COMMERCIAL.

Sun (Christchurch), Volume III, Issue 907, 6 January 1917, Page 14

COMMERCIAL.

LONDON MARKETS. BANK OF ENGLAND RETURNS. By Cable. — Press Association. — Copyright. Australian and N.X. Cable Association. LONDON, January 4. The Bank of England returns for the ■week ended Wednesday, January 3 arc as follow: - ISSUE DEPARTMENT. Notes in cir- Govt. culation 39,895,000 debt. .. 11,015,000 Notes in re- Othersecuscrve .. 32,140,000 rities .. 7,485,000 Cold coin & l.ullion . 53,535,000 Authorised £72,035,000 circulation £72,035,000

BANKING DEPARTMENT. Proprietors* Govt, sccucapital ..£11,553,000 rities ..£03,188,000 Public de- Other secuposits .. 53,117,000 rities (adOther dc- vances) .. 01,789,000 J posits .. 110,388,000 Notes in reRest, 7-day serve .. 32,140,000 and other Coin .. 1,372,000 bills .. 7,101,000 £188,183,000 iH88,489,000 COMPARISON WITH LAST YEAR. 1917 191G Jan. 4 Jan. 0 Coin and bullion .. £53,535,000 50,021,000 Reserve .. .. .. 33,512,000 34,358,000 Proportion of Reserve to liabilities .. .. 19.7G 20.95 Notes In circulation .. 39,895,000 34,194,000 Deposit liabilities .. 169,535,000 103,993,000 Government securities 03,188,000 32,840,000 Discounts & advances 91,789,000 111,748,000 BANK OF ENGLAND RATE. The Bank of England discount rate was raised from 2 per cent, to 4 per cent, on July 30, 1914, to 8 per cent, on July 31, and 10 per cent, on August 1; was on August ; fi lowered to 6 per cent., and on August 8, 1914, to 5 per cent., at which it remained until July 13, 1916, when it was raised to 6 per cent. MONEY MARKET. Short loans arc quoted at 45 per cent., ! compared with 5 per cent, last week. At this date last year the quotation was 5J per cent. Throe months' bills are quoted ft 5 9-10

per cent., unchanged since last week. At , this date last year the quotation was 5J per . cent. CONSOLS. Imperial 2i per cent, consols arc quoted ' at £55 5/-, unchanged since last week. j At this date last year they were quoted at '£sß 17/6. WAR LOANS. Business is active in the old 4J per cent. British war loan. There have been 108 markings between £97 17/0 and £9B 5/-.' Last week the quotation was £96 15/-. At j this date last year it was £97 2/0. ; The 3i per cent. British war loan is quoted j at £BS 5/-, unchanged since last week. At I this date last year the quotation was £B9' 12/0. I COLONIAL STOCKS. The following are the quotations for colonial stocks compared with the prices ruling last week:— Last Tliis

W. Australia 3£ p.c., 1915-35 ..70 715 W. Australia 3 p.c, 1915-35 .. 70 7(>i Tasmania 3* p.c, 1920-40 .. 70J 71 Tasmania 3 p.c, 1920-40 .. ' 054 05 BLUTTEB. Butter is quiet, high prices checking the demand, and there is a slight downward tendency. Danish is about 218/-, New Zealand choicest 206/- to 208/-, unsalted 210/to 212/-. Australian is practically cleared, and nominal quotations are: Salted 204/- to 200/-, unsalted 208/- to 210/-. Argentine salted 204/- to 200/-. CHEESE. Cheese is very firm. Canadian 130/-. WHEAT AND'FLOUR. Wheat is firm, and is active. Flour is steady. Australian 59/0 to 00/-, ex store. OATS. Oats are firm. La Plata is not offering. PEAS AND BEANS. Peas are strong and advancing. New Zealand maples 100/- to 110/-. Beans are firm and unchanged. SUGAR. Sugar.- Standard granulated 51/7 J. METALS. Copper. Spot 6133 15/-, forward £129 15/-. Tin.—£lßo 17/0 to £lB2 12/0. Lead. Spot £3O 10/-, forward £29 10/-. Spelter.- Spot £SO 10/-, forward £lO 10/-. Silver.-30ld per standard ounce. SHARKS. Shares.—Waihi 33/9 to 35/-. WOOL SALES. The wool sales were resumed, 8580 hales being offered. There was a miscellaneous selection and a good attendance and competition. All faulty crossbreds were in the buyers' favour. Good merino combings were conspicuously absent. Faulty was slightly easier, but scoured found a strung , market. AUSTRALIAN MARKETS. GRAIN AND PRODUCE. MELBOURNE, January 5. Oats.—Milling Algerians, 2/3 to 2/31; feeding, 1/11 to 2/-; maize, 3/9; potatoes, £4 10/- to £5 10/- per ton; onions, EG 1()/to £7. LAND SALES. Messrs Dalgoty and Co., Ltd., report having made the following sales lately: On account 11. Anderson (Ashburton), 300 acres to P. Drummond; ,1. R. Maxwell (Amberley), 1073 acres to S. Burrows; !•'. C. Be.ere (Oxford), 200 acres to A. T. Barry; 11. Edbrookc, 273 acres to A. T. Barry. HIGH COMMISSIONER'S REPORT. The Department of Agriculture, Industries, and Commerce has received the following cablegram, dated London, December 22, 1910, from the High Commissioner lor New Zealand. (Note: Quotations, unless

otherwise specified, are average market prices, on spot.) Meat.—There is a good demand for New Zealand mutton and lamb, supplies of which are small. Prices remain unchanged. Lower prices are being accepted for Homekilled and Argentine beef, owing to large supply. New Zealand mutton, per lb, SJd, ewe mutton 8d; Argentine mutton, heavyweight Sill, light-weight Bjd; New Zealand i lamb, 9id; Australian lamb, il'.d; Argentine i lamb, 9d; New Zealand beef, no supplies I available; Argentine chilled beef, hinds 9id, I fores 7Jd. J Butter.—The market continues firm. ; Danish, pcrfcwt, 220/- to 212/-; Australian, 1200/- to 208/-, unsalted 210/- to 212/-; New I Zealand, 210/- to 214/-, unsalted 214/- to 21f>/-; Argentine, 206/- to 208/-, unsalted 2to/- to 212/-. Cheese. —The market continues firm. Canadian, white 132/- to 134/-, coloured 132/- to 134/-; English Cheddar, 136/- to 140/-; New Zealand, no quotations this week. Hemp.—The market is quiet, but steady, nt a slight fall in prices all round. Buyers are uncertain as to Government action with regard to freights. Quotations are nominal. Good-fair New Zealand hemp, per ton, £SB, fair £55; Government-graded fair Manila. £59 10/-, coarse £57; January-March shipment, good-fair New Zealand £54, fair 1'52; Government-graded fair Manila £SB, coarse £55. The output of hemp at Manila for the week ended last Saturday was 19,00(1 bales. Wheat. —The market is firm. Government continues offering [mutilated word]. Notui-

nal value New Zealand long-berry wheat, on spot 80/-. Oats.—The market is firm, with n good j demand for all descriptions. New Zealand, J on spot, 50/-. Wool. —The market is strong. A LATER MESSAGE. The department has received the following cablegram, dated London, December 29, from the High Commissioner: — Meat.—All descriptions of frozen meat are in active demand, owing to short supplies of Home-killed mutton and beef, as a result of railway communication being interrupted. Home-killed mutton, per lb, 1/2; Home-killed beef, 1/1; New Zealand mutton, Sjd, ewe mutton 8d; Argentine mutton, heavy-weight BJjd, light-weight i)d; New Zealand lamb, Hid; Australian lamb, !ISd; Argentine lamb, 9|d; New Zealand beef, no supplies available; Argentine chilled beef, hinds IOJd," lores Bgd; American pork, weighing 801b to 1001b, lOd. Butter.—The market is quiet. Danish, per cwt, 218/- to 220/-; Dutch, 210/-, unsalted 212/-; Australian, 200/- to 208/-, unsalted 208/- to 212/-; New Zealand, 210/- to 214/-, unsalted 212/- to 211/-; Argentine, 201/- to 200/-, unsalted 210/- to 212/-; , American creamery, 102/- to 101/-. Cheese.--The market continues firm. There is liltle business doing. Canadian, white and coloured, per cwt, 132/- to 1111/-: English Cheddar, 136/- to HO/-, Dutch Cheddar, 128/- to 132/'-. All cheese ex Turakina has been commandeered by Imperial Government. Hemp.- The market is very quiet. There > is nothing doing, on account of holidays, ' but prices are well maintained. Wheat.—The market remains firm. Offer- • illgs are very small. < Oats.-There is ;i firm market, with a > good demand. 5 Wool. Cannot give quotations during present condition of the market.

Last week. nus week. New Zealand 4 p.c, 1929 . . m 85 New Zealand 3i p.c., 1940 . . 72 72J New Zealand 3 p.c, 1945 . . 03 63| N.S.W. 4 p.c, 1938 . 82 83 N.S.VV. 3J p.c, 1918 . 90 9G N.S.W. 31 p.c, 1920-30 .. . . 70i 70S N.S.W. 3"p.c, 1935 . 70 70.1 Vic. 4 p.c, 1920 . 92; 92} Vic. 3J p.c, 1921-20 . 82:1 82J Vic. 3J p.c, 1920-48 . 71 705 Vic. 8 p.c, 1929-49 . 02 02 Queensland, 4 p.c, 1915-25 . . 80 jf 87 i Queensland 3i p.c, 1921-30 . . m 8iJ Queensland 3 p.c, 1922-47 , . (>2J 031 S. Australia 3$ p.c, 1939 , . 7l£ 7li S. Australia 3 p.c, 1916 . • 575 57i