TO- DAY’S QUOTATIONS

Sun (Auckland), Volume II, Issue 424, 4 August 1928, Page 14

TO- DAY’S QUOTATIONS

SOUTHERN EXCHANGES YESTERDAY’S SALES Press Association. Wellington.—New Zealand Government Stock, 5& per cent., 1936, £lOl 2s 6d; Gear Meat, 40s 6d. Christchurch. —Commercial Bank of Australia (ex div.), 30s; Bank of New Zealand, 60s; Christchurch Gas (10s paid, ex div.), 11s 9d, 11s lOd; New Zealand Breweries, 48s 3d; Tooth’s Brewery, 4ft s 4d; Mahakipawa, 3s 3d; New Zealand Government Bonds, 5½ per cent., 1933, £101 5s; New Zealand Breweries Bonds, 23s lid; English, Scottish and Australian Bank. £8 10s; Colonial Sugar, £58 7s 6d; National Insurance, 16s. Dunedin.—National Insurance, 16s; Bank of New Zealand, 60s. MELBOURNE MARKETS (United P.A. — By Telegraph — Copyright) MELBOURNE, Friday. Wheat.—No sellers. Parcels, 5s 2d. Flour. — £l2 2s 6d to £l2 12s Bd. Bran. — £6 10s. Pollard. — £7 10s. Oats.—Milling: 3s 6d to 3s 8d; feed, S 3 3d. Barley.—English malting, 5s 4d; Cape, 4s. Chaff.—Market quiet; £ 5 to £6. Potatoes.—Steadier, £2 15s to £3 10s. Butter.—Easier, Is BJd. Cheese.—Steady, 10d to IOJd.

RUSSIAN WHEAT SUPPLIES INCREASED PRICES OFFERED The Council of the People’s Commissariat at Moscow has published a resolution dealing with the storage of grain r produced in Russia. It prohibits the ; further application of extraordinary measures, and particularly orders the f immediate suspension of all forms of r compulsory confiscation of grain and the limitation of trade between villages. The [ resolution also provides for an increase j extending to 20 kopecks (sd) per pood L (401 b) in wheat prices, according to the , producing region, and for increases in , the price of oats and other cereals. The . commissariat authorities are instructed 5 to secure a timely supply of industrial goods for the peasants, and energetically . to suppress the private distillation of ' spirits. To stave off a food famine in Russia, the Soviet authorities have recently been obliged to make large and hurried purchases of wheat in the British and Canadian markets, home production having fallen off. This experience has evidently taught M os cow that the Russian peasants 1 cannot be coerced into providing cheap foodstuffs for the cities, while suffering from a shortage of manufactured goods, which are sold at relatively high prices. The conflict between town and country interests began several years ago, and has increased in the course of the past 12 months. Apparently the peasants have won—at least to a considerable extent. P.O. SAVINGS BANK INTEREST Interest on amounts up to £2,000 is being allowed in the Post Office Savings . Bank, and in cases where accounts had credit balances of between £2,000 and £5,000 on March 31, interest is still being paid. It is being issued on the full amounts at credit until the sums are withdrawn. No interest will be allowed on any new sumsi odged to these accounts unless the balance falls below £2,000. KAWARAU DAM CLOSED (From Our Own Correspondent) DUNEDIN, Friday. Work on the Kawarau River bed can be expected to start next week. The dam gates have been closed, and the river is steadily receding. A report from Cromwell states that the river has been falling steadily all day, and the general opinion is that it is lower at the town than last year’s level. Representatives of local companies arc at present in the goi-ge inspecting the levels, as more definite marks are available there, and any action will be decided on their return. If the level is favourable, men will at once be employed. The weather is cold and stormy. CHICAGO WHEAT MARKET (United P.A.—By Telegraph — Copyright) (Australian and N.Z. Press Association.) Retd .9.5 a.m. CHICAGO, Friday. Wheat.—September, I dollar 17$ cents a bushel; December, 1 dollar 244 cents.

FEEDING STOCK SALE MARKET VERY FIRM Press Association. FEILDING, Frida j'. At the Feilding stock sale there was an average yarding of fat and store sheep and a medium yarding of cattle. Bidding for fat sheep was brisk from the beginning. Fat lambs reached 29s and fat wethers sold up to 425. Fat ewes were in good demand, one pen of a few very prime ewes reaching 45s 6d. Jn the store pens a line of 520 ewes in lamb to Southdown rams was passed in at 34s 6d. Fat shorn b.f. lambs made 2Ss 9d to 28s lOd; fat ewes, prime. 45s 6d; good, 33s Gd to 34s 2d; medium, 29s 3d; fat wethers, 35s 4d, 40s to 425; fat black-face two-tooths, 36s 9d to 3Ss (id. Store sheep: Ewe lambs, good, 36s 9d to 38s 4d; inferior, 24s 6d; black-face lambs, 20s 8d; four and five-year ewes, Southdown rams, 30s 2d, 31s Id to 425; fouj'tooth ditto, 40s Id; four and six-tooth and four-year ewes, Romney rams, 47s to 48s; two-tooth ewes, Southdown rams, 35s 2d; fat and forward ewes, 22s 7d. A large yarding of dairy heifers and cows of good quality sold well, slightly above late rates. Cattle all round met an improved market, although in a number of cases the vendors’ reserves were not reached. Good quality springing heifers made £lO ss, £lO 15s, £ll 10s to £l4; second quality heifers, late calvers, £6 to £8 10s: dairy cows in calf, £5 10s, £7 15s, £9, £9 15s to £11; Jersey weaner heifers, £4, £4 2s 6d, £5 to £5 11s; two-year empty heifers, £4 10s to £6; store cows, £3 2s 6d to £5 ss; prime fat heifers, £l2 10s; fat cows, £5 10s to £S. KAIPARA TESTING ASSN. IMPROVING DAIRY HERDS The annual report of the Kaipara Dairy Company’s Herd-Testing Association for the season ended May 30, states that the association had under test 56 herds with a total of 1,181 cows under test for 100 days and more, and of this number I, or 91.7 per cent., produced less than 250ib of fat and 98 cows, or 8.3 per cent., produced over 2501 b of fat. The owners of the three highest average herds which gain the Kaipara Company’s certificates of merit were:—Mr. A. Becroft (Te Hana), 11 cows, average of 286.61 bof fat in 266 days, 1; Messrs. Cochran Brothers, 16 cows, 273.51 b of fat in 256 days, 2; Mr. A. J. Beavis (Te Pua), 24 cows, 243.51 b of fat in 282 days, The three highest producing cows which gain the company’s certificates of merit were:—Mr. A. Becroft’s (Te Sana) grade Jersey cow, 382.41 b of fat in 308 days, 1; Mr. A. J. Beavis’s (Te Pua) Friesian cow, 349.61 b in 301 days, 2; Mr. T. G. R. Stevens’s grade Jersey cow, 341.81 b in 270 days, 3. The prize of a pedigree bull calf donated by the chairman of directors, Mr. A. Hanson, for the herd showing the greatest increase in production over the previous year, was won by Mrs. D. Vellenoweth, Rewiti. WHEAT MARKET FIRMER POSITION IN CANTERBURY Press Association. CHRISTCHURCH, Friday. On the Canterbury markets, potatoes are a shade brighter. The Waipiata, which sailed yesterday, did not take the quantity North that -was expected. From Southern ports the cargo was 4,000 sacks, and Lyttelton’s quota was practically the same. The Kaponga is due to sail early in the week, but her cargo is not likely to be heavy. “Prompts” are a shade brighter, and Augusts have advanced 2s 6d to £6 5s f.0.b., s.i. August-Septembers are ranging about £6 7s 6d. A few lots were Bought from farmers earlier in the week at £4 15s, but there are few sellers now at under £5. Offers of wheat have been increasing. About the limit of offers is 5s 7d on trucks, but holders of best quality are not showing any haste to accept this figure. Most of the business that is being done is in No. 2 quality, at from 5s 3d to 5s sd. Fowl wheat is selling at 5s 6d f.o.b. for August, and also later delivery. Notwithstanding that the price is cheaper than for some years, there is not much life in the demand. Oats are slack. A grade Gartons are quoted at 3s Id, f.0.b., s.i., and B’s at 3s 6d, the equivalent of 3s 3d and 2s KUd on trucks. There is no inquiry. Chaff is also meeting with a lifeless demand. About £3 12s 6d is the value a ton, on trucks, at ordinary stations. The market for small seeds shows no change, but practically all classes are firm. A. AND P. ASSOCIATION WAIKATO CENTRAL SOCIETY CAMBRIDGE, Friday. The annual meeting of the Waikato Central Agricultural Association was held to-day, Mr. J. S. Fisher presiding over a fair attendance. The election of officers resulted: President, Mr. J. S. Fisher; vice-presidents, Messrs. W. T. Perkins, H. Crowther, G. Harris; general committee, Messrs. J. S. Allen, Wynn, Brown, A. E. Callaway, G. E. Clark, H. Crowther, J. T. Entwistle, J. S. Fisher, R. D. Fisher, W. A. Fisher, A. W. Gane, G. Harris, E. R. Lee, A. N. Macky, C. Meredith, W. T. Perkins, W. Richmond, T. Robinson, J. S. Russell, A. Thompson, W. C. Wallace, G. M. Watt, G. Whewell, T. A. Hicks, J. P. Keeley, G. H. Cooper, J. W. Garland, H. W. Mackereth, A. E. Peppercorn, E. Veale, C. H. Hargreaves, H. Watkins, C. Moule, F. Discombe, R. Wattam, H. P. Hewit.t S. N. Ziman; auditor, Mr. P. G. Harvey. It was decided that the next annual show be held on March 13 and 14. POVERTY BAY DAIRYING Press Association. GISBORNE, To-day. As indicating the fact that the dairy industry in this district is extending, 1,220 tons of butter were graded at Gisborne during the past year, compared with 868 tons during the previous 12 months. BUTTER AND CHEESE A. 11. Turnbull and Co.. Ltd., report receipt of the following cable from their London principals, W. Weddel and Co., Ltd., under date August 3:—“Butter: Danish, 182 s ; New Zealand, unsalted IS6s to 190 s, salted 180 s to 18 4s; market steady. Cheese: New Zealand, white 112 s, coloured Ills; market firm; Canadian, white and coloured, 110 s.” AUCTION NOTES One of the most important sales of first-class furniture and furnishings held in Auckland for some time will be conducted by George Walker, Ltd., at the residence, 22 Aratonga Avenue, One Tree Hill, on Thursday and Friday of next week. The sale will be under instructions from Mrs. E. R. Bloomfield, and will consist of imported English oak furnishings, costly carpets and pictures, a. Sheraton bedroom suite, exclusive Venetian ware, and a three-quarter Ronisch table grand piano. Messrs. S. Vaile and Sons, Ltd., will offer by public auction, at their rooms, 83 Queen Street, on Friday, August 10, at 2 p.m., the following properties:—A five-romed dwelling and conveniences, situated at Napier Avenue, Takapuna; a four-roomed dwelling, with usual conveniences, situated Corunna Road, Takapuna; a modern five-roomed dwelling and usual conveniences, on a corner section, situated on the corner of Lincoln (now Hendon) and Harlston Roads. Mount Albert; a four-romed dwelling fitted with usual conveniences, fronting Winter Road, Papatoetoe; instructed by the trustees in the estate of the late Mr. r. R. Finlay, semi-bungalow of four rooms and conveniences, situated corner St. Luke's Road and Lyon Avenue, Mount Albert; sound five-roomed villa residence at No. 5 Shore Road, Remuera; similar dwelling, Shore Road, Remuera: at 31 Liverpool Street, City, house of six rooms and one of five rooms.

LONDON MARKETS FOREIGN EXCHANGE RATES (United P.A.—By Telegraph — Copyright) (Australian and N.Z. Press Association) (United Service) LONDON, Thursday. Foreign rates of exchance on August

Bank of England Returns The Bank of England returns for the week ended August 2, as compared with those for the week ended July 26, are as follow: — August 2. July 26. £ £ Note circulation .. 137,216,000 136,016,000 Coin 173,659.000 176,020,000 Reserve 56,193,000 59,754,000 Govt, deposits .. 12,171,000 11,537,000 Other deposits .. 103,540,000 106,838,000 Govt, securities .. 29,201,000 28,279,000 Other securities .. 48,424,000 18,418,000 Proportion of reserve to liabilities . . 48.50 50.40 * Short Loans and Bills Short loans, 3£ per cent., same as last week; three months’ bills, 4 7-32 per cent., compared with 4 1-16 per cent, last week. DAIRY COY. ACTIVITIES GOOD YEAR AT HINUERA (From Our Own Correspondent) MATAMATA, Friday. At the annual meeting of the Hinuera Co-operative Dairy Company, Ltd., held at Hinuera yesterday, Mr. J. G. West presided over a large attendance. The output for the season showed an increase of 68 tons, and several important additions to plant and buildings were made during the winter, in preparation for an assured extra supply for 1928-29. A dividend of 7 per cent, was declared upon share capital, and a final bonus of 7-16th of a penny a lb butter-fat, together totalling £2,217. Statistics are: Suppliers, SO; cream received, 2,446,71.11 b; quantity butter made, 1,152,5571 b; butter made per 1001 b butterfat, 119.791 b. Messrs. J. E. West, S. A. Clarke, and Phil Hawke were nominated for two vacancies on the directorate, the two first-named being elected. The chairman announced that forward sales of about 300 tons had been made at Is 5d a lb net, which should return Is 6d a lb to butter-fat suppliers. NORTHERN WAIROA CO-OP (From Our Own Correspondent.) DARGAVILLB, Friday. At the annual meeting of shareholders of the Northern Wairoa Co-operative Dairy Company, held to-day, Mr. T. Bassett, who has been chairman since, the company’s inception, presided over a good attendance. The chairman said the prices received for produce during the season under review bad been very satisfactory, and indications were that the forthcoming season would be just as good. Pleasure was expressed at the increased output, which had been a record, and the high average grade of the butter. Mr. Bassett also said that, after careful consideration, the directors had decided to discontinue running two of the cream»collecting steamers, which were now for sale, and to collect the cream by motor-lorry, it having been proved that it could he done more effectively and cheaper by this method. A number of improvements had been carried out during the year, and a new factory erected at Kirikopuni, which would be in operation about October. Reference was made to the young veal industry, which the chairman urged suppliers to give their support. SUN COMMERCIAL SERVICE A special section for readers seeking information on financial and commercial questions is included hi these columns every Saturday . Names and addresses must he given in every instance, although not for publication, and inquirers are requested to send in questions early in the week addressed to the Commercial Editor, THE SUN. Director, Newmarket: The qualification for a seat on the directorate is 1,000 shares. A. Hamilton: The company’s auditors are investigating the position at the present time, and a report will be presented to shareholders at a special meeting to be convened at an early date. No definite data as to exactly what the recommendations will be has been released. R.M., City: The company has not paid a dividend for years. The preference shares have an assets value of approximately 20s, leaving nothing over for the ordinary shareholders. There is no market for the scrip. B. Remuera: The principal atraction of the scrip is a speculative one, and the demand, at the moment, is chiefly from investors looking for a satisfactory showing in the next balance sheet. Everything is certainly in the company’s favour, and it seems as if it has left the worst of its difficulties behind. A.W., Onehunga: We would be inclined to favour certain investments listed on ’Change in preference to the one you mention, that is, if you are looking for a reasonably safe, easily negotiable investment. Members of the New Zealand Stock Exchange handled very few of the shares, which allowed the company to go to allotment, the general feeling that the new concern was over-capitalised. From past experience in similar concerns we would be inclined to wait and see how the company gets over its first year. If everything turns out up to prospectus forecasts, even if you had to pay a slight premium, you would have the satisfaction of holding a reasonably Sound investment and knowing that you had cut down risks of loss to a minimum. There will always, even in the best of times, be weak holders wanting to get out. BOVRIL ESTATES NET LOSS OF £203,328 (United P.A.—By Telegraph Copyright) (Australian and N.Z. Press Association) Reed. 9.5 a.m. LONDON, Friday. Bovril Australian Estates announces that a severe drop in the value of cattle in North Australia occasioned a net loss of £ 203,325. A scheme of reconstruction proposes to cancel the whole of the deferred shares, also 15s a share on preferred and ordinary, to make a new issue of £224,461 ia deferred os shares.

Closing quotations at today s mid Sellers Buyers. A a. d. £ a. d. BANKS— Bank of Australasia 14 17 0 Com. Bank of Aust. (ox rliv.) 1 10 3 1 9 11 £ng., Scot, and Atis. S 9 0 .National of N.Z. .. 7 6 0 7 4 0 Nat. of Australasia 18 12 « Ditto (con.) .. .. 9 7 0 9 5 0 New South Wales .. 50 7 « New Zealand .. .. 3 0 3 3 0 0 Ditto. D Mort. O0» 1 Union of Australia . lo 2 0 14 19 0 INSURANCE*— National .. .. .. 0 — New Zealand . • .. 2 3 0 South British .. .. — 3 0 6 Standard — 3 4 6 DOAN AND AGENCT— Abraham & Williams (pref.) — 4 2 6 Farmers' Co-op Auotioneering (ex div.) 4 Ditto A (pref.) Ditto B (pref.) .. 15 o Goldsbrough, Mort . 10 9 Newton King (pref.) 0 N.Z. & River Plate 1 10 3 N.Z. Guar. Corp. N.Z. Loan and Merc. 107 Ditto (pref.) .. -. 80 North Auck. Farmers Co-op. (A pref.) .. — Ditto (B pref.) .. — COAL— Hikurangi .. .. .. 0 6 4 0 6 0 Ditto (pref.) •. .. Ditto (A pref.) .. 0 9 6 8 6 Pukemiro Renown Taupiri - 6 6 Ditto (pref.) .. .. Waipa 14 H — Westport-Stoekton. Ditto (pref.) .. .. — GAS— 1 2 6 1 2 5 Ditto (con.) .. .. SHIPPING— Devonport Steam .. 4 6 o o Northern Steam . . 0 14 « Ditto (con.) .. -- — Union Steam (pref.) — TIMBER — Bartholomew .. . . —. 0 15 0 Kauri Timber .. .. 0 19 3 1 13 0 10 6 I’arker-Lamb 19 0 — WOOLLEN— Kaiapoi 0 11 9 0 io r. Ditto (con.) .. .. Ditto (pref.) .. .. 14 ti Motgiel Wellington — l b Ditto (pref.) .. — — 10 0 BREWERIES — C. L. Innes 0?ref.). 1 1 0 0 18 0 N.Z. Breweries .. .. — b O MISCELLANEOUS — Auckland Amusement park .. .. 7 0 British Tobacco 2 Bycroft, Limited .. 1 15 0 Checker Taxicab 5 0 Colonial Suiar (Australia) .. .. 58 15 0 58

day call were: — Seilers Buyers. Dominion Pictures. l Ditto (pref.) .. .. Electrolytic Zinc — 1 1 0 (ord.) 1 13 6 Ditto (pref.) .. .. 1 14 3 3 Puller’s Pictures . . 1 1 0 o Gear Meat 0 Grey and Menzies .. 0 11 0 Hayward’s Pictures 1 1 0 Henry Jones Co-op. 1 16 9 Hill and Plummer .. H.M. Arcade Theatre 1 1 9 (pref.) .. .. .. .. 1 0 6 Kemp thorne-Prosser Lewis Eady, Ltd. 3 10 6 3 S 6 (ord.) .. .. .. .. 1 2 0 Milne and Choyce • 1 4 Ditto (pref.) .. ., 1 4 6 Ditto (B pref.) . 1 4 6 Ditto (deb. stock) . 1 4 0 National Pictures .. o 13 N.Z. Paper Mills .. 0 17 0 0 lb 6 Farmers’ Fertiliser. 4 8 0 4 0 0 Morris Hedstrom . . 1 1 3 1 0 3 N.Z. Refrig 0 18 0 Robinson Ice Cream 1 3 0 1 2 3 Sanford, Ltd 0 19 6 Ditto (pref.) . . .. 1 0 Sharland and t'o. . 1 0 3 0 19 6 Taranaki Oilfields . . 0 9 9 0 8 Tonson Garlick 0 12 0 Union Oil 2 3 6 2 2 0 Whittome Stevenson 2 10 0 2 7 0 Wilsons Cement I 18 9 1 17 6 MINING— Moanataiari (paid) . 0 1 n Ditto (con.) .. . . 0 0 4 Golden Age (paid) 0 0 1 K a war au 0 0 9 0 0 New Waiotahi (con.) Occidental Una, 0 0 6 — (con.) 0 0 5 Ohinemuri (ord.) 0 7 3 0 7 0 Ditto (pref.) .. .. 0 10 0 0 7 Waihi 0 12 9 0 12 7 Waihi Grand. June. 0 3 5 0 1 4 Mount Lyell . . . . DEBENTURES— Auckland Gas, 1935, 1 16 0 1 15 0 66 per cent Auckland Harbojir 103 0 0 102 7 6 Board, 5 per cent. 97 0 0 95 Ditto, 51 p.c. 95 10 0 Ditto, 56 p.c. 99 10 0 City of Auckland, 1940, 5£ per cent 10 0 Ditto, 1943, 5£ p.c. Borough of Devon- — 99 10 0 port, 6 p.c 100 0 0 Borough of Mt. Eden. 61 p.c 100 0 0 Ditto, 6 p.c 102 b 0 Borough of Hamilton. 6 D.C Hamilton Theatres — 100 0 0 105 0 0 Ditto, 8 p.c. .. .. 106 0 0 1 4 0 1. 30 Glaxo .. — 90 0 0 GOVERNMENT BONDS— War Loan, 1930, 46 — 98 7 6 Ditto, 1938, 46 p.c. — 98 15 0 Ditto, 1939, 46 p.c. 98 15 0 Ditto, 1941, 46 p.c. 99 10 0 98 12 6 Ditto, 1933, 56 p.c. 100 10 0 Ditto 1936, 56 p.c. — 101 0 0 INSCRIBED STOCK War Loan, 1938, 46 99 2 6 98 0 Ditto, 1939, 46 p.c. 98 15 0 Ditto, 1927-41, 51 p.c. 98 15 0 Ditto, 1933, 56 P.c. 100 10 0 . Ditto, 1936, 56 p.c. 100 10 0 1 Ditto, 1933, p.c. — 99 0 0

2 compared with par rates, or as averurst half of 1914, are:— Brussels, fr. . . 34.90 34.91 25.225 Paris, francs 124.10 L24.07 2o.22i Stockholm, knr. 18.15 18.155 IS.12 Oslo, knr IS.20 18.195 18.12 Copenhagen knr. IS.19 18.12 Berlin, r.m. . . 20.3o 20.3 4 a Rome, lire . . -. 92.81 92.82 25.225 Calcutta, pee. .. 17 15-16 24 Yokohama, pee. 22 3-8 24.43 Hong Kong, pee. 24 o-S 24 9-16 2 4 4.8o 1 -16 4.866 - L> 2 4.8bb Batavia, fl. 12.10 P. and O. Shares p and O. Deferred Stock is f uoted at £235. Consols and Coloni al Stocks August 2. July £6. s. d. Consols 55 12 0 55 17 6 British War Loan, fc 5 0 02 0 0 Conversion Loan, 35 17 6 77 17 6 5 J p.c., 1922-27 .. 9S Commonwealth Aus. 6 p.c., 1931-41 .. 101 6 3 N Z 4 p.c., 1929 . . 99 17 6 N.Z. 3i p.c., 1940 . . 87 12 6 18 9 N.Z. 6 p.c., 1936-51 106 IS 9