LONDON STOCK EXCHANGE.

New Zealand Herald, Volume LXV, Issue 19952, 22 May 1928, Page 9

LONDON STOCK EXCHANGE.

GILT-EDGED STOCKS FIRM. COLONIAL ISSUES IN DEMAND. Australian and N.Z. Press Association. LONDON. May 20. Business on the London Stock Exchange in gilt-edged stocks is quiet, but prices are well maintained. A good effect has been produced by the news that the five per cent. War Loan and Funding Loan are to be made trustee stocks in the United States. There has been good demand for recent Colonial issues on which satisfactory premiums have been established. The latest issue is one of £3,500,000 for the Kenya Government. This issue is in per cent, bonds at 95. It has been most favourably received and was oversubscribed immediately the prospectus was issued. It is now quoted at a small premium.

DAIRY PRODUCE PRICES. THE INCREASE MAINTAINED. BUTTER MARKET FIRMER. Advices from England indicate that the recent advances in the prices for dairy produce ate being maintained. Amalgamated Dairies, Limited, has received a cablegram from London, dated May 19, as follows Anchor butter, 170s; Danish, f.0.b., 170s; spot, 178s. Retail prices are unchanged. Deliveries of New Zealand butter during the week totalled 1067 tons, the stocks on hand then amounting to 4920 tons. New Zealand cheese, 96s to 975. There is an improving demand. Retail prices are unchanged. The steamers Rotorua, Port Hunter and Ruapehu arrived during the week. Mr. C. R. Spragg has received the following cable from his principals, Bannatyno and Company, Limited, of Liverpool ; —New Zealand cheese, market firm at 97si to 90s. Butter market firmer, with speculative demand good. The Bank of New Zealand has received the following advice from its London office as at the close of business last week:— Butter, steady, 166s to 170s; cheese, steadier, 96s to 975.

BOARD'S MARKET REPORT. [BY TELEGRAPH. —OWN CORRESPONDENT.] WELLINGTON, Monday. The New Zealand Dairy Produce Board has received the following market report from its London office dated May 18, prices for the previous week being given in parentheses:— Butter.—New Zealand : Salted, 166s to 170s per cwt. (162s to 168s) ; unsalted, 168s ,176s (168s to 1765). Deliveries of New Zealand this week, 1060 tons; in store, 4900. Australian: Finest salted, 156s to 160s (152s to 1565). Irish creamery: Salted, 166s to 168s (160s to 1625); unsaved, 170s to 172s (164s to 1665). Danish: Spot, 178s to 180s (179s to 180s); f.0.b., 170s to 172s (170s to 171s). Dutch creamery: Unsalted, 170s to 172s (168s to 170s). Estonian: Salted, 160s to 161s (160s); unsalted, 163s (1625). Polish: Unsalted, 156s (1565). Siberian: 154s to 156s (150s to 1525). Market steady. Retail prices unchanged. Cheese.—New Zealand: White and coloured, 95s to 97s per cwt. (96s to 975). Improved demand this end of the week. Australian: Coloured, 93s to 95s (93s to 955). Canadian: Finest white, 112s to 114s (112s to 114s); coloured, 108s to 112s (108s to 1125).. Market steady. The weather in Northern Hemisphere producing countries is generally cold and unfavourable. The spring increase in production is therefore delayed. The Ma liana completed discharge of butter on May 11, the Cambridge on May 12, and the Middlesex, butter and cheese, on May 14. Steamers arrived this week as follows: Port Hunter, commenced discharge of cheese on May 12 and completed on May 15; Rotorua, commenced discharge on May 14; Euapelm, discharge of produce not yet commenced. The *">oarrl lias recei<nwt advice from its agents in Canada as follows:—Butter: New York, 46 cents (Is lid); Montreal, 34 A cents (3s San Francisco, 42 cents (Is 9<l). W. G. Paviour Smith yesterday received from the Anglo-Continental Produce Company, Limited, London, (he following cablegram:—Butter, IGBs, market firm but quiet; cheese, 96s to 975, market steady.

PRODUCE IN LONDON. HIGH COMMISSIONER'S REPORT. fBV TELEGRAPH.—OWN CORRESPONDENT.] WELLINGTON. Monday. The Department of Agriculture has receiver! the following cablegram, dated May 19. from the High Commissioner for New Zealand, London:—. Apples.—The shipments by the Cornwall and Rotorua are on the market and the condition is fairly satisfactory. The Port Hunter has commenced t6 discharge and the condition of the fruit is very good. Trade is brisker, but, owing to the large quantities of Australian and New Zealand fruit available, prices are a little easier. Prices are: Cox's Orange, 10s to 15s per case: Jonathan, Delicious. Dunn's Favourite, Pearmain and Ballarat Seedling, 10s to 12s; Cleopatra and Statesman, 12s to 14s. The pears which arrived by the Cornwall were mainly sound. There is a fair demand. Prices are:—Josephine, 4s to 6s per tray; Winter Nelis, 3s to ss: P. Barry, Jackham, Winter Cole, 3s <o 3s 6d. Wool.—The sales continue well attended and competition is brisk at the same rates.

Tallow.—No auction and tlio market is unchanged. Hemp.—The Manila market was easier again during this week, hut was steadier at the close. "J" grade is quoted at May-July shipment, sellers £37 15s. Sisal: Tho market is dull and values are unchanged. New Zealand: Small business is reported in highpoints. hut otherwise tho market is very dull. Nominal values are: Highpoints, £3l: fair. £2B ss; common, £27 15s, May-Tulv shipment. Stocks in London on April 30 were 66 tons, against 53 tons at tho corresponding date last year.

HENRY JONES CO-OPERATIVE. The directors of Henry .Tones Co-opera-tive, Limited, have declared an interim dividend at .the rate of 9d a share, to be paid on June 1.

SOUTHERN EXCHANGES. [BY TELEGRAPH. —PRESS ASSOCIATION.] WELLINGTON. Monday. The following sales were made, on the Stock Exchange to-day:—4| per cent. Government Stock, 1938.. £97 15s; per cent. Bonds, 1939, £97 17s 6d; National Bank of New Zealand, £7 2s; Christchurch Gas, 245; Westport Coal, 30s l|d. CHBISTCHURCH, Monday. Tho following sales took place on the Stock Exchange to-day: Bank of Australia, 29s 2d, 29s 3d; Commercial Bank of Australia (pref.), £7 3s 6d; Goldsbrough, Mort, 51s; Commercial Bank "f Sydney, £26 18s 6d, £26 19s 6d; Bank of New Zealand, 60s 3d, 60s 4d; Howard Smith, 28s 3d; New Zealand Refrigerating (con.), 8s 4d (three); Beath and Co., 335.