COMMERCIAL CABLEGRAMS.

Otago Witness, Issue 3742, 1 December 1925, Page 21

COMMERCIAL CABLEGRAMS.

METAL MARKET. LONDON, November 27. Copper: Spot, £6O 8s 9d; forward, £6l 8s 9d. Lead: Spot, £35 7s 8d; forward, £35 10s. Spelter: Spot, £39 10s; forward, £3B 3s 9d. Tin : Spot, £286 2s 6d; forward, £*2Bl 7s 6d. Silver: Standard, 32Jd; fine, 34 11-16 d per LONDON, November 28. Antimony: British, £9O per ton; foreign, £Bl.FOREIGN EXCHANGE RATES. LONDON, November 26. The exchange rates are as follows: — Par. Nov. 23. Nov. 2G.

GOVERNMENT SECURITIES. LONDON, November 26. The following are the latest quotations for Government securities, compared with the prices ruling last week Nov. 19. Nov. 26.

with £144.033.000 last week. The proportion of rpcerre has fallen from 21.50 last week to 19.50 this week. Short, loans are quoted at 3 1-8 per cent., and three-month bills at 3 31-32 per cent LONDON WHEAT MARKET. LONDON, November 25. Wheat cargoes are steady, buyers holding off. Argentina advices are less pessimistic. Parcels are dull at 3d decline. CHICAGO WHEAT QUOTATIONS. NEW YORK, November 25. "Chicago wheat: December—new IG2 cents per bushel, old IGO.J; May—new 1595, old 158*. . November 28. Chicago wheat: December new crop 1631 cents per bushel, old crop 162*; May new crop 159*, old crop 158 cents per bushel. QUEENSLAND WHEAT CROP. BRISBANE, November 25. The Wheat Board estimates the wheat crop at 2,000.000 bushels, compared with 2,779,829 bushels for the previous year. The decrease is due to adverse weather conditions. LONDON MARKETS. LONDON, November 26. Wheat cargoes are firm on fewer offers, but are irregular owing to the conflicting news from Argentina. Sales were made at 59s and 59s 9d. Parcels are meeting with inquiry at 6d advance. Liverpool futures: DecemberH2s o*d, March lie Bd, May 11a 5d per cental. The spot trade is fairly active. Australian (ex store), 60s. Flour is firm. Australian (ex store), 41a 9d. Peas and beans are quiet, and prices are unchanged. November 28. Sheep: Canterbury, all 7*d; North Island, 7d ; New Zealand ewes, IJd; Argentine ewes, 43d. Lambs: Canterbury light lid, medium BJd, heavy BJd, seconds 9Jd ; other selecteds light lid, medium Bjd ; North Islands, both 9a-; Australian firsts, Victorian 9|d, others 9*d; Seconds, Victorian, 9*d; others, B|d; thirds, BJd; Argentine firsts, light lOJd; medium Bd, seconds BJd. Frozeu beef : New Zealand fores 4Jd, hinds 4*d; Australian hinds, 4|d. Chilled beef: Argentine foreß 4Jd, hinds 58d. The frozen meat trade is very depressed, buyers showing little interest, despite reductions in price TJie weakness is largely due to the knowledge that half a million sheep, and 1,125,000 lambs are afloat from

New Zealand, Australia, and Argentina, and that fairly heavy stocks are here already, particularly of medium and heavy-weight New Zealand lambs, which are almost unsaleable. Large supplies of cheap chilled beef are also affecting the market generally. —A. and N.Z. Cable.

November 28. Cotton: Life:poof quotation, December delivery, 10.45 d per lb.

Rubber: Fine hard Para, 51d; smoked ribbed sheet, 532 d per !b. Jute: Indian native, first marks, DecemberJauuarv shipment, £6l 10b per ton. New Zealand hemp: November-January shipment, £4O 10s per ton. Copra: Bagged South Sea. sovember-De-cember-shipment, £29 7s 6d per ton. Linseed oil, £37 10s per ton. equal to 3s per gallon. Turpentine, 73s per cwt, equal to 5s 6*d per gallon.DAIRY PRODUCE. LONDON, November 26. Rutter i 3 quiet. Danish, 218 s; others, unchanged. Practically the whole of the Cathay's butter was badly oil-tainted. The extent of the damage has not been ascertained, but consignees contemplate making heavy claims. Cheese is quiet. New Zealand, 212 sto 2145. LONDON TALLOW MARKET. LONDON, November 25. (Received November 26, at 8 p.m.) At the tallow sales 1534 casks were offered and 751 were sold. Prices were unchanged. LONDON HIDE MARKET. LONDON, November 26. At the hide sales the nominal quotations were:—Salted, 30-40 lb, 7Jd; 40-50 lb, 7*d ; 501 b and upwards, 7Jd; dry salted, 20-30 lb, lOd; 30 401 b, 9£d.EXCHANGE RATES ON PARIS. LONDON, November 25. The franc in London this morning was quoted at over 129, and closed at 128.55. P. AND O. SHARES. LONDON, November 26. P. and O. shares are quoted at £250. SOUTH AFRICAN LOAN. LONDON, November 26. The South. African loan has been fully subscribed. Dealings commenced at oneeighth per cent, premium. AUSTRALIAN MARKETS. MELBOURNE. November 26. Hides are irregular. Kips declined *d to Jd and mediums Jd to *d. SYDNEY, November 26. Wheat, 5s lOd. Oat 3: White Giants, 6s; Algerian, 4s 6d to 4s 9d. Maize: Yellow, to Gs. Potatoes: Tasmanian, £ls; local new, £l7 to £lB. Onions, £lB. ADELAIDE, November 26. Wheat : Growers’ lots, old, 5s BJd; new, 5s 8d to 5s BJd. I Oats, 3s 3d LONDON WOOL SALES. LONDON, November 23. The Bradford tops market was easier, with quotations in buyers’ favour. There was fair inquiry for merinos, but crossbreds were quiet. LONDON, November 25. At the. wool sales there was more general competition in all classes. The opening rates were fully confirmed. New Zealand “Mairoa” realised 18d and 17Jd. November 26. The London wool sales were postponed owing to fog. The Bradford market shows very little business passing, and quotations are slightly easier all round. Sixty-four’s quality, 4s sd; sixties, 4s Id; fifty-sixes, 24Jd; forties, 24d .- CHRISTCHURCH WOOL OFFERINGS. CHRISTCHURCH, November 25. A.ll offering of 18,000 bales will be made at the wool sale, which is to open in Christchurch on December 2. The number is the maximum allocated bv the Wool Committee for this sale. THE BREADSTUFFS AND PRO. DUCE MARKETS. '"riday evening. Private cable advice from England reports that steady shipments of wheat are being received into the United King doni, and that moderate stocks are held there. It is said that Canada is meeting little competition for early shipment, and that sellers there are holding for tinner prices. Argentina is following suit. Europe has reduced overseas purchases partly owing to adverse exchange rates, but also because European countries are receiving large home-grown supplies. United Kingdom millers are said to be buying almost constantly. The condition of the Argentine crop is reported to be excellent, and it is estimated tha' there will be a surplus of .184,000,000 bushels. Previous estimates of the Canadina crop are maintained, and rain in India has caused improved prospects there. Wheatgrowers in New Zealand have expressed dissatisfaction at the prices that, they have obtained for their produce (says the Australasian). At conferences between them and the millers price arrangements have been arranged from time to time and at lei els that growers in Australia would regard ns attractive. Still, despite this, many farmers in New Zenland have threatened to reduce sowings of whent on the grounds that realisations were inadequate, and, apart from seasonal eon lit lons, a smaller area planted may be responsible for the advice from the Dominion that there would probably be a shortage of wheat there this season. In the lust two or three years New Zenland has imported fairly large quantities of wheat from Australia, and, in ease of production falling below consuming needs this year, it may he expected that supplies again will be drawn from the Commonwealth. A moderate trude has also been done in flour with Ihe Dominion suice the removul of the embargo placed upon the importation of this commodity.

For the 10 mouths enled October 31, Victoria n exports of wheat wore considerably in excess of those for the preceding year, the total nt 15,347,750 centals, or 25,579,437 bushels, comparing with 15,634,103 bushels. The increase is due to the larger yield gathered for the season. Flour shipments for the 10 months show a falling off in volume, the total of 2,084,002 centals, or the equivalent of 6,441,005 bushels of wheat contrasting with 3,474,067 centals, or the equivalent of 8,339,201 bushels or wheat

The total wheat and flour exported for the term was equivalent to 32,021,042 bushels of whert, against 23,973,304 bushels for last year. 1925-26 WHEAT CROP. The executive of the North Canterbury branch of the New Zealand Farmers’ Union decided at its meeting on Wednesday to accept the invitation of the MidCanterbury branch to attend a conference at Ashhiuton on Thursday next between representatives of the Government, the Wheat Board, merchants, millers, and poultrymen, to discuss the question of fixing prices for the 1926-27 wheat crop and to receive the report of the delegation to the Minister of Agriculture concerning wheat control. The Chairman (Mr J. D. Hall) and Messrs A. M. Carpenter and J. R. Cullen were appointed to represent the executive at the conference. Mr F. A. Wagner said the Ellesmere branch was of the opinion that 7s was necessary to induce farmers to grow whent. Mr A. M. Carpenter (Hangiora) said it had beCn decided by his branch to grow wheat along the lines agree! on at the recent Ashburton Conference. Hud rain not affected the position there was no doubt that a full quota of wheat would have been put down this year in that district. The branch was wholly in favour of a conference being held to consider the question of the fixa lion of price. It was reported that the Ilalkelt branch was of the same opinion as the Hangiora branch. A letter wus received from the Cust-West Eyreton branch stating that the following resolutions had been carried at a meeting held on Tuesday: (1) That this branch desires to affirm the principle of controlled and guaranteed prices for all classes of wheat. (2) That we further think that arrangements for prices for the 1926-27 crop should now lie completed so as to allow us to make our preparations for the next sowing. (3) That in the opinion of this branch there should be monthly increments of Jd, commencing from March 31. It was decided to have a preliminary conference of Farmers’ Unions’ representatives at Ashburton prior to the big conference. The Chairman suggested that an endeavour should be made to get representatives of branches to supply particulars as to the area under oats. This was done last year, and if it could be repeated the information received would prove of great assistance. It was decided to take the necessary steps to obtain the information. LOCAL MARKET'S. There is practically nothing to report regarding the milling wheat market. Millers are still working on their stocks, and picking uf) odd lines wherever possible. It is a matter for some surprise that local millers have so far not found it necessary to obtain supplies of Australian wheat. One Dunedin miller, however, landed a cargo of some 10.000 sacks a few weeks ago, and the foresight displayed should enable him to face the position till the new wheat is available without any concern. Merchants are now drawing on Canterbury for their supplies of fowl wheat, and are paving round about 6s lOd on trucks, South Canterbury stations. The consumptive demand is nothing beyond the ordinary. A beautiful sample of Adelaide wheat arrived at Auckland by the Kaiapoi, and sold well at 8s 6d in a bare market, the price being lower on account of the Customs duty being remitted. Millers’ prices for flour remain unchanged as follows :-2001b £lB 10s; 100’s. £l9 10s; 50’s. £2O 2s 6d; 25’s, £2O 10s. Bran, £8 10s per ton. Pollard, £9 10s. Oatmeal. 25’s, £25; 2Co's, £24. Little business is passing in oats. A few lines are coming forward from Canterbury. The demand from consumers, either locally or in the North Island, is on the small side. Shipping values are much the same as they were a week ago, —nominally. 4s lOd f.0.b.. s.i.. for A gartons and 4s 6d for B's. These prices are equivalent to 3s 9d and 3s 6d respectively on trucks at country sidings. The steady demand for perennial ryegrass continues, and prices have again firmed. Hood quality 271b-281b seed is worth 6s per bushel f.o.b. Cocksfoot is also inquired for, and stocks are low. New Zealand-grown is selling readily at Is per lb wholesale. The quotation for Danish is lid per lb. ex store. PRODUCE REPORT. The* chaff market is firmer, and supplies of locally cut are at the present time barely sufficient to meet requirements. Odd parcels have been brought down from Canterbury. Bright, heavy chaff is worth £6 per ton, ex truck, sacks extra, and medium quality £5 to £5 IDs. The potato market continues to sag. and merchants are anxious to quit their holdings as quickly as possible. The only tiling that is keeping tne market from collapsing is that the lateness of the season has prevented new potatoes coming on the market in any quantity. The consignments coming from Canterbury are fairly hard to place, and the demand is confined to sound, freshly-picked lots. Any other quality is very hard to sell. Dairy butter, separator pats, has been reduced Id per lb. Current wholesale prices for produce lines are as follows : Chaff, £5 15s to £6 per ton. Potatoes, £7 per ton. Dairy Butter.—Best milled, bulk, Is 3<l per lb, according to quality ; separator pats, to le Id. Eggs.—Stamped, Is 8d : case, Is 7d. Bacon.—Rolls. Is 4d per lb. Hams, Is 4cl per lb; boneless. Is 4d. Canadian onions, 30s per ca6e of 951 b. FRUIT REPORT. Some 2000 cases of Canadian apples have arrived on the market. The arrival of the overseas fruit has affected the market for Sturmers out of cool stores, and these have dropped 2s to 2e 6d per case. The Manuka brought over 2000 cases of citrus fruit, principally oranges. The cold weather has affected the sale of ripe bananas. The next shipment of Fiji bananas is due to arrive early in December. These will have to meet tbs Christmas demand, as further supplies will not arrive till late in December. Fairly large supplies of Christchurch hothouse-grown tomatoes have come forward. Prices range about 2s per lb. Cucumbers are arriving from North Auckland. The demand for asparagus has eased a little. Green gooseberries meet n good demand. Green peas are still firm in price. Fair supplies are coming forward. Locally-grown new potatoes have firmed in price Noithern grown cannot now be sold at under 3Jd per Ih, os the prices have firmed in Wellington. Rhubarb has a f nir sale. Lettuce are in plentiful supply.

Good cabbage and cauliflower* bring high prices. Some new season’9 carrots have reached the market All other vegetables meet a leudy sale. Current wholesale prices are as follow: Apples.—Stunners J4s to 15s per ease. American 21s Oranges.—Valencias 22s 6d per case. Pears.—Dessert 7s to 8s per case. Lemons 21s per case. Bananas.— R ipe 35s Tomatoes, North Island, hothouse, Is 6d to Is lOd per It; Christchurch, 2s to 2s 3d per lb; local, to 2s 4d per lb. Cucumbers 12s to 16* per dozen. Cherries.—Dark Is 6d to 2s per lb; light 8d to Is per lb. Strawlierries. —Extra choice to 2s 3d per pottle; others lOd to Is 6d per pottle. Cabbages.—Up to 15s per sack of two dozen; loose prime to 8s 6d per dozen; small 2s to 3s per dozen. Cauliflowers to 18s per suck of a.\out 18; loose, to 16s per dozen. Carrots, old. 2$ 6d oer small case; new, 2s per dozen bundles. Gooseberries 4Jd to 6d per lb. Asparagus 8s 6d per dozen bunches. Now Potatoes.—Local grown, 6d to 7Ja per lb; Auckla&d, 3*d. Poas 6d to 7d per lb. Rhubarb 3Jd to 4Jd per lb. Lettuce.—Choice 4s to 5s per dozen; others from Is 6d to 2s 6d Parsnips Is per small case. Spinach 3s to 3s 6d per dozen bunches. White turnips to 2s per dozen bunches. Spring onions 4d to 6d per bundle of six bunches. Radishes to Is per dozen bunches. MERCHANDISE MARKET. The Wingatui is due from Auckland on Wednesday with a cargo of sugar. The Waipahi will follow with supplies on December 7, and the Katoa is expected on the 18th. Supplies cf the new season’s figs, Jordan almonds, and dates have come forward during the week. Prices show little difference oH those previously ruling. Merchants are meeting a keen demand for all these lines. Merchants are looking forward to the nr* rival of the Waihemo . with, supplies of seeded and seedless raisins, new season’s salmon, etc. Stocks of either salmon or raisins are not heavy. This vessel will also bring oil, bleached sultanas, and pilchards. Canadian tinned peas are now unprocurable from merchants. Fresh lines are on board the Canadian Explorer and the West Islip. A fresh supply of Melbourne-grown onions is due to arrive on December 10. Army Club cigarettes, tens and twenties, are short in wholesale bands. A shipment is expected ex Wingatui, transhipped at Wellington. The market could do with further supplies cf new season’s cheese. Matured cheese is practically unprocurable. The outputs of factories are now being shipped 4° London. Chinese peanuts and walnuts are expected here, ex Waikouaiti. transhipped at Sydney. Merchants are making their annual appeal to grocers to send in tneir Christmas orders early, and thus save as much as possible the last-hour rush. The wise grocer sees that his ordinary orders are in as early as possible. It is the procrastinating grocer who causes trouble. With their ordinary orders cleared, merchants can handle easily the last-day rush for small, emergency lines. There is no reason for the clamour from grocers that their orders should be filled without a moment's delay right up to ths closing time on Christmas Eve. The clamour is caused by lack of ordinary foresight.

Paris, fr. to £1 25.224 126.65 126.95 Brussels, fr. to £1 25.224 107.35 106.95 Oslo, kr. to £1 18.15!) 23.80 23.79 Copenhagen, kr. to £1 ... 18.159 19.46 19.47 Stockholm, kr. to £1 ... 18.159 18.10 18.12 Berlin, reichmkn. to £1... 20.43 20.35 20.35 Montreal, dol. to £1 ... 4.66] 4.84 4.83J New York, dol. to £1 ... 4.86| 4.84 7-16 4.84 Rome, lire to £1 25.224 119.62 119.87 Yokohama, 6t. to yen ... 24.58 214 214 Calcutta, st. to rupee ... 24.00 18 3-16 18 3-16 Hongkong, st. to dol. ... * 28| 283 Amsterdam, guild, to £1 12.107 12.04 12.05 Batavia, guilders to £1 12.107 11.97 11.98 • Governed by price of silver.

£ s. d. £ s. d. Imperial Con=nls, 24 p.c. ... 55 5 0 55 10 0 War loan, 5 p.c., 1929-47 ... 100 5 0 100 7 6 War loan 3} p.c.. 1025 28 ... 97 5 0 97 7 6 Conversion loan, 3.1 p.c., ... 75 5 0 75 5 0 C’wcalth. 6 p.c.. 1031-41 ... 103 17 6 103 17 6 C’wealth, 5* p.c., 1022-27 ... 100 5 0 100 5 0 N.Z., 6 p.c., 1026-51 ... ... 108 12 6 108 10 0 N.Z., 4 p.c., 1020 ... 95 15 0 95 15 0 N.Z., 3J p.c., 1010 ... 85 7 6 85 10 0 N.Z. 3 p.c., 1045 ... 76 12 6 76 17 6 N.S.W.. 64 p.c., 1030-40 ... 105 0 0 105 0 0 N.S.W., 6 p.c., 1030-40 ... 102 0 0 102 2 6 N.S.W., 5-J p.c.. 1022-32 ... 100 2 6 100 5 0 N.S.W., 4 p.c.. 1033 ... ... 91 15 0 92 5 0 N.S.W.. 31 p.c., 1030-50 ... 82 17 6 82 12 6 N.S.W.. 3 p.c., 1025 ... ... 76 17 6 76 10 0 Vic. 51 p.c.. 1030-40 ... 101 7 6 101 2 6 Vic. 3 p.c.. 1021-26 ... ... 100 0 0 90 12 6 Vic. 34 p.c., 1029-40 ... 78 15 0 78 15 0 Vic. 34 p-c.. 1020-49 ... 73 0 0 73 0 0 Q’land. 6 p.c., 1030-40 ... 103 2 6 103 5 0 Q’land. 34 p.c., 1030 ... 92 5 0 92 10 0 Q’land. 3 p.c.. 1023-47 ... 70 2 6 70 15 0 S.A. 61 p.c., 1930-40 ... ... 105 0 0 105 2 6 Pi. A. 31 p.c., 1030 ... ... 84 0 0 84 5 0 S.A. 3 p.c.. 1016 or after ... 62 0 0 61 2 6 W.A. 6 p.c., 1030-40 ... ... 103 15 0 103 15 0 W.A. 34 p.c., 1020-35 ... ... 87 0 0 86 10 0 W.A. 3 p.c., 1015-35 ... ... 83 17 6 84 0 0 Tap. 6* p.c.. 1030-40 ... ... 105 7 6 105 5 0 Tas. 34 p.c., 1020-40 ... ... 83 15 0 84 0 0 Tap. 3 p.c., 1020-40 ... ... 80 O 0 80 0 0 bank op England return. LONDON November 26. The Rank or Englam return for the week ended on Wednesday is as follows ISSUE DEPARTMENT. Note cireulation .. £141,953.000 Notes in reserve 22,683,000 £164,636,000 Government debt ntnres £11,015.000 Other securities 8.735.000 Coin and bullion ... 144,886.000 £164.636.000 ~ BANKING DEPARTMENT. Authorised capital ... . .. £ 14.553.000 Public deposits 14.274,000 Other deposits 111.441,000 Rest 3.209.000 £143,477.000 Government securities £41.598.000 Other securities 77,348 000 22.683.000 Coin in reserve 1.848,000 £143.477,000 The note circulation ip £141.953000. compared