COMMERCIAL.

New Zealand Herald, Volume LVIII, Issue 17889, 17 September 1921, Page 5

COMMERCIAL.

—i Oi THE LONDON MARKETS. MONEY PJBODUOE BATES.' A. *nd N.Z. : . , LONDON, Sept. 15. The Bank of England returns for the week ended September IS, as compared with those for September 8. are &a follow: Sept. 15. Sept. 8. Coin 126,952,000 £126.589,000 Reserve . . . . 21,658,000 20.428,000 Note issue . . .. 125,208,000 124,433,000 Gort. deposits . . 15,053.000 16,479 000 Other deposits . . 129.548,000 140,370,000 Govt, securities .-,„. 61.242,000 74,047,000 Other securities . . 79,810,000 79,827,000 Proportion of reserve to liabilities 14.8 13.08 BATES OF DISCOUNT. Short loans, 3$ per cent., same as last week; three mouths bills, 4* per cent., as against 4i per cent, last week. , FOREIGN EXCHANGES. The following rates on foreign exchanges are current to-day, as compared with, the cabled quotations on September 12, and par : Sept. 15. Sept. 12. Par. New York .. Sdol. 69ic 3.74 4,866 Montreal .. 4dol. 13c. 4.19 4.866 Paris . . .. 52fr. 97c. 51.73 25.255 Berlin . . 405 m. 398 20.43 Stockholm . - 17kr. 17ore. 17.25 18.159 Christiania . . 28kr. 73ore. 28.67 18.153 Copnnhagon . . 28kr. 93ore. 21.27 18.159 Calcutta .. Is 4 7-8 dls 4Jd 2s Hongkong . . 2s BJd 2s B±d Yokohama . . 2s 7d 2s 7jd 2s Oid CONSOLS AND COLONIAL STOCK. The following table gives quotations for consols and colonial inscribed stocks, compared with those of September 8:—

DAIRY PRODUCE. Butter. slow. The Government prices have been reduced further. Australian by sa, and New Zealand by 4s. Cheese. — DulL New Zealand: white, 108s; coloured, 100 a to 104s.

CEREALS, ETC. Wheat cargoes are steadily held owing to the strength of the American market, but business is small. Australian, ex quay, is quoted at 74s 3d. Flour.—Steady. Australian, ex store, 67a Bd. Oats.— New Zealand, ex quay, 48a to 455. Beans and Peas.— at late rates. Sugar.—Granulated, 66sTALLOS7. At the tallow sales 1657 casks were offered and 1173 sold at full late rates.

. AUSTRALIAN PRODUCE. A. «md N.Z. SYDNEY, Sept. 15. Oats.—Algerian, feed, 3s 3d to 8s 3d; milling:, 3s 6d; white, feed, 8s 9d to Ss 10d» Maize.—Yellow, 5s 3d to 5b 6d; white, 6s to 5s 3d—Tasmanian, £4 to £10. Victorian. £4 to £o. ADELAIDE, Sept. 15. Milling. 2s 7d.

MELBOURNE. Sept. 15. Barley.— 4s 9d; Cape, 3s Sd to 3s 10&. Oats—2b 7d. Potatoes.— 10s to £6Onions.— •

GOVERNMENT LOANS. I CONVERSIONS AUTHORISED. [BT TELEGRAPH.— ASSOCIATION.] WELLINGTON. Friday. A notice gazetted yesterday states that the 'Minister for Finance has, in tonus of section 3 of the Inscribed Stock Act, 1917, authorised the conversion of bonds end debentures issued under authority of' the following Acts into inscribed stock, and the issue of debentures or other securities in exchange for inscribed stock:—Finance Act, 1916 (war loan, 1916), War Purposes Loar. Act, 1917 (war loan, 1917), Finance Act, 1918. No. 2 Part IV. (Victory loan). Electric Power Works Loan Act, 1919 (public works loan, 1920), Discharged Soldiers' Settlement Loan Act, 1920 (soldiers' loan, 1920). Finance Act, 1915 (renewal to December 15, 1930. of debentures matured December 15, 1920). The Minister has also prescribed to come into force from October 1, 1921, a fee of 5s for converting bonds or debentures into inscribed stock, and a fee of Be, plus cost of printing each < bond or debenture, for converting inscribed stock into bonds or debentures.

CANTERBURY PRODUCE. [FT TELEGRAPH.—PBESS ASSOCIATION.] CHBISTCHTJBCH. Friday. The firming of . the oat market continues, 3s 8d f .0.b., J.., having bees paid by North Island merchants for grade Cartons yesterday, and to-day 3s was paid for oats at country stations. The firming reported last week-end has caused farmers to release supplies, and offerings have been much freer during the last few days. Chaff is not being offered to much extent, and quotations are better, from £3 5s to £3 7s 6d at country stations. A sale of barley at 4s at country stations is' reported. It is understood that brewers ere well supplied with stocks. .Some of them carried over contra-it-grown barley from last year. Clover and "ass seeds are quiet again, with prices maintained during the past 10 days. Over 15,000 sacks of potatoes have been shipped to the North from Timaru and Lyttelton. With the despatch of these boats inquiries from the North, slackened off, and in the meantime very little is doing. Quotations are 32s 6d to 37s 6d.

PROPERTY SALES. Messrs. Samuel Vaile and Sons. Ltd., report that at their auction sale yesterday two cottages in Newton Road were sold under conduct of the registrar of the Supreme Court for £415, and a villa of five rooms on half an acre. Dilworth lease. Great South Road, Renmera, was sold for £885.

Price. Variation. £ s. d. s. d. Consols. 21 per cent. . „ 48 0 0 2 6+ British 31 p.c war loan 88 2 6 12 6+ British 5 p.c. war loan . . 88 17 6 12 61 New Zealand 4 p.c, 1929 86 0 0 — Com'wealth 6 p.c... 1931-41 99 7 6 2 6+ W. Aust. 31 p.c, 1920-35 72 0 0 Same, W. Aust. 3 p.c., 1915-35 68 15 0 5 0+ N.S.W. 4 p.c, 1933 .. 77 7 6 2 6* N.S.W. 31 p.c. 1930-50.. 63 5 0 2 6+ N.S.W. 3 p.c, 1935 ... 66 15 0 10 0* S. Aust. 3$ p.c, 1939 . . 68 5 0 — S. Aust. 3 p.c, optional 51 15 0 — Tasmanian 31 p.c, 1920-40 69 0 0 5 0° Tasmanian 3 p.c. 1920-40 64 0 0 20 0+ Victorian 31 p.c, 1921-26 89 & 0 — Victorian 31 p.c, 1929-49 63 2 6 2 6* Victorian 3 p.c, 1929-40 57 2 6 — +Higher 'Lower. —Not quoted last week.