FINANCE AND TRADE

New Zealand Times, Volume XXXII, Issue 7022, 10 January 1910, Page 4

FINANCE AND TRADE

Our London financial cables this mornhue indicate that tho stringency in the money market i« casing off. Tho Bank jf England return shows that the amount of gold in hand increased during the week by nearly a million sterling, hut the reserve decreased by five millioiiH. Ah. however, the* liabilities ware also reduced, ;be nett proportion ol‘ reserve to liabilities, ha* shown an increase on the week or almost 4 per cent., standing now at 3140 per cent. Tho easier tone in the money market hurt led the hank to reduce its discount rate from <U to 4 per cent., and tho open market rate has receded correspondingly to 3 S-I6 per cent., while "call" money has eased nearly 50 per cent to 2Jj per sent. On the, London Stock Exchange there has been little change. Imperial Com:ol,j have dropped IQs to £B2 7s 6d, but Australian Government inscribed Blocks are practically stationary, and New Zealand inite so. The wheat markets are strong, and holders are disinclined to sell at prices ottering. Butter from the colonics is icarce. and prices very ii.un, New Zealand making lias to 112 s per cwt. New Zealand cheese meets with good inquiry it 55s to Esh per cwt. The frozen meat Market shows signs of improvement. Tho British trade returns for December ixhiblt a pleasing rtrength as compered vith tho same month of IXB, ami tho flgures for tho whole* year, which wo have been at pains to prepare, arc indicative that tho rjeent period of depression is pissing away. LONDON FINANCIAL CABLES. By Telegraph—Press Association—Copyright. LONDON, January 8. BANK OP ENGLAND RETURN, Tho Bank of England return issued for tho week ending Wednesday. January sth, ia as under; IstcE Department. Note IS3UO £51,210,000 • Gov. debt. £11,015,000 Oihur securitfflS .. 7.401,000 ’Gold.. .. 32,701,000 £51,2-10,000 £51,210,000 Banking DbpAutmbst. Proprietors' Got, secaricapital £14,553,000 ties . - £17,509,000 public do- Other aopoaits .. 9,937,000 curities .. 30,211,000 Other dc- Notes •. 22,371,000 poatta .. 49,139.000 Coin .. 914,000 Best. 7-day andothor bills .. 8,378.000 £77,007,000 £77.007,000 The leading items of tho Bank of England return afford the following comparison:— This week. Last week. Last year Bullion ... 32,791,030 31,836,000 29,749,000 Bosorvo ... 23.288.CC0 23.220.000 19.591,CC0 Note ciroT'n 2Q.866.CC0 29.658.CC0 29,632.000 Deposits ... 59.076,000 60.993.000 54.867.CC0 Proportion reserve to laibilities 39.40 35.42 36.42 GOVERNMENT SECURITIES. Tho following are tho latest quotations for Government securities, with a comparison of those ruling last week:—

•Interest payable in May and November. flnteroafi payable in January and July. {lnterest payable la April and October. THE MONEY MARKET. Tho Bank of England rate of discount for best three months' hills is now 4 per tent., to which rate it ■was lowered from per cent, on January 6th. The open market rate of discount for best three months’ bills la 1 lower, at 3 5-16 per cent. Short loans are 21 lower, at 2J per cent. - Tho market rate in Paris is unchanged. B t S 3 per cent., and in Berlin it is IS tower, at 3j per cent. LONDON MARKET CABLES. LONDON, January 8. GRAIN AND FLOUE. Tha wheat markets are strong and active, with holders very firm. An Australian cargo, and about 40,000 quarters and 6000 tons December-January-February shipment, hare been sold at 40s 3d per quarter; 10,500 quarters expected in January. Kt 40s 4Jd; a cargo at 40s 3d net; and a second cargo at 41s. Flour is steady. The market is inactive, with prices unchanged. Oats are firm. La Plata, Maroh-April ■hipment, 15s. BUTTES. Danish' Is easier, at 120 s to 121 s per cwt. Colonial is firm, despite the arrival of nearly 100,000 boxes. Thera is good inquiry at late rates. Secondary Australian is scarce, and very firm, at 104 s. ; Choicest New-Zealand, 110$.to 112 s. CHEESE. Cheese, is firmer. New Zealand, 65s to - 060 owtj Queensland, 63s to 645. T SUGAR. German beet sugar. 12s 8d per cwt; first marks, granulated, 14s 7d. PRICES . OF METALS, if Copper, on tho spot. £6l 3s 9d per ton; a three months. £62 2s 6d; electrolytic, £63. j Tin.—Spot, £l5O 17s 6d per ton; three | months, £152 6s. Lead, £l3 13s 9d ton. Spelter, £23. Bar silver fs quoted at 241-16 d per ounce. ■WOOL. Tho Bradford wool market is excited. Orossbred, firm trade; merinos, 40's. 14JU; I6’s, 17d; super futures, unchanged. COPRA. Tho copra market is active. South Sea bags £24. HEMP. The hemp market is dull. October jhipment is quoted at £2B per ton. RABBITS. Tho market for frozen rabbits Is quiet. Large Sydney rabbits, 16s per case, cx store; Victorians, 15s. WEDDELL’S REVIEW. IMPROVEMENT IN VALUES EXPECTED. LONDON, Jannary 8. Weddell’s annual review of tho meat ; trade estimates tho total output in 1909 of tho world's freezing works at 501,371 tons. Of this 488.720 tons came to tho :v United Kingdom. The general improvement in trade lost quarter has already caused freer consumption. , ' Tho hope is expressed that this improve- ■ mont will develop, because it is probable fho United Kingdom will have to absorb*

tho whole of tho world's output. The reviow Bays tho hotter consumption demand which may be expected ought to cause Home recovery of values. FROZEN MEAT TRICES. By Telegraph—Press Association—Copyright. ri:cccivcd January 9, 5 p.m.) LONDON. January 8. At tile SiuithfteJil market tin lollowing were yesterday's iiuotatiou.-i of the Frozen Meat, Trade. Association, ami were representative of the bulk shipment on the market. The variations of the week are also given: New Zealand Sheep (crossbred wethers and maiden ewes). Canterbury light (43-561 b), 4JtI per lb (unchanged). Do. medium (56-641 b), 4:,d per lb (unchanged). 1)j. heavy (64-721 b), 3jd per lb (unchanged). .Southland !54-641b>, 4d per lb l,';d higher). North Island (s>Mlb), 3Jd per lb (jd higher). Do., bc»t brands, jjd per lb (unchanged). Australian Sheep (crossbred or merino wethers). Heavy (50-701 W, lid per lb (unchanged). I.'glit (4'J-SOlb;, 3 5-Wd per lb (unchanged). Kivcr Plato Sheep (crossbred or merino wethers). Heavy ijD-701bj, Sid per lb (l-16d higher). Light <il)-Wll», 3jd per lb (Jd higher). New Zealand l.atub. Canterbury light (23-38IW, 4Jd per lb (id higher). Do. medium (36-ttlb). 4id per lb (7-16 d higher). Do. heavy (42-501 W, 33d per lb (unchanged). Honthland (ZB-421b), 4d per lb (.jd higher). North Island (28421 b), 3;d per lb (unchanged). Do., selected, 33d per lb (unchanged). Australian Lamb. Best brands (23-421 b), 3gd per lb (U6d higher). Fair quality (23-421 b), 3jd per lb (unchanged). Inferior duality, 3>d per lb (Jd higher). .River Plate lambs (23-421 b), 33d per lb (unchanged). Now Zealand Frozen Beef. Ox fore* (160-EOlb). none offering. Ox hinds (1602201 b), none offering. Australian Frozen Beef. Ox fores (160-2Xlb), 2Jd per lb (id lower). Ox hinds (16C-2001M. 2Jd per lb (l-16d lower). River Plato Frozen Beef. Ox . fores (160-2231 b), 2 9-16(1 per lb (Jd lower). Ox hinds (160-2201 W. 215-16 d per lb (Jd lower). BROKEN HILL. LAST YEAR'S MINERAL REPORTS. SYDNEY, January 8. Tho mineral exports from Broken Hill last year were valued at .£2,082,000, as cornpared with. £2,C69,030 in the previous year. EIGHT PEft CENT. DIVIDEND. NEW ZEALAND AND RIVER PLATE LAND AND MORTGAGE CO. PEES 3 ASSOCIATION. AUCKLAND, January 8. Tho Auckland representative of the New Zealand and River Plate Loan and Mortgage Company has been advised that the aunual meeting approved a dividend of 8 per cent per annum, inclncring the interim dividend, tho placing of £22,0C0 to reserve, and the carrying forward of £5565. Dividends on shares' on. the colonial register will be paid on January 12th. GOLD RETURNS. « DREDGING. TBESS ASSOCIATION. DTJNEDIN, January 8. Dredging returns are to hand as follow:—Punt, Boz Idwt for 103 hours; New Trafalgar, 10oz 3dwt for three days and a half; Rise and Shine No. 1., lOOoz ldwt; Risa and Shine No. 11., 40oz for 16 hours. Tho Customs revenue, beer duty and surtax received at Wellington last week totalled respectively £10,374 9s, £221 7s, and £225. Saturday's Customs return amounted to £1645 5s sd.

Price. Variation. IWk Imnerlal Consols 62 7 d. c 10,'- lower 1U7 1) 0 Unchanged 90 10 0 10/-higher SO 10 0 Unchanged 100 10 u Unchanged 93 0 u 10;- higher 85 0 Unchanged 97 10 0 Unchanged 82 10 0 Unchanged 1 % Queensland .. 1U2 15 (J 6/* higher 3^ Queensland .. 93 0 2/G lower B % Queensland .. Ho 0 u Unchanged m 10 0 Unchanged New ZealuDclf yy 0 0 Unchanged 60 10 0 Unchanged 03 15 0 Unchanged 1 % 83 0 0 Unchanged «% 97 0 0 Unchanged s« Tasmanian 86 0 0 Unchanged