COMMERCIAL CABLEGRAMS.

Otago Witness, Issue 3524, 27 September 1921, Page 14

COMMERCIAL CABLEGRAMS.

tJOYF/RNMKX'!’ SFv ( I!TTJ7:.-. I.< -M m N, :i.i i r ‘J'.i. The fallowing are the luhee fju'>fa> lens for < ;*,v- -- nt . ; «ia with tho ruling la-t week: —

FOREIGN EXCHANGE RATES. LONDON, Soptemlor 2H. ; The foreign exchange rates oil London afford the following comparison:—

BANK OF ENGLAND BETUBNS. LONDON, September 23. The Brink of England returns for the week ended September 23 afford the following comparisons with those of the previous week : Sept. 15. Sept. 23. Coin and bullion £126/352,000 £126,595,000 Reserve 21,653,000 22,4u1,000 Proportion of reserve to liabilities, per cent. ... 14.98 17.39 Note circulation 125,208,000 124,406,000 Government deposits ... 15,033,000 13,960,000 Other deposits 129,548,000 135,204.000 Government securities ... 61,242,0*10 35,090,000 Other securities 78,810,000 £5.120,000 Short loans, 4 per cent.; three months’ bills, 4J per cent. ■LONDON MARKETS. LONDON, September 22. Copper: Spot, £67 15s; forward, £6B 12s 6d. Lead: Spot, £22 15s; forward, £22 12s 6d. Spelter: Spot, £25 ss: forward, £25 12s Gd. Tm; Spot, £156 os; forward, £l5B ss. Silver, 3s 5Jd per oz.September 23. Butter. —The market is very depressed. The reduction in the Government prices, which will be in force till September 30, failed to stimulate the demand, therefore the quality of free Australian which recently arrived was variable. Some which was very fishy was only saleable at considerably below the Government price. Best free is selling fairly well. Large arrivals of New Zealand and Canadian cheese knocked the bottom out of the market. New Zealand white, 102 s; coloured, 96s to 100 s; Australian white, 96s to 100 s; coloured, 92s to 945. Wheat is dull. Australian cargoes afloat are quoted at 70s; parcels, 68s 6d. English is slightly firmer. Australian spot is unchanged. Flour is quiet. Australian, ex store, 56s 6d. O-ats.—The market is steady and unchanged. Beans.—The market is easier. Peas.—The market is quiet. Tasmanian and New Zealand blues. 560 s to 600 s. Sugar is weak. Granulated, 535. Bradford wool is more active. Quotations for top yarns are very fiim.September 24. Rubber. —Fine hard para, 13d per lb; plantation first latex crepe, Did; smoked ribbed sheet, 9Jd. Jute.—Old crop, September-October shipment, £33 10s per ton. New Zealand hemp is dull. Sept-ember-November shipment, £3B. Copra.—South Sea. bagged, SeptemberNovember shipment, £3l 10s per ton. Linseed oil, £34 per ton; equal to 2s 8 2-3 d per gallon. Turpentine, 68s per cwt; equal to os 1 2-3 d per gallon. Australian wheat freights are easier. Fixtures have been made for November at 655. PRICE OF COTTON. LONDON, September 24. Cotton. —Liverpool quotation: American Midland Upland, October delivery, 14.16 d per lb.[The rise in the price of cotton during the past two months has been extraordinary. The above cabled message shows a quotation of 14.16 d per lb for delivery in October, and the following has been the course of prices as cabled since July; Since March 1 last the price of American raw cotton of the description above quoted lias been steadily rising, with slight variations, as the following movements of the “spot.” mnrket in Liverpool shows:—March 1,7.13 d per lb; April 1,8.02 d; May 1,7.99 c!; June 1,8.19 d; July 1, 8.35d/| FROZEN MEAT. LONDON, September 24. Sheep.—Canterbury light, 8d; .medium, 7/d; heavy, 5Jd; Southland, 7|d; North Island selected, 7|d; ordinary, 7Jd; New | Zealand ewes, sJcl. Lambs: Canterbury light, j la; medium, 11 id; heavy, 10-Jd; seconds, ill Rl; Southland. 11 td; North Island se- ! lected, Hid; ordinary, llid; South Ameri- | can light. lOd; heavy, 9d. j Beef.—New Zealand hinds, 6|d; chilled ! Argentine fores, 4jcl ; hinds, Bd. j Messrs Dalgety and Co. report having received the following cable from London, dated j September 22: —"Lamb: Good demand at Jet 1 per lb below our last quotation by wire; j mutton, light, good demand at unchanged j prices; mutton, heavy, weak, but et present j heavy mutton prices are fairly maintained; I beef, fores and hinds, improved demand at | lest quotations; beef, occasionally id higher.” i The New Zealand Loan and Mercantile i Agency Company (Limited) has received the i following cablegram from its London house I under date September 21:—“Tallow: We I quote present spot values for the following j descriptions: Fine multon, £2 18s 9d per cwt; good beef, £2 17s 6cl; mixed, £2 9s. Small demand. j "New Zealand Frozen Meat.—Lamb: I Average, lljcl per lb ; wethers and maiden i ewes—light 7gd. heavy act!; ewes—light sgd ; j 1 ■ . sd. Ox beef: Hinds, 5;2d: fores. Id. j Cow beef: Hinds, 4Jd ; fores, 2|d. Market gialf. :! and depressed. I "New Zealand Butter.—£ll per cwt. Market I " New Zealand Cheese.— £s to £5 6s per i cwt. Market qnict. ' TALLOW SALES. LONDON, September 21. At the tallow sales 1421 casks were offered and 590 fold at late rates to Is decline. M: * i : line. 59s Gd ; medium, 53s Gd, | Beef: Fine, Go.-; medium, 53 s 6:1.-. AUSTRALIAN MARK ETS. MELBOURNE, September 22. Hides are firm. All well-flayed and good- | conditioned arc fully Id dearer; other grades j an urn-hanged.

o-eptember 23. Barley: English, 4s Del; Cape, 3s Del. Oats, 2s 7cl to 2s. 6cli. Potatoes, £3 10s t-o £5. Onions, £2 to £2 15s. SYDNEY. September 22. Oats: Algerian feed, 3s 2d t-o 3s 3d; milling, 3s Cd ; white feed, 3s 9d to 3s lt!d. Maize: Yellow, os Gd; white, ss. Potatoes: Tasmanian, £4 to £9. Onions: Victorian, £3 IDs to £4. ADELAIDE, September 22. Oats: Algerian feed, 2s 5d to 2s Gd. BRADFORD WOOL MARKET. LOF DOE, September 19. The Bradford wool market shows a good tone, and is more active. Prices are hardening. ANTWERP WOOL SALES. LONDON, September 20. Twenty thousand one hundred bales will be offered at the “Bav:ra’ ! wool sales at Antwerp on October 6 and 7.LONDON WOOL SALES. The New Zealand Wool Committee received the following cablegram from the British and Australian Wool Realisation Association : The London sales concluded on Thursday. There was a good tone and competition. The total “Bawra” offerings were 6*0,590 bales, of which 97 per cent, were sold. Compared with the close of the July series the following increases were noted: —Super greasy merino, 15 per cent, to 20 per cent. ; average greasy merino, 15 per cent.; good scoured merino, 10 per cent; average and inferior merino, 15 per cent. There was little change in merino lamb. Fine and medium crossbred is 15 x>er cent., low medium crossbred 10 per cent., line slipe 10 per cent., medium and low slipe par to 5 per cent, dearer. It is estimated that the Home trade took 55 per cent., Germany 30 per cent., and France and Belgium 15 per cent, of the total offering. The closing quotations for clean scoured ■vool were as follow:—Super 70-80’s, 4s; fcuper 70’s, 3s 7 cl; super 04’s, 3s 3d; toptaaking 70’s, 3s; 64’s, 2s Dd; Go’s, 2s 4d; 58’s, 2s 2d; 56’s, Is lOd; 60’s, Is 3£d; 46’s, 10£d ; 44’s, Sid; 40’s, 7id; merino carbonising good, 2s 7d: average, 2s 2d; inferior, Is 8d; merino lambs good, 2s 7d, average, Is 8d; inferior, Is 2id.

The free- wool trade offerings were 779,147 bales, including Australian wool 20,920 bales, 97.32 per cent being cleared; New Zealand wool, 35,857 bales, 94.57 per cent, cleared; Cape wool, 1593 bales, 78.41 per cent, cleared ; South American wool, 20,671 bales, 92.46 per cent, cleared. Tli© merino market is buoyant, but it is considered that the maintenance of prices for medium and low crossbred is doubtful unless the sellers show a united front. THE OAMARU MARKETS. (From Our Own Correspondent.) OAMARU, September 24. Happily there is no warrant for furtherre fere nee io the urgent need for rain. After my last week’s report was despatched the rain came, and, with intermissions, it continued to fall for about five days. It was just the sort of ram to do real good service —not- a heavy downpour to occasion, but a steady, light fall, every drop of which soaked into the ground. It extended all over the country, but varied in quantity from about 2in in some localities to fully 3in in others. Sufficient was experienced everywhere to enable moisture to penetrate to the subsoil and lay the foundation for good yields of cereals and an abundance of feed. Already growth has received an impetus, and with. (he advent of warmth it will become rapid. Of course, all hearts are rejoiced, and even those engaged in . market circles have lost their doleful mien and put on the cheery aspect of bright anticipation. But it is as yet too early to look for any material effects upon the markets, and the volume of business has been small or comparatively slow in all branches. A couple of lines of wheat running into 200 sacks each came on the market, and went promptly into millers’ hands. Oats continue to move olf slowly, and the week’s business was compressed into a few modest lines of Gartens at 3s Id for good milling and 3s for A grade, net to grounds at country stations. No sales of barley of either variety are reported. A little business has been done in seeds as at country stations at 4s net for farmers' dressed perennial ryegrass, and 7d net for farmers’ dressed cocksfoot. Oatensheaf chaff has been dealt in at £5 net on true ks. SOUTHLAND MARKET REPORT. (From Our Own correspondent.) INVERCARGILL, September 24. Oats.—This market has still further improved during the last week or so, and A Gartons are now saleable at 3s 9d per bushel, f.0.b., s.i., for early and also for forward shipment. This price is equivalent to 2s lOd per bushel to growers at fairly convenient sidings. Chaff.—Owing to the entire absence of outside business, and, with the advent of spring, values have decreased, and merchants are unwilling to operate at anything in excess of £3 10s, on trucks, for prime quality. Ryegrass.—There is still a fair inquiry for heavy-weight seed from the north on a. basis of 5s 3d per bushel for 301 b seed, and some business has also been done with Australia at the equivalent, and some with lighter seed. Owing to tlie considerable volume of business done with other centres this season, the stocks on merchants’ hands are somewhat restricted. RABBITSKIN MARKET REPORT. The Dunedin Woolbrokers’ Association (Daigety and Co., Todd Bros, the National Mortgage and Agency Company, the New Zealand Loan and Mercantile Agency Company, the Otago F arm er s ’ Co-oper ati ve A s soc iati on, Donald Reid and Co., Stronach, Morris, and Co., and Wright, Stephenson, and Co.) reports as follows:—The fortnightly sales of rabbitskins were held on the 19th, when Jp.Oge Catalogues were Submitted bv the various selling brokers. There was a full attendance of buyers, an cl prices ruling were on a par with those obtained at last sale. Quotations-.—Prime winter does, 80cl to 88d ; first winter does, up to 78d ; winter does, 63d to 70 1; prime winter bucks, 73d to 76d; first winter bucks, 67d to Tier; winter bucks, up to 53d ; spotted winters, tod to 50d ; incoming winters, up to 59d; autumns, up to 4. . ; early autumns, up to 28d; outgoing winters, up t<> 48d; prime racks, 15d to 161,d; light racks, lOdi to LP.d; summers, 8d to 13 d; springs, up to 21<1; runners, up to 3£d : prime winter black, 105-d to 112 c l; winter black, up to 551 d; autumn and incoming black, 23d to 40d ; winter fawn, 49d to 53d; broken., 20d to 30d; hares, up t-o 20; horsehair, 16d to 20d.

!. ist w« k. This v (■( k. 21 P 4 r !>♦. Imp. ( *‘D. £48 • ‘i £-18 7 (] f> c* !it. Imp. Wa r Loan ... 88 6 88 2 0 3i I^r vTit. Imp. W jr L*-an... 88 i 0 88 lo o *i per t-r nt. Cwm! ). Loan... 00 6 00 10 o ts P*r o<nr. C’woalt l Li nn ... 00 6 Of, 17 tj N S.W. 4V t 1088, .1 in.-J ijl v... 7 7 6 77 10 0 V b.w. 3$’?, 1030 70, Jan.-July 63 0 03 7 M

X.S. W. 3 s, 1935, Api i 1-Oct— *66 15 0 67 0 0 > \V. 5 '-’s 97 5 0 97 7 6 X. s w. 6.1-9 102 17 6 102 17 6 Vic. 4’:-. 1921-6, Jan.-July ... so 0 0 so 5 0 Vic. H's, 1929-40, Jan.-July... *03 2 G 63 5 0 Vic. 3X, 1929-49, Jan.-July ... 57 2 6 57 0 0 O’!aml 4' , 1924. Jan.-July ... 93 0 0 90 0 0 (.’’la el .«, 1921-24, Jan.-July 38 17 6 89 5 0 Q' la ..1 .V 5, 1922 47. Jan.-July 56 0 0 56 5 0 X.Z 4’s, lf-20, Mav-Xiiv. so 0 0 86 5 0 x./' •'H'f, 1940, Jan.-Jmv 70 0 0 70 5 0 X.Z S’9, 1945. April-not. *60 12 6 60 12 6 S. A S's, 1930, Jiin.-Juiv 51 15 0 51 15 0 3. A :av. 1945 or aft«. r 63 5 0 6.3 5 0 Tas SJ’s, 1920-40, Jan.-July... 69 0 0 69 5 0 Tap SX-, 1920-40. Jan.-July ... 64 0 0 64 15 0 W.A . »4’ , 1920-35. Mar-July 72 0 0 72 0 0 \V,A . 3's, 1915-35, M y-Xov — 68 15 0 G8 0 0 * Ex dividend.

Bar. Sept. 19. Sept. 23. f’ :: (fr.) 33.362 51.57 52.75 L'hristiania (kr.) .. 18.1-50 20.17 29.55 Stockholm (kr.) 18.150 17.10 17.05 Copenhagen (kr.) 18.159 21.12 21.00 Montreal ( (in!.) 4.86 4.17 3.14 New York (dol.) 4.86 3.721 3.72$ Yokohama ( ven) 24 i 31 31 Honakcng SSi 33 Berlin (mark) 2-1.43 378 495 Calcutta (rup.) ... ... 10 to gold soy. 17£