LATE COMMERCIAL

Southland Times, Issue 18829, 24 May 1920, Page 6

LATE COMMERCIAL

AUSTRALIAN WOOL IN U.S.A. PRICES RECEDE. (By Telegraph.—Press Assn. —Copyright.) (Australian and N.Z. Cable Association.)

NEW YORK, May 21. (Received May 23, 5.5 p.m.) The Australian wool being auctioned under British Government auspices suffered a ten to twenty»ner cent, fall in prices. Of 18,569 bales offered, mostly Vnerinos and other fine grades, only 5500 bales were sold. Spinners’ seventies and shafty fleeces brought 93 to 99 cents a pound. Similar grades j were bringing 108 to 125 cents three weeks i ago. The remaining 13,069 bales will be j offered to-day and will be offered for pril vate sale if unsold. Buyers agree that the ! peak of high prices of wools has passed. The present move to dispose of Government stocks is considered a move to restore the pound sterling and the foreign exchange market. AIVIERICAN WHEAT REPORT. CHICAGO, May 21. (Received May 23, 5.5 p.m.) The visible wheat supply is 41,478,000 bushels. » AMERICAN FUR AUCTIONS. THE DROP IN PRICES. I . j NEW YORK, May 21. (Received May 23, 5.5 p.m.) I The fur auction sales show the prices of I furs to be 25 to 30 per cent, lower than the spring sales. There is a general tightening of the markets with the attendant fall in prices. A number of throughout the country failed, while others were saved after receiving aid from the American Fur Dealers’ Association. The policies of the banks in restricting credits is held responsible. BRITISH MONEY MARKET. „ LONDON, May 20. (Received May 23, 5.5 p.m.) Short loans 5} per cent., three months’ bills 6} per cent. Consols, 47§; war loans, 82S and 85}. Commonwealth s}’s, 85}; s}’s, 94}. Victorian 4’s, 99; 3i’s, 82 and 55}; 3’s, 59. New South Wales 3}’s, 59}. Queensland 3’s, 34|. New Zealand 4’s, 8(H; 3Vs, 66i; 3’s, 57}. Tasmanian 3}’s, 64}; 3’s, 61. Waihi Junction, buyers 10/1, sellers 10/4; Peninsula and Oriental, buyers £460, sellers £4BO. LONDON OPINION. LONDON, May 21. (Received May 23, 11.30 p.m.) The City opinion is that Australian Treasurers will not have an easy task in raising loans unless they arc prepared to pay a high price. Although competition is high, interest in industrial flotations has practically ceased owing to the banks restricting facilities for speculation and there is a prospect of money continuing dear. Tire discount market is discussing the possibility of a further increase in the bank rate. There is also the fact that the British Government investments and bonds maturing in 1922 now yield the investor 146/per cent. The new housing loan for Kent, MiddLsaax and Essex £5,000,000, 6 per cent., at 95} redeemable in 1940-60, yields 126/9 per cent. There is undoubtedly plenty of i money for investment in gilt-edged securi- : tics if the terms offered are sufficiently attractive. j FOREIGN EXCHANGE. j LONDON, May 20. j (Received May 23, 5.5 p.m.) i

LONDON MARKET REPORTS. LONDON, May 20. (Received May 23, 5.5 p.m.) The Bradford market is unchanged There is not. enough business to test the market. Wheat—A fair quantity of Australian cargo on passage sold at 90/-. Beans and pens are quiet and steady. Sugar—Granulated, 112/-. ANTWERP WOOL SALES. ANTWERP, May 21. (Received May 23. 11 p.m.) At the wool gales 125,000 Colonial bales were offered and 5000 were withdrawn. Prices were ten to fifteen per cent, below the Antwerp auction of April 23. EXCHANGE MART. Messrs McKay Bros, report as follows: — Poultry—liens, 1/4 to 1/9; roosters, 1/G to 2/-. Bacon Pigs.—The market the same as i last week; consignments recommended. | Produce.—Potatoes £B, chaff (prime) .£8 i 5/-, oats 22/G to 27/G, pollard 18/G, bran j 9/ , oat dust 5/6, barley meal 17/G, cab- j bage 6/- per sack, carrots 6/6, parsnips ; 6/- to 7/-, marrows 10/- cwt. | Emit.—Heavy consignments of pears and j apples have been coming forward from Nelson and Otago and Canterbury'. A shipment of Island oranges arrived in bad order and had to be repacked. Melons and bananas are due next week. Approximate prices for the week; — Dessert apples 10/- to 12/-, cooking apples 6/- to 8/-, dessert pears 10/-, cooking pears 7/-, tomatoes about finished Cd per lb, oranges 25/-, lemons 60/- double cases, melons 2sd j per lb. General. —Horse-covers 47/6 to 55/-, cow covers IS/6 to 21/-. Exchange tea (to nnivc) 16/- per hox.

Furniture.—Good demand for nil classes of furniture and during the week we have receiver! new dining and bedroom suites, which ar-s most reasonably priced. Enquiries invited. INVERCARGILL HORSE SALE. Messrs Wright, Stephenson and Co., Ltd,, report having held a successful sale of horses at, our horse baeaai on Saturday, 22nd inst. There was a big entry of all kinds of horses, including come very useful farm horses. Notwithstanding the boisterous weather there was quite a number of buyer.; present, and we cleared the majority of the entries at satisfactory prices. The following are some of the sales: —Bay marc, G years, £43; bay gelding, 6 years, £4S; brown gelding, 3 yvars, £24; hay mare, C years, £36; bay mare, 7 years, £3O; bay mare, 8 years, £3O; bay gelding, 7 years, £37 10/-; black gelding, 7 years, £3l; harness chestnut mare, £2l; harness horse, 4 year?, €l6; bay gelding, 3 years, £23; chestnut hack, £10; hack cob, £ls; bay marc hack £l3; bay cob, £ls 10/-.

Par. May 10. Mav 20. Paris (fr.) 23.22 CO.O 43.70 Christiania (kf.) 18.16 20.26 20.08 Stockholm (fr.) 18.13 18.08 18.29 Calcutta (rpe.) 1.11 24d 20 Jd Montreal (dol.) 4.85 4.23 4.25 New York (dol.) 4.SG 3.83 i 3.S1S