LONDON MONEY MARKET

Sun (Auckland), Volume III, Issue 899, 17 February 1930, Page 10

LONDON MONEY MARKET

NEW ISSUES IN 1929 A HEAVY YEAR That London is still able to hold its end up as a money-lending S r 1 oon S "? dlcated by the figures for 1929, showing the number of prospectuses issued and money found in London for various purposes. The year was the third best since the war for the number of prospectuses issued. The number of prospectuses advertised in London last year was *>6l. The year started out with every piospect of beating all previous records, for during the first four months prospectuses totalling 212, a gain of 48, or nearly 30 per cent, on the corresponding period of the previous year were issued. In May occurred the perliminary signs of a recession, due to the first underground rumblings of the storm that heralded the Uatry smash and the general disorganisation of the Stock Exchange that ensued, on top of which came the "Wall Street orgy of speculation and the subsequent clean-up. The rationalisation movement in industry was reflected in the numerous exchange issues of various undertakings. Bonus allotments were not as numerous as in the previous year. The net effect of all these exchange transactions, conversions and bonus creations was that no fresh money was put up, and the disturbance to the market was far less than would appear from the aggregate of the tables. The amount of all permanent capital issues in 1929 attained the nominally huge figure of £ 5,34G,390,000, but this was largely constituted by the British Government loan on conversion. A classification of the new issues for 3 929 is given in the “Financial Times’’ as under:

MEAT COMPANIES’ PROBLEMS

PRESSING COMPETITION Press Association INVERCARGILL, Saturday. Speaking at the annual meeting of the Southland Frozen Meat Company, which declared a 12 per cent, dividend, the chairman, Mr. John Gilkison, said that steady and continued pressure by large oversea meat interests was resulting in the ownership or control of Nev Zealand works passing to them. The outlook did not promise a continuance of high prices owing to increased production, notably in the Argentine. While the directors did not desire to sell, circumstances might prove too strong or too tempting. *

BUTTER AND CHEESE

DAIRY BOARD’S REVIEW

The Xew Zealand Dairy Produce Board has received the following market report from its London office dated February 14, prices for the previous week being in parentheses: Butter New Zealand. —Salted, 150 s to 152 s (152 s to 1545) (last year, 178 s to 180 s); unsalted, 164 s to 172 s (166 s to 170 s) (last year, 186 sto 188 s). 3 50s to 152 s equals approximately Is 2td f.o.b. First whey, 142 s (1465); second whey, 140 s (1445). Deliveries Xew Zealand this week, 1,179 tons; in store, S,OSS tons (last year 2,900 tons). Australian. —Salted, 146 s to 148 s (148 s to 1525); unsalted, 146 s to 152 s (150 s to 1565). Argentine.—Unsalted, 1465, 148 s up to 150 s (146 s to 150 s). Danish. —F.0.b., 16Ss (1725); spot, 177 s to 178 s (176 s to 178 s). Dutch.—Unsalted, 184 s to 188 s (186 s to 188 s). Siberian.—l4Bs (150 s). Polish.—l36s to 142 s (140 s to 1445). Market slow. Retail prices unchanged. Cheese Xew Zealand.—-White, 90s to 91s (90s to 91s) (last year, 88s to 89s); coloured, 88s to 89s (88s to 89s) (last year, 91s to 925). SSs to 91s equals approx. Sid f.o.b. Deliveries Xew Zealand this week, 16,936 crates; in store, 50,189 crates (last year, 58,500 crates). Australian.—White, 88s to 89s; coloured, S6s to S7s. Canadian. —White, 96s to 100 s (96s to 100 s); coloured, 96s to 98s (96s to 98s). Deliveries Canadian, 4,850 boxes (last year, 2,800 boxes); in store, 140,376 boxes (75,169 boxes). English.—Finest farmers’, 112 sto 120 s. Market quietly steady. Retail prices unchanged. MERCHANTS’ REPORTS Merchants report receipt of overseas cables as follow: Newton King, Ltd., from R. and W. Davidson, Ltd., dated February 14: “Butter: Market slow; salted, 150 s to 1525; unsalted, 164 s to 170 s. Wheys, firsts, 1425; seconds, 140 s. Cheese, market quiet and steady; coloured. SSs; white, 90s. A. H. Turnbull and Company, from W. Weddel, London, under date February 14: —Danish butter, 177 s to 181 s; Xew Zealand unsalted, 164 s to 1765; salted, 150 s to 1525: market slow. New Zealand cheese, white, 90s; coloured, 80s; market quiet. Canadian cheese, white, 96s to 100 s; coloured, 96s to 9Ss. Joseph Nathan, from Trengrouse and Nathan, London:—Butter, 148 s to 150 s. White, cheese, 89s; coloured, 87s. Both markets slow. The Bank of New Zealand has received the following advice from its London office, as at the close of business last week: —“Butter: Market weak; 150 s to 1525, Cheese: Market quiet: white S9s to 90s; coloured, STs to 88s.’’ A report from London to Amalgamated Dairies, Ltd., states: Butter market is rather disorganised, the continued absence of demand upsetting market. Prices are unchanged, but may go lower. Deliveries, Xew Zealand, 1.179 tons: stock, S.OSS tons. Retails unchanged. Cheese position is easier. White at S9s and coloured STs. Slight improvement probable shortly. Canadian cheese continues quiet w and unchanged. Retails unaltered.

No. £ Public loans 39 4,687,057,800 Finance companies— New .7 117,103,900 Old 141 49,043,400 Industrial companies New 222 125,836,300 Old 271 307,705,300 Plantation companies New 6 929,000 Old 17 2,231.100 Mining- companies New 24 17,911,900 Old 34 8,571,300 821 5,346,390,000 The requirements of the colonial authorities were nominally greater than in 1928, but here again the conversion factor was materially in evidence, and to that extent lowered the amount of cash that had *to be found bv tho market. Details are as follow: — £ Australia . . British Guiana . . 2,000,000 (,'anada 2,149,100 India 30,255,100 Newfoundland 2,555,700 New Zealand 24,510,000 £83,873.600 In 1928 the total was £76,358,500. A fair proportion of Australian needs last year was of municipal character.