deserved. because the criticism was usually written by irresponsible people ignorant of the facts.

CHRISTCHURCH STOCK EXCHANGE. YESTERDAY'S TRANSACTIONS There was a good volume of business on Call yesterday, and prices of several Australian securities showed & further easing. Transaction*, exclusive of vestibule business, included:

£2OO N.Z. Govt 54 per cent. Inscribed, 1933. 200 Comm. Bank of Aust. 100 Bank of New Zealand (cum div > 50 Union Bank of Aust. 100 Goldsbrough, Mort. 250 New Zealand Breweries. 100 Allied Motors. 100 Australian Glass (cum div.^ 200 British Tobacco. 200 Electro. Zino (pref.). 100 Whitcombe and Tombs 200 Mt. Lyell Mining (cum div.). New Zealand Government 54 per i cent. 1933 Stock changed hands at >.'o9 10s. Commercial Bank of Australia shares weakened to 16s lid and 16s 9d, sellers staying in at the lower figure, buyers at 16s Bd. Unsupported sellers of Commercial Bank of Sydney shares reduced thoir limits to £l7 Ss. F.nghsh, Scottish, and Australian Bank shares were easier at £5 6s sellers £5 buyers. Bank of New Zealand shares, cum dividend, eased to 56s 3d, market closing 55s 6d buyers, 56s 6d sellers. Union Bank of Australia shares were firmer at £9 17s 6d, sellers staying in at that figure, buyers at £9 10s Miscellaneous. Goldsbrough, Mortq were fractionally u taker at 21s 4d, closing quotations 21s 3d buyers, 21s 6d sellers. Dalgety and Company shares were marked, ex dividend of os per share, £7 19s 6d sellers, no buyers. New Zealand Breweries shares were stronger with dealings at 42s 2d, 42s 6d, and 42s 3d, and more were wanted at 42s 6d, sellers at 425; 9d. Tooths Brewerv shares wen] ned to 24s sellers, 23s buyers. Allied Motors changed hands at 6d. Australian Glass, cum dividend, were fractionally weaker at 26s 6d, and there were further sellers at that price, buyers at 26s 3d. British Tobaccos relupsed to 31s 8d and 31s 6d, closing quotations 31s 5d buyers. 31s 7d sellers. Colonial Sugars declined to £33 10* Rollers, £32 10s buyers. Electrolytic Zinc preference shares dropped to* 18s and 17s 9d, and there were further sellers at the lower price, buyers at 17s 7d. Henry Jones Co-operative shares, cum dividend, were Weaker with sellers at 21s. buyers at 30s. Whitcombe and Tombs advanced to business at 68s 6d. Mt. Lyells, cum dividend, with dealings at 19s 6d, showed a drop of 6d on Tuesday's transactions, market closing 19s 4d buyers, 19s 6d sellers.

YESTERDAY'S SALES.

LATEST QUOTATIONS. Buy® r». Sellers. £ e. d. £ 8. d. N.Z. Government Debentures— •*3 per cent. Inscribed, 1938 96 0 0 90 0 0 por cent. Inscribed, 1930 — 90 0 0 *5 par cent. Boca?, 1038 — 99 10 0 5 V per cent. Inscribed, 1933 99 5 0 100 0 0 5fl per cent. Bonds, 1933 .. 99 10 0 100 0 0 5 h per cenr. Inscribed and Bords, 1936 .. 99 10 0 — Other Debentures— a per oent. Rural Bondb, 194? 9u 0 0 Auckland Harbour, 5 por cent., 1935 — 97 0 0 Kowai County, Ci per cent., 1032 100 <J 0 101 10 0 •Springs ElJrflraoro EJectrie, 5} prr c*nl., 1935 99 iO 0 ChriRtchurch "Drainage, B'2 P*r cent., 1973 .. too 0 0 Banks I?«nin3ula Power, 6 per ce&t., 193S .. 1C1 0 0 101 15 Kf

Ban&s— Aust. ot! Commerce 0 J 9 0 Australasia 10 5 0 10 1 o 0 Comm ot Aust. 0 16 8 0 16 ft Coram, of Aust. (prei.) 6 4 0 6 12 0 Comm. of Sydney — 17 5 0 E., S., and A. 5 0 0 5 6 0 National. of Australasia. (£10 paid, ex div.) — X2 10 0 National of Australasia (j£5 paid, ex div.) — 5 17 6 National of N.Z. (cum r» 8 0 6 17 6 Now South Wales 30 2 6 31 17 6 New Zealand (cum div.) 2 15 6 2 ir, 6 Union of An?t. 9 16 0 9 17 6 Insurance — A.P.A. 0 3 6 O 6 3 National 0 lo 0 New Zealand .. '2 3 0 2 4 6 fckuth. British 2 16 0 2 17 6 Loan and Agency— Dalgety and Co. lex div.) 7 19 6 Goldsbrough, Morr 1 1. 3 .1 1 6 N.Z. Guarantee Corpn. 0 6 10 0 7 6 United Building Society 0 15 0 0 lo 6 Shipping— P. and O. Deferred Stock (cum dir.) .. 2 3 0 2 6 0 Frozen Meat — Gear i. .14 <; 1 15 3 N.Z. Refrig. (XI paid) 0 8 6 N.Z. Refrig. (10s paid) 0 2 8 0 3 2 North Canty. Frceeins — 0 1 6 Woollens — Kaiftpoi (17s paid) o u 0 Kaiapoi (7s paid) 0 3 0 Kaiapoi (prei 1 .) 0 13 0 — Coal — Grey Tallcy teum div.) 1 U 1 1 0 5 Gas— Auckland J. 3 3 1 4 9 Auckland (conti.) 0 17 0 Christchurch .1 4 9 1 5 2 Timaru 1 1 6 Breweries — Carlton 1 0 0 1 5 0 Monteith'ft 0 18 0 New Zealand .. 2 2 6 2 2 9 »Staples 1 18 0 2 1 0 Timaru — 0 13 6 Timaru (5s paid) 0 5 G Tooheys 0 14 0 0 17 3 Tooths 1 3 0 1 4 0 Whito Star 0 6 0 0 12 0 Miscellaneous — Allied Motors 0 0 5 0 0 8 Australian Glass (cum div.) 1 6 3 1 6 6 Be&th and Co. — 1 5 6 Beath and Co. (Is paid) 0 3 9 0 5 0 British Tobacco 1 11 5 1 11 7 Colonial Sugar S2 10 0 S3 10 0 Dunlop Pordriau Rubber — 0 10 11 Electro. Zino (ord.) .. 0 15 0 0 13 0 lClectro. Zinc (pref.) ,. 0 17 7 0 17 9 Henry .Jones Co-op. (cum div.) X 0 0 1 1 0 Holden's Motors 0 8 0 N.Z. Drug Co. — 3 0 N.Z. Farmers' Co-op. (1st pref.) .. — 3 12 e N.Z. Farmers' Co-op. (6J per cent. Stock, 1940) 72 0 0 76 0 0 N.Z. Farmers* Co-op. per cent. Stock, J 945) — 75 15 0 N.Z. Farmers' Fertiliser .. 0 15 9 Taranaki Oil 0 1 3 0 2 1 United Pictures 0 12 0 TVundorlich o 11 3 0 13 0 MiningCornish Point -• 0 0 1 0 0 2J Kawarau 0 0 5 0 1 0 Kin? Solomon 0 0 6 o 0 8J Mahakipawa .. •• 0 0 8 0 0 Okarito •• 0 5 6 0 6 0 Winding Creek (la pd.) 0 0 1 — Winding Creek (3d pd.) 0 0 Vj Mt. Lyell # div.) 0 19 4 0 19 6 North Broken Hill .. 1 16 0 2 1 0

christchurch. Sales on 'Change— N.Z. Govt. 5i per cent. Inscribed, 1933 Comm. Bank of Aust. Bank of New Zealand (cum dir.) Union Bank of Aust. (3) Goldsbrough, Mort New Zealand Breweries ... Allied Motors Australian Glass (cum div.) British Tobacco ... Electro. Zinc (pref.) Mount Lyell (cum div.) (2) £ B. 99 10 0 16 0 16 2 16 9 17 1 1 2 2 2 2 0 0 1 6 1 11 1 11 0 18 0 17 0 19 d. 0 11 9 3 6 4 2 6 6 6 8 6 0 9 6 Sales Reported— Now Zealand Breweries ... Whitcombe and Tombs 2 3 2 8 3 6 AUCKLAND. Sales on 'Change— lakapuna Borough, 194S, 6 per cent. Borough of Devonport, 1944, 6 per cent. Inscribed Stock, 1938, 4$ per cent. Inscribed Stock, 1939, 4J per cent. „omm. Bank of Aust. Bank of New South Wales ■Bank of New Zealand ... New Zealand Insurance (3) £ «. 101 0 101 o 98 17 98 17 0 16 31 15 2 16 2 16 2 16 2 3 d. 0 0 6 6 10 0 6 3 0 6 South British Insurance ... standard Insurance AuckJand Gas (contrib.) r< i W ?® a ' anf l Breweries ... Colonial Sugar ''son's Cement (ex div ) (2) 2 2 0 2 34 2 3 17 10 17 2 0 0 0 0 0 6 0 0 0 WELLINGTON. Sales Reported — Gas Company, debentures No J7 °; nd >- Bank ••• British 6 Breweries ... witiaft Tobacco Co. (ord.) £ 99 5 2 1 8. 5 6 2 11 d. 0 6 J 9