£30,000,000 TO PAY

Sun (Auckland), Volume II, Issue 336, 23 April 1928, Page 10

£30,000,000 TO PAY

N.Z. CONVERSION LOAN ANTICIPATIONS BRITISH TRADE REVIEWED (United P.A. —By Telegraph — Copyright) (Australian Press Association) LONDON, Saturday. The marked strength of gilt-edged stocks on the Stock Exchange has given rise to many reports of forthcoming capital flotations of an investment character in the near future, end certainly the time seems to be favourable. The first to arrive is the Western Australian loan, of £ 3,000,000, at 5 per cent, at 98, which has been well received. Another possible early borrower is New Zealand, which has neaVly ! £30,000,000 falling due for repayment! in November, 1929. It seems rather early to talk about this conversion, but some financial writers anticipate that repayment will be dealt with piecemeal, and that an early commencement will be made. In any case, New Zealnd’s annual issue of a new money loan is expected next month. BRITISH FUNDING LOAN The American demand for the British 4 per cent, funding loan has again been the principal feature of the Stock Exchange. This follows the listing of the funding loan on the New York Exchange on April 12, which is regarded as a most important step in the internationalisation of securities, and as likely to lead to developments which will tend toward closer relations between the New York and the London Stock Exchanges. The immediate result of this listing has been a considerable inquiry for all gilt-edged stocks, notably the funding lo;an, which rose smartly, but relapsed later, on profittaking by British investors. The stock was readily absorbed on New York account. APPLE MARKET DULL There are no signs of any improvement in the apple market, and importers are getting decidedly anxious regarding the future, especially in view of prospective heavy arrivals. The only ray of hope that can be found is that recently Britain and the Continent have been experiencing a spell of cold weather, which seriously affected the blossoms of all varieties of the fruit. This is expected to mean small crops of all the European fruits, so that later arrivals from Australia and New Zealand ought not to meet so much competition as usual from cherries and other soft fruits. But for near arrivals the outlook is far from promising. One of the leading firms of fruit brokers, commenting on the position, says: “Reasons for the unsatisfactory prices are, first, that the public has become less satisfied with apples, as the American fruit this year, although of good appearance, did not reach the usual standard as far as eating qualities were concerned. Secondly', that buyers obtained information of heavyquantities of Australian fruit that had arrived and were on the way', and they were most diffident about taking more than immediate requirements.” Other traders express similar opinions. They say the publication in the newspapers of official statements of enormous supplies coming from Australia and New Zealand are greatly detrimental to the producers’ interests. SMITHFIELD PRICES, Under rlate April 20, the London Office of the New Zealand Meat Producers’ Board cabled advising Smithfie.Ld average delivered prices for the week as follow :—■ New Zealand wethers and maidens, Canterbury quality, selected brands, 56 and under, 6 7-Sd, 57 to 64, 5 3-8 d; other brands. 56 and under, 6|d; 57 to 64, 6d; 65 to 72, 51d. New Zealand ews, 64 and under, 5 1-Sd. New Zealand lambs, Canterbury quality, 36 and under, 93d; 37 to 42, 8,7-8 d; 43 to 50, Bad; seconds, 9d. Selected brands, 36 and under, 9 5-8 d; 37 to 42, 8 7-Bd. Other brands, first quality, 36 and under, Did; 37 to 42, 8 5-8 d; second quality, 30 to 32 average, 9d. Australian lambs, not quoted. Argentine lambs, first quality, 36 and under, New Zealand beef, ox fores. 33d; ox hinds, sd; cow fores, 3£d; cow hinds, 4fd. Argentine chilled beef: Ox fores, 4 Id; ox hinds, 7£d. Argentine frozen beef: Ox fores, 4d; ox hinds, 53d. Frozen pork: Porkex's, 60 to 801 b., 74d; SI to 991 b., 62d; 100 to 1201 b., G3d; baconers, 121 to 1801 b., 7d. Frozen veal, not quoted. Lamb: Market strong. Home killed lamb supplies scarce and dear. Mutton market: Wethers wery firm, with better prices owing to lessened supplies home-killed mutton. Beef: Market is stronger owing to lighter supplies Argentine chilled beef. , Frozen pork: Baconers, nominal prices owing to depleted stocks. Porkers, market is firmer with better inquiry.