COMMERCIAL.

New Zealand Herald, Volume LX, Issue 18577, 8 December 1923, Page 9

COMMERCIAL.

THE LONDON MARKETS. FOREIGN EXCHANGES. Australian and N.Z. Cable Association. (Reed. 10.5 p.m.) LONDON. Dec. 6. The following rates 011 foreign exchanges are current to-day, as compared with' the cabled quotations on December 3 and par:— Dec. 6. Dec. 3. Par. Now York. dol. .. 4.381 4.341 4.866 .Montreal dol. . . 4.£7 i 4.43 i 4.666 Paris, fr. . . .. 81 80.60 25,226 Brussels, fr 94 93.20 25.29.0 Rome, lire », .. 100 i 100 i '25,226 Stockholm, kr. .. 16.67 16.67 18.153 Christiana, kr. ~ 29.24 29 18.15!* Copenhagen, kr. .. 24.61 24.15 18.159 Calcutta, pence .. 17 17i 24 Hongkong, pence .. 27} 27J — Yokohama, pence .. 261-16 26j 241 Exchange on Berlin is quoted at 17 to 22 billion marks to the storling. tlhe same as on December 3,

MARKET REPORTS.

FRUIT AND PRODUCE.

Fruit is coming forward in large quantities and many varieties. Apples have risen in price, but tomatoes have fallen. The dry weather is expected soon to decrease the supply of strawberries, though fairly large quantities of this fruit are still coming to hand. Bananas are ecarco and dear. On the produce market, new pciatoes are selling remarkably cheaply. FRUIT. Strawberries sold yesterday at from ,91d to Is a chip. Outdoor tomatoes realised from 6d to Hid per lb., and hothouse tomatoes from 9d to 13 4d. Delicious * apples brought from lis to 14a a case, Doughertys from 8s to lis. Granny Smiths from 13s to 15s, and American apples from 20a to 245. Local hothouse grapes sold at from 23 3d to 3a per lb. Pears realised from 123 to 14s a case, oranges from 22s 6d to 245, fresh lemons from 7s to 12s, and cured lemons from 13s to 17s. Ripe bananas brought from 30s to 355, and green bananas from 27e to 28s, poorer grades selling at from 24s 6d a case. Gooseberries realised from 5s 6d to 78, apricots from 43 to lis, plums from 4s 6d to 9s, Reaches from 5s 6d to 9s 6d, and cherries from 12s to 15s a case. PRODUCE. New potatoes realised from 6s 6d to Ss per cwt. for best grades, and. from 2s 6d to as for inferior qualities. Californian onions sold at from 2id to 3d per lb.. in bags, and from 25s to 30s per 1001b. in crates, while Australian onion« fetched from 12s to 15s per cwt., and local produce from 3d to lid per lb. Cabbages brought from 8s to 13s a sack for better grades, second grades from 2s to ss. Best cauliflowers sold at from 8s to 12s, and inferior grades from 3s 6d to 5s 6d a sack. The following prices were realised for other produce:— la to Is 6d ."hubarb, 2b to 3s 6d; parsnips and carrots. Is to Is Gd • beet,. lOd to Is 3d; outdoor cucumbers, for which the demand was exceptionally keen, 6s to 12s, and hothouse cucumbers, 5s to 7s 6d, all per dozen; peas, 2d to 3d; French beans, 3d to 4d per lb.; asparagus, s}d to Bjd a bundle; and marrows, sid to lljd each. DAIRY PRODUCE. Hen eggs realised from Is to Is 2d a dozen, most lines selling at Is Id. Duck eggs brought Is a dozen. Farmers' butter oame forward in large quantities, better grades fetching from Is 2d to Is 5d per lb., and poorer grades from lljd to Is. POULTRY. Large quantities of poultry came to hand Prices were, on the whole, fairly high. Heavy cockerels brought from 5s to 8s 3d each, light cockerels from 3s to ss, heavy hens from 2s 6d to os Gd, light hens from Is fid to 2s Gd, old ducks from Is 3d to 2s 3d, youns ducks from '2s 6d to 4a 9d. turkey gobblers from 15s to 19s 6d, and turkey hens from 8s Cd to 12s 6d,

CANTERBURY MARKETS.

EFFECT OF DRY WEATHER.

[BY TELEGRAPH. —PUES3 ASSOCIATION.] CimiSTCHURCH. Friday. Scorching winds continue with little interruption and there is little doubt that the crops over a wide area of the lift iter land have boon seriously affected. Oving to the broken autumn very little early cr..u was got in, and the bulk of the buarntß was done in September and aa late .as October. The later sowings are hanging fire under the conditions prevailing; and at present the indications are that the yields fn>m the spring sown areas will be very heavily reduced The market response to the conditions prevailing has been confined so fur to oath. They have jumped up from 3a 3d to as Co, f.o.b.s.i. Practically no oats .from last season are held in store and this is a stimulant to the keenness of operates. Quotations are about 2a lid a, bushel, at country stations. Chaff has naturally ' firmed in sympathy with oats and is quoted at £1 15s a ton, at country stations. Sales have been made up to £7 a ton. f.0.b.5.i., for delivery next month. The sowing of potatoes was carried on until the end of November, a stimulus being given by the early November statistical report of a shortage in the estimated area of 4000 acres. It is undoubted that much of this shortage has been made up as seed was cheap and plentiful. Yields from such areas, however, are problematical but the earlier sown crops so far are looking well. They are mostly on land that had a good reserve of moisture. Sales for new sea don's ordinary delivery have been made at £6 a, ton. ... Machine dressed' cocksfoot is quoted on id per lb, equal to 5d to 6d to, farmery. (notations for next season's ,ryegrass are being made on the basis of from 4s to 4s 3d for Italian and 4s to 4s 6d for perennial at country stations. . White clover and cowgrass are very dull, particularly the latter, which is quoted at about 8d per lb to farmers. Chewings fescue and dogntail are both dull and have been bought at about 8d per lb, machine dressed, f.0.b.. at Dunedin and Bluff.

MONEY IN AUSTRALIA.

GOVERNMENT BORROWING.

The pressure of Government requirements in various forms is being felt in Australian monetary centres at the- same timethat the financing of the -wool export season is in hand, says the Banking Record. The State Governments have undertaken by arrangement with the Commonwealth Government to discontinue the issue of securities free of income taxes in Australia after the end of the year, and the State Governments are accordingly making every effort to obtain as much money as possible on the existing tax-free terms., During the last few weeks they have raised the rate of interest on fresh issues to Gi per cent. This rate, free of both Federal and State income taxes, is decidedly attractive to investors, especially to individuals subject to high rates of income tax, and with the help of the brokers, subscriptions are coming-- in steadily. Assuming that the State Governments obtain a substantial total before the end of December, their competition to obtain money nhould sjneken in the new year. The Commonwealth Government, however, is at ' present leaning .upon monetary resources to the extent of over six millions out of the loan which fall due lust September, while it has a liability of over 19 millions to provide for in connection with the war gratuity payment, the war gratuity bonds being redeemable not later than May 81. Apart from the weight of Government operations, the private requirements for money are at present substantial. /' Wool has been realising high prices since, the opening o:f the Australian ,sales a good proportion of the demand being from the Continent, and woo] bills, which in due course will tend to swell London balances, are running into a large total. The proceeds of the current season are being supplemented by the Bawra distribution (of 5,332.000) to be made in February. Butter exports are smaller than last season but the wheat harvest promises well. Imports on the other hand continue large and trading requirement* for accommodation are substantial. The quarterly average banking returns to September 30 show tihat the deposits of the ordinary banks in Australia have increased by Vi\ millions ae compared with twelve months previously, with an increase of 25 millions in advances. In New Zealand however, advances are barely equal to a year ago though deposits have increased by about two millions.

FROZEN MEAT IN LONDON. Dalgety and Company, Ltd, are. in receipt of the following cablegram from their London office under date of December (>■— frozen Moat.—Prime crossbred lamb: Canterbury, heavy 9}d, light lid; North Island, heavy B{d, light 101 d, Demand principally on light-weights, and market dull owing to lack of demand. Prime crossbred muttonNorth Island, heavy 7d, light 7jd. Demand fair, and market steady. New Zealand prime ox beef; Hinds, lid; fores, 3Jd. Demand runs, principally on forequartera. and market quiet (rood average quality crossbred lamb: Australian, light lOd. . Demand moderate.

THE COMMERCIAL BANK. Transferees of shares in the Commercial Bank of Australia, Ltd.. who desire to have notice of the new issu'o of shares sent to them are notified that transfers must be lodged at the registered office of the company in Melbourne not later than December 19.

PROPERTY SALES. Buckland and Sons, Ltd.. will submit to public auction at Pukekohe, on the property, on Monday, at 1 p.m., oil account the New Zealand Co-operative Dairy Company, Ltd., a number of residences, bir'lrling sections, and farmlet areas, situate-- 1 the town of Pukekohe, being the old f, . . . silte subdivision.