THE MONEY MARKET.

Dominion, Volume 2, Issue 557, 12 July 1909, Page 8

THE MONEY MARKET.

Tho Bank of England discount rat© is 2J por oont, to which it was reduced on Apul 1. Short loans are (iuoted in London at from i to i of 1 per cent ' i Three months" bills are 11-16ttra lower at 13-16ths of 1 por cent. COLONIAL AND OTHER PRODUCE Wheat.—The markets are quiet, owing to rainy weather in Europe threatening to delay harvests, and this, with bad crop reports from Argontina has counteracted weakness m America, The American visible supply is 16,502,000 bushels. Australian cargoes sold at 15s Cd, and 46s 3d. Near cargoes are steady, but distant aTO offering at less, without attracting buyers Australian sailing cargoes, March-April, quoted 451 to 455. 3d, July 44s 6d , new crop Januar)-Fobru-iry lis. 6d. New Zealand 6teamer afloat, 44s 3d., long-berried, 4Gs 6d.; short-berried, 465. landed. Oats are very quiet. New Zealand Juno, 20s. 6d. to 215.; La Plata, June-July, 18s. 9d. ricur—The market is very qniet Australian 1 is quoted London 33s Gd Glasgow 16 depressed, I owing to fall in American. Australian is Gd I to 9d. lower on tho weok's ofecial statement ' that wheat seeded in Canada is some 1,110,000 1 acies larger than 1908. Butter.—Tho market is firm. Australian :is in small supply, and is quoted at 101s to IOGs , Now Zealand, IOSs , Danish, risen three kroner 1 Cheese—New Zealand is quoted GOs to 61s ATawa's cargo was landed in good condition Rabbit Skins —Annmg, Cobb and Co.'s report indicates there 19 a strong demand. Out of 1234 bales offered 1220 wore sold, at an averago of ljd. dearer, with better sorts 2d. dearer. Sugar.—German beet, 10s. 5d.; first marks, 12s. sd. f.O b., Hamburg. METAL MARKETS. 1 Copper.—Spot, .18s 9d. lower, at £58 Is 3d , three months, .81 lower, at £53 17s. 6d , electrolytic, £60 5s per ton Tin.—Spot, 17s. 6d. lower, at ,£l3O 17s. 6d.; three months, £1 lower, at £132 7s Gd per ton ' ' Lead —5s lower, at £12 12s Gd per ton. " Pig-iron—4Ss per ton THE FROZEN MEAT MARKET. (By ,Telegraph.—Press Association— Copyright.) (Rco July 11, 5 5 pm ) ' ' *li ' ' '" * * London, July 10. Tho Frozen Meat Trade Association's Smithfield market quotations for tho undermentioned classes' of frozen meat are based on actual sales of not less than ono'hundred carcasses of mutton or lamb, or twenty-five carcasses of beef of fair average quality. These quotations are not for selected lines, but for parcels fairly representative of the bulk of the shipments now on tho market.— j > > * - - July 4. July 10. Mutton- > ' d. d. 1 Canterbury, ,Jigaf t 3J 3i Canterbury, medium 3 21 Canterbury, heavy ... _ 2J 1 2J Southland — — North Island, best 29 1G 2J North Island, ordinary ... 2J 2\ Australian, light , 2J 2J .Australian, hea\y < 2 31G 2J River Plate, light 2| 2} River Plate, heavy 2J 2 3-1G Lamb —: Canterbury, light ». ... 4 1-16 3£ Canterbury, medium 3} 3i Canterbury, heavy 35 3J Southland 3J .3} North Island, selected ... 35 3| North Island, ordinary ... 3 9-1G 3J Australian, best - 3} 3J Australian, fair I—»— ... 3J 3J Australian, inferior ... ... 3 3 River Plate 3 3-16 3J Beef- ' ' " New Zealand fores -, ... 3 2J New Zealand hinds ~. — 4| 4i . Australian, foresj, 4u. ... 2J 2} ' Australian hinds '' 4J 4j . River Plates fores 2 5-1G 2j River Plato hinds & 5-16 4J «. 1 1 t .1 \ •. , , ' NEW "ZEALAND HEMP. (By Telegraph—Presß Association— Copyright) (Rec.'July 11, 5 5 pm) London, July 10. New Zealand hemp is neglected Good fair, May-July shipment, £23 5s ; fair, £22 5s per ton. LONDON WOOL SALES. I STRONG DEMAND FOR GOOD WOOLS. (By Telegraph-Press Association—Copyright) London, July 9, At the London wool sales, the Gear cl(p realised Bid per lb The Bradford market is firm, but business somowhat quiet. Quotations are irregular, with average "tops" unchanged. Later. 1*" At tho wool sales there was strong competiition for all good Borts, but a slow sale for 'faulties. Prices were in buyers' favour. ' SHABBY -LOTS NUMEROUS. U (By Telegraph —Press Association —Copyright) CRec July 12, 030 am) 1 London, July 10. At the wool sales to-day there was a good attendance of buvcrs, and fairly keen competition, but the bidding occasionallv' dragged in I tho case of shabbier sorts of orossbreds. These ,were numerous Several lots of second-class i- Geelong' wools sold readily at late rates . The sales included. Waiau, B|d, and lulongbuta, 2Ud. ' , L , _ , \TJp to date, 45,259 bales have been offered and 41,151 have been sold. ' MINING NEWS. DREDGING. (By Telegraph—Press Association.) Dunedin, July 10. Returns M3ood Chance, G2oz lidwt , Gtago No. 2,410z.; Rising Sun, 450z , Waikaka Hinted No. 1, /soz. 9dwt , No. 2., 17oz Cdwt, Dunedin, July 11. Dredging returns —Rise Shine No 1, 30oz ldwt ! Sandy Point, 270z 14dwt, Rise and Shine No. 2, 250z. 9dwt ;. Muddy Creek, 18oz. udwt.; Alcxandia Eureka, IGoz Ouwt.j Punt, 12oz. lldwt, Enterprise, 12oz. udwt.' -THAMES DEEP LEVELS. , l< DEVELOPMENT WORK. A STARTURGED. (By Telegraph—Press Association) Thames, July 10. •sTho 'general.'feeling, at.■ the .Thames in con;neotibnv"HHth;:'the'lwvernmentf:promise :.of >;a subsidy up to' £3000' for deep lcveVdevelOpirieiit'. '!work : isythat 'the Minister and , Cabinet have 'dealt fairly, and- that the, best. course' to' llursue is to take immediate advantage of iho.offer, 'ah'd^pfticeed''to:''work'.at oneo.' • It, is; believed locallyithat.vthere is probability of a.fuitboigrant: being -made yin -.futare, .'whan the'workis pushed ahead,- and the grant 'is found to be insufficient. The whole future 0f,",: he, field dethis/work/ ' The, *01.1 ion is general that;there should .be.no furthe'r.del<ijf. •:'.'•. '■"J,? (By Telegraph.—Special. Correspondent.).. ' /,/!,;-;■. v'v; ■■'; ;;.'"'-;■> Auckland, July,lo.'. ■ The "Star's"; Thames' correspondent: says:— i'^r?-M'Kehzio,. lyhen at .the Thames/made it 'understood : "that'ho was not pleased at: the long delay in-.pfoceedihg.with, the deep levels de-' Vvelopment? on'the plea of which lengthy periods of protection had been granted. Ho informed ; me that''it r was, not .fair, to; the distriof; for companies 'to remain inactive continually and mako this a plea for protection:'.■•; He hoped that 'an "early l -commencement .would,-be made, aud' that: the' GovernmentV assistance (the aniount : was/riot; then, mentioned) would bo accepted ;a'nd 'avwoi'kNof-.'great^.importance:commenced. li,am. also: assured, op .what, may be termed .the best jpossiblO' authority that there' is.every'.proof a further, amount being available if;'found :to. be required, but- this .cannot be : for;:Scmo-considerable': time, for, if-an average ofi.aOfti: ,'per'.iveek'is maintained with rock. Mfills.Vit ,ViU Itaftref close on 'eighteen months.to . conipfete; the jri'airi "crosscut, by ..which' time the colony may be. improved, and .further assistance become .avail-. able.'.Sd;'far:'as'l6can' ; gather .the general; feeling is that tho Govewinient's offer of assistance should be promptly.'a'ccepted.-.and that this allimportant work should bo commenced at once." On-the Auckland, Exchange the opinion ■ is:;also;held:'that'''the.;'£spoo subsidy ought to be< , 'accopted.;.'.ahd -the, deep levels ; operations started. .It is feared, _ however, that it is go-. : ing to be hard .to got a unanimous ■ decision on those;lines from tho interested companies.'