COMMERCIAL.

New Zealand Herald, Volume LX, Issue 18457, 21 July 1923, Page 7

COMMERCIAL.

THE LONDON MARKETS.

BANK OF ENGLAND RETURNS

Australian and N.Z. Cable Association. (Reed. 9.30 p.m.) LONDON. July 19.

The Bank of England returns for the week ended July 10, as compared with those for the week ended July 12, are as follow :— •. ' July .19. • July 12. Coin .. .. 125,808.000 125.798.000 Reserve . . .'. 21,602,000 20,963,000 Note issue . . . . 125,786,000 134,585,000 Govt, deposits • . . 11.094,000 11,597,000 Other deposits . 110.639.000 107,932.000 ! Govt, securities . . 47,529,000 46,839,000 | Other securities . . 71,582,000 09,702,000 Proportion of reserve to liabilities . . 17.00 17.50 RATES OF DISCOUNT. Short ljans, 2* per cent., same as last week; three months' bills. 31 per cent., compared will*, 3* per cent, last week. FOREIGN EXCHANGES. The following rates or.; foreign exchanges are current to-day, compared with the cabled quotations on July 17 and par:— July 18. July 17. P*r. New York (dol.) 4.591 4.60 i 4.866 Montreal (d 01.)... "4.712 4,72J 4.BGG Paris (fr.) ... 77.50 78.55 25.225 Rome' Uire) . . 106 1061- 25.225 Berlin (m.) . . 1,450,000 1.060,000 20.43 Stockholm (kr.).. 17.30 17.35 18.159 Christiania (kr.) 28.27 • 28.35 18.159 Copenhagen "(kr.) 26.31 26.25 18.159 Calcutta (pence) 164 16J 24 Hongkong (pence)... 27 27 — Yokohama (pence) 25 9.16 25* • 24} CONSOLS AND COLONIAL STOCKS. The fallowing table gives quotations for consols and colonial inscribed stocks, compared with those of July 12:— Price. Variation. £ £ Consols, 2} per cent ' .. - . . 585 i" : British. 3* p.c. war loan . . 96 it British 5 p.c. war loan . . 100} V British Conversion, 3* p.c. » . 781 5+ New Zealand 4p. 0., 1929 . . 931 it New Zealand 3* p.c, 1940 . . 82J it New Zealand 3 p.c, 1945 . .-.74 it New Zealand 6 p.c, 1936-51 . . 108 it Commonwealth 5i p.c, 1922-27 . . 101 It ; Commonwealth 6 p.c, 1931-41 . . 105 i it ' N.S.W., 4 p.c, 1933 . . . . 891 4+ N.S.W. 6 p.c, 1938 . . . . 79J it N.S.W. 31 p.c, 1930-50 . . 76* i* N.S.W. 5! p.c. 1922-32 . . . , 100} it N.S.W. 6* p. 0., 1930-40 ... 105* it N.S.W. 6 p.c, 1930-40 . . . . 104 iit i Victorian 3} p.c, 1921-26 . . 95J i* , Victorian 3 p.c, 1929-40 . . . . 72 — ; Victorian 3} p.c, 1929-49 . . « . . 78* — Victorian 5} p.c, 1930-40 . . . 102* 3* Queensland 4 p.c, 1924 .. '. . 97J Jt Queensland 3} p.c, 1921-30 . . 97} It Queensland 3} p.c, 1921-24 . . 88* — Queensland 3 p.c, :i922-47 .. 701 it Queensland 6 p.c. 1930-40 . . 103 J* S. Aunt. 3} p.c.,. 1939 .. ..831 - :H. Aust. 3 p.c, optional . . 64 — S. Aust. 6* p.c, 1930-40 .'. ~ 106 it ! Tasmanian 3* p.c. 1920-40 . . 82 — Tasmaman 8 p.c, 1920-40 . 73* _ ! Tasmanian 6* p.c, 1930-40 .. 106 — W. Aust, 3* p.c., 1920-35 .. 83i — W. Aust. 3 p.c, 1915-35 . . . . 79* i* W» Aust. 6 p.c, 1930-40 . . . . 103* — tHitfher. 'Lower. —Same. WHEAT. FLOUR, SUGAR.

Wheat.—Cargoes firm, but • inactive. Parcels irregular, closing 3d to 6d higher. Spot sales arei greatly restricted by the strike., and price* are nominal, except where delivery can be assured. .Australian, on trucks at docks, 50a 6d; to arrive ex skip, ass cd Hour.—Firm. Australian nominally 35« od to 365. Barley Oats, Peas, and Boa)is.--Nomin-ally unchanged. Granulated, GBs 7id, per cwt. THE METAL MARKETS. Copper.—Spot. £65 13s 9d, 3 months delivers'. £68 8s 9d. Lead.—Spot, £24 2a 6d, 3 months delivery. £23 12s 6d. ~ Spelter.—Spot, £29 7s 6d. 8 months delivery, £29 5sTin.—Spot. £179 12a 6d, 3 months delivery, £180 17s 6d. Silver.3ld per oz.

Messrs. Dalgety and Company, Limited, are in receipt of the following cablegram from the head office. London, under date July 19 — ■Frozen Meat.—Quotations, are purely nominal as the strike still continues. > Wool.Sale was abandoned owing to the strike at the docks. The fifth series of wool sales commences September 4. List of arrivals closied July 5. Probable quantity to be offered at next sale will amount to 52,500 bales. New arrivals, including 30.000 New Zealand. 2500 Cape, 103.500 carried forward from July series. 70.000 8.A.W.R.A.. 10,000 Puata.. Sales closed July 9. good demand for Continent. Englith buyers are buying crossbreds freoly. Ab compared with last sale's closing rates, greasy Merino Id to 2d lower, scoured Merino par to id lower, greasy halfbred Id to 2d lower, creasy crossbred! fine quality Id to lid lower. gT©a»/ crossbred medium and coarse. Id to. ljd lower, scoured slipe wools, crossbred par to Id lower. Liverpool sales, September 6. 7, postponed. ' '

POTATO PRICES ADVANCE.

SHARP RISE IN THE SOUTH.

fBX TELEGRAPH.— ASSOCIATION.] CHKISTCHURCH, Friday. There was considerable activity, if not excitement, in the potato market to-day, and telegrams were being sent all over the country inquiring for stocks. The inquiries are from an Auckland source, and indicate that large quantities have been oversold as a result of which sellers are now at their wits' end to know how to fulfil their orders now they are being pressed for them. It is estimated that since Thursday tho advance has been equivalent to 15s a ton. As an instance of the position in the northern centre, a Christchurch firm which had bought from an Auckland merchant telegraphed to him to ship the potatoes by vessels now loading, and received a reply that an endeavour would be made to comply with tho request, but reasonable notice was expected of the potatoes 'being needed. Potatoes, for July-August delivery were sold yesterday on the basis of £10 10s f.o.b. for whites, and actual sales for July delivery were made at £9 10s. On Thursday the price in each instance was 15s less. Fair average quality which were sold at £7 10s on Thursday realised up to ££ 10a to-day. Information from Auckland is to the effect that only 905 Backs of'Tasmanian potatoes arrived there by the Kaitangata.. The position is that farmers are showing no inclination to sell at present, being: convinced that there are no great quantities of potatoes in the country. Some merchants, too, are determined to store with a chance of reaping the benefit of higher prices later on in the year. "Very few potatoes have been gain? to Auckland lately. The Wingatui, which left Lyttelton yesterday for northern ports, took the first shipment for about ton days. It consisted of about 2000 sacks. ..,-.

MARKET REPORTS. FRUIT. The market , was well supplied with , all classes of fruit yesterday and most lines were in good demand. Delicious apples sold at prices ranging from 9a 6d to lis a. case, while Sturmers brought from 7s to 8s; Dougherty's, > from Ba 6d to 7s. 3d; and other desert varieties, 4b Gel to 6s. In cooking varieties Ballarata brought 7s to 8s and Munroes 6s to 7s. Winter ■ Nellie pe&rs sold at from 10s to 12s, with other varieties at 5s to Bs. Hothouse tomatoes brought from 4d to Is Id per lb. and Island tomatoes 14a Gd a case. Ripe bananas;, all repacks, sold at from 19s to 21s a case, and repacked oranges fetched 23s to 255. A good supply of lemons was available, and the demand was keen for all qualities, fresh lemons bringing 10a to 20s and cured 20s to 24s 6d a case.

DAIRY PRODUCE. Eggs came forward in heavy supply and realised the following prices:— eggs, la 9<i to la 10id per dozen, and duck eggs Is 7d to Is Bid. Farmers' butter was in fair demand and sold t.t from la 4d to Is 8d per lb. PRODUCE. Prices for Southern potatoes were a little easier, best whites realising from 10s to 109 6d per cwt. A portion, of the Tasmanian shipment of 000 sacks was sold at from 13a to 15s a sack. Cabbages brought lis to 15s a sack and cauliflowers 3d to Is 3d each. Onions sold at 10s per cwt-., while hothouse cucumbers brought 7s to 12s per dozen. Lettuce varied in Quality and prices ranged from 9d to 2s Gd per dozen. POULTRY. The market was fully supplied with poultry, heavy cockerels realising 63 6cl to 7s 9d and light 3s 3d to 5s Gd each. Heavy hena brought 3s 6d to '4s 9d, while ducks and drakes sold from 2s 6d to is, 6d each.