FINANCE AND COMMERCE.

Press, Volume LXVI, Issue 20092, 22 November 1930, Page 16

FINANCE AND COMMERCE.

HUGE .PURCHASES OF WHEAT.

AMERICAN FARM BOARD'S OPERATIONS. Kf'TORT TO MAINTAIN' PRICES. J'X!;l> .'.li.'ifc ASSOCIATION —BY EufcX'liUC rK.'-Eur.Ai*n —corvsiGnT.} NEW YOHK. November 20. J tic Washington correspondent of the "New York limes" states that it is reliably reported that the Federal '■arrr: li<mrd has purchased 110,000.000 L'lisliels of wheat, or a tenth of the total or the domestic supply, in an effort to maintain prices. These figures art- larger than was hitherto bMievfvl.

It is unjerat- - >d that the Board sent representatives throughout the country for the past several months, urging a r.-duct:on of wheat acreage, and tho use o: coarse ground wheat for animnl fodder, hoping that thus 100,000,000 bushels would bo consumed during the coming winter.

Mr George Milnor, liea<l of the brain Stabilisation Corporation of the Ffirm lloai-d. in an address stated that the grain at present controlled by the Uoartl has a 76,tx50,000 dollar market value, although it cost 100,000,000 dol--1 r.rs.

"Why should not wheat be stabilised'' Every other line of endeavour ir. this country is on an American or domestic basis. The farmer has been benefited by the stabilisation of wheat; but it has also been a good thing for the country," he said. He admitted that the Board had felt some nervousness 'luring tho past few days, when "t did the heaviest buying. Mr A. J.egge, chairman of the Farm Board, has recommended fifty per cent, increase in the tariff on maize by the Tariff Commission, under the flexible provision in the Act. BRITISH QUOTATIONS. November 21st, 5. > p.m.) LONDON, November -20. C»re steady, while for parcels shit pers are making 3d more. Futures are quoted: London—December, 223 7<l; February, 223 r.T quarter. Liverpool—December, 4s 104 d; March, 4s I'id; May, 5s l£d per cental. Spot trade is slow. Australian ex ship, j Va 6c per quarter. ] VICTORIAN QUOTATONS. iXKLiBOURNE, November 21.' —2s B*d per bushel.

DALGETY AND COMPANY. THE ANNUAL MEETING. Z ¥R2,ti& ASSOCIATION —liY XX.ECT2trC TELSGHAPH—COPYBIGHT.) LONDON, November 20. At Dalj/ety and Co.'s annua] meeting the Hon. Edmund Parker, presidins-. said *'A fundamental essential to Australia's rehabilitation is tho reduction in the cost of production. Until this problem is faced with a united front by the Australian people, no substantial progress can bo made. Tho measures the Government has already adopted can only be temporary." lie trusted that Mr Scullin's Government would face the situation with a. resolute front, and fearlessly take sfcerxs which would restore the Commonwealth's credit to the high pinnacle on which it had rested for so many years. He added that, although probably there were lean times before us for some years, he had tho fullest confidence in Australia's ability to surmount all her difficulties, and return in full to the prosperous times enjoyed in tho past, in which Dalgety's Wsiness would participate as before •, but he saw little prospect of an improvement during the current months. He expressed tho opinion that the company would do remarkably well if it were able to pay some dividend next year. GOVERNMENT SECURITIES. I'VKTTZS razas ABaOCH.TIOH—B7 EL7.CTXIC TILXOBJLPH—COPTEJOHT.) .'lieceived November 21st, 5.5 p.m.) LONDON, November 20. The following? are the latest quotations for Qorercraeat securities, compared with the price* rt&linjr on November 13th last:— Last week. This week.

(CONTINUED.)

BANK OF ENGLAND RETURN.

FRUIT MARKETS.

CHRISTCHURCH. Supplies of vegetables have not been quite ad louU this weeK, but there have been duJiicioiit lor the demand, i'rices yeneru!j'« have about the same. .New sea ai'jj s i'Otutocs and pcus aie now coming torward in tiieuier quantities, and prices ate it'u>onuolc. id not 110vv so pieni.iui as it was, as Uic season 13 arawiu- to a eiose. Jj'air supplies ox apples are atiii ucniiii 0 lorwaru tiuju locai cool stored, but tin. condition in mobt instances is very ina.hcixnt. supplies oi tomatoes are io),v" coming loru arU. lances still remain mm. Strawberries are also to come in in quantities, but puces are still iii o 'ii. Tiie iirst cherries oi the season urn\«ii on tiie- .market on Thursday ana realised jjood prices. bupplies oi both orangeo and lemons are not large and prices i.) i" botu lines have hardened. Pines and passions are m short supply, and prices are high. A shipment oi Cook Island bananas and coconuts arrived during tiie week and met a keen enquiry. As well as the u3ual shipment of Australian fruit, the Maheno will arrive next week from Melbourne with a, medium consignment of citrus fruit. The next shipment of bananas will arrive from Fiji on .November "Oth. Average prices received at auction lor week ending November 21st:—ApplcB, .Nelson, per case, up to 10s; apples, American, per case, 18s Gd; apples, local, per case, up to 10a; apples, Delicious, per case, 8s to 10s; apples, cooking, per case, up to lis, bananas. Cook Island, per case, 235; ctierries, des3ert, per lb, 2s 5.Jd; coconuts, pel sack, 20s; gooseberries, per ib, 3d to 4Ad; grapes, firsts, per* barrel, 2-.?s Gd; ifraons. Auckland, per case, lGs to IKa; lemons, 'Frisco, per case, 50s; oranges, Sydney, per case, up to 17a Gd; pineapples, Sjdrtey, per case, 29s 6d; strawberries, per punnet, 2s to 2s lOd ; tomatoes, dessert, per lb. Is 8d to Is 101<J ; tomatoes, No. 2, per li>, Is 3d to 1h 6d ; walnuts, per lb, Cd to 7d; per dozen bundles, Gd to 9d. oect, per dozen bundles, up to Is; per dozen, up to 4s; cauliflowers, per dozen, up to 10s 9d ; carrots, per dozen, up to 2s lOd; cucumbers, hothouse, per 'b, 9<t, preen peas, per peck, 3a; leeks, per bundle, 2d to 3d; lettuce, per dozen, 2s; new potatoes, per lb, up to potatoes, per s.b., Is fid; onions, local, per lb, up to 2d; parsnips, per dozen, 3s; potatoes, per sack. ss: radishes, per doznn, 3s; rhubarb, per dozen, ss; spring onions, per dozen, Is; turnips, per dozen, 2s 5d ; spinach, per dozen. 2s 9d.

(united press association—bx electric TELEGRAPH— COFYKtOHT.) (Keccivcd November 21st. 5.5 p.m.) LONDON, November -20. The Bank of England return for the week ended on November 20th was as under: ISSUE DEVARTMENT. £ £ Notes issued- Govt, debt 11,015,100 In circula- Other Govt. tion .. 353,740,322 securities 233,010,115 In banking Olher securidept. .. 64,172,894 ties .. 11,470,460 Silver coin 4,402,325 Amount of fiduciary iesvie .. 200,000.000 Gold coin and bullion 157,913,216 Total £417,013,216 Total £117,913,210 BANKING DEPARTMENT. £ £ Proprietors Govt, sccucapital 3,1CQ,754 ritlcs 33,431,247 The Rest 3,156,359 Cther secuPublic de- rities—posits .. 17,779,9C6 Discount Other deposits— and adCankers' 59,460,8J(> vnncos 4,180,354 Other acs. 32,953,368 Securities 24.8(54,042 I Seven-day Notes 04.172,801 and other Golf! and bills .. 1,800 silver coin 3,061,350 Total £127,918,693 Total £127,918,003 The proportion of reserves to liabilities is 50.10 per cent. Short-dated loans are quoted at 2 per cent., and three-month bills at 2 7-32 per cent. The fiduciary issue of £2G0,000,000 conof the following items:—Government debt, other Government securities, other securities, and silver coin. FOREIGN EXCHANGE RATES. (BRITISH OFFICIAL fVIBKLESS. J (Received November 21sl, 5.5 p.m.) RUGBY, November 20. Tho following are tho current rutes of och&nge, compared with those of November 11th and par; Par. Nov. 17. Nov 20 Paris, fr to £1 .. 124.21 123.06 123.61} Brussels, belgas to £1 35 34.33 34.83 Oslo, kr. to £1 .. 18.359 18.152 18. Copenhagen, kr. to £1 18.150 IS.IG 18.10 Stockholm, kr. to £i J8.159 18.09* 18.09J Amsterdam, fl. to £1 12 107 12.0c| 12.07* Bf.rlin, Reichmarken to £1 . . .. 20.43 20.38 20.33 Montreal, dol to £1 4.8G6 4.85 1-16 4.85 5-32 New York, do., to £1 4.8C6 4.85 19-32 4.55 23-32 Prague, kr. to £1 .. 161.25 163* 1632 Geneva, fr. to £1 .. 25.225 25.04* 25.05?. Milan, lire to £1 .. 92.43 92.75J Vienna, schgs. to £1 34.585 34.45J 34.4ua Kelsingfors, marks to £1 .. .. 103.25 193 193. Madrid, pesetas to £1 25.25 43.80 42.90 Lisbon, essudos to £1 4,50 108.23 108 25 Athens, drach to £1 375 375 375 Bucharest, le\ to £1 813.6 818 BIH Kiodc Janeiro pence to milreis .. 4.986 4g Uuenos Avres, pence to dollar .. 47.577 38 11-16 38 7-16 Montevideo, pence to ' dollar .. .. 51 39* 39 Bcmbay, pence to rupee .. 16 17J 172 Shanghai, pence to tael .. 24f 19i 19J Hone-Kong, pence to dollar .. ..24 15g 15 5-16 Yokohama, pence to yen .. .. 24.58 24 15-32 24 17-32

£ H d. £ B. Coasols 58 15 0 58 15 0 Funding Lo*c ( 4J p.c.. 1960-90 95 5 0 94 15 0 War Tvoau. 5 p.c., 1929-47 102 10 0 102 12 6 Conversion Loan, 3 4 p.c. 82 5 0 81 15 0 Victory Bond*, 4 p.c. 96 15 0 96 17 6 Cosmos wraith, 5 p.e.. 1945-70 84 0 0 86 2 6 Cocsmon wealtVi, 0 p.c.. 1931-41 93 10 0 96 7 6 Victoria. 3 p.c.. 1929-40 60 0 0 58 10 0 Victoria. 3i p.c.. 1930-40 63 5 0 60 0 0 Victoria. 6 & p.c.. 1930-40 87 0 0 83 10 0 victoria. 5 p.c., 1932-42 SO 10 0 81 0 0 Victoria. 4$ p.c.. 1940-60 75 10 0 79 0 0 New South Wales, -i p.c., 1938 S8 10 0 90 15 0 South Wales, 3 p.c.. 1935 79 10 0 79 2 6 New South Wales. 3i p.c., 1930-50 59 5 0 60 0 0 Sen South Wales. «1 p.c., 3922-32 93 2 6 91 10 0 South Wales. 6j p.c., 1930-40 94 0 0 95 0 0 South Wales, C p.r. t 1930-40 86 0 0 89 0 0 Q'jeeji<il&nd, 5 p.c.. Stock, redeemable 1940-60 79 10 0 80 17 6 Queensland. 3 p.c.. 1922-47 60 5 0 59 15 0 Quecsnlam! 6 p.c.. 1930-40 92 0 0 91 5 0 Krw Zealand. 4ft p.e.. 1918-58 »S 2 6 97 10 0 *"e** Zealrnd. 3$ p.C.. 1940 90 12 6 90 12 6 New Zealand, 6 p.c., 1936-51 106 2 6 106 2 6 South Australia, 3} p.e.. 1930 78 0 0 77 10 0 •wrsth Australia, 3 p.c.. 1916 or after 51 10 0 *teu?h Austr-il:"., GJ p.e.. 1930-40 94 7 G 95 15 0 3i p.c.. 1920-40 78 10 0 74 0 o Tasmania, 8 p.e.. 1920-40 76 0 0 Ta«aun»a. 61 re. 1930-40 . . 96 10 0 97 0 o West Australia. 3J P.e., 1930-35 80 10 0 84 0 0 AostraHa. 3 _ P.e., 1915-35 79 10 0 79 10 o West Australia. 6 P.e., 1930-40 91 is' • 94 3 9