Markets and Money

Sun (Auckland), Volume I, Issue 236, 24 December 1927, Page 10

Markets and Money

A Review for Business Men

DAIRYING PROSPERS PAY-OUTS IN PROVINCE ' ALL-ROUND INCREASE (Special to THE SUX.) MORP.IXSVILLE, Friday. The Morrinsville district is experiencing a prosperous dairy season, and the supplies to the factories here, as well as the rate of pay-out, is far ahead of those of last season. The Morrinsville factory itself has increased its output by 40 per cent. In addition to £7,264 for November supply, Tatua Dairy Company paid a bonus payment of one halfpenny on last season's make. On a pay-out of Is 6d on the supply of 63,1411 b of milk, Norfolk factory increased by £1,230. A bonus of 1.15 d on last season’s output, amounting to £2,000, is paid by Sunny Park, and Te Poi pays one penny bonus, amounting to £2OO. Details of the pay-outs are given below, the figures in parentheses representing those for November of last year: Tatua (Tatuanui). —Pounds butterfat. 102,556 (101,492); pay-out. Is 5d (Is 3d); total distribution, £7,264 4s 7d (£6,331 17s 8d). Norfolk (Motumaoho). —Pounds of butter-fat, 52,422.6 (34,446.6): pay out, Is 6d (is Old); total distribution, £4.231 13s (£3,001 11s). Sunny Park (Te Poi).—Founds of hutterfat, 56,422.6 (54.446.6); pay-out, cheese Is 5d (Is), butter Is 4Jd (lid): total distribution, cheese £4113 0s Oil (£3 459 12s 6d). butter £1,745 Ss 6(1 ( £Bl5 ss). FIGURES IN THE NORTH (From Our Own Correspondent) WHANGAREI, Friday. Good pay-outs for dairy produce are recorded in this district for November supply. Kaipara Company paid out £26,014. compared with £19,072 for November of 1926. The price per lb rose from Is Id to Is 4d. For the

present season to the end of November the amount distributed has been £74,132, as against ~ 62,411. The Northern Wairoa Company’s pay-out amounted to £34,908, an increase of £8,164 over the same month of last season. The payment laot month was based on Is 3d a lb, or threepence more than for the previous November. The pay-out for the present season to the end of November was £92,724, compared with £74,031 for the same term of last year. The Maungaturoto Dairy Company distributed £6,913 ISs lid for its November supplies, against £5,650 7s 3d for last November. The price a lb showed an all-round increase, bei.ig Is 4d, Is 3*d, and Is 2*d. against Is 2d. Is ljd, and Is o*d. In the present season, to the end of November, the total of payments was £18,731 10s 6d, against £13,658 3s Id in the same period last year. IN THE SOUTH PRODUCE TRADE QUIET Press Association. CHRISTCHURCH, Friday. With the produce firms closing for the holidays there is no life in the trade. Discussion to-day centred around the

statement published in this morning’s paper of the stocks of flour and wheat on hand as at November 30, 1927. The flour figures, 10,123 tons, represents 486,000 bushels of wheat, compared with 820,000 in the preceding season. The wheat figures represent as at November 30, 1.323,473 bushels, compared with 492,601 twelve months before. Under the two headings the stocks with which the present month was commenced amount to bushels, compared with 1,317,000 last year, an increase of 500,000 bushels.

Values for all produce have been stationary and there is practically nothing to add to the mid-week observations. A little forward wheat has been bought at 5s 9d, f.0.b., sacks extra, for Tuscan, and 6s for Hunters. However, traders are not disposed to do business before the holidays. The weather of the next few weeks will have a big influence on yields, and some idea of the probabilities are necessary to encourage speculation. The present warm conditions are welcomed by farmers. Oat crops are promising well. Trade in this cereal, however, is small at the moment. Beyond a few inquiries from Ungland for ryegrass, which have not yet led to business, the seed market is lifeless NEW COMPANIES THREE REGISTRATIONS Three private companies were registered in Auckland yesterday. Details are:— H. W. Frost (Hamilton), Limited, dentists. Capital, £ 1,200, in £1 shares. Subscribers: Harold William Frost, 1,175 shares; James Claude Percival Kirkland, 25 shares.

Everybody’s Motors, Limited. Objects, to acquire the motor business of R. J. llibberd. Limited, at Taumarunui. Capital, £6OO, in £1 shares. Subscribers: Arthur Mangham and Edward Dunn, 300 shares each. Te Kuiti Shingle, Limited, shingle and sand merchants. Capital. £2OO in £1 shares. Subscribers: William George Somerville and Eric Douglas Somerville, 100 shares each. MONEY TO LEND

DAIRY PRODUCE LONDON MARKET PRICES Merchants report having received the following reports from thetr London offices:— Amalgamated Dairies, Ltd.—Butter, Anchor, superfine. £$ 4s, other, £8 2s, first, £8: market active, upward tendency. Danish, £8 10s f.o.b. Cheese, White, £4 11s; coloured, £4 10s; market firming up. Canadian, £5 to £5 4s. Norden and Co., Ltd.—From their principals, Andrew Clement and Sons: Butter, salted. 15Ss to 160 s, equal to Is 3.29 d to Is 3.49 d, f.0.b.; unsalted. 16Ss equal to Is 4.31 d. f.0.b.; market shows more demand. Cheese: White, 90s, equal to 8.06 d, f.0.b.; coloured, 89s, equal to 7.96 d, f.0.b.; market has touched bottom. A. H. Turnbull and Co. —From their principals, W. Waddell and Co., Ltd.: Butter: Danish. 182 s to lS6s; New Zealand, unsalted, 168 s tc 1725; salted, 156 s to 160 s; the market is quiet. Cheese: New Zealand, white, 90s to 91s; New Zealand, coloured 88s to 90s; the market is quiet. Canadian, white, 102 s to 104 s; Canadian, coloured, 100 s to 104 s.

ITALIAN GOLD STANDARD NEGOTIATIONS WITH BANKS By Cable. —Press Association. — Copyright. LONDON, Thursday. The London correspondent of the "Banca d’ltalia,” in a statement on the result of the conversations at the Bank of England, in which the Governor of the Federal Reserve Bank of New York took part, says arrangements have been concluded with the central banks for a credit of £15,000,000, or its equivalent, to the Banca d’ltalia in token of the solidarity of the central banks on establishing the Italian currency on the basis of a gold exchange standard. The operations were concluded in London, and they confirm and strengthen the principle of co-opera-tion by the central banks for the reconstruction of the monetary basis which is essential to the development of the economic relations of the respective countries and their peoples. Messrs. J. P. Morgan and Company and the Italian Government’s fiscal agents in London, Messrs. Morgan, Grenfell and Company, Baring Brothers, Hambro’s Bank and the firm of Rothschild have arranged a credit in dollars and sterling for a total sum equivalent to £50,000.000 for the same object.—A. and N.Z.-Sun.

WAR DEBT CONVERSION TREASURY BONDS OFFERED By Cable. — Press Association. — Copyright. LONDON, Thursday. The Government's proposals for the conversion of war debt maturing next year have been announced. It invites applications for 5 per cent. 1933-35 Treasury bonds at 101 with the option of converting into 4 per cent, consolidated loan. Holders of national war bonds maturing on September 1, 1928, may exchange into new bonds receiving 105 i for each £IOO of 5 per cents, and 99J for each £IOO of 4 per cents. —A. and N.Z.

FOREIGN EXCHANGES CONSOLS AND COLONIAL STOCKS By Cable. —Press Association. — Copyright. LONDON, Thursday. The following table gives quotations for consols and colonial inscribed stocks, compared with those of December 15:—

tHigher. ‘Lower. BANK RETURN The Bank of England returns for the week ended December 22, as compared with those for the week ended December 15, are as follows: Dec. 22. Dec. 15.

SHORT LOANS AND BILLS Short loans, 3i per cent., same as last week; three months bills, 4 5-16 per cent., same as last week. FOREIGN EXCHANGES The following rates on foreign exchanges are current to-day. as compared with the cabled quotations on December 19 and par:—

I CmmTw Parentheses.) i “°PP er - Spot, £6O 5s Tid (£59 ?OIV 66 monthS ’ - 60 9s *** (£59 lis months. - £22’ss f ? 7s 6d ' ): three Spelter.—Spot. £26 3 s <irt *.. three months, £25 18s 9d (“ oik >: .. ,n * Spot, £265 16s 3d 6di • three months, £263 8s 9d 9a Silver.—Standard, 26 7-16d(26niHd. per oz.; fine, 28 9-16 d (28 13-16 d). 11 ' lbd) BRADFORD TOPS The market is slow, as there wa* a day to-day, and quotations are un changed.—A. and N.Z.-Sun. are un " CHICAGO WHEAT By Cable. — Press Associatiori. — Copyright. Reed. 11.55 a.m. CHICAGO, Friday. Wheat.—December, 1 dollar 25 cents a bushel March, 1 dollar 27 3-8 cents: May, 1 dollar 28 5-8 cents. —A. and N.Z.

Price . Variation. d. d. Consols, per cent. . 54 15 0 5 Of British, 3}, War Loan 100 15 0 Same. British, 5, War Loan . 101 0 0 7 6* Conversion Loan, 3& 76 6 12 6f Com’wealth, 5$, 1922-37 97 17 6 Same. Com’wealth, 6, 1931-41 103 6 Same. N. Zealand, 4, 1929 . 98 5 0 1 3* N. Zealand, 3i, 1940 . 86 15 0 6t N. Zealand, 3, 1945 . 78 17 6 5 Of N. Zealand, 6, 1936-51 108 5 0 2 6* S. Australia, 3i, 1939 . 85 10 0 Sai S. Aus., 3. 1916 or after 60 15 0 Same. S. Australia, 6}, 1930-40 104 0 0 Same. Tasmania, 3^,'1920-40 . 83 10 0 30 Of Tasmania, 3, 1920-40. 80 2 6 12 6t Tasmania, 6}, 1930-40. 104 18 9 18 9t W. Aust., 3£, 1929-35. 88 15 0 2 6f W. Aust., 3, 1915-35 . 85 12 6 5 ot W. Aust., 6. 1930-40 . 101 0 0 2 6f

£ Note circulation . 133,77;),000 137,249,000 Coin 149,402,000 149,907,000 Reserve 31,352,000 32,410,000 Govt, deposits . . 18,445,000 8,721,000 Other deposits. . 102,902,000 101,842,000 Govt, securities . 42,984,000 Other securities . 64,955,000 54,744,000 Proportion of reser\ to liabilities . . 26.80 29.30

Brussels, belga. Paris, fr. . . . Dec. 22. Dec. 19. Par. 34.01 34.90 5.045 124.00 124.00 25.225 Stockholm, kr.. 18.07 18.07* 18.159 Oslo, kr 18.34 18.34 18.159 Copenhagen, kr. 18.20 18.90 18.159 Berlin, r.m. . , 20.42 20.43 20.43 Rome, lire . . . 92.63 89.84 25.225 Prague, kr. . . Calcutta, d . . . 1643 IS 1-8 164* 24. 02 24 Yokohama, d . 22 13-16 22 11-16 Hong-Kong, d.. 24 9-16 243 Montreal, dol. . 4.S9 4.8 8} 4 SC6 Xew York, dol. Amsterdam, fl. Batavia, fl. . 4.88 3-8 12.07 i 12.07i 4.SS 7-32 12.071 12.08a 4.866 12.10 12.10 t HE METAL MARKETS