COMMERCIAL CABLEGRAMS

Otago Witness, Issue 3662, 20 May 1924, Page 18

COMMERCIAL CABLEGRAMS

LONDON METAL MARKET. LONDON, May 15. Copper: Spot, £6l 8s 9d; three months, £63 6s 3d. Lead, £29 12s 6d, £2B 10s. Spelter, £3l, £3l ss. Tin, £219 12s 6d, £2lB 18s 9d. Silver, 33s 9-161 per oz. FOREIGN EXCHANGE RATES. LONDON, May 15.

Calcutta, st. to rpe. 10 to gold £1 16J 16J •Determined by price of silverThe exchange rate on Berlin (par 20.23 marks to the pound sterling) is 18jf billions. WEEKLY RETURNS. LONDON, May 16. The Bank of England return for Wednesday, May 14, affords the following comparison with the return for the previous week : May 7. Mnv 14. Coin and bullion £126,346,000 £199,364.000 Reserves 22,706,000 23,361,000

GOVERNMENT SECURITIES. LONDON, May 15. The following are the latest quotations for Government securities, compared with those ruling a week ago:—

LONDON WHEAT MARKET. LONDON, May 10. Cargoes are steadily held at about last tates, but with liberal world’s shipments, the demand is quiet. Parcels are quiet May 14. Wheat cargoes are quiet, and are nominally unchanged. Parcels are firm, sold at Hull, ex Sophocles, sold at 47s l)d to 47s 3d pen quarter. May 16. Wheat: For cargoes there is a firm undertone, but buyers are reserved. Quotations unchanged. Parcels are in good demand, and steady. Parcels, ex Ceramic, sold at 48e. LONDON MARKETS. LONDON, May 13. The rate of exchange on Paris is 78.15 francs to the pound. At the wool sales there was an average selection of all sorts. Merinos are unchanged. There is strong competition for crossbreds, with a bolder tone. Wheat cargoes are steady. There is little business owing to the fluctuation. May 17. Cotton: Liverpool quotation, American middling upland, June delivery, 17.36 d per pound. Rubber: Fine hard Para, lid per pounuplantation first latex crepe, 10Jd; smoked ribbed sheet, IOJd. Jute: Indian native first marks, May-June shipment, £26 10s per ton. New Zealand hemp: April-June shipment, £36 10s per ton. Copra: South Sea bagged, April-Mny shipment, £27 per ton. Linseed oil, £3B 15s per ton —equal to os l£d per gallon. Turpentine, 73s per cwt—equal to Ee 8d per gulion.-

TALLOW MARKET. LONDON, May 14. TaUow : Eight hundred and ninety two casks were offered and 527 sold. Inferior advanced 6d, other sorts remained unchanged. COLONIAL PRODUCE. LONDON, May 16. The butter market still has an easing tendency owing to Germany materially reducing her purchases of Danish, while a spell of warm weather, following heavy rains, is causing expectations of an increase in the English and Continental outputs. New Zealand choicest salted is quoted at from 168 s to 170 s per cwt; exceptional quality, 1745; Australian salted, 1563 to 160 s. Both New Zealand and Australian unsalted realises from 4s to 6s above those prices. The qunotation for Danish remains unaltered, hut the market is reported weak. Cheese shows a steady market. New Zealand 84s per cwt; Australian, about 80s. Wheat cargoes are firm, sellers occasionally asking an advance of 3d to 6d a quarter, but business is slow. Parcels are 3d dearer. Three thousand tons ex the Port •Hardy realised 47s 10id per quarter. A parcel by the City' of Madras brought 48s. A parcel sold at Manchester, ex the Banffshire, at 47s 6d. The spot trade is firm. Australian, ex store, sold at 43s 3d. Flour is steadily held at 35s 3d, ex store. Oats a,re quiet. A Gartons sold at from 32s to 35s per quarter. Peas are firm. Blue Tasmanian, 4405; New Zealand, 360 sto 3305. Maples are easier, due to home-grown being in large supply and offering cheaply. Tasmanians, 753 to 80s; New Zealand, 60s to 70s. Beans are slow; New Zealand, 455. Sugar, granulated, 42s l)d. DAIRY PRODUCE. WELLINGTON, May 12. The New Zealand Producers’ Co-operative Marketing Association’s weekly cabled market report, dated London, May' 9, is as follow's: The butter market is steady. New Zealand salted, 168 s to 1725; unsalted, 174 s to 180 s; Australian, 156 s to 160 s ; Argentine best, 152 s ; inferior, 130 s to 13Ss; Danish, 208 s to 2125; Dutch, 2045. The cheese market is dull. New Zealand, white and coloured, bis to 85s; English factory, 70s to 80s. WAIHI SHARES. LONDON, May 15. Wailii shares are quoted as follows; Buyers 32, sellers 32s 9d. BRITISH TRADE. LONDON, May 12. The Board of Trade returns for April show the value of imports, as compared with April, 1923, to have decneased by £282,363. Exports decreased £4,176,000, and re-exports £657,579. The principal decreases in imports were: Meat, £2,386,710; non-dutiable food and drink, £1,797,206; vehicles, £3,726,934. The principal increases in imports were; Dutiable food and drink, £2,499,088; raw wool £1,745,443. The principal increases in exports were cotton yarns, £3,338,205. AUSTRALIAN APPLES. LONDON, May 15. Further sales of the Ulysses shipment or apples were held at Liverpool. South Australian grown: Jonathans, 10s 3d, 12s 9d; Cleopatras, 12s, 15s 3d;" King Davids, 10s 9d, 12s; Foster, 12s. Victorian grown: Jonathans, 10s 3d, 14s 6d; Cleopatras, 11s 9d, 15s 3d; King Davids, 11s, 12s; Rome Beauty, 10s, 10s 6d ; Munroe’s Favourite, lie 9d, 13s; others, Bs, 11s 9d. Tasmanian grown: Jonathans, 10s, 13s; Cleopatras, Bs, 13s 9d; Sturmer Pippins, 7s 9d, 12s 6d; French Crabs, 7s, 12s 6d; Alfnstons, 7s. 13 s; Five-crown Pippins, ICs, 12s 3d, Cox’s Orange Pippins, 7s 3d, 12s 9d; Ribston’s Pippins, 6s, 11s 3d. THE FRANC. LONDON, May 14. The exchange on Paris is 73.55 francs to the pound sterling. MELBOURNE MARKETS. MELBOURNE, Mav 16 Oats, 3s, 3s 4d. Barley.—English, 4s, 4s 3d; Cape, 3s 6d, 3s 7d. Potatoes, £3 15s, £4 10s. Onions, £7 ss, £8 ss. Hides.—Owing to the absence of buyers in Sydney,_ poor competition resulted. Stout hides were unchanged in price, heavies and mediums were id to Jd per lb lower, lights declined id, and kips were firm. LONDON WOOL SALES. LONDON, May 14. At the wool sales there was a better general tendency, and prices were firm. May 15. At the wool sales there is good tone and prices generally are unchanged. Bradford tops are dull on the market, and there is no business passing, but quiet confidence prevails regarding the future. Quotations are unchanged.

The exchange rates aro as follows: Par. May 12. Mav.15 Paris, fr. to £1 25.225 76.45 74.85 Brussels, fr. to £1 25.225 91} G93 Christiania, kr. to £1 ... 18.150 31.97 31.53 Copenhagen, kr. to £1 ... 18.159 25.G7 25.80 Stockholm, kr. to £1 ... 18.159 16.46 16.43 New York, dol. to £1 4.86 4.37 4.362 Montreal, dol. to £1 4.86 4.43} 4.442 Rome, lire to £1 22.22* OS} 98} Hongkong, dol. to £1 ... * 28g 09 \ Yokohama, st. to yen 21.5 22 22 3 16

Notes in circulation 125,217,000 124,542,000 Government deposits 10,055,000 17,359,000 Other deposits 112,574,000 102,441,000 Government securities ... 44,028,000 41,523,000 Discounts and advances 73,561,000 72,580,000 Proportion of reserve to Per cent. Per cent. liabilities 18.51 19.52 Short loans 2i Three months’ bills 3 3

Last week. This week. Imp. consols, 2£ p.c. ... £ 57 10 0 £ 57 10 0 War loan, 5 p.c., 11)20-47 100 15 0 100 15 0 War loan, 3J p.c., 1925-28 97 0 0 97 0 0 Con. loan, 34 p.e. 77 15 0 77 17 c C’wealth 6 p.c., 1931-41 106 0 0 105 17 6 O’wealth, 5J p.c., 1922-27 *101 0 0 101 10 0 N.Z. 6 p.c., 1936 51 ... 110 0 0 110 0 0 N.Z. 4 p.c., 1929 96 0 0 95 17 6 N.Z. 31 p.c., 1040 85 7 6 85 7 6 N.Z. 3 p.c., 1945 77 0 0 77 0 0 N.S.W. 6J p.c., 1030-40 104 0 0 104 5 0 N.S.W. 6 p.c., 1930-40 108 10 0 108 7 6 N.S.W. p.c., 1922-32 101 ft 0 101 5 0 N.S.W. 4 p.c., 1933 ... 92 17 6 93 12 6 N.S.W. 3J p.c., 1930 ... sa ft 0 83 7 6 N.S.W. 3 p.c., 1035 ... 79 0 0 71) 0 0 Vic. 54 p.c., 1930-40 ... 102 10 0 103 2 6 Vic. 34 p.c., 1921 26 ... 99 15 0 99 17 6 Vic. 34 p.c., 1029-40 80 0 0 80 0 0 Vic. 34 p.c., 1929-49 ... 74 0 0 74 0 0 Q'Jnnrl 6 p.c., 1030-40 ... 105 0 0 105 0 0 Q’land 4 p.c., 1024 ... 101 7 6 101 2 6 Q’htnd 34 p c., 1024 ... 101 2 6 101 0 0 Q’land 34 p.c., 1930 ... 92 0 0 92 5 0 Q’iand 3 p.c., 1922 47 ... 72 5 0 72 10 0 S.A. 64 p.c., 1020-40 ... 108 0 0 108 15 0 S.A. 44 p.c., 1945 or after 84 10 0 85 0 0 S.A. 3 p.c., 1030 ... 62 0 0 62 0 0 W.A. 6 p.c., 1930-40 ... 105 12 6 106 0 0 W.A. 34 p.c., 1920-35 ... 87 5 0 87 6 0 W. A. 3 p.c., 1915-35 ... 82 15 0 82 0 0 Tas. 64 p.c., 1930-40 ... 109 0 0 108 17 6 Tas. 34 p.c., 1920-40 ... 85 0 0 85 0 0 Tas. 3 p.c., 1920-40 78 ♦Ex interest. 10 0 78 10 0