COMMERCIAL

Hokitika Guardian, 11 October 1933, Page 3

COMMERCIAL

PRODUCE REPORT. The following are the London..quotations for October 6:— Butter. —N;Z. fluent 102/-, Kangaroos 100/-, Danish 105/6; market, stagnant. • Cheese.—N.Z. white 50/-, coloured 50/-; market, stagnant. - Butter. . j

During the first three weeks of September. the • London market remained steadily firm and values rose from 92/G on Ist September to .11/- for finest on the 20th. This price lias proved to lie the peak for the moment as a sudden weakness occurred, and prices . have since fallen to 102./-, with the.possibility of a further ’decline. Consequently very little trading is being done except for immediate requirements. Messrs W. Weddel and Co. Ltd. cabling onthe sth, stated that the reaction in the butter position lias been due to the fact that prices had been forced too high without any general buying taking nlaee. Another factor has been the sudden increase in shipments' and gradings from Australia. Buyers are now acting very cautiously and are expecting lower prices. The future of the market will depend upon the production for the ne v t few months both in New Zealand and Australia. Forward Bus’ness. During September, forward buyers continued to diow a cowaidurable amount of activity, more particularly for butter that would arrive in the United Kingdom not later than early November, and as high as 113 d f.o.b. was paid for some of these early shipments. Generally speaking, not mucn interest was shown iii later arrivals although fair quantities did change hands at Hid f.o.b. for late October shipment. To-day, butter is being offered on the basis of lid f.0.b., for October shipment but buyers are showing no interest whatsoever.

Cheese. The cheese market has to a great extent followed the rise and fall of butter arid reached the peak with butter about the 22nd September. The market however, has weakened and quotations for NeW Zealand are down to the basis of 50/- for white and coloured, with a stagnant market. Messrs W. "YVeddel and Co> Ltd., in their later cables state that the-statis-tical position of cheese is sound, that the home make of ,cheese is much below normal and they are therefore of the opinion that prices should improve. However, if butter continues to decline, it is bound to have a depressing effect upon the cheese market also. exchange quotations. OHRTSTCHT T 'P,nH, -October ]O. Sales; N. 7. Govt. 4 per. cent. JnScl\. 1955, £lOl 15s ; National Bank of (Australasia (£5 paid) £6 12s (2) ; Bank

of New South Wales £34 10s ; Bank of New Zealand 48s 3d (2); Union Bank of Australia £lO 7s 6d; Dalgety and Go.. £lO 17s 6d • N.Z. Re frig. (£l' •paid) 19s 6d; Dunlop Rubber 18s Sd (2); Wilson’s Cement 25s 9d ■ Alexander Mines (13s 6d paid) 15s 9d; Bell Hooper (9d paid), 10-J d, ..lid; Nokomai 2s ; 9d. Reported : Bank of New Zealand 48s 4d • New Zealand Drug Go., 70s.

DUNEDIN, October 10

Sales on ’Change ; Nokomai 2s lidReported : Commercial Bank 17s Id ; P. and 0 Deferred Stock 24s (late yesterday); King: Solomon 3s 4d (late yesterday); Blackwater 34s 9d. After call : Paddy’s Point 5s 4d. , , AUCKLAND, October 10.

Sales : Bell-Kilgour- Is 7d ; Bank, of /New Zealand 48s 3d • S°nth British 74 s sd; National Bank 85s; Bank of New South Wales £34 15s; Stock 4 per cent. £lOl 10s, £lOl ss; Auckland Harbour (5-J) par. WELLINGTON, October 10. iSales: Wellington Gas 34s ■ Mount Lyell 24s 2d.

MINING QUOTATIONS. Lawson’s Flat, buyers 7d, sellers 8d; Alexanders lss sd, 15s lid ■ Nokomai 2s Bd, 2s lOd ; Chariest-on 2s Id. 2.s 6d ; Big ‘Rivers’ Is 6d, Is 7d; Gillespie’s -2s Id, 2s 2d; Waitabu 7s, 7s 3d;. Okarito 10s 6d,-lls-; Brian Born 24s lid, ■26 s 9d.