COMMERCIAL

Auckland Star, Volume XLIX, Issue 51, 28 February 1918, Page 3

COMMERCIAL

OCR MONEY MARKET. , Auckland Star Office, ! Thursday, February 28, 191 S. The money market has undergone a con- . siderablc alteration during the last quarter, i For some time now each successive ' quarter's bank returns have revealed a ' heavy excess of" deposits over advances, ■ which means a plentiful supply of funds in < the hands of tbe banks. However, the ' latest quarter exhibits a iv j this surplus, as the following comparison ' shows:— ' Dec. 1017 Sept. 1917 Dec. 1916 5 Deposits £32,274,517 £3.=i.707,037 £31.260.51T ' Advances 31,000.315 28,-115,451 2G,066.630 i Excess of Deposits £1,274,202 £7,292,15G £4,294.187 J These figures show a reduction In tbe supply of funds in the hands of the banks | of roughly six millions in the quarter and : three millions In the year. It Is quite customary to see a reduction In the supply of funds in the quarter under review, and an excess of advances is sometimes to be seen at this time of the year, but the change in tbe position is much more than usual on this occasion. Considerable stocks ' of produce are held awaiting shipping , facilities, an( ] these represent, so much : capital locked up. The shipping outlook at « the present rime is not very good, and until I we can move our stocks of produce and j realise on them advances cannot be reduced < or deposits Increased. In view of the un- J certainty and probable shortage of shipping ] facilities It appears very likely that we may , have to face a period when money will be = In somewhat restricted supply and lending ] rates rather firmer than at present. Heavier • taxation and ■a feeling of uncertainty has \ already affected the supply of money for ' lending on ordinary mortgages, and full ' ' rates are obtainable, though no real in- : crease is so far apparent. POTATO MARKET GLUTTED. Supplies of potatoes continue to he sent ' in very freely, and the price is now £5 10/ \ to £(> per ton ex store. Indications point to 1 potatoes ruling low in price for some time : to come. A gentleman who has just returned from a visit to the South states that the prospects of the potato crop down there are good this year. Although blight has 1 made its appearance in some districts so far the damage has been very slight. : fore the yield is expected to be up to the ' average of previous years. An Indicationthat prices are likely to rule low is that speculators are prepared in the South to contract now for supplying potatoes at prices which would mean about £7 per tou. ONIONS. Stocks of onions are on (he light side, but against that is to be taken into consideration the fact that probably more people grew onions in their gardens this season than has been the case for many years past. This means that as onions did ' well many private families have their home grown ones to consume yet, with the result ' that a bigger demand may be looked for later on. A very small shipment of onions ' same from the South. The quotation to-day ! Is firm at £11 per tou ex store. As supplies will vow have to be drawn from the South merchants are faced with the difficulty of securing space for future shipments. CHAFF IN SHORT SUPPLY. This is another article that is seriously affected by the difficulty In securing space for shipments from the South. The result ' of the difficulty in securing shipments' is ! that supplies on the local market are very I bare and prices rule high in consequence As a matter of fact, there is no actual ' shortage of chaff, as supplies are offerln X freely from various parts of the South Were spnee available to bring forward the quantities offering there would be ample chaff for the requirements of this market As it is. what chaff does come forward is only enough to keep this market barely supplied, nnd thus present high prices are maintained. The quotation to-day ex store Aucklnnd is £11 10/ per ton. At the moment more attention is being paid in the South W freshing out the wheat than to cutting MAIZE STILL SHORT. This market is still bare of maize. Small lots come from Sydney, but the landed cost is very high. At the present time there is 110 md cation of further supplies coming forward so there is no likelihood of present high prices casing until the new crop is ready in New Zealand, which means at least I a couple of months. FOWL WHEAT. Supplies or wheat for fowl feed still keep very short, and must be so until the new crop is ready for market. So far the percentage of fowl wheat from the new crop in Canterbury Is under the average of previous years. This may be taken as an indication that the crop has been well saved this season. Some fowl wheat from Australia s due shortly, but this will go into immediate consumption upon arrival. OAT MARKET FIRMER. A very firm market is reported for oats and prices advanced since last report This ET" ° f th ? offertn S* from the South being below requirements, due to the fact that the yield of white oats will be short thh. year, according to latest reports In consequence of this, holders in the South are not anxious to sell at the present time, as most of the crop in Canterbury Is now under thatch, where it will most probably remain until the result of the harvest" „ Southland is known. With oats rising n price and chaff unusually dear owner? of or"^» S / r r% ha i" inK a bad time in th e matter 1 ~,„ ° f fe , ed ' specially as both bran aud sharps are almost unprocurable. Those firms who have gone In for motor traction are no better off just now. as benzine is In very short supply and commanding high figures'. GRASS AND CLOVER SEEDS. Z* folled bu sh J* -"till being delayed for the want of a spell of hot sunf° k" 10 demand for crass anu clover Me d 4,, l L, boUnd l ° £' »» lat <= this season, 01-ee n m fl e T, Ct f he burnlng-off to take plt.ee .1 little later in the summer, and that the demand for grass and clover seed will %Vr!L £,I, l,SUil i avera sc In this district. "?!L Seeds are bonnd t" rule bish cms year. Corn- grass seed has bad a sharp advance in the United States, £40 per ton being the last quotation. When high freights are added to that, the landed c<wt n Auckland would be simply prohibitive. The cocksfoot harvest at Akaroa was not a satisfactory one, as owing to weather conditions it is to be feared that with Uic more frequent handlings that were necessary raider the circumstances, a lot of the seed has been shaken orft and lost. The ryegrass crop also suffered from bad weather at harvest time, so the price for both these Hues in bound to rule high this season. WHOLESALE CURRENT PRICES. Farm and Dairy Produce.—Factory bnt. ter 1/6 per lb; farmers' butter, lid wr lb; farmers' cheese, »Jd per lb- facing cheese, lOd to IOJd per lb; hams 1/1 to 1/2 per lb; bacon, 1/0J to 1/1 p er ib- eire 1/6 per dozen. ' esf >s. Flour, £16 (less discount of 2i per centl per ton. in 2001b sacks; sharps £7 ml (nominal) per ton; bran, £4 12/b Jess 2* per cent (nominal); oatmeal (25's)' £22 10/ per ton. ' Grain.—Oats, 5/ per bushel: fowl wheat t£ wha'rxT 7/S> (WhQlesa,e "STS Chaff.—Prime, Southern, £10 10/ n store. '* c .Potatoes.—£s 10/ to £6 per ton. Onion?. —11/ per cwt, ex store. MANURES. Bonednst is now very hard to obtain, and at present there seems- little hope of increase in the supplies. Superphosphates are meeting with a big demand. Stocks are at present sufficient to cover ordinary requirements, but the scarcity of bonedrost must increase the demand for superphosphates, all of which must he manufactured locally, as it' is now impossible to draw supplies from overseas. FLAX AND GUM. The shipping dlfliculty is becoming eerious for flax merchants, as no space can be available before next April, and eveia then it Is not assured. .Meanwhile millers tire sending in their flax, hut the question of storage for the next few months is a serious one. Difficulty also exists in getting shipments of kauri gum away, but none the less good grades can be placed, | but poor stuff is not wanted at the present time as freight rates are too high ro . warrant export at the prices now obtain- I able. 1

ON 'CHANGE. The sharemarket certainly showed Improvement this week as far as buying prices were concerned, but the difficulty appears to be for buyers and sellers to meet. Ai: advance offered does not result In business, as the price asked by the seller In most cases Increases correspondingly. HuddnriParker -Steamship Co. shares sold as high as 39/3 at the last call yesterday, and more could have been placed at that figure. Better prices were offered for all woollen shares, but no sellers quoted. Auckland Trams ordinary shares were transferred at 20/6, and for Union Oil 27/ is vow the buying rate, but holders ask' 29/. Inquiry has set in for Takapuna Tram shares at 11/. but here, again there were no sellers. Coal shares were in better demand this, week. Waipa Collieries sold at 18/ yestci day afternoon, and for Taupiris 17/ was offered, while Northerns were still in demand at 6/, with no quoted sellers. Atick--land Gas paid issue changed hands, and •were still wanted at 27/, and Wilson's Cement improved, 23/9 being offered foi preferential shares, and 23/ for ordinary, but no sellers quoted. Kauri Timber contributing are now wanted at 13/. anc. a seller came in at 15/. Iv mining shares there was also an improvement. Grand Junctions recovered a little of the recent drop, being sold at 14/4 yesterday afternoon. Waihi shares firmed during iie week, being now wanted at 3S/6. Tatamans are easier, being offered at 9/3. with no buyers quoting. Rising Snn shares have regular buyers at 2/7 to 2/8.

WESTFIELD PAT STOCK MARKET. | _ I

The New Zealand Loan and Mercantile Agency reports:— At Westfleld fat stock market on Wednesday beef was penned iv average numbers, and sold at fnn.v last week's rates. Choice ox sold to £2 13/ per 1001b; prime, £2 9/ to £2 12/ per 1001b: rough. £2 3/ to £2 8/ per 1001b: cow and heifer beef. £2 4/ to £2 10/ per 1001b. Steers sold at from £13 to £22: cows and heifers, £9 to £16 12/6. Some of the averages were: Eight steers from Mr W. Vosper, Camhridge, £21 3/4: six steers from Mr James Taylor, Cambridge, £18 6/3; nine steers from Mr E. R. Lee. Cambridge, £17 13/4; seven small steers from Mr E. T. Bain, Puketotara Estate, Rangiriri, £15 17/; seven steers and stags from Mr .1. N. Massey. 'Puni, £16 5/: 11 cows and heifers from Mr James Taylor, Cambridge. £13 14/1; six cows from Mangere, £12 15/5. Calves were penned in average numbers, and sold at last week's rates. Runners made from £5 15/ to £8 10/: heavy vealers, £4 3/ to £5 12/6, medium £3 3/ to £4 2/6, light 38/ to j£3 2/, small and fresh dropped 3/ to 35/. ; Sheep were penned In average numbers. Competition was keen, prices belnir firm at late rates. Best wethers, £1 15/ to £2. others £1 10/ to £1 14/9: best ewes. £1 9/ to £1 15/, others £1 3/ to £1 8/6; inferior ewes. 12/ to £1 2/0; hojrgets, £1 3/ to £1 12/. Lambs in full numbers sold at late rates. Rest. £1 3/ to £1 8/6. others 18/ to £1 2/9, shorn 13/ to 18/6; store lambs. 8/ to 11/. inferior ditto 5/ to 7/9. Pigs: A good average yarding, with prices better than last week. Medium baconers to £5 18/; light baconers. £4 to £5 5/: large porkers, £3 6' to £3 10/: medium porkers. £2 11/ to £3 5/, small 35/ to £2 10/: slips, £1 2/6 tg £1 12/6; weaners, 8/ to 17/6. Messrs Alfred Buckland and Sons report: Yesterday at our weekly Westfleld fat stock market we penned fat cattle to the number of 323 head, comprising 225 steers, 94 cows and heifers and 4 hulls. The quality on the whole was superior to recent markets, there being several consignments of heavy prime steers. Competition was keen throughout and values very firm. Choice ox • sold to £2 12/; prime ox. £2 8/ to £2 10/: : rough and plain beef, £2 to £2 5/; cows and heifers. £2 to £2 7/ per 1001b. Steers ranged lin price from £13 10/ to £24 12/6, the latter price for a steer from Mr Wm. Vosper, Dlngley Dell, Cambridge; cows and heifers £8 10/ to £19, this figure for two cows from Mr James Taylor, Bardowie, Cambridge. The highest averages for steers were:—l 4 from Mr James Mulr, Waerenga, £20 19/6; 116 from Mr Wm. Vosper, Dlngley Dell, ! Cambridge. £20 18/4; 15 from Mr Ben. | Reed, Waerenga, £19 6/8; 19 from Mr , George Riddel!'s Marokopa property, £19 I I/O: 9 cows from same vendor, £13 2/6; 24 \ Polled Angus steers from Mr James -McNicol, Te Aroha, £19 7/6; 32 from the coast, £1S 18/10; 3 trucks from Walkato: £17 18/10; 0 from Mr Thomas BlschofT. Tauhoa, £17 8/10: 9 cows and heifers from same vendor, £13 4/4; IS from Mr C. J. Storey, Woodstock. Te Awamutu. £1G 15/10; 8 from Mr G. A. Wilson. Paeroa. £16 1/3: 9 from Mr J. B. Teasdale, Te Awamutu, £14 13/10; 9 cows from Mr James Taylor. Bardowie. Cambridge, £16 S/7; a line of 30 cows and heifers. £13 1/10. Sheep came forward in less than average numbers. There was an improved demand and values for fat sheep were in advance of late sales. Extra heavy prime wethers made from £1 19/ to £2 2/9 (the latter price being realised for a pen from Mr James Taylor, Bardowie. Cambridge), heavy prime wethers £1 16/ to £1 IS/6, medium to heavy prime £1 12/ to £1 14/6. unfinished £1 7/ to £1 11/6; extra heavy prime young ewes £1 15/ to £1 IS/9. heavy fat £1 9/ to £1 13/6, lighter fat £1 3/ to £1 8/, others 10/6 to £1 1/. (119S sold.) The 314 lambs penned were chiefly unfinished, and these were not wanted. The few fats which came forward sold well. Best lambs £1 5/ to £1 8/3 (nothing extra prime offered), lighter £1 1/ to £1 4/. light 14/ to 18/6, stores 9/ to 13/6. Fat and young calves came forward in full numbers, but very few choice vealers were yarded. Prices for all classes were firm at late quotations. Runners made from £4 10/ to £6 5/: heavy vealers £3 10/ to £4 7/6. medium £2 16/ to £3 5/. light £1 15/ to £2 12/; small and freshdropped. 3/ to £1 10/. (84 sold.) We had an average yarding of pigs, and prices were firmer. Choppers and heavy baconers made from £5 10/ to £7, others £3 15/ to £5 5/: I large porkers £3 5/ to £3 12/. medium £2 5/ to £3 8/. light £1 IS/ to £2 2/; slips. £1 to I£l 13/; weaners and suckers 10/6 to IS/, I weedy 2/ to 6/. (221 sold.)

Messrs. Dalgety and Company, Ltd.. report having held their usual weekly sale of fat stock at Westfleld on Wednesday, -7th February, as under:— Beef.—A good yarding, which sold at about the same as last week's rates. Extra I prime ox sold at up to £2 14/ per 1001b; ordinary quality £2 4/ to £2 6/; cow and heifer beef made 40/ to 43/. Veal. —A moderate yarding, and prices were on a par with late rates. Extra heavy runners made up to £6; heavy suckers £3 to £5; small 10/-to 25/; others 4/ to 14/. Mutton.—A fair yarding and prices were better than last week's rates. Extra heavy prime wethers sold- at up to £2 2/9, medium weight 30/ to 34/; ewes. 32/; light |to medium quality to 20/. I Lamb.—A fair yarding, and prices -were ; lower than last week. Fat lambs made 10/6 to 22/. Pork. —A moderate yarding, which sold at easier rates. Choppers made np to £4 10/ to £6: baconers, £4 10/ to £6 10/: porkers. £2 15/ to £5.

j STOCK SALES.

Alfred Buckland and Sons. Ltd., report: At Westfleld on Thursday we had a large entry of dairy cattle and a fair yarding of stores. The former were required, and sold well. Store cattle met with only a fair sale. Best dairy cows and heifers made from £15 10/ to £19: second erade cows, £12 10/ to £15; older cows, £10 to £12: aged and inferior. £5 5/ to £9 10/; empty cows. £0 to £10 7/(5; yearling to 18-month steers, £6 10/ to £8 11/: heifers, same age, £5 to £7 5/: calves £3 3/ to £4 for best, others £2 4/ to £3: small and weedy, 15/ to £2. We held our monthly sale in the PuSekobc Yards on Monday, and had an extra large yarding of stock, all classes being strongly represented. Buyers were iv attendance, and we report a good sale. Dairy cows and heifers brought from £8 10/ to £17, according to quality; empty cows and heifers, £6 10/ to £0 18/; forward three to three-and-a-half-year-old steers, £12 to £13 5/: well-bred two to three-year-old steers, £10 to £11 10/; IS-month tj two-year-old steers, £8 to £9 18/; yearling to 18-month heifers. £4 15/ to £G 15/; best steer calves. £4 to £4 14/: mixed sexes, best calves, £3 8/ to £3 IS/; good calves, mixed sexes, £2 17/ to £3 6/; smaller calves, £2 8/ to £2 15/: small and weedy. 10/ to £2 2/; small fat steers, £14 to £15 17/6: fat cows and heifers. £9 10/ to £10 2/6; heavy bulls. £13 to £17 10/; other bulls, £7 to £12 10/. The New Zealand Loan and Mercantile Agency Co., Ltd., report:— At Westfleld store sale last Thursday, we had a largo yarding, and report a good sale. Best dairy cows and heifers £12 10/ to £17 15/, others £9 to £12 5/; bulls! £7 to £14; empty cows and heifers. £7 to £10 12/6: yearling to IS-months heifers, £5 to £7 16/: weaner calves, £2 to £4 10/; yearling to 18-n?or.ths steers. £5 12/6 to £8; inferior calves, 10/ to £1 15/. | On Friday, at Albert Yards, horses sold at late rates. Heavy draughts, £22 to £33- ---. medium draughts, £16 to £26; hacks and lUght harness horses. £8 to £15: ponies £3 !»/ to £7 10/; weeds, 10/ upwards..

ADDINGTON,

(By Telegraph—Press Association.) CHRISTCHURCH, Wednesday. ' At tbe Addington Yards to-day, the entrjl of store sheep was a good one, and lny eluded a few lines from Nelson. The demand was keen throughout the sale for anything of good quality. The range ofi prices was:—Two-tooth ewes, 22/9 to 34/4: °l to Ptb ewes, to 30/3; 8-tooth ewes, to rf3/10; ewes, to 33/9: 2-tooth ""ethers, to 28/: 4 and 6-tooth wethers, to 31/2; 6 and 8-tooth wethers, to 30/6: rape lambs, 20/ to 25/8, medium 17/1 to 10/10. lighter and cull to 17/. There were 3130 fat lambs yarded, na compared with 2210 last week. Prices remained on a par with the previous sale. The range of prices was: Extra prime, to 34/2, prime 26/1 to 29/10, lighter 22/S to 26/. Fat Sheep.—Apnroxirantoly the nanrn nnmhpr was entered as Inst week, and there: was little difference In vnlup*. Ewes wen slfehtly cheaper, the ronire of prices being: Fxtra prime wethers, to 40/. prime wethers 34/ to 3S/S. lighter 2T>/ to 33/3. Merino wethers, 39/ to 22/ C- extra prime ewes. to 35/0; nrime ewes. 32/6 to 33/7, medium: 27/10 to 30/9, liirliter 27/ to 20/. The ynrdine- of cattle whs rather smaller 5 than lost week, a lavee proportion of tbeJ stock penned being The qnalit - was fair, nil through, and the range of prices was:—Fxtra nrime steers to £22 17/0. prime £1T to £10. ordinary £11 17/R to -no 11/: prime helf»rs £11 5/ to fir! 12/8, ordinary £0 to £11: prime errws fl2 10/ to £17 2/6. ordinary £9 to £12 6/. There) was a very keen sale of vealers. and thel market was swept of larger sorts. Price* were:—r{„T,t,er=. £12 10/: good vealers £3 2/6 ro £5 10/. ftnr £2 6/ to £2 8/. smaH and infen'or 26/ to 3S/. Store Cattle. —Prices remained Tin-i chanced. There was n large entry of dair** cows of uneven nnality. A few extra goo»l ports hroneht £17: moderate £7 10/ to £9 10/. inferior £5 12/6 to £7. There was a small entry of store Dlesv nnd a good demand. B<»st stoi-PS made froTnt RK/ to 6f/t5. medium 45/ to 54/. small 28/ to 40/: weaners. 22/ to 27/. There was a! medium entry of flit Pi", and the Government bacon nriee regulations qnietenert th»' demand. Choppers realised fro™i £4 10/ tri £6 4/: extra baconers £5 5/ to £S 12/. heavy £5 10/. litrht £3 15/ to £4 10/. eonal to Rd ncr lb: heavy porkers 57/6 tW 70/. Itghter 50/ to 35/, equal to BJd to 9d per lb.