BANK RATES.

Press, Volume LX, Issue 18242, 28 November 1924, Page 10

BANK RATES.

MARKED INCREASE TO-DAY. Cabled advice from London received in Christchurch yesterday states that the Bank of New Zealand buying iates on London will be increased to-day. The following table ehows the present and new rates per cent.: Present New. =• a. s. d. Bii.s at sight .. .. 45 0 55 0 Thirty Days .. .. 55 0 G7 6 Sixty Days .. .. 63 0 SO 0 Ninety Days .. .. 75 0 92 6 120 Days .. .. So 0 105 0

In connexion with this increase it is expacted that a corresponding reduction of the selling rate will be announced shortly. The reason for the increase is the general demand for money' to pay for wool purchases, and wool buyers have been notified accord-ing-iy. It was anticipated that the commencement of the wooi season would brin°an advance c: rate.}, but the ■ scnsationil increase. registered in wool prices has accentuated the exchange position, and the banks are faced with the position of making a somewhat larger increase than was otherwise anticipated. AUCKLAND MARKETS. (SPECIAI. TO "ISE PRESS.") AUCKLAND, November 27. The approaching holiday season has resulted in marked revival of trade, while the fine weather has given an impetus to the drapery business. Hardware- merchants report a satisfactory increase in turnover. The amount of business is very gratifying, and has wen caused chiefly by demands from country dis rict?.

Potatoes—There is practically now no demanc on thii. market for old southern ■potatoes., as ample supplies of good new Iccally grown have been sent -in. Prices for new potatoes have declined to from £9 to £lO per ton on trucks, Pukekohe. It would seem a3 if the earlier reports as to the great damage done by blight to the earlier planted potatoes in the Auckland district were somewhat "exaggerated. Southern whites are fetching £lO aud new £l4 uer ton.

Onions—Supplies of onions are now very short in Auckland, and consequently prices rule high. Tbere are no mere to come to hand until the Niagara arrives about December Bth. Some of the new Melbourne crop of Globe onions are expected to reach Auckland at the same time, which should tend to reduce the price. In the Auckland district the- new crop of onions is ■making Isa-tiisfactory (progress, and some earlier lots should be on the market about the end of Decmber. Canadian are quoted at 32s 6d per case aid Australian globe at 3C« per case.

Maize —The local market is very bare of maize, a3 practically none is being sent up from the coaßt. Prices in Gisborne still rule very high, and in consequence maize is bein? imported from Australia to keep this market going. A shipment by the Maheno was affected by ■ weevil, and this added to the landed cost. East Coast and Sydney are quoted at 7s 3d per bushel. . Oats—High prices continue to rule for oats. This market is still kept going with (shipments brought over some time ago from Canada. Small parcels of Australian grown and Algerian feed oats Were also imported, but the grain did not meet with a ready sale, buyers preferring to . pay higher prices for Canadian white osts. Canadian feed are quoted at 5s lid per bushel and Algerian seed at 6s Sd. Chaff —The Kairanga only brought a small quantity of chaff for Auckland, the bulk of it being from Picton. Advice has been received that the Kurow iB . replacing the Kawatiri and will load chaff for Auckland at Devonport, Tasmania, to-morrow. Stocks here are light. Victorian is quoted at £lO 10s per ton in sacks, Tasmanian. at £9 15s in sacks, Victorian compressed at £9 and Blenheim at £l3.

' Wholesale current prices are—Superfine creamery butter Is 6sd per pound booked, prompt -cash Is vjd per pound, first grade factory booked Is S|d per pound, cash Is 5d per pound, second grade Is 4|d per pound, booked Is 4d per pound cash, farmers' separator Is per pound, cheese 9d to lOd per r>ound, bacon and hams Is Id per pound, bacon aides 10Jd to lid per pound, lard in bulk lid to Is per pound, pats la to Is Id per pound, flour £l7 5s i>er ton (lees 21 per cent, discount for 200lb sacks), sharps £8 per ton, bran £7 per ton.

SOUTHLAND MARKETS. • (special to "tot PRSsa.") INYERCARGILL, November 27. Oats—The market is very quiet. The only enquiry for shipment ia for forward delivery spread next year. It is reported that sales * have been made at 3s lOd for A's and 3a 8d for B'a. Merchants are not keen to operate, as they are doubtful of the prospects for next harvest, owing to the continued dry spell. Tho cropß in somO districts seem to doing fairly well, but : it is reported that in others the dry season is having ■& detrimental effect. Wheat—All the Southland wheat has been cleaned up, and supplies have to be drawn from outside markets to fill the local fowl feed requirements. Chafi— I The market continues firm. Pruße lines are readily saleable &t £7 ss, and in some cases up to £l 10s per ton hae been given. . Ryegrass—Very little business is doing at present, except for retail trade, which has been good. The shipping demand is not strong.: but should seed be required during the next month to any extent, stocks should soon be cleaned up. There are enquiries for ryegrass for next season on the basis ox about 6s 6d to 5s 9d, but merchants are not inclined to cell at these prices, as they do not think they will allow for a margin of profit on the pßce they, will have to .pay to farmers for) any dressed Potatoes—The maTrket for old is practicallj over. New potatoes are offering at fairly reasonable prices. Any lines of old offering from farmers -would probably bring about £4 10s to £5 o.t.c.s. Fruit —Business has been very bn&k iu th fruit marts during the week, a special feature being the very heavy .suppbes ot strawberries. The fruit, arriving-in condition, sold readily and realised satefactory prices. Spplies of cherries aremuch lighter, but prices remain the same, unristchuich tomatoes are coming forward ill increased quantities, and the price is gradually dropping. Current are approximately as follows :-StrawbecneEi good condition from Is 2d to Is 5d per chip, inferi<or 3d to is, cherries best to Is Id per lb, boxes, to 9d Canadian apples 27a 6d per case, Stunners 20s, • oranges 21s to 255, ripe bananas 40s, hothouse tomatoes Is Sd to 2a »er lb. hauraki reefs, ltd.

(SFZCIAI* TO "TUX PMSB.") AUCKLAND, November • 27. The annual meeting of Hauraki Reefs, Limited, was held to-day, tbe chamnan of directors, Mr M. H. Wynyard, Priding The annual report, which was adopted, stated that no change had taken place in the mine since the last annual meeting. The directors had made application to the Government for a subsidy or loan of £IOOO with a view to raising a similar amount to undertake further operations on the Golconda reef. The application was now being considered by the -ttine3 chairman explained that work ih the mine was suspended in 1917, mainly 1_ abilitv to get coal supphM. What appeared to be a. new run of gold had ]UBt been struck in the reef 40ft below 3 level. .