COMMERCIAL.

New Zealand Herald, Volume LIX, Issue 18026, 27 February 1922, Page 5

COMMERCIAL.

THE LONDON MARKETS. MONEtt AND . PRODUCE RATES. Australian and N.Z. Cable Association. (Becd. 5.5 p.m.) LONDON, Feb. 23. The Bank of England returns for the wcjk ended February 28, as compared with those for tha week ended February 16, are as follows: — Feb. 123. Feb. 16. £. £. Coin •• .« «« 126,930,000 126,029,000 Deserve- .. „. 25.666,000 25,160,000 Note issua .. .. 121,646,000 121,752,000 Govt, deposits ». 27,808,000 14,912,000 Other deposits .. 109,047,000 137,462,000 Govt, securities .. 48,546,000 64,426,000 Other securities .. 81,639,000 80,566,000 Proportion of reserve to liabilities .. 18.60 16.70 RATES OF DISCOUNT. Short loans, 8 per cent.; three-month pills, 3J per cent., as against 3i per cent, last week, FOREIGN EXCHANGES. The following rates on foreign exchanges are ourrent to-day, as compared with the cabled quotations on February 20 and par:— Feb. 23. Feb. 20. Par. New York .. 4io 4.89 4.866 Montreal .... idol 540 4.53 4.866 Paris • .... 48fr 15c 47.83 25.255 Berlin .. .. 940 m 976 20.43 Stockholm .. 16kr 65ore 16.60 18.169 Christian!! .. 25kr 75ore 26 18.159 Copenhagen .. 20kr 95ore 21.12 18.159 Calcutta .. .. Is 3}d Is 3|d 2s Hongkong .. 2b 51d 2s 51d — Yokohama .. 2a lid 2s 2|d 2s Old CONSOLS AND COLONIAL STOCKS. British gilt-edged -securities have eased somewhat on profit-taking. Colonial stocks are very firm The following table gives quotations for consols and colonial inscribed stocks, compared with those of February 16. Price. Variation. £ s. d. s. d. Consols. 2! per cent. .. 56 10 0 60 Ot British, 5i p. 0., war loan 92 10 0 27 6t British, 5 p.o. war loan 96 0 0 40 Ot New Zealand 4p. 0.. 1929 91 0 0 40 Ot New Zealand, 3* P. 0., 1940 77 10 0 35 Of New Zealand 3p. 0., 1945 69 5 0 10 Ot Com-wealth 51 p.q., 1920-22 100 10 0 Same. Com-wealth 5} p.c, 1022-27 100 0 0 10 04 W. Aust. 3} p. 0., 1920-35 79 10 0 20 0} W. Aust. 3 p.c. 1915-35 73 10 0 40 Ot N.S.W. 61 p.c, 19JO-40 105 5 0 22 6i N.S.W. 5| P. 0., 1922-32 100 16 O 45 Ot N.S.W. 4 p. 0.. 1933 .. 85 12 6 22 6} N.S.W. 31 p. 0., 1930-50 74 10 0 30 Ot N.S.W. 3P. 0.. 1935 .. 70 15 0 30 Ot S. Außt 3J p.c, 1939 .. 75 10 0 30 01 S. Aust, 3 p.c, optional 67 0 0 25 Ot Tasmanian 31 p. 0., 1920-40 76 0 0 15 0} Tasnunian 3 p.c. 1920-40 70 0 0 60 0 Queensland 4 p.c, 1924 95 0 0 42 6t Queensland 3} p.c, 1921-24 93 12 6 17 6t Queensland 3 p.c, 1922-47 62 17 6 72 6 Victorian 3} p.c. 1921-26 93 10 0 10 OJ Victorian 31 p.c, 1929-49 72 17 6 2 6 Victorian. 3p. 0.. 1929-40 67 10 0 55 Ot tHigher. • CEREALS, PULSE, SUGAR. Wbwt.— Cargoes are quieter owing to the »bsenc« of American advices and lower Canadian quotations, but prices have been steadily maintained and there has been a fair turnover. Quotations for February are 58e and for February-March 57s 9d. A sale of parcels for Fobruary loading, has been made at 57s 3d. The spot trade is slow and prices occasionally are slightly dearer. Flour.—Very firm. Australian, 45s to 46s-Barley.-Slow. Australian, Chevalier, 46s Oats'.—Firm. New Zealand, landed, 37e to 38s Peas.—Firm. Ta*manian blues, ex-store, 460 a to 52fh; New Zealand, 380s to 4405. Beans.—Steady. Prices are unchanged. Sugar.—Granulated, 475. (Reed- 2.30 p.ra.) ' LONDON. Feb. 24. FROZEN MEAT. (Last week's prices in parentheses.) Lambs.—South American, light 9id (lOd). heavy 8d (9Jd). „ , , , , , Frozen Beef.—New Zealand and Australian hinds, all 4d (41d). Chilled Beef—Argentine, fores 3Jd (3|d). hinds sid (s}d); Uruguay, fores 3|d (3d), hinds 4|d (4d). Others unchanged. COPRA. HEMP. RUBBER, ETC. (Last week's prices in parentheses). Cotton—March delivery lO.Old (10.09 d). Rubber.—Para, Hid (Hid), plantation and smoked 8d (B|d). Copra—March-May shiprD&nta, £24 10s (£24 ss). Hemp—Februaiy-Ar/ril shipments, £bi (£34). Jute.—February-March shipments £24 6s (£24 ss). Linseed Oil—£3R 10s (£3B). Turpentine.-£3 7s 3d (£8 9» 6d) PRICES OF METALS. Conner.—On spot £57 8s 9d. forward £58 8s 9d. Lead—On spot £21 2s fid. forward £20 2s 6d. Spelter—On spot £24 7s 6d. forward £24 17s 6d. Tin.-On spot £142 2s 6xl, forward £144 2a 6d. , , , Silver.—2s 9d per oz. standard. The New Zealand Loan and Mercantile Agency Company, Limited, has received the following cablegram from its London house, under date of February 22 .—Tallow: We quote present spot values for the following descriptions, fine mutton 42s 6d per cwt, good beef 41s 3d per cwt, mixed 36s per cwt, market quiet. Now Zealand frozen meat: Lamb and mutton, quotations unchanged; market slow; last quotations, lamb lOld per lb; wether and maiden ew#. light 7Jd per lb, heavy 6|d per lb; ewe, light 6td per lb, heavy sjd per lb. Beef: Ox hinds 4ld per lb. fores 2Jd per lb; cow hinds 3fd p«r lb, fores 2d per fb. Quotations nominal; market stagnant, WAIHI SHARES. Australian and N.Z. Cable Association(Reed. 2.30 p-m) LONDON, Feb. 24. Waihi shares were quoted on the London Stock Exchange to-day at 17s 6d buyers, 20s sellers. , MELBOURNE HIDES MARKET. Australian and N.Z. Cable Association. (Reed. 7.30 p-m.) MELBOURNE, Feb. 24. Hides are easier. Kips and lightweights have declined a half-penny, apd medium a farthing, heavyweights and stouts are unchanged. BRITISH OATS MARKET. [B2 TELEQBAPH.—P2ESS ABBOCIATION.] WELLINGTON. Saturoay. With a view to ascertaining tho present position of the market for New tealand oats in Great Britain, the Department of Agriculture recently cabled to the High Commissioner for New Zealand, and tho loilowing cablegram has been received in reply: " In reply to your cablegram of February 13, with reference,, to oatß, the market is firm for cheaper descriptions, but for finer and heavier sorts tho demand is slow. Thore are still a few parcels of tho 1921 crop of New Zealand at about the prices obtained av the last sale, being 33s ex store. Current values aro as follows: La Plata, January-March shipment, 26s 6d; No. 2 Canadian Western. February shipment, 29s 9d (both 3201b). English last crop was of good quality, and was offered freely at from 268 to 30s per 3361b, so that the nominal value of A grade Now Zealand Gartons, March or April shipment, would be 29s to 30s ci.f. per 3201b. Prices are not expected to show much change for the present, but may recede with the advent of warmer weather." AMERICAN .CONDITIONS. The monthly review issued of tho National Bank of Commerco in New York, under date of January 20, states that notwithstanding the severo depression during the past year, purohases by .the American people were sufficient to absorb, to a large extent, accumulated stocks, so that a gradual increase in output of many classes of manufactures may be expected, Unemployment is unquestionably widespread, but probably its extent hns been somewhat over-estimated. Special measures undertaken to lessen it, part cularly public works, are doing much to alleviate its worst features. The major part of the productive energy of the country is absorbed in clothing, feeding and sheltering the population. Railroads have made notable gains in economy of operation, and improved credit oondit ; onß have definitely bottered their outlook, although traffic is at present disappointing in volume. # The heavy decline in tonnage, serioua as it has been, has primarily been the result of lessened shipments of coal, iron ore and similar heavy commodities. The year opens with promise of active building construction. With gradually declining yields on all classes of investments it may be expected that funds which were previously not available to the mortgage market, will bo turned into construction projects. Building costs are Still far abovo pre-war levels, and are out of lino with prices generally. The housing shortage h?-s not yet been met. The entire country ne<?ds highway construction, and_ there is widespread necessity for essential public build ings. It is recognised as pood public policy to carry on construction of these classes at times when industr'al activity is at a relatively low level. Lower money is making this -construction po«»ible,