FINANCE AND COMMERCE.

Press, Volume LXIII, Issue 19180, 10 December 1927, Page 16

FINANCE AND COMMERCE.

NAPIER WOOL SALES.

LOWER VALUES FOR MEDIUM AND COARSE GRADES.

(PBIBS AS80CIAT10» TSLXOHAU.)

NAPIER, December 0,

The second Napier wool sale of the season turned out as was generally expected. There was a decline in the values of tho medium and coarser grades of wool, with the finer sorts quite holding their own with prices ruling in November, and at times, perhaps, showing a slight improvement. To take the values ruling at Wellington as a guide, to-day's market at Napier was o exactly the same level, with the exception perhaps of 44-46 preparing wools, which showed a drop of from }d to 4(1. It was more than growers could hope for that the market of November should be maintained and, generally, it was recognised that those values were brought about by a demand on the part of some operators for wool for immediate consumption. With those requirements fulfilled naturally the market would find a truer level, while at the same time it had to be recognised that now that wool supplies are more plentiful there is not the samo reason for feverish buying. Still, quite a number of growers wero optimistic enough to expect the high level of a month ago to be maintained, and values were placed on their flips accordingly. However, in those cases, the opinions of buyers were at variance with those of growers, whoso reserves were not reached, and in consequence several lots were passed in. If tho few whose lots wero passed in were disappointed, there were many others who had fixed values to give them a reasonable return, but received agreeable surprises at an offer of 2d to Hi over those values. One noticeable thing about the sale was that it lacked the all-round keenness of tho November auction. On such lines as lambs' wool thero is no denying there was good competition and keenness, but at other times tho salo seemed to drag. The official rango of prices was not available to-night. „ POTATOES. MELBOURNE MARKET GLUTTED. (Br CABtiB—rRIBS ASSOCIATION—COPIBIOHT.) (AUSTBALIAN AND H.B. CABLI ASSOCIATION.) (Received December 9th, 9.15 p.m.)

MELBOUENE, December 9. Tho end of the strike released large Bupplies of new potatoos, so that the market was glutted, and prices fell from £l3 to £6, raising again to £8 for choicer varieties, while for other classes prices dropped to as low as £4. COTTON. AMERICAN CROP. WASHINGTON, December 8. The Department of Agriculture forecasts that the cotton crop will total 12,789,000 bales of 5001b gross tor 1927, compared with 17,977,000 bales in 1926. WHEAT. ♦ LONDON REPORT. » (BT CABLB—MUMS ASSOCIATION—COPIRIGHT.) (ttUSTBALIAX AND *-Z CABL» ASSOCIATION.) LONDON, December 8. Cargoes.—Prices are unchanged and buyers are reserved. Parcel* meet with poor enquiry at from unchanged to 8d down. At Liverpool futures are quoted:—December 10s 41d, March 10s 4Jd, May 10s 3Jd per cental. Spot trado is slow. Australian, ex store, S2a to 53a per quarter. DAIRY PRODUCE. , LONDON REPORT. LONDON, December 8. Butter.—Trade is disappointing and buyers are inactive. Choicest salted New Zealand and Australian 166s to 168e, tinsalted Australian 178s to 180s, Danish 196s to 198e per owt. Cheese.—The market is dull. New Zealand white 94s to 955, coloured 93s to 04s per owt.

Dalgety and Co., Ltd. have received the following cablegram frdm their London office, dated December Bth: . Butter—Market slow. We quote Danish 196s to 108 i; finest New Zealand ealted 166« to 170s; finest Australian, unsalted 180s, •alted 166s to 168s. Cheese—Market slow for New Zealand, steady for Canadian. We quote New Zealand, white 92s to 945, coloured 92s to 945; Canadian spot, white and coloured, 96s to 108s; Canadian c.i.f., not quoted.

Messrs A. H. Turnbull and Company report as follows: — We Issued our monthly report on December 2nd, without awaiting the monthly gradings which are now to hand, and are set out below. At that time, prices had receded to 170s for finest fresh landed salted butter. Then came the news of the shipping hold-up in Australia, which immediately had s firming effect on both the British and Canadian markets, and further sales were effected at from Is 4Jd f.o.b. tor first grade to Is 4Jd for finest. The demand was, however, very limited, and although the London market showed an advance ot 3s to 4s per cwt., this quickly disappeared again on tho announcement of a settlement, and to-day s cable advises values in London as 166s to 3685, or approximately Is 4d per lb net, f.o.b. Canadian buyers have also reduced their ideas, and business to-day is only possible at round about Is 4Jd for finest and Is 4d for 92 points. CHEESE. Tho market Is weaker, and dull at 94s to 05s. whilst forward buyers show very little interest. PRODUCTION. Wo draw attention to grading figures at the foot of this report, and especially to the great increase in butter gradings this season, which wo fear will tend to have a further depressing effect on London. The pnidings for November constitute a monthly record for all time. GRADINGS. 1923. 1926. 1927. Butler traded (luring November .. 9,250 10.250 11,950 Butter graded for 4 mths. ending Nov. 21,800 24,050 23,850 Butler in store in N.Z. at Nov. 30th 4,400 6.900 4,650 Clieesp graded durrhg November .. 9,700 10,650 11,550 Cheese graded for 4 nulls ending Nov. 20,450 20,950 22.650 Cheese in store in N.Z. at Nov. 30th 7.000 6,050 5,550 EGG MARKET, (HI CABLE-rRKSS ASSOCIATION—COPYRIGHT.) (AUSTRALIAN ASO S-Z CABLE ASSOCIATION.) LONDON, December S. The egg market is easier, with large supplies of Continentals arriving owing to the mild weather. The Narkunda. I'evmlale. and Tliemistoeles Australian shipments arrived in excellent condition and (.old at from 17s to ,22s per long 100, the same price as that fcr Belgian new laid. SHARES. (Eeceived December 9th. 5.S p!nO LONDON, December ?. T. and O. Deferred Stock is quoted at / /261 sa.

(CONTINUED FROM PAGE 12.)

BANK OF ENGLAND RETURNS. (by CABI.E-PJISS3 ASSOCIATION —COri'RIGHT). '.AUSTRALIAN AND K.Z CABLB ASSOCIATION./ LONDON, December S. Tha following are tho Bank of England returns for the week ended Wednesday: Issue Department. Note circulation .. 1 f'noo Note in reserve . . • • J1.4.!l,000 Total 103,2156,000 Government debt .. •• I g ,^s'ooO Other securities .. •• ~^£>,oo" Gold coin and bullion • ■ 1t5,480.000 T„tal •• •• 1G3.256.000 Banking Department, Proprietors' capital • . Rest . . • • • • c> f -Ji,uuu Public deposits .. •• Other deposits . . ■ • 109,8-s.OOO Seven-day and other bills .. _____ Total •• 13^.109.000 Government securities . . "''^^"o Other securities .. b0.009,000 Notes in reserve . . •• Gold and silver com .. 1,—0.000 Total .. •• 135,109,000 Tho proportion of reserve to liabilities is 27.80 per cent. Short loans arc quoted at Si per cent., three months' bills at 4 5-16 per cent. GOVERNMENT SECURITIES. LONDON, December 8. The following are the latest quotations for Government securities compared with tho prices ruling last week:

FOREIGN EXCHANGE RATES

LONDON", December 8. The exchange rates on' London are as follows: i

Par. Dec. 5. Doc. 8. Paris, fr. to £1 .. 18.321 124 124.00 Brussels, belgas to £1 5 34.89 34.90 Oslo, kr. to £1 .. 18.15!) 18.34 18.34 Copenhagen, kr. to £1 18.159 18.20 18.20 Stockholm, kr. to £1 18.159 18.08 18.08 Amsterdam, fl. .. 12.107 12.07* 12.07 i Berlin, Reichmarken to £1 .. •• - 20.42 20 ' 43 Montreal, d01..t0 £1 4.86!" 4.88 i 4.88 11-16 New York, dol, to £1 4.86* 4.883-16 4.881 Yokohama, st. to yen 24.5 22g 22 9-16 Home, lire to £1 .. 25.22$ 90 90 Calcutta st. to rpe. IB to gold £ 181-16 184 Hong-Kong, st.todol. « 24& 21| Batavia .. •• - 12.08J 12.06*

Prague, kroner to £1 * Governed by price of silver.

FARM PRODUCE.

LONDON QUOTATIONS.

LONDON, December 8. . Flour—The market is steady,, Australian, ex store, 38s Sd. Oats—The market is firm. Australian, Algerian 28s to 295, A Gartons 34s to 335. Peas—Dull demand. Blue Tasmaniar, 400e to 4205; New Zealand, 380s to 400s; Maples, Tasmanian 923 6d to 955, New Zealand 83s to 87s 6d. Beans—New Zealand, 44s to 45». METALS. LONDON, December 8. Copper—Standard, spot, £6O 10s 7Jd per ton: forward, £6O 13s lid. Electrolytic;— Spot, £66 10s per ton; forward, £7O. Lead—Spot, £22 per ton; forward, £22 6s 3d. Spolter—Spot, £26 7s 6d per ton; forward, £2O 2s 6d. • Tin —Spot, £270 12s 6d per ton; forward, £264 17s 6d. Silver—Standard, 26gd per os; fine, 28 15-16 d.

Last Week. This Week. £ s d £ s d Imperial Consols, 21 p.c. 54 15 0 — War Loan, 5 p.c., 100 11 1929-47 100 7 C 3 Wot Loan. 3 J p.c. 1925-28 101 2 ti 101 5 0 Conversion loan, 34 p.c, . . • 74 17 0 75 0 0 Commonwealth, 6 0 p.c., 1931-11 103 2 G 3 03 0 Commonwealth 5 10 p.c., 1945-75 97 0 0 97 0 New Zealand, 6 103 0 p.c., 1936-51 108 8 9 5 New Zealand, 4 p.c. 98 1929 92 2 G 5 0 Now Zealand, 31 p.c., 1940 87 17 G 8G 15 0 New Zealand, 3 p.c., 78 1945 78 G 3 12 6 New South Wales, G p.c., 1930-40 100 12 6 100 5 0 New South Wales, 53 103 17 p.c., 1922-23 New South Wales, 6 103 15 0 6 p.c. 101 5 0 101 0 0 New South Watci, 4 15 p.c., 1933 94 5 0 92 0 New South Wales, 31 p.c., 1930-40 75 2 6 75 0 0 New South Wales, 3 p.c., 1935 Victoria, 5J p.c., 85 2 6 85 5 0 94 1930-40 95 15 0 0 0 Victoria, 5J p.c., 101 10 1921-26 101 5 0 0 Victoria, 3 p.c., 1920-49 73 0 0 72 0 0 Victoria, 5 p.c., 99 1932-42 99 0 0 5 0 Victoria, 3 p.c., 15 1920-40 ' . . 77 5 0 77 0 Queensland, 6 p.c.. 103 1930-40 103 0 0 0 0 Queensland, 3} p.c., 17 97 1930 95 6 5 0 Queensland, 3 p.c., 1922-47 72 7 6 71 0 0 South Australia, Gi p.c., 1930-40 104 0 O 104 0 0 South Australia, 3 j 0 0 85 p.c., 1939 . 85 5 0 South. Australia, 3 p.c., 1916 or niter 61 2 6 61 0 0 West Australia, 6 p.c., 1930-40 103 0 0 101 0 0 West Australia, 3$ :. p.c., 1920-35 88 5 0 88 15 0 West Australia, 3 85 p.c., 1916-35 0 0 85 7 6 Tasmania, 6} p.c., 104 1930-40 104 15' 0 15 0 Tasmania, 81 p.c., 83 1920-40 83 17 6 6 0 Tasmania, 3 p.c. 78 10 1920-40 79 0 0 0