THE LONDON MARKETS.

New Zealand Herald, Volume LXVIII, Issue 21037, 23 November 1931, Page 5

THE LONDON MARKETS.

FROZEN MEAT. (Received November 22, 5.5 p.m.) LONDON, Nov. 21. The weekly quotations for the undermentioned classes of frozen meat 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 London stores. They are compiled by the Quotations Committee, Smithfield. To arrive at the equivalent ex ship values, one farthing per pound should be 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 shipments now on offer. New Zealand Frozen Sheep.—North Island crossbred wethers and maiden ewes, 481b. to 561b., 33d. Australian Sheep.—First quality crossbreds and/or Merino Wethers, 401b. to 651b., 3d; 301b. to 551b., 3d; ewes, 301b. to 551b.."3d.

New Zealand Lambs.—Canterbury, 371b. to 421b., 6 3-8 d; 431b. to 501b., sd; other South Island brands, 431b. to 501b., sd; selected North Island brands, including Downs, 431b. to 501b., sd. Australian Lambs.—Victorian, first quality, 361b. and under, 6|d; 371b. to 421b., s|d; other States, first quality, 361b. and under, s£d; 371b. t*> 421b., sd; Victorian, second quality, 361b. and under, sid. Argentine Lambs. —First quality, 371b. to 421b., sd; second quality, average 301b., sd. Australian Frozen Beef.—Ox crops, under 1001b., 2|d; over 1001b., 25-8 d; ox hinds, under 1601b., 3Ad; over 1601b., 3gd. Argentine Chilled Beef.—Ox fores, 1601b. to 2201b., ox hinds, 1501b. to 2201b., 5 7-Bd. New Zealand Pigs.—First quality, 601b. to 1001b., average 901b., 6d; 1011b. to 1201b., 5Ad. Australian Pigs.—First quality, 601b. to 1001b., average 9Glb., 6d; 1011b. to 1201b., s^d. All other sorts are unchanged. COTTON, RUBBER, JUTE, ETC. (Last Week's Prices in Parentheses.) Cotton.—December delivery, 4.55 d (4.76 d.) per lb. Rubber.—Para, 3 5-8 d (3 5-8 d) per lb.; plantation and smoked ; 215-16 d (27-8 d). Jute.—Nov.-Dec. shipments, £22 7s 6d (£22 18s 9d) per ton. Copra.—Nov.-Dec. shipments—South Sea, £l3 10s (£l4 ss) per ton; plantation, Babaul, £l3 15s (£l4 10s). Linseed Oil.—£l6 (£l7 10s) per ton. Turpentine.—4Bs 6d (47s 9d) per cwt.

The Bank of New Zealand has received the following advice from its London office as at the close of business last week: Wethers: The demand is improving. Ewes: The market is quiet and unchanged. Lambs: There is a good demand for the time of the year. Trade generally is slow owing to heavy supplies of fresh meat. Quotations: Wethers, light, 3fd to 4£d a lb.; heavy, 2|d to Ewes, 2£d to 3 l-Bd. Lambs, twos, 7d to 7gd; eights, to 64, d; fours, 5d to s^d; seconds, 5d to 5J,d. LONDON DAIRY VALUES. PRODUCE BOAED'S REPORT. Th© New Zealand. Dairy Produce Board lias received the following market report from its London office, dated November 20, prices for the previous week being given in parentheses:— Butter.—New Zealand: Salted, 105s to 112s (107s to 114s); unsalted, 114s to 120s (116s to 120s); 105s to 112s equals approximately lOgd f.o.b. ; first whey, 98s (102s); second whey, 96s (100s). Deliveries, New Zealand, 1618 tons; in store, 4038 tons. Australian: Salted, 103s to 106s. (105s to 108s); unsalted, 106s to 109s (107s to llOs). Deliveries, Australian, 1062 tons; in store, 1275 tons. Argentine: Unsalted,. 100s to 104s (104s to 108s). Danish: 121s f.o.b. (1265); 130s spot (132s to 1345). Dutch: Unsalted, 136s to 138s (140s to 1425). Siberian: 92s to 93s (94s to 965); Ukranian: 92s to 93s (94s to 96s)'. Market weak and irregular. New Zealand retail, Is 2d; Danish, Is 4d. Arrivals butter from Russia, 720 tons. Empire Marketing Board's estimated stocks of all butters at November 14, 578,467 boxes; last Cheese.—New Zealand: White, 66s to 67s (68s to 695); coloured, 64s to 66s (66s to 68s) ; 64s to 67s equals approximately 6gd f.o.b. Deliveries: New Zealand, "9500 crates; in store, 23,000 crates. Australian: Coloured, 635-to 65s (65s to 665). Canadian; White, 68s to 70s (68s to 70s); coloured, 69s to 71s (70s to 725); c.i.f., 625. Deliveries, Canadian, 21,291 boxes; in store, 264,140 boxes. Market slow. New Zealand retail price, 9d. English, finest farmers, 92s to 100s (90s to 98s). The board has also received the following advice from its agents in Canada: — Butter; New York, 33 cents (Is 4^d); Montreal, 22 cents (lid). The New Zealand Producers' Co-opera-tive Marketing Association, Limited, has received the following advice from its London office, dated November 20:—New Zealand, butter, finest, 112s; first, 105s; unsalted, 114s to 120s. Danish, 130s. The market is weak. White cheese, -66s to 675; coloured, 64s to 665. The market is slow. A. H. Turnbull and Company, Limited, have received the following cablegram from their principals, Messrs. W. Weddel and Company, Limited, dated London, November 20:—Danish butter, 130s; New Zealand unsalted, 114s to 120s, salted' 105s to 112s. The market is weak. New Zealand .cheese, white, 66s to 675; coloured, 64s to 665. The market is slow. ,

MOUNT LYELL ACCOUNTS. ' REDUCTION OF COSTS. Further details of the accounts of the Mount Lyoll Mining nnd Railway Company, Limited, a preliminary statement of which appeared in the Herald on November 1, show that the profit of £78,056 for tho year ended September, although £53,121 less than in the preceding year, was earned with electrolytic copper at the greatly reduced price of about £55 a ton, including the exchange premium, and on the treatment of a lower grade of ore, tlie average assay value being 3.77 per cent, copper compared with 4.41 per cent, in the preceding year. To achieve this result the company had to effect a further reduction from £sl to £49 in tho apparent cost of producing a ton of electrolytic copper, including development, depreciation and administration charges, and allowing for the value of byproducts. The company did not receive the benefit of the 10 per cent, reduction" in wages until May 7, and the mill did not reach its full capacity until after the end of the accounting period. The amount allowed for depreciation was £15,338, as against £29,027 last year. The decrease in the surplus liquid assets from £453,507 to £373,394, is duo to expenditure on plant during the year. The general manager reports that costs of mining and concentration will be reduced with the increase in production from the Lvell Comstock and Royal Thftrsis mines, which are less expensive to operate. During the year 283,262 tons of ore were milled, as against 236,134 tons in the preceding year; 54.882 tons were smelted, as against 57.376 tons. The production was 10,033 tons copper, 155,97607,. silver, and 38340z. gold as compared with 9817 tons, 187,4890z., and 36310z. respectively.