COMMERCIAL CABLEGRAMS.

Otago Witness, Issue 3549, 28 March 1922, Page 14

COMMERCIAL CABLEGRAMS.

BANK OF ENGLAND RETURNS. LONDON, March 23. The Bank of England returns for the week ended March 23 afford the following' comparisons with those of the previous week: —• Mar. 16. Mar. 23.

FOREIGN EXCHANGE RATES. LONDON, March 23. The foreign exchange rates are as follows compared with those last cabled:

G OVE RNMEN TSE C U RITIE S. LONDON, March 23. The following are the latest quotations for Government securities, with a comparison with those ruling last week: Last week. This week.

THE WHEAT MARKET. LONDON, March 20. The wheat cargo market is firm. Sellers are asking 6d advance owing to the firmness in America and Argentina, but buyers aro not responsive. Cargo, cx Diadem, 58s; parcels, ex Borda, 56s 6d. March 21. Cargoes are quiet. Pacific and Australian art unchanged. River Plate is offering at. Is decline, wimout attracting buyers. The Diadem's cargo, which was misreported, really sold at 5Ss Gd. March 22. There are more inquiries for wheat cargoes despite American weakness. Australian is steadily held, and is not pressed for sale. Parcels closed with a better demand at 3d to 6d decline. March 23. Wheat cargoes are steadily held in view of better American advices, but the sellers’ demand is poor. Shipment ex Bellfield is quoted at 575; Geisha, 59s 6d. South Russian spot is very slow. Australian, due, is quoted at 60s, ex ship. LONDON MARKETS. LONDON, March 21. Waihi, 17s Cd to 20s; Bank of Australasia, £l2 2s 6d; Bank of New South Wales, £25 2s Gel: Union Bank, £l2 10s; National Bark of New Zealand, £5 lbs; New Zealand Loan and Mercantile, £7l to £7B. Forced strawberries at Covcnt Garden brought 51s per lb.

Flour is dull. Australian, ex store, 47s to 48s. Oats and beans are steady and unchanged. Peas axe firm. Tasmanian Blues, 460 sto 620 b. Sugar: Granulated, 495. March 24. Got ton. —Liverpool quotation, American middling upland, April delivery, 10.28 d per lb. Rubber. —Fine, hard Para, lOfd per lb; plantation, first latex, Crepe, B|d per lb; smoked ribbed sheet, SJd per lb. Jute.—Native first marks, April-Hay shipment, £25 15s per ton. New Zealand Hemp.—March-May shipment, £33 16s per ton. Copra.—March-May shipment, £24 10s Tier ton. Linseed oil, £37 5s per ton. equal to 2s llfd per gallon. Turpentine, 67s 3d per cwt, equal to 5s Id per gallon Wheat freights are easier. A steamer is offered for South Australia arid Victorian at 58s 9d. Sheep.— Canterbury light, BJd; medium, 8; heavy, 7d; Southland, none offering; New Zealand ewes, 64-d: Australian first grade, 6jd; South American light, 7Jd; heavy, GJd. Lambs. —Canterbury, light and medium, lljd; heavy, ll|d; seconds, 11 Jd; Southland, none offering; South American light lOd; heavy, 9Jd. Frozen Beef.—Argentine fores, 3gd; hinds, 4Jd; Uruguayan fores, 3cß; hinds, 4Jd; chilled Argentine fores, 4d; hinds, 7Jd; Uruguayan, none offering; other meats unchanged.—A. and N.Z. Cable. FROZEN MEAT MARKET. LONDON, March 22. Mr Jowett, interviewed, said that Argentine chilled hinds rose to 74d, but Australian beef was unchanged. It is rumoured that American importers of Argentine beef have come to some arrangement, but no definite information is available. BANK OF AUSTRALASIA. LONDON. March 23. The Bank of Australasia’s divisible profit for the year is £734,263. BERLIN EXCHANGE RATE. LONDON. March 22. The Berlin exchange rate is 1330 marks to the £l, after having touched 1350—a record. RABBITSKIX SALES. LONDON, March 24. At the rabbitskin sales 2200 bales were offered, and 1500 sold. There was a fair attendance. Furriers operated sparingly. Most of the New Zealand skins weTe withdrawn for home business after the sales at about January rates. Australian furriers' sorts were in smaller supply, and were well competed for. Prices were about unchanged. Hatters’ sorts brought fair general competition at about 10 per cent, decline, which was most marked on the outgoing spring sorts AUSTRALIAN STATE LOANS. LONDON, March 21. The "Western Australian Government does not desire to float a loan immediately, and the New rsouth Wales issue has been deferred pending the results of the elections. BERLIN EXCHANGE RATE. LONDON, March 54. The Berlin exchange rate to-day touched 1630 and closed at 1455 marks to the pound Sterling.

TALLOW SALES. LONDON, March 22. At the tallow sales 1188 casks were offered and 846 sold. Low qualities showed an advance of 6d. Fine beef declined 6d. Mutton: Fine. 425; medium, 39s Gd. Beef: Fine, 42s 3d; medium, 39s 6d. AUSTRALIAN MARKETS. SYDNEY, March 23. o'at3: Algerian feed, 3s 9d to 4s; white, 43 Id to 4s 2d. Maize: White, 5s 3d; yellow, 5s Gd. Potatoes: Tasmanian, £6 to £B. Onions: Victorian, £8 10s to £9. ADELAIDE, March 23. Oats: Feed, 2s lOd! to 3s. MELBOURNE, March 24. The hides market is irregular. Heavy hides with substance are unchanged. Ordinary hides and heavy kips are fully Id to lower. Barley: English, 4s 4d; Cape, 3s. Oats, 3s 3d to 3a sd. Potatoes, £4 to £4 10s. Onions, £5 15s to £6 ss. THE BUTTER MARKET. LONDON, March 23. The butter market has shown extraordinary strength this week. With supplies temporarily short, importers have been able to raise the price daily, till choicest New Zealand is quoted at 175 s to 180 s, and Australian 160 sto 1655. There is not much actual business done at these prices, but there is considerable speculative business. It is expected that retailers will raise the price of New Zealand to 22d next week. There is some fear that this may check consumption, but the public have acquired the butter habit again, and probably the advance will not have a great effect. Cheese remains firm. Though coloured is more plentiful, it is coming back nearly to the level of white. Best New Zealand white is quoted at 92s to 945; coloured, 945; Australian white, 88s; coloured, 90s. March 24. The shortage of butter supplies is causing anxiety on the Government market. An importer says the arrival of the steamers Surrey and Moreton Bay, with 57,000 boxes of Australian, and the Mahan a, with 13,000 boxes of New Zealand butter, will have little effect in remedying the shortage, as a large portion of the consignments is booked alieady, and little of the remainder is expected to come on the open market. Two steamers fix>m New Zealand are due in the next few days, but, on the other hand, the absence of shipments from Australia next month owing, inter alia, to the allocation for fruit, is likely to aggravate the conditions, though supplies will be arriving from Ireland, and possibly from F ranee. The official prices of Australian and New Zealand butter at noon to-day were respectively 170 s and IBQs j>er cwt wholesale, which is a further all-round increose.W ELL IN GTO N, March 25. Regarding the shortage of butter shipments to which reference was made in a London cablegram, it is stated that two steamers from New Zealand are due within the next few days, but on the other hand the absence of shipments from Australia for next month, owing, inter alia, to the allocations for fruit, are likely to aggravate the conditions, though supplies will be arriving from Ireland and possibly from France. The official prices for Australian and New Zealand butter to-day were respectively 170 s and 180 s per cwt. wholesale, which ie a further all-round increase.

£ £ Coin and bullion 126,035,000 126.936,000 Reserve Proportion of reserve 25,407,000 25,525,000 to liabilities, p.c. ... 18.00 17.90 Note circulation 121,758,000 121,704.000 Government deposits 18,036,000 21,860,000 Other deposits 115,613,000 120,330.000 Government securities 47,134,000 48,465,000 Other securities 80.133,000 86,397,000 Short loans, 3 per cent, per cent. ; three months’ bills,

Lem don on P.ir Mur. 20. Mar. 23 Paris, fr. to .-£1 25.225 48.77 48.60 Christiania, kr. to £1 ... 18.150 25.05 25.00 Copenhagen, kr. to £1 ... . 18.150 20.65 20.60 Stockholm, kr. to £1 ... , 18.150 16.73 17.65 Berlin, marks to £1 ... . 20.43 1205.00 1440.00 Montreal, dol. to £1 ... 4.86 2-3 4.53 4.57 Now York, dol. to £1 ... 4.80 2-3 4.381 1$ Hongkong, dol. to £1 ... * SJ 1 Yokohama, st. to v ■on .. 24.58 26.1 Calcutta, st. to rpe. 10 to gold .-£1 151.1 152d * Determined hy price of silver.

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