BANK RATE REDUCTIONS.

New Zealand Herald, Volume LXVII, Issue 20597, 23 June 1930, Page 5

BANK RATE REDUCTIONS.

ACTION BY REICHSBANK. | CHICAGO FOLLOWS NEW YORK. ! (Received June 22, 5.3 c.m.) LONDON. Juna 21. The rediscount rate cf the Eeiclubank was reduced yesterday from to 4 per cent. A telegram from Chicago states that Ilia. Federal Reserve Bank of that district tia? reduced its rediscount rate from 4 to Cj per cent. The reduction of the New York rats to 2j per cent, was reported on Saturday. The German central bank i 3 the first of the European institutions to cftange its rate since tho general revision last month. London, New York, Paris and Brussels reduced their rates on .May 1, but Berlin did not act until May 19 The Berlin bank rate was 7£ per cent, from April 25 to November 2 last year. On the latter date it was reduced by 5 per cent., and further reductions by the same amount were made in January and February, twice in March, with another four weeks ago. BUTTER MARKET FIRM. RECENT RATES MAINTAINED. PRODUCE BOARD'S REPORT. The New Zealand Dairy Produce Board has received the following market report from its London office, dated June 20, prices far the previous week being in parentheses:— Butter.—New Zealand; Salted, to 136s (130s to 1345), (last year, 167s to 170s) j nasal ted, 144s to 146s (IhOs to 14fe), (last year, 168s to 170s); first whey, 124s (1225); second whey, 122s (llSs). Deliveries New Zealand this week, 910 tons; in store, 10.683 tons. Australian: Salted, 150s to Lj2s, estra lies (127s to 130s); unsalted, 150s to 132s (127s to 150s). Argentine: Unsalted, 120s to 150s (118s to 1245). Irish creamery: Salted, 132s (130s); tmsalted, 136s (1345). Danish: F-c.b!, 135s (131s); spot, 136s to K2s (1365). Dutch: Unsalted, 130s to 140s (1325). Estonian, 12Ss to 150s (124s to 1265). Latvian, 12Ss to 130s (1265). Siberian. 126s (122s to 1245). Polisn, 106s to 120s (Sos to 115s). Market.firm. Danish retail price increased to Is 5d last Mondav. Empire Marketing Board's estimated stocks cf all butters at June 14, 1,030,833 boses. Cheese.—New Zealand: White. 7os to 795. cp to 80s (77s to 78si, (last year 92s to 935); coloured, S4s to 85s (83s to S4s), (last year, 94s to 955). Deliveries New Zealand this week. 23.650 crates: in store. 120.113 crates. Australian: White, 7/3 to 78s (80s to 82s); coloured, 83s. Canadian: White, S2s to 84s (82s to 84sj: c.i.f.. 80s (795). Deliveries Canadian, 2372 boses; in store, 97,732 boxes. English: Finest farmers', 86s (345). Market cniet. Retail prices unchanged. The board has also^received the following advice from its agents in Canada - — Butter: New York, 33 cents (Is 4id): Montreal, 27j cents {ls 1 5-8 d). Messrs.' Newton King, Ltd., have received the following cable from their London principals, dated June 20:—Th» market is firm, prices being from 133s to 1365. Wheys: Firsts. 1245: seconds, 122s Cheese: The market is quiet. Coloured, 84s to 85s; white, 78s to 79> Messrs. A. H. Turnball and Company report the receipt of a cable from their principals, dated London. June 20. as follows:—Danish butter, 138s to 1425. New Zealand: Unsalted, 144s to 1465; salted. 133s to 1365. The market is firm. New Zealand Cheese: White, 78s to 795; coloured, 84s to 85s. The market is quiet Canadian: White and coloured, 82s to 84s. FALL IN WHEAT. BAD SLUMP AT CHICAGO. LOWEST PRICES FOR YEARS. (Received June 22, 5.5 pjn.) CHICAGO, June 2L All wheat futures fell mere than 3 cents a bushel yesterday and touched new low levels. On the Board cf Trade exchange to-day a firm start on moderate having orders tvas overcome and the market dropped steadily, less from pressure than lack of support. July wheat at the low point sold at 93? cents per bushel, September at 96 7-8 cents, December at 1 dollar li cents. These levels have cot been touched since before 1914. To-day's quotations are lower stilL They are:—July, 92n cents per bushel; September, Soi* cents; December, 1 dollar. DECLINE AT WINNIPEG. (Received Jare 22. 5.5 p.m.) WINNIPEG. Jane 21. Wheat prices at Winnipeg to-day plunged to new depths for the year. July wheat closed at 96-£ cents per bushel; October, at 1 dollar 0 3-8 cents; and December. at 1 dollar 2 1-8 cents. STOCK SALES. VALUES AT WAIHOU. The Fanners* Co-operative Auctioneering Company. Limited, reports having btld a sale at Waihou at- tfce week-end, when a fair yarding of cattle came forward- Lata rates were maintained. There was a medium yurdinz of tat. store and wcauer Pigs, the whole, yardmff cliaiiinn£ hands at increased prices. Competition was jceea throughout. A line of 47 choice medxnm bjconers on accoant o£ Mr. J. Whitisn, la Aroha. averaged £3 h2s. Quotations.— Heavy fat cows, £S Ts 6d to £S lis, medium. £(j Ts to £3: lishter, £6 to £6 ss: freaa conditioned store ccTfa. £4 i.o £4 103. boners. £1 10a to £3. heifer calves, Jersey cross. £1 to £2 3s: bulla. £3 5s to £4 12s 6d: (}airy cows, £7 10m Jo £lO 15-: Jersey heifers, close to profit, i."3 IQs to ili} 15c; Jersey and Jersey cr'jss heiters. Satcr calverf. to XS 15s. Pisrs: Choice meditira baconers. i' 3 7s to £3 16s; light. £2 15s to £3 3s; heavy porkers. £2 7s to £2 10b; lis-t, £1 ISs to £2 2s; slips, £1 Cs to £1 lis: "weaners, 10s to Irs. CLEARING SALE AT RANGIEIPJ. t G. W. Vercoe and Company, Limited, report having held a stacccssful clearmsr sase on account of Mr. G. O. Bregnian, oi Eang:riri. There was a large attendance ot buyers, and good competition throughout. The here of 71 cows, including nnsour.d and eniptv cows, averaged £lO 6s 6d. Quotations:—Best quality Shorthorn and Eolsteiii cows. £l2 10s to .1.15 ss; Shorthorn snd Jersey cross cows. £ll 10s to £;3 10s: Shorthorn and Holsl ein cows, aiore backward. £3 10s to £l2: Shorthcm and Halstein cows, late caivers, £5 10s to £3 ss: two^year-old Shorthorn steers. £5; yearling steers, £2 15s: yearling heifers, £2 IfK. Farm horses sold from £ls to £23 10s. Tamworth and Berkshire cross sows in pig made £3 2s «d to £i 15s : porkers. 325; wear.ers, ISs to 21s. OFFERING AT PUKE A TEA. The New Zealand Loan and Mercantile Agency Company. Limited. Haxnjjton % reports bavins heid a very successfu! ciear ; ins sale on account of Messrs. P. S. ana K Holmes. Puieatr.a. in coujuncbon with Messrs Dalgety and Company There was a large attendance _o< buyers trenn tte Pntaruru Morr:r.sville aso Hair.iltor cisfrict* Good youna cows with good hut- | tc-fat returns and early calves* elicited I kten cere petition, tht- Sfl som.d and in-oa:r I co'A! averaging £i- l r «. Qn- 1 ' i-es. Jersey ws with ?oc-rf butter fit returns I to IC»t gr>cc Jersey cowb £1 i 10s i to £l7: laier caivers. £ll tc £l3 IGs; backward cows, £7 to £3 10*.