FINANCE AND COMMERCE

Taranaki Daily News, 10 October 1930, Page 12

FINANCE AND COMMERCE

NEW RATES OF EXCHANGE. LONDON AND AUSTRALIA. Sydney, Oct. 8. New Exchange rates Australia on London and London on Australia, which from October 9 will be quoted on the basis of £lOO in London, were announced to-day, after a conference of bankers.

Previously the rates were quoted at a stated premium or discount, as the case might have been, and it is essential to remember that the new rates are on the basis of £lOO in London. PREVIOUS RATES. The exchange rates previously ruling were as follows: — Australia on London.

SHAREMARKET TRANSACTIONS Auckland, October 9. —Stock Exchange sales: Government Bonds, 1933, 5| per eent., £O9 10s; Commercial Bank of Australia, 17s 6d, 17s 9d (4); Auckland Gas, 23s 2d; Leyland O’Brien, 23s 6d; Colonial Sugar (late sale Wednesday), £3l; to-day, £3l-; Electro Zinc (pref.), 17s 6d; Mount Lyell, 17s 44d;, Farmers’ Fertiliser, 17s, 6d; New Zealand Breweries, 445. .Christchurch,. October on Exchange: Commercial Bank of Australia, 17s 6d (3), 17s 3d (1), 17s 2d (2); E.S. and A. Bank, £5 7s 6d; National Bank of Australasia (£lO paid), £ll 10s,' £ll 12s 6d; Bank of New Zealand,! 53s 3d; Dalgety. and Co., £8 10s; New Zealand Breweries,'44s 6d,'44s 4d; Electro Zinc (pref.),, 17s 7d, 17s Id; ■Mount Lyell, 17s 4d' (2); Mahakipawa, 6d (2), 5Jd (2), sd, 4Jd, 4d (2), 3J, '3d (2), 3Jd, 4d (2), 5d (3), 4Jd, ad (4). Sales reported: Commercial Bank of Australia, 17s 6d, 17s sd, 17s 3d (2); British'Tobacco, 32s 3d; Commercial Bank of Australia, 17s Id, 17s; New Zealand Breweries, 44s 9d, 44s Id. LARGER DAIRY PRODUCTION. SEPTEMBER GRADING RETURNS Remarkable increases in production of butter and cheese this season are disclosed by the grading returns for the two months ended September 30. Butter shows an increase of nearly I'soo tons,’, and cheese an, increase of nearly* ,1400 tons compared with the corresponding period of last year, The figures of the Dairy Division of the Department of Agriculture’ show that the salted butter graded for September, 1930, was 7210 tons and the unsalted 211 tons, a total of 7421 tons, compared with 6016 tons salted and 76 tons unsalted, a total of 6092 tons for. September of last year;, an increase of 22.84 per cent. For the two months ended September/ 1930, the respective quantities were 10,229 tons and 230 tons, a total of 10,459 tons, compared with 8061 tons and 80 tons, a total, of ’9041 tons for the corresponding period of the preceding season, an increase of 15.68 per cent. The cheese -graded for September, 1930, comprised; —White, 3081 tons; coloured, 1755 tons; a total of 4836 tons compared with 2056 tons white and 1510 tons coloured, a total of 3566 tons for September, 1929, an increase of 35.61 per cent. The quantities for the two months ended September, 1930, were:'White, 3414 tons;'coloured, 2068 tons; a total of 5482 tons, compared with 2325 tons white and 1765 tons coloured, a total of 4090 tons for the corresponding period of the. preceding season, an increase of 34.01 per cent. Converting these figures, into butterfat equivalent there is an increase of 18.608 per cent, in butter-fat production for the two months as compared with the corresponding period of . the 1929-30 season. Stocks held in the various grading ports at September 30, 1930, were: Butter 4488 tons, cheese 3590 tons, as compared with 3051 tons butter and 2295 tons cheese held on September 30, 1929,

JOHNSONVILLE STOCK SALE. WETHERS AND LAMBS IN DEMAND At the Johnsonville stock sale on Wednesday an average yarding was offered to a large attendance. The cattle yarding comprised mostly good quality heavyweight bullocks, with a >few pens of prime heifers and cows; vealers were yarded in small numbers. A good sale resulted, prices being on a par with last weeks rates. The quality of the sheep yarding was good. Wethers met with good competition at late rates, but ewes showed a further decline of Is to Is 6d per head, heavy ewes suffering mostly. Hoggets were easier, while spring lambs met with a gdod demand at last week’s rates. Prices ranged as follow:— > ' Cattle. —Heavy bullocks, £l7 2s 6d, £l6 15s, £l6 12s- 6d, £l6 7s 6d, £l5 15s; medium bullocks, £l5 10s, £l5 s, £l5 2s 6d, £l4 17s 6d; light bullocks, £l4 10s, £l4 ss, £l3 17s 6d; heavy heifers, £l*2 2s 6d, £l2, £ll 15s, £ll 10s; heifers, £ll 2s 6d, £lO 17s 6d, £lO 10s, £lO ss; heavy cows, £ll 10s, £ll 15s, £lO 17s 6d; cows, £lO 10s, £lO ss, £10; dairy sorts, £9, £8 2s 6d, £7, £5, £4 10s; heavy vealers, £5 ss, £4 3s, £3 17s; light vealers, £2 Is, £1 17s 6d, £1 10s. Sheep. —Heavy wethers, 31s lOd, 31s 3d, 30s 9d, 30s 6d, 30s, 28s 6d; wethers, 27s 9d, 27s 4d, 26s lOd, 26s 3d; light wethers, 25s 9d, 25s 4d, 255, 24s 7d; heavy ewes, 235, 22s 3d, 21s 9d; medium ewes, 20s lOd, 20s 6d, 20s 3d; light ewes, 18s 3d, 18s 3d, 17s 7d; heavy hoggets, 255, 24s 7d, 23s lOd; medium hoggets, 22s 6d, 21s 9d, 20s 3d; light hoggets, 19s, 18s 6d, 17s. Lambs. —Spring'lambs (good), 265, 25s 6d, 24s 9d, 245, 235; spring lambs, light, 21s 6d, 20s 9d, 20s, 19s, 18s 6d and 17s 3d.

BURNSIDE STOCK SALE. VALUES OF FATS APPRECIATE Dunedin, Oct. 8. There was a brighter tone in the Burnside stock sales to-day than for some weeks past. Fat. cuttie and tat sheep met with a good demand and values appreciated, considerably. The small penning of spring lambs sol«. well. The entry of fat sheep comprised 2168 head of very fair quality. There was a large percentage of light and medium wethers with a small sprinkling/' of prime sheep. The proportion of ewes was small. Prices for prime butchers’ sheep were up to Is per head better than last week, but medium and light wethers were cheaper by from Is to Is 6d. Extra heavy wethers made to 375; prime, from] 29s to 31s Ad; medium, from 22s 6d to 255; and Tight, from 18s. Extra prime ewes made up to 29s'; prime to 255, and light from 12s. The entry of 18 spring lambs showed fair average quality and the demand was good at prices ranging from 30s to 375.

I’he fat cattle yarding consisted of 195 head, mostly prime ox beef, with a small 1 percentage of cows and heifers. The sale” opened promisingly at last week’s rates and improved as it progressed, until values were fully from 20s to 30s better. Extra prime heavy bullocks made from £25 to £27; prime, from £2l to £22 10s; medium, from £l7 to £lB 10s; and light from £l3. Prime cows and heifers were worth up to £18; medium up to £l5; and light from £8 10s. , There were about 300 head of store cattle forward, comprising mostly young sorts. A bunch of 2 J to eight-year-old steers sold well, but for most other sorts there was no change in demand or price. OIL BORING AT MOTUROA. Fishing operations have been carried on, states- the report of the Blenheim Oil .Well Reclamation Company for the week ended October 4. The tools were caught and pulled up to 1180 feet from ;the top of the well. The fishing tool was damaged at this depth, and a -new one is now being made.

The new rates are: — Australia on London. Buying Selling ■ £ s d. £ s. d. IOS 10 0 T.T. 109 0 0 107 17 6 On demand IOS 15 0 107 8 9 30 days IOS 10 0 107 r 3 60 days IOS 5 0 106 13 9 90 days 108 0 5 106 6 3 120 days 107 15 0 108 17 6 mail 110 0 0 transfers. London on Australia. . Buy in cr O Selling £ 6. d. £ s. d. T.T. 108 10 0 109 16 3 On demand 108 176 110 7 6 30 days — 110 18 9 60 days — 110 10 0 90 days — 112 1 3 120 days — IOS 10 0 cable transfers.

Buying T.T. Selling £ s. d. £ s. d. • 106 10 0 105 7 6 On demand 106 1 - 3 104 15 0 30 days 105 12 6 104 3 9 60,days 105 3 9 103 12 6 90 days London on Australia 104 15 0 Buying Selling £ s. d. i' £ s. d 1 1 —> T.T. ' 93 17 6 92 12 6 ’ On demand 93 10 0 92 1 3 30 days — 91 10 0 . 60 days — 90 IS 9 90 days •—