BUTTER MARKET SLOW

New Zealand Herald, Volume LXXII, Issue 22046, 28 February 1935, Page 7

BUTTER MARKET SLOW

NEW ZEALAND 81/- TO 83/NO BUSINESS PASSING • The price of New Zealand butter in London has again weakened, values for finest ranging from 81s to 83s per cwt. Quotations for cheese also are slightly lower at 46s 6d to 47s per cwt. Both markets are slow and no business is passing. Merchants have received the following cablegrams, dated February 20, from their London principals:—

A. H. Turnbull and Company, Limited, from W. Weddel and Company, Limited: —Butter: Danish, 112s; New Zealand salted, 83s; Australian, S2s. There has been a poor demand during the last, two weeks, due to cessation of American buying and abnormally heavy arrivals of New Zealand in the first half of February. Cheese: White and coloured, 475. Joseph Nathan and Company, Limited, from Trengrouse and Nathan, Limited.—Butter, 82s. Cheese: White, 475; coloured, 46s 6d. There is no business doing. New Zealand Producers' Co-operative Marketing Association, Limited. —Butter: New Zealand, 81s to 83s; Danish, 112s. Cheese: White and coloured, 46s 6d to 475. Both markets are slow. AUSTRALIAN EXCHANGES TONE GENERALLY STEADY (Received February 27. 9.35 p.m.) SYDNEY, Feb. 27 On the Sydney Stock Exchange today the tone generally was steady. There was a tendency to mark down preference issues in conformity with the recent hardening trend in yields on gilt-edged securities. This morning's sales included: —Commonwealth 4 per cent bonds, 1938, £lO4 7s 6d; 1941, £lO5 7s 6d; 1953, £lO7 10s; E., S. and A Bank, £5 0s 6d; Australian Gas, A shares, £7 16s; Associated Newspapers (pref.), 23s 4Jdj Australian Glass, 60s; GoldsbroughMort, 28s 9d; James Stedmaji, 16s; Winchcombe-Carson, 25s 6d. Later sales included: —Colonial Sugar, £4O 17s 6d; Bank of New South Wales, £3O; Commercial Bank of Sydney, £l6 2s; Associated Newspapers. 22s 7id; ditto (pref.), 23s 3d; Howard Smith, 15s 1.0.1 d; Burns-Philp, 625; Australian Gas, A shares, £7 17s; Tooth's Brewery, 47s 6d; Australian Glass, 60s; Winchcombe-Carson, 25s 6d; Fairymead Sugar, 37s 3d; Farmers (first pref.), 245; David Jones, 39s 9d; ditto (second pref.), 29s 9d; Anthony Hordern, 17s 10Jd; Standard Cement. 19s 3d; Drug Houses of Australia, 255; Australian Iron and Steel"(pref.), 22s 4id; Bulolo Deposits, lOJd; Larut Tin, 10s 9d; Placer Development, £2B 2s; General Industries, 15s 3d; Victoria Nvanza, 6s 9d; Tonkah Harbour, 22s 10Jd. Melbourne sales included: —Golds-brough-Mort, 28s 9d; Commercial Bask (pref.), £10; Associated Newspapers, 22s 6d; Dunlop-Perdriau, 19s Id; North Broken Hill, £5 0s 6d; Zinc Corporation, 30s. FOREIGN EXCHANGES DOLLAR AND STERLING (Received February 27, 5.5 p.m.) British Wireless RUGBY, Feb. 26 The following rates on foreign exchanges are current, compared with the cabled quotations on February 25 and par;— Feb. 26 Feb. 25 Par Montreal, dol. .. 4.86 V* 4.86% 4.866 New York, dol. . 4.S6 l % e 4.86% 4.866 Paris, fr. .. 73% 73% 124.21 Brussels, belga . 20.69 20.74 35.00 Geneva, fr. .. 14.93% 14.96% 25.22 Amsterdam, fl. . 7.15% 7.17 J^.IO Milan, lire .. 57% 579'..46 Berlin, r.m. .. 12.06 12.08 20.43 Stockholm, kr. . 19.39% 19.39V a 18.159 Copenhagen, kr. . 22.39% 22.39% 18.159 Oslo, kr. .. 19.90% 19.90% 18.159 Vienna, sch. .. 26 26 34.585 Prague, kr. . . 116 116 164.23 Helsingfors, mark 22fi% 226% 129.23 Madrid, pes. .. 35% 35% e 25.221 Lisbon, escu. .. 110% 110% 110 Athens, dr. .. 509' 512* 375.00 Bucharest, lei. . 480 480 813 6 RiodeJaneiro.mil. 4%d* 4%d* 5.899 d Buenos Aires, dol. 35d* 35d* 47.619 d Montevideo, dol. 40',sd* 40% d* 51d Bombay, rupee .. 18% ad 18% ad 18d Shanghai, dol. . 19d 18d Hongkong, dol. . 22 I %«d 22% ed Yokohama, yen . 14% 2 d 14% 2 d 24.58 d Batavia, fl. .. 7.14% 7.14% 12.10 Belgrade, din. .. 224 224 276.31 •Sellers.

NEW ZEALAND QUOTATIONS The Associated Banks (other than the Bank of New South Wales) quoted the following dollar-sterling rates yesterday, subject to alteration without notice:— United States Canada Conversion dollar bills received for collection and sale dollar drafts and telegraphic transfers . . . . 4.84 4.84 Purchase dollar bills .. 4.88 4.88 On a New Zealand currency basis these rates are equivalent to: — Selling: United States Canada TT. . .. 3.88% 3.88% On Demand „. 3.89% 3.89% Buying: • On Demand .. 3.95% 3.95% Following are the latest rates for purchases and sales of foreign exchange quoted by the Bank of New South Wales, Auckland. They are subject to alteration without notice: — T.T. On Demand To £1 N.2. Currency Selling Buying Selling U.S.A., dol. .. 3.89% 8.95% 3.89% Canada, dol. .. 3.89% 3.94% 3.90 France, fr. .. 58.26 59.80 58.31 Noumea, fr. .. 57.51 (\0.91 57.5(i Papeete, fr. . . 57.51 (50.91 57.56 Belgium, b"lga .. 16,302 17.102 16.317 Germany, r.m. .. 9.473 Italy, lire . . •. 45.17 Switzerland, fr. .. 11.820 12.295 11.830 Holland, fi. .. 5.635 5.935 5.639 Java, fl. . . . . 5.625 5.900 5.629 N.Z. pence to Japan, yen .. 17"/, 8 Shanghai, dol. .. 24 1, / 32 22% 24% a India, rupee .. 22% 22%, 22"/,,, Ceylon, rupee .. 22% 22%, 22"% Hongkong, dol. .. 29% 2 27 2 % 2 2S 3 % 3 Singapore, dol. . . 35% 31% a 35%« The cost in New Zealand currency of the pound sterling, and of the principal foreign .units, on the latest quotations, is as follows:

CUSTOMS EXCHANGE RATES Rates of exchange ruling at the announced dates of departure of tlu> vessels named are shown in the following table. They are subject to confirmation by the Customs Department when the exact time of departure is learned on arrival of the vessels in New Zealand, finally declared rates being marked*: — Port Auckland, America, dollars 4.87% Canadian Victor. Canada, dollars .. 4.88% Golden Bear. America, dollars .. 4.87% Melbourne Maru, Japan, yen .. 14rl Wairuna, America, dollars .. .. 4.87%, Fiscus. Canada, dollars .. .. 4.87% GOLD AND SILVER QUOTATIONS IN LONDON ' (Received February 27, 5,5 p.m.) LONDON, Feb. 26 Fine gold is quoted to-day at £7 3s 6d, an oz., compared with £7 3s 9Ad yesterday. Silver is quoted at 25 9-lGd an oz. spot and 25 11-16 d forward, compared with 25Jd and 25 9-16 d yesterday. The quotation for silver at per fine ounce is 27 9-16 d, compared with 27$ d yesterday.

Present Price Par Australia, pound London, pound .. New York, dollar Montreal, dollar . . Paris, franc s d .. 19 10.81 24 10.50 .. 5" 1.67 .. 5 1.67 0 4. or, 8 20 20 4 4 0 d 0.00 0.00 1.31 1.31 1.9S Berlin, reichmark 2 0.75 0 11.74 Copenhagen, krone .. 1 1.33 1 1.22 Yokohama, yen ,. .. 1 5.45 2 0.5S