COMMERCIAL.

Press, Volume LX, Issue 18121, 10 July 1924, Page 10

COMMERCIAL.

MEAT BOARD.

THE APPROACHING ELECTION

A conference of representatives of the Canterbury A. and P. Association, the Canterbury Sheepowners' Union, and the North Canterbury, Mid-Canter-bury, and South Canterbury Executives of the Farmers' Union was held yesterday in the rooms of the North Canterbury Farmers' Union, to discuss matters relating to the approaching election of members of the Meat Board. It was resolved that nominations of candidates as members of the Electoral Committee of the Meat Board should be on the same basis as last rear, viz., two by the Sheepowners' Union, two by the Farmers' Unions of Canterbury, and one by the Canterbury A. and P. Association. These nominations will be duly notified on behalf of the different organisations. Mr E. M. D. Morten, president of the Canterbury A. and P. Association, was yesterday appointed to represent that body on the Meat Control Board Election Committee. WHEAT, | DISPOSAL OF 1924-25 CROP. | ! At the rooms of the North Canterbury Executive of the Farmers' Union yesterday a conference was held of representatives of the North Canterbury, Mid-Canterbury, and South Canterbury Executive of the Farmers' Union, at which the method to be adopted in connexion with the disposal of the wheat crop of 1924-25 was discussed. It was decided, after the matter had been debated at some length, to 6et up a small sub-committee, consisting of representatives of each executive, to confer with the Wheat Board on the subject. CHEESE IN STORE. WASTAGE IN LONDON ALLEGED.' (■Z CXSLM —FXBSS ASSOCIATION COPWQHT.) (BEtrrEfi's TELEGRAMS.) LONDON, July 8. In the House of Commons Mr S. F. Perry (Labour) alleged that 25,000 crates of cheese, recently held up in London, stores awaiting higher prices, had become heated and unsaleable. He Suggested that legislation should restrict the operations of the interests controlling large supplies of foodstuffs. ' Mr Webb (President of the Board of Trade) replied that he was informed that early arrivals of New Zealand cheese were more plentiful than usual. It had been decided to place immature cheese in cold stores in order to provide a reserve for the autumn. He was not aware that any appreciable wastage of cheese had occurred, but would be glad of detailed information. QUEENSLAND'S SUGAR. (ATTSTBiIIiS A.HD 5.2. CABIX ASSOCUTIOK.) MELBOURNE, July 9. The season's sugar crop in Queensland will amount to 350,000 tons unrefined, and about 50,000 tons will be available for export. PRODUCE REPORTS. MESSRS WEDDEL AND CO. (raou ora ows coßßßsroirDwrr.) LONDON, June 6. Messrs \9". Weadel and Co. report. that, 'since the close of the May wool sales the reports from the Continent are to the effect that there is practically nothing being done. The Germans find it difficult to obtain, credits, and the fluctuations in the franc, and the unsettled political situation makes it very difficult for French and Belgian buyoia, In Bradford, also, business is very quiet. Although there has been a temporary relapse in prices, most people, who take a, long view, are confident of this soundness ot the raw material. It appears probable that, with a shortage of wool on the Continent, and with on|y a fair average in Bradford, price* will riso again before the next season's wool reaches London. The fourth eeries of sales will open here on July Ist, Batter and Cheese. Last wepk the. lep.orted curtailment on ■ the part of Germany in buying butter from Denmark and Holland, with" the consequent sharp reduction .in these quotations,, had a rather depressing efluct on this market, and with only a very : quiet trade ruling, holders of Colonial were compelled to e\ae prices fully 4s to 6s per cwt in order to induce business. Since then, however, a fair amount of buying set in, with the result - that prices were again advanced. "With the recent spell of warm and favourable weather increased Home • and Continental supplies are naturaily looked for, consequently buyers are operating with considered® caution; but nevertheless the preeent undertonu ot the market ia firm, and quotations at tho close are practically on a, par with those recorded in our last report.' During the post fortnight-" the Devon, Gallic, and lonic have arrived carrying a total of about 68,500 boxes of New Zealand butter. With one or two exceptions the demand throughout the fortnight has been slow, buyers generally continuing th» "hand to mouth" policy. Unsalted is very scarce, and a substantial premium is being paid for this description. As was anticipated, immediately German buying ceased, the Danish market collapsed, and. within a few days quotations • fell anything from between 30s to Sss per cwt. Towards the close tho position is slightly steadier, 176s to 178s per cwt being the quotation recorded —equivalent to about 182s London.

With the knowledge that considerable stocks of cheese here are being withheld from sale, buyers show no confidence in the present market and absolutely refuse to operate further than for immediate requirements. On the other hand,, weather conditions are favourable for the consumption of cheese, the ultimate result being that the demand is fairly continuous, but very r«tricted in volume. SHEEPSKIN SALE AT DUNEDIN. Medium-ailed catalogues -were offered at Tuesday's sheepskin sale at Dunedin. Competition was keen ior all classes of skins, but prices for medium to low-grade croaabreda were lower by Id to ljd per lb on last sale. Other sorts sold at prices much on a par \7iUl previous rates. Quotations: itenno: Three-quarter to full-wool, 20d to 23d; hftlf-wool, 17d to 18id; quarter-wool, 14d to IGd. Halfbreds: Three-quarter to full-wool, 19d to 23d; half-wool, 17d to 163 d; quarter-wool, Hd to 15J&, Fine crossbreds Full-wool, 17d to 18d; half-wool, 18Jd to lad; quarter-wool, 12Jd to 14d. Medium croesbxeds: Full-wool, 14id to lS|d; halfwool, ISJd to 14id; quarter-wool, Hid to 12Jd. Hoggets: Halfbred, l7Jd to 18d; fine crossbred, 16Jd to 17d; crossbred, 14jd to 15Jd. Pelts: Good and sound, lljd to l2}d; inferior, 5Jd to 7d. Dead: Halfbred, 14Jd to 16Jd; fine crossbred, lid to lSd; crossbred; lid to 12icL

MR DAVID JONES IN

LONDON.

NEW ZEALAND MEAT.

Ouß ot;;: correspondent.)

LONDON, June 6.

About the time that Mr David Jones (chairman of the New Zealand Meat Producers' Board) left New Zealand by the lonio, all interested in the meat export trade were perturbed because there had been a fall in lamb prices on this fide. But by the time Mr Jones arrived, conditions- had righted themselves.

Naturally, one of his earliest enquiries was as to the reason of the decline, and he found various contributary causes. One of the chief reasons was that there had been a considerable carry-over from the previous year. There had been heavy consignments from Australia and elsewhere, and to such a condition there is always an unsatisfactory sequel. Then, again, bhe dock strike had the effect of throwing on to the market a considerable quantity .ot chilled meat, and that helped to the prices very low. Furthermore, c limatic conditions "always play an important part in meat demand. Cold and wet weather in the early part of the year gave people no appetite for lamb, which is always associated with warm clays, and the consequent absence of demand did not help tne position. However, prices were steadv again by the time he landed. With warmer weather the demand for New Zealand lamb lias been excellent, and values all round show a considerable improvement. Best Down lambs are scarce and • are now making lid to lljd per lb. Best North Island range from ]osd to 10j}d per lb, and the ordinary grades from IOJd to 104; per lb. Light secondary lambs li'J.'c moved up sharply, and are now selling close up to ordinary brands. At the higher level of prices ruling buyers are acting very cautiously. Where the Government Could Help. While in-New Zealand the Meat Board issues at regular intervals a statement relative to supplies of meat in cold store and to its circulation, there is nothing done here in this direction, and Mr Jones says there is no means of knowing the exact holdings in stores on this side. The Board is trying to get the British Government to do the same as is done in New Zealand, so that the. whole of the supplies may be known to those concerned.

"One would have expected a great deal more Sympathy in this connexion from a Labour Government than so far we have been able to obtain," said Mr Jones. "Cold storage returns made about once a fortnight would be very helpful."

Neiv Zealand has been told by all the meat organisations that her meat is altogether too dear to be consumed. But after having very carefully viewed tho imported meat at Smithfield Market and compared the-prices that aro there obtained for it, Mr Jones lias no hesitation in stating that New Zealand l meat, when one takes into consideration its quality, gives the best value for the money. A Valuable Advertising Medium. At one of the stalls in Smithfield this week Mr Jones saw an exceedingly fine display of lambs from the Wairarapa Freezing "Works. These lambs, were the prize lot. from the Masterton Show. Seeing that the Smithfield butcher is exceedingly keen to make'such displays, Mr Jones thinks the New Zealand freezing companies could, with considerable advantage to themselves and their output, frequently arrange for such displays to be made. From the point of view of the Smithfield butcher, they attract great attention :to his particular stall; the exhibit is there for a few hours and is photographed. New Zealand thus obtains a valuable advertisement, and it is a splendid means of making more "widely known the excellent quality of New Zealand meat. "As for the refrigerated exhibit in the New Zealand section at Wembley, Mr Jones is enthusiastic about the magnificent display made by the meat, and on all sides he hears how much it is admired. The dairy display, too, interests and pleases him greatly —indeed, lijce so many other visitors, he regards the exhibits in the refrigerated section to be the feature of the New Zealand Pavilion. THE BUTTER MARKET. RISE CHECKED. (SPECIAL TO "THE PBMS.") AUCKLAND, July-9. The steady rise in tho London butter market that has been experienced during the last few weeks was checked at the beginning of this week. The highest price quoted atl the end of last week was about 190s per cwt. This is equal to about ,la 6d f.o.b. at Auckland, and up to the end of "the week forward sales wore made readily at thia figure. Information received within the last day* or two indicates that for the present the market has reached its zenith, and quotations are now about IBCs per cwt. At this figure the market shows a recovery of about 34s per cwt since the beginning ■of April, when butter stood at 152s per cwt. During the period of low prices large quantities of New Zealand butter Were stored in Britain pending an improvement in the London market. It is stated that the bulk of the accumulations, representing chiefly January and February moke, hare been disposed of at prices ranging from 170s per cwt to 190s per owt. So far as Auckland is concerned, experts state that butler'reaching the London market in June and early in July was chiefly the output of March and April. The Remuera, which left Auckland, yesterday to complete loading at southern ports, took the first-13 days' output for May. Compared with the correapofiding period of; last year, prices now show a substantial improvement. In July last the London quotations ranged from 158s to 178 a per cwt, against 186s 'to 190s during the first week of this month. The New Zealand Co-cperative Dairy Company, Ltd., received a cablegram to-day from its London manager, Mr J. B. "Wright, to tho effect that Anchor Brand butter is bringing 192s for salted, to 204 a for unsalted. Mr "Wright reports that the London market is quiet, but that he expects renewed activity shortly. Cheese is selling at 92s for white and coloured, but Mr Wright reports that the reaction he forecasted last week has set in, although he does not expect prices to fall below 88s in the meantime. He adds that an accumulation of 220,000 crates at Montreal is having some effect on the market. Tho casein- end. milk powder market is unchanged. REEF IN UPPER WAITAKI VALLEY. (SPECIAL TO "TBX PHESB.") DUNEDIN, July 9. A prospector who arrived at Oamaru today stated that he had struck a 30ft roof, which showed good values of gold, at the back of the Diadem range. Upper Waited Valley, near Omarama. Two claims have -been pegged out. THE PROPERTY MARKET. Jones, McCrcetio Company, Ltd., eold by public auction yesterday, in their land eale rooms, corner of Cashel and Manchester street, on acoount of Mr Harry Sorensen, the property situate at No. 72 Know lee street, St. Albans West, comprising tiled roof art bungalow of 6 spacious rooms, all offices and conveniences, together with full quarter-acre of land,' to Mr H. Wyatt, for £2OOO.

CHRISTCHURCH STOCK EXCHANGE.

YESTERDAY'S TRANSACTIONS. Sales Reported—lf.Z. Govt. 54 per cent. Inscribed, 1933, £lOl 10s; National Bank of JT.Z. (new issue), £6 10s; Beath and Co., 31s 9d; Manning's Brewer}', 295. Sales on" 'Change—Manning's Bre~ery, 28« 6d, 28s 9d. • LATEST QUOTATIONS.

OTHER EXCHANGES. (PRESS ASSOCIATION TBLBOIAKS.) / . AUCKLAND, July 9. Sales —Soldiers' Bonds, £lOl 17s 6d; Union Bank,. 301 a; New Zealand Insurance, 30a, Grand Junction, 2a lOd. WELLINGTON, July 9. Sale Reported—Royal Bank of Australasia, £6 13s 3d. DUNEDIN, July 9. Sales—Kaiapoi Woollen (paid), 153; .Bank of New Zealand, Ms 9d (three). Sale Reported—Bank of New Zealand, 54a 9d (two); Union Bank, £ls; New Zealand Insurance, 303; Napier Gas (£lO paid), £ll ss; P. and O. (deferred stock), £2BO. BURNSIDE MARKET. (press association teleobak.) BUNEDIX, July 9. Fat cattle were in good demand at Burnside to-day, and prices were above j.ast week's' high rates. Pigs sold well, and there was a firm market for sh.ep. Fat Cattle—There was a yarding of 255 heed, compared with 170 last week. A jarge part of the entry consisted of unfinished cattle, but there was a fair number of prime to extra well-finished bul.ocks. From the opening the sale waa a good one, prices showing an advance on last week's high rates of about 15s per head. Prime •handy-weight bullocks sold at 38s to 40s per 1001b, extra heavy prime bullocks at 36s 6d to 375, medium quality up to 355, prime heifers at 33s to 345, and cows and light heifers at 25s to 30s. Eztra prime bullocks brought up to £23 17s 6d, prime £l6 5s to £lB, medium, £9 to £l3 10s, extra prime heifers up to £9 os, medium heifers £6 to £7 10s, cows up to £8 10s, and light quality cowa £6 to £7 sb. Sheep—There was an entry of 1895 head, compared with 1498 last week. The quality was", very, fair to good. The demand was satisfactory and prices realised were slight y in advanoe of last week's rates. Prime quality handy-weight wethers brought up tp 7id per lb, extra heavy prime wethers to 7d, medium quality wethers 6|d .to 7d, prime ewes 5Jd, and aged and light ewe. 1 - 4Jd to 6d. Extra prime heavy-weight wethers eold at up to 58s 3d, prime 45s to 475, medium 35s to 40s, lighter sorts to 83s 9d, extra heavy ewes 393, prime 34s to 35s 6d, and light 26s to 325. Lambs—There was an entry of 64 compared with 272 last week, the quality beinsr indifferent. Exporters bought a few at from 37s to 4Ss. Unfinished lambs were turned over at about 265. Per lb prices were, prime to 10Jd and medium quality 9d to 9Jd. Store Cattle —About 250 head were yarded, compared with 200 last weeK, the entry consisting of medium old and young cows. The sale was not brisk. The only pen o: Btcers waa of medium quality and £3 17s Gd was realised. The rates for cows were a trifle easier.

Pigs—There was a small offering of So fats and 48 stores, and a keen demand, particularly for baccners, 'and a rise of about 10s resulted. Porkers did not sell so well as baconers, but tho eale generally waa a good one. Prime baconers sold at equal to Bd, and urirne porkers at about Bjd per lb. WHEAT. (•1 CIBLE—PBESS ASBOCIATIO7T—COPYRIGHT.) (ACSTKALIA77 AND N.E. CABLE ASSOCIATION.) (Received July 9th, 7.30 p.m.) LONDON, July 8."W.heat cargoes are quiet and unchanged. Parcels are easier. INCREASE OF CAPITAL. (by cable—peess association copraioHT.) (AU STB ALI AN AJTD fJ.Z. CABLE ASSOCIATION.) MELBOURNE, July 9. Goldsbrough, Mort and Company propose to increase their capital and are now issuing 248,161 new, fully-paid pound shares in the proportion of one to every four now held, by registered shareholders. CRADDOCK'S AGENCY CO., LTD. Craddock's Agency Coy., Limited (A. E. Craddock, Auctioneer), eold by public auction at the Rangiora Saleyards on Tuesday last, section containing abQut J-acre, situate in Ayers 6treet, Rangiora, to Mr C. Ayers for £l5O. . 4956

Buyers. Sailers. £ s. d. £ s. d. N.Z. GOVT. DEBENTURES— 4$ per cent. Inscribed, 1938 97 0 0 97 o 0 4$ per cent. • Inscribed, 1939 95 17 6 — <1 per cent. Bonds, 1338 97 0 0 — 5 per cent. Bonds, 1927 98 0 0 — 5 per cent. Inscribed, 1927 — S8 10 0 per cent. Inscribed. 1933 101 3 0 — uj per cent. Bonds, 1933 101 7 6 101 12 G OTIIEK DEBENTURES— Cliristchurch Trams, SJ per cent., 19&4 10-i 15 0 — Cliristchurch City Electric, 5$ p.c., 1932 — 98 0 0 Waitaki Electric 5*2 per cent., 1960 — 101 0 0 N.Z. Breweries, 10 per cent. Stock 1 9 6 BANKS— Adelaide 8 1 G Australian Bank of Commerce 1 C 9 Australasia 13 5 6 National cf N.Z. (old issue cum div ) .. 6 15 0 National of N.Z. (now issue) G 9 C 6 12 0 New South Wales 40 5 0 — Royal (£1 paid) 1 13 0 1 13 G Royal (£4 paid) 6 10 0 — Union of Australia (cum div.) 15 0 0 15 1 G IN^URAN^E— South British — 2 0 9 Standard 2 0 4 2 1 3 LOAN AND AGENCY— Goldsbrough, Mort .. 2 5 6 — S mppi NG — Hcward, Smith — 1 15 9 Huddart-Pmker 2 2 3 2 3 0 MEAT— Canterbury — 13 17 G N.Z. Reirig. (paid cum div.) 1 0 4 — N.Z T, efrig. (contr. cum div.) 0 9 5 0 10 0 "VVOOT.LENS— Kaiapoi (ord.) .. 0 14 0 0 15 6 COAT— Westport 1 15 3 — "Westport-Stockton 0 4 10 0 5 3 Westport-Steckton (pref). 0 6 0 , — OAS— Cliristchurch — 7 19 0 Napier (£5 paid) — G 0 0 BREWERIES— Crown 2 3 0 — Manning' 1 8 8 1 9 0 New Zealand .. — 1 8 9 Ward 2 0 6 2 7 C MISCELLANEOUS— Beath and Co. 1 11 G 1 12 6 Bcath. Schiess — 0 12 4 British Tobacco — 2 3 0 Burns, P'liin .. 1 13 4 — N.Z. Farmers' Co-op. (£2 paid) 0 7 6 — N.Z. Fanners' Co-op. (fi 1 ! per cent, stock 1930) — 89 0 0 N.J5. Farmers' Co-op. ' (5k per cent, stock, 1935) 78 0 0 — N.Z. M : lk Products .. 1 fi 0 1 8 0 N.Z. Paper Mills 1 2 9 — N.Z. Susrar of Milk .. 1 6 0 1 10 0 United Pictures 1 6 0 — Victoria Nyanza Sufiar 2 0 0 — Weeks, Ltd. (fully pd.) 10 2 t> — Whitcombe and Tombs 3 12 6 — MINING— Mt, Lyell 0 19 9 1 0 6 Waihi •• • • 1 9 0 — Grand Junctions .. 0 2 7 —