WHEAT PRICES RISE

New Zealand Herald, Volume LXXI, Issue 21874, 9 August 1934, Page 7

WHEAT PRICES RISE

AMERICA AND ARGENTINE ENGLISH RATES HIGHER LIVERPOOL VERY ACTIVE (Received August 8, G. 15 p.m.) 1 LONDON, August 7 A sharp increase in tho price of American and Argentine wheat at the week-end caused great activity on the Liverpool Exchange. A rise occurred in the speculative market of 3d a cental, which is slightly over Is a quarter. The price of Hour has been officially raised Is. Cargoes are strong in tone. Holders of Canadians are asking an advance of 2s 6d, Australian Is Gd and River Plates Is 9d to 2s. Buyers are reluctant to follow. Parcels are mostly Is 9d to 2s 6d dearer, with fair business. Futures —London: September, 26s a quarter; December, 27s 3d. Liverpool: October, 6s 3Jd a cental; December, 6s sjjd; March, 6s 7ijd. EXPORTS FROM AMERICA PROPOSAL TO SUSPEND SUPPLIES DIMINISHING (Received August 8, 6.45 p.m.) WASHINGTON, August 7 The farm administration proposes to stop the exportation of wheat from the Pacific north-west States because of the rapidly diminishing supply in the United States. Up to date sipce last October 28,000,000 bushels have been sold abroad, mostly to the Orient, by the North Pacific Emergency Export Association. WINNIPEG QUOTATIONS MAY GRAIN ONE DOLLAR WINNIPEG, August 7 May wheat touched one dollar a bushel in Winnipeg to-day. RUMANIAN CROP EFFECTS OF SHORTAGE BUCHAREST, August 7 The Government is fixing wheat prices at 25 per cent above world prices to assist tho farmers of Rumania. The export of wheat has been prohibited. The crop is so short that a high internal price can easily be maintained.

PRICES IN SYDNEY UPWARD MOVEMENT (Received August 8. 9.25 p.m.) SYDNEY, August 8 Wheat prices continue to rise in Sydney, and yesterday's quotation for bulk wheat in the city was 3s 10Jd. An influential section of the'trade expects the present upward movement to continue until the price touches 4s 6d a bushel. AUSTRALIAN EXCHANGES YESTERDAY'S BUSINESS (Received August 8, 7.45 p.m.) SYDNEY, August 8 On the Sydney Stock Exchange today the first call was not held owing to the death of a member. At the afternoon call there was fair activity, but only minor variations in prices. Sales included .--Bank of New South Wales, £3O 10s; Commercial Bank of Sydney, £l6 15s; National Bank (£5 paid), £5 19s;- Colonial Sugar, £64 17s 6d; Adelaide Steam, 25s 9d; British Tobacco, 375; Goldsbrough-Mort, 25s 10k!; Winch combe-Carson, 295; Henry Jones, 31s 6d; Millaquin Sugar, 30s; Electrolytic Zinc, 265; Standard Cement, 19s; Australian Iron and Steel (pref.), 21s 7£d; Mount Morgan, _ 25s 6d; Broken Hill Proprietary, 475; South Broken Hill, 75s 6d; Bulolo Gold, £8 8s; Bulolo Deposits, 7d; Eawang Tin, 9s 6d; Placer Development, £26 15s; Euratha Gold, lis. Commonwealth 4 per cent bonds, 1938, £lO5 15s; 1941, £108; 1944, £IOB 12s 6d; 1947, £110; 1953, £lll. Melbourne sales included: —Commercial Bank of Australia, 16s; Herald and Weekly Times, 51s 9d; GoldsbroughMort, "295; Zinc Corporation, 355.

FOREIGN EXCHANGES DOLLAR SLIGHTLY WEAKER British Wireless RUGBY, August 7 The following rates on foreign exchanges are current, compared with the cabled quotations on August 3 and no'r • ——

NEW ZEALAND MONEY ABROAD Current dollar exchanges, as quoted by tho New Zealand banks, are as under: — Buying Selling United Slates .. 5.14 4.91 Canada . . • • 5.05 4.85 The cost in New Zealand currency of the pound sterling and of tho principal foreign units, on the latest quotations, is as follows: — Present Price Par h (1 s d Australia, pound .. 19 10.81 CO 0.00 London, pound . . .. 24 10.50 20 0.00 New York, dollar .. 5 0.43 4 1.31 Montreal, dollar .. 5 1.55 4 1.31 Pariß. frane .. .. 0 3.90 0 1.93 Berlin, mark .. .. 1 11.04 0 11.74 Copenhagen, krone .. 1 1.32 1 1.22 Yokohama, yen .. .. 1 5.72 2 0.58

These valuations represent tho current rates at which tho banks sell drafts payable on demand.

CUSTOMS EXCHANGE RATES Kates of exchange ruling at tho announced dates of departure of the vessels named aro shown in the following table. They ai - e subject to confirmation by the Customs Department when the exact time of departure is learned on arrival of the vessels in Now Zealand, finally declared rates being marked*:— Canadian Highlander. Canada, dol. 4.99 Brisbane Maru. Japan, yen .. *l4Jd Brishane Maru Hongkong, dollars *lßd Hauraki. America, dollars .. .. *5.04 Hauraki Canada, dollars .. .. 5.00 Benholm. America, dollars .. .. 6.032 Aorangi. America, dollars .. . - 6.0-i Aorangi Honolulu, dollars .. 5.04 Aorangi. Canada, dollars .. .. 4.98 Monterey, America, dollars ".. 5.04 Melbourne Maru. Japan, yen .. 14id Port Hobfvrt,, America, dollan .. 5.03 11-16

V— • Aug. 7 Aug. 3 Par. Montreal, dol. . . 4.95 4.95'/« 4.806 New York, dol. . 5.05% a 5.03% 8 4.8(16 Paris, fr. 76 y in 70% 124.21 Brussels, belga • •21.43 21.45 35.00 Geneva, fr.' 15.4 1% 15.42 25.22 Amsterdam, fl. . 7.43% 7.44 12.10 Milan, lire 58 21-32 58 23-32 92.46 Berlin, r.m. 12.95 12.95% 20.43 Stockholm, kr. . Copenhagen, kr. . 19.39% 19.39% 18.159 " 22.39'/a 22.39% 18.159 Oslo, kr. 19.90'/ 3 19.90% 18.159 Vienna, sch. 27 27 34.585 Prague, kr. 121 3 /,o 121% 101.25 Helsingfors, mark 220'!; 226% 129.23 Madrid, pes. 30 13/ i O 30% 25.221 Lisbon, escu. .. 110% 110% no Athens, dr. _ . . 525* 525* 375.00 Bucharest, lei. 503 504 813.0 Rio de Janeiro, mil 4%d* 4%d* 5.899d Buenos Aires, dol. 30'id* 30%d* 47.019(1 Montevideo, dol. 38%d* 38%d* 5 Id Bombay, rupee . 18V!„d 18d Shanghai, dol. .. 16%d l6 s /, r d — Hongkong, dol. . IR'/r.d IRd — Yokohama, yen . 14'/ d 14%d 24.58d Batavin, fl. 7.42 7.42 12.10 Belgrade) din. .. 221 221 270.31 *Scllers.