LIVE STOCK MARKETS.

Auckland Star, Volume LXIII, Issue 123, 26 May 1932, Page 4

LIVE STOCK MARKETS.

LOWER RATES AT SMITHFIELD \ d WOOL AND SKINS A DRUG. DAIRY CATTLE IN DEMAND. c i Lower prices at tlie consumption end j 1 have been a feature of the meat markets t since last report. However, Smithfield, t advices are to the effect that cheaper 1 rates are stimulating business. A new series of wool sales have opened in Lon- : don, and as was anticipated, values tor . croesbreds fell below the rates realised L at the last London sales. The fall was i expected, but few will have anticipated t so marked a drop as 12% per cent. Hides . and skins have fallen still lower, and j Tuesday's local auction was disastrous \ from the point of view of vendors. Under c the circumstances it is not surprising that [. values of sheep throughout the country tend to decrease further, and beef cattle, [■ either fats or stores, can only be sold at | a sacrifice to graziers. t Shipments from this Dominion to the United Kingdom for the present season [ to date, namely, from October 1 to May . 15, have boon as follow, together with the corresponding figures for 1930-31: — JilSl-liL , . 1030-31. Lamb carcases .. 5,4-11,005 4,00i>,830 Mutton carcases . 1,71"i,872 1,030,050 Meef quarters .. 04,570 83,098 Bi'pf, boneless (in bags) 3 20.72S 00,030 I'oi-k carcases .. 84,539 80,410 Dairy produce, like meat, lias struck a dull market at Home, and stocks of butter in particular are only quitted at exceedingly low values. However, climatic conditions continue good. pastures are looking wonderfully well for thin time of year, and there is a very fair demand for dairy stock at the new level of values. At Westfiold. There was a large entry of beef cattle at Weetfiold yesterday, and under steady demand recent values -were maintained. Lambs hail a good sale at late rates, but fat sheep were slightly easier. A small yarding of calves opened firm at last week's prices, improving ns the sale progressed. Bidding was stead}- for an average yarding of pigs, and those sold at recent quotations. The range of prices, together with those ruling the previous week, was as follow:— n K KF(ponoon^ Weok - Las 'Wcek. Bxtrn choice ox 10/ 10/ Choice and prime ox 1(5/ to IS/ 10/ to 18/ Choice and prime cow and heifer 15/ to 17/ 14/ to 17/ sheep (per head) — Heavy prime wethers 13/0 to 17/3 13/0 to 17/ C Medium prime wethers 12/ to 13/3 12/0 to 13/0 Unfin. wethers . 8/ toll/0 8/ to 32/0 I , rime ewes .. 7/ to 12/ 7/0 to 12/0 rutin, ewes ... 3/ to (!/0 3/ to 7/3 Extra lieavy primp lambs 14/ to 15/ 1-1/ to 10/0 Primr lambs .. 8/ (o 13/!) S/C to 13/0 Unlin. lambs . . 0/ to 7/0 0/ to 8/0 CALVES (per head) — Runners 25/ to 50/ 25/ to 40/ Vealers 10/ to 40/ 10/ to 30/ PIGS (per head) — Baconers 32/ to 51/ 30/ to 55/ Porkers 10/ to 31/ 20/ to 32/ Woaners Ji/ to 10/ 3/ to 10/ Slips 8/ to 13/ S/ to 13/ Large stores . . 13/ to IS/ 12/ to IS/ ALFRED BUCKLAND AND SONS. Alfred Buckland and Sons, Limited, report on the weekly Westfield fat stock sale yesterday as follows:— Beef.—Our supply of fat cattle numbered 402 head, as against 317 head at last week's market, comprising 295 steers and IG7 cows and heifers. There .is no improvement in the demand and values were on a par with last report. Extra choice ox sold to 19/ per 1001b; choice and prime ox, 16/ to 18/; secondary and plain ox, 13/ to 15/; prime young cow and heifer beef, 15/ to 17/; ordinary cow beef, 0/ to 14/. Extra heavy prime steers ranged in price from £8 to £8 15/. (for steers from Mr. B. Reed, Waerenga); heavy prime steers, £7 to £7 17/6; lighter prime steers. £5 15/ to £6 17/6; light prime steers, £4 10/ to £5 12/6; small and unfinished steers, £2 10/ to £4 7/0; extra heavy prime young cows and heifers, £4 10/ to £5 10/; heavy prime cows and heifers, £3 10/ to £4 7/6; lighter prime cows and heifers, £2 10/ to £3 7/6; other killable cows, £1 10/ to £2 7/6. Sheep.—There was a full yarding of sheep. The demand was less keen and generally values were slightly easier. A total of 1567 sheep was sold. Extra heavy prime wethers made 14/0 to 15/9; heavy prime wethers, 13/6 to 14/3; medium to heavy prime wethers, 12/6 to 13/3; light to medium prime wethers, 11/6 to 12/ unfinished wethers, 9/ to 11/3; extra heavy prime young and maiden ewes, 10/6 to 13/; heavy prime ewes, 8/6 to 9/6; lighter prime ewes, 7/ to 8/3; other killable ewes, 5/6 to 6/9. Lambs.—Lambs were penned to the number of 534 and sold steadily at figures that were a trifle lower than last sales. p]xtra heavy prime lambs realised 14/ to 15/; heavy prime lambs, 12/ to 13/9; lighter prime lambs, 10/6 to 11/9; light prime lambs, 9/ to 10/3; small and plain lambs, 6/ to 8/6. Calves.—Fat and young calves wore in full supply. A brisk sale resulted and all classes sold readily at improved rates. Runners made £1 18/ to £2 10/; heavy vealers, £1 14/ to £2; medium, £1 8/ to £1 11/; light, £1 2/ to £1 6/; small, 16/ to £1; rough and bucket-fed, 8/ to 14"/; bobby calves, 2/ to 5/ (a total of 217 calves was sold). Pigs..—We had an average yarding of pigs. Bidding was steady and values generally equal to those ruling last week. Choppers made £1 12/ to £2 10/; heavy prime baconers, £2 8/ to £2 14/, for an extra good quality pen from Hokianga; medium, £1 18/ to £2 5/; light, £1 13/ to £1 16/; heavy porkers, £1 9/ to £1 11/: medium, £1 5/ to £17/; light swid, unfinished, 15/ to £1 3/. No good stores were offered. Slips made 11/ to 13/; weaners, 6/ to 10/ (a total of 447 pigs was sold). LOAN AND MERCANTILE. The New Zealand Loan and Mercantile Agency Company, Limited, report on the weekly Wisttield stock sale yesterday as follows: — Beef. —Beef was penned in large numbers. There was a steady demand throughout, with values on a par with last week's sale. Extra choice ox sold to 19/ per 1001b; choice and prime ox, 16/ to 18/; ordinary and plain ox, 13/ to 15/; prime young cow and heifer beef, 15/ to 18/; ordinary cow beef, 12/ to 14/6; extra heavy prime steers ranged in price from £7 17/6 to £8 15/; heavy prime steers, £6 15/ to £7 15/; lighter prime steers, £5 12/6 to £0 12/6; light prime steers, £4 10/ to £5 10/; unfinished and small, £3 to £4 5/; extra heavy prime young cows and heifers, £5 te £5 10/; heavy prime young cows and heifers, £4 to £4 17/; lighter, £3 5/ to £3 17/6; light cows, £2 5/ to £3 2/6; other cows, £1 5/ to £2 2/6; extra prime steers from Mr. Fred. Kimpton, Brookby, realised up to £8 15/. Shci-p— Sheep were yarded in large numbers, and although there was a steady demand values were inclined to be slightly easier. Extra heavy prime wethers made 16/ to 17/3; heavy prime wethers, 14/9 to 15/9; medium prime wethers, 13/6 to 14/6; light prime wethers, 12/ to 13/3; small and unfinished wethers, 9/ to 11/9; maiden prime ewes, 10/ to 13/9; heavy prime ewes. 8/9 to 9/9; medium prime ewes, 7/0 to 8/6; light prime ewes, 6/ to 7/3; inferiorly fatted ewes, 4/ to 5/9. Lambs. —Lambs were penned in average numbers, and sold at late values. Heavy prime realised 13/ to 15/; medium prime, I 11/ to 12/6; light prime, 9/ to 10/9; uni finished, best, 7/ to 8/6; others, 5/ to 6/6. i Pigs.—Pigs were penned in average . numbers, and sold at late quotations. J Choppers sold from £1 15/ to £2 4/; 3 heavy and medium baconers, from £1 17/ to £2 5/; light baconers and heavy I- porkers, from £1 6/ to £1 16/; medium s porkers rind light porkers, from.£l 1/ to t £1 5/. Store pigs sold at late quotations. y Large stores, 14/ to £1; slips, 8/ to 13/; weaners, 3/ to 7/. • " ;

Calves. —Calves were penned in smaller numbers and improved in values on last week's sale. Runners realised £1 5/ to £2 10/; heavy yealers, £10/ to £1 15/; medium, £1 2/ to £18/; light, 16/ to £1 1/; smaller, 10/ to 15/; small and freshdropped, 2/ to 9/; rough calves, 5/ to 15/. DALGETY AND COMPANY. DaJgety aim Compan.), jjimiued, report on me weuKiy VvcgUi/Td iat stock sale yesceruay as loilows: — Ueei. —Ux ueei was yarded in more than a\ui'ugo numuers, meeting witli u. good. demand, and last weeii'a increase was upnelii. Low and heiter beet also was uliei'ed in big numuers, lor wnich tiie demund was steady and late rates again ruled. Extra ciloice ox sold to 19/ per lOUio; clioice and prime ox, 10/ to 16/; just tillable, la/ to 10/; prime young cow and lieuer beet, 15/ to l//j just kiiiable, 0/ to 14/. Heavy prime steers realised £0 10/ to £7 5/; lighter prime steers, £5 15/ to £0 7/0; lignt prime steers, £4 15/ to £5 12/0; small and unlinislied steers, £3 17/0 to £4 12/0; heavy prime cows and heifers, £3 10/ to £4 5/; lighter prime cows and lieiiers." £2 10/ to £3 7/(5; other kiiiable cows, £i 5/ to £2 7/0. fcJheep.—Sheep again came forward in full numbers, for which there was a limited demand only, and values all round show a slight drop. Ewes formed a big part of the offering and values for this class were decidedly easier. Extra heavy ) prime wethers made 14/9 to 15/3; heavy prime wethers, 13/6 to 14/0; medium prime wethers, 12/0 to 13/3; light and unlinislied wethers, 11/3 to 12/3; heavy prime ewes, 10/ to 11/3; lighter prime I owes, 0/0 to 0/9; other ewes, 4/0 to 0/3. Lambs.—Lambs were penned in average numbers, and sold under good competition at full late rates. Heavy prime lambs made 11/0 to 12/3; medium prime lambs, 10/0 to 11/0; light prime lambs, 9/0 to 10/3. Calves.—Prices for a smaller yarding of calves opened firm at late rates and improved as the sale progressed. Runners made £1 9/ to £2 8/; heavy vealers, £1 12/ to £1 17/; medium vealers, £15/ to £1 10/; light vealers, 17/ to £1 2/; rough Vttlere, 12/ to 10/; small vealers, 4/ to 11/. Pigs.—An average yarding of pigs sold at late rates. Chonpers realised £1 7/ tc £1 13/; heavy baconers, £2 4/ to £2 10/; medium baconers, £1 IG/ to £2 2/; light baconers, £1 12/ to £1 15/; heavy porkers, £1 7/ to £1 10/; medium porkers, £1 3/ to £1 0/; light bnooners, 19/ to £1 2/; small and unfinished, 12/ to 18/; stores, 13/ to 17/; slips, 8/ to 12/; wcaners, 6/ to 0/. THE ADDINGTON MARKET. TAT SHEEP LOWER. (By Tologrnpli.—l'ress Association.) CIIIUSTCHURCH, Wednesday. Entries were smaller in most sections al the Addington market to-day, and price; generally tended to be easier. Store Sheep.—There was a very poor quality entry of ewes, which sold drag gingly. Forward wethers and lambs inel with a better demand. Good rape lamb: made to 7/7; ordinary, mixed sex, 4/ tc 5/6; extra good ewes, to 12/0; others, 0/ t< 11/6; ordinary halfbred wethers, 7/ ti 9/1; medium four and six-tooth erossbret ewes, to 12/6; sound-mouth, to 7/7; aged to 1/4. Fat Lambs. —The entry was of poor clasi and sold at nbout 1/ a head less tlinn lasi week. Extra prime made to 18/; prime 15/0 to 17/; medium, 12/ to 15/; light, 9, to 11/6. Fat Sheep.—There was a big entry io\ this period of the season of 5300 head Exporters operated to a very small exten' mid values were down by about 1/ a head Extra prime heavy wethers made to 23/9 prime, heavy, W to 18/; medium-weigh prime, 13/ to 15/G; ordinary, 11/ to 12/6 light, 8/ to 11/; show ewes, to 20/10 extra heavy prime, 13/6 to 10/; primi heavy, 10/ to 13/; medium-weight prime 8/ to 9/0; ordinary, 0/ to 7/6; light ewes 4/ to 5/6. Fat Cattle.—There was an entry of 411 head, tlio bulk being of indifferent sorts A few good cattle sold well, the other: ■being weaker. Best beef made to 24/ pe: 1001b; good, 18/0 to 22/; ordinary, 15/ t< 18/3; rough, down to 10/. Fat Pigs.—The entry was smaller an< there was a better demand. Values were Choppers, £2 to £46/; baconers, 37/6 t< 59/6; average price per lb, 3%d to 4%d porkers, 22/6 to 36/0; average price pc: lb, 5d to 5'M.

IN THE WAIKATO.

(From Our Own Correspondent.) HAMILTON, Wednesday. During the week several sales of dairy cattle nave been lield, and in nearly every case they have turned out better than was anticipated. Although the majority of dairy tanners appear to want to wait until the cows and heifers are close to profit, good quality animals are attracting a goo_d deal of attention. A few of the better" quality Jersey heifers are changing hands in the paddock, but private sales generally are hard to make, and purchasers this year seem to be more inclined to buy per medium of the yards. There is no difference to report in the beef section. Prices realised this week were very much on a par with last week's quotations. Store cattle are still dull of sale, although during the week very few male cattle have been yarded. Most of the yardings comprise weaner heifers and store cows. Eat sheep are barely maintaining their value, although good quality prime wethers are holding their own. Fat ewes are being neglected, and this, to some extent, is due to a further drop in the freezing schedule, although most of the better quality ewes that are yarded are being absorbed by. butchers. Fat lambs have also suffered a further drop of %d per lb in the freezing schedule, and naturally this is reflected in the price realised in the yards. Smaller yardings of fat pigs with prices remaining very firm. Beef.—An average yarding of ox beef, with a slightly bettor yarding of cow beef, uamo forward to Frankton on Tuesday, Ox beef quite maintained the previous week's quotations. The quality of the cow beef showed a big improvement, but prices per 1001b remained practically the same, Prime ox beef has been making from IG/ to 17/ per 1001b; medium quality, 14/ tc 15/; prime young cow and heifer, 15/ tc 16/; medium quality cow, 9/ to IQ/; second quality cow beef, 6/ to 7/; boners, 3/6. Fat Sheep.—There was a good yarding ol fat sheep at Frankton, and the quality oi the wethers showed an improvement. This class fully maintained last week's quotations, but fat ewes were dull o£ sale, and unless for the very best quality sheep de clined in value. A smaller entry of fa( lambs also met with a slightly easier re ception. Prime heavy fat wethers made up to 15/G; medium fat wethers, 13/0 tc 14/6; light fat wethers, 12/ to 13/; extrr prime young fat ewes, up to 10/; prime fal ewes, 7/ to 7/G; medium ewes, 5/6 to 6/6: heavy fat lambs, up to 15/j medium, 10/ t( 11/; light, 9/ to 10/. Store Cattle. —Although no station brec jiale cattle have been offered during the week the sales generally comprise fail yardings of young dairy cattle. AVith th< exception of weaner Jersey heifers, whicl are showing a slight hardening, othei classes remain very dull. Boner cows arc also showing a falling off in price, whih the price for same is not very encourag ing tor farmers to risk the market. A ood number of this class of stock is stil finding its way to the works per mediun: of cull cow drives. Forwarcl-conditionec grown bullocks are worth from £2 10/ tc £3; 2V£-year-olcl steers, from £2 to £< 10/; 18-mouths, from £1 to 30/; weanei •steers, from 15/ to £1; 2-ycar-old in-eall Jersey heifers, from £4 10/ to' £5 10/ with an occasional lot of extra gooc heifers up to £5; medium quality heifers : £3 10/ to £4; weaner Jersey heifers, frorr r 30/ to £2 for the best; medium quality , £1 to 30/; small mixed coloured calves - from 5/ to 10/. Store Sheep.—There is very little busi 3 ness being done in this section, and verj . few stqre sheep are being yarded. Then ; appenrs to be a slightly better demand fo: / breeding ewes, but practically no ston r I thers or lambs have been yarded durini 11 the week. Good 4-tooth wethers an d worth 11/ to 12/; 2-tooth wethers, 10/ t< ;. I'll/; small wethers, 8/ to 9/; best wool!; ; i lambs, up to 7/6; good shorn lambs, 6/ ti ill; medium lambs, 5/ to G/; small lambs

if; 4-tooth breeding ewes, 12/G; 4-year-old breeding ewes, 12/j 5-year-old breeding ewes, 7/6 to 8/G; aged ewes, 5/ to G/. I Pigs.—The yardings of all classes of pigs have shown a slight falling oil', and very few lieavy baconers are being yarded. There is, if anything, a iirming tendency in this class, while stores and weaners are selling well up to recent quotations. Heavy baconers are selling up to £2 4/; medium, 35/ to £2; heavy porkers, up to 26/; medium porkers, 20/ to 23/; good stores, 9/ ti> 12/; slips, 0/ to 8/; weaners, 4/ to 7/6. MATAMATA. The Farmers' Auctioneering Co., Ltd., held their usual fortnightly stock sale at Matamata on Wednesday, when there was a heavy yarding of cattle, a medium yarding of sheep, a full yarding of fat pigs and an average yarding of slips and weaners. Late rates were maintained throughout. Prices were: — Cattle.—Heavy fat cows. £3; medium fat cows, £1 10/ to £1 17/6; killable cows, 19/ to £1 7/; fresh store cows, 14/ to J7/G; boners, 5/ to 13/; potter bulls, £2 to £2 10/; Jersey heifer calves, £1 3/ to £1 0/; poorer sorts, 8/ to 16/; Jersey dairy heifers, £3 15/; S.H. cowh, sound, £3 15/ to £4 5/; older sorts, £1 5/ to £1 12'G; Jersey-cross cows, £2 to £3. Pige'.—Heavy baconers, 39/ to £2 2/; medium baconers, 31/ to 38/; light baconers, 29/ to 33/; heavy porkers, 23/ to 27/; medium porkers, 19/ to 22/; light porkers, 15/ to 18/; stores, 9/6 to 13/; slips, 7/6 to »/; weaners, 4/ to 8/. Sheep.—Light fat lambs, 9/6 to 12/; store lambs, 7/; store ewee, 3/ to 4/6. HAWKE'S BAY VALUES. (By Telegraph.—Special to "Star.') . HASTINGS, this day. At the weekly nalc at Slortford Lodge there was a heavy yarding of beef and store cattle, with a moderate yarding of store and fat sheep. Prime bullocks realised £6 5/ to £6 12/6; fat bullocks, £3 10/ to £6; fat cows, £2 to £3; fat heifers, £3 to £3 IV; fat and forward cows, 33/; 1%-year steers, 24/ to 30/; forward bullocks, £2 15/ to £3 4/; empty cows and heifers, 22/; cows in calf, £2 7/6; fat ewes, 0/ to 9/6; fat wethers, 12/; fat lambs, 10/8 to 12/0; wether lambs, 8/5 to 11/6; two and four-tooth wethers, 10/8 to 10/10; four and five-year ewes (S.D. rams), 9/3 to 12/; full-mouth owes (S.D. rams), 9/9; store owes, 3/ to 5/.

COMPANY AFFAIRS.

AUCKLAND GAS COMPANY. The issue of a new series of debentures is announced by the Auckland Gas Company in a circular to holders of the coin- • pany's "A" 5 per cent debentures, which > mature on July 1, and which the company advises will be redeemed on presentation ■ at its office on that date. The new issue ■ is to be £100,000 "D" debentures bearing ; interest at the rate of 0 per cent per ' annum and will be repayable on July 1, » 1942. They are outside the scope of the 1 National Expenditure Adjustment Act. > 1932. I Applications are beinj; invited for about . £80,000 of the issue and preference will be j given to holders of the company's "A" 5 debentures and after them to the com- ' pany's shareholders. The proceeds are to • be used in redeeming the "A" debentures. The new scries will be secured by a floating charge on the general undertaking, : property and assets of the company next ■ after the £200.000 "C" debentures repay- ; able in May. 1935, and on repayment of • these, the "D" issue will become a fivst • charge on the assets. On December 31, c the assets of the company, as shown in > the balance-sheet, less liabilities, amounted [ to £1,202,995. ; NORTH BROKEN HILL, LTD. ) (By Telegraph.—Press Association.) WELLINGTON", Tuesday. • The directors of North Broken Hill, j Ltd., according to a cable message received by the Stock Kxchange Associa--1 tion, have declared a dividend of I/O a • share, payable at Melbourne on June 30. j The transfer books close on Juno 1. The directors announce that this divi- '. dend is being paid . primarily out of income from investments, and unless the metals market improves this rate of dividend cannot be maintained.

NEW REGISTRATIONS.

The following new companies, the first public and the second private, have been registered in Auckland: — The N.A.T. Rotary Motor Company, Limited, to acquire, use and exploit the invention of an improved internal combustion engine known as the N.A.T. Rotary Motor, and to carry on the business of manufacturers and dealers in machinery, ■ etc. Capital: £50,000, in £1 shares. Sub- ' scribers: Howard Nattress, Alfred Bur- ; Royiic, William H. McKinncy, Thomas A. Felton, Alfred Gilbert, Norman R. Jones 1 and Hugh S. Orr, one share each. Judds (Hamilton), Limited, Hamilton, wholesale dealers" in motor accessories and • replacement parts, oils, motor Rpirit. tyres and rubber goods, etc. Capital: £2000, in 1 £1 shares. "Subscribers: Alan F. Judd, ' 1500 shares; Walter H. Judd, 500 shares.

3 INNER RESERVES.

BANKER'S EXPLANATION. At the annual meeting of the proprietors , of the Bank of Australasia, held in London on March 21, the chairman, Lord Middieton, made an interesting statement concerning the bank's inner reserves. ' " Last year," he said, " there was a good deal of comment in the Press about , inner reserves. They appear under the heading ' Bills payable, etc., including provision for contingencies.' The changes which I have detailed in our reserves emphasise the value of the provision which we have built up in happier times. " In the last 40 years' history of the bank these contingency funds have been on three occasions of great value to the bank. In the bank crisis in 1892 our contingency funds were not large, and they were almost entirely utilised in providing for bad debts made during that crisis. During the severe droughts, which ended in IDO3, some of our large pastoral advances seemed certain to become bad debts, and had to be provided for out of the contingency funds, which our additions enabled us to meet. Fortunately, during the pood seasons which came after 1003, some of these apparently bad debts were ultimately paid off in full Since 1909 we have steadily added to our contingency funds, and, as a result, we have been able to meet the present exceptional crisis without exhausting our balance of reserve, and the load placed upon them has already been lightened."

TRADE WITH ARGENTINA.

In view of the approaching Ottawa Imperial Conference, Anglo-Argentine trado relations have been the subject of much discussion in London and in the Republic. According to the "Monthly Review" of the Bank of London and South America, Argentine's reduced purchasing power, coupled with the uncertainty that prevails in fiscal affaire, is, for the time being, checking enterprise and keeping much new business in suspense. Bu*; it is believed British shipments to that country in 1931 held their own, and even made eome headway when compared with those of several competi-l '. tors. A good idea of the importance of Anglo-Argentine trado can bo gathered j from the facts that Great Britain takes in ' round numbers 80 per cent of Argentine meat, 90 per cent of her dairy produce, and 25 per cent of her wool; in all, a moderate estimate shows that Great i ; Britain absorbs Argentine goods to an ' amount of 35 per cent of the Repu'iL'c's 1 total exports, to a value of some 300,00u,000 dollars gold, while Britain sells the Argontine 20 per cent of all that country's' imports obtaining payment to the amount! ' of 165,000,000 dollars gold. I