COMMERCIAL CABLEGRAMS.

Otago Witness, Issue 3556, 9 May 1922, Page 15

COMMERCIAL CABLEGRAMS.

FOREIGN .EXCHANGE RATES. 1 LONDON, May 1. . The foreign exchange rates are as follows compared with those last cabled:

BANK OP ENGLAND RETURNS. LONDON, May 4. The Bank of England returns for the week ended May 4 afford the following comparisons with those of the previous week: —

2| per eent.GOVERNMENT SECURITIES. The following are the latest quotations for Government securities, with a comparison with those ruling last week :

THE BUTTER TRADE. LONDON, May 1. The Australian Press Association interviewed several leading butter importers regarding the proposed New Zealand pool. They were generally of ojnnion that the pool would' not be advantageous to the producers. All the previous pool had. failed. Healthy competition was the best means of obtaining the highest prices and the most satisfactory returns to the prodtioers/ MELBOURNE, May 2. The wholesale price of butter has been increased by 9s to 187 s. THE WHEAT MARKET. LONDON, May 1. Wheat.— I Cargoes are firm, with a good demand from Russia and Germany. Prices o-enerally are well maintained, though British millers are only 'buying for immediate requirements. The Australport s and. the Athenic’s cargoes were sold to Russia at 37s 6d; West Australian sieamer, first half of April, 57s Gd; Victorian do, 58s; Australrange, Sithonia, Wonganella, 57s 3d; and a plircel per the City of Corinth, 56s 9d.- • May, 2. Wheat cargoes are steady, with fair inquiry at full rates. May 4. Wheat cargoes are quiet, but are steady in sympathy with the American advance. There is sustained inquiry from the Continent, but tiie demand is slow in Britain. The Clearpool and Nordic’s cargoes realised 58a. Two thousand tons, ex Austral Grange, brought 58s; Fnllawa, 59s 6d; Australian parcel, Bullaren. 575; City of Norwich, 57a 3d; a Liverpool parcel, ex Tropic, 575; Australian, on passage, 57s Gd.-

May 5. "Wheat cargoes are quiet but firm in tone owing to large sales to Germany from Antwerp and Rotterdam. Parcels declined 6d. Australian paroels on passage to Liverpool, *7s 6d. May 6.*" Wheat cargoes have fallen a little owing to a decline in American May wheat and the small demand. Quotations: Afloat, 58s. 6d; May, 68s 9d. Parcels are irregular, with a ] poor demand. Afloat, 675. LONPON MARKETS. J LONDON, May 4. The Bradford market is very strong, but ■pinners are not keen at the present prices. Sixty-fours, 56d to 57d ; 56’s, 32d; 50’s, 22^d; 46’s, 15d; 40’s, 13d. Butter is fairly steady except for unsalted, of which the supplies exceed the demand. New Zealand choicest salted, 180 s to 182 s exceptionally good, 184 s to 186 s; unealted, 180 s; Australian choicest, 172 s to 1745; unealted, 170 s. The cheese market is weak. Best New Zealand white, 72s to 745; coloured, 82s to 84s; Australian white, 58s to 70s; coloured, 60s.’ Wheat cargoes are late rates. Cargo ex Rofconfels, 58s; for parcels 3d advance ?s demanded. The Boveric shipment sold in parcels at 58s. Other parcels: London and Hull, 58s. Spot trade is active. Australian ex quay, 62s 6d; about due. 60s 6d. ex ship. Flour is quiet. Australian, ex store, 44s to 455. Barley is quiet. Australian Chevalier, 48s to 525. Oats: The market is firm. *New Zealand and Tasmanian landed, 38s. Beans: The market is steady. Peas: Prices are firmer. Tasmanian blues, ex store 470 sto 500 s; NeW Zealands, 400 s to 4605.' Sugar: Granulated, 48s 9d. May 6. Sheep—Canterbury light, 8?d; medium, 8d; North Island, 7£d and 7Jd; Australian firsts, 6§d; seconds, 6id; South American light, 7J<l; heavy, 6Jd; ewes, 6d. Lambs.—Canterbury light medium, 113 d; seconds, lOJd; North Island selected, llfd; ordinary. 10|d; Australian best, lOd; fair, 9Jd; inferior 9Jd; South American light, 9Jd; heavy, 9d Frozen Beef.—Argentine fores, 3Jd: hinds, 6d ; chilled Argentine fores, iid; hinds, 7|d; "Uruguay fores, 4d; hinds, 7d; others, unchanged. Apples.—The market is dull owing to large ■applies. Cotton. —June shipment, 10.7>d per lb. Rubber.—Para, 103 d per lb; plantation Binoked, B|d. Hemp.—The market is week. May-July shipment, £29 per ton. Jute.—May-June shipment, £3O 5s per ton. Copra.—April-June shipment, £23 15s per ton. Linseed oil, £44 10s. Turpentine, 88S 9d per cwt. THE TALLOW MARKET. LONDON, May 2. Tallow: Stocks, 6068 casks; imports, 1921; deliveries, 1617. May 3. Tallow: 1679 casks offered, and 445 sold at from par to 6d decline. Mutton, 41s 6d to 87s 6d: beef, 42s 6d to 36s 6d. THE TIN MARKET. LONDON, May 3. Tin: Stocks, 21,244 tons, of which 1526 tons are on spot and 950 afloat. The deliveries during April were 2084 tons. AUSTRALIAN MARKETS. MELBOURNE, May 5 Barley.—English, 4s; Cape, 2s lid. Oats, 3s 4d to 3s 6d. Potatoes, £4 5s to £4 15s. Onions, £4 15s to £5 The hides’ market is irregular. Good-con-ditioned lines with substance are unchanged, and mediums, heavy, kips, and faulties declined a halfpenny. SYDNEY, May 4. Oats: Algerian feeding, 3s 9d; Tasmanian, 8s lOd to 3s lid; white, 4s Id. Maize: Yellow, 5s Gd; white, 5s Id to & 3d. Potatoes: Tasmanian, £B. Onione: New Brown Spanish, £7 10s. May 5. Tile wool sales at Albury were the most •uccessful ever held locally. The bulk was bought on Yorkshire manufacturers’ account. Four thousand bales were offered. The price was on a par with that obtained in other centres. Topmaking sorts were dearer. ADELAIDE, May 4. Oats: Algerian feeding, 3s to 3s Id. BRISBANE, May 4. At the wool sales competition was keen, and pr ces generally were 10 to 15 per cent, above those ruling at the previous sale.

THE WOOL MARKET. LONDON WOOL SALES. London, May 1. The Bradford mark«t is firm and active, with a hardening tendency. A fair amount of t>us>"c->s is passing. LONDON, May 2. The wool dales opened strongly at from If io Hi pe ; cent, advance. At ihe mired wool sale 10,666 bales were eftsled. Of this number 3729 were New Zealand. There was a crowded attendance from ail quarters, including Americans, who occasionally made bids. The Continental and home sections operated very freely. The most remarkable feature -was the keen bidding ior lower grades of crossbreds and' the commoner merino combings. An excellent ■election of merino included choice parcels of Victorian, Queensland, and West Australian, which was keenly competed for. ’ All combings realised 10 per cent, above those; offered in March. Scoureds advanced 15 per oent. Eine crossbreds, which, were in ■mall supply, were in strong demand. There was a 7J per cent, advance for medium and lower, 10 per cent, for seconds, and 10 per cent for slipee, which were mostly inferior. Wasty advanced from Jd to Id. Lambs were on a parity with the March rates. May 3. At the wool sales there was a strong general competition for all qualities at full opening lates. The tendency ig in sellers’ favour. —A. and N.Z. Cable. At the wool sales there was a strong Home »nd Continental demand at full opening rates with a hardening tendency for merinis »nd fine crossbreds. New Zealand 45’s, 41d May 5 At the wool sales there was a large offering of mevinoe, including super Geelongs, end strong general competition, prices 111 round being 5 per cent, above the opening rates. The increase was most marked in Overage topmaking sorts. WELLINGTON. May 4. The British-Australian Wool Realisation Association ha 3 advised the New Zealand 'Wool Comm ittee by a London cablegram, fe Stated May 4, as follows: —The sales opened With a large attendance, and animated competition from home and Continental buyers. The offerings, amountin'? to 7000 bales of

practically' all cleared. Prices have advanced since the close of the "March series as follows : —Super gTeasy merino, 5 per cent., good, 10 per cent.; average, 10 per cent.; fine crossbred, 10 per cent.; medium crossbred, 10 per cent.; low crossbred, 10 per cent.; scoured, 10 per cent.; slipes, 7 2 per cent. Messrs Murray, Roberts, and Co., raving received the latest wool quotations o ! rom London, same are given below as is those at the close of the March senes, ior the purpose of comparison:— jj bo W 1 |-S 1 S'ls s d. d. 60’s yielding 65 per cent 13J 44/6’s preparing, yielding 74 per cent 91 8 i 44/6's carding, yielding 72 per cent. 91 8 s 36/40’s, yielding 75 per cent. 71 6J ADELAIDE WOOL SALES. ADELAIDE, May 6. Practically the whole catalogue of 22,500 bales was sold to Bradford and American buyers, at prices showing a distinct advance on thd rates at the previous wool sales. Competition was keen throughout. TIMARU WOOL SALE. TIMARU, May 3. The final wool sale of the season was held to-day. Considering the lateness of the season a very good selection was offered. Competition was very lwn, and prices showed a substantial advance on recent rates. Super merino is quoted about oar, inferior at a considerable advance; halfbred, fd to 2d; three-quarierbred, |d to lid, and crossbred from par to id advance. There was a fair bench of buyers, but some well-known faces were absent, and three of the largest woollen mills were not represented, but most of the large wool houses had representatives present. Fully 98 per cent, of the total 5016 bales catalogued was sold under the hammer. Following is the range of prices of fleece wools: Merino. —Stuper. 16|d to 18id; medium, 14id to 16jd; inferior, 12d to 14id. Fine Halfbred. —Super, 14£d to 15-Jd; medium, 12d to 14id; inferior, 10id to Hid. Medium Halfbred. —Super, 13d to 14id ; medium, lid to 129 d; inferior, 9d to lOd. Three-quarterbred.—Super, 9id to llid ; medium, 7fd to 9d; inferior, 6gd to 7jd. Crossbred.—Super, 6fd to 7jd; medium, sid to 6id; inferior, to sid. Pieces also sold well. O AMARU MARKETS. (From Our Own Correspondent.) OAMARU, May 6. There is still a fair quantity of wheat coming in from the country. A number of ordinary-sized lines have changed hands during the week, but the transactions have not included any lots of large dimensions. Any Tines of prime mailing are readily taken up by millers, hut a number of the consignments coming forward at present must be classed as only fair, and these are very hard to place, as millers will not look at anything but the best. A fair quantity of fowl wheat is being offered, but some of it is very inferior -and can only be sold on sample. There is no demand for secondary quality. There has been a little business in oats during the week at up to 2s 7d for A grade Cartons, with B grade realising Id less, on truck, at country stations. There is no improvement in the position as regards barley, the market for which is absolutely lifeless. One or two samples of cowgrass have come on the market during the week, hut no sales have been reported. SOUTHLAND MARKET REPORT. (From Our Own Correspondent.) INVERCARGILL, May 5. Oats. —This market is even more depressed than in last report, and offerings from growers are more frequent than hitherto, a good proportion of the oats being decidedly under grade as far as colour is concerned, hut the majority of the oats are giving much greater bushel weight than usual, from 441 b to 461 b being quite a common weight. Pair quantities of really good A grade Gartons have been offered during the week, but merchants are not prepared to give the prices they have been paying recently, and values at growers’ sidings do not now exceed 2s 7d per bushel, hut this it may be noted is quite Id in excess of f.0.b., s.i. equivalent. Bright B’s are worth 2s 3d per bushel on trucks, while sound, heavy, slightly discoloured oats are worth in the region of 2s. Oats which have been badly harvested and are offered m unsound condition do not extract any interest from buyers. Chaff. —Considerably more has been offering dturing the past week than the local market can absorb, but prime old chaff is worth £3 15s on trucks to the grower, while values for new chaff, which is not yet in demand, hardly exceed £3 ss. Ryegrass.-—This market remains in miten tho same condition as last week, merchants displaying little interest, as they are fully stocked in so far as the demands in retail business are concerned, while there is little business doing with the north. Welltreated 251 b seed from the mill would not command more than 3s 4d per bushel on trucks to-day, and machine-dressed 28lb to 291 b seed commands from 4s lOd to 5s per | bushel, f.o.b. Light lines from growers are ignored by merchants. .Hemp.—This market is best described ;.s dead. Good-fair is worth £3O per ton, and high fair £26 per ton. SHEEPSKIN SALES The Dunedin Woolbrokers’ Association (Messrs Dalgety and Co.. Ltd., A. Moritzson and Co., National Mortgage and Agency Company, Ltd., New Zealand Loan and Mercantile Agency Company, Ltd., Otago Farmers’ Co-operative Association, Ltd , Donald Reid and Co., Ltd., Stronacli, Morris, and Co., Ltd., and Wright, Stephenson, and Co., Ltd.) report as follows: The sheepskins sale was held on the 4th, and full-sized catalogues were offered to a full attendance of buyers. Competition was keen throughout, and prices for fine-woollecl skins showed an advance of fully Id pier lb on last sale’s rates. Crossbreds were also in good demand, and were firmer by fully :,(1 per lb. Best merino, 8d to 9|d; merino, 6ct to 7),d; best halfbred, Bid to 9Jct; medium halfbred, 61d to 7fd; fine crossbr.id, 7d to Bid; best crossbred, 5d to 6Jd; medium crossbred, 4d to 4|d; hoggets, 5Jd to6’-d; lambskins, 4d to s|d ! ; pelts, 2d to 3d. RABBITSKIN SALE. The Dunedin Stock Agents and Wool Brokers’ Association (Dalgety and Co., Ltd.. Stronach, Morris, and C-0., Ltd., Donald Reid and Co., Ltd., Otago Farmers’ Cooperative Association, New Zealand Loan and Mercantile Agency Company, Todld Broe.,

Ltd., National Mortgage and Agency Co., Ltd., and Wright, Stephenson, and Co., Ltd.) report as follows: —At the rabbitsk n sale on the Ist good-sized catalogues were submitted, and were sold for the most pai * at improved prices. Quotations are: Runners and suckers, 4id to Bd, light racks, to 19Jd; prime racks, 21d to 24|a, early autumn, 33M to 47£d; late autumn, 43£d to 56d; incoming winters, 63£d to 63J0; outgoing, 24d to 32^d; milky, 6Jd to black, 13d to 30d. Hareskins, 9£d to 12a. Horse hair, 21d to 26|d. ALLANTON HORS® SALE. Messrs Donald Reid and Co., Ltd., report having held their 25th annual Taieri horse fair at their All ant on ®a-leyards on the 2n<l. There was a very large attendance of buyers, who were present from as far as Christchurch, Timaru, North Otago, Waikonatn, Milton, Balclutha, and Gore. The entry of horses was not as numerous as in previous sales, owing entirely to the lack of breeding which has been most noticeable this last three or four years The entry consisted of 22 unbroken colts and fillies, 43 brokenin horses and four hacks. Competition for all young, sound sorts was most satisfactory, and practically all of this class were sold, any horses passed being mostly aged and stale sorts. The highest in the unbroken section was secured by Mr Arthur Robertson, of Outram, who sold a big upstanding colt, rising three years, by Wairongoa Footprint, at £49 10s, while Mrs Morrison (Henley) was bid £SO for a very nice four-year-old filly by Baron Bold, from a i\ewton Chief dam. Other good prices were obtained by Messrs C. and D. Scott (Berwick;, who sold a four-year-old filly by Casiabianca for £35 10s; Mr Thos. Oarruthers (Middflemarch), one colt rising three years by Maynard, for £35; Mr W. Lindsay, jun. (A 11 an ton), a filly, three years, for £32; and Mrs Wm. Kirk (Mosgiel), a colt, rising three years, sire Bonnie Breast knot, for £3O; account Wm. Blackie (Mosgiel), one filly, £36 10s. Others of this class realising from £l9 to £27 10s. Amongst the brokenin horses there were very few of extra merit, but, nevertheless, some good prices were obtained. Account Messrs J. and C. Campbell (Allanton), foair-year-old gelding, showing gTeat substance and breeding, which realised £6O, while Grant Bros, of Outram, sold a massive five-year-old gelding by St. Simon, at £54, and Mr J. G. Wyllie, of Outram, a very good weighty three-year-olct filly by Bonny Breastknot at £SO 10s. Other prices obtained were: —Account Mr W. Lindsay, jun. (Allanton), seven-year-old gelding, £39; G/Pant Bros (Outram), six)-year-old mare, £3B 10s; Gibson Bros (North Taieri), four-year-old gelding, £35; T. Wishart (Henley), five-year-old mare, £34; J. Kenny (Henleyj, five-year-old mare, £34; W. Finch (Mil burn), six-year-old gelding, £34 10s; J. Lockhart (Maungatua), six-year-old gelding, £37 10s, while a large number of others realised from £2O to £32 10s. Hacks were in very poor demand, ahd the bulk of these were passed owing to lack of competition.

London on Par. Apl.27. Paris, fr. to £\ 25.225 47.05 48.10 Christiania, kr. to £l .. 18.159 23.35 23.60 Copenhagen kr. to £1 .. 18.150 20.07 28.88 Stockholm, kr. to £1 18.150 17.07 17.11 Berlin, mai ks to £1 20.43 1260.00 1247.00 Montreal, do. to £1 4.86 2-3 4.40 4.,50 New York. do. to £1 .. 4.86 2-3 4.42} 4.43 Hongkong, dol. to £ i .. * 29 § d 304 Yokohama, Ft. to veil... 24.58 25}d 25} Calcutta, st to rps. 10 to poia £i 15'd 14} * Determined by price of silver

April 26. May 4. Coin and bullion £127,062,000 £127.053.000 Reservo 26,010.000 Proportion of reserve to 25,233,000 liabilities, p.c 19.30 17.20 Note circulation 121.307.000 122,091,000 Government deposits ... 17.619,000 14,356,000 Other deposits 119,698.000 131.694,000 Government securities 47.534,000 63,543,000 Oilier securities ... ... 78,461.000 74,9G9,OO0 Short loans, 2£ per cent.; three months’ bills,

1 I This week. £ s. d. £ s. <L 21 per cent. Imp Con. 59 10 0 58 12 G 3£ per rent. Imp. War Loan, . 1925-28 94 12 G 94 5 0 5" per cent. Imp. War Loan, 1229-47 90 12 6 99 0 0 5J per cent. 0’wealth lawn, 1920-22, Feb.-Aug 101 5 0 100 5 0 51 per cent. C’wealth Loan, 1925-45, June-Dee 102 12 6 101 7 G X.S.W., 4’s, 1938, Jan.-.Tuly 90 10 0 90 15 0 N.S.W., 31's, 1935-50, Jan.Ju’v 77 17 6 73 7 6 X.S.W., 3's, 1935, April-Oct. 79 5 0 79 0 0 K.8.W., 5jV 101 15 0 101 10 0 X S.W., 6i’s 107 10 0 108 10 0 Vic. 4’s, 1921-6, Jan.-.Tuly ... 95 12 6 95 12 6 Vic. Si’s, 1929-40, Jan.-.Tuly Vic. 3’s, 1929 49, Jan.-July 77 10 0 77 10 0 71 5 0 71 10 0 Q’land 4’s, 1924, Jan.-July 95 0 0 95 0 0 O’land 31V, 1921-24. Jnn-July 94 10 0 94 10 0 Q’land 3 V, 1921-24, July ... 06 0 0 67 0 0 X.Z. 4’s, 1929, Mny-Xov. ... 95 0 0 95 0 0 X.Z 31V. 1910, Jan.-July ... X.Z. 8*8, 1945, April-Oct, ... 81 15 0 82 0 0 SO 0 0 80 D 0 S A. 3V. 1930, Jan.-July GO 15 0 GO 15 0 S A. 31’s, 1945 or after 83 0 0 85 0 0 Tas 31V, 1920-40, .Tan.-July 80 2 6 80 0 0 Xus. 3V. 1920-40, Jan.-July 72 0 0 73 0 0 W.A. 31V, 1920-35, May-July 82 0 0 82 0 0 W.A. 3’s, 1915-35, May-Xov. 78 0 0 78 0 0 W.A. 5’s, 1935-45, June-Dee. 102 0 0 102 0 0