THE LONDON MARKETS.

New Zealand Herald, Volume LXV, Issue 19953, 23 May 1928, Page 9

THE LONDON MARKETS.

FOREIGN EXCHANGES. Australian Press Association—United Service (Received May 22, 5.5 p.m.) LONDON, May 21. The following rates on foreign exchanges are current to-day, as compared with the cabled quotations on May 17 aud par: — May 21, May 17. _ Par. Brussels, belga .. 34.98 34.98 35.00 Paris, fr. .. 124.02 124.02 25.225 Stockholm, kr. .. 18.20 18.20 18.159 Oslo, kr 18.22 18.23 18.159 Copenhagen, kr. .. 18.20 18.20 18.159 Berlin, r.m. . . 20.40 20.40 20.43 Rome, lire . . . 92.69 92.62 25.225 Prague, kr. .. IG4J 164J 24.02 Calcutta, pence .. 18 1-32 18 1-16 24 Yokohama, pence 22 7-32 22 15-16 24} Hongkong, pence*. 25 3-8 25 1-8. Montreal, dol. .. 4.88 17-32 4.88 7-16 4.866 New York, dol. .. 4.89* 4.88 3-1G 4.8G6 Amsterdam, fl. .. 12.10 12.093 12.10 Batavia, fl. .. 12.111 12.11* 12.10 THE METAL MARKETS. (Quotations on May 17 in parentheses.) Copper. —Spot, £63 4s (£62 lis 3d); three months, £63 8s igd (£62 16s 3d). Electrolytic Copper.—Spot, £67 5s (£67); three months, £6B 5s (£67 10s). Wire Bars. —Spot, £6B 5s (£67); three months, £6B 5s (£67). Lead.—Spot, £2O 3s 9d (£2O 3s 9d); three months, £2O 13s 9d (£2O 7s 6d). Spelter. —Spot, £26 (£26 Is 3d); three months, £25 12s 6d (£25 13s 9d). Tin.—Spot, £229 lis 3d (£230 13s 9d); three months, £228 17s 6d (£230 3s 9d). Silver.—Standard, 28|d (27fd) per oz; line, 31 l-16d (29 13-16 d). BRADFORD TOPS. On the Bradford tops market there is a slightly better undertone owing to firmness in London, but business is still limited. WHEAT. Wheat.-—Cargoes are firm on reports of tho extension of the strike in Argentina. Quotations are 3d to 6d higher, but the market is inactive. Parcels are slow, and are held for 3d to 6d advance. Liverpool futures: May, 10s per cental; July, 10s 9 5-8 d; October, lis O^d. THE PRICE OF GOLD. Gold is quoted at 84s per oz. LONDON DAIRY MARKET. QUOTATIONS UNCHANGED. Quotations for New Zealand butter in London have been maintained at 168s to 170s per cwt., although the market is reported as "quiet" in a cablegram received yesterday by A. S. Paterson and Co., Ltd Cheese is quoted at 96s to 975, aud there is more inquiry. LONDON MEAT MARKET. PRICES AT SMITIIFIELD. The New Zealand Meat Producers' Board has received the following cablegram from its London office dated May 19, advising Smithfield delivered prices averaged for the week ended at that date, with movements in price on the Week in parentheses, as follows: New Zealand wethers and maidens.— Canterbury quality, selcded brands, 561b and under, per lb (up £d); 571b to 641b, 6§d (up gd); 651b to 721b, 6£d (up id); other brands, 561b and under, 7d; 571b to 641b, (up 3d); 651b to 721b, 6^ (up id). ' New Zealand Ewes.—64lb and under, 6j|d (up id). New Zealand Lambs.--Canterbury qualitv. 361b and under, lOd: 371b to 421b, (up id); 431b to 501b, Bgd; seconds, 9£d. Selected brands, 361b and under, lOd (up £d); 371b to 421b, (up |d). Other brands, first quality, 361b and Under, 9§d; 371b to 421b, 9£d (up Second quality, 301b to 321b, average, 9id (up gd). Argentine Lambs.—First quality, 361b and under, Bfd (up £d); 371b to 421b, 73d. New Zealand Beef, —Ox fores, 3gd (up id): hinds, s£d (up id). Cow fores, hinds, 4^d. Argentine Chilled Beef.—Ox fores, (up £d); hinds, 7d (up £d). Argentine Frozen Beef.—Ox fores, 4gdFrozen Pork.—Porkers, 601b to 801b, 7jd; 811b to 991b, 6|d; 1001b to 1201b, 6|d. Baconers, 1211b to 1801b, 7d. Lamb Market.—Very firm, heavyweights meeting better inquiry. Mutton Market.—Firm, with good demand. The Home killed still remains scarce. Beef Market.—There is a good demand owing to lesser supplies of Argentine chilled beef. New Zealand Porker Pigs.—Better trade owing to colder weather. New Zealand Baconer Pigs.—Better inquiry owing, to improvement in bacon prices. WRIGHT, STEPHENSON AND CO. DIVIDEND OF 7 PER CENT. [BY TELEGRAPH.—OWN CORRESPONDENT.] WELLINGTON, Tuesday. The twenty-second annual meeting of Wright, Stephenson and Company, Limited, was held to-day in the presence of a large number of shareholders. The profit and loss account, including £33,464 brought forward from last year, showed a credit balance of £68.608. A dividend of 7 per cent, on ihe ordinary shares was declared and the fixed payment to preference shareholders was adopted, leaving a balance of £34,072 to be carried forward. Messrs. J. T. Martin and J. T. F. Mitchell, the retiring directors, were reelected. Messrs. Barr, Ilercns and Company, auditors, were reappointed. TRADE OF CANADA. LOWER FAVOURABLE BALANCE. Australian and N.Z. Press Association. (Received May 22, 5.5 p.m.) OTTAWA. May 21. The foreign trade of Canada for the 12 months ended April 30 suffered a serious reversal of form compared with that of tin) previous year. There was a total reduction in the favourable balance of £27,050,000. The value of imports increased by £15,150,000, and that of exports decreased by £11,900,000. TARANAKI OILFIELDS. [BY TELEGRAPH.—OWN CORRESPONDENT.] GISBORNE, Tuesday. Taranaki Oilfields, Ltd., report: —Gisborne No. 1 woll: 2870 ft. in very soft shale; diameter casing to 2860 ft. Oisborne No. 2 well: To 545 ft. in shale, then sand and shale; last 30ft. hard sand; total, 600 ft.; 12£ in. diameter casing to 360 ft. CHICAGO WHEAT MARKET. Australian and N.Z. Press Association. CHICAGO, May 21. Wheat.—May, 1 dollar 47 1-8 cents per bushel; July, 1 dollar 48 5-8 cents; September, 1 dollar 49 1-8 cents. ! LONDON APPLE MARKET. Australian and N.Z. Press Association. LONDON. May 21. The New Zealand apples by the Rotorua and Cornwall sold as follows:—Coxs, 12s to 18s; Dunns and London Pippins, 12s to 13s; Delicious, lis to 12s 6d; Jonathans, 12s to 14s.