COMMERCIAL.

New Zealand Herald, Volume LX, Issue 18471, 7 August 1923, Page 5

COMMERCIAL.

LONDON DAIRY QUOTATIONS. ', BUTTER FROM SIBERIA. 1 [BY TELSGBAPH.—OWN CORRESPONDENT.] " . ■=- ■■■); ""'- HAMILTON. Monday. I The weekly cable received from * Mr. 1 Wright, ; London manager of the New Zea- ! land Co-operative Dairy Company, Limited, states , that • prices for • the ' company's ; holding remained at 1765. Danish had risen to 180s f.0.b., but had. fallen, again to 1683 owing to the collapse of the Hull dockers' strike. In other ; places, the strike con- ; tinued in a half-hearted fashion, : and < was still interfering.-with; deliveries. Prices ! might react slightly on the 'termination of the. strike. :<.■■■ . . Siberian butter was now arriving on the London market in fair quantities, but Mr. ' Wright did not expect it to be an important factor in the ' situation this year. - Nominal price for cheese on spot was 108 a for white, and 110s for coloured.. Cheese still in'dock -was quoted at 98s for white, 100s for coloured. . , ' ; ; ,: .v.s WOOL FOR BRADFORDCHARGES FROM MANCHESTER, ' ■ Advice has been received by cable by Captain William J. Wade, representative for Australasia of thoPort of Manchester, that the consolidated rate for forwarding wool from Manchester to Bradford by rail is now 28s lid per ton, including port charges for receiving to quay, sorting, and delivery from quay to-railway waggons, and delivery in Bradford The Ship Canal Company adds that if forwarding instructions and necessary documents are lodged prior to discharge, every effort will be made to deliver the wool direct from ship to Tail, which is alongside all berths; if such direct delivery is effected, the total coat is 2Gs per ton, instead of 28s lid. > AUSTRALIA'S CURRENCY. .-■ GOLD BASIS APPROACHING. [FROM OUR OWN CORRESPONDENT.] • SYDNEY. Aug. 2. »JLi being asked whether any significance attaches to the omission from Dr. Earlo images Budget speech of any reference to tne removal of tho embargo on the export ot gold and a return to sound finance. Dr. £.arle Page's predecessor •at tho Federal Treasury (Mr. Bruce) was emphatic in declaring that it was imperative "to work steadily toward the restoration of the value P* ou £ paper money. '* Normal conditions. n© added, could not, however, be said to have been reached until Australian notes were interchangeable with gold. . The Melbourne Argu3, discussing the position, says that while Australian paper currency is still at a discount, progress has been made in the direction outlined by Mr. Bruce as the necessary preliminary to the re-establishment of a gold currency. The premium on gold is now only about Is 3d in the £1, which, deducting all export and other charges, is the equivalent of a discount of from 7d to 9d on the £1 note. Since 1918 the Gold Producers' Association nos been allowed to export the actual gold production, which, to the end of last year, amounted in value to more thai! £18,000,000. A relatively small amount was sold to the Commonwealth Treasury at a profit of 21 per cent. Should the outside value of gold decrease to the .extent of approximately.' such per»cntage, there would be no profit in exporting gold. Normal conditions would be achieved by a decrease of about 5 per cent, in the world's parity. This indicates that the " normal conditions" alluded to by Mr. Bruce are well within sight should there bo ,no untoward changes in exchange rates. ':■.'— While, in tho opinion of an eminent financial authority,, it is for Great Britain to lead the way in bringing about a gold basis, and for Australia, if circumstances permitted, to follow the British ©sample, the view is held in other quarters tha.t Australia is in a position to act independently of the Imperial authorities. The outstanding faot is that the discount on Australia's paper currency is approaching the vanishing point. When Mr. Bruce spoke in August of last year, tho Australian note issue amounted to slightly loss than £54.000,000. It is now £52,000,000. or, approximately the lowest amount since the inflation duo to the war. The gold reserve is 47 per cent. «' ■ In addition to the gold held against the note issue of a value of £24,000.000, the banks hold £21,000.000 in gold, or ft total of £45.000,000. Some gold may be hoarded, but this is considered a negligible consideration. Before the war the total value of the gold held in Australia was £40,000,000. Consequently, Australia holds £5,000.000 more in gold than was the case before the war. Political economists hold that the high cost of living is a direct result of the inflation of paper currency. Before the .war the value of Australian notes issued was less than £10,000.000. The highest point touched was nearly £60.000,000 -in October, 1918, and. it has since decreased .to £52.000,000. Of this amount the . public holds £23,000.000, while £29,000.000. is held in the coffers of the banks. About £22,0*0.000 of the issue is represented by loans to the States for public works, all of which is repayable in 1925. , On the other hand, the Commonwealth holds £10.000 000 in gold advanced by the banks. Both these questions are involved in the resumption of gold payments. * LONDON TIN MARKET. , A. and N.Z. LONDON. Aug. 5. The stocks on July 31 totalled 17.976 tons. The amount on' spot was. 1570 tons, and afloat 740 tons. Deliveries totalled 1324 tons. MANAWATU STOCK SALES. 'Dalgety and Company, Limited, report: At the Feilding sale on Friday there was a yarding of some 7000 sheep, principally hoggets, comprising some very good lines. A very fair yarding of fat sheep came forward. There was particularly keen competition throughout, hoggets -showing a rise of from Is 6d to 2s, and fat sheep about the same. The t small entry of fat cattle comprised one or two choice .lota, which sold particularly well. Quotations: —Small hoggets.. 15s to 19s: medium hoggets. 218 Gd to 235; good hoggets. 24s to 255; fair ewe hoggets, 25s Gd; very fair ewe hoggets, 2fis lOd: two lines of particularly good ewe hoggets realised 29s and 29s 7d; 2-tooth wethers, good, 27s 6d to 28s 6d: fair 2-tooth wethers. 23s to 245; good 4 and 6-tooth wethers. 31s 2d, 31s 4d;. fat and forward ewes, 20s to 20s 6d; m.a. ewes i.l. to S.D. rams, 23s 6d to 275: good m.a. ewes i.l. to S.D. rams 33s 6d; fat lambs, 24s'to 27s 6d; fat wethers.. 33s- to 38a 6d; fat ewes. 2<i» to 325; choice Jersey, cross springing heifers, £9 to £10 2s 6d; cross-bred dairy heifers. £4 to £7; Jersey cross dairy cows. £8 to £9: 2-year steers, £2 17s: fat cows, £5 7s. £6 lis. £7 12s 6d to' £9 7s. for four extra heavies; tat heifers, £5 Is, .£6 10s to, £9. for two extra heavies; pen of three fat bullocks realised £10 9s. -.■-■■ -■ '