COMMERCIAL CABLEGRAMS.

Otago Witness, Issue 3525, 4 October 1921, Page 15

COMMERCIAL CABLEGRAMS.

panic or r.Nor.vND hett/hns. I.'*ND'»X. >'-pt* nfi” r The T* ink *•:' In ... 1 Hr ‘ we!: - - r tons *v:ih ’ •»! ;s wtr!; : ' tri. C lin w.l ■ :.-:i ‘-i.v.. 9)0 tiy.vivon i it.-..- 141;OK) 21.vi_v.hi-) l’l-.iperl .-ill 'if ; -i :: 11 >: i; i iv-. lie, I 7. < 1 19. , 1 N-Iti- firm! iti.m 121.408,‘XW 184.97-1 txlO tiovcrnm-itt -9.1-1-:', ... 14,969,009 J2.2;ti,tx») i it ’a--r ilfii--,its ' !■•'>. 204.01)1) 101.121,'M0 c.iv.-iuiii-nt -"'tini-.-H ... :;:>.■?».<»» :;:;.o-)o,o<>i) Other securities 8.1.120,000 60. !:• I.'l-X) Short- loons 1) ;i■ ■ r -v:g.; throe :nt.,:o'.is 1 iii:;.-;, 4J, per Ct'nt. GOVERNMENT BEcUP ITIIiB. 1.-iNlioN, 0,-pt- :,i'-,'r 29. (R.'tVived -mOer JtO. it 5..1 pin.) The following nr: tin; l.itest quotnti-'Us for Ot-ov-t rnment sefirities, with a eoinparisou with those ruling last week : T.tist week. This week. 2t per cent. Imp. Con. ... 648 7 6 £43 12 6 5 per cent. Imp. War Loan ... 83 2 8 83 2 S SJ per cent. Imp. War 10an... 88 10 i) 83 10 0 5;1 per cent. C'weait.li Loan ... 99 10 0 99 10 0 a| per cent. Cwealth Loan ... 95 17 6 93 0 0

N.R.VV. 4’s, 1338, Jan.-Julv ... 77 10 0 77 10 0 N.S.W. Si’s, 1935-50. J an.-4 u!v 63 7 6 83 0 0 N.S.W. 3V, 1035. April-Oct...*. 67 0 0 87 0 0 N,S.W. o.fs 97 7 6 97 15 0 N.S.W. Si's 102 17 6 102 12 8 Aie. 4’s, 1921-6, Jan.-Julv ... 89 5 0 89 10 0 Vio. 3*'s, 1929-40, Jan.-Julv... 63 5 0 83 10 0 I ie. -Vs. 1929-49, Jan.-Julv' ... 57 0 0 57 10 0 Q'l-unl 4’s, 1924. Jan.-Julv... 93 0 0 90 5 0 Q’lainl 3i’s, 1921-24. Jan.-Julv 89 5 0 89 *0 0 Q’laml 3’s, 1922-47, Jan.-Julv..'. 56 5 0 56 2 0 N.Z. 4’s, 1929, May-Nov. ' ... 86 5 0 86 5 0 X.Z. 3, Vs, 1940, .Tan.-. July ... 70 5 0 7') 0 0 N.Z. 3's. 1945. April-Hot. ... *6O 12 6 61 0 0 S.A. 3's, 1930. Jan.-July . 51 15 0 51 15 0 S.A. 3J’g, 1946 or after ... 63 a 0 63 5 0 Tas. 3Vs, 1920-40, Jan.-Julv... 69 5 0 63 0 0 Tns. 3’s, 1920-40, Jan.-Julv... 64 15 0 64 0 0 W.A. BJ's, 1920-35, Mav-Juiv 72 0 0 72 0 0 W.A. 3’s, 1915-35, May-Nov.'... 88 0 0 68 0 0 * Ex dividend. FOREIGN EXCHANGE RATES. * LONDON, September 29. The foreign exchange rates on London afford she following comparison : Tar. Sept. 22. Sept. 29. Taris (fr.) 29.302 52.75 52.30 Christiania (kr.) 18.159 29.55 30.17 Stockholm (kr.) 18.159 17.25 16 77 Copenhagen (kr.) 13.159 21.00 20.87 Montreal (dol.) 4.80 4.14 4.10 New York (do!.) 4.86 3.72 3.714 Yokohama (yen) 244 31 30 5-3 Hongkong (ilol.) 38'j 334 344 Berlin (mark) 24.43 40. f 456' Calcutta (nip.) 10 to gold sov. 171 174 LONDON MARKETS. LONDON, September 29. Wheat is dull, and is steadily falling. Prices -are restricting business in ail positions. Australian, ex quay, 725. 1' lour is quiet. Australian, cx store, 555. Oats and beans are dull, arid arc tending * to bo easier. Peas me quiet. Tasmanian blues, cx store, 4 IDs, to d’DOs; Now Zealand, 400 s to 500 s Sugar is steady. Granulated, 535. At tli3 rabbitskin sales ‘2178 bundles were offered and 1711 sold. The Government lias reduced butter prices as follows:—New Zealand by 15s per cwt, Australian and Argentine by 20s, making the price for first-class grade New Zealand 2035, for Australian 184 s, and for Argentine 1655. Hie Danish quotation is about 230 s landed. New Zealand chco-ae, white, 100 s to 404 s per cwt; coloured, 90s to 9ls. The market closed firmer, owing to America buying Canadian makes Copper: Spot, £6B 6s 3d; forward, £69 Gs 3d. Lead: Spot, £23 2s Cd; forward, £23. Spelter: Spot, £26 7s Cd; forward, £26 15s. Tin: Spot, £156 7s Gd ; forward, £l5B 7s Gd. October 1. Cotton: November shipment, 14.13 d a lb. Rubber: Para, 13d a lb; plantation, 9d *1 lb; smoked, 9d. Hemp: Soptcmber-Novcmber shipment. £49. Jute: Scptomber-Octobcr shipment, £33. Linseed oil, £3l 10s a ton. Turpentine, 60s a cwt. Copra: Tie market is chill and weak, largely owing to the unsatisfactory financial position on the Continent. There lias been some bear selling in South Sea. SoptemberNovomber shipment, nominally at £29 10s a ton. The debenture holders in the British New Guinea Development Company have agreed to the company’s proposal to issue a further £50,000 of 8 per cent, debentures; also to raise interest on the existing debentures to 8 per cent. Sheep: Canterbury, medium, 7kl; light, Southland, 7cl; North Island, 7cl to 7|d ; New Zealand ewes, opl; South American, light, Gd; heavy, 54d; Patagonian ewes, 4bL Lambs: New Zealand, light, lC^d; medium, 10;.d ; heavy, 9ld ; seconds, 104 d ; Southland, 10LI; North Island, selected, 10I’d; ordinary, 101 d '• South American, light, 9d; heavy, Bd. Beef: Argentine frozen fore-quarters, 4jd; bin I quarters, B>d ; chilled fore-quarters, sd; hind-quarters, 74d.BERLIN EXCHANGE RATE. LONDON, September 27. The exchange at Berlin is 460 marks, alter touching 470.September 30. P. and O. —Buy. £365, eel. £375. The exchange rat© with Berlin is 425 mark t-o the £. FROZEN MEAT. WELLINGTON, September 28. The Department of Agriculture has received the following cablegram, dated 24 th inst., from the High Commissioner for New Zealand in London: Meat.—The market is weaker, and prices are lower. There are heavy sn r plies of Home-killed and imported meat, with the result that holders are anxious to sell, and will accept a lower price. Large supplies of Argentine chilled beef arrived this week. Large supplies are in sight, end there is a plentiful supply of Home-killed, which has resulted in a less demand for frozen. New Zealand Mutton.—Light-weight, 7j?<l to Sd; heavy-weight, sd; ewes (light-weight), old ; heavy-weight, no inquiry. Lamb.—Only the very best quality is in demand. Light-weight, llRl; lieavy-weiglit, lOd. Beef. —Prime is scarce, and is selling' forth© country trade. Hinds, fid: fores, 4.V1; Argentine chilled beef —hinds, 8d ; tores, Bj;d. TALLOW AND RABBI TSKINS. LONDON, September 29. At the fallow sales 1068 casks were offered and '203 sold at about 3s per cwt decline. The bad exchange position checked the Contin e n tal demand. I-’ine mutton, 58- per cwt; medium, 5Ts. Fine beef. 795; medium, 535; good mixed, 31 s. The rabbitskin sales opened with a keen dcm-ar-l from both hatters and furriers, all sorts being in request. Brices avera god fully | 15 per -rent, above the July rutc-s. AT ST R ALT AN MA R LETS. MELBOURNE, September 30. Hides: All good-conditioned pare?]? advanced from id to id. Light kips are fully Id higher. Burley: English, -L Gd; Cape, 3s Gd. Oats, 2s 5d to 2s 7 h Potatoes, £3 10s to £5. Onions, £2 10s t-o £3 10 s. SYDNEY, September 29. Oats: Algerian feed, 3s 2d’ to 3s 3d: milling. 3s 6J . white feed. 3s 8d to- 3s 9d. Maize: Yellow, 5s 4d to 5s Gd; whi'e, 53 to 5s 3d. Potatoes: Tasmanian, £6 to £9; Victorian, £4 to £7. Onions: Victorian. £5 to £5 10s. ADELAIDE, September 29. Oa's: Algerian feed, 2s Id lor shipment in parcels. THE WOOL MARKET. LONDON, September 26. The Bradford wool market shows a good tone, and prices are unchanged. September 30. At the “Bawra” wool sale at Liverpool there was keen competition, fine qualities advancing from 10 to J 5 per cent. The Bradford, tops market displays an improved tone, with a more general inquiry for both crossbreds and merinos.WELLIN(I TON, September 27. The High Commissioner advises the Department of Agri culture that the Bradford

market has an improved tone on account of the export trade being maintained. Tho Home market remains quiet. Present quotations for tops are (64's, merino) 3s 7d a lb; 56’s (super liaifbred), 2s 3d p©' lb; 40's (pro. pared coarse crossbreds), Is 04d per lb. PRIVATE ADVICES. The New Zealand Loan and Mercantile Agency Company has received the following cablegram from London, dated 28tli in-si.; Tallow.—We quote present spot values for tho following descriptions:—Fine mutton, £'2 lfis fid per civt; good beef, £2 13s Gd per cwt; mixed, £2 6s fid per cwt; small demand. New Zealand Frozen Meat.—Lamb, lfijd per lb (average); wethers and maiden ewes, light 7gd per lb. heavy 5Jd per lb; ewes, light SRI per lb, heavy 4|d per lb; ox beef, Hindu 5Jd per lb, fores 4d per 11); cow beef, hinds 4RI per lb, fores 2^dMessrs Dalgety and Co. (Limited) advise having received tho following cable from their head office, London, dated September 27: —‘'1070 casks o.f tallow offered, 208 casks of tallow sold; prices nominally about 3s to 4s per cwt lower; buyers are holding off.” Messrs Dalgety and Co. (Limited) report having received tho following cable from. London, dated September 23“ Mutton, very weak; lamb very weak—4d per lb below our telegram of yesterday. In view of congestion, holders are anxious to sell. You must be prepared for possible considerable decline while stocks remain heavy. Butter very dull, but prices are much about the same as last reported. Cheese very weak, New Zealand coloured, £1 10s to £s' white £5 2s to £5 fis. These quotations are nominal. There are sellers at, Canadian September make, £4 13s to £1 lfis, c.i.f.” Dalgety and Co. advise having received the following cable from London, dated. September 29: —‘‘Beef nominally unchanged, but holders of frozen mutton and lamb have become nervous and arc selling best possible. There is net any more room in cold storage, and meat is being transferred front one steamer to another cliffuult to say how far decline in prices will continue before confidence is restored. AVe quote light New Zealand prime mutton, 7d; heavy, 4?,d to sd; ewes, 5d to old; lamb (light),' 9.id to lO.id: heavy, Bid to fid.” Dalgety and Co. advise having received the following cable from London:—“2180 boles rabbitskins offered, about 80 per cent, sold. Attendance of buyers is good, competition animated. Late winter 20 per cent, higher, good winter lo tier cent, higher, good incoming autumn, unchanged, best hattera fo per cent, higher, ordinary and inferior 20 per cent, higher ” A. S. Paterson and Co., Dunedin, are in receipt of (lie following cable from their principals, Messrs J. and J. Lonsdale and. Co.. London:—“"Butter: Expect a declining market until Government stocks cleared. Cheese market shows more animation ” OAMARU MARKETS. (From Our Own Correspondent.) OAMARU, October 1. A dull week in every department describes in brief the experience of the local markets. In grain and produce there has been a littl© business passing in many things, but nothing of note in anything. One surprise was afforded in the appearance of a line of 250 sacks of milling wheat, comprising Velvet, Hunters, and Tuscan. This, with some small lots, went promptly into the hands of millers. The oat market has weakened a shade, with very little business being dene. A line of milling Cartons changed hands at 2 s net at a country station, and feed Algerians were taken at a country station at 2s fid net. Bariev has made a little movement of a spasmodic nature, a couple of lines of Chevalier having beur placed at 3s lid not. on trucks, while a line of Cape of considerable dimensions found a buyer at 2s Cd net at a country station. Merchants report a considerable quantity of seeds going out, the ground being in excellent condition for laying down new pastures and tiie sowing of turnips and rape. But there has been little business doing as between growers and merchants, the latter being apparently well supplied. The market is dull with little outside demand. This is especially the case with rape seed, which is difficult to pi ace, a line of farmers' dressed having been disposed of at 2d per lb r.et at a country station. Clean farmers’ dressed cocksfoot was taken at a handy siding at 7d net. A small amount of business is reported in oatensheaf chaff at £i 5s and £4 lfis net, on. trucks. DAIRY PRODUCE CIRCULAR. Messrs J. Nathan and Co. (Wellington) report as follows under date September 27: —Butter.— The news this week is unfortunately not very cheerful. Matters commercially in the United Kingdom are very depressing, and there is a general feeling of unrest apparent. No doubt you have noticed in the cables that owing to the collapse in prices and general depression in trading the Co-opera-tive Wholesale Society reports a loss of its last six months’ trading oi no less than 3J millions sterling. Tibs should give an indication of the conditions prevailing in the United Kingdom. Our London house cables that the' new.spa pets have started a campaign against high prices of foodstuffs, and this 13 seriously affecting prices. loot week the price for Danish bttlfer came down ns low as 20fis, f.0.b., but this low price induced buying from America and the Continent, with the result that- on th© 21st- inst. the price had recovered to 2255, f.o.b. This equals 235 s to 237 s landed in the United Kingdom. The Government stocks cf butter are still very large, and it is feared there may have to be a very drastic cut in prices to fore© sales. London cables under date 24th inst-. that the market is very depressed. Government prices are unchanged. Danish is quoted at 2395, Irish at 180 s to 190 s, and free Australian butter at 175 s fo 190 s. In view of these prices it seems inevitable that New Zealand must be further reduced before much business is done. Cheese The cheese market is, in the words of our London house, "very sick.” On the 21st Canadian choicest was quoted liHls to 102 s, and finest 9Sa with a stagnant market. On the 2I:U Canadian was reduced to 88s to 935, c.i.f. This caused a feeling of panic, with the •result- that New Zealand fell to 90s to 98s for coloured, and 98s to 102 s for white. Taking the higher figure in both instances, these prices represent, f.o.b. 8d for coloured and about B_jd for white. BUTTER AND CHEESE. Tli© South Island Dairy Association is in receipt of tho following cablegram from London : “Cheese, coloured, 90s per cwt; white. 109 s. Canadian, c.i.f., 93 s; market dull and deal ini ng. "Butter, 210 s per cwt. Business very dull! no demand.” SHIPMENTS OF PRODUCE, Mr G. A. Lamb, secretary of the South Island Dairy Association, notifies that the Corinthic is due a* Dunedin and Bluff early in October, and that he has been advised

that phe- will accept for shipment any butter ftnd cheese in cool store at these ports. He anticipates for the coming season more prompt shipments than previously. The J.emueTa will lift dairy produce at Port Cli aimers and Bluff from October 20 to October 24. HIDE SALE. Messrs Waters, Kitcliie, and Co. report having held a sale of hides at their store, Crawford street, on Thursday afternoon. There was the usual attendance of buyers present, and competition was very keen, the bulk ©f the offerings being taken by shippers, who have not been operating to ar.y extent for the last 18 months. The result of the keen shipping competition was an advance of Id to 3|d per lb for all well-flayed lines. Stout hides had particular attention, and for these extreme prices were obtainable. Our catalogue consisted of 1201 hides and 455 yearling and calfskins—a total of 1656. The following were some of our best prices:—Ox: Three at 15gd, 33 at lud, 2 at 13£d. 69 at 13d, 5 at 12£d, 87 at. 12gd, 10 at IHd, 11 at lljd, 11 at 10gd, 9 at 10£d. Cows: 45 at 7gd, 9 at 7d, 15 at G;d. 16 at and 6 at 6id per lb. SHEEPSKIN SALE The Duuodin Stock Agents and Woolbrokers’ Association (Dalgetv and Co., Donald Reid and Co., Stronach, Morris, and Co., Wrighl, Stephenson, and Co., Todd Bros., New Zealand Loan and Mercantile Agency Company, and National Mortgage and Agency Company) report as follows: Medium-sized catalogues were offered at Tuesday’s sale, and these met with good competition, prices for all shipping skins showing an of Jd per 11) advance on last sale. Quotations : Crossbred, 3d to aged, Id to 2td ; halfbreds, 4d to 6Jd; inferior, 2d to 3d ; merino, 2d to s£d; pelts, id to ljd ; seedy, Jd to l|d. SALE OF CLYDESDALE STALLION. Messrs Donald Reid and Co. (Limited) report having sold, on behalf of Mr John Wilson (Lauder), his well-known imported Clydesdale stallion Burgh* Lad. 'lhis horse was bred by Air John Wallace, 11 ay close, Calthwaite, Carlisle; sire Baron of Burgie (13315); giiindsire, Baron of Buddy vi© (1J632); "real graudsire, Baron’s Pride <9122); <Uun Daisy of Hayclose (16113), by Lord Lothian (599.8); grand-dam Lady (13315), by Prince of C at ruc-huii (8151); great grand-dam Bess of Shelton (7934), by Baron Scott (1936); g.g. grand-dam Bell of Shelton (5078), by Samson '7l1 1; g.g.g. grand-dam Manco, by Merry Tf.m <532). Baron Burgie was one of the most, of the sons of the phenomenal Baron of Buclilyvio (11632), and Burgie Lad is of the stamp required to breed good he: vy Clydesdale horses. ITis da.rr. was daisy of Hayciose, by Lord Lothian. Lord Lothian was one of the gre. test horses ever Been in the Cun-ib* rland district, and

sire of the Cowdon Cup champion (Lady Lothian) and many other prize animals. Air George Tosh (Otanomomo) is the buyer of Burgie Lad. SALE OE CLYDESDALE STALLIONS. Wright, Stephenson, and Co. report as follows:—This annual fixture, held under the auspices of the Otago A. and P. Society, took place on Thursday. We sold the following horses at auction, and privately after the parade, at very satisfactory figures to the vendors. For Fleming Bros/ (Crookston), their highly-bred stallion Spring-field Stamp, by Scotland’s Success (imp.), 17621, dam Harviestown Ri a (imp.), 252, by Baron’s Pride, 9122, to Air J. O'Brien (Oamaru); for Air John Rae (Kelso), the imported horse Akajostic Gift, 10.568, sire Majestic Baron, 13617, dam Bunkend Maggie, 20609, by Good Gift, 10564, to Mr George Carruther's (Clinton); for Air John Allan (Merton), the fashionably-bred stallion Champ, sire Shepherd Lad (imp.), 14843, dam Darling, by Craigievar (imp.), 15787, to Air Archie Twaddle (Baiclutha). SPECIAL SALE OF HORSES. Wright, Stephenson, and Co. report, —We held a special sale of horses last Friday, when we submitted a catalogue of 67 horses', and the. major portion of the lot changed hands at excellent prices. We sold in all 47 horses. The attendance of buyers was first class, farmers and dealers being present from Gore and Timaru. The chief buyers were farmers in search of well-bred mares and useful farm horses suitable for immediate work, and all young, active, staunch sorts were easily disposed of at satisfactory prices, as may be seen from the following quotations:—For James Brown (Taumata). 1 heavy one-year-old gelding, £4B, to JI. Gibbs (Gore); for Thomas Williamson (WiUowbank), 1 five-year-old mare, by liaron Bold, £55, to T. Ke.d (Oamaru); for J. Preston (Knkonga), 1 .six-year-old gelding. 4' 13, to John Reid (Oamaru); for C. and W. Side!, 1 four-jam iold gelding, £4l, to George Patrick (Balcluthn) ; for Johnston and, .Robertson (l)iin'xlin), 1 seven-year-old gelding, £4O 10s, to Arch. Twaddle (Balclutha) ; for C. Roberlsoil (Pukchiki), 1 five-year-old gelding, £4O, to Long (Dunedin); lor J. G. Weir (Ranfurly, 1 five-ycar-okl gelding, £36, to Casey Bros. (Dunedin). A large number of young marcs and geldings brought from £3O to £35. As is usual, the old and inferior In r.ses were a drag in the sale.