COMMERCIAL CABLEGRAMS.

Otago Witness, Issue 3613, 12 June 1923, Page 18

COMMERCIAL CABLEGRAMS.

BANK OP ENGLAND RETURNS. LONDON, June 7. The Bank of England returns for the week ended June 7 afford the following comparison with thosfi nf Uip nrpvirms •

Short loans, per cent.; three months’ bills, 2 per cent. FOREIGN EXCHANGE RATES. LONDON, June 7. The exchange rates are as follow:

IU6 CXClldllgC icllCS dTe do IvJiIUW • —■ London on Tar. June 4. June 7. Paris, fr to £1 25.255 72.10 71.65 Christiania, kr. to £1 ... 18.159 27.35 27.70 Copenhagen, kr. to £1 ... 18.150 25.15 25.43 Stockholm, kr to £1 ... 18.159 17.35 17.36 Berlin, marks to £1 ... 20.25 330,000 363,000 Rome, lire to to £1 22.22 s 100-$ 98^ Montreal, dol. to £1 ... 4.86 4.73$ 4.72$ New York, dol. to £1 ... 4.86 4.63§ 4.62$ Hongkong, dol. to £1 ... * 27£d 27$d Yokohama, st. to yen ... 21.50 25$d 25$d Calcutta, st. to rpe. 10 to gold £1 16$d 16$d ♦Determined by price of silver.

GOVERNMENT SECURITIES. LONDON, June 7. The following are the latest quotations for Government securities, with a comparison with

LONDON MARKETS. LONDON, June 5. Wheat cargoes are lower, but there is more inquiry. Parcels are in email request, though prices to-day closed steadier at 51a. Butter is steadily improving. There is a strong demand for New Zealand choicest at 1545. Waihi shares: Buyers, 245. -June 7. Waihi shares: Buyers 23s 9d, sellers 265. Butter is firm and the demand is improv-

ing. Choicest Now Zealand 1565, and for exceptional Jots 158 s. Australian choicest is scarce and is quoted at 148 s to 150 s, and lor excetpionaliy good 1525. Cheese: New Zealand, 88s to 90s. Sugar, 63s lid per cwt. The Bradford wool market is very dull. Sixty-fours is quoted at Es 2d per lb. 69 s 4s Bd, 56’s 3s 50’s 2s 3Jd, 46's Is 6d, 40 s Is 4d. Wheat cargoes are firm at 6d dearer, in sympathy with the advance in America aud a good consumptive demand. Steamers parcels are in fair request at prices ranging from 6d higher. Spot trade is quiet. Australian, ex store, 555. Flour meets with fair inquiry. Australian, 36s to 37s 3d. Oats are in fair demand. A grade Cartons on spot, 37s t-o 38s Gd. Barley is inactive. New Zealand malting, on spot, 43s to 465. Peas are slow of sale. New Zealand Maples, 90s to 955; blues, 329 sto 3405; Tasmanian, 340 s to 4l)Cs. Beans are quiet. New Zealand, 51s to 535; Tasmanian, 310 sto 400 s. June 9. Cotton: July shipment, 14.89 d per lb. Rubber: Para, 14Jd; plantation smoked, ll|d. Jute: June-July shipment, 28d; new crop, ■kugust-Saptember shipment, 27 id. Copra: June shipment, 25jd. Linseed oil, £45 per ton. Turpentine, 102 s per cwt. BUTTER AND CHEESE. WELLINGTON. June 6. The National Dairy Association has received the following cablegram from its London office, dated June 1: Butter firmer; 142 s to 1465; unsalted, 146 s to 150 s. Australian, 132 sto 1365. Argentine, 112 s to 1225. Danish, 148 s to 150 s. Cheese firmer; white and coloured, 88s to 90s Australian, 80s to 81s. NEW ZEALAND BUTTER. MELBOURNE, June 8. There is considerable comment here cn the fact that New Zealand butter is quoted in London at less than Is 5d per lb, whereas in Melbourne the quotation is 2s, and the price in the shops 2s 4d to 2s sd. NEW ZEALAND FRUIT. LONDON, June 4. Apples are in strong demand, and prices are hardening. The Port Napier’s New Zealand shipment realised 14s to lGs 6d. All cargoes were in good condition. The Port Napier’s New Zealand Winter Nelis pears realised 27s to 30s per case. WESTERN AUSTRALIAN LOAN OVERSUBSCRIBED. LONDON, June 7. The Western Australian £3,039,000 41 per cent, loan has been over-subscribed. LONDON, June 8. In the Western Australian loan small applicants received their allotments in full, and others about 90 per cent. Colonial Government securities generally improved, 6 per cent, issues being in request.IHE MEAT MARKET. LONDON, June 9. Sheep.—Canterbury, light BJd, medium Bd, heavy 6Jd; North Island, light Bd, medium 7Jd, heavy ,6Jd; New Zealand ewes, sid; Australian first ojd, seconds 5Jd; Patagonian heavy 5Jd, ewes sd. Lamb. —Canterbury light and medium lljd, heavy 10|d, seconds 10Jd; North IslanuS firsts 1 Old, seconds 9-Jd; Australian firsts 9-Jd, seconds 9d. Frozen Beef. —New Zealand fores, 2^d; chilled Argentine fores 3|d, hinds 7|d; Uruguay fores 3Li, hinds Ljd. Others are unchanged. LONDON TALLOW MARKET. LONDON, June 6. At the tallow sales 1795 casks were offered and 870 sold at 6d decline. Mutton: Fine, 435; medium, 37s 611Beef : Fine, 435; medium, 36s 3d. AUSTRALIAN MARKETS. MELBOURNE, June 8.

For hides competition was slightly ir regular, and the market generally ruled a farthing per lb lower than previous values, notably on light weights. Stout hides and hides with substance were unchanged. Barley, 4s. Oats, 3s Bd, 3s 9d. Potatoes, £9, £lO. Onions, £4, £4. ss. SYDNEY, June 7. Oats: Algerian feed, 4s 7d to 4s 8d; white local, 4s 7d to Is 8d; New Zealand 4s 6d to 4s Bd. Maize: Yellow and white, 6s 6d. Potatoes: Tasmanian, £l3 to £ls. Onions: Victorian, £6. ADELAIDE, June 7. Oats, 3s 4d to 3s 6d. BRADFORD WOOL MARKET. LONDON, J une 4. The Bradford wool market is depressed. There is little business, and tops show a downward tendency. WOOL SALES AT HULL. LONDON, June 9. At the wool sales at Hull there was a good attendance. France, who was buying keenly, was the principal operator. Prices generally were on a parity with the rates ruling in London at the closing of the sales. OAMARU MARKETS (From Ous owx Correspondent.) OAMARU, June 9. Though there has been a little rain, the weather has been fairly favourable for field work where the ground was in a condition suitable for ploughing. But that require--ment is not presented over a wide area, for there has been an absence of drying winds and only a modicum of sunshine. Speaking generally the ground has not yet sufficiently recovered from the drenching received in May to enable the teams to get to work upon it, and as a consequence little sowing of crops is likely to take place until tire approach of spring, and the area is certain to show a considerable decline, especially in wheat All departments of the local market have suffered to some extent by reason of a great number of those concerned taking a holiday to attend the Winter Show in Dunedin. Still there has been a sufficiency of business in the grain and produce market to afford an indication of values. Wheat holdings are few, and generally small or comparatively small. A fair number of lines of that description of milling wheat have come on the market during the week, and have met with ready acceptance at full rates. If the infrequency of offerings may be accepted as a guide, the conclusion to be found is that holdings of fowl wheat in the country are limited. This is an indication that no gTeat amount of damage was done by the persistent rain of a few weeks back. A few sales are reported at

prices which work out around about JS to growers, net at country stations. V bile nothing remarkable can be reported in respect to oats, a number of sales in modest lines have been made at country stations, the range of prices being, of course, regulated by sample and railage distance. Business has been confined to Gartens as follows:—Milling quality, 3s net and 3s and 3o Id, less commission; A grade, 2s 91d and 2s lOd; B’s, 2s 8d to 2s 9d; under-grade, 2s 6d. Some malting barley has changed hands at from 3s 9d to 4s, net at country stations A couple of sale of ryecorn are reported, 3s 6d net at a country station having been given for one line, while another, depreciated slightly by the presence of oats, was taken at a country station at 3s net. The market for chaff is quieter, but £5 5s net on trucks wits given for a line of good oaten sheaf. Holders of ,pot a toes, whose number is small, are looking for £lO not on trucks, and as that figure is much above the parity of prices erfrent elsewhere, no business is being done. SOUTHLAND MARKET REPORT. (From our Own Correspondent.) INVERCARGILL, June 8. Oats are in much the same position as last report, our prices to growers being cn the basis of 2 s 3d for A grade and 2s 7d for B. at fairly convenient sidings. Prospects do not seem any more favourable, and the recent widespread rains in Australia will undoubtedly have an effect on prices in New* Zealand, added to which merchants must take into consideration the fact that Aus tralian chaff is now coming into New Zealand. Although harvest operations were carried on almost throughout the dominion under unfavourable circumstances, it is nevertheless evident that there aro more oats in New Zealand than are required for local use. Prices therefore are hardly likely to im prove. Chaff has been offering more freely during tli© week, and merchants are indisposed to effer anything in excess of £3 15s per ton, on trucks farmers’ sidings, for anything but the best quality. ’There is still no prospect of doing business with northern centres owing to the high rate of freight ruling. Ryegrass has undoubtedly advanced in value, 7s 6d per bushel having been obtained for 281b-291b seed, both for shipment to Australia and to northern distributors. Hi© bulk of the local seed is now in merchants’ hands. Prime heavy-weight, wellmilled seed would now bring up to 5s 4d per bushel to the grower for anything exceeding 241 b weight.

Wheat. —Fairly considerable quantities ha vo been disposed of to the local millers at ar ranged prices, while a good deal of fowl feed has been disposed of. Fair quality, up to 3s 9d per bushel, while extra good which just fails to come up to milliug requirements, has found buyers up to 4s per bushel. PEDIGREE JERSEY STOCK. NEW PLYMOUTH, June 6 That confidence in dairying is undiminished is shown by the fact that at Mr John Hales’s fourth annual sale of pedigree Jersey stock yesterday, 47 animals were sold. The average price was 127 gs. buyers coming from as far as Kaipara in the north and Balclutha in the south. The highest price paid was 501 gs for a thrce-year-old heifer. RABBITSICIN MARKET REPORT. The Dunedin Woo] brokers’ Association (Messrs Dalgety and Co., Ltd., Todd Bros., Ltd., 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., Sttonach, Morris, and Co., Ltd., and Wright, Stephenson, and Qo., Ltd.) report as follows; At the sale on the sth large catalogues were submitted and competition for all grades was keen. Prices were easily maintained at last sale’s rates, while the better grades of winters were considerably dearer. The following is the range of prices;—Runner and suckers, 17jfd t-o 22d; light racks, 26fd to 28Jd; summers, 22£d to 28d; prime racks, 321 dto 35d; early autumns, 36fd to 45Jd; late autumns, 38d to 52fd; incoming winters, 551 d to 58d; early winters, 58Jd to 62£d; first winter bucks, 63Jd to 76d; first winter does, 69|d to 79Jd; super winter bucks, 79Jd to 81Jd; super winter does, 82Jd to 90£d; spotted winters, 4id to 53d; (first winter black.-, 68£d to 80d; second winter blacks, 60d to 55d ; winter fawns, 60Jd to 65d ; horsehair, to 2G2d. v. WINTER HORSE FAIR Wright, Stephenson, and Co. (Ltd.) report having held their 32nd annual winter horse sale on Thursday and Friday, when they submitted a catalogue of 210 draughts, springcarters, and harness horses. The first day (Thursday) was devoted entirely to draughts, when we offered 120 first-class geldings, marcs, and fillies. Buyers were present from Christchurch, Tiinaru, Gore, and Invercargill, and the presence of these outside buyers helped to make one of the most successful winter fairs we have ever held. All young geldings, mares and fillies, ihet with keen competition, and at least 85 per cent, of the yarding was readily cleared at prices highly satisfactory to the vendors, as may be 6een from the following quotations;—For Alex. Campbell (Woodside), six-year-old mare for £7l; on account a client, four-year-old mare for £54; H. Rendall (Palmerston), five-year-old mare for £sl; F. James (Ngapara), four-year-old mare for £56; Kenyon Bros. (Merton), three-year-old filly for £SO and one at £49 10s; a client, nine-year-old mare for £SO; A. W. Douglas (Waikouaiti), six-year-old geldings for £SB and £SO; James Smith (Kaitangata), six-year-old gelding for £sl 10s; Wm. Robinson (Lovells Flat), three-year-old gelding for £47. At least 50 horses were sold at prices ranging from £4O to £43; and all good spring-carters were in keen demand at prices from £25 to £32. A good many aged draughts and light homes were offered at the latter part of tho second day's 6ale. These showed a marked improvement in values compared with what we have had to accept at our previous sales. We intend holding our next horse sale early in July, and we can strongly advise our country clients to forward consignments. PROPERTY SALES. Messrs James Samson and Co. offered for sale by public auction on Friday, on behalf of tho trustees of the late Joseph Hensley, the property situated at No. 41 Galloway street, Mornington, opposite the Mornington School. Competition was keen, a considerable number of buyers operating, and tho property was eventually sold to Mr Reay. Messrs Alex. Harris and Co., instructed by the District Public Trustee in the estate of the late Thomas Anderson, offered at auction on Thursday part of allotment 5, block XIX, Musselburgh (area 29.1 poles), with » modern house of six rooms thereon, No. 63 Grove street. Under keen competition tb® property was knocked down to the bid of Mr J. J. Cooper for £745.

with tnose of the previous week: — May 31. June 7. Coin and bullion £125.700,000 £125,704.000 Reserve Proportion of reserve to 22,724,000 22,886,000 liabilities, etc 19.06 18.40 Note circulation 124.550,000 125,382,000 Government deposits ... 20,754,000 11,549,000 Other deposits 98.429,000 112,175,000 Government securities ... 42.967,000 50,634,000 Other securities 71,256,000 67,994,000

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