CHEAPER MONEY

Sun (Auckland), Volume II, Issue 399, 6 July 1928, Page 12

CHEAPER MONEY

PREDICTION FROM LONDON DEMAND FOR N.Z. CHEESE Commercial men are predicting a cheaper rate for loans within the next year or two. Mr. W. IT. Kent, of Wellington, who returned by the Arawa yesterday afternoon, said that according to London financial circles there was every indication of cheaper money shortly. One of the reasons for this is the influx of American capital into England. Americans are now invading all the business propositions there. Mr. Kent’s interests are dairy produce and frozen meat. He says that there is a great demand for New Zealand cheese on the London markets and tlmt it is one of the Dominion’s best assets. Although the Argentine and the Baltic countries are improving their meat and butter the New Zealand products still more than hold their own.

Advertising in England has done a great deal to bring the Dominion goods before . the Home consumers. While in England Mr. Kent was impressed by the general feeling of optimism which prevailed.

LONDON MARKETS SHEEPSKIN SALES (United P.A.—By Telegraph — Copyright) (Australian Pres 3 Association.) Reed. 9.55 a.m. LONDON, Thursday. At the sheepskin sales, 2,660 were offered, including 1,061 Australian and 1,158 New Zealand. There was a good attendance and good general competition. Americans were buying New Zealand skins, which were unchanged. Australian combings, threequarters to full, were par to 5 per cent, easier; quarter to half, 5 per cent, easier; crossbreds unchanged. Lambskins and pelts were unchanged. BRADFORD TOPS At Bradford, business is at a standstill, awaiting the London opening. Prices: 64’s, 51?.d; 60’s, 51d: 56’s, 42d--50’s, 32d; 46’s, 26£d; 40’s, 25£d. SUGAR VALUES Sugar,, granulated, 27s 3d. Foreign Exchanges Foreign rates of exchange on July 5, compared with par rates, or as averaged first half of 1914, are:—

P. and O. Stock P. and O. Deferred Stock is quoted at £240 10s. LONDON BUTTER MARKET (United P.A.—By Telegraph — Copyright) (Australian Press Association.) Reed. 9.55 a.m. LONDON, Thursday. The butter market is quiet. Danish, 174 s to 1765. Choicest salted New Zealand, 175 sto 17Ss. Australian, 162 s to 1665. Unsalted New Zealand, ISOs to lS6s; Australian, 166 s to 1725. Cheese is firm. New Zealand, 107 s to lOSs; Australian, 103 s. MERCHANTS’ REPORTS Merchants report receipt of London cables as follow: — Norden and Co., Ltd., from their London principals, Andrew Clement and Sons, Ltd., under date July 5: —‘‘New Zealand butter, salted, 17Ss (equivalent to Is 5.33 d, f.0.b.); unsalted, lS2s. New Zealand cheese, white and coloured, 108 s (equivalent to 9.Sod, f.0.b.); both markets firm.” Amalgamated Dairies from their London houses under date July 5: —“Butter, price unchanged; Anchor, 178 s; market firm; Danish, 170 s, f.o.b. Cheese, 107 sto 108 s; market firm; good demand.” Dalgety and Co., Ltd., from their London house under date July s: “Butter.—The market is steady at present prices. New Zealand finest salted. 174 s to 17Ss: Danish, 174 s to 1765; Australian finest unsalted, 166 s to 170 s, salted, 162 s to 1665; G.A.Q., 156 s to 160 s. Cheese: The market is firm. New Zealand white and coloured, 106 s to 108 s; Canadian white and coloured. 104 s to 105 s: Canadian 0.i.f.. 105 s to 106 s; Australian white and coloured, 103 s to 1045.” LONDON TALLOW SALES (United. P.A.—By Telegraph — Copyright) (Australian P.A.—United Service) LONDON. Wednesday. At the tallow* sales 448 casks were offered and 338 were sold. Fine mutton was unchanged; other sorts, 6d to Is advance. Mutton, fine, 42s 3d; medium, 3Ss 6d. Beef, fine, 435; medium* 38s 6d.

July 5 July 2 Brussels, ft*. .. 34,92 34.93 25.22^ .. 124.25 124.18 Stockholm, knr 18.If 18.18 Oslo, knr . .. 18.22 18.22 Copenhagen knr 18.20 18.20 Berlin, rm. .. 20.41 20.40 Rome, lire . . 92.7S 92.77 25.22i Calcutta, pee . IS 15-1G 17 15-16 24 "S okohama, pee. 22 13-16 22 7-8 24.43 Hong-Kong pee 242 24 9-10 24 Montreal, dol. . 4.83 13-32 4.83 13-18 New York, dol. 4.88 11-32 4.87 11-16 4.866 Amsterdam, fl. 12.092 12.09 5-8 12.107 Batavia, fl. .. 12.12 12.12 — Cons >ls and Colonial Stocks July 5 June 28 £ s. d. £ Consols .. Brit. War Ln,, 5 p.c. 101 10 0 101 Conversion Ln. 3£ p.c. 7S 5 0 78 Com. Aus. 1922-27 .. 17 6 Com. Aus 6 p.c. 1931-41 .. 103 3 9 103 2 6 N.Z., 4 p.c. 1929 .. 99 10 0 99 7 6 N.Z., p.c , 1940 . . 87 7 6 87 3 9 N.Z., 3 p.c 1945 .. 79 15 0 79 5 n N.Z., 6 p.c , 1936-51 106 12 6 108 15 0