COMMERCIAL

Otago Witness, Issue 4029, 2 June 1931, Page 18

COMMERCIAL

LONDON METAL MARKET. LONDON. May 29. Following arc the official Quotations in the metal market: —

BANK OF ENGLAND RETURN LONDON, May 28. The following is the Bank of England return: — ISSUE DEPARTMENT. Note issue in circulation .. £354,859,723 Banking department 56,157,748 £411,017,471 Government debt £11,101,510 Other Government securities 234,711,871 Other securities 10,177,468 Silver coin 4,095,561 Gold coin and bullion .. .. 151,017,471 £411,017,471 BANKING DEPARTMENT. Proprietors’ capital .. .. £14.553,000 Rest 3,222,759 Public deposits 17,448,616 Other deposits (bankers) .. 54,760,689 Other accounts .. .. ... •• 33,820,494 Seven-day and other bills .. 5,600 £123,811,158 Government securities .. .. £31,214,684 Discounts and advances .. 6,825,096 Other securities 28,553,074 Notes in reserve 56,157,748 Gold and silver coin .. .. 1,060,556 £123,811,158 The proportion of reserve to liabilities is 53.90 per cent. Short loans are quoted at 2 per cent.; three months’ bills at 2 1-64 per cent.

LONDON STOCK EXCHANGE LONDON, May 26. Bank of Australasia, £7 Us 3d; Bank of New South Wales. £2O (ex div.); Union Bank of Australia, £5 8s 9d; National Bank of New Zealand, 82s 6d; Bank of New Zealand 4 per cent., £93; shares, 43s 9d; Loan and Mercantile 4 per cent, debentures, £6B 10s; shares, £45. PRICE. OF GOLD LONDON, May 28. Gold is quoted at £4 4s lOd per ounce. BRADFORD MARKET LONDON, May 28. The Bradford market is weaker. Topmakers are making concessions to obtain business. Quotations: Seventies, 23d; sixty-fours, 214 d; sixties, 20s; fifty-sixes, 144 d; fifties, 12d; forty-sixes, lOd; forties, lOd. LONDON FRUIT MARKET The secretary of the Otago Provincial Fruitgrowers’ Council (Mr H. Turner) advises that the High Commissioner’s cabled report for the week ended May 22, 1931, on the London fruit market, is as follows:— Apples.—Market steady. Tekoa practically cleared. Tainui and Maimoa selling at present. Current prices are: Jonathan and Rome Beauty', 10s 6d to 12s 6d; Delicious, London Pippin, and Dunn’s Favourite, 10s to 12s; Sturmers, 12s to 13s. Pears: Market is dull on account of heavy arrivals of Australian. LONDON MARKETS LONDON, May 28. Wheat Cargoes.—Sellers are willing to concede 6d. Parcels are 3d to 6d lower. Futures: London, June, 19s 9d; Liverpool, May, 4s 3Jd, July 4s 3Jd, October

4s 4j|d, December 4s s|d. The spot trade is easier; Australian, ex ship, 25s 9d. Flour.—Australian, 18s 6d and 19s. Barley.—Dull. Australian, ex store, 30s and 40s; ex ship, 27s and 345. Oats.—Easier. Beans and Peas.—Quiet. fay o'". Osmiridium is weak, and nominally unchanged.

Frozen Meat.—New Zealand sheep: Canterbury and North Island selected crossbred wethers and maiden* ewes—4Blb to 561 b sd, 571 b to 641 b 4Jd, 651 b to 721 b 4Jd; North Island ditto—4Blb to 561 b £jd, 571 b to 641 b 4Jd. 651 b to 721 b 4|d. New Zealand ewes: Under 48lb, 4Jd; 481 b to 641 b, 7jd; 651 b to 721 b, 3Jd. Australian sheep: First quality crossbreds and or merino wethers. 401 b to 651 b, 3gd; ditto, second quality, 301 b to 551 b, 7?d; ditto, ewes, 301 b to 551 b, 3Jd. Argentine sheep: First quality crossbred wethers—4Blb to 641 b 4sd 651 b to 721 b 4d, over 721 b none offering. Patagonian sheep: Wethers and/or maiden ewes—under 5010 44d. sClb to 601 b 4d; ewes, 3Jd. New Zealand Lambs.—Canterbury—36lb and under 7§d, 371 b to 521 b 71d, 431 b to 501 b 7id; ditto, recond quality, average 301 b, 61d; other South Island brands — 361 b and under 7id, 371 b to 421 b 7Jd, 431 b to 501 b 7i<l; selected North Island brands, including Downs—36lb and under 73d, 371 b to 421 b 7£d, 431 b to 501 b 73d; second quality, average 301 b, 6J<l; other North Island brands, first quality—36lb and under 7d. 371 b to 421 b 7d; second quality, average 301 b, 6Jd. Australian lambs: Victorian, first quality—36lb and under Gd, 371 b to 421 b 6d; other States, first quality—36lb and under 54d, 371 b to 421 b 54d; Victorian, second quality. 361 b and under, sg<l; other States, second quality, 361 b and under. s?d; all States, third quality, 53d. Argentine lambs: First quality—36lb and under 6d, 371 b to 421 b 53d. 431 b to 501 b 53d. Potagonian lambs: First quality—36lb and under 5Jd, 371 b to 421 b 5Ad; second quality, average 301 b, 54d. New Zealand Frozen Beef.—Ox fores and ox hinds, 1601 b to 2201 b, none offering.

Australian Frozen Beef.—Ox crops —under 1001 b 2jd, over 1001 b 23d; ditto ox hinds—under 1601 b 33d, over 1601 b 3|d. Argentine Chilled Beef. —Ox fores, 1601 b to 2201 b, 2§d; ox hinds, 1601 b to 2201 b. 53d. New Zealand Pigs.—First quality. 601 b to 1101 b (average 90lb) 54d, 1111 b to 1201 b 53d. Friday’s closing prices were as follow:— Cotton: June, 4.66 d per lb. Rubber: Para, 4J,d; plantation smoked, 3Jd. Jute: June-July, £l6 ss. Hemp: None offering. Copra: June South Sea, £lO 17s 6d; plantation Rabaul, £ll. Linseed oil, £l5 15s. Turpentine, 45s 3d. Messrs Dalgety and Co.. Ltd., advise having received the following cablegram from their head office, London, dated May 28:— Lamb.—The market for New Zealand lamb is firm, the demand is better owing to warm weather. Prime Canterbury lamb, 28/361b, 7 id; North Island 28/361b, 73d.; Canterbury lamb 36/421b, 73d; North Island lamb. 36/421b, 7d; Canterbury lamb, second quality, GUI; North Island lamb, second quality, 6d; Canterbury lamb 42/501b. 73d; North Island lamb, 42/501b. 7d. Southdown lamb selling at 3d premium. Mutton.—The market for New Zealand mutton is very firm, the demand is active. Prime Canterbury mutton, 48/561b, 43d; North Island mutton, 48/561b, Canterbury mutton, 56/641b, 43d; North Island mutton, 56/641b, 4]d; Canterbury mutton, 64/721b, 4Jd; North Island mutton, 64/721b, 4£d; Canterbury ewes, 48/641L, 4d; North Island ewes, 48/64ib, 3?d. Beef.—The market for New Zealand beef is nominal, the demand is nil. Prime ox beef hinds, 3d; fores, 2d; Argentine chilled hinds, 41d; fores, 2d. Pork.—The market for New Zealand pork is very dull, the demand is poor. Quotations: English porkers, 80/1001b, 9d; New Zealand porkers, 80/1001b, SRI; New Zealand porkers, 100/1201b, sd. Australian Lamb. —The market for Australian lamb is firm, the demand is better. GA..Q. Australian lamb. 28/3611). 5Jd; G.A.Q. Australian lamb, 36/421b, 5Jd; F.A.Q. Australian lamb, 28/361b, 5Jd; third Australian lamb, sd. Australian Mutton. —The market for Australian Mutton is very firm, the demand is better. G.A.Q. Australian mutton, 40/601b, 33d; F.A.Q. Australian mutton, 30/551b, 3|d. Dairy Produce. —Messrs Samuel Page and Sons report: The. market for butter is firmer owing to reduced stocks, the cheese market is firm. Danish butter. 118 s to 120 s; New Zealand finest butter. 114 s to 116 s; Australian finest unsalted, 112 s to 115 s; Australian finest salted. 110 s to 113 s; Australian finest G.A.Q.. 104 s to 108 s. Australian cheese, white, 50s to 525; Australian cheese, coloured, 52s to 545; New Zealand cheese, white, 53s to 555; New Zealand cheese, coloured, 55s to 575; Canadian cheese, white. 70s to 765; Canadian cheese, coloured, 70s to 765; Canadian cheese, c.i.f., 53s to 545. BUTTER AND CHEESE LONDON, May 28. Butter: Finn. Good demand. New Zealand, 115 s and 116 s; Australian. 112 s; Danish, 120 s. Cheese: Firm. New Zealand—white 54s and 555. coloured 56s and 575; Australian —white 535, coloured 555. The New Zealand Loan and Mercantile Agency Company, Ltd., has received the following cablegram from its ■ London house, under date May 28: —■ Butter, 114 s to 116 s. Cheese: White, 53s to 545; coloured, 55s to 565. The market is steady. The South Island Dairy Association, Ltd., has received the following market report from the New Zealand Association. Ltd., London:—Butter: Firm, 113 s to 116 s; unsalted, 114 s to 118 s; Danish, 119 s to 120 s; Siberian, 106 s to UOs. Cheese: Firm; whit% 52s to 555; coloured, 55s to 575. Amalgamated Dairies, Ltd., reports receipt of the following cable from its London office:—“Butter prices un-

changed; “Anchor,” UOs; market quietly steady. Danish, 112 s, f.o.b. Cheese: market firm but quieter; white 545, 555; coloured, 575, 58s; coloured cheese very short.” Messrs A. S. Paterson and Co., Ltd., are in receipt of the following cable advice from London:— Butter.—Market quieter, at advance; Danish, market easier, 118 s; New Zealand, 114 s to 115 s; Australian. 112 s. Cheese.—Market firm; white, 54s to 555; coloured, 56s to 575; Canadian new season's, 555, c.i.f. The National Mortgage and Agency Co., Ltd., is in receipt of the following cablegram from London:— Butter.—Market quiet at advance. New Zealand finest, 115 s to 116 s; New Zealand unsalted, 118 s; New Zealand first grade, 114 s to 115 s; Danish, 120 s; Australian, 110 s to 112 s. Continental production increasing, prices easier. Cheese. —Market firm. New Zealand, white, 54s to 555; New Zealand, coloured, 56s to 575; Canadian c.i.f., 53s Gd.

CANADIAN LOAN OTTAWA, May 25. The Canadian conversion loan of 25,000,000 dollars was oversubscribed by more than 350,000,000 dollars. So the Prime Minister (Mr Bennett) told the House of Commons. Over 600,000,000 dollars was subscribed. CHICAGO WHEAT NEW YORK, May 28. Chicago wheat: May, 85; July 60; September, 59§; and December, 62J. WALL STREET MARKET NEW YORK. May 25. Stock values decreased further today, with losses ranging between five and 20 points. United Steel (common) equalled the 1924 low point of 943, and closed 943 off 4J. Steady liquidation continued throughout the session with little support shown. Railways dropped generally, as did leading industrials. Atchison closed at 146-J, which is a 21-ycar low level for that issue. American Telephone and Telegraph closed 163 off 4J, Auburn Automobile 185 off 223. General Electric 38J off I§, General Motors 35$ off 23, American and Foreign Power 20 off 2?. May 27. With many rumours of some weakening influence, as yet intangible, overhanging the market, stocks underwent further considerable losses. United States Steels led the dowward move, touching 913, and closing 923 off three. Trading increased in volume, but rallying power was absent. Steel interests and railways suffered most, with the majority of other important issues decreasing up to 10 pointe. No definitely adverse news is current upon which the continued break can be blamed, but liquidation is perhaps due to a collection of minor depressive factors, none ot which alone would be serious. CALL MONEY RATE NEW YORK, May 28. The call money rate of renewal was 11 per cent, all day. AUSTRALIAN MARKETS SYDNEY. May 28. Wheat: Ex trucks, Sydney, 2s 41d; country stations, Is 9ld. Flour, £lO 10s. Pollard, £4. Bran, £3 10s. Potatoes: Tasmanian, to £5 10s; Victorian, £4 10s. Onions: Victorian, £4 to £4 10s. Oats: White. 2s 6d; Algerian, 2s 3d. Maize, 3s 7d. MELBOURNE, May 29. Wheat, 2s 7d. Flour, £7. •> Bran, £4. Pollard, £4 10s. Oats, 2s Id to 2s 2d. Barley: English, 2s 8d to 2s 9d. Maize, 4s Id. HIDE SALE The Dunedin Stock Agents’ Association (the Otago Farmers’ Co-operative Association of New Zealand, Ltd., National Mortgage and Agency Company, Ltd., Stronach, Morris, and Co., Ltd., Donald Reid and Co., Ltd., Dalgety and Co., Lid., New Zealand Loan and Mercantile Agency Company, Ltd., Wright, Stephenson, and Co.. Ltd.) reports as follows on a hide sale which was held on Thursday:— Medium-sized catalogues were offered to. the usual attendance of buyers, when com-* petition was general from both tanners and shippers. The market all over was easier compared with last sale, and prices showed a decline as follows: —Ox hides were easier by Id to 2d per lb, while cow hides declined up to Id per lb. Yearlings can be quoted id per lb down, and calfskins declined 3d to Id per lb. The following is the range of prices:— Abattoir hides: Extra heavy ox. 6Jd to 7Jd; stout ox, 6Jd to 83d; medium ox, 5Jd to 7«d; light ox, 44d to sd; ox cut, up to 5Jd; stout cows, 53d to 53d; medium cows, 4gd to 4§d; light cows, up to 43d; cow? cut, up to 3d. Yearlings, 4£d to 6£d. Calfskins: 51b to 61b, 7Jd to 83d; 71b to 81b, 7d to 73d. Calfskins cut: 51b to 61b, 5d to 6§d; 71b to 81b, up to 63d. Country hides: Stout ox, G3d to medium ox, 5d to 53d; light ox, up to 33d; ox cut, 33d to sd; stout cows, 4d to 43d; medium cows, 3£d to 3£d; cows cut, 2§<l to 4jd.

Messrs Waters, Ritchie, and Co., Ltd., submitted a catalogue of 1375 hides and 519 yearlings and calfskins. Owing to the depressed state of overseas markets the demand was only fair, as both tanners and shippers showed little disposition to operate except on reduced limits. All grades of cows were from 3d to Id per lb lower. Buyers were not prepared to operate for heavy and substance ox at the prices which were ruling last month, and these grades showed a decline of from 3d to Id per lb. At the same time the clearance of these grades must be considered satisfactory. From 9d to 9Sd was obtained for five lines of stout substance Dunedin abattoir ox hides, and from 5d to 6d for substance cows. Yearlings realised from 4Jd to 63d; calfskins, 41b to 81b, sound, 81d.

OPOSSUM SKINS WELLINGTON, May 29. Cabinet has decided to reduce royalties'payable to the State on opossum skins from Is to 6d with the usual condition that an extra 3d be payable for the late stamping or stamping outside the districtin which the animals are taken. Many persons undertake opossum trapping as a> profitable occupation during the season,and there is a likelihood of a number of the present unemployed men seeking a, livelihood by this means. The Minister of Internal Affairs (Air P. A. de la Perrelle) said to-day that Cabinet had had the question of reducing’ royalties on skins under consideration for some time. This step had been taken to assist trappers who were suffering front the fall in price obtained for skins.

CUSTOMS RETURNS SUBSTANTIAL DECREASE SHOWN. A large decrease in the net Customs returns for the month of May, 1931 compared with the corresponding period of last year is shown. There is a slight increase in beer duty, and the tyre and petrol taxes have also increased to some extent. The following are the figures for- the month of May, compared with. May last year: —

WELLINGTON RETURNS. WELLINGTON, May 30. The Wellington Customs returns for May vere £132,730, compared with £262,953 for the same month of last year. The other duties compare as follows, those for May of last year being shown in parentheses:—Beer, £3433 (£3843); Tyres, £2372 (£6978); motor spirit, £37.223 (£32,003). The returns for the five months of this year compared with the five months of the previous year were: Customs. £949,808 (£1,243,593); beer, £21,533 (£23,434); tyres, £11,321 (£17,959); motor spirits, £218,055 (£166,873). * CHRISTCHURCH FIGURES. CHRISTCHURCH, May 31. The Customs returns for May compared with those for the corresponding month of last year, were as follows:—Customs, £41,362 17s 7d (£86.379 2s 3d); Beer, £5855 10s 9d (£6701 1 9 3d); petrol, £21,427 9s lOd (£13,044 12s Id); Tyres, £llOO 17s (£1463 6s); meat, £1279 IGs Id (£lOOB 19s lOd) : butter and cheese, £42 16s Id (£25 5s 2d). DEVONPORT FERRY COMPANY AUCKLAND, May 31. A net profit of £11,230 is shown in the annual report of the Devonport Steam Ferry Company for the year ended April 30. An interim dividend of 3$ per cent, has been paid, and the directors recommend a final dividend of the same amount, making 7| per cent, for the year. BRITISH TOBACCO COMPANY WELLINGTON, May 31. A dividend of 14 per cent, on British Tobacco Company’s shares has been declared, payable on June 30. PERPETUAL TRUSTEES OF NEW ZEALAND, LTD. ANNUAL REPORT. The forty-seventh annual report of the directors of the Perpetual Trustees, Estate and Agency Company of New Zealand, Ltd., to be submitted at the annual general meeting of shareholders on June 12, is as follows: —

The directors have pleasure in submitting their forty-seventh annual report and balance sheet. The amount brought forward from the previous year was £4899 6s 2d. from which has since been paid income tax for that.year, interim dividend of £1687 10s for half-year ended October 31, the company's contribution to the Staff Benevolent Fund, and a contribution to the Earthquake Relief Fund, leaving a balance of £1573 15s Bd. The profit for the year just ended amounts to £7097 Us Id. and the available balance 13, therefore, £B5Bl 6s 9d, which the directors now recommend be dealt with as follows: —

During the year, Mr C. H. Hewlett, of Christchurch, and Mr R. K. Ireland, of Oar.iaru, were appointed as additional directors, and shareholders will be asked to confirm these appointments. Messrs W. E. Reynolds and E. G. Kerr are the retiring directors and both being eligible, offer themselves for re-election. LORNEVILLE STOCK SALE INVERCARGILL, May 26. There was a keener and livelier tone about the fat sheep and lamb market at Lorneville to-day, and prices showed an appreciable improvement on those ruling last week, especially for fat ewes which improved fully Is 6d. The fat cattle market was dull, although last week's values were maintained. Extra prime heavy wethers made up to 18s 3d, prime heavies 14s to 16s, good freezing wethers up to 13s 6d, with light and unfinished from 10s 6d to Us 6d. There were some good quality ewes yarded and they sold fully ls6d better than last sale. A pen of maiden ewes realised to Us 9d. Heavy butchers’ ewes realised from 8s to 9s 6d, medium 6s to 7s 6d, and light and unfinished from 5s to 6s. Extra prime butchers’ ewe lambs were sold at up to 20s 6d, average butchers’

lambs 16s to 18s, good freezing lambs from 14s 6d to 16s, and light and unfinished 10s 6d to 12s 6d. Good prime oxen realised from £8 10s to £lO, medium from £7 to £B, light and unfinished sorts down to £5 10s, good quality cows £5 to £6, medium quality and older sorts £3 10s to £4 10s. Prime quality, medium weight heifers sold from £5 10s to £6 10s, and lighter sorts up to £5. COMPANIES REGISTERED The Dlereantils Gazette notifies the registration of the following companies:— Young, T. G., Optical Co., Ltd. Registered as a private company May 12, 1931. Capital: £750 into 750 shares of £1 each. Subscribers: Dunedin—T. G. Young 465, L. J. Young 200. Wellington—F. G. H. Towns 85. Objects: Opticians and photographers. Waters, J. 8., Ltd. Registered as a private company May 18, 1931. Capital: £2OO into 200 shares of £1 each. Subscribers: Dunedin—A. C. B. Waters 199, J. B. Waters 1. Objects: Grain and seed and general agency. NEW ZEALAND PAPER MILLS The twenty-sixth annual general meeting of New Zealand Paper Mills, Ltd., was held on Tuesday afternoon in the Chamber of Commerce boardroom, Mr F. W. Mitchell, chairman of directors, presiding over an attendance of about 20 shareholders. On the motion of the chairman, the annual report and balance sheet were adopted, together with the recommendation for payment of* a final dividend of 4 per cent., making a distribution of 7J per cent, for the year. The retiring director, Mr C. W. Rattray, was re-elected, and the reappointment of the auditors—Messrs Barr Burgess, and Stewart—was affirmed. Tire meeting accorded a hearty vote of thanks to directors and staff. WRIGHT, STEPHENSON, AND CO., LTD. The twenty-fifth annual meeting of the members of Wright, Stephenson, and Co., Ltd., was held at the head office of the company, 34 Custom House quay, Wellington, on Tuesday, in the presence of a large number of shareholders. The profit and loss account, including £38,366 5s 7d brought forward from last year, showed a credit balance of £58.878 6s Id. _ A dividend of 6 per cent, on the ordinary shares was declared, and the fixed payment to preference shareholders was adopted, leaving a balance of £27,141 6s 8d to be carried forward. Messrs W. D. Hunt and J. T. Martin, the retiring directors, were re-elected. The appointment during the year of Messrs John Macdonald. H. A. Price. W. DI. Shand, and S. C. Sutherland as directors was confirmed. Messrs Barr, Burgess, and Stewart, auditors, were reappointed.

ELTHAM DAIRY COMPANY A PROFITABLE TRANSACTION. ELTHAM, May 28. The Eltham Dairy Company has completed the sale of 15,000 boxes of butter at a price of Is Old per lb. The sale ensures a payment to suppliers of slightly over Is per lb for butter-fat. This sale is at a higher figure than any other sale for a considerable time past in Taranaki. It is equal to 120 s per cwt in London, and is thus 6s per cwt above present quotations. WHEAT AND FLOUR PRICES TIMARU, May 28. At a largely-attended meeting of representatives of the South Canterbury Chamber of Commerce, including local bodies and the Farmers’ Union, held to-night, the following resolution was carried unanimously: — “ That for the protection of the wheat industry of this country, and having due regard to the necessity for the protection of the growers against the huge surplus of wheat in other countries, the sliding scale of duties and the basic price of flour be not interfered with.” The resolution is to be forwarded to the Prime Minister and the Minister of Agriculture. A well-built Maori lad in long trousers was the principal “ exhibit ” in a case heard in the Morrinsville Court before Mr Wyvern Wilson, when the truant officer of the Auckland Education District prosecuted Te Mape Wirihana for not sending his child to school (states the Auckland Star). The truant officer produced papers from the headmaster that the child was entered on the school roll as being 12 years old, and had not attended school this year. The defendant declared through an interpreter that the boy was born in January, 1917. He had been enrolled by a sister, who made a mistake about the age. “ I think the boy is over age. He looks more than 14. I suppose this is the boy,” commented the magistrate. Defendant gave an assurance that it was the boy. The magistrate dismissed the case, and gave instructions for the interpreter’s fee to be paid by the Education Department.

Ton. Copper, spot £36 10 10% Fall £1 0 7% Copper, forward 37 11 7% Rise 0 2 3 Electrolytic, spot 39 10 0 Fall 0 10 0 Electrolytic, forward 41 10 0 Fall 0 10 0 Wire bars 41 0 0 Fall 1 0 0 Lead, spot 11 0 0 Fall 0 7 6 Lead, forward 11 5 0 Fall 0 S 9 Spelter, spot 10 6 8 Fall 0 S 10 Spelter, forward 10 10 0 Fall 0 7 6 Tin, spot .. 101 S 9 Fall 0 13 1% Tin, forward .. 102 IS 9 Fall 0 12 6 Oz. Silver, fine 12 9-lCd Rise 1-ind Silver, standard 13%d Rise ’id

May, 1931. May, 1930. £ s. (1. £ S. (I. Customs .. 22,037 14 8 60,898 9 6 Beer duty 18.206 14 8 17,550 13 6 Tyre tax 958 2 0 883 7 0 Petrol tax 12.803 18 6 10,143 19 0

Payment of a dividend of Is £ s. d. per share for half-year ended April 30, 1931 1687 10 0 Reserve Fund 1500 0 0 Staff Benefit Fund 450 0 0 Writing off Dunedin premises .. .. 128 3 2 Writing off office furniture and fittings 89 3 4 Carry forward (subject to income tax for year just ended) 4726 8 3