FINANCE and COMMERCE

Dominion, Volume 28, Issue 82, 31 December 1934, Page 10

FINANCE and COMMERCE

FOREIGN EXCHANGE

On New Zealand Currency Basis LATEST QUOTATIONS • ■ - The Bank o£ New South Wales, Wellington, quoted the following rates for their purchases and sales of foreign exchange on Saturday:—

T.T. represents telegraphic transfers.. O.D. represents on demand transactions. . The above rates are subject to alteration without notice. New Zealand Pound Abroad . \ “ ■ ■ J . '■ ■ • Based on the rates quoted on, Saturday by the Bank of New South Wales, £1 New Zealand was worth approximately; 16/1 in London. £l/0/1 in Australia. _ 16/1} in U.SA. 16/- in Canada. 9/6} in France. 9/10} in Italy- > 9/s}i in Germany. 9/5} in Java. £l/7/10 in Japan. Dollar Conversion Rates The Associated Banka hats agreed that tho conversion rates from. December 81 will U.S.A. Canada Conversion of dollar bills received for collection and sale of dollar drafts .. 4.88 4.8 C Purchase of dollar" bills .. 4.98 4.96 These conversion rates are, of course, quoted on a-sterling basis (London funds) and current rate of exchange New Zealand ' on London will be charged or allowed as the case may require. BASE METALS MARKET Prices Fairly , Steady ,■ By Telegraph.—Press Assn.—Copyright. (Received December 30, 6.30 p.m. ■“ London, December 28. The official London (middle) quotations for Friday, as reported by the Australian Mines and Metals Association, compare as under with those previously cabled: —

Prices of Oilier Metals. London, December 28. Pig Iron: Home trade, £3/7/6 a ton (same); export, £3/2/6 a ton (same). Antimony: British, £74/10/- a ton (same); foreign,. £57 a ton (same). Molybdenite: 34/6 a unit (same). Wolfram: 38/6 a unit '(same). Osmirldium: Nominally £9 to £ll an ounce (same), RAW MATERIALS

Last Week’s Closing Rates By Telegraph.—Press Assn.—Copyright. (Received Decembei; 30, 6.30 p.m.) London, Det'ember 20. Friday’s closing prices for the following raw materials were as follow, those for December 21 being in parentheses:— Cotton: Liverpool quotation, good American middling, spot, 7.20 d. a lb. (7.15 d. ; January delivery, 6.87 d. a lb. (6.83 d. , Rubber: Para, sd. a,lb. (same) ; plantation smoked ribbed sheet, Old. a lb. (6 5-16 d.). Jute: January-February shipment, Indian jute, Dundee quotation, £l7/7/6 a ton (£l6/18/9). Copra: January-February shipment, South Sea £9 a ton (£B/15/-) ; smoked, / £9 a ton (same) : plantation Rabaul, £9 12/6 a ton (£9/7/6). Linseed oil: £l9/15/- a ton (same). Turpentine: 44/6 a cwt. (45/9). London Hides Markets By Telegraph.—Press Assn.—Copyright. (Received December 30. 6.30 p.m.) London. December 29. Hides are more active: Meatworks, drysalted, Queensland. 351 b. to 451 b., 4 7-Bd.: 301 b. to 401 b.. 4Jd.; 251 b. to 351 b„ 4Jd.; 201 b. to 301 b., 4 3-Bd. New South Wales, 351 b. to 451 b., sjd.; 301 b. to 401 b., 5R1.; 351 b. to 351 b, 5 l-Bd.; 201 b. to 301 b., 5 l-Bd. Wet-salted, Queensland, 501 b. to 601 b., 3 5-Bd.; 401 b. to 501 b., 3jd. New South Wales, 501 b. to 601 b., 4d.; 401 b. to 501 b., 3|d. Victorian abattoirs, 501 b. to 601 b., 37-Bd.; 401 b. to 501 b., 3Jd.

DAIRY PRODUCE

Both Markets Firm PRICES ADVANCING The improvement in the London butter market continues, and the market closed firm and active last week at 74/- to 76/-, an advance of 4/- on the previous week's closing quotations. Deliveries of New Zealand butter last week totalled 1506 tons, compared with 2722 tons for the previous week and 1426 tons a year ago. The Imperial Economic Committee's estimated stocks of all butters in store is 611,163 boxes, compared with 734,101 boxes a month ago and 406,452 boxes a year,ago. The quantity of New Zealand butter in store is 615 S tons, compared with 6215 tons for the previous week and 3000 tons a year ago. The cheese market als’o continues to improve, and closed firm at 47/- for white and coloured. Deliveries of New Zealand cheese last week totalled 10,629 crates, while the quantity in store was 85.056 crates, compared with 37,000 crates a year ago. The Dairy Board’s London office reports Friday’s official closing quotations as follow, those for the previous week being shown in parentheses:— Butter. New Zealand, salted, 74/- to 76/- (70/to 71/-; December 28, 1933, 66/- to 68/-) : (74/- to 76/- equals approximately 8.58 d. f.0.b.); unsalted, 74/- to ‘7B/(72/- to 74/-; December 28, 1933, 70/to 72/-) ; deliveries, New Zealand, 1506 tons; in store, 6158 tons, including 475 tons ex Port Dunedin. Australian, salted, 74/- to 75/- (69/to 70/-; unsalted, 75/- to 76/- (71/-); deliveries, Australian, 2358 tons; in store, 3SOB tons. Argentine, unsalted, 72/- to 73/- (69/to 72/-). Danish. 100/- f.0.b., 121/- to 122/(98/-, 122/-). Cheese. New Zealand, white and coloured, 46/to 47/- (sd. f.0.b.), (43/6 to 44/-; December 28, 1933 44/- to 48/-) ; deliveries, New Zealand, 10.629 crates; in "store. 85,056 crates, including 6000 crates ex Rangitiki. Australian, white and coloured, 45/to 46/- (42/-). Canadian, white. 55/- to 56/-; coloured, 56/- (55/- to 56/-) ; deliveries, Canadian, 3698 boxes; in store, 159,985 boxes. English, finest farmers’. 82/- to 90/(82/- to 90/-). Agents’ Reports. Mr. Thomas Gray has received the following cable from Mr. A. C. Rowson, dated London, December 28:—Butter; New Zealand, 76/-, finest grade. Cheese, New Zealand, 47/-, white and coloured; markets advancing. A. H. Turnbull and Co., Ltd., have received the following cable from their principals, W. Weddel and Co., Ltd., dated London, December 28:—rButter: Danish, 122/-; New Zealand, finest, 76/-; Kangaroo, finest, 75/-, Cheese r New Zealand, White-’and coloured, 47/. Both markets firm. Mr. G. A. Mills has received cabled advice from A. J. Mills and Co., Ltd., London, dated December 28, as follows:— New Zealand salted butter closed firm at 76/-. New Zealand cheese closed firm at 47/-. Minimum F. 0.8. Prices The New Zealand Dairy Produce Board has fixed the minimum prices for f.o.b. and c.i.f. sales on the basis of:— Butter. B}d.; cheese, sd. Minimum prices are subject to agents’ selling commission of 1} pgr cent. These prices are equivalent to:—Butter, 72/2, e.i.f.e. Cheese, 44/-, c.i.f.e. Forward Sales at 9d. a lb. In consequence of 1 the advance in the price of butter in London, there was some activity in the forward market in the North Island last week, a fair amount of business being done at 9d. a lb. f.o.b. for January-February shipment. DANISH BUTTER PRICES ’ High Premium in Britain The high premium on Danish butter in the British market is the subject of comment by Samuel Page and Son Ltd., London, in their latest report, dated Nocember 20, received by Dalgety and Co., The fact that stands out most during the past four weeks is the extremely hign prices of Danish butter as compared with that of all other kinds, says the report. The premium this description obtains has always been a source oc vexation to other countries and this dissatisfaction must have reached an acute stage in the beginning of this month, when the premium had attained the extraordinary figure of 50/to 52/- per cwt. It is always a matter for the most strenuous endeavour on the part of importers of Australian and New Zealand butter and other descriptions to keep the difference in values as small as possible, but the tradition in the northern centres for Danish is of such long standing and so deeply voted that generally speaking it is not possible to dislodge it from its advantageous position. This year, in addition to the normal priority given to Danish, exceptional conditions have ruled that have accentuated the Danish premium. But it will be found on investigation that these conditions are not new, but are simply the old conditions in an extreme degree. The determining factor governing the extent of the premium obtainable for Danish over Australian and New Zealand has always been that of the relative supply. As the quantity from Denmark becomes smaller than that of the total from the Commonwealth and the Dominion, so the premium for Danish increases, and .vice versa, as it approximates, the premium falls off. That is, the wider difference this year is chiefly due to the gren' increase in the imports of New Zealand and Australian in 1934 as against 1933. wh<jn the Danish supplies are only slightly larger, with the result that Danish this year has been in smaller volume in relation to the shipments from the Commonwealth and the Dominion Overseas Wheat Markets By Telegraph.—Press Assn.—Copyright (Received December 30. 6.30 p.m.) London. December 29. Wheat cargoes are steady. Manitoba sellers asked 3d. more, but Australian's La Platas are otainnble at-about late rates. Buyers are reserved. Parcels are steady. ' Manitoba and La Plata lire 1 }d. to 3d. dearer, with Australians well held.: The demand is poor. i Futures: London. February. 20/5 a quarter; April, 21/-; June. 21/4. Liverpool. December, 4/8 7-8 a cental; March. 5/0}; May, 5/2}; June, 5/37-8. New York, December 29. Chicago wheat futures: December. 9.8 cents a bushel; May, 99 5-8; July. 93}. New York, cash, 108} cents. London Rabbit Market By Telegraph. -Press Assn Copyright (Received December 30, 6.30 p.m.) London, December 29. Rabbits, first large, ex store, 16/- to 16/6.

FROZEN MEAT TRADE

Lamb Market Steady MUTTON.PRICES IMPROVE By Telegraph.—Press Asm.—Copyright. (Received December 30, 6.30 p.m.) London, December 29. New Zealand sheep: Canterbury and North Island selected crossbred wethers and maiden ewes, 481 b. to 561 b., s}d.; 571 b. to 641 b., 5 1-Sd.; 651 b. to 721 b„ sd. North Island ditto. 481 b. to 561 b., s}d.; 571fi. to 641 b., 5 l-Bd.; 651 b. to 721 b., sd. Ewes, under 421 b., 4}d.: 481 b. to 641 b., 3 7-Bd.; 651 b. to 721 b„ 32d. Australian sheep: First quality crossbred and/or merino wethers, 401 b. to 651 b., 4}d.; second quality. 301 b. to 551 b., 4 3-Bd. , (Ewes, 301 b. to 551 b.; 4 l-Bd. Argentine sheep: First quality crossbred wethers, 481 b. to 641 b., 43d.; 051 b. to 721 b„ 4}d. Patagonian sheep. New Zealand lambs, Canterbury and other South Island, none offering. New Zealand lambs: Selected North Island, including downs. 361 b. and under, 7 7-Bd.; 371 b. to 421 b„ 8 l-Bd.; 431 b. to 501 b., none offering. Second quality, average about 321 b., 7d. Other North Island, first quality, 361 b. and under, 7 5-Bd_.; 371 b. to 421 b., 7 7-Sd.; second quality, average about 321 b.. 6Jd. Australian lambs: Victorian, first quality. 361 b. and under, 6 7-Bd.; 371 b. to 421 b., 7d.; other States, first quality, 361 b. and under, 6}d.; 371 b. to 421 b., 6 7-Bd. Victorian, second quality, 361 b. and under, 6}d.; other States, second quality, 361 b. and under, 6 l-Bd. All States, third quality, average about 261 b., sjd. Argentine lambs: First quality, 361 b. and under. 6}d.; 371 b. to 421b.,'7d.; second quality, average about 281 b„ 6 1-Sd. New Zealand frozen beef: Ox fores, 1601 b. to 2201 b., 2 3-Sd.: ox hinds. 1601 b. to 2201 b.. 3}d.. Australian frozen beef: Ox crops, 100 lb. and under. 2}d.; over 1001 b., 2Jd.; ox hinds. 1601 b. nnd under, 3 5-Bd.; over 1601 b.. 3}d. Argentine chilled beef: Ox fores. 160ib. to 2201 b.. 3 3-Bd.; ox hinds. 1601 b. to 2201 b.. 0 1-Sd. New Zealand pigs: First quality. 001 b. to 801 b.. 6 1-Sd.; 811 b. to 1001 b. 5 5-Sd.; 1011 b. to 1201 b., s}d. Australian pigs: First quality, 60ib. to 1001 b., average about SOlb.. 5 7-Bd.; 1011 b. to 1201 b.. s}d. The market is steady, says a cabled report received by Levin and Co.. Ltd., from their London agents. Compared with the previous week's quotations, lamb is unchanged. Wethers, under 481 b. and 50lb. to 721b._ }d. per lb. higher; 481 b. to .'Olli., 3-8(1. per lb. higher.' Ewes, under 481 b., }d. per lb. higher; 481 b, to 721 b., 1-Sd. ner lb. higher. Smithfield “delivered” prices are quoted ns follow : — North Island down lambs: 2Slb. to 361 b.. 7 7-Bd. per lb.; 361 b. to 421 h.. Sd. Best North Island crossbred lambs: 281 b. to 3611!.. 7!d.; 301 b. to 421 b„ 7 7-8(1. North Island second rninlitv lambs: Average 301 b. to 311 b.. 7d. Best North Island wether sheep:'Under 4511>.. 5 5-8(1.; 481 b. t0'561b.. 5 3-Sd.; 561 b. to 641 b.. 5 1-Bd.; 641 b. tn 7”ll>. sd, North Island ewes: Under -ISlb.. -lid.: 4Klb. to 50111.. 4(1.; 50lb. to 041 b.. 3?d.: 641 b. to 721 b., 3 5-Bd. New Zealand prime ox beef: 1601 b. to 220 lb,. 2}(l. London Stock Markets (British Official Wireless.l Rugby. December 28. 'Die stock market.! are inactive, with scattered celling, but gilt-edged general'y are well maintained. New Austrian 4} per cent, is quoted at par, German Dmyei nt } better, but Japanese and Brazilian loans are reactionary,

Position of Sterling By Telegraph.—Press Assn.—Copyright. London, December 28. The following rates on foreign exchanges were current to-day. compared with those ruling on December 27

on February 1, 1934. Gold and Silver. London, December 28. Gold. .C7/0/10J per tine counee. Silver.—Cash. 24 3-8(1. per ounce; forward, 211(1. London, December 29. Gold. £7/0/11} per fine ounce. Sterling exchange, London on Now York, 4.93 9-10 dollars; on Paris, 71 11-IB francs; on Batavia, 7.23 florins.

France— Francs to £1 Buying. Selling. N.Z T.T. 60.68 59.38 O.D. 60.98 59.43 Noumea— , Franca to £1 N.Z T.T. 61.63 58.63 O.D. 62.03c 58.68 Papeete— Francs to £1 N.Z. ..1. T.T. (M3 58.63 Belgium— O.D. 62.03 58.68 Helgas to £1 N.Z T.T. 17.272 16.572 OD. 17.372 16.587 Germany— 1 ■ ; Keichmarks to £1 N.Z. T.T. — 9.654 O.D. — 9.659 Italy— Lire to £1 N.Z - T.T. — 45.62 O.D. — 4q.66 1 • Switzerland— Francs to £1 N.Z. .... T.T. 12.454 ' 12.054 O.D. 12.529 12.064 Holland— Florins to £1 N-Z. ' T.T. 5.990 5.740 O.D. 6.040 5.744 Java— Florins to £1 N.Z. “.... T.T. 5.947 i 5.722 z O.D. 5.997 5.726 Japan— N.Z. pence to 1 yen T.T. — 17 21-32 Shanghai— N.Z. pence to 1 dollar T.T. 20 7-32’ 21 17-32 i '■ O.D. 19 25-32 21 15-32 India and Ceylon— N.Z. pence to 1 rupee T.T. 22 9-32 22$ O.D. 22 5-32 , 22 9-16 Hong-Kong— N.Z. pence to 1 dol. T.T. 25 5-16 261 O.D. 25 3-16 26 5-16 ' Singapore— N.Z. pence i to 1 dol. T.T. 34 7-16 35$ O.D.' 34 5-16 35 5-16

Dec. 27 Per ton. Dec. 28. Per ton. Copper— £ 8. (1. £ a. d. 28 4 4j 28 2 Standard, forward 28 13 lj 28 10 TJ •Electrolytic 31 12 0 31 10 0 to 31 15 0 32 0 0 Wire bars 31 15 0 32 0 0 Lead— •Spot 10 8 9 10 7 G Forward xlO 6 3 10 7 8 Spelter— Spot 11 12 6 11 15. 0 Forward 12 0 0 12 1 3 .Tin— ♦Spot 228 3 9 228 5 0 Forward ......... 228 0 3 228'0 3 Silver— Standard, per oz. 24 l-8d. 24 3-8d. Pine 201-lfld. 265-16(1. •American 9 cents a lb.

I Dec. 28. 1 dec. 27. Paf. N. York, dol. to £ 4.935 4.93 7-8 14.800 Montreal, dol. to £ 4.915 4.905 4.800 Paris, fr. to £ 74 23-32 74 25-32 124.21 Brussels, bol. to £ 21.02 21.05 35.00 Geneva, fr. to £ 15.22 15.24 •>*» Amst'dani., fl. to £ 7.29 7:30 . 12.107 .Milan, lire to £ 57 21-32 57 23-32 92.40 Berlin, inks, to £ 12.27 1'. 28 20.43 St’liolin knr. Io £ 19.395 19.3115 18.159 C’hagen. kur. to £ 22.395 •j‘» 395 IS. 1.59 Oslo, knr. to £ 19.905 19.905 18.159 Vienna, schgs. to £ 26.75 20.75 34.585 Prague, knr. to £ 118 118 101.25 Hel’fors, ntks. to £ 226.50 220.50 193.23 Madrid, pes. to £ 36 3-32 3(1 3-32 Lisbon, esc. to £ 110.125 110.125 110 Alliens. Urach..to £ •517 ‘517 375 Belgrade, din. to £ 217 217 270.31 Bucharest, lei to £ •190 4911 813.00 Warsaw. zloty to £ —- 43.38 Itio de J., p. to mil. tn tn 5.899 B. Aires, p. to peso r30J 17.02 M. Video, p. to peso ■j'39 5-8 t39 5-8 ,) ] Calcutta, p. to rtip18 1-10 18 1-10 18 Shanghai, p. to dol. 11113-10 1011-10 — H.-Kong, p. to dol. 20 5-8 20 5-8 — Y’hama, p. to yen 14 14 24.582 Batavia, 11. to £ 7.28 7.28 12.107 tSellers. official. ‘Sellers. JPar, 8.23 31-32 since dollar devaluation