COMMERCIAL CABLEGRAMS.

Otago Witness, Issue 3555, 2 May 1922, Page 13

COMMERCIAL CABLEGRAMS.

BANK OF ENGLAND RETURNS. LONDON, April 27. The Bank of England returns for the week oinhil April 27 afford the following comparisons with those of the previous week:— April 20. April 27. Coin and bullion ... £127,050.000 £127,052.000 Reserve 25,629,000 26,016,000 Proportion of reserve to to liabilities, p.o. ... 19.00 19.30 Not! circulation ... 121,653.000 131,907,000 Government deposits 16,835,000 14.669.000 Other deposits 117,761,000 119,698,000 Government securities 48,454,000 47,534,000 Other securities 78.102,000 78,451,000 Short loans, 2jf per cent.; three months’ bills, 21 per cent. FOREIGN EXCHANGE RATES. LONDON, April 27. The foreign exchange rates are as follows oomnnved witb those lest eobled *

LONDON STOCK EXCHANGE. LONDON, April 25. A petition is being signed requesting the Stock Exchange Committee not to permit the re-introduction of the pre-war contango system, on the ground that the provision of unlimited credit to the public is dangerous in times of political and financial stress.. —A. and N.Z. Cable. THE NEW ZEALAND LOAN. “ LONDON. April 21. The final instalment of 30 per cent, for the New Zealand loan is payable on July 6; 203 interest is payable on July 1. v The financial newspapers anticipate a good public subscription. April 24. The New Zealand loan has been subscribed and the lists will be closed to-morrow.-April 25. The New Zealand loan has closed. It was over-subscribed. A CANADIAN LOAN . NEW YORK, April 25. The Morgan Company is floating a . ■ an of 1,000,000 dollars(?) for 30 years at 5 percent. on tie half of Canada. Tile loan is selling at par. NEW YORK, April 25. The Canadian loan was subscribed within three hours. NEW SOUTH WALES LOAN. LONDON, April 21. It is expected that the New South Wales loan of £5,000,000 will be issued at the end of next week. The price has not yet been fixed.

. NEW ZEALAND LOAN AND MERCANTILE. LONDON, April 28. The New Zealand Loan and Mercantile Agency Company has declared no interim dividend on ordinary stock owing to the continuance of unfavourable business conditions in New Zealand.LONDON MARKETS. LONDON, April 22. Cotton. —Liverpool quotation, American middling upland. May delivery, 10.9 d per lb. Jute. —Native first marks, Murch-April-Mav shipment, £2B 5s per ton. New Zealand Hemp.—April-June shipment, £3l per ton. Rubber.—Fine hard Para, IOJd per lb; plantation, first latex Crepe, B§d;- smoked riuDect sheet, B|d. Copra.—South Sea bagged, March-May shipment, £24 5s per ton. Linseed oil, £4l 10s per ton, equal to 3a 3Jd per gallon. Turpentine, 75s 6d per cwt, equal to 5s bid per gallon. Sheep.—Canterbury heavy, 7d. • Lambs. —Canterbury light ,lljd, second lOJd; Australian best, lO^d. New Frozen Beef.—New Zealand hinds, 4d; Australian hinds, 4|d ; chilled Argentine fores 3|d, liindis 6Jd; other meats unchanged. April 26. waihi Junction shares: Buyers 5s 9d, sellers 6s 3d. At the tallow sales 1301 casks were offered and 708 sold. Prices were unchanged. The apple trade is hardly so brisk owing to large arrivals April 27. utter is steady. There is a good demand for New Zealand. Choicest, 182 sto 186 d; Australian, 172 sto 1745; secondary, 170 s down to 160 s. There is a strong demand for -secondary for retail sale at Is 8d per lb. Cheese is slow. New Zealand white, 78s to 80s; coloured, 88s to 9&3; Australian, 4s to ,6s less. Further sales of Ihe Narkunda’s apples were as follow: —West Australian Cleopatras 20s; Jonathans, 18s to 19s; Dunns, 19s; Cox’s, 22s to 255; \ South Australian and Victorian Cleopatras, 193 to 20s; Jonathans, 18s to 19s; Reinettes, 17s. Considerable quantities ai‘e going to the Continent especially to Scandinavia. Wheat cargoes are dull owing t-o political rumours and free offers from America of tho new winter crop. Cargoes ex Taransav and Lun Heath, 57s 3d. Parcels are quiet at 6d to Is lower. Spot trade is steady and quiet. Australian due is quoted at 60s 6d. Flour is quiet. Australian, 44s to 455. Barley is slow, maltsters awaiting the Budget. Oats: The market is steady. « Peas and beans a.re unchanged. Sugar: Granulated, 48s 6d. The Bradford wool market 13 firm, and quotations are unchanged, but there is a hardening tendency for 46’s upwards, P. and O.: Buyers £320, sellers £340 (ex div.).Copper: Spot, £59 Is 3d; forward, £59 13s 9d. Lead: Spot, £24 7s Gd; forward, £23 7s 6d. Spelter: Sptot, £26 17s 6d; forward, £26 12s Gd. Tin: Spot, £lsl 7s 6d; forward, £152 18s 9d. Silver, 2s lO'.cl per oz. April 28. Cotton: The Liverpool quotation for American middling upland, May delivery, is 10.6 d per lb. Rubber: Fine hard Para, IOJd per lb; plantation, first latex crepe, Bgd; smoked ribbed sheet, Bgd. New Zealand hemp: April-June shipment, £3l per Hon.

Jute: Native first marks, April-May shipment, £29 5s per ton. Copra: The market fs irregular. South Sea bagged, April-June shipment, £23 10s per ton. Linseed oil, £42 15s per ton (equal to 33 5d per gallon). Turpentine, Ms Gd per cwt (equal to 5s 41d per gallon). THE WHEAT MARKET. LONDON, April 21. Wheat cargoes are occasionally Gd higher. Cargoes ex Nilemede, 573 lid; parcel ex City of Norwich, 56s Gd. April 22. Wheat cargoes are firm on liighsr American quotations. There is a good British and Continental demand at occasionally improved rates. Quotations: Afloat, 57s 3d; April shipment-, 57s 6d. For steamer parcels there is a fairly active demand at 56s 9d afloat. April 25. Wheat cargoes closed steady owing to a good demand by Italy and Russia for Australian, and reports of the drought from New South Wales. Cargoes ex Bellfleld 56s 9d, cx Cymuc Queen 575, ex Lyguern, BoVeric, and Comyric Pride 57s 3d, ex Faxon and Mesopotamia 57s 4Jd. April 26. Wheat cargoes are steady despite the weakness in America. Cargo ex Claracamus, 575. April 28. Wheat cargoes are meeting with little inquiry. Two thousand tons, part of a steamer shipment on passage t-o Swansea, was sold at 57s 6d per quarter.FROZEN MEAT. LONDON, April 28. Mutton. —New Zealand ewes, (Aid ; Australian seconds, 6j;d ; ewes, C-ijd ; South American ewes, 6fd. Lamb.—Southland, lljd; North Island selected, llljd. Frozen Beef.—Argentine fores, 3d; hinds, 5Jd; chilled' Argentine fores. 4Jd; hinds, 7Jd. Other meats are unchanged. Messrs Dalgety and Co., Ltd., report having received the following cable from London, dated April 27: “New Zealand prime crossbred lamb: Canterbury, heavy, lid; light, llld; North Island, heavy, lOld; light, lid. The demand is better. “New Zealand prime crossbred mutton: Canterbury, heavy, 7Jd; light, BYd; Notch Island, heavy, 6jid; light, 7Jd. The demand continues firm. Prime ox beef, hinds, Id; fores, 2Jd. The demand is poor.’’ THE APPLE MARKET. LONDON, April 21. The demand for apples continues to be keen. The Westmoreland’s shipment of Cox’s realised 19s 6d to 255; J{tbs tones, 16s to 20s; Worcesters, 17s Gd to 20s; Reinettes, 18s to 19s; Golden Pippins, 17s to 22s 6d, Armagh’s Tasmanian Cox’s, 17s 2d to 20s; New Yorks, 17s to 18s; Alexanders, 16s to 17s; Ribstones, 17s to 18s; Munroe, 17s 6d; Worcesters, 16s to 17s. Pears, per tray: Vicars, 3s 9d to 4s; Bosch, 5s 9d; Clairheaus, 3s 3d to 4s; Largebay West Australian patras, 18s to 19s 6d; Dunns, 16s Gd to 19s; Jonathans, 12s to 15s 6d. Messrs T. Boss-Walker (Ltd.), of Hdba-rt, report concerning the sale of 1775 cases of Tasmanian apples, ex s.s. Moreton Bay, tho first shipment of apples to reach England from the commonwealth this season, that the best grades sold as follows:—Cleopatras

and Cox’s Orange Pippin, up to 20s a esse;’ Rib-stone Pippins, up to 17s; Alfristons, up to 16s. AUSTRALIAN MARKETS. MELBOURNE, April 2G. The Flourmillers’ Association lias increased the price of flour from £l3 to £l3 5s per ton. The dairy produce merchants have in. creased the wholesale price of butter by 10s per cent-., representing 46s per cwt since March 27. April 28. Hides are firmer. All good-conditioned sorts with substance advanced a faTthing to a halfpenny. Other sorts are firm and unchanged. SYDNEY, April 27. Oats.—Algerian feed, local, 3s 6d; Tasmanian, 3s 9d to 3s lOd; white, 4s Id. Maize: Yellow, ss; white, 4s 9d. Potatoes: 'Tasmanian, £6 to £7. Onions: Victorian, £7. ADELAIDE, April 27-, Oats: Algerian feed, 3s to 3s Id. COLOMBO TEA SALES. COLOMBO, April 20.—* At the tea sales 3,000,0001 b was offered. The quality was rather disappointing. The demand was fairly general. Common and medium broken pekoe sold up to Is 2Jd per lb; lino, to Is 4 Id; good common leaf and fanmngs, to Is OidANTWERP WOOL SALES. LONDON, April 27. At the Antwerp wool sales 22,719 bales were offered and 21.902 sold. There was a good attendance and keen competition. Combing wools were firm at full London closing rates. Clothing was 10 per cent, higher. England was the chief buyer.SYDNEY WOOL SALES. , SYDNEY, April 24. Ihe wool sales were continued. The quality of the offerings was high, and competition was keen, Continental buyers being very active. Late rates were well maintained. OAMARU MARKETS. (.Fkom On a Own CosnrspoNDENT.l OAMARU, April 29. Mie threshing mills are still busy, and a, fairly large quantity of wheat is coming forward. The consignments have included a number of good clean lines, but there hav« also been several lots of dirty grain containing foreign matter in the ‘shape of oats, barley, etc. The latter are being held up in the meantime, as the millers refuse to take them until they are dressed. F-airly brisk business has been done during tho week, some good-sized lines having changed hands. The sales have included lots of 1000, 800, and 500 sacks of mixed varieties. Tho market for fowl wheat is weaker. North Island merchants are fully supplied, and are not keen to buy at present. Prices range from 4s 3d to 4s 5d per bushel, according to quality. Jhe oats market has eased a little during the week, and values may be quoted as follows:—A grade Cartons, 2s 7d per bushel; B grade, 2s sd, cn trucks at, country stations. The inquiry is not so keen as it was. There have been fair offerings on tho market, but farmers are reluctant to sell afc present values, preferring to hold on in the hope that prices may improve later on. No sales of barley have actually been made, but there is a better inquiry for the Cape variety for seed purposes. Inferior and feeding lines are quite neglected. There is nothing doing in seeds of any description, and no lines are offering at present.

There is still a good deal of activity in ihe sheep market, and s-ome substantial line 3 have changed hands during the week. The demand for good sheep is keen, blit travelstained sorts are neglected. Good forward wethers and lambs ready for immediate fattening meet with a very ready sale, and the same remark applies to really good breeding ewes. The supply is nearly equal to the demand. In view of the fact that a number of farmers are likely to give, up cropping in favour of sheep, it i-3 considered that tho market will remain firm, jyith the probability of a hardening fcendeiicW later on. Farmers are busy mating their sheep at present, and a good deal of the time of the agents has been occupied in procuring suitable rams. The demand for breeding ewes is scarcely as

good as it was, farmers having practically fiLled their wants.

SOUTHLAND PRODUCE MARKETS. (From Gum Own Correspondent 1 INVERCARGILL, April 29. Oats.—Prices to growers since last report have decidedly receded, and are now more in line with f.0.b., s.i. values. A grade Cartons do no-t command to-day more than 2a Sd on trucks, and that figure only at handy sidings. Even lids is somewhat in excess of f.o.b. values, and although one or two isolated sal©3 have been made at 3s 3\d # actual values can hardly be taken as exceeding 3s 3d, even if that price at time of writing is obtainable. The price for B grade Cartons to growers is in region of 2s 5d on trucks, according to situation. Undergrade oats, of which a good quantity is offering, and which can only be used for local consumption, do not command more than $3 per bushel, when o-f sound quality. Chaff. —Fair offerings of old chaff continue to bo made, and for this £3 103 on trucks i» still maintained, despite growers' expectations of higher values. New chaff, which is also offering, is in very little demand on account of objection to its use so early in the season. Sales have been made at £3 5s on trucks. Ryegrass.—There is a very decided downward tendency in this market due to tho small amount of business passing with other centres, and also to the fact that several of the larger buyers are not operating. Well-milled 2lib seed not command to-day more than 3s 3d on trucks ,in comparison with 3s 91 or thereabouts a fortnight ago. Lower weights have fallen in proportion, while light-weight seed does not extract a bid from buyers. NEW ZEALAND PRODUCE. WELLINGTON, April 25. Tho High Commissioner’s latest cablegram from London, dated April 22, reports that lamb is in moderate demand. Best quality remains firm, and second-class is weaker in competition; but foT Australian mutton the demand remains good, and prices a its the same as last quotations. The beef market is weaker. For butter the demand for colonial has improved, and better prices obtained. For cheese the demand is steady, and the market firmer. Wool.—The Bradford market continues firm, and prices for tops remain unchanged. Mutton. —Light, 8d to B|d; medium, 7Jd to 8d ; heavy, Gd to 7£d; ewes, light, 6sd to Gid; medium, to s£d; heavy, 5d to SRI. Lamb. —Best, to ll£d; heavy, to ordinary North Island, lid; second-class, lOd. Beef.—New Zealand hinds, 4d ; fores, 2Jd.

New Zealand Butter.—Salted, 1803 to 186 s per cwt; exceptional, 188 s; unsalted, 1803 to 184 s. Cheese.—New Zealand coloured, 92s to 945; white, 84s to 86s. Casein and New Zealand fresh rennet, £69 and £42 per ton respectively. Hemp.—Manila is steadier. Buyers, £34 Cs per ton: New Zealand remains quiet at nominal -quotation®. %i>ot and April-June Bhipment-s, • high points, £32 per ton; fair, £3l._ Wool.—6t's (merino), 4s 6d; 56’s (super crossbred), 2s std; 40’s (coarse crossbred), prepared. Is Old. The latest cablegram from Weddel and Co. gives New Zea 1 and butter and cheese prices the same as above. SALE OF JERSEY CATTLE. Wright, Sephenson, and Co., Ltd., report having conducted a very successful sale of Jersey cattle on Mr E. H. S. Smith’s farn near Allanton last Wednesday. The weather conditions were ideal, and buyers were pie cent from Southland, Canterbury, Central Otago, Balc'atha, and surrounding districts The herd consisted c.f 14 registered Jersey cows and heifers, and some high prices w ert . obtained, as will be seen from the followling : —One cow 60gns, one at 55gns, one at 60gns, one neifer 47lgi:s, one cow at 42Jgns, one cow .it 25ga.«, one at 20gns, two heifers at 19gns, one registered yearling heifer brought Isgca. a regjhrieied heifor calf 36gns, a registered Jersey hull, bred by Mr Wattovi. J2jgT.s. The h°rd also comprised eight grade- cows, and these averaged 12gns. The implements also sold at full market value. PROPERTY' SALE. Metiers Alex. Harris and Co. report having off-wed at auction on the 26th 38 sections at Ocean Grove township, Tomahawk. The public rolled up solidly, and bidding throughout was spirited, every lot being sold. Section l, £24, Mr Moore; section 2, £l6, Mr Newbold; section 3, £2O, Mr Patton; section 4. £l4, Mr Anderson; section 5, £ls, Mr M Lean; section 6, £2l, a client, section 7, £45, Mr Kitchen* section 8, £56, Mr Luke (as agent); section 9, £37, a client; section 10, £-51, a client; section 11, £26, Mr Nimmo; section 12, £26, Mr Smaill; section 13. £2O, Mr Nev.-bold; section 11. £l7, Mr Newbold; section 15, £2O, Mr Kerr; section 16, £26 10.. Mr Horan; section 17, £27, Mr Horan; section 18, £l3, a client ; section 19. £3B, a client; section 20, £l7, a client, section 21, £ls, Mr Davis; section 22, £l2, Mr Johnson; section 23. £8 10s, Mr Newbold; section 21, £9, Mr Bayley; section 25, £6, Mr Davis; section 26. £6 10s, Mr Davis; section ‘27, £6, Mr Burton -. section 28, £9 10s. Mr Patton: section 29, £l2. Mr Patton; section 30, £25, Mr Watkins: section 31, £35, Mr Casey; section 32, £l3, Mr Patton; section 33, £25, Mr Casey; secticn 3). £2O, Mr Thomson; section 35, £l6 10s, Mr Small; section 36, £l2, Mr Saunders; section 37, £ll, Mr Bayne; section 38, £9, Mr Newbold.

compare d with those last c a b!e d: — London on Pi r. A pi. 24. Api. 27. Paris, fi . to .-€1 25.225 47.50 47.05 Christian in. kr. to .£1 ... 18.150 23.32 23.35 Copenhagen, kr. to .£l ... 18 150 20.75 20.07 Stockholm, kr. to ,-£1 ... 18 159 17.00 17.07 Berlin. narks to £1 ... 20.43 1151.00 1260.00 Montreal del. to £1 ... 4.86 2-3 4.50 4.40 New Yoi k, dol. to £1 ... 4.86 2 3 4.421 4.4 Hongkong, dol. to £l ... * 30d" Yokohiin a, st. to yen. ... 24.58 25| 1 ] 1 Calcutta. st. to rps. 10 to gold £ 1 1 K d 15 Determined by price of silver GOVERNMENT SI -CURITIES. The following arc the lates quotations lor (tOYeminent securities, with a comparison with those ruling la st week :— >a st week. This wee k. 2i per cent. Imp. Con. £59 15 0 £50 15 0 H l'fi- p ■nt. Imp. War Loan. 11)2.1-28 04 10 0 94 12 6 5 per a it. Imp. War Loan. 1'.120-47 100 17 6 09 12 6 55 per i cut. C 1 ’wealth Loan, 1020-22 Feb.-Aug 101 5 0 101 5 0 51 per cent.. O’wealth Loan. 1925 45 June-Dee 102 2 6 102 12 6 5 per c cnt. C‘wealth Loan 1025-45 Tune-Dec. 102 2 6 102 2 6 N.S.W.. 4’s. 1038. Jiin.-Julv 88 12 6 1)0 10 0 X.R.V., 3Vs, 1935-50, Jan.Jill V 76 15 0 70 5 0 N.S.W., 3’s, 1035, A pi.-Oct. 75 0 0 77 17 6 X.R.W., 101 10 0 101 15 0 X.S.V., 6Ys 106 15 0 107 10 0 Vic. 4’s 1021-6. Jan.-Julv 05 10 0 05 12 6 Vic. 3 IT . 1020-10. Jan.-Julv 77 10 0 77 10 0 Vic. 3’s, 1020-40, Jan.-Julv 71 5 0 71 5 0 QTond 4 *s, 1024. Jan.-Julv 04 10 0 05 0 0 Q’land 3 t ? s. 1021-24. Jan.-Julv 93 10 0 04 10 0 O’End 3 Vs. 1021-24, Julv ... 65 15 0 66 0 0 X.Z. 4’s 1020, May-Nov. ... 03 15 0 05 0 0 X.Z. te's . 1040. Jan.-Julv ... 81 5 0 81 15 0 X.Z. .Vs, 1045, A pi.-Oct.' ... 80 0 0 73 17 6 S.A. 3’s, 1030, Jan.-Julv 60 0 0 60 15 0 s.a. , 1045 or after 81 2 6 83 0 0 Tap., 3 V s. 1920-40. Jan.-Julv 80 10 0 80 2 6 Tap. 3’s, 1020-40, Jan.-Julv 72 0 0 72 0 0 W.A. 3?, s. 1920-35. Ma v- July 81 0 0 82 0 0 w.a. . 1015-35, Mav Nov. 78 0 0 78 0 0 W.A. 5\s 1035-45. June-Dee. 102 0 0 102 0 0