Markets and Money

Sun (Auckland), Volume I, Issue 246, 7 January 1928, Page 10

Markets and Money

A Review for Business Men

WOOL PRICES HARDEN CHRISTCHURCH SALE FIRST DAY RATES EXCEEDED Press Association. CHRISTCHURCH, Friday. . The wool sale was resumed this morning. and the buoyant tone which prevailed at the opening last evening was fully maintained. In fact, the price of three-quarter-bred wool hardened perceptibly on the earlier offerings. Super half bred sold at the best of last evenihg’s rates, with Merino meeting with brisker inquiry. Medium halfbred on the other hand appeared to sell somewhat unevenly, but up to last evening’s values. Compared with the last sale at Christchurch in November three-quarter-bred wool may be described as from a penny to a penny halfpenny higher. Fine halfbred was up to a penny better, while medium quality sorts showed a firming of a halfpenny to a penny. Merino showed an advance of about a good penny, and crossbred was up to a penny a. lb better than in November, but pieces of all classes did no more than maintain the previous prices. However, at the earlier sale pieces sold out of proportion to fleece. Competition appeared to be much more widespread than at the preceding sale. Australian buyers participated to some extent for medium halfbred wools, and there was improved activity by Bradford operators. In the whole catalogue of -.7,000 bales, less than 1£ per cent, was IHisxed at auction. The top price of the sale was 26}d for 12 bales of halfbred. Four bales of Corriedale so!d at 26d. and 12 at 252 d. Four bales of Bullock Creek Corriedale made 26d, and the pieces 213 d. A few three-quarter-bred lots made good prices, one of eight bales selling at 22£d, a second ;it 22d, and another at 21Jd. An eightbale lot of crossbred sold at 20id. Some Corriedale pieces made 22d. The following Is the range of prices:— Merino—

CANADA AND AUSTRALIA REVISION OF TRADE TREATY By Cable. — Press Association. — Copyright. OTTAWA, Thursday. The Australian trade treaty will be discussed in the coming session of Parliament. For some time there have been rumours of negotiations for a revision of the treaty, which has been attacked by certain agricultural interests in Canada.—A. and N.Z.-Sun.

MEAT FROM ARGENTINE EXPORTS TO ENGLAND The New Zealand Meat Producers’ Board has received a cable from its representatives at Buenos Ayres, South America, advising the following shipments to the United Kingdom for the fortnight ended December 22, 1927, from Argentine and Uruguay: 252,225 quarters chilled beef, 8,900 quarters frozen beef, 224.250 carcases frozen mutton, 244,65 D carcases frozen lamb. The quantity shipped to the Continent of Europe during the same period was as follows: —76,148 quarters of frozen beef. 5,400 carcases frozen mutton, 2,300 carcases frozen lamb. OTAGO WHEAT CROP HEAVIER YIELD EXPECTED (Special to THE SUN.) DUNEDIN, Friday. A heavier yield In the Otago wheat crop is expected this year, state local merchants. Business in the grain trade i 3 not back to normal and there is practically no business In wheat, oats or seeds. The improvement in the weather conditions hs a had a good effect on the wheat crops in the Otago district, and the latest reports are that they will be heavier than those of last year. The crops, however, will be a little later in • onsequence of the slower growth caused by the wet. cold months at the beginning of the season. There will not be the usual bulks of straw, but the wheat coming into head appears to be heavier than that of last season. Conflicting reports are being received from Canterbury. An exceptionally heavy yield of wheat was obtained in the 1926-27 season, but it is not expected that the yield will be as large this season. Some inquiries have been received for oats during the past few days, but owing to the small quantity now held here, no sales are reported.

CANTERBURY MARKETS LITTLE BUSINESS REPORTED Press Association. CHRISTCHURCH, Friday. After being closed for about ten days in consequence of the Christmas and New Yehr holidays merchants opened again on Wednesday, but practically no business is being done, as holiday feeling is still prevalent, and many people have not yet settled down. It is expected that very few transactions will take place for another 30 or 14 days. Some speculative business has been done in Partridge peas (No. 1) for March-April delivery on a basis of 6s lOd per bushel f.o.b.s.i. and 6s 9d for AprilMay delivery. These figures indicate a weakening compared with the quotations before the holidays. Fowl wheat has been sold for forward delivery at 5s lOd f.o.b.s.i. and milling wheat at 5s 8d to 5s 9d on trucks at country stations. In each instance the business done Is on a small scale. A grade Gartons have changed hands at 3s sid f.o.b.s.i. and B’s at 3s 2d to 3s 3d. Seeds are dead, with the exception of cocksfoot, in respect of which there has been some inquiry. Only a few lots have changed hands, however. Most holders are asking a shilling for standard dressed seed. The backwardness of the season has had an adverse effect on onions, which will be later than usual in coming forward. It is too early yet to state anything regarding potatoes, but reports to hand indicate that the crops should be fair. DAIRY PRODUCE REPORTS FROM LONDON LONDON, Thursday. The butter market is quietly steady. Choicest salted New Zealand is quoted at 160 s to 1625; exceptionally fine, 1645, Australian, 158 s to 160 s. Unsalted butter is plentiful at about 2s premium °my. . , The cheese market is quiet. New Zealand is quoted at 935, Australian 925. Joseph Nathan report: Butter, 160 s to 1625, with a lower tendency. Cheese, 935. The market is quiet.

BANK OF ENGLAND RETURN By Cable.—Press Association. — Copyright. LONDON, Thursday. The Bank of England returns for the week ended January 5/ as compared with those for the week ended December 22, are as follows:

Proportion of re- # serve to liabilities 21.90 26.80 SHORT LOANS AND BILLS Short loans, 3 3-8 per cent., compared with 3£ per cent, last week; three months’ bills, 4 5-16 per cent., same as last week. THE METAL MARKETS (Quotations on Dec. 29 in parentheses.) Copper.—Spot, £62 Is 10£d (£6O 18s ljd); three months, £62 Is 10£d (£6l 0s 71 Lead.—Spot, £2l 18s 9d (£22 7s 6d); three months, £22 7s 6d (£22 13s 9d). Spelter.—Spot, £26 5s (£26 2s 6d); Wire© months, £26 5s (£26 2s 6d). Tin.—Spot, £256 17s 6d (£265 2s 6d); three months, £256 8s 9d (£261 3s 9d). Silver. —Standard, 26 11-16 d (26 9-16) an ounce; fine, 28 7-8 d (28 11-16 d). WHEAT, FLOUR AND PULSE Wheat cargoes are steadily held, and inquiry is slow. Parcels are steady at 51s 6d. Liverpool futures: March delivery, 10s 4 3-8 d a cental; May-July, 10s 3 3-Bd. The spot trade is quiet, with prices rather firmer. Australian, ex store, 535. Flour.—Slow; Australian, ex store, 3Ss. Oats.—Firm: Australian and Algerian, 28s to 295; A Gartons, 35s to 365. Peas.—Slow; Blue Tasmanian £l9 to £2O; New Zealand, £lB to £l9. Maples.—Tasmanian, 90s to 955; New Zealand, 82s 6d to 85s. Beans.—New Zealand, 44s to 455. Granulated Sugar.—3os Aid. —A. and N.Z.-Sun.

MERCHANTS’ ADVICES Advice by merchants, dated London, January 5, give the following quotations. , Amalgamated Dairies, Ltd.—Butter - Anchor 1645, first-grade 1625. The market is dead quiet, with no demand. Danish 1745, f.o.b. Cheese: White 945, coloured 935. The market is dead quiet, with no demand. Canadian 100 s spot. Dalgety and Co., Ltd.—Butter: The market is quiet. New Zealand finest salted, 160 s to 1645; Danish, 182 s to 184 s; Australian finest unsalted, 164 s to 1665; salted, 156 s to 160 s; good average quality. 150 s to 1545. Cheese: Market is quiet. New Zealand white and coloured, 92s to 945; Canadian white and coloured. 100 s to 102 s. W. W. Bowker.—Butter: The demand Is slow at 160 s to 1625. Cheese: The market is quiet; white, 93s to 945; coloured. 92s to 935.

d. d. Super to 24 Average .. -. . . .. 191 to to lit Super .. 221 to 26 Inferior to 19i Fin - Half bred— 24 Inferior .. IS to 191 Mediiyn Halfbred — 241 F'xtra super . . . . to \ to 20* Inferior Coarse Halfbred— to 11) to 191 Average .. 17 to 1 Si Inferior T,, i:ie Crossbred— .. 151 to l«i Super .. 17 to 1S1 Average to 16'. Inferior .. 131 to 14 i Medium Crossbred — Super to 164 141 131 Inferior ..... ». .. 12i to Coarse Crossbred— Average to 14 Inferior .. 12 to 13 Merino Bellies and Pieces— < iood to super . . . . . . 17 to 21 Low to medium .. .. 15 to iOi lialfbred Bellies— Good to super Low to medium .. .. 19 .. 131 S 53! Halfbred Pieces— * Iood to super . . 1S1 to Low to mediunt .. . . 14 to IS Crossbred Bellies and Pieces — < »ood to super .. 121 to Low to medium .. .. 10 to 12 Crutchings— .. 91 1 33 to Inferior and seedy .. 71 to it Halfbred .. o to m Crossbred to 8

Jan 5. £ 137,728,000 Dec 22. circulation 138,779,000 Coin 151,412,000 149,402,000 Reserve 34,325,000 31,352,000 Govt. deposits .. 13,618,000 18,445,000 Other deposits .. 142,730,000 102,902,000 Govt. securities . 48,294,000 42,984,000 Other securities 91,716,000 64,955,000