LONDON MARKETS BRIGHTER

Southland Times, Issue 23255, 19 July 1937, Page 3

LONDON MARKETS BRIGHTER

Good Prospects For Wool UNEXPECTED ADVANCE IN BUTTER (Received July 18, 6.30 p.m.) LONDON, July 17. Despite the international and French uncertainties the Stock Exchange broke up in a more cheerful mood, though the prices scarcely reflect a more optimistic feeling. The trade returns are considered most encouraging. Henry Dawson and Sons, commenting on the wool sales, say that the barometer seems to be set at fair, ana pessimistic clouds are dispersing, welcome increase in the volume of business in Yorkshire was recorded in the past week. If the present rate of consumption is maintained there need be no serious anxiety about prices. Stocks in the consuming centres are low, and most European countries are hungry for the raw material, which France is enabled to buy freely ana advantageously under the liberation of the franc. Some change in fashion appears imminent, and this may favour finer grades, especially worsteds. The Financial News considers that the brisk demand is likely to be felt m September. Major rises in the next 12 months, however, cannot be expected, as it is difficult to increase prices for -tops and yarns to the same extent as the raw material values, but maintenance of the existing level should bring in record wool cheques to the principal exporters. The strong advance in butter was quite unexpected; speculation was largely responsible for it. Tooley Street merchants expect a fairly high level of values to rule in the near future. There have been small arrivals of Siberian butter. The fruit market is inclined to less steadiness because of large arrivals of peaches and plums from Italy. There are good supplies of home-grown fruit. Prices, however, are still satisfactory, especially as the season is drawing to a close. GORE STOCK SALE Messrs Wright, Stephenson and Company Limited held its monthly horse sale at its horse bazaar, Wigan street, Gore. There was a medium entry and a fair attendance of buyers. Top price was secured for a rising four-year-old gelding at £5O, on account of Mr Allan Galt (Tuturau). Sales were:— Eight-year-old gelding at £25; 9year gelding at £22; 9-year gelding at £26; aged gelding at £10; rising 5-year mare at £l9 10/-; 4-year gelding at £5O; 3 foals at £3O; 5-year mare al £3O; 7-year mare at £44; 9-year gelding at £l5; aged gelding at £10; aged gelding at £9 10/-; 6-year mare at £33; aged mare at £l2 10/-; 3-year hack mare at £l5; aged hack at £4; 7-year hack gelding at £4 10/-; aged hack at £5; aged pony at £2 15/-. Passed in: Six-year mare at £2O; 11year mare; 5-year mare at £2O. THE RIALTO William Todd and Co. Ltd. report as follows for the week ended Saturday:— Pigs.—A good demand. Weaners, 13/- to 16/6; small weaners, 11/3 to 12/3; small stores, 16/- to 22/6; sows (in pig), £2 18/- to £3 13/-; empty sows, 17/to £1 14/-. Poultry.—A keen demand. White Leghorn hens, 1/5 to 2/7; heavy breeds, 2/8 to 3/3; pullets, Australorps, 6/7; White Leghorns, 2/4 to 4/-; ducks, 3/1; drakes, 2/8 to 4/—; geese, 2/8 to 5/-; turkeys, 6/- to 9/—; purebred White Leghorn cockerels, 10/-. Bacon Pigs.—We are cash buyers of baconweights, 1201 b to 1501 b, at 5Jd a lb, delivered to factory. Produce.—Table potatoes, prime King Edwards £8; Arran Chiefs, £7 a ton; onions, 15/- 1001 b bag; chaff, £5 5/to £5 10/—; straw, £3 5/-; hay, £4 15/-; oats, 10/6 to 14/-; barley, 20/-; wheat, 22/6 to 23/6; bran, 7/-; pollard, 9/-; rock salt, 8/-; moose meal, 16/-; moose nuts, 15/-; meat meal, 11/-; bone flour, 15/-; oyster shell grit, 6/- a cwt; cow chaff, 2/6 a sack. Vegetables.—Cabbages, 2/- to 4/~. a dozen; cauliflowers, 3/- to 5/-; parsnips, carrots and beetroot, 2d a lb. Miscellaneous.—Barb wire, 34/6; No. 8 galvanized, 28/6; rabbit netting, 26/-; sheep netting, 26/-; fowl netting, 14/6; tanks, £2 10/-; sashes, 12/6; wheelbarrows, 27/6; Pumice washtubs, 52/6; Pumice boilers, £5 15/- to £7 10/—; stakes, 30/-; droppers, 13/-; pickling barrels, 7/6 to 10/-; horse covers, 27/6; cow covers, 9/6; military saddles, £3 10/-; bridles, 10/-; Hulle’s powder strychnine, 4/6; Ceylon tea, 51b, 13/6; 401 b, 2/3 a lb. Hedge Trees. —White escallonia, red escallonia and olearia, 25/- a 100; apple trees, 3/6; ornamental shrubs, 3/-.

DAIRY PRODUCE MARKETS LONDON QUOTATIONS A. S. Paterson and Co. Ltd. have received the following report from their principals, J. and J. Lonsdale and Co. Ltd., London: — Butter.—Market firm. New Zealand, 115/-; Australian, 114/-; Danish, 104/-; landed cost, 125/-. Cheese.—White (firm), 73/6; coloured (slow), 70/-. MINING RETURNS GILLESPIE’S BEACH REPORT (United Press Association) DUNEDIN, July 18. The Gillespie’s Beach Company reports that while the water was low recently the lake outlet was built up and the tunnel intake repaired. There was no wash-up.

FROZEN MEAT PRICES

(United Press Association) WELLINGTON, July 17. The New Zealanc Meat Producers Boaro advises that the following are the approxi mate average prices realized co’ the week, based on actual transactions, wholesale quantities and descriptions of meat mentioned and for representative parcels of goods offering during the week being tor business done on the oasis of delivery V* Smithfield market and/or ex-London stores July 9 July 16 d. d

Lamb Market.—Best quality is steady with prices unchanged. Other descriptions are slightly easier because of competition with Australian and Patagonian lamb. Mutton Market.—Wethers are firm because of light stocks. For ewes the market is quiet and unchanged. Frozen Beef Market.—Nominal. Chilled Beef Market.—Generally easier because of the hot weather affecting the demand. New Zealand Porker Pigs.—Trade slow. New Zealand Baconer Pigs.—Market steady and unchanged. Mr R. L. Bennett, Wellington, has received the following report from Henry S. Fitter

Argentine Lambs 6 6>,i Lambs.—The market Is steady, and no material change is expected yet. Wethers.—The market is firm. Ewes.—There is a moderate demand. Chilled Beef.—Weaker values are ruling, owing to a lack of demand. Pork.—Trade is slow. Trade generally is satisfactory, for this time of year. OPOSSUM SKINS SALE AT DUNEDIN Dalgety and Company, Limited, Dunedin, report on their opossum skin sale held in Dunedin as follows:— A total of 4800 skins was offered. The best grades were firm on last season, but secondary sorts were 6d lower. A range of prices is as follows:—Blues, 6/3 to 11/6; greys, 6/- to 10/4; reds, 3/6 to 5/10; blacks, 3/6 to 6/8; browns, 3/4 to 5/9; small, 1/4 to 4/3; inferiors, 1/8 to 3/10. RAW MATERIALS (Received July 18, 6.30 p.m.) LONDON. July 17. Friday's closing prices for raw materials with those of last week also quoted, are as follows:— Cotton.—Spot, 6.85 d a lb (6.98 d August delivery, 6.66 d (6.85 d Rubber.—Para, lOd a lb (lOd); plantation smoked, 9'/id (9%d). Jute.—July-August delivery, £2l 7/6 a ton (£2O 8/9). Copra.—July-August delivery, sun-dried South Sea, £l5 5/- a ton (£l5 5/-); smoked, £l5 5/- (£l5 5/-); plantation Rabaul, £l6 2/6 (£l6 5/-). Linseed 0i1.—£32 10/- a ton (£32 10/-). Turpentine.—£l 17/- a cwt. (£1 17/-). TENDERS FOR TREASURY BILLS (British Official Wireless) (Received July 18, 6.30 p.m.) RUGBY, July 16. The total amount applied for in tenders for £35,000,000 in Treasury bills was £69,020,000. The average rate per cent, for the bills at three months was 10/0.99, against 11/0.17 a week ago. THE PRICEOF GOLD (Received July 18, 6.30 p.m.) LONDON, July 17. The price of gold is £6 19/11 an ounce.

THE WOOL MARKET

LONDON SALES ENDED LONDON, July 16. The woo] sales closed with an offering of 7256 bales, including 5001 from New Zealand, and 5994 were sold. Competition was active and good clearances were effected at firm rates. New Zealand scoured Merinos “Rosedale” brought a top price of 30£d and an average of 30£d; slipe quarterbred lambs “Kaiapoi” 23id; halfbreds “Kaiapoi” top 21|d, average 19Jd. Throughout the sales 71,000 bales were offered and 23,500 bales of Australian and 29,000 New Zealan' wool were sold; 5500 Australian and 16,000 New Zealand were held over. The Home trade bought 37,500 bales and the Continent 34,500. Competition became increasingly active as the sales progressed. The better class of Merinos was rather dearer and faulty pieces were from par to 5 per cent. lowerFine crossbreds recovered their initial loss and closed at par. Coarse grades were firm throughout and slipes closed 5 per cent, lower.

Dalgety and Company, Limited, report having received the following cabled advice from their head office under date of July 16.— The wool sales closed firm and active The Home trade was the principal operators with good _ support from France. As compared with closing rates of last series greasy Merino was par to |d higher; scoured Merino, unchanged; short and faulty, l|d to 2d lower; greasy halfbreds and scoured haltbreds, unchanged; short and faulty, IJd to 2d lower; fine greasy crossbred, medium greasy crossbred, coarse greasy crossbred, unchanged; scoured crossbred, par to Id lower; lamb slipes, id to Id lower; other descriptions of slipes, Id to ljd lower; greasy lambs, par to Id lower. Quotations for greasy wools are unchanged as compared with the closing rates of the last series.

FOREIGN EXCHANGES (Received July 18, 6.30 p.m.) RUGBY, July 16. The following mean closing rates of foreign exchanage were quoted today com-

NEW ZEALAND CURRENCY BASIS The Bank of New South Wales, Dunedin, announces the following rates of foreign exchange on a New Zealand currency basis: on Buying Selling

N.Z. Sheep— Canterbury and North Island selected and crossbred wethers and maiden ewes: 5% Under 481b 5’,4 48-561b 5 >,' B 5’4 57-641b 5 5Ve 65-721b 4% 5 North Island: 48-561b — — 57-641b — 65-721b Ewes: 481b and under 4 4 48-561b 57-641b 3% 3% 65-721b 3% 3% N.Z. Lambs— Canterbury, first quality: 7*.4 Under 361b 714 37-421b 6% 6% 43-501b 6% 6 3 .4 Second quality: 6% Average about 311b 7 North Island, first quality: 7% 7’4 Under 361b 37-421b 6% 6’4 Second quality: 6% 5% Average about 311b Other South Island: 7’,4 7 >.4 Under 361b 37-421b 6% 6% 43-501b 6% 6% Second quality: Average about 311b — — North Island Downs— 7’4 7’,4 361b and under 37-421b 7 7 43-501b 6% 6% Second quality: 7% 7% Average about 311b Australian Lambs— Victorian first quality: 6% 6’,4 6 3 ,4 Under 361b 37-421b 6*,4 Argentine Lambs— First quality new season: Under 361b 6 ¥2 37-421b 6*4 6‘,4 N.Z. Frozen Beet— Ox hinds (145-2101b) — —• Ox fores (145-2101b) — — N.Z. Chilled Beef— 5’4 Ox hinds (145-2101b) 5’,4 Ox fores (145-210Ib) 3% 3% Argentine Chilled Beef— 6’4 GVb Ox hinds (145-2101b> Ox fores (145-2101b) 4 3% Uruguayan Chilled Beef— .5’4 Ox hinds (145-2101b) 5% Ox fores (145-2101b) 3% 3% Brazilian Chilled Beef— 5’4 5’4 Ox hinds (145-2101b) Australian Frozen Beef— Ox hinds (145-2101b) — — Ox crops (145-2101b) — — Australian Chilled Beef — Ox hinds (145-2101b) — 5 Ox fores (145-2101b) — 3 V2 Southern Rhodesian Chilled Beef— Ox hinds (145-2101b) 5’4 434 Ox fores (145-2101b) 3|4 3*4 Union of S. Africa Chilled Beet— 5’,4 5’,4 Ox hinds (145-2101b) Ox fores, (145-2101b) 3% 3 5 /8 N.Z. Porker Pigs— First quality: 6 ’/a 60-801b 6*,8 81-1001b 6 /8 614 101-1201b 6% 6% Prime baconers: 6’,4 6*.4 121-1601b

and Sons. Ltd.. London:— d. d. N.Z. Lambs— Down, 2’s 7>/ 2 7% Secondary, Down 7*4 7% 2’s 7«,4 7 \x 8's 6’4 7 4's 6% 6’,4 Secondary 6% 7 N.Z. Mutton— Small 5 5>/a Large 4% 4% Ewes: Small 3 >/ 2 3’4 Large 3 3% N.Z. Beef (Frozen)— Hinds 3% 4 Fores 3 3 >,4 Dominion Chilled BeefHinds 5 5% Fores 3‘,'2 4 South American Chilled Beef— Hinds 5 >4 6 3 ,4 Fores 3% 4 >4 N.Z. Pork 6>,4 6% Australian Lambs 6 7

pared with par:— Par Today Paris, fr. to £ 124.21 129 13-16 New York, dol. to £ 4.886 4.96 15-16 Montreal, dol. to £ 4.886 4.97% Brussels, belgas to £ 35 29.52% Geneva, fr. to £ 25.221 21.71 Milan, lira to £ 20.43 94 7-16 Berlin, rmk. to £ 24.42 13.35% Copenhagen, kr. to £ 18.159 22.40 Oslo. fr. to £ 19.159 19.90 Vienna, schgs. to £ z 34.585 26% Prague, kr. to £ 34.585 142% Helsingfors, m to £ 103.23 226% Madrid, pesetas to £ 25.15 — Lisbon, escudos to £ 110 110% Athens, dr. to £ 875 547 % Bucharest, lei to £ 318.6 670 Belgrade, dinars 275.31 216 Rio de Janeiro, p. to milreis 8.892 4% Buenos Aires, p. to dol. 45.577 — Montevideo, p. to dol. 57 39% Bombay, p. to rupee 10 18%

London— 124/10/ - 124/8/9 £N.Z. to £stglOO T.T. O.D. 124 123/10/ Australia— 100/10/£A 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 Fork— Dollars to £1 N.Z. T.T. 4.0218 3.9847 O.D. 4.0318 3.9887 Montreal— 3.9934 Dollars to £1 N.Z. T.T. 4.0283 O.D. 4.0408 3.9974 Austria— Schillings to £1 N.Z. T.T. 20.88 O.D. —— 20.89 Belgium— 23.575 Belgas to £1 N.Z. T.T. — O.D. w 23.586 Czechoslovakia— Crowns to £1 N.Z. T.T. —— 113.57 O.D. —— 113.62 Denmark— Kroner to £1 N.Z. T.T. 18.203 17.893 O.D. 18.263 17.899 France— 103.63 Francs to £1 N.Z. T.T. •—— O.D. —— 103.67 Germany— Relchmarks to £1 N.Z. T.T. — 9.854 O.D. —— 9.859 Holland— Florins to £1 N.Z. T.T. — 7.198 O.D. —- 7.202 Italy— Lire to £ N.Z. T.T. 75.66 O.D. — 75.71 JavaFlorins to £1 N.Z. T.T. 7.169 O.D. — 7.173 Norway— Kroner to £1 N.Z. T.T. 16.180 15.891 O.D. 16.240 15.897 Sweden— Kroner to £1 N.Z. T.T. 15.787 15.492 O.D. 15.847 15.498 Switzerland— Francs to £1 N.Z. T.T. —— 17.357 O.D. — 17.362 Noumea— Francs to £1 N.Z. T.T. — 102.88 O.D. —— 102.92 Papeete— £1 N.Z. T.T. 102.83 Francs to —— O.D. 102.87 Hong Kong— N.Z. pence to 1 dollar T.T. 17 15-16 18% O.D. 17 29-32 18% India and Ceylon— N.Z. pence to 1 rupee T.T. 22% 22 21-32 O.D. 22 11-32 22 21-32 Japan— N.Z. pence to 1 17 15-32 yen T.T. — O.D. 17 15-32 Shanghai— N.Z. pence to 1 dollar T.T. 17 25-64 17 53-64 O.D. 17 23-64 17 53-64 Singapore— N.Z. pence to 1 dollar T.T. 34 23-32 35 13-64 O.D. 34% 35 13-64 Chef oo— N.Z pence to 1 dollar T.T. 17 13-32 18 1-32 O.D. 17 23-64 18 1-64 Manila— N.Z. pence to 1 peso T.T. 29 31-32 30 15-32 O.D. 29% 30 15-32