COMMERCIAL CABLEGRAMS.

Otago Witness, Issue 3756, 9 March 1926, Page 23

COMMERCIAL CABLEGRAMS.

LONDON METAL MARKET. LONDON, March 4. Copper.—Spot, £SB 16s 3d; forward, £59 16s 3d. Lead.—Spot, £32 11s 3d; forward, £32 6a 3d. Spelter.—Spot, £34 18s 9d ; forward, £35 Tin.—Spot, £29 7s 6d; forward, £282 7s Gd. Silver.—Standard, 30Jd; fine, 32§d per ounce. FOREIGN EXCHANGE RATES. LONDON, March 4. Tbs exchange rates are as follows

GOVERNMENT SECURITIES. LONDON, March 4. The following are the latest quotations for Government securities, compared with the prices ruling last week

BANK OP ENGLAND RETURN. LONDON, March 4. The Bank of England return for Wednesday v/as ae follows: ISSUE DEPARTMENT. Note circulation £141,720,000 Notes in reserve .. .. .. 22,302,000 £164,022,000 Government debt .. ~ .. £11,015,000 Other securities .. .. .. .. 8,735,000 Gold coin and bullion 144,272,000 £164,022,000 BANKING DEPARTMENT. Proprietors’ capital £14,553,000 Public deposits 13,546,000 Other deposits 106,038,000 Rest, 7-day and other bills .. .. 3,732,000 £137,869,000 Government securities £38,015,000 Other securities .. 76,274,000 Notes in reserve ~ 22,302,000 Gold in reserve .. 1,278^000 £137.869,000 The note circulation is £141,720,000, com pared with £141,138,000 last week, and the proportion of reserve to liability is 19.70, oompared with 18.30. Short loans are quoted at 4 per cent, and three-month bills at 4} per cent. LONDON MARKETS. LONDON, March 6. Cotton: April shipment, 9.45 d per lb. Rubber: Para, 25d; plantation smoked, 28d. Jute: Marck-April, £SO 2s Gd per ton. Hemp: January-March, £39 per ton. Copra: February-March, £2B 17s 6d per ton. Linseed oil, £3O 5s per ton. Turpentine, 63s 3d per cwt. THE WHEAT MARKET. LONDON, March 6. Wheat.—Cargoes are quiet, and tending lower. River plates are pressing. Parcels are in 6mall request, at 6d to 9d decline Liverpool futures: March 10s 51d, MayJuly 10s 6id. NEW YORK, March 1. Chicago wheat: May, new 158$, old 1575, July, 1495; September, 134 cents per bushel. Price* dropped sensationally on the Board of Trade as Chicago dealers dumped their holdings on the market in heavy lots. The downward trend started soon after the opening, but prices did not take a sharp drop until a few minutes before the close. Leading operators claim that the hctv« ao’ijrrr which showed half a cent drop from Saturday's close, does not mean sus tained lower prices, as there is nothing in the general Dews to account for the present downward turn except the fact that many dealers are ovor-stocked. March 2. Chicago wheat quotations: May, new old 1662; July, 1398; September, 1332. March 3. Chicago wheat quotations: May, new 159 J, old 1588; July, 140£; September, J.34J cents per bushel. !• March 4. Chicago wheat quotations. May: New 157 J ; old, 157 J. July: 1401. September: 1342 cents pe bushel. NEW YORK, March 6. Chicago wheat.—May shipment, new 1593 * old, 158jj; July, 139 J; September, 133 J cents per bushel. CHICAGO, March 6. wheal.—Shipments May, new crop, 1001; old, 1591; July shipment, 140; September, 184 cento per bushal.

LONDON MARKETS. LONDON. March 4. Wheat cargoes are extremely weak owing to the downward movement In America and the demand is inactive at Is decline.. Parcels have no Inquiry, and lave declined Is Liverpool future: March-May, 10s 6d ; July, 10s sd. The spot trade is easy ; Australian (ex ship), 58s 6d. Flour is dull. Australian (ex store), 44s 3d. Oats are easy. Peas are quiet and beans are dull. Sugar.—Granulated, 28s 7Jd. DAIRY PRODUCE PRICES. LONDON, March 4. Butter. —The market is slow. New Zealand choicest salted, 170 s to 1725; Austialian, 164 s to ICOs; unsalted, 2s premium: Danish, 182 s. Cheese is quiet. White, 975; coloured, 98s. LONDON MEAT MARKET. LONDON, March 6. Sheep: Argentine, light, ssd; medium, 4sd. Lambs: New Zealand and other selecteds—light 10 3-Bd, medium 10 3-8 d; North Island firsts 9 7-8 d; Australian firsts—Victorian TJd, others 6 7-8 d; seconds—Victorian 7Jd, others 7d ; thirds, 7d. Frozen beef: Nominal, New Zealand fores, 23d; Australian crop 3, 2gd; chilled Argentine fores, 2sd; hinds, ssd; Uruguay fores, lsd, hinds 4£d; others unchanged. LONDON TALLOW MARKET. LOXDCtN, March 1. The tallow stocks are 7397 ton 9. The imports were 1757 tons, and the deliveries 3302. THE PRICE OF GOLD. LONDON, March 1. Fine gold is quoted at £4 4s lid an oz. THE TIN MARKET. LONDON. March 2. The stocks of tin are 15,101 tons, of which 803 tons are on spot and 1355 tons atioat. The deliveries during February were 1721 tons. THE RUBBER STOCKS. LONDON, March 2. The rubber stocks in London are 9722 tons. LONDON TALLOW'MARKET. LONDON, March 3. At the tallow sales 1054 casks were offered and 710 were sold at full late rates. P. AND O. SHARES. LONDON, March 4. P. and O. deferred stock is quoted at £237. AUSTRALIAN MARKETS. MELBOURNE, March 5. Wheat. —Nominal, 6s; shippers, 5s Bd. Oats.—Milling, 4s: feed, 3s Gd. Barley.—English, 4s and 4s 6d ; Cape, 3s 9d. Potatoes, £lO and £lO 10s. Hides are firm. Previous values are readily obtained. SYDNEY, March 4. Wheat: Bagged, ss; bulk, 4s lOd, delivered at Country sidings. Oats: Tasmanian Algerian, ss ; white, 6s. Maize: Local, 6s to 6s 3d; Queensland, 5s 7d to 5s 8d; South African, 6s. Potatoes: Tasmanian, £l3 to £ls; Victorian, £l2 10s Onions: Victorian, £18; New Zealand, £ls ADELAIDE, March 4, Wheat: Growers’ lots, 5s 6d to 5s 9d, parcels, 6s Old to 6s Id. Oats, 3s to 3a 3d. BRADFORD TOPS MARKET. LONDON, March 1. Bradford wool quotations are steady with very little business Spinners are not responding to the recent advance. LONDON, March 4. The Bradford tops market is quietly confident, with no quotable change in prices. Business is lacking. WELLINGTON WOOL SALE. WELLINGTON, March 1. The wool sales series was continued today. Bradford were the keenest buyers. *' The market is very bright,” said one of them, “ compared with "’anganul and Napier and the January Wellington sales. Wool is dear to-day.” The experience of brokers confirmed this view. Bidding ./as exceedingly brisk, competition between Yorkshire and the Continent being unusually keen. Values were up by from par to Id on the last January rates for crossbreds, which formed the bulk of the offering. Many clips were In only fair condition, but far .ess than usual was passed in Bellies, pieces, and crutchtr.gs made excellent prices ' j-day. The following is the official range of prices:— Merino.—64/70 and 60/64, super, 18d to to l F ’’d VeraS<? ’ 1U(1 t 0 17 ' d; inferior> 143(1 Fine Halfbreds.—6l/58, super, lGsd to 17Jd; average, 14d to 16$d; inferior, 12id to 132 d. Medium Halfbred.—so/56, super, 15d to 152(1: average, 13Jd to 15d; Inferior, lljd to 13$d. Coarse Halfbred.—4B/50, super, 14d to 15Sd; average, 12d to 14$d; inferior, lOd to 12d. Corrledale.—Super, 16£d to 18Id; average, 133 d to 15|d; inferior, ll|d to Fine Crossbred. —46/48. super, 13£d to 153 d: average, Hid to 14d; inferior, 9Xd to lljd. Medium Crossbred.—44/46, super, 13Jd to 14fd; average, lid to 13Jd; inferior, 9* to lid. Coarse Crossbred.—4o/44, super, 121 d to 13d ; average, lid to 12Jd ; inferior, 9d to IOJd. Low Crossbreds.—36/40, super, lljd to 12£d; average, 10Jd to lljd ; Inferior, 85d to lOd. Hoggets.—4B/50, 12Jd to 16d; fine, 46/48, lid to 15$d; medium, 44/46, lid to 123 d; coarse, 40/44, lid to 113 d; low, 36/40, lOd to llid. Lambsdown.—sos/56, 13Jd to 17Jd; fine, 44/50, 12d to lejd; medium, 40/44, 10Ji to 12$d. Seedy and Inferior, all grades, 6sd to 113 d. Bellies and Pieces.—Merino, good to super, 12Jd to 15d; merino, low to medium. lOd to 10|d ; halfbred, good to super, lOd to 12d : halfbred, low to medium, 7d to lOd ; crossbred, good to super, Bid to Hid; crossbred, low to medium, 5Jd to BJd. Crutchings.—medium to good, |d to lOd ; inferior and seedy, 4sd to 7d. Locks.—merino, 8d to Old; halfbred, 5Jd to 8d; crossbred, 5d to GJd. CHRISTCHURCH WOOL SALE. CHRISTCHURCH. March 4. Prices at the fourth wool sale of the season showed a considerable Improvement. The market was buoyant and competition animated, making the sale the best of the series. Continental buyera were active throughout, and bought heavily. Bradford also was active, but the prices were too high for local mills, and they were unable to operate to any great extent. The entry

was the product of the late shearing in the back country, and many lots suffered In brightness. The wool was sandy and heavy Wool scouring firms competed keenly throughout for pelt m&ngeriug lots. Out of 14,481 bales only 228 were j.-ssed. Of this number 129 bales were in the last catalogue, mostly consisting of merino. Merino prices increased by lsd to 2d and Corriedales improved by Id to 1 l-3d. Cross breds were up Id to ljd on February figures, and super halfbreds sold at up to 3d better. In other grades halfbreds in creased slightly, and coarse halfbreds improved a fraction.

A more marked advance took place In three-quarterbreds, which were Id ncttei than in February.

The following was the range of prices: Merino (01-70, 60-64).—Extra super, to 21$d super, 18d to 18$d- average, 15Jd to 17£d inferior, 12d to 14£a.

Corriedale.—Super, 18d to 19$d; average, 15d to 17id; inferior, lid to 14d. Fine Halfbred (50-58). —Super, 17id to 20d, average, 15d to 17d; inferior, 12d to x4sd. Medium Halfbred (50-66).—Super, 16id to 18d; average, 141 dto 16d; inferior, lid to 13id.

Coarse Halfbred (48-50).—Super, 15d to I6d; average, 12|d to 14id; inferior, 10id to 12d. Fine Crossbred (46-48). —Super, 14d to laid; average, 12d to 13id; inferior, lOd to llid Medium Crossbred (44-46). —Super, 12id to 13Jd • average, lid to 12d; inferior, 9id to 19id.

Coarse Crossbred (40-44).—Super, Hid to 12id; average, lOd to lid; inferior, 8d to 9id.

Bellies and Pieces.—Merino, good to super, 13d to 15id; merino, low to medium. lOd to 12id. Pieces.—Halfbred, good to super, 12ia to 15kl; halfbred, low to medium, 9d to 12d. Bellies.—Halfbred, good to super, 10£d to 12id; halfbred, low to medium, B£d to lOd. Bellies and Pieces.—Crossbred, good to super, 9id to Hid; crossbred, low to medium, 7d to 3d.

Crutchings.—Medium to good, 7d to BAd, inferior and seedy, 5d to 6Jd. Locks.—Merino, 6£d to 9|d; halfbred, 7d to 8d; crossbred, 5d to 6d.

Par. Mar. 1 Mar. 4 Paris, ft. to £l 25.224 132.10 130.80 Brussels, fr. to £1 25.224 106.98 106.65 Oslo, kr. to £1 ... ... 18.159 22.43 22.97 Copenhagen, kr to £1 ... 18.159 18.71 18.71 Stockholm, kr. to £1 ... 18.159 18.12 18.12 Berlin, reichmkn to £1... 20.43 20.42 20.41 Montreal, dol to £1 ... 4.863 4-87* 4.888 New York, dol. to £1 ... 4.863 4.85 15-16 4.85 15-16 Borne, lire to £1 25.22£ 121.00 121.15 Yokohama, st to yen ... 24.58 22 9-16 22 7-16 Calcutta, st to rupee ... 24.00 18 3-16 18J Hongkong, st. to dol. ... 2*4 284 Amsterdam, guild, to £1 12.107 12.14 12.14 Batavia, guilders to £1 12.107 12.10 12.10 • Governed by p rice of silver.

Last week. Thi3 week. Imperial Consols, 2} p.o. ... 15 0 *£54 10 0 War loan, 5 p.o., 1929-47 ... 101 7 6 101 10 0 War loan, 3* p.o., 1925-28 ... 97 5 0 97 5 0 Conversion loan, 3£ p.c. ... 74 15 0 75 0 0 O’wealth 6 p.c., 1931-41 ... 102 12 6 102 10 0 O’wealth 55 p.o.. 1922-27 ... 101 12 6 101 12 6 N.Z 6 p.c., 1936-51 ... ... 107 0 0 107 0 0 N.Z 4 p.c.. 1929 ... 97 5 0 97 5 0 N.Z 35 p.c.. 1940 ... 84 7 6 84 12 6 N.Z. 3 p.c.. 1945 ... 77 0 0 *75 0 0 N.S.W 6J p.o.. 1930-40 ... 103 7 6 103 5 0 N.3.W 6 p.c.. 1930-40 ... 102 6 102 12 6 N.S.W t>> p.o., 1922-32 ... 101 15 0 101 15 0 N.S.W. 4 p.c., 1933 ... ... 91 0 0 91 0 0 N.S.W. 35 p.c., 1910-50 ... 83 0 •82 u 0 N.S.W 3 pc., 1935 ... ... 74 17 6 74 17 6 Vic 6» p.c , 1930-40 ... ... 101 15 0 *100 2 6 Vic. 5 p.c., 1923-42 ... ... 100 0 0 *98 15 0 Vic. 43 p.c., 1921-26 ... ;.. 96 5 0 96 0 0 6 Vic 3 p.c., 1929-40 ... ... 71 17 6 71 17 Via 34 p.c., 1929-49 ... ... 79 0 0 •77 5 0 Q’land 6 p.c., 1930-40 ... 102 7 6 102 7 6 Q’land 35 p.c., 1930 ... ... 92 7 6 92 7 6 Q’land 3 p.c., 1922-47 ... ... 68 17 6 68 7 6 8.A 6J p.o., 1930-40 ... ... 103 5 0 103 5 0 8.A 35 p.c., 1939 ... ... 82 7 6 82 15 0 8.A. 3 p.c., 1916 or after ... 60 5 0 59 10 0 W.A. 8 p. c., 1930-40 ... 102 15 0 102 12 6 W.A 35 p. c., 1920-35 ... 86 12 6 86 12 6 W.A. 3 p.c., 1915-35 ... ... 83 15 0 84 0 0 Tas 65 p.c., 1930-40 ... ... 103 7 6 103 15 0 Tas. 3J p.c., 1920-40 ... ... 83 5 0 83 0 0 Tas. 3 p.c., 1920-40 78 * Ex interest. 10 0 78 15 0