COMMERCIAL.

Press, Volume LIX, Issue 17739, 16 April 1923, Page 10

COMMERCIAL.

MONEY FOR ADVANCES. PUBLIC TRUST LENDING FREELY. (SHCIAX. 70 "THB PBXSS.") AUCKLAND, April 15. The recently published statements that money for advanoes on farming leourities is practically unobtainable, are said to be not quite correct, as applied to the Auckland district. Commenting on the statements referred to, the Deputy Public Trustee for Auckland, Mr R. F. Ward, stated yesterday that the Public Trust Office nad been Advancing money on farm prcprTtie& as far as the available funds would permit. Naturally, as the office was administering trust funds, every care had to be exercised to ensure a sufficient margin of security. Adviirces were made up to 60 per cent, of a special Government valuation of the property foilcan purposes. The policy of the office was tc invest the funds, as far as possible; in such manner as would assist in the development of the country and its industries. The Publio Trustee could , not make advances up to threefifths of the value of the security, but for farm lands the Department had adopted the 50 per cent, standard as. offering a safe margin. The, office was now investing more money than it had been doing for some years. The Hamilton and other Auckland offices were lending freely on broad acres. The rate of interest charged by the Department was 6 per cent.

DARWIN MEAT WORKS.

SUBSIDY REFUSED.

(BT , CABLE—PRESS ASSOCIATION —COPTRIOHT.) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.)

MELBOURNE, April 14. The Commonwealth has refused a subsidy to Vestey Bros, for cattle treated at the Darwin Meat Works.

AMERICAN WOOL CLIP.

(Received April 14tn, Tj.S^p'.m.}

NEW YORK,,April 13. - Salt Lake City advices state that Mr Marshall, secretary of the National Woolgrowers Association, estimates that the United States' wool clip this year, will be approximately 240 million pounds, of the lvalue of 126 milion dollars.

RABBIT AND BEEP FREIGHTS.,

MELBOURNE, April 14,

The Conference of shipping lineß have reduced the freight 5n frozen rabbits to 90s per ton, and the freight on beef Id per lb. Beef freights will be reconsidered if the Australian harbour dues, and other charges are not lowered by November Ist. B.A:W.R.A.'S WOOL STOCKS. LONDON, April 13. 8.A.W.8.A.'s stocks on March 31st totalled 663,571 bales. The quarter's disposals were 249,669 bales. ' AMERICAN WHEAT CROP, (SI CASMS —PBESS ASSOCIATION —COPTRIGHT.) (AUSTRALIAN AND N.Z. OABT.K ASSOCIATJOX.) " (Jteceived' Apifl 14th, : B.t> p.m.) NEW YORK, April 14. . At Chicago, heavy buying following statements of, a serious crop shortage throughout the country, forced wheat, prices .to the highest levels of the year.July wheat soH at 124J cents per bushel, and September delivery at 122Jcents._ Crop conditons in the southwest and .nOish-wesfc are reported to » he alarming, due to bad weather ajid the shortage of labour.

ORCHARD IMPLEMENTS. (Received April l'sth, 5.6 p.m.) LONDON, April 14. : Mt Attwood, president of the New Zealand Fruitgrowers' Federation, is urging implement • manufacturers to send an expert to New Zealand and Australia to study the requirements of fruitgrowers, and thus stimulate British trade in preference to American. WHEAT. (Received April 14' th, 5.5 p.m.) LONDON, April 13. ■ Cargoes are quieter owing to Ameri- • can orop reports. Prices are practically as supplies in sight are unequal to requirements. .ParcMs are quieter. A sale has been made at a British outport at 52s 3d per quarter.. ENGLISH MARKETS. .(BY CABLE —FBESB ASSOCIATION—COPTBIOHT.) ' (AUSTRALIAN JKD H.Z. CABLE ASSOCIATION.) (Received April .'lsth, 5.5 p.m.) fiONDON, April 14. Cotton—May shipment 15.2 Gdi per. lb. Rubber—Para 13id, plantation smoked 14>Jd per lb. Jute —May-June shipment £29 per ton. Hooip—April-June shipment £22 10s per ban. Coprar-Maich-May shipment £29 15a. Linseed Oil —£52 10s per ton, TuTpentine—llls 3d per cwt. Fruit —The Ileum era'a New Zealand apples ore selling aa follows:—Dunn's 10s to 12s, Jonathans 4s to 10s, Cox's 4s to 20a, average about 10s, Woroestera 4s to Co, Hibstones 4s to 10s. A considerable quantity in worthless. The Persic's pears, .landed at Liverpool, are mostly unvipe. Quotations CUiirgea-us 53 3d to 6s 6d. Bobcs 6s Cd; gases, Napoleon a 14s, Cornice 19s Bd.

KAIKOURA DAIRY COMPANY. At the monthly meeting of the directors of the Kaikoura Dairy Company all tHe directors being present, Mr J. Davidson, presided. A resolution passed on February Bth, relative to all directors being consulted regard :, ig the disposal of the factory produce, was rescinded.

A' complaint was made by the Department oi Agriculture respecting an excess of moisture in a • consignment of butter. An explanation was forwarded to the Department relative to the matter. The maJittgei ol the factory explained that ,it was his practice to teat for moTsture, but during his illness s, quantity of butter had escaped his observation. Steps had been taken to overcome the ma-tter. Subsequently the butter maJcer had resigned his pbsiti'on. The refrigerator and temperatures were the the trouble. The butter was shown in the factory book at 15.8 moisture, and the Department's analysis showed 17 per cent, oi moisture. An exhaustive explanation was given by Mr Fletcher as to the variation of tests for moisture. As manager he could not allow butter to go out with an excess of moisture. The manager's action was confirmed.

A complaint was made regarding the delivery oi butter and cheese lor shipment. Tha contractor, in reply, stated that the lorry was out of action, and repairs were not effected in time to remove all tko produce before the ship's departure. The firm oould not' ftcoept responsibility lor any loss occasioned by being unable to get the produoe to .the ship's side.—lt was decided to inform the contractor that unless hia contract was properly fulfilled the contract, would be cancelled, and that the fixm be hold responsible for loss or damage. Advice had. been received that the London market for butter had crashed, and instructions had been given to do the best possible under the circumstances. There were 92 boxes of. butter in London at the time, the price being 172s to 1748 for butter and 132s to 136s for cheeße.

It was decided to pay out la 4d per lb for both, butter and cheeaevfor the month. A test having been made regarding wood and coal for fuel, the coal worked out at 7s Ed per hour, and wood Ea <3d p«r lour. It was pointed out that there was no foundation for the assumption that butter and cheese prices were being pooled; butter until recently had been at a high, price. Tho butter and cheeße accounts were kept entirely separate. A oomplaint was made that eome suppliers were securing more whey than they were entitled to, while others secured none at all. The manager stated that the mattor would be rectified.

The grade notes received showed i Cream butter, 92, 98, and 93J; whey butter 87i; 90i, 90&, and 91.

THE BUTTER MARKET.

The following cablegram has beste received by Measrß A. H. Turn-bull and Co. (last week's quotations being given in parentheses) :—Danish, butter, 183s (182s to 186s); New Zealnad unsalted, 180e to 1829 184s to 186s); New Zealand salted 170s to 174s (1703 to 1763). The market is weak Gwirig UP slow demand. K-ew Zealand ciieeso, -white, 124s to 128s (136s to l£8s); New Zealand coloured 128 ato 132s (188s to 1425). The market is weak. « •

Messrs Dalgety and Company, Limited have received the following cablegram frqm London: — ■ Butter —The market is dull. We expeot lower prices. D&nish 18Ss, • in ew Zealand 1725, finest Australian salted 166 a, unsaJted 1665, G.A.Q. Australian 160s. Cheese —Tie market is declining. New Zealand -white 128s, ooloured 1325.

OTAGO APPLES FOR EXPORT. (PRESS ASSOCIATION TELEGBAM.) . . DUNEDIN, April 15. Eleven thousand cases of Otago Central apples will be shipped to London this month, by the steamers Ruahine and Rarajiga., TATTERSALL'S HORSE SALE. Messrs H. .Matson and Co. had an entry of 89 horses at their weekly sale on Saturday. Among the entry were a number of good working draughts which met with keen competition, consequently all this clpss of horse changed hands. The entry of harness horses and hacks was below the average as regards quality, but anything stylish and showing signs of usefulness found a buyer at satisfactory figures. Following are a few of tha principal transactions: —For P. Clinton, Barfied Show cob? gig, and harness, £7O; J. W. Marshall, Springston, 8-year-old mare, gig, and harness, £56; H. , ActonAdams, Tipapa, polo pony, £l2; , Publio Works department, aged gelding, £27 10s; do. £4O, do. £34; two aged geldings £l6 10s each; Jas. Gill, Spreydon, 8-year-old gelding £2l 10s; Cheviot client 7-year-old unbroken mare, £ls; Southern client, 2 8-year-old geldinga £37 each; 6-year-old marA £46; 9-yoar-old mare £2l j W. T. Franks, Fendalton, aged more £l9; Jas. Wills, Sydenham, 8-year-old mare, £24; G. Carter, Riccarton, 8-year-old gelding £l9 10s. CLEARING SALE.

Pyne, Gould, Guinness, Ltd., held a successful clearing sale at Amberley on account of Mr David Boyfie. There was a very large attendance. . TJie following wb come of the principal Bales:— Steep—s92 eight-tooth. 'halfbr<6 ewes a,t 33s 6d; 423 six-tooth halfbred ewes at 40s;' 231*. five-year-old half bred ©was at 28s; 96 failing-' jmratih halfbred ewes at 19a 6d; 149 sound mouth three-quartetfbred ewes 'Ht 325; 250 thiee-quarterbred ewe lambs at 23s 7d; 216 three-quarterbred wether lambs at 21a to 22a 6d. » Cattle—Jersey oow, fourth ca», 17gns; Jersey cow, thirdi calf, 26gns; Guernsey cow, third ctlf, lOgns; Jersey heifer, llgns; Jersey bull calf, ,sJgns; Jersey bull calf, 9gns. Horses —Aged drought geldings, £2B £25, £3O, £35, £3B and £29; six-year-old gelding, £SO; harness horse, aged, £2B; hack, £l7. Implements—Cambridge roller, £23; lorry, £4O; diso harrows, £l7; cultivators, £l4 and £2l; drill, £2B, chaffcutter, £4l; broadcast sower, £18; saw bench, £l6 ss; five-leart harrows,'£ls; disc plough, £2O 10s; wool press, £l9; four shearing machines, £35. LAND SALE. Pyne, Gould, Guinness, Ltd., on Saturday offered by auction three blocks of grazing aittd cropping land at Belfast. The property, which., consisted of 86 acres, w0.3 put up under instructions from the trustees oil the late Mr William Nicholb. Lot 8, consisting ,of- 7 acres 3 roods, 3 perohes, was sold to the Kapitor* Wool Scouring Company at £BB per acre The other two biocks were passed in. THE PROPERTY MARKET. Jones, McCrostie Company, Limited (associated with Mr H. 6. Livingston,;), sold by publio auction in their looms. on Satuiday, on account of iMr G. H. Bius, the property situate at No. 130" Bealey avenue, just west of Colombo street, comprising residence of 7 rooms together w.t'a'live-eighth of on acre of land, to Mr C. H. Orcliard junr., for £2025; account*of the Mhses Savill the property situate at No. 73 Packe street, St. Albans,, comprising nice section and residence of 4 rooms lor £760 to Mr Major.

SATURDAY'S POULTRY MARKET. The Canterbury Co-operative Poultry Producers, Ltd. had a large entry of poultry on Saturday. There was a good demand and prices were firm. Table chickens realised 6s to 13s, hens 2s to -8s 6d, ducks 4s t.> lis 6d, pullets 5s to 16s Cd, geese 5s *to 7s, turkeys lis 6d to 36s 6d, all per pair. EGG MARKET. The egg supply has considerably lessen-d through the week and the demand is good. Prices have firmed up. Canterbury Cooperative Poultry Producers, Ltd., firs! grades are 2s 2d, and seconds 2s p n r dozen. At these prices tiere is a ready demand anl the,- supply is being absorbed. SALE OF FURNITURE. Jones, McCrostie Co., Ltd., held a successful clearing Bale on Friday on account of the Rev. W. P. Hughes, on the premises of the vicarage of St. Saviour's Church. Sydenham. Amongst the items sold were the following:—Old model Overland car with acetylene lighting, £100; piano by Beckstein, £7O; carpet, £9: Sew jig M.chin , £lO 10s; couch, and sis chairs, A 9 17s 6d; extension table and cover, £5 10s; C'i ste--field and two chairs, .£ls 15s; carpet, £lO ss.

. FROZEN MEAT MARKET.

(BY CABLE —PRESS ASSOCIATIOH—COPYRIGHT.) (AUSTRALIAN AND N.Z. CABLE ASSOCIATION.) (Received April 15th, 5.5 p.m.) LONDON, April 14.

Frozen Mutton—Canterbury light 9d, medium &Jd, heavy 7d; North Island, light, Bjd, medium Bd, heavy 6Jd; New Zialanu ewes 6d; Australian firsts, ojd, seconds sid; Argentine, light, 6Jd, heavy 5Jd, ewes sd. Frozen Lam'b—Canterbury light, in dium, end heavy ll|d; Argentine seconds B|d. Frozen Beef —New Zealand not offering j Argentine lores hinds sd; Uruguay fores 2d, hinds "4id; others unchanged.

Messrs Kaye and Carter have received advice from Gilbert Anderson and Co., Ltd., London, of the following Smitji.field piicej for the week ending Aprii 13th. (Thesa prices are on the "delivered" basis, that is, including storage charges, caitage, etc.): — Prime Canterbury lambs, TJ-36, lljd; prime Canterbury lamb, 36-42, prime Canterbury lanrb, 42-50 ll£d; second qua.it,- Canterbury lamb, lOJd; Southland and specially selected North Island lambs, 13-42 ll|d; North Island laitts, U-42, lid; Canterbury prime wethers and (or; maiden ewes, 48-56, yd; Canterbury prime wethors and (or) maiden ewes, 56-64 , B|d; Canterbury pr.me wethers and (or) maiden ewes, 64-72 7d; Canterbury prime ewes, U-64, 6d; Southland and best iN'orth Island wethers and (or) maiden ewes, SG-64, BJd; North Island, 56-64, Sid; New Zealand beef (prime ox hinds), 160-220, not quoted. Remarks: La.mb }d tJ id lower; wethers and ewes Jd lower. Buyers are scarce; market is becoming very depressed on account; of large arrivals of chilled beef. Selling fores 2d and 2id per lb;; hinds 4Sd to sd. Quotations are nominal, buyers are retiring from the ma.ket at present.

(PRESS ASSOCIATION ■ TELXGSAM.) WELLINGTON, April 15. Messrs Dalgety and Co. have received the following cable korn London: —The demand ior New Zealand limb is limited and the market weaker; prices lid t_> 11J3. Th mutton market is weaker. North Island 7JI to BJd. Beef—Tliere is little demand, prices nominal owing to the extraordinary low prices of South America ohitled bed at p:eeent. There is no demand for quarters of frozen beef whatever. The heavy supply and low valuo have had considerable efLct on the demand for other descriptions.