COMMERCIAL

Greymouth Evening Star, 15 May 1925, Page 5

COMMERCIAL

HIDES SALE(Australian and N.Z. Cable Association.) ’ MELBOURNE, Muy 14. The hides sales were irregular. Stouts and . lights were unchanged; mediums declined a farthing, and kips were easier. . . GRAIN AND PRODUCE. MELBOURNE, May 13, Oats, millihg 2/9, feed 2/6- tp 2/7 > barley, .English 5/3 to 5/6, Cape 4/-; potatoes £7 to £7 10s; onions £l2 10s to £l4. , ~/.''. N.Z. LOAN .FAILURE. \ . . LONDON,. May 14. . It is estimated that the proportion of the New Zealand-loan 7 which-will be left on the hands of the underwriters will range from to ninety per cent. " “The Times’s’’ city editor writer—“The.fact that the underwriters have shouldered the most substantial part of the New Zealand loan is bound to influence future , Colonial issues'. It is knq.wn that the borrowers, including some of the Australian States, are anxious to raise fresh money. In the present circumstances it would be wise to moderate expectations. A series of large overseas loans, the bulk of which would be left to the underwriters, might force the interest rate to the six per cent level. There is a limit to the amount of undigested stock, that the underwriters can absorb.

LATER. Dealings, began in the. New Zealand loan at li per cent discount. The underwriters were saddled with 85 per cent. . New Zealand authorities attribute the nomsuccess of the- loan to the effects pf the re-introduction of the gold standard and the apprehension in con. nation with tin: increased bank rate. STERLING EXCHANGE VALUES. NEW YORK, May 14. The rate for sterling is now 485 3-16 cents. ' ■ J CHILLED MEAT. LONDON. May 14. The first cargo of Australian chilled meat, constituting seventy-one .quarters of beef, was placed at Smithfield and received considerable attention. ; The trade was impressed by the condition, which was excellent, notwithstanding the sixty-five days’ passage. The only criticism wqs the dullness, which was considered due to the length of the voyage The consignment, although experimental, sold readily at prices about equal to South African. LONDON WOOL SALES. n Dalgety- and Company, Limited, report having received the following cablegram from their. London House, under date of May 1.2 < —Wool sales continue more animated, competition is better. .As compared with these sales’ opening rates crossbred wools of medium and coarse quality are Id to lid higher.