HOME MARKETS.

Press, Volume LXIII, Issue 19165, 23 November 1927, Page 10

HOME MARKETS.

STOCK EXCHANGE QUIET. WOOL PROSPECTS GOOD. (BT CABLE-PRESS ASSOCIATION—COPSBIGHT.) (AUSTBALIAN AND N.Z CABLI ASSOCIATION.) LONDON, November 19. The Stock Exchange is passing through a period of /quietude. Most tections of the industrial market having resumed normal conditions, uusidcss is running in much narrower channels than of late. The gilt-edged market remains firm, but business lias been restricted by new issue competition. The success "of the Kenya loan, which was somewhat surprising in view ot its high price, had a good effect, and Colonials generally have appreciated, the scrip ol the recent Victorian loan reaching five-sixteenths premium and Kenya eleven-sixteenths. Wool Sales. Prospects tor the wool sales, opening on Tuesday, are regarded as most satisfactory. There was general talk of a rise of from 5 to 7i per cent, in merino prices and of 10 per cent, in crossbreds, so it is most surprising tha't some of the Bradford firms, despite all talk about the scarcity of wool there, are sending a considerable cumber of bales to London for the auctions. Apparently they expect that the Continental demand will be so keen that they will be able to make more profit by selling the wool than by - converting it into tops for sale in Bradford. A correspondent therewrites: "Many in the trade assert that they discern signs of a distinct turn of the tide. This is not the first occasion on which optimism has sounded such a hopeful note, but there seems rather more warrant for it than hefore. AVool certainly is being used up at a greater rate than at this time in 3926, and there is less in sight.' Even if Germany, which is the centre of greatest European activity, slackens off, there is little doubt that the raw material released will find an outlet elsewhere without difficulty. The obvious difference that has arisen between supply and demand, however, seems to be one of impelling motives on the part of buyers of fully-manu-factured goods to place orders for larger quantities. Confidence in the soundness of the raw material now being well established, the future of "■.Vest Ridling trade turns largely upon the outcome of the present .wage negotiations, and there is a very favourable prospect of a satisfactory settlement being effected." Butter Improves. The butter market continues to im?rove, and all quotations axe higher, here was a strong demand for Colonial from North England and Scotland, probably owing to the smaller supplies of Danish, which have been eagerly bought by Continentals, notably Germany, which appears to be very short of butter. Indeed German buyers purchased a small quantity ot Australian Kangaroo brand in London this week. The outlook appears good, and traders expect present prices to be maintained'till about the end of the year. Quantities afloat from New Zealand, Australia, and Argentina total 480,000 boxes, compared with. 566,000 at this time in 1926. Egg Market. » The demand for Australian eggs is steadily increasing, and supplies are clearing rapidly. The quality of recent arrivals reached the highest standard, nnd the Jervis Bay maintained the Commonwealth Line's reputation by landing the eggs ill practically perfect condition. There is somewhat of a mystery about the retailing of these eggs. Probably most of them are used in the restaurants, as they are not risible in any grocers' shops or stores i ticketed as Australian, but enquiry at one large suburban store elicited the fact that they bad Australian eggs for sale at 2Jd each, though it was not considered advisable to mark them as such, as that would give their age away. Dried Fruit. The dried fruit trade recently has been very quiet, buyers having apparently filled all their requirements during the burst of activity in September and the first half of October. There may be some revival of the demand early in December by retailers, who find themselves short of stocks for Christmas, and in this case Australian sultanas should do well, for there is no improvement in the quality of v- Smyrnas, the bulk of the arrivals being of low quality. Australians maintain their price for finest at from 66s to 755, but medium * and lower grades show a slightly easier tendency, ranging from 52s to 60s. I BUTTER AND FROZEN MEAT, NIAGARA'S CARGO. {THE PKESS Special Service.] AUCKLAND, November 22. Tvjenty-three thousand cases of butter are included in the cargo which is being taken by the Eoyal Mail steamer Niagara, sailing from Auckland for * Vancouver to-night. This is the biggest •hipment of butter to be made to Vancouver within recent years. The greater portion of the Niagara's butter is consigned to Honolulu, Victoria (British Columbia), and Vancouver, while several thousand cases are for transhipment to Shanghai. Some years ago tho export of butter from Auckland to Vancouver was much heavier than it is to-day. The falling off in the trade is chiefly due to the growth of dairy farming in Alberta and Saskatchewan, and tho present revival, in some dogree, is due to the dry season in Australia. In addition to the large butter shipment, the Niagara is taking an unusually large quantity of frozen meat, chiefly beef and veal for Honolulu. It is consigned to the military authorities. CELANESE. PROPOSED AUSTRALIAN COMPANY. (bt cable—pbess association—copyright.) (Australian and n.z. cable association ) LONDON, November 21. The "Evening Standard" underrtands that an Australian group has been approached by the British Celanese Company to form a subsidiary Australian company in connexion with a £1,000,000 factory project, and adds that the consummation is not likely before January.

SHARES. fr»T CABL&-PMS3B ASSOCIATION—COPTBIOHT.) (K73TBALIAK AJTD X.Z CABLB ASSOCIATION.) LONDON, Novomber 21. I. and O. Shares are quoted at £2«7.

WOOL. WANGANUI SALE. (PBX33 A8SOCIATIO» TXLXOBAM.; WANGANUI, November 22. At the initial wool sale at Wanganui to-day, with a combined offering ol about 11,307 bales, there was a large attendance of buyers, Bradford, Germany, France, Belgium, and America being represented, besides repiusen tatives °o! Australian and Dominion nulls, supplemented by local scouring linns. Competition was very keen, and olten animated. Buying was more general than at the opening sale at Wellington, some buyers who bought little or nothing there being m evidence to-day. This competition was very useful in keeping the market up to the level of the opening sale. The offering of wool was not equal in general stvle or attractiveness to Wellington or Napier. Taking this into consideration, the market shows little or no change. Skirtings, on prices realised, might seem to have eased, but there were no really good lots submitted, most of the pieces and bellies being wasty. Skirtings generally were very seedy. German buyers were much more prominent in this sale, and secured a rood weight of wool. Bradiord was also buving in large quantity, trench competition was felt in fleeco wools and the better lots of skirtings. A few lots of lambs' wool were offered, but not in sufficient quantity to oo a fair test of the market. The range of prices is as follows: — d d Fine Crossbred— Super 17 to 194 Average ' ... ... 15 to lr* Inferior 13 to 144 Medium Crossbred — Super ... ... 16 to 17 Average ... ... 14 +o 16 Inferior 12 to 13£ Coarse Crossbred — Super ... ... 13i to 15J Average ... ' ... 114 to 133 Inferior 10 to 12 Low Crossbred — Super 13 to 13J Average ... ... 1U to 13 Inferior ... ... 9 to 11J Hoggets—--48-50 16 to 19| Fine 15 to 18i Coarse l-H to 16-J Low 12 to 13* Lambs—None Bellies and Pieces— Crossbred, good to super 13 to 15i Low to medium ... 8 to 12£ Crutchings, medium to good ... ... 9 to 10$ Inferior to seedy ... 6 ta 8J Locks — Crossbred ... ... 5 to 6 COOL STORES IN LONDON. MEAT EXPORT BOARD'S DECISION. [THE PEESS Special Service.] WELLINGTON, November 22. The Meat Export Control Board has purchased a site in London for the erection of cool stores. The Board's authority to purchase this site was recently the- subject of argument before the full Court and judgment was given that the Meat Export Control Act conferred the necessary power upon the Board. The site is on the Thames, but the purchase price is not divulged, nor is any announcement as to the intentions of the Board with respect to the erection of the buildings. It is stated, however, that an option over the land was held for six months. COMMONWEALTH LOAN. , £7,000,000 ISSUE. (BY CABLE—PRESS ASSOCIATION—COPYRIGHT.) (AUSTRALIAN AND H.Z CABLE ASSOCIATION.) (Received November 22nd, 8 30 p.in.) LONDON, November 22. The "Morning Post" understands that the underwriting will take place on November 22nd of a Commonwealth loan of £7,000,000 at 5 per cent., issuing at £97 10s. redeemable in 1945-75. This represents the raising of the fresh money required by both the Commonwealth and certain .States, and is in. accordance with the new and better system of co-ordinating Australian borrowing. CATTLE PROBLEMS. (BY CABLE—PRE9S ASSOCIATION—COPYRIGHT.) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) (Received November 22nd, 8.30 p.m.) LONDON, November 22. Mr Dunlop Young will probably •spend-three-months-in Australia but his departure has been deferred from February to May, presumably on account of the drought. However, he may go in April in order to accent the invitation to visit New Zealand during the calf-killing season. He hopes to visit the principal slaughtering centres in all the States and hold informal conferences with the inspectors with a view to reaching a solution of mutual problems BUTTER CARGO DAMAGED. (press association telegram.) WELLINGTON, November 22. A rumour is going about that produce in the Port Caroline, which left Wellington on September 26th, and arrived in London on November sth, is damaged, but the agents here have no information, and do not: know "what ground there is for the report. [A Christchurch firm received cabled advice from London yesterday morning, confirming the rumour regarding, the Port Caroline. The steamer had included in her cargo 70,000 boxes of butter, and of these 30,000 boxes were stored in No. 2 hold, which was principally affected. Of the butter in No. 2 hold 15,000 boxes were badly damaged and 15,000 partially damaged. There was no South Island butter in the steamer, the consignment all coming from the North.] •.-.

WHEAT. (bt cable—press association— copthight.) (austbalian and k.z. cable association.) NEW YORK, November 21. Ohicago wheat quotations—December 127J, March'l3ll, May 1341 cents per bushel. LONDON, November 21. Cargoes are steady. La Platas'show a 3d advance, but others are unchanged. Parcels aro iu poor request, and occasionally are 3d dearer. At Liverpool futures are quoted: December 10s sgd, March 10s 4jd, May 10s 3J4 per ewtaL