COMMERCIAL CABLEGRAMS

Otago Witness, Issue 3672, 29 July 1924, Page 18

COMMERCIAL CABLEGRAMS

LONDON METAL MARKET. LONDON, July 21. Copper: Spot, £62 Ga 3d; forward,* £63 3s 9d. Lead : Spot, £32 10s; forward, £3O 15s. Spelter: Spot, £32 2s 6d; forward, £32. Tin: Spot, £241 7s 6d; forward, £242 2s 6d. Silver, 24gd per oz. July 24. Copper, £62 11s 3d to £63 11s 3d. Lead. £33 10s to £32. Spelter, £32 15s to £32 11s 3d. Tin, £244 to £244 2s 6d. Silver, 31s 7-16 d per oz. FOREIGN EXCHANGE RATES. LONDON, July 24. The exchange rates ore as lollows: Par. July 21. July 24. Paris, fr. to £1 25.225 84.90 85.65 Brussels, fr. to £1 ... 25.225 94.87 95.18 Christiania, kr to £1 ... 18.159 32.71 32.93 Copenhagen, kr to £1 ... 18.159 27.23 27.23 Stockholm, kr. to £1 ... 18.159 16.47 16.53 New York, do!, to £1 ... 4.86 4.38 J 4.40 J Montreal, dol. to £1 ... 8.86 4.41 J 4.42^ Rome, lire to £1 22.22 J lOljf 1013 Yokohama, st. to yen ... 21.5 22J 22 5.16 Hongkong, st. to yen ... * 28§ 28* Calcutta, st. to rpe. . 10 to gold £1 17 5-16 17$ •Determined by price of silver. The exchange rate on Berlin (par 20.15 marks to the £1) is 18J billions. BANK OF ENGLAND RETCJRNB. LONDON, July 24. The Bank of England return affords the following comparison, with the return for the previous week : July 16. July 23. Coin and bullion £126,448,000 £126,450,000 Reserves 21,747,000 Proportion of reserve to Per cent. Per cent. liability 18.30 18.60 Note Circulation 126,203,000 126,273,000 Publio deposits 11,739,000 11,336,000 Other deposits 107,447,000 105,575,000 Government securities 45,187,000 39,682,000 Other securities 70,181,000 73,110,000 Short loans, 3 per cent.; three months bills, 3J per cent. GOVERNMENT SECURITIES. , LONDON, July 24. The following are the latest quotations for Government securities: —

LONDON WHEAT MARKET. LONDON, July 22. The wheat cargo market is easy at a decline of 3d to Is on reports of lower American markets. Parcels are slow of sale, and buyers are indifferent. Manitoba wheat is down 6d. LONDON MARKETS LONDON, July 21. In Bradford tops business is very quiet and quotations are unchanged. Wheat cargoes are irregular with North and South America. White wheat is 8d lower. Parcels are firm. Manitobas gained Is on the day and closed easier. Parcels ex the Ballarat were sold at 54s Gd. Australian, August delivery, sold at Liverpool at 54s 7*d, ex the Medic 54s 9d (in bags), 54 (bulk). July 24. At the rabbitskin sales 1972 bundles were offered and 1361 were sold. There were keen competition for all except the best furriers' sorts, which attracted little attention. New Zealand second bucks and does shovped advances of 3d to 6d. Autumns generally declined 2d to 3d. Australian prime first" winters were unchanged. Stout pelted advanced Id, and incomings maintained late prices.Wheat cargoes are very strong on the American rise; but buyers are reserved. Paiicels are Is 6d to 2s higher, but little business was done, and they closed easy. Eive hundred tons by the Hurunui sold at 565. Parcels by the Ballarat realised 555, at Liverpool 55s 3d, and at Hull 55s Bd. The spot trade is less active and prices are tending in buyers’ favour. Australian (ex store) is quoted at 56s 9d. Flour is in slow demand owing to the recent advance. Australian (ex store) is quoted at 395. Oats, peas, and beans are steady. Sugar (granulated) is quoted at 38s 4d. Bradford tops are showing better inquiry with slightly more business. Sixty-fours are bringing 70£d ; sixties, 64Jd ; fifty-sixes, 46$d ; fifties, 33£d; forty-sixes, 27d; forties, 26a July 26. Cotton: August delivery, 17. bid per lb. Rubber: Para, Is; plantation smoked, lljd to Is. Jute: August shipment, £3O 10s per ton. Hemp: July-September shipment, £37 10s. Copra: July-August shipment, £2B per ton. Linseed oil, £4l per ton. Turpentine, 65s 3d per cwt. Sheep: Canterbury light, 7fd; medium, 7id; heavy, 7d. North Island: Light, 7Jd;

medium, 7d; heavy, 6|d. New Zealand ewes, 5Jd. Argentine: Light, 6Jd; medium, 6d; heavy, 5Jd; ewes, 6d. Patagonian: Light, 6£d; medium, 6ld; ewes, s§d. Lambs: Canterbury light, Ugd: medium, 10£d; heavy, 10§d; seconds, lOJd; selecteds, light 11 l-8d; medium, 10{d. North Island, firsts 10|d, seconds lOf-d. Argentine: Firsts, light, 10id; medium, 9Jd; seconds, lOd. Patagonian: Firsts, lOJd; seconds, lO^d. Fiozen Beef: Argentine fores, 2§d; hinds, 4gd; Uruguay fores, 2 l-Bd, hinds 4Jd, chilled Argentine hinds, 6 l-8d: Uruguay fores 2|d, hinds 5Jd. Others unchanged.

BUTTER AND CHEESE. LONDON, July 25. Butter is quietly steady at late rates. Cheese is dull, tending to be easier.—A. and N.Z. Cable.

LONDON TALLOW SALES. LONDON, July 23. At the tallow sales 847 casks were offered and vO9 were sold at about 6d advance. Mutton realised 45s 6d to 42s and beef 45s to 41s.

SHEEPSKIN SALES. LONDON, July 25. At the sheepskin sales 4700 were offered. There was a fair demand for the home trade, but many were withdrawn owing to the high limits. Full-woolled merinos and comebacks were generally 5 per cent, below May prices. Shorter merinos, fine, medium, coarse crossbred, and combifigs were unchanged. Crossbred clothing pelts were slightly dearer. PRODUCE COMPANIES AMALGAMATE LONDON, July 26. An amalgamation of considerable importance in the butter trade is announced. The Home Colonial Store (Ltd.) has acquired a substantial interest in the Maypole Dairy Company. The details are undisclosed, but the Home Colonial is issuing 250,000 new £1 shares at 50s. It ie understood the primary object of the fusion of these important multiple shop companies is the elimination of competition. Both companies are largo buyers of colonial butter and cheese. COPRA AND GOLD. LONDON, July 22. Copra.—July-August shipment is quoted at £2B 5s a ton. Gold is quoted at £4 12s 2d an ounce. AUSTRALIAN MARKETS. MELBOURNE, July 25. Oats: Milling, 3s 3d to 3s Gd; feed, 3s. Barley: English, 4s 3d to 4s 6d; Cape, 3s 7d to 3s Bd. Potatoes, £3 to £4 ss. Onions, £l3 10s to £l4. Hides are firm at late rates. SYDNEY, July 24. Oat 3: Tasmanian Algerian, 4s to 4s 3d; white, 4s 6d to 4s 9d. Maize: Yellow and white, 4s. Potatoes: Tasmanian, £7 to £8 10s; Victorian, £6 10s. Onions: Victorian, £l7 to £l7 10s. ADELAIDE, July 24. Oats. Algerian feed, 3s.

SOUTHLAND MARKET REPORT. (From Our Own Correspondent.) INVERCARGILL, July 25. Oats.—The local market is stronger than ever despite life fluctuation of the last few weeks. Sales of “B” grade Gartone have been made during the last couple of days at cs 9d. A s at 6s, f.0.b.,5.i. This possibility was forecasted in my last report. The demand from farmers for sowing down is greater than usual, and it is quite evident that by the end of spring stocks of oats in Southland will be in very email compass. Where it was difficult to find buyers at os 6d a few days ago, it is now more difficult to find sellers at any price, eo short are stocks and so excited the market. Chaff. —Deliveries have slackened of! considerably, and any good bright chaff offering would readily find buyers at £6 15s on trucks. Ryegrass.—This, in common with other grasses, so far as the wholesale trade is concerned, is at the present time decidedly slack, but this being the off season, it is only to be expected. As spring approaches it is evident a fairly considerable demand will arise from northern parts. Despite the fact that formers are going in for a considerable amount of top-dressing of pastures, orders are flowing in through the ordinary channels for graS3, etc., for sowing down. Stocks of ryegrass and Italian more particularly, in merchants’ hands are much less than usual. It is quite evident that there will be no carry-over at the end of the season, and there will be nothing like the demand that is expected from outside quarters. THE OAMARU MARKETS. (From Our Own Correspondent.) OAMARU, July 26. Business in the grain and produce market has been very small, mainly for the reason that offers from the country have been few, the exception being cowgrase seed, a fair amount of which is on the market at prices that merchants decline to entertain. There has been an improvement in the tone of the oats market, wtih a strong demand for Gartens of seed quality. These are, however very hard to obtain in any quantity likelj to ease the demand. A few modest lines have changed hands at country stations at 5e 3d and 5s 4d net. Other Gartons are also in request, but the only sale reported is a line of B grade, the price at a- country station being ss, less commission. It is stated that the first Canadian oats to come on this market will be received next week. They will not come direct, and the cost of transhipment will preclude any lowering of the value of locally-grown oats. The market for oatensheaf chaff remains unchanged, either as to demand or price, but there is little available. A few sales have been made at country stations at £7 ss, both net and less commission. SHEEPSKIN SALE. The Dunedin Stock Agents and Woolbrokers’ Association (National Mortgage and Agency Company, Wright, Stephenson, and Co., Dalgety and Co., Todd Bros., Otago Farmers’ Co-operative, New Zealand Loan and Mercantile Agency Company, D. Reid and Co., Stronach, Morris, and j 30.) report that a medium-sized catalogue of sheepskins were offered before a small attendance of buyers. Prices were practically on a par with last sale's rates:-—Merino: Three-quar-ter to full-wool, 19(d; half-wool, 16d; quar-ter-wool, 13|d. Quarterbred: Three-quarter to full-wool, 16|d; half-wool, 15|d; quarter wool, 14Jd. Fine crossbred: Full wool, 18d; half-wool, 151 a; quarter-wool, 13d. Crossbred : Full wool, 15d>; half-wool-, 13-2 d; quarter-wool, 13d. Hoggets: Halfbred, 162*1; fine crossbred, 16Jd; crossbred, 14Jd. Dead: Fine crossbred dead, damaged, 13Jd; halfbred, dead, damaged, 17s<l. HORSE SALE. Wright, Stephenson, and Co. report having held a successful sale of horses at their Dunedin Horse Saleyards on Thursday. We offered a catalogue of 80 horses, and sold practically all of them at satisfactory prices. The majority of the horses were of medium quality, and there were no outstanding geldings forward. Mr Geo. Harvey’s consignment from Omakau came forward in splendid condition, and sold at from £4O to £46. We offered 12 light horses on account of Mrs Reid (Henley), and these sold at exceptionally good prices, ranging Lorn £24 10s to £39 10s. Mr Brenssell’s wagon team were all aged horses, and were 3iot carrying much condition, but they were keenly sought after, and realised good prices. We also sold draught mares and geldings from the following:-—J. M. Beattie (Ngapuna), mare £42; J. G. Wyllie (Outram), care £44; Chas. Gamble (Outran;, mare £29; Kmg Bros. (Dunedin), mare £32; A. Probert (Woodside), mare £3l; H. Kendall (Palmerston), filly £39 10s; Gordon Donaldson (Pukehiki), filly £4l; H. Scott (Waimate), gelding 9 £2B 10s and £27 IDs; and spring-carters from D. Snell (Mosgiel), mare £22 10s; D. Service (Outram), mare £27 10s; Wm. Fallowfield (Tomahawk), mare £2-2. As usual there was very httle demand .or hacks and aged sorts, and these were liaid to dispose of.

July 17. July 24. £ 6. d. £ s. d. Imperial Consuls, 2J p.o. 67 0 0 67 0 0 War Loan, 5 p.c., 1920-47 101 5 0 101 2 6 War Loan, 3* p.c., 1925-28 97 0 0 96 17 6 Conversion Loan, 3$ p.o.... 77 0 0 77 O 0 (^wealth 54 p.o., 1931-41... 100 12 6 101 0 0 C’wealth 8 p.c., 1822-27 ... 108 10 0 106 10 0 N Z. 8 p.o., 1938-51 108 15 0 109 0 0 KZ. 4 p.c., 1929 93 16 0 95 7 6 V.Z. Si p.c., 1940 83 2 6 83 12 6 V.Z. 3 p.c.. 1945 76 0 0 76 0 0 K.5.W. 64 p.c., 1930-40 ... 106 5 0 106 5 0 JI.S.W. 6 p.c.. 1930 40 ... 104 12 6 104 15 0 K.S.W, 5| p.c., 1922-23 ... 101 0 0 101 10 0

N.S.W. 4 p.c., 1923 ... 91 17 0 91 17 6 K.S.W. 3 p.o., 1930-50 ... 83 0 0 83 0 0 N.S.W. 3 p.c., 1935 ... 76 7 6 76 12 6 Victoria 5 p.c., 1930-40 ... 103 5 0 103 0 0 Victoria 3J p.c., 1921-26 ... 98 0 0 98 6 0 Victoria 3 p.c., 1929-40 ... 79 12 6 79 2 6 Victoria 7J p.c., 1929-49 ... 72 12 6 72 17 6 Q’land 6 p.o., 1930-40 ... 103 17 6 103 17 G Q’land 34 p.c., 1924 89 15 0 90 15 0 Q’land 4 p.c., 1924 99 15 0 99 15 0 Q’land 3i p.c., 1930 ... 91 0 0 91 0 0 Q’land 3 p.c., 1922-47 ... 70 15 0 70 75 0 S.A. 6J p.c., 1920-40 ... 106 5 0 106 5 0 S.A. 3J p.c., 1945 or after 82 10 0 83 5 0 S.A. 3 p.c., 1930 61 0 0 61 0 0 W.A. 6 p.c., 1930-40 104 0 0 104 10 0 W.A. 3J p.c., 1930-35 ... 85 12 6 86 0 0 W.A. 3 p.c., 1915-35 ... 83 0 0 ; 81 0 0 Tasmania 64 p.c., 1930-40 108 7 6 106 7 6 Tasmania 34 p.c., 1920-40 76 10 0 76 10 0 Tasmania 3 p.c., 1920-40 76 0 0 76 0 0