BANKING FUNDS

New Zealand Herald, Volume LXXIV, Issue 22714, 28 April 1937, Page 7

BANKING FUNDS

AUSTRALIAN INCREASE BOUNTIFUL EXPORT SEASON MUCH BRIGHTER OUTLOOK For the first time since early in 1931 the liquid resources in Australia of tho .10 trading banks show a definite and substantial increase. The March quarter aggregates of the banks' Australian business indicate that the export season has resulted in the replenishment of cash holdings and a substantial rise in deposits. The banking position, as a result, is now much easier than at any time during the past two years and a-half. Compared with returns for the December quarter, fixed deposits with the banks have increased by £5,990,11/1 and current accounts by £9,872,743. Both increases arc due primarily to the lift in export income. The movement in current accounts in the export season is always a reflex of primary producers' returns, and it is probable that a great deal of the addition to interest-bearing deposits has come from the same source. The cash resources of the banks impose certain limits upon their ability to lend. The fall in cash items has caused a good deal of concern, and the combination of a decline in cash and an increase in advances led to some restriction of banking activities. The position has been improving for some months, and the quarter's figures give the banks a much brighter outlook. Cash has increased and advances have been repaid, and although deposits have risen, the ratio of cash and Treasury bills to deposit liabilities has increased from ]8.69 per cent in the December quarter to 20.71 per cent in tho March quarter. The movements mentioned are, of course, largely seasonal. During the current quarter, when export receipts ebb and the demand for accommodation increases, there may be some alteration. But, at the moment, it may be said that the lending ability of the Australian banking system has received a decided impetus. The increase in liquidity and the general easing of tension in the banking system should encourage those who feared a further hardening of interest rates. It justifies to some extent the opinion expressed by the Commonwealth Bank board that there does not now appear to bo any necessity for a continued upward movement of interest rates. It may also be held to justify the slightly lower rate offered on the new Commonwealth loan.

QUOTATIONS FOR WHEAT LONDON AND LIVERPOOL FUTURES IN CHICAGO LONDON, April 20 j Wheat.—Cargoes are easy and parcels i are lower. Futures:—London: May, i 45s ;Jd a quarter; July, 44s 11 £d. Liverpool : May, 9s '2jd a cental, October, 8s .'3l d. CHICAGO, April 2G Wheat. —May, 1 dollar 25J cents a bushel; Julv, 1 dollar 15* cents; September, 1 dollar, 12! cents. THE CITY MARKETS GOOD INQUIRY FOR FRUIT BETTER SUPPLY OF ORANGES Most lines of fruit had good inquiry at tho City Markets yesterday, with the exception of apples, which were slow of sale. There was a good supply of oranges from Jamaica, Fiji and Pitcairn island. A small quantity of ripe bananas was loft over from previous shipments, and there was plenty of green fruit from the Matua's shipment, which arrived on Monday. I hero was a glut of cabbages, and they sold at cheap rates. Cauliflower was in good supply and sold well. Peas and beans are nearly finished, and prices were high. Ihe supply of poultry was medium and the demand was very fair. Prices were practically unaltered. Values wore:— FKUIT Apples, Cox Orange, 7s to 8s; Delicious 2s od loss; Ballnrat, 3s to ss; Granny annth, 4s to (is; Jonathan, 4s to Gs Gd; Munro, 3s to -Is; Winesap, 4s to Os Gd; windfalls and others, Is Od to 2s; pears Keiffers, 3s (id to Os; Winter Coles, 12s Gd to 15s; tomatoes, outdoor, extra choice. Os to 8s; others, 3s to ss; tree tomatoes, new block, (is to 7s; yellow, 5s to Gs; oranges, Jamaican, 35s to 455; Fiji, 17s (id to 235; grapefruit, Jamaican, 28s to 40s; lemons, choice, cured, 13s to 15s; others, 5s to 12s; mandarins, Fiji, 22s to 21s; bananas, ripe, 17s Od to 28s 3d; originals, 12s to IGs 3d; pines, Queensland, 18s to 225; grapes, hothouse, Colman, extra choice. Is Sd to 2s 2d per lb; others, Is to Is (id; cape gooseberries, 4'/ a d to SV-d per lb; passion fruit, (is to 10s Od a case; figs, :|s o<i to 4s (id; guavas. Gs; persimmons, 3s fo 4s (id; mushrooms, choice, j 2s Od to 3s per lb; others, from Is per lb.

FIKLD PRODUCE Beet, (id to 8d n dozen; celery, rooking, (id to Is a bundle; dessert. 2s to its; carrots, lid to sd a dozen; cauliflower, 5s lo Ss a sack; on benches, '_'s to 2s 3d a dozen; cabbage, Is to ts a sack; cucumbers, :3s to 5s a dozen; French beans, 5s to 8s a case; stringless beans, ss to 12s; urccn peas, 7s 'id to Ills (id; I timaras, Is to (is a.bag; leeks, 1s a dozen; Jelluce, Is to 7s a case; marrows, 2s a dozen; melons, 12s to 1 Its a cwt.; onions, Is to 5s (id a bag; potatoes, local. 3s Ms I) Is (id, pumpkins, dry, 7s to Ss (id a cut.; red, 2s to :!s (id a sack; parsnips. 3s a has; radish, (id a dozen; rhubarb, 2s Od to 3s (id; spinach, Hd to Is (id; spring oi.ions, is a bundle; turnips, (id a dozen; s,wedes, 2s (id to 3s (id a. nag; Brussels sprouts, (id POULTRY Cockerels, heavy breeds, prime, 3s (id -to 5s (>d; light, prime, 2s (o 3s (id; not prune, Is up. fat roosters, heavy breeds, prune, 2s to :is- light, Is (id to -js; fat hens, heavy breeds. 2s (id to 3s (id; light, is 3d to is l.d- pullets, heavy breeds, best, 3s to (is (id; smaller, Is (id up; light, best, 3s to (is; smaller, Is (id up; drakes, young, prime. Is »<] lo 'is od; .smaller, la up; okl, Is 3d jo '>s: ducks, younpr. -s <>d to Is ( Hi; old, 1o ;ls| tfoiso, <>»; turkey hens, Is; gobblers, Ms 10 J-,S " BUTTER AND EGGS , Eggs, hen, A grade, 2s 10'yl a dozen; B urede 2s sVjd; 0 grade, Is it/ad. Duck, A grade 2s si- s d; B grade. 2s lV 3 d; 0 grade, Is U/sd. Farmers' butter, is to Is id oer lb.

WOOL ODDMENTS SALE

CLEARANCE AT GISBORNE [BY TKLEGHAFH —OWN COUKESrONDKNT] GISBORNE. Tuesday All almost total clearance of wool oddments mid sheepskins and _ hides was effected at an auction held in Gigborne this morning by the Gisborne Wool brokers' Association. The buyers included tho usual representation front outside centres. The offering consisted of 310 bales, of wool oddments, 6663 sheepskins and 237 hides and calf skins. Prices for wool ranged as follows: Good crutchings, 14d to l£i£d> second crutchings, lid to 12Jdj lleece wools, 16d to 18id; locks, Ud to lOd. Tho market for skins was very firm, prices making up to 17id for full-woolled fine ileoee skins.

PROPERTY AUCTIONS The well-known property at Kaikohe, North Auckland, known as (he Kaikohe Land Company's property, was offered as a going concern at auction yesterday by the New Zealand Loan and Mercantile Agency Company, lamited, but no bids were received.