COMMERCIAL CABLEGRAM.

Otago Witness, Issue 3713, 12 May 1925, Page 21

COMMERCIAL CABLEGRAM.

METAL MARKET. LONDON, May 4. Copper.—Spot, £59 18s 9d; forward, £6O 13s 9d. Lead. —Spot, £3l 10s. Spelter.—Spot, £34; forward, £32 17s 6d. Tin.—Spot, £258 7s 6d; forward, £241 7s 61 Silver.—Standard, 31 5-16 d; fine, 33 13-16 d per ounce. May 7. Copper, £59 18s 9d to £6O 18s 9d per ton. Lead. £3l 2s 6d to £3l 7s 6d per ton. Spelter, £34 2s Gd to £s3 2s 6d. Tin, £240 3s Sd to £242 6s 3d. Silver: Standard, 31gd per oz; fine, 33£d per oz.BANK OF ENGLAND RETURNS. LONDON, May 7. The Bank of England return for Wednesday, May 6, affords the following comparison with the return for the previous week :

The great increases in coin and circulation are due to adjustment occasioned by the transfer of 27,C00,000 in gold from the Currency Note Redemption Account of the Treasury to the Bank of England. FOREIGN EXCHANGE RATES.

GOVERNMENT SECURITIES. LONDON, May 7. The following are the latest quotations for Government securities oompared with the prloes ruling last week:— Last Week. This Week. Trnn Hnnanlo *>l n n f. 17 H O IE n

\ WHEAT MARKET. CHICAGO, May 6. Wheat is quoted as follows:—May shipment 166 cents per bushel, July shipment 151£ cents September 148 cents. May 7. Wheat: May shipment 161 J cents per bushel, Julj-September 153 cents, Septeinuer 146 cent 9.-

LONDON. May 8. Wheat cargoes are firm owing to strong closing advices from America and Winnipeg. Quotations, however, are but slightly changed, and the demand is not active. Parcels are in quiet request at an occasional threepence advance. Liverpool futures are quoted as follows: May. 12s 4Jd; July, 12s 4|d; October, 11s Bid.‘ NEW YORK, May 8. At Chicago wheat is quoted as follows: May shipment, 169 cents per bushel; July, 156* cents; Sepetmebr 149 cents. May 9. Chicago reports as follows:—Wheat: May shipments, 162 J cents per bushel; July, 156 J cents; September, 143 cents.

LONDON MARKETS. LONDON, May 6. _ At the wool sales there was rather more competition and general interest, but prices remained unchanged. New Zealand “Hiko ” made 44Jd and “Dumgree” 29£d. Tallow.—Bsl casks were offered and 331 sold. Prices are unchanged. Sales of the Waimana’a. apples were: Dunns and Jonathans, 14s to 15s 6d; London Pippins, I4s 6d to 35s Gd. May 9. Sheep: Canterbury, light Bi|d, medium 7£d, heavy Ggd; North Island medium, 7Jd; New Zealand ewes, 6§d; Argentine medium, 6d. Lambs: Canterbury heavy, lOfd. Frozen beef: Argentine hinds, sfd; Urugay fores 3d, hinds 4sd; chilled Argentine fores 3|d, hinds 6gd; Uruguay fores 3sd. hinds 52d; others are unchanged. Cotton: Juno shipment, 12.38 a. Rubber: Para, 19fd; plantation smoked, 25£d. Jute: May-June shipment, £SO 5s per ton; new crop, August, £42. Hemp: May-July, £36 10s per ton. Copra: May-June, £29. Linseed oil, £45 6s per ton. Turpentine, 82s per cwt. Antimony: English, £64 15s per ton, foreign, £56 10s per ton.NEW ZEALAND PRODUCE. LONDON, May 7 Wheat cargoes have firmed from Gd to Is owing to the strength of the American markets and Winnipeg advices, and better inquiry for Australian, in which good business is done. Parcels are fair and trade has advanced from 9d to Is. Liverpool futures: May 12s 3|d, July 12s 3|d, October lls 7d. Spot trade shows fair business and prices are generally higher. Australian, ex store, 60s to 625. Flour is steady. Australian, ex store, 44s Gd. Barley is firm. Oats are firm. A Gartons 32s to 345, B 29s to 3ls. Peas are inactive. Tasmanian Blues, 340 s to 3605; New Zealand, 300 s to 310 s; Maples, Tasmanian, 70s to. 755; New Zealand, 60s to 70s. New Zealand beans, 45s to 475. Sugar: Granulated, 31s l|d. BUTTER AND CHEESE. LONDON, May 7. Butter is quietly steady. New Zealand choicest salted, 170 sto 1725, exceptional quality 1745, unsalted 172 sto 1765; Australian 1603 to 1625, unsalted 162 s to 1665. Cheese is dull. New Zealand coloured 955, white 965; Australian coloured, 925. AUSTRALIAN LAMB. WELLINGTON, May 4. The New Zealand Meat Producers’ Hoard has just received a cablegram from its representative in Australia advising that 16,427 carcases of lamb were exported from Australia for fortnight ended May 1

BRITISH MEAT MARKET. LONDON, May 3. The directors of the English and Dutch Meat Company, referring to the sharp fall in the company’s shares and debentures, explain that the conflict among the leading interests in the meat trade has caused such a rise in Argentine cattle that it is impossible to ship Argentine meat to Europe without considerable loss. The company was not participating in the conflict, and was reducing its shipments to a minimum; but it would resume as soon as the conditions were normal, which could not be long delayed. P. AND 0. SHARES. LONDON, May 7. P. and O. shares: Buyers £275, sellers £285 (ex div.). NEW ZEALAND APPLES IN LONDON. LONDON, May 8. Sales of New Zealand apples were made as follows: —Dunns, 14s 6d to 16s; Jonathans, 13s to 16s; King Davids, 13s Gd to 16s; Cox’s, 17s to 20s, a few at 14s 6d.LOW PRICE FOR SUGAR. NEW YORK, April 16. Prices quoted for sugar fell to-day to a new low record, touching 2d a lb, delivered in New York or Chicago LONDON SHARE MARKET. J/ONDON, May 5. Bank of New South Wales, £4O 2s 6d •(ex div.); National Bank of New Zealand, 147 e; Bank of New Zealand, £9O (ex div.) and 55«, New Zealand Loan and Mercantile (ord.), £96 10s. THE RISE IN STERLING. NEW YORK, May 5. Sterling is quoted at 4 dollar* 85$ cents to the £l. PRICE OF GOLD. LONDON, May 5. Gold is quoted at 84a Hid. The exchange rate on New York is quoted at 4 dollars 852 cents to the £l. AUSTRALIAN MARKETS. SYDNEY May 7. Oats: Tasmanian Giants, 4a 6d to 4s 7d; Algerian, 3s 4d to 3s 6d. Maize, 4s Id to 4s 3d. Potatoes, £7 to £9. Onions: Victorian, £l6; New Zealand. £ls. ADELAIDE, May 7. Oats, 2s to 2s 3d. MELBOURNE, May 7. The prices for hides are practically unchanged. May fl. Oats: Milling, 2s lOd to 8e; feed, 2b 8d to 2s 9d. Barley: English, to 6s 6d; Cape, 4s to Is Ad. Potatoes, £6 10s to £4 10s. Onions, £l2 to £l4.

TOPS MARKET. LONDON. May 4. No business is doing in Bradford tops, as everyone is awaiting the opening. RABBITSKIN MARKET. The Diuiedin Woolbrokers' Association (Mcssis Wright, Stephenson, and 00., the National Mortgage and Agency Company. Messrs Dalgety and Co., the Otago Farmers’ Co-operative Association, Messrs Donald Reid and Co., the New Zealand Loan and Mercantile Agency Company, and Messrs Stronach, Morris, and Co.) held its usual sale of rabbitekins on Tuesday, and offered medium-sized catalogues to a full attend ance of buyers. Prices, as compared with last sale’s rates, showed a decline for summers and racks, from 3d to 4d, and for autumns and incoming winters from Id to 2d on late ruling rates. The following price* were attained:—Runners and suckers, 26d to 30d; light racks, 36$d to BS|d; prim# racks, 39fd to 41Jd; early autumns, 49$d tO 53£d; late autumns, 56Jd to 66d; early winters, 01$d to 66Jd; incoming winters, 664 d to Gold; first* broken, 46d to 47$d • second broken, 4ifd to 47d; weevilly, 31 Jd to 89Jd| summer black, 36d to 39jd; autumn blacky 45Jd to 49Jd \ fawns 56Jd to GO^d; hareskius, 302 d to 38$d; horsehair, 18d to 20d. OAMARU MARKETS. (From Ou.r Own Correspondent.) OAMARU. May 9. The rain reported in last week’s -notes was followed by an additional fall, which was particularly heavy, on Monday night and early on Tuesday morning In town a couple of inches was registered in the four days, this being the biggest fall within th* same space of time for ever two years. Though rain was experienced very generally! it was not equally distributed over tha country, some places receiving only about an inch and a-half, while others recorded fully an inch more. The rain has been followeq by good growing weather—bright sunny days and clear cold nights, with an absence of frost of any moment, except well back in the country, where 6ome sharp snaps hava occurred. There has consequently been som* movement in grass, with a promise of % good nibble being available for stock. The accession of moisture has put the ground better condition for breaking up, and some farmers have their teams at work ploughing in preparation for sowing winter wheat. But there is no indication that tha area under this crop will be extended. Indeed, if a number of farmers adhere to their declared intention to go out of the business the area will show a further decline. The fall in the prices of wool and the possibility of a guaranteed price for wheat next season may cause them to revise their programme. It is quite evident that the cereal season is nearing its end in this district, and that stocks of grain in the hands of growers have been reduced to modest compass. Though there is a general readiness on the part of farmers to accept the increased prices for wheat, and a fair number of sales are reported, the gross amount that has changed hands during the week does not reach imposing figures. As for oats, they have scarcely bppn seen on the market during the week, and the only sale reported is a modest line of A grade Gartons, for which 4s net wae given, with delivery in Oamaru. A sale of white clover seed, the first of the season, is reported at 9sd net, at a country station. A little business has been done in table potatoes at £3 15s and £4 net. on trucks. SOUTHLAND MARKETS. INVERCARGILL, May 9. The oats market still has a firm tendency, and forward business to September has transpired at 4s 7£d, f.0.b., s.i., for A grada Gallons. B’s having been sold at 3d per bushel less. Prices to farmers are now a parity with shipping values, 3s Sd to 3s 9d per bushel for A’s with 3d less for B’s, being the quotations. In a large measure the bulk of the oats grown are now in merchants’ hands, and none sliowb much anxiety to sell at present rates, preferring to wail for further increase in values, which it i* anticipated will inevitably follow, thus enabling them to get more near the equivalent of their earlier purchases. Chaff has been offering during the last fortnight greatly in excess of the demand. Deliveries which have come forward from growers have been of a varied character much of it being on the light side. Through the approach of winter and the necessity of better feeding, merchants refuse to bid for light quality, £5 per ton, on trucks, being to-day the best price going for really prime quality heavy oaten chaff. This price is decidedly higher than in northern centres, and precludes all possibility of shipping. A few samples of wheat are occasionally shown by growers, but without any business eventuatingj as one and all are insistent in obtaining 7s per bushel. This price is in excess of milling values, and with so much low-priced fowl wheat coming into the local 9 auction markets from the north merchants naturally refrain from buying. Considerable shipments of ryegraea hay* been made lately for machine-dressed seed in execution of sales made earlier in the year, and this has considerably depleted the stock# in merchants’ hands. Little is now being offered by growers, and for such the best price going is 4s per bushel for well-treated 251 b to 261 b seed As the spring mor* nearly approaches it is anticipated there will be a further demand from northern centres.

Coin and bullion April 29. £153,90(5,000 May 6. £162,856,000 Deserves 27,105.000 26,146,000 Notes in circulation 148,387,000 148,288,000 Government deposits ... 17,048,000 11.021,000 Other deposits 105,481,000 107,717,000 Government securities ... 36,852,000 37,610,000 Discounts and advances 76,245,000 72,735,000 Proportion of resei-ve to 22.12 liabilities Short loans Three months’ hills .. 3J 4 * 33 44

The exchange rate* LONDON, is follow:— May 7. Paris, fr. to £1 Mav 4. 92.65 Mav 7. 93.25 Brussels, fr. to £1 ... 95.65 96.35 Oslo, kr. to £1 28.74 28.88 Copenhagen, kr. to £1 Stockholm, kr. to £1 25.80 18.11 25.76 18.11 Berlin, reichmarken to 21 20.37 20.28 Montreal, flol. to £l New York, dol. to £1 4.84J 4.48| 4.85 4.85$ Rome, lire to £1 • H7l 118$ Yokohama, st. to yen 20| 20 13-16 Hongkong, st. to dol. • *3 27$ Calcutta, st. to rpe. 10 Amsterdam, guilders to o £1 17J 17 15-16 £ 12.064 12.06$ Batavia, guilders to £1 . . 12.07 12.07

Imp. Console, 2| p.o. ... .. £57 0 0 £56 16 0 War loan, 5 p.o., 1923-47 100 0 0. 100 0 0 War loan, 3$ p.o., 1925-28 98 6 0 96 7 7 Oonr. loan, 3J p.o. ... 78 16 0 76 15 0 C’wealth 8 p.o., 1931 41 104 7 6 104 7 6 O’wealth 5J p.o., 1922-27 102 0 0 99 15 0 N.Z. 8 p.o., 1936-51 ... 109 17 8 110 5 0 N.Z. 4 p.o., 1929 95 7 8 95 7 6 N.Z. 3| p.o., 1940 85 5 0 86 6 0 N.Z. 3 p.o., 1945 75 12 8 78 0 0 N.S.W. 6* p.o., 1930-40 ... 106 2 6 106 0 0 N.S.W. 8 p.o., 1930-40 ... 108 0 0 103 5 0 N.S.W. 6| p.o., 1922-32... 100 7 6 100 5 0 N.S.W. 4 p.o., 1933 ... 92 2 0 92 10 0 N.S.W. 31 p.o., 1930-50 ... 82 6 0 82 6 0 N.S.W. 3 p.o., 1935 78 18 0 78 12 6 Vio. 64 p.o., 1930-40 ... 101 16 0 101 17 6 Vio. 31 p.o., 1921-28 ... 1)9 12 6 99 10 0 Vio. 3 p.o., 1929-40 *m 73 12 6 73 17 8 Vio. 31 p.o., 1929-49 ... 78 6 0 78 0 0 Q’land 8 p.o., 193040 ... 106 2 8 105 0 0 Q’land 31 p.c., 1930 • 92 0 0 92 6 0 q’land 3 p.o., 1922-47 ... 71 0 0 71 7 6 8.A. 01 p.o., 193040 ... 108 7 0 106 5 0 8.A. 31 p.o., 1939 83 10 0 84 0 0 8.A. 3 p.o., 1918 or aftar 63 I 0 63 0 0 W.A. Hi p.o., 193040 ... 104 s 8 104 2 6 W.A 6 p.o., 1920-36 ... 87 13 0 87 17 8 W.A. 1 po., 1916-36 ... 82 6 0 82 19 • Tu. 81 p.o., 1930-40 ... 108 7 6 105 17 6 Tu. 81 p.o., 199040 ... 84 9 2 83 17 6 Taa. 3 p.o., 192040 - 7T 1 0 li 10 0