LONDON STOCK EXCHANGE.

New Zealand Herald, Volume LXVII, Issue 20521, 24 March 1930, Page 5

LONDON STOCK EXCHANGE.

FUNDS RISE SHARPLY. TALK OF LOWER BANK RATE! (Received March 23, 6.35 p.m.) LONDON, March 22. The reduction in the bank rate to 3i per cent, and the opinion confidently expressed in many quarters that it will be still further reduced to 3 per cent, next month has had a marvellous effect on the Stock Exchange, especially on the gilt-edged market, which during the last few days has shown activity reminiscent of the boom days of the past. Following the sustained upward movement of the British funds, which commenced on Monday, there were sharp advances all round yesterday. with a week ago 4 per cent. Consols showed an advance of. Conversion Loan <U per cent an advance of 3£ and Victory Bonds an advance of 3£ per cent, stock, which had been very weak owing to the political troubles, improved by no less than Bj. Commenting on the position the Financial News says:—"To some extent the market is professional and profit-taking may cause a reaction. But it is an acknowledged fact that the big financial houses and insurance houses are buying. A notable part in the general advance lias been played by Australian stocks and Indian stocks. This is partly due in both cases to the fact that these stocks had previously lagged behind the general body of gilt-edged securities, but it is also reflected in a real revival of confidence in the stability of the borrowers, stimulated in the Australian case by the determined efforts which the Labour Government is making to right the exchange situation, and in the case of India by the petering out of Gandhi's campaign." Another financial expert writes:—"No doubt a good deal of professional speculative buying has taken place. In some respects it is regrettable, although perhaps inevitable, that the professional operator should get ahead of the genuine investor. A question which the investor is asking is whether the rise is likely to go further and whether money is likely to remain cheap for a prolonged period. I can only say that for the moment indications favour a likeli-hood of low money rates continuing for some months." Other writers express similar views. Some even retention the possibility of a 2£ per cent, bank rate in the near,future. THE LONDON MARKETS. FROZEN MEAT. (Received March 23, 5.5 p.m.) LONDON, March 22. The weekly quotations for the undermentioned classes* of frozen meats are based on actual sales of 'wholesale quantities of carcases of mutton or lamb, or of quarters of beef delivered to Smithfield market and/or ex London stores. They are compiled by the Quotations Committee, Smithfield. To arrive at the equivalent ex ship values one farthing per pound should bo deducted from the prices quoted below Quotations given represent the average for the week and are not selected lines, but for parcels fairly representative of the bulk of the shipments now on offer. New Zealand Sheep.—Canterbury and North Island selected crossbred wethers and maiden ewes, 481b. to 561b., 7d; 571b. to 641b., 6j{d; 651b. to 721b., North Island, 481b. to 561b.,. 6|d; 571b. to 641b., 6|jd; 651b. to 721b., 6d; New Zealand ewes, 481b. to 641b., 6d; 651b. to 721b., 5-3 d.

Australian Sheep.—First "quality crossbreds and/or Merino wethers, 401b- to 651b., 6-^-cI; second quality, 301b. to 551b., 63d; Australian ewes, 301b. to 551b., 6(1. Argentine Sheep.—First quality crossbred wethers, 481b. to 641b., 6|d; 651b. to 721b., s£d; over 721b., s^d. New Zealand Lambs.—-Canterbury, 361b. and under, B|d; 371b. to 421b., Bfd; 431b. to 501b., Bgd; second quality, average, 331b., 83d; selected North Island brands, 371b. to 421b., Bfd; 431b. to 501b., B£d; other North Island brands, first quality, 371b. to 421b., SidAustralian Lainbs.—Victorian, first quality, 361b. and under, 8d; 371b. to 421b., 7|d; other States, first quality, 361b. and under, 7|d; 371b. to 421b., 7^d. Argentine Lambs.—First quality, 361b. and under, 7|d; 371b. to 421b., 7|dj 431b. to 501b., 7{d. Argentine Chilled Beef.—Ox hinds,1601b. to 2201b., 7|d. New Zealand Pigs.—First quality, 601b. to 1001b., lOgd; 1011b. to 1201b., lOd; others unchanged. COTTON, RUBBER, JUTE, ETC. (Last week's prices in parentheses.) Cotton. —April delivery, 8.2 d (7.73 d) per lb. Rubber.—Para, tation and smoked, 7|d ,(7£d) per lb. Jute.—March-April shipments, £23 (£23) per ton. Copra.—April shipments. South Sea, £2O 10s (March-April, £l9 10s); plantation, Rabaul, £2O 15s (£l9 15s) per ton. Linseed Oil. —£40 10s (£3B) per ton. Turpentine. —43s 6d (43s 3d) per ton. HIDES. The hides market is depressed." Meat works dry-salted Queensland, 351b. to 451b., are quoted at per lb.; 301b. to 401b., 251b. to 3511)., 201b. to 301b., all 7d; New South Wales, same weights, Bd, 7>2d, 73d, 7|d. Wet-salted Queensland, 501b. to 601b., sid; 401b. to 501b., sd; New South Wales, 6|d and 6dj Victorian abattoirs, 5Ad and s£d. , THE PRICE OF GOLD. Gold is quoted at. 84s lid per oz. STOCK SALES. MORRINSVILLE PRICES. The Farmers' Co-operative Auctioneering Company, Ltd., report 1 lint at the Morrinsviile salo 011 Friday there was a medium yarding of beet and a good yarding of sheep and calves. Beef and sheep maintained their values. The competition for calves was keen and practically everything was sold. Quotations Fat ewes, £1 to £1 Os Gd; fat woolly wethers, £1 14s; fat lambs, 19s 4d to £1 4s; good store hi nibs, 12s Gd to IGs 9d; others, 10s 7d to 12s; store ewes, 12a to lis;' heavy fat cows, £7 10s to £8 16s; light fat cows, £G 4s to £7 7s Gd; forward cows, £4 17s Gd to £5 15s; store cows. £3 17s Gd to £4 10s; cc.ws and calves, £6 is Gd to £7 3s; heifers, r.w.b., £6 to £7; Shorthorn steer calves, £3 IGs to £4 lis; good Jersoy heifer calves, £3 10s to ss; others, £1 lis to £3 Is; Shorthorn heifer calves. £\2 3s to £3 Is. There was a full yarding of fat, store and weaner pigs, the total of 70G being yarded. Competition was kfeen throughout. Baconers averaged 7id per lb, while porkers averaged 7}d to 7Jd lb. Prices: Heavy baconers. £4 8s to £4 13s; medium. £4 to £4 ss; light, £3 10s to £3 15s; heavy porkers, £3 8s to £3 12s; light, £2 15s to £3; good stores, £2 2s to £2 8s; slips, 32s to 375; wen tiers, 12s to 225,

PRICES AT TEILDING. ' [BY TELEGRAPH. —I'RESS ASSOCIATION.] FEILDING Saturday. There was again a heavy yarding, particulivrly of breeding ewes, for the Feilding stock sale. Prices were much easier and many lines were passed. Prices were:— Sheep: Fat ianibs, woolly, 225; blackface, lambs, 15a 9d to 18s Gd; fat two-tooths, woolly, 28s; shorn,' 21b to 20s; blackface, 21s (id to 20s Gd; fat ewes, IBs 9d; fat wethers, 22s Gd to 27s Gd; store breeding ewes, two-tooth, 25s 4d to 27s Gd; four-tooth, 275; six-tooth, 255; four-year, to 22s 7d; five-year ewes, running with Southdown rams, 9s 8d; woolly blackface ewes, lis 9d to 13s Id; two-tooth wethers, -21s lOd. Cattle: Potter bulls, to £lO 10s; fat cows, Jersey, £5 15s to £8 6s; light cows, £5 ss; Polled Angus cows, £5 15s to £7 7a Gd; vealers, £4 12s Gd; bullocks, £l2 ss. good store cows, £6 15s; Holstein steers, £4 10s; steer calves, to £2 3s; heifer calves, 355; weaner heifers, good, £2 10s; dairycows, in milk, £5 5a to £7; springing cows, £9 108 Gd to £ll 15«. .