POUND AND THE DOLLAR.

New Zealand Herald, Volume LXVI, Issue 20385, 14 October 1929, Page 7

POUND AND THE DOLLAR.

DEVELOPMENTS IN NEW YORK.

MONEY RETURNING TO LONDON

Australian and N.Z. Press Association. NEW YORK, Oct. 11

The rising of the sterling exchange to a rato above par for the first-time since July of last year is attributed to several factors. Cheap money is now ruling here. English funds arc being withdrawn from the money market >and returned to London. Possibly the sentimental effect of Mr. Mac Donald's visit has also contributed to the change in the situation.

The sterling-dollar quotation on Thursday, published on Saturday, was 4 dollars 86 21-32 cents, a rise of i cent above tho quotation two days earlier, and about l-20tn of a cent above par. On Thursday, the rate for call money in New Yolk fell to 5 per cent, as against 9 per cent, on September 26, when the Bank of England discount rate was raised.

THE LONDON MARKETS.

FROZEN MEAT.

Aunlralian and N.Z. Press Association. (Received October 13, 5.35 p.m.) LONDON, Oct. 12. Sheep.—Canterbury, medium, 6£d ; New Zealand ewes, 4gd; Australian ewes, 4^d. Lambs.—Canterbury, seconds, 7id; other selecteds, light; B^d; medium, 8d; North Island, firsts, light, BJd; medium, 7gd; seconds, 7gd; Australian, firsts, Victorian, 8 l-8d; other States, 7 15-16 d; seconds, Victorian, 7gd; others, 7jjd. Frozen Beef. —Australian fores, 4 5-16 d. Chilled Beef. —Argentine, fores, 4|d; hinds, 7-|: others unchanged from Friday's closing prices. > COTTON, RUBBER, HEMP, ETC. Cotton.—November delivery, 9.85 d (9.95 d) per lb. Rubber—Para, 9J-d (BJd) per lb.; plantation and smoked, 9 15-16 d (9Ad). jute.—October - November shipments, £29 10s (£3O) per ton. Hemp.—High point fair, nominally £34 (rmne offered), per ton. Copra.—October-November shipments, South Sea, £22 7s 6d (£22 12s 6d) per Ion; plantation, Rabaul, £22 12s 6d (£22 15s). Linseed 0i1.—£45 15s (£45) per ton. Turpentine.—44s 9d (455) per cwt.

AUCKLANDER'S INVENTION. UNITED STATES PURCHASE. The acceptance of an offer to purchase Iho world's rights of an offset printing plate, the. invention of. Mr. T. E. Richards, of Auckland, is announced by Mr. 11. R. Cooke, chairman of directors of Duro Plates, Limited, which owns the patent rights. The offer, which emanated from a group of American financiers allied with a well-known manufacturer of printing machinery, was received on Friday morning and was accepted at a meeting of directors on' Saturday. The figure mentioned in the offer is stated to be substantial, but has not been disclosed. The purchasing group will require the services of Mr. Richards in the manufacture of the plates, and as soon as the preliminary negotiations are completed lie will leave' for the United States. It is announced that the British patent rights for the invention have been granted.

BRITISH COAL IN SYDNEY. 5000 TONS FOR GASWORKS. , Originally ordered by a business firm in another State, a cargo of 5000 tons of British coal on board the Dutch vessel Aagtekerk was purchased by the Australian Gaslight Company while the vessel was on the high seas, and is being discharged at Sydney. Many ships have brought British coal to Melbourne and Adelaide since the coal trade became disorganised in New South Wales, but this is the first consignment of imported coal bought in Sydney. The cargo of the Aagtekerk is "best gas" coal, and was loaded at Immingham, near Hull.

The Australian Gaslight Company does not contemplate buying any more coal abroad. It is' hoped that an early settlement of.,the coal trouble in New South Wales will make such a step unnecessary.

STOCK SALES. BULL SALE AT TE AWAMUTU. The New Zealand Loan and Mercantile Agency Company, Limited, Hamilton, reports:—At the Te Awamutu grade bull sale 011 Friday a large entry of bulls; came forward, fot which there was a fair demand. Although prices were disappointing to yendors, in most cases they met the market, and we disposed of the majority of the bulla placed in Our hands for sale. We quote:— Yearling pedigree Jersey bulls, lOgns to 18gns; good quality two-year-old grade bulls, £9 to £l3 103; others. fO to JEB: wellgrown yearlingß, £7 to £l3; smaller, £3 to •£ 6 ss; good yearling Shorthorn bulls, £8 to £l3; smaller, £5 10s to £7. VALUES AT NGARUAWAHIA. The New Zealand Loan and Mercantile Agency Company, Limited, Hamilton. t reports:—At the Ngnruawahia. sale on Friday we submitted a full" yarding of cattle, which sold under good competition. We effected a total clearance. Quotations -.—Light fat cows, £9 to £lO 2s 6d; fleshy cows. £7 7s to £8 4s; cows in fresh to forward condition, £6 5s to £7; storo cows, £4 13b to £G; boner cows, £3'ss to. £4 10s; yearling .Torsey heifers, £5 5s to £5 18s •_ yearling Shorthorn heifers, £ 5 3s; steers, £ 4 15s; Jersey bulls, £8 5s to £9: Shorthorn bulls. £7 10s:- dairy cows, £7 15s <o £10; cull cowa. £5 to £5 10s; springing heifers. £< 15a to £lO.

PRICES AT WAIHOU. The Fanners' Co-operative;. Au c ti oneorm« Company, Ltd.. reports:-At our W uhou sale on Friday there was a pooc : in store cattle and a lnwhunivardns of beet •md dairy cattle. Late rates were main tainc/l throughout. Quotationa: I'at cows, ti° l°s a t l o°J l ZfTrJricVi£lo; hffht, ±Bto i±J •* i>«- f h Btoro Honed cm i If. eln ' p ty heifera. ITlo X 5 15s; yeaillnß JeU heifer, cho.ee. £7 5s to is; others. IS 10s to 4& «. yearling Shorthorn heifers. dairy rows, of *ll classes of Pies. The whole yarding of .uis was quitted at advanced Me rates. A lino nf 40 heavy baconers ftvcra»cd £4 lis. Hoavy baconers! JM. 7 s to,£4llb;; medium. i"i ioq to £-t Is; light, A3 10s to los. heavy porkers, £3 3s to i 3 9s: niedu.m, £o 15q.t0 £2 10s; light, £2 to to £2 12 s, cood stores. £2 2s to £2 Hbj slips, 3os to £2; weaners, 23s to 345.

WHANGAREI DISTRICT SALES. Dnlgoty and Company. Limited. WhaTigarei. report having held sales at the lotlowing centres during tho past week:— Pakotai, monthly salo on Monday, October 7.—There was a full yarding of cjvttle and competition was keen, with prices on a'par with loto rates. A line of yearling Hereford bulls was offered on account of Mr. A. G. Mac Donald, and sold readily under keen competition, tho lino averaging £l- - Prices realised were: tat heifers, ±-7 12s Od; light fat cows, £fi 10s to £6 12s (id- store cows, £3 12s Gd, £5 3s, £5 lis; heifers, X 3 7s. £5 10s, £5 Is; yearling steers. £3 5s to £5 ss; dairy heifers, £6 to £!) ss; dairy cows, £(1 to £8 2a 6d; yearling Hereford bulls. lOgns to 14-Jgnß. At. tho Maunsakaramea monthly sale- on Tuesday there was n medium yarding of cattle, which met with animated competition, and consequently prices were slightly easier Prices realised were;— Fat cows, £7 ss, £h 7e fid. £l3 10s: store cows, .£4 ss: ccwt and cbiveft, £4 Is to £7 19s - heifers. £E; vc-.vrUne steers. £3 14s, £ 6 69* dairy I heifert, £6 10s tc £9 355; m.s. hoggets. XI 1 2s 2d ' At the Knmo bull sale on Thursday time was o fair yarding of bulls, which rr.et with keen competition. Good Shorthorn bal.s sold very readily. A line offered,on acocrant of Mr. J. J. Whimp averaged ; 14gns, and', realised. 10 to 20i guinea#. ,