AUSTRALIAN EXCHANGE.

New Zealand Herald, Volume LXVIII, Issue 20819, 11 March 1931, Page 7

AUSTRALIAN EXCHANGE.

RUMOUR OF REDUCTION.

POSITION OF THE BANKS. (Received March 10, 5.5 p.m.) LONDON, March 9. There is again a persistent rumour that the Australian exchange will shortly be reduced to 10 per cent., but inquiries show that there is little encouragement for the rumour. It is admitted that nt this time of the year, with the wheat pool selling freely, money accumulates in London.

There has been perhaps a sufficient recent accumulation to enable the Australian banks to repay their loans from English banks. This perhaps has created a more comfortable feeling, but it is decidedly doubtful whether the remaining surplus will be sufficient to justify the alleviation of the exchange. Australian stocks are firm, and dealings were made in several of the State loans at from £2 to £4 higher.

TIIE CITY MARKETS.

YESTERDAY'S AUCTIONS. LARGE SUPPLIES OF TOMATOES. Mid-season varieties of apples aro now appearing in the city market. A few Cox's Orange Pippin yesterday sold freely at from 5s to 8s a case. Plums are becoming scare? and supplies should ceaso within the next week or so. The market continues over-supplied with tomatoes and there is practically no demand for second grades. Best quality yesterday were hard to sell at the end of tho salo at from Is

3d to Is 6cl a case. Heavy supplies of hothouse grapes are still coming forward. A few cases of Te Kauwhata grapes are also coming in each day, although outdoor grapes in worthwhile quantities cannot he expected for a week or two. Lemons are scarce and the demand for those offering is good. The season for Bon Chretien pears is just about over. Louis Bon Jerseys are now being harvested and meet a firm demand in the markets.

The dry weather of the past few weeks has affected supplies of peas, beans, cabbages and other vegetables, and the price has been slightly firmer during the past few days. The quality of the lettuces offering is poor. The egg market continues to be influenced by tho ample supplies of cheap fruit, particularly tomatoes, and no improvement has been shown on the lower prices of last week. The market for poultry shows practically no movement. Prices for average quality lines in the city markets yesterday ranged as follows :—■ FRUIT. Pears, Bon Chretien, 5s Gd to 9s a case; Louis Bon, 7s to 9s Gd; Packhams, 5s to Gs 3d; cookers and others, 3s Gd to ss; tomatoes, first quality, Is 3d to 2s a case; seconds, unsaleable: peaches, choice, in special packages, 12s to 15s: choice, 5s Gd to 7s; late Red and Osprey, 3s to 4s; apples, Gravensteins, choice, highly coloured, Gs to 7s a case: No. 1, 4s Gd to 5s Gd; No. 2, 3a to 4s; Deliciouß, coloured, 5s to Gs 6d: others, 3s to 4s; cookers, 2s Gd to sa; Cox'a Orange Pippins, 5s to 8s; plums, Doris, very scarce, Gs to 8s 9d a case; others, 4s to 5s Gd; grapes, hothouse, Gros Moroc, Is 2d to Is 4Jd lb.; Hamburghs, first, 9Jd to Is Id; second, 6}d to BJd; nectarines, very scarce, 10s _to 14s a case; blackberries, 5d to 7d a chip; strawberries. 8d to lid a chip; lemons, first grade. 10s to lGs 6d a case; others, 5s Gd to 9s; oranges, Californian, 27s to 293 a case; apricots, Southern. 3s' Gd to Gs a case; Cape gooseberries. 5d to 7d a lb; bananas. No. 1, very ecarce. Orange c/s, 28s 6d to 29s Gd a case; mediums, 25s to 275; mushrooms, selling per package, about 8d to Is 3d a lb. VEGETABLES. Potatoes, 3s to 4s 3d a bag; onions, 4s to 4s Gd a bag, or 8s Gd to 9s cwt; kumaras, new season's, 2d to 2id a lb; cabbage, 3s Gd to 9s a sack; swedes. Is 6d to 2s 6d a bag; pumpkins, 4s to 7s a cwt; citron melons, 4s Gd to 5s Gd a cwt; green peas, 4s to 7s a bag; beans, 3s to 4s Gd a bag; lettuce, Is to 4s a case; cucumbers, 3d to 9d a dozen; vegetables marrows, Is to Is 9d a dozen; water melons, 6d to Is 6d each: rock melons, 3d to 13 3d each; cabbage, on benches, Is 6d to 2s Gd a dozen; cauliflower, on benches, Gd to Is Gd each: celery, 9d to 2s a bundle: rhubarb. Is to Is Gd a dozen; spinach, 9d to Is a dozen; pumpkins, on benches, 6d to 2b each; radish, Gd a dozen: spring onions, Gd to 8d a bundle; carrots, parsnips, beet and turnips, Gd to lOd a dozen. POULTRY. Cockerels, heavy breeds, prime, 4s to 5s Gd each; not prime, 2s upward; light breeds, prime, 2s Gd to 4s; not prime. Is Gd to 2s; fat heavy, prime, 2s Gd to 3s: light, Is Gd to" 2s: fat hens, heavy, 2s 9d to 3s Gd; light, 2s to 2s 6d; pullets, heavy, best, 7s to 9s; heavy, smaller, 3s upward; light, best, Gs to 8s: smaller, 2s Gd -upward: drakes, young, prime, 2s 6d to 3s; smaller. Is 3d upward; old, 4s to ss; ducks, young, 3s to 4s; old. 2s to 2s Gd; guinea fowls, 43 to ss. DAIRY PRODUCE. Hen oggs, special grade, Is 7d a dozen; A grade, Is Gd; B grade. Is 3d; C grade. Is. Duck eggs, special grade, Is 6d a dozen; A grade, Is sd; B grade, Is 4d; C grade. Is Id. Farmers' butter, lOd to Is a lb.

GOLD IN TASMANIA.

NEW FIND REPORTED, A great deal of interest is being taken in the discovery of gold at Mount Horror, about 15 miles north-east of Scottsdale, states a report from Hobart. A strong syndicato has been formed to develop the jiroperty and enablo a parcel of 10 tons of stone to be mined. The lode is reported to be very well defined, and has been traced for a distance of a chain and a-half, and whore sunk upon to a depth of about 14ft. has widened from 2in. to 9in. It is said to carry splendid values all the way. Gold is showing freely in samples of stone which aro at Hobart.

The State mining engineer said lie was impressed with the possibilities. An area of 40 acres has been secured, and it is intended to push on immediately with developmental work. Assays of the stone made by the Mines Department give returns averaging about 9jOZ. of gold to the ton and lJ,oz. of silver. TRADE OF VICTORIA DECLINE IN IMPORTS. Oversea trade returns of Victoria for January disclose that there was a general decrease in imports, compared with those for January last year. The total was £1,795,535, compared with £3,916,824, a decline of £2,121,289. The principal decreases are apparel £159,000, textiles £421,000, machines and machinery £245,000, iron and steel £IIB,OOO, and timber £184,000. Exports for the month at £1,877,275, compared with £1,441,450, an increase of £435,825. Butter shows an increase of £91,000, wheat £541,000, and greasy wool £177,000. For the seven months ended January 31 imports have fallen by £13,577,477, compared with those for the corresponding period of tho previous financial year, the totals being £14,674,931 and £28.252,408 respectively. Exports for the period amount to £15,296,980, against £19,645,550, a decrease of £4,348,570. DAIRY PRODUCE PRICES. Joseph Nathan and Company, Limited, has received tho following cablegram from London :—Butter, 120s. Cheese prices unchanged. Both marketg weak and nothing doing.