COMMERCIAL CABLEGRAMS.

Otago Witness, Issue 3614, 19 June 1923, Page 15

COMMERCIAL CABLEGRAMS.

BANK OP ENGLAND RETURN?. LONDON, June 11. The Bank of England returns lor the week ended June 14, afford the following comparison with those of the previous week: — J tin-’ 7. Juno 14. Coin and bullion £125,704,000 £125,707,090 Reserve 22,886,090 23,184,009 Proportion of reserve to liabilities, etc 18.40 1D.3.5 Note circulation 125,382,000 124,100,000 Government deposits ... 11.543,000 11,000,000 Other deposits 11' .175,000 108.704.( 09 Government securities ... 56,634,000 44,339,090 Other securities 6V, 094,000 68,083,900 Short loans, 1J per cent.; three months’ bills,

, 2 per eeuf. GOVERNMENT SECURITIES. LONDON, June 14. j The following are the latest quotations for ; Government securities, with a comparison with

LONDON MARKETS. LONDON, June 12. ! Wheat cargoes are firm. Sellers are asking | 3d advance, but buyers are not responsive. I Parcels are steady. Australian cargoes load- ! ing and parcels afloat are both quoted at 50s. j June 14. ! Wheat cargoes are firm, and parcels are 1 firm at 3d to 6d advance. Spot trade is quiet, and prices are well maintained. I Flour is slow' of sale. Australian, 30s 6d : to 37s 3d, ex store. | Burley is quiet. j Oats and Beans. —The market is quiet but i steady. Peas are in good inquiry at full rates. I Sugar is unchanged. | Butter is dull, chiefly owing to heavy supi plies of Danish reducing the price here to ! about 1565. New Zealand choicest, 1565; | exceptionally good lots, 160 s. Australian i choicest, of which there is little offering, is j about 150 s. ■ Cheese. —The market is quiet. New Zeai Land, 86s to 88s; Australian, 80s to 84s. The Ruahine's New Zealand pears opened 1 in excellent condition, and were all sold at j 10s per tray. ! The Otago apples were in fair condition, I Cox's variety being excellent. | Tile Bradford wool market is more cheerful, I though the actual business i, quiet. Sixties | quality, 4s od; sS's, 3s 8d; other quotations j unchanged. J line 16. ! Cotton. —Liverpool quotation, American : middling upland, July delivery, 14.93 a per j pound. : Rubber.—Fine hard Para, 14V!; plantation first lates crepe, Hid; smoked ribbed sheet, ' ini. I jute.—Native first marks, June-July ship- ' went, £2B los per ten.

Copra.—South Sea bagged, May-June shipment, £26 per ton. Linseed oil, £45 10s per ton, equal to 3s W per gallon. Turpentine, 103 s per cwt, equal to 7s 9£d per gallon. Sheep.—Patagonian heavy, sJci. Lambs.— Canterbury, light, Hid; medium, li l-8d; heavy, lOJd; other selecteds light, Hid; medium, lid. Frozen Beef.—Argentine fores, 2Jd; hinds, K l-8d; Uruguayan fores, 2d; hinds, 4Jd; ether meats unchanged. The Buahine's New Zealand ajrples realised mostly 13s to 16s per case; Sturmers, J6s to 18s. The contents of the Port Campbell's No. 2 hold turned out very vasty, apparently due to fro3t, the best realising 11s to 12s 6d per case at Covent Gardens. Some cases were sold as low £3 4s 6d to 7s 6d per case. CALCUTTA TEA SALES. • LONDON, June 13. At the Calcutta tea sale 3 the demand was (airly good, but the rates were slightly lower, except for best liquoring sorts and teas with tip. Common sorts declined from three to fix pice. AUSTRALIAN MARKETS. MELBOURNE, June 15. At the hide sales a large catalogue was offered and bidding was more spirited, the tone of the market being firmer, and, except in respect of badly arranged parcels, values were unchanged. Barley: English, 4s. Oats, Ss 7d, 3s Bd. Potatoes £9 to £9 10s. Onions, £4 to £4 ss. SYDNEY, June 14. Oats: Tasmanian, Algerian feed, 4s 6d to is 7d, white local, 4s 7d to 4s 8d; New Zealand white, 4s 6d to 4s 8d Maize: Local yellow, 6s 5d to 6s 6d; white, Cs 3d; South African, 6s 3d. Potatoes: Tasmanian, £ll 10s to £l3 10s; Victorian, £l2 10s to £l3 10s. Onions: Victorian, £6. ADELAIDE, June 14. Oats, 3s 3d to 3s 4d. THE WOOL MARKET. LONDON, June 11. The Bradford wool market is dull, and prices are unchanged. June 13. “ Bawra’s ” stocks of wool on May 31 were: Australian merinos 25.560 bales; crossbreds, 868,947; New Zealand, 217,000.

The first of the eeles of the English wool clip at Lincolnshire realised from 5s to 7s per 281 b above those of 1922. —A. and N.Z. Cable June 16. At the Liverpool wool sales 40,900 bales were offered, including 25,000 bales of merinos which is the last of Bawra’s stock of merinos. There was e large attendance, and strong competition, practically all the offering being 3old, Continental buyers taking 80 per cent, of it. The home trade was rattier quiet. Super greasy merinos realised 5 per cent, below the London closing rates, and medium 7J per cent, lower. Scoured 3 were unchanged; slipes, 5 to 7J per cent, lower. The catalogue for the London sales on June 26 includes 62.000 Bawra’s and 161,100 free wool.—A. and N.Z. Cable. SOUTHLAND MARKET REPORT. (Fp.om Ode Own Corbespondent.) INVERCARGILL, June 15. Oats. —The oats market is by no means in a lively position. Very little is at present offering by growers, and business with outside centres is almost limited at present to inquiries for something under B grade. Inquiries from Australia have entirely ceased, as both Victoria and New South Wales are able to buy at better advantage from Tasmania. Values nevertheless to growers are still maintaining recent levels of 2s 9d for A grade Gartons and Sparrowbills; B's, 2s 7d, on tracks, country sidings. These prices depend to some extent on the distance from the port. Wheat.—Growers are having some little difficulty in making actual deliveries to millers, little storage space being available, and have to content themselves with accepting prices at the increased rates for delivery in one or two months’ time. Fowl wheat has somewhat firmed, good quality being worth 3s lOd on trucks. Chaff has been offering in quantities in excess of the demand of the market, and buyers will only accept the very best quality at £3 15a on trucks, farmers’ sidings. Ryegrass.—This is now evidently almost all in merchants’ hands, only occasional small lots which farmers have to spare over and above their own requirements being offered. Such lots bring from 4s 6d to 5s 4d per bushel for from 201 b to 251 b seed, which has been well dressed by the mill.

THE OAMARU MARKETS. (From Our Own Correspondent.) OAMARU, June 16. The weather during the week has been a little mixed, but on the whole fairly dry. There has, however, been no wind, and in the absence of this and the limited warmth of the sun, the ground generally remains too wet for_ satisfactory field work. This observation applies with special force to loose stubble paddocks, the result being that it has been impracticable to get the" mills into them to thresh the grain still remaining in, -stack, though the conditions have otherwise been favourable. There are a great, many stacks to be broken, these including a greater proportion of wheat than had been calculated upon. It is now estimated that many thousands of sacks of wheat have yet to come on the market, including several lmes reaching np to 1000 sacks each. The most noteworthy feature of the grain and produce market during the week has been the quantitv of milling wheat that has come forward. There has been no big line to swell the aggregate, the offerings running from 400 to 200 sacks each, with odd smaller lots. In this way the total that lias passed into the hands of millers has reached some thousands of sacks. Brokers have experienced no difficulty in placing all that has been available, and the general opinion is that a ready market awaits what has yet to come on the market. There have been practically no offerings of fowl wheat, but a few transactions ex store are reported at 4-s 6d, f.0.b., or about 4s 2d net to growers. Oats have continued to move slowly. Very few offerings from the country have been made, and even for these it has been difficult to find outlets. A few transactions in Gartons are reported at, from 2 s 9d for first A grade and 2s lOd for better samples, and 2s 9d for B’s, all net to grower at country stations. Samples of both malting and feed barley and ryecorn have been sent abroad without securing business. The only transaction in potatoes reported is the purchase of a line of table Gamekeepers at £9 10s net, delivered in Oamaru. DUNEDIN HIDE SALE. Messrs Waters Ritchie and Co. report as follows: —We held our usual sale of hides at our stores, Cran ford street, on Frday morn-

ing. There was e good attendance of buyers present, but in the absence of overseas demand, and in sympathy with outside markets, which have declined considerably of late, pi-ices ruled from Id to lid per lb below those of our last sale. Local tanners competed keenly for all good-conditioned lines of medium and i eavy weights, but lightweights and inferior descriptions wore ! neglected, and low prices had to be accepted to make a clearance. Included in our offc-r----mg3 were some lines of stout substance of both ox and cow. and for them jve obtained up to laid for the former and lOd for the latter. catalogue consisted of 3474 hides and 1373 yearlings and calfskins; or a total of 4947. The follow ing were some of our best prices:—Ox: 4 821 b, 15£d; 9 741 b, 14|d; 5 76ib, 1.1 id; 3 811 b, lUd; 3 65!b, 14Jd; 5 721 b, 14|d; 1 961 b, 13Jd; 6 651 b, 13|d; 8 /61b, 13d; 11 751 b, 13d; 11 651 b 125 d; 20 771 b, 12£d; 1 571 b, 12d; 11 661 b, lljd; 3 HJd; 17 741 b, ll|d; 2711 b. Hid; 2 66 b, lljd; 1 791 b, 10*d; 10 73Ibi 10|d ; 7 •61b, 10£d; 453 62!b, IOJd ; 1 761 b, lOid; 1 601 b. lOJd; 1 731 b, lOJd: 277 741b', lOd: 2631 b, lOd; 33 621 b, 9|d; 6 7Tib, 9-Jd : 16 641 b, 9§d: 21 721 b, 9id; 7 701 b 9>d ; 5 73)b, 91d; 6 641 b, 9id ; 26 631 b, 9Jd ; 27 621 b, 9|d ; 3 611 b, Sid ; 5 741 b, 9Jd; 127 561 b, 9d; 48 551 b. 9d; 3 711b’. 9d; 4 641 b, 9d; 15 651 b, 9d ; 21 631 b, 85d ; 6 551 b, Sjd; 12 62!b, ggd; 22 551 b, B’.d ; 12 571 b BJd; 6 621 b, 8d; 3 541 b, 8d: and" 62 561 b, at ;8d Cows: 2711 b, lOd; 268 lb, 9d; 4 691 b, Bgd: 2691 b, Bid: 1 701 b, 7J.:1; 3 671 b, 7!d; 2681 b, 7R3; 175 571 b, 7£d: 65 561 b, 7d;"17 52. P, d; 30 551 b, 6Jd ; 54 451 b, Gigi; 23 55ib, 6£d; 39 581 b, 6§d; 26 561 b, &gd; 5 601 b, 62d; 53 451 b, 6Jd; 11 551 b, Cgd; 21 461 b, 6j|d; 43 4‘tlb, bSd; 52 4-ilb. 6Jd; 23 541 b, 6d; and 19 461 b, at 6d per lb. PROPERTY SALE. Messrs James Samson and Co. on the ]3th sold, under conduct of the registrar of the Supreme Court, that parcel of land in Musselburgh containing eight and a-half poles, being part of allotment 5, block XIX, along with a four-roomed house situated thereon. The property was disposed of to Mr J. Abbot at a satisfactory figure.

FOREIGN EXCHANGE RATES. LONDON. June 14. The exchange rates arc as follow: — IiOudon on Par. June 11 June 14 Paris, ir. »o £i 25.253 71.70 78.45 Christiania, k» to £• . H.l59 27.52 27.85 Copenhagen, kr. to PI ... 18.15!) 25.88 25.63 Stockholm, kr. to £1 ... IS. lot) 17..J4 17.27 Berlin, marks to £1 ... 20.25 280,000 400,0)0 Rome, lire to £1 22.22* 9D| Dpi Montreal, dol. to PI ... 1.80 4.712 £1 ... 4.80 4.8i; 4.721 New York, dol. to 4.814 Honorkong, dol. to ii ... * 1173a m Yokohama, st. to yon ... 21.10 25 jd Calcutta, st. to r;ie 10 to soil t! 10VI ♦Determined by price of silver.

those ruling last week: — Last week. This week. £ s. d. £ s. d. Imp. Con., 2\ p.c. 50 5 0 53 0 0 War TiOan, 5 p.c., 1020-47 ... 101 5 0 101 7 6 War Loan. 31 p.c., 1925-23 96 0 0 96 3 6 Con. on Loan, 31 p.c. ... 81 5 0 80 17 6 C’ wealth 8 p.c., 1924-31 ... 106 5 0 106 12 6 C'wealth 51 p.c., 1022-27 101 0 0 101 5 0 S.Z. 6 n.c., 1926-51 ... ... 111 15 0 112 0 0 X.Z. 4 p.c., 1929 05 7 6 05 7 6 N.Z. H p.c., 1940 ... 85 5 0 85 10 O X.Z. 3 p.c., 1943 ... 77 12 n 77 17 6 X.S.W. 81 p.c., • 1934-40 108 15 0 108 17 5 N.S.W. 6 p.c., 1980 40 105 0 0 105 5 0 N.S.W. 5-J p.c., 1022-32 101 0 0 101 0 <1 X..-.W. 4 p.c., 1033 ... 91 5 0 9! 5 O X.-.W. 31 p.c., 1930-50 82 0 0 82 0 0 Y.c.W. 3 p.c., 1923 80 10 0 80 10 0 JT.S.W. 41 p.c.. 1935-15 100 17 6 100 17 <; Tic. 51 p.c., 1920-40 ... ... 103 10 0 10.1 10 0 Vic. 31 p.c., 1921-20 ... ... 07 5 0 07 12 6 Tie. r» \ - p.c.. 1020-40 81 0 0 SI 0 0 Vic. 3 p.c.. 1929-49 74 10 0 74 It) 0 Q'i.rnd G p.c., 1930-49 105 7 6 105 12 6 Q'lacil 4 p.c., 1924 ... nr 10 0 07 12 6 Q'i.m 1 31 P.c.. ]924 ... ... 96 15 0 97 0 0 Q'lanl 31 n.c.. 1930 ... ... 88 15 0 89 0 0 Q*hi-nd 3 p.c.. 1023-47 ... ... 72 5 0 72 10 0 S.A. 61 n.c., 1920-40 ... ... 108 17 n 100 0 0 ?.A. 4.\ p.c., 1045 or after 85 0 0 85 0 o S.A. 3 p.c., 1930 65 10 0 65 10 0 W.A. 6 p-o.. 1930-10 ... ... 104 5 0 104 5 0 \V. A. 35 p.c.. 1020-35 ... ... 87 0 0 87 10 0 W.A. 3 p.c., 1915-35 ... 80 0 0 80 0 0 Tap. 61 p.c.. 1930 40 ... 108 15 0 100 0 <•> T:.r. 31 p.c., 1920-10 ... 85 10 0 85 2 6 Tas. 3 p.c., 1920-40 73 15 0 79 0 0