LONDON PRODUCE PRICES.

New Zealand Herald, Volume LXIII, Issue 19512, 16 December 1926, Page 11

LONDON PRODUCE PRICES.

POSITION 0 N SATURDAY. HIGH COMMISSIONER'S REPORT. The Department of Agriculture has received the following cablegram, dated December 11, from the Hiah Commissioner for New Zealand, London:— market is firm. The demand was less active at the close. Official quotations are: — New Zealand: Salted, December 11, 168s to 170s per ewt.; December 4, 160s to 1665; December 11, exceptional, 1765. Other qualities, December 11, 164s to 1665. The New Zealand Control Board official minimum prices are: Finest, 1765; first grade, 170s. Australian: Salted, December 11, 166s to 170s; exceptional, 1725; December 4, 160s to 1645. Unsalted: December 11, 168s to 1725; December 4, 162s to 1665. Other qualities: December 11. 134s to 1645. Canadian: December 11, 164s to 1665; December 4, 156s to 158s. Siberian: December 11, 150s to 1545; December 4, 146s to 150s. Argentine: Unsalted, December 11, 156s to 160s; December 4, 144 ato 150s. Other qualities, December 11, 136s to 1545. Danish : December 11, 190s to 1925: December 4, 182s. Cheese.—The colonial market is steady. Official quotations are.' — English, finest farmers', December 11, 108s to 112s per cwt.; December 4, 106s to 110s. Canadian. —Coloured and white, Decern- J ber 11, 95s to 98s; December 4, 92s to 965. New Zealand.—Coloured and white, De- I comber 11, 95s to 955; Eiecember 4, 93s to 945. The Control Board minimum 1 prices are: Finest, 96s per cwt.; first grade, 955. Australian.—Coloured, December 11, 935: December 4, 90s to 925. Casein, —Present quotations are: French rennet, £SB to £6O; New Zealand rennet, £66. Tallow. —The market is quiet at the decline. Limited demand at auction. Present quotations are: Mutton-: Fine, 41s per cwt.; fair to good, 37s to 40s; dark to dull, 35s to 36s 6d. Beef: Sweet and/ or mixed, 37s 6d- to 40s; fair to good, 35s 6d to 375; dark to dull, 34s to 355. Mixed : Fair to good, 35s 6d -to 375: dark 'to dull, 34s to" 355; gut, etc., 32s 6d to 34s Honey.—A fair demand Present quotations are: New Zealand, white, 68s to 80s per cwt.; light amber, special, 68s to 755; medium amber, prime, 57s to 655; dark, 55s to 58s*; Californian, 45s to 555; Jamaican, 32s 6d to 555; Haitain and Santo Domingo, 32s 6d to 50s; Australian, 40s to 50s. Eggs.—New laid eggs scarce and demand is good. Present quotations are: Dutch, 30s to 32s per long 100; English and Danish, 26s to 28s 6d; Belgian, 23s to 265; Australian, 18s to 19s; South African, 14s to 17s 9d; Argentine, Russian, Polish and Chinese, lis 3d to i6s 6d. Wool.—The sales closed . yesterday. Competition throughout Was fairly general, but with small French support. Merino was principally taken for the Continent, particularly Germany, and crossbred for the Home trade. There was a better feeling owing to the settlement of the coal strike, and a slight improvement in crossbred since the opening Compared with last closing rates, best Merino was 5 per cent, and inferior 10 per cent, lower; fine crossbred at par, and medium crossbred and coarse crossbred from par to 5 per cent, lower. There were 120,000 bales catalogued, of which 93,000 were sold, the Continent taking 48,000, the Home trade 44,000, and America 1000. Averago closing value:, are: 60's to 64's (Merino), Is Kd to 2s Oid; 56's (super halfbred), Is 8d to Is 10£ d; 48's to 50's (fine crossbred), Is to Is 44's to 46's (medium crossbred), Is 2d to Is 3d; 36's to 40's (coarse crossbred), Is Id to Is 2d. Tho next series commences on January 18. Hemp.—The Manila market closed firm. "J" grade, November-January shipments, quoted at £4B, sellers. Sisal market is easier; value of December-February shipments, No. 1 Tanganyika, £43 ss, and Kenya, £43. Sisal tow is scarce and tho market firm. First grade is quoted at £33. New Zealand highpoints still are not in demand, but there is a fair inquiry for the lower grades. DecemberFebruary shipments are quoted at highpoints £3B 10s, and fair £36 ss. A shipment of New Zealand produce arrived this week by the s.s. lonic. A cablegram to Dalgety and Company, Ltd., dated December 13, and published elsewhere, records a fall in the Control Board's prices for butter since the High Commissioner's advice was despatched. FIXED DEPOSITS INTEREST. NEW RATES UP TO SIX MONTHS. The statement made in yesterday's Herald that tho new rate of interest for three months' deposits fixed by the commercial banks will be allowed until the date of withdrawal does not fully set out the position. We have therefore been requested to state that, as at present, interest will not be allowed after date of maturity Under the new arrangement, however, the date of maturity can be fixed to suit the convenience of depositors for any broken period of over three months. Thus a person having to provide for repayment of a mortgage on April 11, and having the amount available on December 16, can deposit it on that date and receive interest at 3| per cent, per annum for the full period, when he can withdraw it on April 11. RECORD BANK PROFITS, THE SEVEN FIGURES LEVEL. The presentation of a profit of £1,099,559 by the Bank of New South Wales is described by Messrs. J. B. Were and Son's market letter as a notable event in Australia's financial history, this being the first time a purely Australian banking institution has disclosed net profits of «ver £1,000,000 for any one year. The writer adds that the Bank of New Zealand's last year, ended March 31, produced net profits of £1,033,360, placing that institution in the van of "moneyspinners" up to that date of Australian and New Zealand banks. The institution, in fact, reported profits of £1,068,410 for 1923-24, but £332,577 of that arose from writings back and realisation of securities. The Bank of * New South 'Wales has 428 branches and agencies, including 72 in New Zealand, while the Bank of New Zealand has 229 branches and agencies, practically all in New Zealand, there bf'ing only two branches in Australia (Melbourne and Sydney), The figure quoted for the Bank of New Zealand as being the record until the publication of the report of the Bank of New South Wales includes £IOO,OOO, "r.art of provision previously made for anticipated loss on transfer of surplus funds from London and not now renuired." It was also subject to the eh a rue of £21,199, interest on the guaranf.epfl stock. Deduction of these two amounts leaves the sum of £912.161 shown in the accounts as "net profit for the year." TARANAKI OILFIELDS. Tai-anaki Oilfields, Limited, report as follow for the week ending December 11 —Waiapu No. 2 well: All equipment on site except boiler and few tons of casing Derrick and casing racks completed; now installing wheels: all work progressing satisfactorily. Taranaki No, 3 well; Bridge* repairs on Okoke Road making good progress..