COMMERCIAL CABLEGRAMS

Otago Witness, Issue 3714, 19 May 1925, Page 21

COMMERCIAL CABLEGRAMS

THE METAL MARKET. LONDON, May 14. Copper: Spot,' £6O 63 3d; forward. *6l 3s 9d. Lead: Spot. .£3l 16s 3d; forward, £3l 13a Od. Spelter: Spot, £34; forward. £33 7s 6d. Tin: Spot, £244 7s 6d; forward, £241 7s 6d. Silver: Standard, 31 3-16 d per oz.GOVERNMENT SECURITIES. LONDON, May 14. The following are the latest quotations for Government securities compared with the prioes ruling last week: —

* Indicates ex interest. FOREIGN EXCHANGE RATES. LONDON, May 14.

BANK OF ENGLAND RETURNS. LONDON, May 15. The Bank of England return for May 14 affords the following oomparsion with the return for the

TIIE WHEAT MARKET. LONDON. May 13. Wheat cargoes are threepence to sixpence dearer at 58s 7£d to 59s (id. Parcels are in steady request, and are la dearer at 60s to 60s 6d. Wheat cargoes are quiot and tending lower on American bearishness. Parcel* are 3d to 6d dearer owing to a stronger, demaud and also scarcity. Liverpool futures: May-July shipment, unchanged; October, lls sd. The spot trade is quiet and rather easier. Australian, ex ship, 61 g 6d per quarter. Flour is steady. Australian, ex store, 44» 6d. Barley is firm. Oats: Steady. Peas and beans: Quiet. Sugar: Granulated, 31a 74d.NEW YORK, May 13. Chicago wheat quotations: May 161 cents per bushel, July 148 J, September 141$. May 15. Chicago wheat is quoted as follows:—May 168 cents, July 152 ceuts, September 113 cent* per bushel. May 18. Chicago wheat: May 171, July 1535, September 144 i cents per bushel.LONDON, May 16. Wheat cargoes are steady owing to the smaller shipments, but the demand is quiet. Parcels are steady at late rates. Cargo ex an unnamed vessel on passage was sola at Hull at 60s 3d. Liverpool futures are quoted: May 12s 4sd, July 12s 3£d, October lls 6id.LONDON MARKETS. LONDON, May 15. Apple prices are Gd to 13 below Wednesday’s level, chiefly due to the lessened Goa‘tintental demand. Wheat cargoes firmed on a stronger American demani. Closing reports are that a good demand prevails. Parcels arc in request at Is dearer. Sheep: Canterbury light B£d, medium 74d, heavy 6gd; North Island light Bsd, medium 7d, heavy 6Jd; New Zealand owes, 5$cLJ Argentine light, 7sd. Lambs: Canterbury light 12Jd, heavy 10*4 seconds, llgd; other selecteds—Light Is, medium 11-Jd; North Islands firsts, llgd; Argentine light lid, medium lO^d. Frozen beef: New Zealand fores, 3Jdl Australian crops, 3Jd; Argentine fores 3sd # hinds s£d; Uruguayan fores 2|d, hinds 4|d; chilled Argentine fores 3£d, hinds (>fd; Uruguayan fores 3gd, hinds 6&d. Cotton: Liverpool quotation, American middling upland June delivery, 11.97 d per lb. Rubber: Fine hard Para, 22d per lb; nlantation first latex crepe, 29|d; smoked ribbed sheet, 313 d. The strong European demand is pronouncedly influencing rubber prices, and the statistical position is uncertain. Consequently there has been the keenest forward speculative buying, under which price* have substantially advanced. Jute: Indian native first marks, May-June shipment, £l9 10a per ton; new crop, August shipment, £4O ss. New Zealand hemp: May-July shipment, £36 10s per ton. Copra: South Sea bagged, May-June shipment, £29 5s per ton. Linseed oil, £45 per ton, equal to 3s per gallon. Turpentine, 79s 6d per cwt, equal to Gs per + gallon. Antimony: English, £69 10s to £7O per ton; foreign, £59 to £6O. BUTTER AND CHEESE. LONDON, May 14. The butter market is quiet and prices ar® slightly easier all round. New Zealand choicest salted, 168 s, 170®, unsalted, I6os, 162 s per cwt. Cheese: Dull. New Zealand, 945; Australian, 90s per cwt.* TALLOW SALES. LONDON, May 13. At the tallow sales 1062 casks were offered and 985 were sold. Mutton advanced 3d to 6d per lb and other sorts 6d to Is per lb. The quotations for mutton tallow are 45s Gd, 435, and 42s 9d. EMPIRE FRUIT AND BACON. LONDON, May 15. The Fruit section of the Imperial Economic Committee is investigating a method to enable purchasers to identitfy Empire fruit in shops. Among the witnesses was Mr Booth (West Australia), and Mr Attwood (New Zealand). The meat section is drawing attention to importation of Empire bacon.THE PRICE OF STERLING. NEW YORK, May 15. Sterling is quoted at 4 dollars 85| cent* in the £l. AUSTRALIAN MARKETS. SYDNEY, May-- • 14. Oats. —White Giants, 4s 6d; Algerian, 3® 9d. Maize. —Prime yellow, 4s 9d; white, 4s 6d. Potatoes, £8 to £lO. Onions.—Victorian, £l4 10s to £ls 10s. ADELAIDE, May 14. Oats, 2s to 2s 3d. LONDON WOOL SALES. LONDON, May 11. Further London wool sales have been fixed to commence on July 7, September 16, and November 24 The Bradford tops market has improved in tone, and confidence is slowly returning, particularly in regard to merinos.May 12. At the wool sales there was good brisk bidding for all greasy wools, and prioes wer* firm.May 13. At the wool sale there was a buoyant and confident tone in all classes. The Ugbrooke clip (New Zeuland) realised 24£d and 23id per lb.THE OAMARU MARKETS. (From Oub Own Correspondent.) OAMARU, May 16. The weather during the week has been very mixed, combining light rain on occasions, some frosts that were fairly never® in places, days of bright, warm sunshine, days with wintry cold wind, and nights equally varied. Altogether, howevor, it ha* been good weather for the country, for il lias induced a nice growth in sunny situations, and pasture lands are pretty generally wearing a mantle of green, though as yet not suitable for grazing over. The catch crops sown for feed purposes have made good growth, and will prove of value for carrying stock through the winter. The recent good rains put the land into condition for breaking up for cereals, and a considerable amount of ploughing has boen done. The sowing of wheat has commenced in earnost, and, indeed, at least in one field near the town the youn* wheat is breaking through the ground. Notwithstanding all that has been said about oeasing the growing of wheat the indications ar* that there will be a full winter sowing on the basis of reoent years' experience. Merchant® very

generally report a good amount of seed going •ut. and orders indicate that some farmers Will have fair-sized areas under crop. A Humber of farmers, too, are obtaining supplies of manure with which to refresh their land. This looks like business. There is a very general hope that a real winter will be experienced—a winter of sufficient severity to kill of! the infinite variety of pests that last year flourished under the mild conditions and sorely discounted what at one time promised to be a bountiful harvest. There has been a lack of activity in the grain and produce market, business being almost wholly confined to the handling of wheat. Holders of this cereal in the country have shown a readiness to sell at the current piice3 offered by millers, with the result that a large number of sales are reported. But the total amount that has passed out cf growers' hands has not been great, for the sales have been generally in very modest lines, the largest being two of 600 sacks each, both mixtures of Hunter’s %nd Tuscan. No lines of any moment remain in the country, and probably a few weeks will see the W’bolo output of the season disposed of. Oats have not been offering at all freely, and samples submitted have been undergrade, for which there are few buyers. One line of this description changed hands at a country station at 5s net. Tho sale is also reported of a lino of good feed Algerians at fls net at a country station. There has been no business in barlev. feeds, or potatoes, and tho only sale of chaff reported was a parcel of fairly light oalenslieaf. taken at a country station Pt <3 15s net

SOUTHLAND MARKET REPORT. (From Our Own Correspondent.) INVERCARGILL, May 15. This has been a broken week and markets Lave been almost entirely inactive. Some tales of oats were put through in the previ ous week on tho basis of 4a 7Jd, f.0.b., s.i., for A Gartona. but merchants locally ore disinclined for business at theso figures. Up io aa high as 5s 2d, f.0.b., s.i. has been obtained for certainly a particularly fine lot of tuper A sparrowbill. Thie can hardly be taken a# a guide for market value, still t Would be difficult to find tellers of A grade Gartona at 4a 9d—only rarely ore oata now offered by growers, and cartainly the ma-

jority of the crop is now in merchants’ hands. Chaff has been offering freely by growers, aud the market as a natural consequence has somewhat receded, but the price is still much in excess of northern values. Prices to growers for prime quality chaff do not now exceed £4 16s. bn trucks. Occasional lines of ryegrass are still being offered by growers who almost invariably prefer to hold on rather than accent the price which is now being offered by merchants. There has been a fair inquiry from northern centres, but buyers’ ideas of values are too low to bo seriously considered oy local merchants, who base their ideas of prices on the basis of 56 9d ner bushel for 271 b to 28lb machine-dressed seed HORSE SALE. Messrs "Wright, Stephenson, and Co. report having held a sale of horses at their Dunedin noree ealeyards on Friday. The entry was a small one, and comprised very few really good geldings. There were several country buyers at the eale in search of gooa plough horses, and any suitable sorts of this description met with good competition at satisfactory prices. Of the 60 horses entered at least 75 per oent. were of very medium quality and there was practically no competition for this class. The bulk of the entry ,was disposed of, and the following are so mo of the prices received: —Geldings, £45. £44 10a, £lB, and several others at from £37 to £4O. Spring-carters sold from £25 to £35, but weedy and aged sorts wore, as usual, a drug on the market, and gold at very low prices.

Last Week. This Week. Imp. Consols, 2J p.o. ... £56 15 0 £56 10 0 War Loan, 5 p.c., 1929-47 100 0 0 99 15 0 War loan, 3$ p.o., 1925-28 96 7 6 96 5 0 Conv. loan, 3£ p.o. 76 10 0 76 6 0 C'wealth 6 p.c., 1931-41 104 7 6 104 2 6 C’wealth 5J p.o., 1922-27 *99 15 0 99 17 6 N.Z. 6 p.c., 1936-61 ... 110 5 0 110 0 0 N.Z. 4 p.c., 1929 95 7 6 95 0 0 N.Z. 3} p.c., 1940 85 0 85 2 6 N.Z. 3 p.c., 1945 76 0 0 76 0 0 N.8.W. 6J p.c., 1930-40 ... 106 2 6 106 5 0 N.S.W. 6 p.c., 1930-40 ... 103 5 0 103 0 0 N.S.W. 53 p.c., 1922-32 ... 100 5 0 100 2 6 N.S.W. 4 p.c., 1933 92 10 0 92 7 6 N.S.W. 3$ p.c., 1930-50 ... 82 5 0 82 10 0 N.S.W. 3 p.c., 1935 ... 78 12 6 78 10 0 Vic. 51 p.c., 1930-40 ... 101 17 6 101 17 6 Vic. 3$ p.c., 1921-27 ... 99 10 0 99 10 0 Vic. 3 p.c., 1929-40 ... 73 17 6 73 0 0 Vic. 3$ p.o., 1929-49 ... 78 0 0 78 10 0 Q'laml 8 p.c., 1930-40 ... 105 0 0 105 0 0 Q’lanrl 3$ p.c., 1930 ... 92 5 0 5 0 Q’lanrt 3 p.c., 1922-47 ... 71 7 6 71 0 0 S.A. 6J p.c., 1930-40 ... 106 5 0 106 5 0 S.A. Si p.c.. 1939 84 0 0 84 0 0 S.A. 3 p.o., 1916 or after 63 0 0 63 0 0 W.A. 6 p.c., 1930-40 ... 104 2 6 104 0 0 W.A. 3$ p.c., 1920-35 ... 87 17 6 87 15 0 W.A. 3 p.c., 1915-35 ... 82 12 6 82 0 0 Tas. 6i p.o., 1930-40 ... 105 17 6 106 2 6 Tas. 3J p.c., 1920-40 ... 83 17 6 15 0 Tas. 3 p.c., 1920-40 ... 76 10 0 77 0 0

The exchange rates ore as follow :—• May 14. May 11. Paris, fr. to £1 ... 93.0A 08.06 Brussels, fr. to £1 ... 96.0 A 90,06 Oslo, kr. to £1 ... 28.73 28.77 Copenhagen, kr. tc » £1 ... 36.78 ... 18.14 2-».77 Stockholm, kr. to £1 18.15 Berlin, reichinurkc n to £1 ... ... 20.38 20.03 Montrenl, dol. to £1 ... 4.84* 4.8AJ New York, (lol. to £1 ... 4.H1J 4.8- r »j Rome, lire to £1 ... 118* 118* Yokohama, »t. to ... 209 20 13-18 Hongkong, at. to .'lol ... 37* 27* Calcutta, st. to rpi Amsterdam, guild* >. 10 to £1 ... 17 11-16 18 vs to £1 ... 12.07 12.07* Batavia, guilders to £1 ... ... 12.07 12.07*

previous week May 7. May 14. Coin nnd bullion £152.858,000 £151,831,000 26,146,000 25,761,000 Notes in circulation ... 148.288,000 147.606,000 Government, deposit* ... 11,021,000 17,426,000 Other deposits 107,717,000 102,159,Out) Government securities ... .17,610,000 33,302.000 Dlsoounts nnd advances 72,735,000 78,332.000 proportion of reeenra to liabilities 22.02 21 50 Three months’ billa • 4J Short loans n 3|