COMMERCIAL.

Otago Daily Times, Issue 19249, 13 August 1924, Page 6

COMMERCIAL.

THE MONEY MARKET. FIRMNESS OP NEW YORK EXCHANGE. Press Association—By Telegraph—Copyright. NEW YORK, August 11. Reports of a full agreement on the Dawea programme have brought a flood of buying of tho Allied exchanges. The demand for sterling went up 3i points to a new high level of 4.56Jd01. The French currency advanced 18 points to 6.71 cents. —Reuter. (Received Aug. 12, at 5.5 p.m.) Sterling has reached 4.56|d01, the highest level for 1921, representing a week-end gain of more than four cents. The Continental exchanges have started an upward swing, the franc reaching 5 7-10 cents, representing a gain of nearly half a cent within a week. The lire lias reached 4J cents, and the Belgian franc 5 2-10 cents. Observers declare that the reduction of New York’s federal reserve and the rediscount of cable transfers to I per ceht will assist the continued rise of sterling. They assort that the increases have hitherto been helped by the absence of cotton and grain payments by Europe to A.merica.—A. and N.Z. Cable. BRADFORD TOPS MARKET. Press Association—By Telegraph—Copyright. LONDON, August 11. In the Bradford tops market the recent improvement was maintained, but business was rather slack owing to the holidays.—A. and N.Z. Cable. THE PRICE OF GOLD. Press Association—By Telegraph—Copyright. LONDON, August 11. Gold is quoted at £i 10s 7d an ounce.— A, and N.Z. Gable. FLOUR REDUCED IN MELBOURNE. Press Association —By Telegraph—Copyright. MELBOURNE, August 12. The price of flour has been reduced 5s per ton. LONDON WHEAT MARKET. Press Association —By Telegraph—Copyright. LONDON, August 11. The wheat cargo market is further depressed owing to tho state of the American currency exchange, also to selling pressure. Quotations show a decline of 6d to Is. Parcels are dull, and occasionally are 3d down in price.—A. and N.Z. Cable. LONDON METAL MARKET. Press Association—By Telegraph—Copyright. LONDON, August 11. (Received Aug. 12, at 9.15 p.m.) Copper; Spot,' £63 19s 9d; forward, £64 18s 9d. Lead: Spot, £3‘2; forward, £3l 12s 6d. Spelter: Spot, £3l 12s 6d; forward, £3l 17a 6d. Tin: Spot, £253 17a 6d; forward, £234 7a 6d. Silver, 36Jd per oz. —A. and N.Z. Cable. PRICE OP FLOUR IN ENGLAND. Press Association—By Telegraph—Copyright. LONDON, August 11. (Received Aug. 12, at 7.35 p.m.) The flourmillers have reduced the price of standard grade flour by 2s to 46s 6d.— Reuter. FOREIGN EXCHANGE EATEfk LONDON, August 11. Press Association—By Telegraph—Copyright. The exchange rates are as follows: Par. Aug. 7. Aug. 11. Paris, fr. to £1 25.225 81.45 80.40 Brussels, fr. to £1 ... 25.225 83.G2 88.12 Christiania, kr. to £1 ... 18.159 32.41 32.57 Copenhagen, kr. to £1 ... 18.15.9 27.7 S 28.13 Stockholm, kr. to £1 ... 18.159 1G.77 17.13 Now York, dob to £1 ... 4.80 4.47$ 4.55« Montreal, dot. to £1 ... 4.88 4.48 4.364 Borne, lire to £1 23.22 J 1011 100 J Yokohama, st. to yen ... 31.5 22J 22 Hongkong, si. to "yen ... • 28J 28? Calcutta, st. to rpe. 10 to gold £1 17J 17 •Determined by price of silver The exchange rate on Berlin (par 20.15 marks to the £1) is 19i billons.—A. and N.Z. Cable. LONDON MARKETS. Messrs A. S. Paterson and Co. arc in receipt of the following cablegram from London, dated August 11: The butter market is firm at 198 s. Clieeae is steady at 98s to 91s.

CLEARING SALK AT MOUNT ROYAL. Dalgety and Co., in conjunction with Donald Reid and Co., report having hc.d a highly successlul clearing sale on account of. Isaac Stevenson, Esq., on August 8. at Mount Royal Station, Palmerston. This famous property was subdivided and sold on July ,11, and as a result all stock and implements were offered for bona fide sale. The perfect weather and the stock being so well and favurably known resulted in a, record attendance of buyers from all over the South Island. The flock of sheep (Corriedale) was greatly admired, and was so d under keen competition at the following (price's: —Bwvi hoggets, 10a; ewe hoggets (selected), 56s Gd; two-tooth ewes, IBs Id; fcur-tooUi ewes, up to 50a; six-tooth ewes, up to 555; eight-tooth ewes from 36s 0d up to 50s 6d; two and four-tooth wethers, up to 3-la; ram hoggets to 5i guineas; shear ra-mis to guineas. The main lines of cattle were Polled Angus, and showed every evidence of careful breeding and selection. Owing to the depressed state of the cattle market, however, prices were disappointing. A line of herd cows, in calf, realised up to £4 7s, and stud cows made up to £l2. The horses were well bred, and in good condition, and being just out of hard work, were keenly sought after. Prices ranged from £l2 to £sl 10s for the better classes. A large and varied assortment of implements, in splendid order, was offered, and bidding was good at current rates. It wee evident that Mr Stevenson and his assistants had. devoted a good deal of time and attention to the arranging of the sale, and in consequence the sale was completed in good time.