COMMERCIAL.

Otago Daily Times, Issue 18510, 22 March 1922, Page 4

COMMERCIAL.

FOREIGN EXCHANGE RATES. LONDON. March 20. The foreign exchange rates are as follows compared with those last cabled:

DAIRY PRODUCE. . New Zealand Loan and Mercantile Agency Company has received the following cablegram from its London . house, under date 17th inst.:—, Butter; New Zealand, 150 s, 154 s per cwt. Market firm, small supplies. Cheese; 84s to 92s per cwt. Better market. THE WHEAT MARKET. . LONDON, March 20. (Received March 21, ‘at 5.5 p.m,) The wheat cargo market is firm. Sellers are asking fid advance owing to the firmness in America and Argentina, but buyers are not responsive. Cargo, ex Diadem, SBs; parcels, ex Borda, S6s 6d.—A. and l N.Z. Cable. THE WOOL MARKET. Press Association—By Telegraph—Copyright. LONDON, March 20. At the wool sales there was an average selection. There was a good Homo, French, and German demand at full prices. Merinos and crossbreds are now at parity—the highest point reached since January. Medium slipes were 5 to 7J per cent, above the January level. “Mesopotamia,” 38id and 38d. Bradford top-makers are holding for firm pricey, asking 51d for 64’s.—A. and N.Z. Cable. AUCKLAND WOOL SALES. COMPETITION ERRATIC, (Fib United Press Association.) AUCKLAND, March 2L The third and final wool sale for the season was held to-day, when 12,095 bales wore offered. There waa a full attendance of buyers, representing Bradford, the Continent, America, local mills, and scourers. In view ol the slight drop in prices in other centres considerable interest was taken. Competition was somewhat erratic, and compared with previous sales, prices were irregular. Full-grown hogget wool showed a decided improvement on last sale, the increase in some cases being Id. In contrast the price for super grade Romney was a half-penny to a penny lower. Medium and crossbred wools, which form the bulk of Auckland catalogues maintained the prices secured at previous sales. Well-grown Lincolns was a penny dearer. Lambs in some cases equalled last sale, but there was an easing tendency, some lota declining a penny. The offerings were of average quality, less seedy being in evidence than usual at the third series. About 85 per cent, of the catalogue was sold. Prices are as follows, the February sale prices being given in parentheses: Holfbred.—Super, 14Jd to IBJd; average, 12d to 13d (halfbred, 12Jd to lijd). Fine Crossbred.—Super, lid to 13d (lid to 12d); average, 8d to 9d (9d to lOd); inferior, 6d to 7d. Medium Crossbred.—Super, B}d to 9Jd (Bid to 9d); average, 6d to 8d (7d to 8id); inferior, 4Jd to 5Jd. Coarse Crossbred.—Super, Gd to 8d (6d_ to 7d); average, 4d to 5Jd {Sid to 6d); inferior, 3Jd to id. Low Crossbred.—Super, 5Jd to 6d (4Jd to sd). Hoggets.—Fine, 7d to Sid; medium, 6d to 6Jd (7d to 8d). Lambs.—Fine, 7id to BJd; medium, 6d to 6|d (6d to 7d). Seedy and inferior, 3d to 4J (3d to 4d). Bellies and Pieces.—Halfbred, BJd; crossbred, good super, 5d to 6d; low and medium, 2d to Bd. Crutchings, 3di to 3Jd. Locks, id to lid. CANTERBURY PRODUCE MARKETS. (Per United Press Association.) CHRISTCHURCH, March 21. While wheat has been coming to hand in fair quantities, much of it is not up to standard. As far as wheat ia concerned which is required for export, eome large quantities have been turned down, presumably because the wheat is not equivalent to samples on which orders from oversea*) were obtained. Millers and graders ere also rejecting a lot of wheat as being below what they require for dominion purposes. Present indications are that there will be a big surplus of second-grade wheat on hand at the end of the season, in consequence of which farmers will no doubt be hit pretty hard. Better prices have been obtained for Partridge peas this week than any other part of the year, and indications are that those farmers who have any quantity left will realise high prices. Most of the crop has, however, been now disposed of. It is stated that Australian peas have been sold on a basis equivalent in the dominion to £6 on trucks. The price of barley keeps up for what few lines are being disposed of, but only the best quality is finding sale. At present there is a superabundance of medium stuff on the market. With regard to cocksfoot, most of the Peninsula farmers are wanting 6d, but the figure generally paid is 5Jd. Clover is fairly firm at late values. Potatoes have been going north during the past weelfc, at prices as high as from £6 to £6 10s. Growers seem eager to quit as early as possible, but the main crop is not expected to make its appearance for some weeks yet. Onions aro still going out at £5 5a to £3 10s. PALMERSTON STOCK SALE. (Fbom Ode Own Correspondent.) PALMERSTON, March 20. The monthly stock sale was held last Friday, when there waa a very large yarding of sheep. Prices, taken all round, were pretty much on a par with those of last sale. Cattle, of which there waa a very small yarding, were in poor demand. Many more than the average number of pigs were offered, and prices for these were also poor. PROPERTY SALES. “ BISHOPSGROVB " SOLD. Messrs Sievwright, Haggitt, and Co. (Ltd.) report having sold to Mr A. E. Ueherwood, on account of the Trustees, Executors, and Agency Company, as executors of the late Bishop Nevill’s residence, Bishopsgrove, together with 18 acres of land. A freehold section at Port Chalmers, with a house (No. 7 Scotia street) was sold by auction by Messrs Alex. Harris and Co. yesterday for £7lO. The section is one rood m area. SALE OF LEASES. Messrs Park, Reynolds, and Co. offered by auction yesterday a number of Harbour Board leases of city sites on which commercial premises have been erected. The leaese were all taken by the present lessees at the upset rentals. ,

London on Par. Mar. 18. Mar. 20. Paris, ir. to £1 . 25.225 48.50 48.77 Christiania, kr. to £1 .. . 18.159 25.00 25.05 Copenhagen, kr. to £1 ... . 18.169 20.65 20.65 Stockholm, kr. to £1 .. . 18.169 16.73 16.73 Berlin, marks to £1 .. . 20.43 1177.00 1295.00 Montreal, dol. to £1 ... 4.80 2-3 4.39 4.53 New York, dol. to £1 ... 4.86 2-3 4.34 4.38$ Hongkong, dol. to £1 .. * 29 Jd 29id Yokohama, et .to yen ... . 24.58 16Jd 26d Calcutta, st. to rpe. 10 to gold £1 15$d 15Jd * Determined by price of silver