Commercial

Southland Times, Issue 22898, 25 May 1936, Page 3

Commercial

Continued FROZEN MEAT PRICES (United Press Assn.—Telegraph Copyright.) (Rec. 6.30 p.m.) London, May 23. Frozen meat quotations are as follows, with the previous quotation also shown:-— May 16. May 23. d. d.

Mr R. L. Bennett, Wellington, has received the following advice from Henry S. Fitter and Sons, Ltd., London: — , , d. .d New Zealand Lambs, Down, 2’s 7| 7 4 Secondary Lambs, Down 7 7| New Zealand Lambs, 2’s 7 7< New Zealand Lambs, B’s 64 New Zealand Lambs, 4’s 6| 6g Secondary Lambs 6| 6J New Zealand Mutton, small 4J 5 New Zealand Mutton, large 3f 4 New Zealand Ewes, small 3| 4J New Zealand Ewes, large 3 3J New Zealand Beef, Ox Hinds (frozen) 3| 4 New Zealand Beef, Ox Fores (frozen) 2| 2t Dominion Chilled Hinds 34 4 Dominion Chilled Fores 2J 2J South American Chilled Hinds 4 5 South American Chilled Fores 22 31 New Zealand Pork 5 Australian Lambs 5£ 6| Australian Lambs, Superfine Quality — — Argentine Lambs 6j Lambs.—The market has declined, but a further decline is not expected and there is a little better demand. Wethers.—The demand is moderate, with prices a little lower. Ewes. —The market is depressed, owing to an absence of demand. Beef.—The chilled beef market is over-supplied, and prices are affected in consequence. Pork.—The market is quiet and unchanged. Trade generally is quiet. the wheat market LIVERPOOL FUTURES. (United Press Assn.—Telegraph Copyright.) (Rec. 6.30 p.m.) Liverpool, May 23. Wheat futures are quoted as follows:— July 5/9J, October 5/BJ.

GOKE HORSE SALE

YOUNG SORTS IN DEMAND. Wright, Stephenson and Company Limited conducted a successful horse sale at Gore on Saturday when there was a large entry of draught mares and geldings, besides a number of lighter sorts. There was a good demand for well recommended young horses, and for these there was little difficulty in securing the reserves. Three-year to six-year draughts realized up to £5O 10/- and 70gns. was paid for a nine-year-old Archaic mare in foal to Craigie Crest on account of Logan s Estate, Otama. Sales were:—B-yr. mare at £35, 4-yr. gelding at £44 10/-, 9-yr. mare at 70gns., 5-yr. mare at £55, aged gelding at £5 10/-, 6-yr. mare at £39 10/-, 4-yr. gelding at £37, 7-yr. mare at £3O, 6-yr. do at £24 10/-, 7-yr. do in foal at £22 10/-, 5-yr. gelding at £45, 4-yr. do at £5O, 5-yr. do at £4B 10/-, 4-yr. mare at £47, 9-yr. light do at £lO, 8-yr. gelding at £46 10/-, syr. do at £5O 10/-, 9-yr. do at £l5, aged gelding at £l3, 6-yr. mare at £5O 10/-, 7- mare at £4O 10/-, 5-yr. gelding at £27, 9-yr. do at £32 10/-, 8-yr. do at £35, one aged do at £6, one do at £3, 8-yr. mare at £37 10/- one aged gelding at £25, one aged do at £29 10/-; 3-yr. filly at £4O, 8-yr. hack gelding at £4. Passed in: 7-yr. mare at £2B 10/-, 10-yr. gelding at £3O, one aged mare at £5, 7-yr. gelding at £49, 4-yr. do at £39, aged mare at £lO, 3-yr. gelding at £34 10/-, 6-yr. mare at £4B 10/- 4-yr. gelding at £34, 8- do at £l2, 9-yr. do at £3O, 9-yr. do at £24, 12yr. mare at £l6 10/-, 2-yr. filly at £34. FOREIGN EXCHANGES (British Official Wireless.)

NEW ZEALAND CURRENCY BASIS. The Bank of New South Wales. Dunedin, announces the following rates of foreign exchange on New Zealand currency

DAIRY PRODUCE PRICES FIXED. (United Press Association.) Wellington, May 23. The Dairy Board has fixed the minimum f.o.b. prices for butter at 12d and cheese at 6d, being equivalent to 96/8 and 51/6, c.hf.e. respectively.

A. S. Paterson and Co., Ltd., have received the following cable advice from their principals, J. & J. Lonsdale and Co., (London), Limited:— Butter: Market steady. New Zealand 97/6; Australian, 96/6; Danish 88/- to 90/-; landed cost, 109/- to 111/-. Cheese: Market easier. White cheese, 57/6; coloured, 55/6. MINING RETURNS GILLESPIE’S BEACH. (United Press Association.) Dunedin, May 23. The Gillespie’s Beach return was 40ozs. 18dwts. for 131 hours. MAORI GULLY RETURN. (United Press Association.) Greymouth, May 23. The Maori Gully return was 50 ounces 17 dwts, for 118 hours. GOLDEN SANDS. (United Press Association.) Greymouth, May 23. The Golden Sands return was _ 19 ounces 15 dwts for 34 shifts of eight hours each. MOSSY CREEK RETURN. (United Press Association.) Greymouth, May 24. The Mossy Creek dredge return was 54 ounces 14 dwts for 121 hours oh 9610 yards. The Argo dredge return was 76ozs for 131 hours on 13.500 yards.

TENDERS FOR TREASURY BILLS

(British Official Wireless.) (Rec. 5.5 p.m.) Rugby, May 22. The total amount applied for in tenders for £45,000,000 in Treasury bills was £73,830,000. The average rate per cent, for the bills at three months was 11/3.47, against 10/5.98 a week ago. NATIONAL MORTGAGE & AGENCY CO., LTD. INTERIM DIVIDEND. (United Press Assn.—Telegraph Copyright.) (Rec. 5.5 p.m.) London, May 22. The National Mortgage and Agency Company of New Zealand has declared an interim dividend on ordinary shares of 2 J per cent. RAW MATERIALS MARKET (United Press Assn.—Telegraph Copyright.) (Rec. 6.30 p.m.) London, May 23. Friday’s closing prices for raw materials were as follows (last week s prices are also quoted):— Cotton.—Spot, 6.57 d a lb (6.56 d June delivery, 6.16 d (6.16 d Rubber.—Para, 9d a lb (9d); plantation smoked, 7gd (7 7-16 d). Jute.—May-June delivery, £lB 3/9 a ton (£lB 18/9). . o , Copra.—June-July delivery, South Sea, £l2 5/- a ton (£l2 2/6); smoked, £ll 15/- (£ll 15/-); plantation Rabaul, £l3 (£l2 15/-). Linseed 0i1.—£27 a ton (£27 10/-). Turpentine.—£l 18/9 a cwt. (£1 L'/3). AUSTRALIAN FINANCE MONEY MARKET HARDENS. Discussing the money market conditions in Australia, the Melbourne Argus states that although there has been no quotable rise in interest rates the tendency toward a further hardening of the money market continues. This is particularly noticeable in the market for loans on mortgage. Lenders are showing an increasing reluctance to make money available on mortgage risk, unless there is an exceptionally wide margin of security. The effect of the raising by the Commonwealth Bank and the trading banks of their interest rates on fixed deposits in March has been to consolidate the tendency toward dearer money which was apparent at least six months previously. The banks have not made a general increase in the rates charged on advances, following the increase in the interest allowed on fixed deposits, but they are showing less disposition to grant accommodation unless it is warranted by special circumstances. It would be incorrect to say that the banks are pursuing a policy of credit restriction in keeping with the tendency toward increased financial stringency, but they are generally examining applications for new overdrafts with a little more care to discourage any enterprise savouring of a speculative nature. Applications for accommodation are being received in fair volume, a fact which indicates the continuance of the general revival of business activity, and in some cases advances have been made at slightly higher rates than have been current in the last 12 months. Receipts which have been coming in from the sale of Australian primary produce overseas have had their effect in swelling the volume of free deposits, which in the first quarter of the year showed the highest average total for all Australian banks for 10 years. An increase in the money placed on fixed deposit with the banks, which may be reasonably expected to follow the more attractive rates now ruling, may have the effect of increasing the banks’ capacity to lend.

N.Z. Sheep— Canterbury and North Island selected and crossbred wethers and maiden ewes: Under 481b 45 45 48-561b 43 43 57-641b 4i 41 65-721b 4 4 Ewes: Under 481b 43 41 48-641b 35 33 65-721b 31 33 North Island: 48-561b 43 43 57-641b 41 41 65-721b 35 35 Australian Sheep— First quality crossbred and/or Merino wethers: 40-651b 43 41 50-601b — — 30-501b — — Second quality wethers: 30-501b 41 43 Ewes: 30-501b 43 41 48-641b 31 65-721b 3 3 Argentine SheepFirst quality crossbred wethers: 48-641b 43 41 65-721b 33 33 Argentine Lambs — First quality: 361b and under 61 61 37-421b 73 73 Patagonian Sheep— Wethers and/or maiden ewes: Under 501b 41 41 50.601b 4 . 35 Ewes: 40-501b ‘ — — First quality: 361b and under — — 37-421b — Second quality: Average about 281b — — Patagonian Lambs— First quality: 61 361b and under 63 51 37-421b 53 Second quality: Average about 301b 63 61 N.Z. Lambs— Canterbury, first quality: 71 361b and under 71 37-421b . 61 61 43-501b 61 61 Second quality: Average about 311b 7 65 Other South Island: 361b and under 71 71 37-421b 61 61 43-501b 61 61 Selected North Island, including Downs: 361b and under 73 73 37-421b 61. 61 43-501b 61 61 Second quality: Average about 301b 71 71 Other North Island— First quality: 361b and under 71 7 37-421b 61 63 Second quality: Average about 311b 63 63 Australian Lambs— Victorian first quality: 361b and under 6g 63 37-42Ib ‘ 6 6 Second quality: 361b and under 63 Other States, first quality: 361b and under 37-421b 55 55 63 Second quality: 361b and under 61 All States, third quality: Average about 261b 7 65 N.Z. Frozen Beef— Ox fores (145-2101b) 23 3 Ox hinds (145-2101b) 41 41 Australian Frozen Beef — Ox hinds (145-2101b) 41 41 Ox crops (145-2101b) 31 31 Argentine Chilled Beef— Ox fores (145-2101b) 21 23 Ox hinds (145-2101b) 43 43Australian Chilled Beef— Ox hinds (145-210Ib) 4 31 Ox crops (145-2101b) 2§ 21 Union of S. Africa Chilled Beef Ox hinds 41 43 Ox fores (142-2101b) 21 Uruguayan Chilled Beef— Ox hinds (145-2101b) 41 41 21 Ox fores (145-2101b) 23 Brazilian Chilled Beef— Ox hinds (145-2101b) 4 33 Ox fores (145-2101b) — —• Southern Rhodesian Chilled Beef— Ox hinds (145-2101b) 33 33 23 Ox fores (145-2101b) 23 N.Z. Porker Pigs.— First quality: 60-801b 53 53 81-1001L 51 51 101-1201b 51 51 Australian Pigs— First quality: 60-801b 51 51 81-1001b 515g 101-1201b 5 8 51 New Zealand Chilled BeefOx hinds (145-1201b) 4J 31 Ox fores (145-2101b) 2£

(Rec. 5.5 p.m.) Rugby, May 22. The following mean closing rates of foreign exchanges were quoted to-day compared with par:— Par. To-day. Paris, fr. to £ 124.21 75 35-64 New York, dol. to £ 4.886 4.97 9-16 Montreal, dol. to £ 4.886 4.99.1 Brussels, belgas to £ 35 29.421 Geneva, fr. to £ 25.221 15.39} Milan, lira to £ 20.43 631 Berlin, rmk. to £ 24.42 12.36 Stockholm, kr. to £ 18.159 19.39£ Copenhagen, kr. to £ 18.159 23.39} Oslo, kr. to £ 19.159 19.90 Vienna, schgs. to £ 34.585 261 Prague, kr. to £ 164.25 11913-16 Helsingfors, m. to £ 103.23 227 Madrid, pesetas to £ 22.2215 36 7-16 Lisbon, escudos to £ 110 110} Athens, dr. to £ 875 527 Bucharest, lei to £ 318.6 673 Belgrade, dinars 275.31 219 Rio de Janeiro, p. to milreis 8.892 4} Buenos Aires, p. to dol. 45.577 15 Montevideo, p. to dol. 57 39} Bombay, p. to rupee 10 16} Shanghai, p. to dol. — 12 13-32 Hong Kong, p. to dol . 13 19-32 Yokohama, p. to yen 24.57 12 15-32 Batavia — 31}

on Buying Selling London— £N.Z to SlOOstg r.T O.D 124 124/10/124/8/9 Australia— 100/10/£F to £100 N.Z. T.T 101 O.D 101 100/10/Fiji— £F to £100 N.Z. T.T 90/7/6 89 O.D 90/7/6 89 New York— Dollars to £1 N.Z. T.T. 4.02 3-8 3.98411 O.D. 4.03 5-8 3.99',<i Montreal— Dollars to £1 N.Z. T.T. 4.03 5-8 4.00 1-8 O.D. 4.04 7-J i 4.00 5-8 Austria Schillings to d N.Z. 21 T.T. 20.82 O.D. —— 20.84 Belgium— T.T. O.D. 23.502 23.513 Belgas to £ 1 N.Z. Czechoslovakia— T.T. 95.22 Crowns to £1 N.Z. — O.D. — 95.27 Denmark— 18.203 17.893 Kroner to £1 N.Z. T.T. O.D. 18.263 17 903 France— 60.43 Francs to £1 N.Z. T.T. — O.D. —— 60.47 Germany— Helchmarka U N.Z. £1 T.T. 9.854 O.D. — 9.857 Holland— 5.865 Florins to £1 N.Z. T.T. —» O.D. —w 5.869 Italy— N.Z T.T. Lire to £1 I w» O.D —— Java5.825 Florins to £1 N.Z. T.T. O.D. — 5.829 Norway— 15 893 Kroner to £1 N.Z. T.T. 16.183 O.D. 16.243 15.903 Sweden— 15.487 Kroner to £1 N.Z. T.T. 15.782 O.D. 15.842 15.497 Switzerland— 12.270 Francs to £1 N.Z. T.T. —— O.D. — 12.275 Noumea— 59.06 Francs to £1 N.Z. T.T. —— O.D. MW 59.12 Papeete— N.Z. T.T. 59.21 Francs to £1 —— O.D. —— 59.27 Hong Kong— N Z. pence to 1 T.T. dollar 18 5-8 20 1-8 O.D. 18 17-32 20 3-32 India and Ceylon— N.Z. pence to 1 22 57-64 rupee T.T 22 9-64 O.D 22 3-64 22 7-8 Japan— N Z oence to yen 1 T.T. 17 21-32 O.D. —- 17 41-64 Shanghai— N.Z pence to 1 18 31-64 dollar T.T. 17 7-64 O.D. 16 59-64 ; 18 15-32 Singapore— N.Z. pence to dollar 1 T.T. 34 27-64 , 35 31-64 OD 34 15-64 35 15-32