WHOLESALE PRICES

New Zealand Herald, Volume LXXIV, Issue 22647, 8 February 1937, Page 5

WHOLESALE PRICES

RISE IN BRITAIN

HIGH DECEMBER LEVEL

BOARD OF TRADE FIGURES [FKOM OUR OWN CORHESrONDENT] ' LONDON, Jan. 1G If proof were required of the tide of returning prosperity to Great Britain it is surely provided by the Board of Trade's review of wholesale prices during 1936. These prices are always a fair reflection of the healthiness or otherwise of the public's purse. As measured at the Board of Trade, the average of wholesale prices was higher in 1936 than in 1935 by 6.1 per cent, the index numbers for the two years being 94.4 and 89.0, respectively, 1930, the base year, being 100. The movement of prices between 1935 and 1936 was the largest recorded for five years. It followed rises, as compared with a year earlier, of 1.0 per cent in 1935 and 2.8 per cent in 1934. In 1933 prices -were about the same on tho average as in 1932, while a fall of 2.5 per cent occurred in 1932. Prices in 1931 averaged 12.2 per cent below those of 1930.

Average For 1930 Exceeded The index number for. all articles for December, 1936 (100.8) was tho highest recorded for-'any month since June, 1930, representing for tho first time for six and a-half years a level above tho average of the base period (1930). The first five months of 1936 was a period of relative stability in prices, instead of there being, as usual, a. seasonal decline, but thereafter appreciable increases occurred each month until tho end of tho year, the seasonal rise reinforcing tho movement. Commodity prices fluctuated a good deal and finished tho year at a general higher level. Prices of Scotch and English beef showed little change over the year, however. Argentine chilled beef, hinds, fluctuated in price between 50s 2d in March and 60s per cwt. in December, but fores were comparatively steady until December, when the average price was 4s 4sd per cwt. above that of a year earlier. Australian frozen beef showed a rising tendency up to June, when the average price was 35s per cwt,, but fluctuated later to 33s per cwt. in December, a rise of 3s Id over the year. Mutton was dearest in September. Lamb advanced from 74s 8d per cwt. in December, 1935, to 78s 9d in February, declined to 72s 4'l in September, and subsequently rose to 77s per cwt. Dairy Produce Movements Among other foods, tho price of British butter declined from 123s BJd per cwt. in December, to 114s 4d in March, April and May, but advanced to 126s per cwt. in September, remaining unchanged during tho remainder of the year. Danish butter fluctuated in price during tho year between 106s per cwt. in May and 132s 6d in March; last month tho price was 119s 2Jd, compared with 130s 3Jd per cwt. a year earlier. New Zealand butter was dearest in August (123s 9Jd per cwt.), and cheapest in March (9.15); tho price last month was 107s 2Jd, compared with 96s per cwt. in December, 1935. English and New Zealand cheese were, respectively, 8s and 9s 3d per cwt. dearer in December than a year earlier. Tea prices advanced by about Id per pound from December to March, and following the increase of 2d per pound duty in April, there was a further rise of lid per pound by May; except for a small increase in September, prices subsequently declined, and last month were about 2d per lb. higher than a year earlier.

FOREIGN EXCHANGES STEADINESS OF FRANC (Received February 7, 5.5 p.m.) British Wireless HUG BY, Fob. G The following rates on foreign exchanges were current yesterday, compared with tlio cabled quotations on February 4 and par:—

(Received February 7, 5.5 p.m.) LONDON, Feb. 6 On the foreign exchange market today the following quotations ruled:— New York, 4.89J dollars; Paris, 105%3 francs; Batavia, 8.89J guilders.

NEW ZEALAND QUOTATIONS

The Associated Banks (other than the Bank of New South Wales) quoted the following dollar rates on Saturday, on a New Zealand currency basis, subject to alteration • without notice:— Selling:: United States Canada On demand .. 3.02% 3.02% T.T U.fT-'/a 3.02 1 /, Buying. On demand .. 3.90% 3.90% Following are the latest rates for purchases and sales of foreign exchange quoted bj r the Bank of New South Wales, Auckland. They are subject to alteration without notice:

N.Z. pmco to— Hongkong, dol. 18 01-Gt 1817-04 1825-32 India, rupee . 2211-1(1 22% 22 43-01 Ceylon, rupee . 22 11-1 (i 22% 22-13-04 Japan, yen .. 17 15-32 Shanghai, dol. 18% 17 27-32 18 23-01 Singapore, dol. 30 13-01 34% 30 3-10 Cheifoo. dol. .. 1H 31-0-1 17 13-10 18 15-3y The cost in New Zealand currency of the pound sterling, and of the principal overseas units, ou the latest quotations.

CUSTOMS EXCHANGE RATES Rates of exchange ■ ruling at the announced dates of departure of 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. Finally declared rates are marked*: — Surrey, America, dollars .. ~ 4.01 l'ort Denison, America, dollars .. 4.00 'fort Deuisoa, Camilla, dollar* .. 4,89

Feb. 5 Feb. 4 Par Montreal, dol... CO 00 4.80% 4.800 New York, dol. 4.8!)% 4.80 Paris, fr. 105% 2 305%, 20.02% 105.00 Brussels, belga.. •28m 1 /, 35.00 Geneva, fr. 21.11% 21.40 25.22 Amsterdam, gr. sA)sy< 8.03% 12.10 Milan, lire 03 03 02.00 Berlin, r.m. 12.15VJ 10.30% 12.16% 20.43 Stockholm, kr... 10.3!)% 18.150 Copenhagen, kr. Oslo, kr.. .. , 22.40 22.40 18.150 10.90 - 10.00 18.150 Vienna, sch. .. 20% 20 Va 34.585 Prague, kr. 140% 221}% 140% 104.25 Helsingfors, mark 220% 103.23 Madrid, pes. .. 55+ 55 1 25.221 Lisbon, escu. .. no 3 /. 110'/, 110 Athens, dr. 547/a 517% 375.00 Bucharest, lei... 070 670 813.0 Rio do Janeiro, m. 4 V<d* - 4/4(1* 5.8!)0d Montevideo, dol. 39%d* 30%d 51 d Bombay, rupee.. 18 0-C4d 18 a-o-id 18d Shanghai, dol... 14 l %,d 14» 7 /„d Hongkong, dol. 14 15-04d 14'/i 0 d — Yokohama, yen a d 13 31 / ?3 d 8.80% 24.58d Batavia, gr. 12.10 Belgrade, din... 213 213 270.31 Warsaw, zloty.. 25.87. 25.87 43.38 iNominal. 'Sellers.

To £1 N.Z. T.T. On Demand Currency Selling Buying 3.00% Selling U.S.A., dol. .. , 3.02% Canada, dol. . . 3.92 Ye 3.00>' a 3.02% Austria, sell. . 20.08 — 20.(10 Belgium. bclga 23.152 — 23.103 Czccho'vakia, cr. 111.87 ■—• 111.02 Denmark, kr. . '17.8113 18.203 17.003 France, fr. . . 81.23 — 81.27 Germany, r.in. 0.602 — 0.007 Holland, /l. .. 7.128 — 7.132 Jtaly. lire 71.15 — 71.50 Java, ft. 7.08 L — 7.085 Norway, kr. .. 15.801 .10.241 15.001 Sweden, kr. . . 15.480 15.844 15.400 Switzerland, fr. 17.113 — 37.118 Noumea, fr. .. 82.80 — 82.02 Papeete, fr. .. 83.01 — 83.07

is as follows: — Present Price Tar 8 d a d London, pound 21 10.05 20 0.00 Australia, pound . 10 10.8 L 20 0.00 Fiji, pound . oo 5.0i > 20 0.00 tNrnv York, dollar . ~f> 1.03 4 1.31 Montreal, dollur . 6 1.00 4. 1.31 Paris, franc . 0 2.8 I o 2.28 Berlin, roichsmark 2 0.55 0 1.L.71 Coponnagen, krone 1 1.33 1 1 "2 Yokohama, yen i 5.37 2 0.58