COMMERCIAL CABLEGRAMS.

Otago Witness, Issue 3584, 21 November 1922, Page 18

COMMERCIAL CABLEGRAMS.

BANK OF ENGLAND RETURNS. LONDON, (Received Nov. 17, at 8.15 p.m.) Bank of England returns for the workended November 16, afford the following compari-

FOREIGN EXCHANGE RATES. LONDON, November 16. The foreign exchange rates are as fo l lows:

Calcutta, st. *to rpe 10 to gold £1 15§«1 15 15-16(1 ♦Determined by price of silver. — A. and N.Z. Cable. GOVERNMENT SECURITIES. LONDON, November 16. The following are the latest quotations for Government securities, with a comparison with those ruling last week:

LONDON MARKETS. LONDON, November 14. Wheat cargoes are quiet and unchanged Parcels advanced Gd. November 15. Wheat cargoes are firm in sympathy with American markets, and there is a fair in-

quiry for Continental at rather better priceu. The Austral Plains cargo sold at 52s ltd. Steamer parcels closed c^iiet. November 16. Wheat cargoes are firm, and in sympathy with America advanced 6d to Sd. Parcels are firm, and advanced 3d to 6d. There is a fair trade in spot, with a strong market. Flour is steadily held but tire market is slow. Barley.—The market is quiet and steady Oats.—The market is firm. Beans and Peas.—Prices are tending upwards. Sugar.—Granulated, sls IJd. Butter.—Australian and New Zealand are quiet and unchanged. Four Australian steamers docked at London, but the fog prevented the butter- reaching the market. Danish is weak, being quoted in London at about 2065, owing to decreased Continental demand, due to depreciated exchanges. Cheese is firm. Canadian, 12is to . 130 s; New Zealand and Australian have been cleared. The Bradford wool market is very quiet, and practically no business is passing. Merinos are slightly easier; 64’s, 58d to 60d; 60’s, 53d to 55d; others are unchanged. At ill© Liverpool sales there was good general competition for Bradford sorts at slightly below Hull prices. Continental sorts and greasy merinos were 5 per cent, dearer. Crossbreds were unchanged. November 17. Copper: Spot, £66 6s 3d; forward, £64 3s 9d. Lead: Spot, £23 2e 6d; forward, £2l 17s Gd. Spelter: Spot, £39; forward, .£37. Tin: Spot, £l7B 2s 6d; forward, £176 7s Gd. Silver, 2s Bid per ounce. November 18. Sheep.—North Island, none offering; South American, heavy, 18d. Lambs.—Canterbury—medium, la; heavy, 10-jd; Southland, llld; Australian—best, lid; fair, lOcJ; interior, 91, r 1; South American—light, 1 Old ; heavy, 9fd. Frozen Beef.—New Zealand fores, 3gd; hinds, 4gd ; Australian crops, 3gd; hinds, 4§d; Argentine fores, 3j’d; Uruguay fores, B§d; chilled Argentine fores, 4’d; hinds, 6Jd; Uruguay fores, 4d; hinds, 6gd; others, unchanged. Rubber.—Para, 13Id per lb; plantation, smoked, 12Jd per lb. Jute. —November-December shipment, £3l Ids per ton. Hemp.—November-January shipment, £32 per ton. Copra. —October-December shipment, £23 5s per ton. Linseed oil, £3B per ton. Turpentine, 119 s per c-wt

A. AND N.Z. LAND COMPANY. LONDON, November 14. At the annual meeting of the Australian and New Zealand Land Company the report showed that the profits for the year were £59,962. The board transferred £91,472 from the contingency fund, and carried forward £4175 after declaring a dividend of 4 per cent, on tile preference shares and 5 per cent, on ordinary shares, both tax free. - CHEESE ON THE ATHEISTIC. Mr G. A. Lamb, secretary of the South Island DaiTy Association, has received a London cablegram which states that the cheese on the Alhenic was sold at 126 s per cwt. The cheese was shipped by the ISow Zealand Producers’ Co-operative Marketing Association. TALLOW SALES. LONDON, November 15. At the tallow sales 1229 casks were offered and 401 sold at late rates, with an occasional decline of sixpence. Fine mutton realised 42s 6d per cwt; medium, 38s. Fine beef, 44s Gd; medium, 38s. BERLIN BANK RATE. BERLIN, November 13. The bank rate has been raised to 10 per cent. AUSTRALIAN MARKETS. MELBOURNE, November 16. The bidding for hides was restricted. Stouts and heavies were firm. Mediums and lights declined a farthing and kips a halfpenny. November 16. Barley: English, 3s 9d to 3s 10T.d; Cape, 2s lOd and 2s lid. Oats: Algerians, 3s 8d to 3s 9d. Potatoes, £ll to £ll 10s. Onions, £lO to £l4. SYDNEY. November 16. Oats: Algerian feeding, is 6d ; giant New Zealand Cartons, 48 6d to 4s Sd. Maize: Yellow, 6s; white, 5s 8d; South African, 6s. Potatoes, after a quick iurnp to £2O, fell to £lB. Both Tasmanian and local onions (Spanish) are quoted at £ls; silverskins, £l7 10s. ADELAIDE, November 16. Oats, 3s t-o 3s 2d. BRADFORD WOOL MARKET. LONDON, November 14. Bradford wool buyers are cautious. The market is very quiet and quotations nominally are unchanged.SYDNEY WOOL SALES. SYDNEY, November 13. At the wool sales skirtings were firm, br. ; merino fleece wools w-ere less in demand, with an easing tendency. They sold at from 5 to 71 per cent, below last week’s level. November 15. The wool sales showed renewed keenness in competition for all good sorts, particularly on the part of Japan. The recent decline of from 5 to per cent, was recovered. Crossbred is in strong demand at the best rates experienced this season. Greasy merino sold to 31£d. November 16. During the week's wool sale competition

for. all good classes was very keen and widely distributed at high levels. Super greasy merino brought 33id, the season’s record for Sydney. MELBOURNE WOOL SALES. MELBOURNE, November 17. The wool eh lee closed very firmly. There was strong competition all round, the America!) demand being specially strong. A record P’icc for the season of olfd per lb was established. THE OAMARU MARKETS. CFbom (Job Own Corhespovdent.) OAMARU, November 18. Ihe weather this week has seriously discounted the brightened outlook that followed the welcome rains previously reported. Instead of the genial warmth that was wanted to stimulate growth, cold winds have been general, with a succession of frosts. The consequence is that the country does not look nearly so well as it did a week ago. Cereal crops, taken in the aggregate, are far from promising. Many fields of wheat are thin and in the shot blade, while second growth has appeared in a number of instances. Thus many fields will not be worth cutting, and light yields are likely to be the order of the harvest. As to grass, it has not formed that carpet that gladdens the heart of the stockowner. Instead, it has shot up in single stems, and under the influence of the cold winds and frosts, there has been a perishing. Of course, there are exceptions, but generally more rain is badly needed to produce a reaction, and especially to bring on rape and turnips to provide winter feed. The frosts have pretty generally played havoc with the potatoes. Some highly promising crops of early kinds that were doing well and nearing readiness for digging have been cut down, and any others that were through the ground have also suffered, and a seriously -lessened output must be the final result.

Tlio grain and produce market has not escaped the evil influence of the shipping hold-up, possible business in some lines being at. least retarded. But really there remains so little of the season’s output to handle that the effect of the strike has not been felt to any material extent. The whole product of milling wheat has passed out of growers’ hands. Some fowl wheat still remains to be placed, and this operation has been rendered a little slower of accomplishment. The sale of only a single line is reported, the price being 4s sd, f.0.b., sacks extra. Offerings of oats from the country have continued few, and it is quite possible that, in view of the unfavourable change in the prospects for next harvest, holders will be even less inclined to sell. A few sales have been made of A grade Garions at 2s 6d and 2s 7d net at country stations. A prime line of Algerians found a buyer at 2s BJd, but another line changed hands at a country station at 2s 3d net. As to other grain and produce, a blank sheet lias been presented. SOUTHLAND MARKET REPORT. (From Odb Own Correspondent.) INVERCARGILL, November 17. Oats. —The market is decidedly quiet at present, merchants not being by any means keen to operate, this to some extent being due to the uncertainty of securing space while the present seamen’s strike continues. Outside business under the circumstances is quite impossible, and values to growers are merely nominal at about 2s 5d per bushel, on trucks, for A grade. Chaff is still offering in excess of the demand. Merchants are fully stocked, and show less inclination lhan ever fo pay even £3 10s per lon for the primest lots. This is also due to the approach of the wool season, which makes a considerable call on the merchants' storage capacity, and bulky chaff undoubtedly will not be held in stock.

Ryegrass.—The inquiry still holds, but ia also effected by strike troubles. Very little seems to be now in farmers’ hands, and I am unable to hear of any actual sales having taken place for some time. Well-milled seed from 241 b to 26'b would bring 3s 9d per bushel, lighter sorts proportionately less. Wheat. —Business in good whole fowl wheat has been done with Australia, but this, too, is now at a standstill owing to shipping troubles. Merchants are prepared to pay up to te 8d on trucks for really good whole fowl wheat, sacks extra. PALMERSTON STOCK SALE. (From OGr Own Correspondent.) PALMERSTON, November 17. The monthly stock sale was held last Tuesday, when there was an average yarding of cattle and a very small one of sheep-. Prices, for the most part, were slightly below those of last sale.

Ban with those of the previous week: >7nv. n. Nov. 16. Coin and bullion _ £125,605.000 £125,608,000 ♦Reserve 23,368,000 23,980,000 Proportion of reserve to liabilities p.c. 10.05 10.60 Koto circulation ... 122,510.000 321.002,000 Government deposits 16,192,000 10,855,000 Other deposits ... 106,425.000 109,506,000 Government securities 49,091.000 49,968,000 Other securities 67,883,000 66,143,000 Short loans, 1} per 2$ per cent. cent.; three months’ bills,

I/O n don on Par. Nov. 14. Nov. 16. Paris, fr to :i 25.225 60.45 65.50 Christiania kr to £1* ... 18.150 24.17 24.35 Copen ha gei l, kr to £1 ... 18.150 22.13 22.13 Stockholm, kr to £1 ... 18.150 16.63 16.63 Berlin, marks to £1 ... 20.43 33000.00 32500.00 Borne, lire to £1 22.22-J 954 06 -3 Montreal, dol to £1 4.86 2 3 4.464 4.464 New York dol to £1 ... 4.86 2 3 4.47* 4.47 Hongkong^ dot to £1 ... * 294d 28|d Yokohama St. to yen ... 21.50 26|d 26 d

Last week. This week. £ S. fl. £ s. d. 2\ per cent. Imp. Con. ... 57 0 O 67 0 0 3£ per cent. Imp. War Loan, 1926-28 95 10 0 95 o 0 5 per cent. Imp. W; ir Loan, 1929 47 98 17 6 96 5 0 per cent. Conversion Loan 75 0 0 7G 5 0 5 h per cent. C’wealth Loan, 1922-27, Feb.-Aug. 100 5 0 105 15 0 G per cent. C’wealth Loan, 1931-41, June-Dee. 105 0 0 105 0 0 N.S.W. 3’p. 1935, A] d.-Oet ... 74 5 o 74 10 0 N.S.W. Hi’s, 1930-50, Jan. -July 77 0 0 77 0 0 N.S.W. 4’s, 1938 Jan.-July ... 88 10 0 89 0 0 N.S.W. 5|’s, 1922-32, May.101 15 0 101 10 0 N.S.W. G’s, 1930-40. , MavNov. ' 104 5 0 104 10 0 N.S.W. G.yp, 1939-4C 1, Aug108 2 6 108 5 0 Vie. 5 J’s 1SS0-40, Apl.-Oet JOS 2 6 103 5 0 Vic. .TVs 1921-G. Jan .-July ... 96 5 0 96 5 0 Vie. 3Vs, lflSMO, Apl.-Oct. 70 0 0 76 0 0 Vic. 3V, 1929-49, .7; an.-July 71 O 0 71 0 0 Q’land 6's, 1930-40, Feb.-Aug 105 0 0 105 5 0 Q’lan.l 4’s, 1924, Jar i.-July ... 97 0 0 97 0 0 QMan.-l 3.W. 1921-30, Jan.-July 96 5 0 96 7 6 Viand 3 ’ s, 1922-47, . Tan.-Julv 66 10 0 (56 10 0 N.Z. 6’s, 1936-51, Feb.-Aug. 110 5 0 110 5 0 N.Z. 4'- 1929, MuvNov. ... 93 15 0 93 15 0 N.Z. 3.i’s, 1940, .1 an. -July ... 82 5 <> 82 5 0 N.Z. 3 s, 1945, A pi l.-O'ct. ... 73 2 6 73 f> 0 S. A . 3’s, 1980, Jan .-Julv ... 62 10 0 62 5 0 S. A. 3.1’s, 1045 or ; after ... 71 5 0 71 5 0 S. A . 6£’s, 1930 40 108 0 0 108 0 0 Tiis. 3.V’s, 1920-40, .] Ian.-July 81 10 0 81 10 J) 'I’as. 3’s. 1920-40, Jan.-July ... 74 5 0 74 5 0 Tas. G.Vs, 1930-40, F eh.-Aug. 1U8 15 0 108 15 0 W.A. 3 Vp, 1920-35, Mav-Julv 81 0 0 81 10 0 W.A. 3’s, 1915-35, May-No v . 77 (I 0 77 5 0 W.A. 6‘s, 1030-40, J a n.-July 105 7 G 105 15 0