LIVE STOCK SALES.

Dominion, Volume 6, Issue 1645, 11 January 1913, Page 8

LIVE STOCK SALES.

Messrs. Dalgcty and Company, Limited, Palmerston North, report having a small entry at their Palmerston North sale on Thursday, whioh sold as below:—Wcancre, 255„ 285., to 335. Gd.: store cows, to £3 10s.; forward cows, to £4 7s. 6d.; two-year steers, to £4 Bfl. ■Meesrs. Abraham and Williams, LUJ., report;—At our Palmerston North • salo, held on Thursday, wo haid a fair yarding of both sheep and cattle. Bidding was dull, and several. lots were paeeod out unsold. We Quote:— Sheep: Mixed/ twotooths, 12s. 6d. to 14s. lid." Oatitlc: 18-month steers, small, £3 2s. j two-year steers, £5 55.; empty cows, £3 10s. to £3 18s. 6d.; two-year empty heifers, £2 65.;. forward heifers, £4 to .£4 55.; springing cows, £7; bulls, £3 2s. 6d. to £4 10s. The New Zealand Loan and Mercantile Agency Co., Ltd., and Deduced, ropcrt:— Wo held o,trr usual fortnightly Levin tale at our yards on Thursday, when wo offered a fair entry of cattlo to a moderate attendance of buyers. Cattle were decidedly easier but nevertheless we managed to dispose of the bulk of our entry to the ■ sati6faction of sellers. We . sold grade Jersey weaner heifers from 365. 6d. to 395,; mixed ,weanere, 165., 205., to 315.; yearling steers (small), 355. 6d. to J52 55.; 15-month steers, to £3 65.; heifers, E.W.8., from £3 18s. 6d.vto £5 Es.; forward cowß,,to £4,105.; empty store cows, £2 15s. .to £J 25.-6d.j young bulls, £2 17s. 6d. to £3. ' The Now Zealand Loan and Mercantile Agency Company, Limited, and Deduced, report:—At Palmerston North on Thursday we had a small entry of sheep and a good yarding of principally young cat Oe. The tone of the sale was not brisk, but wo practically effected a clearance. Wc quote: Sheep—Fat. lambs, 14s. 6d. Oattle-Ptore cows, £3; cows with calves, £4 135.; Jersey heifer, 385.; woanor heifers, 365. to £2; weaner steers, 325. 6d. to 345.; heifers in calf. £2 12s. 6d.; two and a half-year steers, £4 15s.;'fat'and forward cows, £3 17s. to £4 55.; yearling steers, £2 Bs. 6d.; mixed weanera, 323.; weaner bulls, 15s. to 30s. COMMERCIAL ITBAIS. INVESTMENT SHARES. There wero quite a number of buying quotations registered yesterday, but no business was done. Prices are all comparatively high, and the returns to invastors'are, generally speaking, not as good as can be obtained from other classes of investments. The quotations were as-un-dcr:— •, '■.-'. Buyers. Sellers. £ s. d. £'S. d ' National Bank "5 16 6 ■. 519 0 Bank New Zealand 10 19 0 • • - N.Z. Loan and Mercantile 0 8-3 — ' N.Z. and River Plato ... 2 1 6 - Well. Investment .;.'..;... — 011 6 Well. Trust and Loan ... — ■'■» . 710 0 Pcilding Gas .;.' — 10 3 Napier Gas — 21 0 0 Well. Gas (third issue) ... - 14 15 0 Well. Oas (prof.) - 10 3 Gear Meat (£4) 12 0 0 12 7 6 Meat Export (£4) — ■ ,•' 5 0 0 Meat Export (525. 6d.) — ■ 2 18 0 N.Z. Shipping 14 0 0 - Kaiapoi Woollen — 5 5 0 Well. Woollen (ord.)- 315 0 3 16 6 Well. Woollen (prof.), - 2 17 6 Wcstport Coal ...; ..170 ',:—■. Taringamutu Totara 2 4 6 — •' Golden-Bay Cement —. 10 9 N.Z. Drug■■>.- - . 210 3 Sharland's ord , — 110 Ward and Co.' — 5 2 6 W.F.O.A. " - .7 50 PBODTJGE EXPOBTED. • The values 'of tho principal products exported during the month of December, compared with the figures of tho corresponding month of tho • previous. year, were as under:— ,- ' . 1912. 1911/ :. Butter .;..... 387.898 307,535 ', Cheese ' .1.."... 321,048 179,149 . Beef 7,653 1,417 Mutton— 1 • Oaroassos ............. 77,903. • 36.808 Legs.' and pieces... 530 249 Lamb 39,905. '. 27,834 . Wlioat ....;......... 4,719 3,247 Oats- ;.... , -24,576 122 ■ Potatoes 1,797 /--178 '.' Hemp .'. 31,693' 27,666 N Babbits , ..'. ; 7.946 6,659 - • Tow ....'......'.. 4,768. 3,133 Kauri gum ....'. 25.482 '27,970. Grain and pulso ; 13,450 . 499 • : ,' Hops - :. 347 1,141 •' Hides ' 9,951 11,351 . Skins .i 51,965. .39,986 Tallow ' 27,137 25.084 , '■ Timber ;. 43.543 25.929 Wool - ...;.... 558,435 \ 429,285 ... • Gold • ...;... 64.064 '129,880 .... '•'■■' Totals .•:...;........ 1,704,810 • 1,285,122 '• ', The ajgrcgate value of tho exports in. 1912, was £20,078,606, as against £17,594,965 in 1911.V .\.' EQUITABLE BUILDING 00. ; The balance-sheet of the Equitable Building and Investment Company for 1912 has been issued. Tho report says:—"The .profit and loss account shows a credit of £11,562 10s. lid. ..• An Interim dividend of five shillings ■ per share has been paid, and £2500 has been carried to the reservo fund, leaving a'balance of £6062 10s. lid. The dircctors recommend a further dividend of five shillings per 6hare, absorbing £3000, carrying forward a balance of £3062 10s. lid. The directors regret to have to record the death of Mr. E. H. Dean, who occupied a, seat on the board .for soveral years. He. always took a deep interest in the affairs, of the company, and his loss is 60vcrely felt. Tho vacancy has been filled by tho appointment of Mr. E. Balcombe Brown." Tho income from interest received during the year totalled. £10,400 17s. lid., and income, derived ''otherwise than from mortgages was £952 7b. There was brought forward £2680 17s. 4d., making a total of £14,034 2s. 3d. Tho general expenses amounted to £11521 16s. 9d., and other expenses to £949 14s.'i 7d., leaving ■ a .balance of £11,562 10s. lid. The assets include mortgages and interest, £351,663 95.. 9d.; freehold business premises;"£lo,ooo; bank deposit, £10,000;, and; sundry i debtors, £169 Bs.-sd. Amongst 1 the liabilities, aro amount due to depositors and interest, £238,203, and., sundry creditors, £2644 Bs. 6d, The roserve'fund now amounts to £64,000. THE CHEESE MARKET. The Press Association is informed that Mr. Turner, representative of Messrs. Londsdalo and Co., London, has received a

cablegram from his firm as follows:—"Can you bring any influence upon factories to instruct their consignees not to eoll chccEo under 625., London." It is understood this is in consequence pf a continued fall in the cheese market at Home, which dealers consider is not warranted by tho circumstances, and they bcliovo bettor' prices will bo obtained as tho direct effect of united effort. Customs duties collected at tho port of Wellington yesterday amounted to £2057 115..5 d. OHRISTOHURCH WOOL" SALES. A-RECORD OFFERING. (By Telegraph.—Press Association.) Chrlstchurch, January 10. For tho third wool sale of tho season, to bo held here on Monday, there is a record offering for tho Dominion of 27,096 bales, tho Napier sale last week totalling 26,751, and the Wellington sale on Wednesday just under 26.0C0 balw', On this occasion there will bo «. number ot clips offered Jtot la part y»r» (uv* frm vwtulMli.

Bhlpped to London for salo, growers evidently boing quite satisfied to accept prices that aro now ruling. Tho wool is heavier in groaEC than that offered at tho December sole, and buyers will naturally mako Bomo allowance for this in fixing their values. In viow of tho slight easing of prices at Kapler and Wellington, and tho fact that tho wool is somowhat heavier, it ia probablo that priced on Monday may also show a rather weaker tendency. Tho greater weight of the wool will, however, Srovido some compensation- to growers. It as to bo remembered that at the December sale the excitement manifest among buycTS may have raised values- to a point above normal, but now that the trade Ims settled down, competition will be more steady. Tho fact that American buyers eased off considerably in their operations at Napier and Wellington sales must also not be overlooked, though on the other hand there will bo a considerable proportion of the offerings on Monday that will bo especially'suitable for American requirements, and .the local woollen mills. may be expected to materially assist in . tho competition. There is ample buying strength in the market, as, the lessened competition from the American section has given tho Bradford and Continental buyers more of an opening. Prices, therefore, are likely to be on a satisfactory level.

THE AUCKLAND SALE. ' (By Telegraph—Press Association.) Auckland, January 10. The second local wool sale of the season is to be held in Auckland on ■ January 31. As far as the brokers can tell -about 6000 bales will como forward for sale. This is a much larger quantity than was auctioned in, January of last year, when 6718 bales wore eold locally. It is expected that while good prices ; will be maintained values will not be quite as high as at tho November sale. At this time of tho year tho wool is heavier in the grease, and a correspondine reduction in tho price per lb. results. The present indications aro that top quality lots, suitablo for tho American market, will only be. offered in small quantity, and will probably show a reduction of ?,d. to 3d. per lb., while Bradford quality it is expected will, in view of; tho additional weight,, sell at id. to Jd.jper lb.. less.\ .'-,..'" ■ GEAIN AND PEODTJOB. Chrls'tchur'ch, January 10. There is no business to record in connection with'old wheat, and it will be several weeks before any of the now season's'crop wiU be on the market. The now .crop is not expected to.be nearly as large las last year's, but this. fact ; does not appear to cause any uneasiness among millers, as it is understood that thoro is still a fairly largo quantity of grain on hand. A fow uoithrcshcd samploß of now oats /hovo been submitted, but until there is some groin put through tho threshing mills very little idea of opening prices can bo gained. A lino of Canadians is said to have been sold, at le. lid. at-a country station, subject to their being up to sample when threshed. Opening prices may bo about Is. 9d. to 2s, at country stations, according to variety and quality, thoiigh values wilPdcpcnd very much upon demand* which is -likely to be good. A 'good few paddocks of early oats are now in stook. 'Nothing has yet" been done in barley, as a •commencement' has only just been made to reap in early districts. Tho late rains will do an immense, amount of good in filling out tho grain* crops and assisting to bring on tho late ones. .The harvest will,, however, be a long one, as the crops are in an unusually irregular state. ■ „. The rain came just in time to enact a, great improvement in the main potato crop. Some samples of ryegrass seed havo been submitted." but they aro very light. The cocksfoot orop is a heavy ono, both on the plains and hills, and cutting on the Peninsula ha* just, been commenced. ' UANK OF ENGLAND AETrmrV. : By Telegraph—Frees Association—Copyright , (Reo. January 10, 8.45 p.m.)' } : , ■.. London,' ,Jatruary;;lo."> : Tho Bank'.of England issue)! for tho week Ja'nuarj,<;!B,!is as under:—:.;-.'' ;;.Vj, '■.■■;.-'l-'.y : .[ ■'•$?. ■■ ' . Issto DErmirßNt':: '-''■ ■" Xote Inu* '£GM79,000 Gov.debb :',.. 411,015,003 Other securfc. ,' ■ ;'; ties ... ■■ „ 1(34.000 Gold'■•„.. ... 32.430.000 '•■ f 1 50,670,000 .■•':,,,: " f 50,870,000 BiNmo'. Depahtsthst.' Proprietors' '-. Govt, socuricapital £14,653,000 ties... ... £13,585,000 Publicdo- Other seouri-': i' . posits . ... 0,814,000 ties;* .:','- 32.605,008 Other do- —• ' . posits ... 4UBOTOO ' 'K4[«j ''"•:...-22340,003 Best, 7-day . , | md other. bi115..... '..'.'. 8,455.000; Cola- '; .'.„ 081,000 ; '■.-:.', h ;;'..*69,61pi0M' : '-\: \, ~ ; ;f 09,010,000; ' 'The 'loading .items of: tho'Bank : of: Ens;! land return afford the following compart ■son;— '.#■'" '■'.".■' ■"'■ Thlsweek Last week Laßtyoar Bullion ~.'... > 33,400,000 80.377,000 .85.!225,000. Reserve... ...... 22,230.000' 20,550.000 25.009.000 Note circulation 28.(133.000 ,29.290,000 28.685.000 PublioDeposlts . 0,814.000 14.105.0D0 12.480.0U0Other Deposits ,' 41,788.000 52,055,000 42.720.000 Proportion of ■-■■■' resorvo to •■. . liabilities... 45.00 i ■■ ■ 30.65. . / 40.07 ' GOVERNMENT SECURITIES. . . The following are tho latest quotations for Government securities,' with a compqrison of those ruling last week:— ■'

. . BANK HATES OF INTEREST. Tho Bank of England rato wan, on February 8, 1912, reduced from 4 to 3i per cent., and on May 9 it was further reduced to 3 per cent, On August 29 it was raised to 4 per cent., and on October.l? to 5 per cent. The Bank of Franco' rate was reduced from 3} to. J per. cent, on January 23, 1908, and continued at the latter' figure until 31 per cent. . On May 17, 1912, it was reduced to 3 per cent.,', on October 17 ■ it woo raised to 3j, por cent., and on October. 30 to 4 por cent. .The Imperial Bank of Germany reduced its rato from 6 to 4i-per cent, on Juno 11, 1912, on October 24 it-was raioed to 5 per cent., and on November 14 it was further raised to 6 per cent. : MARKET KATES OF DISCOUNT. . The following arc the ■ market ratcß for best, three months' bills:— '. London Paris Berlin . . rato. . rate. rate, per per • per cent. • cent. cent. \ This week 4J 33 .' 13-8 Last week .':.. 4j •■■• .33 - 59. Last year ~.....;. 3| 3} 3|.- - Short loans arc quoted, at 39, per cent., as against 4 per cent. laßt Week and 39, per cent, last year. COLONIAL AND OTHER PRODUCE. ..- ■Wheat—The markets are firm. Five Australian cargoes sold at 375. 9d. to', He. 3d. per quarter. •' : Liverpool futures, March delivery, 7s. sid. per cental; May delivery, 7a. 3£d.; July delivery, 7s. 2Jd. Australian on spot is quoted at 395. 6d, to <40s". ~:•'• ■.••■■■ Oats.—La Plata, January ■ shipment, are quoted at IEo. 3d. Flour is quiet and unchanged. Butter.—The market is very dull, the wonderfully mild weather enabling tho continuance, of production in Eneland nnd the Continent. Danish is quoted at 1265. to 1275.; choicest Australian, 110s. to 1125.; secondary, 1003. to 108s.; Now Zealand, 116s > to 117 a.; Argentine, 108s. to 110s. i Cheese is quiet. New Zealand ia quoted at 60s. ..-.,/ Sugar —iGcrman beet, 88. per . cent.' net titi 1 ;, 3d. lower at'9s. .2d. .per. owt.; first, m;»ks granulated;;. f.o.b. Hamburg,- 2d. lower at lis. 4d. Bradford Tops—Tho market is firm, and the quotations arc unchanged. Sixty-fours, 29d.; super sixties, 28d,; common sixties, 27d.; 22|d.: fifties, 2Ud.; fortysixes, 17d.; forties, 16d. ■■' ■ METAL MARKETS.' Copper.—On spot, £75 per ton;' three months, £75 7s. 6d. per ton. Tin—On spot, £228 10s. por ton; three months, £228 per ton. Lead, soft foreign, £17 17s, 6d. per ton, Spelter, £26 ss. per ton. Pig-iron—Middleboro' No. 3, 105 d. lower at 675. per ton. WHEAT AND OATS. The Now Zealand ■ Loan and Mercantile Agency,Oo., Ltd., and Reduced, have received tho following cablegram from their London houso, under date January B:—Wheat: We have sold a handy Australian cargo at 375. 6d. c.i.f. There is a fair demand; the outlook is encouraeing. Wc quote, per quarter, c.i.f.. Now Zealand wheat, lone-berried 345, 9a 1 ,, short-berried 345. 3d. Oats: Wo quok—Gortons, 245. .3d, There It, a fair

ROBERT CAMPBELL AND SONS, LTD. By Tolearaph—Press Association—Conyrlght . (Roc. January 10,-7.25 p.m) London, January 10. Tho report of Messrs. Robert Campbell and Sons, Ltd., tho land-owning and sheepfarming firm, shows a profit of £57,756. A dividend at the rate of 10 per cent, for the year is declarod, £20,000 is added to the . reserve, and £31,758 oarried forward As tho amount, credited to rcseno is nn likely to bo required in tho business, tho directors ; recommend the payment of a bonus of £1 per share in April, ';■■ ANTWERP WOOL SALE London, January 9. . At the Antwerp wool sales there was a largo attendance of English and German | buyers, and a general , advance, of 5 . per , cent, for;fine crossbreds. ;'■ SILVER. • London, January 9. Bar silver is quoted at 29 6-16 d, per ounce standard. , ..'... AMERICAN COPPER, >. ' ' London, January 9 The American copper stock amountß to 105,313,000 tons. | ' . i . VIOTORIAN PRODUCE MARKET '.MolbournOi' January 10 ' Wheat, 3e. 63d. to 3s. 7d.; flour, old £9' las., new £8. 10s.; bran," £5 ss. pollard £6 10s.; oats, quiet, Algerian feed 2s 3d to 2a. 4Jd„ milling to 2b. 6d.; maize; scarce at 4s. 2d,;.'pcas, 3s. lOd. to 4s. 2d.; potatoes, firmer at £4' ss. to £4 155.; onions easier • at'£4 ss. to £4 10s. . ' . N.Z, LOAN; REORGANISATION '. SCHEME. In the Chancery Division recently Mr Justice Neville had-beforo him the petition of the-New Zealand/Loan and Mercantile Agonoy Company, Ltd., for sanction to a scheme of arrangement and confirmation of reduction and reorganisation of capital. Mr. Younger, K. 0., said the pcti tion asked for. sanction to an.,cxtremclj complicated 6Chemo-of reorganisation but which had been 'submitted to the different I classes, what opposition . there i was being ' of a negligible character. The scheme involved a of capital, alteration of the rights 'of shareholders, and tho writing off of uncalled/capital. This was a com , piny, which-at tho present moment bad a ,debenture 'debt' of £3.296,399. and it hid a .capital of" £2,000,008. But Its paid up capital only amounted to £135,349. and con eisted of as -to about £104,000 of 10s paid UP on each'-£9 share, tho uncalled capitil b0ing.£1,776,0C0. The shares on which 10s; was paid had a liability of £8 lCs and the directors had to exercise tho greatest caro to see that they were not transferred to persons who wore unable to meet tho liability.. The directors had not got it in • their power to mako a call on thns ■liability without the consent of the trus-iloes.kfor.the-deben'ture-h'olde'rs,' and by tea ■ soil of this the company, found 'it=elf ham perbd' in every directioni It had become tOp-heavy,, lop-sided, and was unahlo to properly carry on o, business wluch had now becoiuo extremely, successful Tho company was-, formed in 1894, ,and thrco ,yoaw'afterwards, it, had'to submit to a drastic scheme for. the. reduction of capi tal. It was , afterwards again. reconstruct ed.by Act/of Parliament., Since then the company, had been 'very prosperous, and this scheme had been dovised to gi\c duo effect to the interests of all tie parties (Concerned. Instead of having a prior lien debenture, debt of £540.000, and' a : third dcdcbenture.dobt; of £540,000 and' a thirdbohturo debt of £405,000,- with an uncalled capital of ~£1,776,000, in tho, future there would be a prior Hen debt of £IKO 000 a second . debenture-debt of £1,000,000, and preference'and' ordinary stock each of ,£1,000,000, nil of which would be fully paid So that the company would have a paid up capital equal to its debtnturo debt The ,company had accumulated, a reserve fund •of £470,000, and it: ateo possecrcd a capital reserve of £250,000. Tho properties of the company .were taken ovor at a price which was,, fortunately" very.low, and when real feed it -fetched a considerably higher price this being placed to capital rcsenc The New Zealand Land Association had been a shadow of this company, and, in fact, all'their shares Were .held by tlio petition ing' company. . It ■ was proposed that tho Land Association should cease to exist and that all its interests should be merged in tho' petitioning company. - This Land Association had also bocii.prosperous and had a considerable reserve. Of the £8 10s. per eharo of uncalled capital, £3 10s. per sharo would bo .written off, and the remaining' £5 per shore would'bo called up andypaid, tho monoy obtained from this callV going to the. reduction of the first debenture debt. The debenture-holders have given their assent, but this was conditional on, the first two instalments of £1- each of this-call being paid within a given time. This was guaranteed by the rcEorvo funds, and ho (counsel) would ask his Lordship, if ho'mado the order, to allow it to lie in the ofilce over the date on .which tho second instalment was due. By the scheme . they got rid of tho third dobonture' stock i altogether. The company had been making, profits 0f,£201,000 or £202,000 a-year,' and tho third debenture-holders had been receiving 7'per cent., that stock standing in tho market at 143 or 144. Tho third debenture stockholders would now receive in preference and ordinary shares £175 as against every £100 at present held. His Lordship sanctioned the scheme of arrangement, making no order as to tho reduction of capital, which would operate automatically on the two instalments being paid . within threo months. The parties would havo liberty to apply. ': ' ARGENTINE SHIPMENTS. The Dopnrtment of Agriculture; Industries, and Commerce ha 6 received the following cablegram from Buenos Ayrcs, dated January 9, 1913:—The following shipments of produce were dispatched from the Argentine to tho United Kingdom ports during December, 1912, compared with December, 1911:— 1912. 1911. Frozen : beef, quarters 136,000 104.000 Chilled.beef, quarters 154,000 ■ 166.000 Frozen" mutton, carcasses... 149,000 196,000 Frozen . lamb, .carcasses ~. 78,000 122,000 Butter,. cwt. '. .;.■- ' 15,059 11,393 According to the "Echo dos Mines" of Paris tho delegates of the various factories belonging to tho International Aluminium Syndicate mot in that city hi the middle of Novombcr, and fixed tho price at 2 francs 10 centimes the kilo (9.06 d. per lb.) as the basis for all contracts for the first months of 1913, this standard price to bo raised or lowered in tho accustomed manner, according to quantities and qualities ordered. Tho. demand for the metal, it states, is active, tho factories being scarcely able to keep paco with orders, while tho contracts already signed or in negotiation for 1913 gives evidence of an ln r crease, in tho world's ' consumption of tho metal. Mining nows and reports of wool, hido and tallow Bales wIU ho found on page 7 of this iebuo.

;..',.,';'■•, n .'i ;'fi .'■',';'. ; 'Yarldfcion' ■,">"''•'."'' ■'■ '.'• '"' >■•: cornpavocl : ' '■•'■'•'■' -\- '■-[ Frlca, ■>■ with .;/■ ■ i ■'' " '■■■ ■:'''. last woek. - '-•'■.. ■•]:.£• i. i; ■■.-,.■.• ..-,• . 2J% Imperial Consols ,75 6 0 2/51owor'. 4 „N.S.W.1933Jan.-July 101 0 0 Uncuaneort' 8i'..N.S.W.lOM-SOMr.-Sp 93 10 0 lOshUjhor 1 3 ,.N.S.W.1935Apl,-Ocb. 00 00 Unchanged g ■K.&W.J93W0 'M I) 0 Uuclianued 4 „Vio.l920Jan.-JnIy 100 0 0 Unchanged 34 „Vio. 1929-40 Jan.-July ■ 94 0 0 Unchanged 3 1 ,; Tic. 1029-49Jan.-July 03 2 0 i»/6 hirhor ajVio,-TttSMO > •' .'18 « 0 Uuchangod 3J„S,A. 1910 Jan.-July ■ 70. 0 0 Unchanged' 3 „a.A.lM6 Jan.-July 91 0 0 Unchanged i • „QTdl915-21Jan.-Juiy 101 0 0 20s hiGher 31 „g'rdl924-80Jan.July 94 0 0 UnchaDgod 3 „Q'l'aim2-47Jan.-July 70 0 0 Unchanged 4 ..K.Z. 1029 Way-Nov. 101 0 0 Unchanged Si ,;N.Z.'1M0 Jan.-July 81 0 0 Unchanged a ;.N.Z. IMS Aprii-Oot. 60 0 0 Unchanged 3j„'\V.A.1920-J0Aray-NoT M 00 Unchanged 3 „\V.A,191S-35May-N 9 y 64 0 0 Unchanged 8i„T»B. JMOJan.'July • 81 0 0 Unchanged 8 „'i'aa.l9i0-40 Jan. July 63 0 0 Unohanged