LONDON PRODUCE MARKETS

New Zealand Herald, Volume LXIII, Issue 19254, 17 February 1926, Page 9

LONDON PRODUCE MARKETS

QUIET TONE PREVAILS.

BUTTER AND CHEESE PRICES.

The Department of Agriculture 'has received the following cablegram, dated February 13, from the, High Commissioner for New Zealand, LondonButter.—Market quiet. Official quotations are:—

New Zealand.—Finest salted: February 13, 173s to 174s per cwt.; exceptional, up to 1765; February 6, 174s to 178s. Unsalted: February 13, 176s to 178s; February 6, 178s to 180s. Other qualities: February 13, 140s to 168s. Australian.—Salted: February 13. 164s up to 168s per cwt.; February 6, 166s to 170s. Unsalted: February 13, 166s to 170s; February 6, 168s to 1725. Other qualities: Salted and unsalted, 140s to 162s per cwt. Argentine.—Unsalted: February 13, 156s to 160s per cwt.; exceptional, 162s ; February 6, 156s to 1625. Other qualities.: February 13, 150s to. 1545. Siberian.—February 13, 150s to 154s per cwt. ; February 6, 145s to 1545.

Danish.—February 13, 192s per cwt. j February 6, 1925. Cheese.—Quiet and steady. English, finest farmers', Canadian and Australian unchanged. New Zealand.—Finest coloured: February 13, 102s to 103s per cwt.; exceptional, to 104s; February 6, 103s to 105s. White: February 13, 98s to 100s; February 6, 99s to 101s.

Tallow.—The spot market is quiet. Present quotations are:—Mutton, fine, 45r, per cwt.; fair to good, 40s to 445; dark to dull, 38s to 395. Beef: Sweet and/or mixed, 41s to 42s 6d; fair to good, 38s 6d to 40s 6d; dark to dull, 37s to 38s. Mixed: Fair to good, 38s to 40s; dark to dull, 37s to 38s. Gut, etc., 35s to 375. Apples.—Oregon Newton, 13s to 16s a case; American red sorts, 10s 6d to 12s 6d a case; York and Imperials, 30s to 35s a barrel; English Bramlcy and Newton Wonder, 6s to 7s a bushel. Hemp.—The Manila market is dull and unchanged. "J" grade, February-April shipments are quoted at £45. The output during January was 96,000 bales, against, 100,000 for the corresponding period last year. Stocks of Manila on hand on January 31 were 130,000, against 131,000. Great Britain, 27,000, against 11,000 bales. Sisal market is quiet, but steady. Small business has been done in No. 1 Kenya at £45. The New Zealand market continues quiet. Lower grades have an improved request. Common sold at £35, and fair at £37, for February-April shipments. High points are not of interest to anyone. FOREIGN EXCHANGES.

Australian and N.Z. Cable Association. (Reed. 10.5 p.m.) LONDON, Feb. 15

The following rates on foreign exchanges are current to-d;iy, as compared with the cabled quotations on February 11' and par:—• Feb, 15. Feb. 11. Par. Brussels ... .. 107 107 25.225 Paris, fr. ~ .. 132.45 131.43 25.2-23 Stockholm, ta. .: 18.17 18.16 18.159 Oslo, kr. .. 22.96 23.91 13.159 Copenhagen, kr. 19.66 19.47 18.159 Berlin, r.rri. .. 20.43 20.43 20.43 Borne, lire .. 120.55 120.50 25.225 Calcutta, pence .. 18 3-16 18 3-16 24 Hongkong, pence . 2Si 28J Yokohama, pence. 22} 22i 24} Montreal, dol. .. 4.83J 4.87| 4.366 New York, dol. .. 4.86$ 4.80} 4.866 Amsterdam, fl ... 32.18J 12.14 12.10 Butaviu, fl .. 12.06 32.00 WHEAT, Wheat.—Cargoes, owing to renewed weakness in America and heavy shipments, declined 6d to 9d. Parcels are in small request and Is to Is 6d cheaper. Parcels by an unnamed steamer on. the way are quoted at 57s 6d to 57s 4Jrd Liverpool futures and March, lis 5-id per cental; May, lis 3 l-8d; July, lis 2 l-Bd. BRADFORD TOPS. In Bradford tojps the market is very poor and business is at a standstill. Crossbreds are slightly easier. SUPPLY OF METALS. DECLINE .IN AUSTRALIA. In reviewing the position of the metal market, Sir Lennoa Raws, who presided at the annual meeting of the Australian Mines and Metals' Association in Melbourne recently, said that the outlook for Australian producers was far from satisfactory; Zinc was, statistically, in a strong position. Unfortunately, Australian production of tin had not responded to the inducement of high prices, and, for the year, the tonnage exported was belovsr the figures for the previous year. The speaker said that authorities considered that the world's present demand for tin would continue at least at the present level. The output of gold continued to declino, and the cessation of production at- Mount Morgan would further accentuate that declension. It was clear that, with the present high level of mining costs, few of the goldmines of the Commonwealth were able to operate profitably. Attention was now being foeusned, Sir Lennon said, on three mining districts of promise—the Mount Isa mineral fields in Queensland, the Wiluna goldfield in Western Australia, and the Red RoseberyHercules group of mines on the west coast of Tasmania. Progressive developmental work was proceeding in- each of thosa, districts. CANTERBURY MARKETS. [BY TELEGRAPH. —PBESS ASSOCIATION.] CHRISTCHURCn, Tuesday. Oats are firm and up to 4s 3d on trucks has been naid this week for Gartons and 4s for Algerians. Chaff is a shade easier on account of a shipment being bought for the North from Adelaide. This can be landed at a lower price in Auckland than Canterbury chaff. New chaff is quoted at £5 10s on trucks.

All branches of the trade are looking to the Government for a pronouncement nf its policy on the wheat question. Merchants are buying fair quantities at 7b on trucks, but millers are not prepared to offer more than 6s 8d to 6s 10d. Very tittle is being bought. at this figure. Threshing returns of wheat so- far have turned out surprisingly well, and if the officially-estimated area of 160,000 acres is correct the shortage will be up to half a million bushels less than forecasted sis weeks ago. ~ /•; Peas are weaker by about 3d a bushel, quotations being up to 7s 3d, f.0.b,, or about 6s on trucks.

The samples of Cocksfoot coming forward are like those of cereals, very good. Between 8d and 9d a lb. is being quoted on trucks.

Very few samples of ryegrass have been offered merchants during the week There is no change worth noting in the potato market. The Australian inquiry influences it up or down half-a-crown a ton as the case may be % The appearance of the crops generally is improving and fair vielda are expected. The realisation of this expectation is dependent on the large area of late-sown crops avoiding early frosts. Values on trucks are £5 ss. There has been a spurt in the onion market, and from. £lO to £lO ss, f.0.b., is being quoted for export to Sydney. TAUMARUNUI' STOCK SALE. [BY TELEGRAPH. —OWN COSRESPOUDENT.] TACMARUFUI. Tuesday. The weekly stock sale did not draw a large- attendance of buyers. The she-op entries were fairly large and the cattle section was particularly well represented. The majority of the cattle were from near-by holdings. The quality of the sheep was only average, many Hawke's Bay animals being penned. These eheep, which had been in Taumarunui for several weeks, were small. .They were not sought after. Local sheep were in better demand, although bidding was not keen, buyers . evidently anticipating a further drop in prices. The sale was in marked contrast to the awe fair of last Tuesday and the enterprising buyer of to-day may do -well with Ma purchases in » 'few ••weeks' time.