Markets and Money

Sun (Auckland), Volume I, Issue 218, 3 December 1927, Page 12

Markets and Money

A Review for Business Men

FOREIGN EXCHANGES

CONSOLS AND COLONIAL STOCKS By Cable.—Press Association. — Copyright. . LONDON, Thursday. The follow ing table gives quotations for consols and colonial inscribed stocks, compared with those of November 24:—'

BANK RETURN The Bank of Kngfland returns for the week ended December 1, compared with those for the week ended November 24, are as follows:

SHORT LOANS AND BILLS Short loans, 3J per cent., same as last week, three months, bills, 4 15-16 per cent., compared with 4 15-16 per cent., last week. FOREIGN EXCHANGES Foreign rates of exchange on December 1 as compared with par rates, or as averaged first half of 1914, are:—

THE METAL MARKETS (Quotations on Nov. 28 in parentheses.) Copper.—Spot, £59 11s 10id (£59 6s 10Jd): three months, £59 16s 10id (£59 10s 7id). Lead.—Spot, £22 2s 6d (£2l 12s 6d); three months, £22 6s 3d (£2l 18s 9d). Spelter.—Spot. £26 7s 6d (£26 15s); three months, £26 3s 9d ('£26 6s 3d). Tin.—Spot. £263 11s 3d (£267 Is 3d); three months, £265 6s 3d (£265 11s 3d). Silver. —Standard, 26 13-16 d (26Jd) per oz; fine, 28 15-16 d (27 l-16d). P. AND O. SHARES P. and O. deferred stock is quoted at £267. WHEAT, FLOUR AND PULSE, ETC. Wheat. —Cargoes are steadier in tone, with quotations occasionally advanced by 3d. Parcels are in fair request for near positions, and closed 3d to 6d up; by l*lyases, 52s 9d. Liverpool futures, March, delivery, 10s 4 1-Sd per cental; May, 10s old. The spot trade is dull and tending to be easier. Flour.—Quiet. Australian, ex store, 38s to 38s 9d. Oats. —Quiet. Peas. —Steady. Beans.—Slow. TALLOW The tallow stocks are 4,130 tons. The imports during November were 1,200 and deliveries 2,697. BRADFORD TOPS The market is quiet, with a good tone, but little new business was done 64’s are quoted at 4s 4d; 60’s, 4s; 56’s, 3s 3d; 50 s, 2s sd: 46*s, 2s 6d; 40’s, Is 10id.—A. and N.Z.-Sun. DAIRY MARKET ADVICES FROM LONDON Amalgamated Dairies Ltd., has received advice from London remarking a more active demand and a rising market. Butter is quoted at 168 s to 172 s with Danish at 186 s. The cheese market is quiet. New Zealand white standing at 97s and coloured at 98s . Quotations for Canadian on spot are 100 s to 104 s. Norden and Company’s advice quotes New Zealand salted as 166 s to 168 s; white cheese at 98s and coloured at 975; with both markets easy. FLAX EXPORT INCREASE FOR NOVEMBER Flax grading returns at Auckland show a considerable increase for November, 1927, as against November, 3 926. The returns are as follow, 1926 figures in parentheses:—Hemp: Good, fair, 2 bales (18); high, fair, 284 (356) ; low', fair, 1,158 (355); common, 815 (275); rejected, 29 (63); total, 2,288 (1.057). Tow; No. 1, 323 bales (111); No. 3, 291 (144); condemned, 46 (36); total, 660 (314). Stripper slips: No. 2, 20 bales (12): passed for export, 2 (6, 4 condemned). BONELESS VEAL ARRIVES IN ENGLAND The Thames Valley Calf By-Products Company has received advice that the whole of the boneless veal that had bec*n prepared for the company from young calves -at the Horotiu freezing works early in the present dairying season, totalling over 200 tons, had arrived in England in excellent condition, and had been sold at a satisfactory figure.

RECORD BUTTER YEAR

LAST SEASON ECUPSED THREE SEASONS COMPARED This is Auckland’s record butter year. The butter-fat output for the first five months of last year has held the record but this year has shown an increase of almost 19 per cent. Already the butter-fat production amounts to 40,587,4951 b, an increase of 6,411,8771 b, which in a rough calculation means not much less than £500,000 to the province. The comparative results for the corresponding months of last three seasons are given in the following table:

The rate of increase has not been constant. It shows a lag due to the dry October and November. The cheese production seems about equal to last year, though in November alone there has been a falling off of 1,069 crates.

SECOND WOOL SALE AT WELLINGTON

OVER 25,000 BALES OFFERED (Special to THE SUN.) WELLINGTON, Friday. A total of 25,780 bales will be offered at the second of the Wellington wool sales, to be held at the Town Hall on Monday. The limit placed by the New Zealand Wool Committee on the offering for this sale was 27,000 bales, but rain and adverse weather generally has retarded district shearing to such an extent that full advantage of the limit cannot be taken. Wool, however, has been rushed into the stores and brokers have been working at full pressure to have it ready for buyers, who were busy valuing to-day.

"Price. Variations. £ d. d. Consols, 2J per cent. . . 54 15 S 0 3 9* British 3i War Loan 100 7 6 Same. British 5 War Loan 101 6 5 ot Conversion Loan. . ■ 74 17 6 2 6* Com'wealth, oj, 1922-27 97 0 0 45 0* Com’wealth, 6, 1931-41 103 6 Same. Xew Zealand, 4, 1929 98 6 2 6t New Zealand, 3J, 1940 87 17 6 2 6+ Xew Zealand, 3. 1945 78 0 3 6* Xew Zealand, 6, 1936-51 108 8 9 1 3t tHigrher. •Lower.

Dec. 1. Nov. 24. £ £ Note circulation .. 136.904,000 135,214(000 Coin 14S.593.000 150,117,000 Reserve 32,765,000 35,936,000 Govt. deposits .. 18,372,000 16.761,000 Other deposits .. 95,183.000 97,772.000 Covt. securities .. 41,275,000 40,985,000 Other securities .. 57,355,000 55,407,000 Proportion of reserve to liabilities 28.80 31.40

Dec. 1. Nov.28. Par. Brussels fr. .. 24.90 34.91 25.22i rails, fr 124.00 124.02 25.22J Stockholm, knr. 18.08 18.10 IS.12 ftlo, kr r. 18.35 18.33 18.12 Copenhagen, kr 18.20 18.20 18.12 Berlin, r.rn. .. 20.42 20.43 Borne, lire .. .. 90.00 89.67 23.22} Calcutta, pence 18.00 IS. 00 24 Yokohama, pee 22 5-8 22 5-8 24.43 Hone-Kong, pee 24 9-16 24 7-16 24 Montreal, dol 4.87 9-16 4.87 5-16 4.866 New York, dol. 4.S7 15-16 4.S7 1316 4.866 Amsterdam, fl. 12.07 3-4 12.07 14 12.107 Batavia, fl. 12.08 3-4 12.08 3 -8 —

1927-28. 1926-27. 1925-26. Boxes. Boxes. Boxes. July 9,583 9,706 August .. .. 68,109 4S,497 43,466 September .. .. 157,355 125,383 111,226 October .. .. .. 237,013 209,097 1S3.459 November .. .. 304,666 258,099 220.950 Total .. .. 650,929 568,807