THE LONDON MARKETS

New Zealand Herald, Volume LXIX, Issue 21252, 4 August 1932, Page 5

THE LONDON MARKETS

PRICES FOR METALS ALL-ROUND IMPROVEMENT LONDON, Aug. 2 (Quotation? on July 28 in parentheses.) Copper.—Spot, £27 15s (£26 3s l£d); three months, £27 8s 9d (£25 15s 7id). •Electrolytic Copper.—Spot, £3l 10s (£2B 15s); three months, £32 (£29 ss). Wire Bars.—£32 (£29 ss). Lead.—Spot, £lO 8s 9d (£10); three months, £lO 16s 3d (£lO 3s 9d). Spelter.—Spot, £l2 7s 6d (£l2 2s 6d); three months, £l2 13s 9d ''(£l2 ss). Tin. —Spot, £133 2s 6d (£129 3s 9d); three months, £134 17s 6d (£l3O 15s). ♦American, 4.50 cents a lb., same as on July 27. ' _ WAIKATO STOCK MAItKET DEMAND FOR DAIRY CATTLE EAST COAST BUYERS OPERATE Although July brought no severe weather the heavy and continuous frosts , distinct mark in some parts of the district. An early spring is earnestly hoped for. as the supply of winter feed is below the normal holding. ~ . , The tono of the market generally is not so buoyant as it gave indications of a week or two ago. Beef and mutton are apparently too plentiful to justify hope of great improvement during this month Stores, both cattle and sheep, have also slipped back a little, showing onco again that an advance may be too rapid to endure. Dairy cattle alone hold their interest, cows iu particular of any breed, if supported by verbal assurance of soundness, never tailing to attract strong competition. Heifers have not recovered the firmness of a few weeks ago, but signs are not wanting ot parly improvement. East coast buyers, who have aided greatly in previous years, are onco more stirring, and a number of ctVnsignments to their order has been ucspatched. _ ~ Conditions as they affect the separate branches are: — BEEF A considerable entry was penned at the Central Yards on Tuesday, with a fair proportion medium quality only. Some extra heavy-weifihta were included. \ alues again slightly easier and in some of the plainer lots exporters were able to compete. Prime ox sold to 19s; ordinary, lGs to 18s; plain, 14s to 15s: prime heifer, 15s to lfis; prime young cow, l<ls; ordinary cow, ]os to 12s; plain, 7s to Bs. mutton At the Central Yards on Tuesdny a very lujivy entry was penned, but a great deal lacked finish and on tliat account did not depress the market for prime quality to the extent feared. Values were, however, slightly ensier, except for occasional lines which seemed to equal last week's rates. Best wethers sold from 13s to 14s; medium, 12s to 12s 9d; unfinished, from 103 6d; good sound ewes, 8s to 9s 6d; medium, 63 6d to 7s 6d; unfinished, 5s to Gs; best lambs, 8s Gd to 10s 3d; lighter, from 7s. STORE CATTLE The markets are still very bare of stock that can be classed under this heading. A. few pens of grown bullocks at the Frankton yards gave a much needed indication of their present worth and it proved greater than many anticipated. There seems little doubt that cattle will bo required in 'the spring to keep the pastures suitable for sheep and, as the question of profit is not paramount, firm values may prevail. Contrary to expectation the demand for Jersey yearlings has not increased the supply. A slight reaction seems to have set in, however, and robbed the search of its earnestness; indeed, the margin between the yearling and the two-year-old at profit must appear too narrow to those who give it consideration. Values are:—Grown bullocks, forward, £2 10s to £3 10a; three-year steers, £1 10s to £2 ss; two-year, 17s 6d to 255; yearlings, 10s to 15s; fresh young cows, 25s to 355; stores, 15s to 22s 6d; aged, 7s fid to 12s Gd: Jersey yearlings, £2 10s to £3; medium, £1 15s to £2 ss; small, 15s to 27s Od; Holstein and Shorthorn, 153 to 25b; small, from 5s to 10s. STORE SHEEP A very small amount of business is pass- j ing in this section. Both lamb and wool • prospects seem uncertain and until signs [ of improvement appear buyers will move cautiously. Values are:—JSwes, in lamb, best, 8s to 10s; medium, 6s to 7s 6d; forward ! wethers, 8s Gd to 10s; stores, 7s to 8s Gd; best hoggets, 7s to 8s; small, from 5s Gd. DAIRY CATTLE Clearing sales are still occasionally being held and always with most satisfactory results. Cows continue To be popular and it is hard to satisfy the existing demand. Heifers are coming on the market freely, but sellers are far from satisfied with their reception. Unless for exceptional animals, values rarely exceed £G and many good ones fall short of it. Pad.dock values are better and buyers still show a preference for selecting in this fashion. Genuine cows are worth £8 to £l2; medium, £5 to £6 10s; backward, £2 to £3 10s: best heifers, £6 to £7 10s (extra good quality, to £10); ordinary lots. £4 10s to £5 10s; backward, £3 to £4; small, from 30s. FIGS At the Central Yards this week a fair entry suffered a decline of about 3s a head, both in porkers and baconers. Best sold to 345; light-weight, from 295; best porkers, to 28s; light, from 20s. CLEARING SALE AT OTAUA The New Zealand Loan and Mercantile Agency Company. Limited, report having held a clearing sale at Otaua, "VVaiuku, on Tuesday, on account of Messrs. Dawbin Brothers, selling the whole of their dairy herd, horses, implements, etc. There was a particularly large attendance of buyers from the surrounding districts and a keen demand existed for the dairy herd, prices bping as high as £2O. The herd of 83 cows averaged £9 17s Gd. The 18 yearling heifers sold averaged £4, while the farm horses sold up to £3ti. This sale is looked upon as the most successful held in the district for the last 18 months. GOLD AND SILVER | -QUOTATIONS IN LONDON (Received August 3, 8.5 p.m.) LONDON, Aug. 2 Gold is quoted to-day at £5 17s an oz., compared with £5 17.s 6d on July 30. Silver is quoted at per standard 0/,., and 18{}<1 per fine oz.. compared with 17 1 -8d and on July 28. 11l Mil TO BE BROKEN UP LYING IDLE FOR SIX YEARS SERVICE IN COASTAL TRADE After lying idle in the stream for about six years the Northern Company's steamer Rimu lias been sold to a local firm to he dismantled and broken up. The Rimu was built at Preston, England. in 1808 for the Invcrcargill Shipping Company, Dunedin. She is a steel vessel of 412 tons, fitted w : th twin steam engines of 680 h.p After her arrival in NVw Zealand from England she was engaged for about 10 years in (he South Island coastal trade, with occasional trips as far north as Onehunga, Kaipara, and Helensville. In 1908 the Rimu was purchased by the Northern Company and after being refitted and altered she was commissioned in (ho West Coast trade. For a number of years she was engaged in t le passenger and cargo service from Onehunga to Raglan, Kawliia and Wanganni. The passenger service to those ports was eventually abandoned and the Rimu was replaced on the west coast by motorvessels carrying cargo only.