COMMERCIAL CABLEGRAMS.

Otago Witness, Issue 3475, 19 October 1920, Page 12

COMMERCIAL CABLEGRAMS.

k * U ' fr (By Cable.) . LONDON MARKETS-. " LONDON, October 14. Copper : Spot, £93 7s 6d; forward, £9l 7s 6d, Lead: Spot, £34 10g; forward, £34 ss. Spelter: Spot, £4O 2a 6d; forward, £4l 2s 6d, . Tin: Spot, £249 ss; forward, £255 7s 6d. Silver, 4s 7Jd per oz.—A. and N.Z. Cable. Wheat; Small business is passing. Flour: The market is quiet. No Australian flour has been allocated. Oats: .The market is firm. La Plata, spot, 50s, 51s. Beaas: The market is steady. Peas: The market is firm. Tasmanian blues, £27 10s to £3O per ton. Sugar: Controlled prices unchanged. Free ■white Mauritius, 118 s. Java cargo, the maa> i»t is very weak. October 16. Cotton: November delivery, 14.24 cents per lb. Rubber: Para, 18d per lb; plantation 18id; Bmoked, 16Jd. Hemp: October-December shipment, £56 103 per ton Jute: September-October shipment, £SO. Copra: October-December shipment, £sl 10s. Linseed oil, £6B.

(Turpentine, 123 s per cwt. Gold, £5 18s per oz. India is taking a little, and America a moderate amount. There is a decline in silver, due to Indian bear sales and! an absence of demand. ■ GOVERNMENT SECURITIES. LONDON, October 14. The following are the latest quotations for Government securities, with a comparison with those ruling last week :

BANK OF ENGLAND RETURNS. LONDON, October 14. The Bank of England returns for the week ending October 14 afford the following comparison with those of the previous week:— October 6. October 14. Coin and bullion £121,669,000 £121,671,000 Reserve ,■ 13,941,000 14,481,000 Proportion of reserve to liabilities, per cent 8.87 10.18 Note circulation 127,804 000 127,123,000 Government deposits ... 21,250'000 18,201,000 Other deposits 134,762,000 123,971,000 Government securities ... 63,789,000 63 708,000 Other securities ■ 96,391,000 81^676,000 Short loans, 5J per cent.; three months’ bills, Cg per cent. FOREIGN EXCHANGE RATES. LONDON, October 14. The foreign exchange rates on London afford the following comparison:—

LONDON TALLOW SALES. ! Dalgety and Co. report having received the following cable from London, dated October 13: “Two thousand three hundred and seventy-five casks tallow offered; 387 casks tallow sold; 2s lower; where sold, sellers are prepared to meet market; buyers are holding off.” The New Zealand Loan and Mercantile Agency 00. (Ltd.) has received the following cablegram from London, dated 18th instant : —Tallow t Wo quote present spot values for the following descriptions—Fine mutton, £8 17s 6d per owt; good beef, £3 15s 6d per cwt; mixed, £3 4s 6d per owt Market unfavourable. Small demand. MINERAL WAVE OF DEPRESSION. LONDON, October 13. Business in the copper and tin trad© is

very slack, the weakness being attributed to I a mineral wave of depression, largely owing I to the uncertainty of the coal position. I TRADE AND FINANCE. GENERAL REVIEW. • BAD V EFFECT OF STRIKE. ". SPECULATORS IN~ DIFFICULTIES. . LONDON, October 16. I I Under the influence of labour and financial difficulties, and especially the coal strike, a downward trend is noticeable in almost every department of the Stock Exchange, with particular weakness in the more speculative shares, but taken as a. whole investment stocks >are holding their own remarkably well. I There is no inclination to realise. Financial I circles generally expect a speedy settlement ] of the strike, but a dangerous factor is that the foreign exchanges are moving against us, as the strike renders Britain more than ever ' dependent on foreigners for supplies, while ( we cannot export in return. The money market is working better, on the knowledge that sales of Treasury bills have of late considerabh' exceeded those maturing, but the general trade position does not stimulate the demand for bills. < There axe several disturbing elements in i the trade position, notably failures at Am- ] sterdam, in Java, and at Ohristiania, the ] trouble of a Mincing lane firm, and the < limited moratorium in Cuba—all more or i less due to over-speculation in sugar, rubber, i and other commodities.' The position in many < neutral countries is causing alarm, parti- ( cularly Scandinavia. During the war neutral 1 countries made huge profits through supply- c ing the belligerents, and many new firms j indulged in the wild buying of commodities, forcing, prices unduly. Since the armistice t the value of these articles has steadily de- £ clined, and many of the speculators are now < burdened with a large stock which is unsale- d able except at a heavy loss. Old-established, 1 steady-going houses are generally in a sound \ position, but it is feared there must be j numerous liquidations among the speculative j firms before the situation clears. Regarding wheat, Bathgate's Review says: "Though we have not yet definitely turned the comer, the outlook for supplies has improved. There have been additional South j American, Australian, and Indian shipments. The Manchurian exports of wheat and flour 1 are assuming considerable importance, and j if developments there proceed at the same rate as during the last few years we may expect Manchuria to exercise a considerable ! . influence on the world's markets. Chinese flour to-day is the cheapest obtainable anywhere, being landed here at many shillings per sack cheaper than flour can be bought in any other exporting country. The Russian Danubian countries are beginning to export some wheat, and this movement may expand if the Poles and South Russians maintain an ascendancy over the Bolshevists." The Bradford wool industry remains stag- I nant. There is a little inquiry for tops, 6l mainly on German account, but insufficient to have any effect on the price of goods. Trade is very slack owing to the large stocks <3 held at high prices, and the lack of public I cdemand owing to the dearness. There is a n decline in the export trade for the same reason. The position regarding raw materials is q by no means clear. Until the Government's I n policy regarding stocks is announced there I a: must be a general lack of confidence. j Reports from the wine-growing centres indicate that the European vintage will not w be plentiful, but the quality promises well, b It is expected, however, that eome distriots 8:

Iwill be exceptionally good. Prices seem likel. to harden owing to the higher costs in coij I nection with labour and establishmem I charges. Despite a heavy fall the copper trade remains dull. Consumers in the United States have received a cancellation of many lines of finished products, and the growing stocks there have necessitated a further closing of the mines andl decreased production. While the immediate outlook is not promising at present, the low level may attract consumers, ! but a heavy consumption cannot be expected till the monetary conditions are in a favourable position. Tin is regarded as quite sound, but prices have been driven down in sympathy. There is depression in other Far Eastern products, while the coal crisis has stopped buying by tin-platers. | AUSTRALIAN WHEAT. ] LOIvDON, October 15. Commencing on Monday, the c.i.f. selling price of Australian wheat will be 121 s per quarter of 4801 b, being a rise of 255. Other sorts of wheat have advanced on an average 16s per quarter. STATE CONTROL IN N.S.W. I SYDNEY, October 16. I The Hon. W. F. Dunn, Minister of Agriculture, told a deputation of wheatgrowers that wheat would not easily bs sold. Whilst prices would be reasonable there would be no fabulous prices. He said he was introducing a Bill to give them the world's parity, which may or not fall below the flat rate which he had suggested previously. The executive of the Australian Labour. Party recommended the Government to buy the wheat based q,n the cost of production for local consumption, and to obtain the best possible price for the exportable surplus. Mr Daniel Hawkins, statistical officer of the Board of Trade, at the 44-hour inquiry, stated that the average production in New South Wales for the five years 1909-14 was £66,000,000. In 1914-1919 it was £58,000,000 based on the same standard of value; but based on the present standard of value the production in 1919 totalled £98,000,000. AUSTRALIAN: MARKETS. .MELBOURNE, October 15. The hide market is irregular, and prices de- j clined Id to 2d per lb, except for stout sorts. Barley: English, 7s, 7s 3d; Caps, 6s, 6s 3d. Oats: Algerian, 3s, 3s 3d. Potatoes: Carmens, £lO, £lO 10s. Onions, £24, £26 SYDNEY, October 14. Oats: Algerian feeding, 3s 6d, 3s 9d; milling, 4s, 4s 3d. Maize, 7s, 7s 6d. Onions: Victorian, £27; American, £32. Potatoes, £l2 to £l4. ADELAIDE, October 14. Oats: Feeding, 3s, 3s 6d. WOOL SALES. LONDON, October 12. At the Bradford wool sales there was 6ligntly more inquiry.October 13. At the Hull wool sales the brokers are not disposed to sell under the last London rates, consequently much has been withdrawn. Best merinos sold well. October 14. The Bradford wool market is quiet, and quotations are irregular. Sixty-fours, nominal, 70d; 56's, 52d; 50's, 42d; 46's, 28d.—A. and N.Z. Cable. SYDNEY, Ocober 11. The wool sales were continued. Bidding was spirited for super combings, but rcossbrects were unsaleable. Greasies realised 81id.

October 12. The concluding wool sale of the first Sydley series attracted a large attendance, but xs on the previous occasion, only the better classes were in demand at about late rates. The top price paid was 352 d. For crossbrede there was no demand. The second series will open on October 25. Fifteen thousand bales will be offered. t BRISBANE, October 12. Owing to industrial troubles, the wool sales set down for October 19 have been. postponed. Forty-nine thousand bales are held up.

Last week. This week. 2i per cent. Imp. Con £50 0 0 £35 10 0 5 per cent. Imp. War Loan ... 84 15 0 84 15 0 Si per cent. Imp. War Loan ... 81 6 0 81 6 0 BJ per cent. O’wealth Loan... 96 0 0 96 0 0 5J per cent. C’wealth. Loan ... 95 15 0 96 15 0 N.S.W. 4’s 1933, Jan.-July ... 74 7 6 74 0 0 N.S.W. 3i’s, 1935-50, April-Jaa.-July ... 62 12 6 62 12 6 N.S.W. 3’s, 1035, April-October 60 5 0 60 0 0 N.S.W. 5J’s ... 95 0 0 96 0 0 N.S.W. 6i’s ... 106 0 0 104 15 0 Vic. 4’s, 1920, Jan.-July 99 10 0 No longer quoted. Vic. Si’s, 1921-6, Jan.-July ... 83 7 6 82 0 0 Vic. 3J’s, 1929-40, Jan.-July ... 57 7 6 58 0 0 Vic. 3’s, 1929-49. Jan.-July ... 67 15 0 61 15 0 Q’land 4’s, 1924, Jan.-July 85 15 0 86 0 0 Q’land 3J’s, 1921-24, Jan.-July 82 0 0 '82 0 0 Q’land 3’s, 1922-47, Jan.-July 53 6 0 61 0 0 Q’land Si’s, 1921-4, Jan.-July 96 0 6 95 0 0 N.Z. 4’s, 1929, May-Nov. 82 2 6 82 2 6 N.Z. 3i’s, 1940, Jan.-July ... 66 10 0 66 17 6 N.Z. 3’s, 1945, April-October 67 15 0 57 7 6 S.A. Si’s, 1016 or after 66 18 0 67 0 0 S.A. 3’s, 1930, Jan.-July 49 5 0 49 5 0 Tas. Si’s, 1920-40, Jan.-July 66 10 0 67 0 0 Tas. 3’s, 1920-40, Jan.-July ... 61 0 0 61 0 0 W.A. 3i’s, 1920-35, May-Nov. 68 12 6 68 12 6 W.A. 3’s 1915-35, May-Nov. ... 66 0 0 68 0 0

Par. Oct. 12. Oct. 14. Paris (fr.) 25.22* 63.17 63.24 Christiania (kr.) 18.169 25.35 25.57 Stockholm (kr.) 18.150 17.82 17.76 Calcutta (rup.) ... 10 to gold sov. 18d 20d Montreal (dol.) 4.86 . 3.82 3.86 Kew York (dol.) 4.87 3.50J 3.50 Yokohama (yen.) 24*d 34|d 34Jd