LIVE STOCK SALES.

Dominion, Volume 5, Issue 1539, 7 September 1912, Page 8

LIVE STOCK SALES.

Messrs. Mnety and Co.. Ltd.. wiporl.}— At our FelldinK salo yet-torilay a umiil ynrdins ot both sheep anil cnMlo r«m« forwvird, nnil then , was a ifcml ilpiiuiiiil for dairy hoifei-.s. Mixed hot-Ef>tn, Hβ. llil. to Ms. Bd.: forwartl wothcr.i, lo HM.i fnl. nnd forward owns, to IIH. 611.1 IliMufnnl heifers in mlf. £5 spr iiu'iim. fllj. 6d. to £9; cows, to £3 7s. M.; oni|i|..V holrcrs. to £4 is. 6d.

Messrs. nalftety and Co., Mil. (l)limu*virko branch) report holding tht'lr uminl sale at the llillor's liond ■yanlfl, Dinim , ; virke, yesterday, when they yardod a. ko.m! entry of cattle, the hulk (if wlilWj were empty heifers, which raailn k.iuil prices. In sheep.-only a. sniiill P«n »( fill, owes came forward. Fat hiilliicliH, J;n 2i,i fat cows, to £7 75.; forward cown, Ut j;6 155.; dairy cows, to £6: cows anil ralvim, to £7 15s. A lino of Jersey otohii «mul.y heifers made £5 Us.; spriiiKtiiK hnlfoni. l« £6; empty heifers, to £3 165.; ycnrlliiv steers, to £2 lls.; 18-month steers, U) £3 10s.; fat ewes, 16s. 5d..

The New Zealand Loan and Mercantile Agency Co., Ltd., and Seduced (Feilitliiß branch), report for the week ended Hoptember 6as follows:—At Fcildinc ycet«rday we had a. medium yarding of. sheep and cattle. Sheep sold briskly, and wo disposed of most of our entry at good prices. SmalL hoggets, 10s. 4d.; mixed hoggets, 12s. lid.; ewe hoggets, 13s. .2(1.; small Romney ewe hoggete, 13s. 10d. ; woolly cwo hoggets, 15s. Bd.; mixed hoggets, 12s. 10d.; fat ewes • (light), 155.; others, to 17s-. 6d.; store cows, £3 2s. 6d., On Wednesday we held a clearing sale on account of Mr. H. W. C. Henderson, Kimbolton. There was a large attendance of buyers, and bidding was keen throughout. The sheep and dairy stock were of good quality throughout, and all sold well. Ewes, with lambs, 225. 3d., to 225; 6d.; ewe hoggets, 15s. 6d.; wether hoggets, 14s. 3d.; grade Jersey cows, £10 ss. to.. £13.55.; grade Jersey heifers, springing, £7 to £12 55.; yearling Jersey heifers, £5 2s. 6d.; four-year Jersey bull, £4;. yearling Jersey bulls, £2 to £5; draught horses,' £27 to £32 155.; hacks, £6 to £6 55.; twoyear empty hoifers, £4 lCs.; empty cowe, £3 2q. to £4 2s. 6d.; sows, £3 10s. ; Gig, £23 10s. Drill, £14. Furniture and sundries' sold well.'

Messrs. Abraham and Williams, Ltd., report:—At our Palmorston North ea.le on Thursday a, good entry of cattle met'with keen competition, a.ncl all lines changed hands. Only a few. pens of sheep. came forward, and sold at the following quotations:—Fat ewes, 18s.; forward ewes. -13s. lid.; hoggets, 12s.' 2d.; light fat cows, £5 2b. 6d.['yearling steers, £3 6s. to £3 Eβ. 6d.; yearling dairy heifere, £3 19s. id. to £4; store cows, £3. '

The. New Zealand Loan and Mercantile Agoncy Co*, Ltd.. and Reduced, report: At Palmerston North, on Thtireda.y\ wohad a moderate entry of stock, and have to report a Rood clearance at late rate's.' Quotations :-Hoggets, small, 9s. 3d. Oattle'i Yearlings,.6mall, 325. 6d.; yearling Bteers,. £2 15s. 6(1.; yearling Jersey heifers; £4 Bs.6d.; two-year heifers, empty, £4 to £4 7e. 6d.; springing Holsfein heifers, £7; Jersey heifers, springing, £7 to £7 10s.; springing heifers. £4 18s. to £5 10s.: cows in milk, £4 10s.: store cows, £3 lls.; fat heifere, light, £5 135.; bulls, £2 12s. 6d. . ■ RISE IN SYDNEY PRICES. By Telegraph—Press Association—Copyright Sydney, September 6. At tho Homcbush sales, sheep showed a. further rise of from is. to Is. 6d. Crcrebred wethers reached 425., and ewes 375. 3d. COMMERCIAL ITEMS. INVESTMENT SHARES:"' A sale of Wellington Trust and Loan, new issue, at £1 was the only transaction recorded yesterday. The buying and selling quotations were as under:— Biiyore. Selleri. £ e. d. £ s. d. National Bank ;,.. 6 0 C 6 2 3 Equitable Building ......... — 10 0 0 National Mortgage — 4 10 N.Z. and River Plato ... ~ 119 9 Well. Trust and Loan (new) — 12 6 Fcildine Gas 10 6 Well. Gas' (£10) - 18 2 6 Well. Gas (pref.) — 110 Moat Export (525. 6d.) ... — 3 10 Well. Woollen (ord.) 3 12 6 3 16 0 Wcetport Coal 18 0 18 6 Leyland-O'Brien' — 17 6 Taringamutu Tota.ru 2 5 6 2 6 6 Golden Bay Cement 10 0 110 N.Z. Portland Oemcnt 15 6 — Sharland's ordinary — 13 0 Sharland's preference — 13 3

GILT-EDGED SECUEITIES. There is a prospect that gtlt-edßcd securities will recover owing to the operations of the Insurance Act and the accumulation of funds thereunder. Statements oti financial questions by Sir Felix Schuster always command attention, and his recent utterances at the toa.lf-yco,rly meeting of the Union of London and Smith's Uanlc, Ltd., are of more interest than usual. The causes of depredation in the market vnliie of giltredged securities was the subiccl selected, and it was pointed out that other national stoclts had suffered in this respect. Activity of trade aU over tho world had diverted money from the investment marltct into commerce, which yields a hifher return. Applications for capital from countries in a Btale of rapid development are making very groat demands on the money markets of Europe, such as even the vast resources available cannot immediately satisfy without Borne lo;s in the value of securities returning a lower rate of interest. In addition there is in most Euro Dean countries a rapidly expanding public expenditure, leading to a decrcnec in the eavine and investment power of the nitious, while in London the incidence of the death duties throws on the market a constant supply of gilkodccd securities. Tho action of public trustees, too, is detrimental to the recovery of low interest yielding stocks, as the last report issued suggests the investment of trust funds in eecurities producing well orer 4 per cent. After enumerating the adverse factors, Sir Felix Schuster gives some encouragement to Fufforirn by the deprecintion in question by pointing out that tho National Insurance Act will probably prove a source of considerable support to eilt-erfecd securties. A vast eum is now bein<=r collnctod from insurees and other cnntrlJiutorice, and it is calculated that the pavmonts under the Act will amount roughly to £1,000,000 per month. The money will not be permanently locked up (it. cannot he apportioned for benefit? until nfter December 31 next), nnd tho likelihood is til sit as it is paid over to approved societies the latter will invest it in trustee securities. Tho movement will continue, nnd will not be periodic as arc nurcb.iees for the Sinking Fund, and in a short time it should have a very considerable effect upon Bilt-cdgcd stock?.

THAMES GAS COMPANY. The balance-sheet of the Thames Gas Company. Ltd., for the year ended July 31 Inst shows that the profit on working account amounted to £890 2?., on investment account £310 14s. 9d.. and there wm* received from transfer fees and, sundries £13 7e. 6d., making a tot.il of £1214 4s. 3d., nnd there was brought forward from the previoiM roar £686 12s. 6d.. making avaihblo £1900 15a. 9d. The dividend for the yc.iv at the rate of 3s. per share absorbs £1497 65., leaving £653 Is. 9d. to be carried f6rwa.nl. The receipts from sas .sales totalled £3109 13s. 2d.. public lightijig returned £153 the return from residual products was £514 2s. 6d.. coal sale? £10 14s. 9d.. and sundries S-.16 18s. 3d., making o. total of £3804 B'. 6d. The expenditure under all head; amounted to £2914 6s. Bd., leaving a. balance of £890 :.=. Custom? dttticf wllMfod ?.( (lw ro! ,, of weUlrgtoa j-eetettoy waoimt«ij| i« £1019 Mfc-44l ' ' ' '

Oil AIN AND PRODUCE, (fljr Telnerapb.— l'ress Association.) Chrlstchurclt, Kcptcmbpr 6. 'I'horo In n. fair iiraount of activity in shipping urn-hi. There is general complaint fuiiiiiKt mcrehnntu of hhartnee of Hpaeo on Homo Bleuniprn. New Zealand fihipperß nro luimllciipped by higher freight ruling from Australia. TJio amount of grain being got iwiiy is (riving- relief to tile grain stores. which oro well filled, and mufit bo cleared before the eenson sots in. Very little nriiln in offered by farmers, who arc now very busy with uprlng work. Wheat is linn, but no business fs passing in view of shipments taking place., Oat« nro also maintaining values.

Tlio potato market is weaker. Auckland Iβ well supplied, and many forward• sales have birn mailc to that market for delivery this month. There la no information yet as to the terms of tho modified regulations relating u> the importation of potatoes from Australia.. It is believed that the certificates required from farmers and fliernluints will be done away with, and other conditions rclatina to now Backs and inspection retained. The grader at, Lyit«Mon has not received fresh instructions, and Is working under former conditions. T|'i3 price is easier, merchants only offering £7 at country Btationn. Sales have boon inado, (.hough growcre arc mostly holdin B for £7 sb. and .£7-Kb. BANK OF AUBTIULASIA. br Telecraph—l'rosa Association—Copyright (Itcc. September 6, 9.35 p.m.) London, September 6. Thfl Dank of Australasia has declared a dividend for the lut.lf-ycar at tho rate of 14 per cent, per annum, and a. bonus of 12b. per eharc. The sum of. £50.000 hoe been addeil to the reserve fund, £20,000 hae licinn written off 'promises account, and £10,200 carried forward. HANK OK ENGLAND nETURK. (Itoc, Sepkunlior 0, 9.55 p.m.) London, (inptcmber 6. Thn Dank nf Eiikliiikl rotiini issued for Win week ontlcd Wednesday, September 4, In n.t liiiilni , :-- IMIIUIi DKPInTSTI'.NI Note lisuo XS!UB7,OOO fJov.flnbl ... £11.015,000 Other iiccuriUβ i ... „. TMi.m Gold «.fOT.OCO f.MV1<)7,003 i39,3W,0C0 IliKKltW DI!PAnTMF.;rT. I'roprlstnrn' Oovl. ccoutlciiiilUl fH,6M,000 tlon £|.'i,3C8,000 ruliliiiile- Olhrir Mcurlpoult* ... 15.t07.Q03 tleii BC.MO.OCe Otliirdo).oiilt» ,„ tf.M.W) li'otes «. 20.113.(f15 IlMt, 7-day uidolhor Willi 11.W1.C0l Cola.- .. 3,255.000 £$ I, £81.255.000 'I'h« leadlne Items of the Bank of Encland return afford the following compari•on :— This week Lastneok. List rear £ £ £. Iliilllon <0,ra.OO!) 40.3D0.000 40.315.0D0 rtonorvo 31,:iC8.U00 30.084.000 30,151,000 Note circulation 20.274.000 W.in3.000 2n.763,C03 l'ublioDoposits V,,mr.W 17.531.000 0,!>li.000 Other Deposits <7.X16.U00 45,117,000 Jl.ftjAOO Proportion of ■ rosorvo to • ' liabliltlO3... . . ig.SO 49.16 63.10 GO7EHNUENT SEOUEITIE3. - The followinc are tho latest quotation) for QoTernment Eecuritiee. with a tornparlaon of those rulinz last weok:—

:. -BANK RATES OP DISCOUNT. ; '.The Bank of England rato waa, on Deicember 1, 1910, lowered from 5.t0 4J per icent.'; on. January 27 it was lowered to 4 per cent., on February 16 to' 3} per cent., and on March 9 to- 3 per' cent. On September 21 it was advanced to 4 per cent., lon February 8 ■ it' was reduced to 31 per ;cent., and on May 9 to 3 per cent. On Au'eust 29 it. w.aa, raised , to 4 per cent. ■.: The .'Bank -of. Franco : rate was reduced •from H-to 3'.per ,ccnt, on , January 2J, 1908. ( (and continued .'it,'the latter figure until September 21, 1911;. when) it waa raised to : 3i, per cent. -On May 17,'1912, it was re- ■ duced,to;3 per'.cent, '■}■:"'■ -■■-*■: .Thb ImpcrlaJ Bank "of .Germany- reduced : its rate from , 5 t0.45 per tent.'on February 6,'and-'on-February 19 the-rate was further reduced to 4 per cent. On September '19, the rato .was ra-ised to 5 per cent., and on Juno 11, 1912, it was reduced to 4i percent.' MARKET HATES OF DISCOUNT. The following are tho market rates for best three mouths' bills :— London Parie Berlin rate. rate. • rate. per cent, per cent, per cent. This week 3S 28 41 Last week 3j 2j 4J Last year '3 2J 4 Short loans are Quoted at 2 per cent.. a.s against 2 per cent, last week, and 18 per cent, last-year.- - COLONIAL AND OTHER PRODUCE. Wheat—The - markets are , inactive andunchanged. Liverpool futures, October 9s/ 18d., December 83. 83d. . . . Flour is slow of Australian patents, 275. 6d. ex store. Oats ore quiet. Lα Plata, September shipment, 18s. 3d. Butter is very dull. Colonial is nominally unchanged. Danish is at about 1295. Cheese is firm. New Zea.lnnd, 655. to 66a. Supplies aro practically exhausted. THE METAL MARKETS. Copper.—On spot, 3s. 9d. higher, at £79 per ton; three months, 6s. 30. higher at £79 12s. 6d.; electrolytic. £B1 12s. 6d. Tin.-On- spot. £5 15s. higher, at £217 10s. n;r ton; three months, £5 higher, at £215 15s. Lead, soft foreign, £21 lie. per ton. Silver.—Bar .silver is quoted at 27gd. per ounce standard. , ADVANCE IN BRAN. - Br TelecrsiDh—Press Association—CopyrJeit (Rcc. September 6, 10 p.m.) Sydney, September 6. Bran has advanced 10s. in price slnco yesterday's quotation of £5 10s., and now stands at £6 per ton. VICTORIAN PRODUCE MARKETS. . Melbourne, September 6. Wheat, 4a 3Jd. to fe. 3Jd. Flour, bakere" lots, £9 10s.; for export. £8 ss. to £8 15s. Bran, £5 15s. Pollard, £6 10s.

■ Variation _ compared ■ ■ ■ Prlci. with last week. £ 6. d. , 2i% Imperial Consols 74 10 0 17s 6a lower 4 ,.N.S.W.1933Jan.July 103 0 0, 10s hishel Si ,,N.S.W.1918Mar,-Sep. 97 0 0 Unchanged 3 ,.N,S.W.1O35 Apl.-Oct. 84 10 0 20s lower 4 ,,Vio. 1920 Jan. July 101 0 0 Unchanged 3i „ Vic. 1921-6 Jan.-July 03 10 0 Unchanged 3 „ Vic. 19-29-40Jan.July 82 0 0 Unchanged 3J-,,S,A. 1916 Jan.-July : DUO 0 Unchanged 3 ,.S.A. 1916 Jan.-July- . 79 O 0 .Unchaneed i ,,QTdl915-24 Jan.July 101 0 0 Unchanged 3j ,,O'l'dl92i-30Jan.Julj.' 95 O O Unchanged 3 ,,QTdl92M7Jan.July H 0 0 Unchanged 1 ,,N.Z. I929May-Kov.. 103 10 0 • 20s higher 3i.,,N.Z.lM0Jan.July .-91 0 0 Unchanged 3 ,,N.Z.-liMr.April-Oct. W 10 0 30s lower 31 ...W.A. 1920-40 May-Nov 9110 0 Unchanged 3 „ W.A,l915-SSJIay-Nov 8fi 0 o Unchanged 3l „ Tas. I910Jan.July 9a 0 0 Unchanged 3 „'JasKKO-iO Jan.-July 64 0 0 Unchanged