COMMERCIAL.

Otago Daily Times, Issue 19001, 25 October 1923, Page 6

COMMERCIAL.

BANK DRAFT RATES REDUCED. Press Association—By Telegraph—Copyrigb’. LONDON, October 23. The reduction of 5s per cent, in the bank draft rates applies also to New Zealand.— A. and N.Z. Cable. SOUTH AFRICAN LOAN. Press Association —Bv Telegraph—Copyrigb' LONDON, October 23. The South African loan has been oversubscribed.—Reuter. ■ LONDON WHEAT MARKET. Pl*M Association—Bv Telegraph -Copyright LONDON, October 23. (Received Oct. 24, at 5.5 p.m.) "Wheat cargoes are very quiet, and prices aro _ unchanged. Parcels are steady, Australian cargoes, steamer afloat, are offered at 45s 9d ; January-February shipment, new, 43s.—A. and N.Z. Cable. LONDON WOOL SALES. Press Association—By Telegraph—Copyrighi LONDON, October 22. At the wool sales the offerings were chiefly crossbreds. Prices opened at from sto 74 per cent, higher.— A. and N.Z. Cable. Messrs Murray, Roberts, and Co. have received the following wool market cablegram from their London agents, dated October 23: The wool sales have opened strong, with a good attendance of buyers. Competition was good, Yorkshire being tho principal buyers. Poor selections were offered, and* there was practically no merino. Fine crossbred greasy, par to 5 per cent, advance; medium crossbred greasy advanced 5 per cent, coarse crossbred greasy par to 5 per cent, advance, crossbred scoured advanced 5 per cent. Crossbred slipe; The market shows a hardening tendency'. The National Mortgage and Agency Company is in receipt of tho following cablegram from their London office, dated London, October 23: Tho auctions opened here to-day with a largo_ attendance of buyers and keen competition. Compared with the closing rates of last sale wo quote; Greasy merino, best, unchanged; greasy merino, average, unchanged; halfbreds, 50 to 56’s, Id dearer; crossbreds, 48 to 50’s, Id dearer; crossbreds 46 to 48’s, Id dearer; crossbreds 44 to 46‘s, Jd dearer; crossbreds 40 to 44’b, Jd dearer; crossbreds 36 to 40’s, Ad dearer. Tbc selection of wool offered was only fair, consisting mostly of slipe. The Otago Farmers’ Co-operative Association of New Zealand have received cable advice from their London office as follows: The wool sales opened to-day with very keen competition. Merinos were scarce but firm. Fine crossbred were 5 per cent, up; medium crossbred, 5 to 10 per cent, up; coarse crossbred, 5 per cent. up. Messrs Dalgety and Co. report having received the following cablegram from their head office, dated London, October 23: The wool sales have opened. Tho attendance of buyers is larger, and there is active demand for the Continent and the United Kingdom. The selection consists almost entirely of Australasian crossbreds. As compared with last sale’s closing rates, in merino wools, greasy, the change, if any, is in seller’s favour; few offered; merino wools, scoured, a change if any is in seller’s favour; haifbred wools, greasy, unchanged; crossbreds wools, fine quality greasy, Jd to Id per lb higher; crossbred wools, medium quality greasy, Id per lb higher; crossbred wools, coarse, greasy, Ad per lb higher; crossbrod wools, scoured, very firm; slipe wools, a change, if any, is in seller’s favour.