COMMERCIAL CABLEGRAMS

Otago Witness, Issue 3495, 1 March 1921, Page 13

COMMERCIAL CABLEGRAMS

GOVERNMENT SECURITIES. LONDON, February 24. The following are the latest quotations for Government securities, with a comparison with those ruling last week : Last. week. This week. Codsols £47 12 6 £46 7 6 6 per cent. Imp. War Loan ... 84 15 0 84 5 0 per cent. Imp. War Loan 85 2 6 85 2 6 51 per cent. C’wealth Loan... 97 5 0 97 2 6 5f per cent. C’wealth 10an... 94 7 6 94 15 0 N.B.W. 4’s, 1938, Jan.-July ... 73 15 0 74 10 0 N.S.W. 3J’s, 1935-50, April-Jan.-Julv 65 0 0 64 17 6 N.S.W. 3’s, 1935, April-0ct.... 59 17 6 60 0 0 N.S.W. sJ’s 94 0 0 94 15 0 N.S.W. 61’s 99 12 6 99 12 f Vic. 4’s, 1921-6, Jan.-July ... 84 0 0 84 5 0 Vic. 34’s, 1929-40, Jan.-July 62 5 0 62 5 0 Vic. 3’s, 1929-49, Jan.-July ... 55 0 0 55 0 0 Q’land 4’s, 1924, Jan.-Julv ... 88 5 0 88 0 0 Q’laml 31's, 1921-24, Jan.-Julv 86 12 6 86 17 6 Q’laml 3’s, 1922-47, Jan.-July 54 0 0 54 17 6 N.Z. 4', 1929, May-N0v.... '... 85 15 0 85 5 0 N.Z. 34’s 1940, Jan.-Julv ... 69 5 0 69 17 6 N.Z. 3’s, 1945, April-Oct. ... 58 7 6 58 17 0 B.A 34’s, 1916 or after 67 0 0 67 0 0 B.A. 3’s, 1930, Jan -July ... 49 2 6 49 2 6 Tas 34’s, 1920-40, Jan.-July 67 1> 0 67 15 0 Ta.-. 3’s. 1920 40. Jan.-Julv ... 60 0 0 60 0 0 W.A. 34’s, 1920-35, May-Nov. 68 17 6 68 15 0 W.A. 3’s, 1915-35, May-N0v.... 67 0 0 67 5 0 BANK OP ENGLAND RETURNS. LONDON, February 24. The Bank of England returns for the week ended February 24 afford the following comparison with those of the previous week : Feb. 17. Feb. 24. Coin and bullion £126,510,000 £126,510,000 Reserve 18,946,000 19,080,000 Proportion of reserve to liabilities, p.c. 14.62 14.99 Note circulation 127,810,000 127,698,000 Government, deposits ... 15,563,000 15,988,000 Other deposits 114.042,000 111,259,000 Government, securities 43,512,000 31,030,000 Other securities 85,202,000 95.220,000 Short loans, 5| per cent.; three months’ bills, 6j to 62 per cent. FOREIGN EXCHANGE RATES. LONDON, February 24. The foreign exchange rates on London afford the following comparison : Par. Feb. 21. - Feb. 24. Paris (tr.) 23.222 53.85 54.05 Christiania Her.) 18.169 22.36 22.23 Stockholm (kr.) 16.169 17.33 17.23 Montreal (dob) ... 4.86 4.46 4.41 New York (dol.) 4-86 8.88 3.874 Yokohama (yen) 244 2.9| 294 Hongkong (dol.) 33j 294 294 Berlin (mark) 20.43 237 238

LONDON MARKETS. LONDON, February 23. At the tallow sales 2021 casks were offered and 1087 were sold at from late rates to a 2s decline, which was most marked for superior qualities. Mutton, 42s to 38s; beef, 49s to 365. February 24. Butter is selling well. It is now practically certain that the Government price will be reduced by at least 4d from the middle of March. Cheese is firm. New Zealand white, 146 s to 148 s; coloured, 150 s to 160 s. The Government is offering 10,000 crates of old New Zealand and Australian cheese, some of which is 18 months old, to importers at 116 s to 1265, according to condition. Wheat and flour are quiet, with prices unchanged. Oats, beans, and peas are unchanged. Barley is easier. Sugar, granulated, is quoted at 67s 6d. Copper: Spot, £72 ss; forward, £65 7s 6d. Electrolytic: Spot, £73 10s; forward, £75 10s. Lead: Epot, £lB ss; forward, £l9. Spelter: Spot, £25 10s; forward, £25 15s. Tin: Spot, £l6B 15s; forward, £l7l 15s. Silver, 23 8d per oz. February 26. Cotton: The Liverpool quotation of American middling upland is 7.33 d per lb. Rubber: Fine, hard Para, Hid per lb; plantation, first latex crepe, Is l«d; smoked ribbed sheet, lljd. Jute: February-March shipment, £32 per ton. Hemp: Dull; February-April shipment, £43 per ton. Copra: Weak; February-April shipment, £3l per tonfe £32 10s per ton—equal to 2s 7Jd per gtmon. Turpentine, 60s per cwt—equal to 4s G’d per gallon. TALLOW AND CHEESE. Dalgety and Co. report having received •the following cable from London, elated February 23:—“Two thousand casks of tallow offered, 1000 casks of tallow sold. Late rates to Is per cwt lower. Demand chiefly for low and inferior descriptions. Good colour mixed! £1 17b.” The New Zealand Lean and Mercantile Agency Company (Limited) have received the io llowmg- cablegram from their London house under date February 23:—“TallowWe. quote present spot values for the following descriptions:—Fin© mutton, £2 0s 6d per cwt; good beef, £1 19 s 6d per cwtmixbd, £1 12s per cwt.’’ “Cheese: Coloured. £7 18s per cwt; white, £7 10s per cwt. Owing to large arrivals the market is weaker.” Messrs Dalgety and Co. (Limited) report having received the following cable from the head office, London, dated February 23: “ 2000 casks of tallow offered; 1000 casks sold. Late rates to Is per cwt lower. Demand chiefly for low and inferior descriptions. Good colour mixed, £1 175.” AMERICAN WHEAT TARIFF. WASHINGTON, February 24. The conference of the Senate and ~ the House Committees has fixed the wheat tariff at 35 cents per bushel. PRICE OF CUBAN SUGAR. N±A\ YORK, February 23 Despatches from Havana state that the Cuban Finance Committee has fixed the price at 4J cents, c.i.f., for 100,000 tcr.s of sugar which are ready for shipment. ST. LOUIS FUR SALES. NEW YORK, February 21. The St. Louis International Fur Exchange sales have opened. Prices were approximately 40 per cent, lower then the prices in 1920. Fur men state that the present fur prices generally are only approximately 15 per cent, over pre-war rates. AUSTRALIAN EXCHANGE IMPROVING. LONDON, February 22. Bankers consider that the Australian exqhange problem is easing slowly, and they hold out hopes that the position wilfc right itself as the exports increase from Australia ; but they are of opinion that the stringency may recur in November, owing to the difficulty of working off the adverse balance of trade which has accumulated since the cessation of the Government’s purchases of wool and wheat. CANADA’S 1920 WHEAT CROP. OTTAWA, February 26. The final returns gives Canada’s 1920 wheat yield as 263,189,300 bushels, from 10,232,374 acres.AUSTRALIAN MA RKETS. MELBOURNE, February 25. Barley: English, 4s to 4s 3d; Caps, 3s to 3p 3d. Oats, 2s Gd to 2s Bd. . Potatoes, £3 15s to £5. “"- ' . Onions, £4 6s to £4 10s. MELBOURNE, February 25. At the hide sales large ’ supplies were offered. Prices were unaltered for all heavies. Lower grades declined fcd to Id.

SYDNEY, February 24. Oats: Algerian feed, 2s lOd to 3s; milling, 3s 6d; white feed, 4s; milling, 4s 3d. Maize: Yellow. 5s 6d; white, ss. Potatoes: Tasmanian, £6 10s to £8; Victorian, £6. Onions: Victorian, £7. ADELAIDE, February 24. Oats, 2s 3d. to 2s 4d. ,