FIRM WHEAT MARKET

New Zealand Herald, Volume LXXI, Issue 21875, 10 August 1934, Page 7

FIRM WHEAT MARKET

ADVANCE AT WINNIPEG DEMAND FROM ABROAD OTTAWA, August 8 The advance in wheat prices at Winnipeg is estimated to have added 16,000,000 dollars to the value of the Government's holdings through the pool. Unlike dollar wheat a year ago the present rise is not due to spccu- ; lation, hut to demand from abroad. AUSTRALIAN PRICES BENEFIT TO GROWERS MELBOURNE, August 9 According to estimates prepared by Federal officials, Australian wheat growers will receive an additional £7,000,000 in the coming season should prices hold at their present level. HEMP AND TOW JULY GRADING FIGURES A total of 975 bales of hemp was graded for export at New Zealand ports during July, a decrease of 466 bales on the gradings in June and of 73 bales on the July, 1933, gradings. The quantities graded at the respective ports wore: —Auckland, 101 bales; Wellington, 4GI; Picton, 56; Blenheim, 40; Bluff, 317. The grading classes compare as follows with those for July, 1933:—G00d fair, 134 (25); high fair, 256 (387); low fair, 258 (278); common, 287 (277); reject, 40 (81). Tow gradings for July were 307 bales, compared with 159 bales in June and 211 bales in July, 1933. The gradings at the ports were:—Auckland, 20 bales; Wellington, 243; Picton, 21; Bluff, 23. The tow comprised:—First grade, 264 (28); second grade, 36 (161); third grade, 6 (17); condemned, 1.(5). GOLD AND SILVER QUOTATIONS IN LONDON (Received August 9, 7.35 p.m.) LONDON. August 8 Fine gold is quoted to-day at £6 18s OJd an ounce, compared with £6 17s lOd yesterday. Silver is quoted at 20 15-16 d an ounce spot, and 21d forward, compared with 20 13-16 d and 20 15-16 d yesterday. The quotation for silver at per iin«> ounce is 22 9-16 d, compared with 22 7-lGd yesterday. PRICES OF METALS AN EASIER TENDENCY (Received August 9, 7.35 p.m.) LONDON, August 8 Following are to-day's quotations on tho London metal market compared with those of August 7: — August 8 August 7 Per ton Per ton £ s d ,£ a d Copper, stall., spot 28 13 li 29 fi 3 Copper, stan., 3 mos. 29 0 74 29 13 li "Copper, electrolytic 31 15 0 32 10 0 to to 32 5 0 32 15 0 Copper, elec., wire bars 82 5 0 32 15 .0 Lead, soft, spot . . 10 15 0 10 17 (1 Lead, soft, forward .. 11 2 0 11 3 9 Spelter, spot . • 13 11 3 13 12 fi Snoltcr, forward . . 13 13 9 13 15 0 Tin, stan spot- . . 227 7 6 227 12 fi Tin. stan.. 3 mos . . 227 8 9 227 12 G * American, 9 cents a lb. LOVELL AND CHRISTMAS IMPROVEMENT IN RESULTS A marked improvement in tho results of Lovell and Christmas, the English provision house, is disclosed in the accounts for tho 12 months ended June 16, tho earnings being the largest for many years. Net profits are £133,708, against £75,258 for 1932-33, and tho dividend on the £750,000 of ordinary capital is raised from 3 per cent to 7 por cent. In addition, the halanco of profit is sufficient to allow the directors to placo £15,000 to general reserve and to write down goodwill by £SOOO, to write off the discount and expenses on debenture stock issue (£10,043). and to transfer £SOOO to sinking fund for redemption of dobenture stock.