COMMERCIAL CABLEGRAMS.

Otago Witness, Issue 3774, 13 July 1926, Page 21

COMMERCIAL CABLEGRAMS.

FORBICN EXCHANGE RATES*. LONDON, July 8. The exchange rates are as follows Par. July 5. July & Parle, ft. to £l ... ... 25.22) 180.00 189.50 Brussels, fr. to £1 ... 25.22) 188.87 200.76 Oslo, kr. to £1 18.159 22.14 22.22 Copenhagen, kr. to £1 ... 18.159 18.36 18.36 Stockholm, kr. to £1 ... 18.159 18.14 18.14 Borne, lire to £1 25.22) 139.12 147.25 Berlin, relchmkn. to £1 20.43 20.42 20.43 Montreal, dol to £1 ... 4.86| 4.85 J 4.86 J New York. doL to £1 ... 4.BfiJ 4.86 15-16 4.862 Yokohama, st to yen ... 24 58 23) 23) Calcutta, st to rupee ... 24.00 17 15-16 17J Hongkong, st to dol. ... • 27| 27) Amsterdam, gnild to £l 12.107 12.11| 12.11| Batavia, guilders to £1 12.107 12.05) 12.05 • Governed by price of silver. GOVERNMENT SECURITIES. LONDON, July 8. The following are the latest quotations for Government securities, compared with the prices ruling last week Last week. This week

BANK OF ENGLAND RETLRN. LONDON, July 8. The following is the Bank of England return for Wednesday: ISSUE DEPARTMENT. Note . circulation .. .. .. ..£142,217,000 Notes in reserve 26,722,000 £168,939,000 Government debt £ 11,015,000 Other securities 8,735,000 Gold coin and bullion 149,189,000 £168,939,000 BANKING DEPARTMENT. Proprietors’ capital £ 14,553,000 Public deposits Other deposits 105,595,000 Rest, seven-day and other bills .. 3,487,000 £140,133,000 Government securities £ 37,520,000 Other securities 74,560,000 Notes in reserve 26,722,000 Gold in reserve 1,331,000 £140,133,000 The note circulation is £142,217,000, compared with £141,705,000 a week ago. The proportion of reserve to liabilities lias risen from 17.10 to 22.90. Short loans are quoted Ht 4 per cent, and three-month bills at 4) per cent. LONDON METAL MARKET. LONDON, July 5. Copper: Spot, £57 3s 9d ; forward, £57 18s 9d. Lead: Spot, £3O Is 3d; forward, £3O 3s 9d. Spelter- Spot, £33 15s; forward, £33 13s 9d. Tin: Spot, £275 12s 6d; forward, £275 16s 3d. Silver: Standard, 30)d; fine, 32&d per oz. July 8 Copper: Spot, £57 6s 3d; forward, £SB Is 3d. Lead: Spot, £3O 17s 6d. Spelter: Spot, £33 16s 9d; forward, £33 lße 9d. Tin: Spot, £-277 12s 6d; forward, £277 12s Gd. Silver: Standard, 30 l-16d per oz; fihe, 32 9-16 d. ALTERATION IN BANK RATES. LONDON, July 8. The Australian associated banks announce that from Monday the selling rates on Australia will be 2s 6d per cent, premium for cable transfers and 6s per cent, discount on drafts and mail transfers. From the same date the buving rates for bills on Australia will be: Sight, 26s per cent, discount; 30 days, 33s 6d per cent, discount- 60 days, 44s 6d per cent, discount; 90 days, 55s 6d per cent, discount. F. AND O. SHARES. LONDON, July 8. P. and O. shares are quoted at £260. UNION BANK OF AUSTRALIA. LONDON, July 6. The Union Bank annual report shows a dividend of 16 per cent., tax free. The sum of £50,000 is devoted each to new building and reserve, and £96,519 is carried forward GERMAN BANKING RATES REDUCED. BERLIN, July 6. The Reichbank has reduced the discount rate to 6 per cent, and the deposit rate to 7 per cent. A SOUTH AFRICAN LOAN. LONDON, July 8. The underwriting is proceeding of a Union of South Africa £4,000,000 loan at 5 per cent., redeemable 1946-1975. Tho price of issue is 100. AUCKLAND POWER BOARD. LONDON, July 7. The Auckland Electric Power Board is offering 260,000 6 per cent, debentures at 97, redeemable at par in 1946, Of the issue £175,000 will be expended in Great Britain »

LONDON TALLOW MARKET. LONDON, July 8. At the London tallow sales 415 casks were offered and 216 were sold. The prices were unchanged. BUTTER AND CHEESE. LONDON, July 8. The colonial butter trade is lifeless. New Zealand, choicest, 170 s; Australian, 166 a and 168 s; Danish, 168 a. Cheeee is quiet. New Zealand, 88s and 91s; Australian, 86s. BRADFORD WOOL MARKET LONDON, July 5. The Bradford market is slightly better in tons. Merinos and crossbreds show no improvement. July 8. Bradford tops market flat, with small covering business a* poor prices. Quotations are unchanged. LONDON MARKETS. LONDON, July 8. Wheat cargoes firmed 3d to 9d on the American improvement, but the demand is less active. Parcels are in moderate request at a similar advance. Liverpool futures—July, lls 7gd per cental; October, 10s 72d; December, 10s 64d. July 10. Cotton: August shipment, 8.96 d. Rubber: Para, 19|d; plantation smoked, 20*d. Jute: July-August shipment, £33 per ton. Copra, £2B 6s. Hemp: June-July shipment, £36 per ton. Linseed oil, £34 5a per ton. Turpentine, 63s per cwt. Lambs: Canterbury—light 9)d, heavy BJd, second® B|d; other selecteds—light 9)d, medium Bgd; North Island, B|d-, seconds, 9)d; Australian firsts, Victorian—light 8)d, medium 7)d; other States, firsts—light Bd, medium 7)d; Victorian seconds—light, 8)d ; other States seconds 71d, thirds 8)d; Argentine firsts—light 8)d, medium 7)d, seconds 7)d; Patagonian firsts—light 8)d, medium 7§d, seconds 7)d.' THE APPLE MARKET. LONDON, July 7. At the apple sales the following prices were obtained: —Tasmanian—London Pippins, 7s; Stunners, 8s 6d to 9s; ex Ormuz— Stunners, 8s 6d to 9s 3d; Permains, 7s 6d; New York, 8s 3d; Cleopatras, 7s 3d. At Liverpool, ex the Port Hobart, Diogenes, and Port Adelaide: Tasmanian Sturmers, 3s to 8s 6d; Cleopatras, 6s to lls; Permains, 4s to 7s; New Zealand Sturmers, 6a to 8s 6d; Dougherty, 6s 6d to 8s; Statesman, 7s to 8s 6d; Rokewood. 7s 6d to 8s 9d. CHICAGO WHEAT MARKET. NEW YORK, July 6. Chicago wheat. July 136) cents per bushel, September December 1392 July 7. ■ Chicago wheat—July, 1372 cents per bushel; September, 1373 December, 140). July 8. Chicago wheat: July 1362 cents per bushel, September 1363, December 139|. . PRICE OF FLOUR IN SYDNEY. SYDNEY, July 6. The wholesale price of flour has been in creased by 15s to £ls 15s per ton. NEW ZEALAND POTATOES. SYDNEY, July 6. The 13,000 bags of New Zealand potatoes which were discharged from the Waihora realised £ll a ton. AUSTRALIAN MARKETS. SYDNEY, July 8. Wheat: Farmers’ lots, bagged, ex trucks, Sydney, 63 5d ; at country sidings, 5s lOd. Oats : Tasmanian. Algerian. 4s 9d to ss; white, 5s 3d to 5s 6d. Maize: Local yellow, 6s 3d; white. Gs; South African, 6s 6d. Potatoes: Tasmanian, £ll to £l4; New Zealand, £lO to £ll. Onions: Victorian, £22 to £23. MELBOURNE, July 8. The hides market was strong. Kips advanced )d to )d. Other grades were unaltered. ADELAIDE. July 8. Wheat: Growers’ lots, 5s lid to 5s Hid. Oats, 3s. MELBOURNE MEAT MARKETS. MELBOURNE, July 9. Wheat is quiet, with moderate business at (Is 4)d. Oats : Milling, 3s 3d to 3s 9d buyers, sellers 3s lOd; feed, 3s 3d. Barley: English, 4s; Cape, 3s 9d to 4s. Potatoes, £lO 10s to £ll 10s. Onions, £l7 10s to £lB 10s. SYDNEY SHEEP SALES. SYDNEY, July 6. At the annual stud sheep sales three of the Austin Wongar.ella Company’s pure special merino rams realised 1200 guineas each, and three others from the same stud 1100 guineas each. A Haddonrig special stud merino ram brought 1300 guineas. The bidding throughout was exceptionally keen. July 6* At the 6tud sheep sales 176 rams were sold. They realised £30,523. July 7. At the sheep sales British breeds, with the exception of English Leicestera, evoked keen competition. There were large consignments of Border Leicestera and Corriedales, both stud and flock sheep, from Messrs J. Nixon (Canterbury), J. Cameron (Timaru) R. Low (Canterbury), G. D. Greenwood (Canterbury), and the Canterbury Agricultiual College. These realised highly satisfactory prices Mr Nixon secured two records for to-day’s sales, one of his Border Leicester stud rams realising 90gns and 20 Border Leicester flock ewes 17gna each. The values generally were the highest ruling for British breeds for some years. CANTERBURY MARKETS. CHRISTCHURCH, July 6. There is very little doing in the potato market so far this week, and as for other lines of produce, they are completely out of the picture for the time being. The Auckland demand for potatoes has improved, and yesterday sales were made at £7 15s, ex wharf, and to-day at £B. The Waipahi last week-end took 8100 sacks north, of which 400 to 600 were seed consignment, being smaller than expected. The Kaitoke ia booked to sail on Monday next for Sydney. It ia expected that her consignment will be a fairly heavy one, as the potatoes that did not get away by the Waihora will be included. Quotations to fanners are not meeting with any response. The lowest figure they will discusa is £5 16s to £G, on trucks, but £5 6s for prompts and £5 10s for last weeks this month sre all that merchants are offering. RABBITBKIN MARKET REPORT. The Dunedin Woolbrokers’ Association (Messrs Dalgety and Co., National Mortgage and Agency Company, New Zealand Loan and Mercantile Agency Company, Otago

Farmers' Co-operative Association, Donald Reid and So., Stronach, Morris, and Co., and Wright, Stephenson and Co ) report as follows:—The total offering on the 6th was a very large one. and whilu there was a fair quantity of really good skint forward, it was noticeable that the mild weather being generally experienced hae caused to be offered a bigger proportion of badly spotted and outgoing grades than is usual at this time of the year. Competition was exceptionally keen, especially for good winter bucks, and these were higher by quite 6d per lb. There was also a better demand for first and prime does, which can be quoted Id to 3d dearer, while second does were slightly easier, to the extent of Id to Bd. All autumn and spotted grades sold very well at prices par to slightly higher than last sale’s rates. The following is the range of prices: Weevily, 26d to 43d; second broken, 54)d to 57)d; autumn broken, 43)d to 51)d, first winter broken, 60d to 67|d; runners and suckers, 22)d to 26d; summers, 32)d to 33d, light racks, 37)d to 40d; prime racks, 42)d to 45Jd; dawoy autumn. 48)d to 54d; early autumns, 59)d to 70)d; late autumn, G9)d to 82)d; second incoming, 69)d to 80d; incoming winter, 87d to 93d; early winter, bucks 110)d to 116 d, early winter does, 82)d to 89d; first spotted winters, 74d to 85)d, second winter bucks, 95d to 114)d; second winter does, 76Jd to 88d; first winter bucks, 121)d to 126 d; first winter does, 84)d to 94d; prime bucks, 123 dto 127Jd; prime does, IOOd to 1042 d. second spotted winters, 57)d to 75Jd; outgoing does, 57)d to 76d; springs, 46)d to 54)d; milky, 31)d to 44)d; fawn, 80)d to lOld; winter fawn, 120 d to 127 d, summer black, 35d to 36d; autumn black, 50d to C<o)d; first winter black, 79)d to llld , second winter black, 69)d to 96d; hareskins. 48)d to G0)d; horsehair, 20)d to 22)d. PALMERSTON STOCK SALE. The monthly stock sale at Falmerston was held on July 2, when there was rather a small yarding. Prices were slightly easier than those at the last sale. SALE OF AYRSHIRES. INVERCARGILL, July 7. There was a record attendance from all parts of the Dominion at Mr A. M. Weir’s third annual sale of pedigree Ayrshires, North Island buyers securing a fair percentage of the lots offered The first 16 lots brought Cs4gn|—an average o * over iOgns. The too price was for a bull, which was sold for lOOgns to Mr Jamea Dona’d, of Wairarapa. DAIRY PRODUCE.. Messrs Nimmo and Blair (Ltd.) are in receipt of the following cablegram from their London agent, dated July 9: Cheese: Coloured, 86s per cwt: market quiet. White, 90s per cwt; market dull.

Butter, 170 s per cwt. The market iff steadier. DAIRY PRODUCE. WELLINGTON. July 5. The secretary of the New Zealand Dair)( Produce Board received the following cable, gram from the board’s London office, dated July 3: Butter New Zealand, 168 a to 170 s; Au«tralian, 166 s to 168 s, nominal; Irish, 159 s to 160 s; Dutch, Esthonian, and Latvian, 156 s to 160 s; Siberian, 148 s to 1545; Danish, 170 a to 1725. All spot prices. The market i* exceedingly quiet, with retail price* unchanged. Cheese: White, 90s; coloured. 88s. Tha market is quiet, but retail prices are unchanged. The New Zealand Loan and Mercantile Agency Company (Ltd.) has received tha following cablegram from its London house, under date July 7: Butter: New Zealand choicest, 170 s. Tha market is slow owing to large supplies of European. Danish, 170 s; Australian, 168 s. Cheese: Coloured, 89s. There is no demand. White, 91s. The market is steady. BANKING RETURNS. WELLINGTON, July 8. The following are the returns of the Banka of Australasia and New South Wales at Juno 30, 1926, compared with the corresponding month of last year: BANK OF AUSTRALASIA. June 1926. June, 1926. Notes in circulation .. £415.675 £420,729 Free deposits 2,587,785 3,031,940 Fixed deposits 1,*31,094 1,705,517 Coin and metals .. .. 959,533 961,901 Discounts 116,002 120,761 Advances 4,746,010 4,472,505 BANK OF NEW SOUTH WALES. Notes in circulation .. £557,118 £513,785 Free deposits .. .. 2,876,805 3,300,665 Fixed deposits .. .. 2,708,341 3,229,739 Coin and bullion .. .. 1,240,833 1,228,330 Discounts 154,304 157,494 Advances 6,110,804 5,099,899

£ s. d. £ 6. d. Imperial Consols, 2J p.c. ... 65 10 0 55 12 6 War loan, 3£ p.c , 1925-28 ... 98 15 0 98 15 0 Conversion loan. 3$ p.c ... 76 2 6 76 0 0 wealth 6 p.c., 1931-41 ... 103 17 6 103 17 6 C.wealth. 5) p.c., 1922-27 ... 100 5 0 100 5 0 N.Z 6 p.c., 1936-51 ... ... 108 15 0 108 10 0 N.Z 4 pc.. 1929 ... 96 17 6 97 2 6 N.Z 3i p.a 1940 ... 84 17 6 84 15 0 N.Z 3 p.c., 1945 ... 76 0 0 75 17 6 N.S.W 6* p.c., 1930-40 ... 105 10 0 105 5 0 N.S.W 6 p.c., 1930-40 ... 102 12 6 103 5 0 N.S.W 5* p.o., 1922-32 ... 100 15 0 100 12 6 N.8.W 4 po., 1933 ... 91 10 0 91 7 6 N.S.W 3$ p.c.. 1930-50 ... 82 7 6 82 5 0 N.S.W 3 p.c., 1935 ... 73 2 6 73 6 0 Vic. 6) D.c.. 1930-40 ... 101 0 0 101 15 0 Vic 5 p.o., 1932-42 ... 100 0 0 99 17 6 Vic p.c. 1921-26 ... 96 0 0 98 5 0 Via 3* p.c., 1929-49 ... 77 10 0 77 15 0 Vic 3 p.c., 1929-40 ... 71 2 6 71 0 0 Q’land fi p.o.. 1930-40' ... 103 0 0 103 2 6 Q'land 3$ p.c., 1930 ... 92 0 0 92 0 0 Q’land 3 p.a, 1922-47 ... 67 17 6 68 0 0 8.A 6$ p.c., 1930-40 ... *103 0 0 103 0 0 8. A 3} pc., 1929 ... 82 15 0 82 5 0 S.A 3 p.a, 1916 or after ... 53 6 0 60 5 0 W.A. 6 p.a. 1930-40 ... 101 15 0 102 0 0 W.A. 3i p.c., 1920-35 ... 87 0 0 86 10 0 W A 3 p.a 1915-35 ... 83 10 0 83 10 0 Tas 6J p.a. 1930-40 ... *103 0 0 103 10 0 Tas. 3 p.c. 1920-40 ... 83 5 0 83 5 0 Tas 3} p.c., 1920-40 ... 78 6 • Ex interest. 0 78 15 0